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Dave would like to have a strategy meeting next Tuesday Ocotober 10, 2000 from 2:30-4:30 in room 30C1.
No preparation is necessary and it's important that each of you plan to attend.
If you cannot attend, please contact Dave directly.
Thanks!
| Strategy Meeting |
Ike, given our schedules, it appears that e-mail may be the most effective communication tool.
I thought I would just follow up on progress being made in TVA on our settlement process.
As well, I understand that there has been a number of communications between TVA and Enron on the NoxTech emissions business.
I have encouraged the Enron folks to pursue this opportunity with TVA given the larger dialogue.
The Enron team has told me that TVA wishes to move to firm pricing and a MOU on this technology.
Given the larger dialogue, I have suggested to our team to hold tight on completing the agreement until both TVA and Enron have a view on where the overall settlement discussions are going.
Please give me a call at your earliest convenience.
Regards
| Various |
Guys, it will be very difficult to get money out of the power group - is the expectation that I come up with the dollars - just curious.
Are we not circumventing the spirit of the political contribution rules?
Regards
| Support for key TN lawmakers |
Joe, EnronOnline is essentially the internet distribution channel for our gas and power business.
Rather, my focus on the legacy channel is an attempt to increase the probability that more originators can complete transactions and generate deal flow.
As well, to reduce the conflict between the trading and origination organizations in order to keep us spending more time in the market than focused on internal issues.
As far as specifics, you will have to wait and see.
Thanks
| Follow-up to ENA Orientation |
Rob, no hi or goodbye - you are losing your Canadian politeness :) On a serious note, you are doing the right thing for the company and for Barry's career.
This will be a good opportuntity for him to get to the next level if he makes it happen.
As you are aware, I will aggressively support you and the Toronto iniative.
Let me know.
Regards
| Barry Tycholiz |
Guys, what are we going to do with this contract and the barges?
My understanding is that we have a done deal on the 6B's.
Is this correct?
I may be a nervous nellie but I would like to put all this stuff behind us (ie) no more 6B's or barges.
Regards
| LIPA |
Given the current tremendous energy market volatility and as we stretch resources to make our commercial goals for 2000, we think it would be appropriate to postpone the ENA 2000 Offsite to early next year.
I trust this meets with your approval and thanks for all the hard work.
Regards
| ENA 2000 Offsite |
David, I have a problem with the RAC comments made on page #2 of the DASH.
Specifically, the two paragraphs basically add no value and just confuse the reader (ie) what is your opinion?
Is this a good sale or can significant recovery (on a risk adjusted basis) occur if we convert the sub debt and infuse more equity?
Are we not receiving enough value from the CFPC given the possible recovery of this sector?
The DASH is deficient in its view of Basic's prospects given current energy prices.
Jeff/Dick/Ray, what are your opinions?
Independent of the desire to move on - what is the right call - I do not want to give value away in any divestiture or restructuring.
Regards
| Basic |
Ike, it is unfortunate we could not make this work yesterday; but I understand your position.
In the interest of facilitating continuing dialogue and perhaps giving you our view on how we analyze such positions, I will send you our document.
I would suggest that we try to set up a follow up meeting in early October once you have completed your work.
Regards
| Settlement |
Chris, as per our discussion, I just want to confirm that we have the ability to break the contract with the EPC provider at any time.
Further, I want to confirm that our costs will be minimal and that this whole process (ie putting a number on a term sheet) has been based on trying to maximize the short run value of the project.
In other works, we have no intention of lifting their offer.
Finally, we are not ordering HRSG's or steam turbines.
These guys add no value and they are killing me!
Regards
| Las Vegas CoGen |
Guys, I have explained the strategy/tactics that have lead to this position in some detail.
In my opinion the company is not at risk and potentially ENA could create significant value from a project that we have very little invested.
I understand the construction risk on the bid as much as anyone and we have no intention of lifting their offer.
As far as EECC involvement, as I had mentioned, Coleman was a part of all these discussions.
I will argue that Mike and the ENA deal team made the right call necessary to maximize return in the short run for Enron without investing significant dollars or taking significant risks.
Obviously, I was unsuccessful in explaining such a sophisticated strategy.
Regards
| Las Vegas CoGen |
Joe, part of this deal is repayment of the sub debt at par and a series of cashflows that we would probably like to monetize.
Have you looked at this?
Jeff, I would like to get your view on the economics - basically they are giving us 89% of our carry value in cash and 11% of our carry value in a contingent payment payable at restructuring or sale of their partnership.
Lets discuss ASAP.
Regards
| El Paso/ECP |
Ike, with the danger of being too presumptious, I thought I would follow up with an e-mail to suggest a procedure for trading settlement offers on Wednesday.
Attached I have a suggested template for each party to use so that we can ensure that we are comparing "apples to apples".
I would also suggest that each party provide sufficient back-up to justify their numbers.
It may also be helpful for TVA and EPMI to use an independent party, such as Charles Bone, as the intermediary to facilitate the transfer of each parties settlement offer.
I am in the office over the next several days.
Lets discuss at your earliest convenience.
Regards
| Settlement Template |
David, on a go forwards basis, please ensure that there is a technical sign off on the principal investments DASH.
I would like either Bob Virgo or Wayne Mays to have a look at these investments from a technical due diligence point of view and to be on side before the investment is made.
Regards
| Principal Investment |
Guys, I appreciate the quality work and deal flow that you are generating.
In an effort to measure and reward performance from our middle market groups we have attempted to come up with several standardized reports to be issued monthly and to be reviewed at the QBR.
I am a strong believer in that what is measured and rewarded gets done.
