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Mary Hain has resigned her position with Enron. Please remove her from all your mail lists. Thank you. Lysa Akin Gov't Affairs - Sr. Admin. Ass't. Enron Capital & Trade Resources Corp. From: "Christine Elliott" <[email protected]> 03/21/2001 08:55 AM Please respond to [email protected] To: "Freedman, Eric (SEA)" <[email protected]>, "Barnes, Arlena" <[email protected]>, "Stan Berman" <[email protected]>, "Don Brookhyser" <[email protected]>, "Ray Brush" <[email protected]>, "Kathleen Carr" <[email protected]>, "Eric Christensen" <[email protected]>, "Warren Clark" <[email protected]>, "Dahlke, Gary" <[email protected]>, "Sarah Dennison-Leonard" <[email protected]>, "Early, Michael" <[email protected]>, "Eden, Jim" <[email protected]>, "Empey, Marshall" <[email protected]>, "Peter Feldberg" <[email protected]>, "Garnett, Gerry" <[email protected]>, "Brian Gedrich" <[email protected]>, "Richard Goddard" <[email protected]>, "Hain, Mary" <[email protected]>, "John Haner" <[email protected]>, "Jack Hockberger" <[email protected]>, "Huntsinger, Marlene" <[email protected]>, "Carl Imparato" <[email protected]>, "Kaake, Jon" <[email protected]>, "Bud Krogh" <[email protected]>, "Dave Lamb" <[email protected]>, "Steve Larson" <[email protected]>, "Malcolm McLellan" <[email protected]>, "Terry Mundorf" <[email protected]>, "Paul Murphy" <[email protected]>, "Doug Nichols" <[email protected]>, "Osborn, Dave" <[email protected]>, "Patterson, Leroy" <[email protected]>, "Patton, Will" <[email protected]>, "Phillips, Deanna" <[email protected]>, "Ransom, Rebecca" <[email protected]>, "Chris Reese" <[email protected]>, "Richardson, Shelly" <[email protected]>, "Wayman Robinett" <[email protected]>, "Margie Shaff" <[email protected]>, "Tim Shuba" <[email protected]>, "Barney Speckman" <[email protected]>, "Jim Tucker" <[email protected]>, "Wallis, Kristi" <[email protected]>, "Stephany A. Watson" <[email protected]>, "Connie Westadt" <[email protected]>, "Curtis Winterfeld" <[email protected]>, "Sanjiv Kripalani" <[email protected]>, "Lauren Nichols" <[email protected]>, "Don Watkins" <[email protected]>, "Gerit Hull" <[email protected]>, "Eamonn Duggan" <[email protected]>, "Vernon Porter" <[email protected]>, "Rob Neate" <[email protected]>, "Kathy Carlson" <[email protected]>, "Alan Davis" <[email protected]>, "Ron Rodewald" <[email protected]>, "Brian Altman" <[email protected]>, "Gary Stemler" <[email protected]>, "Joe Rogers" <[email protected]>, "Mike Raschio" <[email protected]>, "Sandy Smith" <[email protected]>, "Don Angell" <[email protected]>, "Bill Rhoads" <[email protected]>, "Tom Kingston" <[email protected]>, "Mike Ryan" <[email protected]>, "Dan Woodfin" <[email protected]>, "Mark Shank" <[email protected]>, "Steven Parks" <[email protected]>, "Nancy Bellows" <[email protected]>, "Ron Bowersock" <[email protected]>, "Dan Sauter" <[email protected]>, "PP&L Montana" <[email protected]>, "susan" <[email protected]>, "Randy Hardy" <[email protected]>, "Teresa Brown" <[email protected]>, "Dick Spence" <[email protected]>, "Tom DeBoer" <[email protected]>, "Christina Kalavritinos" <[email protected]>, "Kristi M. Wallis" <[email protected]> cc: "\"judyrtowest\" <" Subject: BRIDGE - RTO West/PRRQ -- 3/22 Provisions and Requirements Content Group Meeting Hello everyone.? This is Judy on Chris' machine since I didn't get this email. ? Sorry this is so late - but in case any of you need the conference bridge for the meeting starting at 10:00 this morning, the number is 503-813-5808, pass code 942121.?Thanks. jw? ----- Original Message ----- From: Kristi M. Wallis To: Christina Kalavritinos;Tom DeBoer;Dick Spence;Teresa Brown;Randy Hardy; susan;PP&L Montana;Dan Sauter;Ron Bowersock;Nan! cy! Bellows;Steven Parks; Mark Shank;Dan Woodfin;Mike Ryan;Tom Kingston;Bill Rhoads;Don Angell;Sandy Smith;Mike Raschio;Joe Rogers;Gary Stemler;Brian Altman;Ron Rodewald;Alan Davis;Kathy Carlson;Rob Neate;Vernon Porter;Eamonn Duggan;Gerit Hull;Don Watkins;Lauren Nichols;Sanjiv Kripalani;Chris Elliott;Curtis Winterfeld; Connie Westadt;Stephany A. Watson;Wallis, Kristi;Jim Tucker;Barney Speckman; Tim Shuba;Margie Shaff;Wayman Robinett;Richardson, Shelly;Chris Reese;Ransom, Rebecca;Phillips, Deanna;Patton, Will;Patterson, Leroy;Osborn, Dave;Doug Nichols;Paul Mur! ph! ;Terry Mundorf;Malcolm McLellan;Steve Larson;Dave Lamb; Bud Krogh;Kaake, Jon;Carl Imparato;Huntsinger, Marlene;Jack Hockberger;John Haner;Hain, Mary;Richard Goddard;Brian Gedrich;Garnett, Gerry;Peter Feldberg; Empey, Marshall;Eden, Jim;Early, Michael;Sarah Dennison-Leonard;Dahlke, Gary; Warren Clark;Eric Christensen;Kathleen Carr;Ray Brush;Don Brookhyser;Stan Berman;Barnes, Arlena;Freedman, Eric (SEA) Sent: 3/19/01 10:09:12 PM Subject: RTO West/PRRQ -- 3/22 Provisions and Requirements Content Group Meeting To Members of the RTO West Stage 2 Provisions and Requirements Content Group: ? Hello! ? As you know, the next meeting of the Provisions and Requirements Content Group is Wednesday, March 21st, from 10:00 a.m. to 5:00 p.m. at the Portland Airport Hilton Garden Inn.??I have prepared and attach an agenda for your review. ? I am also attaching the summary of the GIA Exemption Small Group conference call; the 3/3 Provisions and Requirements Working Document (this has already been distributed but for ease of reference I am sending it again); and the final discussion paper regarding generation interconnections. ? Thanks!??I look forward to seeing you next week, Kristi ? ? ? Christine Elliott, RTO West Coordinating Team [email protected] 503-262-9421 ?

Dearest Anna, my most favorite sister of them all! I'm sorry I've been so bad about staying in touch while you've been stuck in those Rocky Mountain highs and lows of life. It sounds like things are going really well though (Rocky Mountain "highs") and that you've made it through most of the tumult of moving to a new place (Rocky Mountain "lows"). Amber tells me every time she talks to Marky, her man of the hour, he mentions how they've got to get together with you when she comes to town - which will be on next Friday, whoo hoo, party! I'm so mad that she gets to go and I don't, being that I am not, like her, in my eighth year of college and therefore do not enjoy such things as "Spring Break Mania" anymore. And Monica tells Marky who tells Amber who tells me that she'd love to hang out with you more often. It sounds like you guys had a ball at dinner, eh? So you've got options, girlfriend, which is worlds more than I can say for my life at the mo'. It pretty much consists of working, eating, and sleeping. I'm definitely looking into that SAD mental disorder thing, because I think it's got me in its clutches. But the recent abundance of sunshine has brought me enough renewed energy to start thinking about life after winter. We're doing lots of gardening, cooking, and decorating at the house - it's like having three Martha Stewarts all working together, only slightly less stylish , immensely less efficient, and drunk. Other than that, I've been trying to organize and simplify my life - taking care of mounds of paperwork, paying off debts, sorting out all those nagging little post-it notes that plague me constantly and demand my attention in vain. I'm actually starting to see the light at the end of the tunnel, like maybe I could buy a car or take a trip in a few months, or even buy a SECOND pair of shoes, but let's not get wild and crazy just yet. So I heard Dad and Laura are on their way to your neck of the woods with an automobile. That is, in the immortal words of the guys in "Dude, where's my car?", SWEET... DUDE! You are stoked. I bet that's a major load off - just make sure to keep your finances in check and not get in over your head. Take it from one who knows. I'm seriously looking into buying an old beater car; but then I start fantasizing about the Audi A4 Quattro, and suddenly $30,000 doesn't seem like a bad price for becoming ultimately cool. Lately I've been doing a lot of research into self-improvement measures. I just applied for post-baccalaureate status at U of O, so I can start taking economics and poli sci classes online. (I just got my new FREE computer from work!) I'm also studying for the GRE, and pretty soon here I'm going to get serious about graduate school. I think I've decided on international studies and/or economics, depending on how well I like the classes I take. I've found my dream program at Johns Hopkins University in Washington, D.C. It's a two-year Masters of International Studies program that begins in Washington and ends in.....are you sitting down?.....Bologna, Italy! Holy shit, does it get more perfect? Apparently it's like the premiere training ground for government officials, according to my friend Andy who laughed forcefully in my face when I told him I wanted to get into it. But I figure, I'm not getting any younger, and I don't want any regrets, so I'm goin' for it, dude. As for the love life, it's nonexistant, which is why I'm putting so much energy into the self-improvement area of my life. I figure as long as I'm having no fun with boys I might as well be beefing up my net value. By the time they come around again, the eligible pool will have shrunk to 1 in 100 million. Whatever. Anyway, now that I've written you the longest paragraph of my life, I must retreat to my work duties. Then it's off for a thrilling tour of Portland via Tri-Met. Molly's making me dinner tonight in exchange for a finished resume. It's only taken her 3 years to compile the information for it, so this one should be a doozy. Hey, if you can ever make it home for a weekend, you should come at the end of May - David Gray is coming to the Schnitzer, and it's going to be fabulous! I'll buy your concert ticket if you can convince Dad to get your plane ticket. Call me soon if you can, or I'll call this weekend. Take care and I miss you! Love, Kate Anna Symes <[email protected]> on 03/13/2001 02:55:09 PM To: "Kate Symes (E-mail)" <[email protected]> cc: Subject: Hey Lady! What do you think you're doing? I haven't talked to you in way too long. You have to update me on the sitch! I am going on a date with a guy I met while out with Monica last weekend. He was our waiter and he looks like Chandler Bing, only Monica kept calling him Chanandler Bong (did you see that episode when they had to name who the TV Guide came to?). She is so fun! I was so glad to get out of my apartment/away from my roommate. And now I have a date, so I'm excited. I'm still in contact with Mr. Colorblind, but we've had the friends talk so it's been really cool. In fact, he's nicer to me now than he was before! Anyway, that's crazy news about Mom's house! I guess no more crashing at her house when I go home. How are your roommates? Your seattle boyfriend? Your job? Write me with the goods, woman. I am getting a car in two weeks and I am more excited than any car-buyer has ever been. My job is great, although i think I'm getting scoliosis from bad posture in an uncomfortable chair all day. Nothing else is happening. Are you going out for St. Patrick's Day? I have to work, but there's a big outdoor thing downtown that I might go to afterwards. Okay, must go work. Call me though! I miss you! Love, Anna

another puzzle piece ---------------------- Forwarded by Kay Mann/Corp/Enron on 06/01/2001 03:52 PM --------------------------- From: Mark E Haedicke@ECT on 02/21/2001 03:17 PM Sent by: Janette Elbertson@ECT To: Alan Aronowitz/HOU/ECT@ECT, Roger Balog/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT, Sandi M Braband/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Nancy Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eddy Daniels/NA/Enron@Enron, Angela Davis/NA/Enron@Enron, Peter del Vecchio/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron, Shawna Flynn/HOU/ECT@ECT, Chris Gaffney/TOR/ECT@ECT, Robert H George/NA/Enron@Enron, Barbara N Gray/HOU/ECT@ECT, James Grace/Corp/Enron@ENRON, Mark Greenberg/NA/Enron@ENRON, Wayne Gresham/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Karen E Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Alan Larsen/PDX/ECT@ECT, Dan Lyons/HOU/ECT@ECT, Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay Mann/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron, Travis McCullough/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Janet H Moore/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron, Gerald Nemec/HOU/ECT@ECT, Marcus Nettelton/NA/Enron@ENRON, Limor Nissan/NYC/MGUSA@MGUSA, John Novak/SA/Enron@Enron, Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angeline Poon/SIN/ECT@ECT, David Portz/HOU/ECT@ECT, Dale Rasmussen/HOU/ECT@ECT, Coralina Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael A Robison/HOU/ECT@ECT, Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lance Schuler-Legal/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Carlos Sole/NA/Enron@Enron, Lou Stoler/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT, John Viverito/Corp/Enron@Enron, Ann Elizabeth White/HOU/ECT@ECT, Randy Young/NA/Enron@Enron, Stuart Zisman/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Kimberlee A Bennick/HOU/ECT@ECT, Martha Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah Bruck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Genia FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT, Mary J Heinitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Kathleen Carnahan/NA/Enron@Enron, Deb Korkmas/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Matt Maxwell/Corp/Enron@ENRON, Mary Ogden/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT, Larry Pardue/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert Walker/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT, Merrill W Haas/HOU/ECT@ECT, Andrea Calo/SA/Enron@Enron, Brent Hendry/NA/Enron@Enron, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Greg Johnston/CAL/ECT@ECT, Peter Keohane/CAL/ECT@ECT, Justin Boyd/LON/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Robert Quick/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Martin Rosell/OSL/ECT@ECT, Rahul Saxena/LON/ECT@ECT, Greg Johnston/CAL/ECT@ECT, Mark Powell/CAL/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Matthias Lee/SIN/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Connie Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sheri L Cromwell/HOU/ECT@ECT, Margaret Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janette Elbertson/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Holly Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan M King/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT, Linda J Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Twanda Sweet/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Yo Yamanishi/AP/Enron@Enron, Claudia Meraz/HOU/ECT@ECT, Reginald Shanks/HOU/ECT@ECT, Wendi Hoelscher/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, MaryHelen Martinez/NA/Enron@Enron, Sami Arap/SA/Enron@Enron, Luiz Watanabe/SA/Enron@Enron, Andrea Calo/SA/Enron@Enron, Patricia Dutra/SA/Enron@Enron, Karla Azevedo/SA/Enron@Enron, Nancy Muchmore/NA/Enron@Enron, Sandra Vassel/SA/Enron@Enron, Miguel Mendoza/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Fabian Valle/SA/Enron@Enron, Paula Porto/SA/Enron@Enron, Celina Ozorio/SA/Enron@Enron, Maria Pia Beccaccini/SA/Enron@Enron cc: Subject: Organizational Announcement We are pleased to announce organizational changes to the Enron South America legal department in response to the recent reorganization and realignment of the principal Enron Wholesale Services business units operating in the region, Enron Americas and Enron Global Assets. Randy Young, currently General Counsel of ESA, will be assuming new responsibilities within Enron. John Novak will become General Counsel of ESA, reporting to Mark Haedicke. The ESA legal department will be responsible for supporting all Enron Americas and Enron Global Assets businesses in the region. Additional legal resources, coordinated by Lance Schuler, will be provided from EWS Legal in Houston to support ESA's wholesale activities. John will also work closely with Bruce Lundstrom, General Counsel of EGA, to coordinate legal support with respect to the EGA businesses in the region. An organizational chart describing the new structure is attached. This new structure will enable us to continue to provide quality legal support across business lines within South America while improving coordination and providing additional support from Houston for Enron's existing operating businesses, as well as the new business development initiatives under way in the region.

---------------------- Forwarded by Valarie Sabo/PDX/ECT on 03/08/2001 01:21 PM --------------------------- Enron Capital & Trade Resources Corp. From: Nancy Hernandez @ ENRON 03/01/2001 12:21 PM To: Valarie Sabo/PDX/ECT@ECT cc: Subject: Re: adding new books/desks/counterparties in West Portfolio Sorry: LN skipped over your name in the send process. ---------------------- Forwarded by Nancy Hernandez/NA/Enron on 03/01/2001 02:20 PM --------------------------- From: Nancy Hernandez 03/01/2001 02:20 PM To: Fran Chang/PDX/ECT@ECT cc: Chris Abel/HOU/ECT@ECT, Burton McIntyre/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT Subject: Re: adding new books/desks/counterparties in West Portfolio Valarie: Can you please complete the attached book request for the EPMI-ST-WR-EXT book? If you have any questions please call me at 713-345-4751. Nancy ---------------------- Forwarded by Nancy Hernandez/NA/Enron on 03/01/2001 02:16 PM --------------------------- Fran Chang@ECT 03/01/2001 01:14 PM To: Min Zheng/NA/Enron@Enron, Norman Lee/Corp/Enron cc: Sanjay Gupta/HOU/ECT, [email protected], Valarie Sabo/PDX/ECT@ECT Subject: Re: adding new books/desks/counterparties in West Portfolio Hi Min Zheng and Norman: In the past couple of weeks you have been working on adding three new books (Short-term west rockies, Short-term west services, and Long-term west options) for the west. Yesterday we entered/moved our exotic deal (deal # 13982.3, which was originally in Short-term Southwest book) into the new Short-term west rockies book and we are seeing a couple of problems: (1) It seems that in DprAutomation the Short-term west rockies book was named as "ST-WROCK", rather than "ST-WR" (i.e. the book's/roll's name in M:\common\power\Postion\Dpr\2001\0102). Therefore, last night and this morning we had to temparily changed the roll's name to ST-WROCK in order to allow DprAutomation to run through the roll to bring in P&L/PCS/PID data. (After DprAutomation was done running, we then changed it back to ST-WR so we can link the roll to the "pwrdpr" file). => We need DprAutomation to use "ST-WR" for Short-term west rockies book so we won't have to change the file name everytime we run DprAutomation. (2) As mentioned earlier, yeterday deal #13982.3 's desk was changed from ST-SW to Short-term west rockies in the Exotic book. Although we officialize the Exotic book (post id 14061), Nancy Hernandez in Risk Management (Houston) found that they could not see the Short-term west rockies book officialized in Exotic. => I am not sure if this is due to the same problem as in (1) or something else. We need the new Short-term west rockies book set up right so it can be officialized in the Exotic book in order for the Risk Control Group in Houston to see/monitor it. Please help us look at the above issues. Let me know if I can provide more useful information. (For Nancy: I spoke with Valarie and there is nothing we know of other than deal #13982.3 that was in the ST-SW book in Exotic book. Since we moved the deal to Short-term west rockies book last night, it should be normal to see nothing remaining in the ST-SW book.) Thanks, Fran x7973 ---------------------- Forwarded by Fran Chang/PDX/ECT on 03/01/2001 11:03 AM --------------------------- Fran Chang 02/09/2001 11:47 AM To: Norman Lee/Corp/Enron, Min Zheng/NA/Enron@Enron cc: Monica Lande/PDX/ECT@ECT, Valarie Sabo/PDX/ECT@ECT Subject: adding new books/desks/counterparties in West Portfolio Hi guys: I just wanted to touch base with you on how we are doing on the IT side regarding the 3 new books that West Power is establishing (* please refer to the email attached from Val sent on 2/5/2001). Today, we will be creating the three new desks/books (ST West Services, ST West Rockies, and LT West Options). Would you please help us set up these three new desks/books in "West tot belden2". The path to the file is M:\power2\Curve\New_sys\Data. Specifically, when you open the file and go to "Peak", "Off-Peak", "Peak-By Region", and "Off-Peak-By Region" tabs, you will see pivot tables/columns which can be manupulated to get positions in our existing desks/books (eg. LT-NW, LT-SW, etc). We need ST West Services, ST West Rockies, and LT West Options to be included in these tabs under seperate columns, too. Please let me know if you have any questions. Thanks, Fran x7973 ---------------------- Forwarded by Fran Chang/PDX/ECT on 02/09/2001 11:50 AM --------------------------- From: Valarie Sabo 02/05/2001 11:57 AM To: Samuel Schott/HOU/ECT@ECT cc: Chris Abel/HOU/ECT@ECT, Burton McIntyre/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, Duong Luu/HOU/ECT, Sanjay Gupta/HOU/ECT, LaCrecia Davenport/Corp/Enron@Enron, Misti Day/HOU/ECT@ECT, Michael Benien/Corp/Enron@ENRON, Will Smith/HOU/ECT, Norman Lee/Corp/Enron, Stacey W White/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT (bcc: Fran Chang/PDX/ECT) Subject: adding new books/desks/counterparties in West Portfolio Hello all. I'm not sure if I've included too few people or too many, but you can let me know if I've left someone off the list or have included someone unnecessarily. We're busy up here in Portland adding new desks...these new desks will need to mapped through all of the Enpower reports/calcs, DPR, adhoc, MTM97, etc. There are several of you that I will need to work with after the books are set up, but I think this gets us through the initial push. Attached is the primary information on the new books. Please email me or call if there are any questions. I'd like to have the setup completed by Wednesday, Feb. 07, if possible. Thanks! Val at x7756

BUSINESS HIGHLIGHTS East Power Midwest Origination Beginning late 2000, East Power Marketing implemented a complete market coverage strategy. Since then, EPMI has begun to develop relationships with hundreds of small
&mom & pop
8 municipalities. Many of these munis had no prior contact with Enron. As a result, East Power has executed a valuable 30 MW energy call option term purchase from the Municipal Energy Agency of Nebraska (MEAN) at a congested location. Enron Industrial Markets EIM has renamed Pulp, Paper & Lumber to Forest Products in order to fully encompass our multiple product offerings. East Power Development The Planning and Zoning Commission for Pompano Beach, FL approved ENA's rezoning request and site plan for the Pompano Beach Energy Center, a 510 megawatt peaking power plant. On the rezoning request, the vote was 6 to 1, and on the site plan, the vote was 7 to 0. The rezoning request will be forwarded to the Pompano Beach City Commission for their review. Additionally, the Florida Department of Environmental Protection (DEP) has announced its intention to issue an air permit for the facility. Next steps include a DEP public hearing on Monday, March 26, and the first of two votes on the rezoning request before the Pompano Beach City Commission, which is scheduled for Tuesday, March 27. IN THE NEWS EWS Brown Bag Lunch Mark Your Lunch Calendars Now! The next one is scheduled for Thursday, March 15, 2001 featuring Ray Bowen. He is the COO of EIM and will be discussing Enron Industrial Markets. Open Forum Editorial in The San Francisco Chronicle by Kenneth Lay 3/1/01 What has happened in California over the past four years is not deregulation. It is misguided regulation. Deregulation does not mean eliminating customer choice and competition for most customers. Deregulation does not mean limiting new market entrants. Fewer than five percent of customers in California are served by competing suppliers. Deregulation does not mean creating a single central power pool from which all participants must buy and sell their wholesale power; the state Power Exchange effectively replaced three monopoly buyers with one monopoly buyer. Deregulation does not mean buying all of your commodity at the last minute, on the spot market, rather than planning ahead and purchasing most of the power under long-term contracts that lock in prices. The situation in California is the result of continued regulation, complicated by a series of natural and man-made factors. WELCOME New Hires EGM - Lowell Bezanis, Owen Zidar EIM - Eric Holzer, John Ovanessian ENA - Mecole Brown, Nita Garcia, Ambroshia Hunter, Nikole Jackson, Junichi Sugiura, Theresa Zucha, Cynthia Gonzalez, Scott Wilson, Kenton Schaefer, Emily Butler Transfers ENA - Joseph Hardy, Nancy Vu, Lloyd Miller, Jinsung Myung, Patrick Johnson, Jason Wolfe, Andrew Miles, Sara Shackleton EIM - Sherri Baldwin, Debbie Chance, Rob Saltiel EGM - Jody Crook, Neithard Foley, Juan Paysse, Bhavna Pandya, Courtney Campbell, Terri Denning NUGGETS & NOTES "It is on the high side of medium to high." --Tim Battaglia, Vice President/Steel Origination EIM (discussing the probability of a transaction closing).
&I wanna see the phone glued to your ear!
8 -- Ed Baughman, Vice President/East Power Mid Market ENA
&REFERRALS, REFERRALS, REFERRALS! It pays to know good people."
) Ambroshia Hunter Perry/HR ENA You requested more info
(. Proud parents Michelle Vitrella, PR coordinator, and husband David Vitrella, manager of trading, have named their baby girl Lily Ann. She was born on February 27, 2001. Learning at the Speed of Enron If you haven't had a chance to log on to www.investinme.enron.com, you're missing a fast and easy way to gain the information you need to get ahead and stay ahead. This new EWS training site combines everything you loved about Ernie with much, much more. Enron employees now have the ability to register for hundreds of classes on industry-related topics anywhere in the world. Don't have time to attend a classroom training? No problem, you can now use the web site to search for books, videos, CD ROM, and web-based training. All the learning you want, anytime, anywhere. Just go to www.investinme.enron.com and start building your future today! NEWS FROM THE GLOBAL FLASH Enron Wind Enron Wind has purchased the factory facilities of the Dutch company, Aerpac, Europe's second largest producer of wind turbine rotor blades. This move represents a significant step towards fulfilling Enron Wind's strategic objective of manufacturing high-quality and technically sophisticated rotor blades in-house. Enron Wind will be using its own moulds to produce the rotor blades. The acquisition of the Almelo-based factory facilities, which are only 60 kilometres from Enron Wind's facilities in Salzbergen, Germany, gives the company a convenient base for European wide distribution. Enron applies for Greek electricity trading license Enron, through its subsidiary Enron Power MEPE, has applied for an electricity supply license for Greece, for the 34% market opening on Feb 19th 2001. If the license application is successful, Enron will be allowed to approach customers consuming more than 100GWh up to a combined total peak capacity of 350MW. In total, 4 companies have applied for power trading licenses (Enel, ATEL and Cinergy also applied). LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

Dr. Lay: You will be pleasantly surprised to receive this e-mail from an Enron Employee. Please note that you are the first and only person in Enron that will know about the endeavors that this e-mail discusses. Background: In 1986 while I was taking a graduate course in Economics as part of my MBA program, I started to think that there exists some similarities between Economics and Thermodynamics. In 1988, I discussed my initial thoughts with Dr. Ibrahim Oweiss, professor of Economics at Georgetown University and we agreed to investigate this topic. Since that time, I worked with Professor Oweiss on and off investigating the subject. In the last couple of years, we started to make good progress, that was culminated recently by submitting three papers for publication (see table below). List of Papers # Paper Title Abstract Status 1 On the Analogies between
&Economics
8 and
&Thermodynamics
8 Part I:
&Basics
8 This part identifies certain analogies between Economics and Thermodynamics. The analogies between
&Abilities
8 and
&Energy
8,
&Utility
8 and
&Work
8,
&Capital
8 and
&Heat
8,
&Marginal Utility
8 and
&Pressure
8,
&Relative Income
8 and
&Temperature
8, as well as
&LABOR EFFORT
8 and
&Entropy
8 are discussed. This part concludes that the suggested analogies bring about new approaches that will explain some economic complexities by borrowing or building upon some concepts, theories and experiences in Thermodynamics. Part II:
&Applications
8 This second Part builds upon the basics introduced in Part I where analogies between Economics and Thermodynamics have been drawn. In this Part, the application of the analogies is utilized to analyze some of the topics economists deal with. This Part presents a fresh approach that holds promising vehicles that can explain some of the paradoxes economists have been facing for years. Submitted for publications as a working paper at the Department of Economics at Georgetown University. (November 2000) 2 A New Approach to
&Production Theory
8 This paper introduces a fresh approach to the Production Theory. Unlike the conventional approach of relating production to Capital and Labor along the line suggested by Cobb Douglas, the approach this paper takes is relating the production to utility change which in turn is related to changes in capital and labor effort. This approach affords more generality and helps in the explanation of some paradoxes that the Cobb Douglas theory could not explain. Submitted for publications in
&Economic Theory
8, (October 2000) 3 The Capital Engine Concept This Paper presents a fresh approach that explains several observations in economics. The concept is used to discuss some of the trends the economic growth theory exhibits. It is also used to explain gains in productivity associated with technology improvements. The Capital Engine concept presented in this paper could serve as a basis for new growth theory. Submitted for publications in
&Economic Theory
8, October 2000) A fourth paper entitled "Innovation: Why" is under preparation. In this paper, we are able to substantiate based on the concept of the Capital Engine that innovation is the most important driver for economic growth. You can see why I chose these two words in the title of the paper from my Enron world. I have been collaborating with Professor Oweiss on my own time and I am pleased that we managed to get to this point. Professor Oweiss and I are now convinced that we have reached some breakthroughs that could revolutionize the study of Economics. We also feel that we can build further on what we reached, and even making more valuable contributions. I am sure that you will be pleased to learn of the above, of course being an Economist you shall appreciate it even more. As I reach this critical stage on our path of this research project, I would like to seek Enron support in two areas: I. Patent(s) / Copy Righting: I feel that the contributions that are covered in the three papers are original and may warrant patenting / copy righting. Since I am the primary author of these papers I wanted to have some credit go to Enron. II. Grant / Sponsorship: I feel that my endeavors which have been purely on my own personal time so far, need to be replaced by a more concerted effort now that we have reached a critical mass. Towards this end, Dr. Oweiss and myself are taking steps to get funding from the National Science Foundation for a joint research project that would be carried out through the Georgetown University. I do not know of any particular programs within Enron that would afford me the opportunity to complete a project like the one we are envisaging. I feel that such a research program will be very valuable. I am further convinced that such program will not be only of an academic value but it will have significant impact to the business world. I trust that the publicity that Enron being the leading company in innovation would get out of the success that I am hoping for the proposed research project will be many folds the amount of money Enron would contribute to the proposed effort. I would be delighted to send you copies of the three papers and / or make a brief presentation on the subject. I wish to thank you for taking the time to read the above e-mail amid your busy schedule. Regards, Hemmat Safwat General Manager, Development Engineering Enron Middle East I

------------------------------------------------------------------------------------------------------ W E E K E N D S Y S T E M S A V A I L A B I L I T Y F O R May 11, 2001 5:00pm through May 14, 2001 12:00am ------------------------------------------------------------------------------------------------------ SCHEDULED SYSTEM OUTAGES: ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. AZURIX: No Scheduled Outages. EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. EDI SERVER: No Scheduled Outages. ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages ENRON NORTH AMERICAN LANS: Impact: EES Time: Sat 5/12/2001 at 1:00:00 PM CT thru Sat 5/12/2001 at 5:00:00 PM CT Sat 5/12/2001 at 11:00:00 AM PT thru Sat 5/12/2001 at 3:00:00 PM PT Sat 5/12/2001 at 7:00:00 PM London thru Sat 5/12/2001 at 11:00:00 PM London Outage: Move vlans for EES in Enron Building Environments Impacted: EES in Enron Building Purpose: Provide more capacity to the network Backout: paste in old configs Contact(s): Gail Kettenbrink 713-853-4524 Michael Huang 713-345-3201 FIELD SERVICES: No Scheduled Outages. INTERNET: No Scheduled Outages. MESSAGING: No Scheduled Outages. MARKET DATA: No Scheduled Outages. NT: No Scheduled Outages. OS/2: No Scheduled Outages. OTHER SYSTEMS: Impact: Corp, OTS, ETS DATE: MAY 15, 2001/2/2001 at 5:30:00 PM Outage: Migrate DSS Server to GTHOU-APPSQ03P Environments Impacted: DSS users will not be able to access the old server (ENEDS01_ADAPT)after this date Purpose: The existing server is outdated, migrating to SQL 2000 provides increased functionality and conforms to database platform requirements. Backout: Contact(s): Mary Vollmer 713-853-3381 Joe Hellsten 713-853-7346 713-545-4164 Impact: CORP Time: Fri 5/11/2001 at 8:00:00 PM CT thru Sat 5/12/2001 at 10:00:00 PM CT Fri 5/11/2001 at 6:00:00 PM PT thru Sat 5/12/2001 at 8:00:00 PM PT Sat 5/12/2001 at 2:00:00 AM London thru Sun 5/13/2001 at 4:00:00 AM London Outage: CPU replacement on server sennacca. Environments Impacted: RMS Purpose: Replace faulty CPU that is offline. Backout: Restore server to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Fri 5/11/2001 at 5:00:00 PM CT thru Fri 5/11/2001 at 5:15:00 PM CT Fri 5/11/2001 at 3:00:00 PM PT thru Fri 5/11/2001 at 3:15:00 PM PT Fri 5/11/2001 at 11:00:00 PM London thru Fri 5/11/2001 at 11:15:00 PM London Outage: Decommission of the following servers: intra, intra-dev, conman1, aserv1, ardent, dbadmin Environments Impacted: Corp Purpose: Server no longer used. The servers will be decommissioned or redeployed where necessary. Backout: Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Sat 5/12/2001 at 2:00:00 AM CT thru Sun 5/13/2001 at 5:00:00 PM CT Sat 5/12/2001 at 12:00:00 AM PT thru Sun 5/13/2001 at 3:00:00 PM PT Sat 5/12/2001 at 8:00:00 AM London thru Sun 5/13/2001 at 11:00:00 PM London Outage: Resource and OS upgrade to server fracture. Environments Impacted: Global company RMS ECM Purpose: An OS upgrade is needed to provide the disk upgrade solution. Additionanl memory is needed as well. Backout: Attach the old disk solution and reboot to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: ENA Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sat 5/12/2001 at 10:15:00 PM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 8:15:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 4:15:00 AM London Outage: Bounce PWRPROD1 database Environments Impacted: Enpower User Purpose: Change some configuration to improve database performance Backout: Use the old parameter file. Contact(s): Tantra Invedy 713 853 4304 SITARA: No Scheduled Outages. SUN/OSS SYSTEM: No Scheduled Outages. TELEPHONY: Impact: Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sun 5/13/2001 at 1:00:00 AM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 11:00:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 7:00:00 AM London Outage: Quarterly Maintenance - Telephone System Environments Impacted: All Purpose: Quarterly maintenance. While voicemail nodes are being serviced (one box at a time), a slight disruption will be experienced. Messages will continue to be stored but will not be delivered until each node of voicemail is back up and operational. CMS call center management reporting will not be availalble during this time. Backout: Contact(s): Cynthia Siniard 713-853-0558 TERMINAL SERVER: No Scheduled Outages. UNIFY: Impact: CORP Time: Fri 5/11/2001 at 6:00:00 PM CT thru Fri 5/11/2001 at 7:00:00 PM CT Fri 5/11/2001 at 4:00:00 PM PT thru Fri 5/11/2001 at 5:00:00 PM PT Sat 5/12/2001 at 12:00:00 AM London thru Sat 5/12/2001 at 1:00:00 AM London Outage: Memory replacement for server electron. Environments Impacted: Unify Users Purpose: Replace faulty memory module. Backout: Get new memory if necessary Restart server with out memory as last resort Contact(s): Malcolm Wells 713-345-3716 ----------------------------------------------------------------------------------------------------------------------------- FOR ASSISTANCE (713) 853-1411 Enron Resolution Center Specific Help: Information Risk Management (713) 853-5536 SAP/ISC (713) 345-4727 Unify On-Call (713) 284-3757 [Pager] Sitara On-Call (713) 288-0101 [Pager] RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager] OSS/UA4/TARP (713) 285-3165 [Pager] CPR (713) 284-4175 [Pager] EDI Support (713) 327-3893 [Pager] EES Help Desk (713)853-9797 OR (888)853-9797

---------------------- Forwarded by Mary Hain/HOU/ECT on 01/30/2001 03:56 PM --------------------------- Mary Hain 01/30/2001 03:45 PM To: Paul Kaufman/PDX/ECT@ECT cc: Subject: RE: Questions you requested The available transmision capacity (ATC) "derate" did occur and has occured everydaysince about the 24th. This fact was verified to me by our ISO customer contact on Friday. Although we do not have the E-mails anymore, the ISO sends our traders E-mails everyday about the ATC on the ties, so this information is verifiable with the ISO. Our customer contact didn't know exactly what day it had started and I have not wanted to pursue this more with the ISO, not knowing whether we wanted our identity divulged. The reason for the zero rating is that the ISO is in a Stage 3 emergency. The line was again rated at zero today. I have been pursuing the following approaches to getting this issue investigated and resolved. I've talked to Scott Miller at FERC and to Eric Thode in Houston. Eric believes he can get the press to investigate and divulge this information for us in the trade press. So check the trade press tomorrow. Paul Kaufman 01/30/2001 02:41 PM To: [email protected], [email protected], [email protected], Mary Hain/HOU/ECT@ECT cc: Subject: RE: Questions you requested I agree with Craig ... we need to be really, really careful about the earth orbit issues identified below. We shouldn't talk about the derating issue unless we can: (1) confirm the derating occurred and document it; (2) tie the derating directly to action by the new board (i.e., determine that it wasn't due to maintenance or some other physical occurence); (3) show a direct impact on PNW prices that can't be easily explained in another way; and (4) show a continuing pattern (in contrast to an isolated event). ---------------------- Forwarded by Paul Kaufman/PDX/ECT on 01/30/2001 02:40 PM --------------------------- Enron Capital & Trade Resources Corp. From: "Gannett, Craig" <[email protected]> 01/30/2001 01:30 PM To: "'[email protected]'" <[email protected]> cc: "'Hain, Mary'" <[email protected]>, "'Robertson, Linda'" <[email protected]>, "'Kaufman, Paul'" <[email protected]> Subject: RE: Questions you requested This excellent material, and very important, but it's pretty esoteric. If you want to really kick the ISO and Davis in the shins, use Mary's stuff about the ISO derating the transmission line at COB. Assuming it's true that the ISO has effectively shut down the northbound transmission route at the Oregon border in order to hoard power, and that this raised the market price in the NW by about $50-75 per megawatt-hour, and that this is costing the NW $2-5 million per day (at least for the period that Mary looked at), that will send the NW Senators into low earth orbit. If we can establish that this derating ruse was a change adopted by Davis's handpicked ISO board, the NW Senators will escape Earth's gravitational pull. For that very reason, we have to be able to back up anything we say, and we need to anticipate any defenses the ISO may have. But if you want NW elected officials to quit being so polite toward Davis, that will do it. Craig -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Tuesday, January 30, 2001 11:21 AM To: [email protected] Cc: [email protected]; [email protected]; [email protected] Subject: Questions you requested Joshua: I found the Enron staff who have had the conversations with the Oregon PUC so believe the attached Q&A meet your request. If you need additional materials, just let me know. (See attached file: Ron Wyden Qs for Steve Kean.doc) In addition, EPSA sent some questions they would like the Senator to ask of any of the EPSA witnesses (Reliant, Calpine, Williams, or Enron) dealing with the Impact of the Recent changes in the Management of the California Independent System Operator: Background: The Cal ISO acts as the "air traffic controller" for the interstate electric power grid in California. The ISO determines who gets access to the grid and under what terms and conditions. It is the ISO that helps ensure that access to the grid is truly open and non-discriminatory. When the ISO was initially constituted several years ago, a "stakeholder" management board was created that represented a wide range of market interests---power sellers, generators, consumers, political leaders, etc. After the power emergencies began last summer, this board was criticized as too splintered and indecisive. In a response to this perception and in an effort to impose greater control over the ISO, the California state legislature replaced the stakeholder board with a five-person board that serves at the request of the California Governor. QUESTION: The Cal ISO has recently seen its management board changed from one with broad stakeholder representation to one appointed by the California Governor. Given that California is a critical part of a larger western regional power market, how can we ensure that regional power needs are reflected in the decisions of the new state appointed Board? ANSWER: We really can't. Most of the time, the Board has a limited role. However, the "traffic controller" role becomes crucial when the power crunch comes. Every market participant needs to be worried that, during times of real power emergencies, the Cal ISO Board will be too willing to shoot first and ask questions later. Companies with firm transactions involving out-of-state entities may find their needs and commercial interests sacrificed to prevent local political problems. Instead of robust, competitive regional markets, politicizing transmission decisions practically guarantees an increasingly balkanized market.

Dear Alumni, ACCION, New York has an opportunity for a Director of Marketing and Sales and a Director, Service Center in there organization. If interested please send cover letter, resume, and salary history to: ACCION New York Attn: T. Ludwig(MNC-654)and/or(MNC-654). Additional contact information is listed following each job description. Thank you, Lorie ++++++++++++++++++++++++++++++++++++++++++++++++++++ Industry: Nonprofit/Community Development Function: Marketing & Sales Employer: ACCION New York Job Title: Director of Marketing and Sales Job Location: New York, NY Organization Description ACCION New York is a non-profit microenterprise development program dedicated to increasing incomes and creating jobs in low-income communities across the New York City metro area by providing microentrepreneurs with access to credit and business support services not available from traditional sources of credit. We offer a "hand-up" to those striving to support themselves and their families through small business initiatives. The program currently has loans to more than 670 borrowers. We are aggressively expanding our operations within the tri-state area. ACCION New York website: www.accionnewyork.org Job Description This position reports to the ACCION New York President/CEO. Responsibilities: - Provide strategic vision and recommendations toward the shaping of products and processes to effectively serve our clients. - Direct the marketing program and community outreach for aggressive program growth; foster relationships with community partners; create new partnerships with advertising firms, banks, media and governmental agencies; expand operations and outreach into the tri-state area. - Supervise the day-to-day activities of the mobile lending team as the sales manager and work closely with the loan processing and servicing, credit underwriting and loan collections areas. Manage the loan officer incentive program and territories. - Review credits for approval and for submission to credit committee as needed. - Assist in fundraising initiatives as requested. - Recruit staff as necessary. Coordinate/conduct sales training for all lending staff. Qualifications - Motivated, energetic individual capable of managing a wide range of human resource and program issues related to a dynamic and growing program - Minimum 3 years of management experience, marketing or sales management experience preferred - Strong interpersonal and communication skills, team player - Bilingual English/Spanish preferred - Consumer or corporate loan underwriting training preferred - Computer proficiency - MBA or related degree preferred Compensation Salary: commensurate with experience. Excellent benefits package. To Apply Send cover letter, resume, and salary history to: ACCION New York Attn: T. Ludwig (MNC-654) 235 Havemeyer St. Brooklyn, NY 11211 Fax: (718) 387-9686 [email protected] This job listing was forwarded under the auspices of The MBA-Nonprofit Connection ****************** Industry: Nonprofit/Community Development Function: Lending, General Management Employer: ACCION New York Job Title: Director, Service Center Job Location: New York, NY Organization Description ACCION New York is a non-profit microenterprise development program dedicated to increasing incomes and creating jobs in low-income communities by providing microentrepreneurs with access to credit and business support services not available from traditional sources of credit. ACCION New York is an associate program of ACCION USA, which has built the largest microlending network in the U.S., reaching over 3,700 low-income business owners with more than $23M in business credit. ACCION New York website: www.accionnewyork.org, ACCION USA website: www.accionusa.org Job Description Using a new loan production model and centralized processing center, ACCION USA is set to open three new lending offices over the next three years, starting with an office in Atlanta. In addition to establishing direct lending offices and to expand its coverage around the country, ACCION USA will explore the feasibility of establishing a national call center as well as an Internet lending capability. ACCION New York and ACCION USA are seeking an individual to oversee all activities of credit underwriting, loan processing and servicing and loan collections of the current service center located in New York and to lead a team to develop a call center and Internet lending capability as well. S/he will initially commit approximately 50% of his or her time to ongoing Service Center responsibilities and the remaining time to developing these additional lending capabilities. The position reports to the ACCION New York President/CEO. Qualifications - Motivated, energetic team player capable of managing the Service Center for a dynamic and growing program - Ability to think strategically - Credit administration, loan underwriting and human resource management and training highly desired - Previous experience in microlending preferred - Strong organizational and management skills - Bilingual Spanish/English desired - Knowledge of credit and accounting systems preferred Compensation Salary: commensurate with experience. Excellent benefits package. To Apply Send cover letter, resume, and salary history to: ACCION New York Attn: T. Ludwig (MNC-655) 235 Havemeyer St. Brooklyn, NY 11211 Fax: (718) 387-9686 [email protected] This job listing was forwarded under the auspices of The MBA-Nonprofit Connection _________________________________________________ MBA Career Management Center The Anderson School at UCLA Entrepreneurs Hall, C201 Phone: (310) 825-3325 Email: [email protected] Web: http://www.anderson.ucla.edu

Here is CERA's latest near term analysis. ---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 10/27/2000 02:40 PM --------------------------- [email protected] on 10/26/2000 06:05:45 PM To: [email protected] cc: Subject: Temporary Slack - CERA Alert ********************************************************************** CERA Alert: Sent Thu, October 26, 2000 ********************************************************************** Title: Temporary Slack Author: N. American Gas Team E-Mail Category: Alert Product Line: North American Gas , URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1402 , Alternative URL: http://www.cera.com/client/nag/alt/102600_15/nag_alt_102600_15_ab.html ********************************************************* Warm weather and strong storage injections have temporarily shifted the focus in the gas market away from a potential supply shortage this winter toward a growing sense that supplies might just prove adequate. The result has been a steady and steep decline in the November NYMEX price from $5.63 per MMBtu on October 12 into the $4.60s as of October 25. Cash prices have followed suit, falling from the mid- $5.50s to the $4.60s at the Henry Hub, and gas is now pricing below residual fuel oil in the Gulf Coast and especially on the East Coast. Although gas storage inventories will begin the winter at levels higher than expected, in CERA
,s view adequate supply for the winter is not yet assured, and the market remains subject to a quick return to prices well above $5.00 with the first cold snap. Storage injections of 71 billion cubic feet (Bcf) for the week ended October 20 accompanied by broad-based and continuing warm weather have driven the shift in market psychology. Last week
,s injection rate was 26.5 Bcf, or approximately 3.8 Bcf per day, above the previous five-year average for those seven days and 58 Bcf above the 13 Bcf of injections recorded last year for the week ending October 22. With warm weather this week and the return of more normal temperatures expected next week, CERA now expects storage to reach a maximum level of 2,784 Bcf on October 31--still an all-time low entering the winter, by 26 Bcf (see Table 1). Is this inventory level "enough"? Not yet. Storage inventories this winter under 15- year normal weather conditions would fall to approximately 780 Bcf, 22 Bcf above the previous all-time low. This end-of-March minimum implies total withdrawals in the United States this winter of 2.0 trillion cubic feet (Tcf), 128 Bcf above last year
,s withdrawals. But holding withdrawals this winter down to 2.0 Tcf in the face of a return to normal weather--and the demand rebound of 3.0 Bcf per day it would bring--will be difficult. Although the beginning of a US supply rebound and growing imports will add approximately 1.0 Bcf per day to supplies this winter, holding withdrawals down requires both of the following: * Industrial markets--mainly ammonia and methanol producers--that are now shut down because of high gas prices must remain shut down. These markets represent approximately 0.5 Bcf per day of demand that could return, should gas prices moderate relative to ammonia and methanol. * The nearly 1.5 Bcf per day of switchable load now burning residual fuel oil must remain off of gas. In CERA
,s view, for gas prices to fall below resid on a sustained basis, particularly as power loads increase this winter, it must become apparent that winter demand can be met, the current resid load can return to gas, and storage inventories can be held reasonably near the previous record low. That low, 758 Bcf, occurred in March 1996 and was accompanied by a February average price of $4.41 and a March average of $3.00 at the Henry Hub. That spring, however, US productive capability was nearly 4.0 Bcf per day greater than it is today, winter power generation demand was lower, and there were about 4.5 million fewer residential and commercial gas customers in the United States. Market fundamentals in CERA
,s view still support gas prices above those of resid, which as of this writing is pricing in the $4.75-$5.00 per MMBtu range. Warm weather throughout November and into December could reverse this relationship, but a warm October alone is insufficient, and any cold weather within the next few weeks will quickly tighten the slack that has temporarily come into the market. CERA
,s price outlook for November--an average of $5.50 at the Henry Hub-- stands for now. **end** Follow URL for PDF version of this Alert with associated table. ********************************************************* CERA's Autumn 2000 Roundtable event dates and agendas are now available at http://www.cera.com/event ********************************************************* ********************************************************************** Account Changes To edit your personal account information, including your e-mail address, etc. go to: http://eprofile.cera.com/cfm/edit/account.cfm This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos.html Questions/Comments: [email protected] Copyright 2000. Cambridge Energy Research Associates

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/26/2001 04:33 PM --------------------------- Kristin Walsh 01/25/2001 11:23 AM To: John J Lavorato/Corp/Enron cc: Jeffrey A Shankman/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Vince J Kaminski/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Michelle D Cisneros/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Jaime Gualy/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Robert Johnston/HOU/ECT@ECT Subject: California Update 1/25/01 California Timeline: February 2nd: The state legislature has to pass the enabling laws to let the state pay for the electricity from auction before the current emergency money runs out on February 2. Republican leaders have vowed to block any additional emergency funds. The California courts gave Edison a two-week grace period (until February 2) on demands by the California Power Exchange that Edison forfeit $215 million in long-term low cost power contracts to the CPX for repayment of its debt. Governor Davis told the Court that he may absorb that contract in favor of taxpayers using his emergency "taking" powers. February 7th: President Bush, who had to intervene personally against his energy secretary to extend the Energy Department order mandating electricity sales to California by power generators, made it abundantly clear to all sides that the two week deadline was hard and would not be extended. February 13th: Edison worked out a three-week grace period -- through February 13 -- with all of its 32 banks and QFS to prevent from asking for accelerated repayment during that period, but if the state has not figured out a way to bridge that debt by then, this deadline could be a real trigger for bankruptcy. Legislation As mentioned in Tuesday's update, legislators are close to a long-term power buying deal with the so-called "green" producers (wind, solar, hydro, cows) of energy, accounting for 30% of California's total energy production. This would allow the Department of Water Resources to buy power from them at 8 cents per kilowatt hour. Bill AB1X--the key piece of legislation for setting long-term power contracts--is still being mulled over in the Senate, but is expected to pass this week. The keys issues is still the price, which will probably be revised in accordance to the results of the auction. Other legislation has been introduced, including three bills by Boxer that would increase federal support and impose "windfall profits tax" for wholesalers that sell power at "unfair and unreasonable" rates. The hydro legislation is still being bantered about, however with going opposition from both Democrats and Republicans. Bail out scenarios A new scenario is a market-oriented solution that would give the state of California "warrants" on the PG&E and Edison stock in return for lending them the money to get out of this current mess (still the problem of financing the $6B vs. $12B). As the stock prices recovered, the state could cash in the warrants and rebate to electricity users some of the emergency surcharge needed to pay back the debt. This is exactly the plan used to bail out Chrysler in the late 1970s and it worked wonders for taxpayers then. This senario would also provide Davis with some political cover, as the idea of rebates are far more appealing than price increases. Lots of details remain to be worked out, but even the consumer activist groups threatening to create propositions on fall ballots appeared to like this deal. Bankruptcy Socal is close to an agreement with 32 bank creditors and QFs to allow a forbearance on debt payments through February 13th. However, it is not expected that the bondholders would agree to this type of deal. The bondholders could try to force the utilities into involuntary bankruptcy, but would probably be unsuccessful. As long as Socal continues working with their creditors and show "good faith" any bankruptcy at this time would have to be voluntary. As this date (Feb. 13th) fast approaches, the state will have to take quick action and draft and approve legislation between the governor, the generators and the utilities to prevent Socal and PG&E from bankruptcy. As part of the forbearance agreement, Edison has contracted with around 400 QFs and negotiations have been directed toward separating the rate schedules of generation facilities fuelled between renewables and gas fired generation. Socal is attempting to shift gas fired QFs to longer term schedules in light of the recent higher gas prices. Auction After a nervous night when only one bid had come to the state's Internet site by midnight on Tuesday, California officials were happy to announce that they had almost 40 bids at an average of 6.9 cents per kilowatt-hour, below the 7.4 cent real cap state officials had set internally as the threshold between doable and impossible. This was well above the 5.5 cent ceiling the governor had publicly stated as the preferred level. Davis will now turn the negotiating process over to David Freeman, who heads the Los Angeles electric agency and is generally considered the dean of public-private utilities in the west. One thing to note, the State of California has no intention of any credit guarantees for the bids with the Department of Water Resources. Several California legislators have made it very clear that they do not want the state to be ultimately responsible for these power purchases.

