Subject: "You gotta laugh".

Body: Ben noticed a mistake in the ABB contract - one I missed. Enron's address was listed as 1400 Louisiana. I could not figure out where that address came from, as it had been correct before. I asked Kathy and she told me that she changed it from Smith to Louisiana because she thought that was the correct address. Ok, now I'm scared.

Subject: "New York".

Body: Louise, I talked in detail with Caroline this am. We need to identify where Caroline is going to reside. I understand that UBS has two operations in NY - I think you and Hutchins need to decide what makes the most sense (ie synergies). It is critical that we get this resolved so that Caroline has some infrastructure around her.

Subject: "Media Statement".

Body: Just a short note to let you know that I received a call from Rod Bosche of PG&E apprising me of a meeting PG&E will be having with SW Gas this tuesday. They will be discussing PCB issues and the sampling results from the PG&E system. From discussions with Louie, a media statement is being prepared by them which Louie has a copy of. The statement is a little harsh and makes some statements which are incorrect. Louie and I are planning to attend this meeting in Las Vegas to possibly assist in making some suggestions about rewording their statement and provide some additional insight and history on the Transwestern system with respect to PCB's. The results of this meeting will be forwarded at a later date.....

Subject: "IT revenue crediting".

Body:
I've gotten a bit more educated about IT revenue crediting since you asked your question yesterday. "IT revenue crediting" is an industry term used to describe a requirement (brought about either by a FERC order or a rate case settlement) that IT revenues in excess of a certain dollar amount will be credited back to all firm shippers in the next rate proceeding or thru some refund mechanism. Transwestern is currently not under any IT revenue crediting obligation, and I would be very hesitant to negotiate any such obligation with any individual shipper because then we would have to do the same for all firm shippers on a nondiscriminatory basis. If you need more info, let's talk.