IN: I would like to send the email out announcing this master and have a few questions. First, about the approved products, as best as I can determine, we don't have the pulp & paper language in, and don't have the weather rep in. Seeing as tho' they probably won't trade pulp & paper, I won't worry about that. However, with respect to weather, since the weather rep is always added into the confirm, I don't think not having it in the master would necessarily mean they can't trade weather. Unless you know of a reason to the contrary, I would think we want to open them for weather. Second, looking at the agreement to see if there is anything else we want to mention to the general distribution group, I don't see anything in particular out of the ordinary with respect to trading issues, except in the Netting of Payments section which appears to allow payment netting amongst PG&E and it Core Procurement Department and California Gas Transmission Department. Will they be financially trading separately under those departments? And if so should we instruct the Settlements group to net the payments? Anything else special you think I need to mention?

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OUT: Pacific Gas & Electric

IN: Okay gang, it's time to rally the troops. Evidently last week wasn't good for any of us to get together at our local watering hole (a.k.a Little Woodrow's)...but, I'm hoping the story is a little different this week. Our own Nick Stephan is back in H-town for the week and has made a special request for a full-fledged "Steak Night" (that means good attendance). Not that I ever need an excuse to enjoy good company, steak, beer, etc. at LW's, but if I did I could think of few better reasons than a visiting ex-pat. Besides, given the absolutely beautiful weather we are currently enjoying, the picnic tables and deck are beckoning. I'm going to set a tentative meeting time of 7:30 p.m. this Wednesday...get back to me at your convenience and let me know if we should stick with that time or not. Hope everyone had a relaxing weekend and is having a good Monday (isn't that an oxymoron?). Susan "When I read about the evils of drinking, I gave up reading." - Henny Youngman

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OUT: Advance Warning...

IN: 6/8/2001 Fri Notice: If any clients or potential clients that are getting duplicate e-mails just reply to this, and let us know and we will remove the extra recaps. If anyone feels that they may be receiving these in error please kindly reply to have you removed from the list and we are sorry for any trouble we caused you. IF ANYONE WHO DID NOT GET THE "PDF" FILE ATTACHMENT SHOWING THE THREE YEAR LONG TERM NUMBERS AND FULL CFTC DISCLOSURE DOCUMENT PLEASE E-MAIL OR CALL TOLL FREE (800) 773-1713 AND WE WILL RESEND IT RIGHT AWAY Here were todays trades "Swing" S/P full size B 1278.50 open trade 6/7 s 1271.50 close trade 6/8

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OUT: trades for Fri 6/8

IN: Max, congrats on the Decero PPA - we need to wrestle up another 100 to 200 MW. This should be a priority given the profit potential of this deal as per Oz and Doug (+50M in 2000). Is there an ability to let Sabine or Irvin run with Vitro and get your attention on this item asap. I know that the Monterrey project is eating into your time. Do we need to augment your resources? On a different note, the current Monterrey control budget is showing a $5.3M negative variance from the original control budget. Is this accurate? Does this reduce the profitability or is it absorbed by the PPA's? Regards

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OUT:
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