Cameron and Scott -- that's great!!! And Congratulations also to all you non-smokers! Ken and I are looking forward to seeing all of you but we aren't sure exactly when or how long we'll be dropping by. On a total whim, we bought a cute (although a bit funky) little house up in Ft. Bragg last October. Our main goal over Memorial Weekend is going to be to build a new staircase for that house, but we're hoping to make it down to the dome Sunday early evening. If not that, then we'll definitely show up for the softball game on Monday. My Dad, the sweetheart, is coming out to help with this project on his way up to the San Juan Islands and I know he's excited about getting to experience a piece of 'The Dome' as well. Sarabeth is going to Greece for a couple of weeks, so she's going to miss all the fun, poor thing. Anyway, we'll be sure to bring champagne for all the celebratory causes and See you all soon! Celise >From: Nancy Sellers <[email protected]> >To: Nancy Sellers <[email protected]>, 'Lynne Robertson' ><[email protected]>, 'Laura Whiting' <[email protected]>, 'John Whiting' ><[email protected]>, 'Lisanne and Ken Jensen' ><[email protected]>, 'Celise' ><[email protected]>, 'Eldon Sellers' <[email protected]>, >'Cristina Greenway Shea' <[email protected]>, 'Chris Shea' ><[email protected]>, 'Carter' <[email protected]>, 'Cameron' ><[email protected]>, 'Jeff Dasovich' <[email protected]>, >"'Prentice @ Berkeley'" <[email protected]>, 'Prentice Sellers' ><[email protected]>, 'Scott Laughlin' <[email protected]>, 'Colleen >Silva' <[email protected]> >Subject: RE: Memorial Day Update >Date: Tue, 15 May 2001 09:27:02 -0700 > >2 more celebratory items I forgot - well actually, I forgot one and did not >know about the other... > >#1 - Jeff Dasovitch, Scott Laughlin, Cameron Sellers, Nancy Sellers, and >Prentice Sellers - are all SMOKE FREE!! Now that is something to >celebrate!! > >and - - -#2 - drum roll drum roll drum roll DRUM ROLL DRUM ROLL > >On Saturday, May 12, Mr. Scott Warner Laughlin asked Ms. Cameron Smith >Sellers to marry him. And she >said............................................YES!!!!! Isn't that just >the most wonderful news!!!!!!! We are all so happy and excited! > > >OK - now for a wine tasting update. Every "unit" should bring 2 bottles of >each wine (1 won't make it with this large a crowd). It does not have to >be >from your designated local area ( LizAnne was making noises about the >Sonoma/Napa/Santa Cruz disparity) - it can just be something you think is >yummy. > >Saturday night let's make it Pinot Noir and Sunday Chardonnay, since no one >had any burning favorites! > >Chris and Cristina have a family reunion that they have to attend - but >they promise that the THREE of them will be with us next year! We will >really miss you guys! > >Anything else? > > > > -----Original Message----- > > From: Nancy Sellers > > Sent: Saturday, May 05, 2001 10:00 AM > > To: 'Lynne Robertson'; 'Laura Whiting'; 'John Whiting'; 'Lisanne and Ken > > Jensen'; 'Celise'; 'Eldon Sellers'; 'Cristina Greenway Shea'; 'Chris > > Shea'; 'Carter'; Cameron; Jeff Dasovich; Prentice @ Berkeley; Prentice > > Sellers; Scott Laughlin > > Subject: Memorial Day > > > > I hope you are all making plans to meet at the dome - we are so excited >to > > see you all and have some fun! > > > > Bring a bottle of bubbly (sparkling cider) because we have some special > > things to celebrate: > > * May 20 - Prentice graduates from Haas with her MBA > > * May 26 - Laura's birthday > > * John's new job > > * and...drum roll... > > * Cristina is going to have a baby!!! (November - good Scorpio > > month!) > > > > Please feel free to submit other celebratory items!! > > > > There is one major problem. Try as we might, we have not been able to >get > > the deck finished. Everything is done (I think) except the railing. >That > > means there is a definite safety hazard. Eldon is going to keep trying >to > > get someone to finish it up but I am not too hopeful. That means that >the > > deck is fine for: > > > > * Sleeping > > * Sitting > > * Reading > > * Chatting > > * Eating/Cooking > > * Moderate Alcohol consumption > > > > IT IS NOT FINE FOR: > > * Dancing (Andrew) > > * Running (Scotty) > > * Manhattan Projects (Teddy) > > * Heavy duty alcohol consumption (Chris) > > > > I have a couple of requests: > > > > #1 - I think we should start having an annual blind wine tasting. A >white > > on Saturday and a red on Sunday - if anyone has a varietal that they >want > > to start with - let me know. Each "family unit" should bring a bottle >of > > the white and red varietal and we will hold a blind tasting. What do >you > > think? It would be especially fun if the wines were typical of your > > geographical area and we could have a really diverse sampling. If you > > want to use wine glasses you would have to bring your own. I'll have > > plastic ones available. > > > > #2 - I have a special request for the ab hunters. It would be so great > > if we could have the ab feast for dinner on Sunday night instead of as > > appetizers on Saturday. That would save one whole meal of cooking and >we > > could do a nice salad, garlic bread, etc. I realize that we would have >to > > improvise if -- God forbid -- the ab was not to be found - but we could > > chance it! > > > > Let me know about any other ideas you have out there... > > > > Don't forget your baseball mitts! > > > > > > > > > > > > > > > > > > > > > > Nancy > > (707) 251-4870 (phone) > > (707) 265-5446 (fax) > > "Plus je bois, mieux je chante" > > > > > > _________________________________________________________________ Get your FREE download of MSN Explorer at http://explorer.msn.com

---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 08/28/2000 07:41 AM --------------------------- "Michael Gagliardi" <[email protected]> on 08/28/2000 07:07:55 AM To: [email protected], [email protected] cc: Subject: True Orange Fax/E-Mail #78 ---------------------- Forwarded by Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC on 08/28/2000 07:17 AM --------------------------- [email protected] on 08/25/2000 06:13:45 PM To: [email protected] cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC) Subject: True Orange Fax/E-Mail #78 True Orange Fax/E-Mail Service Volume 8, Fax/E-Mail #78,Friday, August 25, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 Cedric Benson Commits to UT; Brown Says QB Derby Too Close to Call Record-breaking Midland Lee RB Cedric Benson, 5-11, 200, 4.5, committed to the Longhorns Thursday night, Lee coach John Parchman said Friday. Parchman said Benson called UT assistant coach Mike Tolleson Thursday night and told him he wanted to play for the Longhorns. Benson was in El Paso for a scrimmage Friday night, but his mother confirmed the commitment. Tolleson, who coaches defensive tackles, is the Longhorn assistant who recruits West Texas. Benson is the 13th commitment for the Longhorns this recruiting season, and he certainly is the most famous after rushing for 3,526 yards and 44 touchdowns last season. He scored seven other touchdowns on pass receptions for a grand total of 51 TDs. No Class 5A back in Texas has ever accounted for as many yards or touchdowns as Benson did in leading Midland Lee to a state title and an undefeated season in 1999. Gordon Wood, possibly the greatest high school coach in Texas history after leading Stamford and Brownwood to multiple state championships before retiring several years ago, says Benson "is the best running back I have ever seen in high school." Wood's teams had some great backs and they played against some other great backs, so that is high praise indeed. Benson is on all the national top 100 lists as are fellow Texas pledges Jonathan Scott of Dallas Carter and Abe Robinson of Houston Jersey Village, both offensive linemen. OL Alfio Randall of Blinn JC, another Texas commitment, was a national top 100 prospect two years ago at Houston Yates. Randall, by the way, had hoped to enroll at Texas in January, but he needs 24 more hours at Blinn, so he will have to remain at the junior college through the spring semester to graduate. That will delay his enrollment at Texas until next fall. The Longhorns' other early commitment are offensive linement Terrance Young of Longview, Mike Garcia of Galena Park, Roman Reeves of Livingston and Will Allen of Houston Cypress Falls; middle linebacker Yamil Lebron of Killeen Ellison, wide receiver-defensive back Brian Carter of The Woodlands, cornerback Cedric Griffin of San Antonio Holmes, safety Kendal Briles of Frenship and defensive back-outside linebacker Braden Johnson of Euless Trinity. Briles, a great option quarterback in high school, led Stephenville to the Class 4A state title last year by passing for 3,115 yards and 28 touchdowns and running for 1,331 yards and 16 more TDs. So, between Benson and Briles, the Longhorns have early commitments from two young men who accounted for more than 8,000 yards and 95 touchdowns while leading their teams to the state championships in the two largest classifications in Texas. So far, only seven member of Dave Campbell's Texas Football magazine's 24-man Super Team have committed to colleges, and the Longhorns have six of them. Benson is the only high school player ever to grace the cover of the state's top football magazine and he is joined on the Super Team by Briles, Griffin, Scott, Young and Robinson. The other Super Team player who has committed is Madisonville running back David Underwood, who says he will sign with Michigan. * * * * Coach Mack Brown said Friday QB Major Applewhite appears to be completely recovered after undergoing off-season knee surgery, and he said he and Chris Simms "are both outstanding quarterbacks," adding, "Honestly, I think both of them will play in the NFL." But he said he isn't ready to name a starter for the season opener and might not name one until the game starts. "They are really good," he said. "It looks like Major is going to be healthy. We really didn't know how healthy he was going to be, but his knee has held up fine so far." Asked when he plans to name one to be the starter against Louisiana-Lafayette, he said, "I may not." Once, when he was coaching at North Carolina, Brown didn't announce a starting quarterback until the season started and he sent his starting team out on the field for its first possession. That could happen again this year. * * * * INJURY NOTES: Freshman DT Stevie Lee returned to practice Friday and looked fine after suffering a slight leg injury Thursday. * * * * PRACTICE NOTES: Brown has canceled Saturday's afternoon practice. The team will scrimmage at 9 a.m. Saturday, then take the rest of the day off. * * * * My next fax will be whenever events warrant. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - frequently with recruiting news. My E-Mail address is: [email protected]

---------------------- Forwarded by Greg Blue/HOU/Dynegy on 01/05/2001 03:10 PM --------------------------- "Golden, Mark" <[email protected]> on 01/05/2001 01:27:25 PM To: "Pergher, Gunther" <[email protected]> cc: Subject: POWER POINTS:For The Record, Price Cap Follies Of 2000 POWER POINTS:For The Record, Price Cap Follies Of 2000 By Mark Golden A Dow Jones Newswires Column NEW YORK (Dow Jones)--Significant facts in the California electricity crisis of 2000 have been lost in the high-pitched political response to a genuine economic problem. That's too bad, because some of the lost truths are humorous, others are enlightening. The year began with California State Senator Steve Peace, who was one of the chief architects of the state's 1996 deregulation law, boasting that California had fooled merchant power companies into paying too much for the power plants they bought from the state's utilities. The deregulation law was "a bet that most of the industry nationwide would misperceive what we were doing and overbid on the power plants," said Peace, as reported by Intelligence Press in January. "When the California legislature entered the debate on electricity competition," Peace went on to say in January, "the assumption was that you had to accept some level of compromise on reliability. But what is fundamentally different in what we did, compared to the national debate, is that we said absolutely, categorically you cannot compromise reliability. We led with reliability." Now, of course, this view of things is laughable. By late June even, Peace was foaming at the mouth before the California Independent System Operator about the new power plant owners and how they were gouging the state. He demanded - and eventually got - the ISO board of governors to cut their price cap to $250 a megawatt-hour from $750/MWh. For the record, the ISO's lower price cap was a complete failure. Not only didn't the price cap protect the state's utilities from financial ruin, it contributed to their losses. During the week of Dec. 4, when western U.S. wholesale power markets were well above $250/MWh, the ISO staff was buying massive amounts of juice at an average price of $700/MWh in "out-of-market" purchases that were allowed under the price cap rule, but not publicly reported. The ISO staff was allowed to make these out-of-market purchases only from utilities outside of California. So California's independent power producers were selling to out-of-state utilities for about $400-$500/MWh, and the utilities were selling power back to the ISO for up to $1,100/MWh. Some Northwest utilities even started buying power from the plants PG&E Corp. (PCG) and Edison International's (EIX) Southern California Edison still own through in the California Power Exchange's day-ahead market at $250/MWh, and then selling it back to the utilities through the ISO's real-time market at $700/MWh. That was pretty cheeky, but market participants always take advantage of stupid rules if they can make a big profit. At this point, the ISO asked the U.S. Federal Energy Regulatory Commission for permission to dispense with its failed price cap and move to the FERC-recommended "soft" price cap, which requires only that sellers document costs that justify power sold for more than $150/MWh. On Dec. 8, the FERC approved the emergency measure. Prices fell, but one would never know that listening to the California Public Utilities Commission. "The elimination of wholesale electricity price caps by FERC on December 8 as confirmed by its order on December 15 and the resulting five-fold increase in wholesale electricity prices has expanded the crisis," the CPUC said in its rate-case ruling Thursday. This is false, and the CPUC staff knows it. The CPUC wants to blame the FERC for the crisis, because the FERC has said that the CPUC is to blame for discouraging PG&E and Southern California Edison from purchasing power on a long-term basis. What Sen. Peace lacks in perception, the CPUC lacks in integrity. The highest price in the four-year history of western electricity markets was recorded the morning of Dec. 8, about 12 hours before the FERC killed the price cap. Power for Monday at the mid-Columbia River hub traded over-the-counter Friday morning at a high $4,400/MWh, because a cold front was expected to arrive over the weekend. The lowest prices paid in the Northwest that day were $3,000/MWh. The cold front never fully materialized. As a result, the California Power Exchange, which trades Monday power on Sunday rather than Friday as the over-the-counter market does, priced Monday, Dec. 11 power at $654.22/MWh. This was above the old price cap of $250/MWh, but not bad considering where other western utilities had been trading Monday power two days earlier. When the CPUC and California Gov. Gray Davis talk about "a five-fold increase" in prices after the FERC lifted the price cap, they are talking about the CalPX's clearing price index of $1,407.07 on Dec. 13. But the CalPX went on record later calling that clearing price "meaningless." It was the result of a computer problem instituting the new "soft" price cap rules. No electricity was bought or sold at that price in California that day, and hours later the prices were refigured at $250-$310/MWh. The over-the-counter market had drifted down to $450-$500/MWh in the Northwest and to $320-$350/MWh in the Southwest. And prices have been drifting down ever since. Northwest power traded Friday at $135-$155/MWh and Southwest power traded at $121-$130/MWh. Generators are coming back on line from fall maintenance, and the weather is warmer than expected. Pretty fundamental stuff, but Steve Peace, the CPUC and Gov. Davis are still convinced they can simply dictate prices. Sure. And Alan Greenspan can save the Nasdaq. -By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected] (END) Dow Jones Newswires 05-01-01 1845GMT(AP-DJ-01-05-01 1845GMT)

FYI ---------------------- Forwarded by David W Delainey/HOU/ECT on 11/30/2000 01:23 PM --------------------------- Raymond Bowen 11/30/2000 12:18 PM To: David W Delainey/HOU/ECT@ECT cc: Dorie Hitchcock/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Mark Frevert/NA/Enron@Enron, Greg Whalley/HOU/ECT@ECT Subject: Re: 2001 ENA/EGM/EIM CUSTOMER SKI PROGRAM Dorie, I share Dave's skepticism. Ray Bowen David W Delainey 11/30/2000 11:26 AM To: Dorie Hitchcock/HOU/ECT@ECT cc: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Mark Frevert/NA/Enron@Enron, Greg Whalley/HOU/ECT@ECT Subject: 2001 ENA/EGM/EIM CUSTOMER SKI PROGRAM Dorie, I have to question the effectiveness of this program. Over the years, it appears that more spots are being filled by Enron people then customers. The effectiveness of this forum from a customer point of view is questionable. I vote to kill it. Please forgive the approach - but I would like to provoke a discussion with my partners. Regards Delainey ---------------------- Forwarded by David W Delainey/HOU/ECT on 11/30/2000 11:20 AM --------------------------- From: Dorie Hitchcock 11/30/2000 06:40 AM To: Sylvia S Pollan/HOU/ECT@ECT, Robyn Zivic/NA/Enron@Enron, Andrew H Lewis/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT, Patrice L Mims/HOU/ECT@ECT, Kevin Ruscitti/HOU/ECT@ECT, Kelli Stevens/HOU/ECT@ECT, Tom Donohoe/HOU/ECT@ECT, Joe Parks/Corp/Enron@ENRON, Janet H Wallis/HOU/ECT@ECT, Gary Bryan/HOU/ECT@ECT, Jill T Zivley/HOU/ECT@ECT, Brian Bierbach/NA/Enron@Enron, John Craig Taylor/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT, George McClellan/HOU/ECT@ECT, Mark Tawney/HOU/ECT@ECT, Jere C Overdyke/HOU/ECT@ECT, Larry Lawyer/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Eric Gonzales/LON/ECT@ECT, Cindy Skinner/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT, Doug Leach/HOU/ECT@ECT, Bryan Burnett/HOU/ECT@ECT, Wendy King/Corp/Enron@ENRON, Tim Battaglia@Enron, Douglas B Dunn/HOU/ECT@ECT, Rodney Malcolm/HOU/ECT@ECT, Billy Lemmons/Corp/Enron@ENRON, David Howe/Corp/Enron@ENRON, Mark Frevert/NA/Enron@Enron, John J Lavorato/Corp/Enron@Enron, David W Delainey/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Derek Davies/CAL/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Joseph Deffner/HOU/ECT@ECT, Paul Devries/TOR/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT, Stephen H Douglas/HOU/ECT@ECT, W David Duran/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Scott Josey/Corp/Enron@ENRON, C John Thompson/Corp/Enron@ENRON, Fred Lagrasta/HOU/ECT@ECT, Eric LeDain/CAL/ECT@ECT, Laura Luce/Corp/Enron@Enron, Thomas A Martin/HOU/ECT@ECT, Jonathan McKay/CAL/ECT@ECT, Michael L Miller/NA/Enron@Enron, Rob Milnthorp/CAL/ECT@ECT, Jean Mrha/NA/Enron@Enron, Scott Neal/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Beth Perlman/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Fletcher J Sturm/HOU/ECT@ECT, Bruce Sukaly/Corp/Enron@Enron, Mike Swerzbin/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Barry Tycholiz/CAL/ECT@ECT, Frank W Vickers/HOU/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Max Yzaguirre/NA/Enron@ENRON, John Zufferli/CAL/ECT@ECT, Deirdre McCaffrey/HOU/ECT@ECT, Jennifer Shipos/HOU/ECT@ECT cc: Subject: 2001 ENA/EGM/EIM CUSTOMER SKI PROGRAM Winter is just around the corner and the new ski season will be opening soon. Please review the proposed information below, regarding the ENA/EGM/EIM Customer Ski Program, to help us determine what our needs will be for the 2001 season. Location: Beaver Creek, Colorado Preliminary Dates: February 21 - March 14, 2001 Approximate Cost Per Person: $2,600 (based on 82 participants) The preliminary dates have been divided into 6 trips: TRIP DATES TOTAL # OF BEDS Trip 1 Wed, February 21 - Sat, February 24 11 Trip 2 Sun, February 25 - Wed, February 28 17 Trip 3 Wed, February 28 - Sat, March 3 13 Trip 4 Sun, March 4 - Wed, March 7 13 Trip 5 Wed, March 7 - Sat, March 10 13 Trip 6 Sun, March 11 - Wed, March 14 15 The program cost per person includes: ? Four days/three nights accommodations in luxurious private homes in the premier Holden Road/Borders Road area of Beaver Creek with daily maid service ? Animated invitation with on-line registration ? Round-trip airport ground transportation ? Experienced property hosts ? Daily lift tickets and ski instruction ? Ski equipment rental ? Catered dinner two nights ? Catered breakfast daily ? Off-site dinner coordination ? Alternate activity coordination ? Private vans at each house ? One massage with experienced in-house massage therapists ? Enron promotional gift item ? Pre-program administration and coordination ? On-site operation If you are interested in participating in the 2001 ski program, please submit an email request to me no later than Friday, December 8th, including the following information: Name Company Department Telephone Fax Number of People Choice of Dates (1st, 2nd & 3rd) Company # RC # The week of December 11th, all requests will be compiled for review and final approval. Questions should be directed to my attention at (713) 853-6978.

----- Forwarded by Gerald Nemec/HOU/ECT on 03/09/2001 11:29 AM ----- [email protected] 03/09/2001 07:42 AM To: [email protected], [email protected] cc: Subject: FW: Fw: THANK YOU MR. EX PRESIDENT -----Original Message----- From: J. Greg Coulter [mailto:[email protected]] Sent: Thursday, March 08, 2001 5:11 PM To: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected] Subject: Fwd: Fw: THANK YOU MR. EX PRESIDENT J. Greg Coulter Jennings, Strouss & Salmon, P.L.C. Attorneys at Law One Renaissance Square Two North Central Avenue Phoenix, AZ 85004-2393 Direct Dial: 602.262.5920 Direct Fax: 602.495.2636 E-Mail: [email protected] Web Site: www.jsslaw.com Message-ID: <005901c0a80c$756a2b60$0664a8c0@desktop04> From: [email protected] Reply-To: [email protected] To: [email protected] Subject: Fw: THANK YOU MR. EX PRESIDENT Date: Thu, 8 Mar 2001 14:15:02 -0600 MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2653.19) Content-Type: multipart/mixed; boundary="----_=_NextPart_002_01C0A89E.CC444820" ----- Original Message ----- From: Max <mailto:[email protected]> Correll To: HARPER, BOB <mailto:[email protected]> ; HARPER, <mailto:[email protected]> BIRNIE ; FARRELL, <mailto:[email protected]> PATRICK T. ; FARRELL, CURTIS <mailto:[email protected]> ; DRACKETT/DAWN <mailto:[email protected]> ; DANLEY, <mailto:[email protected]> DEBORAH ; COOPER, JENNIFER <mailto:[email protected]> ; COLEMAN, RICHARD <mailto:[email protected]> Cc: WEIDMAN, DANIEL <mailto:[email protected]> ; VESTAL, <mailto:[email protected]> KITTY C. ; TEAGUE, <mailto:[email protected]> DERRICK ; SUMMERS, COLLEEN <mailto:[email protected]> ; MCCOMMON, <mailto:[email protected]> JANE ; MAURRAS, HUGH <mailto:[email protected]> ; LERARIS, TONY <mailto:[email protected]> ; KATHOL, <mailto:[email protected]> DOUGLAS ; HINES, BILL <mailto:[email protected]> Sent: Thursday, March 08, 2001 1:57 PM Subject: THANK YOU MR. EX PRESIDENT Dear Mr. (X) President: I recently saw a bumper sticker that said, "Thank me, I voted for Clinton-Gore." So, I sat down and reflected on that and I am sending my "Thank you" for what you have done, specifically: 1. Thank you for introducing us to Jennifer Flowers, Paula Jones, Monica Lewinsky, Dolly Kyle Browning, Kathleen Willey, and Juanita Broaddrick. Did I leave anyone out? 2. Thank you for teaching my 8 year old about oral sex. I had really planned to wait until he was about 10 or so to discuss it with him, but now he knows more about it than I did as a senior in high school. 3. Thank you for showing us that sexual harassment in the work place (especially the White House) and on the job is OK, and all you have to know is what the meaning of "IS" is. It really is great to know that certain sexual acts are not sex and one person may have sex while the other one involved does NOT have sex. It's so unfortunate to see that the National Organization of Women (NOW) has lost all credibility for supporting you throughout your escapades. 4. Thank you for reintroducing the concept of impeachment to a new generation and demonstrating that the ridiculous plot of the movie "Wag The Dog" could be plausible after all. 5. Thanks for making Jimmy Carter look competent, Gerald Ford look graceful, Richard Nixon look honest, Lyndon Johnson look truthful, and John Kennedy look moral. 6. Thank you for the 72 witnesses testifying before the House and Senate who have pled the 5th Amendment and 17 witnesses who have fled the country to avoid testifying about Democrat campaign fund raising. 7. Thank you for the 19 charges, 8 convictions, and 4 imprisonment's for the Whitewater "mess" and the 55 criminal charges and 32 criminal convictions (so far) in the other "Clinton" scandals. No wonder it took you the entire day of your last day in office to pardon them all. 8. Thanks also for reducing our military by half, "gutting" much of our foreign policy, and flying all over the world on "vacations" carefully disguised as necessary trips. Please give my regards to Hillary, when/if you see her. Tell her I'm working on a "Thank You" letter for her also. 9. Thank you, also, for "finding" millions of dollars of excess tax money. I really didn't need it in the first place and I can't think of a more well deserving group of recipients for my hard-earned dollars than jet fuel and security for all of your globetrotting. I understand you; the family, and your cronies have logged in more time aboard Air Force One than any other administration. 10. Thank you for closing so many millions of acres of 'public' lands without the input of the people and governing officials living in the states affected. 11. Thank you for pardoning some 140 citizens who have been convicted of breaking the law, some of whom gave you hundreds of thousands of dollars to your political campaigns. 12. Thank you for an attorney general that saw fit to protect you and your 'constituents' from embarrassment or prosecution. God bless America and THANK YOU for redefining the integrity and character of the highest office in the land. Sincerely, U.S. Citizen P.S. Please pass along a special thank you to Al Gore for "inventing' the Internet and making the distribution of this letter possible.

This is being resent because of an addressing error which caused the original message to fail. ----- Forwarded by Dan J Hyvl/HOU/ECT on 11/01/2000 05:19 PM ----- Dan J Hyvl 11/01/2000 05:17 PM To: "Pfister, Christian W." <[email protected]>@ENRON cc: "Mc Whirter, Daniel D." <DDMcWhirter, "'[email protected]'" <[email protected]> Subject: RE: Enfolio Contract with CPS Please review the revised representations and warranties language. If acceptable, please print 2 copies, sign and forward to Janet Wallis at Enron for execution by Enron and return of one fully executed copy. "Pfister, Christian W." <[email protected]> 10/30/2000 12:18 PM To: "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]> cc: "Mc Whirter, Daniel D." <[email protected]> Subject: RE: Enfolio Contract with CPS If you could redraft the "representations and warranties" provision to be simpler and clearer, I think that we could agree to it. The other items look fine. -----Original Message----- From: Jon Wood [mailto:[email protected]] Sent: Saturday, October 28, 2000 10:45 AM To: 'Pfister, Christian W.' Cc: '[email protected]'; Howard Bye Subject: RE: Enfolio Contract with CPS My reading is that Enron seeks a continuing representation that (i) all transactions have the appropriate approval, waiving any defense of lack of authority, (ii) there is no sovereign immunity (something is left out of thelanguage) defense to any transaction, (iii) payment for the gas will be first in the flow of funds, and (iv) the obligations are not subject to debt restrictions or other public funds restrictions of the Texas Constitution, statutes or CPS constituency documents. I think we can legally make these representations and warranties, but the language needs some work. You should ask them to redraft this provision so it is simpler and clearer. Jon -----Original Message----- From: Pfister, Christian W. [mailto:[email protected]] Sent: Monday, October 23, 2000 2:16 PM To: '[email protected]' Subject: FW: Enfolio Contract with CPS Mr. Wood, This is a spot gas contract with Enron that you reviewed on August 8th for Mary Pelayo and Danny McWhirter. Enron has added a paragraph under "Representations and Warranties" that I would like you to review. I am not sure exactly what it means. Thank you. -----Original Message----- From: Yates, Katherine S. Sent: Monday, October 23, 2000 1:52 PM To: Pfister, Christian W. Subject: RE: Enfolio Contract with CPS Sounds like legal mumbo jumbo. I would advise getting John't input in case he is more familiar with the reasoning behind this jargon. Katherine S. Yates CPS Attorney 353-2069 -----Original Message----- From: Pfister, Christian W. Sent: Monday, October 23, 2000 1:40 PM To: Yates, Katherine S. Subject: FW: Enfolio Contract with CPS Kathy, This spot gas contract was reviewed by Jon Wood a few months ago. The following was added under "Representations and Warranties" by Enron. I have highlighted the text in the attachment so you can see where it was incorporated (page 2 of Appendix 1). "Further and with respect to Customer only, Customer represents and warrants to Company continuing throughout the term of this Agreement as follows: (i) all acts necessary to the valid execution and performance of this Agreement have been duly adopted, (ii) with respect to the contractual obligations hereunder and performance thereof, it is not entitled to itself or its revenues or assets from (a) suit, (b) jurisdiction of court, (c) relief by way of injunction, order for specific performance or recovery of property, (d) attachment of assets or (e) execution or enforcement of any judgment, (iii) its obligations to make payments hereunder are unsubordinated obligations and such payments are operating and maintenance costs which enjoy first priority of payment at all times under any and all indentures to which it is a party, its constitutional and governing documents and applicable law, and (iv) its obligations to make payments hereunder do not constitute any kind of indebtedness of Customer or create any kind of lien on, or security interest in, any property or revenues of Customer which, in either case , is proscribed by any provision of its constitutional and governing documents, any order to judgment of any court or other agency of government applicable to it or its assets, or any contractual restriction binding on or affecting it or any of its assets." Do you think this is acceptable, or do you think I should show this added paragraph to Jon Wood? -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Thursday, October 19, 2000 2:51 PM To: Pfister, Christian W.; Mc Whirter, Daniel D. Cc: [email protected]; [email protected] Subject: Re: Enfolio Contract with CPS (See attached file: CITYPublicServiceSanAntonio.doc) Attached please find a revised Enfolio Contract with CPS. The changes incorporated in the attached contract are: 1) "City Public Service (San Antonio)" has been changed to "The City of San Antonio, acting through City Public Service Board". 2) The effective date has been changed to "October 1, 2000. 3) The changes requested in items 1 and 2 of the addendum have been incorporated. 4) The Utilization of Small Business Concerns language has been added as the last item in Appendix "1", and 5) An additional representation has been added at the end of the Representations and Warranties in Appendix "1" relating to the necessary authorizations with respect to the execution, delivery and performance by Customer of this Agreement. If these changes are acceptable please advise and we will forward two original copies for execution.

Molly, Thanks. Let's wait for Sandeep: he comes back Wednesday. Anshuman will work with him. Vince Enron North America Corp. From: Molly Magee 01/19/2001 06:08 PM To: Margaret Daffin/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Once again, Margaret, we are in your debt. Vince, let's get together some time next week and see where you would like us to go with this... Molly Margaret Daffin 01/19/2001 03:27 PM To: Molly Magee/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Molly: just to be sure that everyone understands, Anshuman cannot work in the US on a B1 visa - he can only come here for business meetings and training. We will have to get him the L1 visa in order for him to work in the US. Margaret Enron North America Corp. From: Molly Magee 01/19/2001 02:53 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Margaret Daffin/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Thank you so much for the information, Vince. I hope that you have a great weekend! Molly Vince J Kaminski 01/19/2001 02:39 PM To: Molly Magee/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Molly, I shall ask Sandeep to do it when he comes back from India next week. I have just learned that Anshuman has B1 visa and he can start on a project as a person delegated by Dhabol Power Company to Houston. To be absolutely above the line, I would still arrange the L1 visa. Vince Enron North America Corp. From: Molly Magee 01/19/2001 10:44 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Margaret Daffin/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update I agree that it makes sense to put the L1 in place. There are several things we will need from you in order to start the visa process. The first is a fairly detailed job description for Anshuman. Secondly, we also need to know whether or not he will be in a managerial position here and/or managing a project. If there is someone else in your group who can furnish this job description, just let me know and I will be happy to contact him/her. As for Sandeep, I have been told that he is a U.S. resident so there should be no problems with him. Margaret Daffin will be contacting him to be absolutely sure. Thanks, Molly Vince J Kaminski 01/19/2001 10:21 AM To: Molly Magee/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Molly, Let's get L1 for Anshuman, just in case. I am sure he will stay here for a while once he comes. It is quite obvious Jeff Shankman will have to keep him longer, given the priority of the project. I assume there are no problems with Sandeep. Thanks. Vince Enron North America Corp. From: Molly Magee 01/19/2001 09:54 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Margaret Daffin/HOU/ECT@ECT Subject: Re: Transition to Research Group - An Update Thank you for the update, Vince. I have been working with Margaret Daffin with regard to Anshuman's visa status. We will have to get an L1 visa in place before he can come to the United States, even in a temporary capacity. Do you want to move forward with that effort at this time, or is the possibility of him coming to the U.S. so remote that it wouldn't be worth the time and money right now? Molly Vince J Kaminski 01/19/2001 09:42 AM To: Molly Magee/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Transition to Research Group - An Update Molly, This is an update on Anshuman. Please, see below. It seems that his transfer is not an issue for the time being. We can put it on a back-burner till he gets here. Vince P.S. The relevant section. I also spoke about Anshuman, and there was resistance to his leaing for such a long time. However, I have agreement from folks here to send him to Houston for a shorter stint on DPC budget. I will try to finalize that before I leave. I will call you in the evening to just chat. ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/19/2001 09:45 AM --------------------------- Sandeep Kohli@ENRON_DEVELOPMENT 01/19/2001 04:32 AM To: Vince J Kaminski@ECT cc: Subject: Transition to Research Group - An Update Vince, Just wanted to let you know that I had a meeting with Wade Cline (COO, Enron India), Neil McGregor (President, DPC), and Mohan Gurunath (CFO, DPC) today. Though I had already spoken to all of them earlier about my joining your group, today it became official, and all of them supported the move. I explained to them what we would be doing, and the results expected from the Henwood study. DPC would like to pay the costs for the study, and that was mentioned. There maybe some tax issues etc. that need to be cleared, and other related issues that I would like to discuss with you, so I will leave them till I get to Houston. I also spoke about Anshuman, and there was resistance to his leaing for such a long time. However, I have agreement from folks here to send him to Houston for a shorter stint on DPC budget. I will try to finalize that before I leave. I will call you in the evening to just chat. I am very thankful to you for giving the opportunity you have. Things here have deteriorated dramatically over the last few weeks. Morale is quite down due to many lay-offs. I am really looking forward to returning to Houston, and the family!! Regards, Sandeep.

FYI below. Not sure if telling Tim this is OK is high on Whalley's list. You were more directly involved in this sort of thing. Could you tell Tim that a copy will remain with Enron and we need to get that done ASAP since transition and duplication is currently going on? Thanks. GP -----Original Message----- From: Piper, Greg Sent: Tuesday, January 22, 2002 2:59 PM To: Belden, Tim Cc: Delainey, David W.; McMahon, Jeffrey; Whalley, Greg; Schuler, Lance (Legal); Koehler, Anne C. Subject: FW: Power Fundamentals FYI below. Understand your concern. I asked McMahon and/or Delainey to ask Whalley to give you the OK. My interpretation: Enron does own all the applications that were ever developed over the years, including all fundamentals, and the list of those applications that Enron owns and is licensing to UBS is on schedule 27.4, which I think includes the apps on West Fundamentals. If they are not on schedule 27.4, then they are by definition still owned by Enron and we keep them and they are not licensed to UBS. Then these applications, that are labeled Proprietary Software and are licensed to UBS, are then sub-licensed back to Enron in the exhibits to the Comprehensive License Agreement in the Enron Field of Use, which is described in section 7.1 of the CLA. Either way, Enron either owns the application(s) or has a sub license back in its Field of Use in the Gas and Power business. I also asked Anne Koehler in legal about this issue and she agrees with my interpretation. She and Lance Schuler helped write a substantial portion of the agreements and is scheduled to go to work for UBS. If you still want Whalley to say OK, I understand. Thanks. GP -----Original Message----- From: Piper, Greg Sent: Tuesday, January 22, 2002 10:49 AM To: McMahon, Jeffrey; Delainey, David W. Cc: Muller, Mark S. Subject: FW: Power Fundamentals See below. Tell Whalley and Belden today that we own these applications and need our copy. We want to send estate people to Portland ASAP to get our working version on an Enron owned server. Thanks. GP -----Original Message----- From: Koehler, Anne C. Sent: Tuesday, January 22, 2002 10:41 AM To: Piper, Greg; Schuler, Lance (Legal) Cc: Delainey, David W.; Belden, Tim; Whalley, Greg; Presto, Kevin M.; Perlman, Beth; Hillier, Bob Subject: RE: Power Fundamentals Greg-The Power Fundamentals applications are owned by Enron and, along with all the other Enron developed software, will be licensed to UBS on an exclusive basis for use in the North American Power and Gas business. UBS will then sublicense these applications back to Enron for use by Enron within the permitted "Enron Field of Use". The Enron Field of Use is described in Section 7.1 of the Comprehensive License Agreement and includes all the activities that Enron is allowed to pursue within the North American Power and Gas business. Further more, under the Comprehensive License Agreement, Enron is required to maintain and protect any Trade Secrets relating to the Gas and Power Business and to the proprietary software developed by Enron. See Section 16.9 to the Comprehensive License Agreement. -----Original Message----- From: Piper, Greg Sent: Tuesday, January 22, 2002 9:25 AM To: Koehler, Anne C.; Schuler, Lance (Legal) Cc: Delainey, David W.; Belden, Tim; Whalley, Greg; Presto, Kevin M.; Perlman, Beth; Hillier, Bob Subject: FW: Power Fundamentals Give me your opinion on Tim Belden's issue below please. Schedule 27.4 lists power fundamentals applications and the CLA says that the Enron Parties are licensing it to UBS. I also talked with Bob Hillier on this and he agreed with me and said that the Enron Parties own everything and the schedule lists what we are licensing to UBS. West Power Fundamentals was developed by the Enron Parties and is owned by the Enron Parties. Let me know your thoughts. GP -----Original Message----- From: Perlman, Beth Sent: Tuesday, January 22, 2002 8:50 AM To: Piper, Greg Subject: FW: Power Fundamentals any ideas? Beth -----Original Message----- From: Belden, Tim Sent: Friday, January 18, 2002 11:46 AM To: Perlman, Beth Cc: Presto, Kevin M.; Whalley, Greg Subject: RE: Power Fundamentals Hi Beth, I hate to be uncooperative, particularly after all that we have accomplished together, but I can't see where in the Enron/UBS agreement it says that Enron needs or gets to keep the West Power Fundamentals system. Furthermore, I have no assurances that Enron is in a position to keep this information confidential as Richard Schweiger is rightfully looking for a new job. Richard could easily understand what we are doing and use it to secure a job with AEP, Pacificorp or someone else here in town. I don't mean to question Richard's integrity, but these are very strange times. Until I receive word from UBS or Greg Whalley I am sitting tight. Again, sorry to be uncooperative, but it doesn't appear to me that our interests are aligned right now and I need to protect our competitive advantage. Regards, Tim -----Original Message----- From: Perlman, Beth Sent: Thursday, January 17, 2002 2:54 PM To: Belden, Tim; Presto, Kevin M.; Will, Lloyd; Heizenrader, Tim Cc: Fallon, Jim; Piper, Greg; Delainey, David W. Subject: Power Fundamentals All, I have been requested to obtain a working copy of all fundamental systems. The estate wants to preserve them and they should be available for use within the estate. I will dedicate systems resources to working with your groups. Your cooperation is greatly appreciated. I will have Richard Burchfield coordinate these efforts. Richard Schweiger will assist us in Portland. Thanks, Beth

Given the nature of the questions I agree verbal is the way to go. I'll try and arrange. Is tomorrow ok? Laine A Powell@ENRON_DEVELOPMENT 02/20/2001 08:13 AM To: Rob G Gay/NA/Enron@Enron cc: John Guidry/NA/Enron@Enron, Christiaan Huizer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard Vincent@ENRON Subject: Questions re: Siemens Negotiations Rob - Recommend a call to discuss these issues with Brad. A written response will probably put us in a letter "do" loop. rgds Laine ---------------------- Forwarded by Laine A Powell/ENRON_DEVELOPMENT on 02/20/2001 05:46 AM --------------------------- Rob G Gay@ENRON 02/14/2001 05:50 PM To: Laine A Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James Guidry/GCO/Enron@ENRON, Christiaan Huizer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard Vincent/NA/Enron@Enron cc: Subject: Questions re: Siemens Negotiations We will need to craft a response ---------------------- Forwarded by Rob G Gay/NA/Enron on 02/14/2001 09:20 AM --------------------------- [email protected] on 02/14/2001 09:43:16 AM To: [email protected] cc: [email protected], [email protected], [email protected] Subject: Questions re: Siemens Negotiations Rob - We've reviewed your memo which sets forth general points of your negotiations with Siemens. Following are comments and questions regarding certain negotiated points: EOT Claim Agreement Owner must operate and maintain per O&M manuals and industry practices on oil; if not, owner must correct items materially affecting Contractor's commissioning obligations We observe that while this point places reasonable responsibility on the Owner to correct problems that were a result of their commercial operations, it is introduces an opportunity for the Contractor to place unfounded blame on the owner for affecting the Contractor's ability to commission. Risk of Loss remains with owner during commissioning on gas We understand that the Facility is under the care, custody and control of the Owner and that the Facility is currently operating under the insurance coverage intended for the commercial operating period (versus the construction period). Please confirm that there is no reason to be concerned about insurance coverage if a problem arises resulting in material damage attributable to Contractor action during commissioning on gas. We are also advising the Lenders to have this point reviewed by an insurance advisor. Degradation - agree to use curves with credit to owner for degradation during commissioning During our last conference call it was indicated that the first choice was to test to determine degradation and the alternative was to agree on a set of curves. It appears that Siemens was unwilling to agree to the test approach. We observe that the curves used to determine owner credit may be biased to the benefit of Siemens. We trust that your operations experts will diligently review the basis for the curves. Performance LD's on gas per the EPC contract with first $4,000,000 forgiven by owner Please explain the rationale behind forgiving $4 million of Contractor LDs. Delay LD's on gas do not start until 60 days after performance test on gas During our last conference call it was indicated that there would be a stand down until 7/1/01 when gas is available, no LDs would be paid related to oil firing performance, and that the LD clock would start if gas commissioning is not complete within 60 days. We do not understand the above negotiated point. Please confirm that our understanding is correct or clarify your negotiated point. TAA Agreement No 12-month look back. We assume that this negotiated point is related to the time period factored into the availability calculation for purposes of determining whether or not an extension or additional work by the Contractor has been triggered as a result of dropping below the availability standards. Please explain how this negotiated point affects the mechanics of the TAA and also please explain how availability will be calculated. As we noted during our last conference call, we are concerned that Siemens believes that the availability value is not reduced if maintenance work is being performed during periods when the Facility is not being dispatched. 12 month Initial Guarantee Period, with the clock suspended for gas commissioning unless owner delay. We interpret the above negotiated point to mean that the 12-month clock for the initial guarantee period stops during commissioning regardless of how long it takes the Contractor to commission on gas (unless delays are attributable to Owner) and re-starts after Contractor has successfully completed the performance testing on gas. Please confirm that our understanding is correct. In order to provide the lenders an adequate warranty period on gas (if there are additional delays on the P/L) our Insurance group has indicated that we will have no problem obtaining 12 months renewable business interruption insurance when we go operational on gas. This should solve the issue over the revised warranty with Siemens because it covers defects, design, and workmanship on the turbines and includes lost profits, etc. Incidentally, for insurance purposes the turbines are designated DE3 which is not a new technology designation. The duration of BI coverage is 18 months per event with US$150,000 deductible. Stone & Webster is advising the Lenders to have an insurance advisor review this point. Thanks in advance for your response. Hope all is well. Regards, Bradley

Steph: Exactly what are you looking for - I'm not sure we could give you an opinion of the mechanics. If you remember, we looked at this issue back in March and I sent you the e-mail message below. Since then, FERC has issued orders in Docket No. RP00-241 on 3/28/2001 and 6/11/2001 which reaffirmed its rulings in the orders discussed below. There is no discussion in any of the orders on the specific mechanics of the recall other than what I already noted, namely, if the capacity has been recalled by El Paso or a shipper to serve a PG&E market, and the original shipper wants it back, it can re-recall the recalled capacity on 24 hours notice as long as it is using all of its other Block II capacity. If you need something more "legal", we'll see what we can do. If we have to go to Bracewell for a law firm legal opinion, there would be a charge since they'd have to do the same research before they could sign off on one. From: Rebecca W Cantrell 03/27/2001 04:38 PM To: Stephanie Miller/Corp/Enron@ENRON cc: Subject: Re: block II I would note also that the recent reallocation of Topock rights takes care of one of the issues -- namely that El Paso allowed Dynegy to take Block II capacity to SoCal Topock. The 4/14/00 order should have taken care of it, except for El Paso's position that they had capacity at Topock in the aggregate so they weren't overselling it. Order Date Block II Rulings 6/14/2000 Denial of Rehearing by Operation of Law Denies Indicated Shippers request for rehearing of 4/14/00 order. 4/14/2000 Order on Rehearing (Enron) Clarifies the January 19 order to provide that El Paso may remarket the PG&E turnback capacity, including Block II, for primary delivery to delivery points other than PG&E Topock if capacity is available at those other delivery points. 1/19/2000 Order on Negotiated Rate Transactions (Enron & Williams) Block II capacity has primary delivery rights only at PG&E Topock and alternative rights at the other Topock delivery points. Rejects CPUC argument against the recall provisions, which are the same as ultimately accepted in the Dynegy deal (see 10/19/99, 7/29/99, 9/17/98 and 6/11/98 orders) and provide (1) that there is no right of recall if the Block II capacity is simply idle, (2) that the capacity may be recalled if it is being used to serve points other than those behind PG&E Topock, and (3) if so recalled, it may be recalled by the original shipper for its own use in the PG&E service territory upon 24 hours notice. Clarifies, as in Dynegy, that the shipper (Enron) must use all its other Block II capacity before recalling other Block II capacity, but is not required to use Block I or Block III capacity first. 10/19/1999 Order on Rehearing and Clarification (Dynegy) Denies rehearing of 7/29/99 order 7/29/1999 Order on Rehearing and Compliance Filing (Dynegy) Affirms that PG&E and the CPUC are entitled to have the Block II capacity recalled to northern California even if it is under contract [to Dynegy]. Reverses previous ruling -- does not require that all other capacity to California be utilized before Block II capacity can be recalled. Per Settlement, recalling shipper must pay max rate to recall if its contract is one month or less. If for more than one month, the rate must equal or exceed the rate of the existing shipper. On 24 hours notice, the existing shipper (i.e., Dynegy) may recall for its own use to serve northern California markets, capacity that was recalled for use by other shippers, even if those shippers are willing to pay a higher rate. Clarifies that if the Block II capacity is idle but is not being used to serve areas outside of northern California, [Dynegy] may hold the capacity without any obligation to release it. 9/17/1998 Letter Order on Compliance Filing Requires the Dynegy/El Paso agreement to clearly state that Block II capacity was recallable even though Dynegy had a minimum take requirement. Requires El Paso to eliminate use of alternative delivery points as the defining point for the service that would be recalled -- issue is markets served, not delivery points. Requires elimination of a clause requiring recalling shipper to submit a sworn statement that no capacity was available on other pipelines. 6/11/1998 Shippers in northern California cannot recall Block II capacity simply because it is not actually being used by [Dynegy]. Block II is recallable if [Dynegy] is using it to serve end users not within PG&E's service territory. Shippers who want to recall Block II capacity must have an actual need and may only recall if firm capacity is not available to PG&E's service territory via El Paso or via any other pipeline available to the shipper. -----Original Message----- From: Miller, Stephanie Sent: Friday, August 17, 2001 9:22 AM To: Cantrell, Rebecca W.; Lawner, Leslie Cc: Tycholiz, Barry Subject: Block III Recall Rights Further to our discussions about our EPNG capacity: Our research had resulted in an opinion that there is little value associated with PG&E's (northern CA customers) recall rights on Block III capacity. While it was not part of the original settlement, the 24 hour RE-recall rights to the shipper of record appear to give PG&E a DAILY call on capacity at best. Because we have pieced this opinion together based upon rulings in various proceedings, we would like a more formal regulatory/legal opinion of the mechanics of the RE-recall provision that has been developed over time. Is this something that either of you can provide or should it go to Randy? The results of this inquiry will set the tone of our next round of dicussions with EPNG. By the way, still waiting on their written reponse to our letter..... I think they have bigger fish to fry. Please advise. Stephanie

In This Email: The Valentine's Day Countdown Has Begun Great Wines and Gifts Two Weeks to ZAP Mania Wine Team Picks The Valentine's Day Countdown Has Begun Although you might have gotten the impression the holidays were over, the most important day of the year for lovers is just around the corner. At wine.com, we believe that fine wine -- and the surrender to the senses that it invites -- is love, so in anticipation of the (more-rapidly-approaching-than-you-think) date of February 14, we've officially opened our Valentine Shop. In it, you'll find all kinds of romantic gift packages, suggestive sweets, personalized wine labels, and ... oh, yes, special wines from all over the world, arranged in amorous combinations. Browse the shop now, and you'll be sure to score a hit when V-Day arrives on your doorstep. To learn more about each item listed below, simply click on its name. _____________________________________________________________________ Great Wines and Gifts 1998 Ivan Tamas Zinfandel, Livermore Valley, California, $8.95 An outstanding, fruit-filled Zinfandel produced from old-vine grapes grown in Northern California's historic Livermore Valley. Intense raspberry and dark cherry fruit flavors with black pepper aromas; medium-bodied, with nice depth and concentration. 1997 Adella Zinfandel, Napa Valley, California, $14.99 A big mouthful of a Napa Zin that still offers supple smoothness and easy drinkability. The addition of Sangiovese and Syrah gives the wine extra body, depth, and flavor. A perfectly targeted Zinfandel that hits the palate right in the bull's-eye. Port and Chocolate Cigars, $30.00 This soothing tawny port from Tuke Holdsworth is a great way to take the chill out of a cool winter evening. Paired with luscious chocolate cigars, it inspires warm feelings all through the winter. Packaged on a sparkling silver plated bottle coaster. Romantic Duet, $35.00 When it comes to attractive matches, this international couple - a rich, toe-tingling French bubbly (originally blended for Czar Nicholas II of Russia) and a graceful, supple Napa Valley Merlot - is not only glamorous, but also harmonious. 1997 Sonora TC Vineyard, 'Old Vine Zinfandel', Sierra Foothills, $24.00 Big and foward in style with tons of intense fruit and firm tannins. Classic Sierra Foothills Zinfandel from a 90 year old vineyard. If Sonora's two Zins were singing in the choir, "TC Vineyard" would be singing baritone and "Story Vineyard" tenor. 1999 Left Bank Macon-Ige Vieilles Vignes, Burgundy, France, $12.00 Clean and direct, this friendly wine is sure to please anyone tired of oaky Chardonnay. Sold exclusively at the popular Left Bank restaurants in the San Francisco Bay Area and through wine.com, it's made in an easy-to-drink style, perfect for bistro food: big, soft, pale-straw in color, with aromas of green apple, hay, and lime. _____________________________________________________________________ Two Weeks to ZAP Mania Now is a time of year when Zinfandel lovers find themselves salivating even more profusely than usual. Such Pavlovian symptoms are observable with the approach of January 27, the date of the upcoming ZAP tasting in San Francisco. ZAP (Zinfandel Advocates and Producers) was formed by a group of impassioned wine producers in 1992 to raise awareness of Zinfandel and promote it as America's "native" wine. Like other members of the Vitis vinifera family, Zinfandel's origins lie somewhere in Europe, but nobody has been able to determine exactly where; DNA testing has shown the grape to be identical to the Primitivo of southern Italy, but it's documented in the United States earlier than it can be traced to Italy. Zinfandel has been grown and vinified in California since the mid-19th century, establishing it as America's contribution to the world of fine wine. While Zinfandel's fortunes have risen and fallen since its arrival in the New World 150 years ago, it's always been a grape and wine that inspired feverish loyalty. Now, as the 21st century commences, Zin seems to have it both ways: It's enjoying an unprecedented level of popularity and prestige, but its adherents still have the warm-and-cozy feeling of cult membership. This phenomenon is on lavish display at the annual ZAP tasting, a boisterous party that traditionally takes place on the Saturday before the Super Bowl. Certified in the Guinness Book of World Records as the world's biggest one-varietal wine tasting, the event attracted more than 200 wineries and 6,000 wine lovers last year. This time, for its 10th anniversary, it's being conducted in two different buildings at San Francisco's Fort Mason Center. Advance tickets cost $35 for ZAP members and $45 for non-members, with a limited amount available at the door for $50 on the day of the event. If you can't make it to the tasting, another easy way to sample the state of Zin is wine.com's selection of Zinfandel in all its forms and guises. _____________________________________________________________________ Wine Team Picks: Lisa Doenecke on Splashy Sparklers and Other Spritzy Delights This is probably one of my favorite categories, so my list came quickly and easily. Sparkling wine and Champagne can be enjoyed on any occasion, with no other reason than pure and simple pleasure. So indulge with these special treats!
Meyer-Fonne Cremant d'Alsace Brut Extra, France, $12.00
Dom. Chandon Fleur de Vigne, California, $14.00
Ayala Brut Champagne, France, $28.00
Nicolas Feuillatte 1er Cru Brut Champagne, France, $34.00
Laurent Perrier Ultra-Brut Champagne, France, $54.00 _____________________________________________________________________ TO UNSUBSCRIBE FROM THIS NEWSLETTER, go to: http://wine1.m0.net/m/u/vin/vv.asp?e=jdasovic%40enron.com

