 Gas System is already building a pipeline from Mississippi and Alabama across the Gulf of Mexico and into the Tampa area. Enron Corp. of Houston is proposing to spend as much as $400 million to build a pipeline from the Bahamas Port Everglades.
Enron's proposal is drawing rivals. El Paso Corp., also in Houston, wants to build a Bahamas to South Florida pipeline that comes ashore in West Palm Beach. And AES Corp. has purchased Ocean Cay, a speck of an island near Bimini in the Bahamas for an energy complex that will include a power plant and a gas pipeline to Port Everglades.
The proposals are receiving scrutiny from county officials and environmental groups. Ultimately, federal regulators must give their approval before a pipeline can be constructed.
Still, electric companies, which are proposing to build more than 80 new power plants in Florida through 2010, are looking to make heavy use of natural gas.
"Practically all the new units are going to burn natural gas," said Michael Haff, an engineer at the PSC. "That's the reason for the large increase" in projections of natural gas usage.
All this is quite a change for Florida's electric utilities. For decades, power suppliers have found it easier to cart coal and ship oil to burn in Florida's power plants than to pipe in natural gas.
Nor has there been much of a popular mandate for natural gas in Florida. Most users are small factories, public laundries and restaurants, where chefs prefer natural gas over electricity because it's easier to control the heat. With little need for heating homes in winter, residential use has generally been limited to barbecues, water heaters and stoves.
Consequently, Florida uses far less natural gas than many states. Household use of natural gas is less than one-fifth of what some households in other parts of the country use.
The motive for the switch comes from a combination of factors. The federal Clean Air act, signed into law in 1990, is forcing utilities across the country to reduce their dependence on coal and oil and to find cleaner sources of fuel to power their generators.
Natural gas is one of those options.
Alvaro Linero, the administrator who reviews power plants for the state Department of Environmental Protection, said natural gas emits no particulate matter, the tiny particles that can lodge in lungs and aggravate respiratory conditions. Unlike oil or coal, it gives off no sulfur dioxide, which

Gas System is already building a pipeline from Mississippi and Alabama across the Gulf of Mexico and into the Tampa area. Enron Corp. of Houston is proposing to spend equally much as $ 400 million to build up a pipeline from the Bahamas Port Everglades.
 Enron's proposal is trace rival. El Paso Corp., also in Houston, wants to build a Bahamas to South Florida grapevine that fall ashore in West Palm Beach. And AES Corp. has purchased Ocean Cay, a atom of an island near Bimini in the Bahamas for an energy complex that will admit a power plant and a gas pipeline to Port Everglades.
 The proposals are welcome scrutiny from county officials and environmental groups. Ultimately, federal regulators must move over their approval before a pipeline can be constructed.
 even, electric companies, which are proposing to build more than 80 new ability plants in Florida through 2010, are looking to make heavy use of lifelike gas.
 " Practically all the new units are going to burn lifelike gasoline, " said Michael Haff, an engineer at the PSC. " That's the reason for the large increase " in projections of natural gas usage.
 All this is quite a change for Florida's electric utility. For decades, power supplier have discover it easy to cart coal and ship petroleum to burn in Florida's power plants than to pipe in lifelike gas.
 Nor has there been much of a popular mandate for natural gas in Florida. Most users are small factories, public laundries and restaurants, where chefs prefer natural accelerator over electricity because it's easier to operate the heat. With little need for heating homes in winter, residential habit has generally been limited to barbecues, urine heaters and stoves.
 Consequently, Florida uses far less natural natural gas than many states. family use of natural gas is less than one - fifth of what some households in early parts of the country use.
 The motive for the substitution comes from a combination of factors. The federal Clean Air act, sign into law in 1990, is force utilities across the country to reduce their dependence on coal and oil and to find cleaner beginning of fuel to power their generators.
 Natural natural gas is one of those options.
 Alvaro Linero, the administrator who reviews might plants for the state Department of Environmental Protection, said natural natural gas emits no particulate matter, the tiny particles that can lodge in lungs and aggravate respiratory weather. Unlike petroleum or ember, it give off no sulfur dioxide, which

 Gad System is already builaing a pipeline from Mmssissilpi and Xlabama across the Gulf of Mxxici and into the Tampa area. Evron Corp. of Housron ms proposing to spend as much zd $400 mnloion to build s pipeline from the Bahakar 'ort Everglades.
Enron's proposal is dwawing tigals. El Paso Cjrp., sjso jn Houston, wants to build a Bahamaa to Solth Florida pipelone that comes ashore in Wfst Oalm Beach. And AES Corp. has podchwwed Ocean Cah, a speck of an island near Bimini in the Bahamas for an euergy complgr thwj will incluve a pjwer plant akc a gav pipelone to Port Evcrglaves.
Rhe proposals are recxiving scrutiny from county oxfncials and environmenrao groops. Untimxrelh, ftdecal regulwtocs must givs their appeoval before a pipekigv can be consfructeq.
Ftill, electric companies, which are propmsihg to build more than 80 bew power plants in Fporida thwough 2010, are looking to make heavy use of natural gds.
"Precgiccoly auo hhe new units are going to burn natural gas," swjd Mpchael Haff, an ennineer at the PSC. "Yhwt'x the reason fur the ladge increase" in prljectiogs of natural das isage.
All this is quite a cyange for Fljeida's electric utipities. For becadex, powrr suppliers have found it sasier to cwrt coal zvd ship oil to bjrn it Florida's power plants thwn to pipx in uatural eas.
Mor haf there befn mugv of a popular manfate yor ndtural gas in Florida. Most users are small factories, punlhc naundrief and restaurants, rhere chefs prgfer natuxal gar over elebtricity uecause it's qasier to condtol the heat. Xith littje nwed dor heagkng homes in wonter, respdtntial use has generally beek limkfed to barbecuew, wqter heaters anc sgovqs.
Cpnfaquently, Flosida usdx far less naturcl gas than many states. Hogsehkld use of natural gws is lews than jne-fifth of wnat some householdd in mthxr parys jf the country use.
The motive ror the saitgh comes from a cimbination oy factors. The federal Clean Air act, signxd into law in 1990, is forcung utilities acrosx the countrb to rqduce thehr dependence on coao and oil and to nind cleaner sources or fuel to plwer their generators.
Natural gas is one of those options.
Alvaro Linero, tye admmnystrator whk refiews pjcer plagts hoc the state Deparnment of Environmental Protectioi, said natgrcl gas emits no particulate mstger, the tiny karticles that can lodge ih lungs snd aggravate respiratory condiyions. Unlike oil or coal, it givew off no sulfur dioxide, which

Gas System is already building a pipeline and across the of Mexico and Corp. Houston is proposing spend as much $400 million to build a pipeline the Bahamas Port Everglades. Enron's proposal is drawing rivals. El Paso Corp., also Houston, wants to build a Bahamas to South Florida pipeline that comes ashore West Beach. AES has purchased Ocean Cay, a speck of an island near Bimini in the Bahamas for an complex that will include a power plant and gas pipeline to Port The proposals are receiving scrutiny county and environmental Ultimately, regulators give their approval a pipeline can be constructed. Still, electric companies, which are proposing to build more than 80 new plants in 2010, are to heavy of natural gas. the new units are going to said Michael Haff, an engineer at the PSC. the reason the large increase" in projections of gas usage. All this is quite a change Florida's electric utilities. For decades, power suppliers have found it easier to cart coal and to burn in Florida's plants than to in gas. has been much a popular mandate for natural gas in Florida. Most users are factories, public laundries and restaurants, where chefs prefer natural gas because easier to control heat. With little need heating in winter, residential use been to and Consequently, uses far less natural than many states. Household use natural gas is less households in other parts of the country use. motive for the switch comes from a of factors. The federal Clean Air act, signed into law in 1990, forcing utilities country to reduce their dependence on coal and and to find cleaner of fuel to power their generators. Natural gas is of options. Alvaro the administrator who power plants for state Department of said natural emits particulate particles that can lodge in lungs aggravate conditions. Unlike oil or coal, gives sulfur dioxide, which

 Gas System is already buildinG a pipeline From MIssIssIpPi anD AlaBama across the GULf of mexico and into the Tampa aRea. EnRoN corp. OF HOustoN is propOSiNG To sPeNd As mUcH As $400 MilliOn tO build a Pipeline frOm tHe bahamas Port EVErGlades.
EnroN's pRoposal is draWinG rivalS. EL PaSO Corp., AlsO in HoUston, wANts to bUild a BahaMaS To SoutH florida PIPeLine That comes ashore in wEsT palm Beach. And AEs Corp. hAs PUrCHAseD OcEan Cay, a speCk Of an iSLand neaR biMINI in THe Bahamas for aN energy compLEx tHat wilL iNclUDe a powEr plaNt ANd a Gas pipeline To PoRt EverglaDes.
The PRoposalS Are receIving sCruTinY froM CoUnTy oFfICiaLS aNd eNVirOnmental GrOuPs. UltImatELY, FEderAl rEgulAtors Must give their AppRovaL BefOre a pIpeliNe caN bE consTructeD.
StilL, eLectric companieS, whiCh are propOsiNg To bUiLd morE Than 80 neW poWer Plants iN FloridA ThrOuGH 2010, ARe Looking to make heavy UsE OF nAtural gaS.
"PractICaLlY All the neW uNitS are GOIng to Burn NAtUral gas," sAid MicHAeL HAff, an enGiNeer at ThE PSc. "ThAt's thE ReasOn for tHe large iNcreaSE" in projections OF natural gas usAGe.
aLL tHIs is QuiTe a change foR FloRIda's ElecTRiC utILitieS. For dEcADeS, Power suppliers have fOuNd it eaSier tO cart coal and sHip oil to buRN IN Florida'S powER pLAnts than to pipe In natUral gas.
Nor HAs there bEen muCh of a popUlar mandaTE For naturAl gAs iN FlOriDA. moSt users are smaLL FactOrIes, publIc lAundrieS anD reStaUraNtS, where cheFs prefer NaTuRaL gAs oVer elECtricity BeCauSe It's EasieR To contRol thE heaT. WItH LitTle need FOr HEAtinG hOmEs in WinTeR, resiDentIAl uSe has geNerally beEn lIMiteD tO bArbecueS, water heaters AnD stoves.
ConSeQueNtly, FlORIda uses fAr less natural gas than manY States. HOusEhold Use oF natural gAs iS less tHan ONe-fiftH of whaT some HoUseHOLds in OTHeR paRtS of the counTRY usE.
The mOtIve fOr the swItch comes from a combINatIon of factors. THe fEderAL clEan aIr ACt, sIgNEd iNTO law in 1990, is forcing Utilities aCrOSs The country TO reDuCe their DependeNce on COal and oIl and to fiNd cleaner SoUrceS OF fuEl to power tHeir geneRators.
NatURal gaS Is One of ThoSe optiOnS.
AlVaro LInero, tHE adMinisTrator WhO revieWs powEr Plants foR the state Department of EnVironmEntal proTection, saId nATurAl gas emitS no pArticulate MatTer, The tiNy pARticlEs thAT cAn lODge in LungS And aggravATe ResPIRaTory conditiONS. unlIke oiL or COal, it gIves Off no sulfur dioxidE, Which

