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We are getting very excited about the BVI.
It's hard to believe it's only 5 weeks away.
I try to think about it whenever the stock market gets me depressed (which is happening with altogether too much frequency these days).
I see you guys got hit with a triple whammy today.
Oh well, can you say "buying opportunity"?
I'm coming to NYC for a conference in a couple of weeks - any chance you guys are free for dinner on Sunday the 31st?
We also need to talk about $ sometime soon since I made the final payment on the boat a couple of weeks ago.
Have you made your hotel arrangements (we still have a room reserved for you for the night of the 20th which you won't need if you've made other arrangements - and we can always get you a room there for the last night if you want)?
And there's still the beverage list (you did get my fax, didn't you?).
T. sends regards.
Hope you're well and not letting the market roller-coaster get you down (my mantra is "think long term, think long term, think long term").
Mark
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Hi Greg!
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Today's simulation has been postponed to next Wednesday.
Unfortunately, they have not yet opened the system to the entire web - you have to be on the Enron intranet to get access.
If you want to see it badly enough, I might be able to arrange something for you in our NY office (midtown) otherwise I'll let you know when they roll it out onto the web.
Mark
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EOL Simulation
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Let's go for dinner Monday night.
With any luck I'll be able to get to the airport for a plane back to Houston Tues. night.
"Mark_Kopinski/INTL/ACIM/americancentury"@americancentury.com on 10/14/99
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Dinner 11/1/99
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I feel confident putting myself in your hands.
As long is it's not stratospheric, I should be able to get Enron to pick up the tab.
Please go ahead and book whatever you think would be good.
Just let me know when & where to go!
"Mark_Kopinski/INTL/ACIM/americancentury"@americancentury.com on 10/21/99
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Dinner
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Lucy: Tana tells me you are looking for some guidance as to which Enron entity should be used for booking trading transactions with various counterparties.
There are a couple of general rules that apply to "normal" trading circumstances and I'll spell them out below, but remember that these are not hard and fast rules and may go straight out the window when circumstances vary (even just a little bit) from "normal."
For example, abnormal situations exist where the trading transaction is in connection with another transaction with an Enron company (e.g.
a financing or equity investment), the counterparty has a legally justifiable desire to trade with a certain Enron company, the product being traded is only traded by a particular Enron company or the counterparty is in a jurisdiction outside the country where we are trading (except as spelled out below).
Having said all that, the following rules (generally tax driven) can be used as general guidelines: 1.
If there is no master agreement in place between the counterparty and an Enron company, the trade should be entered into on behalf of the Enron company based in the country where the Enron trader is when the trade is concluded and, if there is any hope of further trading with the counterparty, Credit and Legal should be notified to negotiate a master agreement.
Of course, if the counterparty is outside the country where we are trading, Legal should be consulted ahead of time (there are some countries where derivatives are actually illegal, special procedures must be followed or can't be done by us from the U.S.).
2.
If there is a master agreement between the counterparty and either ENA or Enron Canada, and the Enron trader is in the U.S. or Canada, the trade should be entered into by the trader on behalf of the Enron company that is party to the master agreement.
If the trader is outside of the U.S. or Canada, other rules may apply.
3.
If there is a master agreement between the counterparty and ECT International (usually only European counterparties), and the Enron trader is in the U.S. or the U.K., the trade should be entered into by the trader on behalf of ECT International.
Note that there are special considerations if the trader is in the U.K. based on U.K. regulatory issues (the trade is actually "arranged" by Enron Europe Finance and Trading Ltd. on behalf of ECT International).
If such a master exists but the trader is not in the U.S. or U.K., the trade should be handed off to a trader located in one of those two countries for final negotiation and execution.
It would be a good idea to consult with Legal or Tax if this comes up for more specific advice.
These general rules relate to which Enron entity should be the legal counterparty to the transactions.
This doesn't determine where within the Enron family the actual risk should ultimately reside.
If we want the risk to be in an Enron company other than the Enron counterparty for contractual purposes, an intercompany transaction should be booked (probably through RMT) to get the risk in the right place.
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Enron Entity for Financial Trading
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Tana forwarded the following message on to me since she will be out of the office for the next week or so.
We are not familiar with any of these companies or their activities or operations.
You might want to check with Kate Cole's office to see what she knows.
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European Reorganization
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Here's the current forecast for Lenny.
Shouldn't be a major problem for us but I feel for folks scheduled to go down there tomorrow and Thursday.
Bruce - we're still keeping our fingers crossed that your permit will come through.
Are you sure you've got the right lawyer working on this?
Seems like he ought to be able to shake it loose somehow.
Anything at all we can do from here?
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Lenny
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The Moorings people asked me to call back tomorrow when they'll have a better idea about the storm situation - they canceled all of their charter starts for today & tomorrow (no surprise) and she expected Thursday's to cancel also.
They still have everything for the weekend scheduled to go out but they weren't supposed to confirm any hotel rooms between now and Saturday.
They were able to confirm a room for you for Sunday the 28th (the day we have to bring the boat back).
I'll let you know what happens when I get through to them tomorrow.
Mark
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BVI Hotel Rooms
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Please see the following note from Sheila Walton.
She has asked that the forms be returned to her by November 25th.
They can be sent interoffice mail or by e-mail.
Thanks,
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Vice President Feedback Measurement Report
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Bruce - I just had another thought (they come so rarely I feel a need to pass them along as soon as it happens).
The Full Moon party we discussed before is on Nov. 23.
Unfortunately it is in the BVI.
If your lawyer can get the permit by Monday and Fed Ex it to us, we could still get over there (Bomba's Shack is on the western end of Tortola - reasonably close to the USVI).
The boat will have a cell phone but we won't have a number till Sunday at the earliest.
Be sure to bring the lawyer's number so we can call him Monday.
Mark P.S.
- My sympathies on your day at Federal Plaza.
My imagination isn't up to the task of conjuring how miserable that must have been.
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Bomba's Full Moon Party
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Good News: Lenny weakening - max.
winds down to 130 mph and pressure rising Bad News: The darn thing won't get moving - still just drifting a bit to the north & east It's hard to describe which islands we care about on those maps - they're all so small they almost don't show up on the maps.
Luckily St. Thomas is to the west and a bit north of Lenny's current position Here is a San Juan radar image that has St. Thomas marked and one of th recent forecasted path maps.
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Lenny
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I'm not sure which e-mail address you are using so I figured I'd send to both.
Here is my itinerary for Christmas travel: Friday 12/24 Continental 4126 Leaves Houston 7:55 am Arrives Cincinnati 11:20 am Sunday 12/26 Continentat 4122 Leaves Cincinnati 5:45 pm Arrives Houston 7:25 pm These are Continental Express flights - I don't know if that makes a difference in terminals in Cincinnati or not - it does in Houston.
I got your message at home, my SSN is *********
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Christmas flights
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Enron rings opening bell for bandwidth exchange By Corey Grice Staff Writer, CNET News.com December 2, 1999, 5:40 p.m. PT The opening bell has rung for a new kind of exchange.
The currency?
Bandwidth.
A subsidiary of energy industry giant Enron, Enron Communications, today opened the doors to a bandwidth commodity exchange.
The company first announced its intention to sell space on high-speed networks as a commodity in May.
Traditional commodity exchanges sell goods like oil, natural gas and grain.
Enron has taken this concept and given it a telecommunications spin, offering space on high-speed networks to communications carriers.
In the past, carriers looking to fill holes or service gaps in their networks would have had to enter long-term contracts with other carriers to fulfill their bandwidth needs.
The exchange, Enron says, acts as a sort of middleman for carriers to find short-term contracts or quick fixes as they complete network construction or try to manage heavier-than-expected network traffic.
For example, Global Crossing plans to sell capacity on a high-speed fiber optic link between New York and Los Angeles over the exchange.
Enron also expects to start an international bandwidth trading market next May.
Separately, RateXchange, a similar bandwidth exchange, demonstrated its own commodities trading system at a telecommunications conference in New York today.
RateXchange predicts that the trading of bandwidth and other telecommunications products could become a $8 billion market by 2002.
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Bandwidth Exchange article
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Jeff: Here are the draft definitions and the list of which companies are to review which definitions.
They have asked for our comments by the 15th (next Wednesday).
Please let me know if you have any questions.
Thanks!
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Draft of the Supplement to the 1993 Commodity Derivatives Definitions
|
Sorry we've been out of touch lately.
We were on vacation (sailing in the Virgin Islands) the week of Thanksgiving and were pretty busy getting ready for it the week or two before that.
There was a big swim meet in San Antonio last weekend that T wanted to see so we drove out for that (yawn).
I didn't even know you were leaving BA!
