Julie,

No problem. It's your call but Chris should also be mentioned as number one.

Vince

"Julie" <julie@lacima.co.uk> on 08/03/2000 03:06:28 PM
To: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Preface for book

Vince,
Thanks for this.??
?
Are you OK with us using your name for this??
?
Julie
----- Original Message -----
From:  Vince J Kaminski
To: julie@lacima.co.uk
Sent: Wednesday, August 02, 2000 2:11  PM
Subject: Re: Preface for book

---------------------- Forwarded by Vince J  Kaminski/HOU/ECT on 08/02/2000
08:16
AM  ---------------------------

Vince J Kaminski
08/02/2000 08:09  AM

To:?? "Julie" <julie@lacima.co.uk> @  ENRON
cc:?? Vince J Kaminski/HOU/ECT@ECT, Grant  Masson/HOU/ECT@ECT
Subject:? Re: Preface for book? (Document  link: Vince J Kaminski)

Julie,

The introduction looks fine. I  have made some cosmetic changes
(typos and split infinitives that slipped  by). You can safely ignore most of
them.
English is not even my second  language.

The corrections are in pink.

Vince
(See attached  file: Intro0802.doc)

"Julie" <julie@lacima.co.uk> on 08/01/2000  07:43:10 AM

To:?? "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject:?  Preface for book

Vince,

Hope you are well.

We  spoke a while ago about who should write the preface for the book, and?
you
kindly offered that you would provide this. Is this still?  possible? We
realise that you are extremely busy, so Chris and Les  went? ahead and wrote
something, which is below, and if you want to  review, change or? re-write the
preface, that would be very  appreciated. Let me know? what your thoughts
are.

Thanks,
Julie
(we're getting  close)

Preface

One of our main  objectives in? writing Energy Derivatives: Pricing and Risk
Management  has been to bring? together as many of the various approaches
for  the
pricing and risk management? energy derivatives as possible, to  discuss
in-depth
the models, and to show how? they relate to each  other. In this? way we hope
to
help the reader to analyse the  different models, price a wide? range of
energy
derivatives, or to  build a risk management system which uses a? consistent
modelling  framework. We? believe that for practitioners this last point is
very
important and we continue? to stress in our articles and  presentations the
dangers of having flawed risk? management and giving  arbitrage opportunities
to
your competitors by using? ad-hoc and  inconsistent models for different
instruments and markets (see also OTHERS  WHO PROPOSE CONSISTENT? MODELS?).
However, it is not? our wish to  concentrate on one particular model or
models,
at the exclusion of?  the others because we believe that the choice should
rest
with the  user? (although it will probably be clear from our discussions  the
model(s) we? prefer). We therefore try and give? as clear  account as possible
of the advantage and disadvantages of all the?  models so that the reader can
make an informed choice as to the models  which? best suit their needs.

In order to meet our  objectives the? book is divided into 11 chapters. ? In
chapter 1  we give an overview of the fundamental principals needed to?
model  and
price energy derivatives which will underpin the remainder of the?  book. In
addition to introducing? the techniques that underlie the  Black-Scholes
modelling framework we outline? the numerical techniques  of trinomial trees
and
Monte Carlo simulation for? derivative pricing,  which are used throughout the
book.

In Chapter 2 we discuss  the? analysis of spot energy prices. As? well as
analysing  empirical price movements we propose a number of processes? that
can
be used to model the prices. ? We look at the well-know process of  Geometric
Brownian Motion as well as? mean reversion, stochastic  volatility and jump
processes, discussing each and? showing how they  can be simulated and their
parameters estimated.

Chapter 3,  written by Vince? Kaminski, Grant Masson and Ronnie Chahal of
Enron
Corp., discusses volatility? estimation in energy commodity  markets. ? This
chapter builds on the previous one. It examines in  detail the methods,?
merits
and pitfalls of the volatility estimation  process assuming different? pricing
models introduced in chapter 2.  ? Examples from crude, gas, and electricity
markets are used to  illustrate? the technical and interpretative aspects of
calculating  volatility.

Chapter 4 examines forward curves? in the  energy markets. Although? such
curves
are well understood and  straight-forward in the most financial? markets, the
difficulty of  storage in many energy markets leads to less well? defined
curves.
In  this chapter we? describe forward price bounds for energy prices and  the
building of forward? curves from market instruments. We?  outline the three
main
approaches which have been applied to building  forward? curves in energy
markets; the arbitrage approach, the  econometric approach, and? deriving
analytical values by modelling  underlying stochastic factors.