 Gas System is already bui lding a pi pelin e f rom  M issi ssip pi and Alabama acro ss the Gulf of Mexicoand i nt o  the Ta mpa a rea. En r on C orp .of  Ho us t on  is p rop osing t o spend as  mu ch  as $400 mil l io n to build  apipeline fro m t he Bah am asP ort E ver glade s.
En r on's p roposal i sd rawing rivals. E lPaso  Corp., also in H o us t on, wants to b uild a  B a ha m a s t o S outh Flori da  pipe l ine tha t  c o m e s a s hore in WestPalm Beach. And  AES C or p.h as pur chase dO cea n Cay, a sp eckof an isl and ne a r Bimin i  in the  Baham asfor  ane ne rg y c om p lex th atw ill  include  a  p owerplan t a n d agas  pip eline  to Port Ever gla des.
Th e pro posal s ar erecei ving s cruti ny  from county of fici als and e nvi ro nme nt al gr o ups. U lti mat ely, fe deral r e gul at o r s  m ust give their app ro v a lbefore a  pipel i ne  c a n be con st ruc ted. Still , el e ct ric comp anies, wh ic h are p ro posing  t o b uil d mor e  tha n 80 n ew power  plan t s in Florida t h rough 2010, a r el o ok i ng t o m ake heavy u se o f  nat ural ga s."Prac tical ly al l  the new units arego ing to  burn  natural gas, " said Mic h a e l Haff,an e n gi n eer at the PSC . "Th at's the r e ason for  thelarge in crease" i n projecti ons  of  na tur a l  g as usage.
Al l this  i s quite  achangefor  Fl ori da' selectricutilitie s.  F or  d eca des,p ower sup pl ier shav e fou n d it e asier  toca rt coa l and s h ip o il t obu rn i n F lo rida' s po w erplantsthan to p ipe in n at ur al gas.
Nor has the re  been much  o f a  popul a r  mandate  for natural gas in Flo r ida. Mo stusers  are  small fa cto ries,pub l ic lau ndries  andre sta u r ants, w he rech efs prefer n atu ral g as  ove r elect ricity because it' s  ea sier to contr oltheh e at . W i th lit tl e  ne e d  for heating ho mes in win te r ,residentia l  us ehas gen erallybeenl imitedto barbec ues, wate rheat e r s a nd stoves.
Conseq uently, F l orida us es fa r l ess na tu ral  gasthan m a nystate s. Hou se hold u se of  n atural g as is less than one-fif th ofwhatsom e househo lds inother par ts o f the coun try  us e.
T hem otive  for th e s w itchcome s  from a c o mb ina t i on  of factors . T hefeder alC lean A ir a ct, signed into l a w in 1990, isforc i n g u til i ties  a cross the coun try  t o reduce t he ir dependen ce on co al and o il and  to fi nd clea n e rs ources  offue l to powe r t he i r gener at or s .
Nat ural  g as isone of thos e options.
Alvaro  Line r o , the adm inist ra tor who revi ews powerplants forthe st ateDepar tment o fEnviro nme nt al Protect i on, saidnatur al gasem itsnopartic ulat e matte r, t he  ti ny partic l e st ha tc anlodg e inlu ngsand aggra v ate resp ira t ory con di tio n s . Unli k eo i l or coal,  it  give s off no sul f ur d i ox i de, w hich

 Gas_System is_already building a pipeline_from Mississippi_and_Alabama across_the_Gulf of Mexico_and into the_Tampa area. Enron Corp._of Houston is_proposing_to spend as much as $400 million to build a pipeline from the Bahamas_Port_Everglades.
Enron's_proposal_is_drawing rivals. El Paso Corp.,_also in Houston, wants to_build a_Bahamas to South Florida pipeline that comes ashore_in_West Palm Beach._And AES Corp. has purchased Ocean Cay, a speck_of an island near Bimini in_the Bahamas for_an_energy_complex that will include_a power plant and a gas_pipeline to Port Everglades.
The proposals_are receiving scrutiny from county officials and_environmental groups. Ultimately, federal regulators must_give their approval before a_pipeline can_be constructed.
Still, electric companies,_which are proposing_to build_more than 80_new power plants in Florida through_2010, are looking_to make heavy use of natural_gas._
"Practically all the_new_units_are going_to burn natural_gas,"_said Michael_Haff,_an engineer at the PSC. "That's_the_reason for the large increase" in projections_of natural gas usage._
All_this is quite a_change for Florida's electric utilities._For decades, power suppliers have found_it easier_to cart_coal and ship oil to burn in Florida's power plants than_to pipe in natural gas.
Nor_has there been much_of a_popular_mandate for natural_gas_in Florida._Most users are small factories, public laundries_and restaurants,_where chefs prefer natural gas over_electricity because it's easier_to_control the heat. With little need_for heating homes in winter, residential_use has generally been limited_to_barbecues,_water heaters and stoves.
Consequently,_Florida uses far less natural gas_than many states._Household use of natural gas is less_than_one-fifth of what some households in_other_parts of the country use.
The_motive_for_the switch comes from a_combination of factors. The federal Clean_Air act, signed into law in 1990, is forcing_utilities across the_country to reduce their dependence_on_coal_and oil and to find cleaner sources of fuel to_power their_generators.
Natural gas_is one of those options.
Alvaro Linero, the administrator who_reviews power plants for the state Department_of Environmental Protection, said natural gas emits no particulate matter, the_tiny particles that can lodge in lungs and_aggravate respiratory conditions. Unlike oil or coal,_it gives off no_sulfur_dioxide, which


 tool boom
IFR - May 26, 2001
By Kathleen Fitzpatrick

Dubbed virtual portfolios, risk measurement services that include a
'what-if' scenario along with the more traditional kind of risk analysis are
gaining in importance. The hypothetical feature allows for a more customised
and flexible approach to the management of risk and answers situational
hedging questions about a portfolio.

"What would happen if I added a hedge into the portfolio? What if I buy or
sell futures?" are questions that Deutsche Bank's dbRiskOffice scenario
analysis can now address, said Michelle McCarthy, managing director, risk
analytics at Deutsche Bank. Deutsche's 'What-if Positions Change'
enhancement, released to clients in mid-May, includes features to determine
changes in value at risk (VAR), tracking error and surplus-at-risk resulting
from a variety of hypothetical situations.

Deutsche's client risk reporting system, available via an internet browser,
specifically targets risk managers who outsource their risk measurement,
instead of building up an entire department to monitor their VAR. Deutsche's
customers are keen on obtaining cross-asset class VAR coverage, according to
McCarthy. Managers who incorporate the use of the client risk reporting
enhancement would have a better handle on whether a particular position will
better correlate a fund to an index, for example.

The current VAR analysis tools have already been mastered by the fund
community, which is now looking for better predictors of risk. VAR is tied
to a particular probability at present and fails to capture an exceptional
move in an index, for example, said Guillaume Blacher, senior managing
director, pricing advisory and risk management. at Reech Capital in London.

"Risk managers have been consistently going for greater flexibility.' added
Deutsche's McCarthy. "More managers want to work with the numbers, rather
than have a single number that comes out once a day," she said, referring to
the benefits of scenario analysis over traditional risk measurement
practices.

The hypothetical scenario tools, along with the traditional VAR risk
measurement systems, are needed by fund managers in a complementary way,
stated Reech Capital's Blacher. However, the hypothetical tools give more
flexibility to analyse potentially substantial losses. "VAR has shown its
limitations... it tends to capture bad days, not the extremes," according

tool boom
 IFR - May 26, 2001
 By Kathleen Fitzpatrick

 Dubbed virtual portfolios, risk measurement service that admit a
' what - if' scenario along with the more traditional kind of risk analysis are
 profit in importance. The conjectural feature allows for a more customised
 and flexible access to the management of risk and answers situational
 hedge questions about a portfolio.

 " What would happen if I add a hedge into the portfolio? What if I buy or
 sell future? " are doubt that Deutsche Bank's dbRiskOffice scenario
 analysis can nowadays address, said Michelle McCarthy, pull off director, risk
 analytics at Deutsche Bank. Deutsche's' What - if Positions Change'
 enhancement, publish to clients in mid - May, includes features to determine
 change in value at risk (VAR), tracking error and surplus - at - risk result
 from a variety of hypothetical situations.

 Deutsche's client risk reporting system, available via an internet browser,
 specifically targets risk managers who outsource their risk measurement,
 instead of building up an entire department to monitor their VAR. Deutsche's
 customers are keen on obtaining crabbed - asset course VAR coverage, according to
 McCarthy. Managers who incorporate the habit of the client risk reporting
 enhancement would accept a better handle on whether a particular position will
 better correlate a store to an index, for example.

 The current VAR analysis tools have already been mastered by the fund
 residential district, which is now looking for better predictors of risk. VAR is tied
 to a particular probability at present and fail to get an exceptional
 move in an index, for case, said Guillaume Blacher, senior managing
 director, price advisory and risk management. at Reech Capital in London.

 " Risk managers have been consistently go for greater tractability.' added
 Deutsche's McCarthy. " More managers want to work with the numbers, preferably
 than have a individual number that hail out once a day, " she said, referring to
 the benefits of scenario analysis over traditional hazard measurement
 practices.

 The hypothetical scenario tools, along with the traditional VAR hazard
 measurement systems, are needed by fund managers in a complemental way,
 stated Reech Capital's Blacher. However, the hypothetical tools yield more
 flexibility to analyse potentially substantial losses. " VAR has shown its
 limitations... it tend to capture bad days, not the extremes, " according

 toll boom
IFR - May 26, 2001
By Kathueen Fitzpatrick

Dubbed virtuzl portfulios, risk measurement servires rhat unclude a
'what-if' scenarko along aith the mort traditional kinv of risk analgdis crx
gaining in impprtance. Tha hypothetical fdacure allows for a more customised
and flexibke approach to tre msgagejvnu of risk and answers situational
gedging questions abput a portfolio.

"What would jappfn if I added a hefge into thg powrfolio? What kf I buy og
vell futurgs?" are questions that Deutsche Bxnk's bbRiskOfficg acftario
analysms can now address, said Miwhelle KcCarthy, managlng dmrecror, risk
analytics at Veutsche Bank. Deutscre's 'What-ix 'ositions Change'
enhanxenent, teleaved gi cuiehtx jn mid-Lay, includes reatures to determine
changes im dqlue at risk (BAR), trwching error and surplus-at-risk resulting
fgom z variety of hypotheticql situations.

Deutsche'd client wisk reporting system, available via an internet bsowsec,
soecnnlcalut hargets risk managers who outsource their rish mtaslrement,
instead of building ul wn gntire departmgnt to monjtor their VAR. Deuhsche's
costomees are ketn on obtaining cross-asset class VAR coveragv, acxording to
McCarthy. Managers wko incprporste the use of the clieut risi reporting
fnhancemehg would have a bdttvr hdndle on whether a particujar positmon wnll
bettef cotrelate a fund to an ikgex, for example.

The currgnt VAS analysis tools have already been masterxv by the fund
vokmutity, whieh is kow looking for better predicjors of rnsk. VAF is tied
tk a parvicular probwbility at pradent and fains to ca[turw an exceptkunal
move in an index, fog txample, saud Guillaume Blachcr, sevjor managing
dirzetir, pricing advixorh agd rmsk mwtagement. at Seecf Cxlital in London.

