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I have no great interest in appealing the FERC order denying rehearing.
This one is a loser as it was decided on TW-specific facts and I see no clear inconsistency between FERC's various orders on revenue sharing.
Unless someone feels strongly to the contrary, lets punt.
Thanks.
DF
| TW RP99-335 |
What's the status of our analysis?
Has anyone heard anything from Dennis or Tino lately?
I get concerned when they disappear for weeks like they sometimes do.
Thanks.
DF
| Pueblo |
I may have these at home, but just to be sure, please email me your H and W and Cell ph.
#, pager #, palm pilot #, the # that connects to the steel plate in your head, your address, and any other communication coordinates you think I need to have.
I'll be at the Westin La Something in San Anton, checking out Friday, and cell # 402-630-8461.
I'll give you guys a call at one of your numbers at a time of your choosing on Friday PM, and then head over to your joint or a restaurant or something for festivities.
I may even call you today if I can get a few minutes away from the madness.
I'm looking forward to reminding you about all of the fun things that come with working for corporate america.
You're gonna have to start reading Dilbert again so you can relate to all of us other corporate drones.
Adios, DF
| numbers |
Great job at the law conf!
You need to send a vcr tape up to us of the presentation so MKM and our group can use it for sensitivity training!!!
On other news, whats up with this????
Related to their downsizing?
Lorraine's a star--I was surprized to see this.
| MAY DAY |
Mike Moran has informed me that the FTC and U.S. DOJ, as part of their review of the El Paso-Coastal merger, have decided to take a close look at the merger's possible impact on competition in the Chicago-Wisconsin market.
In this regard, those agencies need to set up a conference call in the next two weeks to discuss that issue with experts on that market from Border and Northern.
This will not be an on-the-record deposition.
It will be a conf.
call and what I expect to be an informal question and answer session on what we know.
Representatives of the Wisconsin and Illinois Attorney General's office (or whatever agency it is in those states that deals with antitrust issues) will be on the phone as they are working with the Feds on the merger.
I think either one of you guys, with appropriate supervision, would do a fine job.
Please let me and Mike know who gets the black bean and what your general availability is and we'll get it set up.
Thanks.
DF
| El Paso-Coastal Merger |
I understand that you guys have retained Holland and Hart to give us another set of eyes on the Navajo issues.
For future reference, I have finally hooked up with the South Dakota firm I mentioned and was favorably impressed with their experience in similar matters.
Don Schultz and a couple of his partners have substantial litigation experience both for and against the S.D.
tribes (Ogalla Sioux, etc.)
on federal jurisdictional issues.
One of Don's partners is general counsel of the Rushmore Electric Cooperative in Western South Dakota and has had dealings with the tribes on right of way issues for years.
They have cleared conflicts, and are available if we ever need a third opinion or if we get into a spat with the tribes elsewhere.
Sorry it took me so long to run this to ground.
Thanks.
DF
| Navajo |
Tino called today to report on their meetings with DOE last week.
Tino, Dennis Langley, and their outside lawyer Jim Slattery met with Bill Richardson and DOE staff to discuss the "sole source" procurement approach to DOE's obtaining an alternative power supplier for Kirtland AFB and Sandia.
Tino reports that Richardson signed off on the sole source approach, subject only to DOE review of the final contract to assure its consistency with the public interest.
Tino believes that the combination of significant Native American involvement in the overall deal structure along with a power price that is lower than DOE's current PNM rates will satisfy the "public interest" standard.
Slattery is set to begin discussions with DOE next week on the overall structure of Dennis' proposal.
I am surprised that Dennis would go this far before hearing from us on the economics, but Tino made it sound like the initial discussions would be fairly general--i.e., to explain to DOE that the
| Pueblo |
I had an interesting conversation with Mark Courtney today, this time about something that doesn't cost us money.
He has gained a good bit of experience on transmission availability in NW New Mexico from the Gallup electric contract negotiation.
His take on transmission constraints is consistent with what Kevin and I had suspected: Alb.
is a load pocket and the prevailing flow is west to east into Alb.
Constraints only affect west to east flows and a generator in Alb.
could always move power to four corners by displacement.
Courtney has worked with an ENA transmission guy named Steve Walton who apparently has more experience with the 230Kv transmission lines that had the problem that led to the recent blackouts in Alb.
If we are not talking to him already, he would be another guy worth talking to.
| Pueblo |
Thanks for the tip last night!
I called and ragged around my thieving ins.
company this morning and they are going to cough up some serious insurance for me and Sandra at suuper-cheap pre XXX prices.
Cool.
My only concern at this point is that my over-insured status may create undesirable incentives for the little ladies in my life (the dreaded "worth more dead than alive syndrome"!)
Adios amigo!
DF
| Insurance |
My buddy in DC found the NE Hub testimony and is fedxing it.
If you can get the egan hub testimony that would be great.
Thanks.
DF
| MHP |
I heard that NE Hub made it through the Oriskany without blowing anything up.
Siggy must have been so pleased, and Penn Fuel and CNG so disappointed!
Hey, I'm gonna be down the week of May 30-June 3 and would like to get together with you guys.
What's going on that week?
Would there be any reason, say, to bring golf clubs?
I hear that my much ballyhooed former law partner David Hill might be down in Houston the same time and I need to have a few beers on his expense account as well.
Pat, I don't think you've met this guy but you need to, if for no other reason because he buys beers.
DF
| Siggy |
Following is one of the documents I got on Friday.
the other will follow shortly.
I think Maria forwarded this already, but you ought to make sure she got it.
Thanks.
DF
| Revised Electronic Contracting/Legal Issues Slides |
I'm OK with the language, but I want to make sure everyone is OK on the concept.
When we left this (unless there have been subsequent conversations with ECS that I wasn't a part of) we rejected Courtney's proposal to reduce our up front payment by $500,000.
He was to come back and propose a monthly quantity of gas to be paid over the term of the contract that would equate to the $500,000, but I don't recall that we agreed to it.
Did we intend to leave the issue open for more horsetrading on the amount of a haircut ECS should take or were we content to cover ECS at 100 cents on the dollar?
I am advised that the Btu number in the letter would allow ECS to get the full $500,000 of up front value.
Rod and Steve--this one is up to you and I think its totally a question of
| Supplement to Gas Letter |
No problem with the plan to send a demand letter to El Paso on the measurement issue.
Please include me on distribution for the draft.
Thanks, DF
| TW/El Paso |
I got a call from Tino Monaldo today passing on the results of Dennis Langley's meeting with DOE in Albuquerque.
DOE indicated that their current PNM rate is "5.3 cents, exclusive of the demand charge."
Tino's consultant claims that factoring in the demand charge yields an effective rate of approximately 7 cents/KWh.
