Here is an email: You are invited to attend a meeting to discuss Transwestern on July 31st from 2:00 - 4:00 p.m. It will be held in 49C2 (video conference room - Houston) and in 7C2 (video conference room - Omaha) Attendees - Houston: Attendees - Omaha: Attendees - Washington D.C. via phone: Stan Horton Greg Porter Charles Moore - Akin, Gump Rod Hayslett Mary Kay Miller Robin Nuschler - Akin, Gump Danny McCarty Steve Kirk Frank Kelly - Gallagher, Borland Steve Harris Maria Pavlou Steve Stojic - Gallagher, Borland Kim Watson Joe Hartsoe - Enron Shelley Corman Drew Fossum Teb Lokey Tracy Geaccone Tracy, Rod Hayslett requested that you attend this meeting also. I'm sorry, I didn't add your name to the list.
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A: Transwestern Meeting 2:00 - 4:00 p.m.
Q: Joe: Per my voice mail, see part (iii) of the above and please revise to provide accurate description of the condition to which you agreed with MediaNews. Just to say "ENA closes on the KPM Lasara L.P. newsprint mill" is not sufficient. Sara
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A: see "Additional Provisions" in the attached confirm
IN: Transwestern Pipeline Company Transwestern has run into some problems with the air permit conditions for the Redrock Expansion. For the state permits, the ADEQ wants to abitrarily set a 10% safety factor to the emissions levels which approach PSD. This means that they have written into the draft permit a reduction in the allowable hours of operation for the generator from 8760 to 7800. This generator is the facility's prime source of power and therefore, needs to be operated for 8760 hours. Transwestern will challenge the agency's authority to apply a 10%safety factor. For the Indain lands permits, the EPA has written a permit condition of 25 ppmvd for NOx and CO under all operating conditions. Manufacturerers guarantees only apply at 25 ppmvd at loads above 65% and at 0F. It appears that Transwestern may have convenienced the EPA to back away from permit limits in ppmvd and include as permit conditons lb/hr and ton/yr emissions limits that Transwestern originally placed into its applications. Northern Natural Gas Company A standard exemption for the NNG Martin Co. No. 1 facility was submitted to the TNRCC. Preliminary maintenance activities and newly published AP-42 emissions factors have shown that the Martin Co. 1 facility may be a Title V facility. Under the old AP-42 factors, the units at the facility were not greater than 100 ton/year sources. Continued investigation is being conducted to determine emissions levels from the units at the facility. EOTT A request and supporting documentation was submitted to the TNRCC to remove the EOTT Crane facility from the Title V operating permit program. New data on the crude oil received into the facility shows the emissions limits for VOCs to be less than the Title V regulated limit. General Preparations are being finalized for the environmental roundtable to be held next week in Albuquerque.

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OUT: Weekly Envoironmental Activity Report
IN: This is an email
Attached is a listing of unresolved Issues between Tom and Greg Sharp. I have not included the facility charges - do you want me to add those? Please feel free to add on to my list anything that I have left off.

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OUT: Unresolved Tx/Prod Svcs Issues
QUESTION: Mark, Jeff and Greg, There has been some recent noise at CalPERS regarding Enron, some of which you may be aware. I wanted to update you in case any questions were raised tomorrow on the conference call. In October CA state Senator Steve Peace sent a letter to the CEO of PERS raising "questions about the prudence of CalPERS continuing to invest and partner with Enron under its current management". I discussed this with the Alternative Investment (AIM) staff (with whom I deal with regularly regarding JEDI II). They indicated at the time that a senior staff meeting was being held (on Friday Nov 2nd) to discuss the letter and how PERS might respond. Subsequent to that, staff informed me that the board had put Enron on the agenda to discuss during today's (Tuesday the 13th) Investment Committee meeting. I have not received an update as yet today on today's meeting. The fact that the board was meeting to discuss Enron has been reported in the media. Meanwhile, on Friday the 9th, Dan Szente the CIO resigned from PERS. Articles indicate it may be a result of 7.2 percent loss in the funds' investments. PERS holds approx 2.6 million shares of Enron. This has also been mentioned in articles discussing Dan's resignation - thus attempting to link his resignation with our poor performance?? Earlier in the year their proxy vote indicated they owned 3.5 million shares. [BTW - they voted against Item 1 - specifically mentioning Lay, Wakeham and Winokur as having relationships with Enron that could cause conflicts of interest.} PERS assets total $151 billion. It appears they may have liquidated some of their position. I am not sure but I think their position has been one they have held for a long time - possibly since beginning our relationship with JEDI back in 1993. The JEDI II partnership has been a successful partnership for PERS and current IRRs indicate they could earn in excess of 50% on their investment based on the September 30 capital account. This of course, assumes we can liquidate the assets in JEDI I for their current fair value. Also - PERS purchased approx. 7.2 million shares in NPW for $40 million - a cost basis of $5.50 a share. If you have any questions, I am available this evening at 713-218-6460. Shirley
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ANS: CalPERS
IN: Jeff: We have received a request from the above counterparty to alter the format of the confirmation process on physical and financial deals. In lieu of signing each confirm that is sent to them, what they want to send back to us is a letter signed by them in which they describe the confirm and indicate whether or not they accept or disagree with the terms thereof and if they disagree with such terms, they will return the confirm. Are you okay with this procedure? Carol

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OUT:
Southern Company Energy Marketing LP