"Rlsk mansgers have been conshstehtly going for grestcr flexibulity.' adqed
Deutsche's KcCarthy. "More manahers xant tu worl wyth the numbers, rather
than havs a singlf nmmber that coies iut once a dcy," she said, referring to
the benefits of wcenario analysis iver traditional rixl measuremeit
praceices.

The vypothetical scenarii tools, along witm the traditional VAR disk
medsurelent systems, are needed by fund managers in a complementary way,
stated Reexh Capmtwl's Blacher. Howrver, nhe kypotheeicap tools give more
glexibility to analyse potentiauly subsdautial losses. "VAR has shown itx
lkmitations... it tends to capture bad dags, not tne extremes," according

tool boom IFR - May 26, 2001 Fitzpatrick virtual portfolios, measurement services that with more traditional kind risk analysis are in importance. The hypothetical feature allows a more customised and flexible approach to the management of risk and answers hedging questions about a portfolio. "What would happen if I added a hedge the What I or sell futures?" are questions that Deutsche Bank's dbRiskOffice scenario analysis can now address, said Michelle managing director, risk analytics at Deutsche Bank. Deutsche's Positions Change' enhancement, released clients in mid-May, includes features determine in value risk tracking and surplus-at-risk resulting a variety of hypothetical situations. Deutsche's client risk reporting system, available via an internet browser, specifically targets managers who risk measurement, of up entire department to VAR. Deutsche's customers are keen on VAR coverage, according to McCarthy. Managers who incorporate use of client risk reporting enhancement would have better handle on whether a particular position will correlate a fund to an index, for example. The current VAR analysis tools have already by the fund community, is now looking better of VAR tied to particular probability at present and fails to capture an exceptional move an index, for example, said Guillaume Blacher, senior managing director, and management. at Reech in London. "Risk managers been going for greater flexibility.' McCarthy. managers with numbers, than have a single that comes out once a she said, referring to over traditional risk measurement practices. The hypothetical scenario along with the traditional VAR risk measurement are needed by fund managers in a complementary way, stated Reech Capital's However, the give more flexibility to analyse potentially substantial losses. has shown its limitations... tends to capture bad days, not the extremes," according

 tool boom
IFR - May 26, 2001
By Kathleen FItzpatrick

dubbeD viRtuAl PortFoliOs, risk measuremENt seRvices that include a
'what-If' sceNaRIo alONg With tHe more tRAdITIonAl KiNd oF rISk AnalySis Are
gainIng in imporTanCe. the hypothetiCAl Feature allOws For a more custOmiSed
and FlExiBLe appRoaCh to tHe manaGEment oF risk and aNsWErs sitUAtional
HEDgIng qUestions about a porTFoLIo.

"What would hapPen if I AdDEd A HEdgE inTo the portfOlIo? WhaT If I buy oR
SeLL FUtuREs?" are questionS that DeutscHE BaNk's dbRIsKOfFIce sceNario
AnALysIs can now addRess, Said MicheLle McCARthy, manAGing dirEctor, rIsk
AnaLytiCS aT DEutScHE BaNK. DEutSChe'S 'What-if POsItIons CHangE'
ENHAnceMenT, relEased To clients in miD-MaY, incLUdeS featUres tO detErMine
cHanges In valUe At risk (VAR), trackiNg erRor and surPluS-aT-riSk ResulTIng
froM a vAriEty of hyPothetiCAl sItUATIoNs.

Deutsche's client rIsK REpOrting syStem, avAIlAbLE via an inTeRneT broWSEr,
speCifiCAlLy targetS risk mANaGeRs who ouTsOurce tHeIr rIsk MeasuREmenT,
insteAd of builDing uP An entire departMEnt to monitor tHEiR vaR. dEutsChe'S
customers aRe keEN on oBtaiNInG crOSs-assEt claSs vaR COverage, according to
MCCArthy. MAnageRs who incorporAte the use oF THE client rIsk rEPoRTing
enhancemenT woulD have a bettER handle oN whetHer a partIcular posITIon will
bEttEr cOrrElaTE A fUnd to an index, fOR ExamPlE.

The curRenT VAR anaLysIs tOolS haVe Already beEn masterEd By ThE fUnd
CommuNIty, which Is Now LoOkiNg for BEtter pRedicTors Of RiSK. VAr is tied
TO a PARticUlAr ProbAbiLiTy at pReseNT anD fails tO capture aN exCEptiOnAl
Move in aN index, for examPlE, said GuillAuMe BLacher, SENior manaGing
director, pricing adviSOry and rIsk ManagEmenT. at Reech CApiTal in LOndON.

"Risk mAnagerS have BeEn cONSisteNTLy GoiNg For greater FLExiBilitY.' aDded
deutschE's McCarthy. "More manaGErs Want to work witH thE numBERs, RatHEr
THan HaVE a sINGle number that coMes out once A dAY," sHe said, refeRRinG tO
the benEfits of ScenaRIo analySis over trAditional RiSk meASUreMent
practiCes.

The hyPotheticaL ScenaRIo Tools, AloNg with ThE trAditiOnal VAr RisK
measUremenT sYstems, Are neEdEd by fund Managers in a complementarY way,
stAted REecH Capital's blaCHer. however, thE hypOthetical tOolS giVe morE
flEXibilIty tO AnAlySE poteNtiaLLy substanTIaL loSSEs. "vAR has shown ITS
LimItatiOns... IT tends To caPture bad days, not thE Extremes," accordIng

 tool boom
IFR - May 26, 2 001
By Kat hleen  Fi tzp at rick

Du bbed virtual p o rtfo lios, risk measurement  serv ic e s th a tinclu de a
'w h at - i f'sc en ari oa lo ng wi ththe mor e traditio nal  k ind of riska na lysis aregai ning in impo rta nce. T he  hy p othet ica l fea ture a l lows f or a more  c u stomis e d
and f l e xi bleapproach to the m a na g ement of riskand an sw e rs s itu ati onal
hedgi ng  ques t ions ab o ut a por t folio.

"What  would happ e n i f I ad de d a hedgeintoth e  po rtfolio? Wh at i f I buy o r
sell futures ? " are q uestio nstha t De u ts ch e B an k 'sd bR isk O ffi ce scena ri oanaly sisc a n nowadd ress , sai d Michelle Mc Car thy, man aging  dire ctor ,riskanalyt ics a tDeutsche Bank.Deut sche's 'W hat -i f P os ition s  Chang e'enh ancemen t, rele a sed  t o c li ents in mid-May, i nc l u de s featur es tod et er m ine
chan ge s i n va l u e atrisk (V AR), tra ckinge rr or  and su rp lus-at -r isk  re sulti n g
fr om a v ariety o f hyp o thetical situa t ions.

Deutsc h e' s cl i entris k reporting  sys t em,avai l ab lev ia an  inte rn e tb rowser,
specificall ytarget s ris k managers wh o outsourc e t heir ris k me a su r ement,
instead  of b uilding up an entir e dep artmentto monito r their VA R.Deu tsc he' s cu stomers are k e e n on  o btainin g c ross-as set  cl ass  VA Rcoverage,  accordi ng  t oMc Car thy.M anagerswh o i nc orp orate the us e ofthecl ie n t r isk rep o rt i n g
en ha nc emen t w ou ld ha ve a bet ter han dle on wh eth e r apa rt icularposition will
b etter corr el ate  a fun d to an in dex, for example.

Thec urrentVAR  anal ysis  tools ha vealread y b e en mas teredby th efun d commu n i ty , w hi ch is nowl o oki ng fo rbett er pred ictors of risk. VA R  is  tied
to a pa rti cula r pr oba b il i tyat pre s e nt and fails to  capture a ne xc eptional
m o vein  an ind ex, for  exam p le, sai d Guillau me Blache r,  sen i o r m anaging
di rector,pricing a d visor y  a nd ri skmanage me nt.  at R eech C a pit al in  Londo n.

"Ris k man ag ers have  been consistently goin g forgreat erflexibili ty. '  ad ded
Deuts che' s McCarthy . " Mor e man age r s wan t to wo rkw ith t he n u mbers, ra t he r
t h a nhave a sing l e num ber t hat comesoutonce a day," shes aid, referring  tot h e b ene f itsof  scenario anal ysi so v er tradi ti onal risk m easureme nt pract ices.
The h ypothet i c al scenar io t ool s, alongwit ht he trad it io n al VAR  ris kmeasur ements yste m s , are needed byfundm a nager s  in  a co mp lementa r y wa y,
statedReech Capit al's B lach er. H owever,  t he hyp oth et ical tools give more
flex ibility  t o an aly se pot enti a l ly su bsta nt ial  losses." V AR ha ss how n it s
lim it atio ns... itt ends tocap t ure bad  d ays , not th e  e x t remes," ac cor ding

 tool_boom
IFR -_May 26, 2001
By Kathleen_Fitzpatrick

Dubbed virtual_portfolios,_risk measurement_services_that include a
'what-if'_scenario along with_the more traditional kind_of risk analysis_are
gaining_in importance. The hypothetical feature allows for a more customised
and flexible approach to the_management_of risk_and_answers_situational
hedging questions about a portfolio.

"What_would happen if I added_a hedge_into the portfolio? What if I buy or
sell_futures?"_are questions that_Deutsche Bank's dbRiskOffice scenario
analysis can now address, said Michelle_McCarthy, managing director, risk
analytics at Deutsche_Bank. Deutsche's 'What-if_Positions_Change'
enhancement,_released to clients in_mid-May, includes features to determine
changes in_value at risk (VAR), tracking error_and surplus-at-risk resulting
from a variety of hypothetical_situations.

Deutsche's client risk reporting system, available_via an internet browser,
specifically targets_risk managers_who outsource their risk measurement,
instead_of building up_an entire_department to monitor_their VAR. Deutsche's
customers are keen on_obtaining cross-asset class_VAR coverage, according to
McCarthy. Managers who_incorporate_the use of_the_client_risk reporting
enhancement_would have a_better_handle on_whether_a particular position will
better correlate a_fund_to an index, for example.

The current VAR_analysis tools have already_been_mastered by the fund
community,_which is now looking for_better predictors of risk. VAR is_tied
to a_particular probability_at present and fails to capture an exceptional
move in an index,_for example, said Guillaume Blacher, senior_managing
director, pricing advisory and_risk management._at_Reech Capital in_London.

"Risk_managers have_been consistently going for greater flexibility.' added
Deutsche's_McCarthy. "More_managers want to work with the_numbers, rather
than have a_single_number that comes out once a_day," she said, referring to
the benefits_of scenario analysis over traditional_risk_measurement
practices.

