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While our established schedules of Tuesday and Friday DPR's would have us reporting tomorrow's activity on Monday, we will change that for month end.
Please email the January 31st DPR information for your respective groups to my attention by noon on Friday.
You should use the same spreadsheet format used for the 1/29/02 DPR.
All p&l and PRMA numbers should be in $'000's.
Starting in February, you will be able to export the data, as opposed to using the spreadsheets.
Thanks,
| EWS DPR 1/31/02 |
There is a P&L Summary for east desk in the Netco directory located at O:/ERMS/erms_adm/Netco/2002/0102/Regions0102/_Converted/East P&L Summ.
Please take a look at it and tell me what you think.
To simplify and speed up the reporting process, I added buttons that will link to the P&L's.
The format may or may not resemble formats used on other desks, but I do believe the data shown is comprehensive.
Errol - This may not fit your needs on the financial desk.
You may need to design your own.
If so, let me know if I can help.
Thanks.
| P&L summ |
Please use your February Hedgestrips today, the 31st.
Remember to change the following dates on your Run Query tab: Prompt Month: 3/1/02 3/31/02 Days in Month 28 Bid Week: 2/22/02 2/25/02 2/26/02 Thanks, SP PS: Please do not get into your hedgestrips (Jan. or Feb.) until 3: 00 p.m. today .
Thanks.
| Hedgestrips |
LLoyd Will and Kim Melodick have requested your help in identifying what YOU feel it takes to be successful within each functional unit of East Power.
This feedback will be used to create a recruiting, retention and development tool that will assist East Power in identifying the skills and training that are key to your group's success.
Please take some time to answer the attached four questions as they relate to your area.
Your participation and cooperation is greatly appreciated.
Sarah Zarkowsky x53791 Ben Brasseaux x58747 Meliza Evanson x57855 Enron North America Human Resources
| What does it take? |
The last I heard, the MISO is supposed to begin offering service on their OASIS tomorrow for service starting January 1.
I wanted to let all of you know a bit about where we stand with regards to that process.
I have been working with several different folks here and at the MISO to ensure that we are ready to do business with the MISO and request service.
The MISO OASIS seems to be accepting our Tradewave Certs, so we just need to get our MISO login for their systems.
Today, the MISO will be sending out logins to their systems via FedEx, and should arrive prior to 10am.
Christi Nicolay will be receiving this information and distributing it as soon as it arrives.
Unfortunately, the MISO has been (as you probably know) cutting things closer and closer to the edge.
This login was supposed to be delivered a couple weeks ago, but they have just gotten around to sending it out.
Hopefully, we will not have any problems with it once it arrives.
As I understand it, there should be only one login set up for "EPMI 24-Hour Operations," with a login of "Enron."
The password is currently only known by the MISO, but should be contained in the letter we receive tomorrow.
This login is a temporary one until we complete our final registration.
This final registration has been a bit more of a pain, as it has involved contractual agreements and credit obligations.
I am still working with our Legal, Credit, and AP folks to get everything set up.
Again, the MISO sent the final documents out fairly recently, and we have not had a great amount of time to review, analyze, and negotiate their terms.
Hopefully, we will have come to agreement with MISO about those items, and be able to file that final application soon.
If you have any questions or concerns, you can reach me at my desk (X53771) or via my cellular (713-927-4680).
Obviously, you can also call Christi (X37007) or Susan Lindberg (X30596) as well.
| MISO Registration |
Louise, Since our conversation today, I have discovered that by terminating the Reuters contract, we will lose the entire Headline News category, as well as the Stock Quotes, Sports News and Weather News.
Reuters costs over $80,000 per month.
This pushes the cost of content for NewCo to over $360,000 for relatively little benefit.
Therefore, contrary to what we agreed earlier, I would like to drop all of the content on the right side of the quotes screen.
We will adjust screen size or insert graphics accordingly to get things looking right until our Phase 3 expansion.
Please advise if you agree.
Dave
| Content |
Louise- I'd like to talk to about my past and future efforts in NY in relation to NETCO.
I will give you a call today.
Kind Regards,
| NY office |
Just talked to Leslie Reeves about the meeting today.
Did I miss something?
Did we ever talk about a presentation around readiness for a January 20th implimetation?
Maybe I missed something or it went to the other Bob Hall.
After the holidays, I would like to get in your calendar and discuss how Operations gets included more upfront.
thanks
| Citigroup |
Louise, I am sorry to bother you at such a critical time, because I know you are doing everything you can to salvage the remaining pieces at Enron and are working long & tiresome hours to achieve this difficult matter.
However, I felt like I had to at least let you know my thoughts on the following.
Dave Forster & I met a couple of weeks ago on his initiative to discuss the proposed retention bonuses for my group.
I was asked to review the preliminary numbers by individual.
I was allowed to move dollars but NOT allowed to increase the total dollar figure for my group.
Frankly, the numbers seemed pretty low.
Assuming the goal is to retain key employees for Netco, I am not confident these numbers will achieve this.
I know several people in my group are interviewing outside of the company.
I have asked them to be patient, not make any quick decisions, and give us a chance to see this through.
Dave told me the figures were based on mid year evaluations.
As you know, mid year evaluations are typically lower than year end.
The mid year evaluation allows the employee time to improve in order to get to the desired level by year end.
I understand the need for a reference point of some sort and mid year was the latest figure available.
However, because the retention numbers were based on this, they are significantly lower.
My intentions are not to show any disrepect to Dave by discussing this with you but I wanted to make sure my thoughts /opinions were communicated to you.
If Dave has already discussed this with you, I apologize for the duplication.
If you have any questions, please feel free to call me.
I am on holiday & will be traveling today but can be reached on my cell at 713-446-9669.
Thank you for your time.
| Proposed Retention Bonuses for Netco |
Louise, - It has come to my attention that some groups (back office) have been told that each individual within their group can elect to be part of the Estate or of NewCo.
This is surprising to me.
No such election has been offered to anyone in EnronOnline (nor do I think it would make sense to offer that), but before I tell people they do not have a choice, I wanted to check with you.
- ?
- On the issue of bonuses: The numbers we put together made sense to me in the context of an annual bonus with some element of retention mixed in.
According to the auctions documents I looked at, retention is identified as being for a 1 year period, with 1/2 of the amount paid up front and 1/2 one year later.
If this is the case, it significantly changes the complexion (i.e.
more like a retention payment with an element of bonus, rather than bonus with an element of retention) and we should revisit the numbers.
Dave
| Bonus and Options |
Louise, David asked that review the attached requests in his absence.
Both are replacement contracts at equal or less value than what we offered in original contracts.
Thanks.
Jenai-Kari will send the info as soon as we receive it from the estate.
Please place priority on the contract for Schields as we would like to have a fax as soon as possible on Thursday.
Call me on Thurs am if you still do not have what you need.
Thanks.
| Two Replacement Contracts-please approve |
Hello, only me!
Happy New Year to you and your family!