FYI Eric Gillaspie Counsel Shell Trading Gas and Power Company Tel. 713-230-3576 Fax 713-265-3576 2HC 1036 -----Original Message----- From: jonathan gillaspie [mailto:[email protected]] Sent: Saturday, May 26, 2001 8:13 AM To: [email protected]; Gillaspie, Eric; [email protected]; [email protected]; [email protected]; [email protected] Subject: Re: Trip Details Dan: Can you imagine trying to set this up without the internet? It would be impossible. Anyway, here's a quick update from the battlefield. In regards to flight plans, we had a minor setback today. We called our local Wuxi travel agent who is setting up the majority of our airplane tix. I asked her if we needed to provide them with full names that are on passports. After much heated debate she said no. However, we then called Shanghai Pudong Airport staff to see what their response was to our enquiry. They demanded that all flight tickets show the full names that are on passports. Therefore, I'll need for you to provide me with the full names (first, middle, last) for everybody in your group. We'll then pass these on to the Wuxi agent who has already lined up the Shanghai>Qingdao flight. We'll also provide the full names to agents who'll be setting up the other flights. Secondly, let me give you a status report on the Beijing leg of the journey. After you sent us your Beijing tour package info we consulted with Lin Qing. We then asked our travel agent friend in Qingdao, Zang Bao Guo, to line us up with his agents in Beijing to get another price quote. Jeff felt that the $525/person fee was too much; he stated that he had retirement savings to consider (ha!). We've spent the last couple days in negotiations with another Beijing agent to see if she could provide us with essentially the same Beijing tour package at a more budget-minded price. Today she gave us a rough idea on the price of the alternative Beijing tour package. The estimated price would be about $520/couple for the same five day package in Beijing. This is in comparison to your price quite of $525/person for a five day package. We would downgrade from a 5 star hotel to a 4 star hotel (it's new). Keep in mind that we're still hammering out the details, but the alternative package seems to be the one that would be the easiest on the wallet. The crude itinerary would look something like this: June 11- fly to Beijing in the morning; check into hotel; tour the Forbidden City; see Chinese style acrobatics show in the evening. June 12- Great Wall; Ding Temple (tombs); Beijing roast duck dinner. June 13- Temple of Heaven; Summer Palace; dinner at the Old Beijing Tea House (singing and other entertainment provided). June 14- Tiananmen Square; Beihai Park; lunch at Beihai King's Food Restaurant (this place serves meals that the royalty would have eaten during the Qing Dynasty); Yong He Gong (Tibetan temple); free evening. June 15- Hutong alley tour; lunch at a Xinjiang (Chinese Muslim cuisine) restaurant; Wangfujing Street (shopping at the trendy stores); Beijing opera in the evening. June 16- most folks would fly out of Beijing to USA or Shanghai. We knocked out some destinations from the original plan. For example, the dancing performance and the trip to Liu Li Chang (antique shopping). Ai Ping called the agent about the dancing show and decided it wouldn't be very interesting: it featured some Western dancing styles and the same crap we see on TV every night. The dance performance didn't include any minority group dances or "traditional" village styles, so Ai Ping didn't think it sounded very "Chinese." If the antique shopping is desired (it's an on-the-street auction, with other stores selling original and not-so-original "fake" items) we can slap it back on the itinerary. I don't give a hoot either way. I aim to please and we are extremely flexible. Ai Ping's hometown is six hours west of Beijing. She's been to Beijing a billion times; she doesn't care where we go. Let me know what you think and we'll do as instructed. Thirdly, I don't think we'll be needing any deposit money. The airplane tix will be reserved in your names. The Wuxi agent said she would arrange to have your Shanghai>Qingdao tix brought to your hotel in Shanghai and that you could pay there. The Qingdao>Beijing tix can be paid for in Qingdao upon arrival. The Beijing agent hasn't mentioned a deposit for the tour package yet. If she does, I'll put the money down- no problem. So that leaves you with making the decision on whether or not you want to do the Shanghai tour package: your call. It looks like a good plan to me. If you want any assistance with the Shanghai leg of the journey we can do it. Let me know. Hope this gives you an idea on where we're at. Please respond asap with comments/questions. Hope all is swell in Tejas. Will write again soon. My Regards, Jon Gillaspie >From: Daniel Junk <[email protected]> >To: Jonathan Gillaspie <[email protected]> >CC: Eric Gillaspie <[email protected]> >Subject: Trip Details >Date: Fri, 25 May 2001 09:36:55 -0700 (PDT) > >Jon, how is crisis management these days? I hope it >is coming together for you. I hate to bother you, but >was wondering if Ai Ping has finalized anything with >the travel agency or airlines. I'm sure there are >going to be deposits required and such when the >reservations are made. Just let me know what you're >needing from us. > >In the mean time, keep cool. The suffering will end >shortly. > >Take care....Dan > >__________________________________________________ >Do You Yahoo!? >Yahoo! Auctions - buy the things you want at great prices >http://auctions.yahoo.com/ _________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

I know this is long, but worth your time to read. I met with Brent to maker sure he was fully informed of our plans to recognize revenue connected with Jim Bouillion's Corporate Risk Management activities. Brent agrees with all of the below and I am proceeding with booking each deal for Q$ as described. It means a plus to gross margin in MPR of just under $2 million for Q4. This does not include the double trigger or any value from Doug Jone's muni deal if it comes off this quarter. In addition, I'll be taking a negative charge (reduction) in expense for the quarter of just over $1 million, recooping all of our peaker expenses plus a little of our own direct time and expense. Any questions please give me a call and I'd be happy to go into more detail. Per -----Original Message----- From: Sekse, Per Sent: Tuesday, October 30, 2001 10:31 AM To: Price, Brent A. Cc: Williams, Karin; Bouillion, James L.; Davis, Jonathan; Sekse, Per Subject: Accounting of Portfolio Management Revenue for Insurance Risk Markets activities Brent, I thought it would be helpful to supply some background for our meeting today at 1:30PM. My objective is to make sure you are fully up to speed on what we are doing, the accounting treatment we are using, and Corp's position on it all. A little background. Since January, I have been working with Jim Bouillion's Corporate Risk Management team to create trading revenue through the proactive management of our corporate insurance needs --- what we are now calling Portfolio Management Revenue and booking to the MPR. Two examples of this which we pushed through in the 3Q follow below: A. 1 transaction booked trading our political risk insurance book for total value of $716,000. Received risk sharing premium by modifying deductible, stop loss limits, coverage diversification and country diversification covered under OPIC and with our commercial coverage and risk retention in our Vermont captive. P&L Reported: Reported MPR $ 716,000 B. 1 transaction booked for Hainan, China for total value of $ 406,000. Cancelled original stand alone insurance policy with limited currency convertibility coverage and reissued coverage through Enron Re for lower premium, saving business unit $75,000, and better coverage. Reinsured Enron Re through commercial program and netted $406,000. P&L Reported: Reported MPR $ 406,000 For the 4Q we have a number of similar transactions going through. The fundamental business change I'm trying to implement is to have each Enron business unit pay market prices for their insurance cover, leaving IRM's Corporate Risk Management team the incentive to capture insurance risk trading revenues by dynamically managing the risk on an aggregated basis. Historically, any work Jim's team did was considered expense reduction and was simply refunded to Corp or directly to the business units. I consider this risk management activity to be no different than any commodity trading book at Enron where the risk manager (trader) keeps the value they create by trading efficiently in the market. Our market just happens to be insurance and our bid/offer spread is the difference between insurance and reinsurance premiums. These transactions are an effort to test the concept and push the system. The transactions we expect to push through in Q4 are: C. 1 transaction to be booked as the second instalment of "A" above. The OPIC risk sharing premium was split into two payments over 3Q and 4Q. To be reported to MPR $700,000 D. 1 transaction to be booked in our property insurance book. It is connected with EES's acquisition of Limbach. The market price for their insurance coverage is $400,000 which is being charged to them. By placing the property asset physical damage coverage in the property program, we get automatic coverage for new acquisitions (up to certain values). The insurance market only charges when significant values are added or if the asset acquired is of a different nature than the mix already in the portfolio, for example, the paper mill acquisitions have generated a charge. To be reported to MPR $400,000 E. 1 transaction to be booked capturing the value of our property coverage with Aegis and Energy Insurance Mutual. The insurance coverage essentially has a dividend option built into it based on Aegis's or EIM's overall loss experience during the year. These dividends are like going long options on loss experience and were captured by Corporate Risk Management's selection of dividend generating markets to write the coverage. (AEGIS also writes one of the broadest policy forms in the market and is very competitive on price.) To be reported to MPR $893,000 In addition. there is 1 transaction related to the sale of ENA assets (the Peakers) which normally would not have resulted in a property insurance refund. Jim's team negotiated with the underwriters and won a concession to recognize a reduction in premium midway through the year. The property program is an umbrella facility which gives us flexibility to move assets in and out of the program subject to the total value of the property and classification (hence the income recognized in "D"). We couldn't come up with a good defence for why this should be treated as revenue so we decided to take it in as a negative expense and avoid possible questions down the road. The total value we'll credit to expenses will be approx. $1.012 million. In addition, our group had over $600,000 of peaker transaction expenses that we were not reimbursed for when the insurance market transaction we were pursuing had to be cancelled after the sale of the assets. Karen has had a number of conversations with the Enron Corp acctg group. They do not have issues with the portfolio mgmt revenue as it is still below their materiality scope, somewhere around $5 million. Hope this helps set the stage for our discussion this afternoon. Per

FYI -----Original Message----- From: Dernehl, Ginger Sent: Friday, November 16, 2001 2:45 PM To: Shapiro, Richard Subject: Government Affairs Organization Announcement With the announcement of Enron's acquisition by Dynegy behind us, and with the initial severance process completed, it seemed an appropriate time to effect some organizational changes so that we as a group are better prepared to meet the challenges of the future. Before I turn to the organizational changes, I would like to say a few words about those who will be leaving the company as a result of the initial severance (you'll know who they are by their absence on the organizational chart): Leading and being a part of this group has been a privilege?I am thankful for every day that I have had that responsibility and thankful for however long I continue to have the responsibility. This sense of privilege and thankfulness is primarily driven by having had the opportunity to get to know and care about such a dedicated group of professionals and support staff and who, to a person, are also very decent and good people. To say good-bye to some of our colleagues is not easy. I want to, on behalf of all of us, thank them for their hard work, their integrity, their decency, and the good times and laughter that we shared. I trust that many of us will find ways to sustain friendships that have been and will continue to be very special. Thanks to each of you who are leaving for all you have done. As to the organizational structure, it has become increasingly apparent to me that the existing organization, with a mix of groups organized along functional and regional lines (particularly within the U.S.), has impeded our ability to get things done in the most efficient fashion at times. The need to rationalize the organizational structure, in order to consolidate all U.S. energy functions, is a strong need from my perspective. As a result, Jim Steffes will lead the U.S. Energy group along with Sue Nord, who will jointly report to Jim and myself. Sue will assist Jim in the leadership of the group and take on project management responsibilities as warranted to help Jim shoulder a significant burden. Also reporting to Jim will be a leadership group for U.S. Energy that will be as follows: Wholesale Electricity will be led by Christi Nicolay; Retail Electricity and Natural Gas will be led by Harry Kingerski; Wholesale Gas will be led by Leslie Lawner. Last, but not least, Jeff Dasovich and Sue Mara, who will continue to focus on California energy issues, will report to Jim. (Sue Mara will also be part of the Wholesale electricity team). Steve Montovano, who will continue to report to me, will lead a commercial development effort along with Dan Allegretti. With the elimination of the regional groups, I also recognize that there is a need to continue to focus on how we as a group address our political/legislative needs across the U.S. Paul Kaufman will lead a small group that will address that need and that will focus on state political support. Paul will also take the lead for Government Affairs in support of corporate development efforts across the U.S. Much of the rest of the group remains the same. Linda Robertson will continue to lead the Washington group with Sarah Novosel, who reports to Linda, taking the lead role in our coordination of activities at FERC. Amr Ibrahim will continue to lead the support of the Global Assets group and also continue to manage the Risk Analytics function. Maggy Huson will take over support of the non-energy business units, which are as follows: Global Markets, Industrial Markets, Networks, and Broadband. Rob Hemstock will continue to lead the support of Enron Canada. Paul Dawson, who heads up government affairs for Europe; Sergio Assad, who heads up government affairs for South America; and Mike Grimes and Mark Crowther, who head up our Asian efforts, will continue to jointly report to the business units and myself. I am also forming a North American leadership group for Government Affairs to provide policy guidance for the larger group and the company. That Committee will consist of Rob Hemstock, Maggy Huson, Amr Ibrahim, Paul Kaufman, Harry Kingerski, Leslie Lawner, Steve Montovano, Christi Nicolay, Sue Nord, Sarah Novosel, Linda Robertson, Jim Steffes and myself. We will also continue to have an RCR Committee that will consist of Maggy Huson, Harry Kingerski, Sue Nord, Linda Robertson, Jim Steffes & myself. Finally, I am forming a Dynegy/Enron regulatory approvals working group that will consist of Jose Bestard, Paul Dawson, Paul Kaufman, Sue Nord, Sarah Novosel and myself. No organizational structure or set of organizational changes is either perfect or permanent. I believe these changes will make us better and more prepared for the future. However, we must be prepared to further adjust as the future unfolds for the company. One final note: I am deeply sorry that each of you has had to live through this uncertain and troubled period for the company. We are all saddened by the recognition that we are in the midst of changes that will leave our group fundamentally altered, but we must resolve to do our best for each other and ourselves during this period of change to ensure that what emerges, for those of us who do remain a part of the new Dynegy, reflects the excellence and integrity that has characterized our group. Personally, I will do all I can, for as long as I can, to steer the group through this to the very best place possible. Your continued dedication and support is very much appreciated. Hang in there and thanks.

> ---------- > From: Sharon Lay > Sent: Wednesday, November 17, 1999 9:21 PM > Subject: Punch list for "The Millennium Cruise" > > Well, it looks like we are on the final stretch now, and we can review > some of the earlier discussions to make sure everything is in order. Sheri > is going to meet with Roger next week to cover all of the items listed > below. Please give us feedback on any other concerns: > 1. The main dining room open 6:30pm-9:30pm............................. > Confirmed > 2. Tea Served > 3:00pm-5:00pm.....................................................Confirme > d > 3. Childs menu in the Gorilla Grill [Don Vito's Trattoria] from > 11:30am-2:30pm and > 3:00pm-5:00pm............................................................. > ........Confirmed > 4. The Butterfly Room will have highchairs ..............Waiting on final > number of highchairs needed > 5. The Butterfly Room will have a > microwave.................................Confirmed > 6. We have provided non spill children's cups ............... > ..............Confirmed > 7. Radisson will provide 150 USA TODAY, 50 WallStreet Journal, > 5. New York Times, and deliver the 150 USA today to the rooms, and place > the Wall Street Journal and New York Times in the public areas, without a > charge.................................................................... > ....................Confirmed > 6. There will be a faxed copy of daily of the New York Times....... > Confirmed > 7. There is a business center available 24 hours a day with a computer, > fax and copy > machine................................................................... > . Confirmed > 8. The telephone requires a credit card to make a long distance call, so > it is not necessary to restrict the children's > rooms................................ Confirmed > 9. There will not be a golf pro on board, however we can still use the > putting green and driving cage. The boat has drivers and putters that may > be checked out for use on the > boat.................................................. Confirmed > 10. The boat has 200 snorkels available to be checked out for the entire > cruise > and 2 jet skis for use when the marina is down > ............................. Confirmed > 11. Spa reservations can be made after boarding the ship and children > under twelve years cannot use the healthclub without adult supervision > .....Confirmed > 12. The swimming pool will be closed to children after > 5:00pm..........Confirmed > 13. The aft deck will be fully stocked and open only during the > day...Confirmed > 14. There will be a daily bulletin delivered to each cabin every evening > with the > children and adult activities that are planned for the next day.......... > Confirmed > 15. There will be a travel desk open every day for questions........... > Confirmed > 16. Loraine, the cruise director, will be available every day for question > regarding the shore > excursion.......................................................Confirmed > 17. There will be a daily board listing all activities and times > ............Confirmed > 18. There will be nightly entertainment in the main dining > room.........Confirmed > 19. There will be nightly children's entertainment in the Constellation > room > i.e. games, > movies.................................................................... > ...Confirmed > 20. The casino will be open when the boat is under way and children under > the age of 21 will not be allowed in the > casino......................................Confirmed > 21. The night of Dec. 29th will be the family night with the BBQ up top > and a country and western entertainer.{Loraine's > fianc,e}........................Confirmed > 22. The boat will be netted for child safety on Dec. 27th and John Duncan > will approve the > project................................................................... > ... Confirmed > 23. There are 30 children's life vest on board the ship and children over > ten years of age will wear adult life vest. The ship has all of the ages > of the children so they can be certain the vest will > fit.................................Confirmed > 24. The Constellation room will be transformed into a children's room with > games, toys and movies. A staff member will be available for hire to > assist the nannies and parents if > needed......................................................Confirmed > 25. Daily activities will be planned for the > children...........................Confirmed > 26.Radisson has provided KJM with written confirmation of Y2K > readiness................................................................. > ....................Uncertain > 27. Radisson will provide name and credentials of the > Doctor...........Waiting c > 28. Radisson will provide baby beds for children under 3 > years.......Confirmed > 29. Radisson will convert queen beds into twins in rooms ending with 6,7,8 > or 9 when requested 30 days > out.....................................................Confirmed > 30. Radisson has two tenders that each hold 120 people for transporting > passengers from the boat to the shore > excursions...........................Confirmed > 31. KJM will provide Radisson with names of passengers having any special > occasions i.e. birthday, > anniversary..........................................Next mail out > 32. Magnetic door plates will be on each door with passenger > name.Confirmed > > I will be leaving for South America tomorrow and return on the 29th. > Please give any additions to my trusted assistant , Janelle, so she can > make sure Sheri has all the information for her meeting next week with > Roger. > > Hasta Luego mi amigos, > Tu amiga Sharon > > >

My comments below -----Original Message----- From: Zisman, Stuart Sent: Friday, January 11, 2002 1:10 PM To: Nemec, Gerald; McMichael Jr., Ed; Parks, Joe Cc: Redmond, Brian; Hodge, Jeffrey T. Subject: RE: Bridgeline Meeting and the Second of my 10 daily emails Please see the attached for various suggestions - action items (in red) -----Original Message----- From: Nemec, Gerald Sent: Friday, January 11, 2002 12:18 PM To: Zisman, Stuart; McMichael Jr., Ed Cc: Redmond, Brian; Parks, Joe; Hodge, Jeffrey T. Subject: RE: Bridgeline Meeting and the First of my 10 daily emails I visited with John Higgins, Bridgeline's attorney and discussed the warehouseman's lien. I pointed out the Section 542 of the bankruptcy code requires them to turn over property of the estate and our position is they don't have a valid lien. I also indicated they were opening themselves up to damages for violation of the bankrupcty stay. John indicated that since this issue (whether Article 7 of the UCC applies to natural gas storage) would be a case of first impression they would be willing to litigate considering the amounts involved. Summary - They are not willing to release the gas. They are willing to release gas in excess of the amounts we owe to them, but only if stipulated that they are not waving their rights to assert the warehouseman's lien . At this point it is probably better to get some gas and then decide whether to litigate the remainder. Thoughts? [Zisman, Stuart] This sounds like the right way to go. Joe Parks should visit with the appropriate person at Bridgeline to figure out how much gas they are willing to release and try to get it sold. Stuart, the answers to your questions are inserted below. -----Original Message----- From: Zisman, Stuart Sent: Friday, January 11, 2002 11:02 AM To: Nemec, Gerald Cc: Redmond, Brian; Parks, Joe Subject: Bridgeline Meeting and the First of my 10 daily emails I think we need to crystallize, in very short order, what the approval process [Zisman, Stuart] Gerald when you are able to figure out what must be done please advise. will be for the sale of the Pad Gas in Storage Caverns #13/#14 to Bridgeline. I will send you via fax the proposed deal sheet. Several interesting points from the meeting: 1) Bridgeline is of the view that 3/12/2002 (we thought it was 4/402) is the last day on which they are obligated to reimburse Enron for the Dow Lease - Any thoughts? Who is right?; The contract states that they are obligated to reimburse through the earlier of July 1, 2002 or 114 days following the 4 BCF Date. The 4 BCF date is defined at the day of the last Enron Pad Gas Payment. The last Pad Gas Payment (for the month of November) was due on 12/10/01. Thus, the 114 days should run from 12/10/01, which puts right around 4/4/02. [Zisman, Stuart] The Bridgeline folks said something about an August date and then adding 110 days to that and then adding 114 days to that. Does that make any sense to you? [Redmond, Brian] I think they have a valid point here in that the 110 days equates to the time required to inject the pad gas and the 114 days equates to the time required to inject the working gas. 2) Their plan (assuming our deal goes through) is to amend and assume the existing lease - and get Dow to expressly release LRCI from any and all claims/liabilities/etc. following Bridgeline's assumption of the amended lease; This approach sounds reasonable. [Redmond, Brian] We need to better understand what payments or obligations that Dow says are outstanding that would carry over to Bridgeline. 3) Bridgeline indicated that Dow is of the opinion that approximately $167k is owed by Enron for dewatering brine removal fees ($0.20 per ton of salt removed) - I need your help to determine whether this is accurate; I don't see any basis for this in the agreement. The $0.20 per ton of salt removed fee, refers to barrels of capacity being created in the Cavern #1. This is related to the leaching operation. If the fee is related to the leaching operation, then they might be correct. (Accounting would need to verify their numbers though). If they are seeking a fee for brine removal during degassing, I don't think they have a basis for this fee. We need to understand their basis for the claim. [Zisman, Stuart] Brian would you please call Gary to find out what this is all about? [Redmond, Brian] Will do. 4) Bridgeline is desirous of having Cavern #1 (along with the various rights-of-way) conveyed sooner rather than later (and wondered whether we could expedite the approval process on this part of the deal). I don't know what the advantages/disadvantages there are to this but would love your input along with your thoughts on whether this is feasible or not; We have until July 1, 2002 to convey the Cavern #1. To the extent we wanted to wait to wrap up all our issues and convey at that time, we are not harmed under the Partnership agreement. Obviously we retain any risks associated with ownership of the cavern. [Zisman, Stuart] Is there any downside to doing it early? Might we lose negotiating leverage? If not, we should consider trying to do this as a good faith gesture. [Redmond, Brian] My view is that a bird in the hand is worth two in the bush. We should get this done as the enemy of a good deal is a better deal.2 5) We indicated that we thought the approval process would take approximately 30 days from the day that we reached what we believed were mutually agreeable terms with Bridgeline (does this sound right?) - The goal is to be done no later than March 1, 2002; and I think this sounds reasonable. 6) Eric Booth is going to call Robert Morgan to get the support for the $550k of expenses relating to the dewatering line and the flowline. Stuart

_/_/ RAPID BLAST _/_/ This publication is brought to you by the publishers of StockUpTicks.com and StockNight.com. This new "Rapid Blast" service provides all the same great content you are used to, in a text format that allows us to reach you in just minutes - thus maximizing your ability to read, digest, and react. This week's profile highlights TRSG Corp. (OTC BB: TSGO). The company has BREAKING NEWS that is important to all investors during this time of bio-terrorism and America's first war of the new century. = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = The recent anthrax scares have led to a handful of companies being discovered that have products available that test and disinfect antimicrobial agents. Vital Living Products (OTC BB: VLPI) recently announced it had developed home testing kits for Anthrax and the stock soared to a 52-week high on Monday with shares climbing from $0.06 to $2.00. Another company, Veridien (OTC BB: VRDE) announced that its sanitizing and disinfecting products are designed to stop or slow and control environmental challenges and the stock jumped from $0.05 to $0.13. Other companies like eSAFETYWORLD, Cepheid, Vital Living, and Ozolutions, and InVision Technologies have emerged and shareholders have been rewarded in this era of fears for personal safety. Some are calling it the "Anthrax Bubble." WHAT COMPANY WILL BE NEXT IN CONFRONTING BIOLOGICAL THREATS ? Who will be the next leader in eradicating bacteria and preventing biological risks? There is a great deal of investment speculation. TRSG Corp. is a leader in selling neutraceuticals, pharmaceuticals, and health and dietary supplements in the U.S. and Japan. The following is an excerpt from a BusinessWire news release issued today: ------ Handheld Anthrax Detection Device -- $50-$100 Price Tag *** TRSG ANNOUNCES NEW PRODUCT LINE *** LAS VEGAS--Oct. 25, 2001--TRSG Corp. (OTC BB: TSGO), a majority-owned subsidiary of Gateway Distributors Ltd., Thursday announced it has entered into a preliminary agreement to acquire certain assets of Mobility Solutions Inc. These assets include the Rest Assured Product Line of hand-held, low-cost devices used to detect the presence of biological agents such as Bacillus Anthraci (commonly referred to as Anthrax) as well as many other biological agents. The Rest Assured Biological Agent Detection Product line utilizes UV-A waves or waves in the 320 to 380 nm range, commonly referred to as black light or wood's light, that have been determined to not cause sunburn to human skin though the use of eye protection is recommended during use. These products are for detection purposes only and are not intended as a treatment or cure for any specific disease. Ongoing research is being conducted at this time to verify the product's effectiveness in the use of identifying the presence of a wide range of biological agents such as Becillus Anthraci, which is currently making headlines throughout the world. Independent research laboratories are conducting this research. Additional information regarding these studies can be found on the following Web sites: www.hhmi.org/grants/lecturers/biointeractives/web_video/virus.htm www.gov/ncidod/dbnd/diseaseinfo/anthrax_g.htm www.potomicinstitute.org/press/transitpolicing.htm www.potomicinstitute.org/pubs/advtech.pdf A number of statements contained in this press release are forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that TRSG may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. For the entire release, click on or paste the link below into your browser window: http://www.businesswire.com/cgi-bin/f_headline.cgi?bw.102501/212980443&tick er=TSGO&amp;ticker=GTWY CONTACT: TRSG Corp. Flo Turnes, 702/399-4328 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = The E-Street-Journal, a well-respected and highly visited financial Web site, has written an in-depth profile on TRSG Corp. that highlights the company's products and distribution. Visit the following URL for the report: http://www.estreetjournal.net/e-street_2-12.php3 For more information on Rapid Blast, contact: [email protected] _ _ _ _ _ _ _ _ _ _ _ DISCLAIMER All statements and expressions are the sole opinions of Rapid Blast and are subject to change without notice. This is neither an offer or a solicitation to buy or sell any securities mentioned. We do not represent or gaurantee the accuracy of any statements made herein. The owners of Rapid Blast have been paid $15,000 by Corporate Information Bureau to prepare and disseminate this report and provide other advertising services. This blast may contain forward looking statements relating to the expected capabilities of the companies mentioned herein. The reader should do their own due diligence before investing in any securities for suitability. 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Note: forwarded message attached. __________________________________________________ Do You Yahoo!? Yahoo! Auctions - buy the things you want at great prices http://auctions.yahoo.com/ X-Apparently-To: [email protected] via web12303.mail.yahoo.com Received: from outmta001.topica.com (206.132.75.198) by mta528.mail.yahoo.com with SMTP; 18 Apr 2001 08:48:35 -0700 (PDT) To: Mark Reagan <[email protected]>, chaz <[email protected]> Cc: Conrad Van Tienhoven <[email protected]>, Mickey West <[email protected]>, chubick <[email protected]>, dport <[email protected]>, hardhat <[email protected]>, kent <[email protected]>, money <[email protected]>, payne <[email protected]>, sameashim <[email protected]>, taco <[email protected]> From: Crayton Davidson <[email protected]> Subject: Re: given a dog a bath Message-ID: <[email protected]> Reply-To: [email protected] X-Topica-Loop: 700002346 List-Help: <http://topica.com/lists/betamu/> List-Unsubscribe: <mailto:[email protected]> List-Subscribe: <mailto:[email protected]> List-Post: <mailto:[email protected]> List-Archive: <http://topica.com/lists/betamu/read> Return-Path: <[email protected]> Received: (qmail 13725 invoked by alias); 18 Apr 2001 15:48:12 -0000 Received: (qmail 13720 invoked by uid 0); 18 Apr 2001 15:48:12 -0000 Received: from web12108.mail.yahoo.com (216.136.172.28) by inmta007.topica.com with SMTP; 18 Apr 2001 15:48:12 -0000 Received: from [216.73.177.103] by web12108.mail.yahoo.com; Wed, 18 Apr 2001 08:48:12 PDT Date: Wed, 18 Apr 2001 08:48:12 -0700 (PDT) In-Reply-To: <[email protected]> MIME-Version: 1.0 Content-Type: text/plain; charset="us-ascii" Content-Length: 4022 I save this for times when my bretheren need it. It's a classic that should never be deleted. Enjoy. CD > The Teabagging > The all time classic maneuver of tapping your cock on her forehead whilst > she is sucking on your balls, and uttering the timeless phrase ''Who's > Your daddy'' > > The Houdini > Going at it doggy-style until you are just about to come, > then pull out and spit on her back so she thinks that you > have. When she turns around a blast is unleashed into her face and she is > left shocked > and amazed, wondering how you managed it. > > The Angry Dragon > Immediately after you blow your load in a girl's mouth, > smack the back of her head and make it come out her nose. > When she gets up she'll look like an angry dragon. > > Cum Guzzling Sperm Burping Bitch > The once in a lifetime act of blowing a hot steamy load down > the back of a girl's throat and then proceeding to give her a large cold > bottle of your favorite carbonated drink, making her guzzle > it down. Then, shake her head vigorously back and forth to > create the Cum Guzzling, Sperm Burping effect. A great way to impress > your friends. > > Dirty Sanchez > A time honored event in which while laying the bone doggy-style, you > insert your finger into her asshole. You then pull it out and wipe it > across her upper lip, leaving a thin shit moustache. This makes her look > like someone whose name is Dirty Sanchez. > > > The Donkey Punch > Banging a girl doggy style and then moments before you cum, you stick > your dick in her ass and then punch her in the back of the neck. The blow > to the neck will stun the muscles in the female's ass, which will > constrict the penis and give you a tremendous orgasmic experience when > you ejaculate. > > The Flaming Amazon > This one's for all you pyromaniacs out there. > When you're screwing some chick, right when your about to cum, pull out > and quickly grab the nearest lighter and set her pubes on fire, > then...extinguish the flames with your jizz! > > > The Flying Camel > A personal favorite. As she is lying on her back and you are hammering > her on your knees, you very carefully move forward and prop yourself > (without using your arms) on your dick while it is still inserted in her > vertical seafood taco. You then proceed to flap your arms and let out a > long shrieking howl, much like a flying camel. > Strictly a classy move. > > > The Screwnicorn > When you get a dyke to put her strap-on dildo on her forehead and proceed > to go at her partner like a crazed unicorn. > > > The Zombie Mask > While getting head from your favorite,unsuspecting,trash-barrel whore, > tell her you want her to look right up at you with those "pretty little > eyes" when you blow your load. Then, just when you're ready to spew a > good week's worth of goo, blast that hefty load in both eyes. This > temporary state of blindness will produce the zombie effect as she > stumbles around the room with arms outstretched, and moaning like the > walking dead. > --- Mark Reagan <[email protected]> wrote: > I just left a message for a guy named freddie > sanchez. > This made me laugh. Has anyone seen the list with > dirty sanchez bitch,donkey punch bitch,or chili dog > bitch in awhile??That is some funny stuff > > __________________________________________________ > Do You Yahoo!? > Yahoo! Auctions - buy the things you want at great > prices > http://auctions.yahoo.com/ __________________________________________________ Do You Yahoo!? Yahoo! Auctions - buy the things you want at great prices http://auctions.yahoo.com/ ==================================================================?EASY UNSUBSCRIBE click here: http://topica.com/u/?aVxiKA.aVD0nO?Or send an email To: [email protected]?This email was sent to: [email protected]??T O P I C A -- Learn More. Surf Less.?Newsletters, Tips and Discussions on Topics You Choose.?http://www.topica.com/partner/tag01?==================================================================

Utilities' Demand Blocks Bailout NEGOTIATIONS HIT SNAG: PG&E, Edison want end to price freeze if they sell transmission lines to state David Lazarus, Chronicle Staff Writer Wednesday, March 21, 2001 ,2001 San Francisco Chronicle URL: http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/21/M N114450.DTL California's near-bankrupt utilities are demanding that higher electric rates be a part of any deal to sell the state their power lines, The Chronicle has learned. A rate increase -- perhaps of more than 50 percent, according to earlier industry estimates -- would certainly draw a firestorm of protest from consumer groups and force Gov. Gray Davis to backtrack from earlier pledges that rates would remain unchanged. Nevertheless, sources close to negotiations on the deal said Pacific Gas and Electric Co. and Southern California Edison are attempting to make higher rates a condition for agreeing to a bailout scheme in which they would sell the state their transmission systems and some land. The sources said the talks hit a new snag this week when state officials realized that fine print sought by the companies could require the Public Utilities Commission to pass along all of the utilities' costs to ratepayers. The sources said this would end a rate freeze that shields consumers from runaway wholesale electricity prices. The inclusion of potential rate increases in the talks reflects the growing complexity of a deal originally intended by Davis to stabilize the finances of PG&E and Edison so banks would resume loans to the cash-strapped utilities. The negotiations subsequently have expanded to involve a state purchase of the utilities' transmission networks and acquisition of utility-owned land, including spectacular coastal property near PG&E's Diablo Canyon nuclear power plant. Now they also have embraced further deregulation of California's dysfunctional electricity market. "Clearly, one of the terms being discussed is the regulatory environment," said Joseph Fichera, head of Saber Partners, a New York investment bank that is advising Davis in the talks. "The past situation has not worked well," he added. "The utilities want some certainty about their future." TENTATIVE DEAL WITH EDISON To date, the governor has announced a tentative agreement with Edison for the state to buy the utility's power lines for almost $3 billion. Discussions with PG&E for a similar accord have dragged on for weeks. An Edison official, asking that his name be withheld, acknowledged yesterday that an end to the rate freeze is an expected result of the power- line sale. "Once the details of the pact are complete, dominoes will fall," the official said. "One of the dominoes is the rate freeze." A PG&E spokesman declined to comment. In fact, both Edison and PG&E have been aggressively seeking an end to the rate freeze for months. The two utilities have a lawsuit pending in federal court demanding that the PUC immediately raise rates so the utilities can recover almost $13 billion in debt accrued as a result of the freeze. "They have been trying a lot of things to get the rate freeze ended in various forms," said Carl Wood, who sits on the PUC. "Adding it to the present talks is consistent with past behavior." Wall Street has taken note that the negotiations no longer appear to be making progress. Paul Patterson, an energy industry analyst at Credit Suisse First Boston, told clients on Monday that the discussions "may have lost some momentum in recent days." He did not give a reason. For his part, the governor sounded unusually cautious about the course of the talks when asked late last week if a breakthrough was imminent. SECRET STICKING POINTS "We are going to take the transmission systems and the land that's deeded, and we will work out an agreement," Davis said at an appearance in San Jose. "But there are a number of sticking points in the talks with PG&E that I'm not going to reveal." One of those sticking points apparently is an insistence that the sale of utility assets include a long-sought lifting of the rate freeze. Sources said lawyers from both PG&E and Edison had inserted the related terms into draft accords affecting each utility, and that the full impact of the additions was not realized by state officials until this week. One source said the language was just convoluted enough to slip beneath the radar screen of state negotiators. But the upshot, once the words had been parsed, was that the PUC effectively would lose control over power rates. CREDITWORTHINESS ON THE TABLE In Edison's case, the terms of the tentative deal include the governor asking the PUC "to support the creditworthiness" of the utility. "This would ensure that future investments in both utility distribution and utility generation plants are provided fair returns of and on capital, consistent with current authorized returns and capital structure provisions," it says. Sources said the provision could be interpreted as a guarantee from the state that Edison would be permitted to recoup all outstanding costs from ratepayers. "There may be some assumptions about this language that the rate freeze ends if it is adopted," the Edison official said, adding that he saw no reason to disagree with such assumptions. But Fichera, Davis' adviser in the talks, insisted that nothing is set in stone, and that the negotiations are proceeding without a hitch. "This is a very complex transaction," he said. "God and the devil are in the details." E-mail David Lazarus at [email protected]. ,2001 San Francisco Chronicle ? Page?A - 1

---------------------- Forwarded by George Weissman/HOU/ECT on 01/25/2001 10:05 AM --------------------------- Linda Roberts@ENRON 01/19/2001 05:28 PM To: George Weissman/HOU/ECT@ECT, Jill T Zivley/HOU/ECT@ECT, Gary Bryant/ENRON@enronxgate, Melissa Graves/HOU/ECT@ECT, John Grass/Corp/Enron@ENRON cc: Subject: KCS VPP ---------------------- Forwarded by Linda Roberts/NA/Enron on 01/19/2001 05:21 PM --------------------------- From: Joan Quick@ECT on 01/19/2001 04:45 PM To: Brian Otis/NA/Enron@Enron, Larry Lewis/HOU/ECT@ECT, Phillip Ballard/NA/Enron@Enron, Ryan Synnott/HOU/ECT@ECT, Avinash Jain/NA/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Scott Josey/Corp/Enron@ENRON, Bob Devine/NA/Enron@Enron, C John Thompson/Corp/Enron@ENRON, Arvel Martin/HOU/ECT@ECT, Merrill W Haas/HOU/ECT@ECT, Bradford Larson/HOU/ECT@ECT, Tricia Spence/HOU/ECT@ECT, Marshall Eubank/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT, Linda Roberts/NA/Enron@Enron, Gary Bryan/HOU/ECT@ECT cc: Subject: KCS VPP Per Schroeder, a good number to use for crude basis is the $3.00. H is meeting with Tom [mid con properties] on Tues, and Sam [GC properties] on Wed. Regarding BTU factors on the gas spreadsheet for the midcon area, these factors are all wellhead. Randy will be providing the tailgate factors to me. Regarding missing marketing info: MELP has been deleted from the deal and South Drew is a PUD, not yet drilled. ---------------------- Forwarded by Joan Quick/HOU/ECT on 01/19/2001 04:38 PM --------------------------- From: Joan Quick on 01/19/2001 03:27 AM To: Brian Otis/NA/Enron@Enron, Larry Lewis/HOU/ECT@ECT, Phillip Ballard/NA/Enron@Enron, Ryan Synnott/HOU/ECT@ECT, Avinash Jain/NA/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Scott Josey/Corp/Enron@ENRON, Bob Devine/NA/Enron@Enron, C John Thompson/Corp/Enron@ENRON, Arvel Martin/HOU/ECT@ECT, Merrill W Haas/HOU/ECT@ECT, Bradford Larson/HOU/ECT@ECT, Tricia Spence/HOU/ECT@ECT, Marshall Eubank/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT cc: Subject: KCS VPP GAS The below spreadsheet has all my info re the gas marketing [still not "pretty"] for all the fields except MEPLP & South Drew. I have an email to Harry to find out whom I am to talk to about these 2 fields. So far, there are 39 delivery points in the mid continent/Michigan area, 25 delivery points in the gulf coast area [including the 7 VPP points], approx 20 points go thru plants, 24 go thru gathering lines. There is a lot going on here. I know we have not discussed what we might want to take physically [and I have not discussed this with anyone on the trading or wellhead desks], but my gut feel and recommendation is to take all the crude physically, and re gas, take the bigger receipt points that flow directly to a mainline connection, and the VPP vols. I have updated the basis numbers, updated all the gathering fees, fuel ... and using vols that I have been given by KCS, the weighted average basis number is around $0.25 [$0.2443, go figure]. I still need MI basis numbers, but these s/b positive to NYMEX, which should bring the wtd average down. I think everyone knows this, but keep in mind, I have not read any of the contracts, all information is hearsay, all numbers are assuming that the current prices and fees are to remain constant for the next 5 yrs, but for now, this the best we have, especially since I was given this information less than 48 hrs ago - the information received originally from the Houston office was incorrect. In my email yesterday, I wrote that there are several delivery points where the pricing is POP. My initial thinking and concern with this, was that if KCS had, let's say, an 80/80 deal, and the marketer sold the gas and the NGL's for whatever price(s), then, KCS would get 80% of that amount. which makes it impossible to do a clean hedge. However, the deals KCS has, is that they receive [in this instance, in general] 80% of the residue gas, at a set IFGMR price. Thus, we can decide on a volume, we know the pricing, and we can hedge. No issue. I did receive a binder today with all the gulf coast gas marketing contracts [and briefs]. I have not looked at any of this so I am not sure what all is in there, but I do not think gathering, processing... contracts are included. Merrill - by chance, have you reviewed any of these? I s/b receiving the mid con contracts/briefs on Friday. OIL Getting the crude info has been harder than the gas. There are about 14 fields in the gulf coast area - totaling a little under 500 BOPD. There are about 16 fields in the mid con/Michigan area - totaling a little over 2,300 BOPD, of which, 1,440 b/d is sour, and 530 is in Michigan. For the fields Mills Ranch, Oak Hill and Pittsburg, the operator markets the crude under their JOA. Thus, I have no information re these fields. All the crude is termed up for the next month or so, so it will soon be available for you to take in kind. There is no crude under the Hall Houston VPP. Don - I have highlighted in bold the field where Randy [KCS Tulsa] said the oil is, for sure, obviously, sour. At first he was telling me that what deemed 40' means is that the crude is sour, but he's really getting a sweet price. Needless to say, he is checking with their crude oil marketing person - Tom Kivisto, whom I know you know, to find out what field(s) really are sour. On your chair are the two spreadsheets for each region. The mid con spreadsheet is also below, the gulf coast spreadsheet is only a hard copy. Give me a call and let's discuss. We are currently using a basis of $3.00, and any notional basis number would greatly be appreciated. Larry - call me and let's talk about what you need.

FYI. From yesterday's editorial page in the WSJ. McFadden's one of the folks that signed the "manifesto." Best, Jeff ----- Forwarded by Jeff Dasovich/NA/Enron on 02/14/2001 09:02 AM ----- Elizabeth Linnell 02/14/2001 08:17 AM To: Jeff Dasovich/NA/Enron@Enron cc: Subject: WSJ California Needs Deregulation Done Right By Daniel McFadden 02/13/2001 The Wall Street Journal A26 (Copyright (c) 2001, Dow Jones & Company, Inc.) The electricity market in California has swung over its history from monopolization by industrialists in its early days to comprehensive regulation, then to partial deregulation in the 1990s, and now back toward substantial regulation and government intervention. In the past, each swing of the pendulum came from public frustration with the way this market operated, and each produced a result that the public again found unsatisfactory. But the memory of politicians and the public is short. The state is poised to repeat the mistakes of the last cycle of regulation. Measures passed by the California Legislature this month are an ill-conceived intervention that will lock the state into high energy costs and put it at a competitive disadvantage for years to come. Unless there is further action, the state will maintain subsidized retail prices that discourage conservation, while capping in-state wholesale prices in a manner that discourages construction of new in-state generation capacity and leaves Californians at the mercy of out-of-state generators. Government subsidization of electricity consumption will drain tax revenues that might be better used for education and other needs, encumber California's children with debt to pay the state's energy bills, and threaten the state's future ability to sell bonds for public projects. The immediate political cost of consumer outrage from higher electricity rates may be postponed, but the real economic cost promises to be massive. The sad thing is that this is all unnecessary. The source of the crisis was rigid regulation of retail prices in the face of rapid increases in wholesale prices driven by increased fuel prices and increased demand in the national electricity market. The only effective solution to the crisis is to make retail price regulation more flexible, so that consumers see the real economic cost of electricity and respond to high prices through conservation efforts that reduce demand and push prices down. On the supply side, the state should encourage construction of new in-state generation capacity through the right market signals, giving producers the opportunity to site plants and sell power under conditions comparable to other states. It's true that state action was needed to stabilize the electricity market, avoid immediate bankruptcy of the distribution companies, and assure continued delivery of energy. But this step will only postpone the day of reckoning unless sensible electricity pricing is introduced as well. To limit the impact of high prices on the poor, increasing block-rate tariffs can be used in which the rates for "lifeline" electricity use are kept low. These were effective in limiting demand for water during California's last drought, and are already used to promote energy conservation. A more aggressive version that pushes the rates in high-usage blocks to the real load-linked economic cost of electricity would provide an incentive that would stimulate conservation at the precise points that will do the most to moderate demand and push down wholesale prices. Consumers should have the opportunity to hedge against price spikes and average their payments to ease the pain of price volatility. The installation of load-sensitive meters should be accelerated so that consumers can respond to the economic price of the electricity they are consuming. This is new technology for U.S. utilities, but has operated well in France for years. On the supply side, the state and the Federal Energy Regulatory Commission could use their regulatory power to require that existing generators redirect excess profits to finance lifeline rates for retail customers and work off the hangover from previous electricity purchased and not paid for. However, care should be taken in dealing with generators to assure that every kilowatt hour that any generation facility can produce at less than the national wholesale price of electricity is in fact delivered to the market. The state needs to be very cautious about getting into the power business as an intermediary between generators and distributors. Government bureaucracies rarely show dexterity in dealing with private suppliers, and access to general government revenues dulls their incentive to operate efficiently. Negotiating long-term contracts right now, when California is in a weak market position and the out-of-state generators are in the driver's seat, is likely to put the state at a future competitive disadvantage. Consumers need to be reminded that money passed through the government to subsidize electricity comes out of their pockets just as surely as price increases, without the mitigating benefits of demand reduction.The lessons of history suggest that in making the Hobson's choice between a dysfunctional partially deregulated market and a fully-regulated one that promises to be even more dysfunctional, California is picking the greater of the two evils. If it fails to move to sensible electricity pricing in which both consumers and suppliers see the real economic price at the margin, it will face another, even more serious crisis in the not too distant future. --- Mr. McFadden, a professor of economics at the University of California, Berkeley, received the Nobel Prize in Economics last year. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Keep in mind that there will be 3 Davis appointees come the first of the year. Right now the Wilson, Republican commissioners, still hold a 3-2 majority on the Commission. Mona L Petrochko 11/13/2000 11:40 AM To: Gary Mirich/HOU/EES@EES, George Waidelich/SFO/EES@EES, John Woodman/SFO/EES@EES, Ronald G Mentan/SFO/EES@EES, Brian Dafferner/HOU/EES@EES, Ken Detina/HOU/EES@EES, Eric Letke/DUB/EES@EES, Greg Cordell/HOU/EES@EES, Edward Hamb/HOU/EES@EES, Chris Hendrix/HOU/EES@EES, Roger Persson/HOU/EES@EES, Jennifer Rudolph/HOU/EES@EES, Martin Wenzel/SFO/HOU/EES@EES, James M Wood/HOU/EES@EES, Jeanette Reese/HOU/EES@EES, Greg Nikkel/HOU/EES@EES, Peter Vint/HOU/EES@EES, Michelle Juden/HOU/EES@EES, Melinda Winn/HOU/EES@EES, Marianne Castano/HOU/EES@EES, Lyle White/HOU/EES@EES, Marcus Dotson/HOU/EES@EES, Suzanne Farrow/HOU/EES@EES, Rami Vij/Western Region/The Bentley Company@Exchange, Harry Kingerski/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Natalie Bondareva/HOU/EES@EES, Stephanie Kimble/HOU/EES@EES, Elizabeth Peters/HOU/EES@EES, Tasha Huang/HOU/EES@EES cc: Roger Yang, Harry Kingerski/NA/Enron@Enron Subject: Fwd: DJ - Calif PUC Unlikely To Order Refunds From Pwr Generators FYI. Indicates that the CPUC is unlikely to order refunds, but also tentative about recouping high costs from ratepayers. Utilities are "upping the ante" by filing in Federal Court and showing fiscal implications. ---------------------- Forwarded by Mona L Petrochko/NA/Enron on 11/13/2000 11:36 AM --------------------------- Mary Hain@ECT 11/10/2000 06:00 PM To: Tim Belden/HOU/ECT@ECT, Greg Wolfe@ECT, Mike Swerzbin/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Dave Parquet, Richard Sanders, [email protected], [email protected], Christian Yoder/HOU/ECT@ECT, [email protected], Chris H Foster/HOU/ECT@ECT, Stewart Rosman/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT, Joe Hartsoe@Enron, Sarah Novosel/Corp/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Steve Kean, Richard Shapiro, James D Steffes/NA/Enron@Enron, Donna Fulton/Corp/Enron@ENRON, Mona L Petrochko/NA/Enron@Enron, James E Keller/HOU/EES@EES, Mike D Smith/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron, Dennis Benevides, Jeff Richter/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Tim Heizenrader/PDX/ECT@ECT, Chris Stokley/HOU/ECT@ECT, Murray P O'Neil/HOU/ECT@ECT, David Aamodt@Gateway, Jay Dudley, Neil Bresnan/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Kathryn Corbally/Corp/Enron@ENRON cc: Subject: Fwd: DJ - Calif PUC Unlikely To Order Refunds From Pwr Generators Please forward this to anyone I have forgotten. Thanks. DJ Calif PUC Unlikely To Order Refunds From Pwr Generators Copyright , 2000 Dow Jones & Company, Inc. (This article was originally published Thursday) LOS ANGELES (Dow Jones)--The California Public Utilities Commission likely won't order generators to refund billions of dollars in windfall profits from last summer's wholesale power price spikes to utilities and customers, commissioners told Dow Jones Newswires Thursday. A Republican commissioner said the PUC knows generators are manipulating the wholesale power market in California but the commission doesn't have the "expertise in-house to figure out who it is and how it's being done." "Even if we could force refunds, it would take five to 10 years in court to decide if generators should refund money," the commissioner said. "I don't think the state is willing to spend the money or the time." In addition, the commission is nowhere near deciding whether Edison International (EIX) unit Southern California Edison and PG&E Corp. (PCG) unit Pacific Gas & Electric can pass on a combined $5 billion in debt to their ratepayers, the commissioner said. A decision won't likely be made until mid-2001, the commissioner added. Only PUC President Loretta Lynch and Commissioner Carl Wood support having generators refund windfall profits to utilities and ratepayers. The commission's investigation, one of two ongoing probes into the state's troubled wholesale power market, has been unsuccessful in finding evidence that would force generators to refund billions of dollars, according to documents obtained Thursday by Dow Jones Newswires. Last week, federal regulators determined generators didn't manipulate the market. But they did find flaws in the state's market structure and said rates were "unjust and unreasonable." The state's Independent System Operator and Power Exchange have also concluded they have no evidence to prove generators manipulated the market in order to drive up wholesale power prices. The commissioner said the PUC doesn't support the utilities' efforts to pass on $5 billion in wholesale power costs to ratepayers. The commissioner said "if it came down to deciding tomorrow, the utilities would be left holding the bag." PG&E and SoCal Edison pay about 16 cents a kilowatt-hour for wholesale power. But the utilities charge their customers far less under a state-mandated rate freeze. As reported earlier Thursday, SoCal Edison President and Chief Executive Officer Stephen Frank said the utility's inability to immediately recover more than $2 billion in debt from its ratepayers may force the company to lay off employees and reduce major capital spending. PG&E filed a lawsuit in federal court Wednesday asking a judge to allow the utility to pass on $3 billion in debt to its customers. -By Jason Leopold, Dow Jones Newswires; 323-658-3874; mailto:[email protected] (END) Dow Jones Newswires 10-11-00

---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 08/21/2000 10:10 AM --------------------------- "Michael Gagliardi" <[email protected]> on 08/21/2000 07:25:59 AM To: [email protected], [email protected] cc: Subject: True Orange Fax/E-Mail #73 ---------------------- Forwarded by Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC on 08/21/2000 07:34 AM --------------------------- [email protected] on 08/20/2000 07:25:25 PM To: [email protected] cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC) Subject: True Orange Fax/E-Mail #73 True Orange Fax/E-Mail Service Volume 8, Fax/E-Mail #73, Sunday, August 20, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 Brown Says Offense Much Improved, Defense Very Solid Coach Mack Brown said Sunday the Longhorns' offense should be much better this season, and he said the defense should be his best since coming to Texas. Brown said the players showed up in great shape and have shown a lot of enthusiasm in all of the early practices. He also said thd depth, offensively and defensively, will be better than it has been. The offensive line is the main question mark, and Brown said flatly, "The offensive line is much improved. There is a lot more cohesiveness. Most of the guys were starting for the first time last year and they are much more sure of what they need to do now that they have more experience." He said guard Antwan Kirk-Hughes is the most improved offensive linemen, but he also said, "We feel like all five (offensive line starters) will be quality players." The team appears to be thinner at guard than tackle on offense, but the coaches have moved backup tackle Robbie Doane to guard. That is a sure sign that they like the work of massive true freshman Lionel Garr at offensive tackle. They want to have four tackles and four guards. With Leonard Davis and Mike Williams starting at tackle and Cory Quye and Garr backing them up and Kirk-Hughes and Derrick Dockery starting at guard and Doane and Tillman Holloway backing them up, they get their desired two-deep. Broad also said junior squadman Corey Bradford has been looking good at tackle. At center, starter Matt Anderson is getting a strong challenge from Beau Baker. Brown also has said a lot of true freshmen will play this year. "If we think they can help us win, they'll play," he said following a two-hour practice session Sunday Morning. True freshman WR Roy Williams and redshirt freshman WR Artie Ellis, both in the 6-3, 6-4 range, had outstanding practices. Looking at the 21 freshmen, it appears likely that 14 will play. They are Garr, WRs Roy Williams, B. J. Johnson, Sloan Thomas and Tony Jeffery, TE Brock Edwards, DEs Adam Doiron and Kalen Thonton, DT Stevie Lee, CB Nathan Vasher, LB Austin Sendlein, safety Phillip Geiggar, punter Justin Smith and kicker Matt McFadden. Brown has said he wants to use the two kickers, at least in back-up roles, so they will have a little experience when they take over the two jobs next year. TE Bo Scaife's season-ending knee injury has the coaches putting Edwards on the fast track to get him ready to play quickly. TE coach Tim Brewster says Edwards is picking up things very quickly. Brown said, "The thing that Bo gave us was great speed down the field. Brock Edwards looks pretty fast, too, and he's ahead of where Bo was last year because of Bo's knee." Scaife came to Texas after undergoing surgery on his other knee. The true freshmen who probably won't play, barring a rash of injuries at their positions, are QB Chance Mock, RB Sneezy Beltran, FB Will Matthews, OLs Trey Bates and Jason Glynn, and LBs Austin Sendlein and Rashad Thomas. Mock, as the third quarterback behind Chris Simms and Major Applewhite, will be trained to be ready to play, but Brown said he hopes to redshirt him. He has been looking very good. Beltran and Matthews also look good, but the Horns are deep at their positions. Brown also has said he hopes to redshirt some offensive linemen, and Bates and Glynn are the likely candidates. * * * * Correction: Oh boy, when I mess up, I mess up. In last night's fax, I quoted a Texas coach as comparing Roy Williams favorably with Lovell Pinkney and Mike Williams. Obviously, I meant Lovell Pinkney and Mike Adams. Sorry about that. Got my Mike's mixed up. * * * * RECRUITING NOTES: Texas continues to lead for the state's best DT, Tommie Harris of Killeen Ellison; best LB Derrick Johnson of Waco; best safety, Dewayne Brandon of Temple; best RB Cedric Benson of Midland Lee; best QB Matt Nordgren of Dallas Bishop Lynch, and best TE, James Moses of Galena Park North Shore, , , The high school football season starts next week, and, for the first time in several years, I will be able to scout five of the state's top players without driving very far. They are Harris, Johnson, Brandon, CB Cedric Griffin of San Antonio Holmes (a UT commitment) and QB/Athlete Quan Cosby of Mart. * * * * My next fax will be Monday, August 21. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - frequently with recruiting news. My E-Mail address is: [email protected]

