Mark, Attached, for your information, is a copy of a general presentation that I prepared to illustrate and describe EGM's businesses. This is a presentation that will become a "living" document to communicate our businesses and growth. I will be making numerous changes as we move closer to the analyst meeting in January but I wanted to give everyone a copy of this version. Please don't hesitate to call me if you have any questions or comments. Mike
Q: What is a potential subject line for this email?
answer: EGM business presentation
Mary Cook has requested that you attend a meeting tomorrow morning (Tuesday, October 30) from 10:00 to 11:00 in EB38C2 to discuss master netting agreements. The directive Mary has presently been given is that we will be preparing various master netting agreements and she would like to solicit as much additional help as she can. If the directive changes before the meeting tomorrow, we will advise everyone. Please review the below attachments prior to the meeting if your schedule allows. Thanks!
Answer: Meeting regarding Master Netting Agreements
Here is an email: Per Louie Soldano, I called Dave Sinclair (GPG ROW) about whether we have any ability to negotiate a favorable right of way deal with the BNSF railroad. In Dave's experience, that is a nonstarter. Apparently, a bunch of utilities, including us through Dave, have even formed a coalition to try to figure out how to get the railroads to be more cooperative. If the RR owns its ROW outright (which many of the old railroads do out west) we might be able to condemn an easement by getting a FERC certificate. In other words, the RR would be treated just like any other landowner. If we did that, Dave thinks BNSF would treat it as a declaration of war. Since our lines cross or parallel BNSF right of way all over the place from Topock to Duluth, that would be foolish. I swore Sinclair to secrecy and told him what part of the world I was interested in and he thought we could probably stitch together private ROW without too much pain. If the RR option doesn't pan out, we may want to suggest to Tino and Dennis that our ROW people can handle this. Assuming we can't come up with some magic contact with the RR, I propose that, at the appropriate time, we tell Dennis and Tino that the last 7 or 8 miles of ROW should be flagged as a potential problem that Enron can help resolve once we decide to go forward. Other than the BNSF issue, I don't think we have any specific "to dos" or any specific comeback date to Dennis and Tino. So what do you guys think should happen next? DF
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A: BNSF
Q: ISDA PRESS REPORT - DECEMBER 26, 2001 CREDIT DERIVATIVES ISDA publishes credit survey - Risk ENERGY Enron's Success Story - The Wall Street Journal The International Swaps and Derivatives Association released its first survey of the global over-the-counter credit derivatives market last month, showing a total notional outstanding volume of credit derivative transactions of $631.5 billion as of the end of the first half of this year. ISDA, which compiled information from 83 firms, hopes the survey will provide a benchmark from which to chart future growth in the credit derivatives market. This survey, and the others that have been done by Risk, the British Bankers' Association (BBA), the US Office of the Comptroller of the Currency (0CC) and the Bank for International Settlements (BIS) have all used different methodologies on different samples, and have generated varying results. Risk's survey last year showed significantly higher total notional volumes $810 billion. The BBA survey released in July 2000 also gave a higher figure, forecasting $893 billion for the end of 2000. The BJS plans to publish its triennial figures on the credit derivatives market later this year. Upward trend According to ISDA, while still modest in relation to interest rate products, the credit derivatives market is expected to remain on a strong upward trend compared to more mature derivatives product areas. Most major dealers say there has been a big increase in their credit derivatives volumes. Mike Brosnan, deputy comptroller of risk evaluation at the 0CC, pointed to a challenge in assembling these surveys: "When you conduct a survey, some people may or may not respond, hence the data could be incomplete. A problem with a survey is: who is the enforcer?' The OCC. which carries out its own quarterly review of the US derivatives market, showed a decline in the credit derivatives market, from $426 billion at the end of 2000 to $351 billion at the end of second-quarter 2001. Brosnan attributes the decline in the credit derivatives market to uncertainty among users, relating to restructuring issues sparked off by the US life insurer Conseco's debt restructuring last year. However, according to Tim Frost, head of JP Morgan's credit derivatives business in London, the decline evidenced in the OCC's figures really comes down to a change in reporting methods that occurred in 2000 from gross-to-net notional figures on outstanding credit derivatives contracts. Enron's Success Story The Wall Street Journal - December 26, 2001 The collapse of Enron was many things -- a gratifying slap in the face to
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A: ISDA PRESS REPORT - DECEMBER 26, 2001
IN: This is an email
Texas City Facility - The relationship between HPL and Calpine has become and continues to be strained. Calpine purchased the Texas City Cogeneration Facility from Enron and Dominion Resources in early 1998. Prior to that time ENA supplied 45,000 MMBtu of gas under a fixed price contract and a Market Price agreement was in place to provide any additional volumes that might be needed in addition to that which Union Carbide Corporation had the contractual right to supply under the historic arrangement, since they were the steam host for the facility. After Calpine took over, these contracts either expired or were terminated. At this point HPL became the sole supplier to the facility although the interconnection with the Union Carbide delivery point with the Calpine facility remained active and a new Transaction Agreement was put in place whereby Calpine agreed to certain minimum and maximum quantity obligations and agreed on the prices that would be paid for any short fall in volumes. Since then, measurement disputes have been alleged and Calpine has shortpaid HPL's invoices even after verbally agreeing that the amounts invoiced were correct. Additionally, as a result of Calpine's power purchaser's last minute notification to Calpine of reductions in the purchase of power for the next day, which notification is usually after Calpine's next day notification deadline to HPL, Calpine has resorted to the use of creative force majeure situations in an effort to reduce their costs. These notifications have occurred some thirteen (I think) times and Calpine has provided little explanation to HPL of the nature of these events of force majeure. When pressed for a more detailed explanation, they merely state that they had to take down various unit(s) to repair or replace leaking valves, etc. Clear Lake Facility - The relationship between Calpine and HPL is not as strained with regard to deliveries at this facility. This may be because the contract covering the base volume of gas being delivered by HPL has not changed since it was negotiated by ENA in 1995. Midcon remains connected to the facility and delivers certain quantities of market priced gas. Market priced gas is required by the facility when its requirements exceed the base volumes supplied under the 1995 agreement. Should the power purchase agreement be amended to allow Calpine not to deliver powered or should the power purchaser cancel the power purchase agreement, Calpine has negotiated an amendment allowing for the delivery of the base volumes at alternative delivery points. Currently, HPL has advised Calpine of an upcoming event of force majeure which will require a cessation of deliveries of gas to the facility which certain regulatory mandated tests are being performed on the A-S pipeline. It is not known whether the Midcon delivery point has the capacity to handle the entire facility gas requirements or not.

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OUT:
Calpine Cogeneration Facility(s) relations