IN: This is an email
All: At Clint's request, please find below the form of assignment for execution among Enron North America Corp., Merrill Lynch Pierce Fenner & Smith and Lehman Brothers Finance S.A.. I will have to fax the term sheet to you as I can't find it in my email. Sara

What is the subject?

OUT: Assignement Agreement Draft
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ANS: Your mailbox is over its size limit
Meeting covered Market Power and Market Monitoring issues. First presenter was David Patton, from Potomac Economics. This firm has been jointly hired to provide technical support to SPP, MISO and Alliance. Many initial questions on what is market power, how can you define a well functioning market, etc. David envisions a market monitoring organization. If a problem emerges, it has to work with the RTO. IMM should not recommend power mitigation measures, but it should report any problems to FERC. It (has to go via FERC). General feeling is that Market Monitoring should be much more than market power, but to make sure that the market as a whole is functioning. It seems to me that the proposal is aligned with what Christi has advocated as part of the Southeast Mitigation. Multiple questions on how power market should be handled for must run, out of merit (constrained on and contrained off plants) and inflexible plants (e.g. hydro or take or pay gas contracts). Proposals to establish price caps were not accepted. Instead a proposal to deal with one or more generators with potential mkt power: they should have caps on bid prices. David proposed some market rules to deal with specific circumstances. It was generally accepted that demand side response should be used to mitigate market power. Other questions on how demand side bidding shold be operationalized (Mike: are there rules for DSB as part of the MISO Market Rules compendium?) Second Presenter - from WPPI. He raised serious concerns about potential market power in the region (Michigan Peninsula). Should utilities have approval to sell at market based rates? How should ATC be calculate to take into account counterflows? Issue is more pertinent until RTO enter into day 2 phase. Presenter's proposal, which faced a lot of resistance, was to assume that all Gs have market power, unless they prove otherwise (except must run agreements for reliability purposes). Roberto disagreed: this goes beyond MISO's authority. RTO has to work with IMM if market power is suspected. Dynegy requested David to further explore the situation of must run plants. David asked whether or not we had filed our position on MM for MISO. Mike: you may want to send him a copy, just as a courtesy. LM
Q: What is a potential subject line for this email?
answer: MISO Meeting last week
Ken: It is my understanding that we must get approval from the Office of the Chairman to utilize the company aircraft for personal use. My family is holding a Holiday Reunion in Atlanta December 18-23. Debbie and I would like to fly to Atlanta and back on Friday, December 22, with our children. The twins, Jason and Jessica, are a little bit too young yet to try the commercial airlines, which is why I am requesting to use a company aircraft. Of course, we would only secure a plane if it is NOT needed for business purposes that particular day and would be subject to company policy on all charges. No problem if this doesn't work! Stan
Answer: PERSONAL USE OF COMPANY AIRCRAFT
Here is an email: I guess we all do care about the AGA number. If the number is low due to the increasing difficulty companies are having injecting gas, I believe it. Our system is very full right now. Therefore, no excess injections for tomorrow. IT through Concord for 100,000 dth. Excess withdrawal's and IAS gas is available for 100,000 dth.
What is a potential subject line for this email?
A: Capacity for the 26th
QUESTION: I sent the e-mail below to our lawyers in ENA Legal. In order to provide better oversight and control of ENA legal expenditures on large transactions, please continue to follow the procedures set forth below for transactions where outside legal fees and expenses are expected to exceed $25,000.00. The purpose of these procedures is to (i) improve communication with counsel (inside and outside) on issues, fees and services and (ii) send price signals on legal costs (with respect to specific transactions) on a timely basis to the business units. Every effort should be made to continue to provide high quality legal work that has become standard at ENA. 1. A written estimate of proposed fees and expenses and a written description of the services shall be provided by our outside counsel. The responsible business unit and the General Counsel shall review and approve such written estimate before our outside counsel is directed to provide substantial professional services. 2. Our outside counsel shall be instructed to promptly submit a revised written estimate if such outside counsel determines that legal fees and expenses for such transaction will exceed the previous written estimate by $25,000.00. Such revised written estimate shall be reviewed and approved by the responsible business unit and the General Counsel or his/her designee before our outside counsel is directed to provide substantial additional professional services. 3. In order to accurately track such expenses so that the expenses can be properly allocated to the various business units, a work order number should be obtained for each transaction. Thank you for your cooperation. If you have any questions or any other suggestions for controlling expenses, please call me at extension 36544.
Propose a subject line for this email?
ANS:
ENA Legal Expenditures