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arnold-j/_sent_mail/606.	subject: Re: content: just a vicious rumor... my birthday's not till next year. Jennifer Shipos 03/08/2001 12:22 PM To: [email protected] cc: Subject: Tomorrow, eh! How old are you going to be... 20?	[email protected]	[email protected]
arnold-j/_sent_mail/607.	subject: Re: ooops.... content: it was almost worth buying a ticket "Jennifer White" <[email protected]> on 03/08/2001 07:30:39 AM To: [email protected] cc: Subject: ooops.... Someone did win the lottery. Perhaps I shouldn't watch the news on mute if I want to get the story straight. Also...another La Strada brunch this Sunday. Will it ever end??? ---- "Jennifer Brugh" <[email protected]> wrote: > Hi everyone! > > It's that time again, yep La Strada time! On Sunday, March 11th we > are > meeting at La Strada on Westheimer at 11:00 to wish farewell to Courtney. > > Let me know if you can make it! > > Jennifer > > ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com	[email protected]	[email protected]
arnold-j/_sent_mail/608.	subject: Enron Mentions content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 09:46= =20 AM --------------------------- From: Ann M Schmidt@ENRON on 03/08/2001 08:11 AM To: Ann M Schmidt/Corp/Enron@ENRON cc: (bcc: John Arnold/HOU/ECT) Subject: Enron Mentions Family Holding Forbes, 03/19/01 The New Forecast For Meteorologists: It's Raining Job Offers --- Energy=20 Trading Firms Snap Up Grads of an Inexact Science; No Blow-Dryer? No Proble= m The Wall Street Journal, 03/08/01 ENRON PROVIDES TRADING SERVICES TO MANX ELECTRICITY UNDER NETA CRL, 03/08/01 Energy Trading Companies Pay Big for Weather Talent, WSJ Says Bloomberg, 03/08/01 ENRON FAILS TO ATTRACT BIDS FOR 30 PCT STAKE IN INDIAN OIL FIELD Asia Pulse, 03/07/01 SINGAPORE: PetroChina plans five gas, products lines by 2005. Reuters English News Service, 03/07/01 Companies People Ideas Family Holding BY Phyllis Berman 03/19/2001 Forbes 102 Copyright 2001 Forbes Inc. Lemuel Green, a flour mill owner, took the excess power from the water-turn= ed=20 generator at his mill in 1908 and sold it between dusk and midnight to=20 anybody in Alton, Kan. who knew what to do with it. Soon he quit the millin= g=20 business and started stringing transmission lines across the western part o= f=20 the state. Before his death in 1930 he had built a utility that lit 56 Kans= as=20 communities.=20 Kansas City's UtiliCorp United is perhaps the only fourth-generation=20 family-controlled electric utility in the country. Today the outfit, once= =20 called Missouri Public Service, is headed by Lemuel Green's two=20 great-grandsons. Richard Green, 46, took over as chief executive in 1985, three years after= =20 his father's death. At the time Missouri Public Service served 200,000=20 customers in two states and had $245 million in revenues. Richard's brother= =20 Robert, now 39, joined him three years later.=20 Standing pat was not an option. Deregulation was in the air, and the rules= =20 were changing. The brothers remade the company. They spent $4 billion buyin= g=20 utilities in other parts of the U.S., Canada, Australia and New Zealand.=20 UtiliCorp now serves 4 million customers in seven states and four countries= .=20 More important, they veered off into other parts of the energy business. In= =20 1986 they acquired gas properties from Peoples Natural Gas of Omaha and got= a=20 two-person gas-trading operation as part of the deal. That little trading= =20 operation, now a subsidiary called Aquila, turned into something almost as= =20 valuable as all the rest of the company, with its 4,500 megawatts of power= =20 generated in some 22 power plants around the country.=20 "My brother and I received strong advice that we would never be able to be= =20 competitive in this business," says Bob Green. Oh, yeah? Aquila has 1,100= =20 employees and competes with the likes of Duke, Dynegy and Enron. According = to=20 Natural Gas Week, Aquila was the fourth-largest power-and-gas marketer in t= he=20 country last year. Aquila trades a host of other products as well-everythin= g=20 from weather-condition hedges to bandwidth.=20 Problem: Trading operations require capital just as power plants do. The=20 solution, until now, has been what brother Bob calls "our 'asset lite'=20 strategy. We want to control the capacity, not own it." So Aquila may provi= de=20 the gas to power a so-called merchant plant, one that produces electricity = to=20 sell in the market, in return for a claim on its production. But so far=20 Aquila has not been a big player in the most profitable parts of the=20 business-taking on big risk in larger transactions, the way Enron and Dyneg= y=20 do.=20 What to do? In mid-December UtiliCorp announced that it would offer 19.9% o= f=20 Aquila to the public, raising capital while creating a market value for its= =20 trading operation, just as competitors Constellation Energy and Southern=20 Company are doing. The hope is that the new entity will garner a multiple o= f=20 20 to 45 times earnings. Then, if all were to go as planned, UtiliCorp woul= d=20 spin off the rest of the operation in a tax-free distribution.=20 The timing looks good. Aquila has no material exposure in the California=20 market. Furthermore, the volatility in that market has been a bonanza for= =20 many firms that trade power, including Aquila. Its trading subsidiary is th= e=20 reason UtiliCorp's earnings were up 28% last year, to $206 million, on $29= =20 billion in sales. UtiliCorp's shares doubled in the past year to $30.=20 But will the California crisis nonetheless poison the market for an Aquila= =20 stock offering? It might. And UtiliCorp cannot afford to hold its breath in= =20 the capital markets forever. Even with its "asset-lite" strategy, the compa= ny=20 is far more leveraged than most utilities, with debt at 56% of capital,=20 versus the 50% norm for electric utilities. The offering is supposed to rai= se=20 $425 million or so that could be used to pay down a bit of the parent's $2.= 9=20 billion in debt.=20 If Bob Green is walking a financial tightrope, you could never tell it by= =20 talking to him. "We see this company as our heritage," he says confidently.= =20 This despite the fact that after seven equity offerings the family's share = of=20 UtiliCorp is now 4%, down from 15% when Richard took over.=20 Might the Greens lose their heirloom in a takeover battle? They might, but= =20 they might come out ahead anyway. Look at the family history. Lemuel sold= =20 some of his utility assets for $6.6 million in 1927 and diversified into=20 California orange groves. The assets were resold to Samuel Insull, the=20 midwestern electricity magnate who came to a bad end when his pyramid of=20 holding companies collapsed during the Depression. Years later, after=20 Congress reacted with a law that busted up multistate electric utilities, B= ob=20 and Rick's grandfather bought back Lemuel Green's utility properties for a= =20 song. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20 The New Forecast For Meteorologists: It's Raining Job Offers --- Energy=20 Trading Firms Snap Up Grads of an Inexact Science; No Blow-Dryer? No Proble= m By Chip Cummins Staff Reporter of The Wall Street Journal 03/08/2001 The Wall Street Journal A1 (Copyright (c) 2001, Dow Jones & Company, Inc.) Two years ago, Bradley Hoggatt was heading for an academic career in=20 meteorology, intent on discovering more about how hurricanes form. But just= =20 before he started working on a doctorate, a very different opportunity blew= =20 in.=20 Now Mr. Hoggatt forecasts weather for a floor full of M.B.A.s who trade=20 billions of dollars in weather-sensitive energy commodities such as natural= =20 gas and electricity for Aquila Inc., the trading subsidiary of a big Midwes= t=20 utility. With no business background himself, Mr. Hoggatt is also trading complex=20 financial contracts based on his predictions. "I'm putting my money where m= y=20 mouth is," says the tall, square-shouldered 28-year-old.=20 Weathermen and women have become a hot commodity in the exploding=20 energy-trading business. While off-target forecasts on television may=20 frustrate parents and schools and embarrass politicians, as they did this= =20 week on the East Coast, they can lose bundles for electricity and natural-g= as=20 traders. So as trading has boomed, so has demand for trained meteorologists= ,=20 a profession that traditionally hasn't paid all that well and is often the= =20 butt of jokes.=20 From Wall Street to Houston's Louisiana Street, where many energy companies= =20 have set up shop, recent graduates are earning twice what they would earn a= t=20 the National Weather Service or in academia. "The appetite for weather is= =20 insatiable," says James L. Gooding, director of meteorology at Duke Energy= =20 Corp. A former NASA scientist, Dr. Gooding will be adding a fourth forecast= er=20 to his Houston team in the next year.=20 Enron Corp., an energy-trading giant based in Houston, has more than double= d=20 its staff of weather forecasters to nine in the past three years, plucking= =20 talent from places like the Weather Channel. Williams Cos., a Tulsa, Okla.,= =20 competitor, is endowing university fellowships to lure meteorology students= .=20 And since 1999, Aquila, which is owned by UtiliCorp United Inc., of Kansas= =20 City, Mo., has hired two other meteorologists from Mr. Hoggatt's alma mater= ,=20 the University of Wisconsin, plus another scientist with a Ph.D. in=20 climatology.=20 That hiring paid off a bit during this week's winter storm in the Northeast= .=20 While many on the East Coast were getting miscues from TV weathermen on a= =20 pending, possibly historic blizzard that fizzled in New York and other=20 cities, traders at Aquila simply looked to Mr. Hoggatt.=20 Last Friday, Scott Macrorie, an electricity trader for the Mid-Atlantic=20 region at Aquila, stopped by to see how the storm was progressing. Mr.=20 Hoggatt's team told him temperatures in his region of interest would be low= er=20 because of the storm, though the snowfall forecast on TV seemed a little=20 high. Sure enough, temperatures fell and snowfall in many cities was less= =20 than predicted, lifting electricity prices and making Mr. Macrorie a profit= =20 that he says was in the tens of thousands of dollars.=20 About 500 university students in the U.S. graduate each year with bachelor'= s=20 degrees in meteorology, according to the American Meteorological Society. A= n=20 additional 300 or so graduate with masters degrees or doctorates. Until jus= t=20 a few years ago, those graduates didn't typically have many options: TV for= =20 those who had the blow-dried look, back-office jobs with the government or = a=20 handful of private consultants for those who didn't. Research was an option= .=20 And some airlines and utilities kept a few meteorologists on staff to help= =20 position airplanes or power-line repair trucks during storms.=20 Now, deep-pocketed trading companies are offering many meteorologists with= =20 graduate degrees salaries ranging from $60,000 to $90,000. Performance and= =20 trading bonuses can double or even triple the figure. That compares with th= e=20 roughly $33,000 the National Weather Service pays a junior forecaster with = a=20 graduate degree.=20 "It's a bit unusual for meteorologists to have the prospect of lucrative=20 employment after graduation," says John Nielsen-Gammon, a professor of=20 atmospheric sciences at Texas A&M University. "This is a bit of a switch."= =20 So far, there has been no dearth of meteorological talent available, partly= =20 because the National Weather Service wrapped up a big expansion project in= =20 the mid-1990s and slowed hiring. It hires only to replace people who leave,= =20 about 30 to 50 meteorologists a year.=20 And the high-pressure world of billion-dollar commodity bets isn't for=20 everyone. When Carl Altoe graduated from Penn State, one of the nation's to= p=20 meteorology programs, he got a heavy sales pitch from Enron. "It's quite an= =20 impressive place," he says of Enron's trading floor, but he wasn't sure=20 forecasting skills alone would be enough to make the grade. "I would be=20 afraid that if money wasn't made in a hurry, I'd be tossed," says Mr. Altoe= ,=20 who accepted a position with the National Weather Service in Marquette, Mic= h.=20 For others, having forecasts count puts a new thrill in the old art. After= =20 two years as a manager at the Weather Channel's Latin American division in= =20 Atlanta, Jose Marquez posted his resume on an Internet job site run by the= =20 American Meteorological Society. Enron called.=20 "Have you heard about Enron?" Mr. Marquez remembers being asked. "And I sai= d,=20 honestly, `No.'"=20 During a visit, Mr. Marquez, a 33-year-old Navy-trained meteorologist, foun= d=20 Enron's trading floor exhilarating. Enron courted Mr. Marquez heavily,=20 tracking him down three times during his Christmas vacation in Puerto Rico.= =20 Mr. Marquez decided the sprawling trading floor was just the sort of active= =20 work place he was looking for. Also, he'd be getting a 10% to 15% boost ove= r=20 his Weather Channel salary, before potential bonuses from Enron.=20 "I'm getting more money than I would anywhere else," he says.=20 Weather has long affected prices of everything from grain at Chicago's earl= y=20 commodity markets to the stocks of retail companies on Wall Street. Jon=20 Davis, a meteorologist for Salomon Smith Barney in Chicago, started=20 forecasting the weather for agriculture traders back in 1985.=20 But volatile energy prices have raised the stakes for forecasters who are= =20 able to gauge air-conditioning use in the summer or natural-gas demand duri= ng=20 the winter heating season. Meanwhile, all sorts of companies are turning to= =20 energy traders and Wall Street for "weather derivatives," complex contracts= =20 used to hedge financial risks associated with the weather. "With every=20 passing year, you do more energy and more energy," Mr. Davis says.=20 Despite big advances in data collection and modeling, betting millions of= =20 dollars on weather forecasts can still be tricky business. Short-term=20 forecasts are pretty good. Predicting weather two weeks from now is chancy.= =20 Most meteorologists get their data from the government, particularly the=20 National Weather Service. Many then tweak it with their own interpretations= =20 or forecasting models.=20 Disappointed last year by poor long-term forecasts from 11 private=20 consultants, Aquila has a contest offering $100,000 to the meteorologist or= =20 team that can best predict temperatures in 13 major U.S. cities over the=20 course of a year. "I call it the forecast bakeoff," says Mr. Hoggatt.=20 The high stakes also mean more pressure on forecasters. WSI Corp., a=20 Billerica, Mass., weather-forecasting firm, started an energy service last= =20 year, and Jeffrey A. Shorter, a WSI vice president, says energy clients can= =20 be less forgiving than his other clients in TV and aviation, especially whe= n=20 the forecasts are wrong. But, he adds, "presumably, more often than not,=20 we're right." Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20 ENRON PROVIDES TRADING SERVICES TO MANX ELECTRICITY UNDER NETA 2001-03-08 08:43 (New York) (The following is a reformatted version of a press release issued by Enron and received via electronic mail. The release was not confirmed by the sender.) ENRON AND MANX ELECTRICITY ANNOUNCE POWER TRADING AGREEMENT London, March 8 -- Enron announced today that it has concluded a long-term power trading agreement with the Manx Electricity Authority (MEA), representing one of the first deals with an embedded generator specifically designed for the New Electricity Trading Arrangements (NETA). Under the agreement Enron will provide 24-hour trading services to MEA under NETA in an innovative deal structured to maximise the value of the electricity interconnector between the Isle of Man and UK mainland. The =01A45 million interconnector runs between Bispham in Lancashire and Douglas on the Isle of Man and is capable of carrying 40MW in each direction. At 105km it is the longest AC interconnector cable in the world. "The development costs of the interconnector to the UK placed us under pressure to put the link to the highest and best economic use and we feel our relationship with Enron has accomplished this" said Mike Proffitt, Chief Executive of MEA. "Our commitment to reducing the price of electricity on the Isle of Man is firmly embedded in MEA's five year plan and our trading partnership with Enron will greatly assist us in achieving this goal." Richard Lewis, Managing Director of UK gas and power at Enron, commented: "This is a great transaction for both parties and fits well into Enron's trading portfolio. MEA will benefit from Enron's expertise as one of the UK's leading energy traders and will provide us with their skills as operators of their generation plant and the interconnector. It is significant in that we believe it is one of the first embedded generation transactions specially tailored for the new trading arrangements." Media Contacts: Alex Parsons Enron Tel: 020 7783 2394 Alison Cottier Manx Electricity Tel: 01624 687798 (db)LO -END- -0- (CRL) Mar/08/2001 13:43 GMT Energy Trading Companies Pay Big for Weather Talent, WSJ Says 2001-03-08 06:47 (New York) Kansas City, March 8 (Bloomberg) -- The growth of energy trading floors in the past several years has made meteorology a glamour profession, even for forecasters who never even intended to predict the weather on television, the Wall Street Journal reported. Weather affects commodities trading and determines electricity and natural gas supply and demand. That's why large energy trading companies like Enron Corp., Williams Cos. and UtiliCorp United Inc. recruit top weather-forecasting talent, the paper said. Meteorologists with graduate degrees can command $60,000 to $90,000 a year, far higher than the $33,000 the National Weather Service pays a junior staffer. Energy traders use in-house weather forecasts to make quick bets on the direction of electricity and natural gas prices. Fast and accurate predictions can earn huge profits, the paper said. Many meteorologists say they like the pace and action of the trading floor. While some in the profession work in broadcasting, most meteorologists labor in the less visible and action-oriented worlds of academia or government research, the paper said. (Wall Street Journal 3-8 A1) ENRON FAILS TO ATTRACT BIDS FOR 30 PCT STAKE IN INDIAN OIL FIELD 03/08/2001 Asia Pulse (c) Copyright 2001 Asia Pulse PTE Ltd. NEW DELHI, March 8 Asia Pulse - US energy major Enron Corporation's bid to= =20 sell its 30 per cent stake in Panna-Mukta and Tapti oil and gas field has m= et=20 with lukewarm response primarily due to inherent problems with the project.