I hope you all had a lovely Christmas & New Year.
I ate too much and didn't drink enough because I wanted to be able to drive and visit people.
The first drink I had was New Year's Eve, my mum and I went over to my brother & his girlfriend in Hayes (I DROVE & MY MUM SURVIVED!).
We went out for a meal and stayed the night so I could have a drink.
It's the first New Years my brother and I have ever spent with our mum so it was very nice.
I'd love to see some pictures of little Scott's first Christmas.
Take care & all the best for 2002 Snickie
| Happy New Year |
Please take a look at the org chart for gas and let me know if it's okay.
I had to shrink the text to make it fit.
I think it's hard to read.
| Org chart |
I have a dream that one day before friday the estate receive a copy of the western fundamentals...I have a dream...)an you help me?
Keep smiling!
We're almost done
| I have a dream |
**** Please do not reply to this email.
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**** Dear Valued Customer, Thank you for using register.com's Domain Manager.
A request has been initiated to modify the DNS servers listed as authoritative for the domain name ubsenergy.com.
A summary of the requested change is listed below: Delete dns37.register.com.
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Add dns0-ext.ubswenergy.com Add dns1-ext.ubswenergy.com For your security, you must confirm this modification.
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| Change DNS (Domain Name Server) Confirmation |
Further to our call this morning, I want to outline the attached list of outstanding matters respecting the Canadian business, which may not be exhaustive.
Further, at the outset and to manage expectations, I want to emphasize that the preparation of the Canadian business for commercial start-up needs to be considered within the framework of human resource constraints, attending to finalization of acquisition agreements and arrangements with Enron Canada for the acquisition of the Canadian business interest, and as yet unclear understanding with respect to various matters of detail that are required with respect to the commencement of the Canadian business within UBSW.
At the same time, I understand that there is an extraordinary amount of work that needs to be done to address the U.S. side of the North American power business and that the detail required to be considered with respect to the Canadian gas and power business may have to take a back seat to those matters for the time being.
With that, the following is my list of issues that need to be considered: 1.
Trading Forms: (a) Gas GTC - I have circulated my blackline comments to the form prepared in Houston, noting certain of my comments are jurisdictional to Canada but others are generic to the form in general.
The blackline is attached: (b) Financial GTC - Again, I have circulated my blackline comments to the form prepared in Houston, noting certain of my comments are jurisdictional to Canada and others are more generic to the form in general.
The blackline is attached: (c) Power GTC - I have not yet had the opportunity to review or consider the proposed forms prepared in Houston; and (d) Master Agreements (gas, power and financial) - I have not yet had the opportunity to review or consider the proposed forms prepared in Houston.
Subject to the other matters referred to below, the priority for first trading in our market is finalizing the Gas GTC and the Financial GTC.
2.
Guarantees: I attach a blacklined revision to the UBS AG form as revised by Carol, with my revisions reflecting comments to the form as commented on by Carol: Structurally, I have the following concerns: (a) I believe we should consider a more flexible description of all potential gas, power and financial transactions in the recitals to the guarantee to facilitate a broadbased guarantee from the counterparty; (b) I do not believe that the guarantee should be limited to an aggregate financial limit.
This requires credit monitoring, and in my experience can result in the risk of under-guaranteed amounts with the counterparty.
Further, where UBS AG has a direct covenant, it seems to me that there would be no corresponding limit on its exposure; (c) I have other comments, some of which again are jurisdictional to Canada and others of which are more generic to the form in general; (d) as I have mentioned, we need to have an approved form of guarantee to be provided from UBS AG in support of UBS Warburg Energy (Canada) Ltd. ("UBSWC"), which I assume will be in the same form merely reversed to be in favour of the trading counterparty.
We will also need to understand the specific internal process we must follow to obtain the UBS AG guarantee of UBS Warburg Energy (Canada) Ltd.; (e) where UBS AG is providing guarantee support for UBSWC, we expect that some market participants or institutions will require guarantee support in forms which are different from UBS AG's customary guarantee form.
In other words, various market participants such as transportation providers (NOVA, TCPL, Westcoast, Foothills, ANG, etc.
), transmission administrators (EAL, IMO), gas inventory administrators (NOVA), gas storage providers, exchange operators (Natural Gas Exchange, Intercontinental Exchange, WattExchange), power pool administrators (PPoA, IMO), etc., some of which are regulated and others of which only deal on their own terms, may require guarantee support in their own forms.
Again, in these instances we will have to understand the specific internal process through which we can obtain the customized guarantee from UBS AG; and (f) we need to resolve the mechanism for providing a UBS AG guarantee for online trades entered into prior to negotiating a fully guaranteed Master Agreement.
3.
Transaction Procedures: With respect to UBSWC, we need to understand the following: (a) for trading counterparties, we need a detailed understanding of the proposed execution, guarantee and daily novation procedures back to the London branch; (b) who will be the authorized signing officers and what will be the execution procedures for UBSWC for GTCs, Masters, Confirms, etc.?
; (c) for non-trading/market participation counterparties (i.e., transportation providers, transmission administrators, gas inventory providers, gas storage providers, exchange operators, power pool administrators, etc.
), are the same transaction procedures intended (i.e., is UBSWC the executing counterparty, guaranteed by UBS AG, and do the novation procedures back to the London branch apply?
); (d) are the trading confirms being updated?
; and (e) is consideration being given to procedures whereby trading confirms can be eliminated (i.e., the volume of confirms for Enron Online had become somewhat overwhelming for the Operations Group and they have indicated to me that there are proposals to remove the need for trading confirms, at least for online transactions)?
4.
Regulatory/Market Participation: (a) I understand that Rob Hemstock has provided detailed documentation with respect to the permitting/market participation requirements and has partially drafted the required forms.
Finalizing most of these applications requires some of the more detailed understandings I have referred to above; (b) I have not been involved in the creation of UBSWC, which I understand has been done by Stikeman Elliott, but we need to ensure that it is corporately registered to carry on business as an extra-provincial corporation in all key jurisdictions (Alberta, Ontario and British Columbia); and (c) We will require for various purposes, including obtaining regulatory and permitting approvals and authorizations, copies of the incorporation and organization documentation for UBSWC, including list of directors and officers; (d) In some instances (e.g.
NEB gas and power export permits) the Canadian permit will be held by UBS Warburg Energy Ltd. and therefore we need copies of the incorporation and organization documentation for UBS Warburg Energy Ltd. We will also need to ensure UBS Warburg Energy Ltd. it is corporately registered to carry on business in Canada and that we are provided with Canadian organization documentation for UBS Warburg Energy Ltd. that we can use to satisfy the NEB of its corporate status.
| Various Canadian Matters |
Louise -- Could you review and approve the attached draft of the cover letter for the direct mail pack?
The letter will be sent under your name.
I will come by tomorrow to get your signature on a piece of paper.
We will scan it and print on the letter electronically.
| Direct Mail Pack Letter |
- issues wrt portland and calgary signing short term leases(pat to talk to markus b.)
