Last week we completed preliminary ROCAR calculations on the following deals: ROCAR Georgia Pacific/Leaf River 29.03% Owens DSM 10.75% Project Oz 2.74% These results place Georgia Pacific at the high end of all of the deals we have looked at so far. The ROCAR for GP includes the impact of the swap which only slightly improved the return (versus the asset only) due to the credit risk associated with a BBB minus credit. Owens is about on par with other energy management deals we have seen coming out off EES. Operational risk (implementation/contract risk) is considered low due to the ongoing nature of the project. Project Oz is one of the worst deals we have analyzed. Margins are very thin, and due to the illiquid nature of the asset, market risk is very large (1 day VAR $45MM). Since most of the ROCAR's are still not included on the DASH, I will provide you with weekly updates on the current deals we are analyzing. Regards,
Answer: ROCAR Update
Here is an email: Your REGION Geographical Boundary: Fuel Sources (Pipelines, Terminals, NG/FO2/FO6 storage, Rivers): ? Coal: (conversion factor, supply source) ? NG: (pipelines, basis to Henry Hub) ? FO2/FO6: (conversion factor, supply source, correlation to CL) Load Mix: ? Residential / Commercial ? Industrial Stack: ? Nuke (tot. mw and % of tot. stack, marginal load/cost) ? Coal (same as above) ? NG (same as above) ? FO2/FO6 (same as above) ? Hydro Historical Outage Cycles: ? Nuke, Coal, NG, FO2/FO6 Seasonal Interchange: ? Import (avg. daily mw and where) ? Export (same as above) Top 5 Largest Utilities/Operators: ? Service Territory (within this region) ? Stack ? Load Mix Top 5 Largest Merchant Generators: ? Plant Locations/types Attach historical load and MWDaily price sheet as last page for most actively traded hub in this region
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A: REGIONAL Studies.doc
Q: I'm sure that many of you are aware that there has been a great deal of activity lately related to Enron's evaluation of possible acquisitions. John Goodpasture's group has kept a large number of ET&S people engaged in looking at a number of potential deals. While these deal evaluation projects have become routine around here, we all must remember that these projects are extremely confidential. Even after a potential seller has announced that it is up for sale, the fact that Enron is looking at a potential deal, as well as any of our internal analysis of the deal, remains strictly confidential. I realize that many of you have ongoing business relationships with employees of some of the companies that we have evaluated or may evaluate in the future. If you find yourself in such a situation, and a business contact at the target company asks whether Enron is evaluating the contact's company or assets, the only appropriate response is that Enron personnel are not permitted to discuss potential acquisitions. Please be aware that the confidentiality agreements that we typically sign as part of the acquisition evaluation process preclude any communication by Enron people with employees of the target company. If you have any questions or concerns regarding this requirement, please do not hesitate to give me a call. Thank you for your assistance. DF
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A: Confidentiality Regarding Acquisitions
IN: Here is another matrix of TW "Current Shipper" rates & surcharges. This one is not posted on the web. I don't know whether anyone needs/uses it, anymore, but I have been keeping it up. There is a new tab for each change in Current Shipper Rates. The latest is "200111" Elizabeth - I forgot to send this to you this morning. Jeanette - I don't recall whether I sent this along with the other TW files.

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OUT: FYI 11/2001 TW Rate Matrix - same rates, different format
IN: This is an email
When you get back, I got a call from Koch about the Morgan "assignment". As you recall, we are acting as agent on behalf of Morgan in connection with their commodity business. Koch called me and they want to get a copy of the "assignment". Since it wasn't an assignment, what should I provide them? I don't know that I can provide them a copy of our Servicing Agreement. What should I do?

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OUT: Morgan Guaranty
This is how the logic is now within UBSWenergy.com: All counterparties with Master Agreements with ECC that hit a US product must be booked as two legs: leg one booked between ECC and the counterparty with risk assignment of FT-US/CAND-ERMS; leg two flipping the position out of FT-US/CAND-ERMS to the appropriate risk book (the book on the online product). This applies only to finanical swaps and not physical deals. Please let me know if there is going to be a change and if so what the deals should look like in Tagg. The programmers need time to modify logic and I need time to test! Thanks for your help.
Answer:
Counterparties w/Master Agreements with ECC