Assuming we need to come in at 10% less than the current rate, our bogey is 6.3 cents/KWh.
This is at the high end of the range we hoped they'd be in.
Additionally, DOE indicated that they need "redundancy" and don't want to rely on PNM for back up power.
They want a multiple turbine facility--i.e.,
| Pueblo |
I met with Ms Caplan yesterday and had a good discussion.
I was pretty impressed with her.
The only down side is that her inability to sit for the Texas bar is a hangup for a lawyer position.
I suggested that she also look into getting her license in New York or D.C. as I think those jurisdictions are less reluctant to allow non-U.S. lawyers to sit for the bar than Texas is.
I'll talk to Mike Moran, Dot McCoppin, Britt Davis and Shelley Corman regaring possible positions in GPG.
Have you thought about Steve Kean's group?
They might be able to use someone like Emma.
I plan to write her in a couple of weeks to follow up with any additional leads I've found.
Enjoyed shootin the shit with you, as always!
DF
| Emma Caplan |
Please take a look at this response.
I'm reviewing Mike's draft answers from last week and would like to forward to Britt and Barrett all the input we have by noon or so.
Thanks.
DF
| Answer #9 |
Please give me a call ASAP on marketing affiliate issue on TW Enron Online deal.
Cell 402-630-8461 or home 402-572-8595.
I'm in tomorrow around 7:45.
Gracias.
DF
| EComm |
Another Tino-gram.
DOE disclosed to Team Tino that they pay a $7.06/mo demand charge per KW in addition to the $.053/kwh energy charge.
Tino didn't know whether that was per KW of monthly demand, per KW of non-coincident peak usage, or what.
The PNM tariff for govt.
service is priced at $7.16/KW of "demand above 10,000kw during peak period" (peak period is daytime) so I assume that is how it is calculated.
If that is the tariff ("Schedule 4000B") under which DOE really takes service, this is interesting because that is not a very big discount off of the stated rate.
It is also interesting that DOE is paying $.053/kwh for energy since the Schedule 4000B energy rate is $.05072/kwh (maybe the difference is surcharges or something).
Tino's consultant has figured out that the demand charge equates to an incremental $.011 in addition to the $.053/kwh energy charge, for a total delivered PNM rate to DOE of $.064/kwh.
This is not as good as the 7 cent number Tino threw around earlier in the week, but its still not terrible.
If the bogey is a 10% reduction to the current rate, our number to beat is $.0576/kwh.
Tino promised us copies of DOE's actual energy bills to confirm these numbers.
That would be great and solves the due diligence problem you and I talked about yesterday, Kevin.
Tino also passed along a rumor he heard from the Isleta's consultant that the Cobisa Belen project is dead.
Do we know anything about this???
Interesting.
I'm waiting to hear back from Bill Votaw to line up a due diligence call to Tino's government contracts lawyers in DC to confirm whether the "sole source" strategy is legit.
Kevin, I'll let you know when this is scheduled in case you want to be on the call.
Thanks.
DF
| Pueblo |
I saw in the press that N.M. has delayed electric open access until Jan 1, 02 for residentials and small commercials and to July 1, 02 for large industrials.
That increases the likelihood that the Pueblo project will have to dump power in the wholesale market at 4 Corners for a while before retail markets start to open up.
One more thing to factor in.
I'm expecting to hook up with Bill Votaw of Enron Federal Solutions today to talk about Langley's "sole source" procurement strategy with DOE.
I hope to get Votaw on the phone with Langley's D.C. govt.
contracts lawyers to discuss their theory.
We should be in a better position to raise a flag if the sole source strategy is really a high risk approach.
I'm not sure where that would leave us because the only other approach I can think of is to steer DOE into opening the power plant up for bids.
Langley does not appear interested in trying to win an open bid for the power plant, although frankly we would probably have about as good a chance as anyone of winning.
Once we clear up the government contracts issues (if ever) it seems to me that it would be time to expand the team to include Federal Solutions (potentially, if they see an angle to help them with their Kirtland outsourcing strategy) and ENA.
The ENA involvement would be particularly important so we could get a line of specific turbine availability and the specifications/economics that would result.
I'm probably engaging in wishful thinking again, but my hope is that the economics on a specific turbine/heat exchanger configuration work out a little better than the generic economics from the model that James ran.
If we think this thing is a potentially viable deal after I talk to Votaw and the Langley DC team, we need to grab Bill Cordes and discuss whether we go to ENA "from the bottom up," or through Stan "from the top down" to get hooked into a deal team over there.
Kevin, I still intend to hook you into the Votaw-DC call if you are available.
Thanks.
DF
| Pueblo |
I couldn't get the email through to Bill Gang, so lets try William.
Bill V, if this doesn't show Bill G as an addressee, please forward from your computer.
Thanks.
DF
| Pueblo |
I recall that we set up a warning flag approach with market services last year to make sure that Sempra never "goes physical" without us manning the battle stations and deciding what to do.
Do you guys know who the noms would come in to in Market Services if Sempra ever decided to try to take their gas out of Cunningham and move it off system?
Care to venture a guess as to what that person would do if a 100,000 nom by Sempra into an IT contract for a haul from the Cunningham storage point to Demarc hit their desk?
Sempra couldn't nom the gas into a transport contract without first giving Kent/Sue/Morgan a physical delivery nom under the SF agreement, correct?
At which point we would immediately nom the SBA, correct?
These issues may be important to our closing this year's deal if TCEM can't come up with the corp. guarantee.
I.e., if we can retain absolute control of the noms, do we really have any "go physical" risk???
We need to think this through.
DF
| last year's deal |
This is a problem your people should be aware of because I think our usual practice when we want to verify ownership structure is to call the corporate secretary's office.
If they are behind, I don't know who we should go to in the future.
Maybe we need to run everything by corp. tax from now on.
Ugh.
DF
| Corporate Secretary's Data Sheets |
Do you know anyone in ROW who could give me a sense of what ROW currently is going for in $/ mile, in New Mexico?
Please forward this to anyone you think might be able to give me some insight on recent right of way procurement by enron or others.
Thanks.
DF
| NM ROW |
I reviewed the latest draft of AA's management rep. letter and caught a few innaccuracies in the way AA described the deal.
I attach a revised draft of the letter, with a redline version to highlight for you the changes I think we need to make to keep it accurate.
First, AA only listed two of the four agreements that comprise the deal.
They apparently forgot that we had created a second SBA.
Additionally, at Transcanada's request, we put the transaction fee into a separate letter agreement this year.
You will recall that last year, Sempra wanted the transaction fee put right in the SBA.
Second, AA's bullet no.
