IN: How is it going? Haven't talked to you in awhile. It has been pretty busy around here. Trying to sell all these nasty assets. I am leaving for your homeland, Denver to experience the Rocky Mountain high for myself. Just what the hell was John Denver singing about anyway? Let me know what's going on.

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OUT: Hello!

IN: The Dow Jones report is compiled of data sent from many different counterparties. The lovely people at Dow Jones painstakingly analyze the data to ensure its accuracy. Averaged together, these prices become the Dow Jones daily index price. And that's the long and short of it. The process, as you've guessed by now, is a little more complicated than that. For one thing, Dow Jones looks at each counterparty's sales to reach an average of all the prices. It would be redundant for each counterparty to ALSO report their purchases from each other. Therefore, when calculating the Dow Jones data, we only include purchases from counterparties who ARE NOT participants in the Dow Jones survey. Following is a simple example: Participant List NP-15 Purchases NP-15 Sales Reported NP-15 Purchases Reported NP-15 Sales Sempra Sempra - $250 Sempra - $250 Avista - $270 Sempra - $250 Duke Duke - $260 Duke - $260 Duke - $260 Enron Avista - $270 Avista - $270 Avista - $270 Now that's simple! Following is the participant list for Dow Jones' survey of trading at NP-15 and SP-15 delivery points. Deals with these counterparty names need to be excluded from the calculation of PURCHASES at NP-15 and SP-15 delivery points. American Electric Power - Amerelecpo Avista Energy - Avistaene Duke Energy Trading and Marketing - Dukeenetra El Paso Merchant Energy Enron Power Marketing, Inc. - EPMI Idaho Power Company - Idacorpene PacifiCorp - PACE Pacific Gas & Electric Company - PG&E Powerex Corp. - PWX Puget Sound Energy, Inc. - PSPL Mirant Americas Energy Marketing (formerly Southern Company Energy Marketing) - SCEM TransAlta Energy Marketing (US) Inc. - Transalt So I've probably succeeded in confusing you even more, but please feel free to come bug me with questions. Good luck! Kate

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OUT: Dow Jones Report

IN: FOOD ASSIGNMENTS: Saturday Breakfast - Sam, Paula Saturday Dinner - Kim, Phyllis Snacks - Judy, Lee Sunday Breakfast - Lisa, Cynthia Paper Products - Amy DIRECTIONS FROM LISA: Hello Everyone- Here are detailed directions to the beach cabin for the Nov. 30 girl's weekend. Directions to the Polk Beach Cabin: Go south on IH-45. Take the Harborside Dr. exit when you get to Galveston and turn left under the highway (this is the first exit after crossing the causeway, so be watching for it). Travel approx. 6 miles on Harborside Dr. to Ferry Rd. Turn left on Ferry Rd., go to the end, and catch the ferry to Bolivar ( this is a free drive-on ferry operated by the Texas Hwy Dept.). After exiting the ferry you will be on Bolivar Peninsula Hwy 87. Travel approximately 11.5 miles to the Emerald II edition (the Crystal Beach water tower is a good land mark when you are getting close and the Emerald II edition is the first road after the post office).

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OUT: Food assignments and directions for Girls' Weekend

IN: For your information. please find attached the spreadsheet that I sent to Calpine for their consideration. Action: Peter is going to review the assignment doc's and with Steve raise the proper legal document that protects ECC/ENA's interests. At this time, Peter and I are of the opinion that a new agreement may be all we need but we will discuss on Monday. Julie/ Stephanie/Eric....we need to discuss the numbers again. The real producer unwind costs may be really ugly, which basically means that our numbers may be too low to Calpine.. even with the counter offer, the front end economics are pulling a lot of value out of the deal. Assuming numbers can be agreed too by everyone, we are positioning ourselves for a package out to the producers for early next week. Stephanie.. one of our customers has asked for California fundamentals... overview... do we have anything available. Talk to everyone on Monday. BT

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OUT:
Calpine Term Sheet.