= =20 Several glitches in the joint venture agreement and disputes with other=20 partners in the joint venture, Oil and Natural Gas Corporation (ONGC) and= =20 Reliance, have kept away international oil giants like Royal Dutch Shell,= =20 British Petroleum and BHP of Australia, industry sources said. While Enron is believed to have pegged the sale price of its stake in the= =20 Indian venture at US$700 million, independent evaluations by various domest= ic=20 and international companies have discounted the figure between US$250 to=20 US$380 million factoring several pending agreements and unresolved issues,= =20 sources said.=20 ONGC, which holds 40 per cent stake in the US$900 million venture, Reliance= ,=20 having 30 per cent interest in the gas fields, and Indian Oil Corporation= =20 (IOC) are among the 4-5 companies that are left in the fray for acquiring= =20 Enron Oil and Gas India Ltd (EOGIL's) stake in Panna-Mukta and Tapti fields= .=20 Inspite of over three years of operation, Panna oilfield's processing tarif= f=20 has not yet been fixed with ONGC and the promoters have not yet reached a= =20 final agreement on gas transportation cost from Tapti, sources said.=20 Besides, delivery point for Panna has not been determined which has resulte= d=20 in a 10 per cent revenue loss which the government deducts from the total g= as=20 revenue of the company.=20 (PTI) 08-03 1002 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20 SINGAPORE: PetroChina plans five gas, products lines by 2005. By Chen Aizhu 03/07/2001 Reuters English News Service (C) Reuters Limited 2001. SINGAPORE, March 8 (Reuters) - PetroChina has mapped out plans for a massiv= e=20 pipeline gridwork to be in place by 2005 and to ship huge hydrocarbon=20 reserves in China's west to its thriving east, government and industry=20 officials said on Thursday.=20 "A total of five pipelines are planned in the 10th five-year plan=20 (2001-2005), four gas and one for refined oil products," a senior industry= =20 official told Reuters by telephone from Beijing. Officials estimated total cost of the projects at 50 billion yuan ($6=20 billion) at least.=20 Topping the agenda and the largest of the five projects is the 4,200-km gas= =20 trunk line winding eastwards from China's central Asian region Xinjiang to= =20 the Yangtze River Delta.=20 Construction of the $4.8-billion project is set to start later this year.= =20 Officials said construction would begin with the 1,600-km eastern section= =20 from Jinbian in northwest Shaanxi province to Shanghai, where initial gas= =20 supply is expected to land in 2003.=20 The longer western section connecting Tarim to Jinbian is slated for=20 completion by 2005, officials said.=20 PetroChina aims to move between 12 and 20 billion cubic metres (bcm) of gas= =20 through the trunkline in 2005.=20 HUGE UNTAPPED RESERVES=20 Officials estimated about 720 bcm of recoverable gas reserves remain in the= =20 Shan-Gan-Ning and Tarim basins. PetroChina's most recent big discovery in t= he=20 Sulige field in the northern Ordos basin has proven reserves of 220 bcm.=20 PetroChina is hoping to lure foreign firms to invest in the project,=20 including top three oil majors ExxonMobil , Royal/Dutch Shell Group and BP= =20 Amoco .=20 Also under planning is a three bcm-per-year gas pipeline from Jinbian to=20 Beijing, Hebei and Shandong. Sources said Shell and PetroChina were jointly= =20 studying the project.=20 A third gas line is planned from Zhongxian in the gas-rich southwest Sichua= n=20 to Wuhan and Hunan provinces in central China, officials said.=20 U.S. gas and electricity firm Enron Corp is a joint developer in the Sichan= =20 gas block, which will send supplies via the proposed 740-km line.=20 Sichuan, which produced 7.995 bcm of gas in 2000, is presently China's top= =20 gas producer, according to official data.=20 The fourth gas pipe, stretching 953-km eastwards from Qaidam basin to Lanzh= ou=20 in the northwest, is expected to be operational in May with an annual=20 capacity of two bcm, according to Beijing-based industry newsletter China= =20 OGP.=20 The project, which targets PetroChina's subsidiary refineries in Lanzhou,= =20 will cost 2.25 billion yuan, China OGP said.=20 LONGEST PRODUCTS LINE TO MOVE OIL SOUTH=20 PetroChina also is set to build a 1,247-km refined products pipeline from= =20 Lanzhou to oil-thirsty Sichuan to move surplus products out of the remote= =20 northwest region.=20 A feasibility study for the line, which would be the longest products=20 pipeline in China, was approved recently, a senior official with the State= =20 Development Planning Commission told Reuters from Beijing.=20 Officials said the project would replace rail transport and eventually cut= =20 PetroChina's oil distribution cost.=20 "The railway system has a bottleneck which only allows a limited oil flow a= t=20 one time, and it's much more expensive (than pipeline)," said a Beijing-bas= ed=20 PetroChina official.=20 When built in 2005, PetroChina would be supplying five million tonnes a yea= r=20 of mostly gasoline and diesel to Sichuan, one of China's most populous=20 province and which buys most of its oil by rail or ship from neighbouring= =20 provinces.=20 ($1=3D8.277 yuan). Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20	[email protected]	[email protected]
arnold-j/_sent_mail/609.	subject: Fw: ETKT Confirmation - content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 07:36 AM --------------------------- "Tony Policastro $Elite Brokers$" <[email protected]> on 03/07/2001 11:55:29 AM Please respond to "Tony Policastro $Elite Brokers$" <[email protected]> To: <[email protected]> cc: Subject: Fw: ETKT Confirmation - ----- Original Message ----- From: "Crystal Schwartz" <[email protected]> To: <[email protected]> Sent: Wednesday, March 07, 2001 11:43 AM Subject: ETKT Confirmation - > SALES AGT: CS/YCSIZM > > ARNOLD/JOHN > > > TONY POLICASTRO > > > > > > DATE: MAR 07 2001 PERSONAL > > SERVICE DATE FROM TO DEPART ARRIVE > > CONTINENTAL AIRLINES 16MAR HOUSTON TX SAN JOSE CABO 1145A 135P > CO 1237 Y FRI G.BUSH INTERCO LOS CABOS > EQP: BOEING 737-300 > SEAT 07E CONFIRMED > *MIDDLE SEAT ONLY PLEASE CHECK AT AIRPORT > > CONTINENTAL AIRLINES 18MAR SAN JOSE CABO HOUSTON TX 214P 550P > CO 1236 H SUN LOS CABOS G.BUSH INTERCO > EQP: BOEING 737-300 > SEAT 14F CONFIRMED > > AIR FARE 1281.00 TAX 71.23 TOTAL USD 1352.23 > SVC FEE USD 15.00 > > INVOICE TOTAL USD 1367.23 > > > > RESERVATION NUMBER(S) CO/I7R7SX > > ARNOLD/JOHN TICKET:CO/ETKT 005 7025570376 > ARNOLD/JOHN MCO: 890 8108674936 > > ******************************************* > THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A > PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU > ******************************************* > NON-REFUNDABLE TKT MINIMUM $100.00 CHANGE FEE > ******************************************** > THANK YOU FOR CALLING VITOL TRAVEL > > > ===== > Vitol Travel Services > 1100 Louisiana Suite 3230 > Houston, Texas 77002 > Phone - 713-759-1444 > Fax - 713-759-9006 > > __________________________________________________ > Do You Yahoo!? > Get email at your own domain with Yahoo! Mail. > http://personal.mail.yahoo.com/ >	[email protected]	[email protected]
arnold-j/_sent_mail/61.	subject: Re: Adam Resources content: thanks Andy Zipper@ENRON 11/01/2000 08:00 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Adam Resources FYI ---------------------- Forwarded by Andy Zipper/Corp/Enron on 11/01/2000 07:59 AM --------------------------- From: Bob Shults@ECT on 10/31/2000 03:56 PM To: Andy Zipper/Corp/Enron@Enron cc: [email protected] Subject: Adam Resources I talked to Jay Surles and Kenny Policano at Adams Resources and concerning CATDADDY and POWERTRADE. I informed Jay that it was in violation of their agreement to "sell, lease, retransmit, redistribute or provide directly or indirectly,any portion of the content of the Website to any third party." They indicated that they had provided the id to one of their marketers in New England. They also suggested that they had a broker that watched spreads for a commission therefore theoretically the broker was an employee of the company. After all the bull they agreed to have them shut down and they would refrain from doing it again.	[email protected]	[email protected]
arnold-j/_sent_mail/610.	subject: daily charts and matrices as hot links 3/8 content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 07:23 AM --------------------------- [email protected] on 03/08/2001 07:05:03 AM To: [email protected] cc: Subject: daily charts and matrices as hot links 3/8 The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. , 2000 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. Crude http://www.carrfut.com/research/Energy1/crude88.pdf Natural Gas http://www.carrfut.com/research/Energy1/ngas88.pdf Distillate http://www.carrfut.com/research/Energy1/hoil88.pdf Unleaded http://www.carrfut.com/research/Energy1/unlded88.pdf Nat Gas Strip Matrix http://www.carrfut.com/research/Energy1/StripmatrixNG88.pdf Nat Gas Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixNG88.pdf Crude and Products Spread Matrix http://www.carrfut.com/research/Energy1/SpreadmatrixCL88.pdf Carr Futures 150 S. Wacker Dr., Suite 1500 Chicago, IL 60606 USA Tel: 312-368-6149 Fax: 312-368-2281 [email protected] http://www.carrfut.com	[email protected]	[email protected]
arnold-j/_sent_mail/611.	subject: Re: BNP PARIBAS Commodity Futures Weekly AGA Survey content: 67 [email protected] on 03/07/2001 09:39:04 AM To: [email protected] cc: Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey Good Morning, Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY. Last Year -37 Last Week -101 Thanks, George Ellis BNP PARIBAS Commodity Futures, Inc. ______________________________________________________________________________ _______________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse. L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie. ------------------------------------------------------------------------------ ---- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval. The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified. ______________________________________________________________________________ _______________________________________________________	[email protected]	[email protected]
arnold-j/_sent_mail/612.	subject: Re: rebuttal content: confused... what are you disagreeing with me in regards to demand destruction? From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 08:55 AM To: John Arnold/HOU/ECT@ECT cc: Subject: rebuttal I am definitely a bigger fan of the crude complex for the next few months. Agree the defcon 5 bubble has burst for natgas. Disagree about the demand destruction. ? I think some demand is just permanently gone ( i.3. cheaper BTUs in ASIA- Pacific and plants just wont run here anymore). But I think that we are underestimating the structural changes in energy demand. Just as the economy is less dependent on heavy industry for its health, energy demand is changing. Since just about everyone missed the boat on the increased power demand as a result of Silicon Valley, I think we don't have a good handle on what the drivers of the new power generation really are.So what i'm saying is that industrial demand will weaken, demand in service based industries will increase. Also energy is a much smaller component of the cost structure in service industries. ? Also I think in 2000, people had sticker shock-- they couldn't have imagined 10$ gas, but now that volatility and higher prices are firmly entrenched in their minds --- they will find ways of running their factories. Also they will budget for these prices instead of $2.50 ? See NG Week (3/5/01) Nevada power price hikes affecting casinos --- increases of 20%. When asked the implication for missed earnings and their plans for demand conservation, one casino official replied 'We're in the bright lights business' ? I don't believe the economic doom and gloom First of all no one wants a repeat of the 1990 recession ( which was much worse outside of the US) Every central bank in the G7 has or will cut rates this week. The US will follow suit or it will have a very expensive dollar which will blow exports. With all of the monetary slack, consumer credit will not tighten and thus buying will continue ( witness the lack of destruction in big ticket items purchasing). Heavy manufacturing is contracting but this is not everything. Productivity gains are strong. The economy is becoming more service based and traditional industrial barometers are not telling the whole story. ? Finally, I am London and it is not doom and gloom over here. well there's my 2 cents. Jen Fraser Enron Global Markets Fundamentals 713-853-4759 -----Original Message----- From: Arnold, John Sent: Wednesday, March 07, 2001 2:31 PM To: Fraser, Jennifer Subject: RE: i think jv strip prices to where we price out enough demand to get to 2.8. whther that price level is 425 or 725 is arguable. i think it's close to here. but when we get to november and we have 2.8 and don;'t repeat the weather of this past winter and we have 2.5 bcf more supply and people realize that we have 2.3 bcf to withdraw before there are any problems...bombs away. From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 01:00 AM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: Why do you think nov mar is worth $3.75? Also whats your schedule looking like next week----care to meet for a beverage? Jen Fraser Enron Global Markets Fundamentals 713-853-4759 -----Original Message----- From: Arnold, John Sent: Tuesday, March 06, 2001 5:03 PM To: Fraser, Jennifer Subject: Re: What it's trading what I think it's really worth apr oct 540 500 nov mar 547 375 cal 2 491 400 cal 3 460 325 Obviously most bearish the further out you go. However, the game right now is not sell and hold...although it will be soon. The game is where will it be tomorrow and next week and next month. The market is structurally short term gas thanks to our friends from california. where ca is buying power, williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 or 525. irrelevant. so term is not going down in the short term unless the front comes into the 400's and scares some producers to start hedging or we or el paso can find fixed price lng to the tune of 250,000 a day for 10 years. From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM To: John Arnold/HOU/ECT@ECT cc: Subject: what are your thoughts on ap-oct nov-mar 02 03 price levels and outlooks thanks Jen Fraser 713-853-4759	[email protected]	[email protected]
arnold-j/_sent_mail/613.	subject: RE: content: i think jv strip prices to where we price out enough demand to get to 2.8. whther that price level is 425 or 725 is arguable. i think it's close to here. but when we get to november and we have 2.8 and don;'t repeat the weather of this past winter and we have 2.5 bcf more supply and people realize that we have 2.3 bcf to withdraw before there are any problems...bombs away. From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 01:00 AM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: Why do you think nov mar is worth $3.75? Also whats your schedule looking like next week----care to meet for a beverage? Jen Fraser Enron Global Markets Fundamentals 713-853-4759 -----Original Message----- From: Arnold, John Sent: Tuesday, March 06, 2001 5:03 PM To: Fraser, Jennifer Subject: Re: What it's trading what I think it's really worth apr oct 540 500 nov mar 547 375 cal 2 491 400 cal 3 460 325 Obviously most bearish the further out you go. However, the game right now is not sell and hold...although it will be soon. The game is where will it be tomorrow and next week and next month. The market is structurally short term gas thanks to our friends from california. where ca is buying power, williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 or 525. irrelevant. so term is not going down in the short term unless the front comes into the 400's and scares some producers to start hedging or we or el paso can find fixed price lng to the tune of 250,000 a day for 10 years. From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM To: John Arnold/HOU/ECT@ECT cc: Subject: what are your thoughts on ap-oct nov-mar 02 03 price levels and outlooks thanks Jen Fraser 713-853-4759	[email protected]	[email protected]
arnold-j/_sent_mail/614.	subject: content: http://sokolin.com/1998's.htm 1998 monbousquet	[email protected]	[email protected]
arnold-j/_sent_mail/615.	subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 04:40 PM --------------------------- "Piasio, Stephen [FI]" <[email protected]> on 02/23/2001 08:09:13 AM To: cc: Subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call > <<...OLE_Obj...>> > > 2001 Natural Gas Production and Price Outlook Conference Call > > > <<...OLE_Obj...>> Salomon Smith Barney <<2001 Natural Gas Conference > Call.doc>> > Energy Research Group > Analyst Access Conference Call > > 2001 Natural Gas Production and Price Outlook > Hosted by: > Bob Morris and Michael Schmitz > Oil and Gas Exploration & Production Analysts > > Date & Time: > FRIDAY (February 23rd) > 11:00 a.m. EST > > Dial-in #: > US: 800-229-0281 International: 706-645-9237 > > Replay #: (Reservation: x 819361) > US: 800-642-1687 International: 706-645-9291 > > Accessing Presentation: > * Go to https://intercallssl.contigo.com > * Click on Conference Participant > * Enter Event Number: x716835 > * Enter the participant's Name, Company Name & E-mail address > * Click Continue to view the first slide of the presentation > > Key Points: > 1. Natural gas storage levels appear to be on track to exit March at > roughly 700-800 Bcf, compared with just over 1,000 Bcf last year at the > end of the traditional withdrawal season. > 2. Meanwhile, domestic natural gas production should rise 3.0-5.0% this > year, largely dependent upon the extent of the drop in rig efficiency, or > production added per rig. > 3. Nonetheless, under most scenarios, incorporating numerous other > variables such as the pace of economic expansion, fuel switching and > industrial plant closures, it appears that storage levels at the beginning > of winter will be near or below last year's 2,800 Bcf level. > 4. Thus, it appears likely that the "heat" will remain on natural gas > prices throughout 2001. > 5. Consequently, we believe that many E&P shares will post solid gains > again this year, spurred largely by mounting confidence in the > sustainability of strong natural gas prices. > > - 2001 Natural Gas Conference Call.doc	[email protected]	[email protected]
