Western Region West Gas Fundamentals Western Region Duties

Western Region

West Gas Fundamentals

Western Region Duties • • • Cash/Prompt Traders will manage cash, balance of the month, and prompt physical index products. Also responsible for fixed price physical during bidweek. Prompt/Season Traders will manage physical index for term and financial for the prompt and season. The seasons are defined as Apr-Oct and Nov-Mar. When the last month of the current season is prompt plus one, then the next season will roll from the Term Trader to the Prompt/Season Trader. Term Traders will manage financial term markets and price all term deals for Origination. Janie Tholt will be assuming a new role as Regulatory liason between west trading and Enron’s Legal group. She will also be in charge of Customer Relations for commodity based customers. She will assist our Origination group in calling on the western region customer base. Janie will assist Stephanie Miller on term transport bids and briefing the desk on transport expansion projects. Janie will not be assuming an Origination structured role. She will continue to manage a financial book on the west desk. Emphasis on all Traders to develop more products, keep tight markets, and increase liquidity. Monthly reports will be distributed to the group on deal flow by Trader. We will monitor and reward those for increasing liquidity. Trading limits (VAR) will vary among traders. Limits will be announced.

Desk Relations • Trading - I will be setting the calendar and organizing a rotation for all traders to visit West Power in Portland two times each year. Each visit will be a week in duration and will consist of attending power meetings, visiting with their fundamentals group, and sitting with their trading group. Time will be spent with traders that trade similar areas and term of market. • Frank Ermis and Jay Reitmeyer will be responsible for organizing desk relations and visits with the Canadian trading group. I would like all NW traders to enter a rotation to Canada similar to the rotation to West Power. Frank and Jay will be responsible for getting Canadian gas market fundamentals on the Gas website for our daily review. • Keith Holst and the Fundamentals group will be responsible for desk relations with the West Power Fundamentals group. Traders in the West Gas Fundamentals org chart will be under Keith’s management during their rotation to Portland.

Fundamentals • Keith Holst will head our Western Region fundamentals. • Matt Smith and Jay Reitmeyer will assist Keith. See Org chart for other participants. • Every Trader not represented in the Fundies Org chart will act as a consultant to the Fundies group. • Keith Holst will address the Desk with his strategy for operating and organizing the Fundies Group. • We will set up a desktop PC and make laptop network connections available in our conference room for managing stack manager on EOL. This will allow traders to gather for fundamental analysis. The conference room on the far left has been reserved for the west from 1: 00 to 5: 00 every day.

Daily Meeting 3: 30 • Net cash trading activity by counterparty is now available on the Gas Fundies website under Desk, West cash trade volumes. Please review and print a copy before attending the daily meeting. • Cash/Prompt traders will discuss markets and pipeline flows. We will begin with the SW, then NW, and conclude with CA. • Prompt/Season and Term Traders will discuss market interest and price moves. These Traders, along with Matt Smith and Jason Wolfe, will develop a report showing market interest on EOL and the broker market. Have our back office assist you in developing this report. • Operations will discuss maintenance and nomination issues for the day. • Market discussion led by Mike Grigsby.

Market Information/Daily Reports • Matt Smith, Jason Wolfe, and the Analysts will be responsible for gathering market data regarding the west. • Daily packets will be printed and made available to all traders in the west. Gas operational reports, West power website pages, Regulatory news (Janie Tholt/Regulatory), etc. • Emphasis on monitoring news in the market all day and every day. They will monitor Reuters, Bloomberg, and the internet. • Submit requests for packet information to Matt Smith and Jason Wolfe.

Tuesday Fundies Meetings • Keith Holst, Matt Smith, and Jay Reitmeyer will be responsible for organizing our weekly fundies forecasting presentations. Hand-outs and/or slide presentation. • Barry Tycholiz will discuss origination in the west. • Open market discussion led by Mike Grigsby.

Pre-Bid Meeting • • • Fundies presentations by Keith Holst and Fundies staff. Packets made available to all Western Region attendants. Operational presentation by Patti Sullivan. Barry Tycholiz will discuss Origination in the west. Open discussion led by Mike Grigsby.