This is the content of an email: Paul: Here's additional info for the "curtailment" data that we're pulling together. Utility Pricing for Core Gas Customers Prior to the month in question, the utility forecasts gas prices based on NYMEX monthly prices. So for example, based on November's forecast, the utility sets prices to be charged to core consumers in December. When December's over, the utility compares forecast prices with actual prices. If the forecast was too low, and there's an undercollection, the utility will increase January's price forecast by "just enough" to make up for the December undercollection. If prices were too high and there's an overcollection, the utility will reduce January price forecast by just enough to refund the overcollection. If the overcollection/undercollection is very large, the utilities have generally spread out the "true-up" over several months to avoid "rate shock" one way or the other. However, under the current circumstances, the utilities may be less willing to spread it out, and may wish to recover the entire undercollection in the following month. In short, there's at least a one-month lag in customer prices to account for differences in forecasts versus actual.

Subject: Pricing for CA IOU's Core Gas Customers

This is the content of an email: Oooouch! That one hurt. We really kicked their butt all over the field. The defense played well, especially Ahmad Brooks. I don't think he had one completed on him all night. What really sucks is that we just gave this game away with the punting team. I am trying not to get too down about this. This is a young team that is going to make mental errors and they will improve. I still thinks we will have a good season. The only freshman I saw getting any PT was Cory Redding. He looks fast out there and really crushed somebody on a kick off return. He also got some snaps at DE on a couple of 3 and longs, but didn't do anything outstanding. Unfortunately he was also out there on the punt team during the debacles. Victor Ike should be our starting tailback. He look big and fast and gets yardages running in the interior. Ike left a defender looking really stupid on his long TD run. Sweet moves. Hodges look about like he did last year. Had a couple of good runs but doesn't seem to use his blocking very well. OK, so we will begin our win streak with Stanford. The thing I really like was that Mack said he takes full responsibility for the punting problems and that he will insure that they get fixed. Mackovic would have made excuses that essentially put the blame elsewhere. This season could be an up and down one, but the real prize is next year and the years after. Did you get any info on the game?

Subject: NC State

This is the content of an email: I have a long term deal w/JER that needs to be on a master, please send me a credit sheet. I will fax you the info. Also, I need a credit sheet for Superior Water Light & Power Company. Thanks!

Subject: Superior Water / JER/BRE Austin

This is the content of an email: Steve: Here are the deals and offers. The desk is concerned about two things: 1) that we not make the specific of the deals/offers public. They're fine with general statements like "the offers are below the price cap." 2) they have good relationships with the IOUs and the munis and are starting to do a lot of deal; as such, they expressed concern about any comments that might agitate them and make them disinclined to transact with us (sound familiar)? If there's anything else you need, for if you have any questions about this material. Don't hesitate. Good luck. Best,
Subject: Enron Deals for FERC Panel