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Subject: Confidentiality Agreement Body: Checking your mail, a Confidentiality Agreement came in from Greg Bruch, I gave him a call to see what his timing was, he said ite wasn't urgent, but if we could get an attorney looking at it, to get it final maybe next week. It is counterparty's form, they would be the disclosing party, for a potential fiber source deal. I am going to pass the agreement on to Carol for review, and will leave you a copy.
Subject: Counterparty Approval Lists for 1/24/00 and 1/25/00 Body: Attached is the list for 1/24/00. For the list dated 1/25/00 which only had one amended counterparty, First Energy Corp., I have a change in my earlier approval, from the Power Group. I don't have a code for this, so I'll just tell you, for this Counterparty Enron call SELL power only to them pursuant to an on-line GTC. This Counterparty cannot sell to us via EOL.
Subject: Canadian Imperial Bank of Commerce Body: We have received the executed Amendment to ISDA Master Agreement between ENA and the referenced Counterparty dated January 13, 2000. This Amendment amends the Threshold levels in the Credit Support Annex. Copies will be distributed.
Subject: Form Revisions Body: As a follow-up to our conversation in London when you said I should bring to your attention any concerns I might have with financial trading issues, the following has recently come up as an issue here in Houston (and does so from time to time). We will, in fact, be discussing it at our group meeting next week. I spoke to Edmund about it when I was there in London, but in light of the recent Canadian form problems and the resulting concerns of Mark Haedicke with the integrity of our forms, I thought I should bring this your attention. One of our continuing concerns on the financial trading side is that every financial trading lawyer/paralegal work from the centrally approved forms. The Houston forms are currently located in a "read-only" directory. We need to be careful that users copy the forms out of the directory each time they use the form. Copying the form into a personal directory for ease of use creates issues with people working from outdated base forms, or having forms evolve without approval. Another way forms get changed without going through the approval process is when an attorney tells the paralegals to make a change in every swap agreement they approve. It counts as a form change, not a negotiation change, if you make it in every agreement. Ultimately our goal is to centralize the forms in a database easily accessible to all of us on a global basis (this is a central and critical component of the Fishkin Project). Thanks for your attention to this.
Subject: Husky Oil Limited/ECT Canada Body: We have received the executed ISDA Master Agreement (Multicurrency-Cross Border) executed 04/08/99, effective as of 06/09/98. Copies will be distributed. We also received the originally executed Confirmation, Deal # EM3927.1,2 & 3. I will sent it down to the Confirmation Desk.
Subject: NP Energy Inc. Body: Per Lotus Notes it appears that the above counterparty was acquired by Duke. I have sitting in my files the originals of both theirs and our guarantees. Do we want to keep these in place, mutually cancel them or what? We sent execution documents to the counterparty and never heard back and put it on the inactive status.
Subject: joint research Body: Hello Vince, We've now got some slick results on rigorous and replicable avg temp forecasting models for twelve major U.S. cities, with implications for weather derivative demand and supply (although they are not yet written up formally). Will you be in Phila anytime soon? I would like to sit down with you for a couple of hours to show you the results and discuss. Are you still interested in pursuing a joint project? I am excited about this. All the best,
Subject: Rice Student - Summer Internship Body: Dear Mr. Kaminsky, As a first year MBA student at Rice University I am searching for a summer internship. Peter Veruki informed me that you were impressed with the Rice ALP students working at Enron and may have further opportunities available for this summer. Similar to the Enron ALP, I worked on an Action Learning Project with Phillips Petroleum which involved a pension fund analysis along with recommendations delivered to senior management. Prior to beginning my studies at Rice, I worked as a programmer with El Paso Energy, working on a proprietary energy trading system I would like to speak with you concerning opportunities at Enron for this summer. Please call me at your earliest convenience. I can be reached at home at (281) 480-4894. I have attached my resume for your consideration. Thank you,
Subject: Statistical Modelling of CDS Prices Body: Guys Next week we're planning on recalibrating the dummified regression models ("placement models") built earlier this year and last for the Enron Credit pricing system. These basically have the objective of predicting a 5-yr CDS price for an illiquid name, based on available data. This data consists of: Credit Ratings, Outlook and Watch Equity based data - eg, EDF, 90d Volatility, Beta, Market Cap, Dividend yield, PE ratio Financial ratios - eg, EBITDA interest coverage, Current ratio, EPS, Debt to Assets Descriptive Info - Country and Industry I've outlined the methodology used for the models thus far in the attached docs: We're kicking off this effort next week with a brainstorming session with the trading desk, to outline areas of deficiency and proposed model improvements. From the quantitative side we'd appreciate greatly if any or all of you could read these docs and offer any suggestions for improvement of the models. Any ideas on statistical techniques or the overall methodology will be welcome. I'd also be happy to set up meetings or just talk on the phone if any further explanation is required. Regards
Subject: Natural Gas Origination Body: Our natural gas business continues to benefit from effective account management and resource allocation focused on identifying and responding to the needs of our varied customers. In order to keep our organization optimally structured and to facilitate additional growth, we are making the following changes: Producer/Wellhead Group The current mid-market, origination and wellhead pricing activity currently within the Central and Eastern Gas Regions will be consolidated with the Derivatives group under Fred Lagrasta. This will create a single business unit focused upon the needs of the producing industry within the Eastern U.S. The producer focus in the Western U.S. and Texas will remain unchanged reporting to Mark Whitt and Brian Redmond respectively. Strategic Asset Development Laura Luce will move from her role in the Central Region to lead an effort focused strictly on identifying and entering into long-term strategic arrangements within the Central and Eastern Regions. This initiative will focus on a limited number of selected markets that provide strategic opportunities for partnering in asset development, asset management and optimization. This effort will continue to work very closely with the regional leads. Central Origination and Mid-Market Frank Vickers will continue his current role in the Eastern Region and will assume the leadership role for Mid-Market and Origination activity in the Central Region. There will be no changes to the West and Texas Origination groups headed respectively by Barry Tycholiz and Brian Redmond. Please join us in congratulating Fred, Laura and Frank in their new roles. Louise & John
Subject: Birthday Party Body: We are planning a party! It has been a while since the group has had a party, and my daughter is going to be a year old. So we are planning a party for November 11th, and Vandhana and I would like to invite everyone in Research and their family. As yet we do not have the venue fixed, but please keep November 11 (Sunday) free. Please RSVP so that we can plan on the numbers. Regards,
Subject: tony hamilton Body: with enron europe reducing headcount it was raised that tony hamilton should be reassigned to egm. I'm not sure who should be his manager but can one of you let Lucy know who that is going to be. Jeff please comment if you don't want this move to happen. Tony is the meterologist that was hired for Europe.