The word is gettng out. SOme good Ackerman quotes. Energy Experts Belie Davis' Rosy Prediction Summer expected to be crunch time Greg Lucas, Sacramento Bureau Chief ? Wednesday,?February 28, 2001 Sacramento -- Gov. Gray Davis' optimistic assessment that California may be on the "back side" of its energy crisis flies in the face of what many energy companies and other experts predict. California's real test will come this summer when electricity usage sharply increases, and unless everything breaks the way Davis hopes, predictions are that large chunks of the state will be in the dark. "We're not on the back side of this crisis. This problem is far, far bigger than the governor is suggesting," said Gary Ackerman, executive director for the Western Power Trading Forum in Menlo Park. "To characterize the problem that way shows a recklessness that feeds on the popular notion we don't have an energy crisis. We do. We have a very serious one that's going to hit us as temperatures and loads go up," Ackerman said. The Democratic governor's comments were made Monday in Washington, D.C., during an East Coast visit aimed at getting Washington and Wall Street support for his energy plan. He admitted more hard work is needed, but said the state is on the "back side of the crisis" because lawmakers have passed bills needed to help lower electricity prices. "Does that mean we're home free?" Davis asked yesterday. "No." But he again repeated that the state is on the back side of the crisis. That is contrary to predictions by the Independent System Operator, which oversees the state's power market. On any given day in June, the ISO estimates, the state will fall 6,815 megawatts short of demand. That would put nearly 7 million homes in the dark, if it happens. In July, the expected shortage is 4,685 megawatts. In August, it's 5,297 megawatts. That's if California has a normal summer. If it's hotter than normal, the shortage grows. The ISO's estimates tend to be conservative and do not include Davis' conservation goal. But even if a 10 percent reduction were achieved in June that would save roughly 5,000 megawatts, the state would still be short 1,800 megawatts. And there are other variables. Depending on the snowpack and reservoir levels, hydroelectric plants may not be able to run at full bore, which would also worsen the situation. "That is something the governor cannot spin his way out of," said Sen. Tom McClintock, R-Northridge. Davis said a combination of new power plants and energy conservation will help the state get through this summer. The clock is running. The ISO predicts shortages of 3,030 megawatts in May - - just two months away. "The real electricity crisis is going to be this summer, and I don't think we've made enough progress there," said Severin Borenstein, director of the University of California Energy Institute. California won't be able to build its way out of the energy crisis by quickly approving and building new power plants, Borenstein said. The ISO's demand estimates already factor in the new power plants set to come online this summer. "Unless we have a very mild summer and have lots of rainfall between then and now," Borenstein said, "we are going to face some serious shortages." Like Davis, Borenstein says California needs to do more to conserve energy. Unlike Davis, he favors raising prices on big power consumers to give them an incentive to cut back. But the Democratic governor may be sending Californians a mixed message. By telling them the worst is over, he could undercut his plan by making people believe more conservation is unnecessary. Excluding what lies ahead, there are also plenty of energy issues left unresolved right now. Although Davis has reached a tentative deal with Southern California Edison on purchasing its share of the state's transmission system for $2.7 billion -- no such deal exists with either Pacific Gas & Electric or San Diego Gas & Electric. Some alternative energy producers, like co-generation plants, are shutting down because the cash-poor utilities haven't paid them for several months. No cash means no fuel to run the turbines that make the juice. Generators like Duke Energy and Reliant Energy aren't convinced the crisis has passed. For starters, both companies are owed in excess of $700 million for electricity bought by PG&E and Edison but never paid for. "There are a lot of issues still out there such as how much power your state will require this summer, whether there is enough generation on the ground or available commercially to handle the load if there is a significant spike in demand," said Richard Wheatley, a Reliant spokesman. Harvey Rosenfield, head of the Foundation for Taxpayer and Consumer Rights, has a slightly different take on whether the worst is over. "We've said all along it's a crisis inspired by the greed of the utilities and the energy companies," Rosenfield said. "Now that taxpayers are paying $1 billion every three weeks to buy electricity and the ratepayers are going to pay between $13 billion and $20 billion, the companies are happy and the crisis is over. What more could they want?" E-mail Greg Lucas at [email protected]. ? ? Printer-friendly version ? Email this article to a friend Feedback ? ,2001 San Francisco Chronicle ? Page?A3 ? Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854

----- Forwarded by Jeff Dasovich/NA/Enron on 01/26/2001 07:35 PM ----- "Julee Malinowski-Ball" <[email protected]> 01/26/2001 07:30 PM Please respond to "Julee Malinowski-Ball" To: "Jan Smutny Jones" <[email protected]>, "Steven Kelley" <[email protected]>, "Katie Kaplan" <[email protected]> cc: "William Hall" <[email protected]>, "Tony Wetzel" <[email protected]>, "Sue Mara" <[email protected]>, "Steven Kelley" <[email protected]>, "Steve Ponder" <[email protected]>, "Stephanie Newell" <[email protected]>, "Roger Pelote" <[email protected]>, "Robert Lamkin" <[email protected]>, "Richard Hyde" <[email protected]>, "Paula Soos" <[email protected]>, "Nam Nguyen" <[email protected]>, "Marty McFadden" <[email protected]>, "Lynn Lednicky" <[email protected]>, "kent Palmerton" <[email protected]>, "Ken Hoffman" <[email protected]>, "Kassandra Gough" <[email protected]>, "Jonathan Weisgall" <[email protected]>, "John Stout" <[email protected]>, "Joe Ronan" <[email protected]>, "Joe Greco" <[email protected]>, "Jim Willey" <[email protected]>, "Jeff Dasovich" <[email protected]>, "Jack Pigott" <[email protected]>, "Hap Boyd" <[email protected]>, "Greg Blue" <[email protected]>, "Frank DeRosa" <[email protected]>, "Ed Tomeo" <[email protected]>, "Duane Nelson" <[email protected]>, "David Parquet" <[email protected]>, "Curtis Kebler" <[email protected]>, "Carolyn Baker" <[email protected]>, "Bob Escalante" <[email protected]>, "Bob Ellery" <[email protected]>, "Bill Woods" <[email protected]>, "Bill Carlson" <[email protected]>, "Craig Chancellor" <[email protected]>, "Eric Eisenman" <[email protected]>, "Kate Castillo" <[email protected]>, "Andy Brown" <[email protected]>, "Doug Kerner" <[email protected]>, "Chris Ellison" <[email protected]>, <[email protected]> Subject: Legislative Status Report Week Ending 1/26 Date: 1/26/01 To: Jan Smutny-Jones, Steven Kelly, Katie Kaplan From: Julee Malinowski-Ball, Edson + Modisette RE: Legislative Status Report Week Ending 1/26 RECENT EVENTS: -- AB 1x (Keeley), which would authorize DWR to procure power for California utilities and consumers, passed out of the Senate Energy Committee this week. The language which stated that any entity supplying power to DWR would be considered a public utility was deleted from the bill. After the bibding information came in from the DWR RFP, the 5.5 cent cap was also deleted from the bill. In its place was inserted language stating the goal of DWR was to procure power at the lowest price possible per kWh. The author and committee chair agreed this bill would not address any broader issues associated with undercollections and stranded costs. The measure was heard in the Senate Appropriations today, but will not be voted on until Monday when the committee meets again at 10 am. The amended version is still not in print. -- AB 18x (Hertzberg) was introduced this week that would take the issues addressed in AB 1x further. This measure would also authorize DWR to enter into contracts for the purchase or sale of electricity for California utilities and consumers. Additionally, however, the measure addresses undercollections and going-forward costs. Much of the debate in today
,s Assembly Energy Cost and Availability Committee was focused on whether or not the utility has reasonable costs that should be recovered. The committee agreed after a lengthy debate that this bill may want to sent up a mechanism for answering this question. The most shocking statement made during the debate was when PG&E estimated their
&net
8 undercollections was $8.2 billion. IEP member company generators have drafted comments and amendments on AB 18x and have submitted them to the committee for consideration. The crux of these comments is the concern that the bill explicitly excludes amounts owed by SCE and PG&E to suppliers. Committee staff assures us they intend to address that issue in future amendments. I will have these comments available electronically for your information on Monday. -- In question still at this time is whether AB 18x or AB 1x would be the vehicle for the product of negotiations between the QFs and the utilities; or, if another bill all together would carry the water. -- Asm. Rod Wright has been holding nightly forums with energy stakeholders, primarily generators, marketers and the utilities, as a general data dump to keep these groups abreast of what the ECA committee and legislative leadership is doing and planning on doing. Edson + Modisette has been participating in these meetings as has many of the IEP members companies and their lobbyists. -- Asm. Wright
,s office is continuing to collect siting proposals. They have indicated that they intend to keep repower, peakers and new generation issues separate, in separate bills. Their immediate interest at this time is on proposals that benefit repowers. There is no indication what the timeframe is on any bill, but proposals should get into his office as soon as possible. IEP members that have proposals separate from the IEP package should also provide IEP a copy. -- Attached is the most recent tracking report which includes all the special session bills introduced to date. UPCOMING EVENTS: -- The Assembly ECA committee will continue debate on AB 18x on Monday and Tuesday, hopefully concluding on Wednesday for a vote on the final package. Time, TBA. -- The Senate Appropriations Committee will meet and vote on AB 1x on Monday at 10 am. --end-- Julee Malinowski-Ball Senior Associate Edson + Modisette 916-552-7070 FAX-552-7075 [email protected] - 2001 Tracking Report.doc

Executive Summary Edison's MOU Condemned at this Friday's CPUC Meeting The Idle Plan Z Angelides Hides State Budget Concerns House Committee to Vote on Energy Relief Edison's MOU Doubtful The unusually calm settling over the California legislature about SoCal Edison's potential bankruptcy has finally affected the relentlessly optimistic investment bank analysts and other company shareholders. We have reported that through all plans from B-Z, there is not a solid plan to save this company and now executives are even more fearful that this predictions may come to fruition. Over the last few days, Edison executives have begun pointing hard at the CPUC meeting this Friday as a make-or-break event for the company. The is because after the meeting, Davis's MOU plan to buy SoCal's grid will have no chance of preventing a potential bankruptcy. This plan is essentially dead although Governor Daivs has yet to say this in a press releases. The final nail will happen after the CPUC adjourns its Friday meeting without voting on several necessary MOU provisions. Unless the CPUC makes a last minute, emergency - amendment to their agenda, the deal will be dead (despite SoCal's support for letting the deal stand past its deadline). Sources indicate that CPUC President Loretta Lynch holds reservations on the MOU and continues to distance herself from Davis. Attempting to influence policy making, Edison executives have spent the last few investor phone conferences warning that June 8 would see substantially increased risks for a creditor-induced bankruptcy if the Davis plan dies at CPUC. This is interesting, since no one else seems to have been focused on the date until Edison began mentioning it late last week. However, there is no more or less threat of bankruptcy than there is now or will be in two weeks. As reported several times earlier, most everyone had given up on the MOU long before this Friday's CPUC meeting. Plan Z Shows Little Progress Meanwhile, the unhurried pace toward a Plan Z that we reported last Friday, has gained little progress. Legislators continue to pin-point a plan that will secure re-election votes and at the same time, weigh the need for rate hikes for California's corporate and home electricity users. As they hash it out, the state is spending even more on electricity purchases. In spite of better than expected levels of conservation, the state's electricity expenditures over the last month rose to an average of $79M/day. The recent rate increases mean more spending by the state and that calls into question the reassuring Angelides scenario for California's budget prospects later this year. The California Budget Crunch Even more worrisome than a idle Plan Z is increasing evidence that last month's conference call with State Treasurer Angelides was a little misleading. During that conference call Angelides claimed that State Comptroller Connell and many in the financial committee had the numbers wrong. Angelides argued that $7.2B already spent to buy power since January was really the total amount of authorized spending through late August. In fact, he said only $4.3B of that had been "spent." Sources now indicate that Angelides was technically correct if you use "spent" to mean only the amount of money for which checks had been written. This is different than the amount of money California had already promised to energy suppliers who had already supplied energy to the state. In fact, when Angelides was speaking the state had in fact already promised to pay $7B for energy it had already consumed (the total committed has topped $8B.) By the time the state gets its "power bonds" auctioned in August, they will have already spent all $12B and be back to dipping into the General Fund. The idea of RANs being auctioned before the power bonds get issued is still an option if the general fund doesn't make it to August. The nearest answer to both of these cash flow deficits lies in part in the painful process that the legislature is undertaking now - another round of huge electricity rate hikes to securitize debt issuance. Then the hope is that those hikes bridge the gap between now and when new capacity brings wholesale rates down and the debts can be repaid. The only near term path to bringing generating assets on line immediately is the 3,500 MW from QF plants which are off line because of cash flow problems. Settling their needs is wrapped up in settling the PG&E and Edison trade creditor issues, which makes the legislature's leisurely approach to the rate hike/haircut situation all the more troublesome. Energy Relief The House Energy & Commerce Committee is scheduled to vote on H.R. 1647 (the Emergency Electricity Relief Act) tomorrow at 10:00 am. The bill which was twice postponed and does not include any provisions on price caps, but during the course of the mark-up, sources indicate that it is possible, even likely, that a Democrat could offer a price cap amendment. Rep. Waxman (D-CA) offered a price cap amendment at an earlier mark-up of the bill at the subcommittee level. The Waxman amendment was rejected along party lines (all Republicans and 2 Democrats voted nay). Sources inside Joe Barton's office report that staff and members have been meeting to work out a compromise on the price cap issue, but nothing has been resolved. As of this afternoon, those discussions have been terminated in favor of an open discourse in the Committee tomorrow. Since an agreement was not reached, compromise language is not expected to be offered as an amendment tomorrow. If it is, it would not be something that leaders on the Republican and Democrat sides have crafted together and therefore would not likely pass. Sources indicate that the committee does expect Waxman, and possibly others to offer price cap language, but it is not expected to pass.

INSIDE NYTIMES.COM The New York Times on the Web, Wednesday, December 13, 2000 ______________________________________________________ Dear Member, With the holidays approaching, we've brought together all the information you need. In our special Holidays section, you'll find reviews of holiday films, buying guides from our technology experts at Circuits to help you find computers and electronics, our special holiday Book Review issue, information on travel in the snow or sun, and fun ways to entertain the kids while they're home on vacation. Holidays is updated every day with all the holiday-related information appearing in The New York Times, and it's available only on the Web. http://www.nytimes.com/pages/holidays/?1213c Elsewhere on the site you can send your friends and family NYTimes.com e-greeting cards featuring holiday photos from The New York Times Photo Archives, and download a new holiday screensaver that includes ten photographs from The Times celebrating the magical season in the city. http://postcards.nytimes.com/specials/postcards/?1213c At Abuzz, you can join a discussion of the best places to find holiday gifts online. http://nytimes.abuzz.com/interaction/s.124643/discussion/e/1.162 And at WineToday.com, you'll find the "Holiday & Vine Food and Wine Guide," to help you plan your holiday meals. Select one of five classic seasonal entrees and let WineToday.com recommend side dishes, desserts and the perfect wines to uncork at the table. http://winetoday.com/holidayvine/?1213c Finally, please accept our best wishes for the holiday season by visiting this special online e-greeting card: http://postcards.nytimes.com/specials/postcards/flash/?1213c ------ MORE NEW FEATURES ------ 1. Get insights into the latest Internet trends 2. How dependable is your car? 3. Enjoy salsa music made in New York 4. Remembering John Lennon 5. Explore our exclusive Chechnya photo documentary 6. Bring today's news to your family table /--------------------advertisement----------------------\ Exclusive Travel Opportunities from Away.com. Sign up for free travel newsletters from Away.com and discover the world's most extraordinary travel destinations. From kayaking in Thailand to a weekend in Maine, no other site meets our level of expertise or service for booking a trip. 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Explore our exclusive Chechnya photo documentary ------ This special photo documentary of the conflict in Chechnya brings together moving photographs taken by James Hill for The New York Times and his unique audio diary of the events. http://www.nytimes.com/library/photos/?1213c ------ 6. Bring today's news to your family's table ------ Conversation Starters, the newest feature of the Learning Network, helps parents discuss the day's news with their children. Monday through Friday, Conversation Starters offers a set of newsworthy and provocative questions as well as related articles from The Times. http://www.nytimes.com/learning/parents/conversation/?1213c Thanks for reading. We hope you'll make a point of visiting us today and every day. Sincerely, Rich Meislin, Editor in Chief New York Times Digital P.S. If you have a friend or colleague who might be interested, feel free to forward this e-mail. 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You need to kick some butt here -----Original Message----- From: Bouillion, James L. Sent: Tuesday, October 09, 2001 11:41 AM To: Redmond, Brian; Clayton, Paul; Coffey Jr., Jim; Azore, Jacquelyn Cc: Whiting, Greg; Gruesen, Karen; Helton, Susan; Koehler, Anne C.; Kitchen, Louise Subject: RE: Replacement Cost Values The 2001 annual allocated premium for these assets for property insurance is $670,000 based upon ENA's 2001 reported value of approximately $470,000,000. The pro-rata credit for 7 months, assuming a 5-31-01 sale date, would be $390,833. Underwriters require an update of values and exposures annually at renewal. Gathering these values within Enron normally requires 30 to 45 days. We use these same values in the allocation system. Unless the value change is significant, the actual cost of insurance to the outside insurers will not change Once you complete your entire study of replacement cost values, we can discuss whether approaching underwriters is warranted. If we internally adjust your allocation mid-year, we must move the premium that we take away from you to the other participants in the program. As you know, the remainder of Enron did not stand still while you sold Bammel. We have not tried this before, however, I suspect if approached with the additional premium as a result reducing ENA's allocation, all the other operating entities would want to re-submit their revised values as well and we would find ourselves in a constant state of adjustment. In view of the time required, this is neither practical nor cost effective for Enron. In view of the relatively small numbers, I doubt that Corp. would entertain this proposition either, however, we can approach them if you wish. -----Original Message----- From: Redmond, Brian Sent: Tuesday, October 09, 2001 9:26 AM To: Clayton, Paul; Coffey Jr., Jim; Azore, Jacquelyn Cc: Whiting, Greg; Gruesen, Karen; Helton, Susan; Koehler, Anne C.; Kitchen, Louise; Bouillion, James L. Subject: RE: Replacement Cost Values Paul: Please let me know how much of the 2000 insurance premium is being allocated to the approx. $700MM of HPL assets. This charge is effectively "a cost of capital" and should be re-allocated to other groups with insured assets or should remain at Corp. Regards, Brian -----Original Message----- From: Clayton, Paul Sent: Tuesday, October 09, 2001 8:43 AM To: Redmond, Brian; Coffey Jr., Jim; Azore, Jacquelyn Cc: Whiting, Greg; Gruesen, Karen; Helton, Susan; Koehler, Anne C.; Kitchen, Louise; Bouillion, James L. Subject: RE: Replacement Cost Values Brian: This insurance is purchased on a portfolio basis with payment to underwriters at inception of the coverage. Values are adjusted annually at renewal. The premiums are allocated to the participating entities as part of the budget process and insignificant additions and deletions of assets do not normally result in premiums additions or refunds. In the event that we discontinue premiums to North America for HLP, we have no mechanism to allocate that premium to the other assets that continue to be insured. In the event of a significant divestiture, underwriters may consider a refund, however, the values discussed below would not likely be significant when compared to Enron's values as a whole. Additionally, Enron's adverse loss experience affects the underwriters ability to return premium for small divestitures. At renewal, 4/01/02, North America's revised property values will be declared to underwriters as part of Enron's overall values and your premium allocation will adjust depending upon your values and loss experience as compared to the rest of Enron. Regards, Paul -----Original Message----- From: Redmond, Brian Sent: Monday, October 08, 2001 5:31 PM To: Coffey Jr., Jim; Clayton, Paul; Azore, Jacquelyn Cc: Whiting, Greg; Gruesen, Karen; Helton, Susan; Koehler, Anne C.; Kitchen, Louise Subject: RE: Replacement Cost Values Paul: Please confirm that ENA will not bear any insurance costs for the HPL assets for the second half of 2001 and the balance of years going forward? If this is not the case, then we need to meet and discuss why this is not the case. Thanks, Brian -----Original Message----- From: Coffey Jr., Jim Sent: Monday, October 08, 2001 5:25 PM To: Clayton, Paul; Azore, Jacquelyn Cc: Redmond, Brian; Whiting, Greg; Gruesen, Karen; Helton, Susan; Koehler, Anne C. Subject: RE: Replacement Cost Values Paul In addition to the 188,371,296 property value for Bammel Lease that you mentioned below there was also a value on your spreadsheet for Bammel Gas Storage of 267,000,000. Requirements to insure both of these amounts should be with AEP not Enron and thus the 2002 Plan Premium Allocations of $754,096 on the Bammel Gas Storage 267,000,000 value and $924,433 on the Bammel Lease value of 188,371,296 should not be needed. Jackie Please remove these amounts from the ENA-HPL 2002 Plan. -----Original Message----- From: Clayton, Paul Sent: Monday, October 08, 2001 5:10 PM To: Coffey Jr., Jim Subject: RE: Replacement Cost Values Jim: As discussed for the purposes of the 2002 Insurance Budget, we will delete the Bammel Lease (1409) property values of $188,371,296. We will advise the insurers effective this past June to delete these assets and will attempt to receive a refund. However, as respects asset divestitures, insurers have not been inclined in the past to refund premiums for comparatively small divestitures in view of our adverse loss experience. However, if we are successful in receiving a credit, we will refund the premium. I will discuss with Karen and Brian the other remaining assets. Regards, -----Original Message----- From: Clayton, Paul Sent: Monday, October 08, 2001 2:13 PM To: Coffey Jr., Jim Subject: Replacement Cost Values Jim: Please update accordingly. Thanks, << File: ENAREPLACEMENT COSTS 2001.xls >>

BUSINESS HIGHLIGHTS Enron Producer One Enron Producer One facilitates one-stop shopping for the producer
,s infrastructure needs. Through business relationships with Hanover Measurement Services and Applied Terravision Systems, Enron Producer One will offer and custom-configure a number of valuable production services and pricing plans to reduce overhead and simplify back-office tasks. Initial products offered are well connects, transportation, marketing, measurement and accounting services. Enron Producer One is managed and supervised by John Grass. IN THE NEWS CEO says Texas in good shape for electricity deregulation DALLAS (AP) - Enron Corp.'s chief executive and president said Tuesday he believes that Texas energy markets are in good shape as the state prepares for deregulation. Jeffrey Skilling told an audience of about 400 business people at a downtown hotel that California "has given the term deregulation a terrible name." Electric deregulation in Texas officially starts Jan. 1. "In Texas, I think we've got a pretty good system," he said. In San Francisco on Tuesday, the California Public Utilities Commission unanimously approved electricity rate increases of up to 46 percent to try to head off blackouts this summer by keeping the state's two biggest utilities from going under. When California officials set up deregulation they allowed the price of wholesale electricity to rise but capped the amount companies could charge customers, Skilling said. SoCal Edison and Pacific Gas & Electric say they have lost more than $13 billion since last summer because they haven't been able to pass on the high cost of wholesale electricity. Skilling said Texans are in a much better position and shouldn't worry that their state's deregulation would be like the California experience. "California, they just put together a crazy system,
8 he said in his first public comments since becoming the Houston-based company's chief executive officer in February. "The markets in California are the most regulated markets in North America today. And that's what is causing the problem." 03/27/2001 Associated Press Newswires Copyright 2001. WELCOME New Hires EGM - Charles Crow, Nancy Johnson, Gregor Lehmiller EIM - Darrell Aguilar, LaTrisha Allen, Wesley Wilder, Ronald Barnes ENA - Brian Cruver, Craig Dean, Martha Kessler EnronOnline STATISTICS Below are the latest figures for EnronOnline as of March 16, 2001. ? Total Life to Date Transactions > 813,000 ? Life to Date Notional Value of Transactions > $489 billion NUGGETS & NOTES Enron is hosting the New York Energy Risk Management Seminar at the St. Regis Hotel in New York City on April 5, 2001. Topics include Power Outlook, Natural Gas Outlook, Hedging Strategies and Weather Risk Management. The RSVP deadline is March 30th, so please contact Laura Pena as soon as possible at x3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately following the presentations. NEWS FROM THE GLOBAL FLASH Enron Reopens Rassau Power Station Plans Enron Europe submitted an application to build a 1200MW combined cycle gas turbine power station on the Rassau Industrial Estate at Ebbw Vale, Wales in July 1998. In November 2000, the Government lifted its stricter power consents policy, which placed restrictions on the development of new gas-fired power stations, and Enron is now concluding the consultation process for the application As part of the process, updated environmental information has been submitted to the Department of Trade and Industry and a team from Enron will be presenting the plans to Blaenau Gwent Council on March 26. This will be followed by a three-day public exhibition in the local community. Enron expects to receive a decision later in the year. European Economic Summit: Acceleration Directives On March 23 and 24 the European Economic Council Summit will take place in Stockholm. At this summit the European Commission will present to the heads of the Member States a legislative proposal for a Directive and a Regulation that the Commission adopted on March 13 to speed up the completion of the internal electricity and gas markets. Enron issued a statement to the media on the evening of Wednesday 21st March stating that it specifically endorses the following initiatives incorporated in the text of the adopted proposal: Legal unbundling of the transmission and distribution networks as a realistic solution, ensuring the independence of transmission and distribution system operators. Mandatory appointment of independent regulators in each country with the obligation to fix or approve transmission tariffs before they come into force. The current timetable proposed by the Commission: market opening for electricity in 2003 and for gas in 2004 (industrial, commercial and wholesale customers); and for supplies to all consumers including households by 2005. The setting of rules in the Regulation for how power transmission tariffs can be charged for cross-border transactions and how congestion and capacity allocation at borders within the EU should be managed by transmission system operators. Enron concludes that it is encouraged by the efforts of the Commission to accelerate the European electricity and gas market opening and the reinforcement of third party rights of access to transmission networks. The Commission's approach of harmonizing both the timetable and the regulatory framework deserves support from all Member States. LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

To get off the list, please send an e-mail to: [email protected] and in the subject line, please put "SIGNOFF RRGA-L" Thank you! - Sarah ----- Original Message ----- From: "Pyburn, Jack R." <[email protected]> To: <[email protected]> Sent: Tuesday, May 15, 2001 5:11 PM > I'm not sure how I got on this list, but I'd like to be deleted. Thanks! > > Jack Pyburn, Jr. > Mirant Americas Energy Marketing, LP > 1155 Perimeter Center West > Atlanta, GA 30338 > Phone: 678-579-7443 > Fax: 678-579-7303 > Cell: 678-488-0660 > Email: [email protected] > > > -----Original Message----- > From: Dalia, Keith A - TOS-DITT1 [mailto:[email protected]] > Sent: Tuesday, May 15, 2001 7:40 PM > To: [email protected] > Subject: > > > You have been added to the RRGA-L mailing list (RTO West Congestion Model > Content Group) by Keith Dalia <[email protected]>. > > Please save this message for future reference, especially if this is the > first time you subscribe to an electronic mailing list. 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Agreement was reached on Monday, July 23 on several key political issues related to the Kyoto Protocol. Delegates at the Bonn climate change negotiations are expected to work through Saturday to develop additional decisions that will "incorporate and give full effect" to the agreement. It is likely that adoption of some (or all) of these decisions will be pushed to the next set of negotiations in Morocco this fall. Despite the media attention, there is a long and complex road ahead to a ratified treaty. The major outcome of Bonn is that the road is still being traveled. The agreement only covered a subset of key political issues. Further, developed countries want the U.S. on board and this leaves room for the Bush Administration to offer an alternative -- though the window of opportunity could close shortly. Please see links to several editorials below. Impact on Enron Even though the U.S. did not adopt this agreement and the Bush Administration will not support the Kyoto Protocol, its impact on Enron as well as other multinationals is unclear. The Kyoto Protocol negotiations have been driven by governments and impose mandatory emissions reduction targets on developed country governments that are Parties to the Protocol. However, industry will have a role in complying with emissions reduction obligations. While the European Union has promoted "harmonized policies and measures" throughout this process, the Protocol leaves decisions on implementation of treaty obligations to domestic governments (that are Parties to the agreement). Presently, U.S. companies with operations in countries that are Parties to the Protocol -- and have obligations under the Protocol -- could face different standards, new greenhouse gas emissions regulations, domestic carbon taxes, among other options. It is too early to tell how these issues will impact competitiveness or whether they will be interpreted as non-tariff trade barriers. Further, only Parties to the Protocol can utilize the market-based mechanisms under the Protocol (emissions trading, and project-mechanisms in developing countries through the Clean Development Mechanism, and project based mechanisms in other developed countries through Joint Implementation). Because the details are not yet worked out, it is unclear whether Enron would be able to participate in mechanisms or trading through offices in other countries outside the U.S. It will be important that the U.S. develop linkages with the market-based mechanisms to enhance a global market for greenhouse gas emissions credits and lower compliance costs for firms with obligations. The agreement also increased the amount of carbon sinks that can be counted toward meeting a Party's emission reduction target in the first budget period (2008-2012). The U.S. was set aside 28 million Mt C/yr in the event that it joins in at a later date. Increased carbon accounting has the effect of lowering the burden of the emissions reduction target in the first budget period. Of note, at the last set of negotiations in The Hague last November, the U.S. was close to receiving over 60 Mt C/yr. This could contribute to more costly and burdensome reductions in the future for U.S. firms (as the U.S. could have a more stringent target to meet). Key Provisions of the Political Agreement Please see a summary of major elements of the Bonn agreement below. I have also included a detailed summary provided by the Pew Center on Global Climate Change. MARKET BASED MECHANISMS Emissions Trading No quantitative limits on the use of the market-based mechanisms (emissions trading, CDM or JI). The EU retreated on this point. No levy imposed on transactions. Developing countries had championed levies as a source of financial assistance. Seller liability would apply to transactions, with a commitment period reserve of either 90% of a Parties total budget (more attractive for net buyers) or the equivalent of five times its last national inventory (more attractive for net sellers). This allows Russia to sell its "hot air" credits. Clean Development Mechanism and JI Nuclear power projects are not permitted under the CDM or JI Afforestation and reforestation are the only eligible sequestration projects under the CDM Small project "fast track" window in the CDM for renewable energy projects <15 MW, for efficiency and other projects equivalent to less than 15 GWh per year, and for new emitting projects that reduce emissions and with emissions of less than 15,000 tons per year. COMPLIANCE If parties are found in non-compliance, their compliance amount for the second commitment period is increased, they must formulate an action plan, and they are not permitted to participate in emissions trading. This language is not legally binding, but political pressure to enforce the treaty obligations was likely to be the biggest driver for now. The legally binding nature of the compliance regime will be revisited at the first meeting of the Parties to the Protocol (this would occur when and if it enters in to force). Recent Editorials Please see the attached links to editorials from USA Today, The Washington Post, The New York Time and The Wall Street Journal. http://www.usatoday.com/news/comment/2001-07-25-nceditf.htm http://www.washingtonpost.com/wp-dyn/articles/A52395-2001Jul25.html http://www.nytimes.com/2001/07/24/opinion/24TUE1.html http://www.techcentralstation.com/NewsDesk.asp?FormMode=MainTerminalArticles&ID=77 (Wall Street Journal) Please feel free to contact me with any questions. Lisa Jacobson Enron Manager, Environmental Strategies 1775 Eye Street, NW Suite 800 Washington, DC 20006 Phone: +(202) 466-9176 Fax: +(202) 331-4717

Hi, Vince Just got off the phone with Andy Lewis, a trader for the Midwest. We had so much similarities in terms of orientation, starting from the backroom and moving to the backroom. We were on the phone more than an hour at 11:28 pm Texas time (I think an hour and 15 minutes). I hope that I have addressed his initial reaction that I am overqualified. We shared a few anecdotes, several moments of laughter. There were 18 selected for the phone screen out of the 200+ resumes. After a deliberation with Andy's colleagues, there will be another set of calls (the schedule has yet to be determined). That is it for now. I will let you know what transpires in the next few days. Hopefully, I can meet you when I'll be given the chance to visit Enron in Houston. Have a safe trip. Sincerely, Yvan >From: [email protected] >To: [email protected] >Subject: RE: Yvan Go from Berkeley >Date: Mon, 15 Oct 2001 20:58:54 -0500 > >Yvan, > >I am glad it worked. I have referred you to the program. > >Let's stay in touch. I am in Argentina and Brazil this week. >Give me a call with an update in the next few weeks. > >Vince > > -----Original Message----- > From: "yvan go" @ENRON > Sent: Friday, October 12, 2001 11:59 PM > To: Kaminski, Vince J > Subject: RE: Yvan Go from Berkeley > > > Vince, > Let me tell you of a wonderful story. Todd Piekert of the Human > Resources group informed me last Thursday that I am being considered for > the trader track program of Enron. They are looking at the possibility > of putting my skills to good use in the Gas and Power group. > Adrian, a colleague of Todd is expected to contact me either through > phone or e-mail to set a phone screen with two of the traders. While I > am proficient with my currency and fixed income trading skills, I am > jumpstarting the curve in the Gas and Power business. As you maybe > aware, there are no futures market in the Philippines but its concept is > familiar. I am currently reading the Trading Natural Gas by Fletcher > Sturm and enjoying it. I subscribed to the NGI's Daily Gas Price Index > to get more perspective. > Should I pass the screen, I will have to go to Houston for more > interviews. I am sincerely thankful to you. I hope I can count on you > for more mentoring, just like the mentor-management associate program at > Citi. > I hope you have an excellent weekend. > Best Regards, > Yvan > >From: [email protected] > >To: [email protected] > >Subject: RE: Yvan Go from Berkeley > >Date: Mon, 8 Oct 2001 14:02:02 -0500 > > > >Yvan, > > > >I shall forward your resume to our chief trader as well. > > > >Vince > > > > -----Original Message----- > > From: "yvan go" @ENRON > > Sent: Saturday, October 06, 2001 2:37 PM > > To: [email protected] > > Subject: Yvan Go from Berkeley > > > > > > Dear Vincent, > > Let me thank you for your time at Berkeley last Thursday. > > It was an exciting presentation that gave me a return ticket to the > > world of derivatives. I have been in the trading floor of Citibank N.A > > in Asia. As such, I have been to countless trading seminars on risks, > > fixed income, currencies and commodities derivatives. I have learned > > that Enron pioneered exotic derivatives in weather and carbon > monoxide. > > I am a risk taker. Even with the prospect of a promotion, bonus and an > > international posting, I decided to reinvent myself with the belief > that > > technology will transform the capital markets. I am at Berkeley taking > > up courses such as UNIX, C, HTML, systems analysis, and relational > > databases leading to a diploma in computer information systems. These > > courses will supplement Java, Data Structures, and Operating Systems > > courses that I have taken previously. > > Armed with my technical skills and more than seven years of experience > > in foreign exchange, fixed income, cash and securities, I am pursuing > > opportunities in global technology program of Enron. I expect to > fulfill > > the requirements for the diploma by December 13, 2001. I am forwarding > > to you a copy of my resume which I sent to Ms. Terry Peng. > > It was my pleasure to meet an ex-Citibanker. Your thoughts and > > experiences at Enron will certainly leave a marked impression in my > > future decisions. > > Sincerely, > > Yvan Norvin B. Go > > > > Get your FREE download of MSN Explorer at http://explorer.msn.com << > > File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >> > > > > - resume.doc << File: resume.doc >> > > > > > > > >********************************************************************** > >This e-mail is the property of Enron Corp. and/or its relevant > affiliate and may contain confidential and privileged material for the > sole use of the intended recipient (s). Any review, use, distribution or > disclosure by others is strictly prohibited. If you are not the intended > recipient (or authorized to receive for the recipient), please contact > the sender or reply to Enron Corp. at > [email protected] and delete all copies of the > message. This e-mail (and any attachments hereto) are not intended to be > an offer (or an acceptance) and do not create or evidence a binding and > enforceable contract between Enron Corp. (or any of its affiliates) and > the intended recipient or any other party, and may not be relied on by > anyone as the basis of a contract by estoppel or otherwise. Thank you. > >********************************************************************** > > Get your FREE download of MSN Explorer at http://explorer.msn.com << > File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >> > > Get your FREE download of MSN Explorer at http://explorer.msn.com

----- Forwarded by Richard B Sanders/HOU/ECT on 04/30/2001 06:42 AM ----- [email protected] 04/27/2001 07:51 PM To: [email protected] cc: Subject: NSM Update Richard, The only significant deposition this week is taking place in Minneapolis. The deponent is Arthur Cobb, a disclosure/due diligence expert retained by Robins, Kaplan in several cases in which Enron is not named. Mr. Cobb's report did not mention ECT Securities, and the California plaintiffs did not designate him to testify in the CA cases, so we decided not to attend his deposition. We are getting daily transcripts by e-mail. Next week an expert designated by the CA plaintiffs on causation and damage issues is being deposed in San Francisco. Roland has a scheduling conflict, so I am sending Jonathan Goldblatt. The subject on which we want to ask questions is damages relating to certain purchases by Farallon after the initial offering. This is a very discrete area, easy to understand, and Jonathan is on top of it. I believe that you recently received a bill from Gerry McGrath. Gerry worked very hard on his report, putting in about 50% more hours than he thought he would when he agreed to cap the total fee for his report. He is very focused on the requirement in his engagement letter that he be paid in 30 days. I think Gerry did quite a good job, and we definitely need his best effort going forward. I would urge Enron to pay Gerry's bill very promptly. Farallon is currently threatening to move to compel further answers to interrogatories from us. It is much ado about nothing. We just want to deal with it in the least expensive way. Many of the plaintiffs have filed motions around the country, including in CA, seeking to compel Natwest to produce more audio tapes of employee conversations. My guess is that the plaintiffs have found more good stuff, and Natwest is trying to limit their losses. We are hard at work on the research that you and I have been discussing. It is frankly quite complex and involves several unanswered questions of law. The problem is that CA has a special statutory contribution provision (pro rata, not relative fault) in the state securities statutes and a common law doctrine of partial indemnity in tort actions that is based on relative fault. The later doctrine may not apply to the securities causes of action against ECT Securities, but definitely applies to the common law fraud and negligent misrepresentation causes of action. How all of this works together is virtually uncharted. With reference to your question about procedures at trial, none of the defendants has cross-complained against the other defendants for a determination of relative fault in the pending case; and, on the basis of the current pleadings, no such determination will be made at trial. If Enron goes to trial and loses, along with others, theoretically the plaintiffs could collect their entire judgment from Enron and leave Enron to pursue the other defendants, post-trial, for their respective shares of the liability, whether such shares are determined pro rata or by relative fault. We are working on a memorandum or outline that will lay all of this out for you. I think you will find that Enron has some powerful incentives to settle (assuming that we can get the price low enough.) Steve Howard Alschuler Grossman Stein & Kahan LLP phone: 310-407-7613 fax: 310-552-6077 cell: 213-716-0536 e-mail: [email protected] ................................................ ALSCHULER GROSSMAN STEIN & KAHAN LLP ATTORNEYS AT LAW www.agsk.com 2049 Century Park East Thirty-Ninth Floor Los Angeles, CA 90067-3213 Tel 310-277-1226 Fax 310-552-6077 This transmission is intended only for the use of the addressee and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately via e-mail at [email protected] or by telephone at 310-277-1226. Thank you. ...............................................

Ruth Concannon told me we want to try and sell the parked gas on Sonat. This is what we have found out over the last 2 days. ENA no longer has the ability to do nominations on Sonat's scheduling Christina Sanchez (ENA Scheduler) believes that under normal conditions, we can sell the parked gas on Sonat without doing any nominations. The party we sell the gas to would nominate the gas away from a specific PAL meter and reference our PAL contract as the upstream contract. Today I spoke with Tammi Depaolis at Sequent - she is interested in buying the gas and she might prepay for it. I need to know; 1. What volume to sell, I assume we are talking about 188,949 dth on deal #1222, which means we ignore the loaned volume of 96,000 dth on deal #1424. 2. What period do I sell the gas for? All out by March 31st subject to the operational conditions on the pipeline? Or base load in April? I prefer all out by March 31st but I would like to ask the pipeline if that's ok? 3. How many bids do I need to get? I called Sequent because I know they are active on Sonat. 4. This may not matter but did Sonat ever pay us for the gas ENA sold them in January 2002 (see items in red down below). Tammi will probably check with the pipeline to see if its ok to take our gas. I don't want to sell gas to someone then find out the pipeline will not let them take it. All of my previous notes are shown below in blue. Summary: Sonat has netted our Parked Gas Balance with our Loaned Gas Balance and filed a motion with the courts to retain the remaining Parked Gas Balance, 92,949 dth per my conversation with Sonat, to offset $879,030.42 ENA owes Sonat for the purchase of gas in October 2001. According to Sonat, the payment was due November 26, 2001 but ENA did not pay. Sonat's motion is set to be reviewed by the court on March 6th. 2/19/02 History - Per Dave Dyer (205-326-2007) at Sonat ENA has 2 Park & Loan (PAL) contracts with Sonat. All PAL's with Sonat are under master contract PAL1001. Sonat assigns a deal number to each deal under this contract. Deal #1424 - ENA borrowed a total of 96,000 dth from Nov 3rd-5th and has not paid this back. ENA still owes Sonat 96,000 dth. The terms of the deal were to payback Sonat anytime with 3 days notice on any 3 days on 2002, SONAT ONLY CHARGED ENA $96.00 FOR THIS DEAL, because Sonat needed to get gas off the system. Deal #1222 - ENA parked 309,192 dth in August to come out in Jan 2002. Sonat let ENA withdraw 42,951 on 11/29/01 leaving a balance of 266,241 dth. In Jan 2002, ENA withdrew 8,588 dth per day for the 1st-9th. That left a balance of 188,949 dth. On Jan 8th, 2002, Sonat sent a letter stating that Sonat will hold on to the remaining to balance to offset 1) the Loaned gas on deal #1424 (96,000 dth) and 2) to offset dollars ENA has not paid Sonat for gas Sonat sold to ENA in October 2001. According to Sonat, the remaining balance on this deal is 92,949 dth = [309,192 parked in Aug - 42,951 w/d in Nov - 77,292 w/d in Jan - 92,000 balance on #1424]. According to Sonat's letter, Sonat has filed the appropriate motion for court approval for the offsets. According to Dave, ENA is being billed $.00305 x daily balance in this account. ENA should have paid some bigger amount when the gas was parked in August. Other items; ENA purchased system supply from Sonat in October 2001. ENA purchased 286,998 at an average price of $3.063 = $879,030.42. According to Sonat, ENA did not pay for this before Enron declared bankruptcy. ENA also sold Sonat gas - 16,000 dth day at $2.885 (sitara #1172076) in January 2002 and 10,000 dth day at $2.955 in May 2002 (sitara #1172087). ENA used 77,292 dth of the parked gas on deal #1222 to supply the 16,000 dth before Sonat stopped ENA from withdrawing from the park. ENA defaulted on 418,708 dth of the Sonat deal in January. Sonat's in house legal counsel is Patti Frances (205-325-7696). I left a message for Patti to call me. 2/20/02 Patti Frances returned my call. Patti said the motion is currently set to be reviewed by the court on March 6th. I asked Patti if there were any penalties for not performing on the Jan 2002 sale to Sonat and if Sonat was going to pay for the 77,292 dth (8,588 dth per day for Jan 1st - 9th) that ENA did supply. Patti said she didn't think there were penalties but she would verify that and see if they were going to pay. I also asked her if Sonat is still honoring the ENA sale to Sonat in May 2002 and if Sonat would pay ENA if ENA performed. She will check on it and call me back. 2/25/02 Per Kay Mann - Mark Ellenberg is the legal counsel assigned to this contract. 1:10 PM. Left a follow-up message for Patti Frances regarding our conversation on 2/20/02. 3/11/02 Per Ruth - Mark Ellenberg wants us to try and pull the gas out of the Sonat Pal. Christina Sanchez (ENA Scheduler) will find out 1) if we still have access to Sonat's EBB and 2) if we can nominate the gas out of the PAL's. 3/13/02 Per Christina - ENA's ID's and passwords have been cancelled. Christina called Barbara Gilbert (205-325-7310), ENA's account rep at Sonat - Barbara said she would talk about this issue with Sonat's legal counsel and see if its ok to set up ENA with an ID. Christina also believes we could sell the gas without doing any nominations. The party we sell the gas to would use a specific PAL's meter and reference our PAL contract as the upstream. 3:30 PM Tammi Depaolis (832-397-1728) at Sequent is interested in buying this gas and she might prepay to get it. She will see if they can take the gas without ENA doing a nomination. I need to verify the volume parked and when I want Sonat to take it out. 3:40 PM Barbara is waiting to hear from Sonat's legal department.

BUSINESS HIGHLIGHTS East Power Midwest Origination Beginning late 2000, East Power Marketing implemented a complete market coverage strategy. Since then, EPMI has begun to develop relationships with hundreds of small
&mom & pop
8 municipalities. Many of these munis had no prior contact with Enron. As a result, East Power has executed a valuable 30 MW energy call option term purchase from the Municipal Energy Agency of Nebraska (MEAN) at a congested location. Enron Industrial Markets EIM has renamed Pulp, Paper & Lumber to Forest Products in order to fully encompass our multiple product offerings. East Power Development The Planning and Zoning Commission for Pompano Beach, FL approved ENA's rezoning request and site plan for the Pompano Beach Energy Center, a 510 megawatt peaking power plant. On the rezoning request, the vote was 6 to 1, and on the site plan, the vote was 7 to 0. The rezoning request will be forwarded to the Pompano Beach City Commission for their review. Additionally, the Florida Department of Environmental Protection (DEP) has announced its intention to issue an air permit for the facility. Next steps include a DEP public hearing on Monday, March 26, and the first of two votes on the rezoning request before the Pompano Beach City Commission, which is scheduled for Tuesday, March 27. IN THE NEWS EWS Brown Bag Lunch Mark Your Lunch Calendars Now! The next one is scheduled for Thursday, March 15, 2001 featuring Ray Bowen. He is the COO of EIM and will be discussing Enron Industrial Markets. Open Forum Editorial in The San Francisco Chronicle by Kenneth Lay 3/1/01 What has happened in California over the past four years is not deregulation. It is misguided regulation. Deregulation does not mean eliminating customer choice and competition for most customers. Deregulation does not mean limiting new market entrants. Fewer than five percent of customers in California are served by competing suppliers. Deregulation does not mean creating a single central power pool from which all participants must buy and sell their wholesale power; the state Power Exchange effectively replaced three monopoly buyers with one monopoly buyer. Deregulation does not mean buying all of your commodity at the last minute, on the spot market, rather than planning ahead and purchasing most of the power under long-term contracts that lock in prices. The situation in California is the result of continued regulation, complicated by a series of natural and man-made factors. WELCOME New Hires EGM - Lowell Bezanis, Owen Zidar EIM - Eric Holzer, John Ovanessian ENA - Mecole Brown, Nita Garcia, Ambroshia Hunter, Nikole Jackson, Junichi Sugiura, Theresa Zucha, Cynthia Gonzalez, Scott Wilson, Kenton Schaefer, Emily Butler Transfers ENA - Joseph Hardy, Nancy Vu, Lloyd Miller, Jinsung Myung, Patrick Johnson, Jason Wolfe, Andrew Miles, Sara Shackleton EIM - Sherri Baldwin, Debbie Chance, Rob Saltiel EGM - Jody Crook, Neithard Foley, Juan Paysse, Bhavna Pandya, Courtney Campbell, Terri Denning NUGGETS & NOTES "It is on the high side of medium to high." --Tim Battaglia, Vice President/Steel Origination EIM (discussing the probability of a transaction closing).
&I wanna see the phone glued to your ear!
8 -- Ed Baughman, Vice President/East Power Mid Market ENA
&REFERRALS, REFERRALS, REFERRALS! It pays to know good people."
) Ambroshia Hunter Perry/HR ENA You requested more info
(. Proud parents Michelle Vitrella, PR coordinator, and husband David Vitrella, manager of trading, have named their baby girl Lily Ann. She was born on February 27, 2001. Learning at the Speed of Enron If you haven't had a chance to log on to www.investinme.enron.com, you're missing a fast and easy way to gain the information you need to get ahead and stay ahead. This new EWS training site combines everything you loved about Ernie with much, much more. Enron employees now have the ability to register for hundreds of classes on industry-related topics anywhere in the world. Don't have time to attend a classroom training? No problem, you can now use the web site to search for books, videos, CD ROM, and web-based training. All the learning you want, anytime, anywhere. Just go to www.investinme.enron.com and start building your future today! NEWS FROM THE GLOBAL FLASH Enron Wind Enron Wind has purchased the factory facilities of the Dutch company, Aerpac, Europe's second largest producer of wind turbine rotor blades. This move represents a significant step towards fulfilling Enron Wind's strategic objective of manufacturing high-quality and technically sophisticated rotor blades in-house. Enron Wind will be using its own moulds to produce the rotor blades. The acquisition of the Almelo-based factory facilities, which are only 60 kilometres from Enron Wind's facilities in Salzbergen, Germany, gives the company a convenient base for European wide distribution. Enron applies for Greek electricity trading license Enron, through its subsidiary Enron Power MEPE, has applied for an electricity supply license for Greece, for the 34% market opening on Feb 19th 2001. If the license application is successful, Enron will be allowed to approach customers consuming more than 100GWh up to a combined total peak capacity of 350MW. In total, 4 companies have applied for power trading licenses (Enel, ATEL and Cinergy also applied). LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

MASS. BECOMES FIRST STATE TO IMPOSE CO2 CONTROLS UNDER TOUGH NEW STANDARDS May. 24, 2001 Utility Environment Report Page 1 (Copyright 2001 McGraw-Hill, Inc.) Massachusetts became the first state to issue limits on carbon dioxide emissions from power plants with the recent release of a major new plan that requires older plants to meet tougher standards for several pollutants. The new regulations, which take effect in June, call for the state's six oldest power plants, which total 4,500 MW, to reduce nitrogen oxide emissions by 50%, sulfur dioxide by as much as 74% and CO2 by 10%. Power plants also must begin stack testing for mercury, in preparation for mercury emissions standards that will begin Oct. 1, 2006. Issued by the state Dept. of Environmental Protection, the regulations apply to Sithe Energies Mystic Station in Everett; NRG Energy's Montaup Station in Somerset; PG&E National Energy Group's Salem Harbor in Salem, and Brayton Point in Somerset; Northeast Utilities' Mount Tom Station; and Mirant's Canal Electric in Sandwich. Although Massachusetts has emissions trading and averaging rules, the new regulations prohibit use of emissions averaging between the plants to meet the standards. Local citizens, environmental groups and elected officials protested such averaging because they feared that PG&E National Energy Group would use reductions from its Salem, Mass., plant to offset emissions at its Fall River Brayton Point facility, creating what they described as a burden of air pollution in Fall River. The rules do, however, allow plants to generate SO2 ``early reduction credits'' by operating below historical average emission rates. A generating facility can use the ERCs to meet the new standards, but cannot transfer the ERCs to another facility. The DEP also will allow transfer of SO2 allowances under the Federal Acid Rain program. The DEP noted that the plants will be emitting at rates lower than what the EPA requires to create allowances. Therefore, the plants are likely to create a substantial number of unused allowances. If the plants transfer the allowances to upwind sources, it could harm air quality in Massachusetts. The DEP plans to monitor the situation, and may limit the ability of the plants to accumulate the allowances if they are having an adverse impact on Massachusetts. The rules allow use of off-site reductions and carbon sequestration to comply with the CO2 cap. In the future, it also plans to allow CO2 trading and will set up a Massachusetts Greenhouse Gas Reductions Registry to promote reductions and create consistency in their creation. The DEP decided against issuing a standard for fine particulate matter for the time being, saying there is ``currently insufficient technical information'' to support a standard and that the NOx and SO2 reductions will automatically reduce PM concentrations. While the regulations won praise from several environmental groups, the Competitive Power Coalition of New England warned that they may jeopardize reliability, increase consumer costs and reduce fuel diversity. CPC says that the state went back on its original proposal, announced about a year ago, which was supported by the plant owners. Plant owners offered voluntary emissions reductions with the understanding that if they did, the state would not institute new regulations. The DEP, however, said that not all of the power plant owners submitted detailed voluntary plans. And further, the state agency said that it had made clear that it would incorporate the voluntary proposals in new regulations. CPC said that the original proposals also did not include CO2 or mercury limits, and did not prohibit averaging. Moreover, the state originally agreed to give plant owners several more years to comply, setting deadlines of 2007 and 2010 to meet reductions, according to Neal Costello, CPC general counsel. Instead, the final rules call for the plants to achieve the standards between Oct. 1, 2004 and Oct. 1, 2008. Plants that repower are given more time than those that install emissions pollution control technologies. Specifically, plants that repower have until Oct. 1, 2006 to reduce NOx by 1.5 lbs/MWh using a 12 month rolling average and SO2 to 6 lbs/MWh. By 2008 they must reduce SO2 to 3 lbs/MWh. Plants that do not repower have until Oct. 1, 2004 to meet the first SO2 and NOx standards, and until Oct. 1, 2006 to meet the final SO2 standard. For CO2, plants must limit emissions to 1800 lbs/MWh by Oct. 1, 2006, if they install emissions reductions devices, and two years later if they repower. The DEP said it is giving plants more time if they repower because it will take them longer to complete design, permitting and construction. It's worth the wait, the DEP said, because repowering reduces multiple pollutants. CPC's Costello said that the regulations will increase power costs at about the same time that the state is scheduled to end discounted utility standard offer service, which is taken by about 80% of the state's electricity consumers. The customers will then buy power at market prices, which are likely to rise as the generators pass on the cost of the environmental upgrades. Power plant owners have also said that the tight time frames could jeopardize system reliability because it may force plants offline simultaneously. However, the DEP argued that the region will not be short of supply because 10,000 MW in new capacity will come on line by 2003.

