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allen-p/_sent_mail/52.

, Lucy, Here is a final 12/01 rentroll for you to save. My only questions are: 1. Neil Moreno in #21-he paid $120 on 11/24, but did not pay anything on 12/01. Even if he wants to swich to bi-weekly, he needs to pay at the beginning of the two week period. What is going on? 2. Gilbert in #27-is he just late? Here is a file for 12/08.

allen-p/_sent_mail/522.

Re: Listing of Desk Directors , Send it to Ina Rangel she can forward it to appropriate traders. There are too many to list individually

allen-p/_sent_mail/523.

, Jeff, My target is to get $225 back out of the stage. Therefore, I could take a sales price of $740K and carry a second note of $210K. This would still only require $75K cash from the buyer. After broker fees and a title policy, I would net around $20K cash. You can go ahead and negotiate with the buyer and strike the deal at $740 or higher with the terms described in the 1st email. Do you want to give the New Braunfels buyer a quick look at the deal. Phillip

allen-p/_sent_mail/524.

, Jeff, I am not willing to guarantee to refinance the 1st lien on the stage in 4 years and drop the rate on both notes at that point to 8%. There are several reasons that I won't commit to this. Exposure to interest fluctuations, the large cash reserves needed, and the limited financial resources of the buyer are the three biggest concerns. What I am willing to do is lower the second note to 8% amortized over the buyers choice of terms up to 30 years. The existing note does not come due until September 2009. That is a long time. The buyer may have sold the property. Interest rates may be lower. I am bending over backwards to make the deal work with such an attractive second note. Guaranteeing to refinance is pushing too far. Can you clarify the dates in the contract. Is the effective date the day the earnest money is receipted or is it once the feasibility study is complete? Hopefully the buyer can live with these terms. I got your fax from the New Braunfels buyer. If we can't come to terms with the first buyer I will get started on the list. Email or call me later today. Phillip

allen-p/_sent_mail/525.

Re: Pipe Options Book Admin Role , Susan, Raised your issue to Sally Beck. Larry is going to spend time with you to see if he can live without any reports. Also some IT help should be on the way. Phillip

allen-p/_sent_mail/528.

, Lucy, Please fix #41 balance by deleting the $550 in the "Rent Due" column. The other questions I had about last week's rent are: #15 Only paid 95 of their 190 on 1/19 then paid nothing on 1/26. What is going on? #25 Looks like she was short by 35 and still owes a little on deposit #27 Switched to weekly, but paid nothing this week. Why? I spoke to Jeff Smith. I think he was surprised that we were set up with email and MSN Messenger. He was not trying to insult you. I let Jeff know that he should try and meet the prospective buyers when they come to see the property. Occasionally, a buyer might stop buy without Jeff and you can show them around and let them know what a nice quiet well maintained place it is. Regarding the raise, $260/week plus the apartment is all I can pay right now. I increased your pay last year very quickly so you could make ends meet but I think your wages equate to $10/hr and that is fair. As Gary and Wade continue to improve the property, I need you to try and improve the property's tenants and reputation. The apartments are looking better and better, yet the turnover seems to be increasing. Remember that as a manager you need to set the example for the tenants. It is hard to tell tenants that they are not supposed to have extra people move in that are not on the lease, when the manager has a houseful of guests. I realize you have had a lot of issues with taking your son to the doctor and your daughter being a teenager, but you need to put in 40 hours and be working in the office or on the property during office unless you are running an errand for the property. I am not upset that you asked for a raise, but the answer is no at this time. We can look at again later in the year. I will talk to you later or you can email or call over the weekend. Phillip

allen-p/_sent_mail/531.

, Susan hours are out of hand. We need to find a solution. Let's meet on Monday to assess the issue Phillip

[email protected], [email protected]

allen-p/_sent_mail/532.

RE: Phillip Allen Response on Partnership Issues , Got your email. I will let Jacques know. I guess we can work out the finer points next week. The bank here in Houston is dealing with their auditors this week, so unfortunately I did not hear from them this week. The are promising to have some feedback by Monday. I will let you know as soon as I hear from them. Phillip

allen-p/_sent_mail/533.

, George, The probability of building a house this year is increasing. I have shifted to a slightly different plan. There were too many design items that I could not work out in the plan we discussed previously. Now, I am leaning more towards a plan with two wings and a covered courtyard in the center. One wing would have a living/dining kitchen plus master bedroom downstairs with 3 kid bedrooms + a laundry room upstairs. The other wing would have a garage + guestroom downstairs with a game room + office/exercise room upstairs. This plan still has the same number of rooms as the other plan but with the courtyard and pool in the center this plan should promote more outdoor living. I am planning to orient the house so that the garage faces the west. The center courtyard would be covered with a metal roof with some fiberglass skylights supported by metal posts. I am envisioning the two wings to have single slope roofs that are not connected to the center building. I don't know if you can imagine the house I am trying to describe. I would like to come and visit you again this month. If it would work for you, I would like to drive up on Sunday afternoon on Feb. 18 around 2 or 3 pm. I would like to see the progress on the house we looked at and tour the one we didn't have time for. I can bring more detailed drawings of my new plan. Call or email to let me know if this would work for you. [email protected] or 713-463-8626(home), 713-853-7041(work) Phillip Allen PS. Channel 2 in Houston ran a story yesterday (Feb. 2) about a home in Kingwood that had a poisonous strain of mold growing in the walls. You should try their website or call the station to get the full story. It would makes a good case for breathable walls.

allen-p/_sent_mail/534.

Re: web site , 8500????? That's twice as valuable as your car! Can't you get a used one for $3000?

allen-p/_sent_mail/535.

Re: web site , Nice. how much? Are you trying to keep the economy going?

allen-p/_sent_mail/537.

Re: The Stage , Jeff, Before you write off the stage, a few things to think about. 1. Operating expenses include $22,000 of materials for maintenance and repairs. Plus having a full time onsite maintenance man means no extra labor cost for repairs. There are only 44 units a lot of his time is spent on repairs. 2. What is an outside management firm going to do? A full time onsite manager is all that is required. As I mentioned the prior manager has interest in returning. Another alternative would be to hire a male manager that could do more make readies and lawn care. If you turn it over to a management company you could surely reduce the cost of a full time manager onsite. 3. Considering #1 & #2 $115,000 NOI is not necessarily overstated. If you want to be ultra conservative use $100,000 at the lowest. 4. Getting cash out is not a priority to me. So I am willing to structure this deal with minimum cash. A 10% note actually attractive. See below. My job just doesn't give me the time to manage this property. This property definitely requires some time but it has the return to justify the effort. Sales Price 705,000 1st Lien 473,500 2nd Lien 225,000 Transfer fee 7,500 Cash required 14,500 NOI 100,000 1st Lien 47,292 2nd Lien 23,694 Cash flow 29,014 Cash on cash 200% These numbers are using the conservative NOI, if it comes in at $115K then cash on cash return would be more like 300%. This doesn't reflect the additional profit opportunity of selling the property in the next few years for a higher price. Do you want to reconsider? Let me know. Phillip

allen-p/_sent_mail/539.

, Lucy, What is the latest? Write me a note about what is going on and what issues you need my help to deal with when you send the rentroll. Phillip

allen-p/_sent_mail/541.

Re: Bishops Corner Partnership , George, Keith and I are reviewing your proposal. We will send you a response by this evening. Phillip

allen-p/_sent_mail/543.

Re: 32 acres , Jeff, That is good news about Leander. Now for the stage. I would like to get it sold by the end of March. I have about $225K invested in the stagecoach, it looks like I need to get around $745K to breakeven. I don't need the cash out right now so if I could get a personal guarantee and Jaques Craig can work out the partnership transfer, I would definitely be willing to carry a second lien. I understand second liens are going for 10%-12%. Checkout this spreadsheet. These numbers should get the place sold in the next fifteen minutes. However, I am very concerned about the way it is being shown. Having Lucy show it is not a good idea. I need you to meet the buyers and take some trips over to get more familar with the property. My dad doesn't have the time and I don't trust Lucy or Wade to show it correctly. I would prefer for you to show it from now on. I will have the operating statements complete through December by this Friday. Phillip

allen-p/_sent_mail/545.

