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East Origination $1.000 M West Origination $9.086 M (inclusive of all QF fair value) Industrial (incl trading) $12.899 M Generation Invest $45.350 M (including fair value and accretion on ECP) ENA Upstream $41.112 M (including Sithe earnings plus HPL, LRC and upstream origination) Equity Portfolio Current MPR for quarter ($26.786M) (large positions - moves with market) plus an additional writedown of ($279K) equivalent to $27.5 M less ECP and West QF earnings listed above minus $10M.
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Regards Delainey
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Guys the PRC has been moved to 11:00.
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Regards Delainey
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Greg, it is really up to you - if you have other things to do don't worry about it.
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Regards Delainey
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Janet, thanks for the note - I have you down for a firm incremental $3.875 M net to Enron.
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Regards Delainey
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Guys, as per our discussion, I am assuming that the upstream group will provide gross margin (not including trading) of $30.7M net of the HPL compressor writedown of $3.0M.
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Regards Delainey
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Don, in my opinion options 1 & 2 are the same and 3 is not an option.
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I would like to provide an outsourcing deal that earns us fees and provides information.
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We will manage the internal issues.
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A properly priced and scoped term outsourcing deal should be doable.
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Please speak with Sally Beck and Beth Perleman.
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Regards Delainey
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Nella, sorry to see you go; however, best of luck in all your future endeavours.
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Regards Delainey
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Guys, good job with the California issues - we didn't get everything but we managed the position in a very effective manner.
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Jim, given our view to support the growth of the ISO structures as a necessary evil and given the socio-political leaning of these entities, should we be more actively or aggressively supporting or nominating directors on these boards?
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Jim/Rick, we need a full court press on this NEPool ICAP issue - Allegretti is putting plan in place.
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Regards Delainey
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Guys, your teams did a great job managing a very difficult situation with very few material effects to the organization.
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It is noticed and appreciated please pass on to your organization if you feel appropriate.
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Regards Delainey
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Guys, what is the contingency plan to manage these outages in the event we can't manage this as effectively in future situations?
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Regards Delainey
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Ed, sounds like you have this handled - I would like to use your report as the example to use in other groups.
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It can wait until you have it all completed.
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You may want to think about EOL as well (ie) how many companies have you brought on-line, etc. summary: - coverage metrics; - completed deals; - hot list; Delainey
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Jim, I agree - lets put a plan in place to ensure appropriate representation at these ISO's (not unlike PAC) and ensure that FERC is not abdicating their responsibilities.
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The three of us probably need to get together and discuss tactics around a number of issues.
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Jim, I am also curious where you are in your thoughts and plans given your new role.
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Regards Delainey
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Mary, I'm just curious why you need that info but it is 0 outside Enron comp plans.
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Regards Delainey
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Scott, sounds great!!
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Can't wait for the next one.
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Regards Delainey
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Guys, as a follow up to our meeting today, I thought I would put together a list of deliverables agreed to in the meeting.
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The goal would be to have a definitive strategy for HPL and storage assets by the end of July that could be acted upon.
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a) Elimination of the Entex contract - current value - John L.; b) Storage value algorithm incorporating spread values, increasing intra-day and monthly volatility and blowdown values - Jean M, John L, Jim S.; c) Storage acquisition targets and issues surrounding value/execution - top 5 to 10 for blowdown and tarantula strategy - Jean M, Julie G.; d) Structure, value, cost and issues surrounding Bammel "header" - Jean M.; e) Project Torque - definitive balance sheet, income statement and contribution margin statement for HPL - Wes C.; f) Establish viability of selling HPL assets - small private placement - working with Lehman to finalize value, exection risk, timing, structure et al I would like this group to get back together in the fourth week of July to determine a final action plan.
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Regards Delainey
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Waiting for the number and rationale.
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I will get back to you shortly.
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Regards Delainey
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Steve, please provide me a reasonable offer on the C-Gas asset.
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Please provide rationale for economics.
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As per our earlier discussion.
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Regards Delainey
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kay please schedule regards
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Mark, noted - early in the process.
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regards
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Mike, I want to see the final costs before determining.
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My understanding is that there is still significant expenses outstanding.
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Regards Delainey
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Eric, this looks good.
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Regards Delainey
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Rick , good result in California so far - what is the status of our plan for New England ICAP issues?
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Regards Delainey
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Ronnie, this sounds like good news.
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I think the project team managed the #1 turbine problem heroically.
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Talk to you soon.
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Regards Delainey
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Jeff, have you finalized how Jenn and Craig will split out the industrial segments?
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They should also come up with their business plans and a reporting matrix similar to what you are doing with the desks.
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How are you making out at the desk level in implementing our previous discussions with Scott and the remainder of the desks?
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Regards Delainey
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Kay, why are we waiting to the end of August!!
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Regards Delainey
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I would like to thank all of you for putting quality time and effort into this important process.
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There is nothing more important to ENA than attracting and retaining the most talanted and innovative people.
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Effectively immediately, written and oral feedback for commercial managers and directors can be delivered.
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As per our discussion, the PRC process is primarily a feedback, performance management and staff planning tool.
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It provides a data point for bonus purposes; however, it is not the only determinant.
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In the interest of ensuring the most effective performance management tool, I would suggest that we implement the following: a)For employees ranked in the strong and above categories, the ultimate ranking should not be communicated and the message should focus on progress towards identified commercial goals and objectives and progress towards the further development of desirable leadership and commerical capabilities.
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Written and oral feedback should be delivered immediately; b) For employees ranked in the satisfactory, needs improvement and issues category, the ultimate ranking should be communicated to ensure approriate documentation of performance and to stimulate a plan to rectify or cure performance issues.
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For the satisfactory category, the message should focus on increasing deal-flow, financial performance and productivity.
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The bar is always being raised.
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For the needs improvement category, the message should focus on turning around poor performance over the next six months.
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For the issues category, the business unit manager should determine, in conjunction with your HR rep., the appropriate plan to find a better "fit" in the organization or counsel out.
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Regardless, the ENA Office of the Chairman will require a written plan of action for all employees in the needs improvement and issues category from the business unit manager documenting the plan of action to rectify performance.
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Vice President ranking can not be communicated until after the Enron VP PRC currently scheduled for July 31st.
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I anticipate a similar process as above with our officer feedback process.
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Associate and Analyst rankings can not be communicated until after the Enron A&A PRC currently scheduled for July 19th.
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Other identified action items from the meetings include: a) the HR group will put together a "profile and performance book" for ENA's A&A's to ensure our representatives can augment performance information at the July 19th meeting; b) ENA will be aggressively attempting to retain highest performing A&A's to continue rotating within ENA; c) ENA will be holding an additional "off-cycle" A&A super-saturday for Houston and Portland in August to augment our capabilities in this area; and d) your HR representative is building a pipeline of outside employment candidates for your review each week.
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Please review these resumes in a timely basis and let them know your interest or lack thereof.
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Please communicate to your organization as appropriate.
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Regards Mark and Dave
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Kay, please forward to Scott Josey, John C Thompson and Julie Murray.
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I could not find them on e-mail.
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Regards Delainey
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Kay, please forward to Max Yzaguirre.
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The e-mail failed.
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Regards Delainey
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Guys, this is the real deal - we need to be ahead of this!!!
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How are we making out on acquiring brownfield sites and formulating a strategy?
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Regards Delainey
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Jeff, what exactly do you want Craig going to be doing?
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Please forward a job scope for Jen and Craig.
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