I knew you had been sort of looking around for a while but didn't realize you had made a decision.
What's the story?
We're planning to have people over (it's the egg nog time of year) on the 18th - I'm guessing 8 - 10 pm but we'll let you know the details.
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Hi!
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I would like to consider some counterparty-specific agreement to solve this problem.
What do you think of a side agreement among both KN entities and Enron which specifies that a user ID and password have been issued to both of KN's legal entities jointly and severally and that transactions for certain products (e.g.
all financial products) entered into under that user ID and password will be deemed executed by KN Trading (their financial trading entity) and all others will be deemed executed by KN Marketing (their physical entity)?
Do you see any problems here?
Issues re: joint & several liability under the ETA but not the Transactions?
Let me know if you need further clarification of the problem.
I haven't run this by Louise yet - she may raise system or commercial objections.
Mark
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Assignment Issue
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Let me check with Mr. B. I don't think we have any specific plans - probably last minute shopping/wrapping.
We're both leaving on Thurs.
and returning on Sun.
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Christmas Eve Eve
|
Mark H. has asked me to prepare an outline of an "acceptable" regulatory framework for OTC energy derivatives that we could use as a fallback position next year.
Here is a draft I've come up with.
Any suggestions?
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Fallback Regulatory Position
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This will summarize our conversation this morning in which you asked if there was a problem with your purchase of an equity investment (through a private placement) in an internet/communications company.
My response was that Enron prohibits the trading by employees of (i) any security on the Restricted List maintained by the Compliance Group, (ii) any security, instrument or commodity within that employees area of responsibility and (iii) any energy commodity.
I suggested that you contact Donna Lowry to confirm both my understanding and that the security in question is not on teh Restricted List.
While I did not mention it on the phone, I should point out that it would be unwise to take a position in a competitor of Enron's that would (or might in the future) give you control or the appearance of control or influence over the management of that competitor.
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Equity investment by ENA employee
|
I received the attachment you sent to me at Christmas but was not sure how well it worked for you to recieve them.
I took a roll of film to be developed and they had a special on having the photos returned on a disk as well as prints.
I though they were the Christmas pictures that I could send to you right away - but it turns out it was an old roll.
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Photos
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I tried to send this to your juno address and it came back.
Just in case you are home, I also received the following from the PR department a few minutes ago: Be sure to watch Chairman and CEO Ken Lay on Fox News today.
He will appear on "Our World" with Neil Cavuto at 4:30 p.m. CST to discuss Enron's year-end financial and operating highlights.
|
Photos
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Here's a draft of a termination letter.
I'd be happy to see what everyone thinks before we use it.
For instance, what tone are we aiming for?
If we want to be all legal and hard-nosed, I can throw in ETA section references, etc.
or if we want to be softer we can emphasize other trading opportunities within Enron and possibly explain our reasons for the termination.
Let me know what you think.
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Draft EOL Termination Letter
|
There are about 15 - 20 pages you would probably want to see.
If that's not too many for you to receive I don't mind faxing it.
You can always call me from the office with the fax number when you're ready - I can even leave it with my assistant when I'm away from my desk in case you get her instead of me.
It's finally winter here, too.
Of course that's nothing compared to you guys - it might get down into the 30's at night and 40's in the daytime.
It's only really bad when it's that cold and it rains.
Brrrr.
It was probably pretty smart of Delta to send those planes to Cincinnati since as a hub they could probably get them on connecting flights to wherever they were originally headed more easily from there than anywhere else (of course a lot were probably headed to NYC and the flights there the next day must have been packed!).
Aside from a quick one-day trip to New York I haven't had to do any traveling lately - I'll probably be going to Portland in early March and Amsterdam mid-March.
I may try and get to South America sometime in February but nothing is scheduled yet.
Love, Mark
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MetLife info.
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Dear Schuyler: It seems to me that you used to chair a seminar put on by the Euromoney people on swap documentation.
We used to send our new lawyers and more experienced paralegals to the introductory course and the more experienced lawyers to the advanced course.
It appears that Euromoney is no longer putting this on.
Are you doing something similar through another provider?
Mark Taylor
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Swap Documentation Seminar
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The system is certainly not set up to accommodate that now but we could probably draft around it on a case by case basis.
It strikes me that while we might be able to come up with a legal framework that would allow for this, the credit considerations are more problematic.
I would guess that the back office will also be unhappy about having to manually rearrange all of the trades.
This really seems like it is similar to the Aquilla problem in some respects.
When we suggested allowing one entity to trade for another, Credit was quite concerned because the system wouldn't be able to check the appropriate headroom.
I suppose Credit could just assign the lowest headroom for any of the eligible entities to the entire relationship - would that be acceptable to everyone?
Another possibility is for the fund to set up a master trading entity which does the trades with us and then does back to back deals with whichever entities need the allocations.
That would let them do a large transaction on EOL and then smaller transactions with the other entities.
Of course, the master trading entity would need to qualify for credit on its own somehow.
Guarantees from anyone other than the owner would be difficult (upstream guarantee problems).
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One Password - multiple legal entities
|
We met with the commercial team this afternoon and I was able to piece together the following: Access to the auction site will be by clicking on a button on the EnronOnline (note spelling) trading page.
Most users of the site will already be signed up for EnronOnline - both a PA and ETA executed.
Other users will be given a user ID and password that give them "guest" access to EnronOnline and trading access to the auction page.
On the auction page the users may submit their offers to transact (either to buy or sell) with Enron.
The page will list a reserve price and identify the number of credits to be auctioned.
We are willing to commit to transact up to that number with the best bidders (at or beyond the reserve price) but may transact larger volumes if we choose.
Users' offers may be submitted at any time during the auction period (this time frame remains a bit unclear - probably one day, possibly a week or more) and must remain binding until the close of the bidding and determination of winning bidders.
Certain uncreditworthy users may be required to post a deposit in the full amount of their offer to buy.
It is not yet clear if we will publish the offers after the fact (maybe just the winning offers - all without names of course) or even during the auction period but we would like to have that option.
I'm sure I've missed a few points but that gives you the flavor.
Harry is preparing the "GTC" for the actual purchases and sales - I assume based on our standard contracts for these products.
We need to put the legal framework together for the rest of it.
If the existing PA and ETA are adequate, that would be great but I haven't reread them with that in mind.
We REALLY don't want to have to have existing users sign another piece of paper.
It makes sense that the existing ETA covers some territory that won't matter to users who only have access to the auction page (e.g.
references to master agreements) so a stripped down version of the ETA for those counterparties would make sense.
Can we talk on Monday?
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Emissions Credits Auction Site
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The second product listed here is physical.
It looks ok to me but I don't really know - can you take a look and approve it or comment to Dale please?
Thanks!
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New Products - Approval Requested
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Unless you object, we have decided to structure the auction site with the "auction procedures" set out on the bid page, immediately above the "submit" button.
As soon as the bid is submitted, the system will check to see if the counterparty has already accepted the GTC's or has a master in place.
Here is S&C's first draft of the procedures for an auction without a reserve price, with no commitment to sell (or buy) and no disclosure of bids to other parties.
It is my impression that this is the way the EnBank auctions will be conducted.
Is that correct?
Any suggestions/comments?
Mark
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Auction Procedures
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I wish it were more clear.
I am trying to get down there to talk to the commercial people about the business direction and support we can provide but until then I don't know that we should get their hopes up.
I had hoped to come this week but Randy is here in Houston.
Maybe second half of next week?
Do you know if everyone will be in those days?
(I was thinking Sao Paolo Wed/Thurs and B.A.
Thurs/Fri).
Brent Hendry@ENRON_DEVELOPMENT
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Trading Attorney in Brazil
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Collateral Arrangements.
Counterparty shall (at Enron=01,s request) either:= (i)=20 within one Business Day of such request by Enron, provide to Enron a letter= =20 of credit in respect of Counterparty's obligations under any Transaction, i= n=20 such form and for such amount and from such issuer, as is acceptable to Enr= on=20 in its absolute discretion; or (ii) within such period as is specified by= =20 Enron, provide for the benefit of Enron a parent company guarantee in such= =20 form and for such amount as is acceptable to Enron in its absolute=20 discretion.
Failure so to provide such letter of credit or parent company= =20 guaranty shall constitute a default hereunder giving rise to the immediate= =20 right of termination by Enron under this GTC.
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Credit Language
|
Justin - are the EnBank contracts physical or financial?
It seems to me we should use the same customer profiles - that is if the contracts are physical, then any counterparty which can trade physical UK gas should have access.
If the contracts are financial, then any counterparty that can trade UK derivatives should have access.
Mark
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Counterparty access to EnBank
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It turns out the initial auction product will not be the emissions credits but rather the EnBank UK synthetic gas storage product.
