QUESTION: We currently have $21.4 million in reserve for potential Northwest refunds. $10 million currently sits in the LTCA book and $11.4 currently sits in the LTNW book. During the summer, FERC initiated an investigation into the potential of unjust and unreasonable spot prices in the northwest from December of 2000 through June of 2001. Seatlle City Light, Tacoma City Light, Eugene Water and Electric Board, and Sacramento Municipal Utility District all filed claims at FERC for refunds from EPMI. The claims totaled close to $100 million. However, many of these claims were, on their face, spurious. For example, Eugene Water and Electric Board filed for refund of forward purchases which was clearly outside the scope of FERC's proceeding. We hired consultants from Charles River Associates (CRA) to help us with this process. One of their tasks was to apply the CAISO competitive benchmark pricing methodology to the Northwest market. That is, CRA attempted to reverse engineer the CAISO's methodology in order to estimate our Northwest risk. I was informed by our litigation team that EPMI's realistic potential exposure using this methodology was roughly $30 million. We decided to reserve roughly 2/3 of this amount which came to about $21 million. In September a FERC Adminitrative Law Judge heard the case and submitted a draft decision to the FERC. The draft decision recommended against any refunds. This draft decision is supposed to come in front of the FERC commissioners for approval before the end of the year. If this draft decision is approved, it would be appropriate to remove these reserves.
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ANS: Northwest Reserves
A very successful energy trader parked his brand-new Mercedes in front of his office, ready to show it off to his colleagues. As he got out, a truck passed too close and completely tore off the door on the driver's side. The trader immediately grabbed his cell phone, dialed 911, and within minutes a policeman pulled up. Before the officer had a chance to ask any questions, the energy trading icon started screaming hysterically. His Mercedes, which he had just picked up the day before, was now completely ruined and would never be the same, no matter what the body shop did to it. When he finally wound down from his ranting and raving, the officer shook his head in disgust and disbelief. "I can't believe how materialistic you energy traders are," he said. "You are so focused on your possessions that you don't notice anything else." "How can you say such a thing?" asked the trader. The cop replied, "Don't you know that your left arm is missing from the elbow down? It must have been torn off when the truck hit you." "My God!" screamed the master trader. "Where's my Rolex?"
Q: What is a potential subject line for this email?
answer: trader joke
Hello, As you know, Genia underwent surgery this morning and she came through with flying colors. The surgery lasted approximately 2 hours and the procedure went with no complications. She is in recovery. Thanks. Please forward to those who may be interested.
Answer: Genia FitzGerald Update
Here is an email: IDC's Flagship Event: The European IT Forum 2001 - 11th Edition Grimaldi Forum, Monaco, 17 and 18 September "Old and New Worlds Collide in Europe: Will Business Take the Leap? Dear Mr. Skilling, Business leaders, market players and media representatives who attend IDC's European IT Forum each year rate it the most prestigious and authoritative eBusiness conference in Europe. Past speakers at our Forum have included global business leaders such as Bill Gates, Larry Ellison, Scott McNealy, Tim Koogle, Michael Capellas, Sir Peter Bonfield; Economists and Technology Gurus Nicholas Negroponte, Gary Hamel, Jeremy Rifkin, George Gilder, Geoffrey Moore; Venture Capitalists, Bankers, eBusiness Stars and the most senior IDC analysts. Although we are still several months away from this year's event, we are pleased to confirm the participation of the following industry leaders: Carly Fiorina (CEO of HP), Michael Capellas (CEO of Compaq), Jeff Bezos (CEO of Amazon.com), Joe Tucci (CEO of EMC) and the "gurus" Gary Hamel, Lester Thurow and Michael Porter. The key themes this year will be: - the Internet stock crash and current economic slowdown - how Internet technologies can help overcome the present financial downturn - how the economy of established companies and the new order of dot-coms are merging - how companies can formulate winning strategies by combining the Internet with traditional competitive advantages - how Europe can take advantage of current favorable market conditions to catch-up with the US - how investments in Internet infrastructures and eCommerce will drive a major economic development worldwide over the next decade We would be honoured if you would accept our invitation to speak at this important event during the breakout session entitled: "eBusiness Strategies for Brick & Mortars"that will take place on Monday 17 September at 16.00-17.30. We anticipate a select audience of CEOs and board-level delegates as well as columnists from key European publications, as well as TV and other broadcast media. We hope that you can accept our invitation to present your vision of the future of the internet economy at IDC's European IT Forum. I look forward to hearing from you soon. Best regards, Roberto Masiero President IDC EMEA (See attached file: IT Forum 2001 agenda13.doc) - IT Forum 2001 agenda13.doc
What is a potential subject line for this email?
A: IDC invite you to speak at its Flagship Event
Q: Mike, Attached are red-lined versions of the two Transaction Agreements for the transaction between Coral Energy Resources and enovate which includes the changes that we discussed. Please call me at (713) 853-5705 with your comments. Stacy
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A: Transaction Agreements
Here is an email: I would like to set up a brief meeting in the afternoon this week or next, to discuss increasing the liquidity in west basis on EOL. It would be helpful for our desk to sit down with John Arnold and John Lavorato to openly discuss the importance of continuing to increase liquidity on EOL. I would also like to put to rest the notion that increasing liquidity leads to negative P&L and that a Trader's support of EOL liquidity will go unrecognized at year end PRC. Please email me with a response of when we could set up such a meeting. Sincerely,
What is a potential subject line for this email?
A:
Increasing EOL liquidity in West Basis