Here is an email: This message is forwarded on behalf of Artis G. Hampshire-Cowan, Esq., Secretary of the Board of Trustees. Trustee Breana Smith asked that the attached be forwarded to your attention. <<board lettertrusteebsmith.doc>> - board lettertrusteebsmith.doc
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A: See attached
Q: NGI's Daily Gas Price Index published : October 29, 2001 ALJ Clears Transwestern of Market Power Charges A FERC administrative law judge has found no improprieties, nor evidence of the exercise of market power in negotiated rate contracts between Transwestern Pipeline and two shippers on its system, which resulted in the shippers being charged as much as $27/MMBtu last February, far in excess of the pipeline's allowed transportation rate of 38 cents/MMBtu (RP97-288-009). ALJ Jacob Leventhal had only one fault to find, and that was with Transwestern's method of posting capacity. The judge said, and Transwestern agreed, to modify its tariff "so that all posting, bidding and award procedures are set forth in a separate provision with an appropriate caption" on its Internet bulletin board. Shippers had said that reviewing capacity on the Transwestern web site was "a tortuous process." Indicated Shippers claimed Transwestern's inadequate capacity posting and award procedures did not provide all interested parties with an opportunity to bid for the capacity that was available. While "both Indicated Shippers and (FERC) Staff find it curious that SET (Sempra Energy Trading) and Richardson (Products Co.) were the sole bidders on the contracts awarded to each of them...curiosity does not translate into proof," the judge said. Witnesses in the expedited hearing testified no bids were considered in advance of the capacity posting. The judge subsequently found the capacity was awarded in a manner consistent with Transwestern's tariff. Similarly, Levanthal could find no evidence that Transwestern exercised market power in negotiating the rates with shippers or withholding or threatening to withhold capacity. The capacity was available at recourse rates, and the shippers knew those rates were available. "Staff's arguments really are criticisms of the posting and award procedures, but do not demonstrate the exercise of market power." The two shippers said they made a business decision to propose the "index-to-index" formula that produced the higher rates, rather than take the recourse rate "to minimize any risk on transportation options." The index-to-index formula refers to taking the difference between the daily published commodity prices at two different points and subtracting to get the transportation rate between them. In this case the two points were the San Juan Basin and the SoCal Needles delivery point. The case was set for expedited hearing last summer by the commissioners acting on staff recommendations.
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A: NGI Article on TW Ruling
IN: Most folks probably listened in to the press conference, but for those that didn't here's a summary of the ISO's proposal to FERC. The description of the proposal was vague and general, and Winters tends to speak in run-on sentences, so if I've gotten anything wrong, please chime in. $100 cap for "old" generation; "new" generation would be exempt. FERC would require generators and SCs to contract forward for at least 70% of their power. For those that meet the 70% requirement, they will be exempt from the $100 cap, and the $250 cap will apply. Winters believes that the 70% requirement, coupled with utility-controled gen, will result in the IOUs scheduling about 85% of load into the forward market. Load and supply that deviate from schedules and go to the real time market will be penalized (details to be "ironed" out). The ISO is supposed to make the filing at FERC today.

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OUT: ISO Proposal to FERC
IN: This is an email
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: AGA.pdf)

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OUT: AGA 1/23
QUESTION: Good Morning All! Just a reminder that Cheryl will be in class all day today and most of tomorrow. She will be checking voicemail. Please feel free to contact me should you need immediate assistance. Have a great morning!
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ANS: Reminder - Cheryl Nelson
IN: Kam, I found the following comment in Global Counterparty regarding the suspension of TXU Energy Trading Company (CP ID 69034): Cheryl Johnson in the GCP group suspended this record due to the merger which resulted in the final name of TXU Energy Trading Company LP. It sounds like deals need to be moved over to the new CP name. You will need to coordinate that with Cheryl because she will have to re-activate the CP ID to do that. Please let me know if you have any further questions. Thanks,

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OUT:
TXU Energy Trading Company