They want this auction to allow bids to be revoked or revised up until the end of the auction period and not to have the ability to accept bids until the expiration time.
There is still no commitment to sell anything.
All transactions will be for sales by Enron to the counterparty.
I have taken a stab at revising the procedures language with this in mind.
|
Just when we thought it was safe....
|
I finally got my film developed - this gives you an idea of how often I use the camera - and thought you might like these.
Unfortunately the only shot on the roll of Bruce didn't turn out - directly attributable to the photographer's lack of skill - and we never did have anybody take a group shot.
There were several others that you can tell would have been great shots if my thumb hadn't half obscured the lens.
The sunset was taken during our last night there while you guys were swimming off in the direction the picture was taken (if you listen carefully, you can almost hear Ted losing his lunch down below).
Hope you guys are well - any trips to Houston on the agenda?
Mark
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Photos
|
I received the proposed list of reference entities today.
Here is a draft of a memo that I cobbled together to use in trying to get input from others within Enron for the restriced list.
Would you let me know what you think?
I will be meeting with Mark H. tomorrow to talk with him about it.
It isn't clear to me who should receive this and from whom it should come.
Since the communications people may have relationships with some of these folks, is Kristina the right person?
I know that EES has some kind of joint venture with AOL - should Vicki sign off?
If it is going to such persons, should the memo come from Mark?
Cliff Baxter?
John Sheriff?
Jim Derrick?
|
Reference Entity review
|
Here is the list of reference entities I received from Debbie with the confidentiality agreements and the reference entities they relate to indicated.
If the reference entity name is in bold we have a confidentiality agreement with the entity itself.
I notice that AOL, Nortel and Qwest are not on the list (they were on the original list for actual trading sent to me) - were they removed by you guys?
Reference Entity Affiliate Confidentiality Agreements AGL Resources Inc. AT & T Corp. AT&T Commercial Finance Corporation Atlantic Richfield Company US coal business of Atlantic Richfield Company Baltimore Gas and Electric Company Bay State Gas Company Bell Atlantic Corp BellSouth Corp. Boston Edison Company Boston Gas Company Burlington Resources Inc. Carolina Power & Light Company Central Illinois Light Company Central Maine Power Company Central Power and Light Company Chevron Corp ` Chevron USA Inc. Cinergy Corp. Citizens Utilities Company Columbia Energy Group Columbia Energy Services Corporation Columbia Electric Corporation Commonwealth Edison Corp Commonwealth Electric Company Conoco Inc. Conoco Canada Limited Consolidated Edison Inc Consolidated Edison Energy, Inc. Constellation Energy Group Cox Communications Inc Dayton Power and Light Company, The DPL Incorporated Dominion Resources Inc. Dominion Energy Canada Ltd. Dow Chemical Company Dow Chemical Canada Inc. DQE Inc Duke Energy Corporation Duke Energy Field Services, Inc. Duke Energy Power Services LLC Duquesne Light Company Dynegy Inc. Dynergy Power Holdings, Inc. El Paso Energy Corp El Paso Electric Company El Paso Energy Marketing Company El Paso Field Services Company El paso Merchant Energy, L.P. El Paso Power Services, Inc. Exxon Mobil Corporation Exxon Pipeline Company Mobil Business Resources Corporation Florida Power & Light Company FPL Group Inc. FPL Energy, Inc. IDACORP Inc. Idaho Power Company Illinois Power Company Lucent Technologies Utilities Solutions Business of Lucent Technologies, Inc. Marathon Oil Company Marathon Canada Limited MCI World Com Inc. Montana Power Company Nevada Power Company New Jersey Natural Gas Company New York State Electric & Gas Corporation Niagara Mohawk Power Corporation Occidental Petroleum Corp Occidental Energy Marketing, Inc. Oklahoma Gas And Electric Company Pacific Gas & Electric Company Pacific Gas & Electric Corporation (same entity?)
PG&E Generating Company Peco Energy Company Pennzoil-Quaker State Company Peoples Energy Corp Peoples Energy Services Corporation PG&E Corporation how is this related to Pacific Gas & Electric Company?
Phillips Petroleum Company Phillips Petroleum Co, U.K. Ltd. Piedmont Natural Gas Co Potomac Electric Power Company San Diego Gas & Electric Company Sierra Pacific Power Company Southern California Gas Company Southern Company Inc Southern Company Services, Inc. Texaco Inc. Texaco Limited Texaco North Sea UK Company Texas-New Mexico Power Company The Peoples Gas Light & Coke Company Ultramar Diamond Shamrock US West, Inc. Utilicorp United Inc. Vastar Resources, Inc. Virginia Electric and Power Company Virginia Gas Co.
(related?)
Washington Gas Light Company Wisconsin Electric Power Company Wisconsin Gas Company Wisconsin Power And Light Company
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Credit Derivatives Reference Entities
|
I just looked at the first couple of documents attached and wanted to make sure the second item listed in them works.
Is everyone comfortable that the volume should be submitted in megawatts and then divided in half to produce megawatt hours?
I think it works but I had to work through it to get there - it wasn't immediately obvious to me.
|
Australiann Power Product Long Form Decsriptions
|
Here is the revised list - there are several European entities that we showed in our database so I have highlightedd them as well.
There were also several from Friday's list that were still there so I have also bolded those.
I'll try to track down what happened with those entities (Cinergy, DPL, NJ Nat Gas, Niagara Mohawk & Washington Gas Light).
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Credit Derivatives Reference Entities
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Depression is merely anger without enthusiasm Eagles may soar, but weasels don't get sucked into jet engines I'm terribly concerned about my memory, but for the life of me I can't remember why The early bird may get the worm, but the second mouse gets the cheese I almost had a psychic girlfriend but she left me before we met I intend to live forever - so far, so good If Barbie is so popular, why do you have to buy her friends?
Quantum Mechanics: The dreams stuff is made of Televangelists: The professional wrestlers of religion When everything's coming your way, you're in the wrong lane Shin: a device for finding furniture in the dark Ambition is a poor excuse for not having enough sense to be lazy Beauty is in the eye of the beer holder We all have a photographic memory.
Some of us have just run out of film OK, so what's the speed of dark?
Black holes are where God divided by zero
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One-liners
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Paul - Thanks for your voice mail.
We can't print the list of Reference Entities from the website because we have not been given access.
We do need to get that list to the various other reviewers in Houston and I am sure that is the list that Michael referred to.
The EnronOnline people are probably concerned because they don't have a final list of Reference Entities for their launch.
That list absolutely must be scrubbed by the other GC's before it is approved.
Mark
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Reference Entities
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Richard: In the US we have changed our swap agreement forms to provide for arbitration in order to avoid having to explain the intricacies of derivatives trading to judges or, God forbid, juries.
In Canada we are continuing to submit to the jurisdiction of Canadian courts (on the theory that there are no juries in civil actions and arbitration is rarely used in Canadian contracts generally).
As we are presently in the process of revising our UK swap agreement forms, I guess it's time to revisit the issue as it applies to UK agreements.
Currently we agree to UK law and the jurisdiction of UK courts (where there are no juries in civil actions).
Should this continue to be our policy or should we begin going for arbitration in the UK contracts also?
I would ask Paul and Scott to let Richard and me know if arbitration is widely enough used in UK agreements that we can get away with asking for it.
Thanks,
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UK Courts vs. Arbitration for UK Swap Agreements
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Thanks for your card and hello to the whole family.
I didn't know you guys were in Mass.
Is this a long term move?
Things are still pretty much the same in Houston.
We'd certainly look forward to seeing more of you down this way!
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Happy New Year
|
Why is Enron's stock so volatile now?
Since today's session started, ENE has lost another $2.50!
Mr. Ken Lay replies I haven't had a chance to check our stock today, but I think for several reasons it's more volatile.
But before I comment on that, our stock price is still up even if it went down that much today.
It's up 40% since the beginning of the year when the Dow was down.
As recently as mid-December, the stock price is up about 75%.
That's one reason why it's so volatile.
Some people bought in along the way, they've had a good strong increase, particularly with the uncertainty in the marketplace, people just want to take some money off the table.
As we become more of a technology stock, a high P/E stock, a growth stock held by growth portfolios, you're going to have more volatility, just like all the other companies that fit into that category.
Throughout the market, technology stocks quite often go up or down not just $3-$4 a whack, but often $10-$12-$15 a whack.
What I tell Mark Koenig is I love that volatility on the upside, but I hate it on the down side.
We've had a change in the ownership of our stock.
Increasingly, it's being bought by the growth portfolio managers, and increasingly it's being sold by the value and other portfolio managers that picked it up at much lower valuations, and now at these values they want to take their money and put it back into lower P/E stocks.