Michelle, this came through just fine. His address looks perfect. Rosalee Michelle Michot Foss <[email protected]> on 08/15/2000 07:13:38 PM To: "Dr. Kenneth Lay" <[email protected]> cc: Subject: Invitation to deliver 2001 IAEE conference keynote Dear Ken: Next April 25-27, 2001, Houston will host the 24th conference of the International Association for Energy Economics, in combination with the annual meeting of our U.S. Association for Energy Economics affiliate. We invite you to serve as our opening keynote speaker at the kick off luncheon on Wednesday, April 25 to help set the tone, goals and objectives for this event. Our theme is "2001: An Energy Odyssey." We are using the conference to showcase the role of economics in developing markets for energy, and to deal with issues that impede, or facilitate, market development as well as enterprise strategy and metamorphosis. We can think of no one better to clearly define these major themes and priorities than you. I was a speaker and delegate at the World Forum on Energy Regulation in Montreal last May, and greatly enjoyed your luncheon keynote (and hope that the regulators and policy makers attending the Forum took your key points to heart). The thoughts you offered -- on the importance of standards, the opportunities to build network platforms and Enron's own experience, are of vital importance to IAEE/USAEE members. We would ask you to include comments on the fundamental importance of economic principles in both guiding market development and the efforts of those of us who operate in markets on behalf of enterprises. The IAEE remains the largest worldwide combination of industry, business and university interests engaged in energy development and policy. To bring you up-to-date on the association, our Web site is www.iaee.org. I'm sure Rosilea will have someone on her staff pull the relevant materials together for you. I have also included the call for papers for the Houston conference (at the end of this mail) which lines out the major sessions and topics. In addition to our invitation to you, we are inviting Mark Moody-Stuart of RD/Shell for the April 26 keynote luncheon to address environmental issues and Rilwanu Lukman, Secretary General of OPEC (and a member of IAEE), in a joint session with the Board of Directors of the Offshore Technology Conference on Friday, to cover worldwide outlooks for oil and gas. Finally, as you know, Enron Corp. for some time has been a corporate sponsor of our UH Energy Institute and the previous Natural Gas Project, which you helped to found. Thus, we also are relying on Rob Bradley to help identify and implement the major environmental themes for the plenary session, "Sustaining Development" (yes, we indeed are trying to turn thinking around with our re-phrasing). I hope to hear from Rosilea soon on your interest and availability. We look forward to having you with us next April! Michelle Michelle Michot Foss, Ph.D. Director, Energy Institute General Chairman, IAEE/USAEE 24th Conference and President Elect, USAEE College of Business Administration University of Houston Houston, TX 77204-6283 USA Tel. 713-743-4634 Fax 713-743-4881 www.uh.edu/energyinstitute 24th IAEE INTERNATIONAL CONFERENCE Hosted by: United States Association for Energy Economics Houston Chapter, USAEE/IAEE 2001: An Energy Odyssey? Omni Hotel
) Houston, Texas - USA April 25-27, 2001 Conference Objective To look ahead at the changing energy landscape and the future role of energy economics across fuels, business segments and geographies. Session Themes and Topics ENERGY BUSINESS METAMORPHOSIS *Redefining the energy industry, the energy business and the energy economist *Coming to terms with the New Economy *Industry consolidation: what
,s next? SUSTAINING DEVELOPMENT *What is sustainable development and how should it be measured? *Market tools for sustainability *Balancing energy and environmental needs RISK MANAGEMENT INNOVATIONS *Political risk assessment in investment decisions *Techniques for price risk management *Why risk management fails NEW POLITICS AND ENERGY *Sub-national issues: how do they play in the end game? *New paradigms
) markets, regions, corporate roles, NOC roles *The end of the oil era, what would it mean? TECHNOLOGY TRANSFORMATIONS
) EVOLUTION OR REVOLUTION? *Impacts on energy demand *Impacts on energy supply *E-commerce linkages and impacts *** CALL FOR PAPERS *** Deadline for Submission of Abstracts: December 4, 2000 (Please included your CV when submitting your abstract) Anyone interested in organizing a session should propose topics, motivations, and possible speakers to Program Co-Chairs: Leslie J. Deman
) 713-230-3429 / [email protected] Marianne S. Kah
) 281-293-2136 / [email protected] Abstracts should be between 200-1500 words and must clearly address the theme of the conference and topics above to be considered for presentation at the meeting. At least one author from an accepted paper must pay the registration fees and attend the conference to present the paper. All abstracts/proposed sessions and inquiries should be submitted to: David Williams, Executive Director, USAEE/IAEE 28790 Chagrin Blvd., Suite 350, Cleveland, OH 44122 USA Phone: 216-464-2785 / Fax: 216-464-2768 / E-mail: [email protected] Conference Chair Emeritus: John B. Boatwright General Conference Chair: Michelle M. Foss Program Co-Chairs: Leslie J. Deman / Marianne S. Kah Arrangements Chair: David L. Williams AGAIN THIS YEAR: USAEE Best Student Paper Award ($1000.00 cash prize plus waiver of conference registration fees). If interested, please contact USAEE Headquarters for detailed application/guidelines.

Content-Transfer-Encoding: quoted-printable Return-Path: <[email protected]> Received: from rly-xf04.mx.aol.com (rly-xf04.mail.aol.com [172.20.105.228]) by air-xf05.mail.aol.com (v82.22) with ESMTP id MAILINXF51-0113200137; Sun, 13 Jan 2002 20:01:37 -0500 Received: from easycomeeasygo.mr.itd.umich.edu (easycomeeasygo.mr.itd.umich.edu [141.211.14.26]) by rly-xf04.mx.aol.com (v83.18) with ESMTP id MAILRELAYINXF45-0113200054; Sun, 13 Jan 2002 20:00:54 1900 Received: (from daemon@localhost) by easycomeeasygo.mr.itd.umich.edu (8.9.3/3.1u+) with LDAP id UAA16158; Sun, 13 Jan 2002 20:00:36 -0500 (EST) Received: (from daemon@localhost) by easycomeeasygo.mr.itd.umich.edu (8.9.3/3.1u+) with X.500 id UAA16144 for [email protected]; Sun, 13 Jan 2002 20:00:35 -0500 (EST) Received: from web11101.mail.yahoo.com (web11101.mail.yahoo.com [216.136.131.148]) by easycomeeasygo.mr.itd.umich.edu (8.9.3/3.1u+) with SMTP id UAA16117 for <[email protected]>; Sun, 13 Jan 2002 20:00:34 -0500 (EST) Message-ID: <[email protected]> Received: from [172.135.205.86] by web11101.mail.yahoo.com via HTTP; Sun, 13 Jan 2002 17:00:34 PST Date: Sun, 13 Jan 2002 17:00:34 -0800 (PST) From: Shalesh Ganjoo <[email protected]> Subject: Interesting article To: [email protected] MIME-Version: 1.0 Content-Type: text/plain; charset="us-ascii" X-MIME-Autoconverted: from 8bit to quoted-printable by easycomeeasygo.mr.itd.umich.edu id UAA16158 X-Mailer: Unknown (No Version) Biz School Blindness Sank Enron By JOHN LEBOUTILLIER arvard Business School: It's called the West Point of capitalism. In fact, the school's bottom-line-only philosophy has had a poisonous effect on American business practices. The Enron disaster is the most recent - and spectacular - manifestation. To illustrate my point, let me take you back to a classroom at the school in the late winter of 1978. The course was productions and operation management, taught by Chip Bupp, a thoughtful and serious man. On this particular day, the case study involved a company that manufactured a product that might be harmful, even fatal, to the consumer. The question was, what should you do, if you were the company's CEO, in such an ambiguous but potentially dangerous situation? Several students offered suggestions, none of which galvanized the class. Then a hand shot up, and Bupp said, "Jeff, what would you do?" Jeff, with his thinning blond hair, wire-rim spectacles and slight Southern drawl, was one of the brightest members of the class and a natural leader. When he talked, as the commercial used to say, everyone listened. "I'd keep making and selling the product," Jeff said. "My job as a businessman is to be a profit center and to maximize return to the shareholders. It's the government's job to step in if a product is dangerous." Several heads nodded. Neither Jeff nor those who agreed with him seemed to care about the potential effects of their cavalier attitude. What if the product really did harm consumers? How about the company's employees? Were they in danger during the manufacture of the product? What would happen to the company if the CEO's decision was wrong? Few in the classroom that day dared to raise these questions. At Harvard Business School - and business schools nationwide - you're considered soft, a wuss, if you dwell on morality or scruples. As the years went by, Jeff had a meteoric career. He became a partner in the McKinsey consulting firm. From there he joined Enron and was soon promoted to president and chief executive officer. Jeff is Jeffrey Skilling, who resigned under unexplained circumstances in August after only six months on the job. In two stock sales before and after his departure, he cashed out $30.6 million worth of Enron stock. Skilling and other senior managers encouraged employees to buy and keep Enron stock, even when things started to sour, while they were hurriedly selling huge blocks of their own stock. And now Enron has collapsed, "the largest bankruptcy case in American history," according to Sen. John McCain (R-Ariz.). One analyst told CNBC, "It's the biggest insider trading scandal ever." Another observer said, "Enron was run to benefit the top executives. They literally looted the company." Yet Skilling proclaims total ignorance of any problems. "I had no idea the company was in anything but excellent shape," he has said. Articles about Skilling written since the demise of his company cite his arrogance and cold-heartedness. But as I witnessed sitting in that Harvard Business School classroom nearly 24 years ago, the seeds of his destruction grew out of a gross misunderstanding about the role of a business leader in our society. In his view, it is to be "a profit center" and to "maximize return for the shareholder," no matter the peril to consumers or employees. Harvard and other business schools must pay more than lip service to the gross ethical blind spots that the Enron case has exposed. Starting with an admissions policy that selects potential students for ethics and character as well as brains, these institutions need to return to the goal of teaching their students to be good citizens first and moneymakers second. America can't afford many more Enrons - or Jeffrey Skilling-like CEOs. LeBoutillier graduated from Harvard Business School in 1979. He is the author of "Harvard Hates America." Wednesday, January 09, 2002 __________________________________________________ Do You Yahoo!? Send FREE video emails in Yahoo! Mail! http://promo.yahoo.com/videomail/

TEXAS EXES NETWORKING/THIRSTY THURSDAY Come join your fellow Longhorn friends this Thursday, October 12, 2000 at 5:30pm at The Outback Pub.? See Attachment for more details. GAME LISTENING PARTY!! For all you die-hard Longhorn fans, Ruggle's at Enron Field refuses to disappoint you.? This weekend join fellow Longhorns for the 1st ever Longhorn Game Listening Party.??Higher management has listened and have arranged for the game to be on RADIO only.? Ruggles will have a special?room reserved for the game Listening party.?? This will be an event you definitely want to HEAR. ? If this doesn't interest you, stay tuned, don't turn that dial, look out for?next week's broadcast. Please join us on Saturday, October 14th, at RUGGLE'S@ENRON FIELD?(new?location) as The University of Texas takes on Colorado, 2:30 p.m.. Come for?Miller?Lite drink specials, appetizer specials, and $3 valet parking. The party will be upstairs in the reserved room. The entry door to the restaurant is located on the side of the restaurant facing Crawford St.? Ruggle's is located on the NW corner of Congress and Crawford. Directions to the ballpark can be found easiest on the Astros.com website.? There is free parking available along Crawford and?Congress as well as the A, B, and C parking lots along the east side of?Enron Field near the Diamond Club entrance. Ruggle's? address is 333 Crawford? Houston, TX? 77002.? The phone number is?713-259-8080.? See photo attachment. UTBN Breakfast University of Texas Business Network Houston Chapter - Monthly Meeting "We Bring Texas Exes Together and Hook 'Em Up" www.houston.texasexes.org Speaker:??????????????? Hannah Chan, ePronet - UT Career Resource Topic:???????????????????? Unique Online Recruiting and Career Management ??????????????????????????????? Service for Texas Exes When:??????????????????? Wednesday, October 18th, 2000 at 7:15 AM Where:?????????????????? River Oaks Country Club ?????????????????????????????? 1600 River Oaks Blvd. Cost:????????????????????? $17 before the day of the event, $20 walk-ins Sponsors:????????????? Sponsor Slots Available ?To assist us in planning, reservations and payment requested in advance of the breakfast, but all walk-ins are welcome! Make checks payable to: Houston Texas Exes - UTBN Please send check to: ??? Craig B. Robertson ??? Deloitte & Touche ??? 333 Clay St. Suite 2300 ??? Houston, TX 77002-4196 ?Future Breakfasts: NOVEMBER: Speaker:?????????????? George DeMontrond When:??????????????????? Wednesday, November 15th, 2000 at 7:15 AM DECEMBER: No Breakfast this month. JANUARY: Speaker:?????????????? Jim C. Kollaer, President & CEO, ?????????????????????????????? Greater Houston Partnership When:??????????????????? Wednesday, January 17th, 2001 For more information on other events, call the Texas Exes Hotline at 281-490-7325.? For specific UTBN events, please contact John Mitchell at 713-403-5170 or [email protected] HOUSTON LONGHORN CLUB Come join the Houston Longhorn Club for breakfast, Friday, October 13th, at 7:15 a.m. at the Houston Country Club.? It's not too late to join.? Guest Speaker:? TBA.? Contact Mark Massey at 713/647-5468 for more information. HOUSTON TEXAS EXES GAME CHARTERS Have tickets to the game, but don't want to drive.? Join your fellow-Longhorn fans and take the Houston Texas Exes bus charters.? They usually cost $35.00 and include beverages to and from the game, a meal in LaGrange and a comfortable, safe ride.? For more information, contact Col. Harold Gilbert-713/688-0004 TEXAS STAMPEDE 2000 - Austin, Texas Support the Austin Texas Exes at the Texas Stampede 2000,? featuring great Texas music by Kelly Willis and Delbert McClinton; Friday October 20th? from 7:30pm-Midnight.? See attachment for further details and ticket information. A NIGHT IN AUSTIN The Houston Texas Exes present "A Night In Austin w/ Pat Green and Kelly Willis", Friday, November 10, 2000 at the Arabia Shrine Temple located at 2900 North Braeswood between Kirby and Buffalo Speedway. For more information and to reserve your tickets, please see attachment, or contact Suzanne Tamas at 713/627-3938. VOLUNTEER OPPORTUNITIES/GET INVOLVED ? For all of you who would like to get involved with a Committee, we have the following commitee meeting dates: ? ??? A NIGHT IN AUSTIN (Date of Event - Nov. 10th) ??? ??? All Meetings Held at Cafe Express-Uptown at 6:30 p.m. ??? ??? ??? Monday, Oct. 16th ??? ??? ??? Monday, Oct. 23rd ??? ??? ??? Monday, Oct. 30th ??????????? Monday, Nov. 6th ??? ??? For more information, e-mail Erin Finley at [email protected] ? ??? TEXAS INDEPENDENCE DAY CELEBRATION (March 9, 2001) ??????? Meeting dates as follows: ??????????? Wednesday, Oct. 25th - Sterling Bank, Upper Kirby District at 6:00pm ??????????? Mondday, Nov. 13th - Sterling Bank, Upper Kirby District at 6:00 pm ??? ??? ??? Wednesday, Dec. 6th - Mann,Frankfort,Stein&Lipp, 12 Greenway Plaza, #800 ?????? For more information, e-mail Jill Willard at [email protected] ? ??? EEYORE'S FUN RUN/WALK ???????? Meeting dates as follows, both held at Beck's Prime-Memorial Park, Time-6:00 ??? ??? ??? Tuesday, October 17th ??? ??? ??? Tuesday, November 7th. ??? ??? For more information, e-mail Lanette Varnadoe at ??????? [email protected]. ? ? Come Home to Texas; ESA, Your Home Away From Home!! Are You? Member??? Do You Receive the Alcalde?? If not, join the Ex-Students' Assn. today. Return this E-Mail to Ask How?? Suzanne Tamas; [email protected]

---------------------- Forwarded by Eric Thode/Corp/Enron on 10/18/2000 02:55 PM --------------------------- Eric Thode 10/18/2000 02:41 PM To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron cc: Subject: San Diego Union Tribune Have you seen this? Eric Power-company profits climb along with prices By Craig D. Rose UNION-TRIBUNE STAFF WRITER October 18, 2000 A power company executive yesterday boiled California's ongoing electricity crisis down to the bottom line. "Prices are rising, and I know that's hurting consumers
) but it certainly has been beneficial for Enron," said Jeffrey Skilling, president and chief operating officer of the Houston-based energy and trading company. Enron declined to specify how much it earned from California during the past summer, when the state's deregulated electricity market sent power prices soaring. But the Texas company did say that profits of its sales and services unit
) which trades California electricity and o ther commodities
) increased 135 percent to $404 million. Dynegy Inc., also based in Houston, reported that income from its marketing and trade unit soared more than 300 percent to $142 million. Steve Bergstrom, president of Dynegy, said California was perhaps only the third-biggest contributor to that surge. But industry analysts said the earnings reports are the first indication of a pattern expected in coming weeks. "California clearly drove the positive momentum at both of these companies," said Carol Coale, senior analyst of Prudential Securities. "And you probably just saw the beginning of a string of strong reports (from the power industry)." She and others say they suspect that power companies derived billions in profits from the state, where tight supplies set the stage for huge price increases. Companies did not necessarily have to own generating plants to profit from the deregulated market. Enron produces no electricity in California but is the nation's largest electricity trader, buying and selling the output of power plants owned by other companies. Rep. Duncan Hunter, R-El Cajon, said the big profits should be seen in something other than a business context. "These massive profits by the energy companies translate directly into thousands of San Diegans losing savings that were planned for education, mortgage payments, health care and other . . . necessities," Hunter said. When the state power exchange saw dramatic price increases within a matter of hours, "it was clear that predatory pricing was producing massive profits for someone," Hunter said. Hunter insists that recent power prices violate federal law mandating that rates be "just and reasonable." He is calling for the Federal Energy Regulatory Commission to order refunds. FERC is scheduled to issue a report on the California market by Nov. 1. The political fallout from the price increases, meanwhile, appears to weigh heavily on power companies, which are reluctant to tout successes in California for fear of being singled out for profiteering. After noting that Dynegy's recent acquisitions in Illinois contributed strongly to the company's success last quarter, Bergstrom was reminded that he had omitted mention of California. "Illinois is not as politically volatile as California," Bergstrom said. He acknowledged that Dynegy did "pretty well" in California because its power plants produced far more electricity this year than last. Bergstrom also sought to correct an earlier report that Dynegy had quickly recouped the cost of power plants it recently acquired in the state. He said that was true only of the plants it owns in Long Beach and El Segundo, which it bought in 1998. Bergstrom said the cost of Dynegy's half interest in the former San Diego Gas & Electric Encina power plant in Carlsbad
) acquired at the end of 1998
) had not been recovered. Typically, plant operators assume that it will take as long as 20 years to recoup such costs. In comments to financial analysts, Skilling, of Enron, suggested that power companies could help provide a solution to California's power problems. "Supply constraints and the resulting price pressures in California and other locations have demonstrated the need for skilled marketers like Enron to provide reliable power and stable prices," Skilling said. He predicted that California's utility companies
) which now buy much of their power from other companies
) would sign long-term contracts to stabilize prices, following an approach suggested by many power generators and traders. "If they were willing to extend the terms of their purchases to 10-year contracts, then they could get contracts for $50 a megawatt, which is not much different than they were paying two or three years ago," Skilling said. But consumer advocates have noted that long-term contracts at those levels would lock consumers into price increases and leave them with little choice about suppliers. Advocates of electrical deregulation had predicted that introducing competition would lead to reductions in power costs and to greater consumer choice. Harry Snyder, senior advocate for Consumers Union in San Francisco, said he was skeptical of solutions proposed by the power industry. "Any proposal from the industry has to be suspect because they have engaged in faking out the California public and price gouging when there are shortages," said Snyder, who advocates an end to deregulation. "They do not have consumer interests at heart."

BUSINESS HIGHLIGHTS Enron Industrial Markets The Transaction Development group (TD) is responsible for corporate development, transaction execution and portfolio management activities within EIM. TD is responsible for asset and corporate acquisitions to support EIM's efforts in the Forest Products and Steel industries. TD works with EIM's Forest Products and Steel Origination groups to structure and execute complex transactions for EIM's customers. TD also manages EIM's equity investments, such as EIM's ownership position in Papier Masson, Ltee, a paper mill in Quebec, Canada. TD is comprised of approximately 20 professionals with a wide range of backgrounds including investment banking, commercial banking, management consulting, law, project development, accounting and engineering. In addition, the majority of the analysts and associates within EIM work in TD since it provides a strong base of deal experience for junior members of our organization. Enron Freight Markets Enron Freight Markets has continued to expand the transportation services offered to its customers and completed several flatbed truck moves outbound from Georgia this week. There was a shortage of flatbed equipment supply in this market and EFM was able to obtain more than three times the normal margin on each move. IN THE NEWS "Enron's bilateral internet trading platform, EnronOnline, was launched in November 1999 and is the largest e-commerce site on the planet based on the value of its transactions. As EPRM went to press, it had average daily trading volume of $3.5 billion, accounting for nearly 50% of the company's revenues from wholesale marketing activities." -- Energy Power Risk Management, May 2001 WELCOME New Hires EIM - Cheryl Lindeman ENA - Chris Bystriansky, Paula Craft, Eugene Lee, Bhalachandra Mehendale, Sarah Wooddy Transfers (to or within) ENA - Grace Taylor, Steven Irvin, Dina Snow NUGGETS & NOTES Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001. Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately after the presentations. Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco. Dates to be announced soon. Travel tip of the week: Flights reserved through Travel Agency in the Park provide you with $150,000 of flight insurance at no additional charge. EnronOnline Statistics Below are the latest figures for EnronOnline as of May 29, 2001. * Total Life to Date Transactions > 1,015,000 * Life to Date Notional Value of Transactions > $610 billion NEWS FROM THE GLOBAL FLASH Enron arranges first gas pipeline import into Italy Enron has continued its pioneering activities in the Continental gas market by arranging the first gas import into Italy. The Italian team worked with the Continental Gas desk to arrange this strategically important agreement with Blugas SpA., the wholesale gas company formed by the municipalities of Cremona, Lodi, Mantova and Pavia in north-eastern Italy. Enron has sourced 100,000 cubic metres per day of natural gas from northern Europe to transport to Italy, transiting it through Germany and Switzerland, despite fierce resistance from Ruhrgas and TransitGas respectively. Aside from isolated LNG imports by incumbent monopolies this is the first time that any company has managed to import natural gas by pipeline into Italy since the Italian gas sector was officially liberalised in August 2000. The gas, which started flowing at 06.00 on Thursday 17th May 2001, will be used to meet the needs of two thirds of Blugas' residential customers within the four municipalities. The current contract lasts for five months. Congratulations to Fabio Greco, Carsten Haack, Didier Magne, Michael Schuh, Marco Lantieri and Daniela Uguccioni. Enron in the Middle East Enron has relinquished its stake in Dolphin Energy, the joint venture company formed to develop gas reserves in Qatar. Enron has agreed to transfer its 24.5 per cent stake in the project to the United Arab Emirates Offset Group (UOG), the majority shareholder. The agreement allows Enron to deploy capital elsewhere and gives UOG the opportunity to seek new partners before the project moves into its next phase. Development of the Emden/Oude gas hub moves ahead fast An important milestone in the evolution of the new gas trading hub on the Dutch-German border was reached last week. Last Friday some of the major European gas players held a meeting to officially establish the Emden/Oude gas hub. Although Enron had already initiated the development of the Emden/Oude hub by making a market through EnronOnline as early as December 2000, the goal of this meeting was to set up a working group similar to the Zeebrugge focus group who can work on setting a legal framework for the Emden/Oude hub. Enron was elected as the only new market entrant in this group, reflecting the high level of respect industry peers have for Enron as a major player in the Continental gas market -- even from incumbents! LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed. <Embedded Picture (Metafile)>

sold! I'll initiate the call. -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Friday, June 30, 2000 3:44 PM To: [email protected] Cc: Vince J Kaminski Subject: RE: Pre-meeting Weathereffects site cruise Ed, Thursday works for me. What about 10:30 my time? Vince "Edward Krapels" <[email protected]> on 06/30/2000 02:43:00 PM Please respond to <[email protected]> To: "'Vince J Kaminski'" <[email protected]> cc: Subject: RE: Pre-meeting Weathereffects site cruise how about Thursday, July 6? -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Friday, June 30, 2000 3:29 PM To: [email protected] Cc: Vince J Kaminski Subject: RE: Pre-meeting Weathereffects site cruise Ed, A correction. I shall spend an entire day at PRC (performance review) on Friday, July 7. Can we do on another day Vince "Edward Krapels" <[email protected]> on 06/30/2000 12:40:59 PM Please respond to <[email protected]> To: "'Vince J Kaminski'" <[email protected]> cc: Subject: RE: Pre-meeting Weathereffects site cruise I'll still be here in Boston so we'd do it over the phone. OK? -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Friday, June 30, 2000 12:11 PM To: [email protected] Cc: Vince J Kaminski Subject: Re: Pre-meeting Weathereffects site cruise Ed, Will you be in Houston on that day or we shall do it over the phone? Vince "Edward Krapels" <[email protected]> on 06/30/2000 09:13:04 AM Please respond to <[email protected]> To: "'Vince J Kaminski'" <[email protected]> cc: "Jeffrey Shorter \(E-mail\)" <[email protected]> Subject: Pre-meeting Weathereffects site cruise Vince, How about a pre-meeting web site cruise on Friday, July 7 at 11AM EDT? Ed -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Friday, June 30, 2000 9:52 AM To: [email protected] Cc: Vince J Kaminski Subject: RE: Next visit to Houston Ed, July 12, 2:30 it is. I would like the pre-meeting site cruise. How can we arrange it? Vince "Edward Krapels" <[email protected]> on 06/30/2000 04:00:53 AM Please respond to <[email protected]> To: "'Vince J Kaminski'" <[email protected]> cc: "Jeffrey Shorter \(E-mail\)" <[email protected]> Subject: RE: Next visit to Houston Vince, We're all set for 2:30 on July 12. How about a pre-meeting web site cruise on Friday, July 7 at 11AM EDT? Ed -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Thursday, June 29, 2000 5:04 PM To: [email protected] Cc: Vince J Kaminski; Shirley Crenshaw Subject: RE: Next visit to Houston Ed, Wednesday, July 12, 2:300 will work for me. I shall be glad to review your website -- www.weathereffects.com. I shall invite some people who work on electricity in my group to join me. Vince "Edward Krapels" <[email protected]> on 06/29/2000 03:53:40 PM Please respond to <[email protected]> To: "'Vince J Kaminski'" <[email protected]> cc: "Jeffrey Shorter \(E-mail\)" <[email protected]> Subject: RE: Next visit to Houston Vince, Good to hear from you and I'm glad you're available. How is Wednesday at 2:30? I did look at EOL and am not surprised to see its quality. I was unable to say much about it in my Risk Electricity Hedging and Trading report because of deadline pressures. How is the site doing? I am intrigued by the competition for trading platforms and was astonished to hear that Goldman, Morgan, BP and Shell were going to launch a site to compete with yours. Talk about a shotgun marriage! If we have time next week, I could step you through our website -- www.weathereffects.com. I'm very proud of what we've done. I can't give out a password yet but would be happy to walk through the site with you over the phone using my password. It's a very ambitious site -- with state-of-the-art WSI weather (seasonal, 6-10, and day to day) driving a good load model for PJM and NEPOOL. ESAI contributes oil and gas input price forecasts, capacity judgments, and "herding" ideas to develop power price forecasts for same time periods. After one month's full-bore effort, I'm pleased with the results (e.g., we forecast Nepool onpeak to be $43 and it turned out $46). Have a great weekend. Ed -----Original Message----- From: Vince J Kaminski [mailto:[email protected]] Sent: Wednesday, June 28, 2000 5:29 PM To: [email protected] Cc: Vince J Kaminski; Shirley Crenshaw Subject: Re: Next visit to Houston Ed, I shall be available on both days. What about Wednesday, July 12, between 1:30 and 4:00. Please, let me know what time would work for you. It will be nice to see you again. Vince P.S. By the way, did you have a chance to take a look at the EOL? "Edward Krapels" <[email protected]> on 06/28/2000 02:49:41 PM Please respond to [email protected] To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Next visit to Houston Dear Vince, I will be returning to Houston during the week of July 10. ESAI and Weather Services International have launched -- after more than 18 months of R&D -- our service, called Energycast Power Trader and Energycast Gas Trader, for power traders in Nepool and PJM. I would be happy to review the service with you as well as take you on a tour of our web site. Are you available on July 12 - 13? Sincerely, Ed Krapels

Thought you would be interested in Jonathan Lash's report. Rosie -----Original Message----- From: "Jonathan Lash, President" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Jonathan+20Lash+2C+20President+22+20+3Cjlash+40wri+2Eorg+3E+40ENRON@ENRON.com] Sent: Wednesday, July 25, 2001 11:05 AM To: Lay, Kenneth Subject: Climate News from Bonn The climate news from Bonn this week is very good. Against the odds, and defying expectations, 178 nations have agreed to proceed with implementation of the Kyoto Protocol. The United States alone refused to participate in this remarkable achievement. Two weeks ago every environmentalist I know was gloomy about the prospects for agreement. Japan, Canada, and Australia had expressed grave misgivings about going forward without the U.S. There were rumblings of doubt from several European nations. But in Bonn the imperative of taking a first step to protect the global climate proved strong enough to persuade negotiators to step back from entrenched positions. Europe agreed to flexibility in the treatment of "sinks" (forests and agricultural soils that absorb CO2), and "trading" (the ability of a nation that falls short of its target to purchase credits from a nation that exceeds its target). Japan, Australia, and Canada agreed to join. With strong leadership from conference chair Jan Pronk the result is a legally binding international agreement that achieves a little less than hoped 4 years ago, but much more than nothing. If it is all it appears to be it is a profoundly important commitment to take a first step. There are two great ironies about the impact of the U.S. withdrawal from the Kyoto Protocol. The first is that the U.S. criticism of the Protocol, and failure to offer any alternative whatsoever, helped the rest of the world to reach agreement. A very senior Japanese official whom I spoke with expressed frustration and confusion that Japan's urgent efforts to stand by the U.S. and open the negotiations to alternatives - despite strong popular support for the Kyoto agreement in Japan - were met with stony silence. "What do they want," this official asked, "Do they know?" U.S. silence foreclosed negotiations and pushed Japan and others toward Europe. My colleague Tony LaVina, on temporary detail to the Philippine delegation in Bonn, reports that U.S. silence meant that there was no U.S. rhetoric attacking developing countries, and consequently greater willingness by developing countries to be flexible in their approach to the Protocol. And resentment of the U.S. position helped to unify negotiators. Francois Bayrou, a member of the European Parliament and French presidential candidate, told me that support for the Kyoto Protocol and opposition to the U.S. position is one of the most reliable applause lines in speeches he gives all over Europe. The second irony is that U.S. isolation will deprive U.S. industries of three things they eagerly sought in any climate agreement: 1. Clear and certain rules that enable companies to make rational decisions on energy related investments that will last 10, 20, 30 or more years. It remains unclear when the U.S. will enact policies to reduce greenhouse gas emissions, or what those policies will be. 2. The ability to purchase credits from other countries. The trading system will be set up under the Protocol for countries that are participating. 3. The ability to receive credits for investment in measures that reduce emissions in developing countries through the "Clean Development Mechanism". The CDM too, will operate under the Protocol, which will be designed by and operated for parties. It seems obvious that this will raise the costs and reduce flexibility for the U.S. when we decide to make reductions. Even the Wall Street Journal editorial page admitted to harboring "a certain fondness for one part of the Kyoto treaty - emissions trading." An encouraging development in the U.S.: Last week I was invited to testify before the Senate Governmental Affairs Committee on a bill that would require the U.S. to develop a long-term strategy for reducing greenhouse gas emissions. The first witness was the snowy-haired chairman of the Appropriations Committee and former Majority Leader of the Senate, Robert Byrd, of West Virginia, the author with Senator Stevens of Alaska of the bill under discussion. Senator Byrd has been an effective advocate for his state and its coal industry, and often an opponent of clean air legislation. In 1997, with Senator Hagel of Nebraska, he authored a resolution calling on the U.S. to reject any agreement that failed to impose mandated emissions reductions on developing countries. That resolution has been cited by White House spokespersons as reason for the U.S. to withdraw from the Kyoto process. Last week Senator Byrd delivered a powerful statement on the urgency of addressing global climate change, saying "make no mistake about it, global climate change is a reality." He said he did not believe his 1997 resolution "should be used as an excuse for the United States to abandon its shared responsibility to help find a solution to the global climate change dilemma." He expressed optimism that the United States is "particularly well positioned with the talent, the wisdom, and the drive" to lead efforts to control global warming. The U.S. has painted itself into a corner with global consequences. The White House appears to have miscalculated the importance of the issue, the seriousness of our allies, and the capacity of U.S. industry to respond. I think that in the next three years - with the White House, or without it - the United States will take action on climate. That Wall Street Journal editorial I mentioned urged the Administration to propose an emissions cap and trading system. It would be a good start...the sooner the better.

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David, Thank you for your comments on the US GTC. Taking each of your main points in turn: Section 2(e)(i)(1) - This Section does not preclude us from doing business with banks or other financial institutions. As you anticipate, breach of warranty constitutes an Event of Default entitling termination. Section 1 - Your main concern appears to focus on the issue of sleeving. As you will see, we have included in Section 1 of all GTCs a provision prohibiting transactions to be entered into by the reference entity itself or by any of its affiliates. Any purported transaction of that sort is automatically void. We considered carefully (both internally and with outside counsel) going further than this by including a provision stopping parties acting in concert with reference entity groups. We concluded that such a provision would be inappropriate for two main reasons. First, as a practical matter, it is almost impossible to police such a provision and detect cases of such collusion. Secondly, if we were to find out about such collusion, we would be entitled to withhold payment (regardless of any contractual provision) on the basis that such collusion constitutes fraud. It is also worth pointing out in this context that sleeving is not an issue germaine only to credit derivatives trading online. It is possible in the existing OTC credit derivatives markets for this kind of activity to be perpetrated. You will not find any provisions in existing market documentation addressing this point - indeed, the new 1999 ISDA Credit Derivatives Definitions are consistent with this. I only hope that reference entities do not follow the devious thought processes set out in your options (a)-(c) (and we will clearly have to keep an eye on you if you ever decide to pursue a different career!). It is not "nasty" defining Enron as the "Determination Agent". This accords with the standard ISDA Master Agreement and, in fact, is less dramatic than the ISDA insofar as all Enron will be required to do as Determination Agent is to verify the validity of notices submitted under transactions (in the context of ISDA, all sorts of complex calculations and subjective evaluations fall to be made by the "Calculation Agent"). Thanks very much for thinking through the issues on the GTC and reviewing it. Please let me know if you would like to discuss this further. Best regards. Paul Simons David Forster 18/02/2000 03:14 To: Bryan Seyfried/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Paul Simons/LON/ECT@ECT cc: Mark Dilworth/LON/ECT@ECT Subject: Credit GTC All, I have looked over the U.S. credit GTC and the long descriptions. I see we have decided to go with quarterly billing, rather than monthly. Will the payment/collections cycle cause any heartburn for the back office? I didn't spot any problems with the long descriptions. A few relatively minor comments on the GTC's - which you may or may not want to consider: - Clause 2.(e) (i) (1) - Does this clause preclude us from doing business with banks or other financial institutions? Could we append: "with regard to the Transaction"? - What happens if a Rep or Warranty is broken? Does that constitute sufficient breach to terminate the contract? I'm thinking specifically about sleeving, which is perhaps covered by Clause 2(e)(ii)(1)? I still think that sleeving is one of the most significant commercial risks faced by online trading of derivatives. If I were working for a third party, I'd immediately look for ways to set up a sleeving service to sell credit protection to the Reference Entities where the Reference Entity or its affiliate views its own risk differently from Enron. If I were the Reference Entity in question, I'd consider: a) Buying a load of protection via sleeving and then declaring bankruptcy - then do a Phoenix (in the UK at least) b) Buy a load of protection via sleeving, then take the Credit Derivatives to another third party financial institution and using the credit derivatives as collateral to increase my line of credit - I'm no expert, but I suspect there might be an interesting leverage effect here, which might actually cause a significant increase in Enron's risk exposure. c) Like (b), only the financial institution could buy the credit derivative with or without the need for sleeving - we probably need a restriction on this? (I know financial institutions are not our preferred counterparts up front, but if I were a financial insitution, I'd quickly find a way around this limitation - Affiliates or Sleevers. - Do you think it would beneficial to strengthen our protection against sleeving by adding something to Clause 2, like: "It is not entering into a Transaction for the purpose of concluding a similar transaction with the party (or any Affiliate of such party) which is the Reference Entity in the Transaction". - Should Def'n of "Contract Currency" be "Contractual Currency"? ("Contractual" is also used in the Long Descriptions) - Def'n of "Credit Product" - after "Entity", should we insert "which is"? - Are we being a bit too nasty by defining the Determination Agent as "Enron"? As the reference to Determination Agent in the contract is in a context similar to that of an arbitrator, it seems a bit cheeky to then define ourselves as the arbitrator - would this be enforceable if we were in court? I'm assuming the other GTC's are very similar to the U.S. one and I have not read them. Dave

----- Forwarded by Richard B Sanders/HOU/ECT on 02/04/2001 08:49 AM ----- "Fergus, Gary S." <[email protected]> 02/02/2001 08:26 PM To: "A. William Urquhart (E-mail)" <[email protected]>, "Alan Z. Yudkowsky (E-mail)" <[email protected]>, "Andrzej Kabarowski (E-mail)" <[email protected]>, "Arlen Orchard (E-mail)" <[email protected]>, "Brian Currey (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "Cliff Gunter (E-mail)" <[email protected]>, "Davis Smith (E-mail)" <[email protected]>, "Douglas Butz (E-mail)" <[email protected]>, "Douglas Thorpe (E-mail)" <[email protected]>, "Elizabeth Sager (E-mail)" <[email protected]>, "Gary Keltner (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "Gordon P. Erspamer (E-mail)" <[email protected]>, "Harry A. Olivar Jr. (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "Jane Alfano (E-mail)" <[email protected]>, "Jean Frizzell (E-mail)" <[email protected]>, "Jeffrey D. (Dan) Watkiss (E-mail)" <[email protected]>, "John Fryer (E-mail)" <[email protected]>, "John Heath (E-mail)" <[email protected]>, "John W. Stamper (E-mail)" <[email protected]>, "Ken Irvin (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Michael Helms (E-mail)" <[email protected]>, "Nancy Loftin (E-mail)" <[email protected]>, "Paul Fox (E-mail)" <[email protected]>, "Phillip Fantle (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Richard B. Sanders Esq. (E-mail)" <[email protected]>, "Richard Beitler (E-mail)" <[email protected]>, "Richard Josephson (E-mail)" <[email protected]>, "Ronald Carroll (E-mail)" <[email protected]>, "Shari Stack (E-mail)" <[email protected]>, "Susan Bishop (E-mail)" <[email protected]>, "'[email protected]'" <[email protected]>, "Tim Bolden (E-mail)" <[email protected]> cc: Subject: CalPX FERC and Informational Meeting Prepared in Anticipation of Litigation Here is the list of counsel that attended today's conference call regarding public events involving the California Power Exchange Corporation. I delayed publishing this list until 6:00 p.m. because I kept receiving emails from interested parties. I also received the following report from John Stamper at O'Melveny & Myers who represents SEMPRA and San Diego Gas & Electric. John had a conversation with Bob Moore from Millbank representing the California PX. Bob apparently told John that invoices for the chargebacks will be issued on Monday February 5th and will be due and payable by Thursday February 8th or Friday February 9th. John asked for February 9th rather than the 8th. John raised again the possibility of a standstill agreement. Bob Moore reported that the CalPX was amenable to a standstill agreement if everybody agreed. They are worried, however, about being sued for failing to liquidate collateral as soon as they are able etc. John pointed out that the CalPX might be subject to claims from those entities that had their letters of credit drawn down improperly. Bob then reported that the number one option that the CalPX was considering was bankruptcy. It seems to them to be the one forum where they can get all the parties. They are also considering dissolution and invoking the ADR procedure themselves. We have scheduled a teleconference to discuss the FERC options for 11:00 a.m. PST on Monday February 5, 2001. The call in number is 1-800-205-3434, participant code: 653687 I have also received a request to schedule an alternative teleconference for 1:00 p.m. PST to consider non-FERC alternatives. This would include litigation alternatives. We will distribute the dial in number and access code for that call on Monday morning. Proposed Agenda for 11:00 a.m. FERC Option Teleconference: I. Current Status of any proposed filings. Note: Phil Fantle, in-house counsel for Cargill-Alliant sent me a copy of a filing they made with FERC on January 29th. I will send a copy under separate email cover. II. Discussion of specific relevant examples where CalPX has violated the tariff with respect to specific PX Participants. The purpose of gathering these examples is to be able to demonstrate that CalPX is acting arbitrarily and capriciously if that is case. This could include identification of specific instances of inconsistent treatment of PX Participants or inconsistent treatment of the same PX Participant. For example, Phil Fantle pointed out that the way he reads the tariff, if you look at the chargeback formula set forth in Schedule 2, Section 5.3, the ratio for each PX Participant appears to be a fixed number that does not vary after the default of another PX Participant. In Phil's example, if a defaulting participant has a 25% share of the gross MWHs sold in the Core market, during the chargeback process only 75% of the default is paid through chargeback because there is no provision for recalculating the chargeback formula. III. Summary of best arguments of why CalPX application of charge-back is inconsistent with tariff. IV. Impact of Governor Davis' "commandeering" of SCE block forward contracts. <<Cal PX Contact List.DOC>> Thanks Gary ======================================================= This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. To reply to our email administrator directly, send an email to [email protected] BROBECK PHLEGER & HARRISON LLP http://www.brobeck.com - Cal PX Contact List.DOC

State's Power Purchases Costlier Than Projected Tab is $6 million a day over Davis' requests Lynda Gledhill, Chronicle Sacramento Bureau Friday, March 16, 2001 ,2001 San Francisco Chronicle Sacramento -- California has spent about $6 million more a day buying electrical power than originally projected, according to a confidential document obtained yesterday by The Chronicle. State power buyers spent $2.7 billion between Jan. 17 and March 11, averaging $49 million a day. That amounts to about $6 million a day more than lawmakers figured using Gov. Gray Davis' appropriations requests. The confidential document was prepared by the Department of Water Resources, which purchases power on behalf of the state. It was handed to a group of lawmakers in a subcommittee hearing Wednesday by Water Resources Director Tom Hannigan. To the public, the document presents the first day-by-day look at how much California is spending on power purchases. Although the document shows more money being spent than originally believed, it didn't startle any of the handful of senators and Assembly members who saw it. "I don't think it was a surprise," said Assemblyman Dick Dickerson, R- Redding. Although the state is supposed to recoup the money spent on electricity, analysts and lawmakers say the open spigot on the state's treasury could jeopardize the state budget and fiscal well-being in the short and long term. For example, the state's power spending could jeopardize new education programs and transportation projects. The nonpartisan Legislative Analyst warned last month that lawmakers shouldn't count on all the new projects in Davis' proposed budget. Also, California has already been placed on a watch list by several credit rating firms, because of the deep debt that could be incurred in helping the utilities become financially stable. The watch list typically precedes a credit rating drop, which would cause the state's interest on bonds and loans to rise. "This (power purchasing) has a dampening effect," said Jean Ross, executive director of the California Budget Project, an independent policy group that tracks state spending. "Nobody knows where the economy is going, and how the energy crisis will affect it, so no one will know what the revenues will look like in the future." The biggest day of power buying happened on Feb. 16 when the state spent nearly $81 million for electricity, or $435 per megawatt hour. The smallest day was March 10 when the state buyers spent $40 million, or $219 per megawatt hour. Michael Worm, an analyst with the investment firm Gerald Klauer Mattison & Co., said what the state paid was in line with current energy prices. "That's where energy prices more or less have been for quite some time," he said. "Of course, they are dramatically higher than they used to be." The governor's office has refused to release information on how much the state has spent, said Steve Maviglio, Davis' spokesman. Maviglio said if generators found out how much the state spent the day before, they could force up the price the next day. But Assemblyman Tony Strickland, R-Thousand Oaks, said the public had a right to know how its money way being spent. "People need to know exactly what it is costing to keep the lights on," he said. "We want to know the whole story -- not just pieces." Strickland, along with media organizations including The Chronicle, have filed public records act requests to obtain information on how much the state has spent, along with the details of long-term power contracts signed by Davis. The original bill that authorized the state to purchase power appropriated only $500 million, but allowed the governor to use up to $10 billion if needed for power purchases by notifying lawmakers. The governor's office has sent five letters since Feb. 5 to lawmakers notifying them that additional money was needed. Based on these letters, which in total have requested an additional $2.5 billion, the news media and lawmakers estimated that the state was spending $43 million a day -- $6 million less than the actual costs shown on the Water Resources document. Since the state began purchasing electricity, the health of its budget has become dependent on a variety of things to come, making it as fragile as a house of cards. The money spent on power is taken from the state's general fund and is supposed to be returned through the issuance of state bonds. The bonds will be paid for with a portion of the rates that utility customers pay every month. - Tell Us What You Think Can you save 20 percent on your energy usage? Gov. Gray Davis is offering rebates for Californians who save on power starting in June, and if you've got a strategy for conserving, The Chronicle wants to hear it. Contact the Energy Desk, San Francisco Chronicle, 901 Mission St., San Francisco, CA 94103; or e- mail [email protected]. -- E-mail Lynda Gledhill at [email protected]. Paying for Power These charts show what the state spent for electricity on the spot market and the average price paid. For the time frame of Jan. 17 through Feb. 14, only periodic totals and averages were given. Period Amount spent 9 p.m. Jan. 17 through Jan. 18 $13,595,121 Jan. 19 - 29 399,000,000 Jan. 29 - 31 136,546,472 Feb. 1 - 12 495,755,000 Feb. 12 - 14 152,087,316 Chronicle Graphic ,2001 San Francisco Chronicle ? Page?A - 11

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In my response to Brent Price on the London Doorstep review I alluded to the incompleteness of the list of issues. As I outlined, the key point has been identified, but its knock - on effects are widespread and worrying, especially as they concern the Continental Power operation: As of today the most recent finalised DPR for this business was for 11th May, and during the period between then and now we have seen (although in milder form) a repeat of the turmoil on the Amsterdam Power Exchange (APX) that we witnessed in January this year. This is not the time or the market to not know our position. The business is soon to apply for higher limits to accommodate a new transaction on the Polish border. I am bound to comment that based on the state it appears to be in, I would not recommend higher limits. To add insult to injury, as a result of the way this area has been allowed to develop, much of the know-how is in the heads (and spreadsheets) of certain key individuals who it seems are now bound rapidly for EBS. UK Gas seems to have slipped too. Yesterday they reported a $7m loss due to the value of a set of options which were part of a structured deal, booked "off-system" and not revalued for over a month. Worryingly, there seemed to be more time spent arguing over the nuances of a Loss Notification memo, than answering some fundamental questions about why it happened. As a corollary, our process of performing "risk reviews" has become all the more important in identifying holes in our capture and treatment of market risk in the firm. I expect these to play a big part in our effort to stabilise these areas. DP ---------------------- Forwarded by David Port/Market Risk/Corp/Enron on 05/17/2000 10:31 AM --------------------------- From: David Port 05/17/2000 09:30 AM To: Brent A Price/HOU/ECT@ECT cc: Mike Jordan/LON/ECT@ECT, Steve W Young/LON/ECT@ECT, Tani Nath/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Joe Gold/LON/ECT@ECT, James New/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT Subject: Re: Project Doorstep Responsibility Matrix Thanks for the summary. I was out last week so apologies if my comments arrive too late. Here they are anyway: 1 Socrates I think it inappropriate for me, or anyone in RAC for that matter, to have primary responsibility for this system/project. But if I were responsible the first thing I would want to know is why this project, which commenced in May 1998, as I recall, is still incomplete, given that it now contains possibly the largest energy derivative position in history, concentrated in a single commodity with a single counterpart. 2 Exhaustive ? It doesn't look like an exhaustive list and I suspect it was not intended to be so - nevertheless we should ensure it is not viewed as such. 3 Symptoms or Causes ? Many of the points look like the former, and addressed as they stand will likely leave us with a Band-aid solution which will drop off when pressure is applied. In fact many of them look like they are a result of Point 5 : "Prioritisation of system projects has resulted in a lack of certain control functionality..." because that explains partly why models get built and forgotten, confirmation errors get made, deliveries go astray and trades get missed - usually bright people are simply too immersed in manual processes to have time to think about changing the way they work. And, for example, when those people move on, as they surely will, the institution has no memory of how to do what they did. I am still amazed at how much we pay relatively senior people to work on Microsoft Excel all day, everyday. 4 Overall I think this is a good exercise if we react to it in the right way. Rather than a list of irritating issues we have to do just enough to justify ticking off, we should use it as a tool to analyse the way we operate. As a hypothesis, if most issues stem from Point 5, then I would ask why has prioritisation of system projects resulted in a lack of certain control functionality ? DP Brent A Price@ECT 05/08/2000 11:08 AM To: Mike Jordan/LON/ECT@ECT, Steve W Young/LON/ECT@ECT, Tani Nath/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Joe Gold/LON/ECT@ECT, James New/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Rebecca Millerchip/LON/ECT@ECT, Kevin Sweeney/HOU/ECT@ECT, Pablo Pissanetzky/LON/ECT@ECT, Gail Hill/LON/ECT@ECT, Eric Virro/LON/ECT@ECT, Richard Sage/LON/ECT@ECT, Tim Poullain-Patterson/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON cc: Fernley Dyson/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT Subject: Project Doorstep Responsibility Matrix Attached is a responsibility matrix for London - Project Doorstep action steps. The listing consists of controls findings, action steps, proposed timelines, and proposed sponsors and responsibility assignments for the completion of the action steps. The purpose of this matrix will be to review and monitor it on an ongoing basis to ensure that items are being appropriately addressed and completed. Please take a moment to review all sections of the listing and communicate any comments or revisions you may have to me as soon as possible. We would like to have a final version of this document in place by May 12.

