Here is an email: CAISO BOG 10/25/01 Notes taken by G. Alan Comnes Meeting went from about 10:30 to 1 p.m. Written materials discussed at this meeting are available at www.caiso.com/bog. 1. Budget. Board approved budget, which contains a significant increase in GMCs and, for the first time applies GMC fees, on the self provision of A/S. The motion to adopt was modified to say the Board would revisit budget if, in response to Gov. Davis requests to par budgets, the CAISO budget is cut. 2. Retirement plan Audit 3. Allocation of Above-MCP 487 charges. This mechanism will improve the allocation of OOM costs so that the per-MWh charges match up with actual OOM costs. Stated that penalty revenues used to lower OOM costs could come from imbalance penalties. Action. approved (?) to allow staff to make a tariff amendment on this change. 4. Winter Assessment. Presentation by staff Kahn took issue (i.e., did not even want staff report presented) that CAISO does an assessment without consulting the Power Authority, CPUC, and the CEC. Worried about conflicting with the other resource assessments out there and giving media ways to take shots at DWR buying practices. In the end, the full presentation was not given but questions were asked about whether the assessment spells trouble or provides assurance. The answer: things are tight in some months but are expected to be ok given the level of conservative assumptions used in the analysis. Action: staff was tasked to compare this assessment with CEC's and others and come back in another month. 5. Generator maintenance program. Will use GADS data. This program is mandatory for PGA generator units. CAISO staffer represented that no other ISO has a prescriptive program like the one CAISO is proposing. Current schedule: brief FERC staff next week, return to Board in November for approval, make FERC filing, implement in early '02. Benchmarks are based on each unit's historical performance; i.e. dogs will be benchmarked against their past doggy behavior. There is no component to raise the "bar" on performance but a unit that falls relative to past performance would trigger further review. 6. MSC Selection Committee. MSC provides "independent" review of the CAISO markets for CAISO, the state, and FERC. Wolak is the only member left at the moment. Selection committee will be Sheffrin, Wolak, and Borenstein. Candidates will go to Exec. Director and the final candidates to the Board in February 2002 (!). Kahn questioned how the MSC can survive with only one member and take until February 02 to select a final members. Nonetheless, the glacially paced schedule was adopted. 7. FERC RTO Seams Issues. Steve Greenleaf presented. Updated BOG on RTO week and said that the "4 RTO" model took a step backward ("off the table" in the words of Chair Wood) in response to criticism from state PUCs on Thursday. (Is this an accurate recounting of Day 4?). ISO is engaged in interregional coordination. Mentioned "CSIC" group Mentions SSGWY's (? )sponsorship of a market monitoring workshop on November 16. 8. Update of CERS Settlement BEEP/AS Payment Procedure. Edison and PG&E "are making progress" but no agreement with CERS have been reached. SDG&E signed and the procedure was implemented at least in part with SDG&E. 9. Monthly reports: financial. 10. Monthly reports: DMA. Sheffrin. Mostly followed the briefing charts. Emphasized the following: CERS OOM purchases are generally down and are reasonably priced once purchases and sales are disaggregated. Said that suppliers are still bidding above costs. DMA files confidential reports that include info on bidding data weekly to FERC. Bids are not coming down. Intrazonal congestion is up due to new generation coming on line. That allows generators to play the "dec" game.
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A: Minutes from last Thurs' CAISO Board Meeting (Sorry for the delay)
Q: Get Connected with e-Statements. Sign up for Electronic Statements from Enron Federal Credit Union by November 15 to be entered into a contest to win a Palm Vx! Log on to www.enronfcu.com to apply or for more information.
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IN: Earlier this year, the Joint Legislative Audit Committee instructed the Legislative Analyst to prepare a fiscal and policy analysis of the California Power Authority. That report was released today during an informational hearing. I have forwarded a copy of the report to Jeff. I will forward a brief overview by facsimile to San Francisco, Houston and Portland. The highlights of the report are as follows: The focus of the CPA has shifted dramatically since its inception. The CPA originally focused on purchasing peakers whereas it is now focused on DSM. There are several areas that may warrant additional legislative activity: Provide legislative oversight Establish a mechanism for using revenue bonds Clarify the CPA's eminent domain authority Clarify the power of the CPA to invest in transmission Clarify the relationships between all California power agencies In addition, I spoke to Energy Committee staff today about next year's possible activities. In their estimation, the Legislature may be forced to address some of the items in the LAO report regarding the CPA. In addition, they have to do something regarding the bonds because SBX2 18 was never sent to the Governor because of his threatened veto. They expect no bills authorizing grants or incentives due to the state's budget crunch. Senator Bowen is still interested in DA and green DA, but they see this as a second tier item. The future of DA will be dictated in part by how the CPUC addresses the undercollection.

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You may recall that Lilly entered into a joint venture with Chugai in 1999 to gain assistance with developing a number of Lilly compounds in Japan and as an opportunity to work closely with Chugai as a prelude to acquiring a significant interest in the company. As we discussed in June, it became clear that Lilly would not acquire such interest in Chugai and we no longer need Chugai's help with clinical development. Therefore, we decided to terminate the joint venture. Attached to this message is a copy of the press release Chugai will issue tomorrow morning regarding the dissolution of the joint venture and a related amendment to the 1995 agreement under which Chugai will co-market raloxifene. Please do not hesitate to call me if you have any questions in this regard. Alecia A. DeCoudreaux - CLCR Release Eng final version.doc

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IN: 1. We have received an executed Second Amendment to Master Agreement dated as of September 27, 2001 by and between Barclays Bank PLC and Enron North America Corp., which amends (a) certain provisions in the Master Agreement with regards to Payments on Early Termination and (b) certain credit provisions for both parties. 2. We have received an executed Third Amendment to Master Agreement dated as of November 6, 2001 by and between Barclays Bank PLC and Enron North America Corp., which amends certain provisions in the ISDA Master Agreement dated as of January 13, 1994. Copies of both Amendments will be distributed.

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Amendments - Barclays Bank PLC