- secundment wrt estate, not yet resolved (action: greg to talk to fallon) - ardmore/eol(9th floor) data center space, decouple from trading, (pat/tech to come back, need a gameplan) - FYI:still a bunch of issues around counterparties, of the original 166 only 37 "could" be able to trade wth us on Day 1.
- Need to talk to dinnerstien re: more legal support(he is in houston tommorrow, Louise/Pat to talk to him) - Nymex issue( do we buy the energy biz 2 seats... need to find out how UBS clears and its status on seats)(action on John).
- Encumbancy issue.
Do we take legal risk around counterparties signing PA. (action: louise to send note to dinnerstien saying that we are willing to run the risk, we will talk to bob tommorrow and find out how to resolve... don't know if its a risk committee item or not).
- Whalley is a packers fan.
(joint action to get tickets at lambeau filed).. later
| minutes... |
Greg Whalley has requested a Trader's Meeting tomorrow morning @ 7:45 a.m. (CST).
The meeting will be held in his office, ECS 06752.
The dial-in number for Portland and Calgary is listed below.
| Trader Meeting - 2/7 @ 7:45 a.m. (CST) - ECS 06752 |
Louise, I talked in detail with Caroline this am.
We need to identify where Caroline is going to reside.
I understand that UBS has two operations in NY - I think you and Hutchins need to decide what makes the most sense (ie synergies).
It is critical that we get this resolved so that Caroline has some infrastructure around her.
| New York |
If you would like us to manage this domain, we need to change which servers are considered authoritative for the domain.
You will need to log-in to the register.com site to do this.
I can either join you to walk you through it or I can send you step by step instructions.
Just let me know which you prefer.
Thanks,
| ubsenergy.com |
Liz and Tammie: Mark Haedicke requested I get two different dates that Greg and Louise can be available to meet with the CFTC here in Houston.
The CFTC will come to review our operations and ensure we are operating in compliance with the law.
Mark has proposed to block out and hold Thursday, February 21, and Thursday, February 28.
Then we can submit those two dates to the folks at the CFTC and see which date they prefer.
Please advise if we can hold those two dates.
Many thanks.
| Meeting with CFTC |
Louise -- The Houston legal/regulatory group is working with the UBS legal department to obtain from the London branch of UBS AG a power of attorney which will expedite the execution of agreements and other signature documents involved in starting the energy trading activities.
(I will provide you specific information on the nature of this power of attorney as soon as I obtain it.)
To get this in place as soon as possible, we've been asked to provide backup information with sufficient specificity that the nature of each relationship/contract and counterparty is identified.
(Example 1: "Wholesale power trading master purchase and sale agreement with Duke Energy Trading and Marketing L.L.C.
and related transaction confirmations".
Example 2: We would specify the contract and counterparty for each of the 44 gas pipelines which we need to utilize for gas trading operations in ERCOT).
| Power of Attorney re UBS AG energy trading activities |
Bob Dinerstein, Head of UBS Warburg Legal will be arriving on Thursday, February 7.
Bob would like to spend an hour with the business leaders to discuss the energy market and the regulatory/legal environment.
I have reserved Conference RM 06716 for this meeting @ 1:00 p.m. CST.
The dial-in number is listed below.
Please advise only if you are unable to participate.
| Conference w/UBS Warburg Legal Team - 2/7 @ 1:00 p.m. CST in ECS 06716 |
It was just brought to my attention by Dave Steiner that the Estate will continue to own the F(urniture), F(ixtures), and E(quipment) and that UBS will be able to use it for free so long as we are in this building.
As you both know, it is possible that we will move from this floor and would like to take a good portion of the FFE with us.
My understanding is that Enron is leasing the furniture in Houston and owns the furniture in Portland.
Therefore, it makes sense for the Houston office to continue to use the furniture but not move it.
It doesn't make as much sense here as it will be expensive for the Estate to dispose of the furniture here and it will be even more expensive to move it to sell it.
Here's the issue -- the Estate should convey the furniture in Portland to UBS.
Is this possible?
What do we need to do to make this happen?
| More Portland Issues |
Something like this might be appropriate to send to the larger weekly group...please edit, revise, etc..
The first group of trading contracts will go out to 77 companies for a total of 168 counterparties (most companies have multiple entities).
This group obviously does not include everyone, but we have most of our major relationships (and it is the official list that has been submitted to UBS for credit approval.)
The general marketing plan is as follows: - Contact all customers this week to tell them about UBS Warburg Energy - Get contract packages in front of First Priority counterparties this week - Arrange meetings or follow-up calls as appropriate - Dave Forster and the ubswenergy.com team will be sending out online PA packages to all parties later this week (so it is important to have contacted all customers) - Once the initial wave of contracts is out and review/negotiations are uderway, we will submit a Second Priority list for credit approval The attached file has all of the First Priority counterparties, along with names for gas, power, online, credit and legal.
In addition, we have columns for describing the type of agreement and its status (not pursuing, incomplete, done).
Please complete and/or edit the attached and forward to either Debra Bailey or Lloyd Will.
If you think you should take the lead on a particular counterparty, call up the other marketer and work it out!
Progress on this effort will be reviewed during our twice-weekly calls.
| UBS Warburg Energy - First Priority Trading Agreements |
David, we made offers to 4 new grads a few months ago to work for Enron Canada Corp. ECC is obviously going to renege on these offers.
Is there any opportunity to have these offers assigned to UBS Warburg Energy.
All four of these new grads are outstanding and the timing should be aligned with business ramping up (ie June - Sept timeframe).
The estate would be cooperative with assigning the offers and the students are looking for clarity/comfort.
| ECC New Grads |
Chris/Louise =20 While our obvious near-term priority should be to execute trading agreement= s with key CPs and jumpstart our trading, it seems to me another high prior= ity should be to try to leverage UBS' investment banking/lending relationsh= ips to uncover incremental, near-term origination opportunities.
Given the= many financial challenges facing the sector, in particular the merchant ge= neration sector (sinking share prices, capital squeeze, shoring of balance = sheets, etc.
), I think there are probably some interesting value plays we c= ould tap into combining our commodity skills with the financial services of= UBS Warburg.
You've probably already covered this, but I was thinking tha= t a strategy meeting in the near future with some of their folks in Stamfor= d would make sense in order to assess what low-hanging fruit there might be= within their investment banking/lending relationships.
This might be a me= ans for our origination group to deliver greater value to the bank than wha= t we could otherwise be able to accomplish given the startup leadtime and i= nternal risk constraints we will likely face.
I would be very interested i= n discussing this further with you.
=20 Regards
| Leveraging UBS' financial services |
Dear Louise, I hope everything is well at your end.
Given the fact that UBS seems be the buyer of the Enron trading part in the US I was wondering if you think it is worthwhile to think about (or discuss) an extension to Europe (or the Netherlands in particular).
I am currently still employed by Enron although we are currently in the process of closing down the Enron Amsterdam office (I therefore attached my private contact details).
