input stringlengths 93 39k | output stringlengths 1 117 |
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Vince, I would like to offer you to be the chairman for the morning stream session "On-Line Trading & Risk Management" (8th November, 11.45-13.15), to introduce the speakers (Spyros Maragos, Per Hjorth and Les Clewlow) and lead the discussion.
Would you be interested in doing that?
Kind Regards,
| Gas & PoweRisk 2001 - Chairman |
Hi Vince, Further to our telephone conversation, please find attached an up-to-date copy of the programme for EPRM 2002 USA.
I look forward to hearing from you next week.
Kind regards,
| EPRM 2002 USA |
Attention: CEO, VP of Marketing, Director of Merketing or recruiting: Position desired: Sales/Marketing Professional, management or ANY I am seeking the position above or any other positions which you have with your company which you feel that I would be suited for.
I currently reside in Columbus Ohio and wish to work for your company from my office in Columbus.
Below you will find a cover letter and resume of myself.
Sincerely, Roger M. Gray
| Resume of Roger M. Gray |
We have not yet received your response.
Please forward your responses to the questionnaires to Eddy Daniels as soon as possible.
Please disregard this message if you have already sent your responses.
Thanks.
Sent on behalf of Eddy Daniels
| Enron Corp., Enron North America Corp. and Enron Net Works Questionnaires |
Mr. Hunt: Your resume has been forwarded to Dr. Vince Kaminski, Managing Director and Head of Research with Enron Corp.
He would like to conduct a telephone interview with you at your convenience.
Please forward me some times and dates within the next few weeks that you would be available and I will coordinate the interview.
Also, please let us know what telephone number you wish to be contacted at.
Best regards,
| Telephone Interview with Vince Kaminski |
Vince, I was thinking that max (negative) potential exposure for different counterparties could occur for different scenarios and so combining max potential exposure across counterparties may overstate cash needs.
If overall scenario for overall max (negative) potential exposure is considered, then we will pick up some high exposures and some low exposures, which may be fine.
Alternately, why not tweak the potential exposure program to do deterministic shifts of one sigma and two sigma and assuming one factor model and perfect correlation across commodities.
Then the negative mtm values can be compared to collateral already outstanding.
This method does not guarantee that we will get large exposures, but is easy to explain.
Another thing to check with Winston is that the program does not automatically zero out negative exposures.
If it does, then we may have to flip the sign for all positions, get the exposures, then flip back the sign.
Then compare to collateral outstanding.
Vasant
| Cash needs |
Dear Dr. Kaminski, Thank you so very much for your time on Wednesday.
It has been challenging to find out, from the outside, exactly what your group does on a daily basis and what type of people make up your team.
I do not feel that there is any substitute for the information, and feel, that one can get directly from the source itself, thank you for making your
| Thank you. |
=09 =09 Dear Vincent, With time running out before Congress finishes b= usiness for the year, ranking member on the Senate Energy Committee Frank M= urkowski (R-AK) is making a new attempt to pass energy legislation.
On Tue= sday, the Washington bureau will cover a news conference on Murkowski's pla= ns to announce his new approach to move an energy bill this year.
Also fr= om Washington on Tuesday, Energy Secretary Spencer Abraham is the guest spe= aker at Energy Daily's newsmaker breakfast.
Abraham is expected to talk ab= out the status of energy legislation in Congress.
The Washington bureau wi= ll bring us coverage of the Abraham speech tomorrow.
The Houston bureau w= ill speak with Raymond James & Associates E?
Energy Team Vice President Joh= n Gerdes.
Earnings for some companies are down compared to the third quart= er last year, but Gerdes says production volumes seem to be in line with ex= pectations.
He'll discuss the third quarter during the noon ET newscast on= Tuesday.
PG?and the California Natural Gas Producers Association are co=
| Williams Energy News Live -- today's video newscast |
Vince, As you meet with employees one-on-one tomorrow, you will want to cover a few items with them.
These are some things we determined through reductions in other groups that work fairly well: have Shirley or your team admin prepared to receive all returned equipment (laptops, cell phones, pagers, blackberrys, American Express cards, long distance calling cards, etc.)
have someone call Cingular to confirm that Enron accounts can be converted to personal accounts.
I believe there is a form that the employee would need to submit to Cingular prior to the termination date.
Shirley should coordinate with each employee to verify that all pre-petition expenses have been paid and that all post-petition expenses have been submitted for reimbursement.
Because you have some lead time, you might consider instructing employees on how they should leave their desk.
It is very helpful if employees can destroy old documents, return supplies to a central location and leave the desk clean.
In the past we have realized after an employee leaves that we may not have the right contact information when needing to get in touch with them.
Attached is a template to have your employees update their personal information to ensure that any corespondance is appropriately sent.
Khymberly and I will both be in your meeting tomorrow at 3pm.
Thanks,
| Process for Tomorrow |
The attached is the latest draft of the pro forma interconnection agreement being prepared as part of the FERC ANOPR process.
This draft has been prepared by the Alliance of Energy Suppliers (AES) as part of its continuing effort to take a leadership role in this process and ensure an outcome that will be beneficial for the interests of AES member companies and the generator community as a whole.
It will be referenced on today's conference call.
This draft is the working draft the coalition is working from this week.
A final "consensus" version will be circulated and filed at FERC on or by January 11, 2002.
| Latest Draft of Pro Forma Interconnection Agreement for Conf. Call Discussion |
Dear Dr Kaminski: Best Wishes for the New Year to you and your family!
Some time ago I sent you a letter with information on the Bachelier Finance Congress.
I never received a feedback from you and I am concerned that perhaps it never reached you.
In any case, please let me know if you need any help with your travel plans to Crete for you and/or your family.
( You may visit the web page of the Congress (www.ma.utexas.edu/Bachelier2002) for information on location, plenary speakers etc.)
On a different note, I would like to ask you if you would be willing to come down to Austin and give us a seminar.
Our workshop meets on Fridays.
I sincerely hope to hear from you soon and to meet you in Austin.
Best regards,
| Various |
Vince, I am an ex-Enron that was part of the "cost cutting measures" implemented in early December.
One of the people I have spoken during my job search is Mark Kierlanczyk from AON.
Mark suggested you might be someone I could contact and talk to briefly about my job search.
In general terms, I am looking for a job in finance or structuring with an international company.
My ideal job would be one that involved a mix of finance and origination for an international energy or petroleum company, however I am very flexible.
Obviously, the market is not real strong right now, especially in Houston, but I was hoping to ask you if you have some ideas of how I might best proceed.
I am sure you are quite busy, but I would welcome a moment to talk to when you have a couple of minutes.
(I have enclosed a copy of my resume just to let you know where I have been...) Many thanks,
| Referred by Mark Kierlanczyk |
Mr. Kaminski, Greetings.