Subject: APFA3 Conference Programme now available Body: Dear Madam, dear Sir, Time is passing... Applications of Physics in Financial Analysis 3 (APFA3) ... will soon take place in the Museum of London, UK, from 5 to 7 December 2001. The provisional programme of speakers and events can now be consulted on-line at: www.eps.org/apfa/ We also have the pleasure to announce the additional invited talk from Dr. Hans-Peter Deutsch of Arthur Andersen, entitled "Second Order Approximations for Fast Value-at-Risk Computations". If you are not yet registered, you can register on-line. We remain at your disposal for further information. Best Regards,
Subject: 2002 Research support for EAM Body: Dear Vince & Ozzie: For the Research support of the EAM organization, we were planning till recently for a team of 4 to 5 people for 2002. Over the last four to five months, requests for our support have gone up, primarily for consumption risk, physical options and value-at-risk. However, given the challenges we are facing now, I would like to reduce the Research staff for EAM to a core team of 3 people with a budget allocation of roughly $750,000. Please note that this includes not only the salaries and bonuses, but also the overhead and other expenses as well. The breakdown of the support levels for individual groups (with agreement from the group heads) is as follows: EAM Fundamentals (Steve Meyers) 0.4 FTE Curve and Model Development Group (Mauricio Quintana) Project Valuation Group (Steve Kromer) DSM Desk 0.6 FTE Pricing and Risk Premiums (Ravi Duggirala) DSM VAR and risk controls (Vladi Gorny) 0.5 FTE Consumption/SiteProfile Desk (Mallik AVS) 1.25FTE Consumption Premium Models Support for SiteProfile Issues (load shaping, asset profiling, etc.) Other Short Term Requests 0.25FTE (Examples from last year: Insurance Model for Rick Jones, Business Assurance data analysis, etc.) I would really appreciate if both of you can approve or provide your feedback on this. Thanks,
Subject: ModReg for Argentina Body: Folks, Here's some preliminary comments on the model we are using for Argentina. Please correct me on any misunderstandings! ModReg was written by consultants in Buenos Aires. Documentation is available in Spanish only. All data input is by means of text files, which require column orientated input, ie numbers must go into specific columns. Detailed documentation has been provided specifying the data format for each file. A weekly time step is used, with five load blocks per week, and a time horizon of one year, typically. Each model run requires about 6 hours of processing. ModReg is a modified version of the model used by the grid operator. It is coded in Fortran and requires a CPLEX licence. CPLEX is a powerful linear programming solver, developed by ILOG. As the model is written in Fortran, the very good higher level interface to CPLEX is not available, so the code will have to access CPLEX at a lower level. We have no documentation describing how the model algorithms. Source code is not available at present. ModReg appears to model around 30 busses and 71 lines. Lines are characterised by from bus number, to bus number, maximum MW capacity in each direction, a percentage loss factor, cost of transmission in each direction, and some other details. Demand data is specified by week and load block for each bus. Thermal plants have a heat rate and maintenance schedule specified, with the possibility of multiple fuels. I understand that hydro generation schedules for each historical inflow condition are an input to the model as they are calculated elsewhere. From the above it appears that we have an unsatisfactory situation: ModReg is difficult to use we do not know in detail what the model does we do not have documentation describing the algorithm because source code is not available, we are completely dependent on the consultants. If Enron is to continue modeling Argentina, we should as a minimum have a model that we understand, is reasonably easy to use, and is documented. A graphical user interface is really needed to make ModReg easier to use. Documentation is of course essential. We should not use a model developed by consultants without documentation. These steps would enable us to have more confidence in model results, and shortens the learning curve to enable more people to use model. SDDP is likely to be a suitable replacement. It would require reseroir inflow data rather than the calculated generations. The regional loads etc could be modeled using the DC loadflow feature, with zero impedance lines. Transmission losses in SDDP are a quadratic function of power flows, so some guesses would have to be made for line resistence values. Setting up an SDDP model to represent all the aspects included in ModReg would be a time consuming job, that would require a good undertanding of the data for both models. Some direct cut and paste of data from one model's files to the others will be possible with a suitable column oriented text editor. However the end result would be a model with the desirable attributes of documention, GUI interface, and flexible output. Tom Halliburton
Subject: Energy Club program Body: Dear prospect sponsors: In behalf of the Rice MBA students interested in th= e Energy Industry I want to thank you for your interest in the Energy Club = and present to you the club's program for the academic year 2001-2002. We = have a great number of opportunities and the attached program provides an o= verview of the topics for the academic year 2001-2002. I would like to tak= e this opportunity to present to you how the club intends to involve and ed= ucate the students' body on the Energy Industry, and I would also like to p= resent the format we will use for this end. We have three levels that built= one upon the other. The first level is a general understanding of the Ene= rgy industry, (see Energy 101 event). The second level it refers to the op= portunities available for MBAs in the Energy industry, (see rest of the pro= gram), and the third will focus on the opportunities/profiles in demand now= , (no identified yet). The format is a roundtable presentation in which r= epresentatives from different companies bring they perspective and work exp= erience, relative to the topic of the meeting. Each roundtable has or will= have a leader and moderator; the leader is responsible for organizing the = event and it is your reference. Please contact the person associated to th= e event if you are interested in participating in that specific roundtable.= If there is no name feel free to e-mail me. The Energy club heavily depen= ds on your participation and your support will definitely bring value to al= l students in different ways. You will also attract more talents, help stu= dents to take a better-informed decision with regard to the professional fu= ture, and establish a more intimate relationship, mutually beneficial for s= tudents and companies. Next step. This coming Friday we are hosting the En= ergy 101 roundtable. In this case the leader, Craig Parks, will have in th= e panel students with relevant work experience in the Energy Industry. Ple= ase see the attached file if interested. Next week I am going to submit th= e Program to all first and second year students, I aspect to have the list = of the moderators by the end of the next week. I will promptly notify all = of you. If you are not interested in receiving further information about th= e Energy Club please e-mail me and I will withdraw your name from the list.= If you believe in this initiative an admiring comment is welcomed. I wil= l collect all your feedback and implement them if possible in this same aca= demic year or leave them as guides for the next year. Thanks in advance for=
Subject: RATS License Update Body: Vasant, I had a chance to speak today with a representative from Estima, the maker of RATS. Evidently, our current license is as follows: Version: RATS 4.0 (original license cost of $ 1,200.00) Max. No. of Users: 4 The following options outline the costs of upgrading the software: Option 1 Version: RATS 5.0 Users: Site license for Houston/unlimited RATS 5.0 $ 5,100.00 CATS module $ 1,200.00 (cointegration module) X-11 module $ 1,200.00 (RATS implementation of Census Bureau's seasonal adjustment--aids in $ 7,500.00 adjusting quarterly and monthly data as well as options for identifying trading days and holidays in time series)
Subject: leadership conference at MIT Body: Hi Vince, I saw that you will be featured on the finance panel for the leadership conference at Sloan. I plan on attending, and will enjoy seeing you again. I don't know if your schedule is too full but it would be great to catch up if you have any time. The first semester here in school roars on. We had our first midterm today (accounting). For me, it feels like school will be over very quickly. Not surprisingly for Charlotte and the boys, it probably can't be over soon enough. I hope things are well with you and everyone else in Research. Give my regards to everyone.
