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Enron Mail |
A US Power financial Swap Transaction with Enron North America Corp. under =
which the Seller pays a Floating Price and the Buyer pays the price submitt= ed by Counterparty on the Website (the Fixed Price) in respect of the Notio= nal Quantity per Determination Period. The Notional Quantity per Determinat= ion Period shall be the volume submitted by Counterparty on the Website, mu= ltiplied by the number of applicable hours in such Determination Period. Ea= ch calendar month during the term of the Transaction will be a Determinatio= n Period; provided that, if the term of the Transaction is less than one ca= lendar month the Determination Period shall be the term of the Transaction.= The Payment Date(s) for Transactions which are less than one month will be= the fifth (5th) Business Day following the last day of the month that incl= udes the Determination Period. The Payment Date(s) for Transactions which a= re one month or longer will be the fifth (5th) Business Day following the d= ate on which the Floating Price is determinable. The term of the Transactio= n shall correspond to the date(s) set forth in the Product description on t= he Website. The Floating Price during a Determination Period shall be the a= verage of the hourly prices listed in the Index for electricity delivered d= uring Peak hours on each Delivery Day during the applicable Determination P= eriod. The Floating Price for each Determination Period shall be calculated= utilizing the hourly clearing prices published by PJM Interconnection, LLC= on its official web site currently located at https://emrkt.pjm.com/mkt/pu= blic/mkt_gui.showframes, or any successor thereto, under the headings "Pric= es; Day Ahead Prices by Portfolio Hubs Western Hub" (the "Index"). The pric= e is quoted in US Dollars per unit of volume, which will be the Contractual= Currency. The unit of measure against which the price is quoted shall be m= egawatt-hours (MWh) and the quantity shown shall be in MW's delivered in ea= ch applicable hour for the duration of the Transaction (the "Hourly Quantit= y'). The transaction is for on-peak ("Peak") hours on each Delivery Day beg= inning with the hour ending 0800 (7:00 am) and concluding with the hour end= ing 2300 (11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day dur= ing the term of the transaction that is a Monday, Tuesday, Wednesday, Thurs= day, or Friday, excluding any day that is a NERC holiday.
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