IN: This is an email
Yesterday we received a letter from BPA under which BPA terminated two of its agreements. Ed, Harlan and I discussed some aspects of this earlier today. Some additional information that Steve Hall and I just discussed is summarized below. The effect of this termination on our power scheduling is that the West Desk is now short by 202 MW over its earlier position. After termination the contract positions are: COB: 150 MW on peak (purchase from BPA) 200 MW off-peak (purchase from BPA) Mid-C: (339) MW on peak (delivery to BPA) (238) MW off peak (delivery to BPA) Terminated contract numbers: 97 PB-10123 (Wauna/James River) 98 PB-10277 (Firm Power Sale) The termination fo the Wauna/James River contract presumably also terminates the "book out" agreement negotiated earlier this year, and increases our net short position to BPA.

What is the subject?

OUT: BPA Termination of Contracts

IN: This is an email
Jim: Pursuant to our recent conversation, I have attached below a DRAFT of ENA's standard (1) municipal ISDA Schedule and (2) Paragraph 13 to the ISDA Credit Support Annex. These two documents are intended to supplement the boilerplate for the ISDA Master Agreement and the ISDA Credit Support Annex. The forms are generic, that is, they have not been tailored for use by a specific municipal counterparty; they would necessarily be the subject of specific negotiations. Energy New England's agency relationship with the various municipalities appears to cover physical trading. Notwithstanding the agency agreement, the financial trading world requires much more specificity, including but not limited to, evidence of authority to execute a master financial agreement and transactions thereunder. Additional information, including a legal opinion, is also required. I assume from our prior conversation that you already have in your possession copies of the ISDA boilerplate. Please advise otherwise. You should feel free to contact Ed Sacks with questions regarding collateral support documentation. As I mentioned, the attached Paragraph 13 has not been customized. Please feel free to call if you have any questions. Sara

What is the subject?

OUT: ISDA Master Agreement prepared by Enron North America Corp. ("ENA")

IN: This is an email
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