Subject: opportunities in Enron Body: Hi, Vince, This is Slav Fain - Oracle DBA and I hope you remember me. We've met at the infosession in Berkley and have talked about Houston, rotation program or other possible openings Enron might have. Today I've saw an add for the Junior DBA position in Houston and I was wondering if it might be in your company. I beleive I told you, that I'm pretty open for different position. I was doing a lot of development projects in Berkley and enjoyed it. I've also found DBA work also very challenging and rewarding. I would be very intersted in joining the rotation program to see different possibilities and aspects of IT department. I'm opening for relocation and I think with knowledge, experience and my enthusiasm to learn and ability to work under tight timeline - I think I can be a good match for Enron. Hope to hear from you soon. Slav
Subject: Just in Case Body: Vince , take care and may God Bless you and your family. Just in case we miss each other on tomorrow , it was a great pleasure working with you and I somehow feel that you will make it alright. Once again , God Bless You and thank you for being a wonderful man. Kevin Moore
Subject: Power Plant Model Body: Jeff, A few comments on the model: 1. We have a few reservations about some features of the model but would like to discuss it internally and make the improvements without giving the benefit of our insights to the consultant. In general, the model is not unreasonable but the devil is always in the details and in the inputs and calibration. The same model may produce drastically different results depending on the quality of inputs. 2. We don't have a separate pool of programmers in the Research Group. We were told that you would provide an IT resource. Alex would supervise this person. Vince
Subject: My lunch meeting Body: Anita, Shirley is out sick today. Can you, please, confirm my lunch with Bjorn Hagelman (Enron), 11.30 today (Friday). Please, ask him if he wants me to make reservations? If the answer is Yes, please, make a reservation for 2 at Damian's, 11:45. Vince
Subject: Updated message - Preliminary rankings Body: Norma, I am sending you preliminary rankings for my entire group, based on the results of a meeting we held on Tuesday. We have ranked Shalesh Ganjoo and Clayton, in case it's still our responsibility. Vince Permanent goup members, manager and below: Superior: 1. Martin Lin 2. Joe Hrgovcic 3. Tom Haliburton 4. Jose Marquez Excellent 1. Paulo Issler 2. Robert Lee 3. Chonawee Supatgiat 4. Amitava Dhar 5. Alex Huang 6. Kevin Kindall 7. Praveen Mellacheruvu 8. Shanhe Green 9. Stephen Bennett Strong 1. Lance Cunningham 2. Clayton Vernon 3. Youyi Feng 4. Yana Kristal 5. Sevil Yaman Permanent goup members, directors: Superior 1. Krishnarao Pinnamaneni Excellent 1. Osman Sezgen 2. Tanya Tamarchenko 3. Zimin Lu Satisfactory 1. Maureen Raymond Associates, analysts Superior 1. Shalesh Ganjoo 2. Gwyn Koepke Excellent 1. Hector Campos 2. Kate Lucas 3. Sun Li 4. Roman Zadorozhny 5. Charles Weldon
Subject: Letter to Nesbitt Body: John, The outline of a message to Nesbitt. Dale, Thanks for your message. In our phone conversation before the meeting you mentioned another contractual arrangement under which we could work with your company employees on a case-study. The cost of a weekly project would be $12,000 that would be applied to the purchase price should we go ahead and decide to acquire the software. This project would allow us to evaluate the model and come up with an estimate of the manpower necessary to support the model internally. Please, let me know more about this option. Vince
Subject: Information Body: Shalesh, Please, look into it. Can we give them this information? I see a remote possibility of a gain for Enron: it's in our interest to support the growth of this market and part of the process is development of the infrastructure for this market and maintaining public interest. Vince
Subject: Summer internship Body: Hello Charlene, I am forwarding you a resume of a student from Berkeley. We would like very much to have him as a summer intern with my group. Please, let me know if your program can accommodate him. Vince
Subject: Swaps Monitor Research. Body: Elena, Please, review the energy related info in this database (if any) and talk to me about it. I would like to do some research in this area and ask you to write a summary report. Nothing urgent. Vince
Subject: An interesting resume Body: I shall interview this candidate next week (a very preliminary interview) to evaluate his potential and determine if he fits Enron's culture. Do you see a need for a person with his skills in your area (litigation support)? Vince
Subject: (no subject) Body: Greg, Blake Johnson sent me this proposal (I think some of his friends are the founders of this group). It looks like a good project for Brad Romine to evaluate it. Vince
Subject: Term Project: Body: This is the list of projects for the members of the "quant" team. If you are working on different project, please, ignore this message. Please, develop in a spreadsheet solutions/examples for the following: 1. Black-Scholes formula 2. Black's formula 3. Develop a spreadsheet to simulate price trajectory using: a. GBM b. GBM + jump (Formula 2.16 in the book, Figure 2.7) c. Mean reversion + jump (Formula 2.17, Figure 2.8) 4. Schwartz Single Factor Model (Formula 6.12) 5. Develop models corresponding to the Figures 7.1, 7.3, 7.5, 7.6, 7.8 Vince
Subject: Call Body: Chris, We shall try to call you around 5:00 p.m. our time on Monday. What is the best phone number we can use to reach you? Vince
Subject: Stanford Body: Krishna, Any update on payments to Stanford? We can ask for a letter to requesting a donation. I would use it as a basis for cutting a check. Please, talk to Hill about it. Vince
Subject: E&P company model Body: Mark, Did you have a chance to review the E&P company model (the old cash flow mode) and determine if it can be used by Fred Lagrasta' group. Please, let me know. Vince
Subject: A visit Body: Joe, This is a message from the Japanese guy interested in energy risk management. Please, let me know if you want somebody from your organization at the meeting. He will be here next Monday at 3:00 p.m. Vince
Subject: Enron Opportunities Body: Lynn, I am forwarding you the resume of a very bright and motivated young man who attended a lecture I gave recently at LSU. I think we should consider him for an analyst position. Vince
Subject: Mr. Sud Body: Rebecca, I share some of your concerns regarding Mr. Sud. He is retired and he chose to contact us rather indirectly (or on the spur of the moment). I understand that things are done differently in different cultures but I did not meet him and could not form my judgment based on personal observations. However, the information he gave us seems to be too important not to convey to you and not to act upon. Vince Kaminski
Subject: Hello all Body: Christie, Karen and Mike, This is info about Texas Finance Festival, a great opportunity to establish closer ties with Texas business schools. You can contact John directly if you are interested in attending. Vince
Subject: MN US Senate candidate Coleman Body: Steve--touching back to a conversation we had two weeks ago, I have set an appointment to meet with Norm Coleman here in Minnesota to go over energy issues and Enron interests. As a Mayor he has been heavily supported by Xcel (old NSP). My sense is that he is going to line up along the lines of the Bush administration energy plan. I'll send an e mail out to all on this list once I have met with him to keep everyone in the loop.
Subject: Reminder of HR Bi-Weekly Meeting Tomorrow Body: This is a friendly reminder of the HR-Bi-Weekly Leadership Meeting tomorrow (Tuesday, October 23, 2001) at 8:30 am. This meeting will be in 16C1. If you are unable to attend, please let me know. P.S. A light breakfast will be served. * Note to Jon, what # do we call you at ?? Thank you, Zulie 853-3908
Subject: Metro Bus Passes and Woodlands Express Passes Available Effective Friday, December 28, 2001 Body: Enron employees not participating in contract parking are eligible to receive Metro Bus Passes or Woodlands Express Passes. You may pick up a bus pass from the Parking & Transportation Desk, on Level 3 of the Enron Building, from 8:30 AM to 4:30 PM. All Metro passes offered through the Enron Parking & Transportation desk will be the Metro 30 Day Zone Pass. When you use a 30-day zone pass, bus service is divided into four zones w/ unlimited rides. The zone pass is time activated, which means that it will not become active until the first time it is used and will not expire until 30 days after it was used for the first time. New passes will be available to Enron employees upon expiration of the 30 day time period. Each zone does have a different fare values based on the distance the bus travels. This is important to any buser who wants to transfer to or travel in a higher-cost zone than the zone pass they have, in this case the difference must be paid in cash. If they are traveling in a lower cost zone, then there is no extra cost. Parking & Transportation Desk 3-7060
Subject: Jeff Skillings' letter from Tom DeLay re: RNSEC Body: Sherrie and Rosie: Jeff and Ken both received notes from Tom Delay about designating portions of their contributions for use in Texas. Mr. DeLay would like them to make that designation using the letter below (note that it will need to be modified to be from each individually rather than a joint letter). It is, of course, up to Ken and Jeff whether to make the designation.
Subject: NEW DIAL IN # FOR FRI CONF CALL Body: The Governor's advisors will not be prepared to discuss the credit issues on Friday. A new dial in number has been set up for a conference call amongst the sellers. The time and participant codes remain the same - only the dial in # has changed.
Subject: Knowledge Management Meeting Body: calendar. Also, I would like you to set up a meeting with me, Cindy Olson, Beth Tilney, Kelly Kimberly, Mark koenig, Rick Causey, and Rick Buy. I was thinking the easiest way to get us all together would be to get a room at a restaurant for 6 or 6:30 some evening. I have contacted Beth and Cindy already, so they know what it is about, and I will leave messages for the others. I just need to check schedules for now. Also, I think it would be a good idea to have a get together after work once a month or so for the Public Affairs organization. Nothing fancy . . . Cadillac Bar or something similar. . . spouses and significant others invited. Talk it over with a couple of people in the group and let me know what you come up with.
Subject: BACKGROUND FOR TODAY'S MTG Body: Attached is some background information for today's Corp. Policy Committee meeting. I will bring hard copies to the meeting. Please note: tabs C and D are not included in the email attachment, but will be included in the hard copies.
