IN: We have not decided "to prevent any regulated utility from completing any financial transactions" online. If we have already satisfactorily concluded the necessary due diligence with respect to a particular utility, they will be approved. It is only with respect to those utilities which have not yet been researched that we are withholding approval. The due diligence required involves asking the utility for certain information concerning their organization and regulatory situation, hiring local counsel in the relevant state and having research done into the laws and regulations in place there and into any public utility commission orders respecting the particular utility in question, and on occasion requesting an opinion letter from the utility's counsel. We usually begin that process only when a trader believes there is a likelihood of a sufficient volume of trading with the utility to justify the time and expense. FYI, the due diligence process has in the past revealed circumstances which prevented the utility from trading derivatives or required actions to authorize such trading which had not been taken. A recent count showed about 10 executed master agreements and another 30 to 40 in one stage or another of the due diligence/negotiation process. Louise Kitchen

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OUT: Online Derivatives Trading with Regulated Utilities
IN: This is an email
Thanks for all you have done and for your continued efforts to see us through this difficulty. I can not begin to imagine the weight of your burden, but please know that I and I am sure most employees are behind you 100% and appreciate all you have done and are doing. I know you will see us through this and am delighted you are there to lead the endeavor. Are you assuming more responsibility for our low stock price than you should? Doesn't Ben Graham's Mister Market deserve most of the credit for our recent price swings? I believe strongly in free markets. However, for them to work there must be intelligent, well informed buyers and intelligent, well informed sellers operating in good faith. I am not convinced the U.S stock market has seen many of either over the last three to five years! My only hope is that the speculators, gamblers, short sellers, etc. all loose their shirts and that Mr. Market finally gets his courage screwed to the hitching post! Just get us through the exposures we have at our current market cap. and we will be in great shape a few years from now. Thanks again and best wishes.

What is the subject?

OUT: I'm behind you.
QUESTION: Tom: I'm trying to finalize the ISDA Master Agreement with these guys. We have one issue: If there is a long-term market disruption event (i.e. over 3 days), and we have no fallback price, then we negotiate a price and ENA would normally obtain 2 quotes and average them. Our position is that we prefer to obtain the quotes because if a disruption were to occur, we would obtain quotes for hundreds of deals in the same manner (because our agreements will all have the same provisions) and it is possible that 4 quotes may not be available. NYSEG would like for each of ENA and NYSEG to obtain 2 quotes and then average the 4 quotes. Are you agreeable to this? Sara
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ANS: New York State Electric & Gas ("NYSEG")
I will probably get to the casa about 9:00 pm. Check out the attached. Not sure if you heard, but K-State's President published a letter in which he called UT a bunch of wealthy arrogant Texans. The attached is in response. See ya tonite. - mastercard_UT.jpg
Q: What is a potential subject line for this email?
answer: Mastercard (G)
With Enron's rapid growth we need to maintain an ability to move employees between operating companies and new ventures. To do this it is essential to have one process that will enable us to collect , update and retain employee data. In the spirit of One Enron, and building on the success of the year-end Global VP/MD Performance Review Process, the Enron VP/MD PRC requests that all Enron Vice Presidents and Managing Directors update their profiles. Current responsibilities, employment history, skills and education need to be completed via the HR Global Information System. HRGIS is accessible via the HRWEB home page on the intranet. Just go to hrweb.enron.com and look for the HRGIS link. Or just type eglobal.enron.com on the command line of your browser. The target date by which to update these profiles is 7 July. If you would like to have a hard copy of a template that could be filled out and returned for input, or If you need any assistance with the HRGIS application please contact Kathy Schultea at x33841. Your timely response to this request is greatly appreciated.
Answer: Update GIS Information
Q: Attached is the draft presentation of the internal controls component of the audit. We are only planning on including the first 4 of 8 pages. The last 4 pages were built anticipating Andersen being involved and are included here for reference only. Page 4 is the RAC component. Thanks,
Propose a subject line
A:
Internal Controls presentation