input stringlengths 93 39k | output stringlengths 1 117 |
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Lynn will come to my office at 9 am.
Julian will try to be here too but he has an 8am meeting and may be late.
I can call you if you like, but just let me know which number.
SS P.S.
Shall I just schedule a call with you and Mark?
| I'm back online! |
Sorry to keep sending emails BUT my assistant just walked in and said that you were expecting a presentation by Mark Taylor on the phone call.
To my knowledge, Mark doesn't know anything about this call (your email of 1/17 doesn't mention Mark).
So, I'm totally confused.
If we are going to discuss the term sheet process and related tax issues, let's do it.
If you want to cancel because you are expecting something different, please let me know (and advise Lynn and Julian).
Thanks.
| Conference call 1/27/00 |
I am finalizing the docs and we should coordinate with Julian.
You may want to let Scott Neal know that we will need his signature.
SS
| CMS |
Holly Krebbs just did a deal with these guys (short form) but they want to negotiate an ISDA.
We need to send an updated form to them.
Will there be any credit changes?
| Puget Sound Energy, Inc. |
Attached is a short letter advising subs/affiliates of ENA of existing brokerage and futures accounts.
I thought these should be sent to the general counsel and CFO/Treasurer of each company.
Please let me know your comments, frequency of review, whether any other group should monitor, etc.
Each attached Exhibit will contain only a list of accounts.
I have not included account numbers but we can do so and include any other information you consider relevant.
Remember, the only other "brokerage account matrix" which we have produced is a quick view of brokerage firms and Enron companies.
Thanks.
| Brokerage account audit memo to be distributed by Enron North America Corp. ("ENA") |
In discussing the Omnibus with outside counsel on a deal, I am not clear that the definition of "Loss" picks up the concept of "Unpaid Amounts."
Arguably it does (although the concept of "Unpaid Amounts" is built into the ECT Master upon which the Omnibus was based for Early Termination for Events of Default but not followed through entirely for Accelerated Termination Date).
My guess is that we decided that Omnibus "Loss" pv of economic loss includes both past amounts owed/subsequent valuation.
Can you recall?
| Omnibus - Section 4 (Remedies) with respect to aggregation of Gains, Losses and Costs |
Can we schedule a short call on Tuesday to discuss the local Argentine derivatives issue?
I am not free at 10 - 11 am or after 2:30 pm.
Houston.
Also, have you been able to confirm whether Don is the man in charge in Brazil?
Sara
| short conference call |
Can you give me a little more info on this topic?
Is anyone in Houston involved?
I just want to make certain that we haven't missed anything in the process.
Thanks.
Sara
| currency hedging and "convertibility insurance" |
FYI - I will be out of the office on Feb. 3 and 4.
Let me know if you want to reschedule earlier.
Thanks.
Sara
| Conference Call on Feb. 4 |
Per our conversation with Dan F., ENA needs to understand issues related to the distinction between "investor owned utilities" (or "IOUs") and municipal utilities (or "municipals") in connection with derivatives activity.
In the U.S., this distinction enables us to treat IOUs as general corporates.
Thus, we negotiate our standard ISDA Master with an IOU, except that we add an Additional Termination Event to prevent the IOU from taking an adverse stance in its state public utility commission proceedings.
A copy of that Additional Termination Event is attached for your review.
Our approach with respect to municipals is dramatically different.
When negotiating an ISDA Master with municipals, we use a Schedule modeled after the 1992 U.S. Municipal Counterparty Schedule, having additional reps, the added concept of "Incipient Illegality" and an enforceability opinion.
A copy of that Schedule is also attached for your reference.
We would like to understand whether this distinction also exists in Canada, and if so, in all Canadian provinces, and whether there is a distinction when a municipal is an investor in an IOU (as we understand that the government may assist a utility to emerge from bankruptcy).
In that regard, would you recommend that ENA use distinct ISDA Schedules for these types of entities and/or would you recommend specific changes to our format?
| I'd suggest the following: |
Jeff Nogid has called about putting some ENE masters in place.
I have already spoken with Clement about this.
ENE will be trading FX, interest rate and equities through Gary's group.
Jeff mentioned names such as Merrill Lynch Cap.
Services, Credit Suisse and Sumitomo.
He will obtain specific names and contacts at the various firms and forward that information to me and/or Shari.
We'll let you know.
Sara
| Enron Corp. ("ENE") ISDA agreements |
Under separate cover, I will fax to you a copy of the February 6, 1998 legal opinion which, from my research, created the "issue" between SG&E and Enron North America Corp., formerly Enron Capital & Trade Resources Corp.
It might be easiest if SD&G reissues the opinion without the qualification contained in Paragraph 5.
Please let me know what you think.
Regards.
Sara
| San Diego Gas & Electric ("SG&E") - financial tradint |
I am negotiating an ISDA on behalf of ENA with an Australian corporate insisting upon a legal opinion (enforceability) with respect to the Enron Corp. guaranty.
Is this a customary request by Australian corporates that you would normally grant?
If so, who has issued the opinion?
I look forward to your reply.
Regards.
Sara
| Australian counterparties - Guaranty in connection with ISDA Master Swap Agreement |
I'll be out of the office Feb. 3 & 4.
Carol is attending a class on Feb. 3.
Please direct inquiries to lawyers present on those two days.
Kaye Ellis knows how to reach me in Baton Rouge.
| Just a reminder |
I just finished neogtiating Annex A with this CP and its lawyer for the 8-month financial deal effective 2/1/00.
The CP is anxious to receive an ISDA so that the ISDA will govern this transaction and future transactions.
Please let me know who will prepare credit (since the CP knows my phone number and is awaiting receipt of a draft!).
Thanks.
Sara
| Puget Sound Energy, Inc. |
Tracy Ngo will be preparing credit for an ISDA.
The draft should be sent to (Steve) Morus at the CP (check the green file because we've done an omnibus).
You can insert NY law but no other omnibus changes need to be made.
Thanks.
Sara
| Puget Sound Energy, Inc. |
Have you sorted through the ENE ISDA masters with Jeff Nogid?
Should I call him again?
Anyway, it looks like another request is attached.
Sara
| ISDA Master Agreement |
Trying to set up conference call with Tiger (will advise).
Enron Corp. lawyer out of town until tomorrow afternoon; trying to find another Corp. lawyer to review the guaranty.
Also, received e-mail from Harvard asking when I'd respond.
Is this just a routine request?
SS
| Tiger |
I am in the process of finalizing the ISDA and need for you to provide me with a definition of the "Cross Border Lease" for insertion into Paragraph 12 of the Credit Support Annex.
I will need to refer to the lease in several places.
Thanks.
Sara
| ISDA Master Agreement |
Thank you, dahling, for the lovely card.