I work for Aspen Technology Inc. www.aspentech.com We have not met, but a colleague of mine forwarded a copy of your presentation on Price Dynamics in the Energy Markets from the SIAM conference last April and am writing to you to encourage you to consider making a presentation at Aspen's corporate world conference Aspen World 2002 in October in Washington DC on this topic as well as the broader topic of Risk assessment and management in the energy markets.
I know this seems a little strange making a "cold-call" in this manner, but I am reaching out in the community of Risk and Uncertainty management in the Supply Chain, Process and Energy markets to identify and solicit compelling speakers.
AspenTech does not have a traditionally strong or well developed business or application layer in this realm, but, as our enterprise-wide reach and activities in planning, forecasting and supply chain have grown and integrated, I and the technology drivers in the company have been cultivating a demand and recognition for risk management and pricing activities to BE the next logical dimension to our growth and technology.
Therefore, the session I am chairing (see the abstract below) will be one intended to educate, entice, and compel our clientele, business partners and staff on the business value, technology and mathematical and modeling technique.
I would be happy to elaborate on the intended audience and opportunity for the conference.
Please contact me at your earliest convenience by email or phone at the numbers below to discuss things if you think it would be a possibility or, if you would like more information on the context of the work and subject matter in AspenTech's core businesses.
Thanks in advance for your time.
Sincerely,
| Price Dynamics and Risk Management in the Energy Markets |
Vince All best wishes for you in 2002 My condolances for all that happened in 2001 I hope your family are well Geoff <<xmas2001.pdf>> ********************************************************************** This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the system manager.
********************************************************************** - xmas2001.pdf
| Happy New Year |
Dear Dr. Kaminski: Following this e-mail is a summary of the recent meeting of the Advisory Board of the Carnegie Mellon Master's program in Computational Finance.
We would appreciate hearing your views on the subjects discussed.
Best wishes,
| MSCF Advisory Board |
This analysis was another swag at p&l components.
We took the numbers from the daily position reports, backed out the big originations that we new about (e.g.
peakers sales) and the other "mistakes" (e.g.
the EES $700MM loss), then took out the curve-shift P&L from the backtest data, the balance we said must be some form of "new deal" P&L plus realised p&l etc.
It shows that 2000 was the prop trading year, whereas 2001 was mainly new deals.
Of course the whole thing is poisoned by reserve movements.
| P/L Breakout |
This is a resume of one guy I met in Houston a few months ago.
He comes across as a very bright and qualified individual.
He is interested in a position in London.
Who is the best person in London to forward the resume to?
Vince
| A resume for Londom |
I am forwarding for your attention the resume of Peter Percell who has an extensive experience in modeling physical flows of natural gas in pipeline systems.
Peter is looking currently for a job.
I met him last week at the meeting of the Science and Industry Advance with Mathematics society at the University of Houston.
The application of recent developments in optimization theory and numerical methods can help Enron to improve further efficiency of our pipeline system and reduce the consumption of compressor fuel.
Please, let me know if you interested in introducing Peter to executives in your organization.
I shall be glad to make arrangements for an interview.
Vince Kaminski
| Follow-up on SIAM Workshop |
Christie, I have two persons in my group helping me with the Wharton and Rice projects.
By the way, the project I gave to Rice students is exactly the same as the project for Wharton.
We shall see who is better.
Their names are Li Sun and Kenneth Parkhill.
Can we invite them to the dinner on the 18th and to the meetings on Friday?
Vince
| Help with the Tiger Team |
Martin, Please, ask Steve to call your office.
I may be late on Friday.
I don't have to be present at this conference call.
Please, talk about your potential involvement and if takes a trip to London it's OK with me.
Vince
| Phone conference |
Molly, Sandeep Kohli called last night.
We decided to transfer Anshuman for the 6-month trial period and then extend his assignment to a permanent employment if necessary.
For Sandeep Kohli it's a permanent transfer, effective immediately.
Some local opposition to poaching of good people.
Vince
| Anshuman - transfer from Dhabol |
Jeff, We shall forward to you shortly a copy of the message from Sandeep with the numbers you have requested.
What follows below are the extracts from two recent articles on the power situation in India published by The Financial Times.
The first article describes recent power outage in northern India affecting millions of people.
One possible line of defense is pointing out to the value of output lost due to power shortages.
It is obvious that the value of lost production exceeds the cost of power produced by the Dhabol plant (expensive as it may be).
The power cut affected 230 million people.
The second article is Enron specific.
Vince ASIA-PACIFIC: Power failure hits north India Financial Times; Jan 3, 2001 By ANGUS DONALD Tens of millions of people were left without electricity in northern India yesterday after a power grid breakdown.
Electricity was gradually switched on in some areas and most parts of the capital New Delhi, with 60 to 70 per cent of supply expected to be restored by the end of the day, according to power grid officials.
The Associated Chambers of Commerce and Industry (Assocham), a leading business organisation, expressed "deep concern" and called for a mechanism to prevent future disruption that could "cripple the economy".
The power failure across eight Indian states, including New Delhi, disrupted train services, water supplies and the telephone network and forced hospitals to switch to emergency generators.
The fault occurred on the Northern Grid, which provides electricity for 226m people, and affected the states of Delhi, Haryana, Punjab, Uttar Pradesh, Himachal Pradesh, Madhya Pradesh, Rajasthan and Jammu and Kashmir.
A breakdown at a sub-station in Kanpur in Uttar Pradesh, India's most populous state, caused an overload of power on other lines, which then failed as well.
Trains stopped running for most of the day and signals systems were damaged.
New Delhi international airport was also slightly affected before its own power supply could be engaged.
"We will probe into the reasons for the failure.
It is most likely to be a technical failure, but we will investigate why it happened," Suresh Prabhu, the power minister, was quoted as saying by Press Trust of India.
India suffers regularly from power problems because of lack of funding to upgrade infrastructure.
Theft of supplies is also a big problem.
Thirty per cent of the country's electricity is stolen, according to analysts.
In New Delhi as much as 50 per cent is stolen.
Two years ago, a power failure blacked out Uttar Pradesh and Delhi for hours.
Assocham issued a statement, saying that increasing industrial demand would exacerbate the problems already faced by India's inefficient power sector.
"The slow progress, particularly in strengthening the transmission and distribution system, and ever increasing theft will contribute to worsening the power supply situation further."
Copyright: The Financial Times Limited , Copyright The Financial Times Limited 2000.
"FT" and "Financial Times" are trademarks of The Financial Times.
Privacy Policy | Terms & Conditions.
****************************************************************************** ************************************* ASIA-PACIFIC: Energy group launches image offensive: Enron has a plan to reverse its reputation as a profiteering multinational operating in India, writes Khozem Merchant Financial Times; Jan 3, 2001 By KHOZEM MERCHANT Enron, the US energy producer and a constant target of criticism in India, is hitting back with a campaign to reverse its image as a profiteering multinational.
