Here is an email: We are nearing the "final" form of the document for further use. I have asked Bradford to speak with you regarding use of it for major trading counterparties that may not be investment grade, but with whom Credit sees the ability to greatly enhance our liquidity via netting of margin requirements (not the small accounts). Two issues. 1. Do you think we should write a risk memo concerning the issues surrounding the ultimate effectiveness under the Code and "square setoff" rights? Basically, the intent would be to clarify that if a court did not enforce the close-out netting, and then did not enforce the square setoff, our collateral position on a trading master by trading master basis could be underwater because we would have netted the positions under the master netting agreement for margining purposes. Further to this, the bankruptcy reform aspects of this issue are not moving as previously hoped due to consumer issues and current events. 2. FYI: It has come to my attention this week that Global Finance has consummated a receivable financing, and desires to consummate additional such financings which conflict with master netting agreements in place (as well as setoff language in trading contracts) and with the general concept of master netting for the future. We are meeting tomorrow with Bradford and Global Finance representatives to gather facts, sort through the issues, and try to resolve what appear to be different objectives concerning trading receivables. From a cash perspective, I would think Enron as whole would get more benefit from master netting (dollar for dollar benefit) than loan security (which would never be a dollar for dollar benefit)--do you think this is a correct analysis?
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A: Master Netting Agreement: Update, Issues, Questions
Q: Harry, Iris and Brandon: Just finished up another call with my counterparty at Dominion. Here are the opportunities: 1. GridSouth - (They really want to dump in "CP&L East" - anything we can do to facilitate this will better meet customer requirements. Capacity: 2003 - 100MW 2004 - 250MW 2005 - 570MW for five years Will accept day-ahead dispatch. Really want 8 hour minimum runs w/ 5x16 availability. Heat Rate: 7200 VOM $2/MWh 2. Entergy - They want a straight 7x24, 365-day power purchase @ fixed price. Capacity: 65MW Start Date: July 2002 Term: 5 Years Price: $x/MWh 3. TVA - Peaker Really want intra-day call w/4hr notice for 4hr minimum run time. Capacity: Tell me what, if any, we can do. Start Date: June 2004 Availability: 5x16 June-Aug; Dec-Mar Heat Rate: 10,900 VOM: $2/MWh Let's really try to see if we can do the intra-day. If absolutely not available for 4hr min run time, see if we can do 8hr min. If this is absolutely not possible, let's try to quote day-ahead 8hr min at the very least. 4. TVA - Combined Cycle This one we already quoted at $3.97/KW-mo for 4-year, 5x16 call, beginning 1/1/03 for 7,000 Heat Rate; $2 VOM. This was for day-ahead, 16hr min run time. Tell me how much the price changes if we reduce min run time from 16hrs to 8hrs. Please call me in NY @ 212-715-5953 to discuss, if you have any questions. Thanks for all your work. I think we have a real opportunity here, if we can respond positively on a few fronts. Regards, Greg
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A: Dominion Opportunities
IN: Kathy, Could you run a mini-book of all the deals in my FX book as of today. I am setting up a new model and want to double check that I have all the correct deals. Thanx,

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OUT: IM FX Positions
IN: This is an email
Current Plan: Days away: Sept. 21 through Oct. 3 (assuming you work on the day we leave and go back to work the day after we return) 9 work days Wed. Sept. 20 - Leave Houston around 6:00 pm Thur. Sept. 21 - Arrv. London early a.m., transfer to flight to Nice - Arrv. Nice around noon? rent car & drive to first hotel (less than 1 hour away); collapse Fri. Sept. 22 - Stay in same hotel, visit Monaco, Nice? Sat. Sept. 23 - Drive to St. Tropez - through Nice , Cannes & other coastal towns, check-in mid afternoon Sun. Sept. 24 - St. Tropez Mon. Sept. 25 - St. Tropez Tue. Sept. 26 - Drive to Nice, return car, fly to Paris Wed. Sept. 27 - Paris Thur. Sept. 28 - Paris (Versailles or Fontainbleu - half day side trip) Fri. Sept. 29 - Paris (Giverny - Monet's gardens - 3/4 day side trip) Sat. Sept. 30 - Paris Sun. Oct. 1 - Paris to London in afternoon - probably by Eurostar train - (arrv. London late afternoon) Mon. Oct. 2 - London (meetings for CLH) Tues. Oct. 3 - Fly London to Houston (lv. around noon, arrv. around 4:30pm)

What is the subject?

OUT: Vacation Dates
QUESTION: I have attached a memo from Don Black regarding his meeting with Duke yesterday. As you will note,this memo outlines the factual differences between the parties. The legal issue is one straight out of first year Contracts class: Was there a meeting of the minds so as to create a binding contract? When I first looked at this I was somewhat concerned. In response to an email from Duke describing a particular index pricing, Julian responded simply "I agree." But after talking to Don, Greg Whalley ,reviewing all the email correspondence, and, most importantly, listening to the trader tapes, I am convinced that Julian never agreed to the index that Duke is alleging. In other words I think we can make a good argument to get around the damaging " I agree" email. It is clear that Duke's trader didn't, and probably still doesn't understand what index she was usingin her email. The Master Agreement provides for arbitration in Houston with three arbitrators, one of whom must have 8 years of experience in derivatives. I'll take my chances with that kind of panel. I estimate our liklihood of prevailing is in the 70-80% range. Let me know if you need anything further.
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ANS: Duke meeting
IN: Group, Wheelabrator Martel (MARTEL_2_AMFOR) went down at approximately 1330 PPT on Monday, 10/22. They are expected to be down through HE2 Wednesday, 10/24 while fixing a tube leak. Please purchase 10mw for them through HE2 on Wednesday, NP15. Thanks,

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OUT:
Wheelabrator Martel Outage