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Enron Mail |
The first quarter of 2001 was a record quarter for the performance of the=
=20 businesses under the Enron Global Markets group. We posted a gross margin= =20 number of $100 million for the first quarter. This represents a 38% increa= se=20 in gross margin after a very successful Q1 of 2000. When combined with=20 outstanding results posted in December of 2000, EGM has contributed over $1= 87=20 million to the Wholesale group in the last 4 months. This was due to=20 tremendous contributions from each business group. In order to keep the momentum going and to facilitate more growth, the=20 following changes and additions have been made within the organization.=20 Crude and Products group Mid-marketing Bill Berkeland has joined the group and is responsible for creating a focus= ed=20 mid-marketing function specifically within this group. Fred Lagrasta is=20 responsible for mid-marketing for Enron Americas and still maintains some= =20 responsibility for various contacts and deal flow as well. The purpose of= =20 this group is to be very focused in the development of crude and product=20 specific products and services. This group reports to Randy Maffett. =20 Origination In order to manage the increased origination opportunities around the world= ,=20 the Origination group has been changed in order to insure that the proper= =20 focus is placed on these opportunities and to manage its wide scope. Doug= =20 Friedman will lead our NGL and Petchem origination efforts reporting to Joh= n=20 Nowlan. Joining Doug will be Rick Cantrell recently hired from Union=20 Carbide. The global crude and products origination group has added Randy O= =01, Conner from Red Meteor, who has extensive experience in these markets. Bot= h=20 Randy and Doug Leach=01,s growing fuels origination group will report to Ra= ndy=20 Maffett.=20 Trading Lee Jackson will assume the role of U.S. NGL=01,s lead financial trader,=20 supported by Chad South. The petchem and plastic trading businesses have= =20 been reorganized under Stuart Bland. Alan Engberg will be responsible for= =20 plastics trading in the Americas. =20 Shipping Scott Moncrieff will assume responsibility of our global shipping network= =20 related to crude and products. Scott will be charged with expanding all=20 aspects of the shipping portfolio taking advantage of our growing presence = in=20 these markets and the successes we have had marketing shipping on line. Weather The weather group under Mark Tawney=01,s direction is expanding its efforts= =20 around the world. Europe will have an expanded focus and the London office= =20 will focus on new opportunities in Europe. Paul Murray has joined Enron fr= om=20 Castlebridge Partners and will be moving to London to develop and expand th= e=20 continental opportunities. Ross McIntyre, currently based in London, will= =20 report to Paul. Bill Windle has joined the weather group and has=20 responsibility for origination activities for North America. Bill=01,s mos= t=20 recent assignment has been in the EBS organization. The Oslo weather offic= e=20 managed by Thor Lien will have responsibility for Scandinavia weather=20 activities. In addition, employees are being added in the Australia and=20 Japan regions. We are now making markets in 32 cities around the world on= =20 EnronOnline. =20 Coal Mark Schroeder has joined the coal group and is responsible for origination= =20 activities with generators in the U.S. Mark=01,s most recent assignment wa= s as=20 the head of all regulatory activities for Enron Europe, Japan and Australia= . Enron Japan The momentum of power deregulation process has slowed in Japan. The decisi= on=20 has been made to scale back the wholesale power activities. Joe Hirl,=20 President and CEO of Enron Japan, will now report into the EGM organization= . =20 Joe will maintain his direct responsibility of the office and will be=20 increasing his focus on the business lines within EGM. All of these produc= ts=20 have high growth potential in both the near and long-term and he will=20 coordinate and help implement with all the business lines and their=20 activities. LNG LNG continues to expand with the vision to increase the number of=20 transactions and create a portfolio of assets and contractual access around= =20 the world. Jonathan Whitehead has joined the LNG group and has=20 responsibility for all trading and shipping activities. Neal Gerstandt, previously an independent energy consultant, Jared Kaiser,= =20 from Enron Americas - East Gas Desk, and Kurt Lindahl, from Enron Global=20 Assets, have also joined the LNG group with responsibilities in the area of= =20 origination in the Western Region. Enron Freight Markets EFM has concluded over 2,000 transactions in its first two months. Chris= =20 Kravas continues to focus on building the spot trading and mid-market=20 capabilities that will enable it to be the dominant player in its market, a= nd=20 has hired four new traders in the last two weeks. Kellie Metcalf, from EBS= ,=20 has joined Shawn Cumberland's origination effort, and Deirdre McCaffrey, fr= om=20 Gas Structuring and Mid-Market, has joined Matt Arnold's forward trading=20 group focusing on diesel products. =20 Global Risk Markets David Hoog joined Enron from Ace Insurance in December 2000 and has quickly= =20 built a team of people specialized in trading unit contingent power price= =20 call options, a hybrid insurance derivative product. Drawing on Ace and Enr= on=20 resources, this team is based in New York and includes Alex Tartakovski and= =20 Larry Marcus from Ace, as well as Joana Bekerman and Tony Chang who recentl= y=20 moved to New York from Houston. Their first transaction closed just 3 month= s=20 after startup. Brad Blesie will be moving to London in June to establish a base of operati= on=20 for GRM and expand our insurance derivative activities into the European=20 market place. Among the opportunities he is currently exploring are=20 contingent call options applied to shipping and charter rates, trading=20 insolvent insurance claims, and combining North Sea oil and gas VPP risk wi= th=20 decommissioning insurance. In April this year, EGM established a hedge fund origination effort in New= =20 York reporting to Per Sekse and led by Russell Dyk who recently moved to Ne= w=20 York from LNG in Houston. Russell is responsible for expanding our commodit= y=20 trading relationship with hedge funds to include crude oil, products, liqui= ds=20 and other commodities traded by EGM. Joining Russell in this effort is=20 Stephen Plauche, who comes to us from Enron Americas=01, power trading desk= . Financial Trading Elsa Piekielniak has assumed responsibility for Enron=01,s developing=20 agriculture business. Billy Lemmons has changed groups and now runs the=20 Analyst and Associate program for Enron Corp. =20 Please congratulate everyone on their new assignment and we look forward to= =20 the continued growth in all the EGM businesses.
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