Re: Power Plant Model

Hi Vince:

Number one below is fine...the more accurate the EBITDA model the better.
Your "tweaking" of the model at this point won't create any Chinese Wall
problems.

Michelle and Gary will talk about the programmer issue on Monday, and get
back to you. I apologize if there was any confusion. We're certainly
grateful for Alex's involvement.

Today is my last day of Associate rotation within the Financial Trading
group, and I start at EES on Monday. I handed off the project as best I
could, and of course will be available if you need me. My e-mail and phone
number will be the same.

Have a nice weekend.

Jeff

Vince J Kaminski@ECT
01/05/2001 03:26 PM
To: Jeff M Gray/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Alex
Huang/Corp/Enron@ENRON, Gary Hickerson/HOU/ECT@ECT, Michelle D
Cisneros/HOU/ECT@ECT

Subject: Power Plant Model

Jeff,

A few comments on the model:

1. We have a few reservations about some features of the model but would like
to
discuss it internally and make the improvements without giving the benefit of
our insights to the consultant.
In general, the model is not unreasonable but the devil is always in the
details and in the inputs and
calibration. The same model may produce drastically different results
depending
on the quality of inputs.

2. We don't have a separate pool of programmers in the Research Group. We
were told that you
would provide an IT resource. Alex would supervise this person.

Vince