IN: Here's a draft of a termination letter. I'd be happy to see what everyone thinks before we use it. For instance, what tone are we aiming for? If we want to be all legal and hard-nosed, I can throw in ETA section references, etc. or if we want to be softer we can emphasize other trading opportunities within Enron and possibly explain our reasons for the termination. Let me know what you think.

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OUT: Draft EOL Termination Letter

IN: There seems to be some confusion around which DPR captures credit reserve and consumption premium reserves and which balance sheet these items fall on. My understanding in talking with both Don and Kevin is that since EES is, on a go-forward basis, being granted origination (which would be the residual after all reserves are applied) that all prudency/reserve items will rest on the WhEES DPR. The EES DPR will be just a single line net origination number. We do need to capture the activity related to DSM in the EES DPR (including some portion of credit reserve and drift) but until we have the system capability to capture this it may just have to be part of the whole WhEES bucket. This tracks with the idea that all future exposures (be they be wholesale price movement, tariff movement, credit exposure, etc.) be borne by EWS. If so, they need the reserves to properly offset any realized activity. The balance sheet reserves associated with these items already rest in the ledgers that are rolling up underneath EWS now. Reflecting the positions on the WhEES DPR will make them consistent with how we are capturing them from an accounting perspective. If anyone disagrees with this treatment, please respond to all the parties above so we can resolve this issue. If there are no objections I would recommend moving the credit reserve over at the next possible point. Wade P.S. This thinking only reflects how things are currently contemplated, if the mix around what is with EWS vs. EES (i.e., accounts receivable) we may want to rethink the credit reserve portion.

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OUT: Credit Reserve

IN: John, Here is a brief email on a possible resolution for the European/Oslo weather situation. Mark sent this draft to me last weekend but i haven't had time to review it this week. Personally, I think that this is the wrong answer from a Corporate perspective but this issue keeps hanging around and isn't worth any more of our time. For what it is worth, I think our communication strategy did make a big difference but didn't get us exactly where we needed to be. These groups will be expected (and held accountable) for good and consistent communication on an ongoing basis as well. For a P&L that is this small (and negative) we are all spending too much time on this. There is more to this story but I think we should just drop it and move on to bigger and better things. I am certainly not wedded to any of this but would rather focus on all the other issues and problems on my plate. Let's discuss upon your return on our weekly call. Thanks and I hope your vacation was relaxing. Mike ps-this hasn't been shared outside the group on the email.

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OUT: European Weather

IN: Michelle, The name of the DB Administrator for Enpower is Charlene Fricker, 5-3487. Alex will contact her regarding the access to the curve. I think it's a problem many layers below Gary Hickerson's level of responsibility and I hope we can handle it without using his valuable time. Vince

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OUT:
DBA Administrator