Here is an email: I thought you might enjoy this. You should have seen Michael's eyes while he was riding in that Mercedes convertible yesterday. He was speechless, and you know how rare that is! I suspect we will be hearing about it now... Kay
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A: Michael
Q: Confidential: For Internal Distribution Only The purpose of this e-mail is to bring everyone in the loop on activities on the west desk that we are undertaking to preserve as much value in our book as possible. I realize that our efforts to date have not been communicated to all internal people who need to know what we are doing. My apologies for this. Hopefully this e-mail will accomplish that goal. A number of counterparties in the west have not yet terminated our deals and have benefited from our inability to procure power in the market to serve these deals. As a result, we haven't been delivering on several contracts that are deep in the money. Our counterparties have no motivation to terminate our contracts because such a termination would force them to write us a substantial check. Instead, these counterparties have been happy to not receive high priced power from us and are filling their positions in the market at much lower prices. We have taken the limited supplies that we are still receiving and delivering these limited supplies to the highest price sales contracts that we have. We now have the ability to prepay for additional supplies in order to fulfill additional pre-petition obligations that have not yet been terminated that are in the money. We have received approval from the Cash committee for purchases through December 27th (I think) and we will secure additional cash to continue on. Here are the procedures as I understand them. If you have any questions or modifications please me an e-mail or give me a call. Cash Desk Each cash desk needs to identify all transactions in its region that have not been terminated. On a counterparty by delivery point basis we need to assess whether the weighted average of all near term (next day to next week) deliveries with that counterparty are in the money. If the average of all transactions with that counterparty at a given location are in the money, we should submit a request for and endeavor to serve the entire portfolio of deals with that counterparty at that delivery point. We are of the opinion now that we will not be able to cherry pick deals with one counterparty at the same location. The cash desks should prepare a two week view of the positions that we will need to fill and an estimate (based on spot market prices) of the cash that we will need to serve these transactions to Steve Thome. The cash desk should provide a daily list of prepay deals that have been done to John Postlethwaite via e-mail. The cahs desk should provide a list of all historic prepays done so far to bring John current. Marketing Desk Steve Thome will coordinate the cash approval process for the west desk. The marketing desk is responsible for lining up counterparties who will be willing to supply us on a prepay basis. The marketing desk should direct any legal questions from sellers to Steve Hall/Christian Yoder. Make sure that sellers fax a copy of the confirmation letter to Steve Hall/Christian Yoder at (503) 464-8058. The marketing desk needs to work with the cash desk to buy power on a spot basis. We don't necessarily care who buys it, but rather, we want to ensure that we receive the best price and that all purchases are communicated. Whoever secures a supply needs to communicate the need for cash to Steve Thome. Deal Entry The new deals need to be entered in a manner that will be possible to settle. After discussing the matter with Stacey White, she recommended entering the new deals in Enpower as zero price, non MTM, with an annuity equal to the prepay amount. We should enter notes into Enpower indicating that these are prepay transactions. This will allow settlements to match an annuity in Enpower with prepay out the door. It will also prevent them from paying the counterparty twice. I'm sure that I've missed something. Let me know. Regards,
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A: New West Power Deal Info
IN: I will be out of the office on vacation on Thursday, Friday and Monday, March 2, 3, and 6th. My assistant, Patti Thompson (x39106) will have telephone and fax numbers for the hotel where I will be staying. I will be at Disneyworld with my family and 90 members of my daughter's high school drill team, so it is not likely that I will be available during the daytime. However, I can be contacted at the hotel in the evening, if needed. While I am out, please contact the following for any operational needs: Brent Price Business Controller for Natural Gas x37647 Kristin Albrecht * Business Controller for Power x34763 * Kristin will be in the office in the morning only on March 6: she will be in route to Portland in the afternoon. I will be back in the office on Tuesday, March 7.

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OUT: Vacation - March 2, 3, and 6th
IN: This is an email
Hi Dede I got your email about NY seminar. Great idea but sorry we can't be of much help - I haven't touched EEI since the Houston seminar. I know its time to start trying to use it. Oh well, next week's project. On a more important note, do you want to try and hit this Tuesday (the 4th) at lunch? Let me know. Hope you have fun on Friday night.

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OUT: HI
QUESTION: Transaction Support Accounting met with Jack Boatman and Rachel Cady yesterday to discuss their notification below as related to a tie-in for the Phase V project. : "On March 1st and 2nd our Phase V crew will be working the 24" and 36" mainline to tie-in the Gulf South Mobile Bay interconnect. This work will require that Transco Citronelle to be partially shut-in on March 1st and completely shut-in on the 2nd. In order to maintain delivery pressures in the Market Area during this work we will have to borrow(defer exchange) gas up to 220,000/day from Bay Gas Storage at an estimated cost of about $80,000 to $100,000. This cost to complete the tie-in is quite unique since we are only paying to borrow the gas and we wanted to notify you about this cost so you can start thinking about how to include it in the work order for the Phase V tie-in." Meeting Conclusion: The "borrowed gas" if used will be a part of the OBA at the interconnect and will be repaid within the month. - No Gas Acctg. Issues or follow-up items. Jack indicated they previously discussed with Rate Dept. The $80,000-$100,000 cost estimate is the fee to be paid to Bay Gas to be ready to perform during the const. period. To Do's: John Cobb to review construction costs treatment for this fee with Jim Saunders. (Subject to Jim's approval this fee may be capitalized as an indirect cost of the project since it is incurred due to the required construction tie-in and is only for the construction period.) Jack Boatman to contact Jim Alexander relative to this additional Phase V costs. Separate discussion required to discuss the purchases of linepack and purge gas.
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ANS: Phase V Tie In
IN: Hello Ryan, My name is Garrett Stephenson and I am a executive recruiter in the Houston area. I currently have a few opportunities available in ERCOT and WSCC trading and was wondering if you would be interested in looking at these opportunities or if you knew someone that would. Please let me know a good phone number and time to contact you. I am representing a great company who is offering great benefits, base, and 17% of the book back to the traders. Thanks.

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OUT:
Trading opportunities.