As well, the middle market capability is crucial to the continued growth of our business; therefore, reporting metrics which define high performance will ensure great deal makers get rewarded and that you will be able to attract high quality talent into the mid market groups.
Baughman and Presto have created a number of reports and metrics for the East Power group, I would like you to take a look and let me know how they should be changed to reflect the business in the West.
Upon agreement on the metrics, I would like issue these reports on a monthly basis.
Tammy Sheppherd will get you a copy of the reports/metrics utilized in the East.
Regards
| EPMI WEST - Recent Trades with Long term Duration |
Jeff Ader is looking for a reserved parking spot.
He is presently parking on the Blue level and would like to have a reserved spot due to his frequent traveling and customer appointments that warrant his leaving the building, thus loosing his parking space.
Thank you in advance for your prompt attention to this matter.
Regards,
| Parking |
Guys, pending the sale of the Wilton Centre unit, I would suggest that we not execute the gas balancing arrangement.
The parties should continue to operate and invoice based on the verbal agreement; however, lets not execute the agreement or put it in the data room.
We should represent to potential buyers that we have an interconnect agreement with Northern Border and have been accessing supply out of the Chicago spot market.
All other gas supply/transport/balancing agreements for the other facilities (including the Northern Border interconnection and the ComEd reg cap deal) will be conveyed to the new buyers through the sale of the LLC.
Regards
| Wilton |
Successfully, missed another bullet !!!
I have meetings set up with Mariel= la=20 (the lady you like) and Dan Castingnola, who are the two highest ranked=20 performers in CALME, to see if they are interested in joining our team.
=20 Regards
| Organizational Changes |
Guys, gas with a $5.00 handle is not a good thing for this deal - I know we are pushing this restructuring as fast as we can; however, I think we need to determine how to move this faster.
Any ideas?
Regards
| Sithe |
Tom , I appreciate the e-mail - sorry for the delay in response.
I am on-side with all your points.
On the New Albany retrofit, I want to ensure that I am not replacing one patent problem with another so a clear "title" up front on the new equipment will be important.
However, I will be interested in hearing your solution especially if it can further reduce NOX and increase our operating hours.
I share your interest in the FT-4 project hopefully we can take that to the next level.
Please stay in contact.
Regards
| Houston Meeting |
Janelle, I was hoping that maybe we could find a half hour to discuss your thoughts on your current role.
I have heard you are considering global fuels and Lagrasta's business.
I would like to give you my perspective on the future vision for power and the overall organization including gas mid-market.
Ultimately, ENA and Enron have a very open labour market and you need to manage your career in a manner that you feel will benefit Enron and yourself the greatest; however, I think the power market, even though not easy, is the primary growth engine for Enron Corp over the next several years.
Kay, can you please set up a time at Janelle's convenience.
Regards
| Various |
Chuck, I appreciate the note - I just like to ensure that everyone is aware of the various issues and that we are managing our risk appropriately.
I have a great deal of confidence that you have this handled.
Regards
| Ada pump and QF concerns in general |
It is the intent of the Office of the Chairman to maintain a high quality flow of Analysts and Associates rotating through Enron North America as well as provide them with up to date information on all the potential rotations in ENA.
Additionally, we would like to provide the ENA AA's a forum for your respective groups to promote your business unit as a viable alternative in the rotation process.
I need your assistance for this endeavor and want your respective business unit to participate in the process by delivering an informal presentation to the AA group which should include the following: Your business unit's current activities, purpose and interfaces with other departments Recent successes and current projects Ideas on the horizon Opportunities in your business unit for AA's The benifits of rotation in your business unit An open Q&A session These presentations should be informal and it is not necessary to have handouts.
The goal is to provide an open forum for the AA's and to have them ask questions about each business unit.
Also, bringing one of your current AA's with you to provide their insight might help stimulate discussion.
Ted Bland will be contacting you to schedule your business unit for a presentation.
The first "brownbag" will take place September 8 between 12:00pm and 1:00pm in Room 30 C1.
Dave
| ENA Analyst and Associate "Brownbag" Presentations |
The meeting for Friday September 1, 2000 has been cancelled.
This is a reminder !!!!!
There will Not be a Friday Meeting September 1, 2000.
| ENA Management Committee |
Jeff, you will be receiving a DASH from the principal investing group which does not fit well into some of the charter criteria; however, I do think this is a venture we should support.
In a nutshell, it is providing $10MM, in seed capital, to be used in the start up of a new distributed generation company having the primary mission of designing, fabricating and marketing 2MW to 22MW mobile turbine-generator sets.
These units are fully mobile via the nations highways and can meet single digit NOX requirements given current SCR technology.
They are primarily utilized for back-up power, emergency power, VAR creation and peaker application and are fully dual fuel capable.
The ultimate vision is a fleet of mobile/flexible/low cost generator sets that can be put in place very quickly in the most stringent emissions and constrained electrical regions and relocated when market conditions change.
The benefits include: a) 50% plus interest in a new distributed generation company with the opportunity to raise private funds at later rounds and ultimately the possibility of an IPO - similar companies in this space include Active Power, Capstone and Elektryon; b) origination opportunities - the ENA mid-stream origination groups believe that there are numerous opportunities (2001 to 2002 time frame) to utilize this technology to take advantage of market opportunities and customer applications; c) learning - the distributed generation/renewable space is an area of critical importance for ENA and EES to understand.
If ENA through this venture can make this technology work, it could be a very powerful tool in our network used to capture opportunity and manage risk; d) low risk - it is expected that roughly 50% of the initial seed capital would be recoverable through asset sales if for some reason the technology did not work or the market did not materialize; e) low tech - this solution utilizes existing turbine/SCR technology; and f) ENA would have a controlling position in this new venture.
