IN: The following items were discussed in this week's ETS Corporate Change Control Items Sept. 24 From 12:00 a.m. through 10/07 at 11:45 p.m., Enron Network Services is implementing a moratorium on all network changes one week prior through one week after the first move of users to Enron Center South. This moratorium will probably be limited to routing changes, no new networks, no changes to existing networks, etc. No impact to ETS networks is expected. Sept. 29 From 7:00 a.m. - 5:00 p.m., Facilities will install a water leak detection system and supporting equipment on EB34 server rooms. They will also perform some miscellaneous tasks. No impact is expected. Sept. 29 From 6:00 p.m. through 9/30 at 3:00 a.m., the EDI team will upgrade the edinet.enron.com server hardware and software. This maintenance will also result in an IP address changes for edinet.enron.com and ecnet.enron.com. While some of the maintenance will begin at 6:00, there will be no EDI outage until 11:00 p.m. From 11:00 p.m. through 9/30 at 3:00 a.m., there will be a total disruption of service.

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OUT: ETS Corporate Change Control Items

IN: I go away for a day and come back to yet another $40 million of PGE exposure. I guess the lesson is to not go away. Where does this end? This is a painful way to learn about derivative credit exposure. Please inform all "deal doers" at EES that they better have RAC review their deals (Mercury) in detail before they sign. This is more out of control than anything else we have at Enron. Rick

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OUT: Another $40 Million?

IN: In a continuing effort to align the legal groups with the business groups, the Power Trading and East Origination/Gas Trading Groups have merged to form the Energy Group of the Wholesale Legal Department. The Energy Group will be co-headed by Jeff Hodge and Elizabeth Sager. While the work handled by the new group will be essentially the same work handled by the predecessor groups, the new structure will give more opportunity for training across the commodities. If you have any questions, please do not hesitate to contact me.

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OUT: EWS Legal Department

IN: Martin Cuilla has kindly agreed to offer his time to help us understand some of the key concepts as trading Natural Gas. Therefore, starting sometime next week, we will be arranging a weekly Q/A. Please forward me any questions/topics you wish to discuss, so we can organize an itinerary, i.e. : What products do we trade? How do you manage risk ? What does this floor trade on a daily basis? Overview his job function? How is P/L calculated throughout/end of day? The difference between physical and financial products? The difference between Nymex, Basis, Cash, Prompt Physical, Prompt Financial, Term, ROM etc? Explanation of the concept of Basis Differential? How do transportation costs affect Basis calculations? How the Nymex products affect the above... i.e. auto hedge? What are the downstream systems, i.e. Sitara for physical etc?

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OUT:
Training