Message-ID: <24683539.1075844906799.JavaMail.evans@thyme> Date: Mon, 29 Jan 2001 01:06:00 -0800 (PST) From: sara.shackleton@enron.com To: melba.lozano@enron.com Subject: Re: Payment Date for financial power trades on EnronOnline Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Sara Shackleton X-To: Melba Lozano X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Melba: This looks fine. Sara P.S. Are there other financial powere products with a 10 Business Day payment period? Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Melba Lozano 01/24/2001 09:37 AM To: Sara Shackleton/HOU/ECT@ECT cc: shari Stack/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON Subject: Payment Date for financial power trades on EnronOnline Sara, Have gotten a chance to look at this? Please let me know if you have any questions or concerns. Thanks, Melba ---------------------- Forwarded by Melba Lozano/HOU/ECT on 01/24/2001 09:35 AM --------------------------- From: Melba Lozano 01/22/2001 10:46 AM To: Sara Shackleton/HOU/ECT@ECT cc: Shari Stack/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON Subject: Payment Date for financial power trades on EnronOnline Sara, Melissa Murphy has asked me to revise the language for all financial power products on EnronOnline. Please let me know if the section below (in blue) is o.k. by you. If you have any questions please let me know. Thanks, Melba Example: US Pwr Fin Swap TVA MWD Peak Jun01 USD/MWh A US Power financial Swap Transaction with Enron North America Corp. under which the Seller pays a Floating Price and the Buyer pays the price submitted by Counterparty on the website (the Fixed Price) in respect of the Notional Quantity per Determination Period. The Notional Quantity per Determination Period shall be the volume submitted by Counterparty on the website, multiplied by the number of applicable hours in such Determination Period. Each calendar month during the term of the Transaction will be a Determination Period; provided that, if the term of the Transaction is less than one calendar month the Determination Period shall be the term of the Transaction. The Payment Date(s) for Transactions which are less than one month will be the fifth (5th) Business Day following the last day of the month that includes the Determination Period. The Payment Date(s) for Transactions which are one month or longer will be the fifth (5th) Business Day following the date on which the Floating Price is determinable. The transaction is for the applicable hours as set forth herein on each Delivery Day for the Effective Date 01 Jun 2001 to the Termination Date 30 Jun 2001. The Floating Price during a Determination Period shall be the average of the daily prices listed in the Index for power delivered during Peak hours on each Delivery Day during the applicable Determination Period. The Floating Price for each Determination Period shall be calculated utilizing the daily prices published in Megawatt Daily's Market Report under the headings "Trades for Standard 16-Hour Daily Products;Weighted Average Index; TVA, into" (the "Index"). 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 megawatt-hours (MWh) and the quantity shown shall be in MW's delivered in each applicable hour for the duration of the Transaction (the "Hourly Quantity'). The transaction is for on-peak ("Peak") hours on each Delivery Day beginning with the hour ending 0700 (6:00 am) and concluding with the hour ending 2200 (10:00 pm) Central Prevailing Time. "Delivery Day" means a day during the term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or Friday, excluding any day that is a NERC holiday. Existing Language: A US Power financial Swap Transaction with Enron North America Corp. under which the Seller pays a Floating Price and the Buyer pays the price submitted by Counterparty on the website (the Fixed Price) in respect of the Notional Quantity per Determination Period. The Notional Quantity per Determination Period shall be the volume submitted by Counterparty on the website, multiplied by the number of applicable hours in such Determination Period. Each calendar month during the term of the Transaction will be a Determination Period; provided that, if the term of the Transaction is less than one calendar month the Determination Period shall be the term of the Transaction. The Payment Date(s) will be 10 calendar days following the last day of the month that includes the Determination Period. ---------------------- Forwarded by Melba Lozano/HOU/ECT on 01/22/2001 10:30 AM --------------------------- Melissa Ann Murphy 01/18/2001 10:38 AM To: Robert B Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT cc: Sara Shackleton/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT Subject: Payment Date for financial power trades on EnronOnline Hello, Kim Theriot and Leslie Reeves have spoken with Debbie Brackett in credit to discuss the payment date for financial power transactions done on EnronOnline. The confirmation letters (for all financial power trades) that I send out have the following payment date language on them: The fifth (5th) Business Day following the date on which the Floating Price is determinable (for trades one month or longer) The fifth (5th) Business Day following the last day of the month that includes the Determination Period (for trades less than one month) The language on EnronOnline is different. EnronOnline has 10 calendar days instead of 5 Business Days (see the EnronOnline definition below). Debbie Brackett wants the payment date to remain as 5 days for netting purposes across ENA. Please let me know if there is anything else I need to do in order to get this language changed on EOL for all financial power products. Thank you, Melissa 3-1886