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Enron Mail |
Cc: mark.e.haedicke@enron.com
Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: mark.e.haedicke@enron.com X-From: TIMBERG Meg -LAW+CRP DEV <meg.timberg@opg.com< X-To: TIMBERG Meg -LAW+CRP DEV <meg.timberg@opg.com<, 'Stacy Carey' <SCAREY@ISDA.ORG<, 'McGilloway, Vangie' <Vangie.McGilloway@constellation.com<, 'Louise Guillemette' <guillemette.louise@hydro.qc.ca<, 'Margaret Grottenthaler' <mgrottenthaler@tor.strikeman.com<, 'Carla Urquhart' <curquhart@millbank.com<, 'Bowen, Ken' <Ken.Bowen@rbcds.com<, 'Emily Jelich' <ejelich@ISDA.ORG<, 'susan.heard@rbcds.com' X-cc: 'Mark Haedicke' <Mark.E.Haedicke@enron.com< X-bcc: X-Folder: \MHAEDIC (Non-Privileged)\Inbox X-Origin: Haedicke-M X-FileName: MHAEDIC (Non-Privileged).pst Stacy: It occurred to me that members of the North American Energy and Developing Products Committee might be interested in participating in a discussion about one of the changes to the Ontario Market Rules that is currently being considered by the Board of Directors of the IMO (the Independent Electricity Market Operator in Ontario). The Ontario Market Rules have, to date, been designed such that generators of electricity will receive a 5 minute price (EMP or energy market price) from the IMO, and consumers of electricity receive an hourly price (the HOEP or hourly Ontario energy price). The HOEP was calculated as the weighted average of the EMP for an hour. For a variety of reasons, the IMO has now decided to change the way that the HOEP is calculated, such that it will be the straight average of the EMP's for the hour. Customers have already entered into swaps, fixing the price at which they will purchase electricity, in which they pay a fixed price and receive the HOEP in return. Therefore, if the quantum of the HOEP is now different than is was based under the formula in effect when the contract was entered into, the economics of the deal have changed. It's not clear at this time how material this change in calculation will be. Will it make a $0.05 difference to the HOEP, or a $3.00 difference to the HOEP? In other words, is it a Material Change in Formula? Let me know if you think this might be of interest to the members. Meg -----Original Message----- From: TIMBERG Meg -LAW+CRP DEV Sent: Thursday, October 25, 2001 7:50 AM To: 'Stacy Carey'; TIMBERG Meg -LAW+CRP DEV; 'McGilloway, Vangie'; Louise Guillemette; 'Margaret Grottenthaler'; 'Carla Urquhart'; 'Bowen, Ken'; Emily Jelich; 'susan.heard@rbcds.com' Cc: Mark Haedicke Subject: RE: ISDA North American Energy and Developing Products Committee Meet ing - November 2 - Canadian Issues Stacy: If you decide that you'd like to have an update re that status of the new Ontario electricity market, I'd be happy to do so. It won't take more than 2-3 minutes, as nothings changed dramatically since July. All parties are proceeding on the assumption that the market will open in the Spring (a specific date has not yet been established). If, however, anyone has any specific questions that they'd like to have discussed, perhaps they can add them to the agenda in advance of the meeting for general discussion. Meg -----Original Message----- From: Stacy Carey [mailto:SCAREY@ISDA.ORG] Sent: Wednesday, October 24, 2001 11:46 AM To: 'meg.timberg@opg.com'; 'McGilloway, Vangie'; Louise Guillemette; 'Margaret Grottenthaler'; 'Carla Urquhart'; 'Bowen, Ken'; Emily Jelich; 'susan.heard@rbcds.com' Cc: Mark Haedicke Subject: ISDA North American Energy and Developing Products Committee Meet ing - November 2 - Canadian Issues Hello All -- wanted to let you know that we have scheduled the next NA Energy & Developing Products Committee meeting for Friday, November 2. (Meeting details will be circulated to the entire Committee today but I have attached them for your information). We are in the process of finalizing the agenda, which will largely focus on documentation initiatives to address standardizing netting provisions across energy commodities and to also address physical and financial trading. However, I wanted to ask if there are any Canadian energy issues we should include on the agenda. Would you let me know your thoughts? Meg gave an update on the Ontario Electricity Market at the July 27 meeting -- is an update in order for the Nov. 2 meeting? Thank you. -- Stacy <<Meeting Details - Nov 2.doc<< Stacy Carey Policy Director International Swaps and Derivatives Association 600 5th Avenue, 27th Floor Rockefeller Center New York, NY 10020 (212) 332-1202 ph (212) 332-1212 fax (917) 543-9622 cell scarey@isda.org
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