4, as originally drafted, states that Northern does not intend to enter into an option to purchase any base gas during the term of the agreement.
That statement is confusing given that Article VI.B of the Monthly Pack Agreement includes an account balance cash out mechanism that is a form of purchase option.
That cash out mechanism was in Kent's bullets describing the deal and has been in every draft of the documents that AA looked at, so I assume they are OK with the mechanism and were just inartful in drafting bullet no.
4.
My simple fix was to leave AA's language alone but to add an "except for" reference at the beginning of bullet no.
4.
Third, AA's draft of bullet nos.
5 and 6 includes the somewhat ambiguous references to "other agreements" and "additional agreements" respectively.
Since AA's list of the agreements in the intro paragraph was incomplete, these references in bullet nos.
5 and 6 were also innacurate.
Now that I have made the list of agreements in the intro paragraph complete, I've clarified the bullets by adding the "other than those agreements referenced above" language to both bullets.
The couple of other changes in bullet 5 simply clarify the meaning.
Finally, I've modified the signature blocks per conversation with Bill to delete MKM and myself.
I am certainly willing and able to sign this letter, but MKM is not up to speed on the deal and has not reviewed the agreements.
Getting her up to speed enough to sign the letter would take some time.
Additionally, Bill's thought was that MKM and I are his direct reports anyway, so it doesn't serve much purpose to have the subordinates sign if the top guy has signed.
Please give me a call if you have any questions or want to discuss these matters.
| Mgt. Rep. Letter |
Per our discussion, I've modified the letter to remove reference to the monthly pack agreement and made a couple of other minor changes.
I wasn't able to get ahold of Bill on Friday afternoon to discuss who will sign, so for now I've left it with signature blocks for Bill and Rod only.
I hope we are getting closer to the target here and look forward to discussing it with you further on Monday.
Thanks again for the illumination on AA's intent on the earlier draft.
DF
| Mgt Rep Ltr |
Britt- great memo.
I'm sure you guys are in the course of discussing these very issues, but here's my two cents worth.
1.
Once we decide on an optimal forum, the key step before filing a lawsuit is the assessment of our probability of success--for different reasons than
| El Paso |
These guys don't give up.
I'll forward any information Tino gives me on their latest DOE strategy.
Rockey--do you have any interest in following up
| Power plants |
Here's a thought that didn't occur to me when I marked up the mock trial script.
Should we have the consultants prominantly feature "IPEC Busters"???
Unless we are pretty sure the judge will keep it out on relevance grounds, it might be useful to at least get some juror reactions to it.
With or without the specific IPEC Busters stuff, we probably ought to assume that Jad's theme will be that Northern's whole philosophy was to breach contracts without flinching if it served our commercial interests.
The vitriol from P&P and the other producers plays into that theme.
Maybe we ought to spice that part of the script up a bit also just so we can see how our response plays.
DF
| Mock Trial |
Just got an update on the project that won't go away.
Dennis has a meeting lined up with DOE decisionmakers on the 25th.
He is going to pitch the project as an approximately 100 mw power plant, to be owned by (read "financed by") DOE, with the gas pipeline owned by Dennis and\or third parties (read "Enron"?).
Dennis has run economics that show the DOE will get a more than 10% cost savings on the project compared to current PNM rates, even assuming a fairly high gas transport cost because of the smaller gas load.
How did he do it?
Very easy: they ran the power plant economics using about a $2.00 gas cost instead of current, real world prices.
Dennis' argument is going to be: "I'll take the risk on building the pipeline and the power plant at a capped cost, and then sell the power plant to you."
"You take the risk on gas cost: if gas cost tracks the 18-24 month average, you will realize your 10% cost savings, but if current fuel costs continue or escalate, you lose."
Either way, your reliability improves and you kick PNM in the shins."
Dennis and Tino apparently think they can sell DOE on this.
By the way, their current story on Richardson is that he won't resign, and won't be forced out by the administration because that would create even more publicity.
You'll love this: they think Richardson is even more likely to sign off on the deal now because his chances of being nominated for VP or cabinet are dead and he now has nothing to lose in DC.
They think his real angle is now to bring home the bacon to New Mexico and then run for governor out there!!
Apparently the rank and file out in the home state think he got hosed and made a scapegoat unfairly.
I've asked Lorna Brennan to pull some historical San Juan prices together to give to Tino to confirm whether his $2 price is wacky.
Other than that, I just told Tino that we are potentially interested in the pipeline part of the project if the risks and rewards make sense, and that EE&CC might be interested in the design/build on all of it.
He said he'd get back to me after the 25th meeting and tell me whether the project is undead.
DF
| Pueblo |
Congratulations to you both!
Your designation as V.Ps.
is richly deserved!
Just among us "constrained technical" people, however, couldn't they have come up with a better description of our category?
It makes us sound like we are deficient in something other than just career choice!
See you soon--beers are on me!
DF
| The Memo |
Thinking about bailing out of the big O for a couple of days w/o rugrats or Sandra.
Taking Kari out of her native biome is more hassle than its worth these days.
Might just blow up for a long weekend and do some fishing and beer drinking.
Send me the name of that book on flyfishing in the Hills--I
| book |
Sorry, I neglected to forward this to you earlier.
You've gotta give these guys credit for being tenacious!
I'll keep you posted on any meaningful developments after their meeting with DOE on the 25th.
Thanks for your patience.
DF
| Pueblo |
FYI.
Interesting, and no significant deviations from what we discussed.
Dan was up here yesterday with Stan.
He seems like a good guy and is pretty gung ho about getting on board.
Lets keep in touch.
DF
| GPG Organization Announcement |
Leslie Lawner called and asked if TW could help with the funding of this organization.
As you will recall, the "NM First" group has taken positions on right of way issues that are consistent with TW/Enron's view on Indian right of way issues.
Leslie asked if we could kick in $1000.
I leave this to you guys to weigh in on--If you think it's worthwhile, let me know and one
| NM First Town Hall Energy Summary |
No wonder you are oblivious to our meager organizational changes up in Omaha!
You are out doing zillion dollar deals for EBS!!!
Congratulations--sounds like a very cool deal!
Lets get together soon down
| Enron and Blockbuster to Launch Entertainment On-Demand Service |
Does anyone find it interesting that we've heard nothing but silence from Dennis and Tino?
I suspect that their big meeting with DOE on the 25th didn't go so well.
If you hear anything let me know, otherwise I'll try to get ahold of Tino sometime next week to find out what DOE said.
DF
| Pueblo |
Assuming we keep Arthur Anderson on board this afternoon and assuming Enron is still in the business of doing asset monetizations like this one (which better be the case since its in the TW 4th Q plan @$2.5 mm), the following things need to happen on roughly the following timetable: 1.
