IN: Jeff, Below is a list of items I'd like to discuss with you when we both have time(?). I just wanted to brief you first. I'm thinking about having a meeting with the basis traders every morning from 8:15 - 8:30 after each trader has gathered information from their desk meetings. This would be the optimal time to strategize as a group since changes in regional fundamentals and respective basis implications would be fresh in everyone's mind. Would it be okay to delay EOL market-making in basis until 8:30? I think it would be worth it. I think it would be a good idea to meet with leaders from other groups (origination (who? ), structuring (who? ), Julie Gomez, and Fred Lagrasta) on a regular basis to obtain new information on anything that might affect ENA's basis positions. Could you point me in the right direction as far as whom to involve and maybe notify them of my intentions? Should we set up a new book (under my management) which would hold certain strategic positions such as spread trades and/or more complex structured positions? I think it would be easier to manage that way by not being "cluttered up" in different books (i.e. the P/L from these trades would be my focus instead of managed by other traders.) Do you think the traders could eventually report directly to me? It seems like more intense leadership might provide an extra push to the group. Talk to you soon, Fletch

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OUT: Administative Items
IN: This is an email
Good Morning, Here are this week's stats: AGA Last Year +105 5 yr AVG +89 Lifetime High +105 2001 Lifetime Low +63 1999 Gas in STGE EIA 1893 5yr AVG 1482 +/- to 2001 +495 +/- to 5yr AVG +411 Please have your estimates in by 2:00 (1:00 CST) Wednesday. Thank you. (Embedded image moved to file: pic08160.pcx) This message and any attachments (the "message") is intended solely for the addressees and is confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval. The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.

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OUT: BNP PARIBAS Commodity Futures Weekly EIA Survey
QUESTION: Cooper, Phillip Allen pointed me in your direction to be added to access for the westpower internet site? Let me know if you need additional information. Thanks. Randy x31991
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ANS: Access to Westpower
In regards to the billing of Enron related OATI services please complete the following starting February 1st. Entity EPMIE - Enron Power Marketing, Inc. PSE Name EPMIEA. Please change the billing contact from Lloyd Will to Bob Hall (7138536956), the billing address is the same. Please also reduce the number of accounts from 40 to 10. Entity MDEA - Mississippi Delta Energy Agency. PSE Name MDEA. Please change the billing contact from Lloyd Will to Bob Hall (7138536956), the billing address is the same. OATI WebOasis tool Please change the billing contact from Lloyd Will to Bob Hall (7138536956), the billing address is the same. (Used for TVA, Big Rivers, Associated & East Kentucky.) Entity ENSE - Enron SE . CA Name ENNA We no longer have these control areas but require access to the account for final reporting reasons. Please change the billing contact from Lloyd Will to Bob Hall (7138536956), the billing address is the same. Please contact me at 713-853-3383 with any coordination or additional details. Thanks.
Q: What is a potential subject line for this email?
answer: OATI SERVICES
Attached is the final version of the Bammel Compression Turnkey Construction Agreement used in Project Looper. This agreement will require some modification for use in Project Coca-Cola, but is a good starting point. In the interest of efficiency I am circulating this for your review and comments. We can then discuss how this needs to be tailored for the CO2 project. Please note the following with respect to this agreement: 1. A detailed engineering scope of work will be required for the treaters. 2. Given the financing objectives for this project, this agreement should be as lump sum price as possible with liquidated damages for in-service date risk. 3. A performance criteria guarantee section will need to be added which references specific plant peformance criteria in the scope of work. FYI, I will be in Albuquerque tommorrow for a Compression Services project. After your review let's discuss.
Answer: Coca-Cola Construction
Q: Summary Risk Data as of 26Dec2001 Previous Active Financial Deals 71 71 Active Physical Positions 40 40 P&L Daily ($thousands) 88.3 47.0 VaR ($thousands) 1,626.3* 1,611.4* ETS Margin Account Deals 0 0 *The VaR continues to be over the ETS VaR limit of $1,000,000. Company MTM by Counter Party Asset Liability Net 21Dec01 Previous Change NNG EL Paso Energy Marketing 17,727.8 (20,164.3) (2,436.5) (2,296.6) (139.9) NNG Reliant Energy Services 81.5 - 81.5 76.5 5.0 NNG TransCanada Energy 21,039.6 (20,429.4) 610.2 620.5 (10.3) NNG Grand Total 38,848.9 (40,593.7) (1,744.8) (1,599.6) (145.2) The terminated contracts with RMTC are now fixed receivables as of the early termination date of December 14, 2001 except for interest. NNG is owed $4.8mm and TW is owed $33.9mm. Amounts are past due. Definitions: Physical deals modeled in the Caminus Zainet system are deals which have some form of price risk, (i.e. Index to index deals, and anticipated fuel sales) This does not include standard transport and storage agreements or unhedged natural positions. P&L Daily: Daily change in the mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system. This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged physical positions. VaR is "Value at Risk": Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval. This number is currently calculated on the Caminus system using a variance covariance methodology, rather than a Monte Carlo simulation per the Enron Corp policy.
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Daily Summary of Risk Data 12/26