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Enron Mail |
Please see below this week's edition of GlobalFlash!
Regards, Tracy ---------------------- Forwarded by Tracy Ralston/EU/Enron on 08/12/2000 11:13 --------------------------- From: Enron Europe General Announcement @ ECT 08/12/2000 11:12 Please respond to Jackie Gentle/LON/ECT To: ECT Europe, ECT Asia Pacific cc: Subject: Newsletter: GlobalFlash! BUSINESS HIGHLIGHTS Enron Direct Enron Direct was recently cited by Ofgem for high complaint levels with regard to account complaints per total customers served. Enron Direct views the Ofgem customer service measures very seriously and is committed to improving all aspects of its customer service - even while enjoying continued strong growth in its retail commodity business. However, the account complaint level measure is particularly biased against fast-growing new entrants like Enron Direct. Since all of Enron Direct's customers have recently switched suppliers - which is when most complaints occur - and our total customer base is far lower than that of the RECs, our account complaint levels per customer tend to appear inflated versus the REC peer group. In fact, Enron Direct's complaint levels for both transfers (i.e., switchers) and mis-selling, as measured by Ofgem, were well below industry averages. While we are not yet best-in-class, Enron Direct's portrayal as an industry laggard in any aspect of customer service is misleading. Stay tuned. Relations with UPM-Kymmene As previously announced, Enron Nordic Energy has entered into a two year energy portfolio management agreement with UPM-Kymmene, the forestry industry enterprise. This deal creates huge potential for business opportunities across a wide range of areas for Enron. As part of the agreement, UPM-Kymmene has requested a dedicated account manager in Oslo. In order to comply with this request, we have appointed Sami Tenngren on a full time basis to establish the operational framework and to coordinate all Enron relations with UPM-Kymmene regarding power related issues. It is important that all Enron businesses take advantage of this unique opportunity to generate profitable business relations with UPM-Kymmene. If you would like to discuss new business opportunities related to worldwide power with UPM-Kymmene, please contact the Nordic Origination Team. Please also keep us informed about any other business development issues related to UPM-Kymmene within other parts of Enron. Weekly EnronOnline Figures Below are the latest figures for EnronOnline as of December 6, 2000 * Total Life to Date Transactions < 503,940 * Life to Date Notional Value of Transactions < $301 billion Worth noting, EOL did $6.7 billion worth of US business on December 4, 2000! Australia The Sydney Metals Desk is now fully manned. Welcome to Owen Murphy, Max Sobal and Robert Heynen to the Sydney Office. The Metals Group is already reviewing the possibilities of utilising the existing metals customer base in Australia to expand these relationships to include power supply/pricing, a large component of overall costs. While it is early days, our preliminary discussions on the idea of pricing for power in relation to metal price is receiving a positive response. ENRON IN THE PRESS Virtual tanker swaps generate $5m freight in real terms The inclusion of tanker swaps on Enron's online Internet trading platform in early October has already generated trade for 600,000 tonnes of tanker freight derivatives contracts worth the equivalent of $5m of freight in real terms - and all based on just one tanker route. Volatility in the tanker physical sector prompted Enron to add tanker swaps to its new online platform. Enron Director, Scott Moncrieff, told Lloyd's List: "The reason we started tanker forward freight agreements was because of the volatility. We are experiencing the highest levels of volatility since the Gulf War." Based on existing figures, the Enron team believes that growth in the physical market will fuel freight swaps demand. Mr Moncrieff said: "The market for physical tanker freight will be over $10b in 2001. This will obviously expose a lot of people to risk. We want to give our customers as many options as possible so that it reflects their fleet." Lloyds List Enron lines up the big players Enron is on line to introduce big players into the dry bulk freight derivatives market in the new year. Enron's Pierre Aury, told Lloyd's List: We are now meeting with banks and some have volunteered to trade on behalf of their shipping customers. Hopefully by early next year we should see the first trades with these new players." After entering the shipping freight swaps market earlier this year, the EnronOnline initiative has generated plenty of business, and has, its creators hope, contributed towards liquidity in the other freight over-the-counter markets. While Enron would like to see even more business come its way, surprise has been expressed at how quickly the online market has become established. "We thought it would have taken longer to take off but we have reached close to 1.5m tonnes (dry bulk freight swaps) traded online. Some days we are doing more than the over-the-counter markets. Our dream target would be to double trade on the forward freight agreement market reasonably quickly," said Mr Aury. Lloyds List Chance for competitive market. Enron wants to trade with Polish energy. "Experience from West European markets shows, that liberalisation leads to a decrease in energy prices for end-users, especially plants and companies. Competition and the TPA rule gives freedom of choice of contractor, and allows implementation of risk management tools. It also allows potential investors to objectively evaluate analysed enterprises based on market research," said Jarek Astramowicz. Parkeit (Polish national daily) NEW STARTERS A warm welcome this week to Oliver Fincke (Global Finance), Alex Parsons (Public Relations), Karin Ahamer (Executive), Julie Russell (Legal), Yvonne Scorer (HR), Paul De Canha (Fin Ops Glob Systems), Gavin Greenan (IT Front Office), Phillip Edwards (Trade Accounting), Karen Tomlin (Global Operation), Malak Hamed (Fin Ops Fin Rptg), Cassandra Chinkin (Underwriting), John Grounds (EES EAM Dev & Eng), Kevin Heffron (Metals - Brok&Trad), Horst Jauk (Gas Analytics), Marcus Jagdeo (Research & Trading Controls), Peter Pentecost (EES T&P Exec), Melissa Allen (Fin Ops Exec), Cecelia Turriago (Metals Business), Anna Aslanyan (Research & Trading Controls). FLORA LONDON MARATHON 2001 Enron Europe has secured 10 places in the Flora London Marathon which takes place on the 22nd April 2001. Places will be given to those who pledge the most money and give a non-refundable cheque (minimum o500) as a deposit. The money can then be given to a charity of your choice. Those who wish to apply should email adrian.watts@enron.com with their choice of charity and the amount they wish to pledge! Entries and cheques should be in by Monday 18th December 2000. GOT SOME LOOSE CHANGE? TIME TO CLEAN OUT THOSE DESK DRAWERS. . . You've all heard the reminders that we like to maintain a clean desk policy here at Enron House, but have we told you about the clean desk drawer policy, too? Starting next week we plan to give everybody a fabulous opportunity to clean out their desk drawers and off load all those pesky pennies, francs, lira, escudos, pesetas, rupees, drachma, schillings, deutsch marks, dollars and any other foreign currency you have kicking around in your drawer into the two big blue bins in the Forum. UNICEF and Enron have teamed up to give you a chance to make a fresh start in the New Year with a change-free drawer. So, join in the fun and empty out those rattling desk drawers -- 'cause we'll be calling a desk check come the end of January! Oh, and yes, if you want to turn over a new leaf at home for the New Year, then gather up your loose change and drop it off in one of the bins on your way upstairs. The small print: All loose change will be collected by Travellex foreign currency exchange bureau for counting and, in the case of foreign currency, will be exchanged at market rates into pounds sterling. The money will then be donated to UNICEF -- the United Nation's Childrens Fund -- to support, among other projects, their worldwide child care immunisation and clean water schemes. QUIZ OF THE WEEK A bottle of champagne to the winner of this week's quiz......... What is the longest word that can be made from this set of letters using each letter only once? T A R M U H I E C
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