However, this venture is different than Active Power and several other Principal Investing investments in that a) it is a very early stage company and b) ENA will have to provide or procure a complete management team if the technology proves out.
Given, that we could benefit most from the successful application of this venture, it is worth the initial work.
Our partner is Power Systems Manufacturing of Boca Raton, Florida.
We have a very solid history with this company.
They have successfully solved many of the technical issues surrounding the Korean 6B's which are currently operating at New Albany.
They would bring the technical and engineering expertise at cost for their 50%.
ENA would ultimately have a buy-out clause at a fixed number for their 50% .
If you would like to discuss in greater detail do not hesitate to call and I will set up a meeting.
Regards
| Cangen |
Barry, we currently have six folks coming who all golf: - Barry - Lavo - Delainey - Ozzie - Milly - Yzaguirre I would say we should golf everday.
I will get Kay to forward travel schedules to you so that we can set up times where everyone can play as much as possible.
My understanding is that we are all staying at the Mirage.
Regards
| Vegas |
Adam, I believe that we have formally responded to all your issues as per your memo to me of August 8, 2000.
In all or almost all cases, we have accepted your position.
The agreement should look and behave very closely to what you would have signed with the competing utility.
In addition, ENA is paying a higher price, sharing credits and have voluntarily increased the term to twelve years from ten.
I do not understand what is holding up completing this transaction other than a complete re-trade on the original transaction.
I hope this is not the case.
The ENA team worked hard to facilitate this transaction for Enron Wind.
In fact, we were originally solicited by Enron Wind to help build the merchant wind market and we had to coax Enron Wind to do this transaction with ENA versus TXU.
I look forward to finding a solution to this current impasse.
Regards
| Indian Mesa |
Dick, you need to agree with Max on the scope to be provided by the OE - I expect high quality service for the money we are paying.
The deal on Friday is completely dependent on a pre-arranged scope and a minimum quality of service.
I expect high quality EE&CC people to be proactively managing cost and exposure and to be there for the whole process - no pulls to other business lines.
If Max or Virgo are not happy I am not happy.
I make money you make money.
Thanks for your cooperation.
Regards
| Memo on Vitro Project |
Guys, we appreciate your efforts on this project but we will not be needing your services as owners engineer on the Vitro project.
I will honor our agreement on the sell down; however, we have sufficient technical talent internally and externally to manage this job.
I see very little effort in continuing to waste internal time in ENA and EECC on this discussion.
Regards
| Vitro Project |
Tim, I thought I would send you a copy of the East Mid-Market QBR to give you a view on what Presto/Baughman are doing.
The West historically has been far better than the East in covering the market and generating mid market deals/services.
I look forward to our discussion in Portland next week.
I would like to get a perspective on organization, market approach, deal flow, resources, products and coverage for the Mid-Market group at that meeting.
Regards
| East Mid-Market _ QBR |
Please make a note....
The QBR is August 30th not August 20th.
Sorry for any inconvenience.
This is to remind you of the following meeting:
| Correction !!!!! Correction !!!!! |
Staff & Budget Meeting has been cancelled.
Please make a note on your calendars.
A new committee has been formed "ENA Management Committee".
A memo will be going out with the attendees and with the times.
If you have any questions, please feel free to call me.
Thanks,
| Friday afternoon Staff & Budget Meeting |
This is a reminder !!!!!
There will be a Friday Meeting August 18, 2000.
This meeting replaces the every Friday Meeting and will be held every other Friday.
| ENA Management Committee |
As part of the restructuring between ENA and Global Markets and consistent with the view to increase our focus on building our core gas and power business, we have decided to re-formulate the ENA Management Committee.
As part of this change, each of you are invited to participate in dialogue and decisions which will impact the overall course of our business.
Ultimately, this group is responsible for the overall financial performance and strategic direction of ENA.
The only structural committment to your time will be a pre-scheduled Management Committee meeting every second Friday afternoon starting at 2:30 PM until 4:30PM in 30 C2 (video conference room).
The Portland, Canadian and Mexican offices can connect via video conference.
The meetings wil focus on financial targets, deal flow, market opportunities, staffing and strategic direction.
The first meeting will be scheduled on this Friday.
Everybody should make a serious committment to attend, to stay for the entire meeting and to be on time.
Regards
| ENA Management Committee |
Please note time change for the QBR to be held on Friday, August 18th.
It will be from 8:30 am to 11:30 am so that we can have the Friday afternoon budget and staff meeting.
The QBR will be held in EB3321.
Thanks.
| Friday East Mid Market QBR |
Guys, this is my first cut on who I would want to be in this group.
I think this is an important exercise on a couple different fronts.
We need to bring more people "in" which should increase their accountability for ENA results overall, improve communication and teamwork and provide a platform to evaluate future leaders.
Trading Origination Country Managers Support Executive Belden Dietrich Milnthorp Colwell Frevert Presto Calger Yzaguirre Beck Delainey Arnold Duran Oxley Lavorato Neal Bowen Haedicke Shively Donahue Murray Allen Mrha Martin Redmond I would like to send out a note this week to communicate whatever we come up with in order to have the right folks available on Friday.
Look forward to your comments.
Regards
| ENA Executive Committee |
Jeff, you are killing me - we targeted that group specifically to build the risk business in gas and east power in the short run.
This was well planned effort.
Regards
| New Associates |
Larry, go get 'em.
Whatever you can get you can keep and reduce the fee.
You could make this easy for both of us.
Regards
| SIEMENS/WESTINGHOUSE DISPUTES |
Dave would like to cancel the bloomberg program that he presently has on his computer.
Can you do this for him or can you direct me to the proper person ?
