Here is an email: Yesterday, the European Commission adopted a climate change package, which includes a draft directive on emissions trading, an instrument of EU ratification of the Kyoto Protocol and policies and measures to reduce greenhouse gas emissions. Please the attached press release outlining the package. Major provisions of the draft emissions trading directive include: The emissions trading scheme has two phases -- first phase (2005 - 2007), second phase (2008 - 2012)
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A: EU emissions trading directive and climate change plan released....
Q: Group, The Enron Derivatives II will be on Wednesday and Thursday, November 14th and 15th. The class is open to those who took Derivatives I earlier this year. Please see me or send me an email if you are interested and we will make scheduling arrangements. Thanks,
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A: Derivatives II
IN: NYMEX announced this afternoon that it will begin trading EFS in natural gas tomorrow. Please read the following memo. Notice # 01-366 October 31, 2001 TO: All NYMEX Division members All NYMEX Division cleating members

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OUT: (01-366) Introduction of EFS Trading in Natural Gas
IN: This is an email
As a reminder, the mandatory Annual Compliance Meeting was rescheduled to Thursday, November 8, 2001 from 8:30 - 10:00 am at the Doubletree Hotel, LaSalle Room B. The agenda is as follows: Robert George Board Seats Richard Lauer ECT Securities LP Cassandra Schultz Risk Management Policy Bob Bruce Chinese Wall Policy Chip Schneider Transaction Approval Process Rick Carson RAC Reporting Tools Please confirm your attendance at this year's meeting either by responding to this email message or contacting Donna Wackerle at ext. 39755. If you have already RSVP'd, thank you and we will see you Thursday. If you have any questions, please contact me directly at ext. 31939. I look forward to seeing you this year. PLEASE FORWARD THIS MESSAGE TO YOUR ADMINISTRATIVE ASSISTANT TO ENSURE IT IS SCHEDULED ON YOUR CALENDAR.

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OUT: Annual Compliance Meeting
QUESTION: Everyone, Paul Flack called from the courthouse at 3:40. The Judge had taken a break, and they were to reconvene in a few minutes. Paul said it was going well, but would likely last for some time longer. Apparently there are around 50 lawyers in the court room. I will send you an email as soon as the hearing is concluded, or, if I receive another update from the courthouse, I will pass that along as well. In the meantime, please don't hesitate to call me if you need to.
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ANS: 1 p.m. Hearing
IN: Northwest Natural In Talks With Enron Over Portland Utility=20 By Wall Street Journal staff reporters Robin Sidel, Rebecca Smith and Nikhi= l Deogun 10/05/2001 The Wall Street Journal B2 (Copyright (c) 2001, Dow Jones & Company, Inc.)= =20 Enron Corp. is in advanced discussions to sell its Portland General Electri= c utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash = and stock in a highly leveraged transaction that would eventually give Enro= n a minority stake in Northwest, according to people familiar with the matt= er.=20 The discussions are at a very delicate stage, and some important points nee= d to be finalized, these people caution. The current environment could also= make financing such a transaction quite difficult, and board approval isn'= t a certainty. However, should the two sides agree to terms, a deal could b= e announced in the next few days. Northwest Natural is also expected to ass= ume roughly $1 billion in debt.=20 Enron and Northwest Natural declined to comment. If a transaction is consu= mmated, it would come nearly six months after the collapse of Enron's agree= ment to sell the utility to Sierra Pacific Resources. That transaction fell= apart in part because of the California energy crisis. A purchase of Port= land General would be a very big bite for Northwest Natural, which has a ma= rket capitalization of just $650 million and supplies natural gas to more t= han 500,000 residential and business customers in Oregon and Vancouver, Was= h. Portland General is an electric utility serving more than 1.4 million cu= stomers in Oregon. The deal would bring together two Oregon utilities whos= e executives and employees know each other well. Richard G. Reiten, Northwe= st's chairman and chief executive, was president and chief operating office= r of Portland General between 1989 and 1996, and also served on its board. = By buying a utility, Northwest would hope to have more bargaining power in= its gas purchases, enabling it to buy more product and store it when price= s are cheap. A deal would be accretive to Northwest's earnings, people fami= liar with the matter say. And the financial risk for Northwest Natural is s= omewhat muted because Enron is helping to facilitate and finance the transa= ction by agreeing to take common stock and convertible preferred stock in N= orthwest Natural in addition to cash. Northwest Natural would finance the t= ransaction with debt and equity offerings. Shares of Northwest Natural wer= e trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York St= ock Exchange, while Enron stock was down 39 cents a share at $33.10. For E= nron, a deal with Northwest Natural would be the latest twist in a five-yea= r ordeal that was supposed to help the nation's biggest energy trader break= into California's deregulating electricity market. But the utility busines= s proved less valuable than anticipated when Enron was prevented from selli= ng off utility contracts that enabled it to buy electricity cheaply. And Ca= lifornia's market developed serious problems last year that made it a less = attractive place for Enron to do business. Enron, which also owns a major = gas-transmission pipeline system, has a history of buying assets and busine= sses, learning what it can from them, and then selling off the bulk of phys= ical assets so it can reinvest capital elsewhere. It isn't clear where Enr= on will put the capital to work that it garners from the sale. Its broadban= d telecommunications business is in the doldrums and it recently said it wo= uld invest $250 million in it this year, down from a formerly projected $75= 0 million. =09 =09 =09 =09

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OUT:
WSJ Article on Enron/Portland General Sale to Northwest Natural