Subject: FW: Newsletter: GlobalFlash!!
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Thu, 23 Aug 2001 06:57:31 -0700 (PDT)

Bill,
See below
I thought controlling what was said was better than being left out all together.
Ted
 -----Original Message-----
From: 	Enron Europe General Announcement/ECT@ECT [mailto:[email-masked]] 
Sent:	23 August 2001 09:16
To:	ECT Asia Pacific@ENRON; ECT Europe@ENRON
Subject:	Newsletter: GlobalFlash!!

 

BUSINESS HIGHLIGHTS

EES Europe Clinches Long-Term Outsourcing Deal With Guinness
EES Europe has signed a 15-year agreement to own and operate energy assets at the Park Royal Guinness Brewery in London. The deal means EES will source gas and electricity to provide steam, compressed air, chilled water and other industrial commodities to one of the largest breweries in Europe. EES will also have responsibility for managing a series of energy reduction measures at the plant, designed to improve performance and reduce costs. These measures will include investment in new boiler, refrigeration, compressed air and effluent treatment plant.

Stuart Rexrode, Vice President of EES Europe, said: "Closing this deal was an outstanding effort by the entire team and is another example of the type of innovative energy partnerships we are forming in the marketplace. This transaction, coupled with the Sainsbury's deal, has caused the industry to start taking notice of EES, and I am confident more customers will be knocking on our door looking for similar structures."

Congratulations to everyone on the team for their dedication!

Enron signs first long-term dry bulk shipping freight origination deal with major Japanese player
Enron's shipping freight team has signed a 10-year time charter deal for a 178,000 tonne capesize vessel with Lepta Shipping (with a performance guarantee from Mitsui & Co Ltd, Tokyo, Japan)   The agreement has a notional value of USD60 million and a mark-to-market value of USD 5 million.  The new agreement gives Enron the option to buy the vessel in Japanese yen after the third year and the time charter period itself can be extended by us by up to an additional four years, if required.  The agreement takes effect from the latter part of 2003 when the ship itself, currently being manufactured in the Imabari shipyard in Japan or any similar substitute vessel, becomes available.  "We are already in the process of onselling the first three years of our time charter above the curve ," announces Pierre Aury, who heads up Enron's dry bulk freight team.  "This deal gives us a strategic long "days" position and we now expect to close further deals as a result of our drive to commoditise more time charter transactions."  The team is already exploring new time charter deals in the scarcer cape-size and handy-size vessel market.  A combined effort between the legal, tax, credit, transport support and structuring teams was instrumental in helping to book this deal just in time for Q2.  The shipping freight team is already working on a new structured deal with a major UK bank, so watch this space for future announcements...

Enron Credit Closes Deal with Enron's Shipping Desk
On 8 August, 2001 Enron's shipping desk bought a Digital  Bankruptcy Swap (DBS) from Enron Credit in order to buy protection against a Japanese industrial/trading counterparty.  Under the terms of the deal the shipping desk will receive pay-out from Enron Credit when this counterparty becomes insolvent under Japanese laws and therefore hedges the counterparty risk that  the desk holds when transacting with this Japanese counterparty.  When the level of the shipping desk's mark to market profit rises above a certain amount, the desk will also have the ability to buy additional DBS protection.  Similarly, if the desk's contract with the Japanese counterparty terminates earlier, the desk can sell back any unused DBS cover to Enron Credit.

"We needed to increase our credit capacity with this counterparty in order to do more deals and then realised that Enron Credit could help us," said Pierre Aury who heads up the freight team. "Another driver was that we felt we needed to set a foot in the DBS market in order to go up the learning curve and develop shipping specific DBSs for the near future." "The hedge between these two commercial groups is another milestone in Enron's internal risk management.  With each commercial group having to optimise its capital at risk, the services and tools Enron Credit has on offer are an excellent complement to our already sophisticated RAC process," commented Ted Murphy, Head of RAC in Europe.

Congratulations go to Andrew Feachem who originated the deal for Enron Credit and Pierre Aury.

Weekly EnronOnline Figures
Below are the latest figures for EnronOnline as of August 17, 2001:

*	Total Life to Date Transactions >  1, 320,000

*	Life to Date Notional Value of Transactions > $760 billion

HOUSTON ALL-EMPLOYEE MEETING

Please note you will be able to watch the recording of last week's Houston All-Employee Meeting by accessing WebTV Replay on the following links:

Click on http://webtv/  and select Houston All-Employee Meeting where the tape will be running continuously or, 

Click on http://webtv/replay/ and select Houston All-Employee Meeting to view the tape at your leisure.

Alternatively, if you would like a hard copy of the video please contact Tracy Ralston in Public Relations on ext 36611. 

ENRON HOUSE NEW STARTERS

A warm welcome to Andrew Groenewald (European Back Office Systems), Christian Ochoa (Tax Reporting and Analysis), Richard Henson (Energy Operation), Nate Blackburn, Posey Martinez, Elizabeth Johnston, George Daniel (Metals), Gaby Bolton, Sharon Freeman (Documentation & Deal Capture), Steve Davies (Risk Management), Jonathan Fleming (Benelux & France), Mark Haynes (GPC Liquids Trading), Guy Millington (EnronOnline Marketing),  Bianca Tarr  (EM Trade Accounting), Patrick Cheung (EGM IT), Gareth Ewans (Energy Operations), Justin Hingorani (Enron Credit Quant), Stuart Ingvorsen (UK Power Analytics), Metha Deepak (Global Finance), Michael Baycroft (IT Front Office), Shane Miller (Market Risk Management),  Tom Barlow (EEL Trade Accounting), Suzanne Morrison (EM Risk Management), Andrew Barry (EnronOnline Marketing), Tim Hodgson (HR, A&A), Christina Jordanova Sarastova (Coal Freight Trading), Riccardo Rimini, Shiraz Rehman (Forest Products), Frank Bokeloh (Steel), Michael Clark, James Govan (Energy Operations), Anna Fox (Legal), Stefan-Joerg Goebel (Continental Power).

QUIZ OF THE WEEK

Keyword:	TRICK

Nine synonyms of the above keyword are listed.  Take one letter from each to find a further synonym of the keyword.  The letters appear in the correct order.

Synonyms:	IMPOSTURE, FEINT, FRAUD, ARTIFICE, DECEIT, TRAP, DODGE, MANOEUVRE, GIMMICK

AND LAST WEEK'S WINNER. . . . . .

Congratulations to Maria Abello (HR) who was last week's Quiz of the Week winner.  The answer to the quiz was Geraldine.   A reminder last week's question is below:

Realigned is an anagram of which girl's name?

NEWS FROM NORTH AMERICA . . .ENTOUCH  BUSINESS HIGHLIGHTS

Enron Global Markets
Enron Global Markets has entered into a five-year marketing services agreement with Anker Coal Group, Inc.  EGM will provide Anker with marketing and related services for all coal produced from mines owned by the company.  Anker has mining operations in West Virginia, Maryland, and Kentucky.  It is expected that Anker's operations will produce approximately eight million tons of coal per year.  

Also, George McClellan, managing director, Enron Global Markets, and Paul Pizzolato, director of trading, have been elected to the board of directors of Anker.

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