arnold-j/_sent_mail/616.	subject: Re: eia power demand content: any reaction to this? [email protected] on 03/06/2001 01:16:41 PM To: [email protected] cc: Subject: eia power demand (Recasts, adds details) WASHINGTON, March 6 (Reuters) - U.S. electricity demand will grow by about 2.3 percent in 2001, down from 3.6 percent growth last year due to the nation's slowing economy, the U.S. Energy Information Administration said on Tuesday. Natural gas demand will also grow at about 2.3 percent this year, the EIA said in its monthly supply and demand report. Natural gas is the third most popular fuel used by U.S. electricity generating plants after nuclear and coal. U.S. electricity demand in the first quarter of 2001 was forecast at about 896 billion kilowatt hours (kwh), the EIA said. That is slightly higher than the 895.8 billion kwh forecast by the agency last month. For the entire winter heating season of October through March, electricity demand was forecast to rise by 4.6 percent from the previous year, the EIA said. The increase was driven by the residential and commercial sectors, which were forecst to be higher by 8 and 4 percent, respectively. More electricity plants were expected to switch from natural gas back to fuel oil as oil prices drift lower, the government report said. "This trend is expected to continue through the first quarter 2001," the EIA said. "Although the favorable price differential for oil relative to gas is expected to continue through the forecast period, by the second half of 2001, expected increases in gas-fired capacity are expected to keep gas demand for power generation growing." The monthly report also said that mild weather has eased natural gas prices in California, but the state still faces gas supply and deliverability bottlenecks affecting its electricity plants. California has been fighting all winter to maintain	[email protected]	[email protected]
arnold-j/_sent_mail/617.	subject: Re: Greg's Bill content: i dont know sounds good to me Greg Whalley 02/28/2001 05:32 PM Sent by: Liz M Taylor To: John Arnold/HOU/ECT@ECT cc: Subject: Greg's Bill Johnny, What does Greg owe you for the champagne? Is it $896.00? Liz	[email protected]	[email protected]
arnold-j/_sent_mail/618.	subject: RE: content: i loved them in that i thought they were going to go up...i think they still might 3 weeks ago now short term very bullish neutral medium term neutral neutral longer term neutral bearish From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 11:34 AM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: what changed your mind re 02 and 03 --2 weeks ago you told me you loved them....why are bearish out the back? Jen Fraser Enron Global Markets Fundamentals 713-853-4759 -----Original Message----- From: Arnold, John Sent: Tuesday, March 06, 2001 5:03 PM To: Fraser, Jennifer Subject: Re: What it's trading what I think it's really worth apr oct 540 500 nov mar 547 375 cal 2 491 400 cal 3 460 325 Obviously most bearish the further out you go. However, the game right now is not sell and hold...although it will be soon. The game is where will it be tomorrow and next week and next month. The market is structurally short term gas thanks to our friends from california. where ca is buying power, williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 or 525. irrelevant. so term is not going down in the short term unless the front comes into the 400's and scares some producers to start hedging or we or el paso can find fixed price lng to the tune of 250,000 a day for 10 years. From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM To: John Arnold/HOU/ECT@ECT cc: Subject: what are your thoughts on ap-oct nov-mar 02 03 price levels and outlooks thanks Jen Fraser 713-853-4759	[email protected]	[email protected]
arnold-j/_sent_mail/619.	subject: Re: content: What it's trading what I think it's really worth apr oct 540 500 nov mar 547 375 cal 2 491 400 cal 3 460 325 Obviously most bearish the further out you go. However, the game right now is not sell and hold...although it will be soon. The game is where will it be tomorrow and next week and next month. The market is structurally short term gas thanks to our friends from california. where ca is buying power, williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 or 525. irrelevant. so term is not going down in the short term unless the front comes into the 400's and scares some producers to start hedging or we or el paso can find fixed price lng to the tune of 250,000 a day for 10 years. From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM To: John Arnold/HOU/ECT@ECT cc: Subject: what are your thoughts on ap-oct nov-mar 02 03 price levels and outlooks thanks Jen Fraser 713-853-4759	[email protected]	[email protected]
arnold-j/_sent_mail/62.	subject: Re: The date content: it just wasn't the same without you. how was el doritos? From: Margaret Allen@ENRON on 10/26/2000 05:33 PM To: John Arnold/HOU/ECT@ECT cc: Subject: The date Oh, I got it -- you must have had a good date. So tell me about it since I missed it.	[email protected]	[email protected]
arnold-j/_sent_mail/620.	subject: Re: contangos vs winter putspds content: theres only one thing i can think of... storage field turning around gives cash market completely different feel. instead of utilities looking to sell gas everday, they look to buy it. huge difference in feel of mrket. not so much actual gas but completely different economics of how marginal mmbtu gets priced. tightening cash market causes cash players to buy futures... hence the tendency for a spring rally every year. read heffner today...even he talks about it [email protected] on 03/06/2001 10:22:18 AM To: [email protected] cc: Subject: Re: contangos vs winter putspds so let me ask you-if they dont buy flat px wfrom here with mega cold east weather, cash contangos,px only 25 cts from lows, after huge apr/oct buying-what would take us to much higher levels?? ie whats the risk of being short today? clueless and confused [email protected] on 03/06/2001 10:51:13 AM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: contangos vs winter putspds no real bias today positive numbers sell negative numbers buy... looking into other stuff [email protected] on 03/06/2001 09:15:40 AM To: [email protected] cc: Subject: Re: contangos vs winter putspds agreewith all, im mega bear summer 2nd q but for the time being weather and as u said uncertainy likely to lend itself so little downside until either weather gets warm or injections get big. i dont see the flow as you know but i talk to a cupla utitlities and the bias same as you menioned. ive neutralized bear book a bit cuz i cant afford to fite this thing. with deep pockets tho-i scale up sell next 2-3 weeks take a bet on 200 ish injections in april and 400 in may-ie records aug/oct-yes-low risk-wasnt substantially more inverted when we were 4 bucks higher-low risk but not a great reward. oct/nov-yea-wont make much for another few months on that so it range trades but ill cont to bersd it cuz if end summer that strong im always always more bullish the front of winter. other thing i wonder is how wide these summer contangos cud get-as everyone so bullish futs for the next few weeks at least. weather here sucks to day-tree almost fell on me driving into work-close one,sahud be about 2 ft of white stuff when its said and done. dunno how long i can stay but doesnt look all that great for me getting out to steamboat manana!! heres a hypothetical.... we agree that demand loss y on y somwhere from 4.5 to 5.0 today, do you guys think that we can see a substantial demand recovery if prices dont retreat? my ffeeling is no for at least another 90 days or more.thots? any thots on flat px today-im slitely long vs bearsds?	[email protected]	[email protected]
arnold-j/_sent_mail/621.	subject: Re: contangos vs winter putspds content: no real bias today positive numbers sell negative numbers buy... looking into other stuff [email protected] on 03/06/2001 09:15:40 AM To: [email protected] cc: Subject: Re: contangos vs winter putspds agreewith all, im mega bear summer 2nd q but for the time being weather and as u said uncertainy likely to lend itself so little downside until either weather gets warm or injections get big. i dont see the flow as you know but i talk to a cupla utitlities and the bias same as you menioned. ive neutralized bear book a bit cuz i cant afford to fite this thing. with deep pockets tho-i scale up sell next 2-3 weeks take a bet on 200 ish injections in april and 400 in may-ie records aug/oct-yes-low risk-wasnt substantially more inverted when we were 4 bucks higher-low risk but not a great reward. oct/nov-yea-wont make much for another few months on that so it range trades but ill cont to bersd it cuz if end summer that strong im always always more bullish the front of winter. other thing i wonder is how wide these summer contangos cud get-as everyone so bullish futs for the next few weeks at least. weather here sucks to day-tree almost fell on me driving into work-close one,sahud be about 2 ft of white stuff when its said and done. dunno how long i can stay but doesnt look all that great for me getting out to steamboat manana!! heres a hypothetical.... we agree that demand loss y on y somwhere from 4.5 to 5.0 today, do you guys think that we can see a substantial demand recovery if prices dont retreat? my ffeeling is no for at least another 90 days or more.thots? any thots on flat px today-im slitely long vs bearsds?	[email protected]	[email protected]
arnold-j/_sent_mail/622.	subject: Enron Mentions - 03-04-01 content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:48 AM --------------------------- From: Ann M Schmidt@ENRON on 03/05/2001 08:23 AM To: Ann M Schmidt/Corp/Enron@ENRON cc: (bcc: John Arnold/HOU/ECT) Subject: Enron Mentions - 03-04-01 Utility Deregulation: Square Peg, Round Hole? The New York Times, 03/04/01 3 Executives Considered to Head Military Los Angeles Times, 03/04/01 Bush leaning toward execs for military The Seattle Times, 03/04/01 Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as deregulation opportunist The San Francisco Chronicle, 03/04/01 Enron boss says he's not to blame for profits in energy crisis Associated Press Newswires, 03/04/01 The Stadium Curse? / Some stocks swoon after arena deals The San Francisco Chronicle, 03/04/01 Money and Business/Financial Desk; Section 3 ECONOMIC VIEW Utility Deregulation: Square Peg, Round Hole? By JOSEPH KAHN 03/04/2001 The New York Times Page 4, Column 6 c. 2001 New York Times Company WASHINGTON -- IN the forensic pursuit of what caused California's power failure, the Bush administration, the energy industry and many analysts have granted immunity to deregulation. Robert Shapiro, a managing director of Enron, the giant electricity marketer, says the California mess should in no way affect deregulation in other states, ''because California didn't really deregulate.'' Spencer Abraham, the new energy secretary, said Californians simply goofed, setting up a ''dysfunctional'' system. It is the way California deregulated, not deregulation itself, that should take the blame, they say. Yet some economists argue that California's troubles should inform the debate about whether -- not just how -- to deregulate. Among them is Alfred E. Kahn, the Cornell University economist who helped oversee the creation of free markets in the rail, trucking and airline industries. ''I am worried about the uniqueness of electricity markets,'' Mr. Kahn said. He is still studying whether the design flaws in California's market explain the whole problem. But he is sounding a note of skepticism. ''I've always been uncertain about eliminating vertical integration,'' he said, referring to the old ways of allowing a single, heavily regulated power company to produce, transmit and distribute electricity. ''It may be one industry in which it works reasonably well.'' Mr. Kahn's comments might sound a little heretical. When this former Carter administration official was pushing deregulation, it was still a novel and politically risky concept. Today, getting government out of most businesses is part of the Washington economic canon. Moreover, few people believe that California, the first state to overhaul its electricity sector from top to bottom, has proved a good laboratory. To satisfy interest groups, the markets were designed in an awkward way, which soured some deregulation experts on California before the first electron went on the auction block. Among the quirks: The state required utilities to buy nearly all their power on daily spot markets, rather than arranging long-term contracts that might have allowed them to hedge risk. Consumer prices were also fixed, making it impossible for utilities to pass on higher wholesale costs. Paul L. Joskow, an expert on electricity markets at the Massachusetts Institute of Technology and a former student of Mr. Kahn's, remains hopeful that the kinks can be ironed out. In New England and the the Middle Atlantic states, as well in as Britain, Chile and Argentina, all places that have restructured electricity markets, regulators have had to adjust market rules to correct flaws. They have found ways to check the tendency of power sellers to exploit infant markets and charge high prices, Mr. Joskow said. Regulators have also had to establish new markets that, through price signals, encourage power companies to build enough generating capacity so that they have reserves for peak hours. During peak hours, shortages and price spikes can substantially raise average prices. ''If they can do it in Britain, Chile and Argentina, then I think we can do it here,'' Mr. Joskow said. Still, he warns that proper regulation requires tough political choices. Allowing high prices to pass through to consumers is one. Making sure Nimbyism does not prevent the construction of power plants is another. ''The political system must rise to the task,'' Mr. Joskow said, or the ''old way might be the best we can do.'' Mr. Kahn knows a bit about the old way. In the mid-1970's, he headed the New York Public Service Commission, which oversaw electricity and other regulated industries. The drawbacks were legendary. Local utilities had an endemic tendency to overestimate demand to justify new power plants, for which consumers paid through steady rate increases. Nearly everyone assumed that competition would slash prices. But though free markets do a better job managing rail, phone and airline prices, they have yet to match regulators' ability to juggle the complexities of electricity, Mr. Kahn said. Regulators tended to apply heavy political pressure on utilities to keep prices as low as possible and profit margins steady but thin. The vertical integration of electricity monopolies may have also had advantages, Mr. Kahn said. Engineers coordinated power plants and transmission lines in ideal ways. Planners who saw the need for new plants helped find a place for them to be built. ''The players all depended on one another,'' he said. California has probably not derailed deregulation efforts. But it has made people wonder anew whether market forces work for kilowatts as they do for widgets. Photo: Alfred E. Kahn Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. National Desk 3 Executives Considered to Head Military From Associated Press 03/04/2001 Los Angeles Times Home Edition A-25 Copyright 2001 / The Times Mirror Company WASHINGTON -- Three corporate executives are under consideration to lead the Air Force, Army and Navy, administration officials said Saturday. The three have been interviewed by Defense Secretary Donald H. Rumsfeld, and the White House was expected to announce this week that it will send their names to the Senate for confirmation, the Washington Times reported, quoting unidentified sources. Gordon R. England, 63, who retired recently from General Dynamics Corp., would be nominated as Navy secretary; James G. Roche, 61, a vice president at Northrop Grumman Corp., is the pick to head the Air Force; and the choice to head the Army is Thomas E. White, 57, a retired Army general and an executive with Enron Corp. White also once worked as an assistant to Colin L. Powell, Bush's secretary of State. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. News Bush leaning toward execs for military The Associated Press 03/04/2001 The Seattle Times Sunday A9 (Copyright 2001) WASHINGTON--Three corporate executives are under consideration to lead the Air Force, Army and Navy, administration officials said yesterday. The three men have been interviewed by Defense Secretary Donald Rumsfeld, and the White House was expected to announce next week that it will send their names to the Senate for confirmation, The Washington Times reported yesterday, quoting unidentified sources. But two Bush administration sources, speaking on condition of anonymity, told The Associated Press that President Bush has not made a decision and that the nominations were not a certainty. The Times said Gordon England, 63, who retired last week as a vice president at General Dynamics, would be nominated as Navy secretary. England was responsible for the company's information systems and international programs. The newspaper also said James Roche, 61, a vice president at Northrop Grumman, was the pick to head the Air Force. Roche, a retired Navy captain, worked in the State Department during the Reagan administration and later was Democratic staff director for the Senate Armed Services Committee. The nominee for Army secretary was said to be Thomas White, 57, a retired Army general and an executive with Enron, a Houston-based energy company. White was executive assistant to Secretary of State Colin Powell when Powell was chairman of the Joint Chiefs of Staff. