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Gentlemen,
What's happening with the above deal ? The term is 11/01/01 - 03/31/02, I can see the volume has been changed to 0 - is this only temporarily or has this deal been killed ?
We show this deal as Pending and I wanted to remind you that we have never confirmed this transaction. Please advise.
Regards,
Ellen
713-345-4099
|
{
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}
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sounds good to me to tsf.
PL
|
{
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THANKS
----- Forwarded by Elizabeth Sager/HOU/ECT on 10/30/2000 04:00 PM -----
"JOHN G KLAUBERG" <[email protected]>
10/17/2000 12:29 PM
To: <[email protected]>
cc:
Subject: Re: see you thursday
Thanks, Elizabeth. Does something around 2:30 or 3:00 Thursday afternoon
work for you? If so, I'll plan to drop you your office around that time. I
look forward to catching up with you. John
"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges. This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s). If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
424-8125. The unauthorized use, dissemination, distribution or reproduction
of the e-mail, including attachments, is prohibited and may be unlawful.
John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
[email protected]
>>> <[email protected]> 10/17/00 11:27AM >>>
Hi John
Thanks for the call. I'll be in Thursday all day after 10:00 (dentist in
the am - yuk). Lets try to get together then on the agency stuff.
|
{
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See attached.
Kim
|
{
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}
|
this deal is contingent on credit - he'll let me know later today whether or
not it's a good trade.
thanks,
Kate
Evelyn Metoyer@ENRON
03/12/2001 09:00 AM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Re: Missing deal?
sorry Friday, 3/9
Kate Symes @ ECT 03/12/2001 10:52 AM
To: Evelyn Metoyer/Corp/Enron@ENRON
cc:
Subject: Re: Missing deal?
what was the trade date on this?
Evelyn Metoyer@ENRON
03/12/2001 08:58 AM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Missing deal?
Prebon sent over a confirm for a deal where:
Enron (Mike Swerzbin) buys from PPL Montana Cal'04-Cal'06 25 mw of Mid-C at
$45.00 off-peak hours.
They did not tell me about this deal during checkout. Can you please check
with Mike.
Thanks!!
|
{
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}
|
Mr. Burrow w/ B&G has called regarding sales to ENA from his wells. I have
provided him with a sample of our Master Firm Purchase/Sale Agreement.
However he has indicated he would only be selling to us. Do you want me to
proceed with this? Please advise.
Thanks !
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
[email protected]
Phone 713-853-7658
Fax 713-646-3490
|
{
"pile_set_name": "Enron Emails"
}
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Beth Perlman tells me that you are in charge on this system. It does not
work. I thought that this was going to be corrected last week. I am
confused about why we are using a system that does not work. I understand
that there are bugs in the system. Was the system tested before being put
into production?
I tried to reach you by phone. You were unavailable and I could not leave a
voice mail because that was full. I talked with Torey Hayden and verbally
okayed the access for Bob Hall.
Please call me and let me know when the system will be working correctly and
how you are going to manage these approvals in the interim while the system
is not functioning. You might at least put a contact name and number on
these things if you are going to continue to send these out before the system
is fixed.
My number is 35926. I look forward to hearing from you on solutions and
timing.
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/23/2000 11:53 AM
---------------------------
[email protected] on 08/22/2000 06:35:31 PM
To: [email protected]
cc:
Subject: Request Submitted: Access Request for [email protected]
Please review and act upon this request. You have received this email because
the requester specified you as their Manager. Please click
http://itcApps.corp.enron.com/srrs/Approve/Detail.asp?ID=000000000001833&Email
[email protected] to approve the req
Request ID : 000000000001833
Request Create Date : 8/22/00 6:34:12 PM
Requested For : [email protected]
Resource Name : Live Link
Resource Type : Applications
|
{
"pile_set_name": "Enron Emails"
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Here is your User Name and Password for enron.photofete.com. Let me know if
you would like a quick demo of the site.
marge
---------------------- Forwarded by Marge Nadasky/HOU/ECT on 11/03/2000 12:16
PM ---------------------------
"Sheryl King" <[email protected]> on 11/03/2000 12:06:56 PM
To: <[email protected]>
cc: <[email protected]>
Subject: Steve is set up
Hi Marge,
Steve's art buyer status is complete.
user name: skean
password: enron
Thanks,
Sheryl
|
{
"pile_set_name": "Enron Emails"
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Sharon: Thanks for your fax and markup of the Schedule dated Sept. 6. There
is a major issue which we need to discuss and that is the counterparty
identity itself. It appears that you have identified a DIFFERENT party to
the agreement, namely, a limited liability company named "SITA", which is not
the entity which we originally proposed,. This does not appear to be the
credit which we evaluated.