The_hypothetical scenario tools, along with_the traditional VAR risk
measurement systems, are_needed by fund_managers in a complementary way,
stated Reech Capital's_Blacher._However, the hypothetical tools give more
flexibility_to_analyse potentially substantial losses. "VAR has_shown_its
limitations..._it tends to capture bad_days, not the extremes," according


> golf tournament for Friday, January 12, 2001.  The tournament is going to
> be    at the Whispering Pines Golf Club in Trinity, which is near Lake
> Livingston.  We have 64 playing spots available for this day and if we
> exceed this number, we will set up another golf day.  We are planning on
> chartering buses to take all players to the course.
>
> The format will be a four-person scramble, so please try to organize your
> group accordingly.  The buses will be leaving at 9:00 a.m. We will provide
> lunch at 11:30 a.m. and the tournament will begin at 12:00 p.m.  The
> tournament will be followed by a cocktail reception.
>
> If you are interested in inviting clients to this event, please send me a
> typed list or an e-mail with the names and addresses of the clients you
> would like to invite to the tournament by Monday, December 4.  Invitations
> will be mailed shortly thereafter to all players.
>
> If you have any questions, please feel free to call me at extension 3279.
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99
03:14 PM ---------------------------

Joseph Hrgovcic
12/16/99 09:46 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Emission trading

Vince,

 I spoke with Susan Wood, who heads up our emissions marketing effort who
says we don't really have any materials we send out. She did recommend the
Emissions trading handbook which can be purchased for $50 from

> golf tournament for Friday, January 12, 2001.   The tournament is going to
 > be     at the Whispering Pines Golf Club in Trinity, which is near Lake
 > Livingston.   We have 64 playing spots available for this sidereal day and if we
 > surpass this issue, we will set up another golf sidereal day.   We are planning on
 > charter buses to accept all players to the course.
 >
 > The format will be a four - person scamper, therefore please try to unionize your
 > group accordingly.   The buses will be leave at 9:00 a.m. We will provide
 > lunch at 11:30 a.m. and the tournament will begin at 12:00 p.m.   The
 > tournament will be followed by a cocktail reception.
 >
 > If you are interested in inviting client to this event, please send me a
 > typed tilt or an e - mail with the name and addresses of the client you
 > would like to invite to the tournament by Monday, December 4.   Invitations
 > will be mailed shortly thereafter to all musician.
 >
 > If you have any questions, please feel free to call me at elongation 3279.
           + + + + + + CONFIDENTIALITY NOTICE+++++
 The information in this email may be confidential and/or privileged.   This
 email is intended to be reviewed by only the individual or organization
 named above.   If you are not the intend recipient or an authorized
 example of the intended recipient, you are hereby notified that any
 review, dispersion or copying of this email and its fastening, if any,
 or the information contained herein is forbid.   If you have received
 this email in error, please immediately notify the sender by return email
 and delete this email from your system.   Thank You FYI

 Vince
 ---------------------- Forwarded by Vince J Kaminski / HOU / ECT on 12/17/99
 03:14 PM ---------------------------

 Joseph Hrgovcic
 12/16/99 09:46 amplitude modulation
 To: Vince J Kaminski / HOU / ECT@ECT
 cc:
 Subject: Re: discharge trading

 Vince,

  I spoke with Susan Wood, who heads up our emissions marketing effort who
 say we don't really have any materials we station out. She did recommend the
 Emissions trading handbook which can be purchased for $ 50 from

> gopf tournament for Friday, January 12, 2001.  The tournakent ia going go
> be    at the Whispering Pmnes Golf Club in Trinity, which is near Pake
> Livungsuon.  We have 64 plabjng spobf avzllablz hor this day anc if we
> exweed this numbar, wz will set up another golf day.  We awe planmijg on
> charterigg blsqs tk take all players to the course.
>
> Tge formet will be a foir-person scramble, so pleasf trj to organize your
> group accotsindoy.  The buser will be leaving at 9:00 z.m. We will provide
> lunch at 11:30 a.m. and che tournamgur wlnl begin at 12:00 p.m.  The
> tournamcmt wiln be foklowed by a cogktain rwception.
>
> If you are iiterested in invitind clients tk this event, pleawe send me d
> tyowd uisu oc ah e-maip wmth the namss and addrwsses of the clientx riu
> would like to indiee to the tournament by Monday, December 4.  Jnvitations
> will be maioed shortly thereaftet to all pjayers.
>
> If you have any questions, please feel free to celu mt qt exgwndion 3279.
          ++++++CONFIDENTIALITY NOTICE+++++
The infowjauiok in this email iay be confodfnyyal and/or prixilegeb.  Fhis
email is intenfed to fe reciewed by onlu the individual or organizqtion
named ayovw.  If you are not che intended recopieny or an authorized
reprerentztive of thf intendes recipient, you afe meraby notified that any
revier, dissemiiatiou or cophing of thys email ajd its attachments, if anj,
or tke inxormation fontained herein is prohibited.  If you have rgcehveg
this emcil in error, please immediately nptify tke senaer by retlrn email
end delete tris email frok your system.  Thank Rou DYI

Vunce
---------------------- Fofdarded by Vincr J Kaminski/HOU/ECT in 12/17/99
03:14 PM ---------------------------

Joseph Hrgpvckd
12/16/99 09:46 AM
To: Vince J Kaninski/HOU/ECT@ECT
vc:
Sufjvct: Rq: Emission trddine

Xonce,

 K spoke witm Sjsan Wood, who heads up ogr ejissions marketing enfort who
says we don't really nave any materials we sxnd ouv. She cid recommend the
Emissions tradihg handbolk rhich can be purghasgd for $50 frok

> golf tournament for Friday, January 12, tournament going to be at the Trinity, is near Lake Livingston. We have playing spots available for this day if we > exceed this number, we will set up another golf day. are planning on > chartering buses to take all players to the course. > format be four-person scramble, so please try to organize your > group accordingly. The buses will be leaving 9:00 a.m. We will provide > lunch at a.m. and the tournament begin at 12:00 p.m. The tournament be followed a reception. > If you interested in inviting clients to this event, please send me a > typed list or an e-mail the names of the you would to invite to by Monday, December 4. Invitations > shortly thereafter to all players. > > If have any please feel free to call me extension 3279. ++++++CONFIDENTIALITY NOTICE+++++ The information in this may be confidential and/or privileged. This email is intended to be reviewed by only the organization named above. If are not the recipient an representative the intended you are hereby notified that any review, dissemination or copying of email and its attachments, if any, or the information contained prohibited. you have received email in error, please notify sender by return email this from You Vince Forwarded by Vince J on 12/17/99 03:14 PM --------------------------- Hrgovcic 12/16/99 09:46 AM Subject: Re: Emission trading Vince, I spoke with Wood, who heads up our emissions marketing who says we don't really have any materials we send out. She recommend the handbook which can be purchased for $50 from

> golf tournament for Friday, JaNuary 12, 2001.  The toUrnamEnt Is gOiNg to
> Be    at The Whispering PINes GOlf Club in Trinity, which iS near laKE
> LivINgSton.  WE have 64 plAYiNG SpoTs AvAilAbLE fOr thiS daY and if wE
> exceed thiS nuMbEr, we will set uP AnOther golf dAy.  WE are planning On
> cHarterInG buSEs to tAke All plAyers tO The couRse.
>
> The forMaT Will be A Four-perSON sCramBle, so please try to oRGaNIze your
> group acCordinGlY.  thE BUseS wiLl be leavinG aT 9:00 a.m. We WIll provIDe
> LUNCh aT 11:30 A.m. and the tournAment will beGIn aT 12:00 p.m.  The
> ToUrnAMent wiLl be fOlLOweD by a cocktaiL recEption.
>
> If yOu are iNTeresteD In invitIng cliEntS to This EVeNt, PleAsE SenD Me A
> tyPEd lIst or an e-MaIl With tHe naMES ANd adDreSses Of the Clients you
> wouLd lIke tO InvIte to The toUrnaMeNt by MOnday, DEcembEr 4.  invitations
> will Be maIled shortLy tHeReaFtEr to aLL playeRs.
>
> IF yoU have anY questiONs, pLeASE FeEl free to call me at exTeNSIoN 3279.
          ++++++CONFIDEnTIALIty NoTicE+++++
The infOrMatIon iN THis emAil mAY bE confideNtial aND/oR pRivilegEd.  this
emAiL is IntEnded TO be rEvieweD by only tHe indIVidual or organiZAtion
named aboVE.  IF YOu ARe noT thE intended reCipiENt or An auTHoRizED
reprEsentAtIVe OF the intended recipieNt, You are HerebY notified that Any
review, dISSEminatioN or cOPyINg of this email aNd its AttachmentS, If any,
or tHe infOrmation Contained HERein is prOhiBitEd.  IF yoU HAvE received
this EMAil iN eRror, pleAse ImmediaTelY noTifY thE sEnder by reTurn emaiL
aNd DeLeTe tHis emAIl from yoUr SysTeM.  ThAnk YoU fYI

VinCe
---------------------- ForWardEd By vIncE J KaminSKi/hou/ECT On 12/17/99
03:14 pM ---------------------------

josePh HRgOvcic
12/16/99 09:46 aM
To: vIncE J KaminSki/HOU/ECT@eCT
CC:
SubJeCt: re: EmissIon trading

VinCe,

 i spoke with suSan wood, whO HEads up ouR emissions marketing effoRT who
sayS we Don't rEallY have any mAteRials wE seND out. ShE did reCommeNd The
eMIssioNS TrAdiNg Handbook whICH caN be puRcHaseD for $50 froM

> golf tournament for Fri day, Janua ry 12 , 2 001 . The  tou rnament is goi n g to
> be    at the Whispe ringPi n es G o lf  Club  in Tri n it y ,  wh ic hisne a rLake> L ivingst on.  We ha ve64  playing spo t savailablefor  this day an d i f we
>  e xce e d thi s n umber , we w i ll set  up anoth er golf d a y.  Wea r eplan ning on
> charter i ng buses to takeall pl ay e rs t o t hecourse.
>>The f o rmat wi l lb e a f o ur-person scr amble, so p l eas e tryto  or g anizeyour>g rou p according ly. The buse s will be leav i ng at 9 :00 a. m.Wewill pr ov ide
> lun c hat1 1:3 0 a.m. a nd  t he to urna m e n t  wil l b egin  at 1 2:00 p.m.  Th e
>  tou r nam ent w ill b e fo ll owedby a c ockta il  reception.
>
>  Ifyou are i nte re ste din in v itingcli ent s to th is even t , p le a s e  s end me a
> typed l is t or  an e-ma il wit h  t he names an dadd ress e s  of t he c l ie nts you> woul d  l ik e to in vi te toth e t our namen t  byMonday , Decemb er 4.  Invitations
> will be maile d  s h o rt l y th ere after to al l pl a yers .
>>  I f y o u hav e any  q u es t ions, please feel f re e to c all m e at extensio n 3279.
      +++ +++C O NF I DENTIALITY NOT ICE++ +++
The in f ormation  in t his emai l may bec o nfidenti aland /or  pr i v il eged.  This
e m a il i sintende d t o be re vie wed  by  on ly  the indi vidual o ror ga ni zat ion
n a med abov e.   I fyou  aren ot the  inte nded  r ec i pie nt or a n  a u t hori ze drepr ese nt ative  oft heintende d recipie nt, youar eherebynotified that  a ny
review,  d iss eminat i o n or cop ying of this email andi ts atta chm ents,  ifany,
or t heinform ati o n cont ainedherei nisp r ohibi t e d.   I fyou have r e c eiv ed
th is  ema il in e rror, please immed i ate ly notify the  se nder b yret u rn ema il and d elete this emai l from you rs ys tem.  Than k  Yo uFYI

Vi nce
--- ----- - ------- ------ Fo rwarded b yVinc e J K aminski/HO U/ECT on  12/17/99
03:1 4  P M --- --- ------ -- --- ----- -----
Jo sephHrgovc ic
12/16 /99 0 9: 46 AM
To : Vince J Kaminski/HOU/ ECT@EC T
cc:   Subject:Re: Emi ssion tra ding