RE: Loan for San Marcos , George, We should hear from the bank in Houston on Monday. The best numbers and times to reach me: work 713-853-7041 fax 713-464-2391 cell 713-410-4679 home 713-463-8626 [email protected] (home) [email protected] (work) I am usually at work M-F 7am-5:30pm. Otherwise try me at home then on my cell. Keiths numbers are: work 713-853-7069 fax 713-464-2391 cell 713-502-9402 home 713-667-5889 [email protected] Phillip

allen-p/_sent_mail/546.

Re: NGI access to eol , Dexter, You should receive a guest id shortly. Phillip

allen-p/_sent_mail/55.

Re: Associates & Analysts Eligible for Promotion , I would support Matt Lenhart's promotion to the next level. I would oppose Ken Shulklapper's promotion.

allen-p/_sent_mail/550.

Re: Resume , Nick, There is a specific program that we are using to recruit, train, and mentor new traders on the gas and power desks. The trading track program is being coordinated by Ted Bland. I have forwarded him your resume. Give him a call and he will fill you in on the details of the program. Phillip

allen-p/_sent_mail/552.

, Lucy, #32 and #29 are fine. #28 paid weekly on 1/5. Then he switched to biweekly. He should have paid 260 on 1/12. Two weeks rent in advance. Instead he paid 260 on 1/19. He either needs to get back on schedule or let him know he is paying in the middle of his two weeks. He is only paid one week in advance. This is not a big deal, but you should be clear with tenants that rent is due in advance. Here is an updated rentroll. Please use this one instead of the one I sent you this morning. Finally, can you fax me the application and lease from #9. Phillip

allen-p/_sent_mail/554.

, Lucy, Here is a rentroll for this week. I still have questions on #28,#29, and #32.

allen-p/_sent_mail/555.

, Larry, I met with a banker that is interested in financing the project. They need the following: Financial statements plus last two years tax returns. Builders resume listing similar projects The banker indicated he could pull together a proposal by Friday. If we are interested in his loan, he would want to come see the site. If you want to overnight me the documents, I will pass them along. You can send them to my home or office (1400 Smith, EB3210B, Houston, TX 77002). The broker is Jim Murnan. His number is 713-781-5810, if you want to call him and send the documents to him directly. It sounds like the attorneys are drafting the framework of the partnership agreement. I would like to nail down the outstanding business points as soon as possible. Please email or call with an update. Phillip

allen-p/_sent_mail/557.

, By STEVE EVERLY - The Kansas City Star Date: 01/20/01 22:15 As natural gas prices rose in December, traders at the New York Mercantile Exchange kept one eye on the weather forecast and another on a weekly gas storage number. The storage figures showed utilities withdrawing huge amounts of gas, and the forecast was for frigid weather. Traders put the two together, anticipated a supply crunch and drove gas prices to record heights. "Traders do that all the time; they're looking forward," said William Burson, a trader. "It makes the market for natural gas." But the market's response perplexed Chris McGill, the American Gas Association's director of gas supply and transportation. He had compiled the storage numbers since they were first published in 1994, and in his view the numbers were being misinterpreted to show a situation far bleaker than reality. "It's a little frustrating that they don't take the time to understand what we are reporting," McGill said. As consumer outrage builds over high heating bills, the hunt for reasons -- and culprits -- is on. Some within the natural gas industry are pointing fingers at Wall Street. Stephen Adik, senior vice president of the Indiana utility NiSource, recently stepped before an industry conference and blamed the market's speculators for the rise in gas prices. "It's my firm belief ... that today's gas prices are being manipulated," Adik told the trade magazine Public Utilities Fortnightly. In California, where natural gas spikes have contributed to an electric utility crisis, six investigations are looking into the power industry. Closer to home, observers note that utilities and regulators share the blame for this winter's startling gas bills, having failed to protect their customers and constituents from such price spikes. Most utilities, often with the acquiescence of regulators, failed to take precautions such as fixed-rate contracts and hedging -- a sort of price insurance -- that could have protected their customers by locking in gas prices before they soared. "We're passing on our gas costs, which we have no control over," said Paul Snider, a spokesman for Missouri Gas Energy. But critics say the utilities shirked their responsibility to customers. "There's been a failure of risk management by utilities, and that needs to change," said Ed Krapels, director of gas power services for Energy Security Analysis Inc., an energy consulting firm in Wakefield, Mass. Hot topic Consumers know one thing for certain: Their heating bills are up sharply. In many circles, little else is discussed. The Rev. Vincent Fraser of Glad Tidings Assembly of God in Kansas City is facing a $1,456 December bill for heating the church -- more than double the previous December's bill. Church members are suffering from higher bills as well. The Sunday collection is down, said Fraser, who might have to forgo part of his salary. For the first time, the church is unable to meet its financial pledge to overseas missionaries because the money is going to heating. "It's the talk of the town here," he said. A year ago that wasn't a fear. Wholesale gas prices hovered just above $2 per thousand cubic feet -- a level that producers say didn't make it worthwhile to drill for gas. Utilities were even cutting the gas prices paid by customers. But trouble was brewing. By spring, gas prices were hitting $4 per thousand cubic feet, just as utilities were beginning to buy gas to put into storage for winter. There was a dip in the fall, but then prices rebounded. By early November, prices were at $5 per thousand cubic feet. The federal Energy Information Administration was predicting sufficient but tight gas supplies and heating bills that would be 30 percent to 40 percent higher. But $10 gas was coming. Below-normal temperatures hit much of the country, including the Kansas City area, and fears about tight supplies roiled the gas markets. "It's all about the weather," said Krapels of Energy Security Analysis. Wholesale prices exploded to $10 per thousand cubic feet, led by the New York traders. Natural gas sealed its reputation as the most price-volatile commodity in the world. Setting the price In the 1980s, the federal government took the caps off the wellhead price of gas, allowing it to float. In 1990, the New York Mercantile began trading contracts for future delivery of natural gas, and that market soon had widespread influence over gas prices. The futures contracts are bought and sold for delivery of natural gas as soon as next month or as far ahead as three years. Suppliers can lock in sale prices for the gas they expect to produce. And big gas consumers, from utilities to companies such as Farmland Industries Inc., can lock in what they pay for the gas they expect to use. There are also speculators who trade the futures contracts with no intention of actually buying or selling the gas -- and often with little real knowledge of natural gas. But if they get on the right side of a price trend, traders don't need to know much about gas -- or whatever commodity they're trading. Like all futures, the gas contracts are purchased on credit. That leverage adds to their volatility and to the traders' ability to make or lose a lot of money in a short time. As December began, the price of natural gas on the futures market was less than $7 per thousand cubic feet. By the end of the month it was nearly $10. Much of the spark for the rally came from the American Gas Association's weekly storage numbers. Utilities buy ahead and store as much as 50 percent of the gas they expect to need in the winter. Going into the winter, the storage levels were about 5 percent less than average, in part because some utilities were holding off on purchasing, in hopes that the summer's unusually high $4 to $5 prices would drop. Still, the American Gas Association offered assurances that supplies would be sufficient. But when below-normal temperatures arrived in November, the concerns increased among traders that supplies could be insufficient. Then the American Gas Association reported the lowest year-end storage numbers since they were first published in 1994. Still, said the association's McGill, there was sufficient gas in storage. But some utility executives didn't share that view. William Eliason, vice president of Kansas Gas Service, said that if December's cold snap had continued into January, there could have been a real problem meeting demand. "I was getting worried," he said. Then suddenly the market turned when January's weather turned warmer. Wednesday's storage numbers were better than expected, and futures prices dropped more than $1 per thousand cubic feet. Just passing through Some utilities said there was little else to do about the price increase but pass their fuel costs on to customers. Among area utilities, Kansas Gas Service increased its customers' cost-of-gas charge earlier this month to $8.68 per thousand cubic feet. And Missouri Gas Energy has requested an increase to $9.81, to begin Wednesday. Sheila Lumpe, chairwoman of the Missouri Public Service Commission, said last month that because utilities passed along their wholesale costs, little could be done besides urging consumers to join a level-payment plan and to conserve energy. Kansas Gas Service had a small hedging program in place, which is expected to save an average customer about $25 this winter. Missouri Gas Energy has no hedging program. It waited until fall to seek an extension of the program and then decided to pass when regulators would not guarantee that it could recover its hedging costs. Now utilities are being asked to justify the decisions that have left customers with such high gas bills. And regulators are being asked whether they should abandon the practice of letting utilities pass along their fuel costs. On Friday, Doug Micheel, senior counsel of the Missouri Office of the Public Counsel, said his office would ask the Missouri Public Service Commission to perform an emergency audit of Missouri Gas Energy's gas purchasing practices. "Consumers are taking all the risk," Micheel said. "It's time to consider some changes." To reach Steve Everly, call (816) 234-4455 or send e-mail to [email protected]. ------------------------------------------------------------------------------ -- All content , 2001 The Kansas City Star

allen-p/_sent_mail/558.