I'm thinking of you as well (but I ALWAYS think of you).
I'll be thinking of you when I am in New York and especially when I pass by Ferragamo.
And when I pass by Tiffany's.
I hope your day is filled with valentines.
Love, Sas
| Happy Valentine's Day |
Can you please advise of legal holidays in Brazil during the remainder of February and March?
I don't know how many days Mardi Gras/lent last.
I need to plan future trips to Sao Paulo.
Thanks.
Sara
| Holidays in Brazil |
1.
At the end of the "Notice of Exercise" clause, ass"(but not both)" 2.
Instead of "Additional Provisions", insert the following: Special Provisions: Notwithstanding the foregoing, the exercise by the Buyer of the option to enter into either Underlying Transaction I or Underlying Transaction II is conditioned upon (i) the execution by the parties on or before the Expiration Date of an ISDA Master Agreement and (ii) Enron Corp. Risk Assessment and Control approval [of what?].
In the event that either/both (?)
condition is not satisfied prior to the Expiration Date, this Transaction shall terminate on such date without further action or payment required by either party.
| Re-Box |
I am planning a trip to BA from Feb. 27 - March 3.
The objective will be to present derivatives training for the BA traders, meet with tax and legal representatives and the Argentine Derivatives Association with respect to changing tax laws, legislation, and "local" derivatives trading, and sitting down with Mike Guerriero to establish an "action plan".
The monthly swap calendar does not indicate other lawyers out of the office during that week.
Please note this on the group calendar.
Thanks.
Sara P.S.
Mark - let me know if there are other issues you would like to have addressed.
| Trip to Argentina |
Patricia: Thanks very much for your quick response.
I would very much like to solicit your help in arranging some meetings when Lynn Aven (tax) and I visit BA in two weeks.
We definitely want to meet with one or more members of the ADA who are responsible for drafting and implementing the new agreement.
And your suggestion to meet with your colleague who has been lobbying for derivatives tax legislation is one we readily accept.
Could you possible try to schedule these for convenient times on Tuesday and Wednesday, February 29 and March 1, respectively?
I will be out of the office tomorrow but in next week.
Enron is closed on Monday, February 21 for President's Day.
Let me know if you would like to speak directly of if I can assist in any way.
Looking forward to our visit.
Sara
| Trip to Argentina |
Attached is the Media News draft confirm.
Paul will call about that one.
Traders will book new deal and kill prior transaction with Affiliated Newspapers.
(notice the merger and/or name change issues????)
| Re-Box & Media News Group |
I'm waitlisted on the Continental flight so we may be traveling separately.
I do, however, have a room reservation at the Sheraton Towers.
Kaye can help you.
I'm out of town tomorrow so let's regoup on Tuesday.
SS
| FYI |
Lynn and I will be in BA during the week of Feb. 28 to meet with lawyers, accountants, commercial group, etc.
Just a heads up for you.
Sara
| BA trip |
I don't think Marie handled yet.
Please handle and advise Brent that you are the person working on Argentina.
Also, we can send the latest deal report which we should discuss briefly (and the new list of addressees).
Thanks.
Sara
| ISDA |
Please see attahed.
Let me know if you have questions about the option template and please let me know if you think the Delano draft satisfies the conversation we just had with Leslie.
Thanks.
Sara
| omnibus option template and Delano draft power confirm |
In connection with the trip to BA next week, I am having some problems scheduling meetings with other consultants and would like to know whether you have been able to schedule a meeting on Tuesday (Feb. 29) or Wednesday (March 1) with your colleagues and/or the ADA.
I would appreciate hearing from you as quickly as possible in the morning because I already have requests to meet on those two days.
I would obviously like to defer to your plans.
Please call me tomorrow.
Thanks.
Sara
| meetings in Argentina |
Patricia: Thanks for putting the meetings together.
In addition to Lynn Aven and me, both Andrea Calo and Brent Hendry would like to attend.
I'm looking forward to visiting with you next week.
Regards.
Sara
| Meetings at Marval on March 1 |
FYI - Shari Stack is negotiating the brokerage agreement with Banc One and there seems to be an issue over the interest rate.
Needless to say, I have never had any conversations with Banc One over this issue.
SS
| Interest Rate Issue |
Brent, Andrea and I were hoping you might be available for a 30-minute call on Tuesday after 5pm (BA time) or 2pm (Houston time) on Tuesday, Feb. 29.
The BA office had a meeting last Friday afternoon and has apparently set some rather lofty goals, such as online trading for Q3, etc.
Please let me or Brent know if you are available and/or alternative times.
Tomorrow we meet with the American Chamber of Commerce, Wed. with Marval and the ADA and the Securities Commission, and Thursday with tax consultants.
Also, I need to talk with you about Brazil when I return.
Sami has been diligent about forwarding deal flow information and there are a ton of references to PPA's and SWAPS.
We are still trying to get our arms around all the business units in Brazil to track their activity.
Have you heard from Yao?
This international position may be right up his alley.
Sara
| Telephone conference |
Sami: I'm concerned about the deals showing up on the origination list which we received on Friday.
There are multiple references to swaps.
We need to talk.
I'm in Argentina and may not make the call tomorrow because I have meeting outside the office.
I'll try to call you tomorrow.
sara
| origination deals |
I think that the reference may be in the setoff clause and the CP was trying to exclude "other Transactions" and limit setoff to derivatives only.
Unfortunately, I don't have the form with me.
SS
| BPAmoco Corp / Amoco Corp |
Just kidding!
I'm fine.
I've been cut off twice on telephone calls to the states so I may have problems calling you in the next hour or so when I leave the office.
FYI: NTAP closed at 188-3/4 and CISCO closed at 132-3/16.
It's too early for the mutual fund reports.
The weather is again gorgeous; we had empanadas for lunch and they were much better than tamales.
I read the tamale article in the Oxford American and it talked about the tamale man in Greenville, MS (whose name was Six Sixty-Six, being the sign of the devil so the tamales were really HOT).
Tomorrow we meet with another law firm.
Thursday and Friday I meet with the commercial people about ISDA agreements and one business customer is flying in from the province of Mendoza to discuss an agreement.
I'll call you later and I'm going to try to go to bed earlier tonight (I'll try to call after 9pm BA time).
Love, the DG
| Can you rescue me from BA? |
I hope you are doing well.
I finally have my laptop so I can at least read email during the day.
The weather here is gorgeous.
It's about 72 during the day and cooler at night.
We went to a restaurant that had a "tunnel of fudge" por d'creme.
Someone at the table said there is a similar recipe in the Charlie Trotter cookbook.
Do you have that cookbook?
I know you have a lot of them.
I fly hime Friday night and arrive in Houston on Saturday morning at 6:30 am.