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. NEWS Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as deregulation opportunist David Lazarus Chronicle Staff Writer 03/04/2001 The San Francisco Chronicle FINAL A1 (Copyright 2001) Kenneth Lay is one of the energy "pirates" accused by California's governor of fleecing consumers. As chairman of Enron Corp., the world's largest energy trader, Lay is arguably the biggest, baddest buccaneer of them all. But that's not how he wants to be seen. And he certainly doesn't like taking knocks from Gov. Gray Davis for having contributed to California's energy mess. "It's very unfair," Lay said, his brown eyes taking on a puppy- dog quality. "He's trying to vilify us. But we didn't make the rules in California. We had nothing to do with creating the problem." He gazed out from his plush, 50th-floor office. Houston's downtown skyscrapers jutted like sharp teeth against the overcast sky. "Everyone played by the rules," Lay said. "Now our reputations are being maligned." In a sense, he's right. The ultimate blame does rest with California policymakers for deregulating the state's electricity market in such a ham-fisted way that power giants like Enron cleaned up by exploiting loopholes in the system. But Enron was no innocent bystander during the restructuring process. "Enron and Ken Lay were one of the major players behind the push for deregulation in California," said Janee Briesemeister, senior policy analyst in the Austin office of Consumers Union. "A lot of what's happening in California was their idea." Those familiar with the state's deregulation efforts said Enron was especially eager to ensure that a newly created Power Exchange, where wholesale power would be bought and sold, was separate from the Independent System Operator, which would oversee the electricity grid. "This fragmented the wholesale market, making it harder to monitor," said John Rozsa, an aide to state Sen. Steve Peace, D-El Cajon, widely regarded as the godfather of California's bungled deregulation measures. "Enron isn't in the business of making markets work," Rozsa said. "They're in the business of making a buck." In an ironic twist, however, Enron now could play a pivotal role in helping the state remedy past errors and find its energy footing. The company has that much clout. SEEKING LAY'S BLESSING Thus, as the governor pushes ahead with a scheme to purchase the transmission lines of California's cash-strapped utilities, he didn't hesitate to call recently seeking Lay's personal blessing for the plan. This must have been a sweet moment for the man who just weeks earlier had been castigated by Davis in the governor's State of the State speech. "I told him we couldn't support it," Lay said, a hint of a smile playing across his lips. "It will lead to an even less efficient transmission grid and, longer term, it could make things worse." Why would Davis swallow his pride and court favor with Enron's big cheese? Simple: Davis will need the Bush administration's backing to make the power-line sale fly, and, many believe, there's no faster way to reach the new president than via the Houston office of his leading corporate patron. Lay, 58, and his company have donated more than $500,000 to Bush's various political campaigns in recent years, and he placed Enron's private jet at Bush's disposal during the presidential race. So great is Lay's influence with the president that some insist he is now serving effectively as shadow energy secretary, shaping U.S. energy policy as he sees fit. "There's a long history of Enron pulling the levers of its political relationships to get what it wants," said Craig McDonald, director of Texans for Public Justice, a watchdog group. "What Ken Lay thinks energy policy should be isn't very different from what George Bush and Dick Cheney think it should be." ANOTHER VIEWPOINT Lay, of course, sees things differently. At the mere mention of his close rapport with the president, his eyes glazed over and he mechanically recited the words he has repeated numerous times in recent months. "I have known the president and his family for many years," Lay said. "I've been a strong supporter of his. I believe in him and I believe in his policies." He insisted that reports of his having sway over Bush on energy matters are "grossly exaggerated." Still, it is striking that Bush's quick decision after taking office to limit federal assistance in solving California's energy woes virtually mirrored Lay's own thoughts on the situation. So, too, with the administration's hands-off approach to resolving the crisis. Whatever else, California's power woes have been very kind to Enron's bottom line. The company's revenues more than doubled to $101 billion last year. They haven't hurt Lay, either. According to company records, his pay package more than tripled last year to $18.3 million. Lay and other Enron officials steadfastly refuse to break out the company's California earnings from other worldwide business activities. But Lay conceded that Enron's profit from California energy deals last year was "not inconsequential." "We benefit from the volatility," he said. CAPTIVE MARKETPLACE That's putting it mildly. It could be said that California's energy mess was tailor-made for Enron, which is almost uniquely positioned to prosper from a captive marketplace in which electricity and natural gas prices are simultaneously soaring skyward. To understand why that is, one must look closely at Enron's complex business model. The company is much more than just a middleman in brokering energy deals. Lay, with a doctorate in economics and a background as a federal energy regulator, set about completely reinventing Enron in 1985 after taking over what was then an unexceptional natural-gas pipeline operator. As he saw it, the real action was not in distribution or generation of energy, but in transacting lightning-fast deals wherever electricity or gas is needed -- treating energy like a tradable commodity for the first time. Enron is now the leader in this fast-growing field, and uses that advantage to consolidate its position as the market-maker of choice for energy buyers and sellers throughout the country. It also exploits its size and trading sophistication to structure unusually creative deals. For example, if electricity prices are down but natural gas prices up, Enron might cut a deal to meet a utility's power needs in return for taking possession of the gas required to run the utility's plants. Enron could then turn around and sell that gas elsewhere, using part of the proceeds to purchase low-priced electricity from another provider, which it ships back to the original utility. "We do best in competitive markets," Lay said. "These are sustainable markets." TRADING FRENZY Enron's trading floors buzz all day long with frantic activity as mostly young, mostly male employees scan banks of flat-panel displays in search of the best deals. Rock music blares from speakers, giving the scene an almost frat-party atmosphere. The company's trading volume skyrocketed last year with the advent of an Internet-based bidding system, which logged 548,000 trades valued at $336 billion, making Enron by far the world's single biggest e-commerce entity. Kevin Presto, who oversees Enron's East Coast power trades, called up the California electricity market on his computer. With a few quick mouse clicks, he showed that Enron at that moment was buying power in the Golden State at $250 per megawatt hour and selling it at $275. "Some days we're at $250, some days $300 and some days $500," Presto said over the steady thump-thump of the trading floor's rock 'n' roll soundtrack. "There's truly a problem out there." This is a recurring theme among Enron officials: California's electricity market is broken and Enron would prefer it if things just settled down. As Lay himself put it, "The worst thing for us is a dysfunctional marketplace." In reality, California's dysfunctional marketplace means Enron isn't just making piles of money, it's seeing profits both coming and going. LOTS OF BUSINESS IN CALIFORNIA The company's energy services division, which handles the complete energy needs of large institutions, counts among its clients the University of California and California State school systems, Oakland's Clorox Co., and even the San Francisco Giants and Pac Bell Park. Enron purchases electricity on behalf of these clients from Pacific Gas and Electric Co., which by law must keep its rates frozen below current market values. At the same time, Enron sells power to PG&E at sky-high wholesale levels. In other words, Enron is buying back its own electricity from PG&E for just a fraction of the price it charges the utility. "These guys are the pariahs of the power system," said Nettie Hoge, executive director of The Utility Reform Network in San Francisco. "Why do we need middlemen? They don't do anything except mark up the cost." To be fair, energy marketers such as Enron can help stabilize an efficient marketplace by promoting increased competition between buyers and sellers. This has proven the case in Pennsylvania, where Enron actively trades among about 200 market participants. But in an inefficient market such as California, a company like Enron can easily exacerbate things by exploiting loopholes in the state's ill-conceived regulatory framework. Sylvester Turner, a Houston lawmaker who serves as vice chairman of the state committee that oversees Texas utilities, said he can't blame Enron and other power companies for pursuing profits in California. "California set up some bad rules, and these companies played by the rules California set up," he said. "At the end of the day, they will behave to enhance their bottom lines." But as Texas proceeds toward deregulation of its own electricity market next year, Turner said he has learned from California's experience -- and is taking steps to prevent Texas' power giants from shaking down local consumers. LESSONS FROM GOLDEN STATE He has written a bill intended to give the Texas Public Utility Commission more authority in cracking down on market abuses. The power companies are fighting the legislation as hard as they can. Not least among Turner's worries is that Texas will see what California officials believe happened in their state: A deliberate withholding of power by leading providers until surging demand had pushed prices higher. "I have that concern," he said. "I don't necessarily take these companies at their word." For his part, Lay insists that Enron has never deliberately manipulated electricity prices. "I don't know of any of that," he said. "It's so easy to conjure up conspiracy theories." As a sign of Enron's commitment to solving California's energy troubles, Lay said he supported Davis when the state began negotiating long-term power contracts on behalf of utilities. So how many contracts has Enron signed? Suddenly, the hurt, puppyish expression vanished from Lay's face, and a harder, more steely look glinted from his eyes. "None," he said. "We won't be signing until we're certain about recovering our costs." Consider this a shot across California's bow. PHOTO; Caption: Chairman Kenneth Lay said Enron had "nothing to do with creating the (energy) problem." Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. Enron boss says he's not to blame for profits in energy crisis 03/04/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. SAN FRANCISCO (AP) - Yes, his business has profited handsomely from California's energy crisis, but Enron Corp. Chairman Kenneth Lay says he shouldn't be a scapegoat in California's energy crisis. That hasn't swayed Gov. Gray Davis, who has skewered energy companies such as Houston-based Enron for selling expensive power to California. "Never again can we allow out-of-state profiteers to hold Californians hostage," Davis warned in his State of the State address. More recently, however, Davis called Lay to discuss negotiations as the state looks to buy power transmission lines from troubled utilities. "I told him we couldn't support it," Lay told the San Francisco Chronicle in an interview at his Houston office. "It will lead to an even less efficient transmission grid and, longer term, it could make things worse." Lay is not just any private-sector energy czar - Enron Corp. is the world's largest energy trader and Lay is a close friend of President George Bush. Lay and his corporation have donated more than $500,000 to Bush's various political campaigns in recent years and he offered Bush use of Enron's private jet during the presidential race. But Lay said it's economics, not politics, that matter in California's energy crisis. And he thinks it unfair that Davis has blamed out-of-state energy brokers for the protracted problems. "We didn't make the rules in California," Lay said. "We had nothing to do with creating the problem." The problem, many analysts agree, began with the state's deregulation of the power industry in 1996. Enron encouraged deregulation, and the state's ensuing power crisis has been lucrative for the corporation. Enron's stock jumped 86 percent in 2000 and its revenues more than doubled to $101 billion. Lay, 58, was compensated accordingly - he received nearly $16 million in stock and cash beyond his $1.3 million salary last year, compared with less than $4 million in bonuses in 1999. Lay refused to say how much Enron has made off California's crisis, though he conceded the profit was "not inconsequential." "We benefit from the volatility," said Lay, who took over Enron in 1985 and has helped turn the corporation into a major player in the trading of electricity as a commodity. But Lay rejected suggestions that Enron has manipulated prices upward by insisting California pay dearly for last-minute power that has helped keep the lights on in recent months. "I don't know of any of that," he said. "It's so easy to conjure up conspiracy theories." Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. BUSINESS NET WORTH The Stadium Curse? / Some stocks swoon after arena deals Kathleen Pender 03/04/2001 The San Francisco Chronicle FINAL B1 (Copyright 2001) Is buying the name of a big-league stadium the kiss of death for a company, or does it only seem that way? From Network Associates Coliseum in Oakland to the unfinished CMGI Field outside Boston, the nation is dotted with sports venues named after companies whose stocks have been sacked. The Super Bowl champion Baltimore Ravens play in a stadium named after PSINet, whose stock has fallen 92 percent to $1.25 a share since it bought naming rights. The problem names are not all tech. The owners of the TWA Dome in St. Louis and Pro Player Stadium in Miami are looking for new corporate sponsors because their current ones are bankrupt. TWA is an airline. Pro Player was part of underwear-maker Fruit of the Loom. The home of the Anaheim Angels could be in the market for a new name if Edison International, parent of electric utility Southern California Edison, runs out of juice. Of course, these companies were not in trouble when they promised to pay tens or hundreds of millions of dollars to have their names plastered on a ballpark or arena. In fact, many were at their peak. Which begs the question: Should investors get worried when a company in which they own stock puts its name up among the floodlights? Brian Pears, head of equity trading with Wells Capital Management, wonders if companies are susceptible to some weird strain of the "Sports Illustrated curse." It seems as if any athlete who is pictured on the cover of SI magazine invariably loses his next game or pulls a groin muscle. Business celebrities suffer from a similar phenomenon: Amazon.com Chief Executive Officer Jeff Bezos was named Time magazine's 1999 person of the year just before his company's stock price tanked. Don Hinchey, who advises buyers and sellers in naming-rights deals, doesn't think the curse holds true in stadium and arena deals. "You can make a case that a company is doing well when it acquires a naming rights sponsorship, but you can't necessarily say it corresponds with a peak in its business," says Hinchey, director of creative services for the Bonham Group in Denver. TRACKING NAMING FIRMS To find out if Hinchey is right, I tracked the stock market performance of publicly held companies since they bought naming rights to 47 big-league sports venues in North America. I excluded facilities named after subsidiaries of larger companies, including Miller Park in Milwaukee (Miller Brewing is part of Philip Morris) and Pac Bell Park in San Francisco (Pacific Bell is owned by SBC Communications, which is putting its own name on an arena in San Antonio). I used the announcement date as a starting point because stadium naming deals are, after all, marketing endeavors. The announcement of a deal generates tons of publicity, which is considered positive, even if the publicity is negative and even if the stadium won't open for several years. Then I compared each company's stock market performance with the Standard & Poor's 500 index during the same period. The bottom line: 29 of the 47 companies that bought stadium or arena names are trading at a higher stock price today than when the deals were announced, according to data from FactSet Research Systems. (Two companies each bought two names and were counted twice.) But -- and this is a big but -- only 13 of them beat the S&P 500 during the period since their respective deals were announced. So buying a stadium name might not be a curse, but it's no guarantee the company will beat the market. WINNERS, LOSERS The companies that have done best since buying a name come from a wide variety of industries. The biggest winner is Qualcomm, a wireless telecommunications company. Although its stock is down 65 percent from its peak, it's still up 746 percent since it agreed to slap its name on a San Diego stadium. The next-biggest winners include Target (discount stores), Ericsson (telecom equipment), Coors (beer), Fleet Financial (banking), Pepsi (soft drinks) and Enron (energy). The biggest losers are TWA, PSINet (Internet service provider), CMGI (Internet incubator), Savvis Communications (telecom services) and Network Associates (network security software). Network Associates' stock peaked about three months after it bought naming rights to the Oakland Coliseum in September 1998. Since then, it has suffered a string of setbacks. After the Securities and Exchange Commission questioned its accounting practices, it restated its financial results for 1997 and 1998. Its CEO resigned in December. Network Associates is paying slightly more than $1 million per year for the coliseum name. It can get out of its 10-year deal after five years. The company "has been paying us," says Deena McClain, general counsel with the Oakland-Alameda County Coliseum Authority. "We haven't had any discussions with them" about changing the contract. Most naming-rights contracts have "out clauses that allow the parties to extricate themselves if they want, can or need to in the event of financial difficulties or if a team moves," says Hinchey. Although nobody likes to be associated with a loser, stadium owners may benefit if a troubled company cuts out of a deal early. That's because stadium name prices have skyrocketed since the mid- 1990s, when $1 million a year -- give or take -- was average. In 1999, FedEx agreed to pay $205 million over 27 years to be named home of the Washington Redskins. In 2000, CMGI agreed to pay $114 million over 15 years to have its name on the new home of the New England Patriots. It's questionable what kind of shape CMGI will be in when the stadium opens next year. The "10-gallon hat of naming rights deals," says Hinchey, is in Houston, where Reliant Energy will pay $300 million over 32 years to name the Astrodome and a new football stadium after itself. Some customers of Reliant's utility subsidiary were outraged when the deal was announced because the company was also raising electricity rates. Some shareholders also get perturbed when their company spends money on a stadium instead of a new plant or stock dividends. But Jim Grinstead, editor of Revenues from Sports Venues, says, "you have to look at the (stadium) purchase in light of total marketing budget. It sounds like big money, but frequently it's over 20 to 30 years. If you take out things the company might buy anyway, like tickets and luxury suites, it's small potatoes." WHAT A DEAL IS WORTH The main benefit of a stadium deal is the exposure a company gets when a game is broadcast on TV or radio or mentioned in print. "This is the biggest bang for your buck in terms of branding," says Jennifer Keavney, a Network Associates vice president who negotiated the stadium deal. She says the cost of her deal, about $1 million a year, "won't even buy you a Super Bowl ad. It will buy five commercials on a nationally televised football game, maybe." The Coliseum, perched beside Interstate 880, also acts like a giant billboard for the company, which frequently gets mentioned in traffic reports. Hinchey says most naming deals also include tickets and luxury boxes; on-site exposure through signage and kiosks; premium nights when the sponsor might offer samples at the park; and inclusion in programs, tickets and flyers. Most companies that strike stadium deals want to become a household name because they sell consumer products or services. But not always. 3Com sold nothing but corporate networking gear when it bought the name to Candlestick Park in San Francisco in 1995. "It was a good move for them," says Jim Grinstead, editor of Revenues from Sports Venues. "They got the employees they were looking for, the visibility they were looking for. At the time, they were a player in a crowded field, and they wanted to look like a fun place to work." Last April, 3Com extended its original 4-year contract for two more years. The biggest risk companies run is that the team that plays in their facility will be a loser. "Companies invest in an entity that can enhance their brand, their sales and hospitality efforts. Certainly that loses its luster if the team is not performing well," Hinchey says. "But corporations realize the team's success on the field fluctuates. It could be a champion one year, next year in the dumps." The same can be said about the corporate sponsors, which is something stadium owners -- be they taxpayers or business tycoons -- must realize when they sell a name. PHOTO; Caption: Rich Gannon of the Oakland Raiders scored in Oakland's Network Associates Coliseum last year. / Frederic Larson/The Chronicle 2000 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.	[email protected]	[email protected]
