IN: I thought Becky's draft answer to protests looked great. Her mention of the amount of TW capacity held by the Indicated Shippers was an elegant touch. No changes. Thanks. DF

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OUT: El Paso-ENA Deal

IN: Good Afternoon, The following two counterparties are requesting a netting agreement with ENA: Kennedy Oil, and Independent Production Company, Inc. The netting agreement should cover physical sales and purchases, and MTM. These are both standard netting agreements, not master netting. Both companies sell us gas under a first purchaser agreement and / or GTC's, and will begin buying back gas. For Independent the contract # is 96023736, and for Kennedy 96052164. I have contact names and phone numbers if you need them. Give me a call with any questions. Thanks,

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OUT: Independent Production & Kennedy Oil

IN: Marisa, Rafael, and Darryl, Based on Darryl and my discussions with Rafael earlier this week, the accounting treatment for Modesto Maranzana plant and the associated gas and power contracts will be changed from MTM to accrual effective with December accounting. Changes PPA Amortization and Depreciation - Marisa We need to adjust the PPA amortization and depreciation ytd balances. PPA amortization - the actual amount of the purchase price allocated to the contracts was different from the $2,220,219 used in the MTM model. Depreciation - I know the salvage value in the model $10,000,000 USD after 5 years is different and I think you were using a longer useful life. Marisa, please calculate the impact of these changes and let Rafael, Darryl, and myself know. MTM Reversal - Martha & Darryl The net impact of reversal the MTM will be a gain of approximately $978,000. This is the reversal of the forward value recorded for the PPA's and plant as of November 30, 2001. Effective today, I will stop including the positions in the feeds to RistRAC. Interest - Martha Still waiting to see if we reserve the historial amounts. The impact on 0502 books is zero as the expense and revenue was booked to the same account just different profit / cost centers. The income was booked to Modesto Capital Charge 27244 / 150407 which was supposed to roll up to the Office of the Chair for Lavo. Left Georgeanne Hodges a message on the subject. If you think of any I forgot to mention, please let us know. Martha

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OUT: Accounting Treatment Change from MTM to Accrual for Modesto Maranzana power plant and associated contracts

IN: Please note the following addition to the domestic credit reserve for September 2001: CP: Williams Energy Marketing & Trading Deal No: 773737.1 EOL No: 1852957 Deal Date: 9/13/2001 Deal Specifics: EPMI to buy 50MW On-Peak Power from Cinergy for Calendar Year 2004. Term: 1/1/2004 thru 12/31/2004 Volume: 50 MWs On-Peak Price: $36.00 Delivery Point: Cinergy Trader/Mid-Marketer: Fletch Sturm Credit Reserve Amount: $20,000 (twenty thousand US dollars) RAC: transaction confirmed under Executed EEI dated 2/1/1997. Please call w/any questions. Kortney x30616

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OUT:
Williams Cal 04 Reserve for EOL