Subject: "Short Position for Tuesday".

Body: STWBOM is 50 mw short on peak @ SP15. Purchase to cover this under the STWHOURLY book and enter an inter-desk sale to STWBOM. Day-ahead SP15 heavy load price is $28.54. Please let me know if you have questions.

Subject: "I know this sounds crazy but...".

Body: ... how about an LBO? Certain high net worth executives sponsor the deal in conjunction with a major financial investor such as JPM/Chase or Citibank. Force the share trust participants to go along and cut in all management and employees. It gets the company out of the spotlight and might have some real attraction for deal starved investors... esp at this price level. It could remotivate everyone and provide a way to recover some of the lost value that had accrued to the employees over the years. Obviously, some stakeholders would do better that others but that's the way it goes sometimes. Just a thought. Hang in there. Jim

Subject: "Consensus - Ryan Slinger".

Body: Please join us for a Consensus Meeting regarding Ryan Slinger. Bill is interested in bringing Ryan into the Associate / Analyst Program as an Analyst II. We would like to make sure that our senior trading staff agree with this move. The meeting will be held tomorrow, Tuesday, 10/2/01 in the Mt Rainier Conference Room at 10:30 AM.

Subject: "Reports".

Body:
Kam, I need your help on something. I am trying to compile a listing of all reports that were being run by the Risk leads and Specialist on a daily basis for the estate. If you could please give me a general idea of the daily reports that you know of, I would greatly appreciate it. I am doing this to ensure that we don't skip or miss anything that was being done on a day to day basis for the estate. I will take what info you give me and forward it on to Greg Couch so that he will be aware of all reports that needs to be ran daily. Thanks