Message-ID: <16241512.1075857397083.JavaMail.evans@thyme>
Date: Tue, 16 Jan 2001 07:51:00 -0800 (PST)
From: errol.mclaughlin@enron.com
To: jeffrey.gossett@enron.com
Subject: Re: Gas Daily deals in dispute
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Errol McLaughlin
X-To: Jeffrey C Gossett
X-cc: 
X-bcc: 
X-Folder: \Errol_McLaughlin_Jun2001\Notes Folders\Discussion threads
X-Origin: McLaughlin-E
X-FileName: emclaug.nsf

Jeff,

For a long time John and Mike have been letting counterparties who 
accidentally click on the Gas Daily stack change the deals to NYMEX swaps.  
The counterparty would let John/Mike know and then they would tell us.  In 
addition, at the end of the month, we would get calls from settlements and 
credit telling us (per the counterparty) that there were more deals that 
needed to be changed from GD to Nymex than we had changed.  John would let 
them change those deals too.

On Friday we changed some Jan. `01deals with Utilicorp that had been done in 
late November to NYMEX swaps.  Because of the timing there was a P/L impact 
of -$1.3MM.  When John saw this today he asked me what it was, I explained, 
and he stated that what they click on is what they get.  I relayed this to 
settlements and credit and that is why Kim is calling you b/c Reliant and 
Utilicorp are 'upset'.  They claim that they have John and Mike on tape 
letting them out of the GD deals and into NYMEX swaps.

We do not change the actual deals booked by EOL.  We book two new legs that 
create a NYMEX swap and flip out the GD deal.

Errol