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Credit support.
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On the issue of credit support for a project company partially owned by Enron, ABB has some concerns even when Enron still holds an equity interest due to some late payment problems they had in the past with an Enron project company.
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Also, the ABB and GE payment schedules are different, with GE being more front end loaded.
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For example, GE will have received 45% of the total payments due by the time the first 4 units are ready to ship; by the time the last 6 units are ready to ship, they will have received 95% of the payment.
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In contrast, we hold 25% of the price of each ABB unit until delivery (15%) and acceptance (10%) of that particular unit.
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Effective date.
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The typical reason for an earlier effective date is to capture any work which ABB may have chosen to do during the option period in order to hold their guaranteed completion dates.
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In the GE contract we addressed the issue in section 30.3, stating that it governs all work performed pursuant to the agreement in principle.
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It is fine with me to make the effective date a current one.
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Price change.
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I will confirm why the prices changed $78,000 from the latest option agreement.
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I suspect there were changes in the specifications since the data sheets have changed.
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Hope this was helpful.
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Kay Enron North America Corp.
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No problem.
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For your reading pleasure...
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Hi Juan, Some strange things happened when I restarted my computer.
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This little screen came up, saying "installation aborted".
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I chose ok, which was my only option.
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I'm obviously on it now, so we'll see how it goes.
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Thanks, Kay
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Mike, I've been trying to figure out what is meant by the last sentence.
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Can you (or Dave) clarify what is wanted?
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Does it mean that payments must be current for the guaranty, etc, to be acceptable?
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Thanks, Kay
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Here's what I have on the open issues/ to do list: Resolve shipping/delivery obligations in accordance with option agreement; conform contract Confirm pricing Add schedule of delivery dates Finalize assignment language (I sent Mike an email with a question about their request) Agree on effective date: suggest signing date be whatever it is (hope for tomorrow) with effective date being the last day of last option Need estimated price per month to store (a request from Finance for budget purposes) Verify sales tax exemption with WestLB (doesn't require ABB involvement, nor does it need to be done before contract is signed) Need assignment of option (Finance to provide - no ABB action, I'll follow up) Kathy: do you have anything to add?
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Are there any technical details left to resolve?
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Ben, anything to add?
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I'll send a cleaned up version to Mike tomorrow am.
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Thanks, Kay
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Thought you might be interested.
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Thanks.
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I'll give you a call in a little while to compare notes, status, etc. Kay
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Hi Mike, Sorry I missed you when you returned by call this am.
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I have some concerns about the voice mail you left re: assignment language.
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Enron can't stay on the hook for payment if the agreement is assigned, as this would bust the financing/accounting arrangement.
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What we have tried to do to meet your concerns is to see that ABB has a contract with a party which is as financially sound as Enron by adding the guaranty language.
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This addresses ABB's request that the party with the payment obligation have the "financial wherewithall" to make the payments.
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This is a big change from where we were in the last contract.
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I've had a request to get an approximate storage cost (monthly) for budgetary purposes.
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This is in connection with the buy back arrangement.
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Can you give me a guesstimate?
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Thanks, Kay
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An "April-less" version...
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Kay
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Here is the most recent (and dare we hope last?) draft of the ABB agreement.
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Kathy Clark is preparing a redline for your use, and you should have it shortly.
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ABB may be insistent upon dating this June 30, but we will try the 7th with an effective date of the 30th.
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Ben advises that this is a very, very critical point to ABB.
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I have not taken ABB's comment on the assignment language, but I hope they will accept what we've given them in this draft.
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I have been advised that the price reduction is due to more definitive design criteria being provided by Enron.
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Matt Gockerman points out that their is exposure to Missouri sales tax, so we will need WestLB's cooperation in getting the proper exemption certificate for MO.
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Have I forgotten to address any questions or comments?
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Thanks, Kay
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Hi again, Could you send Rev 10 to Mike S?
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Thanks, Kay
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I'm speechless.
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FYI.
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Kathy is changing the address to 1400 Smith in the final version.
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Kay
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Please make the change.
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Hi Richard, When you have 5 minutes I can bring you up-to-speed on the Westinghouse dispute.
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Kay
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You should have a closing party for this one.
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Hope so.
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We'll spare you extra emails until then.
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Hi Jeff, Ozzie Pagan's team is working on a project for VEPCO.
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The power plant will be located in Edgecombe County, North Carolina.
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I've been told that getting gas for the plant is a significant issue due to local gas supply conditions.
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One alternative has been to buy gas from the City of Rocky Mount, which has a take or pay contract with the local supplier, and is not using all of their gas, especially in the summer.
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We have developed a preliminary draft of the LOI, which I am attaching for your review.
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I would appreciate the opportunity to discuss it with you to get your input, etc. Of particular concern is that Rocky Mount wants ENA to deal exclusively with them during the term of the LOI (this isn't reflected in the draft).
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Thanks, Kay
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Ben noticed a mistake in the ABB contract - one I missed.
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Enron's address was listed as 1400 Louisiana.
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I could not figure out where that address came from, as it had been correct before.
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I asked Kathy and she told me that she changed it from Smith to Louisiana because she thought that was the correct address.
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Ok, now I'm scared.
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The change appears necessary since there is no 20.1 B. This must have been left over from the GE contract.
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Anything from Mike?
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Here is the answer to the storage charge question.
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As you recall, the contract allows for us to request storage.
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Kay
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My understanding is that the ABB equipment will most likely be used somewhere other than Calumet due to the noise issue.
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It is possible that LM 6000's will be used on Calumet, resulting in a re-bid of the EPC contract.
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However, none of this is etched in stone, and their are active discussions with Peoples about what to do.
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I suspect this isn't much help.
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Paul probably has better information.
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Kay
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Michelle, I would like to sign up if there's still room.
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Thanks, Kay
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Hi Juan, I had another error message today.
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The box was titled "cmd.exe", and the message was "directory name invalid".
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My computer is working so far, just thought I would report this for future reference.
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Have a good day, Kay
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Allyson called Friday afternoon to tell me they would be sending this out Friday, and it needed to be reviewed quickly.
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It never came.
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I left a message Friday afternoon, asking where it was.
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They sent it to me on Saturday.
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I left out the really bad part.
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