Subject: Re: EOL Trades - August
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Mon, 11 Sep 2000 01:08:00 -0700 (PDT)

Congrats to all.  Jeff and I believe that EOL is a vital part of growing our 
businesses and your focus is appreciated.
mike 

To: John Massey/HOU/ECT@ECT
cc: Kevin McGowan/Corp/Enron@ENRON, Mike McConnell/HOU/ECT@ECT, Jeffrey A 
Shankman/HOU/ECT@ECT 
Subject: Re: EOL Trades - August  

Nice job, John.  Keep the volumes and information flows growing - $$$ will 
follow.

George

John Massey
09/01/2000 01:50 PM
To: Kevin McGowan, George McClellan
cc:  
Subject: EOL Trades - August

 August EOL EmissionsTrades exceeded projections and posted another record 
trade month. We continue to show signs of strong trade growth and gaining 
market share. I am hopeful that Arizona Public Service & Conectiv will use 
the system more heavily in the future (hedge option trades) and that we can 
obtain at least one new counterparty a month vis-.-vis EOL marketing/and or 
our own internal marketing.  Our gain in market share has not gone 
unchallenged. Bloombergs Powermatch system has been more active in the last 
month and bid/ask spreads continue to narrow. To combat this we continue to 
show (90% of the time) the tightest markets and obviously offer a cost 
advantage over the Broker market & Bloomberg.   The increase in EOL volume 
has increased liquidity in the whole market.  I am hopeful that overall 
market volumes continue to grow as we get closer to compliance.

Number of Trades: 77
Number of Allowances: 192,500
Approx. Notional Trade Value: $28,875,000