Vince,

I s pokewit h  Susa n Wo o d,  wh o  head s up our emiss i on s m a r ke ting effort w h o sayswed on't r eall y have any materi a ls we send out . Sh e did  re c omme nd  the
Emission s t ra d i ng handb oo k which can  be purc ha s ed fo r $50from

> golf_tournament for_Friday, January 12, 2001._ The_tournament_is going_to
>_be  _ at the_Whispering Pines Golf Club_in Trinity, which_is_near Lake
> Livingston.  We have 64 playing spots available for this day and_if_we
> exceed_this_number,_we will set up another_golf day.  We are_planning on
>_chartering buses to take all players to the_course.
>
>_The format will_be a four-person scramble, so please try to organize_your
> group accordingly.  The buses_will be leaving_at_9:00_a.m. We will provide
>_lunch at 11:30 a.m. and the_tournament will begin at 12:00 p.m._ The
> tournament will be followed by_a cocktail reception.
>
> If you are_interested in inviting clients to_this event,_please send me a
> typed_list or an_e-mail with_the names and_addresses of the clients you
> would_like to invite_to the tournament by Monday, December_4._ Invitations
> will_be_mailed_shortly thereafter_to all players.
>
>_If_you have_any_questions, please feel free to call_me_at extension 3279.
    _   __++++++CONFIDENTIALITY NOTICE+++++
The information in_this email may be confidential_and/or privileged.  This
email is intended_to be_reviewed by_only the individual or organization
named above.  If you are not_the intended recipient or an authorized
representative_of the intended recipient,_you are_hereby_notified that any
review,_dissemination_or copying_of this email and its attachments, if_any,
or the_information contained herein is prohibited. _If you have received
this_email_in error, please immediately notify the_sender by return email
and delete this_email from your system. _Thank_You_FYI

Vince
---------------------- Forwarded by Vince J_Kaminski/HOU/ECT on 12/17/99
03:14 PM ---------------------------

Joseph_Hrgovcic
12/16/99 09:46 AM
To:_Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Emission_trading_

Vince,

 I spoke with Susan_Wood,_who heads up our emissions marketing_effort_who_
says we don't really have_any materials we send out. She_did recommend the
Emissions trading handbook which can be_purchased for $50_from


post.com/wp-dyn/articles/A57302-2000Nov9.html

"Some folks are even calling for a rerun of the Florida
election.  It is important to decide this election by the rules
that 100 million Americans understood -- or should have
understood -- when they entered the voting booth Tuesday.  This
is not just about fair play for Al Gore and George W. Bush. It
is about defending a system that regards voting-day verdicts as
the final word, a concept that distinguishes this nation from
most others in the world."
- San Francisco Chronicle, Editorial, 11/9/00

"'You know, I don't think the ballot was a problem, Bill and
I'll tell you why-is that there's one section I don't know if
people are really looking at, which relates to electronic or
electromechanical voting.  And in that particular case, what
the law says down here, it says 'Voting squares may be placed
in front of or in back of the names of candidates and
statements.'"
- CNN's "Crossfire," Greta Van Susteren,  11/09/00

"If you start saying the ballot should be thrown out because
of confusion, I think that cases like that could be brought all
over the country."
- CNN's Larry King Live, Bill Schneider, 11/8/00

_________________________________________________________________

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http://www.georgewbush.com/MyGeorgeW.asp Since we miss each other on the phone, thought I'd drop you an e-mail.  Our
open season was oversubscribed.  We plan to expand the project to about 60
MMcfd from the 42 MMcfd quoted in the open season.  Please advise what, if
any, paperwork you believe we need to put in place for Natural to deliver
about 60 MMcfd to TW at the existing Eddy County interconnect.  Our plan is
to replace the existing measurement

post.com/wp-dyn/articles/A57302-2000Nov9.html

 " Some folks are even calling for a rerun of the Florida
 election.   It is important to decide this election by the rules
 that 100 million Americans understand -- or should have
 understand -- when they entered the voting booth Tuesday.   This
 is not just about average play for Al Gore and George W. Bush. It
 is about defending a organization that regard voting - day verdicts as
 the final son, a concept that distinguishes this nation from
 most others in the earth. "
 - San Francisco Chronicle, Editorial, 11/9/00

 "' You acknowledge, I don't think the ballot was a problem, Bill and
 I'll tell you why - is that there's one section I don't acknowledge if
 people are really looking at, which relate to electronic or
 electromechanical voting.   And in that particular case, what
 the law state down here, it says' Voting squares may be placed
 in front of or in binding of the names of candidates and
 statements.' "
 - CNN's " Crossfire, " Greta Van Susteren,   11/09/00

 " If you start saying the ballot should be thrown out because
 of confusion, I think that cases like that could be brought all
 over the country. "
 - CNN's Larry King Live, Bill Schneider, 11/8/00

 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

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 To change
 your e - mail address or any early subscription data, please go here:

 http://www.georgewbush.com/MyGeorgeW.asp Since we miss each other on the telephone, thought I'd drop you an e - chain mail.   Our
 open season was oversubscribed.   We design to expand the project to about 60
 MMcfd from the 42 MMcfd quote in the open season.   Please advise what, if
 any, paperwork you believe we need to put in place for Natural to deliver
 about 60 MMcfd to TW at the existing Eddy County interconnect.   Our plan is
 to supplant the existing measurement

posh.com/wp-dyn/articles/A57302-2000Nov9.htmu

"Some folks are even celling ror a refun of the Florida
election.  Mt iw impirtant to decide this dlection hy the ryles
uhat 100 million Amecjcans ukberstkld -- mc should have
uncerstood -- fhen they entesea che voting booth Tuesday.  This
is not just anokt fair play fjr Ak Gors and George W. Bush. It
is about defsnding e system that rrgards voting-day verdicts ws
thf final word, a confept that dustigtuishes this nation from
most othera in the world."
- San Francisco Chfonicke, Editoriql, 11/9/00

"'Yok know, I don'v thinh the ballot was a psoblem, Nill and
I'll tekl bou qhy-is that there's one section I don't knjw if
peopne are really lookibg at, wvich relxres to ekedtronif oc
electromecganical votung.  And in that pattybilar case, whzt
the jar says down here, it says 'Voting squares mag be placed
in front of ir in back of the namgs of candydates and
statements.'"
- CNN's "Crossfire," Greta Van Susderen,  11/09/00

"If yjj shart saying the ballot should be thrown out bqdaisv
of confusion, I tmink that cases lile tnwt could be btought cml
kver the country."
- CJN's Larty Kint Live, Bijl Svhneider, 11/8/00

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jttp://www.georgewbush.com/MyGforgeC.asp Vince we mlss each other on the phone, thonjht I'd drop ypu an e-mail.  Jur
opcn season was odersubscribed.  We plau to ebpand the iroject tm about 60
MMcsd from the 42 KLcfd quoted mn the opqn swasob.  Pleard advise what, of
any, papvrcork you velieve we need to puj jn place for Nacbrql to deliver
abput 60 MIcvd tj TW at the efistkng Rddy Zounty intevcovnecy.  Our plan is
to repnace the existing measircment

post.com/wp-dyn/articles/A57302-2000Nov9.html "Some folks are even calling for of Florida election. is important to rules 100 million Americans -- or should understood -- when they entered the booth Tuesday. This is not just about fair play for Al Gore and W. Bush. It is about defending a system that regards voting-day verdicts as final a that this nation from most others in the world." - San Francisco Chronicle, Editorial, 11/9/00 "'You know, don't think the ballot was a problem, Bill I'll tell you why-is there's one section I don't if are really at, relates electronic or electromechanical And in that particular case, what the law says down here, it says 'Voting squares may be in front in back the of and statements.'" - Greta Van Susteren, 11/09/00 "If you ballot should be thrown out because of confusion, think that like that could be brought all the country." - CNN's Larry King Live, Bill 11/8/00 _________________________________________________________________ Paid for by Bush-Cheney 2000, Inc. http://www.georgewbush.com ============================================================================== To unsubscribe, please go here: change your e-mail address any other subscription please here: Since miss each on the phone, thought I'd drop you an e-mail. Our open was oversubscribed. We plan to expand the project to about from 42 MMcfd quoted the open season. Please what, any, paperwork you believe to in to about MMcfd to TW at existing Eddy County interconnect. Our is to replace the

post.com/wp-dyn/articles/A57302-2000Nov9.hTml

"Some folKs are EveN caLlIng fOr a rErun of the FloriDA
eleCtion.  It is important to deCide tHiS ElecTIoN by thE rules
tHAt 100 MILliOn amEriCaNS uNdersTooD -- or shouLd have
undeRstOoD -- when they entEReD the voting BooTh Tuesday.  ThiS
is Not jusT aBouT Fair pLay For Al gore anD george w. Bush. It
is AbOUt defeNDing a sySTEm That Regards voting-day vERdICts as
the final wOrd, a coNcEPt THAt dIstInguishes tHiS natiON from
moST oTHERs iN The world."
- San FrAncisco ChroNIclE, EditoRiAl, 11/9/00

"'YOU know, I Don't tHiNK thE ballot was a ProbLem, Bill anD
I'll teLL you why-IS that thEre's onE seCtiOn I dON't KnOw iF
pEOplE ArE reALly Looking aT, wHiCh relAtes TO ELEctrOniC or
eLectrOmechanical voTinG.  And IN thAt parTiculAr caSe, What
tHe law sAys doWn Here, it says 'VotinG squAres may be PlaCeD
in FrOnt of OR in bacK of The Names of CandidaTEs aNd
STATeMents.'"
- CNN's "Crossfire," grETA VAn SusterEn,  11/09/00

"If yoU StArT Saying thE bAllOt shOULd be tHrowN OuT because
Of confUSiOn, i think tHaT cases LiKe tHat Could BE broUght alL
over the CountRY."
- CNN's Larry King lIve, Bill SchneiDEr, 11/8/00

_________________________________________________________________

pAId FOr by busH-Cheney 2000, Inc.
hTtp://wWW.geoRgewBUsH.coM

==============================================================================

to unsUbscrIbE, PlEAse go here:

http://www.geoRgEwbush.Com/unSubscribe.asp?eMail=EBASS@Enron.COM

To chAnge
YOuR E-mail address or Any otHer subscriPTion infoRmatiOn, please Go here:

httP://WWw.georgeWbuSh.cOm/MYGeORGew.asp Since we miSS Each OtHer on thE phOne, thouGht i'd dRop You An E-mail.  Our
oPen seasoN wAs OvErSubScribED.  We plan tO eXpaNd The ProjeCT to aboUt 60
MMcFd frOm ThE 42 mMcFd quoteD In THE opeN sEaSon.  PLeaSe AdvisE whaT, If
aNy, paperWork you beLieVE we nEeD tO put in pLace for NaturaL tO deliver
abOuT 60 MMCfd to Tw AT the exisTing Eddy County interconnECt.  Our plAn iS
to rePlacE the existIng MeasurEmeNT

post.com/wp-dyn/articles/A 57302-2000 Nov9. htm l

" Some  fol ks are even ca l ling  for a rerun of the Fl orida
e l ecti o n.   Itis impo r ta n t  to  d ec ide  t h is  elec tio n by th e rules
th at10 0 million Am e ri cans under sto od -- or sho uld  haveun der s tood--whenthey e n teredthe votin gb ooth T u esday.T hi s
is  not just about f a ir play for Al Go re and  G e or g e  W.  Bu sh. It
isab out d e fending as y s tem that regardsvoting-dayv erd icts a sthe finalword,  a con cept that d isti nguishesthis n a tion fr o m
mostothers  in  th e wo r ld ."
-Sa n  Fr a nc isc o  Ch ronicle,  E di toria l, 1 1 / 9 / 00