Mike talks to Hanover and we negotiate the price, specific contract language, etc.
(hopefully within 2-3 weeks of turning Mike loose?)
2.
Regulatory (assisted by Maria and me) flanges up the FERC abandonment filing and tees it up to file the minute Mike finalizes the deal with Hanover.
We haven't talked about this for a while, but the story we tell FERC has to acknowledge that the monthly O&M cost will be higher under our outsourcing deal than it currently is, if load factor and other operating assumptions remain constant.
That may be the key to our story line--we
| TW Compressor Monetization |
Here is the draft letter agreement.
We are still discussing it with ECS and can make whatever changes are appropriate.
Note that the letter agreement ties back to Article 6 of the Compression Services Agreement.
That article, you may recall, is where ECS agreed to create a computerized system that would monitor Continental Divide's electric system utilization and warn when their system peaks were occurring and then automatically take the compressor offline (subject to manual override) so we and ECS could avoid peak period demand charges.
Instead of creating such a system, which apparently turned out to be mostly a manual system anyway, ECS is going to pay us a monthly fee to monitor CD's system peaks ourselves and decide when we need to get off line.
The load management service has to do with operational management of the load we place on CD's electric system, and is not a jurisdictional gas transportation or storage service.
Note that the service goes on for 10 years (as required by the accountants' 10 year amortization rule) and thus may be vulnerable to scrutiny and potential revenue crediting in TW's 2007 rate case.
Any way to avoid that?
DF
| TW Letter Agreement |
Bill, attached is a memo prepared by Susan Scott that does a good job of answering the several questions that you had about the situation at Topock.
Note that in Susan's first answer, PG&E has no obligation to Transwestern to accept gas at Topock.
They may well have obligations to their own transportation customers or sales customers that have to be satisfied with Topock receipts, but that doesn't give TW any rights against PG&E.
I realize these are not comforting answers, but I wanted us all to have a realistic understanding of where we are.
I'm running this by Lou in case he has a different spin on the history or the agreements.
Thanks.
DF
| PG&E: PRIVILEGED AND CONFIDENTIAL--ATTORNEY WORK PRODUCT |
Ugh.
We'll keep working this angle if their new attorney shows up on deck, but I think Susan and I have done as much as can be done with Howard H. Do any of you know what the Red Cedar facilities look like?
I.e.
how many miles of line, any big diameter line, any compression, etc?
Howard must have read some old cases and gotten himself spooked that their facilites aren't gathering under the modified primary function test.
I'm not sure why he thinks signing a transport contract with us will make their situation any worse, but that seems to be his conclusion.
If Steve and Bill can't nudge Red Cedar's management into doing the deal, I'd suggest that you both or one of you ask Tsuri (sp?)
to have his new lawyer call me and Susan after Howard leaves, maybe with one of the Kinder Morgan lawyers on the phone also, and we'll try to straighten this out.
| Red Cedar |
I called Tino today to let him know that our affiliates are sniffing around a power plant opportunity and potential gas bypass pipeline in Albuquerque.
Kevin, you should be getting a call from a guy in Portland whose name I can't seem to find right now.
He had gotten my name from Thome out there and called to let me know that ENA is interested in pitching either PNM or some outfit called "Delta" on development or expansion of a gas-fired power plant in the south part of Albuquerque.
It didn't sound to me like ENA was very far along in their deal.
I explained to this guy what we were involved in and swore him to confidentiality.
I also told him he need to call either Kevin or Steve before he talked to PNM.
I thought it was a little curious that ENA is interested in generation in Alb.
all of a sudden.
On the Tino front, he apologized for not calling after their big DOE meeting.
He said it went very well and that DOE is considering their offer--$.085/Kwh power less revenue sharing for all surplus power sold.
Tino
| Pueblo |
In case you haven't already marked your calendars, tomorrow will be my two year anniversary with the company.
The good Lord willing (and with Stan's and Mike's continued acquiescence) I may even surpass the tenure of my two most recent and very illustrious predecessors.
Given your meteoric career tracks, however, I'm not sure you guys would view that as a huge accomplishment.
Hope all goes well with you both.
Adios from the big O. DF
| Endurance |
I noted in the Finance and Accounting report that you guys are setting up a meeting with AA to talk about the draft risk management document that folks had been working on a year ago.
Please include Tony and I.
We had some questions and concerns that I have long since forgotten but will renew and talk to you about before the AA meeting.
Thanks.
DF
| Risk Management |
I thought Becky's draft answer to protests looked great.
Her mention of the amount of TW capacity held by the Indicated Shippers was an elegant touch.
No changes.
Thanks.
DF
| El Paso-ENA Deal |
Now that the celebrating has died down, lets decide whether to seek rehearing or clarification of the order.
If there is anything in it that disadvantages us, we should consider rehearing, particularly since it is a nearly certain that our friends at SoCal will file a nasty one.
(It might be good for Steve H. or Bill or whoever has the best relationship with SoCal to make a high level courtesy call to extend the olive branch and tell them that we'll work with them to minimize their concerns blah blah blah.
At minimum, we'll probably learn if they do intend to seek rehearing) I see two things that may be worth seeking rehearing on: 1.
The requirement that we disclose our discount agreements in 15 days.
FERC really punted this issue.
They say that "since the expansion capacity is fully subscribed we see no reason why Transwestern should not publicly disclose the agreements.
.
.
. "
This is the first time I've heard of any rule that if your project is fully subscribed you therefore lose your right to confidential treatment of sensitive pricing info.
At minimum, we could argue that the requirement is arbitrary and capricious because FERC didn't even mention its normal regulations and procedures governing filing of discount reports.
It just cited the certificate regulation that requires an applicant to "file" its rate information with the Commission (which we did) and ignores the regulation (Sec.
284.7(c)(6)) that doesn't require a pipeline to publicly disclose its discounts until 15 days after the close of the billing period to which the discount pertained.
The commercial people need to decide if we care about this issue--i.e., how upset will the customers
| Gallup Order: PRIVILEGED AND CONFIDENTIAL, ATTORNEY CLIENT PRIVILEGE |
I heard there was an article in the WSJ a few days ago on Blockbuster and that mentioned the Enron deal--could you send it to me?
Thanks.
dF
| Blockbuster |
Congratulations on your new responsibilities.
I look forward to working with you on the Litigation Unit stuff (as Eric will advise you, a very pleasant task!).
DF
| Changes in Administrative Responsibilties |
Congrats big guy!
I look forward to showing you the sights in the Big O.
Since that will only take about 10 minutes, we'll have plenty time to go out for a beer afterwords!
DF
| Organizational Announcement |
The Market Services bullets listed a capacity release deal between MUD and Oxy at 102% of max.
rates.