Subject: Dabhol Body: I agree with John's recommendations. We have been doing surprisingly well in the press. And, for the most part, those who write bad stuff are doing so based on ideology ... we are not going to convert them.
Subject: Talking Points re "reregulation" in California Body: As I promised this morning at the executive committee meeting, below are some talking points for your use. Overall message: the market is working, regulation is not. In California, peak demand rose by 10% over the last 4 years while new capacity grew by only 2%. But, as you would expect, the market responded by proposing 8,000MW of new generation - - more than enough to offset the peak demand growth. The regulatory process, at both the state and local level, has failed to site this new generation. The problem is regulation, not deregulation. When San Diego customers began experiencing the effects of higher prices, Enron responded with a fixed price which would have shielded San Diego customers from price volatility and provided prices below their current summer levels (Enron's price was about $55/MWH). After publication of Enron's offer, nine other companies made offers. Again, the market responded where regulation failed. San Diego has not accepted any of these offers because of regulatory/legislative restrictions on its ability to buy outside of the PX (i.e. the spot market). In markets where siting is easier, suppliers have moved to build additional generation. Enron built 3 plants in response to the 1998 price spikes. Those plants were planned, sited and built in less that 12 months - - in time for the summer of 1999. Where regulatory hurdles are lower, the market responds. The solution to current pricing and reliability issues is more competition not reregulation. Policy makers should: Open the transmission grid so that power can get from where it is to where it is needed. Expedite interconnection of new generation. Expedite siting of new facilities. Give customers a choice, so that they have better access to demand side solutions. Also attached is a more detailed discussion of California, prepared by Jeff Dasovich of our San Francisco office.
Subject: Upcoming Advisory Council Meeting Body: I'm looking forward to your discussion regarding the "reregulation threat" at the next meeting. Below are some of my observations: While it's premature to say we have an energy crisis, we are witnessing the triple threat of high summer gasoline prices, spiking electricity prices, and high natural gas prices for the upcoming heating season (I'll send along some of the data). There is at least the potential for this to become a prominent national political issue: Gore has focussed relentlessly on Bush's ties to "big oil" (which includes us by the way, though we produce nary a drop); and Congressional republicans have blamed the current administration for failing to have a coherent energy policy (though, at least so far, the dominant characteristic of the administration's policy has been a republicanesque reliance on the market). Notwithstanding the issue's potential to become political fodder and its prominence in the popular press, many Americans seem blissfully ignorant, at least on the electricity issue. We did some focus group testing recently in Southern California -- a mere 15 minutes from the epicenter of the San Diego
Subject: PLEASE REVIEW MEMO Body: Steve Kean asked that you review this memo to Ken Lay. Please let me know as soon as possible if you have any changes. After your review/comments - I will forward it to Ken Lay. Thanks.
Subject: Vice President Recommendation Body: I am recommending Linda Robertson (currently Assistant Secretary for the Department of the Treasury) for the position Vice President and General Manager of Federal Government Affairs. Linda would head our Washington, D.C. office, replacing Joe Hillings who will be retiring early next year. Linda has interviewed with Ken Lay, Tom White, Mike McConnell and Jeff Shankman, who join me in this recommendation. Attached are biographical information on Linda and a National Journal article identifying Linda among the "Washington 100". We have conducted extensive reference checks on Linda. Included among those was Secretary Summers who said: "Nobody I know has the determination she has to get objectives met." "Far more capacity to grasp the details than anyone I've seen." On Monday, I will seek Executive Committee approval to extend the offer to Linda.
Subject: Company Wide Email Body: Bill: Steve Kean would like the attached memo and attached org chart to go out=20 company wide. Subject: Public Affairs Organizational Announcement Text:=20 =20 I am pleased to announce the following changes in the government and=20 regulatory affairs organization: Rick Shapiro =01) Managing Director of Government Affairs for the Americas.= =20 Rick is currently leading the government and regulatory affairs teams for t= he=20 US and Canada. He will now assume responsibility for North and South=20 America. Ricardo Charvel (Senior Director of Government Affairs for=20 Mexico), Jose Bestard (Vice President of Government Affairs for South=20 America), and Joe Hillings (Vice President of Federal Government Affairs)= =20 will now report to Rick. Rick and his team will support Enron=01,s North= =20 American business units as well as the Caribbean and Southern Cone regions. Mark Schroeder =01) Vice President Government Affairs for Europe, Asia and= =20 Africa. Mark is currently leading the government and regulatory affairs=20 teams for Enron Europe. He will now assume the additional responsibility o= f=20 supporting the APACHI and India organizations. Jane Wilson will now focus= =20 her attention on Enron India and will report to Mark as will our government= =20 and regulatory affairs teams serving the APACHI region. Mike Terraso =01) Vice President Environment, Health & Safety and Chief=20 Environmental Officer. Mike is currently serving as Vice President of=20 Environment, Health and Safety for the gas pipeline group. Mike has=20 increasingly become involved in environmental issues facing Enron=01,s=20 businesses around the world. Mike will retain his current responsibilities= =20 and will assume leadership of the environmental affairs team. John Hardy =01) Vice President Global Project Finance. John will report=20 directly to me and will continue his current responsibilities representing= =20 Enron before US and multilateral project finance agencies. Please join in me in congratulating these individuals on their=20 responsibilities. Attached is a revised organization chart reflecting these changes.
Subject: Request for McGraw Hill Body: Joe: Steve asked that I pass the following request along to you. Kathy Cash, reporter for McGraw Hill, called wanting Steve's comments on the regional market/policy info released by FERC today. Please follow up. Her number is 202/383-2274. Thanks. Joyce for Steve
Subject: Millionaire Game! Body: Want to have fun? Want to get on a game show? Want to help Millions? Tomorrow you will receive an email that allows you to answer 15 questions via email responses (about United Way, Enron, and other fun items). Participation with correct answers puts you in the drawing for the employees to represent Corp. in a "Who wants to be a Millionaire?" game that will be played to benefit United Way on August 9. The lucky and smart representatives will be playing for great prizes. I encourage your participation in the game, but more importantly, encourage your generous participation in Enron's United Way campaign. Thanks for your help and HAVE FUN!
Subject: Transredes spill Body: Do we have someone who works for us now who was at Transredes when the government owned it and could help us do a comparison between our respective environmental records? It seems to me that even though we are having our share of problems, we have probably had fewer problems than the government did and have probably been more responsive and thorough in our clean up efforts. Obviously, we would need to be judicious about how we used such information (we don't want to aggravate the government), but having such an analysis may be helpful in showing the progress made and in discouraging overly punitive action by the government. What do you think?
Subject: Project Stanley Body: PRIVILEGED AND CONFIDENTIAL - - Seeking Advice of Counsel - - Attached is a draft public statement for your review and comment. The groundrules for using these statements are as follows: All press inquiries should be directed to Eric Thode. We will use the more "basic statement" unless press inquiries are specific and informed by knowledgeable industry participants. We will use only those parts of the more detailed statement which are necessary. The document begins with a background piece to briefly educate Enron personnel who may not be aware of Project Stanley but may be called upon to respond to regulators' or customers' inquiries. Aleck - - please get Seabrou's help filling in the blanks. Richard - - feel free to forward to outside counsel as you see fit.
Subject: W/A FP for May Ticker Body: The real time weighted average price for fixed price products for May can be found on the Fundy site under Price Data/EOM Price Index. Let me know if you have any questions. Note: If the product has not traded it will not show in the list. Thanks to Colin Tonks and Lindon Chiu for your help.