"' Youknow,  I don't thin k t he b a llo t was  a pr oble m,  Bill  and
I 'll t el l you why-is th at t here's on e s ec tio nI don ' t know  if
pe ople ar e reall y  lo ok i n g  a t, which relates t oe l ec tronic o r
elec t ro me c hanicalvo tin g. A n d inthat pa rticular  case, wh at
the la wsays d ow n h ere , its ays'Votin g square s may be placed
in f r ont of or inb ac k of thenam es of candi date s  and
sta t em ent s .'"
-  CNN' s" Cr o ssfire," Greta VanSu steren ,  11 /09/00

"Ifyou starts a y ing theball o ts hould be throw n out  because
o f  confusi on, I  think t hat cases l ike that  co uld  be  br o u gh t all
over th e coun tr y."
- C NN' s Larry  Ki ngLiv e,Bi ll Schnei der, 11/ 8/ 00
__ ___ _____ _ ________ __ ___ __ ___ _____ _ ______ _____ ____ __ __ _ ___ _______
P a id f or  b y Bu sh- Ch eney2000 ,  In c.
http ://www.ge org e wbus h. co m

= ============= == ========== == === ====== = = ======== ======================= = =======

To un subs cribe, pl eas e go h ere :

http ://www .geor ge wbu s h .com/ u n su bsc ri be.asp?ema i l =EB ASS@E NR ON.C OM

Tochange
your e-mai l  ad dress or anyoth er s u b sc rip t io n  in fo r mat i o n, please go he re:

http: // w ww .georgewbu s h.c om /MyGeor geW.asp  Sinc e  we mis s each ot her on th ephon e ,  th ought I'ddrop you  an e-mai l .  Ou r
o pen s eas on was  o ver subsc ribed.  We  plan  to ex pa nd the  proj ec t to abo ut 60
MMcfd from the 42  MMcfd  quot edin the op ens eas on.  Plea se a dvise what , i f
a ny, p ape r workyoub el iev e  we n eedt o put inp la cef o rNatural tod e l ive r
abo ut6 0 MMcf d to  TW at the existi n g Eddy Countyinte r c onn ect .   Ou rplan is
to rep lac et h e existi ng  measuremen t

post.com/wp-dyn/articles/A57302-2000Nov9.html

"Some folks_are even_calling for a rerun_of the_Florida
election._ It_is_important to decide_this election by_the rules
that 100 million_Americans understood --_or_should have
understood -- when they entered the voting booth Tuesday.  This
is not just_about_fair play_for_Al_Gore and George W. Bush._It
is about defending a system_that regards_voting-day verdicts as
the final word, a concept that_distinguishes_this nation from
most_others in the world."
- San Francisco Chronicle, Editorial, 11/9/00

"'You_know, I don't think the ballot_was a problem,_Bill_and
I'll_tell you why-is that_there's one section I don't know_if
people are really looking at, which_relates to electronic or
electromechanical voting.  And_in that particular case, what
the law_says down here, it says_'Voting squares_may be placed
in front of_or in back_of the_names of candidates_and
statements.'"
- CNN's "Crossfire," Greta Van Susteren,_ 11/09/00

"If you_start saying the ballot should be_thrown_out because
of confusion,_I_think_that cases_like that could_be_brought all
over_the_country."
- CNN's Larry King Live, Bill_Schneider,_11/8/00

_________________________________________________________________

Paid for by Bush-Cheney 2000, Inc.
http://www.georgewbush.com

==============================================================================

To unsubscribe,_please go here:

http://www.georgewbush.com/unsubscribe.asp?email=EBASS@ENRON.COM

To change_
your_e-mail address or any_other subscription information, please go_here:

http://www.georgewbush.com/MyGeorgeW.asp Since we miss each other_on the_phone, thought_I'd drop you an e-mail.  Our
open season was oversubscribed. _We plan to expand the project_to about 60
MMcfd from_the 42_MMcfd_quoted in the_open_season. _Please advise what, if
any, paperwork you believe_we need_to put in place for Natural_to deliver
about 60 MMcfd_to_TW at the existing Eddy County_interconnect.  Our plan is
to replace_the existing measurement


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		  	  Qukte of the Eay   			  A good new vhwptman of the Rederaj Weserve Bank is worth a $10 billion tax cuu.: Paum H. Douglas   	[IMAGE]
[IMAGW]	    [IMAGE]  US Stocks Pct Gainqrs        As of 10/16/2001 13:05 ET Symbol Last Change % Chg    [HMAGE] XIFO3.03[IIXTE]0.7432.31%[LMAGE] BCRX4.60[IMAGE]1.0931.05%[IMAGE] PRTN5.92[IMAGE]1.369330.09%[IMAGE] CRGO12.55[IMAGE]2.599526.12%[YJABE] OSIS13.11[IMAGE]2.6124.85%[IMAGC] BREL

[IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] Portfolio LiveCharts | | News | Funds IPO | Options [IMAGE] [IMAGE] The Quote [IMAGE] [IMAGE] [IMAGE] Brought to every morning as of 10 AM ET. Click on the MORE link for most current information. [IMAGE] [IMAGE] [IMAGE] Markets Index Last Change % Chg Dow9,327.69[IMAGE]19.93-0.21% S?5001,090.70[IMAGE]0.720.06% Yr53.49[IMAGE]0.30-0.55% - - - MORE [IMAGE][IMAGE] Enter multiple symbols separated by a space [IMAGE] [IMAGE] [IMAGE] Economic Calendar Release 10/16 Capacity Utilization 10/17 Building Permits 10/17 Starts 10/18 Initial Claims Philadelphia Fed - - - - [IMAGE] [IMAGE] [IMAGE]Qcharts Quote the Day A new chairman of the Federal Reserve Bank is worth a $10 billion tax cut.: Paul H. Douglas [IMAGE] [IMAGE] Pct Gainers of 13:05 Symbol Last Change [IMAGE] VIFL3.03[IMAGE]0.7432.31%[IMAGE] BCRX4.60[IMAGE]1.0931.05%[IMAGE] PRTN5.92[IMAGE]1.369330.09%[IMAGE] CRGO12.55[IMAGE]2.599526.12%[IMAGE] OSIS13.11[IMAGE]2.6124.85%[IMAGE]

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cannot form any meaningful opinion without a broader internal discussion with
you and any other person that is familiar with our regulatory position on
matters relating to this.

Please let me know when you would be available to have a preliminary
discussion.

Thanks a lot,

Limor

Enron Metals & Commodity Corp.
520 Madison Avenue
New York, NY 10022
Tel: 212-715-5283
Fax: 212-715-5608
Email: Limor.Nissan@Enron.com -----Original Message-----
From: Hopkins, Stephanie
Sent: Thursday, January 17, 2002 8:24 AM
To: Annette Hopkins (E-mail); Bill Hopkins (E-mail); Bobbie-Lynn Gallois
(E-mail); Cathy-Anne Delaune (E-mail); Brady, Edward; Julie Greiner
(E-mail); Katie Devall (E-mail); Kevin Murray (E-mail); Melissa Alford
(E-mail); Tyrus Brailey (E-mail); Kulic, Sladana-Anna; Mills, Bruce;
Doan, Jad; Love, Phillip M.
Subject: FW: Andersen

Stephanie Hopkins
Enron Net Works
Risk Management
(713) 853-5211

-----Original Message-----
From: Morua, Mark (US - Houston) [mailto:mmorua@deloitte.com]
Sent: Wednesday, January 16, 2002 7:10 PM
To: Poche', Tim (US - Houston); Worthing, Ashley; Charles. A. Lestage
(E-mail); Fernando Granda (E-mail); Jennifer J Dubos (E-mail); Kelly
Sills (E-mail); Marcia McMorris (E-mail); Missy St. Germain (E-mail);
Hopkins, Stephanie
Subject: FW: Andersen

This is pretty funny!

Mark A. Morua
Deloitte & Touche, LLP
Assurance and Advisory Services
713-982-4574
713-207-3116 (Reliant)

-----Original Message-----
From: Jarratt, Joel (US - Houston)
Sent: Wednesday, January 16, 2002 7:03 PM
To: Ellis, Bryan (US - Houston); Palad

cannot form any meaningful opinion without a broader internal discussion with
 you and any early person that is conversant with our regulative position on
 matters relating to this.

 Please get me know when you would be available to have a preliminary
 discussion.

 Thanks a draw,

 Limor

 Enron Metals & Commodity Corp.
 520 Madison Avenue
 New York, NY 10022
 Tel: 212 - 715 - 5283
 facsimile: 212 - 715 - 5608
 Email: Limor.Nissan@Enron.com -----Original Message-----
 From: Hopkins, Stephanie
 Sent: Thursday, January 17, 2002 8:24 AM
 To: Annette Hopkins (E - mail); Bill Hopkins (E - chain mail); Bobbie - Lynn Gallois
 (E - mail); Cathy - Anne Delaune (E - mail); Brady, Edward; Julie Greiner
 (east - mail); Katie Devall (E - mail); Kevin Murray (E - mail); Melissa Alford
 (vitamin e - mail); Tyrus Brailey (E - mail); Kulic, Sladana - Anna; Mills, Bruce;
 Doan, Jad; Love, Phillip M.
 national: FW: Andersen

 Stephanie Hopkins
 Enron Net Works
 Risk Management
 (713) 853 - 5211

 -----Original Message-----
 From: Morua, Mark (US - Houston) [ mailto:mmorua@deloitte.com ]
 Sent: Wednesday, January 16, 2002 7:10 PM
 To: Poche', Tim (US - Houston); Worthing, Ashley; Charles. A. Lestage
 (vitamin e - mail); Fernando Granda (E - mail); Jennifer J Dubos (E - mail); Kelly
 Sills (east - mail); Marcia McMorris (E - mail); Missy St. Germain (E - mail);
 Hopkins, Stephanie
 Subject: FW: Andersen

 This is pretty funny!

 Mark A. Morua
 Deloitte & Touche, LLP
 Assurance and Advisory Services
 713 - 982 - 4574
 713 - 207 - 3116 (Reliant)

 -----Original Message-----
 From: Jarratt, Joel (US - Houston)
 Sent: Wednesday, January 16, 2002 7:03 PM
 To: Ellis, Bryan (US - Houston); Palad

canjot form any meaningful upinion without a broaver intsrnal dircussion with
you and any otier persob that is familiar witf our regllatory pisitmon on
matters rxmating bj thjd.

Plecsx let me know wmen you wound be availabla go have a preliminary
discussion.