Also, we insist upon a Credit Support Annex. As you know, the agreement
contemplates multiple transactions and the posting of collateral is a major
issue, particularly for long-dated pulp deals.
Can you call me tomorrow? We need to address the major issues upfront. You
can reach me at 713-853-5620. Thank you. Sara
|
{
"pile_set_name": "Enron Emails"
}
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Section III:
(See attached file: 286647-SECTION 3.doc)
- 286647-SECTION 3.doc
|
{
"pile_set_name": "Enron Emails"
}
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Per your request, attached is the form of Duke Capital Corporation Guaranty.
|
{
"pile_set_name": "Enron Emails"
}
|
Start Date: 4/22/01; HourAhead hour: 1; No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042201.txt
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 1 / Preferred: 5.33 / Final: 5.30)
TRANS_TYPE: FINAL
LOAD_ID: SCE1
MKT_TYPE: 2
TRANS_DATE: 4/22/01
SC_ID: EPMI
|
{
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|
See Pat's message below. You may want to check with her. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/26/99 12:20
PM ---------------------------
Enron North America Corp.
From: Patricia Cini 10/25/99 09:45 AM
To: Sara Shackleton/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
cc:
Subject: Re: TGS ISDA
FYI-
---------------------- Forwarded by Patricia Cini/HOU/ECT on 10/25/99 09:45
AM ---------------------------
Rodolfo Freyre @ ENRON_DEVELOPMENT 10/25/99 09:41 AM
To: Patricia Cini/HOU/ECT@ECT@ENRON
cc: Jeff Kabel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: TGS ISDA
Pat -
We sent them indicative pricing last Friday. Still waiting to see if they
like our pricing. I still do not know what volume scenario they want to go
for, but as we see it, they will want to transact starting next Monday. We
will keep you posted on any update.
Regarding the ISDA, I told them we can agree to sign it without the CSA,
though we would need to maintain the other provisions. I am still waiting for
TGS's reply.
Rolo
To: Rodolfo Freyre@Enron
cc: Jeff Kabel@Enron
Subject: TGS ISDA
Rolo-
Are we going to transact with TGS by the end of the month? Let me know what
the status is with TGS.
Regards,
Pat
---------------------- Forwarded by Patricia Cini/HOU/ECT on 10/25/99 08:53
AM ---------------------------
Enron North America Corp.
From: Patricia Cini 10/20/99 04:57 PM
To: Susan Bailey/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Rodolfo Freyre@Enron, Jeff Kabel@Enron,
William S Bradford/HOU/ECT@ECT
Subject: TGS ISDA
Susan-
Attached is the revised credit worksheet for TGS removing the CSA. Given
that we will probably not have the ISDA executed by the time Argentina
transacts with TGS (by the end of the month), we will need to confirm the
deal including a Deemed ISDA per Sara's suggestions.
I advised Argentina that we were making no other changes to our format other
than removing the CSA since this seems to be the major issue for TGS.
However, we may want to hold off on sending the 2nd draft until commercial
has a chance to advise TGS of our position. I want to make sure that the CSA
is really the only hurdle for them before we send the revised draft down. I
will advise when I have heard back from Argentina on their further
discussions with the counterparty regarding the ISDA.
Let's discuss if any questions.
Regards,
Pat
---------------------- Forwarded by Patricia Cini/HOU/ECT on 10/20/99 04:47
PM ---------------------------
Enron North America Corp.
From: Patricia Cini 10/19/99 06:12 PM
To: Rodolfo Freyre@Enron
cc: Jeff Kabel@Enron, Federico Cerisoli@Enron, William S
Bradford/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: TGS ISDA
Rolo-
We can agree to sign the Master ISDA without the CSA. However, we will be
maintaining the BBB- MAC trigger, 3rd Party Event of Default at $15MM, and
the Change in Ownership provision. I do not want to agree to any of their
changes other than removing the CSA.
Please call me in the morning concerning the 2,500 ton/month LPG transaction
regarding how we will want to confirm this deal.
Regards,
Pat
|
{
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My comments
-----Original Message-----
From: Palmer, Mark A. (PR)
Sent: Sunday, November 25, 2001 11:14 PM
To: Kean, Steven J.; Denne, Karen
Subject: FW: first draft of release attached
this is apparently falling apart as I type this. For your reading pleasure, I send the attached.
