Re: May position : sold !!!!!

We tried all day to sell this volume below. Market is extremely illiquid, given Annex V uncertainty and other regulatory issues: generators believe Parente will help them out in May, while LDCs look at their contracts and reduced demand. However AES Sul accepted to buy this volume at 25% discount to May spot price, payment on June 25th. We will net about R$600,000 (US$250,000) between sale and purchase prices. Credit is OK.

We will keep a very small, long position at MAE settlement for May.

Remi

Luis Berti
06/04/2001 05:39 PM
To: Remi Collonges/SA/Enron@Enron, David M Rosenberg/SA/Enron@Enron, Ricardo Lisboa/SA/Enron@Enron, Ricardo Sassatani/SA/Enron@Enron, Luis Henriques/SA/Enron@Enron, Moacyr Carmo/SA/Enron@Enron
cc:
Subject: May position : sold !!!!!

This is to inform that we have closed 2.200 MWh for May to AES Sul at 25% discount rate against spot price at southeast sub-market to be paid on Jun 25th.

Berti