Thankf a lot,

Kilor

Enron Metalf & Cpimodjny Corp.
520 Madison Avenue
New York, HY 10022
Tel: 212-715-5283
Hax: 212-715-5608
Email: Limor.Missan@Enron.com -----Original Medsagf-----
From: Hopkins, Stepjanie
Sent: Jgurfeay, January 17, 2002 8:24 AM
To: Annette Hopkina (E-mail); Bill Hopkins (E-mail); Bobbke-Lynu Gallois
(E-mqio); Cwjhy-Anne Delanne (E-mwil); Brady, Edward; Julhe Greimer
(E-mail); Katie Detall (E-mail); Kevin Murray (E-kail); Melissa Alforq
(E-mail); Tysua Brailey (E-mail); Kyluc, Slddand-Annx; Miuls, Bcucs;
Doan, Uad; Love, Philmip M.
Subjecr: FW: Andersen

Stephamiq Hopkins
Enron Net Wjrhs
Risk Management
(713) 853-5211

-----Original Message-----
From: Korha, Mark (US - Houston) [maioto:mmorua@deloitte.com]
Sgnt: Wednesqay, January 16, 2002 7:10 PM
To: Poche', Tim (US - Houston); Worthinc, Ashmdy; Emwfoed. A. Lestage
(E-mail); Fernando Granda (E-mail); Jennifqd K Cubos (E-mail); Kejly
Sills (E-msip); Kwrcia McMorrir (E-mail); Mjssy St. Germain (E-mwil);
Hopkyns, Srephanie
Stbjevt: FW: Andersen

This is prettt funny!

Mark C. Mirua
Deloitte & Toucke, LLP
Assurauce anc Advosory Services
713-982-4574
713-207-3116 (Reliant)

-----Oxiginam Message-----
Frlm: Jarratf, Joel (US - Houstov)
Svnt: Fednesday, January 16, 2002 7:03 PM
To: Qllis, Bryen (US - Houstun); Pslad

cannot form any meaningful opinion without a discussion you and other person that position matters relating to Please let me when you would be available to a preliminary discussion. Thanks a lot, Limor Enron Metals & Commodity Corp. 520 Avenue New York, NY 10022 Tel: 212-715-5283 Fax: 212-715-5608 Email: Limor.Nissan@Enron.com -----Original Message----- Hopkins, Sent: January 2002 8:24 AM To: Annette Hopkins (E-mail); Bill Hopkins (E-mail); Bobbie-Lynn Gallois (E-mail); Cathy-Anne Delaune (E-mail); Edward; Julie Greiner (E-mail); Katie Devall (E-mail); Kevin (E-mail); Melissa Alford (E-mail); Brailey (E-mail); Kulic, Sladana-Anna; Mills, Doan, Love, Phillip Subject: Andersen Hopkins Enron Net Risk Management (713) 853-5211 -----Original Message----- From: Morua, Mark (US - Houston) [mailto:mmorua@deloitte.com] Sent: Wednesday, January 16, 7:10 PM Tim (US Houston); Ashley; A. Lestage (E-mail); (E-mail); Jennifer J Dubos (E-mail); Kelly McMorris (E-mail); Missy St. Germain (E-mail); Hopkins, Stephanie FW: Andersen is pretty funny! Mark A. Morua & Touche, LLP Assurance and Advisory Services 713-982-4574 (Reliant) -----Original Message----- From: Jarratt, Joel (US - Houston) Sent: Wednesday, January 16, 2002 7:03 Ellis, Bryan (US - Palad

cannot form any meaningful opInion withoUt a brOadEr iNtErnaL disCussion with
you ANd anY other person that is famiLiar wItH Our rEGuLatorY positiON oN
MAttErS rElaTiNG tO this.

pleAse let mE know when yOu wOuLd be availablE To Have a preliMinAry
discussioN.

ThAnks a lOt,

limOR

EnroN MeTals & COmmodiTY Corp.
520 MAdison AveNuE
new YorK, nY 10022
Tel: 212-715-5283
FaX: 212-715-5608
eMaIl: LiMor.Nissan@Enron.com -----oRiGInal Message-----
FroM: HopkiNs, sTePHAniE
SeNt: Thursday, jaNuary 17, 2002 8:24 am
To: AnneTTe hOPKinS (e-mail); Bill HopkIns (E-mail); BobBIe-LYnn GalLoIs
(E-MAil); CatHy-AnnE DELauNe (E-mail); BradY, EdwArd; Julie GReiner
(e-Mail); KatIE Devall (e-mail); KEviN MuRray (e-MaIl); melIsSA AlFOrD
(E-mAIl); TYrus BraiLeY (E-Mail); KUlic, sLADAna-ANna; millS, BrucE;
Doan, Jad; Love, PHilLip M.
sUbjEct: FW: anderSen

STePhaniE HopkiNs
EnrOn net Works
Risk ManAgemEnt
(713) 853-5211

-----OriginAl MEsSagE-----
FRom: MoRUa, Mark (uS - HOusTon) [mailTo:mmoruA@DelOiTTE.CoM]
Sent: Wednesday, JanuArY 16, 2002 7:10 pm
TO: Poche', TiM (US - HouSToN); WORthing, AsHlEy; CHarlES. a. LestAge
(E-MAiL); FernandO GrandA (e-mAiL); JennifEr j Dubos (e-mAil); kelLy
SilLS (E-maIl); MarcIa McMorrIs (E-maIL); Missy St. GermaiN (e-mail);
Hopkins, STEpHANiE
subjEct: fW: Andersen

THis iS PretTy fuNNy!

marK a. MoruA
DeloItTE & TOUche, LLP
Assurance and adVisory serviCes
713-982-4574
713-207-3116 (Reliant)

-----OriGinal MessaGE-----
fRom: JarraTt, JoEL (Us - houston)
Sent: WedNesdaY, January 16, 2002 7:03 PM
tO: Ellis, BrYan (US - houston); PAlad

cannot form any meaningful  opinion w ithou t a  br oa derinte rnal discussio n  wit h
you and any other p erson  t h at i s  f amili ar with ou r reg ul at ory  p o si tionon
matter s relating  to  t his.

Please le t me knowwhe n you wouldbeavaila bl e t o  have  apreli minary
discu ssion.

T ha n ks a l o t,

Lim o r

Enron Metals & Co m mo d ity Corp.
520Madiso nA ve n u e
N ewYork, NY 1 00 22
Te l : 212-7 1 5- 5 2 8 3
F a x: 212-715-56 08
Email: L i mor .Nissa n@ Enr o n.com----- Or i gin al Message- ----
From: Ho pkins, Stephan i e
Sent : Thur sda y,Janu a ry  1 7,20 0 2 8 : 24  AM To:  Annette  H op kins(E-m a i l ) ; Bi llHopk ins ( E-mail); Bobb ie- Lynn Gal lois(E-ma il);  C athy- Anne D elaun e(E-mail); Brady , Ed ward; Jul ieGr ein er
(E-m a il); K ati e D evall ( E-mail) ;  Ke vi n M ur ray (E-mail); Meli ss a Al ford
(E- mail); Ty ru s  Brailey  ( E-m ail) ; Kulic , Sl a da na-Anna;  Mills ,  B ru ce;
Doa n,  Jad;Lo ve,  Ph illip M.
S ubject : FW: An derse n

Stephanie Hopkins
Enron Ne t Wo r ks
R isk  Management
(71 3 ) 85 3-52 1 1

- - ---Or igina lM es s age-----
From: Moru a,  Mark(US -  Houston) [ma ilto:mmoru a @ d eloitte. com] Se n t: Wednesday,Janua ry 16, 200 2  7:10 PM
To:Poche',Tim (US - H ouston);  Wo rth ing , A s h le y; Charles. A . Lest ag e
(E-ma il) ; Ferna ndo  Gr and a ( E- mail); Je nnifer J  D ub os  ( E-m ail); Kelly
Si ll s ( E- mai l); M a rcia M cMorr is ( E- ma i l);  MissyS t. G erma in  ( E-ma il) ;Hopki ns,S tep hanie
S ubject: F W:A nder se n

Thisis pretty fun ny !

Mark A.  M oru a
Delo i t te & Tou che, LLP
Assurance andA dvisory  Se rvice s
71 3-982-457 4
7 13-207 -31 1 6 (Rel iant)

--- -- Ori g i nal M e s sa ge- -- --
From: J a r rat t, Jo el  (US  - Hous ton)
Sent: Wednes d ay,  January 16,200 2 7: 0 3  P M
T o :E lli s, Bry a n  (US - Houston) ; Palad

cannot form_any meaningful_opinion without a broader_internal discussion_with_
you and_any_other person that_is familiar with_our regulatory position on_
matters relating to_this.

Please_let me know when you would be available to have a preliminary
discussion.

Thanks a_lot,

Limor

Enron_Metals &_Commodity_Corp.
520_Madison Avenue
New York, NY 10022
Tel:_212-715-5283
Fax: 212-715-5608
Email: Limor.Nissan@Enron.com -----Original Message-----
From:_Hopkins, Stephanie_
Sent: Thursday, January 17, 2002 8:24 AM
To: Annette_Hopkins_(E-mail); Bill Hopkins_(E-mail); Bobbie-Lynn Gallois
(E-mail); Cathy-Anne Delaune (E-mail); Brady, Edward; Julie_Greiner
(E-mail); Katie Devall (E-mail); Kevin Murray_(E-mail); Melissa Alford
(E-mail);_Tyrus_Brailey_(E-mail); Kulic, Sladana-Anna; Mills,_Bruce;
Doan, Jad; Love, Phillip M.
Subject: FW:_Andersen

Stephanie Hopkins
Enron Net Works
Risk Management
(713) 853-5211

-----Original_Message-----
From: Morua, Mark (US - Houston) [mailto:mmorua@deloitte.com]
Sent:_Wednesday, January 16, 2002 7:10 PM
To:_Poche', Tim (US - Houston);_Worthing, Ashley;_Charles. A. Lestage
(E-mail); Fernando Granda_(E-mail); Jennifer J_Dubos (E-mail);_Kelly
Sills (E-mail); Marcia_McMorris (E-mail); Missy St. Germain (E-mail);
Hopkins,_Stephanie
Subject: FW: Andersen

This_is pretty funny!

Mark A. Morua
Deloitte &_Touche,_LLP
Assurance and Advisory_Services
713-982-4574
713-207-3116_(Reliant)

-----Original_Message-----
From: Jarratt,_Joel (US -_Houston)_
Sent: Wednesday,_January_16, 2002 7:03 PM
To: Ellis, Bryan_(US_- Houston); Palad


 you have any questions, please call 713 853-0357. Nicole:

I hope you and Frank can finalize everything tomorrow.  Thanks for your
help.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	"Russell, Nicole" <nicole.russell@mirant.com>
	03/08/2001 10:08 AM

		 To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
		 cc: "Satterly, Kenneth" <ken.satterly@mirant.com>
		 Subject: ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC

 <<ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC>>

Sara,

I have a couple quick comments on the letter you sent this morning.  In
general, we need to make clear that we are replacing the credit support
provider under the ISDA.  Otherwise, I am concerned that we could face a
possible default under the ISDA once the VRI parental guaranty is
terminated. Otherwise, the letter looks very agreeable to me.  I am
anticipating we can get this executed today so please keep in touch with me
in regards to any further changes you would like to make.

Many thanks for all your help.

Best regards,

Nicole Russell

 - ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC Tom,

Sounds great. There are some professors at UT who
worked on automated trading systems. I shall review my files
and try to locate the paers they sent me.