Re: Please respond , message board

allen-p/_sent_mail/559.

Re: Please respond , need help.

allen-p/_sent_mail/56.

Re: Court Ordered Notice to Customers and Registered Users of , please remove my name and information from the registered user list. Do not sell my information. Phillip Allen

allen-p/_sent_mail/561.

, Larry, The wire should go out today. I am in Portland but can be reached by cell phone 713-410-4679. Call me if there are any issues. I will place a call to my attorney to check on the loan agreement. Phillip

allen-p/_sent_mail/562.

, Lucy, Why did so many tenants not pay this week? #12 95 #21 240 #27 120 #28 260 #33 260 Total 975 It seems these apartments just missed rent. What is up? Other questions: #9-Why didn't they pay anything? By my records, they still owe $40 plus rent should have been due on 12/12 of $220. #3-Why did they short pay?

allen-p/_sent_mail/565.

Re: , Kristin, Thank you for the California update. Please continue to include me in all further intellegence reports regarding the situation in California. Phillip

allen-p/_sent_mail/566.

Re: Analyst Rotating , Andrea, Please resend the first three resumes. Phillip

allen-p/_sent_mail/569.

, Jim, Here are the key gas contacts. Work Home Cell Phillip Allen X37041 713-463-8626 713-410-4679 Mike Grigsby X37031 713-780-1022 713-408-6256 Keith Holst X37069 713-667-5889 713-502-9402 Please call me with any significant developments. Phillip

allen-p/_sent_mail/57.

Headcount , Financial (6) West Desk (14) Mid Market (16)

allen-p/_sent_mail/571.

updated lease information , Lucy, The apartments that have new tenants since December 15th are: 1,2,8,12,13,16,20a,20b,25,32,38,39. Are we running an apartment complex or a motel? Please update all lease information on the 1/12 rentroll and email it to me this afternoon. Phillip

allen-p/_sent_mail/572.

Re: Wiring instructions , Larry, Do you want the loan and wire amount to be for exactly $1.1 million. Phillip

allen-p/_sent_mail/573.

Re: Analyst PRC , Thanks for representing Matt. Phillip

allen-p/_sent_mail/574.

Re: SM134 , George, Here is a spreadsheet that illustrates the payout of investment and builders profit. Check my math, but it looks like all the builders profit would be recouped in the first year of operation. At permanent financing $1.1 would be paid, leaving only .3 to pay out in the 1st year. Since almost 80% of builders profit is repaid at the same time as the investment, I feel the 65/35 is a fair split. However, as I mentioned earlier, I think we should negotiate to layer on additional equity to you as part of the construction contract. Just to begin the brainstorming on what a construction agreement might look like here are a few ideas: 1. Fixed construction profit of $1.4 million. Builder doesn't benefit from higher cost, rather suffers as an equity holder. 2. +5% equity for meeting time and costs in original plan ($51/sq ft, phase 1 complete in November) +5% equity for under budget and ahead of schedule -5% equity for over budget and behind schedule This way if things go according to plan the final split would be 60/40, but could be as favorable as 55/45. I realize that what is budget and schedule must be discussed and agreed upon. Feel free to call me at home (713)463-8626 Phillip

allen-p/_sent_mail/575.

, Lucy, Here is a schedule of the most recent utility bills and the overages. There are alot of overages. It will probably get worse this month because of all the cold weather. You need to be very clear with all new tenants about the electricity cap. This needs to be handwritten on all new leases. I am going to fax you copies of the bills that support this spreadsheet. We also need to write a short letter remind everyone about the cap and the need to conserve energy if they don't want to exceed their cap. I will write something today. Wait until you have copies of the bills and the letter before you start collecting. Phillip

allen-p/_sent_mail/576.

, We do not understand our VAR. Can you please get us all the detailed reports and component VAR reports that you can produce? The sooner the better. Phillip

allen-p/_sent_mail/577.

Re: Needs Assessment Form , Ted, Andrea in the analysts pool asked me to fill out this request. Can you help expedite this process? Phillip

allen-p/_sent_mail/578.

, Frank, Did you receive the information about the San Marcos apartments. I have left several messages at your office to follow up. You mentioned that your plate was fairly full. Are you too busy to look at this project? As I mentioned I would be interested in speaking to you as an advisor or at least a sounding board for the key issues. Please email or call. Phillip Allen [email protected] 713-853-7041

allen-p/_sent_mail/579.

, Questions about 12/29 rentroll: There were two deposits that were not labeled. One for $150 and the other for $75. Which apartments? 20a or #13? Utility overages for #26 and #44? Where did you get these amounts? For what periods? What is going on with #42. Do not evict this tenant for being unclean!!! That will just create an apartment that we will have to spend a lot of money and time remodeling. I would rather try and deal with this tenant by first asking them to clean their apartment and fixing anything that is wrong like leaky pipes. If that doesn't work, we should tell them we will clean the apartment and charge them for the labor. Then we will perform monthly inspections to ensure they are not damaging the property. This tenant has been here since September 1998, I don't want to run them off. I check with the bank and I did not see that a deposit was made on Tuesday so I couldn't check the total from the rentroll against the bank. Is this right? Has the deposit been made yet? A rentroll for Jan 5th will follow shortly. Phillip

allen-p/_sent_mail/58.

Re: Transportation Reports , it is ok with me.

allen-p/_sent_mail/580.

Re: Untitled.exe Untitled.exe [22/23] , cannot open this file. Please send in different format

allen-p/_sent_mail/581.

Re: SM134 Balcones Bank Loan , I can't open a winmail.dat file. can you send in a different format

allen-p/_sent_mail/584.

, Trading Profits P. Allen 200 M. Grigsby 463 Rest of Desk 282 Total 945 I view my bonus as partly attributable to my own trading and partly to the group's performance. Here are my thoughts. Minimum Market Maximum Cash 2 MM 4 MM 6 MM Equity 2 MM 4 MM 6 MM Here are Mike's numbers. I have not made any adjustments to them. Minimum Market Maximum Cash 2 MM 3 MM 4 MM Equity 4 MM 7 MM 12 MM I have given him an "expectations" speech, but you might do the same at some point. Phillip

allen-p/_sent_mail/586.

, Gentlemen, I continue to speak to an attorney for help with the investment structure and a mortgage broker for help with the financing. Regarding the financing, I am working with Jim Murnan at Pinnacle Mortgage here in Houston. I have sent him some information on the project, but he needs financial information on you. Can you please send it to him. His contact information is: phone (713)781-5810, fax (713)781-6614, and email [email protected]. I know Larry has been working with a bank and they need my information. I hope to pull that together this afternoon. I took the liberty of calling Thomas Reames from the Frog Pond document. He was positive about his experience overall. He did not seem pleased with the bookkeeping or information flow to the investor. I think we should discuss these procedures in advance. Let's continue to speak or email frequently as new developments occur. Phillip

[email protected], [email protected]

allen-p/_sent_mail/587.