Its "myth and reality" offensive in local newspapers follows the west Indian state of Maharashtra's decision to review the tariff it pays the Texas-based company, whose Dollars 2.2bn electricity generating plant at Dabhol is India's biggest single foreign investment.
Maharashtra's tariff has more than doubled since 1993 and is three times greater than that charged by other independent power producers (IPPs).
The tariff has risen because of the depreciation of the rupee against the dollar and the high but now falling price of naphtha fuel.
The state also pays a fixed capacity charge of Rs970m (Dollars 21m) a month, reflecting the huge project cost and, controversially, irrespective of consumption.
A showdown looks inevitable, reminiscent of a clash six years ago that damaged India's appeal to foreign investors.
A former official of the World Bank, which has criticised the deal, says Enron is emerging "as the East India Company of the 21st century" - a reference to the British trader that colonised key areas of the Indian economy in the 19th century.
The stand-off is the latest blot on India's power sector.
The UK's PowerGen and Cogentrix of the US have quit India recently, frustrated by long approval procedures, inadequate payments mechanisms or because of higher returns elsewhere.
"India has lost time and opportunity and has driven returns down by six percentage points," says Gerry Grove-White, former India general manager of PowerGen, which has sold its 655MW plant in Gujarat to China Light & Power of Hong Kong.
India's national plan for the five years to 2002 says generating capacity must rise by 40,000MW to about 120,000MW.
But since 1992, IPPs have added only 3,000MW and 2,500MW remains under construction.
This is insufficient to support official projections of 6 to 8 per cent economic growth.
Enron was a bellwether of India's liberalisation, winning fast-track project approval in the early 1990s.
Phase 1, a 740MW plant fuelled by expensive naphtha came on stream in May 1999, and phase 2, a Dollars 1.87bn plant of 1,624MW capacity that will run on cheaper liquefied natural gas (LNG), will be completed this year.
Only two of seven other fast-track proposals have achieved financial closure.
From the outset Enron encountered attacks, culminating in Maharashtra's then nationalist government cancelling the project before renegotiating terms no less onerous.
Vilasrao Deshmukh, chief minister of the successor government, says the power purchase agreement is unaffordable.
Enron, whose attackers also include cultural chauvinists, wants to maintain good political relations in a hostile but lucrative environment.
Enron views India as a testing ground for its evolution from a traditional manager of power plants to a broad-based trader of commodities, such as energy, gas and bandwidth.
To support these ambitions Enron hopes to trade energy between power surplus and deficit states, once legislation is passed this year.
It is building an LNG terminal and pipelines to trade imported natural gas.
And it is laying a 15,000km fibre-optic network to trade bandwidth space in a country desperately short of this new economy commodity.
In any event, Enron believes it has a watertight contract.
It is supported by many that believe any subversion of the contract would confirm investor perception of Maharashtra, India's financial and industrial hub, as an unreliable destination for investment.
Mr Deshmukh - who has avoided the language of his predecessor, which threatened to "dump Dabhol into the Arabian Sea" - is under pressure from radical members of his wobbly coalition.
But his options are limited.
Scrapping the project would be ruinous for an economically troubled state that would have to compensate shareholders.
Maharashtra State Electricity Board, the local utility and Enron's main client, is obliged to dispatch or "off-take" 90 per cent of Dabhol's output.
Yet MSEB has never honoured these guarantees.
Its off-take has averaged 60 per cent since the plant opened and, in effect, MSEB has been paying a lot more while consuming a lot less power.
One reason off-take is low is because the state's tough new regulator has told MSEB to buy from cheaper sources.
Enron says the tariff would be Rs4.02/kWh if MSEB's off-take averaged 90 per cent.
But with off-take a third lower, the average tariff is Rs4.94 per unit, and often higher.
In October, the tariff was Rs6.91 per unit, when off-take was about 49 per cent.
Enron says tariffs should come down when phase 2, run on cheaper LNG, starts.
These cost pressures have forced MSEB to take up only half of a 30 per cent equity option in phase 2.
Enron has acquired the balance and mandated bankers to find a buyer.
Enron's difficulties have undermined the appeal of IPPs, which have failed to deliver the flood of investments.
Potential IPPs feared they would never be paid by state generating boards that have become a byword for corrupt management of power.
Reform of state electricity boards, whose uneconomic pricing means industrial users subsidise poor farmers, as well as transmission and distribution (T&D) services to check huge theft and technical losses, is overdue.
"Given the limited resources, money would be better spent on T&D rather than on new plant," says Oliver Blackaby, managing director of N M Rothschild in India, which is advising Karnataka on the privatisation of its distribution network.
For the moment, attention is fixed on Enron's ability to satisfy the competing interests of investors and clients.
As Sanjay Bhatnagar, chief executive officer of Enron India, said in a recent trade magazine, one of the key lessons learned from phase 2 is "having flexibility to deal with externalities".
Copyright: The Financial Times Limited , Copyright The Financial Times Limited 2000.
"FT" and "Financial Times" are trademarks of The Financial Times.
Privacy Policy | Terms & Conditions.
| Dhabol |
Sally, I gave you some time ago a brochure on this benchmarking study request.
They renewed their request for Enron's participation.
What is your view on this?
Do you think the benefits of knowing what's going on offset the loss due information released and time spent on the project.
My recommendation is to forget it.
Vince
| Benchmarking Study |
Norma, Happy New Year.
Look forward to working with you in 2001.
Can you send the resume of L Xu to me in an electronic form?
Thanks
| L Xu |
Greg, As a follow up.
We are talking to Jay Webb today about the data we can get from the Enron OnLine system to develop an early warning system for automated crude trading.
By the way, it was a good catch.
You left us red faced.
Vince
| Warning system |
Margaret, The forward power and gas price curves, unlike NYMEX futures prices, are not publicly available and are a closely guarded secret of the trading desks.
We have no authority to release them without getting the head of the trading desk involved.
Vince
| Fwd curves |
Jeff and John, I was contacted by Petronas who requested a meeting with Enron on risk management.
I have met with them a few years ago and they want to discuss with us their progress implementing risk management practices.
I shall arrange the meeting and get RAC involved.
Would you like to meet them for a short courtesy meeting (5 - 10 minutes)?
Unfortunately, they gave us no choice as far as the timing is concerned (given a very tight schedule).
They want to visit on Thursday, Feb. 8, at 10 a.m.
I shall take them out to lunch after the meeting.
Vince
| Petronas - a short courtesy meeting on Feb 8 |
Zimin, I have talked to Alex about it.
I don't think that the additional seminars will crowd out the brown bag lunches.
The seminars are really targeted to people who recently joined the group and have very limited, or zero, exposure to energy markets.
For most members of the group it should be the piece of cake.