Chapter 5 presents an overview  of? structures found in the energy derivative
markets and discusses  their uses. Examples of products analysed in this
chapter include a variety  of swaps, caps, floors and collars, as well as
energy
swaptions, compound  options, Asian options, barrier options, lookback
options,
and ladder  options.

Chapter 6 investigates single and? multi-factor  models of the energy spot
price
and the pricing of some standard?  energy derivatives. Closed form? solutions
for forward prices, forward  volatilities, and European option prices? both on
the spot and  forwards are derived and presented for all the models in? this
chapter  including a three factor, stochastic convenience yield and interest
rate  model.

Chapter 7 shows how the prices of? path dependent  and American style options
can
be evaluated for the models in? Chapter  6. Simulation schemes are? developed
for the evaluation of European  style options and applied to a variety? of
path
dependent options. In  order? to price options which incorporate early
exercise
opportunities, a trinomial? tree scheme is developed. This  tree? is built to
be
consistent with the observed forward curve and  can be used to? price exotic
as
well as standard European and American  style options.

Chapter 8 describes a methodology? for  valuing energy options based on
modelling
the whole of the market  observed? forward curve. The approach results? in a
multi-factor  model that is able to realistically capture the evolution of a
wide range  of energy forward curves. ? The user defined volatility structures
can  be of an extremely general? form. Closed-form solutions are?  developed
for
pricing standard European options, and efficient Monte  Carlo? schemes are
presented for pricing exotic options. The chapter  closes with a discussion of
the valuation of American style  options.

Chapter 9 focuses on the risk? management of  energy derivative positions. ?
In
this chapter we discuss the  management of price risk for institutions? that
trade options or other  derivatives and who are then faced with the problem?
of
managing the  risk through time. ? We begin with delta hedging a  portfolio
containing derivatives and look? at extensions to gamma  hedging ?
illustrating
the techniques using both spot and? forward  curve models. The general? model
presented in Chapter 8 is ideally  suited to multi-factor hedging of a?
portfolio
of energy derivatives  and this is also discussed.

Chapter 10 examines the key  risk? management concept of Value at Risk (VaR)
applied to portfolios  containing? energy derivative products. After?
discussing
the  concept of the measure, we look at how the key inputs?  (volatilities,
covariances, correlations, etc) can be estimated. We then  compare the fours
major? methodologies for computing VaR; Delta,  Delta-gamma, historical
simulation and? Monte-Carlo simulation,  applying each to the same portfolio
of
energy? options. In this  chapter we also? look at testing the VaR estimates
for
various  underlying energy market? variables.

Finally, in Chapter  11 we review? modelling approaches to credit risk. ? We
look
in  detail at two quite different approaches, CreditMetrics (J. P. Morgan
(1997))
and? CreditRisk+ (Credit Suisse Financial? Products  (1997)) for which
detailed
information is publicly available. Together  these provide an extensive set?
of
tools with which to measure credit  risk. We present numerical examples of
applying these techniques to energy  derivatives.

Before? we begin we stress that the models and  methods we present in this
book
are tools? which should be used with  the benefit of an understanding of how
both
the ?tool?? and the market  works. The? techniques we describe are certainly
not
?magic wands?  which can be waved at? data and risk management problems to
provide  instant and perfect solutions. To quote from the RiskMetrics
Technical
Document ?? no amount of sophisticated analytics will replace  experience and
professional judgement in managing risk.?. ? However,  the right tools,
correctly
used make the job a lot?  easier!


Ken:

We are very excited  about our ALP at Enron.  We look forward to working
with you and your team and learning about the broadband space.

Thursday at Cacciatore's sounds fine with us.  We will see you there at 7:00
p.m.

Enron ALP Team

-----Original Message-----
From: Kenneth.Parkhill@enron.com [mailto:Kenneth.Parkhill@enron.com]
Sent: Tuesday, January 23, 2001 10:47 AM
To: luigical@rice.edu; ghosei@rice.edu; ghoshr@rice.edu; iqbal@rice.edu;
pravas@rice.edu; cwomack@rice.edu; barrett@rice.edu; uecker@rice.edu;
loughrid@rice.edu
Cc: Vince.J.Kaminski@enron.com
Subject: Hello team

We are very excited to be able to welcome your ALP team to Enron.  We are
looking to working with you this semester.  To kick things off, we would
like to invite you to Cacciatore's this Thursday for dinner (1/25/01, 7pm).
If you can't stand Italian cuisine, or would like to try a different day or
time, please feel free to make a suggestion.  We look forward to meeting
you.

ken
713/345-4638


Good Morning Mrs. Kobernick -

Just checking with you to see how Candis' day was today.  What is her grade in your class as of today and did she ever turn that paper in that she missed that day?  Thanks for keeping me informed.