, Jim, I would appreciate your help in locating financing for the project I described to you last week. The project is a 134 unit apartment complex in San Marcos. There will be a builder/developer plus myself and possibly a couple of other investors involved. As I mentioned last week, I would like to find interim financing (land, construction, semi-perm) that does not require the investors to personally guarantee. If there is a creative way to structure the deal, I would like to hear your suggestions. One idea that has been mentioned is to obtain a "forward commitment" in order to reduce the equity required. I would also appreciate hearing from you how deals of this nature are normally financed. Specifically, the transition from interim to permanent financing. I could use a quick lesson in what numbers will be important to banks. I am faxing you a project summary. And I will have the builder/developer email or fax his financial statement to you. Let me know what else you need. The land is scheduled to close mid January. Phillip Allen

allen-p/_sent_mail/588.

, Jeff, Everything should be done for closing on the Leander deal on the 29th. I have fed ex'd the closing statements and set up a wire transfer to go out tomorrow. When will more money be required? Escrow for roads? Utility connections? Other rezoning costs? What about property taxes? The burnet land lost its ag exemption while I owned it. Are there steps we can take to hold on to the exemption on this property? Can you explain the risks and likelihood of any rollback taxes once the property is rezoned? Do we need to find a farmer and give him grazing rights? What are the important dates coming up and general status of rezoning and annexing? I am worried about the whole country slipping into a recession and American Multifamily walking on this deal. So I just want to make sure we are pushing the process as fast as we can. Phillip

allen-p/_sent_mail/589.

, Steve, I am sending you a variety of charts with prices and operational detail. If you need to call with questions my home number is 713-463-8626. As far as recommendations, here is a short list: 1. Examine LDC's incentive rate program. Current methodology rewards sales above monthly index without enough consideration of future replacement cost. The result is that the LDC's sell gas that should be injected into storage when daily prices run above the monthly index. This creates a shortage in later months. 2. California has the storage capacity and pipeline capacity to meet demand. Investigate why it wasn't maximized operationally. Specific questions should include: 1. Why in March '00-May '00 weren't total system receipts higher in order to fill storage? 2. Why are there so many examples of OFO's on weekends that push away too much gas from Socal's system. I believe Socal gas does an extremely poor job of forecasting their own demand. They repeatedly estimated they would receive more gas than their injection capablity, but injected far less. 3. Similar to the power market, there is too much benchmarking to short term prices. Not enough forward hedging is done by the major LDCs. By design the customers are short at a floating rate. This market has been long historically. It has been a buyers market and the consumer has benefitted. Call me if you need any more input. Phillip

allen-p/_sent_mail/59.

, Lucy, Here is a rentroll for this week. The one you sent for 11/24 looked good. It seems like most people are paying on time. Did you rent an efficiency to the elderly woman on a fixed income? Go ahead a use your judgement on the rent prices for the vacant units. If you need to lower the rent by $10 or $20 to get things full, go ahead. I will be out of the office on Thursday. I will talk to you on Friday. Phillip

allen-p/_sent_mail/590.

Re: Global Ids , Monique Sanchez Jay Reitmeyer Randy Gay Matt Lenhart

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, John, Here is our North of Stanfield forecast for Jan. Supply Jan '01 Dec '00 Jan '00 Sumas 900 910 815 Jackson Pr. 125 33 223 Roosevelt 300 298 333 Total Supply 1325 1241 1371 Demand North of Chehalis 675 665 665 South of Chehalis 650 575 706 Total Demand 1325 1240 1371 Roosevelt capacity is 495. Let me know how your forecast differs. Phillip

allen-p/_sent_mail/592.

Re: Global Ids , Please assign global id's to the four junior traders listed on Dawn's original email. The are all trading and need to have unique id's. Thank you

allen-p/_sent_mail/593.

RE: access , Received the fax. Thank you. I might have to sell the QQQ and take the loss for taxes. But I would roll right into a basket of individual technology stocks. I think I mentioned this to you previously that I have decided to use this account for the kids college.

allen-p/_sent_mail/594.

RE: access , Fax number 713-646-2391

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Re: Your Approval is Overdue: Access Request for , PLEASE APPROVE HIM FOR THIS. PHILLIP WILL NOT BE ABLE TO GET INTO HIS EMAIL SYSTEM TO DO THIS. IF YOU HAVE ANY QUESTIONS, OR PROBLEMS, PLEASE CALL ME AT X3-7257. THANK YOU. INA. IF THIS IS A PROBLEM TO DO IT THIS WAY PLEASE CALL ME AND I WILL WALK PHILLIP THROUGH THE STEPS TO APPROVE. IF YOU CALL HIM, HE WILL DIRECT IT TO ME ANYWAY. [email protected] on 12/18/2000 07:07:04 PM To: [email protected] cc: Subject: Your Approval is Overdue: Access Request for [email protected] This request has been pending your approval for 5 days. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000009659&Page= Approval to review and act upon this request. Request ID : 000000000009659 Request Create Date : 12/8/00 8:23:47 AM Requested For : [email protected] Resource Name : VPN Resource Type : Applications

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Re: SM134 Proforma.xls , George & Larry, If possible, I would like to get together in Columbus as Larry suggested. Thursday afternoon is the only day that really works for me. Let me know if that would work for you. I was thinking around 2 or 2:30 pm. I will try to email you any questions I have from the latest proforma tomorrow. Phillip

[email protected], [email protected]

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, Jeff, Hear is a new NOI file. I have added an operating statement for 1999 (partial year). I will try to email you some photos soon. Phillip

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, Jeff, The files attached contain a current rentroll, 2000 operating statement, and a proforma operating statement.

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Re: , Yes. Trading reports to Whalley. He is Lavorato's boss.

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Re: Call saturday , Larry, 10 AM tomorrow is good for me. If you want to email me anything tonight, please use [email protected]. Phillip

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, Lucy, I want to get the lease data and tenant data updated. The critical information is 1. Move in or lease start date 2. Lease expiration date 3. Rent 4. Deposit If you have the info you can fill in these items 1. Number of occupants 2. Workplace All the new leases should be the long form. The apartments that have new tenants since these columns have been updated back in October are #3,5,9,11,12,17,21,22,23,25,28,33,38. I really need to get this by tomorrow. Please use the rentroll_1215 file to input the correct information on all these tenants. And email it to me tomorrow. You should have all this information on their leases and applications. Phillip

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, Lucy, Here is a new file for 12/15. For the rentroll for 12/08 here are my questions: #23 & #24 did not pay. Just late or moving? #25 & #33 Both paid 130 on 12/01 and $0 on 12/08. What is the deal? #11 Looks like she is caught up. When is she due again? Please email the answers. Phillip

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Re: , Yes you can use this chart. Does it make sense?

allen-p/_sent_mail/62.

Re: Nortel box , How about 3:30

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Re: SM134 Proforma.xls , George, I received the drawings. They look good at first glance. I will look at them in depth this weekend. The proforma was in the winmail.dat format which I cannot open. Please resend in excel or a pdf format. If you will send it to [email protected], I will be able to look at it this weekend. Does this file have a timeline for the investment dollars? I just want to get a feel for when you will start needing money. Phillip

allen-p/_sent_mail/64.

