General Meeting - December 2009

Day 1 - Dec. 3rd, 2009 - Agenda

• Meeting opens with lunch at 11:30 (La Madaline)

  Discussion starts at 1:00 pm

• Bob Anderson

  Welcome, introductions, and agenda

• 	Bob Anderson CCRO
  	Randy Rischard SNL Energy
  	John Sodergreen Scudder Publishing

  CCRO Risk Management Priorities Conference 2010
  A Discussion of topics proposed, agenda, and attendees

  15 min; 1:00 - 1:15

  The CCRO continues to finalize plans for a large (150+ persons) 2-day session in 1st quarter 2010 (March 17 & 18?). We are very excited about this meeting which promises to become an annual event hosted by the CCRO. We have a series of topics for which we are proposing that various members might act as “discussion hosts”. We’ll discuss what that means and try to identify some of the most “priority topics” which members agree they’d like to share & gain feedback from a much larger industry-wide audience. Many of the topics are based on Day2 Topics.... A Draft Agenda will be available at the meeting for member to go through.
  
  

  • 20091203_agendaV4.pdf

• 	Morgan Davies Calpine Co-Chair
  	Bob Long Shell Co-Chair
  	Ash Hussein Constellation
  	Mike Beck MJB Consulting Coordinator

  
  
  

  Debt Equivalency Paper

  15min; 1:15 - 1:30

  A discussion of this final draft paper. As of this agenda update a VOTE is possible, but not yet scheduled. Following are to be discussed:
  
  * Morgan: The working group's objectives & what you're trying to accomplish right now
  * Bob: The paper's recommendations and recent outreach comments
  * Ash: The importance & impact of rating agency methodologies - what are some of the key elements of the analysis
  * Mike: outline what the paper status is re member comments & final draft VOTE
  
  
  Go to the working group page for the latest draft of this paper
  

  • 20091203_debtequivalency.pdf

• 	Lou Vitale ACES Power
  	Bob Ludlow Vice President, ISO NE
  	Peter Stockman DTCC
  	Phil Gootee Global Credit Services

  Power Market Credit(PMC) Panel Subcommittees

  1 hr; 1:30 - 2:30

  Settlement Cycles - What should best practices reflect for transaction settlement times set by ISOs. The impact this issue has on credit exposures is significant and increasingly understood. Recently, some have moved to much shorter cycle times, while others point to misalignments created with other longer settlement exposures such as retail....

  
  

  Long Dated Transactions - One of the largest drivers of credit exposures for ISOs, longer dated transactions such as FTR's has garnered much attention from the Panel. Discussions range from considering the "appropriateness" of long dated markets for an ISO, to considering what risk management best practices should be found at an ISO that makes available long-dated financial transactions...

  
  

  Netting - Recognized as a significant exposure reduction for ISO participants, implementation of netting is being discussed in the context of "within ISO", "across products" and "across ISOs". Which is appropriate and how to implement? The best practices for allowing and providing netting will be important to all ISOs as risk management product and to increase capacity of participants to transact....Click for presentation

  
  

  ISO Practices - Specific practices & policies within each ISO are clearly subject to agreed best practices, yet they currently differ significantly across all ISOs. The Panel is tabulating a thorough listing of practices found at each ISO. This will ultimately allow a "gap analysis" for each ISO with respect to its current practices versus agreed best practices....Click for presentation

• Bjorn Hagelmann MRE Consulting

  
  
  

  Guest Discussion Host
  "Energy Trading & Risk Management (ETRM) systems implementation"

  45 min, 2:30 - 3:15

  Bjorn Hagelmann (formerly CCRO member from Strategic Energy) and MRE's CEO Mike Short will be at the December meeting this Thursday to host a discussion regarding Energy Trading & Risk Management (ETRM) systems implementation. This has been an ongoing topic at past CCRO meetings - you may recall Bjorn's related discussion in December of last year - archive file available to members.

  • 20091203_mre.pdf

• 30 minute break, 3:15 - 3:45

• Bob Stibolt Galway Group

  
  
  

  Guest Discussion Host
  "Risk Models and Model Risks: A Decision-making Perspective"

  45 min, 3:45 - 4:30

  Bob will be back with the CCRO for this meeting as our guest. He has done some fascinating work around best practices for building and using models in energy. Listen to the podcast here to learn about how this session should be very thought provoking for ant risk management practitioner....

  • 20091203_stibolt.pdf

• 	Mike Prokop Amerex/GFI
  	Mike Gill Crowell & Moring

  Proposed Legislation Status - what does it mean for Risk Function ?

  45min; 4:30 - 5:00

  A discussion of the latest developments with energy market regulation legislation and a number of meetings that CCRO members have had with the CFTC and FERC... 


  
  A link to the Treasury Proposal here...

  • 20091203_legislation.pdf

• Reception at Jasper's

  1 hr, 6:00 - 7:00

  Join our guests & members for a CCRO-style wine reception and catch-up on what everyone is doing....

• Dinner at CCRO

  starts at 7:00 -

  We are planning a great networking dinner catered by Jaspers of the Woodlands... ideal for offline discussions with other CCRO members....

Day 2 - Dec. 4th, 2009 - Agenda

• Day 2 Topic Discussion

  8:00am - 11:30am

  Members like to use the morning of Day2 to have casual, "members-only in the room" discussions. This provides an opportunity for immediate feedback from peers about current risk topics for the industry and about internal risk management challenge issues which members are facing. As a general rule, the agenda goes something like this:
  
  Day 2, a members-only discussion about:
  
  * What we think about what we heard from guest speakers. Are there any action items for CCRO?
  * What are the top two current issues/challenges members face?
  * A review of Day2 Journal topics which members wish to discuss/debate
  
  Please join us this morning for a casual discussion, many members say it is their favorite part of our meetings...

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