-----Original Message-----
From: steve lipin [mailto:[email protected]]
Sent: Sunday, November 25, 2001 10:46 PM
To: [email protected]; Palmer, Mark A. (PR)
Subject: first draft of release attached
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
|
{
"pile_set_name": "Enron Emails"
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|
Whats's up with these machines - are we paying for past good luck?
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/15/2000
12:49 AM ---------------------------
Enron North America Corp.
From: Kevin M Presto 07/14/2000 08:34 AM
To: David W Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron
cc:
Subject: Gleason #1
Losing this 175 MW unit will cost us approx. $2.0 million in lost margin
(higher if the South blows out).
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 07/14/2000
08:24 AM ---------------------------
From: Mitch Robinson @ ENRON 07/13/2000 04:08 PM
To: Kevin M Presto/HOU/ECT@ECT
cc: Rogers Herndon/HOU/ECT@ect, Jeff King/Corp/Enron@Enron
Subject: Gleason #1
Verified that one blade broke off from the 7th stage of blades in the
compressor. The shrapnel caused unreparable damage to 3 additional blades.
From the pictures, it appears that one of the damaged blades was close to
breaking off, and likely would have caused much more significant damage to
the compressor AND turbine.
We've begun the process of removing the damaged blades. Westinghouse has the
repair lead, and so far, is giving it the right level of attention. My plant
manager's driving the effort on the ground, but I have a compressor engineer
that will be at the site tomorrow to serve as my eyes and ears so Pete can
concentrate on keeping the other two units running.
Barring as-yet undiscovered damage (doubtful), my best guess is that we lose
next week, but get the unit back for the week of 24 July. This hinges on
Westinghouse securing four replacement blades which they are scrambling to
do. All costs should fall on Westinghouse warranty.
I'm collecting the information we might need in order to file a business
process interruption insurance claim, but based on my best-guess schedule, I
don't expect to file the claim.
Mitch
|
{
"pile_set_name": "Enron Emails"
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|
Start Date: 4/25/01; HourAhead hour: 11; No ancillary schedules awarded. No
variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042511.txt
|
{
"pile_set_name": "Enron Emails"
}
|
Hunter,
I don't have headcount. I can push (with your help) to get one added. If you have headcount to transfer, that would work too. Let me know.
Thanks!
--jay
-----Original Message-----
From: Shively, Hunter S.
Sent: Monday, February 04, 2002 11:14 AM
To: Webb, Jay
Subject: FW: David Woodstrom
Jay,
Does your group have space?
-----Original Message-----
From: Gaskill, Chris
Sent: Friday, February 01, 2002 1:59 PM
To: Shively, Hunter S.
Cc: Lavorato, John
Subject: David Woodstrom
Hunter,
As I mentioned this morning, since Zach McCarroll turned down the offer we would like to explore the possibility of keeping David Woodstrom on the IT team to fill the open position. The Fundamentals IT team has been cut to a minimum support staff, and the addition of David would facilitate more development of fundamentals content. David has been focusing on the operational capacity reporting (morning ops reports) by creating better ways to access the operational data (real time query tool vs. standard reports). David also has been responsible for maintenance and development of the commodity fundamentals website since he joined the group in early 2000. He built and maintains the current message board system used by gas trading and as well as the critical notice alerts for pipelines. He has also worked closely with the West desk and Portland on various real time load and outage reports. David Dronet and I both feel that the addition of David Woodstrom will allow the fundamentals team to continue producing innovative products instead of providing only support for current operations. Let me know if you have any questions.
Chris
|
{
"pile_set_name": "Enron Emails"
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|
Jordan/Mark -
I should have included you two on this list as well.
Bruce
---------------------- Forwarded by Bruce Lundstrom/ENRON_DEVELOPMENT on
10/25/2000 09:43 AM ---------------------------
Bruce Lundstrom
10/24/2000 08:49 PM
To: Mark E Haedicke/HOU/ECT@ECT, Elizabeth Labanowski/EPSC/HOU/ECT@ECT,
Michael Moran/ET&S/Enron@ENRON, Kristina Mordaunt/Enron Communications@Enron
Communications, Rex Rogers/Corp/Enron@Enron, Vicki Sharp/HOU/EES@EES, Rob
Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Evans@ECT, Lance Schuler@ECT
cc: Stephanie Harris@ENRON
Subject: Enron Asia Pacific Lawyers
Folks -
Enron Asia Pacific lawyers and legal specialists need to look for positions
elsewhere within Enron. I am attaching the resumes of two lawyers (Bonnie
Nelson and Bill Krenz) and a paralegal (Bill Brown) that are available now to
take assignments in other Enron business units. I would appreciate your
consideration of these individuals for positions in your groups. I would be
happy to discuss them with you at your convenience.
