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Enron Mail |
---------------------- Forwarded by Mike McConnell/HOU/ECT on 05/25/2001
09:18 AM --------------------------- From: Mike McConnell 05/25/2001 08:05 AM To: John Sherriff/LON/ECT@ECT, Michael L Brown/Corp/Enron@Enron cc: jeffrey.shankman@enron.com Subject: European Weather John, Here is a brief email on a possible resolution for the European/Oslo weather situation. Mark sent this draft to me last weekend but i haven't had time to review it this week. Personally, I think that this is the wrong answer from a Corporate perspective but this issue keeps hanging around and isn't worth any more of our time. For what it is worth, I think our communication strategy did make a big difference but didn't get us exactly where we needed to be. These groups will be expected (and held accountable) for good and consistent communication on an ongoing basis as well. For a P&L that is this small (and negative) we are all spending too much time on this. There is more to this story but I think we should just drop it and move on to bigger and better things. I am certainly not wedded to any of this but would rather focus on all the other issues and problems on my plate. Let's discuss upon your return on our weekly call. Thanks and I hope your vacation was relaxing. Mike ps-this hasn't been shared outside the group on the email. ---------------------- Forwarded by Mike McConnell/HOU/ECT on 05/25/2001 07:50 AM --------------------------- From: Mark Tawney/ENRON@enronXgate on 05/18/2001 03:06 PM To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate cc: Subject: European Weather I propose to structure Weather Risk Management in Europe as follows: I have responsibility and authority for all weather related activities including: trading (incl. EOL), structuring, origination, research, etc... for all of Europe with the exception of Finland, Norway and Sweeden. I will run Europe out of the London office with people reporting directly to me. Accordingly, I will allocate V@R and delegate trading authority to personnel in the London office. I anticipate having Paul Murray run our activities in London. Janine Juggins in the London Tax department is establishing the necessary entities and addressing the relevant tax issues. Simon Thurbin in London who reports to Todd Hall is identifying a book administrator for our group. Cindy Horn again in London is securing space for an initial 8 to 10 individuals. We have hired an assistant who is multilingual to assist in the setting up of our activities. We are working with Stuart Reed in Houston IT and Brian Hudson in London IT (coordinating with Oslo) to ensure that we have the infrastructure necessary to trade weather. In addition to Paul Murray, Ross McIntyre, and the assistant, Catherine Woolgar will return to London. We have also identified an individual in London to provide research support. For sturcturing, we will send one individual for the Houston group and hire one new employee already identified. Paul Murray will focus on the management of the office, relationships within Europe and the execution of large structured trades. All other individuals in the London office will have dual reporting with a dotted line to Paul and a direct line to the group leaders in Houston to ensure continuity and accountability. With respect to Scandinavia, I propse that those activities be treated as completely separate with their own V@R and trading authority. Their activities should be limited only to Scandinavia. The Houston group will share infomation and knowledge in the same way that we would with other desks within Enron. Should any of the groups reporting to me wish to take on a Scandinavian position, they will have to do so through the Oslo weather group. Likewise, should the Oslo weather group wish to take any weather positions outside of Scandanavian, they will need to do so through me. Paul Murray and I will develop a new budget for Europe taking into consideration the time needed to establish our activities. Oslo will retain responsibility for the European budget as originally proposed by Thor Lien.
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