Mike should be waiting for me at my house and I can't wait to see the Phoebe and sports dog a/k/a Chloe.
How's mother and daddy?
I can't send mother email because she may pick it up on her voice mail.
Love, sas PS Are you working on Friday?
| Hello from BA! |
I have meetings this morning with the Marval firm but was hoping you could help out here.
1.
Could you please check with the Alley Theatre Box Office and find out if I have tickets for a performance this Friday night (March 3).
They will check under the name "McKeogh" and my local phone number "713 664-3207".
Just let me know so that I can figure out what to do.
2.
Could you please change my McDonald's phone call presently scheduled for 1pm (BA time) tomorrow.
I would need to reschedule through Mike Irgang(info in lotus notes) at McDonald's and let Ed Quinn know.
My BA schedule is on my calendar.
3.
I am tentatively planning a trip to Sao Paulo.
I will stay from 3/17 through 3/27.
However, I need to arrive on 3/16 and depart on 3/28.
Could you please check flight availability?
I first need to clear through Mark Taylor and I will copy you on that message.
Thanks.
for now.
| I need your help |
Mark: I have been in touch with Sami Arap who is now Andrea Bertone's boss.
There are currently two seminars scheduled in Sao Paulo aimed for the commercial group and the lawyers as follows: 1.
March 17 - Milbank Tweed (Securitization) 2.
March 27 - Bracewell (legal issues for contracts) I think I should attend these and was considering a trip to arrive before the start and after the termination of the seminars (approx March 15 - March 28).
In the interim I could (hopefully) wrap up financial issues with Tozzini and address at length physical issues with Tozzini.
Also, I can speak with commercial groups and plan a "swap"seminar for the commercial and legal groups (date TBD but probably after the legal seminar in San Antonio).
Please let me know if the timing works for our group in Houston and if you have other thoughts.
Hope all is well.
Sara
| Trip to Brazil |
Hi Felix!
I return from Argentina this weekend.
I am having some problems with the laptop which I'll need you to adjust upon my return.
I am traveling with an ESA person from Houston who has a laptop and never experiences any of the daily problems which I have.
The problems are: 1.
Immediately upon logging in each day, I receive the following message: "This install.
will install CITRIX ICA Client - YES or NO" 2.
"Unable to load workspace file destop.dsk.
File is in use by another program.
Delete the file and create a new workspace?"
Also, the screen freezes frequently and I'm not sure what this is related to.
I can't use the laptop offline to even get into word.
When can we review these problems?
Thanks.
Sara
| laptop |
Rod and Susan: I met with the counterparty and lawyer last week.
Following are the results: Rod: CP would like a phone call to discuss the Schedule and CSA.
They mainly want explanations as to why ENA made the elections in the docs for: 1. p.1 Cross Default Threshold 2. p. 2 Additional Event of Default, part (xi) 3. p. 4 issue providing Quarterly Unaudited Consolidated financials 4.
CSA p.2: How was Collateral Threshold determined Susan: CP would like the following: 1.
Schedule p. 3: sample certificates per third entry for docs to be delivered 2, " p. 5: need to get address 3. "
p. 6: Process Agent.
Need to provide CP into on CT Corp. You will need to speak with Julian Poole because the CP has fairly good English (the lawyer does not speak English) and Julian may want to schedule the call.
I don't know how quickly the CP will want to act because there is a Stamp Tax issue to be resolved.
Thanks.
Sara
| Hidroelectrica Diamante Sociedad Anonima |
If they limit the fill to oil from the royalty-in-kind program, we can't participate because that's only an option for companies drilling in the Gulf.
If they go beyond that (DOE sources say they are inclined to), there might be a chance for us to participate if they solicit offers on the spot market.
One consultant said that option is less likely, but they will look into it more closely for us.
More likely they would contract with some oil-producing states off market to provide the rest.
If they open it up to everyone, we will have plenty of time to make an offer during the solicitation period.
CJS
| possible participation in SPR move |
just had 2 refusals to trade due to crdit issues.
one from shell, which is a bit surprising since i thought we cleared this last week.
but anyway, the guy's name is james blount and number for stasco is 0207 546 5755 the other is socgen and this is due to some limits on gas side that they r linking.
the guy there is frederic naudan and his number is 33 1 42 13 03 91.
| credit |
The SO2 Emissions Credits Inventory transaction with Barclays Bank PLC has been extended for 12 more months as of yesterday, November 6.
Barclays has arranged a facility of $170 million, of which $158 million was used as of yesterday.
As a condition of extending the term past yesterday, Barclays required collateral in the form of a cash deposit or an L/C from an acceptable bank.
We have posted cash until L/C lines become available.
The cash raised, net of collateral posted, was approx $98 million, with capacity to put more SO2 credits into the facility.
The facility allows Enron to raise cash off-balance sheet without leaving us with short positions in our SO2 book.
As a condition of Barclays accepting cash collateral instead of an L/C, we amended the Swap Master between ENA and Barclays PLC to reduce the number of days to pay to avoid a payment default to one business day from three business days after notification by Barclays.
This amendment automatically reverts back to the original three business days immediately upon Enron posting an L/C to replace the cash collateral.
Further, Barclays has agreed to review the need for collateral in six months, such that if our credit situation improves sufficiently Barclays will release the collateral while leaving the facility in place.
The terms of the transaction allow EGM to sell SO2 Credits into the facility and call back the credits on one day's notice multiple times over the next year.
We pay interest expense in advance as a call option premium; if we call any credits back early, however, we receive a refund on the unused interest expense.
The upfront fee was 50bp on $170 mm for the year (though we really have 13 months) and the spread is 65 bp.
Please contact Soma Ghosh or me if you would like further updates.
On behalf of Soma Ghosh and Jim Lewis
| SOX Financing Update |
The Advanced Book Exchange has forwarded the following order.
This is only a confirmation of your order ... the book seller will contact you shortly to confirm this book's availability.
No response is required.
Author...... Bony, D'Anne.
: Title....... Les Annees 30.
Publisher... Paris, Editions Du Regard, 1987.
BookId...... 8809 Price....... ?
220.00 2 Volumes.
31cm.
1,380pp, hundreds of b/w and colour ills.
Cloth.
Slipcase.
Terms....... We accept all major credit cards.
Payment can also be made through our Giro account.
| Confirm ABE Book Order: Les Annees 30. |
Jeff: I am glad we were able to reschedule our discussion about Opt4, including demo of its product.
We are set for this Monday November 19 at 2:30 your time.
I will call you at your office number.
We will be broadcasting the demo to you over web-ex.
To log in to the demo just : 1.
Go to the web-ex site (www.webex.com) 2.
At the first screen, click the button "Meet on Line" in the upper right corner of the screen.
3.
