Subject: RE: NC Power Holdings deal
From: [email-masked]
To: [email-masked], [email-masked], [email-masked]
Cc: [email-masked]
Date: Wed, 12 Sep 2001 09:50:02 -0700 (PDT)

This transaction was never in the trading books and all P&L and decision-making was within the origination group.   I may have recommended that Ozzie buy the balance of year coal, however, all $ impacts and decisions were within the control of orig/corp development.

Therefore, Heather, Ozzie and Don Miller are the parties that must deal with any of the contractual issues and intra-company monetary issues.

 -----Original Message-----
From: 	Mcgowan, Kevin  
Sent:	Wednesday, September 12, 2001 11:26 AM
To:	Pagan, Ozzie; Kroll, Heather
Cc:	Mcclellan, George; Presto, Kevin M.
Subject:	NC Power Holdings deal

Ozzie and Heather,

In February time frame EGM Coal desk sold firm delivered coal to NC Power Holdings balance of year (2001) for $72/ton.  We also did a requirements deal beyond this point.  My understanding was Ozzie made the balance of the year trade per Kevin Presto.  Ozzie also verified this understanding in a phone conversation with me a couple of weeks back.  NC Power Holdings is currently not taking any coal on there take or pay obligation.  

There is liquidated damages associated with this transaction which need to be settled.  It will also be prudent to determine if the remaining tonnage obligation for balance of the year needs to be settled now or in the future.

Please let me know who is specifically responsible to settle this trade.

KJM