FYI - I will be out of the office on Feb. 3 and 4. Let me know if you want to reschedule earlier. Thanks. Sara
Q: What is a potential subject line for this email?
answer: Conference Call on Feb. 4
Greg, I know that you have more challeging issues than Mariner to consume your time; however, I wanted to advise you that I believe that we have at least made some short term gains at the company. First, we have reduced the workforce by about 20%. I will know before year end if further reductions are needed. Second, we have sold 100% of Mariner's interest in Aconcagua for $51 million. Originally, Mariner intended to sell 50% of its interest. Expectations were $35-$40 million (100%). Allan brought in the buyer
Answer: Mariner Progress
Here is an email: As far as your email questions, my responses are following: 1. The list I have provided you is the only list that exists on financial counterparties. There is no Excel spreadsheet to follow. 2. Duke Energy Corporation. At Mark's direction, I am sending his note below regarding utilities. Again, until we do the due diligence on a utility counterparty we have no way of knowing what kind of local, state or federal regulation or approvals they may be subject to. We currently have masters in place with only about 10 utilities/govt's. We are in the process of negotiating another 30. Until those masters are executed and we have the relevant resolutions, authority documents and/or legal opinions, I cannot approve them for online trading. I have made every effort to search company websites and elicit from Credit whether a counterparty is a regulated utility or not. If I cannot tell by the information available to me, additional due diligence will be needed to see if they are subject to local, state, or federal regulation. Mark can override any decision I have made, I can only make decisions within the guidelines the attorneys have set for me. 3. Montana Power Trading and Marketing Company is a subsidiary of a regulated utility. I am unable to determine from Credit or their website what type of regulation they might be subject to. The note is true that Credit says they are getting out of the business anyway. 4. Petrotemex. Per my conversations with Mark and our advice from counsel, unlike U.S. and U.K. counterparties, Mexican counterparties are not able to enter into derivative transactions unless their articles and bylaws specifically provide for these types of transactions. We will not know this until the due diligence is completed, so I am supposed to say "no" for Mexican counterparties we do not have a master swap agreement in place with. 5. PSEG. It is an energy services company; however, it is also not an eligible swap participant (or "ESP"). CFTC regulation limits the derivatives trading we may do to certain types of counterparties that meet certain financial requirements (large, institutional type investors, companies, banks, etc). Corporations and partnerships have to meet certain net worth and asset levels or we cannot trade financially with them. Whenever I say "not ESP" or "not eligible swap participant" it means they have not met the financial net worth test. 6. The American Coal Company. See prior note.
What is a potential subject line for this email?
A: Online Derivatives Trading with Regulated Utilities
Q: I'm OK with the language, but I want to make sure everyone is OK on the concept. When we left this (unless there have been subsequent conversations with ECS that I wasn't a part of) we rejected Courtney's proposal to reduce our up front payment by $500,000. He was to come back and propose a monthly quantity of gas to be paid over the term of the contract that would equate to the $500,000, but I don't recall that we agreed to it. Did we intend to leave the issue open for more horsetrading on the amount of a haircut ECS should take or were we content to cover ECS at 100 cents on the dollar? I am advised that the Btu number in the letter would allow ECS to get the full $500,000 of up front value. Rod and Steve--this one is up to you and I think its totally a question of
Propose a subject line
A: Supplement to Gas Letter
IN: Rick, The responsibilities of the Retail Electric Market Group would be as follows: 1. Open New Markets - Work jointly with legislative team by providing technical analysis and testimony etc. in opening new markets in states identified by Enron. 2. Deregulation Proceedings - Spearhead participation in deregulation proceedings to unbundle utility rates, establish stranded costs and structure the transition period leading to customer choice. Also included are the various rulemaking proceedings establishing the details of how the market will function. 3. Implementation of Customer Choice During the Transition Period - Assist EES and ENA in determining value propositions and structuring products. Provide support for state certification and registration with utility companies which includes working through a myriad of issues such as EDI testing, processing DASR's. billing, metering, environmental disclosure, transmission service agreements, etc. Assist in sales calls as requested. 4. Post Transition Period Market Structure - Participate in proceedings establishing terms, conditions and pricing for such issues as Provider of Last Resort and Default Service. This issue is being addressed in New Jersey, Massachussetts, Ohio and Illinois. Hope this is helpful. Janine

Generate a subject line.

OUT: Retail Electric Market Group
IN: This is an email
Kal: As we discussed, enclosed is a draft of the letter. Please review and make sure that I have accurately described what will take place and if you find acceptable, please forward on. If any changes need to be made please call me at 33989. carol

What is the subject?

OUT:
Letter