QUESTION: Market Notice October 29, 2001 Market Participants: The ISO has been notified that effective HE0800 (beginning at 0700) October 30, 2001, CERS will no longer provide creditworthy backing of negative decremental energy bids and negative OOM sales (i.e. any bids below zero dollars). If for reliability purposes, the ISO needs a negative decremental energy bid, CERS has indicated to the ISO that it may back such bids on a case-by-case basis at its sole discretion. Accordingly, in continuing compliance with FERC's orders, the ISO will not dispatch any negative decremental energy bids or any negative OOM sales absent assurances of creditworthy backing. Please contact your Client Representative with any questions.
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ANS: CERS Update
I received a call from Jim Guest at the FERC OCA this afternoon concerning the Enron situation. He had read the articles and heard the reports. Wanted to know if bad accounting was the root of the problem. I advised him that it was bad investments that was the real issue. He asked about the use of the pipeline assets to pull Enron thru the liquidity crisis. I gave him a brief overview of the Dynegy cash infusion and the bank revolvers. He said there was some concern at the FERC that projects we might be proposing may not be able to be funded due to the reduced ability of the pipelines to obtain outside financing due to the securitization of the all the assets. I indicated that it was my opinion that good investments in pipeline facilities would probably be looked on favorably at Enron these days. Thought you'd want a quick update. I haven't advised Drew or Greg Porter yet. Thought you might want to cover with them.
Q: What is a potential subject line for this email?
answer: FERC Contact Re: Enron Situation Impact on Pipelines
Hi, Got your voice mail, and it reminded me to sent this out. I don't know what is up with Jeff, so why wait to send this? Next comes Finance/M&A (Lance and Travis). I'm having lunch with Dan today - want to join us? We are going to Fox Diner. Kay
Answer: Opportunities at ENA
Here is an email: Attached, please find the emergency contact information for the RAC group. In the event of an emergecy, please use the list to contact the members of your group. It will be updated on a monthly basis and distributed by the 10th day of each month. Please keep this list at your home until the next update is received. Thank you
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A: RAC Directory
Q: Attached is the form I'd like everyone to use for tomorrow's reports. We will probably modify this and the ones to follow, so be prepared! Fletch
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A: Utility Term Sheet Form 1
Here is an email: Well, folks, the Cleburne deal has started. The deal has not been finalized through legal. However, we were able to "get between" a few deals and make some money before we finalized it. The Cleburne plant was down 7/31-8/7 and 8/31. On these dates, we bought gas from Tenaska IV Texas Partners and sold to ANP and Tenaska Marketing. Because things were not set up, I could not enter the deals until now. Please review the following deals and settle with the customers. Buy from Tenaska IV July 399763 Aug 399773 Sell to Tenaska Marketing July 399791 Aug 399797 Sell to ANP Aug 399814 The trading desk these are on is "ENA-IM Cleburne". Kris - I have forwarded invoices from Tenaska IV to you via intercompany mail. (I received both invoices this week) I am sure there are questions, just give me a call. Tanks. D
What is a potential subject line for this email?
A:
Cleburne Plant