arnold-j/_sent_mail/623.	subject: Re: ecommerce content: Hard to believe , huh [email protected] on 03/05/2001 11:31:02 AM To: [email protected] cc: Subject: Re: ecommerce just saw your picture ion that magazine-one would never imagione that smart guy was doing the " rerun" dance at the edf man pary just over a year ago!!!	[email protected]	[email protected]
arnold-j/_sent_mail/624.	subject: RE: Pops Order Number 20267 John Arnold content: I ordered 3 different things...I thought your "wine inventory listings are updated DAILY" ??? [email protected] (Pops wine Sales) on 03/05/2001 02:28:38 PM To: <[email protected]> cc: Subject: RE: Pops Order Number 20267 John Arnold Thank You for your on-line order! The item(s) you ordered are currently out-of-stock. You will be automatically notified when they become available. Thanks!! Pop's Wines & Spirits 256 Long Beach Road Island Park, New York 11558 516.431.0025 516.432.2648, fax [email protected] www.popswine.com	[email protected]	[email protected]
arnold-j/_sent_mail/625.	subject: RE: Pops Order Number 20267 John Arnold content: Not impressive ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:06 AM --------------------------- [email protected] (Pops wine Sales) on 03/05/2001 02:28:38 PM To: <[email protected]> cc: Subject: RE: Pops Order Number 20267 John Arnold Thank You for your on-line order! The item(s) you ordered are currently out-of-stock. You will be automatically notified when they become available. Thanks!! Pop's Wines & Spirits 256 Long Beach Road Island Park, New York 11558 516.431.0025 516.432.2648, fax [email protected] www.popswine.com	[email protected]	[email protected]
arnold-j/_sent_mail/626.	subject: content: yes...please change griffith to trading. thanks, john	[email protected]	[email protected]
arnold-j/_sent_mail/627.	subject: Re: CANCELLED - Trader's Roundtable content: probably because jeff's out,, but let's go ahead and have it To: John Arnold/HOU/ECT@ECT cc: Subject: Re: CANCELLED - Trader's Roundtable Yes, I'm around all week and, I don't know why the Tuesday meeting was cancelled. Gary	[email protected]	[email protected]
arnold-j/_sent_mail/628.	subject: content: dinner or drinks tonight?	[email protected]	[email protected]
arnold-j/_sent_mail/629.	subject: Re: contangos vs winter putspds content: So my point shown a little bit right now.. Weather a little cooler for this week. Overall normal for 6-10. JV up 12 cents. Think just as customers got totally fucked last year selling into the rally, they are going to buy all the way down. Differnence is last year trade very happy to take in all the length. This year trade not ready to get really short. Not until healthy inj in April anyways. I think money from here will be made being short, just question of what and when. Think there'll be enough hedging demand to keep curve very strong unless phys market just totally rejects price level. With amount of inj capacity available, hard to believe phys market is going to dictate prices for next couple months. I think it will be spec and hedgers dictating. Spec staying on sidelines right now and hedgers buying. Leads to more upside potential in short term. My point in V/X was that jv would be strong and cal2 hedging was from sell side leading to pressure on those spreads. The california term power sales have totally changed that. Before, the only thing customers were selling was cal 2. Now, customer interest much more from buyside in cal 2,3 solely from california. Now turning neutral v/x and x/z. You have very valid points. i like q/v more though. I think you could have 10 cents of upside in that with little downside. Thoughts?	[email protected]	[email protected]
arnold-j/_sent_mail/63.	subject: Re: good morning content: very interesting.... i've been looking for new activities. maybe i was born to be a knight "Jennifer White" <[email protected]> on 10/26/2000 12:45:17 PM To: [email protected] cc: Subject: Re: good morning http://www.kofc.org/ (I can find anything!) It looks like they are an organization of Catholic men (with 'Vote for life' on their web site - scarry!). I'm voting at a middle school. Let's hope I don't get shot. ---- [email protected] wrote: > > my polling location is the knights of columbus hall. > > what exactly is a knight of columbus? > > ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com	[email protected]	[email protected]
arnold-j/_sent_mail/630.	subject: Re: friday content: so according to your analysis, had we been at $2.5 gas and we were not bordering on a recession, we would have had the highest AGA number of recorded history for this week, last week, or next week by 15 bcf? seems a little far fetched to me. Our analysis is saying: gas at 2.50 we would have had 4.5 bcf a day more demand. that includes commercial residential industrial switching processing... as far as 2 bcf/d power gen demand- that counts the fact that last year was extremely mild versus expectation of normal summer this year, west will be running every gas unit virtually all hours as power demand is growing maybe 5% still and hydro way down. every molecule that can will flow west from waha this summer versus little last year. east power prices really havent reached point of priceing out demand and heat rates healthy enough to where gas can go up without raising power prices to cut demand. some concern of more efficient replacing less but hard to quantify. we're trying to build the stack now to estimate. frac margins now positive for all but most inefficient processors. will continue coming back. a little concerned about 2 oil prices. bordering right there now for places like florida and actually saw fl demand rise 100,000 last week as gas got to parity. let me look into inj capability. definitely bigger when field is empty from engineering standpoint so any problems really wont arise until fall when gen demand low and inj capacity lower...my initial thoughts. bo seems as neutral as everyone else in the market right now. really inactive. to clarify, not raging bull. i like everybody want to see what the inj numbers in april look like. nobody putting a position on until that starts to clarify. just think that hedging demand is making market a little short right now making next move up more likely. would be scale up seller though not really sure why cash trades at 10-15 back. doesnt make any sense. however as more fields start turning around throughout month, the stg arb to great in my opinion to keep spread there. must close one way or the other. notice that spread tightened to 6-8 towards end of trading friday? in general think that gas is reaching the elasticity stage right here. 50 cents lower and no switching, no processing, and gain back some demand. market needs to see some big stg numbers first. i think the best play right now is to start buying longer term put spreads. Jan 4/3.5 look great to me. if we get back to 2.8 and don't match last year's early weather, bombs away. [email protected] on 03/03/2001 07:03:14 AM To: [email protected] cc: Subject: friday this doesnt allow for new generation demand-which is unclear cuz it requires power px, also doesnt accrue for more eficient gen replacing inneficient, weather of course. but 2bcf/d sounds hi-esp shudnt happen until loads peak in july-shud be marginal in apr-jun if you notice im not alot diff than your guys-4.6 demand destruction is implied but im including a factor for R/C energy conservation-ie poor guys like me turning lites off and thermostat down-its making a difference- that will be less factor in shoulder demand months-reason why i think y on y s&d swing will be closer to 5 bcf apr-jun, if px doesnt fall and electricity spikes i think we'll see conservation return cuz i wont turn on my air cnditioner now rember the 7.4 is vs gas at sub 6.00 ie february which is approx where we are today all that being said yes some demand has come back-but it is as i consider extraordinary demand destruction-those things which never really have occured before-like the level for fuel switching in jan and fractionation margins(ie liquids) which were all non existent a year ago save for residual fuel. some ammonia/fert prod has come back as well. but when you get down to 2 -3 bcf/d industrial in the more i think of it-may not be destruction anymore as mucha unction of an economic slowdown. anyway -i think i only know two guys that are bearish-me and one of your big fund customers(ospraie). we'll see. is collins bullish as well-he seems quieter in the mkt lately. heres another one-what you guys think the industry capacity for injection is on a weekly basis? we sud test it...in other words if the max is say 105 then means the basis will uttery colpase on daily cuz mkt will keep futs too hi and be unable to inject all the gas available? thots also, you any idea why cash at the hub alway seems to hold a 10-15 ct discount lately daily vs next month futs? why not 5 or 30 cts? i dont get it bt wondering if its transportation or storage cost related. have a good weekdn my man ---------------------- Forwarded by Steve LaFontaine/GlobalCo on 03/03/2001 07:38 AM --------------------------- From: Steve LaFontaine on 03/01/2001 05:01 PM To: [email protected], Terry Sullivan/GlobalCo@GlobalCo cc: Fax to: Subject: friday i think you are done with hhd/cdd stuff -ie did you complete the cdds vs utilites demand? also monthly hdds vs residential and commercial demand?(combined)?, cdds vs total stock change?? if all these are done add them to the summary sheet in usable formula form-ill show you what i mean then we start our price data base from bloom berg check this out-using the regression you did for nov-march 99/00 came to a draw of 155 with 195 gw hdds, i decreased the draw by the amount i beleive is the y on y supply demand swing. ie 1.5 bcf prod 1.1 bcf./d import 3 bcf/d industrial 1.16 fuel switching .5 ngl neg processing 1.3 r/c conservation --------------------------------- =7.4* 7=103 aga came in at 101, so excellant, back testing vs the week prior cam to 81, vs aga 81!!! nt bad-is a very bearish s&d is this continues cuz says injections will be enoromous in the spring	[email protected]	[email protected]
arnold-j/_sent_mail/631.	subject: CANCELLED - Trader's Roundtable content: Are you around next Tuesday? ---------------------- Forwarded by John Arnold/HOU/ECT on 03/02/2001 04:22 PM --------------------------- From: Jennifer Burns/ENRON@enronXgate on 03/02/2001 03:29 PM To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael Bradley/HOU/EES@EES, Jennifer Fraser/ENRON@enronXgate, Mike Grigsby/HOU/ECT@ECT, Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Kevin McGowan/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Bill White/NA/Enron@Enron, Gary Hickerson/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, John J Lavorato/ENRON@enronXgate cc: Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Gloria Solis/ENRON@enronXgate, Helen Marie Taylor/HOU/ECT@ECT, Tamara Jae Black/HOU/ECT@ECT, Angie Collins/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, Kimberly Hillis/ENRON@enronXgate Subject: CANCELLED - Trader's Roundtable The trader's roundtable meeting for Tuesday, March 6 at 4:00PM has been cancelled. Thanks! Jennifer	[email protected]	[email protected]
arnold-j/_sent_mail/632.	subject: Re: silverman content: I think you need to check your AGA model. 7.2 bcf/d seems awfully high. That's saying that had gas been at $2.5, the AGA for the week would have been 151. Look at the AGA history for last week, this week and next week. 94 95 96 97 98 99 00 01 3rd week of Feb -64 -46 -64 -63 -77 -97 -136 -81 4th week of Feb -132 -118 -62 -76 -47 -128 -74 -101 1st week of Mar -27 -132 -118 -57 -54 -69 -37 ?? Do you really think the # would have been 151 with no demand destruction? It wasn't even really cold. That would have been the highest AGA # of the three weeks by 15 bcf. Our guys are thinking 4.5 bcf/d. Pira is saying that Feb as a whole averages 3.5-4 bcf/d. That's just destruction and does not include new production, if any. Further Pira estimates that March destruction will be about half of Feb. Assuming that gets to equilibrium: 2 bcf/d demand destruction, 2 bcf/d more production, 2 bcf/d more gas generation demand. Start with a 400 b deficit and 200 injection days gets you to flat against last years storage in current price environment. I think we are fairly priced fundamentally, but with huge customer imbalance for hedging from buy side, surprises in the market right now are to the upside in my view. Course hard to imagine $6 for J. Just sell vol. [email protected] on 03/02/2001 10:54:14 AM To: [email protected] cc: Subject: Re: silverman my next aga number is 75-sllitely more than pira and assumes 7.2 bcf/d y on y s&d swing-the higher prices now the uglier it'll be later. contmaplating buying some 4.00 puts for lat 2nd q or early 3q for a few pennies. so whaen we go above last years stx in may!! beleive it or not pero been worse chop fest than gas-all i know is going to steamboat co skiing next wed-sunday with mans refined prod groups next week so taking postion down to the stuff i really like, dont have to worry too much about. [email protected] on 03/02/2001 11:44:50 AM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: silverman i think this is the biggest chopfest in nat gas history. scale up seller, scale down buyer. reviewing my aga model and assumptions later today. i'll see if i have any new inspirations. [email protected] on 03/02/2001 10:25:45 AM To: [email protected] cc: Subject: Re: silverman he will be if we cut him off for a week i bet he gets some inspiration. have a good weekdn. any view here? i think short term range stuff-med-longer term you know what i think. sprds/front to backs range-bear em at -2 bull em at -5 till they go prompt. [email protected] on 03/02/2001 11:22:30 AM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: silverman ok. i would not describe him as the hardest working man in the energy business. [email protected] on 03/02/2001 08:54:44 AM To: [email protected] cc: Subject: silverman i say we make a pact, next time silver man calls in sick on a friday after a typical nite out you and i cut him off for the entire next week. deal?	[email protected]	[email protected]
arnold-j/_sent_mail/633.	subject: content: are you free at 3:00 today to go over the aga model?	[email protected]	[email protected]
arnold-j/_sent_mail/634.	subject: Re: silverman content: i think this is the biggest chopfest in nat gas history. scale up seller, scale down buyer. reviewing my aga model and assumptions later today. i'll see if i have any new inspirations. [email protected] on 03/02/2001 10:25:45 AM To: [email protected] cc: Subject: Re: silverman he will be if we cut him off for a week i bet he gets some inspiration. have a good weekdn. any view here? i think short term range stuff-med-longer term you know what i think. sprds/front to backs range-bear em at -2 bull em at -5 till they go prompt. [email protected] on 03/02/2001 11:22:30 AM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: silverman ok. i would not describe him as the hardest working man in the energy business. [email protected] on 03/02/2001 08:54:44 AM To: [email protected] cc: Subject: silverman i say we make a pact, next time silver man calls in sick on a friday after a typical nite out you and i cut him off for the entire next week. deal?	[email protected]	[email protected]
arnold-j/_sent_mail/635.	subject: Re: silverman content: ok. i would not describe him as the hardest working man in the energy business. [email protected] on 03/02/2001 08:54:44 AM To: [email protected] cc: Subject: silverman i say we make a pact, next time silver man calls in sick on a friday after a typical nite out you and i cut him off for the entire next week. deal?	[email protected]	[email protected]
arnold-j/_sent_mail/636.	subject: Re: thanks/ follow up content: maybe cal 2. Caroline Abramo@ENRON 03/02/2001 08:00 AM To: John Arnold/HOU/ECT@ECT cc: Subject: thanks/ follow up Thanks for talking to Catequil... any chance we get 02 and 03 on-line soon?	[email protected]	[email protected]
arnold-j/_sent_mail/637.	subject: Re: mkts content: freak show. cash started -7 then to -15 then -7 ended -15.	[email protected]	[email protected]
arnold-j/_sent_mail/638.	subject: Re: cash mkts content: freak show. started at -7. went to -15 then -7 then finishing out -15 [email protected] on 02/28/2001 08:32:27 AM To: [email protected] cc: Subject: Re: cash mkts john wud you mind terrbly telling me how hen hub and east etc cash mkts are this am as a delta to the screen? im working from home and my connection too slow to get eol??? appreciate it alot-i bot some apr/jul (bulls sprd) for a short term play.	[email protected]	[email protected]