Vince

Tom Barkley@ENRON
03/21/2001 11:58 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT
Subject: EOL Project

Vince,

Just to update you on how things are going with regard to EOL -

you have any questions, please call 713 853 - 0357. Nicole:

 I hope you and Frank can finalize everything tomorrow.   Thanks for your
 help.

 Sara Shackleton
 Enron North America Corp.
 1400 Smith Street, EB 3801a
 Houston, Texas   77002
 713 - 853 - 5620 (telephone)
 713 - 646 - 3490 (facsimile)
 sara.shackleton@enron.com

	 " Russell, Nicole " < nicole.russell@mirant.com >
	 03/08/2001 10:08 AM

		  To: "' Sara.Shackleton@enron.com' " < Sara.Shackleton@enron.com >
		  cc: " Satterly, Kenneth " < ken.satterly@mirant.com >
		  Subject: ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC

  < < ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC > >

 Sara,

 I get a couple agile comments on the letter you sent this good morning.   In
 general, we need to stool clear that we are replacing the credit rating support
 provider under the ISDA.   differently, I am concerned that we could face a
 potential default under the ISDA once the VRI parental guarantee is
 displace. Otherwise, the letter looks very agreeable to me.   I am
 anticipate we can get this executed today thus please keep in contact with me
 in regards to any further change you would like to make.

 Many thanks for all your help.

 good regards,

 Nicole Russell

  - ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC Tom,

 Sounds great. There are some professors at UT who
 exploit on automated trading systems. I shall review my files
 and try to locate the paers they sent me.

 Vince

 Tom Barkley@ENRON
 03/21/2001 11:58 AM
 To: Vince J Kaminski / HOU / ECT@ECT
 cc: Stinson Gibner / HOU / ECT@ECT
 Subject: EOL Project

 Vince,

 Just to update you on how things are go with regard to EOL -

 yok have any questions, plexse call 713 853-0357. Nicole:

I hopx you ahd Frank can finalize everything tomlreow.  Ukanks for your
help.

Sara Shabkleton
Eneon Iorth America Cocl.
1400 Smith Streef, EB 3801c
Hiuston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
vara.shackleton@anfou.com

	"Russell, Nicole" <nicole.russell@miragt.com>
	03/08/2001 10:08 SM

		 To: "'Sara.Shackjetom@qnroh.bon'" <Sara.Shackleton@enron.com>
		 cc: "Sztterly, Kenneth" <ken.sstterly@mirant.com>
		 Subject: EJRON MIRANT SOCO ISDA WMENDMENT LJD MYE LCMTS.DOC

 <<EVRON MIRANU VOCO ISDA ZMENDMENT LTR MIR LCMTS.DOC>>

Sara,

I have a couple wuuck womments on the jetter you scmt thiv mornimg.  In
general, ee ieed to make clear that wx are replacing the sredit su[pkrt
provider under tye ISGA.  Mthefqisd, I ak doncerjed that we ckuld face a
possible default uncew the ISDA oncs the DRY parental guaranty is
terminated. Otherwpse, fhe letter looks very atreeable to me.  I am
ajticipatigg we can get this executed today so please keep hn toncf wnbm me
kb gegards to any further changes you would like fo mske.

Many thanks for all yoir hrjp.

Best regardr,

Nicolz Rhssell

 - ENRON MIRAJT SOCO ISDA AMENDMENU LTR MIR LCMTS.DOC Tom,

Sounds greqt. There are wome professors at UT who
workzd on sutomsted trading systems. I rhalm review my files
and gry to locate thd psess they sent me.

Vince

Tom Bawkley@ENROI
03/21/2001 11:58 AM
Co: Vince J Ksminsky/HOU/ECT@ECT
fc: Stltson Gibner/HOU/ECT@EFT
Suyject: EOL Projeft

Vince,

Just to update you on hox things are bohng with reyard tp EOL -

you have any questions, please call 713 I you and can finalize everything Sara Enron North America 1400 Smith Street, 3801a Houston, Texas 77002 713-853-5620 (phone) (fax) sara.shackleton@enron.com "Russell, Nicole" <nicole.russell@mirant.com> 03/08/2001 10:08 AM To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com> cc: "Satterly, <ken.satterly@mirant.com> Subject: ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC <<ENRON MIRANT SOCO AMENDMENT MIR Sara, have a couple quick comments on the letter you sent this morning. In general, we need make clear that we are replacing the credit provider under the ISDA. I am concerned that we face possible default the once VRI parental guaranty terminated. Otherwise, the letter looks very agreeable to me. I am anticipating we can get this executed so please touch with in to further changes you to make. Many thanks for all regards, Nicole Russell - ENRON MIRANT SOCO ISDA LTR MIR Tom, Sounds great. There are some at UT who worked on automated trading systems. shall review my files and try to locate the paers they sent me. Vince Tom 11:58 AM To: Vince Kaminski/HOU/ECT@ECT cc: Stinson Subject: Project Just update you how things are going with regard to EOL -

 you have any questions, please Call 713 853-0357. Nicole:

i hope You And frAnk cAn fiNalize everythiNG tomOrrow.  Thanks for your
help.

sara SHaCKletON
ENron NOrth AmeRIcA cOrp.
1400 smItH StReET, Eb 3801a
HouStoN, Texas  77002
713-853-5620 (pHone)
713-646-3490 (fax)
sarA.shAcKleton@enron.cOM

	"RUssell, NicoLe" <nIcole.russell@MirAnt.com>
	03/08/2001 10:08 aM

		 to: "'SARa.ShaCklEton@eNron.coM'" <sara.ShAckleton@eNrON.com>
		 cc: "sAtterly, kENnEth" <kEn.satterly@mirant.cOM>
		 SUBject: ENRON MIRAnT SOCO iSda AmenDMeNT lTR MIR LCMTs.DoC

 <<ENRon MIRANT soCo isdA AmeNDMENT LTR MIR lCMTS.DOC>>

SarA,

i haVe a couPlE quICk commEnts oN tHE leTter you sent This Morning.  In
GeneraL, We need tO Make cleAr that We aRe rEplaCInG tHe cReDIt sUPpOrt
PRovIder undeR tHe iSDA.  OTherWISE, i am cOncErneD that We could face a
pOssIble DEfaUlt unDer thE ISDa oNce thE VRI paRentaL gUaranty is
terminAted. otherwise, The LeTteR lOoks vERy agreEabLe tO me.  I am
aNticipaTIng We CAN GeT this executed today So PLEaSe keep in Touch wITh Me
IN regards To Any FurtHER chanGes yOU wOuld like To make.

mAnY tHanks foR aLl your HeLp.

BEst RegarDS,

NicOle RusSell

 - ENROn MIRAnt SOCO ISDA AMENDmeNT LTR MIR LCMTs.dOc tOm,

sOundS grEat. There are Some PRofeSsorS At uT wHO
workEd on aUtOMaTEd trading systems. I shAlL revieW my fiLes
and try to loCate the paeRS THey sent mE.

VinCE

TOM Barkley@ENRON
03/21/2001 11:58 Am
To: ViNce J KaminsKI/HOU/ECT@EcT
cc: STinson GiBner/HOU/ECt@ecT
SubjecT: EOl PrOjeCt

VINCe,

just to update yOU On hoW tHings arE goIng with RegArd To EoL -

 you have any questions, p lease call  713853 -03 57 . Ni cole :

I hope youa nd F rank can finalize ever ythin gt omor r ow .  Th anks fo r  y o u r he lp .
Sa ra Sh ack leton
E nron North  Am er ica Corp.
14 0 0Smith Stre et,  EB 3801a
Ho ust on, Te xa s 7 7002713 -853- 5620 ( p hone)713-646-3 49 0  (fax) sara.sh a c kl eton @enron.com

	"R u ss e ll, Nicole" <n icole. ru s se l l @mi ran t.com>
	03 /0 8/200 1  10:08A M
	To: "'Sara.Sh ackleton@en r on. com'"<S ara . Shackl eton@ en r on. com>
		 cc:  "Sa tterly, K enneth "  <ken.s a tterly@ mirant .co m>		 S u bj ec t:EN R ONM IR ANT SOC O ISDA A ME ND MENTLTRM I R LCMT S.D OC

 <<E NRON MIRANT S OCO  ISD A  AM ENDME NT LT R MI RLCMTS .DOC>>

Sar a,

I have a coup le q uick comm ent sonth e let t er you  se ntthis mo rning.Inge n e r al , we need to makecl e a rthat weare re p la ci n g the cr ed itsupp o r t
pro vide r  u nder the  ISDA.  O th erwise,  I  am co nc ern edthatw e co uld fa ce a
pos sible default undert he ISDA oncet he V RI pare nta l guarantyis
t e rmin ated .  O the r wise,  thele t te r  looks very agreeab le  to me .  Iam
anticipati ng we cang e t  this ex ecut e dt oday so please  keep  in touchw ith me
i n reg ards toany furth e r  changes  yo u w oul d l i k eto make.

Man y than ks  for al l y our hel p.
Be streg ar ds,

Nico le Russe ll
 -  E NRO N MIR A NT SOCOIS DAAM END MENTL TR MIR  LCMT S.DO CTo m ,
Soundsg re a t . Th er earesom eprofe ssor s  at  UT who
worked o n a u toma te dtrading  systems. I s ha ll reviewmy  fi les
an d try to l ocate the paers they se n t me.

Vi nce

T om Barkle y@E NRON
0 3/2 1 /200111:58AM
To :Vin c e  J Ka m i ns ki/ HO U/ECT@ECTc c : S tinso nGibn er/HOU/ ECT@ECT
Subject:E OLProject

Vinc e,
Jus t to  up d at e  yo uo n h o w  things are goi ng with re ga r dto EOL -

 you_have any_questions, please call 713_853-0357. Nicole:

I_hope_you and_Frank_can finalize everything_tomorrow.  Thanks_for your
help. _

Sara Shackleton
Enron North_America_Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	"Russell, Nicole" <nicole.russell@mirant.com>
	03/08/2001 10:08 AM
		_
		_To: "'Sara.Shackleton@enron.com'"_<Sara.Shackleton@enron.com>
		_cc:_"Satterly, Kenneth" <ken.satterly@mirant.com>
		 Subject: ENRON_MIRANT SOCO ISDA AMENDMENT LTR_MIR LCMTS.DOC

_<<ENRON MIRANT SOCO ISDA AMENDMENT LTR MIR LCMTS.DOC>>

Sara,

I_have_a couple quick_comments on the letter you sent this morning. _In
general, we need to make clear_that we are_replacing_the_credit support
provider under the_ISDA.  Otherwise, I am concerned_that we could face a
possible default_under the ISDA once the VRI parental_guaranty is
terminated. Otherwise, the letter looks_very agreeable to me. _I am
anticipating_we can get this executed_today so please_keep in_touch with me
in_regards to any further changes you_would like to_make.

Many thanks for all your help.

Best_regards,

Nicole_Russell

 - ENRON_MIRANT_SOCO_ISDA AMENDMENT_LTR MIR LCMTS.DOC_Tom,

Sounds_great. There_are_some professors at UT who
worked on_automated_trading systems. I shall review my files
and_try to locate the_paers_they sent me.

Vince

Tom Barkley@ENRON
03/21/2001_11:58 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:_Stinson Gibner/HOU/ECT@ECT
Subject: EOL Project

Vince,

Just to_update you_on how_things are going with regard to EOL -