Here is an email: Tim and Mike: We are advised by Stacey and Georganne Hodges and we will make below Schedule C adjustments in LTNW desk this month-end (Friday). Please let me know if you disagree or please approve the attached Schedule C form and I'll print it out for you to sign off. Release/Removal of schedule C: region: Mid-C amount: $11,432,070 (the release will increase the P&L) reason for the reserve: reserved against BPA Federal Surplus Contigency Clause entry date: 2/1/01 planned removal date: 9/30/01 New schedule C: region: Mid-C amount: $11,400,000 (the new schedule will decrease the P&L) reason for reserve: Northwest Refund Risk planned entry date: 9/30/01 Net P&L effect = +$32,070 Please let me know if you would like us to use the same explanation we used for the $10MM schedule C reserved in LTCA on 8/21/01 for the same reason (Northwest Refund Risk). Thanks,
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A: schedule c adjutments in LTNW
Q: Mike/Jeff, As indicated in the list of deals and interested cps that we sent you yesterday, we closed a transaction with Japanese trading company, Kobayashi Yoko, this afternoon. Kinoshita and Anai had been working this company and had already gotten basic documentation and credit approval in place. We had also gotten prior approval from Sheila Glover and Gary Hickerson to use the local metal's trader to handle FX swaps up to USD30MM. Commodity and FX risk (except for 4 days from contract settlement) have been hedged with Singapore and ENA. Not a big deal in and of itself (notional USD250k), but a start. We believe there is much more demand and plan to see more in the near future. Also expect to see first LPG deal with Marubeni with our new mid mkt "trader" very shortly. We would back to back transaction as well. Details of this transaction are as follows: Enron Japan sells Dubai swap to Enron Singapore Month: March 2002 Volume: 12,500bbls Price: 20.24$/bbl Enron Japan sells US$253,000 to ENA Value date: 5 April 2002 Price: 118.92Y/$ Enron Japan buys Dubai swap from Kobayashi Yoko Month: March 2002 Volume: 12,500bbls (=1,987.34 kl) Price: 15,110Y/kl
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A: Enron does its first yen based crude trade
IN: DCongel@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: Market Participants: All advisory statements for 11/1999,12/1999, and 4/2001 have been posted to each customers web site. 08/2001 will be done this evening. The NYISO was originally scheduled to invoice November 1999 and December 1999 on Friday 9/7/2001. We have decided to delay this until next week to allow extra time verifying the data, and determining the correct version mapping for reconciling invoices. April 2001, and August 2001 will be posted on 9/7/2001 as scheduled. Payment dates associated with the November 1999 and December 1999 will be adjusted as necessary. Market participants will be notified of any change when the invoices get posted.

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OUT: *** - INVOICE SCHEDULING CHANGE - ***
IN: This is an email
Harry, Iris and Brandon: I asked ConEd if they were prepared to hear our OFFER to buy peaking capacity from the Lakewood expansion. They are "in the midst of preparing a draft term sheet for purchasing the output/tolling" so we'll have to wait to see the parameters of sale. I also asked if they would like to see PJM WEST synthetic toll offer from us. Unfortunately, NO. To the extent it matters, the on-line date is now set for late 2002, so they would like to see our offer for a Jan '03 start date. Given that these guys are doing a real comparison against bricks and mortar, we would be looking at a $63 million option premium for 500MW @ 3.50/KW-mo over a three-year term; $84 million for a four-year term, I would hope we could be able to find a way to hedge the risk of too many $500 hours killing us. Is there any cap we could buy to protect our downside risk here and still make this deal attractive? The heat rate call is struck at 10,900!

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OUT: ConEd Lakewood Deal (PJM East)
QUESTION: I just spoke to Dave Fuller in the Portland Office about a potential 10 year deal he wants to do as soon as possible with the referenced entity. As we all know, because of the legal issues that arose out of the "Orange County" litigation, no financial trades should be entered into with any governmental entity before legal due diligence of the counterparty has been completed and an ISDA Master is in place. Also, besides the usual issues surround the governmental's authority to enter into derivative transactions, we also need to determine whether this entity can enter into transactions as long as 10 year w/o prior voter approval. Credit, if you will send the credit worksheet directly to me I will prepare a draft ASAP and Sara will review it. Dave should be calling you with the information. Christian, if you have done any due diligence already on this counterparty we would appreciate any assistance/documents you can provide. Thank you all for your assistance with this.
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ANS: Public Utility District of Clarke County, Washington
IN: What is your time frame for this matter? I have looked over the agreement, and need to confer further w/ attorney. The legal dept. will be out of the office Thursday / Friday for our legal conference, so I could have something for you around Monday. Please let me know. Thanks!

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OUT:
Wisconsin