Best regards,
| Enron Netherlands |
Have been reading a little about Hedge Funds (their drivers, etc.)
and our ability to cater to their needs looks promising - the current energy landscape and the markets' reactions to them can only help.
Will summarize all my learning's over the next couple of weeks and send them to you.
Maybe we can originate a few new products catering specifically to this sector.
Hope you managed to get some sleep last weekend.
- R
| Hedge Funds |
Louise Have been thinking about you over the past few weeks and hope that you and Marcus are OK.
I missed the last posting date to the States by weeks so am sending you an e:Christmas message.
Hope you all have a great time - having a little one makes a big difference to Christmas - Milly is so excited, but we are even more excited about seeing her face when she opens her pressies and sees that Santa has eaten his mince pie!!
Would be really good to see you in the New Year - all the best for 2002.
Love from Ches, Media Star and Milly Moo e:mail at home - munros@easynet.co.uk
| Merry Christmas |
The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: Laura L Luce Report Name: Laura Luce Days In Mgr.
Queue: 7
| Expense Reports Awaiting Your Approval |
Preparations are continuing for our simulation on Thursday, Feb. 7 from 9-11 AM.
Following is a User ID and Password which will allow you to access the website, playing the role of a customer during the simulation.
Your User ID will be: MUS54756 Your Password will be: WELCOME!
Your goal will be to make money and finish the day with a balanced position.
Market "News" events may be emailed to you at certain points throughout the simulation (e.g.
"storm in the gulf").
Please log into www.ubswenergy.com at 9:00 am on Thursday.
NON-UBS PERSONNEL WILL NOT BE ABLE TO SEE OR TRANSACT ON PRODUCTS DURING THE SIMULATION Immediately after the simulation, website ID's will be deactivated and the website inactivated, so that the operations group can test the mid/back-office systems, while the IT groups clean-up the transaction data from the simulation.
The website will be made available for internal trading (book to book) between traders on Friday, February 8, 2002.
If you can't log into any application on the day or are having trouble with your systems, please contact the UBSWenergy.com Help Desk immediately at 713.584.4444 Regards,
| SIMULATION PASSWORD |
So who was that crazy woman beating on the glass?
It was great seeing you again.
Sorry we weren't able to catch up in Chicago.
As I said, I'm relocating to Houston.
We'll be moving the Anderson gang down here next week.
I'll be working in Enron Freight Markets.
The learning curve is pretty vertical for now, but it's a great opportunity for me.
Got any time to get together in the near future?
I'd love to catch up and hear what you are up to...might even have to steal some of your great ideas and use them in Freight.
I'm here through Thursday.
Joel
| Catching Up |
Dear Louise- Just wanted to pass a bit of information along that made me proud.... My informational webmaps are the most visited sites of all the Fundy's web sites.
In fact we have three of the top seven sites!!!!
WOO HOO!!!
Julie :-)
| Fundy Web Site |
Louise, my expected value contribution for Q4 is $2.5 million.
This is East Gas Mid-Market and Origination combined.
This is per your request during our last meeting.
Frank
| Q4 Earnings |
Louise Hope alls well and you're enjoying life in Houston.
One of the projects my group (Enron Credit - Syndication), are currently working on is to try and originate, structure and place a High Yield and / or Emerging Market CDO, which is made up of both Enron risks and externally originated risks.
The plan would be to provide a cost effective way for Enron to hedge its credit exposure to riskier counterparties.
I am not sure if Enron North America has any of this type of exposure, but would be interested to talk to someone and find out if there is any way that we might be able to help your group.
I attach a short presentation which outlines the rationale for what we are doing.
I am going to be in Houston the week of the 17th September and would appreciate a steer as to who would be the best person to speak to on this.
Regards, Robina
| High Yield Portfolio Hedging |
Louise, I am a head hunter in London, and I specialise in the energy sector.
Would you be interested in returning to the UK to work for a company with ambition and a strong balance sheet to support its intentions in online trading.
You would be an excellent choice of person to lead this effort.
Can we discuss this - I can be reached at the numbers below?
Best Regards,
| Opportunities |
Dear Louise- I had a request from Keith Fraley as he was departing...
He is interested in purchasing from Enron the equipment used by his group for the mapping function.
This would include a couple of PC's, a couple of servers and the big plotter.
Is this something that can be pursued?
Please let me know..
Thanks,
| Mapping Equipment |
Just wondered since we had not heard from you, whether you are still there in view of all that has happened with Enron.
How is Scott doing?
Hope to hear from you sometime soon.
Buster, Chris & Oliver
| Hi there |
Louise, I am currently working in behalf of the estate of Enron.
That said, I have not been given any direction on what to work on.
My background prior to ENE was natural gas trading-- if there is a need for anyone with a trading background working for the estate in your area, would you please let me know?
| Direction |
Hello Corporate HANDS Parents- Thank you for taking the time to nominate your child's program.
We are = in the process of sending the centers paperwork to fill out and return = to us.
You might want to verify this with your director.
The = information they send back will be reviewed for their needs and the = number of Corporate HANDS families they serve.
The Corporate HANDS = company representatives will get the reports in December and in January = we will notify the centers of the results.
| Nominations |
It's that time of year again, wanted to get everyone's comments on having a Christmas lunch, with all the women on the west desk.
Dates suggested for having it are December 13 or 14th.
Janie suggested having it at Zulas.
I'd like to get everyone's feedback on having it, the date you like best, and any different restaurant suggestions.
Last year we had a $15 limit on gifts.
Also, should we invite Kim Ward and Stephanie Miller, they are part of the west desk.
If I left anyone off the list, please let me know
| Christmas Lunch |
Tori, I have your check sitting on the counter.
I just need your address to mail it to you.
I'm sorry it has taken so long to get back with you.
I hope you guys have a great Thanksgiving!
Suzanne
| Jennifer's shower |
Tori Here are the numbers I have for you to review.
Ive sent you two types of files for: > MKM data > CurveFetch They show GDP-SOCAL for the period of 11/20/00 thru 11/21/01.
* MKM data ends at 11/13/01 The MKM .XML uses the following format to describe a curvepoint <P> <E>2001-06-27 14:57:37</E> -- Effective Date
| Curve Data |
Bryan and I decided to start putting up the Christmas decorations this week.
Sunday, we got the tree out of the closet and set that up in the living room.
Our plan was to do a little bit every night.
By Thanksgiving, we would have a beautifully decorated house.
On Monday, Bryan put the lights on the tree.
Then I started unwrapping some of the ornaments.... just to look at them.
Well, after I unwrapped *all* of the ornaments, we decided to finish trimming the tree.
Bryan was hanging back and letting me do most of the decorating.
Though I did notice that one of the first ornaments that he put on the tree was my heart shaped Nicole ornament.
After we finished, we sat in the glow of the big bulb lights and admired our tree.
That was when Bryan informed me that I did not find my NEW ornament.
He had put something new on one of the trees.