One other lawyer (Yao Apasu) and a legal specialist (Tami Scrudder) are still
working on some important pending matters. I intend to forward their resumes
when the timing of their availability becomes more clear.
Thank you,
Bruce
|
{
"pile_set_name": "Enron Emails"
}
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Thanks for all your work on this one...
Julie :-)
|
{
"pile_set_name": "Enron Emails"
}
|
we have diff # for jp. as of 12/17 we have a bal of 11.346 in jp.
|
{
"pile_set_name": "Enron Emails"
}
|
Thanks for the update - I can't say I'm too sorry about any delay since I
haven't had a spare moment to look at them yet anyway. This project moves so
fast and there's so much to do it's scary!
|
{
"pile_set_name": "Enron Emails"
}
|
Please see the following link:
http://public.resdata.com/ei_modules/current/main.asp
|
{
"pile_set_name": "Enron Emails"
}
|
We have made some slight changes to the orig schedule and may make a few more
per Laura Luce, the director that is over all of the orig teams. It is
vitally important that we do two things with this file now. We must fill in
all columns on the first tab - orig schedule and we must put all orig deals
in the schedule - even if no orig is granted. THis policy is in effect
starting today. Shout with any questions.
PL
|
{
"pile_set_name": "Enron Emails"
}
|
As regards to US Physical Power, I agree.
----- Forwarded by Shari Stack/HOU/ECT on 01/22/2001 10:37 AM -----
Rhonda L Denton
01/22/2001 10:34 AM
To: Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron
cc: Melissa Ann Murphy/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT
Subject: Re: EOL Credit Response 1/19/01
No changes to profile today.
From: Karen Lambert on 01/22/2001 10:23 AM
To: Kim S Theriot/HOU/ECT@ECT, Matthew Allan/LON/ECT@ECT, Amelia
Alland/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Enron Europe Global Contracts
and Facilities, Dianne Seib/CAL/ECT@ECT, Cyndie
Balfour-Flanagan/Corp/Enron@ENRON, Martha Stevens/HOU/ECT@ECT, Sarah
Smith/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Molly Lafuze/Enron
Communications@ENRON COMMUNICATIONS@ENRON, [email protected], Alexia
Gonzales/HOU/ECT@ECT, Stephen Furter/LON/ECT@ECT, Andrew Wells/LON/ECT@ECT,
Michelle Schultz/NA/Enron@ENRON, [email protected], Laurie
Lee/NA/Enron@Enron, Marlene Hilliard/HOU/ECT@ect
cc: Rhonda L Denton/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Peggy
Hedstrom/CAL/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Cheryl
Dudley/HOU/ECT@ECT, Gina LaVallee/CAL/ECT@ECT, James Scully/HOU/ECT@ECT,
Susan Elledge/NA/Enron@Enron, Linda K Loukanis/HOU/ECT@ECT, Danny Clark/Enron
Communications@Enron Communications, Amy Heffernan/Enron Communications@Enron
Communications, Gail Hill/LON/ECT@ECT, Charlie Hoang/HOU/ECT@ECT, Matilda
Machado/CAL/ECT@ECT, Jefferson D Sorenson/HOU/ECT@ECT, Georgi
Landau/NA/Enron@ENRON, Diana Andel/CAL/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT
Subject: EOL Credit Response 1/19/01
EnronOnline.com
01/19/2001
Amended Credit Responses Released by Credit -- no new online counterparties
to review
Please complete both contract tabs on the Credit Response by 3:00 p.m. CST
today, if possible.
The document is located in our subdirectory O:\EOL\GLOBAL_EOL and titled
011901 with Ks.xls.
|
{
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}
|
ABX1 Implementation: Items H-23, H-24, and H-25 were held to the April 19,
2001 regularly scheduled meeting. These items deal with funding issues to
allow the Department of Water Resources to continue with its
commodity-purchasing directives and regarding flow of funds from the
utilties. Items 4 and 4a address derivation of the California Procurement
Adjustment. Item 4, provisions of which were passed at the March 27, 2001
business meeting, was unanimously approved. This item adopts a mthod to
calculate the CA Procurement Adjustment. We will have a summery of this order
later today.
Utility Holding Company Investigation: The Commission voted 4-0 to
institute an investigation into the business practices of the utilities,
holding companies. Commissioner Duque read a prepared statement by
Commissioner Bilas expressing his concerns regarding the intent of the OII,
whether it be investigative or punitive. Commissioner Bilas requested that
the Scoping Memo yet to be issued address other relevant issues such as ring
fencing structures approved by FERC and the capital structure of the utility
companies.