On the second screen, click the blue "Join Meeting" button on the left, middle section of the screen.
4.
On the third screen enter the Meeting number in the box at the top of the page.
The meeting number is 43248761.
Then click "Join" I'll look forward to speaking to you Monday.
| Opt4 demo |
You don't have any furniture?
Kjaerholm is fantastic but it is a low scale and works best when together.
Most other furniture looks too big near it.
I'll try to send the pics again.
I like Mies...which chairs?
We have an older daybed (Mies) coming in.
What do you like?
What do you want your place to feel like?
It helps me when sending pics to you...warm, architectual, cool, gallery , (?)etc...
Would you mind sending the check fedex when you get it?
You know how it is... the money comes in and then it goes out.....Thanks, Kim
| Furniture |
Mike/Jeff: Attached is a list from the Enron Corporate Secretay's Office of the Enron companies where you are a Board member and/or an officer, noting your title.
It is my understanding that the Enron Director/Officer Liability Insurance Policy does apply to directors/officers of each of these companies.
Let me know what questions you have and I'll do my best to answer them or promptly find an answer.
Regards, Alan
| List of Companies |
Hi Jeff, We are bringing alot of new furniture to the shop tomorrow.
I will send some jpegs with an overall view and you can tell us if there is anything of interest.
Also, have you gotten your new checks yet?
We could really use the payment.
Thanks, Kim
| furniture madness |
I am totally remiss!
I am only now sending you the email you asked for with the breakdowns, etc.
The total sale was $50,000, and I devised net prices as such: KPM set: $25,000 Royal Copenhagen vase: $3,000 Mars Vallet bronze: $11,000 Rozenburg vase: $11,000 I've attached the original invoice for you as well.
My Dear Jeff, I hope you are holding up through all this shit that your company is putting you through and I am truly sorry that it's happening to you.
You deserve a whole lot better than this.
Love,
| hi |
To correct the list I gave you as to ELFI: Jeff, you are the President and COO; Mike, you are the Chairman & CEO.
Jeff, by the way, Enron Intelligence Exchange (a Cayman entity) was formed in 2000 by the LNG group to be a company to participate in the internet trading of LNG.
Obviously, no activites to date.
I still need to find out the purpose of Enron Administrative Services Corp.
I will let you know tomorrow.
Regards, Alan
| Enron Liquid Fuels, Inc. |
***REMINDER*** We have not yet received your feedback.
Your input is very valuable and to be included in the participant's summary report, it must be received NO LATER THAN CLOSE OF BUSINESS on Monday, October 22, 2001.
Without your feedback, the participant may not receive a summary report or be eligible to attend the program.
| TIME SENSITIVE: Executive Impact & Influence Program Survey |
Here is a summary of what our key contacts are saying on the oil market: SPR: We still expect the Administration to announce an SPR fill plan very soon.
The original date has been postponed because work has been seriously disrupted up here due to anthrax scares.
We expect them to start with royalty oil, which means that companies drilling in Federal lands in the USG can pay some of their taxes in oil instead of money (like they did in 1999).
But DOE sources believe that this (approx 100kb/d) will not be enough for proponents of the plan, and they will want to expand the SPR fill to include purchases either through the spot market or through off-market contracts with key oil producing states.
IRAQ: Sources believe that the US will try again for "targeted sanctions" when the oil for food program comes up for renewal in early December.
Like last time, there will be Iraqi disruptions, and also like last time, the US will likely give up after making a symbolic stand.
Bottom line -- we expect around 4-6 weeks of Iraqi oil export disruptions.
| Oil Update from Washington |
just talked to marcello castilho, the head of petrobras office in london.
he gave me the following: their crude production is down by 900mbd.
they have crude and product stocks for the next 5 days, but then will need to buy.
initially the thought wud b to buy crude however, the situation may have worsened at the refineries.
he was pessimistic about the discussions.
said that petrobras called them to a meeting ydy as everyone knows and only upped the ante by 1pct on their side vs the 8.5 sought plus the inflation catch-up of 42pct.
this really angered the unions and they have now said they will not come back to the table before seeing the numbers next time.
he said petrobras is up against internal competition now from other oil and gas companies who are offering ex petrobras workers a 15pct increase over their current pay, so petrobras is in a poor position.
so far the refs have been running at very low rates and the managers have not allowed the workers to leave the prmeises but have bunked them and fed them their in 12 hour shifts.
by law they can only do this for 3 days and some fighting has already broken out at one location, so doubtful they can continue the 'imprisonment' much longer.
if it comes to a bigger showdown he thinks the unions will just shut the refs down on the last shift that they work, and he will be buying product not crude.
| petrobras update |
Jeff, Please accept my apologies for the slight delay in getting back to you on the message board regarding this week's API forecast.
I'd like to take a minute of your time to highlight what we are doing to address all our concerns over our forecasts and how we are actively seeking to produce better results that we are all comfortable with and that provide useful insight and tradable information to our colleagues on the trading desks.
As I am sure you know, forecasting the API's is not as scientific as other industry data such as the AGA's.
The API is not consistently clear as to how it measures crude demand and this week's data is a clear example of this in that there is a discrepancy of 1.2 million b/d between crude runs and the demand figure shown by the API.
Each week the basis of measuring crude demand changes slightly.
To address this we are looking at finding ways of predicting what we call the API Curve Ball Factor through a variety of regressions / moving averages analysis.
The second area we are in the process of perfecting is imports data.
We are working closely with IT and Net Works to scrape real time shipping information in order to give us a better handle on crude coming in to the country.
We are also recruiting a Quants PhD from Vince Kaminski's group who will be able to bring a slightly more scientific skill set to our team of business / economics skill sets.
Please be assured that this issue is one we are giving the utmost priority to addressing.
Having only recently taken on responsibility for the crude and products fundamentals team I have not had much opportunity to discuss issues with you.
Please be assured that I am available at any time to discuss this, or any other, issue with you.
Best regards,
| API Forecasts |
To all Corporate Committee Members: As a Committee Member, you are asked to thumb through your rolodex and find those contacts that would be most interested in supporting the Contemporary Arts Museum.
This year, we would like to start the thinking process before the November 1st meeting to avoid leaving out any potential targets.
Therefore, we are asking that each of you identify three to five possible companies with your contact names and fax or email them to Amber Winsor at awinsor@camh.org or 713-284-8275 by 5:00 p.m. Tuesday, October 30, 2001.
We will approach these companies to join as a corporate member at the $1000, $2500, $5000 or $10,000 levels.
You can decide which level to ask for and you will be a signature on the request letter.
At the meeting, we will identify co-signers to help improve the chances for a successful response from these prospects.
FYI - for those of you who cannot attend the November 1st meeting, this step is even more important.
