Here is an email: After a careful review of the wholesale and retail gas trading and scheduling process it has been decided that the Gas Logistics teams should report directly into the Enron America's Commercial organization. This realignment will help to strengthen the commercial focus and communication between the trading desks and the schedulers and will play a critical role as Enron tries to maximize opportunities and maintain a competitive trading edge. The details are as follows: Wholesale Bob Superty will maintain his management of the Logistics support functions which include the Transport Rate team (Kim Olinger), Electronic Commerce team (Tammy Lee-Jaquet) and Regulatory Affairs teams (Suzanne Calcagno). In addition, Bob will now manage the Northeast Logistics team as part of the East desk. Bob will report directly to Scott Neal and will also help coordinate the Logistics function across all regions working closely with each of the regional Logistics Managers, Commercial desk heads and Enron Americas senior management team. Victor LaMadrid will manage the Southeast Logistics team and will report directly to Scott Neal. Victor's knowledge and overall east desk experience will be critical to help maximize east desk opportunities and promote new initiatives across all regions. Lisa Kinsey will manage the Central Logistics team and will report directly to Hunter Shively. Patti Sullivan will manage the West Logistics team and will report directly to Mike Grigsby. Darren Farmer will manage the Texas Logistics team and will report directly to Tom Martin George Smith will manage the Well Head Logistics team and will report directly to Fred Lagrasta. Retail Donna Greif will now report directly to Don Black. Each of the regional Logistics Managers (East - Marde Driscoll-Ernest, Central - Charlie Muzzy, West - Sabra Dinari) will continue to report directly to Donna. Donna will continue her ongoing efforts in the development and integration of the new retail trading systems, prior period adjustments and development of a strong and talented Logistics team. Congratulations to all involved and welcome to the commercial gas team - John Lavorato, President and CEO, Enron Americas.
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A: Logistics Commercial Realignment
Q: Here is a draft that incorporates Drew's, Steve Stojic's, Maria's and some of Shelley's comments (Shelley hasn't gotten all the way thru the draft yet). Please take a look at the draft and let me know if you have comments today. Still working on justifying transporter options, as you can see on page 5. If possible I'd like to send it to Nancy to file today. Thanks,
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A: Options answer
IN: Jim Speaking with Don Miller last night he has indicated that Jeff McMahon would like to secure our membership and ongoing participation in NEPOOL and possibly other Pools, and is prepared to make cash available through the Cash Committee. While we discussed a number of options, the starting point is to identify the contracts that are in the money to EPMI and which have not yet been terminated. The long term deals that we have been looking at in NEPOOL are NSTAR, UI and CMP. We are getting closer to an acceptable internal valuation of these and need to get a "robust" number that we can defend in order to release cash from the Cash Committee. The three main cash related issues we need to address as I see it in the short term are: (1) We must provide NEPOOL with the comfort, possibly even in the form of a pre-pay, that we will pay our invoices for November, especially since the bonds we posted terminate on 29, December (2) We must provide cash collateral immediately and (3) We will need pay our NEPOOL invoices over a two, or possibly, one week period to reduce NEPOOL's exposure to EPMI. This creates cash flow issues as we are only paid monthly by our customers. With the one way payment issue we are facing with NSTAR and UI there is clearly little incentive for them to re-negotiate their contracts. Turning to point (2), it is not clear to me whether we will be able to post the $137,390,360.10 and I will assume that we will not get the authority to post this but a lesser amount. In trying to provide NEPOOL with comfort as to their exposures it may be that we can get them to agree that for the foreseeable future we will only be serving certain contracts and that the collateral requirement be based solely on EPMI serving those contracts. I am not confident however that NEPOOL has the authority to what is in effect change the Financial Assurance Policy for one Participant, without approval of all Participants and approval of FERC, but we can explore this with them. If the price of energy, ICAP and other services moves up then EPMI should be given a reasonable period of time to post further collateral. That way we can hopefully reduce the initial amount we post and if the price moves up we can elect at that point whether to retain our membership or relinquish it. While EPMI will be taking market risk, which ill not be hedged, it will have the ability to stop performing f the price moves against it. It should not be forgotten that both the NSTAR and UI deals are one way payments and there is no time limit as to when either of these counterparties can claim a default due to EPMI's bankruptcy. The effect of this being that we are at risk from a termination by these two counterparties at any time and since we are currently the "Defaulting Party" we would not receive any Early Termination Payment. CMP is a two way payment and therefore there may well be some merit in entering into a term energy purchase deal to lock in value to this contract. I am not aware of what EES is trying to do with NEPOOL, or the other pools in the North East, however I thought it would be helpful if they knew what we were trying to do and why. Any input as to what EES is doing and any merit in a joint approach could be explored if both companies considered value could be achieved. Finally, the recipients of this email will hopefully know of other people, for example in credit, scheduling and settlements who could assist in ensuring that we can accurately value and schedule the contracts we would like to continue performing under, please pass these on to Don Miller who is coordinating this initiative. Regards,

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OUT: NEPOOL
IN: This is an email
This year we will be taking a photograph of West Power Trading for our customer holiday mailing, just as we did last year. Due to weather constraints, we will not be able to schedule the exact day, but would like to have it one day next week at Noon. Please stay tuned for more information! Thanks,

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OUT: Holiday Photo
QUESTION: (Please accept our apologies if you've already completed the Energy Industry Survey. Send a reply with "Did it" in the subject line to avoid future reminder messages.) Dear Energy Industry Executive, YOUR INPUT IS VERY VALUABLE. Over the past week or so, you've been invited to participate in a very important survey that will significantly improve the information products available to you in the power and energy industry. Because we haven't heard from you yet, we're adding more prizes to encourage participation. There are now 12 prizes you could win; we've added 4 more inducements to the original 8 prizes. YOUR CHANCE OF WINNING IS HUGE. We're hoping to draw a total of 200 respondents from this sector of the industry. When we receive your fully completed questionnaire, your e-mail address will one among 30 in a drawing that could bring you one of the 12 prizes. Those odds aren't bad at all! The prizes include:
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ANS: Last Chance - - Energy Industry Survey Due in By Friday!
IN: The following reports have been waiting for your approval for more than 4 days. Please review. Owner: Sheila M Nacey Report Name: Nacey/October Days In Mgr. Queue: 4

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OUT:
Expense Reports Awaiting Your Approval