Subject: Tokenised Periods - US Nat Gas
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Thu, 27 Jan 2000 16:04:00 -0800 (PST)

Jonathan,  in the email below are examples of the US Natural Gas Long 
Descriptions we have come up with for the Tokenised Periods "Day Ahead" and 
"Balance of Month".  The Short Description for these products will have the 
specific dates in it whilst the long description will not.

Thus we need toi have language that will adequately describe the tokenised 
period.

I am not familiar with the rules and specific calendar holidays that needs to 
be referenced in the relevant part of the long description.

Can you use the US ones we have done below as a start point come up with 
language to describe the:
Day Ahead
Balance of Month
periods for Canadian Gas that will cover the weekend and holiday periods.

Mark, are you the appropriate legal counsel to review the tokenised 
descriptions for Canadian Gas?

Thanks

Awais

---------------------- Forwarded by Awais Omar/LON/ECT on 01/27/2000 11:48 PM 
---------------------------

Awais Omar
01/27/2000 11:53 PM
To: Mark Taylor/HOU/ECT@ECT, Dale Neuner/HOU/ECT@ECT
cc: Marcello Romano/LON/ECT@ECT, Louise Kitchen/LON/ECT@ECT, David 
Forster/LON/ECT@ECT 

Subject: Tokemised Periods - US Nat Gas

Mark,

Below are the Tokenised Day Ahead and Balance of Month US Nat Gas 
descriptions we agreed and a complete example product for each.

Please give us the final A OK for these.

US Nat Gas Day Ahead

The transaction is for delivery from and including the next day following the 
trade day to and including the next Delivery Day following the trade date; 
where Delivery Day is any day which is both: a) a Monday, Tuesday, Wednesday, 
Thursday or Friday AND b) a Nymex trading day.

E.G.
US Gas PHY       ANR LA/GATH     Day Ahd     USD/MM

A US Gas Transaction with Houston Pipeline Company, under which Seller shall 
sell and Buyer shall purchase a quantity of natural gas equal to the Daily 
Contract Quantity at the Contract Price on a firm basis. The Contract Price 
shall be as submitted by Counterparty via the website.  The Period of 
Delivery shall be from the Effective Date through the Termination Date.
The transaction is for delivery from and including the next day following the 
trade day to and including the next Delivery Day following the trade date; 
where Delivery Day is any day which is both: a) a Monday, Tuesday, Wednesday, 
Thursday or Friday AND b) a Nymex trading day.
The transaction is for ANR Louisiana, gathered.
The price is quoted in US Dollars per unit of volume, which will be the 
Contractual Currency.
The unit of measure against which the price is quoted shall be millions of 
British thermal units and the quantity shown shall be in millions of BTUs per 
day.

US Nat Gas Balance Of Month

The transaction is for delivery from and including the next calendar day 
following the trade day to and including the last calendar day of such 
calendar month.

E.G.
US Gas PHY       ANR LA/GATH     BoM         USD/MM

A US Gas Transaction with Houston Pipeline Company, under which Seller shall 
sell and Buyer shall purchase a quantity of natural gas equal to the Daily 
Contract Quantity at the Contract Price on a firm basis. The Contract Price 
shall be as submitted by Counterparty via the website.  The Period of 
Delivery shall be from the Effective Date through the Termination Date.
The transaction is for delivery from and including the next calendar day 
following the trade day to and including the last calendar day of such 
calendar month.
The transaction is for ANR Louisiana, gathered.
The price is quoted in US Dollars per unit of volume, which will be the 
Contractual Currency.
The unit of measure against which the price is quoted shall be millions of 
British thermal units and the quantity shown shall be in millions of BTUs per 
day.

Regards

Awais
Ext 31859