IN: This is an email
Martin Cuilla has kindly agreed to offer his time to help us understand some of the key concepts as trading Natural Gas. Therefore, starting sometime next week, we will be arranging a weekly Q/A. Please forward me any questions/topics you wish to discuss, so we can organize an itinerary, i.e. : What products do we trade? How do you manage risk ? What does this floor trade on a daily basis? Overview his job function? How is P/L calculated throughout/end of day? The difference between physical and financial products? The difference between Nymex, Basis, Cash, Prompt Physical, Prompt Financial, Term, ROM etc? Explanation of the concept of Basis Differential? How do transportation costs affect Basis calculations? How the Nymex products affect the above... i.e. auto hedge? What are the downstream systems, i.e. Sitara for physical etc?

What is the subject?

OUT: Training

IN: This is an email
Hello - I was searching your website for capabilities on emissions trading. I understand you conduct and enhance market information as well as establish custom solutions that enable environmental compliance. I was wondering if you an provide some information on your services, and what the current trends are for SOx and NOx emissions trading. How does Enron participate ? Most importantly, I was wondering if you have available data on cost savings for Enron itself as well as others in the industry. Thank you for your help - I look forward to your reponse. Sincerely,

What is the subject?

OUT: Emissions Trading Inquiry

IN: This is an email
Jon: Here is the first of six e-mails regarding the inventories of the peakers. Regarding, the output and heat rates on the turbines, we copied for you the performance tests, which should have summary information on the output and heat rates at the end of each of the performance tests. Please let me know if you do not find them. Thanks! Ben

What is the subject?

OUT:
Brownsville