Subject: "UC Economists (and others) Step Out a Bit in California".

Body: Apologies. I can't keep track of all the distribution lists. Please let me know if you think that this will be helpful in your neck of the woods. Rick relayed Summers comments re: Tyson. Best,

Subject: "Valuing ERCOT Industrial Load".

Body: I met with the Research team responsible for building a model for EES and ran through the model. The model can be used to value ERCOT deals or at least we can use it as a benchmark for pricing. I have attached a document that summarizes what EES is using the model to price, and how we can use it to price our deals. I am out tomorrow but will be back in the office Wed. morning. Research is looking at historical ERCOT prices and customer load data (TXI). I will set up a meeting on Wednesday to further discuss the model and other issues associated with deal valuation. Call me on my cell if you need to reach me, (832) 275-8212 Regards

Subject: "voicemail".

Body: Steve, Sorry I missed you yesterday. There is a lot going on here and in S America and we can probably discuss it next week. I agree with your assessment of and the need to clarify roles and implement the business plan. We will address all but there are some things going on that make it appropriate to wait a little. If you have any questions you can address them with Joe but I would wait and keep moving forward on your daily business and projects. I like the plan and we will discuss my comments next week. Thanks,

Subject: "Changes to List".

Body:
Sally, I know that we added Leslie Reeves, Christina Valdez adn Israel Estrada on Thursday but I was not sure who they replaced. Can you provide me with the names of the employees that they replaced. Thanks Sally! Mandy