Janelle and Tom: Ed Sacks and I need to speak with you in the a.m. about a few issues. I have questions about market disruption because Con Ed has asked: (1) that Market Quotation apply rather than Loss (in the event of Early Termination) Is this a very liquid market? ENA agrees to market quotation only for FX and short term deals in liquid markets (e.g., gas) (2) to jointly determine when a Market Disruption has occurred (after consultation) Usually ENA as the Calculation Agent makes this determination in good faith. (3) to identify two brokers/pricing platforms for purposes of determining the daily MTM Each party typically assesses its own MTM for valuation purposes (whether for collateral calls or termination, etc.). Sounds like Ed and I need to know what was said to Con Ed about marking (4) I think Con Ed was headed in the direction of asking that we each provide dealer quotes (rather than ENA coming up with two quotes in good faith) as a Disruption Fallback. Tom, I think we discussed this in a different situation. Ed and I agreed to conference at 10 am Houston time to discuss these and the draft docs (which were e-mailed to you).
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Consolidated Edison Company of New York, Inc.