I know this makes everybody a little nervous, but this is probably the world we're in now.
I'd rather be in this world with a 50 P/E than the more stable world with a 20 P/E.
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Ken Lay on Enron's stock price volatility
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Here is a set of disclaimers for your website.
Have you looked into getting the name trademarked?
If not, let me know and I can try and move that along from here.
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EnergyLink disclaimers
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David - I am putting together the request for assistance from local counsel in Japan in preparation for opening up EnronOnline to Japanese counterparties.
If you have a copy of the request you sent to MSJ when you started working on this for Australia it would be very helpful to me.
I have what we've used in Europe but would be grateful for your thoughts as well.
Thanks,
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EnronOnline Legal Due Diligence
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Ken: Mark H. asked me to forward to you this initial draft term sheet.
We would like to talk to you, and presumably one of your colleagues, tomorrow regarding the possible antitrust implications of the proposed structure.
Please give me a call and we can schedule a time.
Thanks,
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Project Bigtoe
|
Moses, Jesus and an old man are golfing.
Moses steps up to the tee and hits the ball.
It goes sailing over the fairway and lands in a water trap.
Moses walks down, parts the water and chips the ball onto the green.
Jesus steps up to the tee and hits the ball.
It goes sailing over the fairway and lands in the water trap.
Jesus just walks on the water and chips the ball onto the green.
The old man steps up to the tee and hits the ball.
It goes sailing over the fairway and heads for the water trap.
But just before it falls into the water, a fish jumps up and grabs the ball in its mouth.
As the fish is falling back down into the water, an eagle swoops down and grabs the fish in its claws.
The eagle flies over the green, where a lightning bolt shoots from the sky and barely misses it.
Startled, the eagle drops the fish.
When the fish hits the ground, the ball pops out of its mouth and rolls into the hole for a hole-in-one.
Jesus turns to the old man and says, "Dad, if you don't stop fooling around, we won't bring you next time."
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Golfing with Jesus
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Edmund - I have reviewed the long descriptions I was given for the credit derivatives (I can't tell if they are current) and have substantial comments - I have attached what I have come up with (sorry it's in 2 pieces).
Basically I don't think we should be restating something in the Long Description that is already covered (sometimes with different language) in the GTC - this only creates an ambiguity and is not necessary to form a complete contract.
My other concern - and I have not been able to draft language to fix it - is that I can't find any definition of the Seller Payment amount and I don't think the Buyer Payment language works - can you give me a call so we can discuss my concerns?
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EOL Credit Derivatives - Long Descriptions
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Rod - can you tell me who the current proposed reference entity is and how it is related to the Duke companies that are parties to the confidentiality agreements listed below?
I need to know who the parents are and who the subsidiaries are and, if it is a subsidiary if it is a material sub of the reference entity.
Thanks,
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Duke confidentiality query
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Hi Mary.
Barbara tells me there's a better-than-good chance you will be coming back to join the department.
Hooray!
I was hoping we could chat about how you would feel about joining the financial trading group this time around.
I'm leaving for the airport in just a bit to head out of town for the rest of the week but would be happy to talk when I get back and you should feel free to talk to Carol and Sara in the meantime.
Mark T.
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Hi!
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David: Tana and I would like to talk with you to set up the counterparty approval process for EnronOnline regarding Australian counterparties (trading Australian and other products) and Australian products being traded by non-Australian counterparties.
The EnronOnline people are anxious that Tana be designated their liaison and we need to figure out what she can do and what you (or someone else in Australia) need to do as part of this process going forward.
Any chance you might be available for a telephone conversation about this at 9:00 am your time (5:00 pm Houston time) today?
Mark
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EnronOnline Counterparty Approval Process
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Pets In the Office It's A Growing Trend In the dog-eat-dog world of business, there's a growing trend at some companies.
Workers are bringing their pets to the office.
Chip Paucek, who produces educational videos and television programs, has been taking his golden retriever, Hoss, to work for the last five years.
Paucek and Hoss visited The Early Show and talked with Co-Anchor Jane Clayson.
The dog has became the office mascot, says Paucek.
"He brings a lot of emotion and people love it.
He's very relaxed."
But Paucek, as co-president of his company, has the freedom to bring Hoss to the office if he wishes.
Not everybody can bring their pet to work.
"A lot of it depends on the dog," says Paucek, who explains that Hoss is not a rowdy dog.
"He just hangs out," explains Paucek.
"He's easy to get along with."
Hoss has free rein at the office.
When Paucek is away on trips, "My wife brings him in and drops him off at the office," Paucek says.
While there are plenty of positives to pets in the workplace, there are also many legal issues to consider.
John Challenger, CEO of an international placement company, agrees that the trend of bringing pets to the work place is really growing.
"More and more companies in this tight labor market are trying to make their working place employee-friendly and many are looking at bringing pets into the workplace," says Challenger He points out, however, that there are serious issues that employers and employees need to explore before they adopt a pets-in-the-office policy.
"One of the things that the companies must do, before they jump into a policy like that, is take a poll of their employees and find out what they're thinking.
If you have certain employees that don't feel comfortable with pets, you might want to rethink the policy."
There are liability questions as well.
For example, the company might be liable if a dog or cat bites or scratches another employee.
"The company ought to talk with their attorneys before they put this kind of policy in effect," says Challenger.
"The employee needs to understand that if their dog bites someone or the cat scratches someone, it can't be the company's fault."
Allergies are a major deterrent to bringing cats to the office.
"Many people are allergic to cat hair.
You have to think, as an employer, will you put them in a certain part of your space.
What about people who are afraid of animals?
Many don't feel comfortable with them around.
Just how many do you want?
Do you want cats and dogs and what about birds?
What about the noise of birds?"
Paucek admits that when there's more than one pet in the office, "It gets chaotic."
In 1997, the American Animal Hospital Association surveyed 1,225 pet owners.
They found that: 21% of those surveyed had taken their pets to work 76% feel guilty about leaving their pets at home while they're on the job 33% said they leave a TV or radio on for their animals If a company decides to allow pets in the office, they should: poll employees before they let the pets come provide a written policy about pets and list which pets are not welcome in the office establish an off-limits-to-pets area make sure employees bring documents proving pets are vaccinated bar noisy, destructive, or messy animals from the office tell employees to keep control of their animals at all times If many employees want to bring their pets to the office, the company should make a rotating schedule.
When the pets-in-the-office policy does work, it's great.
Paucek says when he and Hoss arrive at work, "I get off the elevator.
He goes one way and I go the other.
He says hello to the employees.
He has his own web page."
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Pets in the Office
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I realized after I had sent the Koch confirmation to you (but before I faxed it to Koch) that I might have given too much away by using the Effective Date as the Buyer Payment Date.
In the version I send to Koch I will change that to Trade Date.
You can always change it to a later date if you want to tomorrow.
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Further Koch change
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RedMeteor.com=09www.redmeteor.com=09Broker/matching site =09=09Crude Oil, Electricity, Natural Gas, and Natural Gas Liquids HoustonStreet.com=09www.houstonstreet.com=09Broker/matching site =09=09Electricity Altra Energy Technologies, Inc.=09www.altra.com=09Broker/matching site with= some=20 electronic back-office services and software packages =09=09Natural Gas, Power Enermetrix.com Exchange=09www.enermetrix.com=09Many-to-many Exchange?
=09=09Electricity Coral=09www.coralconnect.com=09=01&One-to-many=018 proprietary site Bloomberg Power Match=09=09 =09=09 NGX=09www.ngx.com=09Many-to-many Exchange w/ clearing =09=09Natural gas CoalHub=09www.freemarkets.coalhub.com=09Auction site =01) details unknown =09=09Coal =09=09 =09=09 Essentials=09www.essentials.com=09Retail electricity, natural gas, propane,= =20 internet access, communications Utility.com=09www.utility.com=09Retail electricity, internet service provid= er and=20 home warranties =09=09 ChemConnect=09www.chemconnect.com=09Broker/matching site =09=09Chemicals GE Polymerland=09www.gepolymerland.com=09=01&Big Toe=018 for polymer resins= ?
PlasticsNet=09www.plasticsnet.com=09 =09=09 RateXchange=09=09Bandwidth =09=09 =09=09 PetroCosm=09www.petrocosm.com=09=01&Energy Industry Marketplace=018 =01) pr= obably limited to=20 oil filed equipment, etc.
Schlumberger IndigoPool=09www.indigopool.com=09Information only re: Oil and= Gas properties=20 offered for sale
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Web Sites
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Doc: The schedule calls for the meetings to end at 5:00.
There's also a play (The Merry Wives of Windsor) that night and we can work around that if you were planning on going.
