Robert, I have on Greg's calendar the dates of Jan. 10 - 12 for Bonus & LTI Reviews w/you. You booked this w/me a couple of months ago. This has probably changed and should be removed from Greg's calendar. Please advise. Many Thanks, Liz Taylor
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answer: Bonus & LTI Reviews
Karen: Harry's done some more recent work on the numbers we need to fill in, so he'll fill them in. Harry: the numbers we've thrown around over the last couple of months are: From 1996 to 1999, peak demand increased by 5,522 megawatts, but only 672 megawatts of new capacity was added. Meanwhile, electricity is growing over 5% per year.
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answer: SF Op-Ed
I understand that AA may not provide the review of interim financial information that the SEC requires to be obtained in respect of Form 10-Q filings ( Article 10 of Regulation SX). Jordan asked me to give an update in an hour about the impact of this on covenants in ENE credit and other instruments requiring delivery of ENE's 10Qs. (1) I have not yet been able to ascertain whether (i) the AA review or any statement in respect thereof is required to be filed with the SEC, or (ii) if not so required, ENE would file the 10-Q without having obtained the review. (2) ENE's 364-day corporate revolver (and most other ENE instruments containing the subject covenant) requires ENE to make available either on "EDGAR" or ENE's home page on World Wide Web, or otherwise make available to the Banks promptly after the filing or sending thereof, and in any event within 75 days after the end of each of the first three fiscal quarters, a copy of ENE's report on Form 10-Q. If ENE does not file the 10-Q, it arguably could nevertheless send it to the banks as confidential information (to comply with Regulation FD) within the required time period and satisfy the covenant. The revolver contains a confidentiality provision. Failure to deliver the 10-Q constitutes an Event of Default under the revolver if the failure continues for more than 30 days after ENE has received notice thereof by the Paying Agent. I will continue to pursue information from the accountants. Regards, NJD
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answer: ENE Form 10-Q Accounting Matter -- Initial Report
I spoke with Dick Vincent who indicated that we will have no problem obtaining 12 mos renewable business interruption insurance when we go operational on gas. This should solve the warranty issue with the banks because it covers defects, design, and workmanship on the turbines and includes lost profits, etc. Incidentally, for insurance purposes the turbines are designated DE3 which is not a new technology designation. Typically we will always have this coverage in place but if their is a supplier warranty then the party providing the warranty pays ahead of the insurer. In the case where the supplier does not pay or the warranty has ended then the insurer will pay. Now we just need to come up with a fix for the drop dead date. Regards,
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answer:
Warranty