Please let me know whatever we know about that deal--points, term, etc.
Very interesting.
DF
| Release |
Did you all see the blurb in Sep. 29 gas daily on Williams' deal with PROS on a revenue management system?
May be useful to use with our management if there is anxiety about going forward.
DF
| Rev. Mgt. |
I think the safest and most efficient way to comply with this request is to have Keith and Ray briefed and ready to answer all FERC's questions without deferring any to other people.
Ray and Keith, please talk to Gary Zahn and make sure you are up to speed on everything FERC has asked for and focused on so far.
You don't need to be an expert on all that, but a basic understanding of what they have already looked at will help you be more responsive to what they want to ask you about.
If you do get stumped, try to defer the question by telling FERC you need to check on a fact or two and can answer that question after a break or at the end of the interview.
By doing that , you should be able to get them the information they need without having them cross examine a bunch of other people.
Inevitably, if you ask enough people the same question, you may start getting different answers.
Lee, I'd like you to be on the phone call with Ray, Keith and Gary to discuss generally what to be ready for and what FERC has already looked at.
Please let me know if anyone has any concerns about this approach.
DF
| FERC interviews in Omaha |
Paul Bieniawski's phone number is 713-345-8641.
Go ahead and give him a call just as a courtesy to let him what you guys are looking at at Bushton and let him know I put you up to it.
If he has some useful off the cuff insights, great.
If not, that's fine also.
I don't expect you to send him any material or get him deeply involved--just give him a heads up.
DF
| Paul B |
Please follow up with Lou on this.
It sounds like something the commercial people would be in a good position to answer, so maybe start by finding out if they are already responding, either through Lou or otherwise.
Then get the right people to review and supplement this list.
Thanks.
df
| ETS Products/Services |
Sorry you weren't able to join my hunting boondoggle in SoDak!
It was epic.
Lots of birds (the wild variety, not pen raised and tied down like at Pheasant Haven!)
We saw literally 1500-2000 birds over three days of hunting, and limited out every day.
Got my first double--two shots, two
| ?? |
I've talked to Lee Ferrell about this, and it sounds to me like there are serious business reasons (i.e., cost and functionality) not to use the ENA system.
THe "sharing of resources" issue worries me, but might be solvable if the right people are in Networks instead of ENA.
I'll call you tomorrow.
DF
| Risk System Alternatives Next Steps |
Here is a good example of the problem to which your research project pertains.
This info.
could be devastating in the next rate case ( or sooner) if disclosed.
How comfortable are we with our privilege arguments?
DF
| The memo |
Tino called this morning with a quick report.
They are still negotiating with DOE on a power plant deal, but it looks pretty shaky.
The size of the plant has grown to 380 MW, for reasons that are unclear to me.
Tino has been ordered to develop an exit strategy in case the power plant deal falls apart.
He says Dennis has about $3 mm in the project so far, most of it related to the pipeline right of way.
The have a binding 20 year agreement with the tribes for the ROW that calls for a $100,000 minimum monthly payment.
I'm not sure the entire route is perfected or not or whether the ROW agreement includes fiber optic rights etc.
The question is whether we are even interested enough to justify a closer look, since the rights Dennis has pulled together will probably be available for cents on the dollar.
I told Tino I'd give him a call next week to let him know.
At minimum, I'd suggest we have one of our ROW guys take a look at whatever they've got and advise us on what its worth.
Your thoughts?
DF
| Pueblo |
Lets talk today, susan.
I need to satisfy myself that this is really one of those "shit happens" situations like everyone seems to believe, rather than a situation where we may have a cause of action and some $$$ owed to us by someone.
DF
| Gallup |
Should we respond to PNM's protest of the dollar valuation of imbalances prior to netting and trading?
Did we already respond to this issue when they filed their protest of the 637 filing?
DF
| TW |
Congratulations on the move!
Its great to see a reorg that actually seems to make so much sense!
Thanks again to you and Terry for watching the three stooges on Saturday night.
It was great seeing you guys again and getting the kids a chance to play for a while.
We'd love to return the favor next time you come up to Omaha--the weather is getting real nice right about
| ETS on the Move... |
When you guys settle on a name for NewCo, please let me know and also call Lillian Bailey at Corp.
Her # is 33577.
Thanks.
df
| NewCo |
Please review this final draft at your earliest convenience and get back to Britt or me with your comments.
Thanks.
Martha, please print it out for me.
Thanks.
DF
| Revised responses to Interrogs. & Req. for Production for your re view. |
You guys probably don't remember this (I didn't until I checked the file) but there were a couple of exhibits to the Transwestern Gallup contracts that we left to be attached to the final contracts after execution.
My recollection is that we were in such a hurry to get the Compression Service Agreement signed and sent to FERC that we left a couple of these things to do later.
Now that we have the FERC order, I want to get these contracts off my desk and off to Corporate Records or whereever original contracts go to die.
On my originals, I'm missing Exhibit B to the CSA (which is the CDEC Rate Schedule No.
21), and Exhibits A and C to the O&M Agreement.
Susan, please coordinate with Gerald to get these exhibits in our respective files and we can send these contracts off to the central rathole and be done with it.
Thanks to you all.
DF
| Transwestern Contracts |
For those of you who didn't have the patience/patriotism to listen to your president for the whole hour and a half last night, let me share a highlight: Clinton announced a new $1 billion program for economic development on the reservations.
Langley may be onto something.
If he/we can get the first deal done in New Mexico and assuming Gore wins, there may be opportunities to replicate the deal elsewhere.
I'm thinking of tribal lands in Minnesota, Wisconsin, S. Dakota, etc.
Perhaps Bill should call Chairman Ken and talk to him about changing sides.
Notice that I'm not volunteering to make that phone call.
DF
| Albuquerque Project |
Well, there you have it.
We waited and we blew it.
What a bunch of dummies.
Next time someone calls and gives me a special deal thats only available for a limited time, I'll jump on it!
Kevin, please let me know what Steve, Bill, and Stan ultimately decide to do on this.
Thanks.
DF
| TW Gallup - Gas Conversion Pricing |
On Thursday last week the Commission eliminated the old "Texas Eastern" rule that required pipelines to obtain prior FERC approval before contracting for transportation and storage capacity on upstream or downstream pipelines.
The new rule allows pipelines to acquire and use such capacity without going to FERC first.
The rule does reiterate that bundled sales of gas are still prohibited, and further provides that the acquiring pipeline will be financially at risk for the costs of the acquired capacity.
Interestingly, the acquiring pipeline apparently has the option of selling the acquired capacity under its own rate schedules or of releasing the capacity pursuant to its capacity release program.
The order is silent on whether the price cap applies to short term releases of acquired capacity.