Mrs. Davis
713 853-7520 wk
281 583-1348 hm


Susan,

Here are the directions from Houston to the luncheon:

Take I10 West
Exit 410 North or West
(Keep to the right)
Exit Eisenhauer - take a left under highway
Keep going for about 5 miles
There will be 2 four way stops, Vandiver and Greenwich
The next light will be N. New Braunfels
Take a left on N. New Braunfels
Your 7th light will be Burr Road
Go up to one more light, Hildebrand, and take a left.   You are in the
club.

Kitchen Shower Luncheon: 11:30 AM

The party that night is at Ann Walton's house and I do not have that
address, but she can tell you at the luncheon.  It is a bar shower.

If you are coming that morning and want to go to the luncheon w/ us, here
are the directions to my house.

After the four way stop at Greenwich, take a left at the next street,
Scotsdale.
Take a right on Camelback, go down the hill
2210 Camelback (circular drive)
Home: 210-824-6947

We will leave around 11:00 for the club.

Love you,
Lisa


Tana,
Do you need copies of the Australia ISDAs?  I just sent copies to the London
office and have the copies I kept here in Houston if you need them.

Thanks,
Jana Morse


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/16/2000
03:09 PM ---------------------------

"Michael P Cazaubon" <mcazaubon@peco-energy.com> on 10/16/2000 02:55:56 PM
To: jinsung.myung@enron.com, don.miller@enron.com
cc: benjamin.rogers@enron.com, "Charles P Lewis" <clewis@peco-energy.com>,
mcunning@pwrteam.com, "David L Stewart" <u000dls@peco-energy.com>, "Michael J
Ricciardi" <mricciardi@peco-energy.com>, "Fred M Valentino"
<fvalentino@peco-energy.com>
Subject: Update on Enron Sales Process

Jinsung and Don,

We are continuing to have difficulties accessing data from DealBench.  The
response times from PECO, PricewaterhouseCoopers and other high speed
internet connections have been very slow (sometimes 5 minutes or more to
retrieve a single 10-15 page text document).  It would help us greatly in
our due diligence efforts if this material could be made available on CD
ROM as has often been done with other deals we have been involved with.
Please advise if this is possible and if so, when the CD's would be
available.

Mike Cazaubon
----- Forwarded by Michael P Cazaubon/Pecon/Genco on 10/16/2000 03:49 PM
-----

                    Charles P
                    Lewis                To:     Michael P
Cazaubon/Pecon/Genco@PecoEnergy
                                         cc:
                    10/16/2000           Subject:     Update on Enron Sales
Process
                    03:22 PM

----- Forwarded by Charles P Lewis/Pecon/Genco on 10/16/00 03:31 PM -----

                    "Modi, Rishi"
                    <rishi.modi@c        To:     "'clewis@peco-energy.com'"
<clewis@peco-energy.com>
                    sfb.com>             cc:
                                         Subject:     Update on Enron Sales
Process
                    10/16/00
                    02:10 PM

The following is an update on Enron's sales process, including several
additions to DealBench.

1.  The Purchase and Sale Agreement ("PSA") for each asset has now been
posted to DealBench under the New Document section.  Please review the
instructions attached to each PSA.

2. The Management Presentations (with audio) have now been posted to
DealBench under the Management Presentation(strikethrough: s) section.
When attempting to view the presentation, please log onto DealBench using
Microsoft Internet Explorer. Once in DealBench, you will most likely need
to download "Flash Player" (free download).  You can do this by clicking
"Macromedia Flash Player download center" in the Linked Documents section
of DealBench.  The download usually takes less than 30 seconds.  After the
download, return to the Management Presentation section of DealBench and
click on the Management Presentation (with audio).   A power point
presentation has also been included in the Management Presentation section
of DealBench.   A detailed instruction guide "Instruction for Viewing
Management Presentation" has been posted in New Document section of
DealBench.