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NETWORK WORLD NEWSLETTER: MIKE KARP on STORAGE IN THE ENTERPRISE 10/18/01 - Today's focus: Agreeing on the same thing Dear Wincenty Kaminski, In this issue: * Some industry terms are too wide and ambiguous, even in the storage world * Links related to storage * Featured reader resource _______________________________________________________________ SO, WHAT DO YOU THINK? Give us your opinion on 5 different banner advertisements and enter to win $500! Take the Banner Concepts survey at http://www.rresults.com/bannerconcept/index.cgi _______________________________________________________________ Today's focus: Agreeing on the same thing By Mike Karp Storage Resource Management is a term much like "virtualization" because both have almost as many definitions as there are people talking about the subject. That's why when my friend Anne and I talk to vendors and they bring up the topic of SRM, one of the first questions we typically ask is "What do you mean by SRM?" Now Anne and I are both reasonable people (I much more so than she, of course), so we aren't looking for any particular "right" answer, and the question certainly isn't part of a litmus test. The SRM question is just a way of calibrating the vendor in terms of its outlook on the storage world, and that usually turns out to be a useful exercise for both parties. Sometimes we uncover silliness, but usually we find that the vendors have given at least some critical thought to this subject, and often they are better able to focus the discussion on the subset of SRM that is their company's strength. Sometimes vendors really miss the boat however, and occasionally this takes place in just the wrong forum. At a recent storage conference for instance, one vendor's presentation identified "The Five Aspects of SRM." This quite logically included the topics of backup and archiving. Unfortunately, nowhere in the slide set was there any mention of recovery, which is of course is the only reason for backing up and archiving (unless you are selling tape drives and media, in which case backing up for the sake of backing up makes perfect sense). This point was not lost on the audience sitting in front of me, whose private conversations proved once again what many of you have known all along: towards the end of the day, when hunger increases and the blood sugar lowers, senior IT managers are no kinder than the rest of us. The fix for this sort of thing is both simple and obvious. No writer ever edits his own work. No scientific paper ever goes to press without having undergone a process of peer-review before publication. In like fashion, it makes little sense for products to be planned or for presentations to be brought before the public (or even before the venture capital community) without some sort of critical analysis by a relatively unbiased third party. Analyst firms offer these services, and for smaller companies so do high tech incubators and the various venture capital forums that are still very active in the more technology-centric areas such as Silicon Valley, Cambridge and Austin. Don't like these suggestions? Then at least go to someone within your own company - someone, I might add, who wasn't involved in building the presentation - for a reality check. You may be pleasantly surprised by the insights some of your junior engineers have to offer. Editor's Note: In last week's newsletter headlined "Taking a Swiss approach to storage," the correct reference to NAS is Network-Attached Storage. _______________________________________________________________ To contact Mike Karp: Mike Karp is senior analyst with Enterprise Management Associates (http://www.enterprisemanagement.com) in Boulder, Colo., an analyst and market research firm focusing exclusively on enterprise management. He works out of Portsmouth, N.H., and Westboro, Mass., and can be reached via e-mail at mailto:[email protected] _______________________________________________________________ RELATED EDITORIAL LINKS Archive of the Storage newsletter: http://www.nwfusion.com/newsletters/stor/index.html _______________________________________________________________ FEATURED READER RESOURCE Audio Primers Are you behind on the basics of technologies such as ATM, IP Multicast and VPNs? Check out our library of audio primers - quick explanations of networking topics and technologies, including IPv6, SANs and DSL vs. cable. These less-than-10- minute primers will not only explain how these technologies work, but they'll also show you through slides and diagrams. http://www.nwfusion.com/primers/index.html _______________________________________________________________ May We Send You a Free Print Subscription? You've got the technology snapshot of your choice delivered at your fingertips each day. Now, extend your knowledge by receiving 51 FREE issues to our print publication. Apply today at http://www.nwwsubscribe.com/nl _______________________________________________________________ SUBSCRIPTION SERVICES To subscribe or unsubscribe to any Network World e-mail newsletters, go to: http://www.nwwsubscribe.com/news/scripts/notprinteditnews.asp To unsubscribe from promotional e-mail go to: http://www.nwwsubscribe.com/ep To change your e-mail address, go to: http://www.nwwsubscribe.com/news/scripts/changeemail.asp Subscription questions? Contact Customer Service by replying to this message. Have editorial comments? Write Jeff Caruso, Newsletter Editor, at: mailto:[email protected] For advertising information, write Jamie Kalbach, Fusion Sales Manager, at: mailto:[email protected] Copyright Network World, Inc., 2001 ------------------------ This message was sent to: [email protected]

Notice No. 00-338 October 3, 2000 MEMORANDUM TO: ALL NYMEX AND COMEX MEMBERS FROM: Neal L. Wolkoff, Executive Vice President DATE: October 3, 2000 RE: Notice of CFTC Approval of New NYMEX Rule 6.40C: ("Average Price Calculations by Futures Commission Merchants") Please be advised that the CFTC has approved new NYMEX Rule 6.40C ("Average Price Calculations by Futures Commission Merchants"), which is attached and is now in effect. New NYMEX Rule 6.40C, which is consistent with a recent CFTC "Advisory," permits FCMs, under certain conditions specified in the rule, to use their own internal, proprietary systems to generate average price ("AP") calculations when multiple prices are received on an order or series of orders. AP calculations are not being provided by the Exchange for NYMEX Division contracts. New NYMEX Rule 6.40C is applicable only to NYMEX Division contracts. A similar proposal for COMEX Division contracts remains pending with the CFTC. The conditions specified in NYMEX Rule 6.40C include the following: 1. The customer has requested average price reporting; 2. Each individual trade is submitted to and cleared by the Exchange at the executed price; 3. The FCM calculates and confirms to its customers a weighted mathematical average price; 4. The FCM possesses the records to support the calculations and the allocations to customer accounts and maintains all such records pursuant to CFTC regulations and further makes such records available for inspection by affected customers upon request; and 5. The FCM identifies each trade to which an average price is assigned as having an average price on each confirmation statement and monthly statement on which the trade is reported to the customer. If you have any questions, please contact Tom LaSala, Vice President, Compliance Department, at (212) 299-2897, or Brian Regan, Senior Associate General Counsel, at (212) 299-2207. Approved New NYMEX Rule 6.40C ("Average Price Calculations by Futures Commission Merchants") (Entire rule is new.) Rule 6.40C Average Price Calculations by Futures Commission Merchants (A) Eligible Accounts. An FCM, subject to compliance with the conditions specified in this rule, may report and/or confirm to customers an average of multiple execution prices and may use its own proprietary system to make such average price calculations, regardless of whether the Exchange also provides a service for average price calculations for the applicable NYMEX Division contract, provided: (a) that such prices were obtained as the result of the execution of an order or series of orders to purchase or sell the same futures and/or the same option series for the same account or group of accounts; or (b) that such prices were obtained as the result of the execution of trades to purchase or sell the same futures and/or the same option series for the FCM's proprietary account(s), provided further however, that trades for such a proprietary account are not averaged with trades for any other account. For purposes of this rule, eligible accounts may include multiple accounts that are part of a managed account program or other common investment program. Eligible accounts may include individual non-discretionary accounts, except that prices for non-discretionary accounts may not be averaged with prices for other non-discretionary accounts. Eligible accounts also may include individual discretionary accounts consistent with the provisions of Exchange Rule 6.41. (B) An FCM may use its own system to calculate average prices for contracts executed on the Exchange provided that the following conditions are met for all such transactions: 1. The customer has requested average price reporting; 2. Each individual trade is submitted to and cleared by the Exchange at the executed price; 3. The FCM calculates and confirms to its customers a weighted mathematical average price, as calculated pursuant to the requirements of Section (C) below; 4. The FCM possesses the records to support the calculations and the allocations to customer accounts and maintains all such records pursuant to CFTC regulations and further makes such records available for inspection by affected customers upon request; and 5. The FCM identifies each trade to which an average price is assigned as having an average price on each confirmation statement and monthly statement on which the trade is reported to the customer. (C) Calculation of Average Price. The weighted mathematical average price shall be computed by FCMs by: (a) multiplying the number of contracts purchased or sold at each execution price by that price; (b) adding the results together; and (c) dividing by the total number of contracts. For a series of orders, the average price may be computed based on the average price of each order in that series. FCMs may confirm to customers either the actual average price or the average price rounded to the next price increment, provided however, that in confirming the average price rounded to the next price increment, the FCM must round the average price up to the next price increment for a buy order or down to the next price increment for a sell order, and must pay any residual thus created to the customer, except that any residual amount of less than one cent may be retained by the FCM. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/[email protected]&refdo c=(00-338)" Note: If you click on the above line and nothing happens, please copy the text between the quotes, open your internet browser, paste it into the web site address and press Return.

COLUMBIA GAS TRANSMISSION CORPORATION NOTICE TO ALL INTERESTED PARTIES OCTOBER 26, 2001 Notice ID: 3215 5 - NO RESPONSE REQUIRED SUBJECT: CAPACITY UPDATE EFFECTIVE FOR MONDAY, OCTOBER 29, 2001 CHANGES ARE INDICATED WITH AN * Effective Monday, October 29, 2001, capacities will be as follows: Excess MDWQ Available + ISS Withdrawals Available SIT Withdrawals Available Imbalance Drawdowns Available Excess MDIQ Available + ISS Injections Available SIT Injections Available Imbalance Paybacks Available PAL Lends/Unparks Available PAL Parks/Loan Paybacks Available + Call Gas Control 24 hours in advance at (304) 357-2606 to request approval. Non-firm receipt capacity will be as follows: TENNESSEE: Brinker (B12) 20,000 Broad Run (B9) 300,000 Cambridge (B10) 20,000 Dungannon (B11) 20,000 Highland (B17) 0 NOTE: GAS RECEIVED AT HIGHLAND MUST BE DELIVERED IN THE NORTHERN PORTION OF MARKET AREA 38 OR THE NORTHWEST LATERAL OF MARKET AREA 36, DIRECTLY NORTH OF HIGHLAND. Milford (B18) 20,000 North Greenwood (B22) 0 Unionville (B15) 50,000 NOTE: EFFECTIVE THURSDAY, AUGUST 16, 2001, ANY SHIPPER UTILIZING A CONTRACT THAT HAS A PRIMARY RECEIPT POINT(S) WITH THE FOLLOWING POINTS, MUST UTILIZE THESE POINTS: Brinker (B12) Cambridge (B10) Dungannon (B11) Highland (B17) Milford (B18) Unionville (B15) TEXAS EASTERN: Delmont (C16) 0 Eagle (C22) 20,000 Hooker (C9) 20,000 Pennsburg (C23) 20,000 Windridge (C12) 20,000 NATIONAL FUEL: Independence (M1) 0 Ellwood City (L1) 15,000 TRANSCO: Downingtown (E3) 2,500 Emporia I (E13) 60,000 * Rockville (E2) 0 Dranesville (E1) 0 EQUITABLE GAS: Hi Hat (F3) 0 KENTUCKY WEST VIRGINIA (KYWV): Beaver Creek (H1) 0 CNR PIPELINE: Boldman (CNR02) 0 Conoway (CNR03) 0 Johns Creek (CNR08) 0 Canada (CNR09) 0 Canada (CNR10) 0 Stafford (CNR11) 0 Thacker/Majestic (CNR12) 0 Briar Mtn. (CNR13) 0 Huff Creek (CNR14) 0 CONOCO: 0 Grant (P1) 0 NOTE: ANY APPALACHIAN PRODUCTION FLOWING DIRECTLY INTO COLUMBIA'S LINE KA BETWEEN COLUMBIA'S BOLDMAN COMPRESSOR STATION AND COLUMBIA'S HUFF CREEK COMPRESSOR STATION AS WELL AS PRODUCTION FLOWING INTO COLUMBIA'S LINES SM-116, KA-15, PM-3, AND PM-17 IS 0 NON-FIRM. ALGONQUIN: Ramapo (R1) 75,000 ANR: Paulding/Cecil 30,000 (F1, A2) LEBANON AGGREGATE 100,000 (A4, F2, C4, D3) TOLEDO AGGREGATE 100,000 (A3, F4, 734462) COLUMBIA GULF: (801) TCO-Leach 700,000 Internal point non-firm capacity will be as follows: Lanham 0 Delivery capacity (non-firm) will be as follows: TRANSCO: Martins Creek 10,000 (MLI E5) Young Woman's Creek 10,000 (MLI E9) ALGONQUIN: Hanover 0 (MLI R2) EQUITRANS: Fallen Timber 31,000 (MLI K1) Waynesburg-Rhinehart 20,000 (MLI K2) OPT-30 will be available in all market areas. OPT-60 will be available in all market areas. Market Area delivery capacity (non-firm) will be as follows: Operating Area 1 Market Area 33 No Restrictions Market Area 34 No Restrictions Operating Area 2 Market Area 20 No Restrictions Operating Area 3 Market Area 15 No Restrictions Market Area 16 No Restrictions Market Area 17 No Restrictions Market Area 18 No Restrictions Market Area 19 No Restrictions Operating Area 4 Market Area 21 No Restrictions Market Area 22 No Restrictions Market Area 23 No Restrictions Market Area 24 No Restrictions Market Area 25 No Restrictions Market Area 29 No Restrictions Operating Area 5 Market Area 02 No Restrictions Market Area 07 No Restrictions Operating Area 6 Market Area 10 No Restrictions Market Area 11 No Restrictions Market Area 12 No Restrictions Market Area 13 No Restrictions Market Area 14 No Restrictions Operating Area 7 Market Area 01 No Restrictions Market Area 03 No Restrictions Market Area 04 No Restrictions Market Area 05 No Restrictions Market Area 06 No Restrictions Market Area 08 No Restrictions Market Area 09 No Restrictions Operating Area 8 Market Area 26 No Restrictions Market Area 27 No Restrictions Market Area 32 No Restrictions Market Area 35 No Restrictions Market Area 36 0 Primary Receipts/Deliveries Only Market Area 38 No Restrictions Market Area 39 No Restrictions Market Area 40 No Restrictions NOTE: GAS DELIVERED IN THE NORTHERN PORTION OF MARKET AREA 38 OR THE NORTHERN PORTION OF MARKET AREA 36 MUST BE RECEIVED FROM TENNESSEE GAS PIPELINE AT HIGHLAND. Operating Area 10 Market Area 28 No Restrictions Market Area 30 No Restrictions Market Area 31 No Restrictions If you have any questions, please contact your Account Representative.

I need as close to the exact cost for both 65,000 and 90,000 MMBtu/d as we can get. EPFS is going to pay for this and I don't want ETS to fund anything so it's important to give the exact amount you are comfortable with to them the first (and only) time. Thanks. Lorraine -----Original Message----- From: Frazier, Perry Sent: Thursday, March 08, 2001 8:07 AM To: Lindberg, Lorraine Cc: Bailey, Arnie; Faucheaux, Eric; Asante, Ben; Carlsbad, Team; Jolly, Rich; McCracken, Mike; Moore, James; Chanley, Earl; Hyatt, Kevin Subject: RE: EPFS interconnect Let me know if you need a level A or level B, in my book a level B is a "good to go" estimate. The prior scope of 60 MMBtu/d was the max. the tap could handle, any thing over this will require additional modifications. I'll let you know the results, as soon as, I know something. Call PT @ 3-0667 with any questions. From: Lorraine Lindberg/Enron@enronXgate on 03/07/2001 01:23 PM To: Perry Frazier/ET&S/Enron@ENRON, Arnie Bailey/ET&S/Enron@ENRON cc: Eric Faucheaux/ET&S/Enron@Enron, Ben Asante/ET&S/Enron@ENRON, Team Carlsbad/ET&S/Enron@ENRON, Rich Jolly/ET&S/Enron@ENRON, Mike McCracken/ET&S/Enron@ENRON, James Moore/ET&S/Enron@ENRON, Earl Chanley/ET&S/Enron@ENRON, Kevin Hyatt/ENRON@enronxgate Subject: RE: EPFS interconnect I just got off the phone with El Paso Field Services. At this time, I now need 2 cost estimates. One to increase the facilities to be able to handle up to 65,000 MMBtu/d and the second to increase the facilities to be able to handle up to 90,000 MMBtu/d. EPFS has indicated this incremental flow could come to TW as soon as mid-May. Please advise. Thank you. Lorraine -----Original Message----- From: Lindberg, Lorraine Sent: Wednesday, March 07, 2001 9:05 AM To: Frazier, Perry; Bailey, Arnie Cc: Faucheaux, Eric; Asante, Ben; Carlsbad, Team; Jolly, Rich; McCracken, Mike; Moore, James; Chanley, Earl; Hyatt, Kevin Subject: RE: EPFS interconnect I have not requested a Level A cost estimate. I need the exact amount we think this will cost so that EPFS will fund the entire amount. -----Original Message----- From: Frazier, Perry Sent: Tuesday, March 06, 2001 4:55 PM To: Bailey, Arnie Cc: Faucheaux, Eric; Lindberg, Lorraine; Asante, Ben; Carlsbad, Team; Jolly, Rich; McCracken, Mike; Moore, James; Chanley, Earl Subject: Re: EPFS interconnect Status Report for 3/6/01 Jim Rischer called and we discussed his Teams ideas on the mods to increase the flow to 60 mmcfd. James Moore & myself sat down and reviewed his project file for the current design. We reviewed the notes of his field visit to the site and the information from the EPFS field hand. Action Plans 1. Informed Lorraine that I would give her a status update next Tuesday 3/13/01 on the progress to complete a level A cost estimate. Tenative completion of 3/19/01 given at this time. 2. James Moore will check out the ultasonic meter requirements, availability and costs. He will call George Kneisley to verify that the GFC TAS Sys. II, will work with the USM. He will also contact Becker to make sure the flow controll valve will handle the 60 mmcf, noise levels and fps limits. These results will dictate the major costs for the modifications. 3. Carlsbad Team, I need to know if there are any equipment needs, like signal splitter on the USM for EPFS and what about the current orifice transmitters. Is the chromatagraph on site? Purchase power is on site, right. Let me know if you have any additional information or scope changes to these action plans. PT 713-853-0667 << OLE Object: Picture (Device Independent Bitmap) >> From: Arnie Bailey 03/06/2001 04:15 PM To: Perry Frazier/ET&S/Enron@ENRON cc: Eric Faucheaux/ET&S/Enron@Enron, Lorraine Lindberg/ET&S/Enron@ENRON, Ben Asante/ET&S/Enron@ENRON, Team Carlsbad/ET&S/Enron@Enron, Rich Jolly/ET&S/Enron@ENRON Subject: Re: EPFS interconnect Perry, Let the team and I know what we can do to help. Let me know how things progress. Thanks, Arnie ---------------------- Forwarded by Arnie Bailey/ET&S/Enron on 03/06/2001 03:03 PM --------------------------- << OLE Object: Picture (Device Independent Bitmap) >> Rich Jolly 03/05/2001 09:04 PM To: Eric Faucheaux/ET&S/Enron@Enron cc: Perry Frazier/ET&S/Enron@ENRON, Lorraine Lindberg/ET&S/Enron@ENRON, Ben Asante/ET&S/Enron@ENRON, Team Carlsbad@Enron, Arnie Bailey/ET&S/Enron@Enron Subject: Re: EPFS interconnect << OLE Object: StdOleLink >> Arnie and Team will you work with Perry on this. Let me know how I can help. Eric thanks for sending to me. Thanks Rich << OLE Object: Picture (Device Independent Bitmap) >> Eric Faucheaux 03/06/2001 07:15 AM << OLE Object: Picture (Device Independent Bitmap) >> To: Perry Frazier/ET&S/Enron@ENRON cc: Lorraine Lindberg/ET&S/Enron, Ben Asante/ET&S/Enron@ENRON, Rich Jolly/ET&S/Enron@ENRON Subject: EPFS interconnect Perry, please take this one and reply to Lorraine expected delivery date. Thanks, EF, x33395 ---------------------- Forwarded by Eric Faucheaux/ET&S/Enron on 03/06/2001 08:15 AM --------------------------- From: Lorraine Lindberg/Enron@enronXgate on 03/05/2001 04:49 PM To: Eric Faucheaux/ET&S/Enron@Enron cc: Kevin Hyatt/ENRON@enronxgate Subject: EPFS interconnect Eric - Please provide me with a cost estimate to increase the meter facilities from 40,000 MMBtu/d to 60,000 MMBtu/d at the new receipt point with El Paso Field Services in Eddy County, NM. I would like a "good to go with" cost estimate so that I may request full reimbursement from EPFS. EPFS has indicated they will be in a position to send this incremental gas to TW in a couple of months. Please let me know the estimated time you need to develop this cost estimate. Thanks. Lorraine

---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/16/2000 03:09 PM --------------------------- "Michael P Cazaubon" <[email protected]> on 10/16/2000 02:55:56 PM To: [email protected], [email protected] cc: [email protected], "Charles P Lewis" <[email protected]>, [email protected], "David L Stewart" <[email protected]>, "Michael J Ricciardi" <[email protected]>, "Fred M Valentino" <[email protected]> Subject: Update on Enron Sales Process Jinsung and Don, We are continuing to have difficulties accessing data from DealBench. The response times from PECO, PricewaterhouseCoopers and other high speed internet connections have been very slow (sometimes 5 minutes or more to retrieve a single 10-15 page text document). It would help us greatly in our due diligence efforts if this material could be made available on CD ROM as has often been done with other deals we have been involved with. Please advise if this is possible and if so, when the CD's would be available. Mike Cazaubon ----- Forwarded by Michael P Cazaubon/Pecon/Genco on 10/16/2000 03:49 PM ----- Charles P Lewis To: Michael P Cazaubon/Pecon/Genco@PecoEnergy cc: 10/16/2000 Subject: Update on Enron Sales Process 03:22 PM ----- Forwarded by Charles P Lewis/Pecon/Genco on 10/16/00 03:31 PM ----- "Modi, Rishi" <rishi.modi@c To: "'[email protected]'" <[email protected]> sfb.com> cc: Subject: Update on Enron Sales Process 10/16/00 02:10 PM The following is an update on Enron's sales process, including several additions to DealBench. 1. The Purchase and Sale Agreement ("PSA") for each asset has now been posted to DealBench under the New Document section. Please review the instructions attached to each PSA. 2. The Management Presentations (with audio) have now been posted to DealBench under the Management Presentation(strikethrough: s) section. When attempting to view the presentation, please log onto DealBench using Microsoft Internet Explorer. Once in DealBench, you will most likely need to download "Flash Player" (free download). You can do this by clicking "Macromedia Flash Player download center" in the Linked Documents section of DealBench. The download usually takes less than 30 seconds. After the download, return to the Management Presentation section of DealBench and click on the Management Presentation (with audio). A power point presentation has also been included in the Management Presentation section of DealBench. A detailed instruction guide "Instruction for Viewing Management Presentation" has been posted in New Document section of DealBench. 3. Please be sure to consistently review the New Documents section on DealBench for any new documents that have been added to DealBench. Also, a running black line Due Diligence Index is posted in the Due Diligence Index / Plant Pictures section of DealBench. 4. Any drawings or CDs that you need from the Due Diligence Indices may be requested by sending an email to [email protected] or [email protected]. 5. Any problems or issues that you may be encountering need to be directed to Jinsung Myung at 713-853-7330. 6. We are prepared to schedule Q&A sessions. Please contact Don Miller at 713-853-0492. Regards, Don Miller This message is for the named person's use only. It may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorised to state them to be the views of any such entity. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. ************************************************************************ This e-mail and any of its attachments may contain PECO-Energy proprietary information, which is privileged, confidential, or subject to copyright belonging to the PECO-Energy family of Companies. This e-mail is intended solely for the use of the individual or entity to which it is addressed. If you are not the intended recipient of this e-mail, you are hereby notified that any dissemination, distribution, copying, or action taken in relation to the contents of and attachments to this e-mail is strictly prohibited and may be unlawful. If you have received this e-mail in error, please notify the sender immediately and permanently delete the original and any copy of this e-mail and any printout. Thank You. ************************************************************************

Friday 26 April 2001 Issue 30 The UTILICON e-newsletter Welcome to this week's edition of the UTILICON e-newsletter, delivering the week's breaking news to customers, suppliers and professionals in the utility industry. Thank you to all those who have inundated our team with their listings for the 2001 UTILICON business directory. If you have not emailed our team to request a listing form - it isn't too late! mailto:[email protected] for your FREE standard listing! Zoe Ayliffe, Editor Online Communications ------------------------------------------------------------------------------ ---------------------- __________________________________________________________________ BREAKING NEWS: EDISON DECIDES The Victorian Government has announced a $150-million 300MW gas-fired electricity plant will be built by Edison Mission Energy in the Latrobe Valley. http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4218&TCode=NW OLSEN CALLS ON ACCC TO INVESTIGATE POWER PRICES South Australia's Olsen Government has asked the Australian Competition and Consumer Commission to investigate rising power prices in South Australia and to review the start date for retail competition. http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4219&TCode=NW SALE OF TELSTRA TO BE DECIDED AT ELECTION Federal Opposition Leader, Kim Beazley says the Howard Government is emphasising the privatisation of Telstra as an election issue this year in its decision to defer the issue until at least 2003-4. http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4221&TCode=NW ++++++++++++++++++++++++++++++++++++++++++++++++++ UTILICON AUSTRALIA 2001 Sick and tired of looking for the perfect marketing vehicle to reach electricity, gas, water suppliers and their customers? Look no further! UTILICON is the region's most highly regarded Convention and the only B2B trade exhibition to consistently bring the most senior decision makers from ALL utilities together with the leading consultants, technology suppliers, product vendors and service providers in one exclusive venue. Visit: http://www.utilicon.com.au/utilicon_au_2001/ mailto:[email protected] ++++++++++++++++++++++++++++++++++++++++++++++++++ . INDUSTRY NEWS PLANS GIVEN FOR ESSENTIAL SERVICES COMMISSION http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4173&TCode=NW GOVERNMENT WARNED OFF NEM OPERATIONS http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4174&TCode=NW INVESTIGATIONS INTO PROPOSED TASMANIAN DAM http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4177&TCode=NW CARR TURNS ON GAS http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4176&TCode=NW MOBILE PHONE MANAGER LAUNCHED http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4126&TCode=NW ORG ISSUES GUIDELINES ON POWER SURGE COMPO http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4085&TCode=NW MELBOURNE TO HAVE MAJOR 'GREEN' SUBURB http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=4123&TCode=NW SANTOS REPORTS DROP IN REVENUE http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3999&TCode=NW ______________________________________________________________________________ ______ ______________________________________________________________________________ _________ FOR YOUR DIARY: QUEENSLAND POWER 2001 Don't let this marketing opportunity pass you by! Join key industry players at the 5th Annual Queensland Power Conference, 21-23 May 2001 at Sheraton Hotel and Towers. Let the Utility Forum do all the work- advertising, marketing, direct mail and on-line promotion. Sponsor and Exhibit NOW
(.join our Luncheon Sponsor Mincom and get noticed!! Invest Today, contact Michael Turnley Ph: +61 2 9210 5755 Fax: +61 2 9223 8216 mailto:[email protected] WESTERN AUSTRALIA POWER 2001 (28-29 June 2001) It's all happening in WA!! While the gas industry awaits the outcome of Shell's bid to become THE big state player, Government attempts to juggle its commitment to popular projects with the wider need to boost growth in the sector. Green and renewable sources of energy, including formative tidal and solar propositions, struggle for priority ratings alongside the expansion of LPG and LNG processing. The largest state certainly does not do things by half! Contact mailto:[email protected] http://www.utilicon.com.au/wapower2001aus/ CONFERENCE AND EXHIBITIONS CABLING WORLD Australia 2001 Sydney Convention and Exhibition Centre, 4 - 6 June 2001 - the inaugural conference and exhibition dedicated to Australia's booming network communications and cabling infrastructure market. A highly focused three-day programme covering all the major issues for cabling industry professionals For more information contact - mailto:[email protected] http://www.cabling-world.com/cabling_AUS2001
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( Zoe Ayliffe Online Communications & Multimedia Manager Terrapinn (Australia) Pty Ltd Tel +61 (02) 9210 5750 Fax +61 (02) 9223 8216 email: mailto:[email protected] http://www.terrapinn.com ABOUT TERRAPINN: Terrapinn is a world leader in providing integrated media solutions for global business-to-business vertical communities.? We produce major events, publications, and internet portals across a portfolio of brands within Information Technology, Telecommunications, Media, Finance & Law, Utilities, Pharmaceuticals and Leisure.

I am not sure it solves matters. Stikemans opinion points out: 1. as I indicated this morning, "money" means actual currency - notes and coins - not funds transferred by wire into an account, which would likely be treated as an "intangible" resulting in the various requirements/concerns I pointed to this morning regarding perfection by registration; 2. although, in their view, the validity of the transfer approach would be recognized by a court (in Ontario at least), given that the intention of the Transfer Annex is to provide security for contingent obligations under the Master Agreement and the lack of relevant case law, there is a material risk that the Court would nonetheless characterize the transfer as a security interest subject to the requirements for perfection. With our present understanding, in the absence of any definitive case law, and without an unequivocal opinion we can rely on, I am not sure we can rely on the transfer approach to solve the problem, particularly with high volume counterparties who likely are going to create the largest exposures. Peter. Carol St Clair 03/20/2001 09:19 AM To: Peter Keohane/CAL/ECT@ECT cc: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Anne C Koehler/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron, Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron Subject: Re: Cash Collateral In Canada Peter: Thanks for responding and sorry about you having to repeat this again as I was not aware of your previous discussions. In Stikeman's November 2000 ISDA Collateral Opinion, they suggest as an alternative course of action to modify the Credit Support Annex to create a debtor/creditor relationship between the parties and to provide for an outright transfer of cash instead of a pledge. Do you have any thoughts on this? Is this an alternative that we should consider implementing with some of our more persistent high volume counterparties who are giving us a hard time about not being able to post cash collateral to us? Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) [email protected] Peter Keohane 03/20/2001 09:58 AM To: Carol St Clair/HOU/ECT@ECT cc: Greg Johnston/CAL/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Chris Gaffney/TOR/ECT@ECT, Mark Powell/CAL/ECT@ECT, Sharon Crawford/CAL/ECT@ECT, Tana Jones/HOU/ECT@ECT Subject: Re: Cash Collateral In Canada In the past few weeks, I have discussed this issue with Brent H., Mark T. Chris G. and Mary C. Under the PPSA jurisdictions in Canada, which includes Alberta and Ontario among others, cash held on deposit as collateral is not clearly categorized as "money" but more likely an "account". Although certain categories of collateral can be perfected by possession, including "money", "intangibles", which includes "accounts", cannot be perfected by possession. The issue comes down to whether we will accept the risk that a wire transfer to an account designated by us constitutes "money". Although it is not clear, the better view is that "money" means cash in hand and not on deposit. The risk is that an unperfected security interest is subordinate to various parties, including a bankruptcy trustee and to subsequently taken but properly perfected security interests. I will admit, however, that this seems to be a risk that others in our market take (although likely unknowingly). Accordingly, to perfect the "account" a registration is likely required at the PPR, which is something we do not want to get into. Even then, as an "account" is an "intangible" certain conflicts rules for perfection by registration need to be considered, as the PPSA jurisdictions provide that perfection of an intangible is governed by the laws of the jurisdiction where the debtor is located, as determined by the location of its principal place of business or chief executive office. i.e. registration may be required in some other jurisdiction entirely. Further, an advance search would have to be done to see if there are competing prior registrations. Also, as the PPR is not a guaranteed title registry, registration priority does not necessarily guarantee security priority, and law firms will not typically give priority opinions under the PPSA. Lastly, if there is an insolvency and the deposit holding institution is also a creditor of the counterparty, there may be some argument that the deposit holding institution will assert rights of set off over the account. In terms of updating advice, the statutory provisions have not to my knowledge changed. I suppose there is some possibility that a court has recently determined that "money" includes deposits that we are not aware of, and I could ask outside counsel to research this issue. Peter. Carol St Clair 03/20/2001 07:45 AM To: Peter Keohane/CAL/ECT@ECT, Greg Johnston/CAL/ECT@ECT cc: Sara Shackleton/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT Subject: Cash Collateral In Canada Peter and Greg: One of our counterparties is questioning why we won't accept cash collateral in Canada. They claim that under the current state of the law, holding cash collateral is the method for perfecting. Please advise. Should we ask Stikeman to update their advice to us on this? Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) [email protected]

Barbara, I have not had a chance to print out and review the follow, but judging from its sensitive nature, I felt it best to put you in the loop and seek your counsel as soon as possible. Steve ----- Forwarded by Steve Van Hooser/HOU/ECT on 09/26/00 04:35 PM ----- Dan J Hyvl 09/26/00 03:18 PM To: Steve Van Hooser/HOU/ECT@ECT cc: Subject: Re: Coogler's Response Steve, Please see Brian Redmond note to Brenda below regarding meeting with MidCon to talk about their imbalances with Reliant Energy. This could possible open both parties up to a torturous interference argument with Reliant Energy. Do you agree? If so, we need to nix meeting idea. ----- Forwarded by Dan J Hyvl/HOU/ECT on 09/26/2000 03:14 PM ----- Brian Redmond 09/26/2000 10:03 AM To: Brenda F Herod/HOU/ECT@ECT cc: James I Ducote/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT, Steve HPL Schneider/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON Subject: Re: Coogler's Response Brenda, Can you send me a copy of Bruce's response. Also, we need to meet on Entex this week as you suggest. In my discussions with Bruce, he feels that Entex can account for all of their gas nominations/takes - and that these nominations are not related to intra-month price volatility. We discussed having an initial meeting next week. Then, if it makes sense, I think we should involve MidCon in the discussions as their imbalances seem to be a key factor in Entex changing their nominations. These meetings would be to seek to develop a working protocol that we could use to improve communication and establish more definitive criteria for changing nominations. The end game would be a final meeting with Entex senior management to agree a solution to past sins and a way forward. Brian Enron North America Corp. From: Brenda F Herod 09/25/2000 10:53 PM To: James I Ducote/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT, Steve HPL Schneider/HOU/ECT@ECT cc: Yvette G Connevey/Corp/Enron@ENRON Subject: Re: Coogler's Response Please read the attached summary of Coogler's response to the audit findings. I would like to get the group together later this week to determine next steps. Jim, Dan and Janet: I would appreciate you all paying special attention to the claims. Do you all know what Bruce is referring to? If you all can do some research before the meeting, I think we'll be able to get to our next steps quicker. Thanks. ---------------------- Forwarded by Brenda F Herod/HOU/ECT on 09/25/2000 10:44 PM --------------------------- [email protected] on 09/18/2000 08:29:49 PM To: [email protected] cc: [email protected], [email protected], [email protected] Subject: Re: Coogler's Response Brenda, Matthew reviewed Coogler's responses and brings up the following questions. We can do one-of-two things at this point. We can either add the Reliant responses to our audit report as "Auditee Responses", or we can have Enron provide answers and possibly have us do some additional work. The additional work is dependent on Enron's answers to the questions. Please advise. Rick To: Frederick G. Rhodes, Richard J. Feldmann cc: Date: 09/18/2000 04:29 PM From: Matthew L. Thomas, Houston , (713) 237-2629 Subject: Coogler's Response Rick and Fred: I hope things are going well up in Salt Lake City. I have gone through all of Bruce's numbers today. I have come up with a few questions that Enron needs to answer. 1. Reliant claims that in East Texas the cut off for complementary customers is 30 Mcf/ day, does Enron agree? 2. Reliant claims that the "New Technology Contract" overrides or is an exception to the Enfolio Master Agreement. Does Enron agree that this is a legitimate exception? 3. Reliant claims that all off the industrial mis-classified gas in the Houston Division is under "special contracts" with special pricing, and even though they are using less than 100 Mcf /day they receive a lower price of 2.71 per MMBTU. Does Enron agree that this is a legitimate exception? 4. In the Houston Division it appears that Louisiana Pacific only uses gas for heating in the winter, about three months out of the year. Is there total divided by three to find their average usage, or is it divided by 12? Bruce divided by three, we divided by twelve. They are a customer all year, and are not a new customer, or a customer that has left. 5. Does Enron want to give Reliant leeway on the 100 Mcf rule? What will the actual cut off be? Bruce backs out 137,000 Mcf that was close, but not quite 100 Mcf. These are the issues that I see. The first three questions are things that Enron may have to ask Bracewell and Patterson. We were not notified of any of the special contracts that he mentions. Let me know what I need to do. If you guys have questions for me, it might be easier if we all got on the phone and spoke about it. Thanks, Matthew *******************Internet Email Confidentiality Footer******************* Privileged/Confidential Information may be contained in this message. If you are not the addressee indicated in this message (or responsible for delivery of the message to such person), you may not copy or deliver this message to anyone. In such case, you should destroy this message and kindly notify the sender by reply email. Please advise immediately if you or your employer do not consent to Internet email for messages of this kind. Opinions, conclusions and other information in this message that do not relate to the official business of my firm shall be understood as neither given nor endorsed by it.

Mark: We need to discuss. Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] ----- Forwarded by Sara Shackleton/HOU/ECT on 05/21/2001 03:19 PM ----- Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 05/21/2001 12:20 PM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Hi Sara, (1) For clarification, my voicemail was not full on Friday - I checked it, got several messages including one fromTom Doukas and called him and others immediately as I arrived. My voicemail was full on Monday - when I checked in with Keegan on Monday late morningshe advised me of such and I deleted the calls periodically. I do realize that I do get a lot of calls and emails due to the 50 or so brokerage related agreements & the numerous deals I am working on so I do try to clear the box daily. (2) I can be of more assistance in the future if, instead of telling Keegan you need a file, that you contact me directly. That way, I can make sure that you get what you need. I took a lot of Enron calls and faxes while on vacation so I would not have objected had you contacted me directly. That way we do not have to put the burden on Keegan to locate my files -- although I am sure she is more than willing to help, I do not think she knows much about where I keep particular files or documents. (3) Also with respect to Keegan, I wanted to relay to you that she felt uncomfortable being quizzed by you or passing judgment as to why I have chosen to receive orthodontal treatment in New York rather than in Houston. (The answer to the question is irrelevant. If I were getting treatment across the street from the office, I still could be here to do any work. My getting the treatment in New York, while I am on vacation, does not affect my presence in the office or undermine in any way my ability to do my job). Equally important, apparently these were not fair questions of Keegan, as she has informed me that they made her feel uncomfortable and she only answered because she sensed or thought she was obligated to do so. Nor do I think they are fair of me. I do not wish to justify my medical decisions with my colleagues, especially provided that I am taking vacation time or sick time I rightfully can take. It was previously represented to me that our department policy is that when out for medical reasons, we should provide in an email or otherwise convey a general statement - the details are not required. If that is not the policy then please advise. In any case, if for some justifiable reason you have to know such information and you need to rely on it, it is best to ask me directly so that you can be sure that the information you are getting is accurate. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 http://gss.enron.com/ Sara Shackleton@ECT 05/21/2001 10:55 AM To: Cheryl Nelson/NA/ENRON@ENRON cc: Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Cheryl: Thanks. Also, please note that while you were away: (1) Your voice mailbox was full. (2) Keegan was immediately advised if we needed a file that could not be located. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 05/21/2001 10:36 AM To: Sara Shackleton/HOU/ECT@ECT cc: Stephanie Panus/NA/Enron@Enron, Tom Doukas/Enron@EnronXGate Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Sara: I will forward the documents to you. For future reference, if anyone is looking for a file for an urgent matter while I am out, she should convey that fact to me by either (1) leaving a voice mail - as I checked my voicemails on Friday (that is how I was able to speak with Tom from New York on Friday) or (2) advise Keegan and she will contact me immediately by cell phone as she did regarding other matters on Friday. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 http://gss.enron.com/ Sara Shackleton@ECT 05/15/2001 03:45 PM To: Cheryl Nelson/NA/Enron@Enron cc: Tom Doukas/Enron@EnronXGate, Stephanie Panus/NA/Enron@Enron Subject: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Cheryl: I spoke with Clem and he is preparing the amendment for immediate execution as the signers will be at an offsite tomorrow. I'll let Tom know as soon as the amendment has been executed. Anna Meytina is on vacation so I left a message with Sharon Chernick. In order to complete our files with respect to the Enron North America Inc. ("ENA") Securities Loan Agreement, please provide me with copies of the following documents: (1) assignment of the Securities Loan Agreement from ENA to ECI (or was a separate agreement with ECI executed?) (2) termination of the prior Enron Corp. guaranty on behalf of ENA in the amount of USD25 Million I spoke with Stephanie and she could not locate your Bear/ECI files on Friday of last week. Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected]

Since I'm actually here in NY on that day, I'll plan to attend the 12/14 lunch if for no other reason than to listen/collect input and info for the committee. Regards. Fritz. "Andy Katz" <[email protected]> To: <[email protected]> cc: <[email protected]>, <[email protected]>, <[email protected]>, 12/05/00 05:35 <[email protected]>, PM <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]> Subject: RE: Meeting on December 14 ok, Bill McCoy is out of the office today, but I'll check on his availability tomorow. Andrew S. Katz, Director Industry Legal Affairs Edison Electric Institute 701 Pennsylvania Avenue, N.W. Washington, D.C. 20004 Voice: 202-508-5616 Fax: 202-508-5673 e-mail: [email protected] >>> <[email protected]> 12/05/00 05:27PM >>> Andy, can you facilitate setting up a conference call with Bill McCoy and the respective credit managers of the drafting committee for December 14th or thereabouts? "Rogers, Marty J" <[email protected]> on 12/05/2000 05:02:26 PM To: "'[email protected]'" <[email protected]>, [email protected] cc: [email protected], [email protected], Harlan Murphy <[email protected]>, Elizabeth Sager <[email protected]>, Marty Rogers <[email protected]>, Fritz Henze <[email protected]>, David Perlman <[email protected]>, Randall Osteen <[email protected]>, Patti Dondanville <[email protected]>, Babak Pooya <[email protected]>, [email protected] Subject: RE: Meeting on December 14 I think Lisa's suggestion is a very positive way to get others involved in the process as well as working through issues that credit managers may raise when they read through the proposed credit annex. MJR > -----Original Message----- > From: [email protected] [SMTP:[email protected]] > Sent: Tuesday, December 05, 2000 12:54 PM > To: [email protected] > Cc: [email protected]; [email protected]; [email protected]; Harlan > Murphy; Elizabeth Sager; Marty Rogers; Fritz Henze; David Perlman; Randall > Osteen; Patti Dondanville; Babak Pooya; [email protected] > Subject: Meeting on December 14 > > Just a suggestion, it may be a better use of everyone's time if the Credit > Managers met to discuss the draft of the Credit Support Annex prepared by > Bill before we get the drafting committee involved. I don't know about > the > other Credit Managers but I am in the process of going through and making > comments to Bill's draft. I was thinking we could gain consensus amongst > the Credit Managers and then get the drafting committee involved. Maybe > even have a conference call or two before we actually meet. Any thoughts? > ---------------------- Forwarded by Lisa R Groff/OR4/AEPIN on 12/05/2000 > 01:44 PM --------------------------- > > > F Mitchell Dutton > 12/05/2000 01:38 PM > > To: Franklin Hilton/OR3/AEPIN@AEPIN, Lisa R Groff/OR4/AEPIN@AEPIN > cc: > > Subject: Meeting on December 14 > > > ---------------------- Forwarded by F Mitchell Dutton/OR2/AEPIN on > 12/05/2000 01:39 PM --------------------------- > > > "Andy Katz" <[email protected]> on 12/05/2000 01:30:29 PM > > Date: 12/05/2000 01:30:29 PM > From: "Andy Katz" > > To: <[email protected]>, <[email protected]>, <[email protected]>, > "Harlan Murphy" <[email protected]>, "Elizabeth Sager" > <[email protected]>, "Marty Rogers" <[email protected]>, > "Fritz Henze" <[email protected]>, "David Perlman" > <[email protected]>, "Randall Osteen" <[email protected]>, > "Patti Dondanville" <[email protected]>, "Babak Pooya" > <[email protected]> > cc: <[email protected]> > > Subject: Meeting on December 14 > > > Would the drafting commitee and representative credit managers be > interested in meeting in New York City on December 14 to discuss credit > annex draft. Bill McCoy is giving a brown bag discussion on trading > documentation at a law firm in NYC and perhaps we could meet with him > afterwards? Let me know asap and I'll ask Marving Goldstein, a partner at > the firm, if we can meet after the brown bag. Of course, that depends on > Bill's availability too. > > Andrew S. Katz, Director Industry Legal Affairs > Edison Electric Institute > 701 Pennsylvania Avenue, N.W. > Washington, D.C. 20004 > Voice: 202-508-5616 > Fax: 202-508-5673 > e-mail: [email protected] > > (See attached file: Andy Katz.vcf) > > > << File: Andy Katz.vcf >> (See attached file: Andy Katz.vcf) ========== The preceding e-mail message (including any attachments) contains information that may be confidential, be protected by the attorney-client or other applicable privileges, or constitute non-public information. It is intended to be conveyed only to the designated recipient(s). If you are not an intended recipient of this message, please notify the sender by replying to this message and then delete it from your system. Use, dissemination, distribution, or reproduction of this message by unintended recipients is not authorized and may be unlawful. ========== - Andy Katz.vcf

Please find below the dial-in numbers for tomorrow's conference call in preparation for next week's formal board meeting: Topic: Briefing re: TBS from Fede Cerisoli for Enron's board members Date: March 23rd Time: 1h00pm or 3:00 pm Houston Time 4h00pm or 6:00 pm S?o Paulo/Rio de Janeiro Time Host: Eddy Daniels (Fede Cerisoli) Dial In Numbers: International: 847 619 8039 Domestic: 800 991 9019 Participant Code: 667 22 85# To facilitate the discussion during the call, I'm enclosing the following material: Draft of the Board Meeting presentation. A summary/diagram of the project's supply agreements. A diagram of the Yabog pipeline to assist us during the briefing on the TBS-Andina capacity release transaction. Thank you very much. From: Eddy Daniels on 03/22/2001 07:21 AM CST To: James A Hughes/Enron@EnronXGate, James Derrick/Enron@EnronXGate, Mark E Haedicke/HOU/ECT@ECT, Rebecca McDonald/Enron@EnronXGate cc: Federico Cerisoli/SA/Enron@Enron, Erwin Landivar/SA/Enron@Enron, Gabriela Aguilar/SA/Enron@Enron, John Novak/SA/Enron@Enron Subject: Re: Notice of Meeting of Directors of TBS on March 28, 2001 I thought it might be helpful to provide a little background on the reasons for the March 28 board meeting. By tomorrow morning, Federico and his team will distribute talking points with details of the various matters listed on the agenda. If you would find it useful, Federico and I are available for an informational conference-call in preparation for the board meeting which could be held on Friday, March 23, either at 3 pm Houston time, or at 1pm Houston time. Please let us know of your preference. TBS is a Cayman company whose principal purpose is to facilitate the supply of gas to the Cuiaba power plant in Brazil. It is essentially a service company and its only assets are contractual rights related to the gas supply and transportation agreements. Enron owns 72.5%, and Shell owns 27.5%. Until now, the board has consisted of only Enron designees. Shell has had a right to designate a board member since late 1998, and has recently designated Dr. Johannes Walzebuck as their designee for TBS (and to serve on other boards related to Cuiaba). Until now, the board functioned largely by unanimous written resolutions. Shell is also minority shareholder of the asset-owning entities related to the Cuiaba project: EPE (power plant co.), GasMat (Brazilian side of pipeline spur) and GasBol (Bolivian side of pipeline spur). Pursuant to various agreements, Shell is obligated to fund its proportional share of the capital expenditures required to develop the project. Essentially, the agreements require that the parties consult from time to time to determine an "Agreed Budget." The project companies make monthly cash calls per the Agreed Budgets and the shareholders then fund the cash requirements. Due to various construction problems and delays, the main project entities (EPE, GasMat & GasBol) have seen significant increases in the proposed Agreed Budgets. The once friendly operating relationship between Shell and the project companies has turned cold, with Shell insisting on strict observance of contractual formalities, objecting to proposed increases to the Agreed Budgets pending further consultations, and defaulting on nearly $13 MM of cash calls in the past few weeks. Rebecca McDonald and Pete Weidler have become personally involved in discussions with senior representatives of Shell to resolve the problems. It is these tensions with Shell that have led to us call for a live TBS board meeting instead of the more usual action by written resolutions. We expect that Shell may vote against approving the budgets, even though TBS's budget is quite small and has not increased beyond the level approved by Shell previously. While Shell has a contractual right to object to increases (at EPE, GasMat & GasBol) and to decline to participate in further funding (leading to their dilution), they have no right to refuse to fund the obligations to which they have already agreed. The board still can approve the budgets it deems necessary, thus giving TBS's managers corporate authority to continue operations under the budgets. Shell remains obligated to fund its proportionate share of the Agreed Budget for TBS, notwithstanding any potential vote against the budget. It is quite possible that Shell will not raise unnecessary obstacles in the TBS board meeting given the relatively small amounts at stake (less than $1 million). Their real concerns lie in the asset owning companies. However, we must be prepared for potential noncooperation. As indicated, I understand that an informative presentation will be distributed to you late this evening and TBS's management will be available to answer your questions Friday afternoon. If I can be of further assistance, please let me know. Best Regards, Eddy Daniels Eddy Daniels 03/20/2001 05:18 PM To: [email protected], James Derrick/Enron@EnronXGate, Mark E Haedicke/HOU/ECT@ECT, Rebecca McDonald/Enron@EnronXGate, James A Hughes/Enron@EnronXGate cc: Federico Cerisoli/SA/Enron@Enron, Nancy Muchmore/NA/Enron@Enron, Denise Almoina/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, [email protected] Subject: Notice of Meeting of Directors of TBS on March 28, 2001 Please find attached a notice of a board of directors meeting for Transborder Gas Services Ltd. for next Weds., March 28, 2001. The meeting will be held immediately after presentations to the shareholders' representatives (Enron & Shell ) in Cuiaba, Brazil and will start at 11:00 am local time (9am Houston time). There will be a telephone call-in number for board members who can not attend in person which will circulate later this week. Regards, Eddy Daniels

Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854 ----- Forwarded by Susan J Mara/NA/Enron on 03/21/2001 10:25 AM ----- Jean Munoz <[email protected]> 03/21/2001 09:27 AM To: Katie Kaplan <[email protected]>, "'Andy Brown (E-mail)'" <[email protected]>, "'B Brown Andy (E-mail)'" <[email protected]>, "'Baker Carolyn (E-mail)'" <[email protected]>, "'Bob Escalante (E-mail)'" <[email protected]>, "'Bob Weisenmiller (E-mail)'" <[email protected]>, "'Curtis Kebler (E-mail)'" <[email protected]>, "'Douglas Kerner (E-mail)'" <[email protected]>, "'Greg Blue (E-mail)'" <[email protected]>, "'Jan Smutny-Jones (E-mail)'" <[email protected]>, "'Jeff Dasovich (E-mail)'" <[email protected]>, "'Joe Ronan (E-mail)'" <[email protected]>, "'John Larrea (E-mail)'" <[email protected]>, "'John Stout (E-mail)'" <[email protected]>, "'Julee Malinowski-Ball (E-mail)'" <[email protected]>, "'Kassandra Gough (E-mail)'" <[email protected]>, "'kent Palmerton (E-mail)'" <[email protected]>, "'Kristin Vellandi (E-mail)'" <[email protected]>, "'Lynn Lednicky (E-mail)'" <[email protected]>, "'Marty Wilson (E-mail)'" <[email protected]>, "'McNally Ray (E-mail)'" <[email protected]>, "''Nam Nguyen' (E-mail)'" <[email protected]>, "'Norton Kelli (E-mail)'" <[email protected]>, "'Paula Hall-Collins (E-mail)'" <[email protected]>, "'Pigott Jack (E-mail)'" <[email protected]>, "'Richard Hyde (E-mail)'" <[email protected]>, "'Rob Lamkin (E-mail)'" <[email protected]>, "'Roger Pelote (E-mail)'" <[email protected]>, "'Stephanie-Newell (E-mail)'" <[email protected]>, "'Sue Mara (E-mail)'" <[email protected]>, "'Theo Pahos (E-mail)'" <[email protected]>, "'Tom Ross (E-mail)'" <[email protected]>, "Carol H Hudson (E-mail)" <[email protected]>, steven kelly <[email protected]>, "'Anne Kelly (E-mail)'" <[email protected]>, "'Chuck Cole (E-mail)'" <[email protected]>, "'Delany Hunter (E-mail)'" <[email protected]>, "'DJ Smith (E-mail)'" <[email protected]>, "'Hedy Govenar (E-mail)'" <[email protected]>, <[email protected]>, "'Maureen OHaren (E-mail)'" <[email protected]>, "'Mike Monagan (E-mail)'" <[email protected]>, "'Phil Isenberg (E-mail)'" <[email protected]>, "'Robert Ross (E-mail)'" <[email protected]>, "'Ron Tom (E-mail)'" <[email protected]>, "'Scott Govenar (E-mail)'" <[email protected]>, "'Susan Mccabe (E-mail)'" <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]> cc: Subject: Great Sacramento Bee Editorial Today
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; S ------------------------------------------------------------------------ Our first Gray-outs: These power outages are purely a failure of leadership (Published March 21, 2001) Add a new term to the electricity nomenclature -- the Gray-out. This is a power outage caused by politics in Sacramento under Gov. Gray Davis, rather than some unavoidable mismatch between supply and demand. This is March. Peak demand is thousands upon thousands of megawatts lower than it will be this summer. And yet the lights are going out. These rolling Gray-outs trace squarely back to state government's failure to figure out a way to pay for all the power that California needs. The generators who aren't getting paid are beginning to go temporarily out of business. Day by day, less and less power is available for the grid, to the point that a little bit of spring sun is enough to overtax supply and turn out the lights. Unbelievable. It's true that the governor is bleeding the state's coffers to the tune of about $50 million every day to pay the big for-profit generators for their supply. This is his short-term solution, until the longer-term solution -- whatever that is -- kicks in. But no, even that huge payment isn't all the money needed to pay all the generators. Neglected by the government plan are about 600 little guys that produce 20 percent of the electricity supply. These are generators dotted throughout the state known as Qualifying Facilities. A creation of the alternative energy movement of the 1970s, these are plants powered by natural gas, the sun and the wind. Unlike the big for-profit generating companies, these QFs are contractually tied to the giant utilities, Southern California Edison and PG&E. And the utilities haven't been paying them for weeks and weeks -- at this point the QFs are owed $1.48 billion. Not surprisingly, some of these generators can't afford to keep producing power for free. Grid operators say that these QFs could be producing about 6,000 megawatts if they were being paid. Instead, they are producing about 3,100, and the amount is decreasing. Outages were triggered on Monday because the grid was short about 1,000 megawatts of load. This math clearly reveals how avoidable this disruption was. Call it a rolling Gray-out. Bipartisan legislation has languished in Sacramento for weeks that would cut in half what these QFs have been billing the utilities. The savings are possible by moving these contracts into long-term deals and out of the higher-priced spot market. This piece of the overall solution has been stalled while the governor has been at work on the others, such as returning the big utilities to solvency and locking in power purchases long-term with the big for-profit generators. Disregarding the little guys, however, is a mistake that the governor and Legislature should correct immediately.

