DRAFT COPY Trading, Risk Management and Back-office Overview July 2000 1
CONFIDENTIAL Table of Contents 1. Overview 2. Trading Organization 3. IT Application 2
CONFIDENTIAL 1. Overview 3
CONFIDENTIAL Overview Summary Services: • • Enron North America (“ENA”) will design and populate New. Co’s trading organization with key personnel ENA, for a fee, will enter into a services agreement with New. Co for IT applications including back-office and risk management services and other IT services Strengths: • ENA is the largest power marketer in the country, trading over 400, 000 MWh in 1999 • Forbes A-List of Companies: “Top Power Company in the World” Forbes Global Business Magazine, January 11, 1999 • ENA’s trading and marketing expertise extends into natural gas, power, coal, liquids, emissions credits, pulp and paper and other energy intensive products 4
CONFIDENTIAL 2. Trading Organization 5
CONFIDENTIAL Trading Organization Risk Management & Trading • • Trading and risk management infrastructure to replicate the Enron model ENA to contribute key trading and marketing personnel New. Co’s trading will utilize ENA’s back office systems and risk management capabilities (services agreement) Risk management and trading to focus on asset optimization and spread option value, not speculative trading 6
CONFIDENTIAL Trading Organization Trading and Marketing Org. Chart 7
CONFIDENTIAL Trading Organization Trading Resources • Trading Personnel: – ENA would nominate New. Co’s Head Trader and up to two of the regional VP’s – The Head Trader would create additional spots with a combination of FPLE and ENA employees • Required Skills: – Knowledge of forward energy markets and derivatives – Experience with the physical power and gas grids – Ability to manage the plant’s spread option value and asset optimization 8
CONFIDENTIAL 3. IT Applications 9
CONFIDENTIAL IT Applications Services Agreement • Enron proposes to provide the following contracted IT services to New. Co for a period of up to 24 months – Back-office and risk management applications utilizing Enron’s proprietary systems for deal confirmation, risk management, invoicing/collections/payment and global contract/global counterparty management – EMS/Real Time Monitoring applications for New. Co’s facilities – Additional applications for IT infrastructure needs • During the term of the services agreement, New. Co would explore all of its options regarding: – maintaining existing contractual arrangement with Enron; or – replacing with own proprietary systems 10
CONFIDENTIAL IT Services System Diagram Deal Confirmation Trade Information Customer Trade Information Electronic Trade Blotter New. Co Trading En. Power System Trade Information Invoicing/ Collections/ Payments Risk Management (Valuation/Daily P&L) Portfolio Data Unify System Customer Data Global Contracts Global Counter-party 11
CONFIDENTIAL IT Services Back-office Services Deal Confirmation • • • Prepares customer confirmations, customer contracts, performs broker check-outs and reviews deal integrity En. Power system allows for automated confirmation preparation and auto-faxing to expedite customer service Nightly check-out and reconciliation of all deals executed Risk Management • • • Invoicing/Collections/Payments • • • Daily check-out with counter-parties Fully automated Unify system Reconciliation of invoicing/payment to general ledger system Automated aging of accounts Cash management Accounting applications provided via SAP Calculates daily profit & loss of portfolio Reconciles new deals and portfolio changes Independent verification of commodity, volatility curves Fully automated, En. Power system System provides flexible reporting tools Global Contracts/Counter-party • • • Manages contract and customer information Automated feed for downstream processing Allows for counter-party data management and customization Experienced in over 375, 000 deals 12
CONFIDENTIAL IT Services Additional IT Services • Enron can also provide the following services: – The use of ENA’s network, servers and desktop software including Microsoft Office and Exchange applications – Initial deployment and support for desktop PC’s and printers – Unix, DBA, NT and Help Desk support for ENA’s applications and infrastructure – The use of ENA’s Lucent and Trading IPC phone networks – Internet access for New. Co’s employees – Interfaces between New. Co’s and ENA’s applications – ENA’s Standard Market Data feeds for New. Co’s traders – Custom software enhancements 13
CONFIDENTIAL IT Services Bridgeline Case Study Enron Assets • Pipelines, people (culture), systems Texaco’s Assets • Pipelines, People Bridgeline: • Assets 14
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