It turns out the initial auction product will not be the emissions credits but rather the EnBank UK synthetic gas storage product. They want this auction to allow bids to be revoked or revised up until the end of the auction period and not to have the ability to accept bids until the expiration time. There is still no commitment to sell anything. All transactions will be for sales by Enron to the counterparty. I have taken a stab at revising the procedures language with this in mind.
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Just when we thought it was safe....