Q: Kevin: Do you know if you're coming out yet? Got e-mails from Lulenski (he's coming) and Sarhatt (he's not). I'm planning to go to the beer bust and picnic for sure and probably the Saturday night event if enough of you guys are interested. Let me know. Regards,
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A: Are You Guys coming to LA?

Q: Kam, Attached is a list of all the curves I upload. All of mine are volatility curves so I included the curve type and risk type. brad
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A: Curves

Q: Can you please arrange for this message to be sent to all of Enron - Houston this evening. It should have Mike McConnell's letterhead and we would like an opportunity to preview the final message before it goes out. Please contact me at X-36898 if you have any questions. Thanks. Cathy Phillips It is my sincere honor to once again lead the Enron team in this year's Juvenile Diabetes Foundation (JDF) walk scheduled to take place on Sunday, November 5, 2000, at the Sam Houston Race Park. I continue to serve on the board of JDF representing Enron and will be Enron's corporate executive for this year's fundraising efforts. As many of you may already know, I am an insulin dependent diabetic myself. Even though I know how difficult this disease can be to manage with the multiple finger pricks for blood samples and several shots each day, I cannot imagine how difficult it is for a small child with this disease. Taking insulin does not cure the disease nor prevent the development of complications; insulin is simply their life support system and without it they would die. Enron continues to be a major corporate sponsor for JDF again this year. JDF is a very efficient organization in which approximately 84% of all money raised goes directly to research. Enron's goal this year is to raise $225,000 and we need your help. Enron has been the number 1 walk team for 5 years in a row and we are not ready to give up first place! We need team leaders, walkers and volunteers to help us reach our goal. The theme for the walk this year is "Knock Out Diabetes" and we would like to have you join us for this great event. The Walk is truly a blast and we had about 500 Enron people participate last year and everyone enjoyed it. If you are interested in volunteering to be a walker or a team leader, or if you would like to make a pledge, you may call any of the steering committee members listed below. If you are interested in being a team leader, please contact one of the following people immediately so that you may be included in the first important and informative training session taking place this week. Thank you very much for your support.
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A: Juvenile Diabetes Foundation Fundraising

Q: Elizabeth, Background: On Wednesday, October 10, the NPUC voted to authorize its General Counsel to seek to void or renegotiate certain SPP/NP long-term power contracts by either going to court or filing a complaint at FERC. According to the utilities, the contracts are out-of-the-money by approximately $800 million. Enclosed, you'll find. . . . : Attached is a spreadsheet showing all of the physical Enron-SPP/NP deals that are (1) currently flowing or (2) scheduled for future delivery. I have left off transactions that have been completed because the tenor of SPP/NP's statements indicates that they are seeking prospective relief, not refunds. I am also going to fax to you two pages showing our credit exposure to SPP and NP. Worst case, back of the envelope, we are looking at approximately $400 million in MTM exposure for all deals. However, the prices under these deals range from $27.50/MWh to $311/MWh (the $3.60 deal is for transmission). It's extremely unlikely that FERC would (1) void every transaction or (2) reduce the price for every deal to $0. Therefore, the true amount at risk is less than $400 million. Bottom line: All in all, I think the risk of FERC undoing these transactions is unlikely for the following reasons: 1. The ALJ in the Pacific Northwest refund case rejected claims for refunds of bilateral transactions because (1) the non-California long-term market was competitive, and (2) because of the concern about "ripple" claims. Although the Commission has not yet adopted the ALJ's recommendation, I expect they will because it's the path of least resistance and has popular support. 2. SPP/NP is the only party arguing that the Southwest market is uncompetitive. This aspect was fatal to the Pacific Northwest claims because the majority of the market did not want refunds. 3. SPP/NP was not required to buy power under these contracts----unlike the California utilities, which were required to buy from the PX. Presumably, these were the lowest prices available at the time.
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A:
Sierra Pacific Power/Nevada Power