Thanks for your help.
| Bloomberg |
Bill, Dave delainey is only recieving mail through david.w.delainey@enron.com.
I checked in the address book and it appears as though he should be able to recieve email from david.delainey@enron.com.
This is happening fom external accounts.
I have checked his settings and everything seems to be fine.
Could you please take a look at his mail file.
If he can not recieve email through david.delainey@enron.com, can we make it to where he can.
Please reply this back to Kay Chapman and myself.
Thanks,
| David Delainey Mail |
Text: Please plan to attend and reception and dinner for Analysts and Associates who have made significant contributions to ENA.
The function will be hosted by the Office of the Chairman at Morton's Steak House located at 5000 Westheimer on August 17, 2000.
The reception will start at 7:00pm with dinner to follow at 7:45pm.
Please RSVP to Ted Bland at ext.
3-5275 no later than close of business Monday, August 14.
This will be an informal gathering to discuss the progress of ENA and an open forum to interact with members of the senior management team on a one on one basis.
See you on the 17th.
Mark, Dave and John
| Analyst and Associate dinner, August 17, 2000 at Morton's |
Larry, my understanding is that ESA has taken four units and that Janet Dietrich in conversations with ESA has made four more available to ESA subject to them getting their deal approved by the board.
So I do not believe Enron needs to committ to additional LM units at this time.
Regards
| ESA's LM 6000's |
Guys, to end all arguments, I would suggest the following protocol which is similar to what was discussed at Columbia Lakes: a) P&P swaps and anything to do with the network strategy/assets in the paper sector in Canada and Mexico - Industrial Origination; b) Pure energy commodity positions and stand-alone energy assets (no outsourcing) for all industrial segments in Canada and Mexico - ECC or Enron Mexico; c) Energy outsourcing for all industrial segments in Canada and Mexico - I would like Enron Canada and Enron Mexico to develop a written target list in which ECC, Enron Mexico and the Industrial Origination groups would work together to develop, sell and execute on the most profitable and value adding outsourcing product for the industrial customer in Canada and Mexico - ECC and Enron Mexico's understanding of the energy markets in Canada and Mexico coupled with the customer facing, product development and execution skills in Houston should provide a winning team.
I am asking for the three teams to clearly identify the outsourcing targets, lead sales and structuring people and the timing as far as starting discussion with each target customer (ASAP).
I would hope that the Mexican and Canadian teams would lead the sales process and the Houston team lead the structuring, customer facing and execution but I will let you decide the optimum mix.
Either way, I am expecting this target list completed and agreed to in the next two weeks for Canada and Mexico; and d) for Tembec I don't think it makes sense to change the deal team at this point; however, the US team will keep the Canadian team in the loop and if the products become non-outsourcing related the deal should be passed to ECC.
Regards
| Tembec and US Originators |
Charlie, looks pretty general - only comment is what is the Product Purchase Agreement entail?
Do we want to go into more detail on the nature of the alliance, the target market and the nature of the excusivity (ie) wholesale renewables applications, ENA, major state programs - all of it based upon the Conneticut job working?
Regards
| FuelCell Energy Term Sheet |
Due to a scheduling conflict, it has become necessary to cancel the dinner meeting scheduled for August 2, 2000 at the River Oaks Grill.
This meeting will be re-scheduled at a later date.
If you have any questions or concerns, please feel free to contact either Kay (30643) or Beverly (57857).
Thanks very much.
| Dinner Meeting on August 2, 2000 |
Rick, we have re-examined the portfolio as a result of our last meeting and have an expected portfolio of $500M (gross) or $408M (net-ENA's share) to be placed into Raptor on September 1.
We have a second tranche of $608M (gross) or $396M (net ENA's share) to be placed into Raptor 2 on December 1.
Kafus, Ecogas, Brigham, Crown Energy and Merlin CLO Equity Option will not be part of either Raptor 1 or Raptor 2.
Please confirm that this is consistent with you view of capacity and timing.
Regards
| Raptor et al |
Brian, great job - I would really like to get this done for third quarter please let me know how I can help.
I have heard that you can request a expedited HSR for fairly straight forward deals like this.
Wes, I believe that we don't have any issues recognizing the value from this transaction - please confirm.
Regards
| Project 20/20 Status |
Rebecca, if you wouldn't mind I would like to sit in on the Monday meeting.
I think that Mariella from what I have seen and heard is very capable.
I strongly believe that we need to put a dedicated (with fresh eyes) SWAT team on this one that has control of the complete commercial, technical and financial aspects of this project.
This is the only way to be effective.
Whether it is with you or me or both, I am indifferent I would like to ensure that Kishkill, Wiggs, Gonzales and Alberquerque are not buried in this project given other goals and objectives.
Thanks Regards
| Cuiaba I Team |
Mark, note the feedback from the AA's, it is imperative that we get a handle on this!
Let me know when I can spring our plan on Jeff.
Regards
| ENA Analysts and Associates |
Rick, I hope you take the time to speak to Rodney Malcolm or Ray Bowen on how your technical and commercial exprience could help move the outsourcing product (in all its forms) forward in the industrial market.
Otherwise, your welcome ...
Regards
| Construction Exchange Product |
Mike, if you Janet or Dave can cut the deal with Izzo go ahead and speak to him.
I don't think there is any practical way to enforce any percieved call we have on Izzo so you will have to determine how much Larry really wants the trubine or how he could benefit from striking a different deal.
Regards
| Goldendale Turbine |
Laura, I spoke to Tom about his retail proposals, I told him that you would coordinate a meeting between Mark Muller/Lou Pai and himself.
I only want Lou going up if Tom is involved.
