Nice work, Mike
----- Forwarded by Steven J Kean/NA/Enron on 02/02/2001 06:11 PM -----

	Nicholas O'Day
	01/30/2001 04:51 PM
		 
		 To: Morten E Pettersen/AP/Enron@Enron
		 cc: Steven J Kean/NA/Enron@Enron, Mark Schroeder/LON/ECT@ECT, Joseph P 
Hirl/AP/ENRON@ENRON, Jonathan Whitehead/AP/Enron@Enron
		 Subject: NCC Power deal - First electricity transaction

Morten, congratulations on the first power deal in Japan for Enron and the 
first power derivative transaction in Japan.

Mention should also be made of the significant support from Mike Grimes and 
Mark Crowther.

Mike lead a team that included legal, credit, accounting and tax, to put 
together a standard electricity purchase and sale agreement for Japan which 
was used as the basis for the NCC contract.

Mark played a large role in addressing the technical aspects of the NCC 
contract. He also had a significant role in the drafting of the Japanese 
version of the contract.

kind regards


	Morten E Pettersen
	Sent by: Morten E Pettersen
	01/30/2001 03:13 PM
		 
		 To: Enron Japan, Enron Metals Tokyo
		 cc: John Sherriff/LON/ECT@ECT
		 Subject: NCC Power Deal - First electricity transaction

Dear all,

Enron Japan did today their first power transaction, and the first power 
derivative transaction ever in Japan. The counterpart is Nippon Chemi-Con 
Kabushiki Kaisha (NCC).

The term of the deal is 01/04/02-31/3/06, with a yearly volume of around 
110,000 MWh

The basic structure of the electricity transaction is that Enron Japan gives 
the counterpart a 6,8% discount on their actual electricity bill for the 
period 1/4/01-31/3/02. This discount, or the option premium, gives Enron the 
right but not the obligation to supply NCC with Electricity for the 4 yearly 
supply terms starting 1/4/02, 1/4/03, 1/4/04 and 1/4/05 at predefined prices. 
If Enron Japan decide to supply NCC with Electricity for a specific supply 
term, we need to inform them 2 months before the start of the supply term. 
This structure give Enron Japan the necessary flexibility to operate in a 
newly deregulated electricity market.

The deal was closed by Morten Erik Pettersen with very good support from 
Rousseau Anai (Associate Power Trading) and Jane McBride (Senior Legal 
Counsel)

Regards

Morten Erik Pettersen 
Head of Trading
Enron Japan Corp