Mark
|
Campaign Planning Committee
|
We have an opening for a paralegal in the Financial Trading group.
In the past we have been very successful with referrals from members of the Legal Dept.
who know of paralegals with whom they have worked in local law firms who might be willing to move.
Please give this a little thought and if you know of a good paralegal in town, let me or Tana Jones know so we can contact them.
Thanks for you help.
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Paralegal Position
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Rousseau: I have copied you on an e-mail to Alan Aronowitz which may answer your questions.
If not, please feel free to call and we can discuss your issues.
If I am not at hand when you call, my assistant can book a particular time on my calendar so we won't be trading calls forever.
Mark
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EnronOnline
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Robbi: The CFTC issued a Regulatory Framework for some new regulations in late February, a copy of which is attached.
No proposed regulations have resulted but could come out at any time now.
There is also some activity on the Hill (bills percolating through various committees: House Banking, House Agriculture and Senate Agriculture) which are also of interest.
We have been monitoring these developments and I'd be happy to talk them over with you.
Please give me a call if you'd like at x37459.
Mark
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CFTC
|
Hi Dave: Thanks for your note!
It's hard to believe that Washington House was over twenty years ago now.
I left DC at the end of that summer and went to law school in Michigan.
My first job after graduating was for a law firm in Houston.
They opened a New York office in the mid 80's and I went there to help out.
The office wasn't successful but I loved living in New York so I moved to another firm there and stayed for almost 8 years total.
One of those years was spent working in Asia - primarily Indonesia and Hong Kong.
I've now moved back to Houston where I am a lawyer with Enron - a large energy company - and focus on derivatives and online trading legal issues.
We have offices in several countries around the world which I get to visit periodically.
I'm actually writing this from Buenos Aires where I'm helping them get some products ready to trade online.
I get back to Washington a couple of times a year to do some lobbying for the company and may actually have been there when you were in town - I think I was there the 11th & 12th.
I've stayed in touch with Doc Kieft and Mark Kopinski and get back to M.C.
from time to time.
Mark lives in New York where he manages a couple of international mutual funds for American Century.
I was on the Alumni Board for a few years so got back for their meetings at Homecoming and got to see the people who came back - unfortunately I haven't really stayed in touch very well.
There have been a number of changes to the campus since our time so you may be surprised if you haven't been back for a while - of course Woodbine is gone, there's a new theater, a big addition to the gym and several major interior renovations.
And I understand there are big plans for more - they are going to close Sixth Street, tear down Gibson and expand the campus a block to the west with at least one new dorm, a big expansion to the sports facilities (indoor track, pool, etc.)
and a redesign of the library.
Enrollment is up above 1000.
Congratulations on your successful career - who would have thought when we got out of school so many years ago that Monmouth grads could do this well!
There are doctors, bankers, chemists and lawyers everywhere you look.
I guess we really did learn something while we were there.
Let me know if you ever get to Texas.
It would be fun to get together and catch up.
Mark Taylor 1322 Rutland St. Houston, TX 77008 (713)863-7190(home) (713)853-7459(work)
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Hi!
|
Marlo, The name and number of the person to contact regarding the billing discrepancy for July 2001 is Mary Reid @ 213-244-3898.
Gasselect clearly shows only one trade for 43,559 mmbtu's from account 2527 to Z99.
Mat
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Socal discrepancy
|
Salt River Project, in an effort to bring resolution to the mainline and receipt point allocation issues pending in the above-captioned proceedings, is filing today (and serving hard copies of) the attached "Motion of SRP for Adoption of Strawman Alternative to March 28, 2000 Proposal of El Paso Natural Gas Company".
Unlike any other proposal before it, it seeks to weave into one workable solution, the concerns raised by shippers in their initial and reply comments filed in the Order 637 proceeding, as well as address the 3 complaints.
It is a share-the-pain proposal among CD - Converted FR - and El Paso.
Under it, FR shippers would convert to CDs at levels reflecting actual usage over the past 5 years, weighted to the present.
It assures each westward flowing firm shipper, based on the current physical mainline capacity (including L. 2000), 93.1%(winter) and 94.2% (summer) of their contractual entitlement.
On a daily basis, all westward FT shippers are assured of receiving approximately 60% of their 93.1 and 94.2% allocation from the San Juan.
FT-2 shippers would continue to be served off the top.
This Strawman adopts the in-line pooling methodology set forth in SoCal Gas' initial comments.
It includes North and South system segmentation rights, and narrowly defined demand charge credits for unprovided capacity as long as there is a shortfall.
Provision is made to encourage turn-back of capacity and to have capacity under expired contracts dedicated by El Paso to meeting the approximately 7% shortfall.
Provision is also made to treat each primary delivery point as a receipt point, and to give priority to Alternate Receipt- to- Primary Delivery point in the systemwide scheduling process, all intended to encourage a strong supplemental market to meet peak seasonal needs.
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El Paso Natural Gas Company Dockets RP00-336, RP01-484, RP01-486, RP00-139
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Janie As we discussed, we would like you to consider adding the OXY point for Elk Hills deliveries into SOCAL at the Gosford intertie to the "NGI Socal/PG&E KRS" physical point.
If you look on SOCAL's System Operations report our deliveries are listed as "Elk Hills - Gosford Intertie".
Our flows on this pipeline typically range from 80MM to 165MM/day.
Our gas from this point interconnects with the PG&E Kern River station gas that then is delivered through Wheeler Ridge into SOCAL.
Separately we would also be very interested in an SOCAL In state Production point on Enron OnLine.
Pat Mulhern
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Addition of OXY point to Enron online
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Janie, Not sure what's going to happen, but as discussed, attached is my resume.
Can I get you home number again... mine is 281-357-5556.
Take care, Lucy
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hello
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Janie, how are things going for you??
I hope encouraging!!
We have some new in-house systems close to being in place, and I am updating all of my Transportation Contracts.
Please give me the current name, phone, fax and e-mail address for the main dispatch/nomination person.
Thanks,
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T30233 - NWNM Off-system Transportation Contract
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This report lists all customers that are going to receive a rejection letter from credit regarding their EnronOnline application.
If you want this process delayed so you can contact your customer or follow up with credit on behalf of your customer, please contact Claudia Clark at x39281 or Karen O'Day at x54135.
If they are not contacted, the rejection letter will be sent directly to the customer.
PA Company Name: 1.
Coral Canada U.S., Inc. (K. Lauer, marketer) 2.
KNG Energy, Inc. 3.
Petromont and Company, Limited Partnership (J. McQuade, marketer) 4.
Ricks I, LLC 5.
Seven Seas Petroleum Inc. 6.
Genesis Park Trading Co. (K. Lauer, marketer) 7.
Owl Plastics (J. McQuade, marketer) 8.
American Commercial Barge Line, LLC Kara Boudreau Lauer EnronOnline Marketing 713/853-0570 kara.lauer@enron.com
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Market Response Report
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Dear Potential Gas Supplier As some of you may know our authority to buy gas off our existing spot agreement will come to an end on December 31, 2001.
While we will honor current commitments for gas to be delivered after that date, but we will not be able to use the spot agreement to buy any more gas.
The reason that this is happening is that our City Attorney has interpreted the new City Charter as not allowing delegations of authority such as employed in the way we buy gas now.
We are seeking approval for an ordinance which must be approved by the City Council that will restore our former ability to buy gas with the kind of agreement most gas suppliers are familiar.
We have the ordinance approved by the City Attorney and it will shortly be in the pipeline for approval by our Board and the City Council, but until then, this contract is a stop gap to keep us operating.
I've attached the new contract and a cover letter which explains what we are doing.
The deadline is November 8, 2001 at 4:00 PM.
We will take the executed contracts to our Board with the counterparties listed on a Board Resolution and, if it is approved, we will be allowed to buy gas from this group after the new year begins.
This is not the ideal contract but one we feel our Board will be comfortable with until we can get around the Charter problem.
I can't make any changes to this contract.
There is a notice published in the LA Times about the availability of the contract but I am sending it to you directly as someone we have already done business with (and undoubtedly have satisfied all our boilerplate requirements) and will probably be interested in what we are trying to do here.
I Hope most of you will respond.
Thanks (See attached file: Spot Gas Cover Letter.doc)(See attached file: New Spot Gas Contract.doc) - Spot Gas Cover Letter.doc - New Spot Gas Contract.doc
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LADWP Gas Contract
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Janie may have a market for this gas in January - She needs to know immediately what volume to sell.
Is the volume still 11,692 mmbtu/day or does it fluctuate each month based on price?
Please advise ASAP - Thanks
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ECS Sale for January
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Dear Jane M. Tholt, Once again thank you for shopping with 1-800-FLOWERS.COM .