It will bring your voice and ideas to the meeting if you can't be there in person.
Thank you.
| CAM Corporate Committee, action required by October 31 |
Jeff: On our conference call on the SATO MoU a week back I promised to send you the DASH and press release on the 50:50 Swiss trading JV Enron Europe has recently put in place with the Swiss municipal power company EWZ.
Note the DASH is draft only.
Interesting precedent.
Regards - Jeremy
| SATO: Enron Europe Trading JV |
Fred- Robyn structured and executed our first power deal with AIG's Arbitrage Fund yesterday- DKR.
Its our first deal.. we made money and it fit directionally into Steve Vu's book.
We have been pitching the weather product since the beginning of the year but have been limited by the size of transactions we could do and the funds understanding of the market.
Most of the funds want to use weather as a hedge for an underlying position in gas or power.. and the size of the market in weather has not been enough to cover directional NYMEX views.
So we started to look at smaller deals in the market areas to hedge regional power and gas underlyings that will naturally be smaller positions.
DEAL we did: Basket of 5 cities... equally weighted DKR sold Nov HDD swap of basket of 5 cities: chicago, clevland, LGA, DC, Boston - equally weighted average of the 5 cities strike = 650 payout= 2,000/HDD with 400,000 cap.
DKR benefits if it is warm.
| 1st weather deal |
Mr. Shankman: My name is Robert Brown and I am a fellow alumnus of the Wharton School.
I noticed that you provided your name on the Penn Career Network as a mentor for other alumni.
I have just returned from a sabbatical and am currently seeking to enter the energy industry in Houston now that I have returned stateside.
As a person who has achieved a prominent position in the industry in which I am interested, I thought you might be able to help me in my endeavors with some advice.
Would it be possible for me to contact you at a convenient time, so that I might be able to ask you a few questions?
Please feel free to call me on my cell phone at 832.541.5805 or you can also reach me through e-mail by responding to this e-mail.
Thank you for making yourself available to other alumni like myself.
I look forward to speaking to you.
Regards,
| Penn Career Network |
Per your request this AM find attached break-even economics for gulf coast refiners with cracking and alkylation but no hydrocracking and coking.
This represents approx 30 pct of the gulf coast refining capacity.
The light/heavy spread mentioned is the spread between residual fuel oil and light products.
The info comes from McKinsey.
| refining B-E |
As a valued member of the Contemporary Arts Museum's Board of Trustees, you have been selected for the Corporate Committee.
(You may have been assigned to additional board committees.
These committee chairs will contact you soon.)
The goal of the Corporate Committee is to bring in new and renewed Corporate Members at the $1,000, $2,500, $5,000 or $10,000 levels.
Their gifts will account for $40,000 - $50,000 of unrestricted operating support this year.
Your primary responsibility as a Corporate Committee member will be attendance at the year's only Committee Meeting, scheduled for Thursday, November 1 from noon to 1:30 p.m. After the meeting, the development staff will work with you at your convenience by phone, fax and e-mail to draft solicitation letters, deliver them to your office for your signature and assist you in any way possible in your follow up efforts.
This year's committee will be chaired by G. Stephen Finley, Senior Vice President, Finance and Administration, and Chief Financial Officer at Baker Hughes Incorporated.
The November 1st meeting will take place at his office located at 3900 Essex Lane, Suite 1200.
Lunch will be provided.
Please R.s.v.p.
to Amber Winsor at 713-284-8263.
Thank you for serving the Contemporary Arts Museum in this capacity.
If you have any questions, please contact me at 713-284-8265 or at kssoh@camh.org.
Karen Skaer Soh Director of Development
| Museum Corporate Committee |
All, Attached, for your information, is a 2 page financial and statistical fact sheet for EGM (as a consolidated unit and for each business unit).
I obviously would have liked our gross margin and EBIT to be a lot larger but all the other facts show enormous growth and progress.
I wanted to at least get it into your hands in case you needed a quick reference.
Thanks,
| EGM Q3 fact sheet |
As I mentioned in our meeting the other day EGLI buys approximately 9,000 MMbtus per day of natural gas for the Morgan's Pt.
MTBE plant.
Since the price risk of this natural gas is for the account of EGLI I would appreciate your help as to when is a good buying opportunity for physical or financial natural gas.
During July through September we bought on a floating price since the market was going down during each of those months.
For October we bought fixed at $1.94/MMbtu.
We purchase the physical gas from AEP delivered through the old HPL system.
| natural gas |
Mike/Jeff, As indicated in the list of deals and interested cps that we sent you yesterday, we closed a transaction with Japanese trading company, Kobayashi Yoko, this afternoon.
Kinoshita and Anai had been working this company and had already gotten basic documentation and credit approval in place.
We had also gotten prior approval from Sheila Glover and Gary Hickerson to use the local metal's trader to handle FX swaps up to USD30MM.
Commodity and FX risk (except for 4 days from contract settlement) have been hedged with Singapore and ENA.
Not a big deal in and of itself (notional USD250k), but a start.
We believe there is much more demand and plan to see more in the near future.
Also expect to see first LPG deal with Marubeni with our new mid mkt "trader" very shortly.
We would back to back transaction as well.
Details of this transaction are as follows: Enron Japan sells Dubai swap to Enron Singapore Month: March 2002 Volume: 12,500bbls Price: 20.24$/bbl Enron Japan sells US$253,000 to ENA Value date: 5 April 2002 Price: 118.92Y/$ Enron Japan buys Dubai swap from Kobayashi Yoko Month: March 2002 Volume: 12,500bbls (=1,987.34 kl) Price: 15,110Y/kl
| Enron does its first yen based crude trade |
Throughout this holiday season we have been reminded by press and media of the changes to our lives' normality because of the events these last few months.
When we travel we observe uniformed soldiers and added security that tell us our way of living and business conduct has forever changed.
The messages of this holiday season, Hope, Peace, Love and Joy have significant meaning.
All our hearts desire these feelings to endure.
Perhaps like never before we should commit to be instruments that bring Hope, Peace, Love and Joy to our country and to our world.
Our faith in those principles and ideas that have carried us and made us great has been renewed.
Our resolve to make a difference in every endeavor has been strengthened.
We know we will get better after being in the valley of adversity and trial.
Tom James Company and all our employees across the United States, the United Kingdom, Japan and Holland join me in thanking you for your business in 2001.
We have been tested and we are strengthened.
Our partners, who call on you, are better equipped entering 2002 than ever before to serve you.
We have significantly added quality products in all our price points and expanded our casual wear.
The addition in 2001 of the finest footwear made in the world has given us the highest quality footwear product available.
Our partners in our 11 factories have been touched by the events of September 11th and after.
Most of our manufacturing facilities are in the Northeast part of the United States.