(we have a charlie brown tree in the bedroom and the big tree in the living room.)
I could not find anything new on the charlie brown tree so I moved to the big tree.
After surveying the big tree for a few moments, the little girl in me said, "Look for a ring, look for a ring".
But the practical side of me said, "Find the ornament".
Well, just about then I found a beautiful diamond ring hanging from the heart shaped Nicole ornament.
My engagement ring had been on the tree the entire time.
I was so focused on the decorating that I never saw it.
Bryan has since been teasing me that any other woman would have known right away that there was a diamond ring on the tree.
I am very happy and excited to tell everyone that Bryan and I are engaged to be married.
We do not have a date, time, place or even a ctiy yet.
I just couldn't wait to tell everyone.
I know that I will be wearing a big smile for a long, long time!
Happy Holidays, Nicole
| Our tree trimming storey..... |
We have two new products on the west desk that we would like to launch march 1st.
The descriptions are set up and ready to go, but we need to make these RESTRICTED products just like the EP Blanco.
The customer list, however, will be different than the blanco list.
We need to get on this right away.
Please let me know what I need to do.
| 2 new products |
Hey Sean!
I just thought about you yesterday because I remembered your birthday was coming up.
I have no idea if this is the correct email address for you, so I won't write too much.
Write back if you can - I have alot to tell you.
| catching up |
just got your email address from rachel.
congrats on your promotion.
i'm sure it's going to be alot different for you but it sounds like a great deal.
my hubby and i moved out to katy a few months ago.
i love it there - my parents live about 10 minutes away.
new news from me - i'm having a baby - due in june.
i can't even believe it myself.
the thought of me being a mother is downright scary but i figure since i'm almost 30, i probably need to start growing up.
i'm really excited though.
rachel is coming to visit me in a couple of weeks.
you planning on coming in for any of the rodeo stuff?
you'll never guess who i got in touch with about a month ago.
it was the weirdest thing - heather evans.
i hadn't talked to her in about 10 years.
seems like she's doing well but i can never really tell with her.
anyway, i'll let you go.
gotta get back to work.
looking forward to hearing back from ya.
| hey there |
> "I went to a party, Mom" > I went to a party, > and remembered what you said.
> You told me not to drink, Mom > so I had a sprite instead.
> > I felt proud of myself, > the way you said I would, > that I didn't drink and drive, > though some friends said I should.
> > I made a healthy choice, > and your advice to me was right, > the party finally ended,
| i had to send this - sorry |
We would like to begin trading a new product on EOL.
The location - PG&E Topock - has already been set up, but we would like to make a small change to the long description.
The line which reads - "The transaction is for delivery at PG&E, El Paso."
should be changed to "The transaction is for delivery at PG&E Topock" Please let me know when we can review the change, as Mike Grigsby would like to begin trading this product as soon as possible.
Thanks.
| product description change |
the current bid for jan-june for the west texas pool gas would be HSC-.06.
this bid should be right on the market according to what i have found.
please feel free to check around if you'd like, but i will need an answer today if you want be to start pulling gas on the 4th.
thanks.
| west texas pool gas |
I have been wondering for the last couple of months if this is THE Heather Evans that I was friends with for so long.
So, I am finally writing you an email.
I know you don't recognize the last name, but, it's me - Tori (Hatter).
I'd love to know what is going on in your life.
I was hoping you'd make it to the reunion last year.
Anyway, if you get a chance, drop me an email - let's catch up.
| long lost friend |
Please give Mike Grigsby access to create products in product manager and manage products for the following product types: US Gas Phy Index Firm non-TX < or = 1 mo (restricted) , US Gas Phy Index Firm non-TX >1 mo< 1 yr(restricted), and US Gas Phy Forward Firm non-TX < or = 1 mo (restricted).
He is responsible for West Desk Physical Index positions and needs the ability to trade all of these products as soon as possible.
Thanks.
| access for mike grigsby |
1.
What time is it: 10:13.
2.
Name as it appears on your birth certificate: Tori Denise Hatter 3.
Nicknames: "T" 4.
Parent's names: Bob and Donna 5.
Number of candles that appeared on your last birthday cake?
29 6.
Date that you regularly blow them out?
Sept 15 7.
Pets: None 8.
Height: 5'5" 9.
Eye color: green 10.
Hair: blonde 11.
Piercing: one in each ear 12.
Tattoos?
none 13.
How much do you love your job (1 to 100?)
80 14.
Birthplace: Houston, TX 15.
Hometown: Houston, TX 16.
Current Residence: Houston, TX 17.
Been in love before?
Yes 18.
Been to Europe?
No 19.
Been toilet-papering?
Yes 20.
Been toilet-papered?
Yes 21.
Loved somebody so much it made you cry?
Yes 22.
Been in a car crash?
Yes 23.
Croutons or Bacon Bits?
Bacon Bits 24.
2 doors or 4 (on a car)?
4 25.
Coffee or Ice Cream?
Coffee 26.
Blanket or Stuffed Animal: Blanket 27.
Dumper or Dumpee?
dumper 28.
Salad Dressing: Honey Mustard 29.
Color of socks: NO SOCKS unless it's for sports - then white of course 30.
Lucky Number: dont have one 31.
Place to be kissed: lips - i'm simple like that 32.
Movie: Good Will Hunting 33.
Quote from a movie: Kevin Costner's quote about kissing in "Bull Durham" 34.
Favorite Holiday: Christmas 35.
Foods: Mexican 36.
Day of the Week: Saturday 37.
Song at the moment: Ja Rule - Every Little Thing 38.
TV show: Sex in the City 39.
Toothpaste: Colgate 40.
Restaurant: Lupe Tortillas 41.
Flower: perfect white roses 42.
Least Favorite Thing: bugs 43.
Sport to Watch: Basketball 44.
Fast Food Restaurant: Taco Bell 45.
When was your last hospital visit?
1994 46.
Favorite drink?
Dirty Martini 47.
What color is your bedroom carpet?
: tan 48.
How many times did you fail your Permit and/or driver's test?
: 1 - very embarrassing!
49.What do you think of Ouija Boards?
: Hate em... 50.
Where do you see yourself in 10 yrs?
Retired 51. Who is the last person that you got mail from before this one?
Rachel 52.
Have you ever been convicted of a crime?
NO 53.
Which single store would you choose to max your credit card?
Banana Republic 54.
What do you do most often when you are bored?
Watch TV 55.
What word or phrases do you overuse?
cool 56.
Friend who lives farthest away: Rachel Haygood 57.
Most annoying thing?
self serving people 58.
Best thing: Great conversations with great friends 59.
Bedtime: 10:00 pm 60. Who will respond to this fastest?
Scotty 61. Who is the person you sent this to that is least likely to respond?
John 62.
What time is it now?
10:24
| ME |
I would like to set up a tee time for 2 people any time on Sat.
Nov. 4.
I am staying at the L'Auberge de Sedona resort, which is where i was given this email address.