At this time, we would like to provide you with delivery information regarding your order: Your order, 18754725 was delivered on 12/20.
If you have any questions regarding your order, e-mail us at customerservice@1800flowers.com or call us at 1-800-468-1141.
Sincerely,
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Delivery Confirmation
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To view this e-mail online click here .
Winter Sale for Women Save up to 70% on hundreds of styles.
Women's Sale Men's Half-Yearly Sale Save up to 70% online and in-store Dec. 26 -- Jan. 5
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Save up to 70% for Women & Men
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Just a little heads up.
It is going to be so cold in Omaha next week.
Will probably hit around Tuesday.
Expect highs below zero.for about a week..
Better get your chores done this week because you are not going to want to go outside next week.. Haven't seen it this cold since 1983.. Will encompass the entire country.
Gas prices going through the roof.
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BRRRRRRRRRRRRRRRRRRRRR
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Frank-we need to know if you have made any arrangements for Mom Tholt's funeral.
Barb, Mike and Bob are flying nto Washington DC Dulles on Tuesday to tour the city.
Joe and I are flying in on Thursday at noon.
Everyone is leaving on Sunday.
Bob and Us are leaving early Sunday morning.
So we will be driving back on Saturday night.
We are planning to stay together and rent cars together.
Aunt Mary Agnes has offered to make hotel reservations for those days people who will be staying in DC.
Either Barb or Mike will make reservations for Pennsylvania.
We need to know if you would like us to include you in our reservations or if you plan on just meeting us there.
There is only going to be Mass on Saturday for Mom Tholt at 11:30 followed by lunch at Aunt Jean's.
Aunt Mary Agnes is suppose to be sending us money in the mail for plane reservations.
Please let us know as soon as possible,
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Travel Arrangements
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Per our phone converstion, during the last couple of days I have been floating the US Gas West products and sorting by deal type.
However, I am getting products that are not west products .
For example, under "deal type-west basis", the following non-west products are appearing: GD/D TrLA-Hub (nov 8-30); GD/D NGPL-Hu for No 8-30; and GD/D ANRLA-HUB (Nov 8-30), I
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EOL
|
I am coming in on a United Flight 7954 that leaves LA at 3:15 and arrives San Diego at 4:04.
Staying at theHyatt Islandia in Mission Bay.
Look forward to seeing you even if it is for a short time.
I'm leaving for Vail tomorrow afternoon-so if you have any questions I'll get back to you on Monday.
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Trip
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I think that Dave may have is facts wrong.
Joe talked to GRADY yesterday and they have sold their house in Conroe and are buying a brand new one on Lake Conroe.
Some new Dream House.
Glad you are going to Vail- I'm on the flight that leaves at 11.45 on Wednesay.
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Olsen Home
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My broker called and we are definitely in for Tina Turner.
He is waiting unitl the last week to give me the tickets so we get premo seats.
Have fun this week-end.
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Tina Turner
|
We are trying to think of something nice to send to Patti to show her our appreciation for her hard work.
I was thinking of a gift basket from SPECS with some nice wine.
Can you tell me what kind of wine she likes or suggest another alternative for a gift that she may enjoy.
Thanks.
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Appreciation Gift for Patti
|
Southwest Gas currently views Enron Online but is afraid to transact physical volumes on it because they are afraid the payment terms on Enron Online are different than non-EOL trades.
They stated that they reveiwed the EOL contract and that it does not address payment.
I told them that the payment terms do not differ but they are asking for something in writing.
Can you send them something.
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EOL-Southwest Gas
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My husband and his friends want me to inquire more about your fishing lodge and prices.
A bunch of them turn 50 next year and are thinking of going on a fishing trip.
Can you give me any more information on prices and availiablity for next year.
Please advise what is included in the price and where we need to fly into.
If you have any brochures, canyou send them to me at Jane Tholt, 7502 Highland Farms Rd., Houston, TX 77095 .
Hope you have a great day and it was great seeing you.
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Alaska Fishing Trip
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If it is not too late I would like to put on hold my request to add Barrett Resources to the EOL Product for El Paso Blanco Average.
I made the request yesterday so hopefully I am not toolate.
Upon discussing the product with Barrett, I do not think this would be a good idea to add them at the present time.
I willkeep you advised.
Thank you for your patience.
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Adding Barrett to Restricted Product-HOLD
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Joe and I would love to attend the bowling party.
We would like to have prawns for dinner.
We are arriving on Friday at 1:30 so we shouldn't have a problem being there.
Does Joe need to being his suit for Saturday night?
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Bowling Party
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Below is a summary of the discussions last week regarding the complaint against El Paso for oversubscribing the Socal Topock Point.
The meeting started out by summarizing the dollar impact of the Border cuts to Amoco and Burlington of $3 million dollars and the additional fuel costs of $15 million that they have incurred when the mainline fuel was reduced and the gathering fuel was increased.
Accordingly, producers are seeking a minimum of $17 million in compensation in some form or another.
The biggest concern is that a total of 1.2 bcf/day is being nominated at the Socal Topock which can only deliver 540000 mmbtu/day.
Socal Gas stated that this problem should go away when there system becomes unbundled (referred to as Gatekeeper)..
The proceeding is currently pending CPUC approval and could be implemented as early as October 1, 2001.
When the Gatekeeper is implemented , only 540000 mmbtu/day will be accepted at the Socal Topock border and must match up with the intra-state transport.
SoCal Gas suggested taking the 1.2 bcf/day of nominations at the Topock delivery point and divide it up based on the original intent of the capapcity- 400 to Mohave; 540 to Socal Topock; and 180 to PGE Topock.
They also stated they would accept less than 540 at Topock but needed a minimum of 300 to meet core needs.
However, they wanted some type of compensation if their volume was reduced.
They also agreed to live with the status quo until the Gatekeeper was implemented.
This would result in firm rights being established at Socal Topock based on downstream rights.
Williams owns Block 3 capacity and is willing to look at a CD reduction or a reduced take requirement or use of alternate points with a rate adjustment.
After much discussion, El Paso came back with the following counter proposal: Recommended interim solution until Socal Gatekeeper implemented.
Does not relate to receipt point rights.
1) Block 1 Capacity will always be alternate to Socal Topock (198000); 2)Block II Capacity can not be sold at PGE Topock (614000) 3) Amoco and OneOk each have a contract 45000/d which can go to Topock or Ehrenberg.
It is recommended that they give up their Ehrenberg right and keep Topock right and Socal will give up like amount at Topock as well as shift an additional 70000 mmbtu/day from Topock to Ehrenberg resulting in approx.
115000 being shifted to Ehrenberg.
4) Rights fro expansion shippers would be carved up as follows: Socal Topock PGE/Mohave Topock Texaco 40 135 Burlington 26 74 Aero 5 15 Borax 7 12 LADWP 0 36 SWGas 0 20 5) Socal Topock would now be divided as follows: Expansion Shippers 78000 Socal Gas 425000 BLK 3 348000 (25-Amoco;20-Oneok;99-Williams;189 El Paso Merchant;15-Wlliams) Total 851000 540 divided by 841 would result in 37 percent cuts or 63 percent thruput.
The producers were not happy with having to live with 37 percent cuts and felt that any transport sold after their Sept 28 complaint should be cut off the top which would be El Paso merchant services Blk 3.
Separate meetings were then held amongst the Topock shippers to duscuss El Paso's counter -proposal.
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El Paso Complaint
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Sorry , I have not given you feedback earlier but I've been on vacation.
Randy continues to do an excellent job.
He anticipates questions and usually has the answers.
He is a very dedicated employee and continues to expand on his knowledge base.
He has helped the traders trade the permian and waha points on a daily basis and such commercial experience has proven to be very valuable regarding looking for alternatives to move gas.
The only area for improvement that I might suggest would be to challenge others or state his opinion if he has a different opinion from others rather than not say anything or go along with the status quo.
He tends to want to be nonconfrontational which is not a bad thing but this is a tough environment and he could get run over if he does not state his opinion.
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Randy Gay Performance
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Enron North America is interested in selling natural gas to PNM Gas Services on a firm basis under the following terms and conditions: Term: April 1, 2001- March 31, 2002 Contract Price: I.F.
El Paso San Juan Basin less $.09 Firm Daily Quantitiy: 10000 mmbtu/day Delivery Point(s): Delivered to PNMGS at the tailgate of the Williams Field Serives Ignacio Plant into Transwestern at Ignacio Plant;at the TW Blanco Hub ; at WFS Kutz Plant into PNMGS; Milagro Plant into Blanco Hub; or any other mutually agreeable pointsinto PNMGS.
Special Conditions: ENA will selelct, nominate, and deliver the firm daily quantity at any of the Delivery Point(s).
