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Enron Mail |
Nice work, Mike
----- Forwarded by Steven J Kean/NA/Enron on 02/02/2001 06:11 PM ----- Nicholas O'Day 01/30/2001 04:51 PM To: Morten E Pettersen/AP/Enron@Enron cc: Steven J Kean/NA/Enron@Enron, Mark Schroeder/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Jonathan Whitehead/AP/Enron@Enron Subject: NCC Power deal - First electricity transaction Morten, congratulations on the first power deal in Japan for Enron and the first power derivative transaction in Japan. Mention should also be made of the significant support from Mike Grimes and Mark Crowther. Mike lead a team that included legal, credit, accounting and tax, to put together a standard electricity purchase and sale agreement for Japan which was used as the basis for the NCC contract. Mark played a large role in addressing the technical aspects of the NCC contract. He also had a significant role in the drafting of the Japanese version of the contract. kind regards Morten E Pettersen Sent by: Morten E Pettersen 01/30/2001 03:13 PM To: Enron Japan, Enron Metals Tokyo cc: John Sherriff/LON/ECT@ECT Subject: NCC Power Deal - First electricity transaction Dear all, Enron Japan did today their first power transaction, and the first power derivative transaction ever in Japan. The counterpart is Nippon Chemi-Con Kabushiki Kaisha (NCC). The term of the deal is 01/04/02-31/3/06, with a yearly volume of around 110,000 MWh The basic structure of the electricity transaction is that Enron Japan gives the counterpart a 6,8% discount on their actual electricity bill for the period 1/4/01-31/3/02. This discount, or the option premium, gives Enron the right but not the obligation to supply NCC with Electricity for the 4 yearly supply terms starting 1/4/02, 1/4/03, 1/4/04 and 1/4/05 at predefined prices. If Enron Japan decide to supply NCC with Electricity for a specific supply term, we need to inform them 2 months before the start of the supply term. This structure give Enron Japan the necessary flexibility to operate in a newly deregulated electricity market. The deal was closed by Morten Erik Pettersen with very good support from Rousseau Anai (Associate Power Trading) and Jane McBride (Senior Legal Counsel) Regards Morten Erik Pettersen Head of Trading Enron Japan Corp
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