Tom James, like so many others, experienced loss.
So, going forward forever in our memories will be the faces and pictures of 2001.
Our commitment to you is to be better and our obligation to life is to give back to life with what we are and who we become.
Your patronage is very important to Tom James.
Please let us know when we do not perform to your expectation.
Our guarantee is 100% satisfaction.
We live by our creed.
Thank you for helping us enjoy a fine year.
We will pursue excellence in
| Messages of the Season from Bob Sherrer, Chairman and President o f Tom James |
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.
| The Austin Group Energy, L.P. |
As an industry, the generation business has gradually moved from an environment focused on surplus reserve requirements to one of highly volatile prices and robust generation margin spikes.
As this shift has occurred, the industry has had to adopt many of the risk management practices employed in other commodity industries.
For the most part, these risk management practices have their genesis in the financial markets, where sophisticated tools have also been developed to measure the success of these practices.
The most commonly recognized measure of profit exposure to unforeseen events has been Value at Risk (VAR).
This Wall Street metric measures the statistically supported loss exposure of a portfolio of assets and forward positions to a short-term negative turn of events.
While this is a very useful measure of a speculative trading portfolio, its value does not translate easily to measuring exposure of generation assets to profit erosion.
Savvy power companies are deploying an additional risk metric, Profit at Risk, to more accurately assess risks specific to the volatile electricity trading market.
A key feature of PAR is that, unlike VAR, it assumes that positions will be taken through to delivery rather than closed out.
The full financial risk of highly volatile spot prices and volume risks including unplanned outages, sudden increases in demand and delivery failures by contract partners, is comprehended in this metric.
A blend of VAR and PAR risk metrics will create links between the front, middle and back office trading operations, allowing traders to operate within established risk parameters that both protect the enterprise and maximize trading profits.
The Austin Group Energy, L.P. has been recognized as one of the fastest growing companies in Houston, as denoted by the Houston Business Journal Top 100 List.
We placed #21 and were the highest ranking executive search firm in Houston.
Below is a brief description of the type of candidates that are open 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 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 Entergy's 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 foependent 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.
Please contact me for detailed interview packets of each candidate.
Should you have further questions, do not hesitate to call.
| The Austin Group Energy, L.P. |
John, he did well with the gas guys, so lets make him an offer.
Get with m= e=20 and we'll go over the offer.
Thanks.
Jeff
| Interview Thank You from Mario De La Ossa |
As mentioned during the fourth quarter, Gary and I would like to begin regular meetings of our Trader's Roundtable.
The ideas generated from this group should be longer term trading opportunities for Enron covering the markets we manage.
In addition, this forum will provide for cross commodity education, insight into many areas of Enron's businesses, and promote aggressive ideas.
Each week, we'll summarize commodity trading activity, and provide an open forum for discussion.
Your input is valuable, and we've limited this group to our most experienced traders, and would appreciate regular participation.
Our first meeting will be Tuesday, January 9 at 4:00pm in EB3321.
Jeff & Gary
| Traders Roundtable |
I believe Greg W. is coming to talk to you today about this new business.
Further to this, I'd like to ask again how I can get access to VAR (I believe Lavorato and Sherriff have $5 million they each keep upstairs and allocate to their businesses as needed temporarily).
Is this a Board question, or do you have the authority to allocate this VAR to me?
On another note, I've been helping Bill Bradford with PGE exposure issues.
If you too need my help, let me know.
Thanks for your help...
| 24-7 crude Book |
I met with Carlo (as did several other Enron employees) last week and we are talking to them about a number of ideas.
One of which is detailed below (from them) and has technology and paper/lubmer points.
I believe Carlo from Dow will be calling you guys shortly.
Take a look at the attachment and you'll understand the points he's making that are relevant to your businesses.
Jeff
| Buildscape Strategic Opportunity |
I have some real concerns over this contract Louise put together for Jonathan.
Shanna, can you check this out with Robert Jones.
I'd like to restructure this contract.
Jeff
| Jonathan Whitehead |
Let's send our a memo to deal makers, book admins, and business heads to remind everyone what the process should be regarding desk notification of big transactions/cash flows.
Why don't you take a stab at writing a memo, send it back to me, and I'll review.
Let's try to get it out this week.
Thanks.
| Large transactions and/or significant P&L swings |
get me a spot on the shuttle.
But I'll probably use a car service.
What time does this concert thing start, and can you get me all other directions, and info.
Thanks.
Jeff
| Rodeo - Monday 19th February |
We are pleased to announce the following within EGM: The Convertible Bond Arbitrage desk will be moving from EnronCredit.com to the Equity desk under Gary Hickerson, and will be managed by Mike Bradley.
Billy Lemmons has joined Gary Hickerson's unit as well.
He is exploring the agriculture value chain and outlining our risk management, (What else here?)
Dan Reck will be transitioning out of the coal group and will be exploring our rail and trucking initiatives.
These markets together represent approximately $105 billion notionally, and we believe there are many synergies between our energy, coal, and freight trading businesses.
In addition, we have asked (Pierre Aury to run our worldwide vessel trading businesses.
Scott Moncrief will be responsible for all liquids vessel businesses reporting to Pierre) (should we mention cement here under george mclellan?)
Our worldwide weather operations will continue to report to Mark Tawney in Houston, and he will have all V@R allocation responsibility between Sydney, Tokyo, Oslo, and Houston.
In addition we will be forming a weather marketing desk in London.
Janelle Scheuer will be joining the Global Products from Enron America's East power origination group, and is responsible for developing a mid-market business specifically for our liquids businesses.
She will be reporting to John Nowlan.
Bill White will be coming over from EBS and has responsiblity for all U.S. financial crude trading.
Don Schroeder will continue to have oversight of our physical crude business.
Anything else?
| Org Draft |
I'm writing from houston (TX) and I cannot find anyone here who shows your furniture.
Can you direct me to some one in this part of the country?
I have large outdoor spaces that I'd like to furnish with Brown Jordan.
Thanks for your help.
| Your web site, and I'd like to buy furniture |
Please send this to the staff meeting distribution list.
Please take a minute and fill out the Pulse, and encourage your organization to do so as well.
Thanks.
Mike and Jeff
| Current Pulse totals for Enron North America/Enron Global Markets/Enron Industrial Markets as of 10/22/00 |
FYI.
These guys do great intelligence work for us, and I'd be happy to help you guys get a similar effort going for you if you do not receive these services already.
(They have done everything from competitior studies to industry studies both commercial and political) Best,
| Asian Credit Alert- AP & P |
Rick, The responsibilities of the Retail Electric Market Group would be as follows: 1.
Open New Markets - Work jointly with legislative team by providing technical analysis and testimony etc.
in opening new markets in states identified by Enron.