Brown bag lunches are not that time intensive, except for the speaker.
Plus, we ran out of days available for lunch meetings.
Vince
| Friday Brown Bag Lunch on Option Pricing |
Rick, I was contacted by Petronas who requested a meeting with Enron on risk management.
I have met with them a few years ago and they want to discuss with us their progress implementing risk management practices.
Can we arrange for them a standard presentation, like the one we have for banks (you or David Port, Bill Bradford, research)?
Unfortunately, they gave us no choice as far as the timing is concerned (given a very tight schedule).
They want to visit on Thursday, Feb. 8, at 10 a.m.
I shall take them out to lunch after the meeting.
I shall also contact Jeff Shankman and John Nowlan to arrange a short courtesy meeting with them.
Vince
| Meeting with Petronas |
Dear Sir, I would like to apologize for the delay in responding to your fax.
I was on vacation for the last few days.
I shall be honored to meet your delegation on Thursday, February 8 at 10:00 a.m.
Please, let me know if you will be free for lunch after the meeting.
Vince Kaminski
| Meeting on Feb 8, 2001 |
John, I have received your message regarding Mike Roberts.
I could not agree more.
Mike deserves to be compensated for his exceptional contribution.
Additional recommendation.
I think that all weather forecasting support should be consolidated under Mike (including the weather guys supporting power trading).
In my view, it was a mistake to remove Mike from power support.
It would also mean a lot to him personally.
Vince
| Mike Roberts |
To all whom it may concern: I keep receiving such unsolicited messages (please, see below) that represent an obvious scam.
Is there any way to block out the messages from this source?
I assume other employees of Enron are also being hit.
Vince Kaminski
| Investment |
Please, use a new template stored in the Plans2001 folder for today's project lists.
Over the last few weeks we had several parallel copies of the same file floating around.
I have updated he list of group members in the first sheet.
Please, make sure I have not omitted anybody.
Vince O:\Research\Common\FROM_WJK\PLANS\2001Plans
| Today's project list |
Sheila, I am forwarding you a message I received a few days ago.
I want to ask you for advice how to handle this case.
My first reaction was to ignore it.
The longer I think about it, the more convinced I become that some action is required.
Let's try to reverse the situation and assume for the sake of argument that a female employee was harassed by a male colleague.
An employee informs her boss a few months later about the alleged incident and the boss chooses to ignore it.
In many similar cases, courts subsequently found against the companies that decided to turn a blind eye to such complaints.
The fact that we are dealing with the case of reverse harassment is immaterial.
If I ignore this complaint I may expose the company to charges of double standard in handling sexual harassment cases.
My recommendation would be to ask Maureen to attend sensitivity training and sexual harassment prevention class.
Please, let me know what you think.
Sorry to burden you with this case.
Vince
| f/up |
Mark, I left you a message regarding The National Forum on Corporate Finance at Rice.
They would be delighted if you could serve as a panel member at this conference.
Here are the coordinates of the professor at Rice who is in charge.
I would appreciate if you could call him and let him know if you can attend.
Thanks.
| Invitation for you from Rice University : The National Forum on Corporate Finance |
Dave, I am sending you my accomplishments for the last year.
I am including also one document (just browse through it quickly) to give you a flavor of some projects I have been working on.
I shall send you shortly an additional document I would like you to browse through (the list of projects my group works on in a typical week) to give you more information about the scope and depth of what we do.
It's an internal document and I want to clean it up Merry Christmas and a Happy New Year to you and your family.
Vince
| Accomplishments, Vince Kaminski |
Mike, I am sending you a message regarding a potential candidate.
Please, take a look at him and see if he fits better our group or Mark Tawney's group.
Vince =20
| Recruiting for weather risk management group |
Stinson, The spreadsheet below shows the allocations I made for EBS.
The numbers in magenta show percentage allocations, Of course, Samir and Samer are gone, ad so is Roman.
The problem is that once I give the percentages to accounting they become fixed for one year.
| EBS |
Mike, What do you think?
I see pro's and con's.
The argument against is that during PRCs people comment positively or negatively about a person and this is how the word is spread about an employee.
Tony could benefit from being in a London PRC.
Vince
| Tony Hamilton |
Dave, I would like to recommend to you Sandeep Kohli who is likely to approach you regarding a position in your area.
I have been working with Sandeep for a number of years and I was always impressed with his skills, intelligence and mature, thoughtful approach to solving business problems.
He is currently located in India (our DPC unit) and is looking for a permanent position with Enron in Houston for family reasons (his wife is from Houston and has a family here).
Of course, there are some other obvious factors affecting his decision.
Vince
| Sandeep Kohli |
David, A follow-up on my voice-mail message regarding Grant.
Dave Delainey is on board regarding Grant.
We can bring him back at the same level and comp, assuming that resignation was handled in a professional manner.
DD asked me to work out the details with you.
Can we meet to talk about it on Monday?
Vince
| Grant Masson |
Louise, I am sending you a resume I received today.
She graduated from the same university in Poland I attended (many moons earlier).
She recently got an additional degree in e-commerce.
Vince
| A resume |
Jim, No changes in the schedule.
The meeting will take place, as scheduled, on the 6th of December at 9:00 a.m. We may have to cancel lunch with the professors as they have other commitments.
The meeting will last about 2 hours.
Vince
| Wharton trip |
Norma, Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON, Jose Marquez/Corp/Enron@ENRON, Chonawee Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Tom Halliburton/Corp/Enron@Enron, Elena Chilkina/Corp/Enron@Enron, Sevil Yaman/Corp/Enron@Enron, Sofya Tamarchenko/NA/Enron@Enron, Bob Lee/NA/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Anita DuPont/NA/Enron@ENRON, Youyi Feng/NA/Enron@Enron, V Charles Weldon/HOU/ECT@ECT, Yana Kristal/Corp/Enron@ENRON, Praveen Mellacheruvu/HOU/EES@EES, Li Sun/NA/Enron@Enron, Stephen Bennett/NA/Enron@ENRON, Roman Zadorozhny/HOU/EES@EES, Lance Cunningham/NA/Enron@ENRON, Leann Walton/NA/Enron@ENRON, Shane Green/HOU/EES@EES, Seksan Kiatsupaibul/HOU/EES@EES, Kate Lucas/HOU/ECT@ECT, Nelson Neale/NA/Enron@Enron, Rabi De/NA/Enron@ENRON, Kenneth Parkhill/NA/Enron@ENRON I am sending you preliminary rrankings for my entire group, based on the results of a meeting we held on Tuesday.
Permanent goup members, manager and below: Superior: 1.
Martin Lin 2.
Joe Hrgovcic 3.
Tom Haliburton 4.
Jose Marquez Excellent 1.
Paulo Issler 2.
Robert Lee 3.
Chonawee Supatgiat 4.
Amitava Dhar 5.
