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- Subject: re : tenaska iv
- ok , since we don ' t appear to be able to hook up by phone . . .
- with respect to ( 1 ) , if ena can ' t effectively manage the plant ' s positions , who can you recommend that could under the same terms ? as you recall , the equity owners do have a buyer interested in the asset , so the arrangement would probably be short - term at best .
- i think the bank that has collateral rights to the asset will be concerned with the payable . with respect to ( 2 ) , did your discussions with legal lead to any conclusions with respect to compensating the project ? what is the amount of the claim the project has back to ena ? i agree that the project should make payments directly to the suppliers and lone star .
- i ' m around , give me a call if you get a chance .
- rh
- - - - - - original message - - - - -
- from : farmer , daren j .
- sent : wednesday , january 09 , 2002 3 : 03 pm
- to : hill , garrick
- cc : olsen , michael
- subject : tenaska iv
- rick ,
- we need to talk about the ability of ena to continue its the current role as agent of tenaska iv .
- 1 ) since the end on november , ena has not been able to complete gas trading transactions . we cannot find any counterparties to trade physical gas in texas . this , of course , is due to the bankruptcy . as a result , we are not able to sale tenaska ' s excess fuel . we did contact brazos to ask if they would buy a portion of the gas at a gas daily price , but they do not want it ( gas daily pricing has been below the firm contract price for a while ) . in december , we had to cut 10 , 000 / day from the 7 th through the 27 th . for january , we haven ' t had to cut yet , but i am sure that the pipe will ask us to do this in the near future .
- 2 ) for november activity ( which was settled in dec ) , ena owes tenaska iv for the excess supply that we sold . however , due to the bankruptcy , we could not make payments out . ena could not pay the suppliers or the pipeline . james armstrong paid the counterparties directly . i think that he should continue to do this for dec and jan . we should not transfer any funds from tenaska iv to ena .
- i don ' t know how enron ' s ownership in the plant factors out in the bankruptcy preceding . but we need to determine how to go forward with the fuel management .
- please give me a call or e - mail me . we can get together sometime thurs or fri morning .
- d
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