Re: West Gas Trading 2001 Plan , Paula, I looked over the plan. It looks fine. Phillip

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Re: San Marcos Study , George, The other files opened fine, but I can't open winmail.dat files. Can you resend this one in a pdf format.? Thanks, Phillip

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, Phillip, How are you today I am very busy but I have to let you know that #37 I.Knockum is pd up untill 11/17/00 because on 10/26/00 she pd 250.00 so i counted and tat pays her up untill 10/26/ or did i count wrong? Lucy says: she pays 125.00 a week but she'sgoing on vacation so thjat is why she pd more Lucy says: I have all the deposit ready but she isn't due on this roll I just wanted to tell you because you might think she didn't pay or something Lucy says: the amnt is:4678.00 I rented #23 aand #31 may be gone tonight I have been putting in some overtime trying to rent something out i didnt leave last night untill 7:00 and i have to wait for someone tonight that works late. phillip says: send me the rentroll when you can phillip says: Did I tell you that I am going to try and be there this Fri & Sat Lucy says: no you didn't tell me that you were going to be here but wade told me this morning I sent you the roll did you get it? Did you need me here this weekend because I have a sweet,sixteen I'm getting ready for and if you need me here Sat,then I will get alot done before then. phillip says: We can talk on Friday Lucy says: okay see ya later bye. Lucy says: I sent you the roll did you get it ? phillip says: yes thank you The following message could not be delivered to all recipients: yes thank you

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Re: Resumes , George, Just a note to check in. Are there any new developments? Phillip

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Re: West Gas 2001 Plan , Faith, Regarding the 2001 plan, the members of the west desk are as follows: Name Title Trading Phillip Allen VP Mike Grigsby Director Keith Holst Manager(possible Director) Janie Tholt Director Steve South Director Frank Ermis Manager Tori Kuykendall Manager Matt Lenhart Analyst(possible associate) Monique Sanchez Commercial Support Manager Jay Reitmeyer Senior Specialist Ina Rangel Assistant (split costs with middle market) Marketing Barry Tycholiz Director Mark Whitt Director Paul Lucci Manager (possible Director) 2-3 TBD Do I need to give you the names of our operations group? Special Pays- I believe Mike Grigsby has a retention payment due this year. Also we should budget for another $150,000 of special payments. I know you have been working with Barry T. if his headcount is different on the Marketing staff use his numbers. Let me know if there is anything else you need. Phillip

allen-p/_sent_mail/735.

Re: You Game? , raincheck?

allen-p/_sent_mail/753.

Re: Pick your Poison? , No can do. Are you in the zone?

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Re: Resumes , George, Your attachment is not opening on my computer. Can you put the info in Word instead? Thanks, Phillip

allen-p/_sent_mail/78.

Re: Inquiry.... , Put me down as a reviewer

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Re: Inquiry.... , can you fill it in yourself? I will sign it.

allen-p/_sent_mail/81.

Re: Approval for Plasma Screens , Bob, Activate Plan B. No money from John. Wish I had better news. Phillip

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, Dave, The back office is having a hard time dealing with the $11 million dollars that is to be recognized as transport expense by the west desk then recouped from the Office of the Chairman. Is your understanding that the West desk will receive origination each month based on the schedule below. The Office of the Chairman agrees to grant origination to the Denver desk as follows: October 2000 $1,395,000 November 2000 $1,350,000 December 2000 $1,395,000 January 2001 $ 669,600 February 2001 $ 604,800 March 2001 $ 669,600 April 2001 $ 648,000 May 2001 $ 669,600 June 2001 $ 648,000 July 2001 $ 669,600 August 2001 $ 669,600 September 2001 $ 648,000 October 2001 $ 669,600 November 2001 $ 648,000 December 2001 $ 669,600 This schedule represents a demand charge payable to NBP Energy Pipelines by the Denver desk. The demand charge is $.18/MMBtu on 250,000 MMBtu/Day (Oct-00 thru Dec-00) and 120,000 MMBtu/Day (Jan-01 thru Dec-01). The ENA Office of the Chairman has agreed to reimburse the west desk for this expense. Let me know if you disagree. Phillip

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Re: Astral downtime request , Steve, Thank you for the update. The need is still great for this disk space. Phillip

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Re: Approval for Plasma Screens , Bob, I spoke to Jeff. He said he would not pay anything. I am waiting for John to be in a good mood to ask. What is plan B? Phillip

allen-p/_sent_mail/88.

, We linked the file you sent us to telerate and we replace >40000 equals $250 to a 41.67 heat rate. We applied forward gas prices to historical loads. I guess this gives us a picture of a low load year and a normal load year. Prices seem low. Looks like November NP15 is trading above the cap based on Nov 99 loads and current gas prices. What about a forecast for this November loads. Let me know what you think. Phillip

[email protected], [email protected], [email protected]

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Re: password , Dexter, I spoke to our EOL support group and requested a guest id for you. Did you receive an email with a login and password yesterday? If not, call me and I will find out why not. Phillip 713-853-7041

allen-p/_sent_mail/90.

, George, The San Marcos project is sounding very attractive. I have one other investor in addition to Keith that has interest. Some additional background information on Larry and yourself would be helpful. Background Questions: Please provide a brief personal history of the two principals involved in Creekside. Please list projects completed during the last 5 years. Include the project description, investors, business entity, Please provide the names and numbers of prior investors. Please provide the names and numbers of several subcontractors used on recent projects. With regard to the proposed investment structure, I would suggest a couple of changes to better align the risk/reward profile between Creekside and the investors. Preferable Investment Structure: Developers guarantee note, not investors. Preferred rate of return (10%) must be achieved before any profit sharing. Builder assumes some risk for cost overruns. Since this project appears so promising, it seems like we should tackle these issues now. These questions are not intended to be offensive in any way. It is my desire to build a successful project with Creekside that leads to future opportunities. I am happy to provide you with any information that you need to evaluate myself or Keith as a business partner. Sincerely, Phillip Allen

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, Bob, Patti Sullivan held together the scheduling group for two months while Randy Gay was on a personal leave. She displayed a tremendous amount of commitment to the west desk during that time. She frequently came to work before 4 AM to prepare operations reports. Patti worked 7 days a week during this time. If long hours were not enough, there was a pipeline explosion during this time which put extra volatility into the market and extra pressure on Patti. She didn't crack and provided much needed info during this time. Patti is performing the duties of a manager but being paid as a sr. specialist. Based on her heroic efforts, she deserves a PBR. Let me know what is an acceptable cash amount. Phillip

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Re: , Andy, Please assign a user name to Randy Gay. Thank you, Phillip

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, Andy, I spoke to John L. and he ok'd one of each new electronic system for the west desk. Are there any operational besides ICE and Dynegy? If not, can you have your assistant call me with id's and passwords. Thank you, Phillip

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, Bob, Regarding Patti Sullivan's contributions to the west desk this year, her efforts deserve recognition and a PBR award. Patti stepped up to fill the gap left by Randy Gay's personal leave. Patti held together the scheduling group for about 2 month's by working 7days a week during this time. Patti was always the first one in the office during this time. Frequently, she would be at work before 4 AM to prepare the daily operation package. All the traders came to depend on the information Patti provided. This information has been extremely critical this year due to the pipeline explosion and size of the west desk positions. Please call to discuss cash award. Phillip

allen-p/_sent_mail/96.

Re: Enron , Richard, Are you available at 5:30 ET today? Phillip

allen-p/_sent_mail/97.

Enron , Jed, I understand you have been contacted regarding a telephone interview to discuss trading opportunities at Enron. I am sending you this message to schedule the interview. Please call or email me with a time that would be convenient for you. I look forward to speaking with you. Phillip Allen West Gas Trading [email protected] 713-853-7041

allen-p/_sent_mail/98.

, Lucy, Here are the actual utility bills versus the cap. Did we collect these overages? Let's discuss further? Remember these bills were paid in July and August. The usage dates are much earlier. I have the bills but I can get them to you if need be. Philip

allen-p/_sent_mail/99.

