QUESTION: Russell: Since late 1998, we have been trying to put in place a Master between ENA and the above counterparty. We currently have a Master dated July 1997 between ECC and Pancanadian Petroleum Limited and Pancanadian wants to pretty much duplicate this Master. Here are the credit terms of the late 1998 drfat that we sent them which I need for you to tell me are still okay: No Credit Support Providers Cross Default - $50,000,000 for ENA and $25,000,000 for them Additional Event of Default - occurrence of a MAC and the failure to provide Perfprmance Assurance in accordnace with annex A. MAC is defined as Enron's rating going below BBB- and their Net Worth falling below $133,000,000 opr their Funded Debt to Net Worth being more than 1 to 1 They want to defined the "control" concept in Affiliate as ownership of more than 50% of equity. This term is used in the Setoff language and limits the possible entities that could be Affiliates on our side and their side Forms of collateral are cash and LC's Collateral Thresholds are $10,000,000 for us and $3,500,000 for them Let me know what you think. Carol
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ANS: Pancanadian Energy Services
I have previously approved this request for chuck ames. It appears this request is in limbo somewhere in the system. Please grant him access per this request for Sitara. Should you have any questions or need further assistance, please give me a call 3-7376. PL
Q: What is a potential subject line for this email?
answer: Request #21865
Guys, I spoke with Mark this morning. He is very supportive of the structure and idea. I had indicated that he would continue to run the producer services business in the West but would also be part of the overall team as we plot out strategy in the West. He wants to stay in Denver which I think we should be able to accomodate as long as his group stays integrated into the overall team. I had indicated that we would consolidate market making into Houston and Paul Lucci could decide if he wants to continue trading or not - if so he needs to move to Houston. Phillip/Barry, go ahead and start working with Mark as you develop your plans going forward. I will be speaking to Stephanie Miller this week and will give the green light with her shortly. Regards
Answer: Denver
Here is an email: Stephanie, I forwarded a hard copy of the operational control letter yesterday. Let me know if you don't have it. Attached is the price letter. There is no formal contract in place between TW and EE&CC for the construction. Both TW and ECS as I understand, have signed AFE's with EE&CC for the projects. We will most likely have to address this risk in the Contribution Agreement. I will talk with Mark and Mark about this. PPA- we are expecting comments back from CDEC late today. Schedule is now to review their comments and meet with them Tuesday (via phone or in person) to finalize. We can likely get Patti a copy after Tuesday. Contribution Agreement - Pending resolution of the construction risk issues, we can have a draft for Patti early next week.
What is a potential subject line for this email?
A: Price Letter
Q: Mark Just a quick question while I remember, as you know I am giving an overview of the DASH process and the Legal Risk Memo that must accompany any DASH. My understanding is that the Legal Risk Memo must be attached to the DASH when the DASH is circulated and that on the face of the DASH form prepared by RAC, we should not be and there should not appear any Legal Risk assessment, which must only be contained in the Legal Risk Memo. The DASH should simply refer to "See attached Legal Risk Memo". I am hoping that this is also how you like to see the process work in practice. In addition I am going to say that if possible you need to be briefed and receive a draft of the Legal Risk Memo before it is circulated with the DASH. See you shortly. Marcus
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A: Legal Risk Memo
Here is an email: =09 =09 Dear Eric, The Washington bureau will have a full plate when w= e return from Thanksgiving break. Congress returns with many lawmakers urg= ing action on energy legislation before the end of the year. Washington Bu= reau Chief Peter Cook says there's a long list of legislation ahead of ener= gy in the Democrat-controlled Senate, but Republicans are threatening to fo= rce a vote through a filibuster. In turn, Democrats are saying they'll fil= ibuster any energy bill containing a provision to open Alaska's Arctic Nati= onal Wildlife Refuge to drilling. The legislation battle continues next we= ek. Peter also says the Washington bureau will continue to follow the FER= C's major decisions regarding how it assesses market power. The Commission= announced a major change this week that will impact many of the large and = small utilities across the country. Also next week, we'll see what Energy= Daily Publisher Llewellyn King has to say about Pat Wood's performance as = Chairman of the FERC. And rumors are flying about DOE Secretary Spencer Ab= raham - on Monday, King talks about the whispers he's hearing in Washington= . ENL's Gale Smith will have a report from the Houston bureau next week o= n a Louisiana company that uses rice hulls to create power. Agrilectric In= corporated consumes some of this power, but most of the electricity is sold= to an area utility company. We'll have details next week. Also, Houston= Correspondent Kim Benestante will bring us coverage from the Alaska Resour= ces Conference taking place next Thursday and Friday. We'll also bring you= details on the final report regarding the chosen route of the Arctic natur= al gas pipeline. The report is due to Alaska's Governor on November 30. = We'll hear from Center for Energy Efficiency and Renewable Technologies Exe= cutive Director John White next week. ENL's Kym McNicholas will speak with= White about his organization's opposition to the state's long-term power c= ontracts. Catch White from the West Coast bureau next week. Closing Pric= es for Nov. 21, 2001: Crude: $18.96 Unleaded: $0.5273 Heating Oil= : $0.5342 Natural Gas: $2.813 Keep in mind things are subject to chang= e at a moment's notice. Occasionally guests have to cancel or change time s= lots. We'll continue to do our best to keep you updated on future intervie= ws and events. Have a great Thanksgiving break! We'll see you on Monday. =
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A:
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