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Enron Mail |
Sara, pls. read this email and call me.
Julian ---------------------- Forwarded by Julian Poole/ENRON_DEVELOPMENT on 26/08/99 17:56 --------------------------- Julian Poole on 27/08/99 00:26:10 To: Don Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico Cerisoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Rodolfo Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: SWAP Rolo and I just had a meeting with Amy at Duke, regarding the=20 misunderstanding of the Floating Price assumed in the swap. There is a difference between their definition of Index and ours. Duke was= =20 assuming the "monthly average of the monomic spot price published by Cammes= a" to be the one which includes: Weighted average of hourly energy prices "Energia Adicional" Capacity (including: Base, Confiabilidad, Reserva de Potencia and Servicios Asociados) This is published by Cammesa as one monthly price. I was assuming the "monthly average of the daily monomic prices", which includes: Simple average of hourly energy prices Capacity (including: Base and Confiabilidad) The difference between Duke's Index and ours is that Duke's usually trades = at=20 approx. $2.50-$3.00 above ours. Clearly there was a confusion here. So, there is no deal at this point. But Duke is evaluating taking a positio= n=20 by which they claim that the exchanged e-mails are clear enough to enforce= =20 the swap, and therefore they might not be willing to let it go so easy. The= y=20 are awaiting to check with Erik and legal and will get back to us shortly. = I=20 believe there is room for misunderstanding in the e-mail were Amy defines t= he=20 Index, in which she agrees with our definition of Floating Price, and adds= =20 the other wording. Below is the sequence of e-mails exchanged with Amy during the proposal=20 period. The title of the proposal I sent says "Financial Swap Indication" a= nd=20 For discussion purposes only. Any thoughts? Julian ---------------------- Forwarded by Julian Poole/ENRON_DEVELOPMENT on 26/08/99 16:17 --------------------------- "Amy J Statler" <ajstatler@duke-energy.com< on 26/08/99 19:40:39 To: Julian Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Re: SWAP Julian, Yes, I am aware of the situation. Please accept my invitation to come to o= ur=20 office around 3:30 or 4:00. If this time does not fit in your schedule please let me know when you are available. Thanks Amy jpoole2@ei.enron.com on 08/26/99 12:14:00 PM To: Amy J Statler/International/GlobalAsset@DukePower cc: Erik Ludtke/International/GlobalAsset@DukePower, Alejandro=20 Felices/International/GlobalAsset@DukePower, fceriso@ei.enron.com, dblack@ei.enron.com Subject: Re: SWAP Amy, It appears there has been a misunderstanding in what each one of us referre= d to as "Average Monomic Price". I suggest we get together and discuss this issu= e. Are you in BA? You can come to our offices or we =01%ll step over. Regards, Julian "Amy J Statler" <ajstatler@duke-energy.com< on 26/08/99 01:04:57 To: Julian Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: "Erik Ludtke" <elludtke@duke-energy.com<, "Alejandro Felices" <axfelices@duke-energy.com< Subject: Re: SWAP Julian, Please refer to attached emails where we agree that the floating price will be the "monthly average of the monomic spot price published by CAMMESA." The= =20 monomic price published by CAMMESA is found in the MEMNET under the icon Informe Mensual titled Precios Medios Monomicos Mensuales or in the Boletin Mensual del MEM. Please adjust your confirmation language to reflect this. Thanks, Amy jpoole2@ei.enron.com on 08/04/99 01:09:47 PM To: Amy J Statler/International/GlobalAsset@DukePower cc: Subject: Re: SWAP I agree Julian "Amy J Statler" <ajstatler@duke-energy.com< on 04/08/99 19:11:15 To: Julian Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Re: SWAP Julian, Yes, I agree with those terms. I would like to add that it will be the monthly average of the monomic spot price published by CAMMESA. Also, the transaction will be settled monthly. Amy jpoole2@ei.enron.com on 08/04/99 10:44:15 AM To: Amy J Statler/International/GlobalAsset@DukePower cc: fceriso@ei.enron.com, dblack@ei.enron.com Subject: SWAP Amy, While waiting for the Master Swap Agreement to be signed, I want to confirm the general terms for the swap. Attached is a file describing the deal. Let's make sure our US lawyers are moving forward with the MSA. (See attached file: Duke.ppt) Regards, Julian - Duke.ppt
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