QUESTION: As you know, Enron=01,s United Way Executive Solicitation is well under way= . =20 August 9th is the target date to achieve 100% participation and finalize th= e=20 commitment from our executives and is also the date for the kick-off of the= =20 company wide drive. We have a way to go to meet this objective. Enron=01,= s=20 United Way goal for the year is $2.3 million (before the corporate match).= =20 ENW=01,s share of this goal is $161,700. While these are aggressive goals,= they=20 are very doable, and if everyone contributes their fair share, we can easil= y=20 surpass these goals.=20 Along with focusing on meeting our financial goals, I=01,d like to have 100= %=20 participation throughout the organization. This is especially important=20 among our executives. We define "participation" as an employee who has=20 completed their pledge on-line and made a contribution, no matter what the= =20 level. =20 With the campaign going on-line with electronic pledging, I=01,ll need the= =20 support of you and your campaigners to increase participation levels across= =20 the ENW organization and reach our financial goals. Whatever your decision= =20 regarding the level of your pledge, we need 100% participation from our=20 Executives in order to set a good example for the rest of ENW. Your=20 contribution to the United Way will continue to make a difference in our=20 community. When you give, you change a life right here in our community. Please join me in setting the standard for ENW by giving generously and=20 getting your pledges in by August 9th. Log-in to system on Netscape or Explorer -- unitedway.enron.com
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ANS: United Way Executive Solicitation

QUESTION: The Austin Group Energy, L.P. Monthly Newsletter Let's describe a typical and recurring nightmare for generating unit operators. It's noon on August 15, temperatures have reached the upper 90s all week; you're well into your reserve margin to serve native load, when a unit trips off line. Do you scramble to find replacement power at record high prices and worry about the consequences later? Or, have you prepared for this event? When the degree of risk has not been quantified, fear of the unknown can lead to restless nights, and understandably so. The financial implications can be astounding when a unit outage occurs during a period of high spikes in market prices. How does this relate to the recruitment and hiring of talent within your shop? Allow me to bring the story together. What would you do if your top employee came to you and said, "You've been great to me and I've learned alot, but I just accepted a job at your level right down the road and they like me so much they want me to start tomorrow." Do you spring into 911 mode or are you ready for this day. Start a relationship today with The Austin Group Energy. We will keep you aware of all available talent in your market area. These candidates are currently employed and do not answer ads. They stay in touch with opportunities through us to ensure confidentiality. Why would Top 5 marketing companies pay us for the recruitment and placement of over 400 successful hires when they could hire them on their own. The smart and proactive companies understand how to outpace the pack when it comes to hiring talent, they call The Austin Group Energy. THE FOLLOWING CANDIDATES ARE AVAILABLE FOR IMMEDIATE OPPORTUNITIES: Ref# 00012123 Power Options Trading Desk This PhD candidate is responsible for long term derivatives trades/structures (Asian options, heat rate options, weather/power derivatives structures, swing options etc.) Ref# 00012124 Rotational Program- Risk Analytics This MBA Finance candidate is analyzing/evaluating structured transactions and derivative instruments. Has developed a VBA-based delta-adjusted risk exposure model for all asset management groups. Designed intermediate-term forward power curve forecasting model based on gas forward curve. Created Visual Basic Monte Carlo simulator for Excel for option analysis. Ref# 00012125 Quantitative Analyst This M.S. in Applied Mathematics candidate builds short term models necessary to forecast/schedule usage on a portfolio basis, by various levels of aggregation (e.g. region, congestion zone, weather zone, customer, etc.) Constructing statistical and econometric models to accurately predict seasonal customer usage based on rate class, calendar and geographic climate patterns. Ref# 00012126 Quantitative Analyst - Manager This candidate developed and implemented two Value-At-Risk (VAR) methods for Natural Gas. Developed and implemented models for pricing and hedging exotic natural gas options (Gas Daily and Peaker). OpenLink experience with VaR and mark-to-market calculations. Ref# 00012127 Director Derivatives Trading and Portfolio Management Developed Nymex and locational options, position risk management model. Evaluated and assisted in the process of selecting and implementing a new real time front and back office financial system with VAR capabilities. Structured deals for marketers using embedded financial products and traded natural gas options and fixed for float swaps. Priced and hedged advanced options and swaps such as swaptions, asians, extendibles, expandibles, and spread options. Ref# 00012128 Risk Control Analyst Support Origination and Trading activities by providing daily mark-to-market values and VaR reports through accurate and timely entry of financial transactions into RMS system. Maintain database for RMS system and Integrated Commodity Trading System (ICTS) for entry of financial trades. Ref# 00012129 Risk Manager Responsible for all mid-office trader support functions. Responsibilities include daily senior management position and P&L reporting, process improvements, system implementations, structuring of originated transactions, and rollout of an operational analysis plan. Ref# 00012130 Senior Commercial Analyst: Pricing and Structures Developing model to incorporate basis and transportation into gas fuel costs utilized in mark-to-market valuation of a gas-fired generation asset. Determined market value of regional power by confirming the marks estimated by the trade desk against independent broker prices. Forecasted resulting previous day's trade-to-market figure for preliminary valuation of book value. Ref# 00012131 Director - Risk Management Analyze financial markets and advise physical traders of hedging and trading opportunities. Analyze market, secure management approval of trading strategies and execute financial trades. Generate position reports for upper management. Ref# 00012132 Risk Management Specialist Perform risk management functions for the gas trading organization, including daily position and P&L reporting. Ensure deal validation and perform problem resolution for executed trades. Create daily VaR estimates for both cash and term traders. Ref# 00012133 Risk Analyst Determine market value of regional power, confirming the market values estimated by trade desk against prices set for independent brokers. Forecast resulting previous day's trade-to-market figure for preliminary valuation of book value. Participate in daily Value at Risk calculations, exception reporting for daily variances, updating of daily price curves, and updating proprietary models which value long term transactions. Enjoy the holidays! Wishing you all a happy and prosperous 2002! Sincerely,
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ANS: TAGE Newsletter

QUESTION: Folks, FERC is deliberating today on many agenda items. Two they have approved are: 1. Modifying the June 19 Price Mitigation Order setting the price cap at $108 until April 30, 2002, and decoupling the cap from California's reserve deficiency, and instead tying the cap to the price of natural gas (upwards, only). 2. Denial of Requests for Rehearing (in great part) on all California Orders since last December 15 (2000), and ordering the California ISO to submit a revised congestion management plan, and a plan for establishing a day-ahead market, both plans due May 1, 2002. Both Orders passed 3 Yea, and 1 No (MAssey, in part on the second order). gba
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ANS:
FERC Orders