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Panda Temple seeks OK of energy management services termination deal
By Caroline Salls
Pittsburgh, Sept. 19 – Panda Temple Power, LLC requested court approval to enter into a termination and settlement agreement with Twin Eagle Resource Management, LLC that calls for the reimbursement to Twin Eagle of a $1.02 million cash deposit, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.
Panda Temple said its agreements with Twin Eagle include an energy management agreement, a 1992 ISDA master agreement, an agency agreement and a qualified scheduling entity agreement.
Under those agreements, Twin Eagle provided power, fuel and capacity management services to Panda Temple.
Panda Temple said it has elected to terminate the Twin Eagle agreements and settle all related claims.
EDF Energy Services, LLC will be hired to provide services similar to the energy management being provided by Twin Eagle after the Twin Eagle agreements are terminated, the motion said.
The company said Twin Eagle has agreed to assist it and EDF in the energy management transition.
According to the motion, the $1.06 million deposit that will be returned to Twin Eagle was made to secure Panda Temple’s gas transportation obligations.
In connection with the termination of the agreements, Panda Temple said it will also purchase from Twin Eagle all of its rights, title and interests in all remaining injected natural gas existing in the Bammel storage facility.
Under the proposed settlement, the termination date for the Twin Eagle agreements will be Oct. 25.
A hearing is scheduled for Oct. 5.
Panda is a Temple, Texas-based power company. The company filed bankruptcy on April 17 under Chapter 11 case number 17-10839.
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