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Enron Mail |
FYI. This is a pretty paper on legal/risk aspects of power trading. I think
it would help in training future lawyers/staff. Alan ----- Forwarded by Alan Aronowitz/HOU/ECT on 11/01/2000 10:32 PM ----- Jane McBride@ENRON 10/16/2000 02:43 AM To: Alan Aronowitz/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Michael Grimes/AP/Enron@Enron, Nicholas O'Day/AP/Enron@Enron, Darren Delage/AP/Enron@Enron, Mark Crowther/AP/Enron@Enron cc: Subject: Energy Trading Paper I have received this note (for free) from Baker & McKenzie, which was prepared by one of their US offices. Feel free to distribute this to anyone within Enron who you think find it interesting. Jane ----- Forwarded by Jane McBride/AP/Enron on 10/16/2000 04:41 PM ----- Paul.TYO.Davis@BakerNet.com 10/16/2000 03:53 PM To: Jane.McBride@enron.com cc: Subject: Energy Trading Paper Dear Jane, Further to our discussions on Friday, I attach a copy of the Energy Trading Paper prepared by our Washington office. The paper is relevant to what we are focussing on now with EPSA, and discusses: what is happening in the US and English markets, the legal issues in merchant power sale contracts, the EEI agreement (on which Enron's EPSA is largely based, or was it vice versa), and compliance issues. A few of points I found particularly interesting: * The way in which many of the risks are born seems to be reasonably settled in the US market/EEI form. The issue is to what extent Japan will/should follow the same allocation, on which subject the Enron EPSA seems to be setting the pace, at least for the moment. * We cannot discount the danger that some of the counterparties in Japan will in fact become insolvent or choose not to perform. We have attempted to cover this in EPSA. * The treatment of force majeure, particularly non-performance by the back-to-back supplier/customer, will need more attention as specific fact situations arise. * The need for a commercial/legal response system to be in place to immediately address any failures. I hope you find the paper useful and, as discussed, I rely on you to distribute it to other persons within Enron who are likely to be interested. Best regards Paul Davis <<Energy Trading Paper.doc<< ------------------------------------------------------------------------------ -- -------- This is an e-mail from Baker & McKenzie - Tokyo Aoyama Law Office (Qualified Joint Enterprise Offices). The contents of this e-mail may be privileged and confidential and are intended only for the use of the addressee. No one else may copy, forward, disclose or use all or any of it in any form. If you are not an intended recipient, please notify us immediately (by reply e-mail) and delete this e-mail from your system. Thank you - Energy Trading Paper.doc
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