While we are still reviewing the order and may provide additional guidance at a later time, I'd emphasize for now that our normal contract approval procedures and authority thresholds should be deemed to apply to capacity contracts.
For example, the "Approval Authorization for Cash Expenditures" dated Feb. 3, 2000 provides Dave and Steve with authority up to $250,000 on operating expense obligations.
Please contact me if you have any questions on this matter.
DF
| Upstream Capacity |
Danny, I'm resending as I had the same problem Cindy did.
I'll give you a call later today after I've talked to Harris to discuss the various Gallup scenarios to make sure you and I are on the same page.
The plan that makes the most sense in my mind is to ram the 10,000/d project through asap, with no firm contracts to preserve our options on a NEWCO structure.
We'll simultaneously implement a new approach on San Juan fuel transport if possible and then throw the big expansion into the hopper at FERC in January as Stan suggested.
I hope that timetable is doable--it all depends on
| Returned mail: Host unknown (Name server: enron: host not found) |
Latest Tino-gram: Apparently high power prices at 4 Corners have DOE excited about the project all of a sudden.
The latest configuration is in the 300-380 mw range.
Tino needs us to check if the ENA guys would be interested in buying the surplus capacity on a demand charge basis (I think these are basically tolling agreements--ENA would pay a monthly capacity reservation
| Pueblo |
Lets talk about this on the 4th or 5th.
I'll have Martha set up a meeting.= =20 Note that this will catch the Sempra negotiated rate deals, but not our=20 January deals (yet).
DF
| TW |
Mark: We figured this out...
In looking at CARP we found discrepancies for both purchases and sales on the 12th that explained the difference between the CP and Enpower.
When I autosheduled these existing deals, our numbers equal theirs.
I marked this DMS as complete.
Thanks for your help.
| Hafslund - DMS 12596 |
Lisa: Thanks for the info.
yesterday.
We are almost there with BPA in December.
Attached is the remaining dispute.
Could you provide TAGs to support our numbers?
Ugh!
Hopefully this is it.
Jenny
| BPA December |
Lisa, Breakfast sandwiches and coffee could be in order this morn.
Let me know if you are down and when you can go.
Also tell Jsarnow.
late, Darren
| Break |
We were cut 40 MW today by BPA for peak hours on 6/18 at COB on enpower deal number 305699.
Lisa purchased replacement power from Avista at $30.
Enpower 897712 We presold power to Avista at $33.50 for the month and are now buying it back from them at $30 to book out.
Of course, BPA should not charge us for the 27.25 supply price under their contract.
| BPA Cuts |
Lisa: Houston found another small dispute for Dec. 2001 with BPA.
Please see the attached.
In sum, based on BPA's figures, it looks like we doubled up by adding numbers from the 25th to numbers for the 26th (hence, doubling the 26th) According to them: 12/26 Deal 381345 = 600 MW total (not 1200) Deal 380414.1 = 200 MW total (not 400) Please check the scheduling sheets and let me know if you agree.
Thanks!
Jenny
| BPA - Dec. 2001 |
Lisa: This is supporting documentation for a dispute from 12/01 with BPA.
I will give you a hard copy of the request from Houston.
Thanks!
| BPA 12/01 - sale dispute |
Lisa, Here's the phone list you requested.
Where I found multiple numbers, I bolded the first number.
Let me know if you need changes.
Kathy
| Phone List |
Hello- For my own use, I put together the attached list of outstanding DMS requests and plan to do so at the end of each week.
It occurred to me that perhaps this spreadsheet would be a helpful tool for all of you to see as well.
If you have any additions/corrections (my apologies for any mistakes!
), please let me know.
Also, please let me know if you would like me to forward to you an updated spreadsheet like this on a weekly basis.
Note: I only pulled "Need Further Documentation" requests from bankruptcy forward.
Thanks!
| Outstanding DMS requests - week ending June 21 |
=09 =09 Dear Randy, I'm Washington Bureau Chief Peter Cook filling in = for Jay Rickerts.
Just a reminder - On Friday, Houston Correspondent Kim = Benestante is live in Cairo, Egypt covering the OPEC meeting.
Join us tomo= rrow as Kim brings us the latest on possible oil production cuts beginning = in January.
We'll also have more reaction from here in Washington to t= he OPEC meeting.
American Petroleum Institute Chief Economist John Felmy, = Ph.D., will share his thoughts on the cartel's moves and what they might me= an for the U.S. Also during the 12:00 p.m.
ET newscast, The Petroleum Fina= nce Company Senior Market Analyst George Beranek will give us his assessmen= t of the market if OPEC follows through with a production cut.
The Federa= l Energy Regulatory Commission has had a very busy year - from the Californ= ia crisis to the crisis at Enron, the Commission has had a full docket.
On= Friday during the 10:00 a.m.
ET newscast, we'll hear what former FERC Chai= rman James Hoecker thinks about the past year at the FERC and what issues m= ay surface during the New Year.
As the year draws to a close, the Houston= bureau will take a look back at one of the biggest energy stories - the co= llapse of the energy giant, Enron.
Houston Bureau Chief Myra Jolivet says = on Friday, the Houston bureau will review the timetable of Enron's demise, = the effects of its bankruptcy filing, layoffs and the company's downgraded = credit rating.
As Texas deregulation nears, competition in the market is= heating up among retail energy providers.
The Houston bureau says the Tex= as Public Utility Commission set the price to beat for areas in the state, = and competing retail energy providers are beating those prices.
We'll have= all the details from the Houston bureau on Friday.
West Coast Correspond= ent Kym McNicholas says on Friday, California Senator Debra Bowen talks abo= ut what to expect from the legislature in the first few weeks of 2002.
Kym= says possible topics of discussion include the issuance of the state's $12= .5 billion in energy bonds, the California Power Authority and plans to get= Southern California Edison and PG?out of debt.
Also on Friday from the W= est Coast bureau, California Energy Commissioner Michael Moore talks about = the gas supplies in California.
Join us for these reports and more from Sa= cramento tomorrow.
Closing Prices for Thursday, Dec. 27, 2001 Crude: = $20.90/bbl -$0.37 Unleaded: $0.5927/gallon -$0.0086 Heating Oil: $0.581= 5/gallon -$0.0131 Gas: $2.555/mmBtu -$0.356 Broadcasting Note: On New Y= ear's Eve, we're broadcasting through 1:00 p.m.
ET.
We're dark on New Year= 's Day.
Keep in mind things are subject to change at a moment's notice.
O= ccasionally guests have to reschedule or change time slots.
We'll continue= to do our best to keep you updated on future interviews and events.
Be= sure to watch our newscasts every business day - 9 a.m. to 5 p.m.