Re: EOL Screens in new Body Shop , Bob, Any time tomorrow between 10 am and 1 pm would be good for looking at the plans. As far as the TV's, what do you need me to do? Do we need plasma screens or would regular monitors be just as good at a fraction of the cost. Phillip

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December 14, 2000 - Bear Stearns' predictions for telecom in Latin , In today's Daily Update you'll find free reports on America Online (AOL), Divine Interventures (DVIN), and 3M (MMM); reports on the broadband space, Latin American telecom, and more. For free research, editor's picks, and more come to the Daily Investor: http://www.multexinvestor.com/AF004627/magazinecover.asp?promo=unl&d=20001214# investor *************************************************************** You are receiving this mail because you have registered for Multex Investor. To unsubscribe, see bottom of this message. *************************************************************** ======================== Sponsored by ========================= Would you own just the energy stocks in the S&P 500? Select Sector SPDRs divides the S&P 500 into nine sector index funds. 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JOIN THE MARKETBUZZ: where top financial industry professionals answer your questions and offer insights every market day from noon 'til 2:00 p.m. ET. 9. TRANSCRIPTS FROM WALL STREET: Ash Rajan, senior vice president and market analyst with Prudential Securities, answers questions about the market. ======================== Sponsored by ========================= Profit From AAII's "Cash Rich" Stock Screen - 46% YTD Return With so much market volatility, how did AAII's "Cash Rich" Stock Screen achieve such stellar returns? Find the answer by taking a free trial membership from the American Association of Individual Investors and using our FREE Stock Screen service at: http://subs.aaii.com/c/go/XAAI/MTEX1B-aaiitU1?s=S900 =============================================================== 1. NEW ON MULTEX INVESTOR Take charge of your personal finances Do you have endless hours of free time to keep your financial house in order? We didn't think so. 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Click here. http://www.multexinvestor.com/AF004627/magazinecover.asp?promo=unl&t=11&d=2000 1214 4. TODAY IN THE ANALYST CORNER Following market trends Morgan Stanley Dean Witter's Lew Smith sees strong underlying trends guiding future market performance. What trends does he point to, and what stocks and sectors does he see benefiting from his premise? Here is your opportunity to gain free access to Morgan Stanley's research. Simply register and submit a question below. You will then have a free trial membership to this top Wall Street firms' research! Lew Smith will be in the Analyst Corner only until 5 p.m. ET Thurs., Dec. 14, so be sure to ask your question now. Ask the analyst. http://www.multexinvestor.com/ACHome.asp?promo=unl&t=1&d=20001214 5. WHAT'S HOT? RESEARCH REPORTS FROM MULTEX INVESTOR'S HOT LIST Breaking the bottleneck -- An update on the broadband space Oscar Gruss & Son's most recent issue of its Broadband Brief reports the latest developments in the broadband space, with coverage of Adaptive Broadband (ADAP), Broadcom (BRCM), Efficient Networks (EFNT), and others (report for purchase - $25). Click here. http://www.multexinvestor.com/Download.asp?docid=5149041&promo=unl&t=4&d=20001 214 ======================== Sponsored by ========================= Get Red Herring insight into hot IPOs, investing strategies, stocks to watch, future technologies, and more. FREE E-newsletters from Redherring.com provide more answers, analysis and opinion to help you make more strategic investing decisions. Subscribe today http://www.redherring.com/jump/om/i/multex/email2/subscribe/47.html =============================================================== 6. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE Que pasa? -- Predicting telecom's future in Latin America Bear Stearns measures the impact of broadband and the Internet on telecom in Latin America, saying incumbent local-exchange carriers (ILECs) are ideally positioned to benefit from the growth of Internet and data services (report for purchase - $150). Click here. http://www.multexinvestor.com/Download.asp?docid=5140995&promo=unl&t=8&d=20001 214 7. FREE STOCK SNAPSHOT 3M (MMM) The current analysts' consensus rates 3M, a "buy/hold." Analysts expect the industrial product manufacturer to earn $4.76 per share in 2000 and $5.26 per share in 2001. Click here. http://www.multexinvestor.com/Download.asp?docid=1346414&promo=unl&t=3&d=20001 214 8. JOIN THE MARKETBUZZ! Check out SageOnline where top financial industry professionals answer your questions and offer insights every market day from noon 'til 2:00 p.m. ET. 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Click here. http://multexinvestor.sageonline.com/transcript.asp?id=10403&ps=1&s=8&mktg=trn &promo=unl&t=13&d=20001214 =================================================================== Please send your questions and comments to mailto:[email protected] If you'd like to learn more about Multex Investor, please visit: http://www.multexinvestor.com/welcome.asp If you can't remember your password and/or your user name, click here: http://www.multexinvestor.com/lostinfo.asp If you want to update your email address, please click on the url below: http://www.multexinvestor.com/edituinfo.asp =================================================================== To remove yourself from the mailing list for the Daily Update, please REPLY to THIS email message with the word UNSUBSCRIBE in the subject line. To remove yourself from all Multex Investor mailings, including the Daily Update and The Internet Analyst, please respond with the words NO EMAIL in the subject line. 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allen-p/all_documents/10.

