IN: This is an email
Jeff, Below is a list of items I'd like to discuss with you when we both have time(?). I just wanted to brief you first. I'm thinking about having a meeting with the basis traders every morning from 8:15 - 8:30 after each trader has gathered information from their desk meetings. This would be the optimal time to strategize as a group since changes in regional fundamentals and respective basis implications would be fresh in everyone's mind. Would it be okay to delay EOL market-making in basis until 8:30? I think it would be worth it. I think it would be a good idea to meet with leaders from other groups (origination (who? ), structuring (who? ), Julie Gomez, and Fred Lagrasta) on a regular basis to obtain new information on anything that might affect ENA's basis positions. Could you point me in the right direction as far as whom to involve and maybe notify them of my intentions? Should we set up a new book (under my management) which would hold certain strategic positions such as spread trades and/or more complex structured positions? I think it would be easier to manage that way by not being "cluttered up" in different books (i.e. the P/L from these trades would be my focus instead of managed by other traders.) Do you think the traders could eventually report directly to me? It seems like more intense leadership might provide an extra push to the group. Talk to you soon, Fletch

What is the subject?

OUT: Administative Items

IN: This is an email
John, Further to the voice message that I left you, I have recalculated the amount of security that would be required if all of the modified direct sales contracts are acknowledged by noon January 4. The calculations are still a bit rough but I thought this spreadsheet would provide you with something to review. I have used a $35 Pool Price in the calculations. Note the additional tabs in the spreadsheet that detail the hourly generation that the Pool has received for SD3 and SD4 . In determining the actual security required, we will need to review the megawatts in the contracts registered in detail once we have the acknowledgements tomorrow. For simplicity I have assumed that everything is base load and I know this is not correct. Once we know exactly what contracts we are looking at, we can fine tune the calculation. <<December SD3 and SD4.xls>>

What is the subject?

OUT: Enron Security

IN: This is an email
Holden, Can you look at this deal, 602737.1. It's not comming through on the CARP report even after I schedule it and PNM is wondering why. Also, a purchase for $58 27 mw's isn't in the system and they are seeing it. I'm not sure how Parking and lending deals are entered in the system, but somthing looks out of wack thanks

What is the subject?

OUT:
PNM Parking and lending