3.  Please be sure to consistently review the New Documents section on
DealBench for any new documents that have been added to DealBench.  Also, a
running black line Due Diligence Index is posted in the Due Diligence Index
/ Plant Pictures section of DealBench.

4. Any drawings or CDs that you need from the Due Diligence Indices may be
requested by sending an email to don.miller@enron.com or jhoff2@enron.com.

5.  Any problems or issues that you may be encountering need to  be
directed to Jinsung Myung at 713-853-7330.

6.  We are prepared to schedule Q&A sessions.  Please contact Don Miller at
713-853-0492.

Regards,

Don Miller

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

************************************************************************
This e-mail and any of its attachments may contain PECO-Energy
proprietary information, which is privileged, confidential, or subject
to copyright belonging to the PECO-Energy family of Companies.  This
e-mail is intended solely for the use of the individual or entity to
which it is addressed.  If you are not the intended recipient of this
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************************************************************************


This is a copy of the presentation that Bob Superty made to the Peoples
Energy Board this week.  Lousie Kitchen told me that he was very impressive
in the presentation (not a surprise to me, but it is nice when others
recognize the talent that is in the operations organization).  We may be able
to incorporate some of this into our presentation to originators for internal
purposes, and there may be parts of this that could be used in external
marketing tools. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/05/2001 05:48 PM
---------------------------

Robert Superty
04/05/2001 04:53 PM
To: Sally Beck/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron
cc:
Subject: Peoples presentation

Sally, Bob  FYI (or your files) - here is the presentation I gave to the
Peoples Energy Board of Directors.

Let me know if you have any questions - Bob


I thought the goup had plans SAT?

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


----- Forwarded by Mark Palmer/Corp/Enron on 12/15/2000 05:52 PM -----

	"Leopold, Jason" <Jason.Leopold@dowjones.com>
	12/15/2000 05:40 PM

		 To: "'mark.palmer@enron.com'" <mark.palmer@enron.com>
		 cc:
		 Subject: From our great governor

 - PR00 334 GGD Statement on FERC.doc
 - PR00 334 GGD Statement on FERC.rtf


i heard you were anyway


Thanks.  Glad to hear your doing well.  call any time.

Brian

-----Original Message-----
From: Stepenovitch, Joe [mailto:Joe.Stepenovitch@ENRON.com]
Sent: Thursday, August 30, 2001 2:47 PM
To: bsl@wyndmill.com
Subject: FW: Keller

Good Afternoon Brian,

How have you been?  I'm doing great.  I never got a chance to thank you
and your co-worker for the coffee mug.  Also, I wanted to thank you
again for dinner that night.  I still can't believe they acted that way.
Anyway, I should get my promo to Mgr at the end of the year so we'll
need to stay in touch and I might be in Hot-Lanta soon as well.

Well I think you talked to my friend Keller today and he wanted me to
forward you his resume.  I hope you and set him up with something.
Gotta run have a good holiday weekend and I'll talk to you soon.

-Joe Step Jr.

>  -----Original Message-----
> From: 	c starnes <cstarnes2002@yahoo.com>@ENRON
> [mailto:IMCEANOTES-c+20starnes+20+3Ccstarnes2002+40yahoo+2Ecom+3E+40EN
> RON@ENRON.com]
> Sent:	Friday, August 17, 2001 3:03 PM
> To:	Stepenovitch, Joe
> Subject:	Keller
>
>
>
>
> __________________________________________________
> Do You Yahoo!?
> Make international calls for as low as $.04/minute with Yahoo!
> Messenger
> http://phonecard.yahoo.com/
>  - msw.doc <<msw.doc>>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

