Here is an email: Business&Finance: ESB ownership of network is questioned - Competition Authority says separation of national grid from core company does not go far enough. Arthur Beesley reports 11/13/2000 Irish Times 18 Copyright (C) 2000 Irish Times; Source: World Reporter (TM) The Competition Authority has questioned the ESB's ownership of the electricity network in the newly deregulated power market. In a paper submitted to the Department of Public Enterprise, the body said the separation of the ESB's National Grid operation from the core company did not go far enough to ensure fair competition. It said arguments in favour of the ESB retaining the transmission and distribution system ignored the 'overwhelming conclusion' that a generation company which owns such assets 'will naturally favour itself' at the expense of customers and reliability. The paper has not been published yet. It is believed to state, however, that the ESB's retention of its 'non-competitive' transmission and distribution assets and its 'competitive' electricity generation business was unwise from a competition perspective. The National Grid, which controls when individual power stations feed electricity into the network, was separated from the ESB when 27 per cent of the market was opened last February. In theory, this meant the ESB could not favour its own generation stations over more efficient competitors when deciding which plant to switch on and off as demand for power fluctuates. But the authority's response to the Statutory Instrument behind the separation - which renamed the National Grid as Eirgrid - said more should be done to ensure the market operates fairly. The paper said: 'Some argue that as long as there is an independent operator of the underlying transmission system, ownership of the transmission system can remain in the hands of an upstream generation operator. 'In accordance with this line of argument, the shift of operational control of electricity transmission to Eirgrid would mean that discrimination in dispatch [of power] and other operations would not be possible. However, the Competition Authority considers that this argument ignores the overwhelming conclusion that the generation company that owns the transmission lines will naturally favour itself.' The Statutory Instrument followed complex talks, which led to an agreement between the ESB, its trade unions and the Minister for Public Enterprise, Ms O'Rourke. When Eirgrid was formed, the ESB retained ownership and responsibility to develop and maintain the high-voltage national transmission system and the low-voltage local distribution network. The authority says these, too, should be separated from the ESB to ensure the competitive market functions fairly, according to a person familiar with its paper. This would ensure equal access to the power network and an objective, transparent, non-discriminatory treatment of all electricity generators in the market, it said. The paper argues the ESB has an incentive to allocate as many costs as possible to the operation of the transmission and distribution system. Folder Name: Utilities, Electric: Deregulation Relevance Score on Scale of 100: 100
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A: EBS News
Q: Jay, I can't see the new IRAs on the web site. It's no big deal. But I would like to have them linked. Thanks. Did you go to the playoff games? It's been a long time coming. DG
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A: IRAs
IN: Attached is a draft letter to Wildhorse for our noms. in November. The letter again reserves all our rights. Please review. Mark, Is the cc list still correct?

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OUT: November Nom. Letter
IN: This is an email
Mr. Crandall, It's Chris Murphy here from UofO. I have a few questions that I forgot to ask during the interview. If you have the time to answer them I would very much appreciate it. Are new employees given demo accounts to paper trade the markets prior to live trading? If I were to be selected I would like to begin to watch the energy markets so that I can get a feel for them. Do you know of any good information and news sources that I could subscribe to in order to get charts, volume, open interest and other pertinent data? Also, do you know of any good books that are devoted exclusively to trading the energy markets? I am very excited about this wonderful opportunity and I hope to be selected for Super Saturday. Regards,

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OUT: Enron Questions
QUESTION: Mary: I am beginning the process of looking for a nanny and was wondering if you may know of someone or know of an agency that you trust. We are looking for someone to commute to our house each day. If you do know of someone, please let me know. Also, on Suzanne's gift, looks like so far it's me and Sheila contributing. Are you interested?
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ANS: Nanny Search
IN: Greg: A rumor is going around that Andy Fastow's employment contract had language that would allow him to be paid $9,000,000 or some amount if a change of control of the corporation occurred. Several questions come to mind related to this issue that I would appreciate your response: 1) Please confirm the existence of such a clause or similar clause in Mr. Fastow's contract that would allow him a claim of additional money from an Enron entity. 2) If such a clause does exist what is Enron's intent as far as payment or litigation? 3) What other Enron employee's have such clauses that would allow them to benefit from the merger? Your clarification of the above questions would be appreciated! Thanks, Jim

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OUT:
Fastow Rumor