NETWORK WORLD NEWSLETTER: DAVE KEARNS on NOVELL NETWARE 05/31/01 - Today's focus: Send Novell your support Dear Wincenty Kaminski, In this issue: * Novell's poor financials cuts deep into company * Links related to Novell NetWare * Featured reader resource _______________________________________________________________ NEWS ALERTS NOW AVAILABLE FROM NETWORK WORLD! You have very specific information needs about a technology or technology vendor and you subscribe to a newsletter or go on- line to find out about the strategic developments in this specific area. But how do you stay up with the late-breaking news? Network World now offers six very focused News Alerts to keep you abreast of the most significant developments of the week on LANs, Storage, Network/Systems Management, The Edge, Cisco and Microsoft. As an added service, if there's impactful, late-breaking news about one of these specific technologies or vendors, by subscribing to our News Alerts, we'll let you know what it is within hours. Subscribe today at http://nww1.com/go/ad082.html _______________________________________________________________ Today's focus: Send Novell your support By Dave Kearns Gathering information about Novell's changes in the aftermath of its recently announced poor second quarter financial results, was like covering a war zone. E-mails and phone messages kept coming in from 'the front' - other journalists, Novell employees, recent ex-employees, as well as interested bystanders such as company stockholders, spouses and significant others. First there were reports that all Novell employees in San Jose were fired and the buildings sold. But some reflection showed that CEO Eric Schmidt and CFO Dennis Rainey were a) still with the company and b) still in San Jose, so that wasn't true. Then there were reports that "hit men" were spotted flying out of Salt Lake City to Novell offices worldwide with orders to close them down. I even heard that the entire NetWare development team was let go. As it turned out, none of those reports was completely true, or completely false. The workforce at San Jose was cut back dramatically, but the office is still there. NetWare's product team is still intact, although the Border Manager team was heavily cut. Some non-U.S. offices, in the Pacific region for example, were hit hard, while Europe suffered little or no personnel loss. It does appear, though, that the on-again, off-again, back-on-again DigitalMe initiative is off for good. Besides the folks who were shown the door last week, there are others who have been given notice that they will be laid off in either four weeks' or six months' time, as projects and contracts are wrapped up. The dust has yet to settle. But while it was exhilarating to watch at the time, on reflection it's rather sad. Some people with whom I should have spoken to more often to tell them how much I appreciated their work are now gone. This is a good time for you to talk to the people you rely on at Novell for information, product and support. Let them know how much you depend on them. Find out who their manager is and send out letters or e-mails of commendation. Let Novell's management know where your priorities lie, name the people who have supported you best and what you expect from the company you've been loyal to all these years. _______________________________________________________________ To contact Dave Kearns: Dave Kearns is the Word Wrangler for Virtual Quill, a writing agency serving the computer and networking industries. If your target customer doesn't know your product, doesn't know its uses and doesn't know he needs it, he's not going to buy it. From books to reviews, marketing to manuals, VQ can help you and your business. Virtual Quill - "words to sell by..." Find out more at: http://www.vquill.com/, or by e-mail at mailto:[email protected]. _______________________________________________________________ RELATED EDITORIAL LINKS Novell posts Q2 loss, plans layoffs - Computerworld, 05/23/01 http://www.nwfusion.com/news/2001/0523novelloff.html Novell caching spinoff no cash cow - Network World, 05/21/01 http://www.nwfusion.com/news/2001/0521volera.html Novell spinoff lays off 10% of workforce - Computerworld, 05/24/01 http://www.nwfusion.com/news/2001/0524novellspin.html Breaking Novell and NetWare news, updated daily: http://www.nwfusion.com/news/financial/novell.html Archive of the Novell NetWare newsletter: http://www.nwfusion.com/newsletters/netware/index.html ______________________________________________________________ FEATURED READER RESOURCE User Excellence Award If you've completed an interesting network project in the last 12 to 18 months, here's your chance to gain industry recognition for it. Network World is currently accepting nominations for its annual User Excellence Award. For more information and an online nomination form, go to http://www.nwfusion.com/nw/awards.html#excellence Deadline for submission is June 11. _______________________________________________________________ SUBSCRIPTION SERVICES To subscribe or unsubscribe to any Network World e-mail newsletters, go to: http://www.nwwsubscribe.com/news/scripts/notprinteditnews.asp To unsubscribe from promotional e-mail go to: http://www.nwwsubscribe.com/ep To change your e-mail address, go to: http://www.nwwsubscribe.com/news/scripts/changeemail.asp Subscription questions? Contact Customer Service by replying to this message. Have editorial comments? Write Jeff Caruso, Newsletter Editor, at: mailto:[email protected] For advertising information, write Jamie Kalbach, Fusion Sales Manager, at: mailto:[email protected] Copyright Network World, Inc., 2001 ------------------------ This message was sent to: [email protected]

IEP NEWS UPDATE: US Lawmaker: Revoke 6 Pwr Cos Mkt-Based Selling To Calif ???? ???????Updated: Tuesday, April 24, 2001 08:16 AM?ET ??? Calif Gov Forms Team To Speed Power Plant Construction ???? ???????Updated: Tuesday, April 24, 2001 03:34 PM?ET ??? US Sens Unveil Bipartisan Bill To Cap Western Pwr Prices ???? ???????Updated: Tuesday, April 24, 2001 12:17 PM?ET ????? ? ________________________________________________________________ US Lawmaker: Revoke 6 Pwr Cos Mkt-Based Selling To Calif ???? Updated: Tuesday, April 24, 2001 08:16 AM?ET ????? ? (This article was originally published Monday) LOS ANGELES (Dow Jones)--A U.S. Congressman from California asked federal regulators Monday to revoke the authority of six generators to sell power at market-based rates in the state because they abused that authority in the past, according to a letter seen by Dow Jones Newswires. Congressman Bob Filner of San Diego accused the following companies of controlling power prices in California: AES Corp (AES, news, msgs), Duke Energy Corp (DUK, news, msgs), Dynegy Inc (DYN, news, msgs), Mirant Corp (MIR , news, msgs), Reliant Energy, Inc (REI, news, msgs), and The Williams Companies, Inc (WMB, news, msgs). "Each of the companies was required, as a condition for the authority to sell at market-based rates, to demonstrate that they did not possess market power in the California generation market," Filner said in a letter to Federal Energy Regulatory Commission Chairman Curt Hebert. "It is clear that these firms, do, in fact, have market power and therefore do not satisfy the prerequisite for authority to sell at market-based rates under FERC rules." FERC granted the generators market-based rate authority in 1998 for three years, and is in the process of determining whether to renew that authority. Filner's letter comes on the heels of a meeting Thursday between California Gov. Gray Davis and 22 federal lawmakers from the state, where all agreed that FERC needs to take more action to curb skyrocketing wholesale power prices in California. The lawmakers have not, however, reached a consensus on how the FERC should keep prices in check. At least one other Congressperson, Democrat Jane Harman, said Thursday that she favored revoking generators' market-based rate authority. The state's grid operator filed a letter to FERC in March claiming generators overcharged the state $6.2 billion for electricity they sold in the state's power market between May 2000 and February 2001. FERC has ordered refunds for overcharges totalling $124.5 million for January through March, 2001. -By Jessica Berthold; Dow Jones Newswires; 323-658-3872; [email protected] Calif Gov Forms Team To Speed Power Plant Construction ???? Updated: Tuesday, April 24, 2001 03:34 PM?ET ????? ? LOS ANGELES (Dow Jones)--California Gov. Gray Davis said Tuesday he has formed a task force to help speed the construction of new power plants in the state, according to a press release. The team will examine construction schedules and shorten the startup time for power plants to be built and develop methods to overcome potential delays during construction, the release said. The task force will comprise members of engineering and construction firms, and will be led by Ambassador Richard Sklar, who recently completed service as the U.S. President's Special Representative for Economic Reform and Reconstruction in Southeast Europe. Sklar is the former owner of a construction machinery manufacturing firm and former president of a project management firm as well as former general manager of San Francisco's Public Utilities Commission, the release said. Other members of the task force include project management executives from Bechtel Group Inc, URS Corp. ????????(URS, news, msgs), and Fluor Corp. (FLR, news, msgs) unit Fluor Daniel. "To keep up the momentum and ensure we have 15% more supply online than demand by 2004, this project management team will work to expedite all phases of the power plant construction process," Davis said. Davis also said Tuesday his energy advisor and staff director, John Stevens, is leaving the administration, but will continue to work with the governor on energy-related issues. -By Jessica Berthold; Dow Jones Newswires; 323-658-3872; [email protected] US Sens Unveil Bipartisan Bill To Cap Western Pwr Prices ???? Updated: Tuesday, April 24, 2001 12:17 PM?ET ????? ? WASHINGTON (Dow Jones)--U.S. senators Dianne Feinstein, D-Calif, and Gordon Smith, R-Ore., Tuesday unveiled bipartisan legislation to require federal regulators to impose cost-based electicity price controls throughout the western U.S.. The bill was unveiled at a press conference designed to ratchet up pressure on the Bush administration to relent in its opposition to price controls in response to a pending electricity supply crisis in the region this summer. The measure would require the U.S. Federal Energy Regulatory Commission to limit the prices power suppliers can obtain to their cost of production plus a reasonable rate of return. The bill would allow FERC to determine what rate of return power providers could obtain. The cost-based price controls would remain in effect until March 1, 2003. The bill also targets a FERC decision deemed to be exacerbating California's electricity crisis by driving up natural gas costs in the state. It would require FERC to end a temporary suspension of a natural gas transportation rate cap for sales into California. The bill would mandate that natural gas providers disclose to FERC commodity and transportation prices for sales into California.

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I don't think she's in. You might want to leave her a voice mail. From: Carlos Sole on 04/16/2001 11:08 AM To: Sheila Tweed/HOU/ECT@ECT cc: [email protected] Subject: Delta - ENA Consent Jurisdiction Issue Sheila, in connection with the Delta turbine sale, we have one pending issue with respect to the jursidiction clause that would have us consent to either NY state or federal court (you had revised the document to only have NY federal courts apply, but the Lenders have responded that they need the state court reference in the event that the federal courts will not take the case). Attached is the redline to show how the clause has been revised to eliminate the waiver of forum non-conveniens and how the jurisidiction will only apply to the consent agreement, but I'd like your approval to accept NY state court as well. In the alternative, Lender's counsel has commented that in another Enron transaction they were involved with, they accepted Delaware state and federal courts. Also, please note that the opinion letter is no longer required. Thanks in advance: Jurisdiction and Process 5.8 ENA AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CONSENT AND AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY LEGAL ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT OBTAINED AGAINST ENA, FOR BREACH HEREOF, OR AGAINST ANY OF ITS PROPERTIES, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK BY THE COLLATERAL AGENT OR ON BEHALF OF THE COLLATERAL AGENT, AS THE COLLATERAL AGENT MAY ELECT, AND ENA HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS FOR PURPOSES OF ANY SUCH LEGAL ACTION OR PROCEEDING. ENA HEREBY AGREES THAT SERVICE OF PROCESS IN ANY SUCH PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO IT AT ITS ADDRESS SPECIFIED BELOW ITS NAME ON THE SIGNATURE PAGES HEREOF OR AT SUCH OTHER ADDRESS OF WHICH EACH NOTEHOLDER SHALL HAVE BEEN NOTIFIED THERETO. IN ADDITION ENA HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CONSENT AND AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. Carlos Sole' Senior Counsel Enron North America Corp. 1400 Smith Street Houston, Texas 77002-7361 (713) 345-8191 (phone) 713 646-3393 (fax) ----- Forwarded by Carlos Sole/NA/Enron on 04/16/2001 10:56 AM ----- "Campbell, Carolyn" <[email protected]> 04/16/2001 09:49 AM To: "'[email protected]'" <[email protected]> cc: Subject: FW: Pegasus - ENA Consent Carlos: The only two changes we requested to the ENA Consent that Isabel Parker did not make were as follows: 1. Section 2.1(f) - no deletion of "best" from knowledge; and 2. Section 5.8 - no deletion of NY "state court" jurisdiction. I have not spoken to Isabel about these last items, so I don't know if they were inadvertent or intentional, although my e-mail to her was fairly specific about Enron accepting federal court jurisdiction in NY but not NY state court. Note that it is rather unusual to object to NY state court when federal courts in NY are considered acceptable. Please review and let me know. Thanks. Carolyn M. Campbell King?& Spalding 713-276-7307 (phone) 713-751-3280 (fax) [email protected] <mailto:[email protected]> -----Original Message----- From: PARKER, Isabel [mailto:[email protected]] Sent: Monday, April 16, 2001 8:47 AM To: Carolyn Campbell (E-mail) Cc: John Tisdale (E-mail); Jack Wallace (E-mail); O'BRIEN, Lisa; VAN DUSEN, Nicholas Subject: Pegasus - ENA Consent This e-mail is confidential and may well also be legally privileged. If you have received it in error, you are on notice of its status. Please notify us immediately by reply e-mail and then delete this message from your system. Please do not copy it or use it for any purposes, or disclose its contents to any other person: to do so could be a breach of confidence. Thank you for your co-operation. Please contact our IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email [email protected] if you need assistance. I attach a clean and blacklined copy of the ENA Consent, showing the changes from the version last circulated. This should now be in final form. Please let me know if you have any further comments. Kind regards Isabel Confidentiality Notice This message is being sent by or on behalf of a lawyer. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged or confidential or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately by e-mail and delete all copies of the message. - COMPARE001.DOC - NY003699617.DOC

----- Forwarded by Jeff Dasovich/NA/Enron on 03/02/2001 07:09 PM ----- "Katie Kaplan" <[email protected]> 03/02/2001 07:08 PM To: "'Andy Brown (E-mail)'" <[email protected]>, "'B Brown Andy (E-mail)'" <[email protected]>, "'Baker Carolyn (E-mail)'" <[email protected]>, "'Bob Escalante (E-mail)'" <[email protected]>, "'Bob Weisenmiller (E-mail)'" <[email protected]>, "'Curtis Kebler (E-mail)'" <[email protected]>, "'Douglas Kerner (E-mail)'" <[email protected]>, "'Greg Blue (E-mail)'" <[email protected]>, "'Jan Smutny-Jones (E-mail)'" <[email protected]>, "'Jean Munoz (E-mail)'" <[email protected]>, "'Jeff Dasovich (E-mail)'" <[email protected]>, "'Joe Ronan (E-mail)'" <[email protected]>, "'John Larrea (E-mail)'" <[email protected]>, "'John Stout (E-mail)'" <[email protected]>, "'Julee Malinowski-Ball (E-mail)'" <[email protected]>, "'Kassandra Gough (E-mail)'" <[email protected]>, "'Katie Kaplan (E-mail)'" <[email protected]>, "'kent Palmerton (E-mail)'" <[email protected]>, "'Kristin Vellandi (E-mail)'" <[email protected]>, "'Lynn Lednicky (E-mail)'" <[email protected]>, "'Marty Wilson (E-mail)'" <[email protected]>, "'McNally Ray (E-mail)'" <[email protected]>, "''Nam Nguyen' (E-mail)'" <[email protected]>, "'Norton Kelli (E-mail)'" <[email protected]>, "'Paula Hall-Collins (E-mail)'" <[email protected]>, "'Pigott Jack (E-mail)'" <[email protected]>, "'Richard Hyde (E-mail)'" <[email protected]>, "'Rob Lamkin (E-mail)'" <[email protected]>, "'Roger Pelote (E-mail)'" <[email protected]>, "'Stephanie-Newell (E-mail)'" <[email protected]>, "'Sue Mara (E-mail)'" <[email protected]>, "'Theo Pahos (E-mail)'" <[email protected]>, "'Tom Ross (E-mail)'" <[email protected]> cc: "Carol H Hudson (E-mail)" <[email protected]>, "Katie Kaplan (E-mail)" <[email protected]>, "Jan Smutny-Jones (E-mail)" <[email protected]>, "Steven Kelly (E-mail)" <[email protected]>, <[email protected]>, "'Alex Sugaoka (E-mail)'" <[email protected]>, "'Bill Carlson (E-mail)'" <[email protected]>, "'Bill Woods (E-mail)'" <[email protected]>, "'Bob Ellery (E-mail)'" <[email protected]>, "'Bob Gates (E-mail)'" <[email protected]>, "'Cody Carter (E-mail)'" <[email protected]>, "'Curt Hatton (E-mail)'" <[email protected]>, "'David Parquet'" <[email protected]>, "'Dean Gosselin (E-mail)'" <[email protected]>, "'Doug Fernley (E-mail)'" <[email protected]>, "'Duane Nelsen (E-mail)'" <[email protected]>, "'Ed Tomeo (E-mail)'" <[email protected]>, "'Eileen Koch (E-mail)'" <[email protected]>, "'Eric Eisenman (E-mail)'" <[email protected]>, "'Frank DeRosa (E-mail)'" <[email protected]>, "Frazier Blaylock (E-mail)" <[email protected]>, "'Hap Boyd (E-mail)'" <[email protected]>, "'Hawks Jack (E-mail)'" <[email protected]>, "'Jim Willey (E-mail)'" <[email protected]>, "'Joe Greco (E-mail)'" <[email protected]>, "'Jonathan Weisgall (E-mail)'" <[email protected]>, "'Kate Castillo (E-mail)'" <[email protected]>, "'Kelly Lloyd (E-mail)'" <[email protected]>, "'Ken Hoffman (E-mail)'" <[email protected]>, "'Kent Fickett (E-mail)'" <[email protected]>, "'Lynn Lednicky (E-mail)'" <[email protected]>, "'Marty McFadden (E-mail)'" <[email protected]>, "'Paula Soos'" <[email protected]>, "'Randy Hickok (E-mail)'" <[email protected]>, "Rick S. Koebbe (E-mail)" <[email protected]>, "'Ross Ain (E-mail)'" <[email protected]>, "'Steve Iliff'" <[email protected]>, "'Steve Ponder (E-mail)'" <[email protected]>, "'Tony Wetzel (E-mail)'" <[email protected]>, "'William Hall (E-mail)'" <[email protected]> Subject: Public Affairs Committee Greetings: As many of you know, the IEP Board met last week and decided upon a new committee structure within IEP. The Public Affairs Committee was created to replace the Market Response Committee with Greg Blue appointed as the interim chairperson. We would like to move to establish this new committee as soon as possible and meet to discuss direction, specific upcoming issues, an overall plan, budget and structure for the year. We would like to start this process with a conference call on Monday March 5, 2001 at 3:00 p.m. Please see call in information below. (It is not necessary for any consultants to participate in the Monday call.) This conference call will be followed by an in-person meeting here at IEP on Thursday March 8, 2001 at 2:00 p.m. If you are interested in participating on this committee please signify that with an e-mail response to this message. For those planning on participating on the conference call we will send out the agenda on Monday. During that conference call we will also set the agenda for the Thursday in person meeting. During the Thursday meeting we would also like to move to select a permanent chairperson. Thank you for your attention to this important matter and I look forward to continuing to work with each of you and make this new committee structure a success. I have set up a permanent Conference Call in number and Pass-code for the Public Affairs Committee that we will use every time we have a conference call. We will begin using this call-in number on Monday. The call in number for Monday's 3:00 p.m. call is is: 1-800-486-2460 The Pass-code is: 120895 Thanks, Katie Kaplan Manager of State Policy Affairs Independent Energy Producers Association (916) 448-9499

Please join me and the Global Accounting leadership team in congratulating the following individuals on their promotions to: To Managing Director Sally Beck (EWN) Fernley Dyson (EEL) To Vice President Beth Apollo (ENW) Janine Juggins (EEL Tax) Phillip Lord (EBS) Laura Scott (ENA) Chris Sherman (ENA) Wade Stubblefield (EES) To Senior Director Buddy Aiken (EEL) Jim Coffey (ENA) Donette Dewar (Intl. Tax) Patricia Dunn (NEPCO) Mark Frank (ENA) William Gehle (EECC) Joseph Grajewski (EECC) Jan Johnson (Corp) Scott Mills (ENW) James New (EEL) Mary L. Ruffer (ENA) Richard Sage (EEL) Elaine Schield (Corp) Kevin Sweeney (ENW) Beth Wapner (EBS Tax) Director Thresa Allen (ENW) Ron Baker (Corp) Misty Barrett (EES) Jeff Blumenthal (EWS) Trey Cash (Corp Tax) Karen Choyce (Corp) Cheryl Dawes (ENA) Lanette Earnest (EWS Tax) Jeffrey Gossett (ENW) Robert Guthrie (ETS Tax) Susan Helton (ENA) Ralph Jaeger (EEL) Andrea Kerch (EEL) Faith Killen (ENA) Johnna Kokenge (Corp) Matt Landy (EEL) Andy Lawrence (ISC) Connie Lee (EBS) Caroline Lothian (EEL) Meg Malone (Corp Tax) Gary Peng (Corp) Stephen Schwarzbach (Corp) Sally Seelig (EES Tax) Don Shackley (EES/London Tax) Patricia Shannon (Corp) Eddie Sikes (Intl. Tax) Jeffrey Smith ( EGM) Ron Smith (GSS) Kim Theriot (ENW) Hope Vargas (ENA) Tina Ward (EEL) Stephen Whitaker (EEL) Stacey White (ENW) Rob Wilcott (Corp) To Manager Christopher Abel (ENW) Stacey Aune (ENA) David Baumbach (ENW) Maya Beyhum (ENW London) Patricia Bloom (ENA) Matthew Brown (ENW) Vince Cacaro (ISC) Clara Carrington (ENW) Carol Carter (ENA) Carolyn Centilli (ISC) Erin Copeland (EECC) Richard Cross (ENW) Rachel Davis (Corp) Michael Desbiens (ISC) David Dupre (ISC) Eileen Flanagan (EEL) Regina Figueroa (ISC) Rebecca Ford (ENW) Darron Giron (ENW) Julie Goodfriend (International Tax) Karen Gruesen (ENA) Kevin Hall (EEL) Kristen Hanson (ENW) David Horne (ISC) Larry Hunter (ENW) Todd Hunter (EES) Jim Ischy (GSS) Chris Jones (ISC) William Kasmervisz (ENW) Kam Kaiser (ENW) Kedar Kulkarni (ISC) Monica Lande (ENW Portland) Suzanne Lane (EEL) Vince Mack (ISC) David Maxwell (ENW) Emitra Nelson (ISC Caroline Nugent (EWS Tax) Mark Pope (ISC) Yiannis Poulopoulos (London Tax) Melissa Ratnala (ENW) Jason Sharp (Corp Tax) Stephanie Smith (Corp) Patricia Spence (ENW) Amy Spode (ENW) Patricia Sullivan (ENW) Lisa Sutton (ETS) John Swinney (ENW) Deana Taylor (Corp) Dimitri Taylor (ENW) Wayne Tencer (EES) Bernella Tholen (ENA) Theresa Vos (ENA) Blake Walker (EECC) Bob Ward (International Tax) David Williams (EEL) To Senior Specialist Amelia Alland (ENW) James Armstrong (ENA) Carmen Ayala (GSS Cynthia Balfour-Flanagan (ENW) Gilda Bartz (Corp) Stacey Brewer (ENW) Marian Briscoe (Corp Tax) Aneela Charania (ENW) Patricia Clark (Corp) Chris Crixell (EES Tax) Diane Ellstrom (ENW) Heidi Griffith (EES) Marla Hernandez (ISC) Marlene Hilliard (ENW) Dave Hollick (London Tax) Rachel Jones (EEL) Dawn Kenne (ENW) Harry Kent (EWS Tax) Blanca Lopez (ENA) Brian Hunter Lindsay (EEL) Rachel Lyon (EEL) Stacy Hardy (ENA) Sally McAdams (ISC) Kelly McCain (Corp Tax) Errol McLaughlin, Jr. (ENW) Sylvia Martinez (ISC) Kevin Meredith (ENW) Meredith Mitchell (ENW) Winnie Ngai (Corp Tax) Thien-Huong Ngo (ENW) Brian Palmer (ENW) Bich Ann T Pham (ENA) Shelly Pierson (Corp) Lillie Pittman (ISC) David Rae (ENW) Dixie Riddle (ETS Tax) Salvador Dominguez (Corp) Mark Schrab (ENW) Stephanie Sever (ENW) Danielle Shafer (ISC) Shifali Sharma (ENW) Keith Simper (ENA) Christopher Spears (ENW) Caron Stark (ISC) Tara Sweitzer (ENW) David Vandor (ENA) Mary Womack (ISC) David Yang (International Tax) Sabrae Zajac (ENW) To Specialist Kim Chick (EES Tax) Justin East (EEL) Joey Esperance (International Tax) Randi Howard (ISC) Melanie Hutchinson (EWS Tax) Mary Joseph (Corp Tax) Sherri Kathol (International Tax) Lex Lacaze (International Tax) Michelle LeBlanc (Corp Tax) Ling Li (EWS Tax) Kori Loibl (ENW) Alan Marsh (Corp Tax) Bruce Mills (ENW) Erika Moore (EEL) Matthew Motsinger (ENW) Sherry Meyers (ISC) Andrea Price (Corp Tax) Bernice Rodriguez (ENW) Tina Salinas (EES Tax) Brent Vasconcellos (Corp Tax) Brandi Wachtendorf (ENW) Patryk Wlodarski (ENW London) To Entry Specialist Stuart Sheldrick (EEL) To Accountant I Becky Klussman (Corp) To Accountant II Silvia Shelby (Accounts Payable) To Staff Mary Behn (EES) Guy Freshwater (ENW London) Geralynn Gosnell (ENW) Richard Miley (ENW) Brent Storey (ENW London) Stuart Thom (ENW London) Judith Walters (ENW) Jonathan White (ENW London) Joan Winfrey (ENW) To Senior Tax Analyst Emily Allwardt (International Tax) Leon Branom (EBS Tax) Shanna Husser (EES Tax) Shilpa Mane (Corporate/London Tax) Todd Richards (Corp Tax) Michelle Thompson (Corp Tax) To Sr. Administrative Assistant Norma Chavez (International Tax) Sarah Knott (ENW London) To Sr. Travel Administrator Cheryl Slone (GSS ) To Administrative Coordinator Heather Choate (ENW) Kayla Heitmeyer (GSS) To Senior Clerk Angela Barnett (ENW) Matthew Davies (ENW London) Daniela De Lisi (ENW London) Rufino Dorteo (ENA) Mark Pilkington (ENW London) Narjinder Sandhu (EEL) Howard Sweasey (EEL) Laura Vargas (ENW) Jo Ann Woods (Corp Tax) To Intermediate Clerk Maria Maldonado (Accounts Payable) Araceli Mondragon (Accounts Payable) Irma Rodriguez (Accounts Payable) Bernita Sowell (Accounts Payable)

The model is supposed to be a real option model to capture the value of power plants of Gencos. It is to give trader a better insight as to whether the market is overvaluing/undervaluing certain Genco stocks, and trader can act accordingly. I'm still trying to find out how trader is supposed to use it. Modeling details: The model takes in all Gencos' locational power forward prices and fuel forward prices, and uses GARCH model to simulate one year daily prices, and then uses a hourly profile to convert them into hourly prices. GARCH model parameters are estimated by the consultant using and separate model and are updated twice a year, and it does not matter whether the simulation starts in January or September. Using these prices, it will determine whether a unit at a particular location will be dispatched or not depending on A) spread of power and fuel prices, and B) whether the start-up cost can be recovered during 8 operation hours. The unit can be dispatched at minimum and peak levels. Fixed O&M, SOX and NOX (I don't know what the last two stand for) are taken into consideration. With the simulated dispatch schedule, the model calculates the value that can be generated by this unit, then sums it up across all units. The final value is the average of 100 simulations. And it takes about 16 hours to run for about 200 units. After our conversation, the consultant promised to look into A) how to make the model more flexible, say, to allow a different time horizon, B) reduce spreadsheet overhead by doing calculation one unit a time and not saving all the intermediate information (as of now it saves everything on the spreadsheet). Assuming the GARCH process is modelled correctly, I believe the methodology is OK, though it does not capture most of the optionality. My concerns are: Whether the price processes are modelled correctly. I have to get more details before making any conclusion. 100 simulations are way too few. Unless we convert the algorithm to C, I don't see how spreadsheet can handle more simulations. I guess that's why they contact us. But again, if Enron's buying the model from the consulting company, why should Enron do their job for them? How trader's going to use the model output. For this I phoned Jeff (the associate who initiated all these) and am still waiting for his returning call. A related questions why the model horizon is one year. We can either Oversee the conversation, but not doing actual coding for them. Or Redo the model for them. (The problem still remains that how trader's going to use the output). But in view of the Great Wall of China separating the business units, should we do it? As of now I have a simulation model taking start-up cost, fixed O&M, rump-up delay into consideration. It simulates monthly prices (using GBM) and takes 2 minutes 40 seconds to run 10,000 simulations for one unit for ten years (120 time steps). It can use forward-forward vol and incorporate seasonality into it (I understand this is debatable). (One interesting observation is that when using forward-forward vol simulation, the standard deviation is about 0.5%, while standard deviation using forward vol is about 2%. Also, incorporating seasonality increases the value by about 1.6%). Since most of the time-cost occurs in price simulation, and we are to simulate about 20 price processes, I hope the full model (if we build it) will take a couple of hours to run for 200 units. The main task will be interfacing, i.e., getting data from data base, and outputting the results. This is where I need most help if I am to do it. Please advice the course of action. I am supposed to talk to Michelle Cisneros today. p.s. I never promised to oversee a programmer in our group (see the message below). Best, Alex ---------------------- Forwarded by Alex Huang/Corp/Enron on 01/05/2001 08:58 AM --------------------------- Jeff M Gray 01/04/2001 To: [email protected], [email protected], [email protected], [email protected] cc: [email protected], [email protected], [email protected] Subject: FW: Project timeline Ken and I worked up the following timeline and refined the trading methodology a bit this morning. We also met with Alex Huang from Vince's group, and explained the model and coding tasks. Ken and Alex have arranged to speak by phone on Monday, and meanwhile Alex is coordinating within the research group. Alex will oversee a programmer within his group, while interfacing regularly with us. 1/4 Kickoff 1/11 Complete spreadsheet, table, and database structures (RDI). 1/17 Complete software coding for the Pricemaker component of the model (RDI and Enron Research), and begin testing (Enron Research). 1/22 Complete software coding for the Dispatch portion of the model (RDI and Enron Research), and begin testing (Enron Research). 1/22 Complete financial trader "user" interface, within the Access environment (RDI). 1/22 Complete collection and delivery of unverified generating-unit data from RDI databases (RDI). Begin verification process (RDI). 1/29 Complete all charts and reports accessible from the user interface (RDI). 1/29 Complete compilation of consensus EBITDA forecasts for all operations other than merchant generation (Enron Financial Trading). 2/9 Complete code testing (Enron Research). 2/9 Deliver verified and quality-checked generating-unit data (RDI). 2/9 Complete the model, begin testing the trading methodology, and train users. 2/16 Finish training, testing, and final QC. jeff

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/18/2000 09:01 AM --------------------------- Julia Shaw <[email protected]> on 09/29/99 03:49:07 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Re: Real Options Conference Monday 21st & Tuesday 22nd February2000 Dear Mr Kamins I am delighted that you would like to speak at the forthcoming "Real Options" conference. Would your company be covering travel and hotel expenses? If not I would need to get internal sign off to cover any expenses you would have. Please can you tell me either way so that I can make the requisite inquiries if required. The speakers at the conference have provided me with between 5-8 bullet points for their talks. Could you email me a few ideas with regard to the content of the talk and I will email back my ideas. I have attached one of the talks at the conference to give you an idea of the style of the talks which have already been included. I look forward to speaking with you later this afternoon. Kind regards Julia Shaw Conference Producer Tel:44 171 915 5650 Fax:44 171 915 5001 Email:[email protected] >>> "Vince J Kaminski" <[email protected]> 09/27/99 07:05pm >>> Dear Ms. Shaw, I have just returned from London. One of the points on my agenda was an internal seminar on the topic of real options my group offered to the Enron unit in London. Real options is a valuation technology I have been promoting internally for quite a long time. I shall be glad to speak at your conference. Proposed topic: "Real Options and Valuation of Fixed Assets in the Energy Industry". Please, let me know if this of interest to you. Vince Kaminski Julia Shaw <[email protected]> on 09/24/99 06:13:07 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Real Options Conference Monday 21st & Tuesday 22nd February 2000 Dear Mr Kaminski, I was given your name by Ann Wagoner and I believe that you area speaking at her conference on Real Options. I work in the London office of IIR and am putting on a similar conference. Your company has been mentioned by a wide variety of people who I have spoken with about real options. A number of people have mentioned that your company is regarded very much as a market leader. I would like to discover if a representative from ENRON might be interested in speaking at the conference. I have attached the draft programme with agreed speakers to date. The conference is by no means set in stone and if a speaker from ENRON decided to become involved I would ensure that you were given a good speaking slot in the conference and would have editorial control over the talk. I very much hope that ENRON will become involved with the conference and I look forward to speaking with you today or next week about the prospect. Kind regards Julia Shaw Conference Producer Tel 44 171 915 5650 Fax 44 171 915 5001 Email:[email protected] ! ! ! ! ! ! - Smith.doc

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---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 12/13/2000 10:17 AM --------------------------- "Michael Gagliardi" <[email protected]> on 12/13/2000 09:48:53 AM To: <[email protected]> cc: Subject: Fw: True Orange Fax/E-Mail #3 ----- Original Message ----- From: <[email protected]> To: <[email protected]> Sent: Tuesday, December 12, 2000 10:15 PM Subject: True Orange Fax/E-Mail #3 True Orange Fax/E-Mail Service Volume 9, Fax/E-Mail #3, Tuesday, December 12, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 Brown Gets Big Raise; Assistant FB Coaches Also Will Benefit Texas ootball coach Mack Brown has been given a $450,000 raise to boost his annual salary to $1,450,000 and maintain his status among the top 10 highest-paid college football coaches in the country, Longhorn Athletic Director DeLoss Dodds announced Tuesday. Brown's raise is an increase from the 10-year, $1 million per year contract that he signed following the 1998 season. He will have eight years remaining on the $1.45 million per year contract. "Mack has done a terrific job for The University of Texas, our Athletics Department and the football program," Dodds said. "We are extremely proud of everything he, his staff and the student-athletes have accomplished and are excited about our future." "It is very important that the head football coach at Texas remains in the upper echelon of coaching compensation, which is an ever-changing dynamic," Dodds said. "This raise is in response to the current demand in the coaching marketplace and a well-deserved reward for Mack's hard work and dedication. We are thrilled with the direction he has taken our football program and look forward to a long-lasting relationship." Brown has led the Horns to three straight nine-win seasons for the first time since 1981-83 and is guiding UT to a third-straight bowl game for just the second time since 1985. The No. 12 Longhorns will face the No. 8 Oregon Ducks at the Culligan Holiday Bowl in San Diego on Dec. 29. Brown's Texas program is one of only seven schools nationally that is riding a string of three straight nine-win campaigns. Including a pair of 10-win seasons at North Carolina prior to his arrival at Texas, Brown joins Bobby Bowden (Florida State), Steve Spurrier (Florida) and Bill Snyder (Kansas State) as the only NCAA Division I-A coaches who have led their teams to five-straight nine-plus win seasons. "I appreciate the continued commitment to our football program from The University of Texas," Brown said. "I'm proud to be the head coach of the Longhorns." Brown's assistant coaches also are in line for raises. Football raises about $40 million of the entire $50 million budget for all the men's and women's athletic programs. It is the only program that shows a profit. Baseball and men's and women's basketball are the only other major revenue sports, and none of them produce as much revenue as they spend. * * * * FOOTBALL NOTES: Longhorn ticket sales are lagging for the Holiday Bowl are lagging and Oregon fans are snapping up some of the 11,500 tickets that were allotted to Texas fans. If Longhorn fans don't step up quickly, Oregon fans are going to occupy the vast majority of the seats in San Diego on Dec. 29. . . The Longhorns begin practicing for the bowl game Thursday. All the practices will be closed to the public. . . Former Longhorn and pro football great Harley Sewell was inducted into the College Football Hall of Fame this week. . . . Redshirt freshman WR Artie Ellis, who missed most of this season with a sore shin, will get a look at TE in spring practice. With the emergence of freshman receivers Roy Williams, B. J. Johnson and Sloan Thomas, the 215-pound Ellis might have a better chance of seeing meaningful playing time by beefing up a little and playing tight end. . . Another spring move that is being contemplated is seeing if sophomore LG Derrick Dockery could move over to LT to replace departing senior Leonard Davis. Texas has three good guards in Dockery, Antwan Kirk-Hughes and Tillman Holloway. Mike Williams is the only returning tackle who has seen a lot of action. In addition to getting the best five linemen on the field at the same time, that move might give the offensive line more fire because Holloway is a very aggressive lineman. The offensive line has frequently been cited as lacking fire and leadership. * * * * FOOTBALL RECRUITING NOTES: The Longhorns are having their annual football banq uet this weekend. Most of the players making official visits will be players who already are committed to Texas, but there are at least two exceptions. OL William Winston of Houston Madison and S Rufus Harris of La Porte are both scheduled to visit. Super LB Derrick Johnson of Waco now says he is going to take all of his visits in January. Texas leads for Winston and Johnson and it it a UT-A&M battle for Harris. * * * * My next fax will be whenever events warrant. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - daily with recruiting news. My E-Mail address is: [email protected]

---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/25/2000 08:59 AM --------------------------- Dawn C Kenne 10/24/2000 10:31 AM To: Darron C Giron/HOU/ECT@ECT cc: Subject: Re: It could happen!!! Thought you would appreciate the "discussions" going on between Bass and Landry. ENJOY!!! ---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 10/24/2000 10:33 AM --------------------------- Enron North America Corp. From: Eric Bass 10/24/2000 10:20 AM To: Chad Landry/HOU/ECT@ECT cc: Matthew Lenhart/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, William Kelly/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Jeff Coates/HOU/ECT@ECT, William Keeney/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, John King/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT, Benjamin Thomason/HOU/ECT@ECT, David Marks/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES Subject: Re: It could happen!!! I guess you just summed up the difference between our two programs - at Texas we play for National Championships at LSU you play to make the Sharpie Independence bowl. Yes we were rated in the top 10 at the beginning of the year and yes we are rated #20 now. You forget that we are only half way through the season - we will be in the top 10 again before the year is out. Where will LSU be? Besides we weren't supossed to play in the Orange Bowl this year ( this is only Mack Brown's 3rd year), but anything less than the Rose Bowl nest year will be dissapointing. See you in Pasadena 2002 EPB Chad Landry 10/24/2000 10:07 AM To: Eric Bass/HOU/ECT@ECT cc: Matthew Lenhart/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, William Kelly/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Jeff Coates/HOU/ECT@ECT, William Keeney/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, John King/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT, Benjamin Thomason/HOU/ECT@ECT, David Marks/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES Subject: Re: It could happen!!! Its all about expectations, my man! What was Texas Ranked at the beginning of the season???? I am waiting for CNNSI to come out with a poll on the most overrated team of the year---my guess---a pick'em b/w Alabama and Texas. Any time Texas is challenged they "you-know-what" their pants. CKL Enron North America Corp. From: Eric Bass 10/24/2000 09:53 AM To: Chad Landry/HOU/ECT@ECT cc: Matthew Lenhart/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, William Kelly/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Jeff Coates/HOU/ECT@ECT, William Keeney/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, John King/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, [email protected] @ ENRON, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT, Benjamin Thomason/HOU/ECT@ECT, David Marks/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES Subject: Re: It could happen!!! Easy there Superfan! Remember, you still have to win 1 of your last 3 games, none of those are gimmes (see UAB). As far as bowls go, LSU to the Cotton Bowl? Come on, the Sharpie Independence Bowl is more likely (although UT will probably join you). In addition, a sweep would never happen if you were lucky enough to face UT - can you say better QB, RBs, WRs, and Defense. Besides, we have turned the corner after our embarrassing loss to OU (the #2 team in the country). I feel pretty good about our chances the rest of the way. Face it, the SEC is having a down year. It happens to all Conferences. It's just that this down year has enabled LSU a few chances to tear down the goalposts (and against the #11 team in the country - how sad is that). And far be it from me to defend the Aggies, but which school was the one to back out of that contract a few years back? See you in the Shreveport. Final Score UT - 58 LSU - 3 Chad Landry 10/24/2000 09:32 AM To: Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, William Kelly/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Jeff Coates/HOU/ECT@ECT, William Keeney/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, John King/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, [email protected] @ ENRON, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT, Benjamin Thomason/HOU/ECT@ECT, David Marks/HOU/ECT@ECT cc: Subject: It could happen!!! There are some pretty interesting college football predictions flying around! After their incredible victory last Saturday night, some folks have LSU going to the Cotton Bowl this year. I would love to see LSU sweep UT this year in yet one more major college sport-------basketball (NCAA tournament), baseball (College World Series), and, yes, football in the Cotton Bowl this year. However, it would be just as sweet to wip up on our old football nemesis---The Aggies. Although I think the Tigers would have to be a little more careful, since the Aggies occasionally spice up their offense with a crazy "REEEEEEEE-Verse" play or maybe even a pass on first down. We can only hope that one of these situations occur! GEAUX TIGERS! http://www.geaux.com/sports/foot/news/001024bowls.htm CKL

As far as your email questions, my responses are following: 1. The list I have provided you is the only list that exists on financial counterparties. There is no Excel spreadsheet to follow. 2. Duke Energy Corporation. At Mark's direction, I am sending his note below regarding utilities. Again, until we do the due diligence on a utility counterparty we have no way of knowing what kind of local, state or federal regulation or approvals they may be subject to. We currently have masters in place with only about 10 utilities/govt's. We are in the process of negotiating another 30. Until those masters are executed and we have the relevant resolutions, authority documents and/or legal opinions, I cannot approve them for online trading. I have made every effort to search company websites and elicit from Credit whether a counterparty is a regulated utility or not. If I cannot tell by the information available to me, additional due diligence will be needed to see if they are subject to local, state, or federal regulation. Mark can override any decision I have made, I can only make decisions within the guidelines the attorneys have set for me. 3. Montana Power Trading and Marketing Company is a subsidiary of a regulated utility. I am unable to determine from Credit or their website what type of regulation they might be subject to. The note is true that Credit says they are getting out of the business anyway. 4. Petrotemex. Per my conversations with Mark and our advice from counsel, unlike U.S. and U.K. counterparties, Mexican counterparties are not able to enter into derivative transactions unless their articles and bylaws specifically provide for these types of transactions. We will not know this until the due diligence is completed, so I am supposed to say "no" for Mexican counterparties we do not have a master swap agreement in place with. 5. PSEG. It is an energy services company; however, it is also not an eligible swap participant (or "ESP"). CFTC regulation limits the derivatives trading we may do to certain types of counterparties that meet certain financial requirements (large, institutional type investors, companies, banks, etc). Corporations and partnerships have to meet certain net worth and asset levels or we cannot trade financially with them. Whenever I say "not ESP" or "not eligible swap participant" it means they have not met the financial net worth test. 6. The American Coal Company. See prior note. ---------------------- Forwarded by Tana Jones/HOU/ECT on 10/13/99 04:21 PM --------------------------- From: Bob Shults 10/12/99 10:15 AM To: Tana Jones/HOU/ECT@ECT cc: Subject: Online Derivatives Trading with Regulated Utilities Does this mean that we have 10 utilities that are approved to trade? What are we doing with the other 30-40? ---------------------- Forwarded by Bob Shults/HOU/ECT on 10/12/99 10:14 AM --------------------------- To: Louise Kitchen/LON/ECT@ECT cc: Tana Jones/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, David Port/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David Forster/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT Subject: Online Derivatives Trading with Regulated Utilities We have not decided "to prevent any regulated utility from completing any financial transactions" online. If we have already satisfactorily concluded the necessary due diligence with respect to a particular utility, they will be approved. It is only with respect to those utilities which have not yet been researched that we are withholding approval. The due diligence required involves asking the utility for certain information concerning their organization and regulatory situation, hiring local counsel in the relevant state and having research done into the laws and regulations in place there and into any public utility commission orders respecting the particular utility in question, and on occasion requesting an opinion letter from the utility's counsel. We usually begin that process only when a trader believes there is a likelihood of a sufficient volume of trading with the utility to justify the time and expense. FYI, the due diligence process has in the past revealed circumstances which prevented the utility from trading derivatives or required actions to authorize such trading which had not been taken. A recent count showed about 10 executed master agreements and another 30 to 40 in one stage or another of the due diligence/negotiation process. Louise Kitchen 10/06/99 02:46 PM To: Mark E Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT cc: Debbie R Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, David Port/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David Forster/LON/ECT@ECT Subject: Customer Data On Friday we will be receiving the remaining customer list from credit, due to the timescales I am asking for turnaround on the customer matrix and master agreement review by the end of play Tuesday 12th October. Any problems with this please notify me immediately as we are now running up against very tight deadlines in terms of getting all of the information in the system for the launch schedule. Thanks Louise Mark, On another note we are requesting a review of the blanket decision which has been made to prevent any regulated utility from completing any financial transactions, if we are not prepared to do the due diligence on which ones can transact and which ones can not - is this our responsibility or theirs? ie their decision whether to trade or not. Louise

I'm HERE!!! How about the reorg? Mark H looks like he came out great. Kay From: Kathleen Carnahan 11/09/2000 09:53 AM To: Kay Mann/Corp/Enron@Enron cc: Subject: Re: enovate stuff Kay- I will look at your copy of the LLC regarding delegation of powers (or if I can't find it, I will get a copy from the Corporate Secretary's office). The draft CA does not mention Peoples having to get their consultants to sign the CA, but I can put something in. Where are you? I talked to Carlos today and I believe he will be with us soon (if we can hire him). He is anxiously awaiting your return from NY. K- Kay Mann 11/09/2000 09:45 AM To: Kathleen Carnahan/NA/Enron@Enron cc: Subject: Re: enovate stuff Hi Kathleen, I want to get Laura Luce to direct us to give Gregg signing authority. As you know, the request for Ben came from Janet, not Ben. I'll check with her. do you have the LLC agreement to see how changes are handled? If not, you can get a copy of my copy. It is not a standard agreement. On the CA, please make the effective period two years from the latest disclosure of info, and the disclosures will be ongoing. I don't have the CA in front of me, but does it say that Peoples has to get their consultants to sign a CA as well? It is a good question. Ta ta for now, Kay From: Kathleen Carnahan 11/08/2000 08:27 AM To: Kay Mann/Corp/Enron@Enron cc: Subject: Re: enovate stuff Kay, Gregg posed an interesting question yesterday regarding the Confidentiality Agreement. If Peoples supplies our confidential information to Arthur Andersen, and someone from AA tells the world our secrets, would Peoples be on the hook pursuant to our CA? I guess one way we could take care of this would be to include Arthur Andersen on Schedule I of the CA as one of Peoples' Representatives. Any thoughts? Also, I will work on getting Gregg signing authority re his message below. Kathleen ---------------------- Forwarded by Kathleen Carnahan/NA/Enron on 11/08/2000 08:16 AM --------------------------- From: Gregg Penman on 11/07/2000 04:15 PM To: Kathleen Carnahan/NA/Enron@Enron cc: Kay Mann/Corp/Enron@Enron Subject: Re: enovate stuff Kathleen - This e-mail should aid in the preparation of the Board Resolutions. The attached file lists the appointment changes. As for my signature authority, I am expecting that I would need to sign on behalf of enovate, L.L.C., Enron MW, L.L.C. and I suppose Enron North America by association. The dollar amount can be set as low as practical. I think in the L.L.C. agreement the Board reserves the right to approve contracts in excess of $50,000. The real need is for pushing paper such as CA's, Master Purchase Agreements, etc. Here is another question, if my authority is limited, who has the authority to sign in excess of my limit? Laura Luce previously had such authority as General Manager (she is a VP at ENA). If she now becomes the Board Member, can she also sign on behalf of enovate? If so, is that because she is an officer of Enron MW or because she is a Board Member (i.e., can Peoples Board Member sign on behalf of enovate)? Thanks - Gregg ----- Forwarded by Gregg Penman/Corp/Enron on 11/07/2000 03:47 PM ----- Gregg Penman 10/31/2000 11:50 AM To: Kay Mann/Corp/Enron@Enron cc: Subject: Re: enovate stuff 1) 3) I think we want it to apply to whatever entity employs the individuals with access. Most of these people will probably Peoples Energy Corp. employees, but I suppose we could make it also include all of their affiliates. enovate can sign the CA as well, but since enovate doesn't have any employees I was assuming we could use Peoples Energy as the responsible legal entity. 4) After 3:00 is fine, let me know for sure soon enough that I can lock Sarah up. Thanks, Gregg Kay Mann 10/31/2000 11:29 AM To: Gregg Penman/Corp/Enron@Enron cc: Subject: Re: enovate stuff 1)The cybergoblins ate the attachment. 2) OK 3) Which Peoples is it? Also, I think enovate should sign at CA. 4) I sent Heather an email re her availability. There's a bunch of construction near downtown, so I would hesitate to commit to an early call, but I know I'm free after 300 tomorrow. Kay From: Gregg Penman on 10/31/2000 11:25 AM To: Kay Mann/Corp/Enron@Enron cc: Subject: enovate stuff Kay - 1) Attached is my quick attempt at writing something to make the management changes at enovate that we discussed. Could you please review this and add the appropriate legal language. I don't think that we need any Board approval for any of these changes, so is some type of notification sufficient? 2) I would like to address the idea of signature authorities other than Laura at the same time. My suggestion would be that Richard and myself be granted some level of authority to execute CA's, Master Agreements, etc. that have been reviewed and approved by legal. If you can at least pull the template you used to get approval for the Director you mentioned and see if there would be any changes necessary that would be helpful. 3) I need to get the CA form for the curves and other information started. We can discuss this any time you want. 4) What is your availability tomorrow either 8-9:15 or after 3:00 to discuss the intercompany loan agreement, and will Heather be available? I will be leaving around 2:00 for suburban trick or treating. Thanks, Gregg

EES is listed as receiving $1.5 million for 7.5 MWs of reduction Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854 ----- Forwarded by Susan J Mara/NA/Enron on 03/20/2001 01:45 PM ----- "Beiser, Megan" <[email protected]> 03/20/2001 01:19 PM To: "Aaron Thomas (E-mail) (E-mail)" <[email protected]>, "Andrea Weller (E-mail) (E-mail)" <[email protected]>, "andrew Chau (E-mail) (E-mail)" <[email protected]>, "Bill Chen (E-mail) (E-mail)" <[email protected]>, "Douglas Oglesby (E-mail) (E-mail)" <[email protected]>, "Fairchild, Tracy" <[email protected]>, "Jeffrey Hanson (E-mail) (E-mail)" <[email protected]>, "jennifer Chamberlin (E-mail) (E-mail)" <[email protected]>, "john Barthrop (E-mail) (E-mail)" <[email protected]>, "John Leslie (E-mail) (E-mail)" <[email protected]>, "Joseph Alamo (E-mail) (E-mail)" <[email protected]>, "Manuel, Erica" <[email protected]>, "'Michael Nelson' (E-mail)" <[email protected]>, "Peter Bray (E-mail) (E-mail)" <[email protected]>, "Rebecca Schlanert (E-mail) (E-mail)" <[email protected]>, "Richard Counihan (E-mail) (E-mail)" <[email protected]>, "'Robert Morgan' (E-mail)" <[email protected]>, "Sue Mara (E-mail) (E-mail)" <[email protected]>, "Allen, Stevan" <[email protected]>, [email protected], "[email protected]" <[email protected]'>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "Warner, Jami" <[email protected]>, [email protected], [email protected], [email protected] cc: Subject: Press Release: GOVERNOR DAVIS ANNOUNCES STATE AGREEMENTS TO SPUR ENERGY EFFICIENT BUILDINGS Megan Beiser Assistant Account Executive Edelman Public Relations Worldwide, Sacramento Phone: (916) 442-2331 Fax: (916) 447-8509 > PR01:104 > FOR IMMEDIATE RELEASE > 03/20/2001 01:30 PM > > > GOVERNOR DAVIS ANNOUNCES STATE AGREEMENTS TO SPUR ENERGY EFFICIENT > BUILDINGS 03/20/2001 > > SACRAMENTO > > Governor Gray Davis today announced that the California Energy Commission > has signed 12 grants and contracts totaling almost $9.2 million to install > "energy smart" technology in commercial and industrial buildings > throughout the state. > > "Our campaign for conservation and improved energy efficiency will > translate into real reductions in the summer when we need it most - and > beyond," Governor Davis said. "With these grants in place, California will > continue to set the national standard for energy efficiency." > > The agreements signed by Governor Davis will account for about 93 > megawatts of projected savings from buildings outfitted with demand > responsive building systems technology. Demand responsive building systems > work by using software that automatically dim lights, reduce air > conditioning use, and cut other electrical loads. They operate in response > to signals from the Independent System Operator (ISO) or from an electric > utility or service provider. > > Under the agreements, commercial electricity customers will agree to shave > peak loads by 10 to 30 percent upon receiving the signal from the ISO. > They will be paid by the ISO to curtail electricity load in their > buildings in real time. > > In addition to these grants, the Governor also announced that an > additional eight megawatts of electricity would be saved through grants to > the K-Mart Corporation. K-Mart will use a $2 million grant to replace old > lighting fixtures with energy efficient ones in its 85 California stores. > > The demand responsive program and the innovative efficiency and renewables > program covering the K-Mart grant are parts of AB 970, which was passed > last year. The bill is designed to reduce at least 220 megawatts of peak > load by June 1, 2001. > > The Governor has proposed an additional $70 million in his New Demand > Reduction Initiative program that would yield an additional 160 megawatts > in savings from demand responsive building systems. > > For more information, please contact the California Energy Commission. > > Demand Responsive Contracts: > 1. Sacramento Municipal Utility District, $882,750, target savings: 10 > megawatts > 2. Roseville Electric, $956,000, target savings: 10 megawatts > 3. Pacific Gas and Electric, $1,411,026, target savings: 35 megawatts > 4. Seiben Energy Associates, $340,245, target savings: 1.3 megawatts > 5. Apogee Interactive, Inc., $422,915, target savings: 5 megawatts > 6. Enron Energy Services Op. Inc. , $1,500,000, target savings: 7.5 > megawatts > 7. San Diego Regional Energy Office, $1,085,476, target savings: 3.125 > megawatts > 8. Global Energy Partner, LLC, $1,540,000, target savings: 15 megawatts > > Grants: > 1. Cisco Systems, $40,460, target savings: 1.2 megawatts > 2. Alameda County, $260,964, target savings: 1.2 megawatts > 3. Hewlett Packard, $445,693, target savings: 1.8 megawatts > 4. Foothill College District-De Anza, $283,140, target savings: 1.3 > > > > Megan Beiser > Assistant Account Executive > Edelman Public Relations Worldwide, Sacramento > Phone: (916) 442-2331 > Fax: (916) 447-8509 >

