|
|
Enron Mail |
I also think this is a great idea - there would be a tremendous benefit if
the EEI contract became the standard for on-line trading platforms. While Enron currently uses simplified GTCs for trading online with those counterparties with whom we do not have a Master Power Trading Contract (if we do that agreement governs power trades), we have talked about and likely will eventually make the EEI contract the "default" contract if there are no other arrangements in place. I would fully support and provide any assistance to pursue this idea with and through EEI. drusso@reliantenergy.com 10/30/2000 06:07 PM To: "Pooya, Babak" <Babak.Pooya@SouthernEnergy.Com< cc: "'Andy Katz'" <AKatz@eei.org<, fmdutton@aep.com, hemu@dynegy.com, elizabeth.sager@enron.com, bbrou91@entergy.com, mroger3@entergy.com, wfhenze@jonesday.com, dperlman@powersrc.com, rosteen@powersrc.com, drusso@reliantenergy.com, pdondanville@schiffhardin.com, "Pooya, Babak" <Babak.Pooya@SouthernEnergy.Com<, "Edmonds, Sonnet" <sonnet.edmonds@SouthernEnergy.Com< Subject: RE: Oct 13 Meeting Follow-Up GREAT IDEA!!! Let me know how RES can support such an effort. "Pooya, Babak" <Babak.Pooya@SouthernEnergy.Com< on 10/27/2000 03:04:52 PM To: "'Andy Katz'" <AKatz@eei.org<, fmdutton@aep.com, hemu@dynegy.com, elizabeth.sager@enron.com, bbrou91@entergy.com, mroger3@entergy.com, wfhenze@jonesday.com, dperlman@powersrc.com, rosteen@powersrc.com, drusso@reliantenergy.com, pdondanville@schiffhardin.com, "Pooya, Babak" <Babak.Pooya@SouthernEnergy.Com< cc: "Edmonds, Sonnet" <sonnet.edmonds@SouthernEnergy.Com< Subject: RE: Oct 13 Meeting Follow-Up Andy, I could provide language by the end of next week, if needed by then. Separately, I understand that we intend to emphasize marketing efforts towards all potential EEI users, but utilities in particular due to that group's lower acceptance rate to date. Another "group" to which I believe that we should emphasize our marketing efforts includes the online trading platforms. Three types of online trading platforms presently exist: (1)proprietary exchanges (EnronOnline, Dynegydirect); (2) consortium platforms (ICEX); and (3) independent, third-party platform (Altra) [these platforms are similar to (2)but differ in that the shareholders/backers have not committed liquidity]. The volumes traded on these types of electric platforms are significant and growing. According to MegawattDaily, Ameren Energy conducts about 40% of next-day deals and 30% of forwards on various electronic platforms. There are presently close to 25 platforms (of course, with so many competitors, as usually happens, there will probably be a weeding out and/or consolidations/mergers...the Jurassic period notwithstanding, as blame for the mass dinosaur extinction lay with an errant meteor or possibly the taking up of cigarette smoking by the majority of the dinosaurs according to Larsen...all apologies for the joke). As each platform system has different definitions, products, and contracts, and as several of the platforms are considering adopting standard contracts, I believe an opportunity exists to push the EEI as either the exclusive standard agreement used for trading on a particular platform or as a default agreement for those proprietary and other platforms under which trading partners lack executed Masters with the counterparty. In fact, according to published sources, Houston Street, RedMeteor, and others have been working with others for several months on developing industry standards. Just a thought. Babak -----Original Message----- From: Andy Katz [mailto:AKatz@eei.org] Sent: Thursday, October 26, 2000 3:54 PM To: fmdutton@aep.com; hemu@dynegy.com; elizabeth.sager@enron.com; bbrou91@entergy.com; mroger3@entergy.com; wfhenze@jonesday.com; dperlman@powersrc.com; rosteen@powersrc.com; drusso@reliantenergy.com; pdondanville@schiffhardin.com; babak.pooya@southernenergy.com Subject: Oct 13 Meeting Follow-Up Some random thoughts: There was a teleconference today regarding the credit annex. Bill McCoy should have draft language by early next week. This draft only addresses EEI transactions, but could easily be expanded to transactions under other master agreements. I will circulate Bill's draft as soon as I get it. Randy Baker & Michelle McLendin (Duke), and Lisa Grof & Frank Hilton (AEP) have volunteered to work on the on the credit annex subcommittee. According to my notes, assignments for the remaining optional provisions are as follows: 1) Incorporating old trades - Elizabeth 2) One-way transactions - Buddy 3) New products e.g. Western Firm/CAISO - Dede & Elizabeth 4) Regulatory Out - John Crespo & Randy Osteen 5) New taxes - Fritz 6) ADR - Patty 7) Agency relationship - Elizabeth 8) Electronic Exchanges - Babak Additional provisions 9) Credit Annex - Bill McCoy, et al. 10) incorporating prior trades not under netting, Frank Stllingwerf 11) Broker Confirmations ? 12) Over Deliveries - Phyliss Lemel What kind of deadline for these assignments is realistic? Randy Osteen & I plan to meet next w/ week to start planning the workshop in Atlanta we plan to hold at the end of January. If anyone has ideas for the program please let us know. I plan to fix up the contract web page next week Sterling Koch of TransAlta said he would like to set up a presentation opportunity for an EEI contract representative to talk to the Canadian standardization group. Finally, EEI has a block of rooms and meeting space at the Four Seasons in Newport Bearch, CA for our Legal Committee from April 18-21. We would like to shorten our meeting to two days. Ed has offerred the block of rooms and meeting space to us for the night of the 20th and the 21st if we want to put on a conference or hold a meeting then. Something to think about. Andrew S. Katz, Director Industry Legal Affairs Edison Electric Institute 701 Pennsylvania Avenue, N.W. Washington, D.C. 20004 Voice: 202-508-5616 Fax: 202-508-5673 e-mail: akatz@eei.org
|