The Austin Group Energy, L.P.
Monthly Newsletter

Let's describe a typical and recurring nightmare for generating unit
operators. It's noon on August 15, temperatures have reached the upper 90s
all week; you're well into your reserve margin to serve native load, when a
unit trips off line. Do you scramble to find replacement power at record
high prices and worry about the consequences later? Or, have you prepared
for this event?

When the degree of risk has not been quantified, fear of the unknown can
lead to restless nights, and understandably so. The financial implications
can be astounding when a unit outage occurs during a period of high spikes
in market prices.

How does this relate to the recruitment and hiring of talent within your
shop? Allow me to bring the story together. What would you do if your top
employee came to you and said, "You've been great to me and I've learned
alot, but I just accepted a job at your level right down the road and they
like me so much they want me to start tomorrow." Do you spring into 911 mode
or are you ready for this day.

Start a relationship today with The Austin Group Energy. We will keep you
aware of all available talent in your market area. These candidates are
currently employed and do not answer ads. They stay in touch with
opportunities through us to ensure confidentiality. Why would Top 5
marketing companies pay us for the recruitment and placement of over 400
successful hires when they could hire them on their own. The smart and
proactive companies understand how to outpace the pack when it comes to
hiring talent, they call The Austin Group Energy.


THE FOLLOWING CANDIDATES ARE AVAILABLE FOR IMMEDIATE OPPORTUNITIES:

Ref# 00012123
Power Options Trading Desk
This PhD candidate is responsible for long term derivatives
trades/structures (Asian options, heat rate options, weather/power
derivatives structures, swing options etc.)

Ref# 00012124
Rotational Program- Risk Analytics
This MBA Finance candidate is analyzing/evaluating structured transactions
and derivative instruments. Has developed a VBA-based delta-adjusted risk
exposure model for all asset management groups. Designed intermediate-term
forward power curve forecasting model based on gas forward curve. Created
Visual Basic Monte Carlo simulator for Excel for option analysis.

Ref# 00012125
Quantitative Analyst
This M.S. in Applied Mathematics candidate builds short term models
necessary to forecast/schedule usage on a portfolio basis, by various levels
of aggregation (e.g. region, congestion zone, weather zone, customer, etc.)
Constructing statistical and econometric models to accurately predict
seasonal customer usage based on rate class, calendar and geographic climate
patterns.

Ref# 00012126
Quantitative Analyst - Manager
This candidate developed and implemented two Value-At-Risk (VAR) methods for
Natural Gas. Developed and implemented models for pricing and hedging exotic
natural gas options (Gas Daily and Peaker). OpenLink experience with VaR and
mark-to-market calculations.

Ref# 00012127
Director Derivatives Trading and Portfolio Management
Developed Nymex and locational options, position risk management model.
Evaluated and assisted in the process of selecting and implementing a new
real time front and back office financial system with VAR capabilities.
Structured deals for marketers using embedded financial products and  traded
natural gas options and fixed for float swaps. Priced and hedged advanced
options and swaps such as swaptions, asians, extendibles, expandibles, and
spread options.

Ref# 00012128
Risk Control Analyst
Support Origination and Trading activities by providing daily mark-to-market
values and VaR reports through accurate and timely entry of financial
transactions into RMS system. Maintain database for RMS system and
Integrated Commodity Trading System (ICTS) for entry of financial trades.

Ref# 00012129
Risk Manager
Responsible for all mid-office trader support functions. Responsibilities
include daily senior management position and P&L reporting, process
improvements, system implementations, structuring of originated
transactions, and rollout of an operational analysis plan.

Ref# 00012130
Senior Commercial Analyst:  Pricing and Structures
Developing model to incorporate basis and transportation into gas fuel costs
utilized in mark-to-market valuation of a gas-fired generation asset.
Determined market value of regional power by confirming the marks estimated
by the trade desk against independent broker prices.  Forecasted resulting
previous day's trade-to-market figure for preliminary valuation of book
value.

Ref# 00012131
Director - Risk Management
Analyze financial markets and advise physical traders of hedging and trading
opportunities.  Analyze market, secure management approval of trading
strategies and execute financial trades.  Generate position reports for
upper management.

Ref# 00012132
Risk Management Specialist
Perform risk management functions for the gas trading organization,
including daily position and P&L reporting.  Ensure deal validation and
perform problem resolution for executed trades.  Create daily VaR estimates
for both cash and term traders.

Ref# 00012133
Risk  Analyst
Determine market value of regional power, confirming the market values
estimated by trade desk against prices set for independent brokers.
Forecast resulting previous day's trade-to-market figure for preliminary
valuation of book value.  Participate in daily Value at Risk calculations,
exception reporting for daily variances, updating of daily price curves, and
updating proprietary models which value long term transactions.

Enjoy the holidays!  Wishing you all a happy and prosperous 2002!

Sincerely,

Jennifer L. Beard
Vice President, Client Services
The Austin Group Energy, LP
(281) 600-8147
jbeard@austingrp.com

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www.austingrp.com