Q: Phillip, I'm building a sheet for each person specifically for financial hedging. Each day it will pull in the previous days position and previous day price curve to calculate the mark to market. Then that day's transactions can be entered to calculate the P & L of transactions which close out previous positions, as well as to calculate the new open positions. Initially, I thought that daily P&L could be calculated by simply adjusting the P&L whenever a transaction was made by the difference between the bid/offer of the closed out position by the offer/bid of the new position (of course time value and storage costs would be included). However, this only works if the person is 100% hedged, meaning they do not have any open positions which require marking. As the seller of synthetic storage utilizing 100% hedging, I should be able to do this, except for the fact that I will have size limits on transactions that will probably leave me open here and there. The main question I have is simply, "Should I be calculating the P&L for each person's storage book for open and closed positions?" Then beyond that, if we do calculate the P&L's from the buyer side, it seems that if their storage is not hedged, I will have to develop the market value of the storage in the ground and the remaining capacity to mark to market it. So, I guess I could apply the model for that purpose. Does this make sense to you? Any comments are appreciated. Thanks. Mat
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A: Synthetic Storage
IN: Welcome to Enron Center South. As you have probably already noticed, things look a little different here. We wanted to orientate you to your new environment and inform you about the future technology coming on-line in the coming weeks. Occupancy Guidebook To Enron Center South You will find this handy guide on your desk; it contains information concerning the enhanced printer environment, the new easy access keyboards and telephony procedures. NEC Monitors The NEC monitors have an internal anti-glare screen to help reduce eye strain and eliminate the need to install an additional screen cover. Additionally, an integrated speaker has been installed on one monitor for each desk. Turret Users An "Alliance MX turret quick reference guide" has been placed on your desk; this includes important information about the new features such as "Caller ID" and "Voicemail Indication". Increased Information Access There are approximately 65 NEC 50" Plasma screens installed on the 3rd floor. While many of these will be displaying information designed for the specific unit, others will be displaying various television channels. The audio to these television channels can be accessed via any of your telephony equipment. Here's how: Ten audio channels have been set up for access from your either your Avaya telephone, Stentophon, or IPC Turret. The channels have been defined on Page 15 of your Turret. To access the audio from either your Avaya or Stentophon, simply dial the extensions shown in the table below: Channel Avaya Stentophon Weather Channel 12401 801 CNN Headlines News 12402 802 CNN Financial News 12403 803 CNN 12404 804 CNBC 12405 805 MSNBC 12406 806 Financial News Network 12407 807 Bloomberg 12408 808 Fox Sports 12409 809 ESPN1 12410 810 Wireless Telephony You may notice the cellular phone coverage is not consistent across the floor, and some areas have virtually no coverage at all. We are implementing a multi-network "in-building" system to provide consistent high quality service for the campus, keeping you in touch while you are on the move. Wireless LAN The infrastructure to support Wireless LAN technology is in place and is being tested. We will be implementing multi level encryption and security to keep our intellectual property safe from eavesdroppers or hackers. Amtel Replacement As a move to provide a more flexible "Plug n Play" environment and to help with the reduced desk footprint, we have replaced the Amtel message boxes with Microsoft Exchange Instant Messaging. We are testing an additional software product to provide some of the features not available with Exchange Instant Messaging; these include one-touch response keys, external LED display, message logging and printing. This system is being tested within the environment and will be available in the next few weeks. Keeping an Open forum We will keep you informed of the changes and developments as the migration to the building continues, please feel free to respond with any comments, queries or suggestions to mailto:Enron.Center.South.Technology@enron.com

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OUT: Enron Center South Technology Watch
IN: This is an email
Per our discussion this morning I have attached the new form for our confirms. Please let me know if further changes are necessary. Thank you for your help!

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OUT: New Confirm Template
QUESTION: I am in the process of finalizing the ISDA and need for you to provide me with a definition of the "Cross Border Lease" for insertion into Paragraph 12 of the Credit Support Annex. I will need to refer to the lease in several places. Thanks. Sara
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ANS: ISDA Master Agreement
Jim If you are able to provide this to Dan for the meeting I would appreciate it. He may not want to circulate it to the group. It is intended as a work product for attorney. This e-mail and the attachments were prepared at the request of counsel. <<NOTES FOR DISCUSSION.doc>>
Q: What is a potential subject line for this email?
answer: Confidential for Dan Watkiss
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.
Q: What is a potential subject line for this email?
answer:
Pricing for CA IOU's Core Gas Customers