QUESTION: I attach an updated list (to Feb 5) of the terminated contracts to date. F= or informational purposes, I have added a column that sets out the settleme= nt dates for contracts we have settled, so there may be some additional cou= nterparties added to my previous list where there was no ECC agreed termina= tion date but we have settled and terminated (no one needs to do anything f= or these c/ps). Again, the first table sets forth the physical contracts t= hat have been terminated and the second sets out the financial contracts, a= nd all data reflects ECC's (not the counterparties') perception of the worl= d. I have vetted my list against Blakes' master list and believe this is a= ccurate in all respects. As I indicated in my previous e-mails to you ther= e were a few date discrepancies and I have previously provided you with the= corrected dates for El Paso, Marathon, AEC Marketing, Calpine (Encal), Wil= liams Energy and Baytex (all physical), all which are now correctly reflect= ed in the attachment. A few others that were not previously on the list in= clude Coast Energy (physical) which auto terminated on Dec 2 and PrimeWest = Energy (physical) which auto terminated on Dec 2. =20 Thanks
Propose a subject line for this email?
ANS: Terminated Counterparty Contracts
Larry Anderson with Carr has called to inquire about ENA financials and an Enron Corp. guaranty. From an historical perspective, it has always been my understanding that Enron Corp. did not wish to provide guaranties to brokers and we have been successful in that regard with several recent exceptions. In particular, Enron Corp. provided Carr with a "comfort letter" reciting the corporate "policy of general financial responsibility and interest in seeing that subsidiaries act responsibly." [letter dated February 16, 1999] Such letter is no longer sufficient to satisfy Credit Agricole which owns Carr. Joe, I believe that Larry may have already spoken with you. I don't know if your conversation included discussion of a guaranty. Please let me know how you would like to proceed. Thanks.
Q: What is a potential subject line for this email?
answer: Carr Futures, Inc. ("Carr") request for guaranty
Please see the attachment for a specific definition of ELIGIBLE SWAP PARTICIPANT and the TRADE OPTION EXEMPTION. From a legal perspective and to avoid scrutiny and regulation by the Commodity Futures Trading Commission, ENA must always comply with the Trade Option Exemption when entering into options (as buyer or seller) with a third party. Some of ENA's trading parties cannot satisfy this exemption from regulation because they are not a producer/merchant handling the underlying commodity (such as banks, hedge funds, etc) even though they may be entering into the transaction for business purposes. If that situation occurs, ENA MUST ALWAYS BE THE OFFEREE OF THE OPTION (as buyer or seller) and ENA cannot solicit the party to enter into the transaction. If ENA's trading partner fails to satisfy the Trade Option Exemption, our confirmation will EXPLICITLY state that ENA was offered the option to buy or sell by the counterparty. Please call me if you have any questions. Thanks. Sara [ENA legal]
Answer: "financial options" (derivatives) and the Trade Option Exemption
Here is an email: Paul Murphy has scheduled an Invest. Com. meeting for Nov. 14th at 7:30 am in Paul's office for the purpose of reviewing our investment policy and 3rd quarter's investment results. Please let me know if you can or cannot attend the meeting. Thanks,
What is a potential subject line for this email?
A: Investment Com. meeting
Q: For Thursday - STWBOM will be short 75 mw on peak @ SP15. The three day-ahead pieces were sold @ $27.20 and $28 (BOM sales) and $29.97 (SP15 Peak Day-Ahead Index). Make real time purchases to cover the short under the STWHOURLY book. Enter an inter-desk sale from STWHOURLY to STWBOM. Then make a sale under the STWBOM book to the Cal-Imbalance to complete the deal. Also, STWBOM will be long 20 mw HE 2-5 @ PV. This is a parking deal with PNM done at $16 ($14 purchase price + $2 buy-resale fee). You'll notice we'll be long 20 mw for these hours in Real Time Position Manager. Please enter an inter-desk purchase from STWBOM under the STWHOURLY book @ PV and sell this off real time under STWHOURLY. Let me know if you have questions.
Propose a subject line
A: Short/Long Positions for 10/18
Here is an email: Vince, I was surprised at your comments in today's PRC meeting. It must be my oversight for not sending you a copy of the briefing material that we provided Ken Lay for his trip to the White House. I spoke with Steve Kean after the meeting and he was pleased with our group's contribution. I thought you also had an opportunity to speak with Steve. Maureen
What is a potential subject line for this email?
A:
Breifing Ken Lay on President Bush's Tax Proposal