Bloomberg Power Lines Report , Here is today's copy of Bloomberg Power Lines. Adobe Acrobat Reader is required to view the attached pdf file. You can download a free version of Acrobat Reader at http://www.adobe.com/products/acrobat/readstep.html If you have trouble downloading the attached file it is also located at http://www.bloomberg.com/energy/daily.pdf Don't forget to check out the Bloomberg PowerMatch West Coast indices, the most accurate indices anywhere. Index values are calculated from actual tra= des and can be audited by all PowerMatch customers. Our aim is to bring you the most timely electricity market coverage in the industry and we welcome your feedback on how we can improve the product=20 further. Bloomberg Energy Department 12/13 Bloomberg Daily Power Report Table Bloomberg U.S. Regional Electricity Prices ($/MWh for 25-50 MWh pre-scheduled packages, excluding transmission= =20 costs) On-Peak West Coast Index Change Low High Mid-Columbia 362.50 -312.50 350.00 375.00 Ca-Or Border 452.50 -172.50 430.00 475.00 NP15 387.50 -206.25 325.00 450.00 SP15 307.50 -233.50 300.00 315.00 Ault Colorado 350.00 -125.00 300.00 315.00 Mead 335.00 -187.50 320.00 350.00 Palo Verde 336.25 -136.53 320.00 350.00 Four Corners 330.00 -182.50 325.00 335.00 Mid-Continent ECAR 69.20 -22.71 63.00 75.86 East 75.00 -13.00 74.00 76.00 AEP 67.00 -25.50 59.00 75.00 West 68.00 -24.50 60.00 75.00 Central 67.90 -23.19 59.00 75.00 Cinergy 67.90 -23.19 59.00 75.00 South 70.25 -23.95 65.00 80.00 North 68.33 -25.67 65.00 75.00 Main 72.56 -19.78 62.50 87.50 Com-Ed 68.70 -21.37 60.00 75.00 Lower 76.43 -18.17 65.00 100.00 MAPP 99.92 -40.91 75.00 125.00 North 99.00 -37.67 75.00 125.00 Lower 100.83 -44.17 75.00 125.00 Gulf Coast SPP 85.00 -18.50 80.00 92.50 Northern 88.00 -39.00 78.00 100.00 ERCOT 55.00 -40.00 50.00 60.00 SERC 77.04 -6.66 72.34 81.98 Va Power 66.00 +25.00 60.00 70.00 VACAR 67.50 -9.50 62.00 70.00 Into TVA 70.25 -23.95 65.00 80.00 Out of TVA 76.02 -24.61 69.41 84.87 Entergy 80.00 -30.80 75.00 85.00 Southern 90.00 +10.00 90.00 90.00 Fla/Ga Border 85.50 +4.50 81.00 90.00 FRCC 110.00 +65.00 110.00 110.00 East Coast NEPOOL 90.50 +0.50 90.50 90.50 New York Zone J 91.00 +7.50 90.00 92.00 New York Zone G 74.50 +1.00 73.50 75.50 New York Zone A 68.83 +6.13 65.50 73.50 PJM 67.08 -12.75 62.00 76.00 East 67.08 -12.75 62.00 76.00 West 67.08 -12.75 62.00 76.00 Seller's Choice 66.58 -12.75 61.50 75.50 End Table Western Power Prices Fall With Warmer Weather, Natural Gas Loss Los Angeles, Dec. 13 (Bloomberg Energy) -- U.S. Western spot power prices declined today from a combination of warmer weather across the region and declining natural gas prices. According to Belton, Missouri-based Weather Derivatives Inc., temperatures in the Pacific Northwest will average about 2 degrees Fahrenheit above normal for the next seven days. In the Southwest temperatures will be about 3.5 degree above normal. At the California-Oregon Border, heavy load power fell $172.00 from yesterday to $430.00-$475.00. "What happened to all of this bitter cold weather we were supposed to have,'' said one Northwest power marketer. Since the weather is not as cold as expected prices are drastically lower." Temperatures in Los Angeles today will peak at 66 degrees, and are expected to rise to 74 degrees this weekend. Natural gas to be delivered to the California Oregon from the El Paso Pipeline traded between $20-$21, down $3 from yesterday. "Gas prices are declining causing western daily power prices to fall,'' said one Northwest power trader. At the NP-15 delivery point heavy load power decreased $206.25 from yesterday to $325.00-$450.00. Light load energy fell to $200.00-$350.00, falling $175.00 from yesterday. PSC of New Mexico's 498-megawatt San Juan Unit 4 coal plant was shut down this morning for a tube leak. The unit is scheduled to restart this weekend. At the Four Corners located in New Mexico, power traded at $325.00-$335.00 plunging $182.50 from yesterday. -Robert Scalabrino PJM Spot Power Prices Dip With Weather, Falling Natural Gas Philadelphia, Dec. 13 (Bloomberg Energy) -- Peak next-day power prices declined at the western hub of the Pennsylvania-New Jersey-Maryland Interconnection amid warmer weather forecasts and falling natural gas prices, traders said. The Bloomberg index price for peak Thursday power at western PJM declined an average of $12.75 a megawatt-hour, with trades ranging from $62.00-$76.00. Lexington, Massachusetts-based Weather Services Corp. forecast tomorrow's high temperature in Philadelphia at 40 degrees Fahrenheit, up 7 degrees from today's expected high. Temperatures could climb as high as 42 degrees by Friday. "Most of the day's activity took place in the early part of the morning," said one PJM-based trader. "By options expiration the market had pretty much dried up." Traders said that falling natural gas prices were the main reason for the decline in spot market prices. Bloomberg figures show that spot natural gas delivered to the New York City Gate declined an average of $1.25 per million British thermal units to $8.60-$8.90 per million Btu. Since Monday, delivered natural gas prices have declined an average of $2.44 per million Btu, as revised 6-10 day weather forecasts indicated reduced utility load requirements. In New York, prices rose as utilities withheld supplies they normally would have sold, fearing a sudden change in weather forecast could force them into high-priced hourly markets. Peak next-day power at the Zone A delivery point sold $6.13 higher at a Bloomberg index price of $70.33, amid trades in the $67.00-$75.00 range. Power at Zone J sold $7.50 higher at $90.00- $92.00. ~ -Karyn Rispoli Mid-Continent Power Prices Drop on Revised Forecast, Gas Prices Cincinnati, Dec. 13 (Bloomberg Energy) -- U.S. Mid-Continent next-day peak power prices plunged as forecasts were revised warmer and natural gas values continued to decline, traders said. The Bloomberg index price for peak Thursday power on the Cincinnati-based Cinergy Corp. transmission system dropped $23.19 to $67.90 a megawatt-hour, with trades ranging from $75.00 as the market opened down to $59.00 after options expired. In Mid-America Interconnected Network trading, peak power on the Chicago-based Commonwealth Edison Co. grid sold $21.37 lower on average at $60.00-$75.00, while power in lower MAIN sold $18.17 lower at $65.00-$100.00. Belton, Missouri-based Weather Derivatives Inc. predicted high temperatures would average 2 degrees Fahrenheit above normal in Chicago and at normal levels in Cincinnati over the next seven days, up from 6 and 4 degrees below normal Monday, respectively. Traders said falling spot natural gas values also pulled prices down. Natural gas prices were a large factor in recent electricity market surges because of a heavy reliance on gas-fired generation to meet increased weather-related demand. Spot natural gas at the Cincinnati city gate sold an average of 95 cents less than yesterday at $7.80-$8.30 per million British thermal units. Spot gas at the Chicago city gate sold an average of 80 cents less at $7.65-$8.15 per million Btu. "The weather's moderating and gas is down, so you've got people coming to their senses," one trader said. "These are much more realistic prices." Traders said prices could decline further tomorrow if the outlook for weather continues to be mild. Peak Cinergy power for delivery from Dec. 18-22 was offered at $60.00, down from $90.00 yesterday. Mid-Continent Area Power Pool peak spot power prices plunged with warmer weather forecasts and increased available transmission capacity, selling $37.67 less in northern MAPP and $44.17 less in southern MAPP at $75.00-$125.00. "What's happening is the people who don't have firm transmission are getting into the market early and buying at those high prices since they have no choice," one MAPP trader said. "Then you've got some people who were lucky enough to get a firm path who waited until later in the morning when ComEd prices fell off," he said, "and bought from them at those lower prices, causing the huge gap between the day's high and low trade." -Ken Fahnestock Southeast U.S. Electricity Prices Slump After Mild Forecast Atlanta, Georgia, Dec. 13 (Bloomberg Energy) -- Southeast U.S. peak spot power prices slumped today after warmer weather was forecast for the region this week, traders said. Traders said Southeast utility demand has been reduced since many large population centers like Atlanta will see temperatures climb into the mid-50s Fahrenheit later this week. "There was nothing going on in Florida today," said one southern energy trader. "Everything was going to markets in the north." Traders said supply was being routed from Florida into markets on the Entergy Corp. and the Tennessee Valley Authority grid in the mid-$70s a megawatt-hour. "Prices into TVA started in the $80s and $90s and crumbled as forecasts came out," said on Entergy power trader. "Prices, declined to $60 and less." The Bloomberg into TVA index price fell an average of $23.95 to $70.25 amid trades in the $65.00-$80.00 range. Off-peak trades were noted at $32.00, several dollars higher than recent estimates. Southeast power traders said revised 6-10 day weather forecasts and lower temperatures for the balance of this week caused prices to decline in the region. In the Southwest Power Pool, traders said warmer weather was the main culprit behind lower prices. "The cold weather's backing off," said one SPP utility trader. "It was minus 35 degrees with the wind chill yesterday and today it's about 9 degrees with the wind chill. Yesterday, it was bitter cold and today it was just plain cold." Power sold in northern sections of SPP at $78-$100, though the Bloomberg index sank an average of 39.00 to $88.00. Southern SPP traded at $82.00, $2 more than yesterday. -Brian Whary U.K. Day-Ahead Electricity Prices Rise Amid Increased Demand London, Dec. 13 (Bloomberg Energy) -- Electricity prices in the U.K. rose today after falling temperatures were expected to increase household consumption for space heating, traders said. The day-ahead baseload Pool Purchase Price, calculated by the Electricity Pool of England and Wales, rose 1.46 pounds to 20.01 pounds a megawatt-hour. Temperatures across the U.K. were forecast to fall 6 degrees to 4 degrees Celsius by the weekend, according to Weather Services Corp. in the U.S. Day-ahead Electricity Forward Agreements dealt at 19.7-20.15 pounds a megawatt-hour, 2.1 pounds higher than yesterday. December continued to fall amid a combination of position closing prior to its expiry and continued belief that demand will not rise sufficiently to justify high winter prices, traders said. December 2000 baseload EFAs traded at 17.9-18.05 pounds a megawatt-hour, 40 pence below yesterday's last trade. First quarter and its constituent months fell, in line with expectations that mild forecasts into the new year would continue to stifle demand, traders said. January 2001 baseload EFAs dealt between 24.6-24.73 pounds a megawatt-hour, falling 17 pence. First quarter 2001 baseload EFAs traded at 21.6-21.7 pounds a megawatt-hour, 10 pence below its previous close. Season structures traded on the U.K. Power Exchange, summer 2001 baseload trading unchanged at 18.15 pounds a megawatt-hour. Winter 2001 baseload dealt 5 pence higher at 21.75 pounds a megawatt-hour. Open positions on many short-term structures will likely force many traders to deal actively on those contracts in the run- up to Christmas, traders said. Adding that other structures will probably remain illiquid until the new year, when demand can more easily be assessed. -Nick Livingstone Nordic Electricity Prices Climb Following Cold Weather Forecast Lysaker, Norway, Dec. 13 (Bloomberg Energy) -- Power prices on the Nord Pool exchange in Lysaker, Norway, closed higher today as colder weather forecasts sparked active trade, traders said. Week 51 dealt between 145-152 Norwegian kroner a megawatt- hour, 6.62 kroner above yesterday's closing trade on 1,076 megawatts of traded volume. Week 52 rose 6.25 kroner, with 446 megawatts dealt between 134.50-140.25 kroner a megawatt-hour. Supply from hydro-producers was expected to recede after forecasts indicated reduced precipitation over Scandinavia for next week. These producers typically generate power to prevent reservoirs from overflowing. Consumption, currently unseasonably low, was expected to rise with falling temperatures because of increased requirements for space heating. Traded volume on the power exchange increased in active trading on the beginning of typical winter conditions, traders said. "The market's been waiting for this day for a long time," a Stockholm-based trader said. "For too long, people have been selling because winter hasn't lived up to expectations. We should now see a noticeable increase in the spot price." Temperatures in parts of Scandinavia were forecast to fall below freezing to minus 5 degrees Celsius, with only limited chances for rain during the 5-day outlook, according to Weather Services Corp. in the U.S. The day-ahead system average area price fell after demand was expected to remain limited until next week, when forecasts predict temperatures to begin falling. Thursday's system area price fell 1.57 kroner, or 1.22 percent, to 126.43 kroner a megawatt-hour. Traded volume fell 4,134 megawatts to 295,414 megawatts. Many dealers anticipate that the spot price will likely rise by 10-15 kroner by the start of next week. Winter 1, 2001 forward structures rose in line with shorter- term contracts. Winter 1, 2001 dealt at 136.75-138.5 kroner a megawatt-hour, 1.9 kroner below yesterday's last trade at 135.25 kroner a megawatt-hour. Also, the delayed restart at a Swedish nuclear unit, although expected, will likely allow abundant supply from hydro-producers to meet the increased demand, other traders said. Vattenfall's Ringhals 1, an 835-megawatt nuclear reactor, will delay its restart at least until week 52, the company said. Today's rapid increase was likely induced by traders who used today's news to gain momentum for future increases, traders said. -Nick Livingstone -0- (BES) Dec/13/2000 21:04 GMT =0F$ - daily.pdf

