QUESTION: Attached is the latest Cadwalader draft memo addressing additional risks posed by newer, illiquid products (specifically paper and pulp) and minimization of the risks. My goal is for the paper and pulp group to adopt the recommendations. Please take a look at the memo and give me your comments. I would like to respond to Cadwalader by the middle of next week. Please let me know if you have any questions. Thanks. Sara
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ANS: Revised Memorandum regarding pulp and paper transactions
I note in TW's bullets for 12-22 that TW did the "Cal Border Backhaul" deal with SW Gas. The last I heard about it, the deal had cratered. I had serious reservations about doing the deal as it was initially described to me, which included a Cal border sale of "surplus" gas and a backhaul for EES on behalf of SW Gas. My probems were (1) the issue of possible or apparent affiliate preference and (2) the need for adequate documentation of "surplus line pack." My last guidance was that a deal like this might be doable, but only if we could document the "surplus" and if Stan signed off on it. What happened? Does the deal involve EES??? Was that raised with Stan and Danny? The bullets don't mention the identity of the "shipper" that the backhaul was done for. Please respond. DF
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answer: TW Backhaul
= = = = = = = = = = = Intercontinenta= lExchange = = = = = =20 = = = = = Firm P= ower Price Bulletin = = = = = =20 = = = = = For Po= wer Delivered on Friday, October 05, 2001 = = = = = = = = = = = =20 = = = = = = = = = = = (Trade Date of = Thursday, October 04, 2001) = = = = = = = = = = = = = = = = = =20 Click here to access index history . = = = = =20 = = = = = = = = = = = * volume repres= ents sell-side only * = = = = = = = = = = = = = = = = = =20 Hub=09High=09Low=09Wtd Avg Index=09Change ($)=09Vol (Mwh)=09 Cinergy=09 $22.00=09 $19.00=09 $21.44=09+ .45=09= 102,400=09 Comed=09 $20.75=09 $18.00=09 $20.03=09+ .85=09 = 9,600=09 Entergy=09 $21.00=09 $17.70=09 $18.64=09+ .81=09= 13,600=09 Nepool=09 $37.50=09 $36.75=09 $37.21=09+ 1.71=09 = 9,600=09 PJM-West=09 $29.75=09 $28.25=09 $29.01=09+ .12= =09 32,000=09 SP-15=09 $24.50=09 $23.50=09 $24.08=09- 1.58=09 = 4,800=09 TVA=09 $22.50=09 $21.00=09 $21.89=09+ 1.35=09 = 10,400=09 = = = = = = = = = = = Includes all tr= ades done from 6 AM to 11 AM Central Prevailing Time on the trade date spec= ified for financially firm power delivered during the on-peak hours (6 AM -= 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for West= ern hubs) on the delivery date(s) specified. = = = = = = = = =20 = = = = = In= tercontinentalExchange is the world's most liquid trading platform for over=
Answer: Power Indices
Here is an email: I suggest we give GE a time line for completing each of the break out contracts. I'm unfamiliar with the individual project requirements, so I'm asking your help. I believe City of Austin is ready to go as soon as the form is complete, and it could be a great candidate for working on immediately. I know the ESA project has some time sensitivity as well. Please let me know what you think. Kay
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A: Break contracts/Priority setting
Q: In our morning meeting yesterday you asked what the financial picture looked like on this CP. This is in-the-money (ITM) to ENA approximately $69,000. There is one gas swap (TAGG# VH6425), which expires Jun02. Hope this helps.
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A: EOTT Energy Partners LP
Here is an email: I just wanted to say 'Hi!'. I really enjoyed talking to you last night (and every other night). I hope you have a great day. More later, Errol McLaughlin
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A:
Good Morning!!