However, Mark Muller is up to go and I have spoken to him with regard to the opportunity today.
He is expecting your call.
On a related note, I volunteered Wes Colwell (our controller and former Anderson person) to speak to Peoples accounting/ risk people and Anderson auditors on how to manage the issues surrounding marking the hub values inside Peoples.
I would appreciate you coordinating that meeting.
If Wes goes to Chicago, we want to ensure Leubbers, the Anderson folks and the appropriate Peoples accounting folks are available so Wes can spend the least amount of time on this issue.
Jeff, where are we on the PECO/PSEG retail play that you spoke to Mark Muller about a couple weeks back?
Mark, I forgot to mention that FPL is interested in potentially investing in the New Power Company - Tony Altman (President of FPL wholesale) would like to discuss.
If interested please call him at 561-625-7777.
If you don't think you will have any interest let me know and I will call him to let him know.
I probably need to get back to him either way shortly.
Thanks.
Regards
| Tom Patrick |
I am trying to pull together a QBR for Dave and Mark Frevert.
Would Tuesday August 29th from 1:00 pm to 4:00 pm.
work for everyone?
Thanks,
| Coal & Emissions QBR |
Guys, lets set up a meeting between the three of us on Monday ASAP to discuss.
I have a few ideas and I probably need to go have dinner with Lew to get him comfortable.
This may be setting up to be a larger asset management transaction.
Don can you try and find a time next week with Lew for me to have dinner - get Beverly to schedule the plane to get me in and out that day.
If not next week then early the following.
I think it will take a one on one with Lew to get this one centered.
At our meeting, I would also like a status update on the other iniatives eg) Ameren, DPL, Cinergy, etc.
The accounting issues on the generation projects need to be addressed as well.
Regards
| FPL Update |
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
| 2001 ENA/EGM/EIM CUSTOMER SKI PROGRAM |
There will be a meeting on Wednesday, August 2, 2000 from 9:00 am until 10:00 am in Conference Room EB3321.
We will be discussing the Triple Lutz and Trantula Projects.
I will look forward to seeing you there.
Thanks
| Triple Lutz and Trantula Meeting |
Please plan to attend a reception and dinner for those Analysts and Associates due to rotate in the near future who have made significant contributions to Enron North America.
The function will be hosted by the Office of the Chairman at Morton's Steak House located at 5000 Westheimer on July 27, 2000.
The reception will start at 7:00pm with dinner to follow at 7:45pm.
Please RSVP to Ted Bland at ext.
3-5275 no later than close of business Monday, July 24.
This will be an informal gathering to discuss the progress of ENA and an open forum to interact with the management team on a one on one basis.
See you on Thursday.
Mark, Dave and John
| Dinner with ENA Associates & Analysts |
Please plan to attend a reception and dinner for those Analysts and Associates due to rotate in the near future who have made significant contributions to Enron North America The function will be hosted by the Office of the Chairman at Cafe Annie located at 1728 Post Oak Blvd.
on August 2, 2000.
The reception will start at 7:00pm with dinner to follow at 7:45pm.
Please RSVP to Ted Bland at ext.
3-5275 no later than close of business Monday, July 31.
This will be an informal gathering to discuss the progress of ENA and an open forum to interact with the management team on a one on one basis.
See you on Wednesday.
Mark, Dave and John
| ENA Associate & Analyst Dinner |
Jim, I really don't see a need for this meeting - you can count on us not dropping the ball.
I have a good understanding of the retail product offering, in fact, we lead the outsourcing sales process for the large industrial customers in NA until EES bought back their minority shareholders.
I have a very good relationship with Dan Leff and Sunde.
I already have Dan's committment to help service the execution of the business initially.
As it grows and the product proves itself out we can staff.
Regards
| Retail in South America |
Don, go ahead and set it up - what have been discussing with them on the gas side?
Did CSFB tell them about the $400 Kw capital cost plus the three year transistion agreement for $4.00 kw/m?
Tell Beverly or Kay to make time for next week if Mr Forster can make it.
Regards
| DPL |
As you know the ENA OTC is actively working with the Analyst and Associate Program to develop greater talent flow into ENA.
We are presently working on a number of initiatives to improve how this is working and significantly improve communication flow and responsiveness.
However in this regard we also need you to help make sure we have clear lines of communication within ENA regarding A&A resource levels, performance, rotations and retention efforts.
In this regard we would like for each of you to take the lead for your groups needs and ensure that any requests, questions or concerns about A&A's in your area are passed through you to either Ted Bland (ENA Recuitment Team Lead - x35275) or Jana Giovannani (ENA liaison from the AA Program - x39233) or myself.
It is important that we are discerning about what we do with our A&A resources and plan carefully and accurately for our future needs, in this regard we need for you personally (or a senior member of your team who you may optionally delegate this task to) will take the time to review any A&A resource requests from your team before passing them onto us.
In addition, given the importance of these resources, we will be inviting you to a regular bi-monthly meeting to discuss ENA A&A matters.
We will confirm the first date in due course.
In the meantime if you would like to volunteer another senior member of your team to assume this reponsibility please supply their name as soon as possible.
Please call with any questions.
| ENA Analysts and Associates |
Wes, we have the following dates set up: a) East Midstream and QF Restructuring - Aug 15; b) Industrials - Aug 14; c) Canada Origination - Aug 16; d) West Midstream - Aug 17; e) HPL, LRC and Upstream Origination - Aug 28.
We are setting up the remainder as we speak.
I have some final comments on the packages you gave me; however, the color printing will not fax so we need to find time to discuss.
Please fax the Friday "package" and the final Q2 numbers.