Alex Huang 6.
Kevin Kindall 7.
Praveen Mellacheruvu 8.
Shanhe Green 9.
Stephen Bennett Strong 1.
Lance Cunningham 2.
Clayton Vernon 3.
Youyi Feng 4.
Yana Kristal 5.
Sevil Yaman Permanent goup members, directors: Superior 1.
Krishnarao Pinnamaneni Excellent 1.
Osman Sezgen 2.
Tanya Tamarchenko 3.
Zimin Lu Satisfactory 1.
Maureen Raymond Associates, analysts Superior 1.
Shalesh Ganjoo 2.
Gwyn Koepke Excellent 1.
Hector Campos 2.
Kate Lucas 3.
Sun Li 4.
Roman Zadorozhny 5.
Charles Weldon
| Preliminary rankings |
Jeff, I am sending you a draft of the outline of the course on energy derivatives.
I would appreciate your comments before I finalize it.
By the way, did we agree on the time schedule for the class?
Tuesday or Thursday evening would work for me.
Vince
| Course outlines |
Jennifer, This is the address of the hotel within a walking distance to the Wharton School.
Please, make the reservation for Jeff Shankman at this hotel for the December the 6th meeting.
Vince Kaminski
| Hotel for the Wharton trip |
Rick and Ted, It looks more like foxes building chicken houses as opposed to foxes guarding chicken houses.
I shall send a message to Bryan saying that the Research has to look under the hood and examine the mechanics of the model in order to sign off on it.
A dog and pony show is not sufficient.
In any case, the decision to approve the model should not be left to Ben and Kirstee.
Please, let me know what your thinking is.
Vince
| VaR for EnronCredit.com |
Jeff, I want to bring Aram Sogomonian back to Enron at a VP level.
According to new human resources procedures this decision requires a support of three senior executives.
I want to ask you to express your opinion on Aram (based on a phone interview or just on your past interactions with him).
You can send a reply to Norma Villarreal at H/R.
Thanks.
| Hiring at a VP level |
Rick, I want to bring Aram Sogomonian back to Enron at s VP level.
According to new human resources procedures this decision requires a support of three senior executives.
I want to ask you to express your opinion on Aram (based on a phone interview or just on your past interactions with him).
You can send a reply to Norma Villarreal at H/R.
Thanks.
| Hiring Aram at a VP level |
Gentlemen, I recommend that we purchase this package and split the cost 3 ways between 3 power trading desks.
I think that we should go for option 3 (~ $15,000).
Lance Cunningham in my group looked at this software package and found it very useful for modeling transmission problems.
Please, feel free to ask him for technical details in support of this recommendation.
Vince
| Site License for Power World |
Christie, I am forwarding you a message I have received from the University of Houston.
Can you help them?
We have a very good relationship with the UoH.
Vince
| Dr. Michelle Foss- Energy Institute |
Louise, Would you consider being a keynote speaker at this conference (Feb 22 evening)?
The conference will be held in Austin.
We have a very good relationship with UT and we are helping them to organize this conference.
I shall be glad to provide you more information about the event.
Vince
| Spring 2001 Energy Finance Conference Participation |
John, I talked to Dale Nesbitt.
He suggested that the best way to evaluate his model is to go through a one week intensive project with assistance of somebody from his company.
Our cost is a flat fee of $12,500 that would be deducted from the purchase price of $55,000, in case we buy the software package.
The price of 55K is indicative and will be adjusted based on the required level of support.
Dale will be in Houston next week.
I have tentatively invited him to visit with us on Tuesday, November 7, at 3:00 p.m.
He will adjust if you are busy at this time.
Please, let me know what you think.
Vince
| Dale Nesbitt |
Keith, The article I mentioned.
Vince *********************************************** rashed By Tax Selling But are there bargains among the discards?
By Michael Santoli Here it is more than six months since even the most intransigent last-minute filers wrote checks to the IRS to render to the government its due for their financial good fortune in 1999.
By rights, this should be a season relatively free of concerns about taxes, notwithstanding the presidential candidates' parrying over whose tax-cut math features more fuzz.
And yet, for anyone with a dollar in the stock market (which in recent weeks has likely been reduced to loose change), the looming demands of this year's levies on capital gains have helped to make this month yet another taxing October for investors.
The jump-and-stumble course the major stock indexes have taken this year is being blamed for a particularly intense effort among mutual-fund managers and other big investors to sell their losers.
The steep ramp-up in stocks that persisted from the fall of 1999 through the first quarter of this year
| Article |
Alex, Can you set up a meeting to review this product.
They have an office in Houston.
Please, invite people on the distribution list.
Vince
| PoweRisk 2000 followup in re WeatherDelta |
John, I am forwarding to you the request by Jens.
We gave in the past our forward oil curves (with approval of Greg Whalley) to some academics.
What is your position on this request?
Vince
| Forward oil prices |
Shelly, These are the Super Saturdays I can help you with: Nov 10 Dec 1 Dec 8 Dec 15 I shall be traveling on two other days.
One of these trips is related to recruiting at CMU.
Vince
| Super Saturday |
Charlene, Please, help.
This is a son of a professor at Berkeley who helps me a lot in the recruiting process.
His son goes to Cornell.
Can we invite him (the son, not the professor) to a Super Saturday?
I really want to repay the debt to his father who is very instrumental in my recruiting efforts.
Vince
| Yaron's Resume |
Ashley, This is one resume I got today.
I think that it makes sense to invite him for an interview directly with my group.
He does not qualify as an analyst candidate.
What do you think?
Vince
| UC-Berkeley Graduate Student |
Krishna, I have received two additional requests for help from EES.
1.
Jeremy Blachman called and asked us to increase very significantly the level of our support of EES.
It probably makes sense to set up a meeting with Jeremy ASAP and discuss specifics (you, me, and it probably makes sense to invite Marty Sunde as well).
2.
George Posey called and asked fro help with statistical sampling of Dublin customers.
Please, give him a call to set up a meeting.
I shall call you tomorrow to discuss both requests.
Vince
| Requests for help |
Jeff, FYI.
We completed the review of the LNG model.
The copy of the review is available if you want to take a look at it.
Vince
| Completion of LNG Model Review |
Norma, Maureen Raymond refuses to sign her review.
Can you, please, join us tomorrow to discuss it.
I have a time slot available at 2:00 but I can reorganize my schedule to accommodate you.
Vince
| Maureen Raymoin'ds Review |
Joe, Mike, Please check with PR first if we want too talk to her and run it by Mark.
I think it is in our interest to be quotes extensively in the press.
Vince
| Report Research |
Shmuel, This is the abstract for my presentation on the 23rd of October.
I am in London and Paris this week.
I can be reached at my private E-mail address vkaminski@aol.com.
Please, feel free to suggest modifications to the abstract.
