Here is an email: 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.
What is a potential subject line for this email?
A: NGI Article on TW Ruling
Q: Julie, Please look at the following which includes the 3 changes we discussed. If I don't hear from you by 5:00 p.m., I'll send the attached version to Bruno. Steve
Propose a subject line
A: Lastest Revisions
IN: With respect to future Enron guarantees, there are at least three issues to be addressed in addition to the pervasive objective of transitioning out of the parent guarantee: 1. Excluding the value of major equipment from the guarantee. I believe this is already being done for new bids. 2. Carving out at least part of the guarantee as within Enron's/Nepco's discretion to establish performance or other bonding instruments. 3. Negotiating transferability of the guarantee, i.e. the guarantee can be assumed by another credit-worthy entity with at least investment grade or, if necessary, at least a rating equal to Enron's at the time of assumption. Since the substantive financial protection afforded by an Enron parent guarantee to the contract value would not be compromised if these are implemented, Enron's corporate position is very likely to push very hard on these points. Logically, owners and project lenders should be willing to accept these structures--even though there undoubtedly would be strong initial pushback. On the other hand, there may be a real question whether to accept contracts that do not provide for these relatively small steps away from the traditional hell or high water parent guarantee that Enron has approved in the past. Discussion of these issues should be included in the DASH. In any event, each new contract requiring an Enron guarantee will have to be approved by Rick Buy personally.

Generate a subject line.

OUT: Enron parent guarantees
IN: This is an email
As we discussed, I never received a confirmation of the May, June and July forward gas purchase (1,000 per day at Ventura at $2.895/mmBtu). This purchase was made through Brian Frihart. I need to know if Enron plans to stand behind this purchase. Without confirmation, I will assume that the deal is no longer valid.

What is the subject?

OUT: Confirmation of Forward Purchase
QUESTION: Elizabeth, As a follow-up to our discusion on Monday and my voice-mail this morning, and the two voice-mails I have left for Marcus today, I thought I would try this method of communication as well. I'd like to wrap up the EEI Agreement between us as soon as possible, and would be grateful if either you or Marcus would give me a call. I understand that you must still be very busy, but I hope that either you or Marcus will find the time to give me a call. Thanks,
Propose a subject line for this email?
ANS: EEI Agreement
IN: I worked out for the first time in a bizillion years. Oh my gosh. At least I know how to work out, and I know not to take it to the limit the first time out, but it is still hard to move. I didn't exercise my legs or my back much, figuring that's what I'll need most this weekend for yard work. I think I saw our neighbor Kim playing basketball. I took an abs class, since I need to get my abs (and back) in shape to protect myself from injury. I could really mess myself up after such a long hiatus! The Met was plenty convenient. They have a spa there now, with all the spa stuff. ckm

Generate a subject line.

OUT:
Can you hear me?