Great Job.

According to my fancy ciphering we made $310,037.50 for the month of
November. This figure does not include Buck o 5's New York p&l. We made
&127508.45 moving power incrementally and $62497.05 in NEPOOL and PJM. Mitch
made $120,032.00 in his December position that was closed out in the month of
November. Great job by everyone.

On another note Russell Ballato has been accepted into the new ENRON trading
program that will start in January. No further details as of yet. Everyone
should congratulate and support his efforts. Way to go Russell and remember
the peasants. We expect you to check in with us on a daily basis. We expect
a monthly happy hour at your expense.

Also with the Holidays coming up and the reorganization it is very important
that we communicate with the utmost importance. We are all responsible for
what happens on this desk. I will be out of town from the 23rd of December
until the 1st of January. I will have my mobile with me 713-859-1713, any
questions please call. Once again great job in November and let's take
December by the horns.

Thanks
Kayne