ENA will notify PNM no later than 3:30 p.m. M.T.
one day prior to gas flow day (Cycle 2) of the selected Delivery Point(s).
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Term Proposal
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LITTLE CHILLY IN SAN DIEGO.
SOCAL STORAGE AT 24 BCF-CURRENT WITHDRAWAL RATE IS 1 BCF DAY.
SUPPOSE TO REMAIN COLD FOR THE REMAINDER OF MONTH.
WORSE YET-A NUCLEAR PLANT WAS SUPPOSE TO COME BACK BUT THEY HAD A FIRE AT SAN ONOFRE-OUT FOR AWHILE.
BETTER BUY YOURSELF SOME BLANKETS.
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BRRRRRR
|
I wanted to share with you the growth in gas demand for electric generation over the past cuple of years in California.
Maybe I can make a believer out of you.
Res.
Elec.
Other Total Jan 99 3.16 .84 2.83 6.82 Jan00 2.80 1.21 2.87 6.87 Jan01 3.05 2.22 2.57 7.84 Feb 99 3.07 .80 2.69 6.56 Feb00 2.72 1.22 2.72 6.65 Feb012.80 2.22 2.42 7.44 Mar99 3.08 .75 2.42 6.25 Mar00 2.65 .98 2.48 6.12 Mar 012.67 2.03 2.18 6.88 Also just wanted to thank you for being so honest with me the other day.
I know it was difficult and I am sorry that I never made it easy on you to express your true thoughts.
Maybe I just chose to ignore them for my own selfish reasons.
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gas demand
|
Deb and I were thinking that if we can't finalize our Europe trip by the end of this week-we probably need to postpone it because the clock is ticking.
.
Can you give us any feedback on your discussions with American Express or Mark Frevert..
Thinking about you.
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Europe Trip
|
UBS have organized an important meeting will be held tomorrow for all employees who : 1) have accepted offers or 2) intend to accept offers ( to the best of their knowledge) but who have issues that are being resolved All employees in these categories should attend Buses will be provided for those who do not have their own transport and will pick up from the south side of the north building - please assemble in the Java plaza area from 8.30am to 9.30am ( last bus leaves @ 9.30 am ) The meeting will last until approximately 1pm and will be presented by senior managers from UBS on the firm and it's strategy.
There will be breakfast available at the Hotel from 9am to 10am and there will be sandwiches afterwards.
If traveling independently please make sure you leave sufficient time to park (it will be very busy) and get to the Grand ballroom Employees need to bring their id's or drivers license with them to gain access to the meeting I'm sorry for the short notice on this - please call out to anyone who should be attending who will not get this message in time Tammie Schoppe on behalf of UBS HR
|
URGENT REQUIRES IMMEDIATE ACTION : Welcome to UBS meeting tomorrow 10.15 am @ the Houstonian
|
*** Hotel Villa Nina e-mail: vilanina@racsa.co.cr site: www.hotelnina.com SALUDOS DESDE MANUEL ANTONIO, QUEPOS Y HOTEL VILLA NINA GREETINGS FROM MANUEL ANTONIO, QUEPOS AND HOTEL VILLA NINA Dear : Paul Thanks for your interest in our Hotel.
We have room check in 02/02/02 and check out 02/04/2002.
Type AAA: Air conditioning, one queen size bed, cable tv, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware.
The rate is US$63 per room, per night with taxes and continental breakfast included.
Type AA: Air conditioning, one full size bed, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware.
The rate is US$57 per room, per night with taxes and continental breakfast included Type A: Air conditioning, one full size bed o two singles bed, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware.
The rate is US$49 per room, per night with taxes and continental breakfast included In order to make and guaratee the reservation, send a fax (506) 777-1497 or e-mail with a credit card number, expiration date and holder?s name like appear on the card.
Looking forward to hear back from you.
Fred Reservations If you would like some information on tours in Manuel Antonio, local flights reservations or rent a car in Costa Rica, please do not hesitate to contact us
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Availability
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It would appear that the plague of OOM requests that have distorted prices in New York may soon be reduced to the point that a true market may evolve and introduce some interest in serving load without the unhedgable risk of "uplift charges".
The difficulty in looking ahead is to determine what the real prices will be without the numerous OOM requests that have been made in the past.
The information that has been published in the past with regard to generation OOM did not quantify how much generation was removed from the bid stack at any one time.
Certainly a significant number of peak hours were affected but it is unknown to what degree.
At a guess a number of hours probably had over 1000 MW of generation OOM, effectively removing this generation from the bid stack but showing up as "uplift charges" on that portion of the electricity bill.
Two pieces of information would be extremely helpful in taking a stab at what the energy prices should have been/are without the large OOM shadow bilateral market that presently exists.
1.
How much generation in aggregate was loaded OOM for each hour in each zone?
2.
Approximately how much was the uplift assigned to each zone on a daily basis?
On a side note it is interesting to note that there is a recent presentation to the AMP/ICM Task Force by one of the participants that has determined that if all the large suppliers collude in tandem to withhold 50 MW each that there could conceivably be an increase in price.
While this conspiracy theory is of concern to said presenter it would seem highly unlikely, especially considering that bid load or exports provide a much higher impact on price in reality than the unlikely scenario of some large suppliers all colluding in tandem.
What should be of concern does not seem to be on their radar screen.
Why are there so many OOM requests in NYC alone?
Despite the more complex system in NYC the number of requests is significant.
The resultant distortion in price has the result of making a market that is very difficult to predict and very difficult to hedge.
The uplift charges assigned to those trying to serve load can be devastating, well that is those without the ability to pass it through.
An interesting market development has resulted from the numerous OOM requests.
The numerous OOM requests have translated into unhedgeable uplift that deters retail competition.
The result of a lack of retail competition would be that customers would continue to reside with the incumbent provider instead of with another retail provider.
While this may not be the intent of OOM requests it is realistically the result and one that should be garnering the attention of regulators to a higher degree than other theoretical scenarios.
The continued practice to over regulate this market will deter generator development.
I have heard some arguments that the CAP market in NYC will ensure investment and construction of new generation.
To be clear the argument pointed to the current cap of ~$112/kw/year and that this would ensure that generation would be developed.
ICAP payments are not a guaranteed revenue stream to any generator, especially payments of $9.40/kw/month.
New generation will result in more competition for the payments which will result in lower capacity prices, especially in the longer term.
There is only a fixed amount of load and reductions in ICAP prices do not result in an increase in demand for ICAP, prices will come down; a review of the recent ICAP auctions proves that this true.
The larger the assumption for ICAP payments in a new generator development proforma, the increased risk that is assumed going forward, especially in light of the high regulatory risk in this market.
A 25% decline in ICAP payments would be devastating to a proforma that relied heavily on ICAP as a revenue stream.
Certainly the recent auction clearing prices suggest that the volatility is greater than 25% and therefore concludes that an assumption for high ICAP revenues are not a substitute for a viable and competitive energy market.
Certainly looking at the current forward prices, the surplus of ICAP and the mitigated volatility it will not be long before generators with low capacity factors and high maintenance costs will be closely examining the economics of continuing to participate in the market.
In conclusion the modeling of the 138 KV in NYC promises to reduce OOM requests by 70%, hopefully this will be the result.
Certainly a significant increase in information for OOM requests should be posted that should include what load pocket, how much generation is loaded OOM and any other information that is pertinent including a mechanism to request an audit of those OOM requests to determine their validity.
If all the requests are always valid then there should not be a problem subjecting requests to an audit.
OOM requests are a deviation from the market based software dispatch, these exceptions to the normal dispatch should be examined as closely as generators are scrutinized when they deviate from their scheduled dispatches.
Joe ---
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Reduction of OOM?
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Hi Paul, Finally drug your file out to the basement.
I have attached several different options in the Excel file below.
Keep in mind that about 5 weeks after closing you will receive a check from your current lender for the existing escrow account.
You can either pocket that money or "reimburse" your out put from this closing.
Let me know if you need further clarification on this or any of the options.
I've attached the application and forms I need for processing.
I have survey, dec page and mortgage info already mostly need updated W2, paystubs and banking info.
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Refinance options
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Paul: The estimated trans loss charges for August have been entered (NE Hourly # 700778.3 @ ; NE Phys # 700783.3).
They're unusually high due to the increase in deal volumes as well as inflated prices due to extreme heat (08/06 thru 08/10 in particuar).
If you have any questions or concerns please feel free to come by and discuss with me or Rebecca.
Just wanted to give you a heads up.
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August Trans Loss Charges
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Dear Market Participants, The attached document is a revised solicitation notice for the position of Vice-Chairperson of the NYISO Operating Committee.
The changes from the notice that was distributed previously have been underlined.
