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Enron Mail |
After thinking about this last night, I would still like to bring to the meeting today at 1pm all the documents that would be necessary for UBS to be "fully" functioning so that we can get this data in front of the UBS legal group.
Jim -----Original Message----- From: Portz, David Sent: Wednesday, January 30, 2002 5:25 PM To: Steffes, James D. Cc: Gilbert-smith, Doug; Day, Smith L.; Sager, Elizabeth; Bradford, William S.; Sacks, Edward; Miller, Jeffrey; Will, Lloyd; Presto, Kevin M.; Bailey, Debra; Haedicke, Mark E. Subject: RE: UBS Sign-Off on ERCOT Docs I understand from Smith Day that APX forwarded us today a format of contract relating to their potentially serving as QSE for UBS AG trading. APX is apparently willing to contract on a month-to-month basis (thus allowing us to move to our own IT interface with ERCOT as soon as possible). As to item two below, until UBS would have the IT capability (currently under development and projected to be roughly a month from completion) to become certified to act as its own QSE, it would not need to execute any 'market participant' agreement with ERCOT in order to be a power marketer within ERCOT. As soon as UBS desired to trade Renewable Energy Credits ("RECs"), it would need to sign a standard-form agreement with ERCOT in order to maintain a REC account. Trading conducted by UBS with any given counterparty within ERCOT would be pursuant to 'UBSWarburgEnergyOnline' GTCs or else subject to discrete negotiated wholesale power enabling agreements and/or ISDA master agreements. The ERCOT ISO would have no connection with such relationship documents supporting UBS AG trading activities. On the other hand, as UBS's likely counterparties are entities with wholesale power trading activities of national scope, the timeline for trading in ERCOT is linked to the timeline for completing wholesale power/financial master enabling agreements approved by UBS. Doug Gilbert-Smith this afternoon identified the following counterparties in decreasing order of of their priority as trading partners in ERCOT: TXU Energy Trading BP Energy Company Reliant Energy Services, Inc. Aquila Power Corporation Morgan Stanley capitral Group Constellation Power Source FPL Energy Power Marketing, Inc. American Electic Power Service Corporation Mirant Americas Energy Marketing, LP Calpine Energy Servicces LP Dynegy Marketing & Trade LCRA --Lower Colorado River Authority along with a couple of incumbent utilities: San Antonio City Public Service Reliant HL&P If you desire Doug Gilbert -Smith to sit in on this meeting, then it would have to be scheduled for Thursday. -----Original Message----- From: Steffes, James D. Sent: Wednesday, January 30, 2002 8:41 AM To: Gilbert-smith, Doug; Day, Smith L.; Sager, Elizabeth; Portz, David Cc: Will, Lloyd; Presto, Kevin M.; Bailey, Debra; Haedicke, Mark E. Subject: UBS Sign-Off on ERCOT Docs UBS Legal and UBS Credit is heading to Houston this Thursday and Friday. I have asked that ERCOT matters get 1 hour to discuss the necessary contracts that UBS will need to sign to participate in the ERCOT market. Basically, my understanding is the following -- 1. PUCT Registration Form for Power Marketer 2. ERCOT ISO Information QSE [Portz, David] N/A until IT platform is ready for UBS to serve as its own QSE LSE [Portz, David] N/A Wholesale Enabling Agreement [Portz, David] No ERCOT involvement Other [Portz, David] REC Trading Account Agreement 3. APX Agreement [Portz, David] initially 4. Other Given the list of issues, this assumes that UBSW Energy will not be selling electricity at retail. If we need this for Day 1, we would have to get an additional license from the PUCT. Thanks, Jim
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