 - winmail.dat


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UPDATE 2 - Calif. Gov. set to sign bill to cut power rates
(UPDATE: Changes lead to add comments from Gov. Davis spokesman)
By Nigel Hunt
LOS ANGELES, Aug 31 (Reuters) - California Gov. Gray Davis will sign
emergency legislation to cut electricity rates in San Diego where a tripling
in customers' bills this summer has sparked a public outcry, his spokesman
said on Thursday.
The bill was passed by the California Assembly by 58 votes to 14 late
Wednesday. It needed 54 votes to secure the necessary two-thirds majority of
the Assembly's 80 members required for emergency legislation.
``He is in favour of the Alpert/Davis bill. If he gets the bill next week I
suspect he will sign it sooner rather than later,'' said Davis' spokesman
Steven Maviglio, noting however that he was reserving judgment on a linked
measure to provide up to $150 million in state funds to help fund the price
cut.
The bill was passed by the state Senate on Tuesday. It is sponsored San Diego
Democrats state Sen. Dede Alpert and Assemblywoman Susan Davis.
Under rules governing the deregulation of California's power industry,
customers of Sempra Energy (NYSE:SRE - news) unit San Diego Gas and Electric
are the first to pay free market rates without a safety net.
When California deregulated its power markets, rates were initially frozen
for customers of the state's three investor-owned utilities. The rate freeze
was lifted for San Diego Gas and Electric customers last year.
Rates for the state's other two investor-owned utilities, San Francisco-based
PG&E Corp. (NYSE:PCG - news) subsidiary Pacific Gas and Electric and
Rosemead-based Edison International (NYSE:EIX - news) unit Southern
California Edison, remain frozen.
The proposed legislation establishes a 6.5 cent per kilowatt hour cap on the
cost of energy for ratepayers, less than a third of the the current ``free
market'' cost of 20.8 cents. The cap would be retroactive to June 1, 2000.
Under the bill, the difference between rates paid by customers and the higher
market-based rates would initially be footed by the local utility, San Diego
Gas and Electric, which would create a ``balancing account.'' The shortfall
would then be recouped from customers at a later date.
San Diego Gas and Electric spokesman Doug Kline said the utility was urging
Davis to veto the legislation.
``It is a well intentioned, but seriously flawed bill. It is like ordering a
shopkeeper to buy a loaf of bread for $2 and sell it to customers for 60
cents,'' he said.
The bill would cap prices through December 31, 2002 although the rate ceiling
could be extended through December 2003 if the California Public Utilities
Commission (CPUC) finds that it is in the public interest.
Kline said the utility has estimated the under-collected shortfall would
amount to around $726 million by the end of 2002. If it were extended for
another year that shortfall would climb to around $1 billion, he noted.
He said the bill, if approved, would impact the utility's credit ratings.
Wholesale prices in the state soared to record levels this summer and as San
Diego residents saw their bills skyrocket. There were reports that some
pensioners were even turning off their refrigerators in a bid to keep their
power costs down.
The CPUC, which regulates the state's power markets, held an emergency
meeting last week and voted for a partial cap which limited bills for
customers for their first 500 kilowatt hours per month of use.
But a plan for more extensive relief along similar lines to the Davis/Alpert
bill was defeated in a vote that split along political lines.
It has been estimated that the plan approved by the CPUC would result in a
much smaller shortfall of about $77 million.
The three commissioners who were appointed by former Gov. Pete Wilson, a
Republican, backed the more modest relief plan, while the two appointees of
Davis, the current Democratic governor, sought more extensive rate cuts.
California's power problems are caused partly by increased demand linked to
the nation's booming economy, with Western states among those showing the
fastest growth.
There also have been few power plants built during the past 10 years and,
although many are now planned, the prolonged approval and construction
process means most will not come on line before 2002.


One more thank you, too.

Teaching a class like speech lets me get to know you in ways other
professors don't.  I appreciated your openness, as well as your engagement,
during the two days of our class.

And I mean it when I say I want to work with you in the future.  If you
need any communication advice, or wish more feedback on your efforts in
class, please contact me.

Take care, all of you.  It was a pleasure meeting you.

Bill

============================================================================
William Sonnenschein
Communications Group Faculty
Haas School of Business
University of California, Berkeley
510-643-8005 (Office) or 510-336-1239 (Home)
============================================================================


These are the prayer request as follows...

Sheryl Snoddy - for faith and total trust in God to supply all of her needs.
Complete and total healing for her mate who indulges in alcohol abuse and
verbal abuse toward her in front of their son Devon.


A taste of exhibits...
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/06/2000 02:29
PM ---------------------------

lee.johnson@ss.ps.ge.com on 12/05/2000 03:54:02 PM
To: kay.mann@enron.com
cc: kent.shoemaker@ae.ge.com

Subject: Exhibits for Austin and LV Cogen Facility Agreements

 <<Exhibits to Gas Turbine Purchase Agreement - LV Cogen
redline_120400.DOC>>

 <<Exhibits to Gas Turbine Purchase Agreement - Austin redline _
120400.DOC>>

 - Exhibits to Gas Turbine Purchase Agreement - LV Cogen redline_120400.DOC
 - Exhibits to Gas Turbine Purchase Agreement - Austin redline _ 120400.DOC