-----Original Message-----
From: 	Kreamer, Nat  
Sent:	Thursday, November 01, 2001 11:49 AM
To:	Woods, Trevor
Cc:	Affelt, Scott
Subject:	Some thoughts for the business plan

Trevor,

Sorry that I don't have more time to help.  Please keep me in the loop.  I hope this has some merit.

- Nat

Leveraging NOxTech:

1.	Selling NOxTech to power generators will:
a.	Gain critical information about the compliance plans of utilities
i.	Useful to determine NOx market participants positions (long/short)
b.	Generate profits that may be used to support the development of peaking units
i.	Since ENE funds are tight, the more positions we may support with organic cash flows the better
2.	NOxTech provides a high performance, low total evaluated cost NOx reduction technology
a.	Enables ENE to build peaking units that may manipulate the market
i.	Take advantage of shortages
ii.	Create shortages
iii.	Enable an understanding of prices / price transparency
b.	Peaking units that include Over-fired Air modifications will provide an additional cash flow to CES / EGM Tech Ventures that will support market-to-market positions
c.	Peaking units may also support the economic foundation for double trigger contingent calls on allowances
i.	Similar to the double trigger power outage calls written by GRM (see attached presentation)
ii.	Contingent on technology failure (i.e. SCR clogs) and inflated spot price for credits


 




Nat Kreamer
Enron Global Markets
Enron Center South 03343
t. 713.853.6022