IN: Jim Speaking with Don Miller last night he has indicated that Jeff McMahon would like to secure our membership and ongoing participation in NEPOOL and possibly other Pools, and is prepared to make cash available through the Cash Committee. While we discussed a number of options, the starting point is to identify the contracts that are in the money to EPMI and which have not yet been terminated. The long term deals that we have been looking at in NEPOOL are NSTAR, UI and CMP. We are getting closer to an acceptable internal valuation of these and need to get a "robust" number that we can defend in order to release cash from the Cash Committee. The three main cash related issues we need to address as I see it in the short term are: (1) We must provide NEPOOL with the comfort, possibly even in the form of a pre-pay, that we will pay our invoices for November, especially since the bonds we posted terminate on 29, December (2) We must provide cash collateral immediately and (3) We will need pay our NEPOOL invoices over a two, or possibly, one week period to reduce NEPOOL's exposure to EPMI. This creates cash flow issues as we are only paid monthly by our customers. With the one way payment issue we are facing with NSTAR and UI there is clearly little incentive for them to re-negotiate their contracts. Turning to point (2), it is not clear to me whether we will be able to post the $137,390,360.10 and I will assume that we will not get the authority to post this but a lesser amount. In trying to provide NEPOOL with comfort as to their exposures it may be that we can get them to agree that for the foreseeable future we will only be serving certain contracts and that the collateral requirement be based solely on EPMI serving those contracts. I am not confident however that NEPOOL has the authority to what is in effect change the Financial Assurance Policy for one Participant, without approval of all Participants and approval of FERC, but we can explore this with them. If the price of energy, ICAP and other services moves up then EPMI should be given a reasonable period of time to post further collateral. That way we can hopefully reduce the initial amount we post and if the price moves up we can elect at that point whether to retain our membership or relinquish it. While EPMI will be taking market risk, which ill not be hedged, it will have the ability to stop performing f the price moves against it. It should not be forgotten that both the NSTAR and UI deals are one way payments and there is no time limit as to when either of these counterparties can claim a default due to EPMI's bankruptcy. The effect of this being that we are at risk from a termination by these two counterparties at any time and since we are currently the "Defaulting Party" we would not receive any Early Termination Payment. CMP is a two way payment and therefore there may well be some merit in entering into a term energy purchase deal to lock in value to this contract. I am not aware of what EES is trying to do with NEPOOL, or the other pools in the North East, however I thought it would be helpful if they knew what we were trying to do and why. Any input as to what EES is doing and any merit in a joint approach could be explored if both companies considered value could be achieved. Finally, the recipients of this email will hopefully know of other people, for example in credit, scheduling and settlements who could assist in ensuring that we can accurately value and schedule the contracts we would like to continue performing under, please pass these on to Don Miller who is coordinating this initiative. Regards,

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OUT: NEPOOL
IN: This is an email
Rebecca Smith called. She wants to have coffee on Monday at 10 AM California. Topics: 1) How California got here. 2) How California can get out of it. Any chance of talking Monday AM prior to 10 AM California time? I think I've got the messages pretty well down, but might be useful to touch base. Let me know. Hear's a message I'm practicing: "Shapiro and Steffes went to FERC on Friday----problem solved."

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OUT: Coffee w/Rebecca
QUESTION: Did you make it to work ok this morning? I am extremely because somebody kept me up late last night. Not that I am complaining. Probably not going to do some of my finest work today. Seriously, I had a great time last night. Gerald
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ANS: Tired?
Hi Vince, How are you? Everything is going well here in Boston. I am staying very busy in school with the core business classes. I am taking an intro to Finance with Myers which is very good, but otherwise my classes are very fundamental. I'm finding the most challenging part of business school is juggling all the extracurricular activities. Today we kicked off our first official team project which is very similar to the Tiger projects at Wharton that we worked on last spring. We have a lot of flexibility with the topic of the project. We are just supposed to find a real company or business unit that will let us analyze a recent, ongoing, or anticipated change initiative. All that is required is that the initiative be important to the company, represent a change, and have organizational implications. I don't know if you or a business unit of Enron you know of would like some free consulting in this area, but if so I would love a chance to talk with you about it. Another group of us are starting an Energy and Environmental Finance Club this year. We've collected over $3,000 for the club from about 100 MBA and Manufacturing students, and we will get more from the school. We would like to bring in speakers from the industry to tell us about new initiatives and the state of the business. Would you or someone you know be interested in presenting to the club? The students would really appreciate your involvement. Please feel free to forward this email to whomever you think may be interested in these projects. I will try calling later this week to touch base and see how everything is in Houston. See hello to Shirley and everyone else for me. ken
Q: What is a potential subject line for this email?
answer: two potential projects at MIT
Dear Jeffrey, Izio Support has just added you to their course, E278-1. If you feel that this is an error, please email them at: iziosupport@convene.com If you have any questions or comments regarding this email or the Iziosystem, please forward them to: IzioSupport@convene.com. Sincerely,
Answer: Account Information for E278-1
Q: Contract 03213 was suspended at 11/30/2001 13:36:04 PG&E National Energy Group and any other company referenced herein that uses the PG&E name or logo are not the same company as Pacific Gas and Electric Company, the regulated California utility. Neither PG&E National Energy Group nor these other referenced companies are regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products from these companies in order to continue to receive quality regulated services from the utility.
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A:
e-Trans Contract Administration