Message-ID: <7065992.1075845553570.JavaMail.evans@thyme> Date: Thu, 22 Jun 2000 02:51:00 -0700 (PDT) From: john.lavorato@enron.com To: kevin.mcgowan@enron.com, george.mcclellan@enron.com, david.delainey@enron.com, ted.murphy@enron.com, rick.buy@enron.com Subject: Emmisions Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: John J Lavorato X-To: Kevin McGowan, George McClellan, David W Delainey, Ted Murphy, Rick Buy X-cc: X-bcc: X-Folder: \John_Lavorato_Oct2001\Notes Folders\Sent X-Origin: LAVORATO-J X-FileName: jlavora.nsf The Emmisions book under Kevin McGowan will take a one time $4 Million hit today. This is to move the curves to better reflect the current market. This hit will stay in the Coal group but will be removed from its P/L from a performance measurement standpoint. Now that the curves are corrected I expect a focus on building our emmisions trading business in the following ways: 1. Understanding the fundamentals. 2. Taking advantage of structural shifts that we forecast. 3. Building more liquidity and being the primary market maker. 4. Developing new traders. Thanks John