(See attached file: OC nominations (R).doc) Regards,
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Revised OC Solicitation letter for Vice-Chairperson
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RBowers@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: The NYISO is delaying issuance of the November & December 1999 - 2nd Settlement Adjustments, scheduled for September 7th, by a week.
The delay is necessary to make corrections to the re-engineered invoicing process under which these settlements will be made.
Settlements for November 1999 through March 2000 were "trued-up" once under a process that only adjusted settlements at the hourly interval level.
Upon realizing that the now superseded process was deficient in its ability to "true-up" settlements at the SCD interval level, the process was completely re-engineered and put into operation in February 2001.
In order to perform the 2nd settlement adjustments [a.k.a.
true-ups] for November through March under the new process, the 1st true-ups of these months must be reversed to create the billing determinant measurement set that was used in the 1st true-up.
The newly acquired billing determinants for the 2nd settlement adjustments will then be netted against the set from the 1st true-ups.
That delta will then become the amount invoiced for the 2nd settlement adjustment.
This delay is to fix mapping problems observed between the old measurement set invoicing format and the new measurement set formats.
Invoices will be issued once the mapping problems have been corrected and we am satisfied that the settlements can be readily reconciled by our Market Participants.
The NYISO apologizes for this delay and any resultant problems.
Regards,
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November & December 1999 Settlement Adjustments
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How would you like meeting to discuss pooling our resources?
One of my responsibilities for East Power Trading/CRM, is generating load and HR curves for Nepool, NY, and PJM.
It's my understanding you have access and use some of the same data for your analyses.
My schedule is flexible.
At your convenience, please let me know your availability .
Thanks,
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data sources
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The invoices for November 1999 settlement adjustments will be posted by 23:00 today, Monday, September 17, 2001.
The NYISO apologizes for any inconvenience resulting in the delay in posting these invoices.
Transmission Customers will observe adjustments to their settlements to: (1) recover costs related to adjustments made outside of the billing process; and (2) adjust the NYISO clearing account balance to zero for November 1999 settlements.
With regard to the adjustments made outside of the billing process, these adjustments could not have been corrected by a billing code or determinant data fix.
As a result, the mechanism of paying and funding the adjustments is done through adjustments outside of the billing process.
The total adjustment of $14,178.39 was allocated across 5,059,790 MWh.
Customers may validate their respective adjustments by computing their ratio shares of the $14,178.39 using 5,059,790 MWh as the denominator in their respective ratios of their November 1999 load.
Customers will observe a difference in the denominators used in the ratio share allocation of this adjustment versus adjustment #2.
This is due to the fact that the costs for adjustment #1 are not allocated to those that received payment through the adjustment, which would defeat the purpose of the adjustment.
Prior to October 2000, the NYISO recovered or refunded differences in the revenue received from Schedule 1 charges, which were comprised of forecasted uplift & residual adjustments, and the costs actually incurred by adjusting subsequent month's Schedule 1 rates accordingly.
In October 2000, the NYISO implemented a change in the tariffed Schedule 1 provisions that allowed the recovery and refund of these costs as they were incurred.
In order to allow any changes in uplift and residual adjustments to be settled through the settlement adjustment process, the code implemented in October 2000 was used to report these costs to the market.
This results in an over-collection which is being returned to Customers through an adjustment to their monthly balances.
This billing treatment for the November 1999 settlement adjustments resulted in credits to the market totaling $5,583,559.78 allocated across 5,074,229 MWh.
Customers where allocated their portion of this adjustment based upon their respective ratio shares of the 5,074,229 MWh of NYISO transmission service billed for the month.
November 1999 settlement adjustment settlement dates have been changed to address the delay in invoicing.
Payments due to the NYISO for November 1999 settlement adjustments are due to be received in the NYISO clearing account on Monday, September 24, 2001.
Payments due to market participants will be made on Thursday, September 27, 2001.
Please refer to the attachment below for banking instructions.
The NYISO anticipates that the 2nd settlement adjustment for December 1999 settlements will be invoiced tomorrow, Tuesday, September 2001 by 23:00.
Settlements dates will be adjusted to accomodate the invoice date changes.
Given the aforementioned schedules, payments due to the NYISO for December 1999 settlement adjustments will be due to be received in the NYISO clearing account on Tuesday, September 25, 2001.
Payments due to market participants will be made on Friday, September 28, 2001.
The NYISO will confirm the invoicing schedule for December 1999 settlements tomorrow.
Regards,
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November 1999 Settlement Adjustment Invoices
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RBowers@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: The settlements curently posted for September 28-Version 2 & 29-Version 1, 2001 are not accurate due to problems encountered with some data files for those dates.
As a result, some customer balancing energy is incorrect and residual adjustments for those dates are artificially inflated.
The NYISO will be re-running those billing dates as soon as it is feasible to do so.
The NYISO apologizes for any inconvenience caused by this problem.
Regards,
|
September 28-V2 & 29-V1, 2001 settlement postings
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market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: Dear Market Participants: On the November 1999 & December 1999 Transmission Customer Monthly Statements many customers have noted under the "Energy Settlement" section for "Forward Energy" a change in MW-Hrs with no associated change in dollar amounts.
This is because of a correction in the sign convention for the MW-Hrs related to external generation transactions (transactions from a proxy bus to the NYISO reference bus).
For all other types of transactions the NYISO charges customers the appropriate TUC or LBMP based on the MWs that flowed, but for external generation transactions, customers receive payments from the NYISO, and therefore these types of transactions have an opposite sign convention.
The dollars associated with the external generation transactions have always had the proper sign convention, but the MW-Hrs have not.
On 01/17/2000 this sign convention was corrected for all billing months going forward resulting in the correct MW-Hr values being reported from February 2000 to date.
However, November 1999 - January 2000 did not have the proper MW-Hrs reported on the Transmission Customer Monthly Statements.
With the latest settlement adjustments posted the MW-Hrs are being corrected with the proper sign convention.
Transmission Customers will see similar changes in their forward energy MW-Hrs for January 2000's settlement adjustment.
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November & December 1999 Settlement Adjustments
|
Stephanie, I am going to be joining the Northeast Power Group trading the Northeast Hourly Night book.
I've requested a copy of Enron Online through E-request and need a user ID and password.
Brian from the helpdesk said that you would be able to set me up with this.
I appreciate your help.
Regards,
|
EOL ID
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I've heard from quite a few of you, in response to my earlier email, indicating interest in taking this course.
I've conveyed this info to Reliant, and they are in discussions with the NYISO to see if it can be offered in Houston.
I'll let folks know details as soon as I learn them from Reliant.
Howard
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NY Market Training Course
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Hi Paul Thomas, Welcome to The Princeton Review's Online Companion Tools!
You're on your way to getting higher test scores - and getting into your first choice school.
Below is some important information to help you use the course.
Be sure to save this email for future reference.
LOGGING IN Just point your browser at www.PrincetonReview.com and click on "Sign In."
In the next window, click on "Sign In" under "Test Prep."
Enter your username & password & click Enter.
Then click on the Online Companion Tools link to get started.
For your records, here are the username and password you selected when you registered: USERNAME: paul.d.thomas@enron.com PASSWORD: qy1qwlih Please note that you will have access to your Online Companion Tools for a period of 120 days from today.
If you plan on accessing your tools from multiple machines you'll need to make sure each is configured properly by running our requirements check, which is available through a link after you log in.
LOGGING OUT If you are using a public computer, like one in a library or dorm, it's a very good idea to log out every time you finish your work on the website.
All you have to do is click on the Exit link that appears at the right end of the toolbar along the bottom of your tools dashboard.
TECHNICAL SUPPORT Tech support is available at no charge to all Princeton Review Online Companion Tools users Monday through Friday from 7am until 1am EST and Saturday and Sunday from 8am to 8pm EST.
You can reach tech support by phone or e-mail:
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Your username and password for www.PrincetonReview.com
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Please be advised that starting October 29th we will no longer provide meals for the group.
Due to security and limited space for the new building we will have to stop the snacks and water as well.
The new building will have filtered water and soft drinks.
Please be patient, and for the next two weeks the menu will be as follows: Monday 10/15 Wall Street Deli Tuesday 10/16 Treebeards Wednesday 10/17 New York Pizzeria (Pizza) Thursday 10/18 Wall Street Deli Friday 10/19 ON YOUR OWN Monday 10/22 Wall Street Deli Tuesday 10/23 Ninfa's Wednesday 10/24 New York Pizzeria (Pizza) Thursday 10/25 Wall Street Deli Friday 10/26 ON YOUR OWN Please let me know if you have any questions.
Thanks for your understanding in this matter.
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Breakfast/Lunch/Snacks
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