Subject: "GREAT NEWS ****FERC Order on Morgan Stanley Complaint Against ISO".

Body: See below. this is one of the issues that concerned us more than price caps, because it could limit our ability to move power to other markets in the west. In addition, if you get questions from the analysts on "reregulation" or price caps it is worth pointing out that the high prices prevailing in many markets help our retail sales pitch to end use customers and create opportunities for our wholesale price risk management services . . . even a $250 price cap is 5-10 times what large customers are accustomed to paying.

Subject: "hi".

Body: Hey Susan, I don't know if you remember me or not, I went to UT and was a good friend of Stephanie Spence. I know I met you at one of her showers or maybe as late has her wedding. Anyway, several people have told me that you work here so I thought that I would say hello. How long have you worked here? What do you do? Do you like it? I'm on the 25th floor with Net Works. I started in January and so far I like it. I'm still trying to get used to my job and Houston in general. Well, I just wanted to let you know I'm here. Talk to you later. Amy

Subject: "OStrip Function".

Body: As you know, the Ostrip Functionality has been altered. This change has affected the way the larryoptmodel values the gas daily options. The reason the larryoptmodel is affected is because the larryoptmodel was defining the inputs to the Ostrip model differently than the documentation asked. Let me explain. The Ostrip Model has the following date inputs: NowToSet - Fixed Price = zero - Forward Start = days from now until strike is set BegDays - Fixed Price = days from now until start of option - Forward Start = days from when strike is set until start of option EndDays - Fixed Price = days from now until end of option - Forward Start = days from when strike is set until end of option FwdStFlag - Fixed Price = 0 - Forward Start = 1 The Ostrip model should overlook the NowToSet days if the FwdStFlag = 0 (fixed price option). It assumes the option is set right now. The "Old Ostrip Model" did not overlook this input. This is the problem. In Larryoptmodel, the NowToSet is the same for Fixed Price options and Forward Start Options, the BegDays is the same and the EndDays is the same. Thus when the "Old Ostrip Model" incorrectly used the NowToSet days, this made the Larryoptmodel value the option correctly. When the "New Ostrip Model" was put into production, this model overlooks the NowToSet date, thus giving an incorrect value in Larryoptmodel. Larryoptmodel has to be changed to reflect the above inputs. It is actually only a change to one date. This date will be used in calculating the three days above. If the option is a fixed price option then the date will be today and NowToSet will be Today minus Today (zero), BegDays will be Start of Option minus today, EndDays will be End of Option minus today. If the option is a forward start option, then the date will be when the strike is set and the NowToSet with be the strike setting date minus today, BegDays will be Start of Option minus the strike date, EndDays will be the End of Option minus strike date. It is important to note that it is unexcusable to make any changes to the models without consulting the traders first. If there was a problem with the "Old Ostrip Model" then the trader should have been notified right away. This could have meant that the options were being misvalued when trading. In this case, however, Larry had figured a way around this problem and he was valuing correctly. When the model was changed, that changed the larryoptmodel valuation and now it was being valued incorrectly. Either way, any problems with the models should be communicated with the traders right away. Any changes to the models should be communicated to the traders before they are made. Please let me know if any have any questions or concerns. Thanks. John

Subject: "Send Thanksgiving gifts home for the holidays!".

Body:
.name { FONT-WEIGHT: bold; FONT-SIZE: 14pt; COLOR: #000000; LINE-HEIGHT: n= ormal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .let= ter { FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #000000; LINE-HEIGHT: no= rmal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .linke= d { FONT-WEIGHT: normal; FONT-SIZE: 9pt; COLOR: #0000cc; LINE-HEIGHT: norm= al; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: underline} .te= xt { FONT-WEIGHT: normal; FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: no= rmal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .lette= rbold { FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; LINE-HEIGHT: no= rmal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .exclu= sive { FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #ff0000; LINE-HEIGHT: nor= mal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .header= { font-family:arial,helvetica; font-size:12px; font-weight:bold; color:ff= ffff;} A:visited {text-decoration: underline; FONT-WEIGHT: bold;} A:hover {= text-decoration:underline; color:cc0099;} .line {color:ffffff;} .disclaimer= { font-family:arial,helvetica; font-size:10px; color:000000} .letter03 { f= ont-family: Arial, Helvetica, sans-serif; font-size: 9pt; font-style: itali= c; line-height: normal; font-weight: normal; color: #000000; text-decoratio= n: none} .footer { font-family: Arial; font-size: 9pt; font-style: normal;= line-height: normal; font-weight: normal; color: #FFFFFF; text-decoration:= none} =09 Save room for the gifts 1-800-FLOWERS.COM =09 Dutch Fields Bouquet for Fall Dutch Fields Bouquet for Fall Dear= Larry, There's no place like home for the holidays, but if you can't m= ake it this year, be there in spirit! Send a thoughtful gift from our Than= ksgiving Collection and show your loved ones how thankful you are and tha= t you wish you could join them. If you haven't already taken advantage o= f our holiday card convenience and savings, you still can! Now through Nov= ember 30, you can SAVE 15%*on any number of greeting cards . Enter promot= ion code HOT1during checkout to receive your discount. Happy Thanksgiving!=