Here is another matrix of TW "Current Shipper" rates & surcharges. This one is not posted on the web. I don't know whether anyone needs/uses it, anymore, but I have been keeping it up. There is a new tab for each change in Current Shipper Rates. The latest is "200111" Elizabeth - I forgot to send this to you this morning. Jeanette - I don't recall whether I sent this along with the other TW files.
Answer: FYI 11/2001 TW Rate Matrix - same rates, different format
Here is an email: Rick - further to our discussion, here is the change Enron Americas are requesting in their limit structure: Eliminate volumetric limits on net open position and maturity gap; Eliminate limits on individual commodities within the business unit; Replace with one limit, expressed in VaR, for the entire business unit, of $100MM. I am not uncomfortable with $100MM, given the opportunity set and the required returns from this activity. ETL at this level could be in the region of $340MM. I think the other things to consider in making the decision are as follows: Does the VaR tell us sufficient about the risk ? I think it does since we have the ability to see components of it in some detail and it backtests well Tail Risks Generally we have the most data on tail risks for US gas and power and we are most confident about the EVaR and ETL measures for these commodities. Liquidity This should be a key point in removing volumetric limits because they give us a concept of size. Our recent analysis has shown that our ability to unload risk in US natural gas certainly is high (50% reduction, 10 days) - but we need to continually revisit this analysis. Administration of Risk Generally I think we are comfortable - deal capture is good since so many trades are picked up through EOL. Delegation of authority using VaR limits at desk level is strong But since VaR is so dependent on MTM values and curves I would still recommend a review of: curve validation results; ageing of confirmations outstanding (in and out); flash to actual differences (if any) Compliance with Policy The policy requires limits under the business unit by "commodity groups" in some combination of volumetric and VaR limits. We also must approve products/commodities for a business unit. One interpretation of this is to define the commodity "group" as the aggregate of gas, power, coal, crude, and approve those products, in which case the aggregate limit for the business unit is the commdity group limit also - so we can have one limit. Our concern about the Firm blowing up because everyone is short crude, for example, is covered by the fact that we can still see all the components of our aggregate risk to a single commodity, which is also capped by the concentration limits. The only question is from a governance standpoint, how you prevent yourself bumping up against those and having to explain it to the board. Another side of this argument is the "10K analogy" - if I put $100MM into my 10K via a mutual fund I am likely to want them to declare in which markets they invest it. To summarize, I think we could justify losing volumetric limits for this business. On the question of level of risk and commodity limits, I think we should talk it over with Greg / Ken. DP
What is a potential subject line for this email?
A: Limit Revision - Enron Americas
Q: Mike, Checking on the status of getting Stephanie Panus, a new paralegal in our Group, full edit access to the referenced database. Also, we need to get some additional people full edit access: Matt Dawson, who just started in London Legal, and David Minns, a lawyer in our Australia office. Can you let me and each of these people know when they have access. Thanks!
Propose a subject line
A: Financial Trading Agreement Database Access
IN: Attached is a draft press release announcing Cliff's resignation. This is scheduled to be issued tomorrow, following the distribution of the internal memo. Please let me know if you have any comments or changes. Thank you.

Generate a subject line.

OUT: Baxter Press Release
IN: This is an email
I still plan to be out on Friday - guess I should use my discretionary holiday first. I should be in NYC Wednesday and Thursday. I don't need you to do anything in that regard yet. Thanks,

What is the subject?

OUT: Calendar stuff
BUSINESS HIGHLIGHTS Enron Industrial Markets Enron Industrial Markets announced the signing of definitive agreements with Huntco, Inc. under which over a 15-year period Enron will provide inventory price risk management services and will eventually provide more than 600,000 tons per year of hot-rolled, cold-rolled and galvanized steel products to Huntco Steel. The agreements provide Enron access to Huntco's network of steel distribution centers nationwide. The agreements also provide for Enron's acquisition of Huntco's cold rolling and certain coil pickling operations in Blytheville, Arkansas. These transactions with Huntco have the potential to fundamentally change the way steel is bought and sold in the United States. It gives Enron immediate access to physical steel and positions Enron geographically to serve the steel industry in a variety of ways. In addition to providing physical products on both a spot and term basis, EIM's goals for the steel industry include developing commodity risk management products, providing structured finance products and establishing the market-making capabilities that Enron has brought to the natural gas, power and other commodity markets. Enron North America-Upstream Products Upstream Products has partnered with Duke Energy Field Services (DEFS) to close a 20-year NGL exchange and transportation deal with Formosa Hydrocarbons and Williams Energy Field Services to handle raw make product from the Williams Markham plant. Formosa Hydrocarbons is building a 40,000 BPD fractionator to handle this and other Gulf Coast NGL production. The accompanying pipeline will be known as the Seabreeze pipeline system and will be constructed by DEFS. Texas Brine LLC will provide NGL storage services for Formosa Hydrocarbons on this system. Primary production for this system is coming from the Boomvang Nansen field in the deepwater GOM and will be the first deepwater GOM production to come onshore in Texas. Upstream Products has also worked to arrange a 20-year transportation lease agreement on the Dean Pipeline (owned by TEPPCO) for refinery grade propylene service to be utilized by Formosa Plastics. Coupled with this transaction, Enron Clean Fuels has entered into a propylene storage agreement with Formosa Plastics to utilize ECF's Mt. Belvieu storage facilities. In addition, Enron Global Markets has been able to amend its current transportation agreement with TEPPCO to prematurely terminate a take-or-pay obligation and realize additional transportation revenues from interim NGL production coming from the Williams Markham to be delivered to Mt. Belvieu. Upon close, Upstream Products was monetized out of its initial position by DEFS and retained a risk-free net profits position on the Seabreeze Pipeline going forward for an additional 20,000-40,000 BPD of excess capacity on the system. ENA West Power Southwest Power, an ENA affiliate, signed a 222MW 15-year tolling agreement with Allegheny Energy Supply for all of the output of Southwest's Las Vegas expansion project, scheduled for completion in September, 2002. With the tolling agreement done and construction underway, the project will now be marketed to qualified generators. IN THE NEWS "To truly understand Enron's Jeffrey Skilling - the hypersmart, hyperconfident chief executive of what may now be the largest energy trading company on the planet - head to your local video store and check out that classic American cinema, Wayne's World. At 15, Skilling helped launch a no-budget television station in Aurora, Illinois - the very thing that Mike Myers and Dana Carvey so famously spoofed on Saturday Night Live and in two movies. The TV skit even begins with a sketch of a teenage cameraman, the role of the real-life Skilling." --- Randall Lane, Worth Magazine. May 2001.
Answer:
EnTouch Newsletter