Thank You.
| Tee times |
Hello , my name is Tori Kuykendall (One Pass BJ927934).
My husband, Patrick( One Pass VF751282), and I have been One Pass members for a few years now as well as elite members on several occasions.
We also use Chase Continental Visa exclusively, and my husband is a President's Club member.
I have made Continental my airline of choice for as long as I can remember booking my own travel arrangements and have been a very satisfied customer in the past.
This morning, however, I had a very bad experience.
I booked tickets for a vacation back on September 4th for a trip from Houston to New York on December 1.
Since I booked the ticket, I became pregnant and found out from my doctor last week that I will still be unable to travel on December 1st due to complications with my pregnancy.
My doctor indicated to me that I may not be able to fly at all during my pregnancy, which is due to end in June.
I spoke to Leroy Peterson this morning to explain the situation, and he indicated that all he could do was give me credit that would expire on September 5th, 2001 and that a $75 service would be charged to me next time I book a ticket for me or my husband.
I understand that this is the same policy that you would have given me if I had just decided that I didn't feel like taking a vacation this weekend.
In my opinion, this is an unacceptable policy in the event of medical complications.
As you can see with my situation, it is unlikely that my husband and I will be able to plan a vacation by September of 2001 considering we will hopefully have a 2 month old child.
I repeatedly asked Leroy if there was anyone else who could help me or anyone I could talk to in order to get some kind of exception to your policy.
I indicated that I could provide a doctor's note if necessary.
He was very rude to me, stating "You don't have to ask me 7 different times for the same thing - I already told you NO!"
I had to cancel a flight for work about a month ago on Southwest airlines for the same reason, but I was hoping that I would be able to fly again by now.
For your information, your competitor was very helpful.
They accepted my doctor's note, gave me a credit good for one year, and will allow me to change the ticket to another person's name if I am still unable to use it.
That ticket was also booked as a non-refundable fare.
Although I have always used Continental for my personal travel, the treatment I have had in this difficult time has definitely made me second-guess my future choices.
If there is anything you can do to help, I would greatly appreciate it.
| customer service complaint |
We need to get something for Ina for Admin Asst's Day - it is tomorrow.
I will take a collection of $10 from each person and get a gift certificate from Foley's if that is okay with everyone.
I will probably have to go get the gift certificate tonight - so please dont stick me with more than my share of the bill.
( Thats what happened last time) Thanks.
| Admin Asst's Day |
Hi.
I am an employee at Enron and I have applied for an infant spot in the new day care center.
I was wondering when we would be notified as to whether or not we have been accepted.
I know the center doesn't open until September, but for me it will be first time child care and I need to line something up if I do not get in.
Also , do you know an exact date for the scheduled opening?
Thanks for your help.
| Enron Kid's Center Application Acknowledgement |
Hello - I was the one who asked about your high chair covers at Fuzzy's pizza the other night.
I was wondering if i could get more information on patterns and cost.
Thank you.
| high chair covers |
This is just to remind everyone that bunko is at my house on Monday April 9th.
Please let me know as soon as you can if you are not going to be able to make it.
Thanks and I look forward to seeing all of you there.
| bunko reminder |
John, I maybe "seeing ghosts" but the prospects of us getting paid under the current form of paper are remote.
As per my voicemail, the following changes need to made: 1.
Performance Bonuses - needs to be small caps (ie performance bonuses) 2. remove the words "to be provided to you under your existing bonus opportunity" so the sentence reads " This memorandum describes performance bonuses for calendar year 2001 performance..." 3. after affiliate, insert " or any of the respective successors, assigns, representatives, trustees or administrators" 4. specify "U.S $"
| Strictly Confidential |
The below listed Delaware limited partnerships that were formed but never utilized are being considered for dissolution.
Please let me know by Wednesday, December 5, 2001, if there is any reason not to terminate.
If I receive no responses, we will proceed with dissolution.
EGC 1999 Holding Company, L.P. EGC 2000 Holding Company, L.P.
| Proposed dissolutions |
John: The following is a quick update on the actions that we have taken with El Paso: Nov. 19 - I met with El Paso's commercial team giving them a full briefing on the project.
During the meeting we signed a confidentiality agreement and I delivered to them a full data-room disk with approximately 80 project documents.
Nov. 21 - We delivered a follow-up email with two additional documents completed in the interim.
We scheduled a site visit for Nov. 28th for the date requested by El Paso.
Nov. 26 - We delivered all additional information requested by El Paso in preparation for their site visit.
We are currently awaiting further requests from El Paso to schedule further conference calls to address specific issues.
These will be scheduled immediately upon their request.
Please let me know if you hear anything from Greg Bafalis.
Thanks,
| Eletrobolt Update |
There will be a budget meeting on Tuesday, November 27 @ 11:00 a.m. in ECN 32C2.
London will participate via video conference (NE5003).
Please notify me if you are unable to attend.
Many Thanks, Liz Taylor Executive Assistant to Greg Whalley, President & COO Enron Corp. liz.taylor@enron.com
| Whalley Budget Meeting - Tuesday, November 27 @ 11:00 a.m. in ECN 32C2 |
This message is to all employees who are currently in the process for permanent residency (green card) through Enron.
Effective today, your primary contact for directing documents will be Margaret Daffin.
Margaret is located at 3AC2026A and her phone number is 713/345-5083.
I will continue conducting and managing the permanent residency sponsorship process, but will do so on a consulting basis.
Please be assured that I will continue to be available for questions, meetings, etc.
Please contact Margaret and she will alert me to contact you as necessary.
Thanks,
| Contact for Permanent Residency Issues |
Attached is a query from the Retail Gas System which includes all retail Gas deals done in 2001 by originator name.
Also attached is a copy of the Sutter Health deal ticket done on 5/30/2001.
Tom
| EES Deals to Date/Sutter Health |
John: Attached below is an indicative offer from Duke for Modesto Maranzano.
Additionally, they are interested in looking at our trading operation and and office.
We are going to move forward and try to get a more concrete idea on the numbers for the plant and operations.
Let me know if you want us to approach this differently.
Thanks,
| Non-Binding Indicative Offer Letter |
...some bonuses this week (with some reclaw plus penalty), putting aside yourselves, the guys we already took care of, Colwell, Headicke, Beck and my people, is there anyone else in EA you would like to make a case to pay?
Plan today is to get these names and proposed numbers pulled together for Greg this evening.
Plan was to ask Colwell, Headicke etc., separately, if you want to review their names I can let you see them later tonight.
I plan to sit over in old building (16.71) and do this this afternoon noon till 5pm.
You can either call me on my cell or have Jeanie walk list across.
David
| If we were going to pay.... |
Although this entity was sold earlier this year, an announcement e-mail was not issued at that time due to lack of documents.
On May 11, 2001, Haywood Power I, L.L.C.
( 86G-HPWR) sold; 100 percent of the ownership interest was assigned to AES Greystone, L.L.C.
Please share with interested individuals within your groups.