(undisclosed-recipients)

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Special report coming from NewsData , Our Sacramento correspondent just exited a news conference from Gov. Davis, FERC chair Hoecker, DOE Sectretary Richardson and others outlining several emergency measures, including west-wide price cap. As soon as her report is filed, we'll be sending it to your attention. I expect that will be around 2:30 pm.

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New Notice from Transwestern Pipeline Co. , Transwestern Pipeline Co. posted new notice(s) since our last check at 12/13/2000 3:30:01 PM, the newest notice looks like: Capacity Constraint, Dec 13 2000 4:03PM, Dec 14 2000 9:00AM, Dec 15 2000 8:59AM, 2241, Allocation - San Juan Lateral Please click the following to go to the web site for detail. http://ios.ets.enron.com/infoPostings/shared/et_noncritical_notice.asp?company =60

[email protected], [email protected], [email protected],

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MARKET ALERT: Nasdaq Composite Ends Down 3.7% , __________________________________ MARKET ALERT from The Wall Street Journal December 13, 2000 The Nasdaq composite dropped 108.31, or 3.7%, to 2823.46 Wednesday as investors turned their attention to earnings warnings. The market couldn't sustain initial enthusiasm that the election drama was nearing a close, but the Dow industrials finished up 26.17 at 10794.44. FOR MORE INFORMATION, see: http://interactive.wsj.com/pages/money.htm TO CHECK YOUR PORTFOLIO, see: http://interactive.wsj.com/pj/PortfolioDisplay.cgi __________________________________ ADVERTISEMENT Visit CareerJournal.com, The Wall Street Journal's executive career site. Read 2,000+ articles on job hunting and career management, plus search 30,000+ high-level jobs. For today's features and job listings, click to: http://careerjournal.com __________________________________ LOOKING FOR THE PERFECT HOLIDAY GIFT? Give a subscription to WSJ.com. Visit http://interactive.wsj.com/giftlink2000/ ____________________________________ SUBSCRIPTION INFORMATION TO REMOVE YOURSELF from this list, see: http://interactive.wsj.com/user-cgi-bin/searchUser.pl?action=emailalert Then uncheck the appropriate box to unsubscribe from this list. Click on the "save selections" button. When you registered with WSJ.com, you indicated you wished to receive this Market News Alert e-mail. For further questions, please call our customer service department at 1-800-369-2834 or 1-609-514-0870 between the hours of 8 a.m. and 9 p.m Eastern Monday-Friday or e-mail [email protected]. __________________________________ Copyright 2000 Dow Jones & Company, Inc. All Rights Reserved.

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Re: (No Subject) , How is your racing going? What category are you up to? I

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Re: , Phillip -- Is the value axis on Sheet 2 of the "socalprices" spread sheet supposed to be in $? If so, are they the right values (millions?) and where did they come from? I can't relate them to the Sheet 1 spread sheet. As I told Mike, we will file this out-of-time tomorrow as a supplement to our comments today along with a cover letter. We have to fully understand the charts and how they are constructed, and we ran out of time today. It's much better to file an out-of-time supplement to timely comments than to file the whole thing late, particuarly since this is apparently on such a fast track. Thanks. From: Phillip K Allen 12/13/2000 03:04 PM To: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, [email protected], [email protected], Richard B Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON, Steven J Kean/NA/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT cc: Subject: Attached are two files that illustrate the following: As prices rose, supply increased and demand decreased. Now prices are beginning to fall in response these market responses.

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FS Van Kasper Initiates Coverage of NT , If you cannot read this email, please click here. Earnings.com - NT Upgrade/Downgrade HistoryA:visited { color:000066; }A:hover{ color:cc6600; } Earnings.com [IMAGE]? December 13, 2000 4:46 PM ET HomeAbout UsMy AccountHelpContact UsLogin [IMAGE] yelblue_pixel.gif (43 bytes) ? [IMAGE] ? Calendar Portfolio Market [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] ? Symbol(s): ? [IMAGE]?Add NT to my portfolio [IMAGE]?Symbol lookup [IMAGE]?Email this page to a friend?Email This Page To A Friend Market Summary [IMAGE]?View Today's Upgrades/Downgrades/Coverage Initiated Briefing Analyst History - Nortel Networks Corporation (NT) Date Brokerage Firm Action Details 12/13/2000 FS Van Kasper Coverage Initiated at Buy 11/21/2000 Lazard Freres & Co. Coverage Initiated at Buy 11/06/2000 Unterberg Towbin Downgraded to Buy from Strong Buy 11/02/2000 S G Cowen Downgraded to Buy from Strong Buy 10/25/2000 Gerard Klauer Mattison Upgraded to Buy from Outperform 10/25/2000 Lehman Brothers Downgraded to Outperform from Buy 10/25/2000 Chase H&Q Downgraded to Buy from Strong Buy 10/04/2000 Sands Brothers Coverage Initiated at Buy 10/03/2000 ING Barings Coverage Initiated at Strong Buy 09/28/2000 Sanford Bernstein Downgraded to Mkt Perform from Outperform 09/26/2000 Josephthal and Co. Coverage Initiated at Buy 08/08/2000 DLJ Coverage Initiated at Buy 07/28/2000 A.G. Edwards Upgraded to Accumulate from Maintain Position 07/27/2000 ABN AMRO Upgraded to Top Pick from Buy 06/15/2000 Bear Stearns Coverage Initiated at Attractive 05/25/2000 Chase H&Q Upgraded to Strong Buy from Buy 04/28/2000 First Union Capital Coverage Initiated at Strong Buy 04/03/2000 Dresdner Kleinwort Benson Coverage Initiated at Buy 03/21/2000 Wasserstein Perella Coverage Initiated at Hold 03/15/2000 Chase H&Q Upgraded to Buy from Market Perform Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. , 1999-2000 Earnings.com, Inc., All rights reserved about us | contact us | webmaster |site map privacy policy |terms of service Click Here if you would like to change your email alert settings.

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Re: , Phillip: I have a meeting tomorrow morning with the Oregon PUC staff to discuss a number of pricing and supply issues. Can I use the information attached to your e-mail in the meeting with staff? Paul To: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, [email protected], [email protected], Richard B Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON, Steven J Kean/NA/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT cc: Subject: Attached are two files that illustrate the following: As prices rose, supply increased and demand decreased. Now prices are beginning to fall in response these market responses.