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Enron Mail |
Just for your information
Again, one issue which is key for Enron. In my view, It took too much time= =20 for us to put a stick on the ground. Back in April, Regulatory Affairs=20 identified all the riks, opportunities and key success factors one should= =20 face in the rationing. Now distributors have [finally] agreed that Annex V= =20 is key. The Government proposal to kill Annex V is obscene.=20 LM ---------------------- Forwarded by Luiz Maurer/SA/Enron on 05/23/2001 11:3= 7=20 AM --------------------------- =09Debora Klinger =0905/22/2001 07:06 PM =09 To: Luiz Maurer/SA/Enron@Enron cc: =20 Subject: Re: Generators want to kill Annex V Maurer, O primeiro t?pico abaixo foi em sua homenagem!! A prop?sito, vi Voc ontem no Jornal Nacional, ao lado do Pedro Parente.....= ??Abra?os??---------------------- Forwarded by Debora Klinger/SA/Enron on 0= 5/22/2001 ?07:11 PM ---------------------------??=09Debora Klinger?=0905/22= /2001 07:45 PM?=09?To: Sergio Assad/SA/Enron@Enron?cc: Orlando Gonzalez/SA/= Enron@Enron, Luiz Maurer/SA/Enron@Enron, Fred ?Sampaio/SA/Enron@Enron, Joao= Carlos Albuquerque/SA/Enron@Enron, Joe ?Kishkill/SA/Enron@Enron, Jose Best= ard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT ??Subject: Re: Generators want to k= ill Annex V ??I just attended to the Fiscal-Legal Seminar promoted by ABCE= . The first topic ?presented by ABCE=01,s President by the opening of the S= eminar was the ?importance of the maintenance of the Annex V of the Initial= Contracts. ??Among other matters, it was discussed during the event the C= oncession ?Contract and Rationing. Prof. Caio T?cito (one of the most well = known and ?respected scholars) was one of the speakers. According with him,= the losses ?in sales and revenues that the D/Cs will suffer as a result of= the cut of the ?load may be recovered by D/Cs based on the principle of th= e re-establishment ?of the economic-financial balancing ("equilibrium") of = the concession ?agreement. Prof. T?cito further emphasized his belief that = the surcharge ?("sobretarifa") sum that is to be collected should be reserv= ed in favor of ?the D/Cs, so as to compensate partially such losses. Finall= y, Mr. T?cito ?suggested that in order to avoid legal controversies, the Go= vernment could, ?alternatively, conceive using the surcharge ("sobretarifa"= ) collected as ?future credits to be used by consumers when rationing is ov= er.??David Watenberg also ratified such understanding. He further expressed= his ?belief that the surcharge ("sobretarifa") has no legal grounds to sur= vive. ?This is so, because according to Paragraph One, Article 6 of the Con= cession ?Law (Law n. 8987/95) every concession shall render adequate servic= es, ?meaning, among other things, the moderation of the tariffs.??Regards,?= D,bora??????Sergio Assad?05/20/2001 11:53 AM?To: Orlando Gonzalez/SA/Enron?= cc: luiz maurer, debora klinger, sergio.assad@enron.com, Luiz ?Maurer/SA/En= ron@Enron, Fred Sampaio/SA/Enron@Enron, Joao Carlos ?Albuquerque/SA/Enron@E= nron, Joe Kishkill/SA/Enron@Enron, Jose ?Bestard/ENRON_DEVELOPMENT@ENRON_DE= VELOPMENT ??Subject: Re: Generators want to kill Annex V ??Orlando??Acho d= esnecess?rio o conference uma vez que a Debora est? corret?ssima no que ?di= z rspeito a impossibilidade da ANEEL intervir no anexoV. Al,m da D,bora, ?= falei com Jos, Em?lio, David Waltenberg e Alo?sio Miranda (Ulhoa Canto) e ?= todos tm a mesma opini?o, ou seja: somente uma lei (ou medida provis?ria) = =20 pode alterar o contrato inicial.=20 O exemplo mais claro dessa possibilidade de intervens?o foi a lei do plano= =20 Real que alterou todos os contratos administrativos. Quanto . posi??o ENRON, temos unanimidade quanto a cren?a de se respeitar o= s=20 contratos. Estamos executando um forte advocacy nessa linha. Sergio Assad=20 Sergio Assad Orlando Gonzalez 05/19/2001 09:32 AM To: sergio.assad@enron.com cc: Luiz Maurer/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Joao Carlos=20 Albuquerque/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Jose=20 Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT=20 Subject: Re: Generators want to kill Annex V =20 After today's round of meetings please schedule