Subject: EnTouch Newsletter Body: BUSINESS HIGHLIGHTS Enron Industrial Markets Metal Bulletin - Iron and Steel Awards for 2000 Pushiest Entrant: Enron, the US commodity trading company, which promised it would revolutionize the steel business by offering futures in hot rolled coil via its online market place. The EIM Fundamentals Analysis group is excited to announce that Dave Allan has joined as a Director, responsible for all Forest Products lines. He comes to EIM with 20 years of experience in the Forest Products industry, of which 14 were spent at Abitibi and 6 with Pulp and Paper Week. Please join us in welcoming Dave. The Siebel Team ("The Force") continues to work towards program implementation of its customer management system in early May, with training to begin at the end of April. Stay tuned for updates. Enron Global LNG Enron Global LNG is positioning itself to be a creator and leader of a global wholesale LNG market. The rising prices of natural gas in the United States and concerns over future energy supplies have created a bullish outlook for LNG in the U.S. and around the globe. LNG has played a major role in serving energy needs in many parts of the world, but its place in the U.S. energy picture has been limited. An LNG market that spans the globe can supply vast amounts of otherwise stranded gas to the world's growing appetite for cleaner burning fuels. Enron Global LNG sees great opportunity for Enron's wholesale energy business model to help shape yet another energy market. IN THE NEWS Enron Corp. Says First-Quarter Profit Rose 20 Percent Houston, April 17 (Bloomberg) -- Enron Corp., the largest energy trader, said first-quarter profit rose 20 percent as sales almost quadrupled. Profit from operations rose to $406 million, or 47 cents, from $338 million, or 40 cents, in the year-earlier period. Enron raised its 2001 profit forecast to $1.75 to $1.80 a share, from its January projection of $1.70 to $1.75.
Subject: Capital Book Body: To further the process of reaching the stated objectives of increasing Enron America's Velocity of Capital and associated Return on Invested Capital, we have decided to create a Capital Book. The Capital Book will have no profit target associated with it and will be managed by Joe Deffner. The purpose of creating this book is to ensure that all transactions within Enron Americas, with any form of capital requirement, are structured correctly and are allocated the appropriate cost of capital charge. The previous numbers used in the Business Plans at the beginning of this year will remain for all transactions in place and where we hold assets. Therefore, on any assets currently held within each business area, the capital charge will remain at 15%. Internal ownership of these assets will be maintained by the originating Business Unit subject to the Internal Ownership Policy outlined below. The cost of capital associated with all transactions in Enron Americas will be set by Joe. This process is separate and apart from the current RAC process for transactions which will continue unchanged. Capital investments on balance sheet will continue to accrue a capital charge at the previously established rate of 15%. Transactions which are structured off credit will receive a pure market pass through of the actually incurred cost of capital as opposed to the previous 15% across the board charge. Transactions which are structured off balance sheet, but on credit will be priced based upon the financial impact on Enron America's overall credit capacity.
Subject: Enron In Action 05.21.01 Body: "It's a Girl" performed by Weave Dance Company Weave Dance Co. will perform May 24-26 at 8:00 p.m. at Stages Repertory Theater, 3201 Allen Parkway at Waugh, Call 713-52STAGE for tickets. This performance, called "It's a Girl!" celebrates pregnancy and motherhood. Donations to the Houston Area Women's Center will be collected at the performance. Any of the following items are welcome: non-perishable, pre-packaged healthy food snacks such as granola bars and boxed juices, baby supplies such as formula, diapers, wet wipes, baby lotion, baby shampoo, pacifiers, socks, plastic bottles, diaper bags, crib sheets for portable cribs and swim suits and flip flops for children age 4 and older. Star Wars: Films (May 4-25) See all four completed films of the legendary Star Wars saga on the big screen! The MFAH presents special editions of Episodes IV-VI and Episode I in the newly renovated Brown Auditorium with Dolby Digital dts sound and stadium seating. Star Wars: Episode IV-A New Hope Directed by George Lucas (USA, 1977, 125 min.) Friday, May 4, 7:30 p.m. Saturday, May 5, 11:00 a.m. Star Wars: Episode V-The Empire Strikes Back Directed by Irvin Kershner (USA, 1980, 120 min.) Friday, May 11, 7:30 p.m. Saturday, May 12, 11:00 a.m. Star Wars: Episode VI-Return of the Jedi Directed by Richard Marquand (USA, 1983, 132 min.) Friday, May 18, 7:30 p.m. Saturday, May 19, 11:00 a.m. Star Wars: Episode I-The Phantom Menace Directed by George Lucas (USA, 1999, 133 min.) Friday, May 25, 7:30 p.m. Saturday, May 26, 11:00 a.m. Tickets go on sale at the Brown Auditorium ticket booth 30 minutes before show time. The ticket booth is located on the lower level of the Caroline Wiess Law building. General admission is $5. Matinee admission (show times before 5:00 p.m.) is $4. Enron employees with ID receive a $1 discount. Discount passes (10 admissions) are $40 for nonmembers and $35 for members. Children 5 and under are free. Films are screened in Brown Auditorium in the museum's Caroline Wiess Law building, 1001 Bissonnet. Free parking is available. For more information, please call 713-639-7515 or visit our website at www.mfah.org. Mark Your Calendars!...Bring Your Child To Work Day will be Friday, June 29th. More details to come...See Volunteer section below to for volunteer opportunities! Join us in Dublin or Honolulu ----Joints in Motion is a marathon training program for walkers and runners that is aligned with a fundraising effort for the Arthritis Foundation - Please call for more information at
Subject: commitment of traders 5/21 Body: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: ng_rpt.pdf)(See attached file: ho_rpt.pdf)(See attached file: hu_rpt.pdf)(See attached file: cl_rpt.pdf)
Subject: Managers Training Body: Attention supervisors and managers! Would you like to improve your ability to lead and manage your team? The EWS Development Center would like to invite you to The Managers Level Impact and Influence Program.
Subject: The Insider from Travelocity.com Body: Dear Peter, Pick Your Playground! We have the cure for the summertime blues, and we'd like to share it with you: Get out and play! Isn't that what summer's all about? The kids in your life would agree, and so would the kid inside you. Now that you're an adult, you may not get three months of summer vacation. But on the other hand, the world's your playground. So go ahead--pick
Subject: EWS Brown Bag Body: MARK YOUR LUNCH CALENDARS NOW ! You are invited to attend the EWS Brown Bag Lunch Series Featuring: MICHAEL L. MILLER Topic: Principal Investments Thursday, May 17, 2001 11:30 a.m. - 12:30 p.m. EB 5 C2 You bring your lunch, Limited Seating We provide drinks and dessert. RSVP e-mail Kathie Grabstald or call x 3-9610
Subject: Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training Body: eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time
Subject: eSource Presents Lexis-Nexis Training Body: eSource presents Lexis-Nexis training ADVANCED This session will cover advanced searching tips. It will also cover using Smart Indexing to narrow your search results. Find out how to customize your desktop for easier searching. Attend our Lexis-Nexis Advanced Clinic: May. 18 8:30 - 10:00 AM EB572 PUBLIC RECORDS Lexis-Nexis is the premier provider of public record information. We will learn about materials available to you including Secretary of State Filings and DBA's, UCC filings, Bankruptcies, and Property Records. If you are doing due diligence on companies, especially smaller ones, this is a session you will want to attend. Attend our Lexis-Nexis Public Records Clinic: May. 18 10:30 AM -12:00 NOON EB572
Subject: Sivy on Stocks: Higher Flyer Body: Please respond to Sivy on Stocks SIVY ON STOCKS from money.com May 7, 2001 Higher Flyer Top techs such as Nokia may not look cheap by traditional valuation measures. But they may still be good buys. By Michael Sivy Value is a relative term. Every once in a while, you get a chance to buy shares in a company with annual earnings growth of more than 20 percent at a price/earnings ratio of 16 or less. But that doesn't happen very often. Most of the time, conservative investors are lucky to find 14 percent growth at a 16 P/E. Slightly more aggressive investors might be happy with 18 percent growers at P/Es in the low 20s. The most successful growth stocks, however, may never fall all the way down to those cheap valuations. But that doesn't mean you shouldn't buy them. In fact, there are good reasons to devote at least a part of your portfolio to those kinds of high flyers. For one thing, those companies are typically among the world's most successful. In addition, they receive ongoing support and sponsorship from Wall Street analysts. As long as they continue to meet expectations, they will hold up fairly well in temporary market downturns. And they will be among the first stocks to bounce back. A perfect case in point looks to be Nokia [NOK]. The Finnish giant is the most successful firm in one of the world's most rapidly growing industries. And since 1997, Nokia's share of the global wireless-phone handset market has risen from less than 20 percent to 35 percent, helping the company nearly double earnings per share since 1998. Of course, no company can increase its market share indefinitely, but there are several factors that should help sustain Nokia's superior profit growth. Since most everyone who would use a cell phone already has one, the bulk of the sales of cell phones using existing technology is replacement business. And when existing users switch phones, they tend to maintain brand loyalty -- if they change providers at all, they migrate toward the
Subject: The Insider from Travelocity.com Body: Please respond to feedbackRomance in Paradise! Dear Peter, Everyone has their own definition of paradise. For some it's unspoiled beaches and lush tropical jungle. For others it's a more developed resort. For others, it's not about the outdoors at all--if
Subject: options confirms Body: Dale, Here are the confirms for the Gas Daily option products that I need created. The product has no special requirements for setting the strike etc. if there are any questions please call me asap. I would like to have these products online by the October expiry which is next wWednesday. Please let me know when it will be possible Thanks
Subject: Questions about emergency plans Body: Louise, I received the attached questions from Gas Daily regarding our disaster preparedness. Jeff Shankman asked me to forward them to you. I would also be interested to know what disaster plans have been made for EOL . Thanks
Subject: Subpoena Response Team Body: David Grant has assembled a team to work on gathering documents in response to the numerous subpoenas the company is receiving from Congress, the SEC and the Department of Justice. Please cooperate with the team if they need your assistance. If you have any questions, please call David Grant at 3-6239.
