IN: A reminder from El Paso - Both Roger and Kathy need to receive the El Paso model via e-mail each day. Roger told me today that Kathy's been receiving it, but he hasn't. His e-mail address is rhawki1@epelectric.com Please let me know if you have questions. Kate

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OUT: El Paso Model - REMINDER
IN: This is an email
Ben/David/Bill - Please see the what we have for the following policy excerpts at the end of= this message, and address the following: 1.=09Advisory Limit Setting - is it by the BOD or by the CEO? Our presenta= tion says CEO, but also specifies the trigger as 3.0 for P50 and 1.5 for P9= 9. If it's CEO level, we don't need to specify in the policy what the trig= ger limit is, as CEO can change. If it's in the Policy itself, it's consid= ered a Board approved limit.=20 a.=09Let's decide - if CEO level, let's change to say "a certain multiple o= f..." instead of 3.0 and 1.5 b.=09If at Board level, don't we need to specify a time horizon? If not, w= hy bother to specify the trigger - if one's going to be at CEO discretion a= nd consequently not specified in the policy itself, why not all of it? 2.=09Definitions in 3.4 excerpt below - Rick Buy wants these definitions ha= rd coded and clearly defined in the policy ?=09Future Available Cash -=20 ?=09Is this straight off a daily report from Accounting? What does this # = represent and what do we want in the policy? ?=09which individual is going to provide this daily, and when? =20 ?=09Borrowing Capacity -=20 ?=09I defined this by pulling terms straight from the slide in the Joint Au= dit/Finance Committee presentation - do you agree? ?=09who is going to calculate this daily and provide to RAC, and by when? ?=09Potential Future Cash Requirements - ?=09is this clear enough? any specific collateral assumptions given contra= ctual cash posting optionality? worst case assumption? 3.=09Does RAC really need to calculate this if GRMO is going to report it o= n the Executive Report Viewer, and the calculations are hard-coded above? = Seems like we could implement a process by which the 3 pieces of informatio= n get fed to GRMO to calculate and report, like all the other market risk m= etrics. Please call me in the morning so I can run through any required changes. Regards,

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OUT: Liquidity Ratio Calculation and Definitions in Policy
QUESTION: Here is a schedule everyone can print out that shows all our games on one page. If you haven't already done so, please bring $20 to the first game. It will be for the treats after each game, a cake for the end of the year party, and the coaches gifts. Thanks Cindy
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ANS: Pelican Schedule
I attach an updated list (to Feb 5) of the terminated contracts to date. F= or informational purposes, I have added a column that sets out the settleme= nt dates for contracts we have settled, so there may be some additional cou= nterparties added to my previous list where there was no ECC agreed termina= tion date but we have settled and terminated (no one needs to do anything f= or these c/ps). Again, the first table sets forth the physical contracts t= hat have been terminated and the second sets out the financial contracts, a= nd all data reflects ECC's (not the counterparties') perception of the worl= d. I have vetted my list against Blakes' master list and believe this is a= ccurate in all respects. As I indicated in my previous e-mails to you ther= e were a few date discrepancies and I have previously provided you with the= corrected dates for El Paso, Marathon, AEC Marketing, Calpine (Encal), Wil= liams Energy and Baytex (all physical), all which are now correctly reflect= ed in the attachment. A few others that were not previously on the list in= clude Coast Energy (physical) which auto terminated on Dec 2 and PrimeWest = Energy (physical) which auto terminated on Dec 2. =20 Thanks
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answer: Terminated Counterparty Contracts
Q: In order to bring better legal coordination and standardization to Enron's Risk Assessment and Control (RAC) group, we have formed a new legal group, which will initially include Lisa Mellencamp (Finance), Marcus Nettelton (Power Trading), Carol St. Clair (Broadband/Power Trading), Mary Cook (Financial Swaps), Peter Keohane (Canada), Ed Essandoh (Retail), Paul Darmitzel (Retail) and Elizabeth Sager (Power Trading) (Team Leader). This group will focus on, among other things, managing Enron's exposures with bankrupt counterparties, working out credit solutions with distressed counterparties and standardizing our overall credit practices. The initial members in this group have been drawn from Enron's numerous legal groups in order to gain a broader perspective. Each of these members will provide support to this new group in addition to their current responsibilities. Within RAC, Michael Tribolet will focus on distressed counterparties, in conjunction with Bill Bradford, who continues to manage the Credit Risk Management group. Please join us in supporting the efforts of this new group.
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A:
New Legal Team to Assist RAC