a call tomorrow to review= =20 Enron's position on all these points. Sergio Please coordinate and ask=20 Cristina to set up. I suggest mid morning on Sunday so we have time to=20 adjust. I do not want to defend two or three points of view on the same=20 subject as Enron. Luiz Maurer 18/05/2001 22:21 To: Debora Klinger/SA/Enron@Enron cc: Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Joao Carlos= =20 Albuquerque/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Joe=20 Kishkill/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT= =20 Subject: Re: Generators want to kill Annex V =20 Debora Good points. Economic Equilibrium. You are right. We can claim it. However, it may be=20 virtually impossible to claim the opportunity cost of a foregone long=20 position. I would not take this risk. Your statement that ANEEL has no power to change Annex V makes me feel more= =20 confortable. It makes me believe that the right way of approaching the issu= e=20 is to prepare a position paper on Monday and to deliver/explain it directly= =20 to Minister Pedro Parente. No need to spend time on consensus building on= =20 issues which are "zero sum game" by nature (two years of COEX have taught m= e=20 this lesson). Let's preempt the issue by being faster and smarter.=20 LM =09Debora Klinger =0905/18/2001 09:46 PM =09 To: Luiz Maurer/SA/Enron@Enron cc: Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Joao Carlos= =20 Albuquerque/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Joe=20 Kishkill/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT= =20 Subject: Re: Generators want to kill Annex V =20 Maurer, This is a very important issue. Although in case of loss to Elektro, we wou= ld=20 always be eligible to claim for the reestablishment of the economic-financi= al=20 balancing of the concession agreements, we would be, with no doubt, in a=20 better position in case we can maintain the Annex V. Regarding the ANNEL sympathy towards generator=01,s pressure, I don't belie= ve=20 ANEEL has the authority to interfere in a duly executed agreement, as it is= a=20 perfect legal act ("ato jur?dico perfeito"). Only the Union is competent to= =20 intervene in such acts, based on the public interest and the social well=20 being. I will work hard on the analysis of the matter and come back with further= =20 comments. Thanks, D,bora Luiz Maurer 05/18/2001 09:02 PM To: Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Joao Carlos= =20 Albuquerque/SA/Enron@Enron cc: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Jose=20 Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Debora Klinger/SA/Enron@Enron= =20 Subject: Generators want to kill Annex V The rumor mill says that generators want to revoke Annex V. No surprise. Th= e=20 bad news is that it seems that Aneel likes the idea. This may represent a US$ 60 million loss to Elektro, only in 2001.=20 Distribution companies are [aparently] against this measure. However, D/Cs = is=20 short position will [likely] applaud the idea (to avoid costly exposures in= =20 the MAE) An Abradee group was created to think about the issue. Joao and Fred will= =20 participate tomorrow. A few supporting arguments. 1) Contract sanctity. Why changing the rules in the middle of the game if= =20 Annex V was designed specifically to deal with rationing conditions?=20 2) More subtle argument. The risk of being exposed is the only economic=20 incentive for a D/C to reduce its load. Otherwise, we will have a classica= l=20 "free ride" problem: D/Cs will not put any effort to reduce their=20 loads/revenues and will advocate for an ex-post adjustment on ICs based on= =20 verified load reduction. We can build a case that in the absence of this=20 exposure, D/Cs will have no incentives to work hand in hand with their=20 clients to foster load reduction and the whole program will fail. Debora is working on the legal aspects of Annex V, taking into account the= =20 new MP. Sergio has talked to a few lawyers to get their views/written=20 opinions. What about writing a letter to Pedro Parente as Enron, exploring those issu= es=20 and explaining why Annex V is so important to the success of the whole=20 program? (the free ride issue) LM
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