IN: Greg, As a follow up. We are talking to Jay Webb today about the data we can get from the Enron OnLine system to develop an early warning system for automated crude trading. By the way, it was a good catch. You left us red faced. Vince

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OUT: Warning system

IN: Hello Friends and Colleagues, I am excited to tell you that starting January 7, 2002, I will have a new job. I will be the Vice President of Research Programs at the new Electricity Innovation Institute in Palo Alto, CA. EII is a spin-off from the Electric Power Research Institute. It's purpose is to lead public/private research collaboration for clean, efficient energy and the quality of life opportunities that electrcity-based innovation provides. Our first two projects will deal with reliability of the electric system and integration of distributed generation into the existing distribution grid. I have really enjoyed my time with Green Mountain Energy Company and firmly believe that customers will choose a cleaner, "greener" electricity product if given the opportunity. However, this is a good time for me to go in a new direction. Starting January 7, you can reach me at 650.855.2100. My e-mail address will be rcouniha@e2i.org. Until then, I am taking time off. See you next year! Rick

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OUT: My New Situation

IN: As you are aware a "safety net" type of provision has been included in the master netting agreement to attempt to convert any underlying master agreement one way payment provision to a two way payment provision. However, this is only a safety net and should not be relied upon. It may not cover every particular definitional/form structure in an underlying master agreement. Please be sure to review the underlying master. It is probably always best to draft a contract specific amendment to convert to 2way payment since this is a critical issue to effect properly the closeout netting and setoff provisions of the master netting agreement. The specific amendment can be included in the master netting or accomplished as a separate amendment to the underlying master agreement. Any questions, call me.

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OUT: READ: RE CONVERSION OF 1 WAY PAYMENTS TO TWO WAY PAYMENTS

IN: I have made the following adjustment to our EPMI sales to EES on 3/1 at SP-15. 534313 - existing fixed price forward sale - volumes have been reduced by 18 mw per hour 559314 - new index sale added and backdated (2/28) to reflect 18 mw off peak hours 559316 - new index sale added and backdate (2/28) to reflect 18 mw on peak hours Please let me know if you have any questions regarding this change. At the end of last month Short Term California handed responsibility of Dow Jones index sales over to the Short Term West Services desk; unfortunately the exact date of change-over was miscommunicated, and the index sale was not entered for 3/1. However, the total MWh of EPMI's sale to EES should not change for 3/1. Also, you should see the new volumes reflected in the EES daily volumes worksheet which I will send later this afternoon. Thanks for your patience,

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OUT:
EES Deal Changes 3/1