Vince ******************************************************************
| Abstract |
Mike, Vasant, Elsa would like to meet and discuss the construction of forward curves for her operation.
Can you, please, get in touch with her.
Vince
| Elsa'a request |
Geynille, I understand you are in charge of recruiting at the UofH.
I am forwarding to you the resume of one of the students of the University of Houston.
She is involved with the international organization called AIESEC and I was most impressed by her organizational skills and professional attitude.
I used to work as a volunteer for this organization many years ago and I am still helping their local chapter.
As far as I know, she signed up for an interview with Enron.
Vince Kaminski
| Biliana's resume |
Jeff, Our friends at the University of Texas are planning a conference on energy economics and finance in February of next year.
They would like very much to have you as a keynote speaker.
Given our good, long-term relationship with UT, I would recommend that you speak at this conference.
I talked to Prof. Ehud Ronn a few times about the program and I think that this will be an excellent forum to present Enron's accomplishments and agenda for the future.
I am sure that Rick Causey will join me in making the same recommendation.
Vince
| University of Texas conference on energy finance, February 2001 |
Steve, I am a lead recruiter at the University of California at Berkeley for Enron Analyst/Associate program.
I contacted several friends who work at Berkeley and received an invitation from one of them to make a presentation at the weekly Faculty Seminar of the Dept.
of Industrial Engineering and Operations Research.
The students and faculty members from the business school will be also invited.
Berkeley in general, and Department of Industrial Engineering and Operations Research in particular, are important centers of academic research on electricity markets (S. Oren works very closely with Severin Borenstein).
My presentation will focus on the Analyst/Associate program.
I shall also have an opportunity to discuss the power markets in California (I expect many questions) before many experts who are very important to shaping public opinion and regulatory agenda.
Please, let me know who in you group could help me in preparing this presentation and in presenting Enron's point of view in a more effective way.
Vince FYI.
The name of my friend who invited me: Shmuel S. Oren, Professor Dept.
of Industrial Engineering and Operations Research 4117 Etcheverry Hall University of California Berkeley, CA 94720-1777
| Presentation to faculty and students at Berkeley |
Maureen, The article for Technical Corner requires some editorial work.
Please, make sure you make the changes ASAP.
My comments are in magenta.
You will see them when you open the attachment.
Vince
| Technical corner |
John, This is the list of the business teams within ENA I received Tuesday from accounting.
As you can see it is hopelessly behind our org chart.
I shall bring it up with accounting.
Vince
| Commercial Teams in ENA |
John, We are trying to hire Rabi De, whose sign-on bonus proposal was sent to you for approval, for RAC.
He will support vale-at-risk applications, the area where we are hopelessly understaffed.
Vince
| Rabi De's sign on bonus |
Dear Dr. McMullen, A few weeks ago I received a call from your University regarding employment opportunities at Enron.
I called back and summarized the needs of my group (an ideal profile of a candidate): 1. mathematical finance 2. computer programming (C, C++) 3. understanding of the energy markets I shall appreciate any information about potential candidates.
I have also given some other suggestions regarding potential opportunities for graduates with different profiles.
Please, feel free to call me.
My number is 713 853 3848.
Vince Kaminski
| Hello from Enron |
Dear Dr. McMullen, A few weeks ago I received a call from your University regarding employment opportunities at Enron.
I called back and summarized the needs of my group (an ideal profile of a candidate): 1. mathematical finance 2. computer programming (C, C++) 3. understanding of the energy markets I shall appreciate any information about potential candidates.
I have also given some other suggestions regarding potential opportunities for graduates with different profiles.
Please, feel free to call me.
My number is 713 853 3848.
Vince Kaminski
| Hello from Enron |
Becky, I have finished my budget but before I send it out, I would like to run it by you.
I made a few assumptions and changes to the template.
Can you find 15 minutes today or tomorrow?
I can walk you through the spreadsheet.
Vince
| Budget |
Althea, I was trying to get in touch with this guy.
Did he contact you by any chance?
He missed the interviews on the campus.
Vince
| Stanford MBA- Interview |
Elena, Please, prepare for Mulong NG and power price series.
We can use Henry Hub for NG, Cinergy, Cobb and PV for electricity.
We can send him NG price right away.
Electricity prices are different: he has to obtain permission from FT (Megawatts Daily).
I shall cc you on my msg to him.
Vince
| Weather and energy price Data |
Kim, I am sending you the presentations by Krishna and Y. Feng.
These presentations may be further modified by both Krishna and Youyi before Wednesday.
Vince
| Power Point Presentations by Krishna |
Darrell, Grant just alerted me that I sent you only part of the text.
Here is the full chapter with an aged version of Gran't part.
What I sent you represents an update of his contribution.
Sorry for that.
Vince
| Full version |
I am sending you an updated version of the MG VaR memo, following the discussion Grant and I had with Bjorn Thursday evening.
Please, let me know if you think more changes are required.
Vince
| MG memo |
Jeff, I am sending you a recommendation regarding our cooperation with the Wharton School, following my visit with Tom Piazze in May.
Tom is a Corporate Relations Officer at Wharton.
Recommendation.
I am writing to you to recommend joining The Wharton Partnership.
The Partnership is an umbrella program established to coordinate Wharton School initiatives for industry-academic cooperation.
Currently, the partnership supports alliances with approximately 200 companies worldwide.
The recommended annual contribution by Enron is between $100K-150K, that puts us in the top bracket of contributing companies, such as GE, Citigroup, Goldman, Sachs & Co., Intel, and many others.
The contribution is executed through grants to different research projects that would directly benefit Enron.
The choice of the projects is at our discretion and can be changed over time depending on the business needs.
Benefits to Enron.
Enron can benefit from the Partnership by: - gaining advance access to current academic research - significantly increasing our presence and visibility on the campus, enhancing our recruiting efforts - taking our message directly to influential academics who have significant influence on public opinion - gaining access to high quality executive education programs Specific Programs.
The Partnership functions through involvement in different research projects.
I have identified a few projects that will maximize the benefit to Enron.
1.
WeBI (Wharton e-Business Initiative).
This programs provides an umbrella for different initiatives in the area of curriculum development, research and corporate engagement related to e-commerce.
Main benefits: access to e-commerce research and enhanced recruitment opportunities.
2.
Emerging Technologies Management Research Program.
Interdisciplinary program addressing issues facing companies in new markets: managing intellectual property, participating in emerging technologies, selecting the optimal organizational structures.
Benefits to Enron: access to financial technology in the area of valuation of intangible assets and new forms of business organizations.
3.
Risk Management and Decision Process Center.
Development of techniques for assessment and management of non-traditional risks (risks outside the scope of traditional insurance contracts and capital markets instruments).
Benefits to Enron: access to new risk management tools, dissemination of information about our capabilities in this area.
Potential users of the program at Enron.
