|
|
Enron Mail |
Lisa and Bob, as requested, here is the SCE exposure from a report last wee= k. The majority of the Net Settlement Risk to EPMI is the PX credit of $120= mln+. The physical mark to market has moved from ~$15 mln to ~$20 mln. = =20 =09=09=09=09Estimated=09=09 =09=09Financial =09Physical =09Net Settlement Risk=09Enron's Net=09 Counterparty=09Enron Entity=09Mark-to-Market =09Mark-to-Market =09(A/R - A/= P)=09Exposure=09 =09=09=09=09=09=09 Southern California Edison Company=09EES & EEMC--<EPMI=09$0 =09$15,377,121 = =09$124,788,040 =09$140,165,161 =09 Southern California Edison Company=09Portland General =09$0 =09$0 =09$48,00= 0,000 =09$48,000,000 =09 Southern California Edison Company=09EES=09$0 =09$0 =09$0 =09$0 =09 Southern California Edison Company=09EEMC=09$0 =09$0 =09$0 =09$0 =09 Southern California Edison Company=09Enron Wind =09$0 =09$87,390,440 =09$12= ,815,849 =09$100,206,290 =09 Total Utility Exposure=09=09=09=09=09288,371,451 =09 =09=09=09=09=09=09 -----Original Message----- From: =09Williams, Robert C. =20 Sent:=09Thursday, June 28, 2001 4:50 PM To:=09Bradford, William S.; Curry, Wanda; Tribolet, Michael; Sanders, Richa= rd B.; Steffes, James; Kingerski, Harry Cc:=09Sharp, Vicki; Haedicke, Mark E.; 'mday@gmssr.com'; Mellencamp, Lisa Subject:=09SCE Claims It looks like a proposed decision on the negative CTC issue will be deferre= d. We therefore have a window of time to make a deal with SCE on the money= it owes us before the PUC returns to the issue and once again contemplates= making a ruling that could jeopardize our negative CTC claim. Mike Day, L= isa and and I think we need a representative (or representatives) from Whol= esale, PGE, and EES to form a "working group" to put together and to implem= ent an SCE collection strategy. This would involve claims of Portland Gene= ral and EWS as well as the negative CTC claim. The leverage we have now th= at we may not have later is (1) support of SCE's MOU and advice letter and = (2) the threat that we will put them into bankruptcy. We may not be able t= o get an agreement to a cash payment, but perhaps we could get acquiescence= in netting 100% of the negative CTC against customers' bills, dismissal of= the counterclaim, and other noncash value. We are concerned that if we do= nothing the CPUC will eventually strip us of our right to collect this mon= ey, and the court may defer to the Commission's "special expertise." Comme= nts?
|