2.
Deregulation Proceedings - Spearhead participation in deregulation proceedings to unbundle utility rates, establish stranded costs and structure the transition period leading to customer choice.
Also included are the various rulemaking proceedings establishing the details of how the market will function.
3.
Implementation of Customer Choice During the Transition Period - Assist EES and ENA in determining value propositions and structuring products.
Provide support for state certification and registration with utility companies which includes working through a myriad of issues such as EDI testing, processing DASR's.
billing, metering, environmental disclosure, transmission service agreements, etc.
Assist in sales calls as requested.
4.
Post Transition Period Market Structure - Participate in proceedings establishing terms, conditions and pricing for such issues as Provider of Last Resort and Default Service.
This issue is being addressed in New Jersey, Massachussetts, Ohio and Illinois.
Hope this is helpful.
Janine
| Retail Electric Market Group |
Rick -- here is the offer letter for Paul.
I believe it has everything noted except if we are going to allow for a house hunting trip prior to his moving.
I'm told this is usually done in conjunction with a business trip, so I'm not sure if that could be worked in for Paul.
| Paul Hennemeyer |
Hello Robert, Attached please find the collective comments of Rick, Paul, Sarah and myself on the draft document for employees describing appropriate interaction with Dynegy.
Please call either Rick or myself if you have any questions regarding our suggestions.
Thanks, Sue
| Revised documents |
Hi Rick, The revised document that I sent to Robert is the same as what you saw, with the following additions: The bullet point saying that NYMEX transactions are okay has been deleted based on Sarah's conversation with Adam Wenner.
The Enron affiliates with market-based rates are listed in the two footnotes.
Several "plain English" edits from Paul have been incorporated into the first page.
Sorry this went out so late.
I'll give you a call in the morning.
Sue
| document for Robert Eickenroht |
The Government Affairs group is involved in diverse and complex activities.
Tracking and quantifying these activities is important for several obvious reasons - to keep upper management apprised of our activities; to illustrate the value added and risk managed by our group; and to keep each other properly informed so that we can better coordinate our efforts.
Currently, these activities take place on an ad-hoc manual basis, which is time-consuming and inefficient.
We have a tool already in place to track our activities - the Project Tracking database in Lotus Notes.
Currently this application is used primarily for RCR's, but beginning November 1, 2001, the Government Affairs group will use this application to track all projects and efforts - replacing the need for manual updated spreadsheets and activity quantification "fire-drills".
The Projects have several features to allow capture of sub-sets of information, including Updates, Risk, Origination and Valuation.
** Please note that this will become the only way that we'll gather this information.
In other words, if you don't enter your data into Project Tracking, we won't know what you're doing!
**( all other reports will be eliminated) The current Lotus Notes application will be discontinued as of October 31,2001 and will be converted to a web-based product.
You'll find the web-based version as easy or even easier to use than Lotus Notes.
Additionally, conversion to a new database structure will allow for more versatile report extraction.
Before the conversion of the project data from Lotus Notes to Oracle, we need to do some data cleanup.
Please expect a call in the next two weeks from Elizabeth Linnell, Bryan Gottfredson, or Darran Binns to schedule some time with you in person or on the phone regarding your current project list, additional projects to add, and a brief overview of the new system.
Please feel free to call me if you have any questions and/or concerns.
| Database Tracking of Activities |
Please find enclosed the political and regulatory roundup for October 24.
In recognition of the METI announcement that the electricity reform committee will begin deliberations on November 5th, the newsletter will cover regulatory developments in energy policy in addition to national political issues, starting from this edition.
Contents: 1) Anti-terrorist bill consumes parliamentary session.
Supplementary budget issues next on agenda 2) Energy Deregulation: a) Electricity Reform Committee to start deliberations November 5 b) Environment Ministry opens committee to discuss merits of carbon tax
| Political and Regulatory Update from Enron Japan, October 24 2001 |
Colleagues: In addition to the regulatory assessment for Transredes, Elektro, and the San Juan Gas rate case (previously communicated), here is the current workload in TIRS with their corresponding project leads.
1) Monetization: a) CALIFE - Venezuela: Support the sale of asset through providing the requested due diligence.
This function includes a regulatory analysis and determination of the base rate, the exercise of which should allow the determination of the strategies used by the regulator to set Calife's tariffs.
Lead: Alberto Levy a) SPC - Philippines: Support the sale team through providing regulatory due diligence to the current draft regulatory law.
Emphasis is placed on articles affecting grandfathering contracts, in addition to full assessment of the draft.
Lead: Mike Grimes 2) Asset Acquisition: a) Nicaragua Privatization: Support the acquisition team through providing regulatory due diligence.
Lead: Alberto Levy As these services have been demanded by the above individual business units, kindly remember that business units should pay out-of-pocket costs, if any.
With the exception of SPC project, Team Leads shall discuss their demand on internal resource in the Section meeting planned on Nov. 3rd.
Please let me know if you have any question.
Brgrds AI
| Technical International Regualtory Support - Workload Update. |
The Following are our recommended changes to the agreement( I would also like to discuss the waiver of conflicts section with you): Page 2, item (3) should read "The payment of a "project fee" of $175,000 upon the achievement of each milestone described in Exhibit A to this letter.
Item (4) should read "The payment of a "project fee" equal to 2% of the project's total cost upon the achievement of the milestone described in Exhibit B to this letter.
Exhibit A should read as follows: Individual milestones subject to "project fee" payments: 1.
With respect to Haywood Power I, L.L.C.
("Haywood Power"), the abandonment by the Tennessee Valley Authority ("TVA") of its proposed 320 MW expansion of its Haywood County, Tennessee facility ("Lagoon Creek"), which results in Haywood Power being allowed by TVA to interconnect into an existing 500kV open bus position in the Lagoon Creek substation.
Achievement of this milestone shall be evidenced by the interconnection specifications set forth in an Interconnection Agreement between TVA and Haywood Power, and the milestone shall be deemed to be achieved upon execution of said Interconnection Agreement.
2.
With respect to Haywood Power, the decision by TVA to eliminate the Network Upgrade related to the reactive power requirements as set forth in Haywood Power's System Impact Study, presently estimated at a total cost of $5 million.
Achievement of this milestone shall be evidenced by the Network Upgrade requirements set forth in an Interconnection Agreement between TVA and Haywood Power, and the milestone shall be deemed to be fully achieved upon execution of said Interconnection Agreement to the extent such Network Upgrade cost is eliminated.
To the extent that such Network Upgrade cost is less than $5 million, but greater than zero, a pro rata portion of the $175,000 project fee shall be paid.
3.
With respect to Calvert City Power I, L.L.C.