Regards
| QBR |
David, I wouldn't do the Brown Bag (too often- too hard to keep doing); I wouldn't do the Social Gathering (too country clubish); I like the Monthly Dinner/Cocktail Hour/Ballgame, etc with the OTC and parts of the management team as a forum to identify talent, give A&A's exposure to the management team and to "sell" ENA.
I would suggest that we make it every two months rather than monthly.
However, I would have the first one very quickly for the top rated A&A in ENA that are due to rotate soon in order to try and pitch them on staying in ENA - maybe dinner and ballgame.
For the resource management and coaching part of the program, lets wait until we see where we end up on any possible changes to the program first.
I assume that you are working on a couple strawmen on possible alternatives.
Once we have a few ideas, I would like to pitch Whalley, Sherriff and Mark when I get back.
Lets go ahead and implement above ASAP.
Regards
| Retention and motivation initiatives for top ENA A&A's |
Chris, did we get the DASH completed and approved on Pasotria and LV Cogen?
Rob, I have not heard what the plan of action is with Moore?
Rob, what would be the necessary steps needed to book all or some of the Bruce deal in Q3?
Regards
| Generation Strategy |
Guys, where is Rebox - it seems to have disappeared?
I assume you guys are working on the accounting issues necessary to book the swaps on the Garden State deal.
Regards
| Various |
Richard, I think I am starting to obsess and I really don't want you guys working on this; however, it think that it is very odd that this Griffin guy over an eight week process, two registered letters and a phone conversation does not send a letter or bring up this "Chrome Dreams" issue from 1986 with us until this lawsuit is filed without our knowledge.
This guys sounds a little off.
Regards
| Various |
Janet, we have been down the road with these guys before and it was not very pleasant.
I think it is hightly unlikely that Larry will be coming up with an additional 7FA turbine - but you can call him.
I'm also starting to think as the LM position starts to get better managed that maybe you and Chris should take the D5's and 7EA's onto your book.
Something to think about, I am just concerned about your ability to manage more complex deals without some resource availability.
I think you have to feel pretty good about the LM position first.
Something to think about?
Regards
| Cogentrix Turbine Inquiry |
George, it is probably worth speaking to them about the US assets - probably the smaller Virginia sites which are probably less core and may be great brownfield sites.
I'm not sure we would have an interest in UK coal fired assets.
I would speak to Sherriff on that one.
However, I would caution that real value is created through RAPID brownfield development leveraging on Enron's development, electricity, coal and emissions talents.
For ComEd and Homer City, Mission has already paid up for these assets based on gas being on the margin.
Now that was before a lot of the run up so it may be worthwhile; however, I think it may be difficult to arb these guys.
As well, I think it may be difficult to get the asset out of them - I'm not sure that they can turn their strategy or show a loss this quickly from a Wall Street point of view.
We should probably take a shot at the smaller probably less core Virginia assets.
Are they in QF, if so there may be upside in the deal from Duran's point of view.. Dave, given the rise in gas prices and gas being on the margin for a larger part of the load curve, coal assets or coal QF's may be great assets for us from a restructuring and power asset (expansion/brownfield) point of view.
Have we looked at this?
Are there many in the market?
Regards
| Edison Mission Energy |
Steve, please call Jeff and go through in detail how we got to our valuation of approximately $39 M. Please ensure that this is a reasonable facsimile of value that ENA would accreate over the short to medium term assuming your continued management.
Let me know where you end up.
Regards
| C-Gas |
Jeff, I don't believe the offer I showed you of $39 M is unreasonable.
In fact the team had recommended $42 M based on a number of measures.
I see the 6X multiple of annualized Q2 earnings as one of the best measures of the potential value of this company.
I don't see it in the best interests of Enron to be transferring assets below a reasonable market value between business units.
You can trust that I will be keeping the Energy Capital Resources team's feet to the fire on the realization of this value if you do not purchase the company.
If you and Steve can come up with a better indication of value, I will support that transaction.
Regards
| C-Gas |
Dave and Mark have asked me to arrange a meeting, QBR HPL/LRC/Upstream Origination, and I would like to know if August 22, 2000 from 1:00 - 5:00 pm will work for all of you?
Thank you in advance for your promt attention to this matter.
Thanks,
| QBR HPL/LRC/Upstream Origination |
Ray, couple of comments: a) Donahue is responsible for the portfolio management function but also incorporate the idea of Jeff being responsible for ENA's "capital book" (ie) managing existing deals and intimately involved in conjunction with Treasury and the various origination groups of which finance transactions get or don't get on our books; b) Has Fastow clearly put Defner in the ENA Treasurer role?
- if so we should also mention this in the note; c) Chuck Ward ( Generation Investments); Don Miller ( Merchant Generation); and d) with regard to commodity structuring ensure it is clear that they will facilitate and structure the highest priority/value transactions across the organization even though they report to Janet (ie) they don't just work on East Origination deals.
Let me see the final before release.
Make sure Mark is on side.
Regards
| Draft organizational memo |
Laura, I would like to congratulate you and your group on a very successful quarter.
Hats off to the team!!
Let me know how I can help.
Please forward to your organization as appropriate.
Regards
| MEH Quarter Success |
Guys, this is the real deal - we need to be ahead of this!!!
How are we making out on acquiring brownfield sites and formulating a strategy?
Regards
| Dow Jones Gas vs. Coal feature |
Dave and Mark asked me to set up a three (3) hour meeting regarding Industrial QBR.
Would August 15th, from 1:00 pm to 4:00 pm work for everyone?
If so, please mark your calendar and RSVP to Kay Chapman.
Thanks,
| Industrial QBR |
Jeff, have you finalized how Jenn and Craig will split out the industrial segments?
