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Enron Mail |
Martin:
Tuesday evening would be great. Are you coming to the office on Tuesday? If so, we can make plans then. Otherwise, Martin Rosell 11/01/2000 03:10 AM To: Jeffrey T Hodge/HOU/ECT@ECT cc: Subject: Re: UPM portfolio management Jeff, thanks for your note below. I heard from Mark Elliott about your trip to London. Tuesday evening may be an opportunity for dinner, since I anticipate to spend from Tuesday afternoon to Wednesday afternoon (7-8/11) in London. Please let me know if that'll work for you. Martin ---------------------- Forwarded by Martin Rosell/OSL/ECT on 2000-11-01 09:27 --------------------------- Jeffrey T Hodge 2000-11-01 01:22 To: Martin Rosell/OSL/ECT@ECT cc: Subject: Re: UPM portfolio management Martin: It was good hearing from you. I hope all is well with you. By the way I will be in London next week. If by chance you are there maybe we could get together for dinner. Anyway, I have looked over your note. I am not aware of anything we have done that looks like what is described in your note. The closest that I am aware of are two gas management arrangements in Canada which involve Enron Canada selling gas of a producer within certain predefined parameters. The things we have done in the States have involved Enron North America Corp. having complete control over a customer's assets or in the alternative presenting a customer with alternatives that the customer will choose among. Obviously, the primary issues with these types of arrangements are regulatory. For example, we cannot do the deals that we did in Canada in the US because of concern relating to the Commodities Futures Trading Commission. I hope this is of some help. Jeff Martin Rosell 10/30/2000 09:42 AM To: Jeffrey T Hodge/HOU/ECT@ECT cc: Subject: UPM portfolio management Jeff: Hope your doing well. Pls see the note below. I assume you are the "Houston lawyer" referred to therein. The question is whether to engage in the management of a major c/p's power portfolio, partly on a discretionary basis. From the outset I'm sceptical since I spot issues. Pls let me know at your earliest convenience if you have experiences from anything of this kind within ENA. I believe we may have touched upon this issue at your visit to Oslo. Martin ---------------------- Forwarded by Martin Rosell/OSL/ECT on 2000-10-30 16:20 --------------------------- Sami Tenngren 2000-10-27 15:15 To: Martin Rosell/OSL/ECT@ECT cc: Subject: UPM portfolio management The portfolio management service concept should work as follows: They should not be required to confirm every trade We should get approval (maybe on a weekly basis) to transact on their behalf i.e. we agree on the taped phone on certain price levels and volumes that we are allowed to do. we would report (document) every trade instanstly using the risk management system they will have access to the system and can see the trades done (control) at any time during the day the system will give them more control, since they can monitor the MTM value of their portfolio at all times Transactions in practice example: we are buying on behalf of UPM we will get the best available offer in the market our traders will buy from the market at that price UPM (Mid Market's portfolio manager) will then buy from the traders at the same price their trade will be against Enron's book at all times This way we can get the best available price even when our traders are not willing to take the position. So, the deals will "flow" through Enron's book. If (and when) we get the customer we will set up a structure, where the portfolio manager (Mid Market) has access to the outside market. I have discussed this with Preben and he has talked to Thor as well. Let's try to come up with a contract (draft) that we could live with and that is easy to sign for UPM. As far as I know they have similar arrangements set up in the states within Enron. Preben heard this from a Houston lawyer who was visiting us a little while ago. I'll be available on my mobile all weekend should you need my comments/help. Sami
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