Jim: Attached is a revised Schedule. We have accepted most of your changes. I believe that the outstanding issues include: 1. Please note the revised Threshold which we previously discussed. 2. We accepted Portland as a forum for arbitration. 3. We need to discuss your invoicing procedure. 4. We are waiting to comment back on the revised reps pending receipt of the CSA and legal opinion. 5. We have added some language to the recording provision to acknowledge internal recording destruction policies. 6. We have not revised the Reference Market-maker provision. Have you had a chance to consider my email of 12/19/00? Please let us know when we will receive the remaining documentation so that we can finalize our negotiations. Regards. Sara
Q: What is a potential subject line for this email?
answer: EWEB Schedule to the Master Agreement
Mark: Thus far, I have uncovered only one "nondocumented" electronic agreement. The equity desk uses the services of POSIT which is an electronic trading system which matches orders six times daily for institutions and broker dealers. There is no agreement for this matching service. I am not aware of other "matching services" and whether any agreements are in place. Let me know if you have any concerns. Thanks. Sara
Q: What is a potential subject line for this email?
answer: ITG POSIT ( a "division" of the ITG trading desk }
In considering setting up books for NETCO, RAC needs the following: (I recognize portfolio name choice may not be optimal) 1. Ownership of ERMS and Enpower o For Canada, it would probably be best if ownership resided in Houston (Peggy, any feedback would be helpful) 2. Recognizing that portfolio hierarchy may need to be augmented pending buyers request, I recommend three portfolio structures. o Trading portfolio (heterogeneous, incl. everything traders trade) - 2 portfolio's (power & gas) aggregated under NETCO total ? Trader (sub portfolio by risk type) , regional, parent portfolio (includes all commodities in traders portfolio) ? Example ? NETCO Business Unit o Gas Trading ? Financial Desk ? Arnold o Price o Basis o Exotics o Power Trading ? East Power ? Presto o Long term o Short term o Commodity portfolio Gas and Power (homogenous) ? Example ? NETCO Business Unit o Gas ? Gas Power ? East ? West o Northwest o Southwest ? Gas Gas ? Financial ? West ? Etc. o Power ? Power Gas ? Power Power o Curve portfolio grouped regionally - This portfolio does not currently exist. ? Starts with curves, regional, root portfolio, parent ? Example ? NETCO Business Unit o Gas ? Northeast ? Transco Z6 ? etc o Power ? Northeast ? NEPOOL ? Etc. Additionally, we need to correct curve shift reporting in Risktrac as well as bench mark positions. In the past Canada was "grandfathered" under its legacy transactions, but under NETCO there should not be any legacy deals and as such Canada needs to report its risk the same as we do in Houston. PortCalc may need to be modified to handle currency issues and other as well as new curves may need to be created. When creating new curves, please copy in ERMS 90 days worth of price history so that we can measure VAR. I apologize if this is vague, please feel free to provide feedback. Thanks
Q: What is a potential subject line for this email?
answer: NETCO Portfolio Book Structure
Got your most recent message. Your observation is correct that the Enron Americas staff member on Shawn's team has not been involved to date with Doorstep reviews or planning. Although Shawn made an offer to Michelle some time ago, there was a long lead time for her arrival. She did not start with the company until after Thanksgiving. Since she started a couple of weeks ago, Wes and I have asked her to look into several specific findings from the most AA internal audit projects and to work with our staffs to provide some solutions to issues that were raised. There simply has not been the time to date to expose her to Doorstep. After Shawn and I meet (see below), I will briefly summarize for you the roles that all groups will play in the Doorstep Review process. Before we move forward I want to be sure that all parties agree on the purpose, methodology, participants and execution plan for this on-going project.
Q: What is a potential subject line for this email?
answer:
Plans for 2001 Doorstep Reviews