arnold-j/_sent_mail/639.	subject: Re: mkts content: industrial demand the scary thing. no question there are some steel mills and auto factories and plastics plants that were on last november that arent coming up now and its not due to gas prices. the economy sucks and it will affect ind demand. [email protected] on 02/28/2001 08:03:43 AM To: [email protected] cc: Subject: Re: mkts at least a myn dollars-need to talk to pira on that. excellant point. need to do some margin analyses . having said all that look at corporate earnings from last year to this year regardless of natgas costs as a feed industrials will be running slower and consumers just now feeling the pinch as rate increases have only just recently gotten approved and passed to the likes of us and people less fortunate than us. [email protected] on 02/27/2001 11:05:40 PM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: mkts but that's my point. the demand destruction roared its ugly head beginning of Jan. The price level was $9. Of course there is a lag. Let's make up a lag time...say one month. On Dec 1 cash was trading $6.70. Probably a similar lag on the way down. Cash is $5.20 today. How much lost demand will there be in a month if we're still $5.2? million dollar question if you can answer that. [email protected] on 02/27/2001 08:12:32 PM To: [email protected] cc: Subject: Re: mkts off the cuff i wud say tho same goes for 5.00 gas-currently 6-7 bcf/day swing y on y too much, to buy this level you need to take the view that industrial america and residential and end users will be able to get back on their feet and recocover a lion share of the 4-4.5 bcf/d demand destruction(this assumes as current. very little if any dist fuel switching. i think the answer is no-not unless the economy was jump starter quickly-2nd q is gone,so maybe th 4q. remember the demand destruction and industrial shit really just started only 6 weeks ago-me thinks it will take longer than that to get back into full swing. we all trade the y on y gap...all things remaining equal(ie term px for the summer), starting april we'll have a surplus the other way by july barring a greenhouse in the ohio valley good to hear your view pt as always-even if it is wrong!!! ha [email protected] on 02/27/2001 08:23:22 PM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: mkts Good to hear from you. After a great F, had an okay G. Held a lot of term length on the risk/reward play. Figured if we got no weather, all the customer and generator buying would be my stop. It was. Amazing that for the drop in price in H, the strips have really gone nowhere. just a big chop fest. i here your arguments, but think they are way exagerated. Agree with 1.5-2 bcf/d more supply. Call it 2 with LNG. Imports from Canada should be negligible. Now let's assume price for the summer is $4. No switching, full liquids extraction, methanol and fertilizer running. Electric generation demand, considering problems in west and very low hydro, around 1.5 bcf/d greater this year with normal weather. Means you have to price 2 bcf/d out of market. Don't think $4 does that. What level did we start really losing demand last year? It was higher than 4. concerned about recession in industrial sector thats occuring right now. Think gas is fairly valued here. Dont think we're going to 7. But I think fear of market considering what happened this past year will keep forward curve very well supported through spring. we're already into storage economics so the front goes where the forward curve wants to go. [email protected] on 02/26/2001 04:48:06 PM To: [email protected] cc: Subject: mkts its been a while-hope all is well. not a great few weeks for me in ngas-not awful just nothing really working for me and as you know got in front of march/apr a cupla times, no disasters. well im bearish-i hate to be so after a 4 buck drop but as i said a month ago to you-and now pira coming around. 5.00 gas is a disaster for the natgas demand. now production up strongly y on y...you guys agree on the production side? i know youve been bullish the summer-think im stll in the minority-but here you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day y on y swing . then i submit as we started to see due huge rate increases R/C demandd energy conservation will be even more dramatic this summer which will effect utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan for this factor i say it cud be bigger this summer as ute loads increase, power pxes rise and consumers become poorer. there will be more demand flexibilty in the summer part in the midcon and north as AC is more of a luxury item than heat. i say 5-6% lower use in residentail/utilty power consumption due rationing is another .7/1bcf/d loss. put all this together we wud build an addional 1284 apr thru oct on top of last years 1715 build basis last year temps and todays prices. takes us to 3.6 tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to restore demand??? thots. as far as that other thing, the p&c its still alive, shud know more soon and ill keep you posted.	[email protected]	[email protected]
arnold-j/_sent_mail/64.	subject: Re: good morning content: my polling location is the knights of columbus hall. what exactly is a knight of columbus?	[email protected]	[email protected]
arnold-j/_sent_mail/640.	subject: Re: BNP PARIBAS Commodity Futures Weekly AGA Survey content: 94 [email protected] on 02/28/2001 07:13:22 AM To: [email protected] cc: Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey Good Morning, Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY. Last Year -74 Last Week -81 Thanks, Michael Byrne BNP PARIBAS Commodity Futures ______________________________________________________________________________ _______________________________________________________ Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur. Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse. L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie. ------------------------------------------------------------------------------ ---- This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval. The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified. ______________________________________________________________________________ _______________________________________________________	[email protected]	[email protected]
arnold-j/_sent_mail/641.	subject: Invoice for advisory work content: Ina: Can you get this paid on a rush basis? thanks,john ---------------------- Forwarded by John Arnold/HOU/ECT on 02/28/2001 06:53 AM --------------------------- "Mark Sagel" <[email protected]> on 02/02/2001 10:39:38 AM To: "John Arnold" <[email protected]> cc: Subject: Invoice for advisory work Attached is an invoice that covers the three-month trial period.? Hope all is well. ? Mark Sagel - invoice enron 9938.doc	[email protected]	[email protected]
arnold-j/_sent_mail/642.	subject: Re: mkts content: but that's my point. the demand destruction roared its ugly head beginning of Jan. The price level was $9. Of course there is a lag. Let's make up a lag time...say one month. On Dec 1 cash was trading $6.70. Probably a similar lag on the way down. Cash is $5.20 today. How much lost demand will there be in a month if we're still $5.2? million dollar question if you can answer that. [email protected] on 02/27/2001 08:12:32 PM To: [email protected] cc: Subject: Re: mkts off the cuff i wud say tho same goes for 5.00 gas-currently 6-7 bcf/day swing y on y too much, to buy this level you need to take the view that industrial america and residential and end users will be able to get back on their feet and recocover a lion share of the 4-4.5 bcf/d demand destruction(this assumes as current. very little if any dist fuel switching. i think the answer is no-not unless the economy was jump starter quickly-2nd q is gone,so maybe th 4q. remember the demand destruction and industrial shit really just started only 6 weeks ago-me thinks it will take longer than that to get back into full swing. we all trade the y on y gap...all things remaining equal(ie term px for the summer), starting april we'll have a surplus the other way by july barring a greenhouse in the ohio valley good to hear your view pt as always-even if it is wrong!!! ha [email protected] on 02/27/2001 08:23:22 PM To: Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: Re: mkts Good to hear from you. After a great F, had an okay G. Held a lot of term length on the risk/reward play. Figured if we got no weather, all the customer and generator buying would be my stop. It was. Amazing that for the drop in price in H, the strips have really gone nowhere. just a big chop fest. i here your arguments, but think they are way exagerated. Agree with 1.5-2 bcf/d more supply. Call it 2 with LNG. Imports from Canada should be negligible. Now let's assume price for the summer is $4. No switching, full liquids extraction, methanol and fertilizer running. Electric generation demand, considering problems in west and very low hydro, around 1.5 bcf/d greater this year with normal weather. Means you have to price 2 bcf/d out of market. Don't think $4 does that. What level did we start really losing demand last year? It was higher than 4. concerned about recession in industrial sector thats occuring right now. Think gas is fairly valued here. Dont think we're going to 7. But I think fear of market considering what happened this past year will keep forward curve very well supported through spring. we're already into storage economics so the front goes where the forward curve wants to go. [email protected] on 02/26/2001 04:48:06 PM To: [email protected] cc: Subject: mkts its been a while-hope all is well. not a great few weeks for me in ngas-not awful just nothing really working for me and as you know got in front of march/apr a cupla times, no disasters. well im bearish-i hate to be so after a 4 buck drop but as i said a month ago to you-and now pira coming around. 5.00 gas is a disaster for the natgas demand. now production up strongly y on y...you guys agree on the production side? i know youve been bullish the summer-think im stll in the minority-but here you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day y on y swing . then i submit as we started to see due huge rate increases R/C demandd energy conservation will be even more dramatic this summer which will effect utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan for this factor i say it cud be bigger this summer as ute loads increase, power pxes rise and consumers become poorer. there will be more demand flexibilty in the summer part in the midcon and north as AC is more of a luxury item than heat. i say 5-6% lower use in residentail/utilty power consumption due rationing is another .7/1bcf/d loss. put all this together we wud build an addional 1284 apr thru oct on top of last years 1715 build basis last year temps and todays prices. takes us to 3.6 tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to restore demand??? thots. as far as that other thing, the p&c its still alive, shud know more soon and ill keep you posted.	[email protected]	[email protected]
arnold-j/_sent_mail/643.	subject: content: Forgot, I'm leaving town tomorrow afternoon. Will be back Thursday morn. We'll do it some other time.	[email protected]	[email protected]
arnold-j/_sent_mail/644.	subject: Re: mkts content: Good to hear from you. After a great F, had an okay G. Held a lot of term length on the risk/reward play. Figured if we got no weather, all the customer and generator buying would be my stop. It was. Amazing that for the drop in price in H, the strips have really gone nowhere. just a big chop fest. i here your arguments, but think they are way exagerated. Agree with 1.5-2 bcf/d more supply. Call it 2 with LNG. Imports from Canada should be negligible. Now let's assume price for the summer is $4. No switching, full liquids extraction, methanol and fertilizer running. Electric generation demand, considering problems in west and very low hydro, around 1.5 bcf/d greater this year with normal weather. Means you have to price 2 bcf/d out of market. Don't think $4 does that. What level did we start really losing demand last year? It was higher than 4. concerned about recession in industrial sector thats occuring right now. Think gas is fairly valued here. Dont think we're going to 7. But I think fear of market considering what happened this past year will keep forward curve very well supported through spring. we're already into storage economics so the front goes where the forward curve wants to go. [email protected] on 02/26/2001 04:48:06 PM To: [email protected] cc: Subject: mkts its been a while-hope all is well. not a great few weeks for me in ngas-not awful just nothing really working for me and as you know got in front of march/apr a cupla times, no disasters. well im bearish-i hate to be so after a 4 buck drop but as i said a month ago to you-and now pira coming around. 5.00 gas is a disaster for the natgas demand. now production up strongly y on y...you guys agree on the production side? i know youve been bullish the summer-think im stll in the minority-but here you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day y on y swing . then i submit as we started to see due huge rate increases R/C demandd energy conservation will be even more dramatic this summer which will effect utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan for this factor i say it cud be bigger this summer as ute loads increase, power pxes rise and consumers become poorer. there will be more demand flexibilty in the summer part in the midcon and north as AC is more of a luxury item than heat. i say 5-6% lower use in residentail/utilty power consumption due rationing is another .7/1bcf/d loss. put all this together we wud build an addional 1284 apr thru oct on top of last years 1715 build basis last year temps and todays prices. takes us to 3.6 tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to restore demand??? thots. as far as that other thing, the p&c its still alive, shud know more soon and ill keep you posted.	[email protected]	[email protected]
arnold-j/_sent_mail/645.	subject: Re: Suspend switch content: Would prefer a stand alone button as sometimes the problem is I can't operate stack manager. I need the ability to force everybody out of the website so people don't try to click numbers that are old. On a similar topic, what's the status of the out of credit message? Still a very frustrating problem for both counterparties and me. Do I need to follow up with Bradford about lowering sigma? Grab me Thursday afternoon to talk. From: Andy Zipper/ENRON@enronXgate on 02/27/2001 06:03 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Suspend switch I asked them to permission on your stack manager this function. You might want to have it as a stand alone icon on your desktop in case you can't operate stack manager. When you have a second I'd like to talk about the broker EOL product and ED F Man. Congrats on a big day. Total EOL gas volume was 425BcF (!!).	[email protected]	[email protected]
arnold-j/_sent_mail/646.	subject: EnronOnline Spreads Information Session content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/27/2001 06:51 PM --------------------------- Enron North America Corp. From: Savita Puthigai @ ENRON 02/27/2001 04:43 PM To: John [email protected], [email protected], [email protected], [email protected], John Arnold/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT, [email protected] cc: Subject: EnronOnline Spreads Information Session We have scheduled an information session regarding the new spreads functionality . Date Time Location 2/28/01 4.00 - 5.00 p.m. 27C2 I would appreciate it if you could forward this message to all the traders on your desk. Thanks Savita	[email protected]	[email protected], [email protected]
arnold-j/_sent_mail/647.	subject: Re: john griffith content: true Jeanie Slone 02/27/2001 10:06 AM To: John Arnold/HOU/ECT@ECT cc: Subject: john griffith true or false-John Griffith should be moved into your cost center with the same salary, same title effective Feb. 01.	[email protected]	[email protected]
arnold-j/_sent_mail/648.	subject: Re: when are you free for scuba next week? content: i'm free all week right now. prefer early in the week "White, J. (Jennifer)" <[email protected]> on 02/26/2001 02:57:45 PM To: "'[email protected]'" <[email protected]> cc: Subject: when are you free for scuba next week? I just talked to Henry about another pool session. What evenings are you available next week so that we can coordinate with Jeff (instructor)? The information contained in this communication is confidential and proprietary information intended only for the individual or entity to whom it is addressed. Any unauthorized use, distribution, copying, or disclosure of this communication is strictly prohibited. If you have received this communication in error, please contact the sender immediately. If you believe this communication is inappropriate or offensive, please contact Ocean Energy`s Human Resources Department.	[email protected]	[email protected]
arnold-j/_sent_mail/649.	subject: Drift Meeting content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:31 PM --------------------------- Shirley Tijerina@ENRON 02/26/2001 09:53 AM To: Wes Colwell/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Harry Arora/HOU/ECT, Joseph Deffner/HOU/ECT cc: Anita DuPont/NA/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Barbara Lewis/HOU/ECT, Megan Angelos/NA/Enron Subject: Drift Meeting The above mentioned meeting has been scheduled as requested on Wednesday, 2/28 from 3:30 - 4:30pm in EB3321. If you have any questions, please call me at X58113. Thanks.	[email protected]	[email protected]
arnold-j/_sent_mail/65.	subject: Re: good morning content: where's the site that i can sell my vote? "Jennifer White" <[email protected]> on 10/26/2000 08:36:29 AM To: [email protected] cc: Subject: good morning Here is the site that tells you where to vote: http://www.co.harris.tx.us/cclerk/elect.htm Go Yankees! :) ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com	[email protected]	[email protected]
arnold-j/_sent_mail/650.	subject: FW: "Chinese Wall" Classroom Training content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:30= =20 PM --------------------------- From: Mark Frevert/ENRON@enronXgate on 02/23/2001 01:12 PM To: Jeffery Ader/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, Edward D=20 Baughman/HOU/ECT@ECT, Dana Davis/ENRON@enronXgate, Doug=20 Gilbert-Smith/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Ben=20 Jacoby/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,=20 Fletcher J Sturm/HOU/ECT@ECT, Bruce Sukaly/Corp/Enron@Enron, Lloyd=20 Will/HOU/ECT@ECT, Mark Tawney/ENRON@enronXgate, George McClellan/HOU/ECT@EC= T,=20 Fred Lagrasta/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,= =20 Hunter S Shively/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Thomas A=20 Martin/HOU/ECT@ECT cc: =20 Subject: FW: "Chinese Wall" Classroom Training Chinese Wall training of one hour has been scheduled on the dates listed=20 below. The training is mandatory and allows EWS to continue operating all= =20 its businesses including equity trading without violating the securities la= ws. Please register for one of the four one-hour sessions listed below. Each= =20 session is tailored to a particular commercial group, and it would be=20 preferable if you could attend the session for your group. (Your particula= r=20 group is the one highlighted in bold on the list below.) =20 Monday, March 5, 2001, 10:00 a.m. =01) Resource Group Monday, March 5, 2001, 11:00 a.m. =01) Origination/Business Development Monday, March 5, 2001, 3:30 p.m. =01) Financial Trading Group Monday, March 5, 2001, 4:30 p.m. =01) Heads of Trading Desks Each of the above sessions will be held at the downtown Hyatt Regency Hotel= =20 in Sandalwood Rooms A & B. Alternatively, two make-up sessions are schedul= ed=20 for Tuesday, March 13, 2001 at 3:30 p.m. and 4:30 p.m. Location informatio= n=20 for the make-up sessions will be announced later. Please confirm your attendance at one of these sessions with Brenda Whitehe= ad=20 by e-mailing her at [email protected] or calling her at extension= =20 3-5438. Mark Frevert and Mark Haedicke =20	[email protected]	[email protected]