What does the Kergan think of his Jeep? I think I am going to get one of those. Unless you have forgotten the Kergan's where an acient people from the steps of Russia who , for entertainment, tossed children in pits with wild dogs to fight for food. -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON.com] Sent: Wednesday, August 29, 2001 12:31 PM To: Dorland, Chris Subject: RE: Oh yeah!!! I'm down with that.... -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, August 29, 2001 11:31 AM To: [email protected] Subject: RE: When I am back in Calgary your whole desk is going to have listen to this shit all day over the box... -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON .com] Sent: Wednesday, August 29, 2001 12:28 PM To: Dorland, Chris Subject: RE: You are a visionary.... -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, August 29, 2001 11:28 AM To: [email protected] Subject: RE: Lady with python on one side , Star wars on the other... -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON .com] Sent: Wednesday, August 29, 2001 12:25 PM To: Dorland, Chris Subject: RE: I would go with the star wars painting on the side myself... -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, August 29, 2001 11:23 AM To: [email protected] Subject: RE: Don't forget pink fuzzy dice and chain steering wheel and red interior lights. Chicks are going to love it. I'm going to get a chick with a python wrapped around her painted on the side and get those tires that stick out 6 inches from the wheel wells with gold plated rims. SWEET! The funny thing is that in some neighborhoods in Houston (predominately latin) that would be a killer ride. -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON .com] Sent: Wednesday, August 29, 2001 12:17 PM To: Dorland, Chris Subject: RE: Sweet, purple, lowered, black windows, zz top playing, glow kit, sweet ride......... -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, August 29, 2001 11:16 AM To: [email protected] Subject: RE: We were talking about getting matching PT cruisers with CRUISR1 and CRUISR2 personalized plates. -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON .com] Sent: Wednesday, August 29, 2001 12:09 PM To: Dorland, Chris Subject: RE: Why don't you get cowan to get you a deal on a PT cruiser, I heard he loves those things.... -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, August 29, 2001 10:35 AM To: [email protected] Subject: RE: Listen to this shit. If I want to move my car back to Canada I (Enron) would have to pay $2000 USD to move it plus 6.1% of KBB value in import duty plus 7% GST plus $200 excise tax plus about $400 in permits. Looks like I am looking for a new car as well. -----Original Message----- From: Rob Laird <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Laird+20+3CRLaird+40natsource+2Eca+3E+40ENRON@ENRON .com] Sent: Wednesday, August 29, 2001 11:02 AM To: Dorland, Chris Subject: Whoops I did it again,......I'm not that innocent... ********************************************************************** This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at [email protected] and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. **********************************************************************

AWADmail Issue 16 October 15, 2000 A Compendium of Feedback on the Words in AWAD and Other Interesting Tidbits about Words and Languages -------------------------------- From: Susanne Koenig ([email protected]) Subject: Re: A.Word.A.Day--ambiguity Did you ever hear the saying, "Give me ambiguity or give me something else?" -------------------------------- From: Carolanne Reynolds ([email protected]) Subject: Ambiguity This was sent talking about political correctness but thought it was an example of ambiguity that you've had.... >=====> Political correctness wins a round at Bowling Green > http://www.foxnews.com/national/tonguetied/100200.sml > At Bowling Green State University, in Ohio, Richard Zeller, a > professor of sociology, is retiring after colleagues barred him > from teaching a course on political correctness. Said the head > of women's studies: "We forbid any course that says we restrict > free speech." (10/2/00) -------------------------------- From: Conrad Vlak ([email protected]) Subject: RE: A.Word.A.Day--syzygy Regarding today's word of the day, also please note that syzygy is the longest word in the English language the letters of which, used in any combination, do not form a single other word. -------------------------------- From: Sheila McKenna ([email protected]) Subject: Syzygy My father used to give me a word a day when I was little. Once he gave me syzygy. In Kindergarten when Sister Mary Angela told us all about the dictionary, she told us we could look up any word. Even Dog or perhaps Cat. She asked for a word, and I, brave little 5 year old said "Syzygy!" She smiled a controlled smile, and said, Ah, we don't know yet about a thing called VOWELS. My dear, certainly you can think of another word." Nope, it's in there. S-y-z-y-g-y, Sister, I promise!" It was, of course, and at the early age of five I was branded a smart mouth. So use the word carefully. Thanks. -------------------------------- From: Kerri Nussbaum ([email protected]) Subject: Ambigram? Can you please tell me what an ambigram is? It's this weeks' AWAD theme, and I can't find a definition anywhere. It appears you joined in the middle of the week. Please see the posting for Oct 9, 2000 in the archives http://wordsmith.org/awad/archives.html to learn more about ambigrams. -Anu -------------------------------- From: Dave Gomberg ([email protected]) Subject: Ambigrams You need to find a book titled "Inversions" by Scott Kim published in paperback about 1975. -------------------------------- From: Jean Sutherland ([email protected]) Subject: five or seven days Since the poll was so close isn't there a possibility of arranging for those who want to get your great service seven days a week to do so? Or would it require too much work? For instance, what about newspapers which use AWAD? Alternatively, those who want 'a dumb' weekend can just ignore AWAD or delete it. And, also, is the majority always right?! Bring back AWAD seven days a week, please! Thanks, Jean Sutherland, Namibia Since the announcement of the poll result, I've received a large number of messages expressing disappointment at the reduced frequency of AWAD mailings. I'm thinking about making AWADmail a regular weekend feature. Consider this a small recompense for the two missing words per week. And as always, please keep me posted on what you like or do not like about AWAD. -Anu -------------------------------- From: Patricia Campbell ([email protected]) Subject: Number 13 Could you please give me the word that means a fear of 13 (the number 13)? Thank you. Your question is timely as we just witnessed a Friday the 13th last week. The word is triskaidekaphobia (from Greek, triskaideka thirteen + phobia fear). Unfortunately (fortunately?), this past week was the only Friday the 13th to occur this year so you will have to wait until next April for the next. Another venue for posting your (and answer other's) questions is AWADtalk, the bulletin board at http://wordsmith.org/board . The board is frequented by a great number of veteran linguaphiles and you can count on them to answer questions and engage in some interesting discussion. -Anu -------------------------------- From: Bruce Pain ([email protected]) Subject: Dark Forces Your latest email arrived with a warning that it contained a picture. This is the second time that this has happened. The first time I opened the email and surprise! No picture. I did not open the second submission for fear of vile (or viral) contamination. Has some dark force been diddling with your server? Inquiring minds need to know. I've received similar messages from other AOL subscribers. We never send any attachments with the messages. Also we use a Linux server not Windows. You can't get a virus from us. AOL is not exactly known for following standards--it appears they are parsing text messages as HTML and then issuing spurious warnings about pictures. We'd rather send you a thousand words. -Anu ............................................................................ Words are things; and a small drop of ink / Falling like dew upon a thought, produces / That which makes thousands, perhaps millions, think. -Lord Byron, (1788-1824) Send your comments about words to [email protected] . AWADmail archives are available at http://wordsmith.org/awad/awadmail.html . To get them by email, send a blank message to [email protected] with the Subject line 'AWADmail nn' where nn is the issue number, e.g., 'AWADmail 13'. (AWAD.20001015.242623.001.971586642)

It looks like the Brazilian tax situation will be even more problematic than in Argentina. ---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on 01/05/99 09:30 AM --------------------------- Scott Neal 12/30/98 05:02 PM To: Don Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, William O Butler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Re: Brazilian Transaction Taxes FYI. ---------------------- Forwarded by Scott Neal/ENRON_DEVELOPMENT on 12/30/98 02:01 PM --------------------------- Beth Rosen 12/30/98 01:07 PM To: Scott Neal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Jordan Mintz/HOU/ECT@ECT Subject: Re: Brazilian Transaction Taxes Scott: I have provided some comments below in response to your questions regarding Brazil trading activities. About a year ago, Jordan and I went with Brent and others to Sao Paulo to do some preliminary due diligence on Brazil trading issues. At that time there were a number of open issues regarding the legal, regulatory and commercial aspects of conducting trading activities in Brazil that would effect our planning. For example, it was not known whether a Brazil trading office would be considered a financial institution, an important characterization as financial institutions are subject to a different tax regime. In any event, the following should give you a flavor of the regime. I am also sending you under separate cover some general information regarding doing business in brazil: Brazil imposes two gross receipts taxes called Pis and Cofins. The Pis rate is 0.65% and the Cofins rates has just increased from 2% to 3% effective February 1, 1999. Pis/Cofins operate like the Argentine turnover taxes except that Pis/Cofins are federal taxes as compared to Argentina's turnover taxes which are assessed at the provincial level. Strictly speaking, Brazil law considers amounts paid for Pis/Cofins to be "social contributions" and not taxes as the funds are earmarked for certain social welfare programs. As a result, the Pis/Cofins are considered "sacred" and except as outlined below, there are no exemptions or opportunities to avoid payment of Pis/Cofins. There are only two exceptions to the payment of Pis/Cofins. First, export sales by Brazilian companies are not subject to gross receipts taxes. The second exemption is that charitable foundations are exempt from Pis and Cofins. Prior to Brazil's recently introduced tax reform package, financial institutions paid a higher rate of income tax but were exempt from the Cofins tax (Pis was still due). Now, financial institutions must pay Cofins. To mitigate the cascading effect of Pis/Cofins in some of our power project under development, we have looked at, but not implemented, forming consortiums with some of our suppliers (gas suppliers). Under this scenario, a portion of the energy payment is allocated to each supplier who is taxable only on the portion of the tariff to which he contributed. A consortium is a legal arrangement that applies to a specific transaction and specific customers. It may not be compatible in the context of a trading office. Brazil has a value added tax regime which is administered by each state. There can be mismatches between VAT paid and collected depending on the particular jurisdiction in which a commodity is bought and resold. The VAT regimes differs for gas and power trading so we would have to analyze each specific transaction in order to evaluation whether VAT would represent a cost to the Brazil tradeco. I am sending to you some information provided by Arthur Andersen which describes the VAT on sales and re-sales of gas and electricity under several scenarios, I am also checking on whether Brazil imposes any energy specific taxes and will follow up you separately on this issue. Regards and all the best in 1999. Beth To: Beth Rosen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Brazilan Transaction Taxes Beth: I think we have a pretty good handle on these issues with respect to the Pis/Cofins--not pretty and, in fact, a worse scenario than we face in Argentina. Would you communicate to Scott. Thanks. Jordan PS-I must have just missed you today to run-I'm so sorry I couldn't make it, but it was for a very valid reason. ---------------------- Forwarded by Jordan Mintz/HOU/ECT on 12/16/98 12:15 PM --------------------------- From: Scott Neal AT ENRON_DEVELOPMENT@CCMAIL on 12/16/98 02:38 PM To: Jordan Mintz@ECT, Beth Rosen AT ENRON_DEVELOPMENT@CCMAIL cc: Yao Apasu@ECT, "Don Black/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL, Scott Porter AT ENRON_DEVELOPMENT@CCMAIL, Brett R Wiggs AT ENRON_DEVELOPMENT@CCMAIL, "Steve Pearlman/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL, Randy Young AT ENRON_DEVELOPMENT@CCMAIL, Brent Hendry AT ENRON_DEVELOPMENT@CCMAIL Subject: Brazilan Transaction Taxes Can you give us a briefing on Brazilian transaction taxes? My initial feeling is that we are going face tax issues similar to those we are dealing with in Argentina. We have several deal makers in Sao Paulo that have begun contact potential customers. I think it is important to start the education process now for all of us so that we can 1) determine ways to structure deals to limit tax liability and 2) form a strategy to lobby for changes/reform/exemption. Some initial questions: How are marketing/trading companies activities treated? Are there any energy specific taxes? If turnover/gross receipt tax are applicable, is there any special treatment for trading companies? Are transaction taxes federal, state, or local in nature? Thanks for your help.

-----Original Message----- From: Nicolay, Christi L. Sent: Monday, October 22, 2001 11:59 AM To: Kitchen, Louise; Dietrich, Janet; Delainey, David; SMITH, Douglas; Lavorato, John; Black, Don; Forster, David; Duran, W. David; Belden, Tim; Calger, Christopher F.; Foster, Chris H.; Black, Tamara Jae; Aucoin, Berney C. ; Furrow, Dale; Meyn, Jim; Harvey, Claudette; Presto, Kevin M.; Jacoby, Ben Subject: FW: RTO week--State Commissioners FYI. TJ and Claudette -- please send to your groups. Thanks -----Original Message----- From: Landwehr, Susan M. Sent: Thursday, October 18, 2001 6:19 PM Thursday Morning session----Meeting with State Commissioners This session was generally known to be the occasion for state commissioners to vent their frustrations at FERC taking action without including them in the decision making process. Although the panel notice showed that 5 state commissioners would attend, upon arriving in the hearing room we found that 27 state commissioners were there and ready to claim their 15 minutes of fame. It was a long morning! I will include comments or highlights from some of the commissioners below as well as some general thoughts. Approximately 35 to 40% of the commenters were supportive of FERC and urged them to keep moving forward with their efforts. Most of these comments came from the Midwest and were somewhat muted or rational in their support. Everyone else was fairly verbal against FERC, primarily citing that fact that they had been left out of the process, that FERC was moving too quickly, and there was no evidence that there was a benefit to their citizens. In particular, the commissioners from Maryland and North Carolina delivered highly charged rhetoric. While many would think that the session was extremely negative (our friend Sarah Novosel thought it was disgusting!) in my mind it was similiar to a legislative hearing--allowing alot of whining and then addressing the main themes of discontent such as performing a cost benefit analysis. Here's some individual comments: Catherine Riley/Maryland---she started out talking about the fact that she had taken a solemn oath to uphold the constitution when she joined the MAryland commission and immediately implied that FERC was not as diligent or honest as she was in upholding the values of protecting citizens (she was way overboard in the dramatics department). She then stated that she was not at the meeting to "help you (FERC) backfill your woefully inadequate evidentiary record". It went on like this for about 15 minutes. The good part is that she was so personally negative, that her comments will not only be discounted but may be used against her. Sam Ervin/NOrth Carolina---he was also very negative and he does not believe that there are any benefits to his citizens, that customer choice is never coming to his state, so he will never benefit from an RTO, that his current statutes do not allow any transfer of transmission to an RTO (and I bet if they do, he'll work to change the statutes!) and that the bulk of state commissions are not supportive of FERC. His comments were also pretty brutal, but sugar coated just a bit with southern humor. Arnetta McRae/Delware---she kept on saying "show me" where the benefits for consumers are. She also repeatedly talked about how short of a time frame they had to respond to the order. Rory McMinn/New Mexico---repeatedly talked about how the west was different, how he is not convinced that there is a benefit to his consumers, how the FERC commissioners needed to come out west to see how different they were. Carl Wood/California--tried to portray himself and California as representing the west as a whole, and even brought along a statement from the Washington commission echoeing his comments. He delivered the same messages that we've been hearing forever---FERC should have acted sooner on price caps, etc etc. Glen Thomas/Pennsylvania---he was the first positive commenter and talked about how his state has taken great strides to bring it's energy system into the new century...that by opening it's markets they have had an explosion in green power, they have reduced costs all across the state, etc. He was very supportive of PJM (makes sense because it's in his back yard) and stated that for any RTO to be effective it must have independent governance. Judy Jones/Ohio---was very parochial in her discussion, but echoed Don Svanda's comments from earlier in the week that one RTO for the midwest was necessary and encouraged the FERC to make a decision and get on with it so that regulatory uncertainty would be removed. Ed GArvey/Minnesota---he got the gold star for the day. After very very lengthly comments from about 15 commissioners, he took about 1 minute and said "FERC--just get it done"....in essence telling them to go ahead with what they are doing and move forward. Other Commissioners who talked were: Arthur/Connecticut, Hadley/Indiana, Huelsman/Kentucky, Nugent/ Maine all on the positive side. Other negative commentors were two guys from DC and Jim Irvin from Arizona who had a rambling conversation that never really pinpointed what he wanted to do. From the FERC commissioner standpoint, the gold star went to Massey. After hearing over and over again about how the commisioners didn't feel that they had been included and that FERC had not consulted them enough, he stated that he was going to express his frustration right back, saying the "there has been 7 years of process, and he wants a process that comes to an end....you've been talking for 7 years and never could agree..." Call me if I can provide any further insights into the individual comments or the tenor of the meeting. Sue. #612-339-4599

Mark: We need to discuss. Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] ----- Forwarded by Sara Shackleton/HOU/ECT on 05/21/2001 03:19 PM ----- Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 05/21/2001 12:20 PM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Hi Sara, (1) For clarification, my voicemail was not full on Friday - I checked it, got several messages including one fromTom Doukas and called him and others immediately as I arrived. My voicemail was full on Monday - when I checked in with Keegan on Monday late morningshe advised me of such and I deleted the calls periodically. I do realize that I do get a lot of calls and emails due to the 50 or so brokerage related agreements & the numerous deals I am working on so I do try to clear the box daily. (2) I can be of more assistance in the future if, instead of telling Keegan you need a file, that you contact me directly. That way, I can make sure that you get what you need. I took a lot of Enron calls and faxes while on vacation so I would not have objected had you contacted me directly. That way we do not have to put the burden on Keegan to locate my files -- although I am sure she is more than willing to help, I do not think she knows much about where I keep particular files or documents. (3) Also with respect to Keegan, I wanted to relay to you that she felt uncomfortable being quizzed by you or passing judgment as to why I have chosen to receive orthodontal treatment in New York rather than in Houston. (The answer to the question is irrelevant. If I were getting treatment across the street from the office, I still could be here to do any work. My getting the treatment in New York, while I am on vacation, does not affect my presence in the office or undermine in any way my ability to do my job). Equally important, apparently these were not fair questions of Keegan, as she has informed me that they made her feel uncomfortable and she only answered because she sensed or thought she was obligated to do so. Nor do I think they are fair of me. I do not wish to justify my medical decisions with my colleagues, especially provided that I am taking vacation time or sick time I rightfully can take. It was previously represented to me that our department policy is that when out for medical reasons, we should provide in an email or otherwise convey a general statement - the details are not required. If that is not the policy then please advise. In any case, if for some justifiable reason you have to know such information and you need to rely on it, it is best to ask me directly so that you can be sure that the information you are getting is accurate. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 http://gss.enron.com/ Sara Shackleton@ECT 05/21/2001 10:55 AM To: Cheryl Nelson/NA/ENRON@ENRON cc: Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Cheryl: Thanks. Also, please note that while you were away: (1) Your voice mailbox was full. (2) Keegan was immediately advised if we needed a file that could not be located. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 05/21/2001 10:36 AM To: Sara Shackleton/HOU/ECT@ECT cc: Stephanie Panus/NA/Enron@Enron, Tom Doukas/Enron@EnronXGate Subject: Re: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Sara: I will forward the documents to you. For future reference, if anyone is looking for a file for an urgent matter while I am out, she should convey that fact to me by either (1) leaving a voice mail - as I checked my voicemails on Friday (that is how I was able to speak with Tom from New York on Friday) or (2) advise Keegan and she will contact me immediately by cell phone as she did regarding other matters on Friday. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 http://gss.enron.com/ Sara Shackleton@ECT 05/15/2001 03:45 PM To: Cheryl Nelson/NA/Enron@Enron cc: Tom Doukas/Enron@EnronXGate, Stephanie Panus/NA/Enron@Enron Subject: Enron Corp./Enron Credit Inc. ("ECI") guaranty amendment (increase from USD25 Million to USD100 Million) in favor of Bear, Stearns, et al Cheryl: I spoke with Clem and he is preparing the amendment for immediate execution as the signers will be at an offsite tomorrow. I'll let Tom know as soon as the amendment has been executed. Anna Meytina is on vacation so I left a message with Sharon Chernick. In order to complete our files with respect to the Enron North America Inc. ("ENA") Securities Loan Agreement, please provide me with copies of the following documents: (1) assignment of the Securities Loan Agreement from ENA to ECI (or was a separate agreement with ECI executed?) (2) termination of the prior Enron Corp. guaranty on behalf of ENA in the amount of USD25 Million I spoke with Stephanie and she could not locate your Bear/ECI files on Friday of last week. Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected]

Your review and approval of the following product types in the EOL Datamanager is needed (for directions on approval , please see steps for approval at the bottom of this e-mail). If you have any questions please call me at ext. 58986. ******** DO NOT APPROVE PRODUCT TYPES BETWEEN THE HOURS OF 6AM - 11AM*********** Traders: Harry Arora and Robert Stalford Product Names: US East Power Phy Option Call (2077) US East Power Phy Option Put (2078) US Pwr Phy Opt PJM-W EPXXX Jul01 USD/MWh A US Power Transaction with Enron Power Marketing, Inc., under which the Put Option Buyer has the right, but not the obligation, to elect on the Exercise Date to schedule and deliver, and the Put Option Seller would have the obligation to schedule, receive and pay for at the Strike Price, a quantity of firm energy equal to the Hourly Quantity for each applicable hour during the term of the transaction. The Strike Price shall be as set forth in the Product description on the Website. As consideration for this right, the Put Option Buyer shall be required to pay to the Put Option Seller the Premium which shall be equal to the product of (i) the price submitted by Counterparty via EnronOnline, multiplied by (ii) the total number of hours during the term of the transaction, multiplied by (iii) the Hourly Quantity. The Payment Date for the Premium shall be within two (2) business days of the Transaction Date. The Option style and type shall be a monthly European Put ("EP"). The transaction is for the applicable hours as set forth herein on each Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31 Jul 2001. The transaction is for delivery or receipt of energy at the PJM Western Hub. The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency. The unit of measure against which the price is quoted shall be megawatt-hours (MWh) and the quantity shown shall be in MW's delivered in each applicable hour for the duration of the Transaction (the "Hourly Quantity'). In order to exercise the Option, the Option Buyer shall provide telephonic notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on the Exercise Date. The Exercise Date shall be the second penultimate NERC business day of the month prior to the month in which the term commences. The transaction is for on-peak ("Peak") hours on each Delivery Day beginning with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300 (11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or Friday, excluding any day that is a NERC holiday. US Pwr Phy Opt PJM-W ECXXX Jul01 USD/MWh A US Power Transaction with Enron Power Marketing, Inc., under which the Call Option Buyer has the right, but not the obligation, to elect on the Exercise Date to schedule, receive and pay for at the Strike Price, and the Call Option Seller would have the obligation to schedule and deliver, a quantity of firm energy equal to the Hourly Quantity for each applicable hour during the term of the transaction. The Strike Price shall be as set forth in the Product description on the Website. As consideration for this right, the Call Option Buyer shall be required to pay to the Call Option Seller the Premium which shall be equal to the product of (i) the price submitted by Counterparty via EnronOnline, multiplied by (ii) the total number of hours during the term of the transaction, multiplied by (iii) the Hourly Quantity. The Payment Date for the Premium shall be within two (2) business days of the Transaction Date. The Option style and type shall be a monthly European Call ("EC"). The transaction is for the applicable hours as set forth herein on each Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31 Jul 2001. The transaction is for delivery or receipt of energy at the PJM Western Hub. The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency. The unit of measure against which the price is quoted shall be megawatt-hours (MWh) and the quantity shown shall be in MW's delivered in each applicable hour for the duration of the Transaction (the "Hourly Quantity'). In order to exercise the Option, the Option Buyer shall provide telephonic notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on the Exercise Date. The Exercise Date shall be the second penultimate NERC business day of the month prior to the month in which the term commences. The transaction is for on-peak ("Peak") hours on each Delivery Day beginning with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300 (11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or Friday, excluding any day that is a NERC holiday. ============================================================================== STEPS FOR APPROVAL: click the START button select PROGRAMS select TEST APPLICATIONS select ENRONONLINE CLUSTER(PROD) PROCEED WITH USUAL LOGIN/PASSWORD click the Enron Online Production Cluster "START" button select EnronOnLine (this is the EOL Datamanager) PROCEED WITH EOL LOGIN/PASSWORD click on the "+" for EnronOnLine click on the "+" for Product Types click on the "+" for "Partially Approved" select the product requiring review as stated in e-mail above Right "mouse" click on "properties" to view product set-up

----- Forwarded by David M Gagliardi/TTG/HouInd on 05/22/01 11:33 AM ----- "Michael Gagliardi" To: <[email protected]>, [email protected], <mikegag@msn. [email protected] com> cc: Subject: Fw: True Orange E-Mail Fax #51 05/22/01 10:33 AM ----- Original Message ----- From: [email protected] Sent: Monday, May 21, 2001 9:38 PM To: [email protected]; [email protected] Subject: True Orange E-Mail Fax #51 True Orange Fax/E-Mail Service Volume 9, Fax/E-Mail #51, Monday, May 21, 2001 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone= =20 512-795-8536 UT Baseball Team in Regional; Football Recruiting Picking Up Steam The slumping Longhorn baseball team made the 64-team NCAA Touarnment field,=20 getting a No. 3 seed in a sub-regional at Stanford. The Longhorns, 34-24 overall after going 0-2 despite a No. 3 seed in the Big= =20 12 Tournament, also got a No. 3 seed in the Palo Alto tourney. The Longhorns= =20 will play No. 2 seed Long Beach State (35-21) in a first-round game Friday =20 at 5 p. m. Texas time (3 p.m. Pacific time) in the double-elimination=20 tournament. Stanford, the top seed at 42-14, will play No. 4 seed Marisa (32-19) in the=20 other first round game Friday. The first-round losers will play an elimination game at 1 p.m. Texas time=20 Saturday, with the first-round winners meeting at 5 p.m. Texas time. At that= =20 point, one team will be 2-0 and will advance to the finals. The other two=20 surivivors will be 1-1 and will play an elimination game at 9 p.m. Texas tim= e=20 Saturday. The Saturday night survivor will meet the unbeaten team at 3 p.m. Texas time= =20 Sunday. If the unbeaten team wins, the tourney is over. If it loses, the tw= o=20 teams will meet again at 7 p.m. Sunday for the title. The 16 survivors of the sub-regionals will meet in two-team super regionals=20 June 1-3 at sites to be determined. All of the super regionals will be best=20 two out of three series. Suspended pitcher Albert Montes has rejoined the team after missing the Big=20 12 tourney. Big 12 champion Nebraska is seeded No. 1 and is hosting a sub regional. Texa= s=20 Tech is a No. 3 seed at Cal State Fullerton. Oklahoma State is a No. 3 seed=20 at a sub regional at Tulane. Baylor is a No. 4 seed at Rice, which is seeded= =20 No. 1 in its regional. * * * * Basketball coach Rick Barnes apparently has no plans to add another recruit=20 in the wake of junior forward Maurice Evans' surprising decision to hire an=20 agent, which makes him ineligible to return for his senior year. Evans had=20 said earlier he was going to make himself available for the NBA draft, but=20 Barnes and everyone else expected him to return. By hiring an agent, he made= =20 that impossible. Evans is a good college player, but, at 6-5, he is not an accomplished=20 dribbler and there are no 6-5 guys in the NBA who are not accomplished=20 dribblers. I don't know what he will be doing next basketball season, but I=20 will be shocked if he is playing in the NBA. * * * * The Longhorn football coaches have wrapped up four weeks of travel and talen= t=20 evaluation, and now they are zeroing in on the top prospects they have found= . There are a lot of kids who already are well known, but four players really=20 shot to the top of many college lists during the evaluation period. They are= =20 CB Michael Hawkins, 6-1, 180, 4.4, and LB-DE Glenn Jackson, 6-2, 220, 4.6,=20 both of Carrollton Turner; OL Tony Ugoh, 6-4, 275, 5.1, of Spring Westfield,= =20 and LB-DE Nick Owino, 6-2, 225, 4.6, of Alief Elsik. UT is one of the many=20 schools in hot pursuit of this talented quartet. Owino is the lightning quick DE the Longhorns have been searching for ever=20 since this staff arrived and Jackson is lightning quick, too, and might wind= =20 up at DE, too. I'm not saying they are Tony Brackens, but they have great potential and=20 could develop into that type of player. Both head coach Mack Brown and defensive coordinator Carl Reese have been=20 eager to sign some good speed rushers to play DE, and, after studying tape o= f=20 both Owino and Jackson, I think they are just what the Longhorns have been=20 seeking. The first Longhorn summer camps will start June 2. Some of the top recruits=20 who plan to make one of the early June camps are DTs Earl Anderson of San=20 Marcos and Lyle Sendlein of Scottsdale, Arizona, and CB Donald Burgs of=20 Houston Madison. Sendlein and Burgs are both strong Longhorn leans and might= =20 commit early. Anderson also likes the Longhorns, but has said he probably=20 won't commit early. LB Andy Matakis of Corpus Christi Flour Bluff is an interesting recruit. He=20 came to Texas as a heralded player from Pennsylvania, but did not have a=20 great season last year, his first in Texas. But he came from a state where=20 below-the-waist blocking is not allowed in high school, and it will be=20 interesting to see what he does this year after getting accustomed to having= =20 people diving at his knees. He is big and fast at 6-3, 225 and 4.6, and migh= t=20 blossom into a big-time prospect. * * * * My next e-mail/fax will be whenever events warrant. * * * * The True Orange Fax Service includes at least 99 fax/e-mails a year and=20 costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26=20 newsletters and is published weekly during football season and twice monthly= =20 during most of the other months. It costs $45. Save by subscribing to both=20 for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the=20 faxes and newsletter via E-Mail). Send check to address at the top of page= .=20 I also update my 900 number =E2=80=93 1-900-288-8839 =E2=80=93 frequently w= ith recruiting=20 news. My E-Mail address is: [email protected] Get your FREE download of MSN Explorer at http://explorer.msn.com

------------------------------------------------------------------------------ ------------------------ W E E K E N D S Y S T E M S A V A I L A B I L I T Y F O R May 11, 2001 5:00pm through May 14, 2001 12:00am ------------------------------------------------------------------------------ ------------------------ SCHEDULED SYSTEM OUTAGES: ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. AZURIX: No Scheduled Outages. EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. EDI SERVER: No Scheduled Outages. ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages ENRON NORTH AMERICAN LANS: Impact: EES Time: Sat 5/12/2001 at 1:00:00 PM CT thru Sat 5/12/2001 at 5:00:00 PM CT Sat 5/12/2001 at 11:00:00 AM PT thru Sat 5/12/2001 at 3:00:00 PM PT Sat 5/12/2001 at 7:00:00 PM London thru Sat 5/12/2001 at 11:00:00 PM London Outage: Move vlans for EES in Enron Building Environments Impacted: EES in Enron Building Purpose: Provide more capacity to the network Backout: paste in old configs Contact(s): Gail Kettenbrink 713-853-4524 Michael Huang 713-345-3201 FIELD SERVICES: No Scheduled Outages. INTERNET: No Scheduled Outages. MESSAGING: No Scheduled Outages. MARKET DATA: No Scheduled Outages. NT: No Scheduled Outages. OS/2: No Scheduled Outages. OTHER SYSTEMS: Impact: Corp, OTS, ETS DATE: MAY 15, 2001/2/2001 at 5:30:00 PM Outage: Migrate DSS Server to GTHOU-APPSQ03P Environments Impacted: DSS users will not be able to access the old server (ENEDS01_ADAPT)after this date Purpose: The existing server is outdated, migrating to SQL 2000 provides increased functionality and conforms to database platform requirements. Backout: Contact(s): Mary Vollmer 713-853-3381 Joe Hellsten 713-853-7346 713-545-4164 Impact: CORP Time: Fri 5/11/2001 at 8:00:00 PM CT thru Sat 5/12/2001 at 10:00:00 PM CT Fri 5/11/2001 at 6:00:00 PM PT thru Sat 5/12/2001 at 8:00:00 PM PT Sat 5/12/2001 at 2:00:00 AM London thru Sun 5/13/2001 at 4:00:00 AM London Outage: CPU replacement on server sennacca. Environments Impacted: RMS Purpose: Replace faulty CPU that is offline. Backout: Restore server to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Fri 5/11/2001 at 5:00:00 PM CT thru Fri 5/11/2001 at 5:15:00 PM CT Fri 5/11/2001 at 3:00:00 PM PT thru Fri 5/11/2001 at 3:15:00 PM PT Fri 5/11/2001 at 11:00:00 PM London thru Fri 5/11/2001 at 11:15:00 PM London Outage: Decommission of the following servers: intra, intra-dev, conman1, aserv1, ardent, dbadmin Environments Impacted: Corp Purpose: Server no longer used. The servers will be decommissioned or redeployed where necessary. Backout: Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Sat 5/12/2001 at 2:00:00 AM CT thru Sun 5/13/2001 at 5:00:00 PM CT Sat 5/12/2001 at 12:00:00 AM PT thru Sun 5/13/2001 at 3:00:00 PM PT Sat 5/12/2001 at 8:00:00 AM London thru Sun 5/13/2001 at 11:00:00 PM London Outage: Resource and OS upgrade to server fracture. Environments Impacted: Global company RMS ECM Purpose: An OS upgrade is needed to provide the disk upgrade solution. Additionanl memory is needed as well. Backout: Attach the old disk solution and reboot to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: ENA Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sat 5/12/2001 at 10:15:00 PM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 8:15:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 4:15:00 AM London Outage: Bounce PWRPROD1 database Environments Impacted: Enpower User Purpose: Change some configuration to improve database performance Backout: Use the old parameter file. Contact(s): Tantra Invedy 713 853 4304 SITARA: No Scheduled Outages. SUN/OSS SYSTEM: No Scheduled Outages. TELEPHONY: Impact: Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sun 5/13/2001 at 1:00:00 AM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 11:00:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 7:00:00 AM London Outage: Quarterly Maintenance - Telephone System Environments Impacted: All Purpose: Quarterly maintenance. While voicemail nodes are being serviced (one box at a time), a slight disruption will be experienced. Messages will continue to be stored but will not be delivered until each node of voicemail is back up and operational. CMS call center management reporting will not be availalble during this time. Backout: Contact(s): Cynthia Siniard 713-853-0558 TERMINAL SERVER: No Scheduled Outages. UNIFY: Impact: CORP Time: Fri 5/11/2001 at 6:00:00 PM CT thru Fri 5/11/2001 at 7:00:00 PM CT Fri 5/11/2001 at 4:00:00 PM PT thru Fri 5/11/2001 at 5:00:00 PM PT Sat 5/12/2001 at 12:00:00 AM London thru Sat 5/12/2001 at 1:00:00 AM London Outage: Memory replacement for server electron. Environments Impacted: Unify Users Purpose: Replace faulty memory module. Backout: Get new memory if necessary Restart server with out memory as last resort Contact(s): Malcolm Wells 713-345-3716 ------------------------------------------------------------------------------ ----------------------------------------------- FOR ASSISTANCE (713) 853-1411 Enron Resolution Center Specific Help: Information Risk Management (713) 853-5536 SAP/ISC (713) 345-4727 Unify On-Call (713) 284-3757 [Pager] Sitara On-Call (713) 288-0101 [Pager] RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager] OSS/UA4/TARP (713) 285-3165 [Pager] CPR (713) 284-4175 [Pager] EDI Support (713) 327-3893 [Pager] EES Help Desk (713)853-9797 OR (888)853-9797

Dear Mr. Blumberg, On behalf of Jeff Skilling, I'm writing to let you know that he will be traveling on Thursday, December 14, and will be unable to take your call as mentioned below. Further, Mr. Philippe Bibi, Enron Chief Technology Officer, is the appropriate person to contact within Enron regarding your products. I have forwarded this information to Mr. Bibi, and you may contact him directly. His e-mail address is [email protected]. Regards, Sherri Sera Assistant to Jeff Skilling 713.853.5984 713.646.8381 (fax) [email protected] "Blumberg, Richard" <[email protected]> on 12/12/2000 06:23:13 PM To: "'[email protected]'" <[email protected]> cc: "Carter, Mike" <[email protected]> Subject: Quick question: What eSourcing tools are available for Enron exec utives who value both gas flow ---and data flows? "Ajunto is the Enron of IT Sourcing..." --- Mike Carter, CEO & Founder, Ajunto, December 12, 2000 ? "Skilling notes that skeptics thought Enron was crazy when it dared to make electronic?? ?markets in energy. His confidence comes down to his belief in Enron's market-making model.??? ?"We have a better business model. It's a fundamentally better business model," he repeats.??? ?Some $200 billion in trading activity on an E-commerce site that's less than a year old speaks?? ?volumes about Enron's ability to mobilize and execute on whatever it puts its mind to-however?? ?the company decides to describe itself."??????????????????????????????????????InformationWeek, 11/6/00 ? "As head of two Enron pipeline subsidiaries, Mike McConnell knew a lot more about gas flows?? ?than he did about data flows last year when he got a surprise call from Enron President and?? ?Chief Operating Officer Jeff Skilling. Recalls McConnell, "Jeff went into this whole thought?? ?process about how the Internet is changing everything. He said, 'We need to make Enron?? ?an e-business, and I need a guy that can run this as a business. We need to change the way?? ?we view technology.'?? "I thought he was a little crazy and I said, 'Jeff, I'm not a technology person?? ?at all,? ?'He said, 'No, seriously -- this is going to be big.' So I took over as CEO of Enron Global?? ?Technology," and thus became the company's de facto CIO, McConnell explains.?????????????? ?????????????????????????????????????????????????????????????????????????????? ?????????????????????? Computerworld, 11/20/00 ? ?==================================================================? Ajunto News:?? http://www.crn.com/Components/Search/Article.asp?ArticleID=20727? Lou Gerstner's 12/12 quote on e-Sourcing:? ?http://www.crn.com/Sections/BreakingNews/BreakingNews.asp?ArticleID=22310? ? Goal: Jeff, I will call you on?Thursday, December 14, morning @??8:15 am,?CST.?If you will not?? be in, please leave word with?your associate?Sherri Sera?as to when you can return?my??? call (or e-mail)?---or a best?time to set-up an executive briefing?in?a conference room in one of Enron's three commodity trading?floor areas.?? ==================================================================? ? Jeff?, Mike Carter, the CEO & Founder, of Ajunto suggested that I set-up an executive briefing withyou during our next visit to Houston.? We've studied your?"unique company with a unique set of skills that are perfectly suited for the changing economy."? We're prepare to take action.???Here are specific?ways that we can immediately impact your business based on?our case studies with the Meta Group & VerticalNet's 1.1 Million+ Buyer communities:? ? Top IT (e-Business) Risks & Opportunities: Proactive online analysis & assessment Online & complimentary information and expertise Intelligent sourcing (information mapping) Ownership & empowerment (senior executives & staffs) Process to execute e-Business initiatives & changes??? e-Business sourcing and e-Strategy insights into exchanges,?? ?? ?wireless e-CRM, e-security, business intelligence, e-learning, etc.. ? We stand ready to discuss how our solutions will add value to??Enron.? Regards, Richard? P.S.?Jeff, I will call you on?Thursday, December 14, morning @??8:15 am,?CST.?If you will not?? be in, please leave word with?your associate?Sherri Sera?as to when you can return?my??? call (or e-mail)?---or a best?time to set-up an executive briefing?in?a conference room in one of Enron's three commodity trading?floor areas.? ? Richard D. Blumberg Director, Strategic Alliances Ajunto, Inc. www.ajunto.com? 610.205-3771 /voice 610.337.9597 /fax 610.745-4514 /cell ? About Ajunto, Inc. Headquartered in suburban Philadelphia, Ajunto?(A variation?on the Latin word "bringing together") is the first net market and eService designed specifically for the IT industry to expedite?the sourcing of IT applications, technologies and providers. By integrating intelligent sourcing, next generation research and community, Ajunto enables G2000 and emerging organizations to optimally map their IT needs to leading Internet solution providers though its proprietary eConfiguration Engine technology, and its innovative SourceIT
v research and support services. Additionally, Ajunto's unique eService offering was created to serve as the operating system for all IT net markets enabling companies to quickly and efficiently deploy customized net markets for their own unique audiences using Ajunto's proven business process, technology and the Asera platform. Ajunto's investors include Pennsylvania Early Stage Partners (a Safeguard Scientifics affiliated fund), The Eastern Technology Fund and Unwired Ventures. For more membership information, visit?http://www.ajunto.com. Ajunto - The Engine Behind the IT Industry
v. ? ?? ? ? ? ? ? ??????? ? ? ? ? - SourcingWP v6.pdf

AWADmail Issue 16 October 15, 2000 A Compendium of Feedback on the Words in AWAD and Other Interesting Tidbits about Words and Languages -------------------------------- From: Susanne Koenig ([email protected]) Subject: Re: A.Word.A.Day--ambiguity Did you ever hear the saying, "Give me ambiguity or give me something else?" -------------------------------- From: Carolanne Reynolds ([email protected]) Subject: Ambiguity This was sent talking about political correctness but thought it was an example of ambiguity that you've had.... >=====> Political correctness wins a round at Bowling Green > http://www.foxnews.com/national/tonguetied/100200.sml > At Bowling Green State University, in Ohio, Richard Zeller, a > professor of sociology, is retiring after colleagues barred him > from teaching a course on political correctness. Said the head > of women's studies: "We forbid any course that says we restrict > free speech." (10/2/00) -------------------------------- From: Conrad Vlak ([email protected]) Subject: RE: A.Word.A.Day--syzygy Regarding today's word of the day, also please note that syzygy is the longest word in the English language the letters of which, used in any combination, do not form a single other word. -------------------------------- From: Sheila McKenna ([email protected]) Subject: Syzygy My father used to give me a word a day when I was little. Once he gave me syzygy. In Kindergarten when Sister Mary Angela told us all about the dictionary, she told us we could look up any word. Even Dog or perhaps Cat. She asked for a word, and I, brave little 5 year old said "Syzygy!" She smiled a controlled smile, and said, Ah, we don't know yet about a thing called VOWELS. My dear, certainly you can think of another word." Nope, it's in there. S-y-z-y-g-y, Sister, I promise!" It was, of course, and at the early age of five I was branded a smart mouth. So use the word carefully. Thanks. -------------------------------- From: Kerri Nussbaum ([email protected]) Subject: Ambigram? Can you please tell me what an ambigram is? It's this weeks' AWAD theme, and I can't find a definition anywhere. It appears you joined in the middle of the week. Please see the posting for Oct 9, 2000 in the archives http://wordsmith.org/awad/archives.html to learn more about ambigrams. -Anu -------------------------------- From: Dave Gomberg ([email protected]) Subject: Ambigrams You need to find a book titled "Inversions" by Scott Kim published in paperback about 1975. -------------------------------- From: Jean Sutherland ([email protected]) Subject: five or seven days Since the poll was so close isn't there a possibility of arranging for those who want to get your great service seven days a week to do so? Or would it require too much work? For instance, what about newspapers which use AWAD? Alternatively, those who want 'a dumb' weekend can just ignore AWAD or delete it. And, also, is the majority always right?! Bring back AWAD seven days a week, please! Thanks, Jean Sutherland, Namibia Since the announcement of the poll result, I've received a large number of messages expressing disappointment at the reduced frequency of AWAD mailings. I'm thinking about making AWADmail a regular weekend feature. Consider this a small recompense for the two missing words per week. And as always, please keep me posted on what you like or do not like about AWAD. -Anu -------------------------------- From: Patricia Campbell ([email protected]) Subject: Number 13 Could you please give me the word that means a fear of 13 (the number 13)? Thank you. Your question is timely as we just witnessed a Friday the 13th last week. The word is triskaidekaphobia (from Greek, triskaideka thirteen + phobia fear). Unfortunately (fortunately?), this past week was the only Friday the 13th to occur this year so you will have to wait until next April for the next. Another venue for posting your (and answer other's) questions is AWADtalk, the bulletin board at http://wordsmith.org/board . The board is frequented by a great number of veteran linguaphiles and you can count on them to answer questions and engage in some interesting discussion. -Anu -------------------------------- From: Bruce Pain ([email protected]) Subject: Dark Forces Your latest email arrived with a warning that it contained a picture. This is the second time that this has happened. The first time I opened the email and surprise! No picture. I did not open the second submission for fear of vile (or viral) contamination. Has some dark force been diddling with your server? Inquiring minds need to know. I've received similar messages from other AOL subscribers. We never send any attachments with the messages. Also we use a Linux server not Windows. You can't get a virus from us. AOL is not exactly known for following standards--it appears they are parsing text messages as HTML and then issuing spurious warnings about pictures. We'd rather send you a thousand words. -Anu ............................................................................ Words are things; and a small drop of ink / Falling like dew upon a thought, produces / That which makes thousands, perhaps millions, think. -Lord Byron, (1788-1824) Send your comments about words to [email protected] . AWADmail archives are available at http://wordsmith.org/awad/awadmail.html . To get them by email, send a blank message to [email protected] with the Subject line 'AWADmail nn' where nn is the issue number, e.g., 'AWADmail 13'. (AWAD.20001015.242623.001.971586642)

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The Austin Group Energy, L.P. Monthly Newsletter Let's describe a typical and recurring nightmare for generating unit operators. It's noon on August 15, temperatures have reached the upper 90s all week; you're well into your reserve margin to serve native load, when a unit trips off line. Do you scramble to find replacement power at record high prices and worry about the consequences later? Or, have you prepared for this event? When the degree of risk has not been quantified, fear of the unknown can lead to restless nights, and understandably so. The financial implications can be astounding when a unit outage occurs during a period of high spikes in market prices. How does this relate to the recruitment and hiring of talent within your shop? Allow me to bring the story together. What would you do if your top employee came to you and said, "You've been great to me and I've learned alot, but I just accepted a job at your level right down the road and they like me so much they want me to start tomorrow." Do you spring into 911 mode or are you ready for this day. Start a relationship today with The Austin Group Energy. We will keep you aware of all available talent in your market area. These candidates are currently employed and do not answer ads. They stay in touch with opportunities through us to ensure confidentiality. Why would Top 5 marketing companies pay us for the recruitment and placement of over 400 successful hires when they could hire them on their own. The smart and proactive companies understand how to outpace the pack when it comes to hiring talent, they call The Austin Group Energy. THE FOLLOWING CANDIDATES ARE AVAILABLE FOR IMMEDIATE OPPORTUNITIES: Ref# 00012123 Power Options Trading Desk This PhD candidate is responsible for long term derivatives trades/structures (Asian options, heat rate options, weather/power derivatives structures, swing options etc.) Ref# 00012124 Rotational Program- Risk Analytics This MBA Finance candidate is analyzing/evaluating structured transactions and derivative instruments. Has developed a VBA-based delta-adjusted risk exposure model for all asset management groups. Designed intermediate-term forward power curve forecasting model based on gas forward curve. Created Visual Basic Monte Carlo simulator for Excel for option analysis. Ref# 00012125 Quantitative Analyst This M.S. in Applied Mathematics candidate builds short term models necessary to forecast/schedule usage on a portfolio basis, by various levels of aggregation (e.g. region, congestion zone, weather zone, customer, etc.) Constructing statistical and econometric models to accurately predict seasonal customer usage based on rate class, calendar and geographic climate patterns. Ref# 00012126 Quantitative Analyst - Manager This candidate developed and implemented two Value-At-Risk (VAR) methods for Natural Gas. Developed and implemented models for pricing and hedging exotic natural gas options (Gas Daily and Peaker). OpenLink experience with VaR and mark-to-market calculations. Ref# 00012127 Director Derivatives Trading and Portfolio Management Developed Nymex and locational options, position risk management model. Evaluated and assisted in the process of selecting and implementing a new real time front and back office financial system with VAR capabilities. Structured deals for marketers using embedded financial products and traded natural gas options and fixed for float swaps. Priced and hedged advanced options and swaps such as swaptions, asians, extendibles, expandibles, and spread options. Ref# 00012128 Risk Control Analyst Support Origination and Trading activities by providing daily mark-to-market values and VaR reports through accurate and timely entry of financial transactions into RMS system. Maintain database for RMS system and Integrated Commodity Trading System (ICTS) for entry of financial trades. Ref# 00012129 Risk Manager Responsible for all mid-office trader support functions. Responsibilities include daily senior management position and P&L reporting, process improvements, system implementations, structuring of originated transactions, and rollout of an operational analysis plan. Ref# 00012130 Senior Commercial Analyst: Pricing and Structures Developing model to incorporate basis and transportation into gas fuel costs utilized in mark-to-market valuation of a gas-fired generation asset. Determined market value of regional power by confirming the marks estimated by the trade desk against independent broker prices. Forecasted resulting previous day's trade-to-market figure for preliminary valuation of book value. Ref# 00012131 Director - Risk Management Analyze financial markets and advise physical traders of hedging and trading opportunities. Analyze market, secure management approval of trading strategies and execute financial trades. Generate position reports for upper management. Ref# 00012132 Risk Management Specialist Perform risk management functions for the gas trading organization, including daily position and P&L reporting. Ensure deal validation and perform problem resolution for executed trades. Create daily VaR estimates for both cash and term traders. Ref# 00012133 Risk Analyst Determine market value of regional power, confirming the market values estimated by trade desk against prices set for independent brokers. Forecast resulting previous day's trade-to-market figure for preliminary valuation of book value. Participate in daily Value at Risk calculations, exception reporting for daily variances, updating of daily price curves, and updating proprietary models which value long term transactions. Paul Johnson President- TAGE Ofc (281) 600-8145 Mbl (281) 814-3886 Visit our Website http://www.austingrp.com - Paul Johnson.vcf

In another surprise move, the PUC approved an Edison bailout today on a 5-0 vote. This item was not on the Commission's agenda other than as a placeholder regarding "litigation." We do not have copies of the agreement but we just talked to Edison's SVP of Regulatory Affairs and here's a summary: The Commission will keep current rates in place through 2003 Any "overcollection" resulting from keeping current rates in place will go to paying off $3.3 B in Edison's past due accounts (the so-called "undercollection") If Edison collects the $3.3B prior to 2003, then rates can change If Edison has not collected the $3.3 B by the end of 2003, the PUC will create a dedicated rate component on all bills to collect the remainder. Half the remainder will be collected in 2004 and the other half in 2005. Any refunds received from litigation against suppliers will go to reducing the $3.3 B undercollection. Edison can keep 10% of any refunds received after the $3.3B is paid off. Edison cannot pay any dividends during the time that it is using rates to pay off the $3.3B. Edison can apply to the PUC for approval to hedge gas price risk. Edison will be protected from any increases in DWR contract costs (i.e., if DWR's costs go up, the PUC will raise rates rather than take it out of Edison's rates) The PUC will not fine Edison during this period if Edison's capital structure varies from the PUC-approved capital structure Edison must drop its lawsuits against the PUC regarding 1) the "filed rate doctrine" and 2) the so-called "TURN" accounting method, which effectively kept the rate freeze in place. Edison agrees to "cooperate" with the Attorney General and the PUC in all litigation against suppliers. The PUC decision could likely nullify the need for the "special" session that the Governor recently announced We will report back with additional details as soon as we get them. Best, Jeff -----Original Message----- From: Dasovich, Jeff Sent: Tuesday, October 02, 2001 2:45 PM To: Kean, Steven J.; Belden, Tim; Sharp, Vicki; Blachman, Jeremy; Comnes, Alan; Tribolet, Michael; Walsh, Kristin; Delainey, David; Leff, Dan; Frazier, Lamar; Keeney, Kevin; Gahn, Scott; Swain, Steve; Lavorato, John; Kaufman, Paul; Steffes, James D.; Calger, Christopher F.; Mara, Susan; Black, Don; Richter, Jeff; Kitchen, Louise; Dietrich, Janet; Mara, Susan; Robertson, Linda; Kingerski, Harry; Denne, Karen; Palmer, Mark A. (PR); Shapiro, Richard; Curry, Wanda; Mellencamp, Lisa; Higgason, Kelly; Whalley, Greg; Mellencamp, Lisa Subject: California Update--10.02.01: PUC Turns Down Davis' Proposed Rate Agreement with DWR In what will likely be viewed as a fairly shocking event, the California PUC today voted down Davis' proposed rate agreement between DWR and the CPUC. The vote was 4-1, with the two Republicans voting with Davis' hand-picked appointees Lynch and Wood. Davis' proposal was introduced at the meeting by another Davis appointee--Geoff Brown--who made a lengthy speech about why California would experience economic and political destruction if the PUC did not approve Davis' proposed rate agreement. What is Davis' proposed rate agreement between DWR and the CPUC? It would remove all PUC authority to review any contracts between DWR with suppliers. It would require the PUC to pass through to utility rates all DWR power contract costs, no questions asked. What are the implications of the move by the PUC to reject Davis' proposal? With the vote, it remains unclear how California/DWR will pay for the DWR power contracts. The political pressure to re-negotiate--or break--the DWR power contracts is likely to intensify considerably. It remains unclear how California/DWR will pay for the $12.5 B in bonds the Treasurer has unsuccessfully attempted to issue for past several months. Under the structure devised by Davis, the revenues flowing from the CPUC/DWR rate agreement would be used to both 1) pay for the DWR power contracts and 2) service the bonds the Treasurer is trying to issue to repay California's General Fund for spot and other short term power purchased by DWR since January. In short, there is no clear indication of how California will pay for DWR contracts or issue the bonds. Safe to say that today's PUC vote has seriously embarrassed Davis, and left his approach to "solving" California electricity crisis in shambles. What Next? A broad left-right coalition of energy interests supported a bill (18XX) that passed the Legislature with broad bi-partisan support. The bill would create a "dedicated rate component" on every customers bill to service the $12.5 B in bonds that the Treasurer wants to issue. Proponents of the bill--and just about everyone else--argue that the "dedicated rate component" is a signficantly more efficient way to raise the debt California needs to plug the hole in its budget. The bill is silent, however, on how California would pay for the DWR contracts, and the bill's opponents claim that the power suppliers will sue as a result. All four PUC commissioners who voted against the Davis rate agreement today urged Davis to sign the bill. The left-right coalition (from Nader types to oil companies) is also working hard to get Davis to sign it. Davis has said that he will veto the bill on the advice of the Treasurer and bond counsel. Given today's vote, however, Davis may have no alternative than to sign the bill if he wants to get the bonds issued and the state budget repaid. Update on Edison Bailout Still appears that chances are very small that Edison and Davis will succeed in getting the Legislature to vote for an Edison bailout when it returns for another "special" session next Tuesday. If you have any questions, just let us know. Best, Jeff