QUESTION: I am SO excited about going up and about seeing you guys. We're going to try (fingers crossed) to leave tomorrow afternoon. Can you guys bring Annie? (please? ).
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ANS: Dome!
The Hourly Ercot book is long 30 mw's at $13.25 for hour ending 23 and 24 on Friday. This is currently scheduled into the North Zone load. When you sell this, cut the load and replace with the appropriate QSE trade. The purchase is in Enpower as #825387. The sale to Ercot Imbal is under #825406. Cut the enpower sale and replace with appropiate sale counterparty. Everything should be entered under the Hourly Ercot desk. Let me know how it goes. JMF
Q: What is a potential subject line for this email?
answer: Position for 23 & 24 tomorrow.
As you know, the Ostrip Functionality has been altered. This change has affected the way the larryoptmodel values the gas daily options. The reason the larryoptmodel is affected is because the larryoptmodel was defining the inputs to the Ostrip model differently than the documentation asked. Let me explain. The Ostrip Model has the following date inputs: NowToSet - Fixed Price = zero - Forward Start = days from now until strike is set BegDays - Fixed Price = days from now until start of option - Forward Start = days from when strike is set until start of option EndDays - Fixed Price = days from now until end of option - Forward Start = days from when strike is set until end of option FwdStFlag - Fixed Price = 0 - Forward Start = 1 The Ostrip model should overlook the NowToSet days if the FwdStFlag = 0 (fixed price option). It assumes the option is set right now. The "Old Ostrip Model" did not overlook this input. This is the problem. In Larryoptmodel, the NowToSet is the same for Fixed Price options and Forward Start Options, the BegDays is the same and the EndDays is the same. Thus when the "Old Ostrip Model" incorrectly used the NowToSet days, this made the Larryoptmodel value the option correctly. When the "New Ostrip Model" was put into production, this model overlooks the NowToSet date, thus giving an incorrect value in Larryoptmodel. Larryoptmodel has to be changed to reflect the above inputs. It is actually only a change to one date. This date will be used in calculating the three days above. If the option is a fixed price option then the date will be today and NowToSet will be Today minus Today (zero), BegDays will be Start of Option minus today, EndDays will be End of Option minus today. If the option is a forward start option, then the date will be when the strike is set and the NowToSet with be the strike setting date minus today, BegDays will be Start of Option minus the strike date, EndDays will be the End of Option minus strike date. It is important to note that it is unexcusable to make any changes to the models without consulting the traders first. If there was a problem with the "Old Ostrip Model" then the trader should have been notified right away. This could have meant that the options were being misvalued when trading. In this case, however, Larry had figured a way around this problem and he was valuing correctly. When the model was changed, that changed the larryoptmodel valuation and now it was being valued incorrectly. Either way, any problems with the models should be communicated with the traders right away. Any changes to the models should be communicated to the traders before they are made. Please let me know if any have any questions or concerns. Thanks. John
Answer: OStrip Function
Here is an email: In order to bring better legal coordination and standardization to Enron's Risk Assessment and Control (RAC) group, we have formed a new legal group, which will initially include Lisa Mellencamp (Finance), Marcus Nettelton (Power Trading), Carol St. Clair (Broadband/Power Trading), Mary Cook (Financial Swaps), Peter Keohane (Canada), Ed Essandoh (Retail), Paul Darmitzel (Retail) and Elizabeth Sager (Power Trading) (Team Leader). This group will focus on, among other things, managing Enron's exposures with bankrupt counterparties, working out credit solutions with distressed counterparties and standardizing our overall credit practices. The initial members in this group have been drawn from Enron's numerous legal groups in order to gain a broader perspective. Each of these members will provide support to this new group in addition to their current responsibilities. Within RAC, Michael Tribolet will focus on distressed counterparties, in conjunction with Bill Bradford, who continues to manage the Credit Risk Management group. Please join us in supporting the efforts of this new group.
What is a potential subject line for this email?
A: New Legal Team to Assist RAC
Q: Harry, A little birdie told me today was your birthday. Happy Birthday!!! Hope you have a great day and we'll see you guys this weekend. Robin
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A: Happy Birthday
Here is an email: MRyanTaber@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: Dear Congestion Reduction Task Force Members, The October 4th Congestion Reduction Task Force Meeting is being postponed in order to accommodate a joint meeting of the S&P and Market Structure working groups on that day. A new date will be selected in the near future and a notice sent out to participants on this task force. Regards,
What is a potential subject line for this email?
A:
NYISO Congestion Reduction Task Force Meeting, October 4, 2001, CANCELLED