arnold-j/_sent_mail/651.	subject: RE: Buying back calls content: How about drinks at 5:30 on Thursday. I try not to interrupt work with personal business. "Gapinski, Michael" <[email protected]> on 02/25/2001 03:13:29 PM To: "'[email protected]'" <[email protected]> cc: Subject: RE: Buying back calls John - I completely understand your point of view. PaineWebber knows affluent investors such as yourself want access to alternative investments such as private equity and hedge funds. Our group has also found that high net worth individuals prefer a consultative relationship where we help you structure a complete asset allocation based on your objectives. We then provide you with access to, and help you select, third-party institutional money managers to make the day-to-day investment decisions. We also provide the ongoing performance monitoring of those managers, including correlations to the appropriate indices. I believe you will find our approach to be appreciably different from your previous contacts with financial advisors, where you have felt the advisor was 'pushing' a house fund or stock du jour. If your schedule permits, I would like to meet with you on Thursday afternoon to discuss this in more detail. How does 4 PM sound? - Mike -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Saturday, February 24, 2001 10:41 AM To: [email protected] Subject: RE: Buying back calls Michael: Thanks for putting the paperwork together. I would have interest in meeting if you can present unique investment opportunities that I don't have access to now. Most of my contact with financial advisors in the past has consisted of them suggesting a mutual fund, telling me to invest in Home Depot, Sun, and Coke, or trying to pass off their banks' biased research reports as something valuable. The above services provide no value to me personally. If you can present opportunities such as access to private equity or hedge funds, or other ideas with strong growth potential and low correlation to the S@P, I'd listen. John "Michael Gapinski" <[email protected]> on 02/21/2001 08:23:04 AM To: "'[email protected]'" <[email protected]> cc: "'Rafael Herrera'" <[email protected]> Subject: RE: Buying back calls John - We'll get the paperwork together and sent to you for naked options. At some point, I'd like to talk about the diversification strategy in more detail -- perhaps over dinner or a quick meeting after the markets close? Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 -----Original Message----- From: [email protected] [SMTP:[email protected]] Sent: Tuesday, February 20, 2001 10:14 PM To: [email protected] Subject: Re: Buying back calls Michael: Appreciate the idea. However, with my natural long, I'm not looking to really trade around the position. I believe ENE will continue to be range bound, but in case it is not, I don't want to forgo 50% of my option premium. I have price targets of where I would like to lighten up exposure to ENE and will use calls to implement the stategy. To that regards, I noticed I was not approved to sell naked calls. I would like that ability in order to hedge some exposure I have of unexercised vested options. Please look into that for me. John. "Michael Gapinski" <[email protected]> on 02/20/2001 06:28:27 PM To: "'Arnold, John'" <[email protected]> cc: Subject: Buying back calls John - I was looking at the recent pullback in ENE and thinking it might be an opportunity to buy back the calls you sold. Of course, you would then be in a position to sell calls again if the stock makes a bounce. I'm not sure that ENE @ 75 is the place, but maybe @ 73. Call me if you're interested. Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.	[email protected]	[email protected]
arnold-j/_sent_mail/652.	subject: Re: New email address content: Who cares?????? "Cooper, Sean" <[email protected]> on 02/26/2001 08:51:13 AM To: "Cooper, Sean" <[email protected]> cc: Subject: New email address Please note that effective immediately my email address has changed to [email protected]	[email protected]	[email protected]
arnold-j/_sent_mail/653.	subject: RE: content: He just rescheduled to Wednesday. How about dinner on Wednesday after that ? From: John J Lavorato/ENRON@enronXgate on 02/26/2001 07:31 AM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: Your buddy Beau invited me. How about prior to that or after that on Tuesday. -----Original Message----- From: Arnold, John Sent: Sunday, February 25, 2001 7:10 PM To: Lavorato, John Subject: RE: not really... already have plans on thursday . are you going to the NYMEX candidate cocktail hour Tuesday? From: John J Lavorato/ENRON@enronXgate on 02/25/2001 07:02 PM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: oh god is there an agenda. Would dinner Thursday work instead. -----Original Message----- From: Arnold, John Sent: Sun 2/25/2001 6:42 PM To: Lavorato, John Cc: Subject:	[email protected]	[email protected]
arnold-j/_sent_mail/654.	subject: RE: content: not really... already have plans on thursday . are you going to the NYMEX candidate cocktail hour Tuesday? From: John J Lavorato/ENRON@enronXgate on 02/25/2001 07:02 PM To: John Arnold/HOU/ECT@ECT cc: =20 Subject: RE: oh god is there an agenda. =01; Would dinner Thursday work instead. =01; =01; -----Original Message-----=20 From: Arnold, John=20 Sent: Sun 2/25/2001 6:42 PM=20 To: Lavorato, John=20 Cc:=20 Subject:=20 =01;	[email protected]	[email protected]
arnold-j/_sent_mail/655.	subject: content: Just a reminder about drinks Monday night..	[email protected]	[email protected]
arnold-j/_sent_mail/656.	subject: Natural update content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/25/2001 06:28 PM --------------------------- "Mark Sagel" <[email protected]> on 02/25/2001 06:26:01 PM To: "John Arnold" <[email protected]> cc: Subject: Natural update Latest natural update - ng022601.doc	[email protected]	[email protected]
arnold-j/_sent_mail/657.	subject: Re: WINE SPECTATOR content: yes i did Karen Arnold <[email protected]> on 02/24/2001 02:55:05 PM To: [email protected] cc: Subject: WINE SPECTATOR Did you ever receive the wine spectator magazine? I had some correspondence from them and I will toss if you are receiving it. If not, I need to contact them.	[email protected]	[email protected]
arnold-j/_sent_mail/658.	subject: Re: FW: 2001 Natural Gas Production and Price Outlook Conference content: Appreciate the opportunity to listen in. I was unable to view the slide show though. Can you either email or mail it to me. Thanks, John "Piasio, Stephen [FI]" <[email protected]> on 02/23/2001 08:09:13 AM To: cc: Subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call > <<...OLE_Obj...>> > > 2001 Natural Gas Production and Price Outlook Conference Call > > > <<...OLE_Obj...>> Salomon Smith Barney <<2001 Natural Gas Conference > Call.doc>> > Energy Research Group > Analyst Access Conference Call > > 2001 Natural Gas Production and Price Outlook > Hosted by: > Bob Morris and Michael Schmitz > Oil and Gas Exploration & Production Analysts > > Date & Time: > FRIDAY (February 23rd) > 11:00 a.m. EST > > Dial-in #: > US: 800-229-0281 International: 706-645-9237 > > Replay #: (Reservation: x 819361) > US: 800-642-1687 International: 706-645-9291 > > Accessing Presentation: > * Go to https://intercallssl.contigo.com > * Click on Conference Participant > * Enter Event Number: x716835 > * Enter the participant's Name, Company Name & E-mail address > * Click Continue to view the first slide of the presentation > > Key Points: > 1. Natural gas storage levels appear to be on track to exit March at > roughly 700-800 Bcf, compared with just over 1,000 Bcf last year at the > end of the traditional withdrawal season. > 2. Meanwhile, domestic natural gas production should rise 3.0-5.0% this > year, largely dependent upon the extent of the drop in rig efficiency, or > production added per rig. > 3. Nonetheless, under most scenarios, incorporating numerous other > variables such as the pace of economic expansion, fuel switching and > industrial plant closures, it appears that storage levels at the beginning > of winter will be near or below last year's 2,800 Bcf level. > 4. Thus, it appears likely that the "heat" will remain on natural gas > prices throughout 2001. > 5. Consequently, we believe that many E&P shares will post solid gains > again this year, spurred largely by mounting confidence in the > sustainability of strong natural gas prices. > > - 2001 Natural Gas Conference Call.doc	[email protected]	[email protected]
arnold-j/_sent_mail/659.	subject: RE: Buying back calls content: Michael: Thanks for putting the paperwork together. I would have interest in meeting if you can present unique investment opportunities that I don't have access to now. Most of my contact with financial advisors in the past has consisted of them suggesting a mutual fund, telling me to invest in Home Depot, Sun, and Coke, or trying to pass off their banks' biased research reports as something valuable. The above services provide no value to me personally. If you can present opportunities such as access to private equity or hedge funds, or other ideas with strong growth potential and low correlation to the S@P, I'd listen. John "Michael Gapinski" <[email protected]> on 02/21/2001 08:23:04 AM To: "'[email protected]'" <[email protected]> cc: "'Rafael Herrera'" <[email protected]> Subject: RE: Buying back calls John - We'll get the paperwork together and sent to you for naked options. At some point, I'd like to talk about the diversification strategy in more detail -- perhaps over dinner or a quick meeting after the markets close? Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 -----Original Message----- From: [email protected] [SMTP:[email protected]] Sent: Tuesday, February 20, 2001 10:14 PM To: [email protected] Subject: Re: Buying back calls Michael: Appreciate the idea. However, with my natural long, I'm not looking to really trade around the position. I believe ENE will continue to be range bound, but in case it is not, I don't want to forgo 50% of my option premium. I have price targets of where I would like to lighten up exposure to ENE and will use calls to implement the stategy. To that regards, I noticed I was not approved to sell naked calls. I would like that ability in order to hedge some exposure I have of unexercised vested options. Please look into that for me. John. "Michael Gapinski" <[email protected]> on 02/20/2001 06:28:27 PM To: "'Arnold, John'" <[email protected]> cc: Subject: Buying back calls John - I was looking at the recent pullback in ENE and thinking it might be an opportunity to buy back the calls you sold. Of course, you would then be in a position to sell calls again if the stock makes a bounce. I'm not sure that ENE @ 75 is the place, but maybe @ 73. Call me if you're interested. Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.	[email protected]	[email protected]
arnold-j/_sent_mail/66.	subject: Re: content: i didn't say you couldnt come down. just not to expect much From: Margaret Allen@ENRON on 10/25/2000 04:11 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Okay, you get reprieve on this today. But I do have curly hair and high boots on. Have a GREAT (said like Tony Tiger) date, and don't attack her like you did the last one. MSA	[email protected]	[email protected]
arnold-j/_sent_mail/660.	subject: content: Kim: 2 tix for Rent this Sat night will be waiting for you at will call at the theatre. Bring ID. If you have any problems call the ticket agency at 212 302 1643 or me at 713 557 3330. Have fun, John	[email protected]	[email protected]
arnold-j/_sent_mail/661.	subject: Re: Smith Barney content: i'll call Karen Arnold <[email protected]> on 02/22/2001 07:57:57 PM To: [email protected] cc: Subject: Smith Barney You must be on the net because you don't answer the phone. Andy Rowe never invested that $8000 into the commodity account. Do you talk with him on a regular basis? Should I call? Please advise..	[email protected]	[email protected]
arnold-j/_sent_mail/662.	subject: RE: content: Monday it is From: John J Lavorato/ENRON@enronXgate on 02/21/2001 06:27 PM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: Yes -----Original Message----- From: Arnold, John Sent: Wednesday, February 21, 2001 5:41 PM To: Lavorato, John Subject: Are you free for drinks either Monday or Wednesday?	[email protected]	[email protected]
arnold-j/_sent_mail/663.	subject: content: Are you free for drinks either Monday or Wednesday?	[email protected]	[email protected]
arnold-j/_sent_mail/664.	subject: Re: question content: that's not nice [email protected] on 02/21/2001 11:13:20 AM To: [email protected] cc: Subject: question does larry chaffe people at your shop as much as he does ours?	[email protected]	[email protected]
arnold-j/_sent_mail/665.	subject: Re: content: I think so in a month or so. Problem now is that there is so much customer buying on any pullbacks and selling on rallies that the market, with such a flat curve, is going nowhere. That will change, but it's going to take a while. I like it eventually. Bill White@ENRON 02/21/2001 05:39 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Don't know about the front 2 months, but gut feel is that april thru oct at approximately 50% seems like something to own (although I hate flat vol curves). What do you think (long, flat, or short)? John Arnold@ECT 14/02/2001 21:59 To: Bill White/NA/Enron@Enron cc: Subject:	[email protected]	[email protected]
arnold-j/_sent_mail/666.	subject: Re: Trip to Houston content: Andy: Enjoyed meeting with you. One more thing I did not address. My ultimate goal is to move all volume to EOL. However, in addition to the NYMEX, we have about 6 other viable electronic trading systems. We make it a point to never support these if possible. We will only trade if the other system's offer is at or greater than our bid. For instance, if we are 6/8 but have a strong inclination to buy and another system is at 7, I will simultaneously lift their 7's and move my market to 7/9. The lesson the counterparty gets is he will only get the trade if I'm bidding 7 and he will only get executed when it is a bad trade to him. People have learned fairly quickly not to leave numbers on the other systems because they will just get picked off. If they don't post numbers on the other systems, the systems get no liquidity and die. I mention this because I have heard that Enron is a fairly large trader on Spectron's system. I don't know whether it is in regards to gas, power, or metals. Just something to think about and maybe talk about with the other traders. John Andrew Fairley 02/20/2001 11:15 AM To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON, Keith Holst/HOU/ECT@ect cc: David Gallagher/LON/ECT@ECT Subject: Trip to Houston Thank you so much for your time last week. David and I found the time especially valuable. We have spotted several issues helpful for our own market. This should certainly help in the growth of our markets here in Europe. We trust it won't be too long before we see similarly impressive results from our side of the pond. Best regards Andy	[email protected]	[email protected]
arnold-j/_sent_mail/667.	subject: Re: ICE content: Thank you. From: Sheri Thomas 02/20/2001 05:20 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: ICE Attached below is the complete list of users on ICE by company. Let me know if you have any questions. Per Andy, we are removing your access. Sheri ---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/20/2001 01:07 PM --------------------------- From: Stephanie Sever 02/20/2001 11:30 AM To: Sheri Thomas/HOU/ECT@ECT cc: Subject: Re: ICE ENA ECC EPMI Here is everyone. Thanks, Stephanie ---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/20/2001 09:50 AM --------------------------- From: Andy Zipper/ENRON@enronXgate on 02/15/2001 03:18 PM To: Sheri Thomas/HOU/ECT@ECT cc: John Arnold/HOU/ECT@ECT Subject: ICE John Arnold would like to terminate his ID on the ICE, in addition he would like a list of who all the other ID's are. Can you please let me know. Thanks Andy	[email protected]	[email protected]
arnold-j/_sent_mail/668.	subject: Re: Buying back calls content: Michael: Appreciate the idea. However, with my natural long, I'm not looking to really trade around the position. I believe ENE will continue to be range bound, but in case it is not, I don't want to forgo 50% of my option premium. I have price targets of where I would like to lighten up exposure to ENE and will use calls to implement the stategy. To that regards, I noticed I was not approved to sell naked calls. I would like that ability in order to hedge some exposure I have of unexercised vested options. Please look into that for me. John. "Michael Gapinski" <[email protected]> on 02/20/2001 06:28:27 PM To: "'Arnold, John'" <[email protected]> cc: Subject: Buying back calls John - I was looking at the recent pullback in ENE and thinking it might be an opportunity to buy back the calls you sold. Of course, you would then be in a position to sell calls again if the stock makes a bounce. I'm not sure that ENE @ 75 is the place, but maybe @ 73. Call me if you're interested. Michael Gapinski Account Vice President Emery Financial Group PaineWebber, Inc. 713-654-0365 800-553-3119 x365 Fax: 713-654-1281 Cell: 281-435-0295 Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.	[email protected]	[email protected]
arnold-j/_sent_mail/669.	subject: Re: US Spread Product content: Looks good except for settlement period. Industry standard and for ease to Enron, a spread trade is treated as two separate trades. Therefore, there will be two settlement periods for the respective legs of the transaction. The file below states settlement period is 5 days after both legs have been set. Please change to 2 settlement periods, 5 days after each respective leg has been set. John Enron North America Corp. From: Kevin Meredith @ ENRON 02/16/2001 10:24 AM To: John Arnold/HOU/ECT@ECT, Dutch Quigley/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT cc: Robert B Cass/HOU/ECT@ECT, Savita Puthigai/NA/Enron@Enron Subject: US Spread Product The attached spread product description has been created using a Nymex financial gas spread as the example. Possible permutations to this product have been listed below the description. Please review the product description and provide any suggestions, improvements, and/or additional permutations that have not been considered. Thank you. Kevin	[email protected]	[email protected]