Corporate Records - - Evidence to be hand delivered.
| Sale of Haywood Power I, L.L.C. |
Over $50mm listed below.
I think Sempra or one of the producers would have interest in buying these contracts (obviously with a haircut) I will wait to hear from you how to move forward.
Thanks CntrParty_NM CG_NM MTM Newark Group Inc., The CA-PG&E 10,229,801 Sutter Health System Procurement CA-PG&E 8,626,295 Tissurama Industries, Inc. CA-SOCAL Gas 4,600,862 Lockheed Martin Corporation CA-PG&E 4,451,494 Nissin Foods (USA) Co., Inc. CA-SOCAL Gas 4,204,934 Castaic Clay Manufacturing Co. CA-SOCAL Gas 4,049,547 Chroma Systems Partners CA-SOCAL Gas 3,926,683 Bay City Flower Co, Inc. CA-PG&E 3,361,741 Paradise Textile Corp. CA-SOCAL Gas 3,235,771 U.S. Dyeing & Finishing, Inc. CA-SOCAL Gas 3,076,664 Huntington Memorial Hospital CA-SOCAL Gas 2,957,537
| Contract sale idea |
Dear Morningstar.com Premium Member: With the market gyrating more than usual, monitoring your investments in a timely fashion has never been more critical.
We can't do anything about the market (though we wish we could).
However, you've made it easy for you to monitor the stocks and funds in your portfolio--and those you've earmarked as prospective
| How Are Your Investments Doing Today? |
Although this entity was sold earlier this year, an announcement e-mail was not issued at that time due to lack of complete documentation.
On March 30, 2001, Fountain Valley Power, L.L.C.
(87V-FVPL) sold; 100 percent of the ownership interest was assigned to Black Hills Fountain Valley, L.L.C.
Please share with interested individuals within your groups.
Corporate Records - - Evidence to be hand delivered.
| Sale of Fountain Valley Power, L.L.C. |
John, The attached is the interview schedule.
We have 33 people confirmed for interview (with 1 still awaiting confirmation).
Hopefully you can make the de-brief, scheduled fro 5.15 pm at the Double Tree, Dover Room (as before).
If you can't, sending your guys a note in advance might be helpful to keep them on track.
Attached is the schedule (still missing one interviewer which we will finalise tomorrow).
Thanks,
| ENA TT |
Attached is the Enron Americas Gas Trading notification memo for Daily Loss for May 30, 2001.
The Office of the Chairman for Enron Americas is responsible for printing out a hard copy of this memo, signing it and returning the hard copy to Chris Abel at 3155a, who will forward it to RAC to obtain their signature.
Thank You
| Final - 5/30/01 Enron Americas Gas Trading Daily Loss Notification |
The lawfirm representing the plaintiff in this class action lawsuit is sending document requests to all officers and directors of several Enron related companies.
You may be an officer or director of one of these companies.
If you receive any document requests or other legal papers, please send the document(s) to Bob Williams at EB 861.
Please call me at x35587 or Bob Williams at x52402 if you have any questions.
Richard Sanders EWS Legal Department EB 3827 853-5587
| Greenberg v. Belfer, et al |
This is to confirm the budget meeting scheduled for Tuesday, October 30 @ 11:00 a.m. in EB32C2.
Please advise me only if you are unable to attend.
Many Thanks, Liz Taylor
| Budget Mtg - 10/30 @ 11:00 a.m. in EB32C2 |
Our group has been selling NOV to hedge our short basis position.
Our phys fixed priced liquidity this morning put us in a longer nov nymex position.
We have sold 872 since 11:00 am.
Grigsby
| nov nymex |
Hi John.
Here is the spreadsheet.
A couple of comments/assumptions: Only trades done after 8/26/01 are considered (bid week started on the 27th in August).
Only North American physical gas products are considered.
All numbers are in USD; an assumed conversion of 1.40 CAD/1 USD is used for the Canadian CAD trades.
For index pricing, an index of 3.00 USD is used.
Since on Sep 25, only the spot trades done during Aug 27-30 actually roll off, there isn't much of a rolloff on that date.
There is a much larger rolloff after Oct. 25.
The first sheet has the summary data.
Each column represents the net cash we owe a particular customer as of that date.
If they owe us, the value is set to 0.
The other two sheets are supporting data.
Actually, the 1st sheet is just a copy of the second one, but the spreadsheet takes so long to calc, it is easier to play around with the summary page if you remove the dependencies on the third sheet.
Call me if you have any questions/requests.
(713/504-7540).
| Cash analysis spreadsheet |
John & Louise, I can imagine that both of you are very busy but I thought I would drop you a quick line updating you on the status of the Sundance B PPA.
We received the necessary consents to split the PPA into two from both TransAlta and the Balancing Pool last week.
We expect the regulation enabling the split to be passed by the Government during the week of November 12, 2001 thereby forming two units PPA's effective as of that date.
Don Miller and his team are prepared to smile and dial on Monday October 29, 2001 thereby contacting the list of identified customers and initiating the process.
I will send you a timeline shortly outlining the entire process from start to finish.
If you have any qustions please call me.
Derek
| Status of Sundace B PPA |
Louise and John, Attached is an EXCEL file with the status of NEPCO's portfolio of projects at September 30, 2001.
Please contact me if you require additional information.
Regards,
| NEPCO Project Status |
John, The above contains 29 and and as of today we have 29 confirmed for interview.
We will hopefully have feedback on another 5 peopel shortly (3 internal / 2 external).
Additonal interviewer names would be great.. usually people drop out even when confirmed!.
Thanks, Karen.
| interviewer list |
John, I spoke with Tim and he told me what you were doing.
I wanted to tell you thanks and that I appreciate the efforts you are going to.
Thanks again.
| thanks |
As promised, attached is the second update on our British Energy hedging program.
We have been very successful in the last few weeks moving a number of deals forward.
Other retail marketers are starting to come out of the woodwork to purchase power for retail intitiatives.
The pending deals listed are those with >50% probability of closing.
Obviously, none of these deals are binding, and as we execute some of these, we will re-evaluate the position.
Cheers, Paul D
| British Energy Update |
A follow up to your questions on the accounting for the above: HPL - when Gosset began marking the position 9\30, our balance sheet gave your book the $33 Million annuity that we held as the difference between the $2.34 (original swap price with B of A) and the market price at the time of the bammel unwind.
He obviously needed this amount to keep your book whole when he began marking it.
Included in the $33 was the original $1.2 bid\offer spread.
On October 1, when Jeff pulled the total marked value off of schedule C and recognized the income, he recognized the bid\offer spread as well.
All Accounting looks clean!
Pan Nat - The day 1 booking of the arbitration changes resulted in a $18 MM loss that we booked to the office of the chair.
Since that time I am told that all of the related resid positions that you now hold are marked everyday and taken into income.
Again accounting looks fine.
