Melissa -
I think we've finally reached a conclusion on the long term PX Index deals. 
I've entered the following comment in the six deals still in the system with 
Constellation at the old index:

Constellation and EPMI have agreed to leave deal at PX Index. Counterparties' 
positions tie out - index price should not be relevant; however, index offset 
will. Per Bob Badeer, 4/18/01. KS

This is exactly how Bob explained it to me, and he said it was exactly as 
Constellation understood it as well. So if this sounds good to you, I think 
we're set. If not, please let me know and we can make whatever changes are 
necessary.

The deal numbers, for reference, are - 
453152/453175/453294/462109/471888/471889

Thanks for your patience on this,
Kate




Melissa Ann Murphy
04/17/2001 11:02 AM
To: Kate Symes/PDX/ECT@ECT
cc:  

Subject: Re: Constellation Cal Px trades  

Hello, I guess if he wants to leave the deals as they are in the system then 
the accounting group will see zero for an index price and they will see the 
index off set price.  If he and Constellation both agree to do nothing to 
these trades (not to revise the confirms or change the index on the trades) 
then we can put notes in the trades explaining that.  I just want to make 
sure that Constellation agrees with however we handle this.

Thanks for your help,
Melissa


   Kate Symes                04/17/2001 12:28 PM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc:  
Subject: Re: Constellation Cal Px trades  

I asked Bob about these this morning, and he said he's still got to work this 
out with Constellation. The way he explained it, our position is flat with 
Constellation, so for settlements purposes we're okay - i.e. We've bought the 
same volumes that we've sold, and we end up losing a bit due to the index 
offset - but otherwise the index price won't make a difference.  But I 
suspect he's not thinking of the problem from the confirmation standpoint. 
Could you tell me exactly what needs to happen to clear this up on your end 
so that I can explain it to Bob in a way that might make him DO something? 
I'm sorry for the delay on this - I'm getting ready to call Bob's contact at 
Constellation for him.

Let me know what your ideal solution would be. Should we get Constellation to 
agree to the Dow Jones index? Or should we change the deals to forward fixed 
price? We'll fix this today - I promise.

Thanks,
Kate



Melissa Ann Murphy
04/17/2001 08:12 AM
To: Kate Symes/PDX/ECT@ECT
cc:  

Subject: Re: Constellation Cal Px trades

Hello, any news on these Constellation Cal PX trades?  
Thanks,
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 04/17/2001 
09:06 AM ---------------------------
   Kate Symes                03/30/2001 12:57 PM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc:  
Subject: Re: Constellation Cal Px trades  

I just talked to Bob, and I don't know if he's responded yet, but I thought 
I'd fill you in anyway. He's been talking to his contact at Constellation 
about changing these deals over, but hasn't received a concrete answer yet. 
I've reminded him and he said he WILL talk to the guy and resolve it today. 
I'll keep on it, and let you know when these deals have been changed.

Thanks,
Kate



Melissa Ann Murphy
03/29/2001 11:13 AM
To: Kate Symes/PDX/ECT@ECT
cc:  

Subject: Constellation Cal Px trades

Hello, I hate to bug you with this.  Whenever you can spare a second would 
you ask Bob about this?  I am afraid it is going to slip through the cracks.

Thanks for your help!
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 03/29/2001 
12:07 PM ---------------------------


Melissa Ann Murphy
03/26/2001 10:34 AM
To: Robert Badeer/HOU/ECT@ECT
cc: Kate Symes/PDX/ECT@ECT 
Subject: Constellation Cal Px trades

Hi Bob, I was wondering if you have contacted Constellation about the 6 
trades that are in the system with the Cal Px as the index price.  All of 
these trades start flowing in July of this year.

The deal numbers are as follows:

453152.01
453175.01
453294.01
462109.01
471888.01
471889.01

Let me know if Constellation agrees to change these deals to the Dow Jones so 
I can send a letter for them to sign.

Thanks,
Melissa