My group could coordinate the cooperation with the Risk Management and Decision Process Center.
Greg Whalley is a potential customer for WeBI.
Several different units of Enron can be involved with Emerging Technologies Management Research Program.
Vince
| Wharton Partnership |
Beth, I have a favor to ask.
Do we have copies of Harvard Business School case studies about Enron?
We use these case studies during Super Saturdays.
I need a few copies.
This is for Prof. John Martin.
Vince
| Harvard Business School case studies |
Shirley, Please, send it to the entire group.
Vince ****************************************************************************** **************** This is another reminder about the responsibility we have as a group for cleaning the conference rooms after meetings.
For many visitors to Enron a conference room maybe the first and the last exposure to the company.
Last Thursday, some members of the group left, leaving behind their lunch boxes on the table.
Please, don't embarrass me by having to point out to you that your mothers don't work here.
Vince
| Reminder |
Molly, We would like to bring this student as a summer intern (the last one, we are running out of space).
I shall send you another message regarding his proposed dates.
Thanks.
I hope you have a very Happy Easter.
Vince
| my resume |
Kevin, Vasant and I talked to Clayton about his request for transfer.
Clayton received a conditional approval contingent upon completion of the current project he works on.
Vasant will formulate exact definition of the deliverables and we will hold Clayton to it.
If he fails to deliver the request for transfer will be rejected.
Anything else would be highly demoralizing to everybody.
Clayton has so far produced exactly zero (no single output was delivered) though he was advertising the projects inside and outside the group as completed.
I want you to be aware of it, because I have serious doubts regarding Clayton's integrity.
Vince
| Clayton Vernon |
John, I am writing to you regarding the management of the London Research group.
As you know, Dale Surbey, who was managing the London unit of the Research Group, is moving to EBS.
Dale did a terrific job helping me to develop the pool of talent we have currently in London.
Given that Dale is likely to be transfered to Houston, it's time to nominate one member of the Research Group for a management position.
My recommendation is Steve Leppard.
Steve emerged not only as the most technically qualified member of the group but also as a natural leader, highly respected by his peers and internal customers.
Steve has a very high energy level and is very efficient as a manager and as coach of new talent.
His promotion is likely to cause Anjam's departure form Enron.
I value technical skills of Anjam, but in spite of my loyalty to him, don't think he is the same caliber as Steve.
However, I would not like to lose him and think about moving him to Houston for 2 years.
I think that the opportunity to work in Houston, would be a sufficient incentive to keep him in Enron.
By the way, his performance feedback has greatly improved.
Please, let me know what you think.
Vince
| London Research Group |
Ted, We have the first running version of VaR model for the MG positions.
Many thanks to Tanya and Anjam for taking lead in this effort.
We had also great help from Cantekin and Kirstee.
We want to validate some inputs before releasing the number.
Specifically, I want to make sure that both London and Houston work with the same position numbers every day to avoid confusion.
A few comments.
1.
We plan to set up the models to run VaR concurrently in Houston (Cantekin) and London (Kirstee) with the same inputs.
The reason to do it this way is that we may have to respond quickly to multiple inquiries in both locations.
(Cantekin and Kirstee, please stay in touch and synchronize the inputs ).
2.
It is critical that we run the model daily and receive the updated positions and prices on a regular basis.
3.
We shall continue work in Houston to improve the model.
Two critical areas: a. VaR model, by its nature, does not capture one big risk MG has in its portfolios.
This is the liquidity risk resulting from different cash consequences of the hedges and the underlying positions.
b.
We should go through due diligence to validate the process generating the position numbers (i.e.
look into the details of specific transactions).
From what I know, MG has a fairly rudimentary risk management system and I am not quite sure how they generate option prices (and deltas).
They get some option prices by calling brokers.
4.
I think the current VaR is within 80-85% of the true number (assuming the inputs are right).
But, as I have said, VaR does not capture all the risks that we have to worry about.
Vince
| MG VaR |
I am forwarding the resume of Wendell Licon who works for Enron in the HR department (executive compensation).
He used to be an FX trader.
I am thinking about moving him to research when his current boss is ready to release him.
I think, however, that you should take a look at him as well and see if he fits your needs.
Vince
| Resume of a former FX trader |
Jim, Clarification regarding Shalesh' transfer to EBS.
The request to rotate Shalesh out of Research into EBS came from Ravi Thuraisingham.
My understanding was that it was fully coordinated with you and I was more than happy to oblige.
Shalesh is concerned that his integrity is being questioned and I can assure you that he was not the instigator of the move.
My impression is that Shalesh is doing a very good job and Ravi is very happy him.
I shall be glad to keep him in the Research Group in his current role.
Have a good 4th of July.
Vince
| Shalesh |
Barry, Stinson forwarded your message to me.
I am meeting Ted Murphy today and I shall bring it up with him.
We have unit at Research (Tanya Tamarchenko, reporting to Grant Mason) who is responsible for V@R support.
Vince
| EBS VaR Transaction Policy |
Greg, Dale Nesbitt is a consultant who develops pricing models (spot and fwd) prices for E-commerce sites.
He will be in Houston in the beginning of July.
Any interest in meeting him?
Vince
| Dale Nesbitt |
Tom, I am sending you the information about our new B2B unit.
I have talked yesterday with Greg Whalley who is heading the new unit about the E-commerce project at Wharton and recommended that Enron join this program.
I have sent him this morning a copy of the materials you gave me.
The meeting with Jeff Skilling has been pushed till the 2nd half of July.
I talked to him briefly twice that Jeff Shankman and I want to discuss with him building a relationship with Wharton.
Jeff Shankman is, by the way, a great friend of your institution.
Vince ****************************************************************************** *********************** COMPANIES & FINANCE: THE AMERICAS: Enron sees bricks and bytes mix reshaping energy market: Purchase of MG only a start in building B2B platforms, writes Hillary Durgin: COMPANIES & FINANCE: THE AMERICAS: Enron sees bricks and bytes mix reshaping energy market: Purchase of MG only a start in building B2B platforms, writes Hillary Durgin: 99% match; Financial Times ; 16-Jun-2000 12:00:00 am ; 604 words By HILLARY DURGIN If Jeffrey Skilling is right, Enron's acquisition of MG is only the tip of the iceberg.
Enron's president and chief operating officer is engineering a fundamental strategy shift at the Houston energy company, aimed at making it a dominant "new economy" player across various industrial markets.
The Dollars 446m acquisition last month of MG, the UK-based metals trader, is only the first of more than Dollars 1bn in estimated new investments the company is targeting.
It is seeking vehicles on which to build business-to-business (B2B) platforms in sectors such as logistics, chemicals, agricultural products and pulp & paper.
Mr Skilling wants to take the business model the company developed in natural gas and power and apply it to other wholesale commodity markets.