("Calvert"), the elimination of TVA's present requirement for Calvert to pay for a Network Upgrade consisting of the construction of a new 30 mile 500kV transmission line from Cumberland to Montgomery.
Achievement of this milestone shall be deemed to occur upon (i) Calvert having determined in its sole and absolute discretion that the overall project economics of its 510 MW generation facility are viable, and (ii) execution of an Interconnection Agreement between TVA and Calvert.
Exhibit B should read as follows: The development and construction of a generating facility in cooperation with or partnership with certain distributors of the TVA (a "Development Project").
Any such Development Project shall initially be proposed by Wyatt or Sideview Partners, Inc.exclusively to Enron.
Enron shall have thirty(30) days to make a determination as to whether to proceed with any proposed Development Project.
Enron shall not have any obligation to proceed with any Development Project.
At such time as all definitive agreements related to the Development Project have been executed, the Development Project shall be deemed to be an approved Development Project (an "Approved Project").
For purposes of payment of the project fee, the milestone shall be deemed to be achieved, for Approved Projects only, 50% upon the commencement of construction of the Approved Project, and 50% upon commencement of commercial operation of the Approved Project.
For the avoidance of doubt, a project fee shall not be payable for any Development Project unless it becomes an Approved Project as defined herein.
| Agreement |
It is critical to our nation's energy future to achieve robust competition in wholesale power markets in order to ensure that electricity can move most effectively from where it is produced to where it is most needed.
To that end, this Administration will strongly encourage the Federal Energy Regulatory Commission( FERC) to actively exercise jurisdiction over all aspects of electricity transmission in interstate commerce and place all uses of the grid under the same rates, terms, and conditions.
This jurisdiction must also be extended by Congress to cover non-FERC jurisdictional power authorities.
| "The" Bullet |
Could each of you get me by next Friday( May 18,2001) a list of the top 5 priorities for each of your respective areas....and, if, possible, a consensus document reflecting the top 8-10 priorities for the entire group?
A brief description of each of the priorities would be appreciated with an attempt to quantify, where possible, the value associated with each of the priorities( either value potentially created or loss of value avoided).
Thanks.
| European Priorities |
One additional point I should have mentioned on last e-mail...While it was good to spend this visit exclusively in the office, I want to find additional ways to contribute to the group during my future stays in the London office.
If there are meetings outside the office, with regulators or others, where I could be of value, please let me know.
I will try to give as much advance notice as possible of future stays in Europe.
I'm feeling my way through this new role and will be looking to the four of you for guidance, both as to where I can contribute and where I can't.
Thanks.
| My role |
Bob Dinerstein, Head of UBS Warburg Legal will be arriving on Thursday, February 7.
Bob would like to spend an hour with the business leaders to discuss the energy market and the regulatory/legal environment.
I have reserved Conference RM 06716 for this meeting @ 1:00 p.m. CST.
The dial-in number is listed below.
Please advise only if you are unable to participate.
| Conference w/UBS Warburg Legal Team - 2/7 @ 1:00 p.m. CST in ECS 06716 |
Hunter, Below you will find attached the breakout of our sales between affiliated and third party markets.
I looked at one sample day, so the volumes listed under daily marketed volumes may switch between affiliated and third party on a daily basis.
These volumes will also fluctuate depending upon production.
Please let me know if you have any questions.
| ENA Upstream Sales Breakout |
Hunter, My name is Adrian Clark and I am an executive recruiter in the energy industry.
One of my industry sources referred you to me and said you were the head of a trading desk there.
My firm, First Call Associates, searches for qualified candidates for energy trading and marketing companies across North America and Europe.
I am curious to know if you would be interested in discussing new job opportunities we are working on.
You can find more information about my firm at www.firstcallassociates.com.
We are very familiar with the nuances of the energy trading business and have built relationships with many energy companies enabling us to present qualified employees for their consideration.
Be assured that any information we discuss will be completely confidential.
My apologies for sending this to your email at work but I have not been successful reaching you during business hours.
Adrian Clark Director First Call Associates, Inc. 8 Andrew Dr. Canton, CT 06019 (860)693-4122 (860)693-4118 (fax) Content-Transfer-Encoding: 7bit
| First Call |
Attached is the most recent draft of the Aruba Review Process Outline.
As of today, we have started briefing the commercial terms of the agreement, are aggregating all of the deal tickets and comparing with the supply contracts/transportation agreements, started to compare actual historical usage vs. forecasted load data, and have a meeting scheduled with Settlements on Monday.
I will be out of the office for the rest of today and all of tomorrow, but will check voicemail.
Please let me know if you have any questions.
Thanks,
| Aruba Review |
Going forward, I suggest the following.
Procedure for Storage Confirmation and Execution: 1.
Storage contracts mailed to trader.
2.
Trader forwards contract to short-term transport book 3.
Transport book verifies deal terms, sends a copy to back office, gets approriate signature on original, mail original to counterparty, contact counterparty to inform them that contract is executed and mailed back.
4.
Back office verifies terms, add contract to a binder, send copy to confirmation group.
5.
Confirmation group verifies terms, add contract to their files, send a copy to Global group to scan contract in the system in order to view contract on-line via Information Management System
| Procedures to confirm and execute storage contracts |
Frank Ermis - Jay Reitmeyer - Eastern Rockies lead.
Matt Smith - Trading Track, west fundies, Socal cash trading, scheduling, and risk.
Jason Wolfe - Trading Track, west fundies, NoCal cash trading, scheduling, and risk.
Susan Scott - Rockies scheduling, cash trading, and risk experience.
Keith Holst - West Fundies lead.
Tori Kuykendall - Southwest knowledge, cash trading, scheduler, fundies, basis.
This list represents critical people to continue making markets, fundies analysis, and trading.
Grigsby
| Critical |
The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: Christopher J Gaskill Report Name: Gaskill111301 Days In Mgr.
Queue: 5
| Expense Reports Awaiting Your Approval |
Great Lakes representative, Martin Wilde, is stopping by tomorrow @ 3:00.
I have set up this time to discuss with him his operations and present to him any questions we have.
Please let me know if you can attend.
Thanks
| Great Lakes representative |
Hunter, Thanks again for the Coffee.
I really enjoyed hearing your take on the industry and actually I really enjoyed your interview as well.
I love to debate - especially economic theory/politics - which made your interview amazing to me.
Quick Question, I apologize for not having a pen when we grabbed coffee.
I'm having difficulty remembering the books you recommended.
Would you remind again?
Jason
| Quick Question |
The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: Christopher J Gaskill Report Name: Gaskill111301 Days In Mgr.
Queue: 6
| Expense Reports Awaiting Your Approval |
The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: Christopher J Gaskill Report Name: Gaskill111301 Days In Mgr.
Queue: 7
| Expense Reports Awaiting Your Approval |
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