ET, at t= he top of each hour.
=09 =09=09=09=09 =09=09=09=09=09=09 =09 =09 =09Peter Cook, EnergyNewsLive.com Washington Bureau Chief View today's= Energy Wrap Video Windows Media Player: 56K | 100K | 300K Real Player: = 56K | 100K | 300K (Requires Windows Media Player or Real Player ) Expe= rience all that Williams Energy News Live has to offer!
If you are receiv= ing this letter for the first time and wish to continue, subscribe now T= o stop receiving this letter, unsubscribe now If you are having trouble = receiving this e-mail, please let us know or call (800) WILLIAMS (800-945=
| Williams Energy News Live -- today's video newscast |
=09 =09 Dear Randy, I'm Washington Bureau Chief Peter Cook filling in = for Jay Rickerts.
In Washington, we'll continue to examine the major ener= gy issues expected to arise during the New Year.
We'll take a look at what= Congress will do with comprehensive energy and electricity legislation.
O= ur Washington bureau will also follow the FERC and its push for regional tr= ansmission organizations and wholesale competition.
These are some of the= issues we'll look at as 2002 begins.
On Wednesday, energy consultant and= former Assistant Secretary of Energy during the Clinton Administration Rob= ert Gee will join us in the Washington bureau.
He'll give us his take on t= he U.S. relationship with OPEC and we'll get his assessment on the start of= retail competition in Texas.
Gee will join us during the noon ET newscast= on Wednesday.
The big switch is coming to Houston - On Wednesday we'll b= ring you a report on deregulation starting in Texas on January 1.
The Hous= ton bureau will have details on how the power grid reacted to the switch, a= nd get an update from retail electricity providers.
Also from Houston, = John S. Herold, Inc. CEO Arthur Smith says upcoming earnings releases may h= old some unwanted surprises.
He'll join us from Houston on Wednesday to dis= cuss his company's research report and what we can look forward to in 2002.= Catch these reports from the Houston bureau on Wednesday.
Closing P= rices for Monday, Dec. 31, 2001 Crude: $19.84/bbl -$0.57 Unleaded: $0.= 5725/gallon -$0.0157 Heating Oil: $0.5507/gallon -$0.0158 Gas: $2.570/m= mBtu -$0.204 Scheduling Note: We're dark on New Year's Day.
We'll see yo= u Wednesday at 9:00 a.m.
ET.
Thanks for making this a great first year at = EnergyNewsLive - Have a Happy New Year!
Keep in mind things are subject= to change at a moment's notice.
Occasionally guests have to reschedule or = change time slots.
We'll continue to do our best to keep you updated on fu= ture interviews and events.
Be sure to watch our newscasts every busine= ss day - 9 a.m. to 5 p.m.
ET, at the top of each hour.
=09 =09=09=09=09 =09=09=09=09=09=09 =09 =09 =09Peter Cook, EnergyNewsLive.com Washington Bureau Chief View today's= Energy Wrap Video Windows Media Player: 56K | 100K | 300K Real Player: = 56K | 100K | 300K (Requires Windows Media Player or Real Player ) Expe= rience all that Williams Energy News Live has to offer!
If you are receiv= ing this letter for the first time and wish to continue, subscribe now T= o stop receiving this letter, unsubscribe now If you are having trouble = receiving this e-mail, please let us know or call (800) WILLIAMS (800-945=
| Williams Energy News Live -- today's video newscast |
We need to protect the flows to Citizens on TW.
I know you guys have been working on this, but Citizens continues to receive cuts.
Please secure the supply off of TW.
Let Sempra know that IB Link gas will not do.
Thanks,
| Citizens flows on TW |
We will hold off transferring any physical positions desk to desk until the end of bidweek.
After NX1, we will transfer positions at a daily EOL Index mid price.
Please monitor my book and others to make certain DEC deals are not being transferred prior to NX1 at an IF monthly or GD daily mid price.
Thanks,
| DEC physical |
I've located the Gas Nomination information that was prepared for Dec. 01 and updated to include Jan. 02 business.
The Dec.01 numbers differ slightly from the initial numbers generated by James Centilli at TW as well as the numbers that Stephanie Miller conveyed in her Dec. 18th memo.
These values are based on the nomination worksheets & actual power bills from he respective utilities.
Thanks
| Dec 01 and Jan 02 Gas Nominations for ECS with TW |
We just had a call with Novak, Barquin (V&E) and Tozzini on options for next Monday such as economic equilibrium, arbitration, litigation etc.
We will be putting all the results together for you by Friday Morning.
In the mean time, it may be helpful for you to reflect on the following (particularly the table).
This is really starting to bring it into focus for me.
We will try to do the same for our options on Monday's decision.
| Decision on Furnas Jan 22 |
Dan, Sorry I forgot.
Things have been intense lately on Cuiaba.
Below you will find a summary which addresses your request.
Please let me know if you want more details.
| projects |
Cliff, Did we ever produce this?
I thought we decided to wait and see if we were going to use bonds.
If it exists, is there any reason why a potential buyer of Cuiaba should not see it?
Tracee - There is documentation on the KFW hedge as you know.
The only thing we could provide on the OPIC loan is a requirement of the lenders to be fixed which would be in the CTA if it was required in this instance (or the other OPIC documents).
It could be that the only requirement was in the OPIC FOGA which originally required us to be fixed within 12 months of funding.
However, we modified this and now we must select either a Citibank bank loan which would be fixed prior to funding by a swap or if we issue bonds they will be fixed rate.
Please see FOGA.
| Citi Offering Circular |
I was just trying to touch base after the lender call this morning and debrief.
I thought you and John were great, particularly John's step-in on the heat rate/degradation issue.
Thanks to both of you.
I also wanted to visit on the latest plan for the ridges.
Thirdly, I wanted to discuss your thoughts on the achievability of our positions with SCC and Siemens.
Finally, we should circle up on the TAA once we get Cliff's response.
He led me to believe that we really had little to fear in the discussion I had with him.
Regards
| Calls |
Rick, In preparation for the meeting with the lenders on Tuesday I was reviewing the GSA and I wonder if YPF has any force majeure claims which could impede our rights to terminate.
I know they indicated at least verbally that they had encountered some problems in Argentina.
Although a stretch has Dean or Novak indicated that this could be a defense?
| GSA revision |
I spoke with Dick Vincent who indicated that we will have no problem obtaining 12 mos renewable business interruption insurance when we go operational on gas.
This should solve the warranty issue with the banks because it covers defects, design, and workmanship on the turbines and includes lost profits, etc.
Incidentally, for insurance purposes the turbines are designated DE3 which is not a new technology designation.
Typically we will always have this coverage in place but if their is a supplier warranty then the party providing the warranty pays ahead of the insurer.
