Q: As we breifly, ECS is developing a product for gas driven (as opposed to electric driven) horse power. Essentially, the value proposition involves "wrapping" an existing gas horspower station with a Compression Service Agreement and allowing the Pipeline to pay for the shaft horspower in commodities other than (or solely in) cash. ECS provides shaft horsepower (meaning that we bring gas, as opposed to elecricity) to the compressor. Because Shippers would continue to pay for its fuel per the existing tariff, the Pipeline would utilize shipper fuel to pay for shaft horsepower. This structure represents an avenue for the Pipeline to hedge the value of the molecules it collects from Shippers or simply to levelize their fuel burn. Timing and basis differences could, presumably, be included to increase the value to the Pipeline and potentially passed through to the Shippers. Attached is a deal example that I recently presented to Great Lakes Gas Transmission that solves a fuel levelization problem they have on their system....they overcollect in the Winter and undercollect in the Summer. It may be of some use in reviewing to help ascertain answers to the following: 1) Would a gas compression service deal be required to be filed by the FERC? My sence is that the answer is no. This is simply an O&M service contract and lease agreement. 2) If a Pipeline is on an annual gas tracker, what would be the tracker implication? It should be flat, as technically, ECS has not changed the amount of fuel collected/utilized....we have only provided optionality as to hedgeing??? Please give me a call to discuss. Thanks
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A: Gas on Gas ompression Deal
IN: I'm attaching a copy of Azurix's Request for Arbitration with ICSID in Washington relating to Azurix Buenos Aires. The claim should be formally registered (i.e., cleared as valid for jurisdicitional purposes) today or early next week. King and Spalding put together a summary of the various themes to emphasize in the arbitration. Much of it is quotations from provincial officials, in official reports or to the press, demonstrating the political nature of the Province's decisions. This should give you a flavor of our case. - 3D_L01!.DOC

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OUT: Azurix's Case Themes
IN: This is an email
As Marina and I discussed this morning, accounting requests that we officialize several books weeks after they have been calced in order for them to run reports. We do not officialize these post ids daily for two reasons: 1) The deals in these post ids are related to transport hedges that are captured in our transport model(not in ERMS). If we were to officialize these post ids and report them on the VAR, we would then be only capturing half of the picture, since the transport model in our P&L is not in ERMS. 2) All of the deals in these books are book to book and do not involve third parties. To keep this action from disrupting your group, the risk leads will forward an email to you when we officialize these post ids at accounting's request. The following is the list Rachel Crowell in Acctg. asked us to officialize on 3/12/01: 1054100 1054684 1054685 1054686 1054689 1055194 1055195 1055196 Please shout with any questions, thanks. PL

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OUT: officialized books for portfolio accounting
QUESTION: Sally- Yesterday at the floor meeting on the 32nd floor, I asked you a pointed question regarding trust of company management. I appreciated your effort to confront the frustration that many employees currently have. However, you also requested other questions. I have a number of questions, and I have tried to collect a number of questions from those that I have heard around the floor. In addition, I have a couple of suggestions for what could be done to build badly lacking morale. I am sorry for the long list, but in reality this is probably just the tip of the iceberg regarding questions and concerns out there. I hope that you can answer some of these questions, and I hope that you can ask some of these questions to those who might know. I appreciate your efforts. Here is the list: I have sent this to my two supervisors as well. Have a nice day. Tom Chapman
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ANS: You asked for questions
Drew, here is the memo. I know you will add your own spin before sending it on to Cordes. However, if there is anything you want me to fix, please do not hesitate to call.
Q: What is a potential subject line for this email?
answer: PG&E
Chris - we would very much like to get the Amended and Restated Compression Services Agreement executed, as these changes were agreed to several months ago and the project is moving forward. Could you let me know when we can expect to get this agreement returned? Thanks.
Q: What is a potential subject line for this email?
answer:
Amended Compression Service Agreement