Hope you had a great vacation! Please let me know when you have some time so that we can talk about Brazil. I'm trying to update the info that Yao left me and I am now being called by Gary Hickerson's group for a progress report. Sara
Answer: Brazil
Dear Mr. Lay: On behalf of Senator Bayh, thank you for the kind invitation to attend the "U.S. Energy Policy at a Crossroads: Alternative Futures for the Current Energy Crisis," on October 3-4, 2001. The Senator appreciates your thinking of him, but unfortunately he has a prior commitment, which will prevent him from attending the forum. Please accept his sincere regrets. Again, thank you for your thoughtful invitation. I wish you the best of success
Answer: Senator Bayh's Office
On Sept 21, SoCalGas filed its BCAP. They propose a new firm receipt point trading program based on the open season proposed in the comprehesive settlement. The also propose a return to embedded cost rates, and an elimination of any transmission load risk for the utility. We should discuss whether Enron wishes to participate in this case, which will clearly be a new vehicle for putting gas strategy issues before the commission. Let me know if you need a copy of the application. Mike Day
Answer: SoCalGas BCAP
Andy: In the spirit of "full disclosure", I thought I would let you know what ENA has agreed to on the ISDA side with various Merrill entities. ENA has ISDA's with Merrill Lynch International Bank (8/25/95), Merrill Lynch Capital Services Inc. (12/2/92) and Merrill Lynch International (8/25/95). There is no arbitration provision in any of these agreements; there is merely silence as to jurisdiction (ENA began negotiating arbitration around 1997). All of these agreements contain our standard limitation of liability language (in boldface) and all permit some type of assignment to an affiliate (in general, without negative tax impact or with sufficient credit support). All of the agreements provide for setoff (including affiliates of non-defaulting parties) and all contain confidentiality provisions. I would therefore propose the following changes to Annex I: change the margin deadline time to 10:00 a.m. (NY time) delete Par 9(b) - and you can send your additional no custody required language delete the arbitration provision in its entirety I hope that you can resond to the remaining issues tomorrow morning so that we can finalize docs by the afternoon. Thanks for your assistance. Sara
Answer:
Master Repurchase Agreement with Enron North America Corp.