Subject: "2001 goals".

Body: Per, Today, I submitted a brief summary of each groups 2001 goals. I wasn't able to talk to you before putting these out but they were fine for step one. Please review and make any changes you wish to them. I also need you to add as many specifics as possible. For example number of transactions, $ amounts, etc. Please read and make the changes on this email and return to me asap. Keep your goals to no more than 5. Global Risk Markets ? Create $38 million in gross margin and $26 million in EBIT ? Complete and market and execute transactions in three primary technologies: double trigger, upstream term-working interest and power price risk Thanks,

Subject: "VEPCO's form interconnection agreement".

Body: Attached is the form interconnection agreement provided by Virgina Power, for your information, review, etc. It is a new form which is currently under review by VEPCO. Kay

Subject: "Agreement".

Body: Gentlemen: Here is the new draft of the policy. We have left a message with ACE about a call at 9 (houston time) tomorrow. If that chnages, I will let you know.

Subject: "Duke Situation".

Body:
Greg, ACTION - PLEASE CALL TODD REID AT DUKE BACKGROUND: Below is the situation with Duke and subs: Exposure Line Cash L/C Duke Energy Marketing LP / ECC ($43mm) $10mm $52.35mm $20.5mm Duke Energy Trading & Marketing / ENA ($56mm) $5mm $61mm Duke Energy Trading & Marketing / EPMI ($260mm) $20mm $171mm $100mm The expiration of the letters of credit are 11/30/01. Duke believes that since these L/C's have less than 20 days to expiry their value should be zero and are asking for additional cash collateral. Our view of the contract is that these L/C's are good collateral until expiry and should be counted in our outgoing collateral. The roll of the letter of credit has been delayed as Haedicke/Mintz get comfortable with the reps under the L/C facility. Duke credit guys are saying that Todd Reid has not received a return call from you and this holding up a resolution. Bill and Louise