Subject: EY Request2 Body: Kam: I had issues. The Trade Type Distribution by Transactions(57,619) does not equal the total number of transactions by tenor(57,583) or by MTM(57,583) due to duplicates. For example, deal # EX2226.1 is listed as a Forward and a Flex Price. Subsequently, this deal is counted twice under the Trade Type distribution and only once in the tenor and MTM sections. I made a cell note in the attached spreadsheet - Cell H49 of FormB - that lists all the duplicates. Let me know what you think and I can wrap this up Monday a.m. Have a good weekend. Thanks,
Subject: Per our conversation - CP to CP deals Body: Sanjeev - We need counterparty to counterparty deals moved to bankruptcy with the following book names: FT-Can-Gone FT-Cand-Termin/or Term On the ENA side, we need this moved to Bankruptcy. If you need anymore information, please give me a call. Thanks
Subject: neighbors Body: Good morning to you. Sonny P. said they were in Houston this weekend because Stan/Staci had moved into a new house. I told him so did you. He sent this reply. Hope you have a good day and have a happy Thanksgiving tomorrow. I love you! Yo Mama. Yes, you have to make reservations when you go to Huntsville State Park.....its a very nice place.....we are staying here Thanksgivning...well, we are having a Hardee family reunion at the civic center in Poynor....Patti and family are here now....Stan moved near Beltway 8 and I10......in the Spring Branch Memorial school district......off Gessner.,,.12330 Old Oaks St. You take the Toll Road Beltway 8 to the west and get off on I10 and and go towards the city and stay on the feeder road about 1/2 mile and get off on Gessner...and go about 4 blocks to Old Oaks. Sounds like its not too far from Jeff....they need to give each other a holler...Stans work number is 713-228-6601 and home number 713-467-6754. You might want to forward this to Jeff....if you do...then HI JEFF...bet you could not hit one as far as you did in Big Sandy that time...hahahhaa
Subject: Proposed Payment Changes from Dave Forster for EOL Body: Louise - I spoke with Dave last night and he would like to propose the following changes. Stephanie Sever from $6,500 to $7,000 Christopher Walker from $2,000 to $4,000 (Jennifer Denny highly recommends, contributions not reflected in mid-year rating) Fraisy George from $2,479 to $3,000 (used to be in call center, nature of job changed and has increased responsibility from mid-year) Adam Johnson from $2,000 to $6,000 (Jennifer Denny highly recommends, would take him over anyone else at his level, feels should be compensated for his contributions) Please let me know your thoughts. Amy
Subject: Access Card Information Body: Dear Colleagues, We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available. Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday. I am confident that you share my enthusiasm about our new opportunity. We look forward to working along side each of you in the coming days. David Oxley Head, Human Resources
Subject: Expense Reports Awaiting Your Approval Body: The following reports have been waiting for your approval for more than 4 days. Please review. Owner: Kevin M Presto Report Name: Stamford Trip Days In Mgr. Queue: 5
Subject: Metro Bus Passes and Woodlands Express Passes Available Effective Friday, December 28, 2001 Body: Enron employees not participating in contract parking are eligible to receive Metro Bus Passes or Woodlands Express Passes. You may pick up a bus pass from the Parking & Transportation Desk, on Level 3 of the Enron Building, from 8:30 AM to 4:30 PM. All Metro passes offered through the Enron Parking & Transportation desk will be the Metro 30 Day Zone Pass. When you use a 30-day zone pass, bus service is divided into four zones w/ unlimited rides. The zone pass is time activated, which means that it will not become active until the first time it is used and will not expire until 30 days after it was used for the first time. New passes will be available to Enron employees upon expiration of the 30 day time period. Each zone does have a different fare values based on the distance the bus travels. This is important to any buser who wants to transfer to or travel in a higher-cost zone than the zone pass they have, in this case the difference must be paid in cash. If they are traveling in a lower cost zone, then there is no extra cost. Parking & Transportation Desk 3-7060
Subject: sorry Body: i'm sorry if i am not being understanding about this situation, but i if you really look back at the last 5 jobs you've had, i think i have been more than understanding about letting you do whatever you wanted to do. it really hurts me that your pride in this situation is more important to you than spending time with your pregnant wife and your daughter. i can't talk to you about this anymore if you are unwilling to understand my point of view. once again, if the situation were different, i would tell you to do whatever you wanted. but, this time it's different and i hope you can see that. i love you! tori
Subject: address Body: i need to send jennifer a shower invitation and i have your address but i lost the zip code - duh. can you forward me your zip code? ?
Subject: Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training Body: eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time
Subject: Operations/IT Contacts for Weekend Body: Attached is a contact list for Operations, giving home and cell numbers for the Head of Operations for EA, EGM, EIM, EES, EBS and EEL. Also listed are the lead risk and settlements personnel for each business unit. My numbers are listed as well, so feel to call me this weekend if needed. More detailed contact lists for gas risk, power risk and settlements have been sent to Geoff Storey, as requested by Louise and John. The IT Help desk (x31411) will be running as usual 24 hours a day. The Help Desk has appropriate contact numbers for DBA's for all operating systems. If system problems are encountered, please call the Help Desk. If potential system problems are not resolved promptly, you can also contact Jenny Rub, VP of IT Infrastructure at 713-851-5456 (cell phone), 281-463-4421(home phone) or 877-345-3812 (pager).