They should also come up with their business plans and a reporting matrix similar to what you are doing with the desks.
How are you making out at the desk level in implementing our previous discussions with Scott and the remainder of the desks?
Regards
| Various |
Guys, as a follow up to our meeting today, I thought I would put together a list of deliverables agreed to in the meeting.
The goal would be to have a definitive strategy for HPL and storage assets by the end of July that could be acted upon.
a) Elimination of the Entex contract - current value - John L.; b) Storage value algorithm incorporating spread values, increasing intra-day and monthly volatility and blowdown values - Jean M, John L, Jim S.; c) Storage acquisition targets and issues surrounding value/execution - top 5 to 10 for blowdown and tarantula strategy - Jean M, Julie G.; d) Structure, value, cost and issues surrounding Bammel "header" - Jean M.; e) Project Torque - definitive balance sheet, income statement and contribution margin statement for HPL - Wes C.; f) Establish viability of selling HPL assets - small private placement - working with Lehman to finalize value, exection risk, timing, structure et al - Patrick W. I would like this group to get back together in the fourth week of July to determine a final action plan.
Regards
| Project Triple Lutz/Tarantula |
Max, congrats on the Decero PPA - we need to wrestle up another 100 to 200 MW.
This should be a priority given the profit potential of this deal as per Oz and Doug (+50M in 2000).
Is there an ability to let Sabine or Irvin run with Vitro and get your attention on this item asap.
I know that the Monterrey project is eating into your time.
Do we need to augment your resources?
On a different note, the current Monterrey control budget is showing a $5.3M negative variance from the original control budget.
Is this accurate?
Does this reduce the profitability or is it absorbed by the PPA's?
Regards
| Various |
Kay please forward to Max Yzaguirre.
Max, congrats on the Decero PPA - we need to wrestle up another 100 to 200 MW.
This should be a priority given the profit potential of this deal as per Oz and Doug (+50M in 2000).
Is there an ability to let Sabine or Irvin run with Vitro and get your attention on this item asap.
I know that the Monterrey project is eating into your time.
Do we need to augment your resources?
On a different note, the current Monterrey control budget is showing a $5.3M negative variance from the original control budget.
Is this accurate?
Does this reduce the profitability or is it absorbed by the PPA's?
Regards
| Various |
Guys, there is quite a number of us dealing with this problem - what are our solutions?
Could we have a corporate jet available for folks stuck in the A&A PRC?
Other?
Regards
| Flight time on December 13 to Las Vegas |
Folks, you are the remaining officers of ENA that have not yet enrolled in this mandated training program.
It is ENA's goal to have all its officers through the program before the end of calendar year 2000.
The course has received very high marks for effectiveness.
Please take time now to enroll in the program.
Speak to your HR representative if you need help getting signed up.
Regards
| Executive Impact and Influence Course |
Ed, sounds like you have this handled - I would like to use your report as the example to use in other groups.
It can wait until you have it all completed.
You may want to think about EOL as well (ie) how many companies have you brought on-line, etc.
summary: - coverage metrics; - market iniatives; - completed deals; - hot list; - EOL metrics.
Thxs Delainey
| Monthly Mid Market Coverage Report |
Guys, your teams did a great job managing a very difficult situation with very few material effects to the organization.
It is noticed and appreciated please pass on to your organization if you feel appropriate.
Regards
| Power Failure |
Sorry about the confusion.
Fran Mayes will be sending a memo out in the next day or so reflecting the times of the PRC.
In order to accommodate Dave's meeting with all you and to include Mark Frevert we had to move the time of the PRC from 8:00 am to 11:00 am.
The ONLY thing changed was the time, the date and place remain the same.
Again, I am sorry for the confusion and I hope this helps.
If you have any question, please feel free to call me.
Thanks,
| Generation Strategy |
With Enron's rapid growth we need to maintain an ability to move employees between operating companies and new ventures.
To do this it is essential to have one process that will enable us to collect , update and retain employee data.
In the spirit of One Enron, and building on the success of the year-end Global VP/MD Performance Review Process, the Enron VP/MD PRC requests that all Enron Vice Presidents and Managing Directors update their profiles.
Current responsibilities, employment history, skills and education need to be completed via the HR Global Information System.
HRGIS is accessible via the HRWEB home page on the intranet.
Just go to hrweb.enron.com and look for the HRGIS link.
Or just type eglobal.enron.com on the command line of your browser.
The target date by which to update these profiles is 7 July.
If you would like to have a hard copy of a template that could be filled out and returned for input, or If you need any assistance with the HRGIS application please contact Kathy Schultea at x33841.
Your timely response to this request is greatly appreciated.
| Update GIS Information |
Rick, in the interest of preserving trees and keeping the information reasonably controlled, I would distribute this to senior managment and the portfolio managers in each origination group responsible for each investment.
Portfolio Managers Steve Pruett - Energy Capital Resources - (E&P) Chuck Ward - Generation Investments Chris Helfrick - Industrials and Coal Michael Miller - Principal Investing Richard Lydecker - Restructuring Ray Bowen - CTG Andrea Reed - CTG Wes Colwell - Controller Jordan Mintz - Tax Management Jeff Skilling Joe Sutton Mark Frevert Dave Delainey I don't think we need to distribute this data farther.
The business unit heads in the finance origination groups can access their portfolio manager for the data if needed.
Regards
| Enron North America - Asset Snapshots Q1 2000 |
PRC is just around the corner and Dave has not been provided the accomplishment/self evaluation from some of you.
This serves as a reminder to please provide Dave with a list of accomplishments/self evaluation for the past six (6) months as soon as possible.
Thanks in advance for your prompt attention to this matter.