arnold-j/_sent_mail/67.	subject: Re: content: careful...i'm having another bad day From: Margaret Allen@ENRON on 10/25/2000 02:42 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Well, well, well... just for that sassy response, I might have to come flirt with you today! John Arnold@ECT 10/25/2000 02:34 PM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: Don't even think you're getting out of this with the "for a while" crap. Just for that you can add a star to the place we're going. From: Margaret Allen@ENRON on 10/25/2000 01:34 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hum, while it would be very interesting to see how you act on a date I think I'll have to pass. My time could be spent in better ways (believe it or not!). The El Orbits did play at Satellite Lounge alot so I'm sure that's where you've heard them or of them. Since I wouldn't want to play second fiddle, we'll have to postpone it for a while. Have a good one, Margaret John Arnold@ECT 10/25/2000 12:24 PM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: The el orbits, eh? i've heard of them but don't remember who they are. there is a chance i've seen them at satellite i guess. my, you are nosey. i have a little date tonight. wanna come along? From: Margaret Allen@ENRON on 10/25/2000 09:06 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hum, as much as I would love to be insulted by you for several hours straight tomorrow night, I have plans...actually, it's an Enron thing. A bunch of people are going to the Continental Club to hear the El Orbits, which happens to be my favorite band. You should come. What are your plans tonight, since I'm being nosey?! Trade them up Johnny, Margarita John Arnold@ECT 10/25/2000 07:34 AM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: Deathly afraid doesn't even come close to describing it. Busy tonight. How bout tomorrow? From: Margaret Allen@ENRON on 10/24/2000 06:25 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Okay, since you are deathly afraid of being nice to me, now about we go to grab a beer or dinner tomorrow night? Does that work for you?	[email protected]	[email protected]
arnold-j/_sent_mail/670.	subject: Re: content: We've started breaking out separate P&L's. It's been a very difficult process so far for a number of reasons. The last processes will be separating out the P&L on the executive reports and on VAR. That will happen this week. Meanwhile, the P&L will be retroactive to the start of the year and we are going through all the positions such that the total skew is zero or an adjustment will be made to get it there. At the end of the year there will be a number next to Maggi's name that he will not dispute. His contribution to the fixed side when I'm on vacations or in meetings will continue to be a subjective process. From: John J Lavorato/ENRON@enronXgate on 02/19/2001 10:19 AM To: John Arnold/HOU/ECT@ECT cc: Subject: John I don't see Maggie's line on the P/L Lavo	[email protected]	[email protected]
arnold-j/_sent_mail/671.	subject: Enjoy Bud content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/15/2001 02:51 PM --------------------------- Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM To: "'[email protected]'" <[email protected]> cc: Subject: Enjoy Bud - Jerky Boys - Prank Call to Chinese Restaurant.mp3	[email protected]	[email protected]
arnold-j/_sent_mail/672.	subject: content: We will open EOL 4-7 on Monday for everyone's trading pleasure.	[email protected]	[email protected], [email protected]
arnold-j/_sent_mail/673.	subject: RE: content: both. i have it on dutch's machine just in case something ever pops up but it rarely does From: Andy Zipper/ENRON@enronXgate on 02/15/2001 01:25 PM To: John Arnold/HOU/ECT@ECT cc: Subject: RE: I will send you the list. Are you having it removed because there is nothing on it, or because you don't want ot support them ? -----Original Message----- From: Arnold, John Sent: Thursday, February 15, 2001 12:43 PM To: Zipper, Andy Subject: Andy: Can you remove ICE from mine and Mike Maggi's computer. Also, do we have a list of who has it installed. I hate supporting our competition. John	[email protected]	[email protected]
arnold-j/_sent_mail/674.	subject: content: Andy: Can you remove ICE from mine and Mike Maggi's computer. Also, do we have a list of who has it installed. I hate supporting our competition. John	[email protected]	[email protected]
arnold-j/_sent_mail/675.	subject: Re: Swaps for EFPS content: I would do that. I tried calling but got your voicemail. Try me at 713 853 3230 "Lengkeek Jr, Steve C" <[email protected]> on 02/15/2001 08:26:54 AM To: "'[email protected]'" <[email protected]> cc: Subject: Swaps for EFPS I am long 800 futures short swaps any interest. Steven Lengkeek Conectiv 302-452-6930	[email protected]	[email protected]
arnold-j/_sent_mail/676.	subject: content: Ina: Can you get a small drink refrigerator for the office stocked with: Water (lots) Diet Coke Coke Dr. Pepper Diet Pepsi Various Fruit Drinks Thanks, John	[email protected]	[email protected]
arnold-j/_sent_mail/677.	subject: Deal# 863626 from 2001-02-07 content: Please change as indicated ---------------------- Forwarded by John Arnold/HOU/ECT on 02/14/2001 07:32 AM --------------------------- "Gencheva, Daniela" <[email protected]> on 02/13/2001 11:06:52 AM To: "'[email protected]'" <[email protected]> cc: "Liszewski, Pete" <[email protected]> Subject: Deal# 863626 from 2001-02-07 John, During a telephone conversation with Pete Liszewski, at 2.12 pm on February 7th, you agreed that the price for deal#863626 - NYMEX nat gas swap for 15,000 Apr 01 should have been $5.815 NOT $5.83 as you system wrongfully indicated. Would you correct the price in your system or inform your contract administrator of the correction. If you have any questions please feel free to contact Pete Liszweski at 405-553-6430. Daniela Gencheva Energy Trading Analyst II OGE Energy Resources TEL: 405-553-6486 FAX: 405-553-6498	[email protected]	[email protected], [email protected]
arnold-j/_sent_mail/678.	subject: Re: Deal# 863626 from 2001-02-07 content: Will change "Gencheva, Daniela" <[email protected]> on 02/13/2001 11:06:52 AM To: "'[email protected]'" <[email protected]> cc: "Liszewski, Pete" <[email protected]> Subject: Deal# 863626 from 2001-02-07 John, During a telephone conversation with Pete Liszewski, at 2.12 pm on February 7th, you agreed that the price for deal#863626 - NYMEX nat gas swap for 15,000 Apr 01 should have been $5.815 NOT $5.83 as you system wrongfully indicated. Would you correct the price in your system or inform your contract administrator of the correction. If you have any questions please feel free to contact Pete Liszweski at 405-553-6430. Daniela Gencheva Energy Trading Analyst II OGE Energy Resources TEL: 405-553-6486 FAX: 405-553-6498	[email protected]	[email protected]
arnold-j/_sent_mail/679.	subject: Re: credit card content: i'll check "Jennifer White" <[email protected]> on 02/13/2001 08:24:35 AM To: [email protected] cc: Subject: credit card Any chance you might have found my credit card at your place? I last had it in my jeans pocket on Sunday night, but it isn't there anymore. I'll get to your internet research requests this afternoon. ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com	[email protected]	[email protected]
arnold-j/_sent_mail/68.	subject: Re: content: Don't even think you're getting out of this with the "for a while" crap. Just for that you can add a star to the place we're going. From: Margaret Allen@ENRON on 10/25/2000 01:34 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hum, while it would be very interesting to see how you act on a date I think I'll have to pass. My time could be spent in better ways (believe it or not!). The El Orbits did play at Satellite Lounge alot so I'm sure that's where you've heard them or of them. Since I wouldn't want to play second fiddle, we'll have to postpone it for a while. Have a good one, Margaret John Arnold@ECT 10/25/2000 12:24 PM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: The el orbits, eh? i've heard of them but don't remember who they are. there is a chance i've seen them at satellite i guess. my, you are nosey. i have a little date tonight. wanna come along? From: Margaret Allen@ENRON on 10/25/2000 09:06 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hum, as much as I would love to be insulted by you for several hours straight tomorrow night, I have plans...actually, it's an Enron thing. A bunch of people are going to the Continental Club to hear the El Orbits, which happens to be my favorite band. You should come. What are your plans tonight, since I'm being nosey?! Trade them up Johnny, Margarita John Arnold@ECT 10/25/2000 07:34 AM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: Deathly afraid doesn't even come close to describing it. Busy tonight. How bout tomorrow? From: Margaret Allen@ENRON on 10/24/2000 06:25 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Okay, since you are deathly afraid of being nice to me, now about we go to grab a beer or dinner tomorrow night? Does that work for you?	[email protected]	[email protected]
arnold-j/_sent_mail/680.	subject: Enjoy Bud content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/13/2001 11:36 AM --------------------------- Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM To: "'[email protected]'" <[email protected]> cc: Subject: Enjoy Bud - Jerky Boys - Prank Call to Chinese Restaurant.mp3	[email protected]	[email protected]
arnold-j/_sent_mail/681.	subject: content: Yesterday, Aquilla sold March at 5.77 and 5.76 for HeHub. Please change it to Nymex	[email protected]	[email protected]
arnold-j/_sent_mail/682.	subject: Enjoy Bud content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/12/2001 05:22 PM --------------------------- Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM To: "'[email protected]'" <[email protected]> cc: Subject: Enjoy Bud - Jerky Boys - Prank Call to Chinese Restaurant.mp3	[email protected]	[email protected]
arnold-j/_sent_mail/683.	subject: Re: h/j/k content: it's one of those theoretically great trades, but those don't always work. Still, I'll put it on and win 7 times out of 10. just so hard for the market to rally the backwardation is so weak. can easily see h going under if no weather appears. [email protected] on 02/12/2001 09:41:04 AM To: [email protected] cc: Subject: h/j/k wish i had let you buy all of them-cash supriingly weak to me. so i bailed on the postion lost about 7 cts-not a disaster but a disappointment. flat px looks like a pig here depite my not being overly bearish the fundamentals. we hold or they take it down more??	[email protected]	[email protected]
arnold-j/_sent_mail/684.	subject: Re: dinner content: i am free for drinks after work but have dinner plans Caroline Abramo@ENRON 02/12/2001 01:28 PM To: John Arnold/HOU/ECT@ECT cc: Subject: dinner ok- no wednesday night- ha ha could you do thursday??	[email protected]	[email protected]
arnold-j/_sent_mail/685.	subject: Re: content: the end of the season is typically the best month to hold. Even if the first part of the summer is weak, people will be hesistant to sell the back half. Same with the winter. That's why I'm long H2. It has good correlation with the front on up moves and tends to hold value on the down move. From: Vladimir Gorny 02/12/2001 02:44 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Why Oct-01 and not any other Winter month? Vlady.	[email protected]	[email protected]
arnold-j/_sent_mail/686.	subject: content: Liz: I have 4 tickets for Destiny's child for you. They're pretty good seats. I'll put these on hold while I still try to get a box... John	[email protected]	[email protected]
arnold-j/_sent_mail/687.	subject: Re: I know it's a week away content: Cast John Arnold Bill Perkins Dean Theriot (trainer) Dean: What's your favorite restaurant? John: Why, are you trying to make Valentine's Day plans? Dean : No. I'm ready. I've already bought a Valentine's card. Bill : John's ready too. He already has his Valentine's hickey.	[email protected]	[email protected]
arnold-j/_sent_mail/688.	subject: Natural update content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/12/2001 07:29 AM --------------------------- "Mark Sagel" <[email protected]> on 02/11/2001 08:00:51 PM To: "John Arnold" <[email protected]> cc: Subject: Natural update FYI - ng2001-0211.doc	[email protected]	[email protected]
arnold-j/_sent_mail/689.	subject: content: Ina: Can you change my meeting with Sheriff's boys to Tueday after 3:00 from Monday. Also, stick me on thedistribution for the Enron press pack that has all the articles in which Enron is mentioned. Thanks	[email protected]	[email protected]
arnold-j/_sent_mail/69.	subject: Re: Implementation issue on IE5.0/5.5 content: yea, i'll talk to them. who should i call? Brian Hoskins@ENRON COMMUNICATIONS 10/25/2000 09:04 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Implementation issue on IE5.0/5.5 John, Looks like IT has decided not to install Internet Explorer 5.5 after all. The program is ready to go as soon as that is installed. Do you want to put some pressure on them, or would you rather wait to see if they can fix it to work on IE 5.0? You have 5.5 by the way, so I'm not quite sure what the problem is. Brian Brian T. Hoskins Enron Broadband Services 713-853-0380 (office) 713-412-3667 (mobile) 713-646-5745 (fax) [email protected] ----- Forwarded by Brian Hoskins/Enron Communications on 10/25/00 09:08 AM ----- John Cheng@ENRON Sent by: John Cheng@ENRON 10/24/00 08:52 PM To: Brian Hoskins/Enron Communications@ENRON COMMUNICATIONS cc: Marlin Gubser/HOU/ECT@ECT Subject: Re: Implementation issue on IE5.0/5.5 Brian, We are not good to go here. These are high profile traders and I do not want to install IE55 just for this chatting application. I would like for Fangming to resolve whatever the problem is with IE5 first and go from there. Again, sorry to be a pain and I understand your situation, but developers should not develop applications with unsupported dependencies. -jkc Brian Hoskins@ENRON COMMUNICATIONS 10/24/2000 03:44 PM To: John Cheng/NA/Enron@Enron cc: Subject: Re: Implementation issue on IE5.0/5.5 John, So are we good to go to install IE 5.5? From you email yesterday, I was under the impression that we were. I understand that you guys need to keep the integrity of the system, but these guys really need this program ASAP. Again, if you need additional support, we can get that for you. Just let me know what you need to resolve the problem. Thanks, Brian Brian T. Hoskins Enron Broadband Services 713-853-0380 (office) 713-412-3667 (mobile) 713-646-5745 (fax) [email protected] Fangming Zhu@ENRON 10/24/00 02:38 PM To: Brian Hoskins/Enron Communications@ENRON COMMUNICATIONS, John Cheng/NA/Enron@Enron@ENRON COMMUNICATIONS cc: Subject: Implementation issue on IE5.0/5.5 All, As John suggested, I have contacted the Microsoft Expert on the IE 5.0/5.5 issue early this morning. We actually had a conversition over the phone. I also sent him E-mail to describe the problem. So far I haven't heard anything from him yet. I adoult if he can solve the problem. In order to solve this browser issue, I suggest we can have 5-10 traders to install IE5.5 on their PC. If everything works fine, we can update everyone into IE5.5. It is really not my decision weather or not to use IE5.0 or 5.5. Right now everything is ready for users to test the application except the browser issue. Let me know when and how we are going to implement the messageboard application. Thanks, Fangming	[email protected]	[email protected]
arnold-j/_sent_mail/690.	subject: Re: Super Bowl content: can you send it through lavo. he's suppose to pay for it. thanks, john Liz M Taylor 02/09/2001 09:16 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Super Bowl Hi Johnnie, I think you may have encrypted your reply about the reimbursement of the air fare from the Super Bowl. I was unable to read your response. Please send again. Liz	[email protected]	[email protected]
arnold-j/_sent_mail/691.	subject: Re: ....what happens at La Strada STAYS at La Strada!!! content: imagine you have a gas well in the middle of west texas and you only have one pipeline running to your well. the guy who owns the pipeline can fuck you because you have no choice but to flow your gas that way. split connect means you have at least 2 options to flow your gas so the price the producer receives is more competitive and if anything happens to one pipeline you don't have to shut your gas in because you move it to another pipe. i'm going out with my brother and sime guys from work tonight. are you free saturday day and night? "Jennifer White" <[email protected]> on 02/09/2001 11:42:51 AM To: [email protected] cc: Subject: Re: ....what happens at La Strada STAYS at La Strada!!! 'Split connect' isn't in my petroleum industry dictionary. I'm counting on you for a definition. Do you have plans tonight? ---- "Jennifer Brugh" <[email protected]> wrote: > Hey gang, > > We are set for brunch on Sunday at La Strada on Westheimer at 1:00. > Please, > please, please be there by 1:00 or we lose the table, remember what > happened last time! > > Looking forward to it! > > Jennifer > > ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com	[email protected]	[email protected]
arnold-j/_sent_mail/692.	subject: Re: Gas Message Board content: yea Ina Rangel 02/09/2001 02:03 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Gas Message Board John, Is it okay to set up these guys on the gas message board? -Ina ---------------------- Forwarded by Ina Rangel/HOU/ECT on 02/09/2001 02:02 PM --------------------------- Enron Capital & Trade Resources Canada Corp. From: Ryan Watt 02/09/2001 02:03 PM To: Ina Rangel/HOU/ECT@ECT cc: Subject: Gas Message Board Hi Ina, the following need access to this please: John McKay jmckay1 Chris Lambie clambie John Disturnal jdistur Mike Cowan mcowan1 Ryan Watt rwatt Chad Clark cclark5 Lon Draper ldraper Jeff Pearson jpearso3 Jai Hawker jhawker Thanks! Ryan	[email protected]	[email protected]
arnold-j/_sent_mail/693.	subject: content: can you change #23 and #375 to Nymex	[email protected]	[email protected]
arnold-j/_sent_mail/694.	subject: content: can you change deal 27 (paribas) today to NYMEX from gas daily	[email protected]	[email protected], [email protected]
arnold-j/_sent_mail/695.	subject: content: hey hon: had a great time last night. you're one ok chick. john	[email protected]	[email protected]
arnold-j/_sent_mail/696.	subject: Re: content: i think taking a cab is more convenient assuming we can find one on the way back. From: Margaret Allen@ENRON on 02/08/2001 01:27 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Kim and I are going from here. We were debating sharing a cab, or taking the bus from Enron Field. Any preference? John Arnold@ECT 02/08/2001 10:25 AM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: Re: cute girlfriends.... I'm in From: Margaret Allen@ENRON on 02/08/2001 09:38 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Oh, I was going to tell you that your invitation gives you the ability to invite a guest so if you wanted to bring Jennifer, you can. But, I do have cute girlfriends going with me, so if you just want to go with us -- that will be fun! I'm planning on leaving here around 6 -- you want to go with me?? John Arnold@ECT 02/08/2001 09:29 AM To: Margaret Allen/Corp/Enron@ENRON cc: Subject: cute girlfriends.... I'm in	[email protected]	[email protected]

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