Subject: TD Waterhouse IPO Center is accepting Conditional Offers Body: TD Waterhouse is now accepting Conditional Offers to purchase shares of Anthem, Inc., which is expected to price on 10/29/2001. To read the preliminary prospectus filed with the SEC and place a Conditional Offer, follow these steps: - Login to your account - Click on Trading > IPO Center > IPO Offerings In the list of Current Offerings, select the offering you want and then click on the "Continue" button. Important Information - Reaffirming Your Conditional Offer Once the registration statement is declared effective by the SEC, we will contact you via e-mail to notify you of the effectiveness of the registration statement and the price as determined by the managing underwriter. This normally occurs on the day prior to the first day of trading. If you still wish to participate, you will be required to respond to us by 3:00 am ET of the following business day to reaffirm your previously submitted Conditional Offer. Please note that the e-mail notification will likely be sent after the market closes. Please ensure that you have provided an e-mail address that you are able to access after that time. You may change your e-mail address at anytime via the "Update E-mail" function within the IPO Center. If it is not possible to check your e-mail after market hours, you may reaffirm your Conditional Offer following effectiveness by going to the "IPO Order Status" within the IPO Center, choosing the Conditional Offer you want to reaffirm, and clicking "Reaffirm Conditional Offer". If you fail to reaffirm your Conditional Offer within the specified period, your Conditional Offer will automatically be cancelled. Conditional Offers are accepted once reaffirmed, at the offering price, determined by the managing underwriter after the registration statement becomes effective. Please note that reaffirming a Conditional Offer does not guarantee an allocation of shares. Thank you,
Subject: California Update p.2; 5/29/01 Body: EXECUTIVE SUMMARY Senator Keeley Spearheads a New "Plan B" State to Offer Little Aid in PG&E Bankruptcy Keeley's Collective "Plan B" Sources report that additional details for the Plan B have just been ironed= out on the Assembly side. The Assembly is working to announce a plan "as = soon as possible"; this announcement could come this afternoon. If it is n= ot this afternoon, it will be later this week. Sources Report the Republi= cans were working with Keeley, but then felt shut out of the process, so th= ey developed a plan of their own (a lightly publicized point last week). H= owever, sources believe that the Plan B is very likely to have enough Repub= lican support to pass the Assembly. The Senate will likely be a much tough= er fight, but opposition to the plan remains pessimistic that they will be = able to stop it. The Senate appears likely to broaden the base of people w= ho would have to pay the dedicated rate component, which will be unpopular.= Borrowing from elements of the Joe Nation and Florez "Plan B's," Keeley's= new plan is said to: Set up a dedicated rate component for SoCal to deal with part of their unde= rcollect. This dedicated rate component would apply more to "high-end cust= omers." Where the line would be drawn between who would pay and who would = not is still subject to negotiation. The size of the dedicated rate compon= ent is also subject to negotiation. SoCal has suggested $3M for 10 to 12 y= ears. Note, sources report that at this time, a dedicated rate component f= or SoCal to pay for power going forward is NOT included in the Plan B that = will be announced. The Assembly is not certain whether this additional ded= icated rate component will be needed. If the bond issuance is enough to co= ver the cost of power purchases, no dedicated rate component for forward pu= rchases will be needed. By 2003 and 2004, enough additional generation sho= uld be online that power prices should be low. Therefore, the key question= becomes what will be the cost of power in 2002? If the cost of power is h= igh, rates may have to be increased at that time for SoCal to continue oper= ating. The state would make a secured loan (secured against the transmission asset= s) to SoCal to pay back the remainder of the undercollect. This loan would= be paid back by SoCal granting the government a lower rate of return on th= e transmission system for a period of 10 to 15 years. This provides an inc= entive for SoCal to sell its transmission system to the state, since it wou= ld not be making as much money from the system. Were this to happen, the v= alue would be credited toward the loan. In return, the state would receive the withdrawal with prejudice of the fil= ed rate doctrine case. Also, SoCal would reduce the price of native power = generation. Finally, business customers (including those that would have t= o pay the dedicated rate component) would have the right to apply for direc= t access to power. If this plan is passed, (better than 50/50 chance -as reported earlier) the=
Subject: Change of company number Body: Please note that the company number for Enron Energia Industrial de Mexico B.V. has changed from 45B to 1627. This is in order to accommodate the functional currency change from Eurodollars to USD. Please share this information with other interested parties.
Subject: N.A. Systems Body: I thought I would try to summarize our meeting this week and document a list of agreed apon tasks. 1. The Unify system is on the brink of disaster and everyone agrees that we have huge business risk if it blows up.
Subject: Perry Gas Companies, Inc. Body: Rick Buy I'm expecting more details from Bill re. Perry Gas but I'm quite pissed about this. I will deal with my traders when I have the details. On the Retail side, I think this is the problem in trying to set up a separate Wholesale trading group in retail which is clearly happening. This wouldn't of happened it they were trading through us.
Subject: LOC update Body: PW line has a deficit of about $2.1 million. We are on day 3. We might have to fund the account around $2 million if it doesn't cure itself by tomorrow. Can we use the Enron line again now that it is paid-off or would you rather use one of the other lines? BA has approximately $5.9 million available, which has the most availability of all the lines. Please advise. - Beau
Subject: Calif energy panle/ new energy policy for US Body: Ken, We met when you were up at Sun Microsystems meeting with Scott and several CEOs. I talked with you during and after the event. I'm still working with the Governor's office to try to put in place a responsible panel for evaluating Calif energy policy. Its very frustrating dealing with these guys...with the lone exception of Freeman in the Governor's office who has been the most supportive, reasonable, and responsive of all the folks I've talked with. I met with Senators Bingaman and Reid last night and discussed with them accelerating the move from a fossil-fuel economy to a renewable/hydrogen powered economy. I, along with many experts in alternative energy, believe the time is now to start the transition. Reid has been a long-time hydrogen proponent, and Bingaman was surprised on how economically it can be done to convert. In addition, Gephardt is already very supportive of this move, as I'm sure Daschle will be as well (I had dinner with Daschle last night, but we didn't discuss this issue, but I will when I meet with him again in DC next week). There's no question that it's the right move for the country. But it's the antithesis of the current Bush energy plan. Will you join with me in supporting making this happen? If so, I will call you to discuss next steps in formulating a responsible energy policy for America. P.S. You may find the attached letter from NRDC president to Secretary Whitman of interest. Steve Kirsch CEO Propel - WhitmanLetter.5.22.01.doc
Subject: Dr. Lienhard- IACCGH February 13th Body: Dear members and prospective members, It gives the Indo-American Chamber great pleasure to announce that Dr. John Lienhard as our February speaker. Dr. Lienhard is a M D Anderson Professor of Mechanical Engineering and History at the Unv. Of Houston where he has taught since 1980. He is the author and voice of more than 1,400 episodes of The Engines of Our Ingenuity, a daily public radio series about machines and the people who created them. A popular speaker , Dr. Lienhard averages 50 speaking engagements in a year. You can view Dr. Lienhard's profile and home page clicking on the links below.Dr. Lienhard Bio Dr. Lienhard's Radio program homepage Event Topic: Innovation, A Dangerous Guest---- "Do you really want creative people in your organization"
Subject: Ken's SEC Testimony Body: Dear Fam, Sally informed me today that John Brindle, a former head of Enron security, is now involved and will be handling all airline reservations (through Gordon Bethune at Continental airlines), ground transportation and hotel reservations (Four Seasons or Park Hyatt) for us. He has suggested that we use "assumed" names for all reservations being made. John feels strongly that there could be a risk and a small unit will attract less attention and be easier to maneuver, also it will allow for less media coverage...which is a good thing. Apparently, he will be giving a detailed report to Rosalee on Friday of this week. I talked with Ken about it tonight and as much as we would love to have you there for moral support we do not want to do anything that would put you in harm's way or create a media spectacle for him. So, unfortunately, the prudent thing to do is have you stay in Houston and pray for him in your safe environments. For your information, our plan is to go up to DC on Thursday, January 31 and back on Tuesday morning, February 5. Ken gives his testimony at the SEC hearings on Monday morning, February 4, and I am told that it will go on until late in the day. These hearings are on TV and transcripts can be read on the internet. I will try and get all of that info to you prior to 2/4. The following is also from Sally: "John has asked if the kids would have an interest in meeting with him for 20-30 minutes to hear his suggestions for ways in which to best help the situation, and ideas on keeping their families safe on a daily basis? I expect this would need to be done during the weekday. I would also suggest it be held maybe at the ROCC 12th floor conference rm. or at the Huntingdon and for the kids and spouses only, no children as it would only distract from his limited time. Then, if anyone feels the need to interact with him on a more detailed basis they could arrange it with him, at their expense. He did express concerns that due to KLL's high profile, kidnapping is not out of the realm of possibility but he has numerous suggestions for circumventing this." Let us know your thoughts. Love, Mom/Linda
Subject: Financial Analysts' Reports for 6.05.01 Body: Please open the attached file to read the complete text of the following items: 07:41AM EDT 5-JUN-01 SG COWEN SECURITIES INC. (RICHARD CHU) HWP HWP/EXPECT CONSTRUCTIVE ANALYST MEETING TOMORROW; MAINTAIN BUY 09:04AM EDT 5-JUN-01 THOMAS WEISEL PARTNERS LLC (ERIC M. ROSS) INTC (TWP): 2QFY01 (JUNE) GUIDANCE LIKELY TO BE LOWERED 08:58AM EDT 5-JUN-01 PRUDENTIAL SECURITIES (K.ALEXY) AAPL CPQ CMP PREVIEW MAY MONTHLY MONITOR REPORT 08:53AM EDT 5-JUN-01 BEAR STEARNS (J. NEFF/HAND/BOBBA) HWP GTW DELL: STORAGE CONFERENCE CALL WITH DELL 09:46AM EDT 5-JUN-01 J.P. MORGAN (WILLIAM A. LEWIS) CPQ EMC BRCD FIBRE CHANNEL STEPS FORWARD WITH INTEROPERABILITY <<6.05.01 Analyst Reports.doc>> The analyst reports provided are reports prepared by independent analysts who monitor and track Compaq's performance. These reports are not prepared by or at the direction of Compaq and as a result, Compaq is not endorsing or verifying the information contained in these reports or endorsing any of these analysts. These reports are being provided solely for business reasons and as a result, do not distribute these reports to other individuals outside of Compaq. If other individuals are interested in receiving the reports provided herein, please contact Elizabeth Davis in Compaq's Investor Relations Department at elizabeth.davis@compaq.com.