The only two items that remain in the "Wes Colwell" accrual book are the (1) mark of the Napoleonville pad gas and the related hedge (scheduled to begin the withdrawls 8\02) and (2) the hedge of the financial obligation to fill the Enron 1 cavern with financial gas.
You locked in the capital contribution for about $20 million with the hedge.
The hedge began liquidating in September and we began paying Bridgeline.
The payments take place for 4 months.
Call me with any questions
| HPL and Pan Nat accounting |
John, EGS are asking whether Orlando is yours for PRC and bonus purposes?
Presumably no doubt about Wiggs et al.
What's your view.
They seem happy either way.
Just want clarity.
David
| Electro - Orlando Gonzales |
Enron Corporation: We would like to welcome you to www.kudlow.com.
Either today or tomorrow you will receive an email stating there is a new Kudlow Commentary posted.
Simply click on the link, type in your email address and password "kudlow" to view and download Larry Kudlow's latest column.
If you wish to change your password, simply click on "my profile" once you have logged in.
Please be sure to check out all the other features of our website.
We welcome your questions and comments.
Thank you,
| KUDLOW.COM |
East Power (500) West Power 50 Canada 100 Central (1000) East (1600) West (380) Texas (300) Lavo 2000 Fin 2500 Dec. - Mar.
3650 Cal 2 & Cal 3 total 4,520 PS.
Arnold's EOL died on him.
Not good
| Gas Trades |
Please review the revised attached press release, which we would like to send out as soon as possible.
Please call Steve Kean, Mark Palmer or me with your comments.
Thank you.
| NEW PRESS RELEASE DRAFT -- NEED APPROVAL |
Hi John, We have now a total of 29 people interviewing for the trading track with potentially another 5( first round screens taking place today).
I have 29 interviewers from you... assuming they don't cancel, I am still short on interviewers.
Please advise on additional names you would like to particpate.
Thanks,
| Trading Track |
Louise and John, Thank you for having the meeting with all Gas and Power origination this morning.
I was very impressed by the employee attendance and your responses to individuals' concerns.
I would recommend having periodic meetings in the future.
My only disappointment was the most of my questions should have been articulated by my employees because they were concerns and queries articulated to me these past few days.
I have appropriately chided them and will chalk it up to stage fright.
Regards, Mrha
| Meeting |
Going delivery long requires full value of contract, unless there is letter of credit Going short requires approx.
$5,500 of margin per contract.
ie.
100contracts would need $550,000
| Delivery margin requirements |
I arrived early today hoping to catch you.
I don't know if you've looked at your packet to see the $5 million correction I made to your Canadian Gas Daily, I wanted to fess up to this mistake in person.
There is a note on your packet, if you need to talk to me about it, please call me.
K.
| p&l |
Attached is a new draft press release.
First thing in the morning, we need to discuss whether to release this.
Please contact Steve Kean, Mark Palmer or me with your comments.
Thank you.
| Draft Press Release |
Here's what I have so far (who are we supposed to tell about this??)
(i) Broker Margins Approx: $50mm Availability: End of Week Probability: 85% Current position (initial margin) $60mm out.
John Arnold will tomorrow bring a large portion of this back by moving positions to our Paribas credit line (we have a $75mm line which we are only using $15mm of).
I am working on the rest, which is spread across various other EGM books.
(ii) Peoples JV Approx: $135mm Availability: Within month Probability: 50% We have (i) $10mm in the enovate bank account ($20mm in total, 50:50 Enron Peoples), (ii) $40mm storage inventory and (iii) $75mm in a pre-pay.
(iii) Emmissions Reductions Credits (held by West Power).
Approx: $25.5mm Availability: Dependent on whether financing Probability: 50% If the vehicle is rolled, then we could look to use the additional capacity.
The vehicle will be rolled next week.
(iv) Mariner - Zero ($2mm in bank) Deffner's group working on EGM's $400mm and Joe Gold is ready to go with his $300mm.
So that's good, we should be able to get some of this off.
| Cash |
John: Listed below are questions that the banks have asked us to address in the meeting scheduled for tomorrow morning at 10:00am in Room 20C2.
JPMorgan Chase and Citi/SSB are doing due diligence for a short term liquidity facility.
They have specifically asked for a better understanding of the T&M business.
I suspect you have a canned presentation that you use.
That will be fine.
They are very focused on cash generation.
Trading & marketing business: a) What effect of a global slowdown on the business both short-term and long-term?
b) If capital is restricted to T&M companies in general, can ENE continue to grow volumes?
c) What happens to ENE's earnings & cash flow if volume growth slows / declines - is there an annuity part of the business?
(How much of future cash flow has been monetized through pre-paid transactions?)
d) What happened to ENE in Europe during the quarter (volumes grew substantially and no earnings growth)?
i) Is this a long-term phenomenon?
ii) Can / will something similar happen in North America e) What is the status of global deregulation?
i) Scaling back venture in Japan?
ii) Reports that gas competition in Germany is facing difficulties iii) Laying off people in Europe f) What is current VaR - if not lower than at 12/00 & 6/01 - why not?
| Meeting 10/24 at 10:00am JPMorgan/Chase and Citi/SSB |
Commissioner Wood has issued extensive questions on direct access, continuing his harassment of ESPs.
He raises the issues of moving the termination date back from September 20 and supposed cost shifting.
He also asks for copies of contracts with customers and extensive information about those contracts.
Comments are due Nov 2 with replies due Nov 8.
We plan to respond aggressively through our coalition, Alliance for Retail Energy Markets (AReM).
We WILL NOT be providing any contract information.
| Commissioner Wood Looks at Retroactive Charges/Termination |
Below is a summary of upcoming RTO-related events that Enron is participating in.
************************************************************************************************ Week of October 22 Regulatory proceeding before the Indiana Commission on the transfer of control of transmission assets by the IN IOUs to MISO and Alliance.
Wednesday, October 24 FERC Meeting - Discussion of RTO Developments for the Northeast, Southeast, and Midwest.
Separate docketed items include (1) Reliability, Security and Market Operations, and (2) Electricity Market Design and Structure.
October 29 - 30 Illinois Energy Leadership Conference - Illinois Commissioner Edward Hurley and Richard Sergel, President & CEO of National Grid USA to discuss RTOs.
October 31/November 1 Western Interstate Energy Board and Western Governor's Association Conference in Seattle - Issues to be addressed are Multi-State Protocols for Transmission Siting/Permitting, and the Western RTOs and Seams Issues.
FERC RTO NOPR on Market Design to be issued FERC orders in Northeast, Southeast and Midwest RTO proceeding
| Updated RTO Schedule |
As requested at the 11 October PRC Committee, attached is a comprehensive overview of the proposed PRC process (360 feedback, PRC and bonus compensation) for year-end 2001, by Business Unit and Function.
We look forward to comments, amendments or concurrence.
In addition, as regards employment agreement provisions with target bonus amounts based on performance, we have included the bonus language contained in the majority of such agreements.
Should you have any questions please don't hesitate to contact me, Gina Corteselli
| PRC Year-end 2001 |
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