He argues the electronic platforms it creates will not only become the principal B2B sites for those sectors, but reshape those industries.
As an example, he points to Enron's new e-commerce platform, EnronOnline, which has changed the way the company does business with its customers while significantly increasing sales.
The company - the largest wholesale merchant of natural gas and power - saw wholesale, physical deliveries of natural gas surge 53 per cent in the first quarter.
Critics argue that Enron's move away from its familiar energy business into new industries, where the learning curve is steep and the competition entrenched, is risky.
Yet a number of industry analysts point out Enron has proved it understands markets and how to manage risks while becoming the largest importer of coal in the UK, the largest trader of gas and power in the US and grabbing an advantage in bandwidth.
"It's a prudent strategy, but it's got to be done in an orderly way," says Ronald Barone, analyst with Paine-Webber in New York.
"What they're doing here is what they've been incredibly successful at doing," he adds, noting that Enron posted Dollars 1.3bn in earnings before interest and taxes (ebit) from its wholesale energy and services business in 1999, up 34 per cent from the previous year.
Earnings from that division accounted for two-thirds of the company's overall income before interest and taxes last year, and Mr Barone sees the unit's ebit increasing 15-30 per cent annually over several years.
As with gas and power and now broadband, where Enron is standardising contracts and creating a market in bandwidth, it wants to create markets by entering as a physical player and providing merchant, risk management and financial services over the internet.
"We will provide electronic commerce, but we will provide liquidity and we will provide settlement, or fulfilment of that contract," Mr Skilling says.
"That is an extremely powerful model.
If you look at other B2B sites, they don't do that."
Mr Skilling argues Enron's e-commerce platform will triumph over the other, bulletin board-type exchanges, where striking a deal depends on two parties hooking up and working through uncertainties over timing, price, credit and fulfilment.
Not everyone shares that view.
Some energy companies, for example, would rather not do business with a competitor.
BP Amoco recently purchased a 3 per cent stake in Altra Energy Technologies, a Houston- based, neutral wholesale energy exchange.
With Koch Industries and American Electric Power, it also committed to carry out a fixed volume of transactions on the site to lend it liquidity.
Just as in gas and power and now broadband and metals, Enron believes it needs networks of strategic physical assets.
In acquiring MG, Enron got a stable of warehouses, lending it a strong physical position.
"It should provide (MG) with a more vibrant, more active physical spot market in more markets in the world," says Greg Whalley, chief executive officer of Enron Net Works, the new division Enron is launching to identify and enter commodity markets.
He argues that in metals and other markets, Enron will deliver better pricing, price risk management services, cross-commodity transactions and flexible transactions for a wider range of customers.
Mr Skilling says there are significant rewards for restructuring an industry.
"If you can take that platform, and you use the capabilities the bricks bring to the table, e-commerce the industry and change the structure, you're selling for more than a 50 multiple."
Copyright , The Financial Times Limited
| B2B at Enron |
Piotr, Dziekuje za wiadomosc.
Bede prawdopodobnie w Londynie w koncu wrzesnia.
Ciesze sie, ze wszystko idzie pomyslnie.
Odezwij sie, jesli bedziesz przyjezdzal do Stanow.
Rozmawialem ostatnio z Twoim kolega, Avi Hauser.
Wicek
| Pozdrowienia |
Mark, Please, tale a look at the attached newsletter.
An interesting story on gaming Cal PX.
Let me know if you have problems opening the document.
Vince
| Restructuring Today - 6/23 |
Pam, The last group.
Please, let me know if any name is missing.
Grade: A Thanks a lot.
It was a pleasure working with you.
Vince Kaminski
| Grades |
David, During today's VaR coordination meeting we had a discussion of issues related to mapping of the forward price curves into core locations.
Mapping is a necessity dictated by the limitations of the computer system: we have to reduce the dimensionality of the problem to stay within the bounds of available CPU memory.
Also, in some cases the quality of price discovery is poor and it's difficult to model the price curves independently: we solve the problem by mapping them into more liquid and better behaved core locations curves.
We have agreed on the following: 1.
Winston will investigate the IT side and determine to what extent we can increase the number of forward price curves that are simulated as basic (core) curves.
He will investigate the impact of a larger number of the core curves on the time required to complete the VaR run.
2.
The curves associated with the biggest 10-20 positions in each commodity should be modeled as core curves (i.e.
no mapping into other locations).
It makes sense to monitor the biggest risks separately and avoid aggregating them into less transparent aggregates.
3.
The results of an automated clustering (mapping) procedures should be systematically monitored by a human and corrected if they misrepresent the risks of the trading positions.
This responsibility should be vested with one person (right now the responsibility is dispersed through the organization and this means in practice that nobody is responsible).
Research can allocate one person to this task; cooperation of trading and RAC will be critical.
Vince
| VaR |
An interesting piece of information from the oil markets.
Iraq is trying to extract concessions from the US and threatens to shut down production as of Oct 1 (just in time for the US elections).
The source of this info is Phil Verlaeger (an oil analyst).
He is very good but excessively concerned with Iraqi machinations.
He is the source of news (reported by Friedman of the New York Times in his op-ed columns) about massive Iraqi trading in the oil futures markets.
I personally discount this info: the volume and transparency of the oil markets would not support this type of huge scale operations by Saddam's government.
There may be some trading by Iraqi officials on the side.
Vince
| Iraq and Crude Output |
Kevin, I have followed up on your request to identify a potential hire from Akamai (a person familiar with their technology).
We can start discussions with the targets in a few days.
Please, let me know which unit in EBS is a potential hiring agent.
If it's Research, who inside EBS can sponsor this position?
We have to discuss the responsibilities and job description.
Vince
| Akamai |
Bryan, I shall call you later today when I have a chance to read the message from Ben.
I wanted to ask you for a favor (on a very short notice).
We are talking to the Wharton School about setting up a relationship with them and getting involved in one or more research projects with them.
One of the potential topics is emerging technologies.
The Wharton offers a symposium in Paris on June 10 on High Tech Acquisitions and it would make a lot of sense if you (or somebody from London you could identify) could attend and help us to evaluate the usefulness of this project.
I am enclosing the message from the person in Wharton running this program.
Vince
| Wharton Event-June10-Insead |
Hi Paula, Thanks for the invitation.
I have already accepted an invitation from my neighbors.
I shall stop by to deliver the card (or maybe I should wait till it covers the next graduation).
Vince
| Invitation |
On behalf of Enron Corp.
I would like to invite you to an ALP Project presentation by a group of students of Jesse H. Jones Graduate School of Management, Rice University.
The students will present the results of a research project regarding electronic trading platforms in the energy industry.
The presentation will be held on May 7, at 4:00 p.m. at Enron, 1400 Smith.
We would also like to invite you to dinner, following the presentation.
Vince Kaminski
| ALP presentation |
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