IN: Anne, can we add the new pg&e topock curve to the basis transport tab? Also, the LT transport section is showing the transport positions through 2002, which is incorrect. Please review the transport deals in the model and delete the positions. Thanks,

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OUT: NCD

IN: Mr. Lay, Recent developments with EBS are causing me significant concern. I became employed by Enron (EBS) as part of the acquisition of DataSystems Group, Inc. in 1999. Part of that employment agreement included a retention bonus, payable in three installments in March of 2000, 2001, and 2002. We were told that bonus was payable if we did not voluntarily terminate (quit) prior to those dates. With the highly uncertain future of EBS, I am faced with two likely scenarios: Scenario 1 - EBS terminates as part of a severance prior to February of 2002. I receive no bonus for 2001 after working countless hours of overtime to "save EBS". I receive no retention payment because I was severed prior to March 31. Scenario 2 - Enron divests EBS to a third party. Third party terminates employment with little or no severance. I receive no bonus for 2001 after working countless hours of overtime to "save EBS". I receive no retention payment because I was severed prior to March 31. As my wife and I both work for EBS, this is an even greater concern to me. At the recent all-employee meeting, you asked everyone to redouble their work, work harder and more than before to help pull Enron out of this current crisis. I find it difficult (as do those working for me) to commit to this effort while we're facing what appears to be almost certain personal disaster. We have been working tirelessly on the Microsoft deal since the beginning of the year. It now is beginning to look like we'll see no acknowledgement from Enron for the work. I would like to know what you and Enron can do to assuage the concerns my reports and I have over these issues. Thank you,

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OUT: Concern about EBS

IN: All, The unofficial word on the street is that deal closing is slated for Feb 7 and UBSWenergy launch is Feb 11. Our intention is to launch financial products only for our regions beginning with Summer '02 through Cal '03. As we are successful in signing up counterparties to reach a critical mass, we'll be adding products that are closer to the front of the curve (less correlated to NG.) We need to do this to protect ourselves from "ambushes" by single parties when we don't have a critical mass of players that we can lay risk off with. Please note that, as a result, we may "only" have a couple of more weeks to play with in terms of studying up and refreshing ourselves on the fundamentals in our respective regions. Therefore, I'd like each of you to fill-in the information listed on the attached document for the region listed by your name. Feel free to use any resources you need (fundies, etc.) and have them finished by next Thurs. (2/7). Someone please nominate yourself to format each paper in the same manner and have them all put together in one binder nice and pretty. Have a goodie. Flet ECAR (Cinergy) - Krugh MAIN (ComEd) - Ave' SERC (TVA) - Jackie SERC (SOCO) - Twisty SPP (ENT) - New Boy

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OUT: Regional Research Projects

IN: Dana: What would be a convenient time for us to chat briefly about the legal issues associated with derivative transactions between ENA and municipal/governmental counterparties? Please let me know. Thanks. Sara

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OUT:
financial trading with governmental entities