In the case where the supplier does not pay or the warranty has ended then the insurer will pay.
Now we just need to come up with a fix for the drop dead date.
Regards,
| Warranty |
I will be out on Th & FRi because my wife is having surgery.
I can't have my cel on in the hospital but I will have it with me and will check voice mail from time to time.
Shelly Butler with the Associate program HR indicated that by giving Tracee the short term employment we will be responsible for her termination package at the end of that time (approx.
6 mos or $40,000).
We probably need to do some structuring here, no?
| Wife's surgery and Bersani |
The lenders would like a list of the potential producers in Bolivia for Cuiaba I and if info is available on their holdings please provide that as well.
Can we also give the details of the Vintage transaction as an example of our capabilities?
If their consent is required can you obtain?
KFW is ok on relying solely on the back-up fuel supply support but OPIC is not there yet.
Also, KFW is offering to allow us to go back to floating on interest rate.
They will provide the cost within the next 24 hours, but they have indicated that it will be significantly less than US$250,000 for a current estimated annual savings of 60 bps.
This sounds like a good move to me.
| Vintage Gas & List of Potential Bolivian Producers |
Two agreements have been negotiated with Siemens as part of the plant turnover for Provisional Completion Phase III on oil: 1) the EOT Claim Agreement between Siemens and SCC and 2) modifications to the TAA between Siemens and EPE.
The changes which the lenders should review are as follows: EOT Claim Agreement 14 Day Availability Test with respect to Provisional Completion Phase III on oil, on a look-back basis over 6 months, required as a specific performance requirement After PC on oil, Siemens can demobilize Compensation for commissioning on oil $5,720,000; $30,000 per day for owner delay Bonus of $15,000 per day that PC achieved before 17 Feb Phase III Substantial Completion on gas 60 days prior written notice on gas availability If sound level guarantees demonstrated on oil, only need to demonstrate far field sound on gas Owner must operate and maintain per O&M manuals and industry practices on oil; if not, owner must correct items materially affecting Contractor's commissioning obligations Performance guarantees remain in tact per EPC Long stop date on Phase III Substantial Completion on gas of 31 Dec 01 Substantial Completion on gas - punchlist limited to deficiencies from Work performed to achieve Substantial Completion on gas Risk of Loss remains with owner during commisioning on gas Siemens agrees to enter into negotiations to provide operational assistance Degradation - agree to use curves with credit to owner for degradation during commissioning Compensation for commissioning on natural gas $1,220,000 lump sum; $20,000 per day for owner delay Warranty - 6 months after Provisional Completion on oil Option to buy extended warranty for up to 6 months at $175,000; must elect 60 days prior to expiration of Primary Warranty Period Performance LD's on gas per the EPC contract with first $4,000,000 forgiven by owner Delay LD's on gas do not start until 60 days after performance test on gas Payments to be paid (including EOTof $5,720,000): 15 Feb $5,446,141; 28 Feb $14,353,401 with offset of $4,000,000 for Phase I LD payment due from Siemens to SCC Late payment interest rate of 14% TAA Agreement Effective date Provisional Completion Phase III on oil No 12 month look back 12 month Initial Guarantee Period, with the clock suspended for gas commissioning unless owner delay.
Additional Insurance In order to provide the lenders an adequate warranty period on gas (if there are additional delays on the P/L) our Insurance group has indicated that we will have no problem obtaining 12 months renewable business interruption insurance when we go operational on gas.
This should solve the issue over the revised warranty with Siemens because it covers defects, design, and workmanship on the turbines and includes lost profits, etc.
Incidentally, for insurance purposes the turbines are designated DE3 which is not a new technology designation.
The duration of BI coverage is 18 months per event with US$150,000 deductible.
Typically we will always have this coverage in place but if their is a supplier warranty then the party providing the warranty pays ahead of the insurer.
In the case where the supplier does not pay or the warranty has ended then the insurer is the primary.
We will need to execute these agreements immediately.
Please advise with your thoughts as soon as possible..
| Siemens negotiations |
In preperation for our call, the memo which was requested.
I will also be able to brief you on this week's progress with Furnas.
I have a lawyer tracing the section reference for the Eletrobras performance guarantee which appears as brackets in the memo.
I should be able to advise you of the exact reference tomorrow morning when we talk.
Regards,
| GSA and Furnas Consent |
According to Cliff Shedd, we would be covered by insurance if we terminated the contract with Furnas and Furnas failed to pay the termination payment.
However the insurers will only pay after we receive an arbitration judgement against them and the refuse to honor the judgement.
I assume we would also have to exhaust our remedies against trhe guarantor (Eletrobras).
Also, we are required to notify the underwriters immediately of a material default.
| Insurance |
I guess you got tied up on some real work.
Call me back when you have time.
Are you happy?
The London job sounds great and sometimes the best things happen to us unexpectedly.
It was nice to hear your voice briefly.
I miss seeing you.
| You |
I need to take a day off if you do not mind Tomorrow, Friday Feb 9 to look after my son who will be out of school.
Dee will be traveling with Chelsea to a dance competition.
Call me on my cell if you need me.
| Vacation day |
On Friday we distributed RFPs for securing bridge gas.
Letters went today to Chaco, TotalfinaElf, Andina, Maxus, BritishGas and Petrobras for them to quote us 6-month gas with our option to extend for another 6 months.
We have given them until March 2nd to respond.
Pete Weidler will meet with YPF (hopefully with Ernesto Lopez Anad?n) the week of the 19th.
| GSA |
Sneak Preview I'm not sure what I'm supposed to say about the Ridges and completion of the gas line in connection with the financing.
Also on the Interconnection issue we are still waiting on the Tozzini memo.
We either need to have someone riding herd on Tozzini on this (I thought it was Jose) or I need to go to SP and make this happen.
| Mtg w/ Rebecca Mac |
I was reviewing the pictures you sent.
You are not only an adventuress but also a Goddess.
Happy Valentines day.
I turned Pete down on the offer to stay.
I guess I'm just ready to move on and this feels pretty dead end here.
But I'll try and catch up with you from time to time if I can.
Beija Rob
| Valentines Day |
Bob: not too many new ones.
1.
Continued to see increased volumes and transactions on desk.
As of November, we have increased volumes to over 5 Bcf/day, up from about 2 Bcf/day last six month period.
We are continuing to handle month end close, and get all volumes scheduled daily.
2.
Continued to give support to the contract exchange project.
We have given my time and the resources from the group.
3.
Re-staffed the group after we lost some key, experienced personnel.
We have the new guys up and running and hope to really make some things happen from here on out.
If I think of any thing else I will let you know.
Thanks.
| Accomplishments |
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