If you have any questions, please feel free to call Kay 3-0643.
Thanks,
| Accomplishments/self evaluation |
I am sending out a second confirmation due to the additional attendees.
Dan Leff and Randy Maffett will be calling in.
This is to confirm the monthly Industrials meeting for Thursday June 22, 2000 at 1:00 pm.
| Industrials |
This is a reminder to please have your calendar marked for Friday July 7, 2000, for the ENA VP PRC Pre-Ranking Meeting.
The meeting will be held at the DoubleTree (Granger B) from 8:00 am to 5:00 pm.
If you have any questions/conflicts, please feel free to call me.
Irma Alvarez will be following up with invitations that will have detailed information within the next few days.
Thanks,
| ENA VP PRC Pre-Ranking Meeting |
Joe, thanks for the assistance.
We have a few items still outstanding on the Doyle (Georgia PPA with Ogelthorpe) unit; however, It looks like we have the '99 and '00 plants completed.
The 2001 program is much smaller.
I will follow up shortly.
Regards
| Weekend Activity |
Tim, my understanding is that partnership fee (the $11.0M) has been amortized for the last several years and expensed to the Industrial groups (McConville and Ondarza).
As you are aware, I sued them for breach.
The settlement involved the elimination of all existing transactions between Ft. James and Enron including the Wauna and Halsey power contracts.
It is my understanding that the benefit of the elimination of those shorts resides in the Portland shop.
The elimination of the shorts would not have occurred without the lawsuit on the alliance and the settlement I originated.
It seemed logical to charge the Portland office with the remaining un-amortized fee of $1.8M as a cost of eliminating the shorts for no cost and no future contingent liability.
Lets discuss.
Regards
| Fort James Amortization |
Where did he rank against other folks at the super saturday?
I would argue that if he was in the top 30%, we should accomodate his need.
regards
| ENA Associate Candidate Question |
Guys, the project should be charged market based rates and ENA is not in the business of subsidizing international projects.
This is particularily the case if we are not going to hold a continued interest in the project.
However, if we can not reach a term O&M agreement please maintain the optionality in the project by managing the facility on a direct bill basis to APACHI until they find an alternative provider.
Do not in any event abandon any assets at any time.
Regards
| Nigeria |
Tim, in the east power group and the gas groups, we are trying to build a mid-market capability(deal flow, information and coverage) consistent with the largest energy merchant in N.A..
Please see tha attached.
I would be curious to talk to you about your structure, coverage functions and market building iniatives.
I recognize that you and your group have been the most effective and proactive group in these areas for some time.
Is there areas where we could be more aggressive or proactive?
Can I get you more resources to cover the market more aggresively?
Lets discuss.
Regards
| East Power Mid-Market Org. Chart |
Ed, this looks great!!!!
Please ensure that the focus is on coverage, deal flow and building markets.
I want to avoid two groups hunting strategic elephants (ie) east origination and development so ensure the scope is consistent with mid-market coverage and feeding the desk deals and info.
In the case of building or purchasing assets please let Jacoby's group handle.
Any deal or lead that significantly disrupts coverage or takes you or your people out of the market please pass or coordinate with origination or development There is bound to be some conflict between the strategic origination groups and you - please keep to a minimum and resolve in a manner consistent with one team and doing the right thing.
Please provide John and I a monthly report of customer transactions completed, coverage plans and "market building iniatives".
Let me know how I can assist in any way in recruiting or transactions.
Regards
| East Power Mid-Market Org. Chart |
Guys, I suggest that we write it down in order to ensure that we don't get it back as other groups use up the Raptor capacity.
We have sufficient market data points to do this.
Please advise.
Regards
| Catalytica |
Guys, we are working to put together the final team to manage this issue; however, it isJeff Skilling's call to keep Delainey, Milnthorp and Keohane out of the day to day fray on this issue.
I believe this is the right call.
Commercial and legal resources from Houston will manage this issue on a go forward basis and may call on you as a resource if needed from time to time.
You have done a very great job managing this issue to date and your efforts on that front are much appreciated.
Our focus should return to growing the business and meeting our financial targets.
Peter, I believe that Mark H. would like you to stay involved through the Friday conference call that is scheduled.
Regards
| Project Stanley |
Rob,this deal is not dead; I am primarly waiting on NEPCO numbers.
You should be moving down the road on the deconstruction, refurbishment and movement of the NB machines.
You should also be doing any development work (permits, interconnection agreements et al) you need to do to maintain the optionality of this project (let me know if the expenses get above $1MM).
Randy, please facilitate.
Mike, can we put the screws to ABB given the significant transformer business we forwarded their way?
Laura, we probably need to make a call on the Peoples turbine pretty soon.
Eric/Rob, I think we need to see the project with IDC come in between 350 to 400/kw to be viable or I need a very detailed analysis of why it costs significantly more than a Frame 7 machine in the US markets.
I would like see us make this work.
Regards
| Moore Power Plant status |
Dick , I appreciate the effort on the Moore project - I would hope that there is more than a $2m saving in the scope.
This plant is still showing $460 to $470/Kw given current economics.
I am still puzzled by this.
Regards
| Moore Power Plant |
Dave, I am going to send Shawn your way - he has extensive development, asset and project finance experience.
I would like him under your supervision to manage our coal power development strategy - like we discussed it could be a very robust strategy with multiple exit points.
I strongly believe that coal needs to come back into the stack and that the existing development teams (Parquet & Jacoby) are already buried under mid-stream gas development opportunities.
This would incorporate acquisitions, development, technology, asset sales, emissions credits & technology, fuel supply and power sales.
Please update your 2001 budget to incorporate this new iniative.
Regards
| meeting |
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