Subject: (no subject) Body: Ken, this is Pat Koenig. I just wanted to send you a quick email and let you know you have my admiration and support ( I know it isn't much). You have made Enron a great company, and no matter how bad the press gets I will always be proud to say my husband works for Enron and he works for the best, Ken Lay. Pat
Subject: Stock Price Body: Dear Mr. Lay, These are difficult times for Enron. I know that you, members of your Management Team and the Board of Directors are working diligently to turn the tide that has resulted in the significant deterioration of our stock price. In this regard, I request that you and the Board of Directors give consideration to extending for one year all options that your employees are currently vested in and are coming to the end of their term within the next 12 months, commencing November 1, 2001. Many of us do not have the opportunity to receive the numbers of options that senior management has, and that is expected. But, this so sudden drop in stock price has placed many if not all current options underwater. A decision by the Board of Directors, in favor of this type of supportive action would go a long way for your employees morale and commitment to the company. Thank you, Doug
Subject: New Kudlow Commentary Body: A new Kudlow Commentary has been published on Kudlow.com. As a subscriber, you may click the hyperlink below, login, and view the latest commentary. AOL Users please note, you may need to copy and paste the hyperlink into your web browser. Thank You,
Subject: QUESTIONS REGARDING ADMIN PROMOTIONS Body: Mr. Oxley, as head of Human Resources for Enron North America, I would really appreciate your assistance. I have met with various HR reps during my nearly eight-year tenure with Enron to understand the qualifications required for an administrative assistant to move into an exempt role. From those meetings, however, I received severely conflicting information and left with a feeling that there are no rules, or that the rules are made and changed from person to person. That being said, does HR follow a set of rules that are standard for all non-exempt promotions to exempt roles? In addition, are qualifications to meet those standards changed with each individual? Your assistance would be greatly appreciated. Thank you. La Donna x34379
Subject: OUT OF Stock Body: Dear Kenneth We are currently out of stock of the Adidas style #671521 in size 10.5. Please contact us to have us try to special order of cancel the order for you. Special ordering takes an extra 10-15 days. Our number is 1-800-961-3030 ext 371. The number you gave is a fax number 713-953-6464 if you can furnish us with another number that would be great. Thaqnk you Sandra
Subject: thank you Body: Ken, I feel terrible in writing this email to inform you that I am leaving Enron. The timing of my departure is purely coincidental to the timing of the recent events. It has been a special and rewarding privilege to work at Enron over the past three and a half years. The integrity and high purpose you stand for is a personal inspiration to me. Seeing your leadership first-hand has been a real treat. Receiving the Chairman's Award last year was an incredible honor. It is difficult for me to feel truly deserving of it because of the sheer numbers of amazingly dedicated, yet unrecognized heroes I have met at Enron. I have the greatest admiration of them and draw my inspiration from them. One regret in leaving is that there will be those at Enron who will use my departure as more negative fodder to taint the company image. I wouldn't ever wish that on you, especially in light of the recent challenges you are experiencing. So I apologize if that does come to pass. One factor in my departure has been my disappointment with personnel abuses I've observed with EES' origination management. There is a general feeling of despair because the management chain looks the other way and the concept of an "open door" is political suicide. H.R. is as much at fault in my opinion because they side with management as opposed to taking an objective view and judgement of the abuses. My words and credibility may not carry any weight as I too have been victimized by the character assassination that is all too common at EES. Though my emotions run high when I think about the injustices to good employees (and lost potential benefit to Enron), I leave with no bad feelings toward the company and am proud to have been a part of Enron. The shift in EES' business model had resulted in my taking on a new role this past spring. Being based outside of Houston (in the Chicago area), my career opportunities are limited. And as much as I tried, I was feeling stale and unfulfilled in this new role and decided that it would be better for me to move on. Ken, I believe in you and wish you success and redemption through this difficult time. I wish that I could have done more. If I can ever help, I hope that you won't hesitate to ask. Thank you again. Respectfully,
Subject: SEC Information/Earnings Restatement Body: Today we released additional information about our related party and off-balance sheet transactions. We have made this information available both on our website and in a Form 8-K filing with the Securities and Exchange Commission (SEC). The information provides further details about:
Subject: Your Letter Re RFF to Chad Holliday dated October 22, 2001 Body: Dear Ken: Chad asked me to respond to your letter since I manage our relationship with RFF. We have had a very good relationship with RFF over many years and are strongly supportive of their work. Chad has asked me to continue as the primary interface with RFF and Paul Portney. Please convey this message to Lesli Creedon, RFF's Director of Development. With best reagrds,
Subject: Enron Prize - Talking Points Body: Rosalee, Attached are the talking points I've prepared as well as Chairman Greenspan's bio, should Ken wish to review it. Karen Denne and I will wait outside the Alice Pratt Brown building to be sure Ken gets in without any problem. As I mentioned on our call earlier, I have spoken to W.O. King and informed him that Linda and Liz would be attending. Please let me know if there is anything else I can do. Talking Points for Ken Lay: Chairman Greenspan's Bio:
Subject: THANK YOU Body: Dear Mr. Lay, I just want to send you a note to say thank you for all you've done for Enron. I've been with Enron for 15 years (straight out of college). I may have been impacted financially with what is currently going on but I certainly don't blame you nor anyone for that matter. It just is. Thanks to Enron, I have had a very good job for the last 15 years. This might be the only company I've known but I do have friends that work at other company and this I know. Not all companies give employees bonuses, stock options, ESOP, upward mobility, matching retirement funds, cash accounts, competitive salary, challenging work environment, on-site health care, on-site workout place, subsidized cafeteria, matching gift giving, involvement in charitable work and community, and many other good things. I know that you and Enron have always care for the employees and for the community.