Interruptible Programs: Commissioner Wood,s draft decision implementing 4
interruptible programs (agenda item 6) was approved on a 4-0 vote. This
decision implements 4 programs designed to provide incentives to ratepayers
to manage their load including air conditioner cycling, voluntary load
reduction on the entire circuit, pay for load reduction incentives, and
discounts to customers who can reduce load on very short notice.
Utility Solvency: Items regarding issuance of bonds and other financing
items for the utiltities continue to be held
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
|
{
"pile_set_name": "Enron Emails"
}
|
Will you please send Richard Tomaski a version of yesterday's DPR that can be
printed or forwarded. Thanks.
DG 3-9573
|
{
"pile_set_name": "Enron Emails"
}
|
Attached please find a very rough first cut of a proposal letter outlining a
proposal format that we are likely to submit to NiMO on Tuesday 5/8 (due 10
AM eastern). Please have a read through and provide me any comments or
feedback. We will be finalizing our indicative numbers for the proposal on
Monday, so any feedback would be appreciated no later than noon on Monday
(earlier if possible). thanks
John
P.S. please forward to anyone i migth have missed
|
{
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|
We intend to reserve $5.5 million associated with PX Index-based deals with third parties that we did in January. The $5.5 million represents the amount by which we underpaid some of our services customers relative to the PX index. NO P&L IMPACT. Amounts currently sitting as annuities in Enpower. We should release this reserve when the California refund case is completed and new/final PX MCPs are published by FERC.
The story goes like this ... We typically buy power from our services customers at a PX Index price. Throughout January we entered PX Index based purchases from our services customers into Enpower. At the same time, Foster was negotiating a certain $150/MWh payment to our customers given all of the noise around the PX, the weird prices that it was printing, and the $150/MWh soft price cap that FERC had in place. We settled with our customers based on the $150 value. Most of our customers were fine with this. To do this we entered annuities into Enpower for the difference between the PX price and the $150 price. These annuities have been "hanging out there" since January. We should have run those annuities through the books and reserved the amount when we settled with our customers (I am assured by Foster and Postelthwaite that we have properly settled with our customers). Somewhere between our middle market team and our risk group in Portland the annuities were never run through the books (you may recall that we lost two of our three people on our risk desk at this same time). Foster or Wolfe should have caught this.
Let me know if you have any questions or concerns.
-----Original Message-----
From: White, Stacey W.
Sent: Wednesday, October 31, 2001 5:49 AM
To: Belden, Tim
Subject: FW: Reserve (Schedule C) for PX deals
Just double checking that you have already talked to Lavo about these.
Thanks,
Stacey
-----Original Message-----
From: Law, Samantha
Sent: Tuesday, October 30, 2001 8:09 PM
To: Greene, Tracy; Belden, Tim; Foster, Chris H.; Mallory, Chris
Cc: Postlethwaite, John; White, Stacey W.
Subject: Reserve (Schedule C) for PX deals
Dear all,
Just a heads-up to everyone, the Risk will reserve $5,518,289.90 on 10/31/01 in the ST-CA books regarding the following four annuity deals:
#566310 $1,885,593.81
#566307 $1,383,042.10
#566313 $1,539,749.09
#566377 $ 709,904.90
Total $5,518,289.90
As discussed earlier, since these deals have never come through to ST-CA book, we will give this value back to ST-CA while reserving it at the same time. Therefore, there will be NO P&L impact for ST-CA.
Tracy,
We are treating this just like the way we discussed in the last email (10/24). Therefore, you should be able to take them out from the LTD report in Nov.
Please let me know if you have any questions.
Samantha Law
EPMI West Power Risk Management
503.464.7248
|
{
"pile_set_name": "Enron Emails"
}
|
LITTLE CHILLY IN SAN DIEGO. SOCAL STORAGE AT 24 BCF-CURRENT WITHDRAWAL RATE
IS 1 BCF DAY. SUPPOSE TO REMAIN COLD FOR THE REMAINDER OF MONTH. WORSE
YET-A NUCLEAR PLANT WAS SUPPOSE TO COME BACK BUT THEY HAD A FIRE AT SAN
ONOFRE-OUT FOR AWHILE. BETTER BUY YOURSELF SOME BLANKETS.
|
{
"pile_set_name": "Enron Emails"
}
|
FYI in respect of our futures accounts.
Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
[email protected]
----- Forwarded by Mary Cook/HOU/ECT on 06/04/2001 11:32 AM -----
Tana Jones
06/01/2001 02:29 PM
To: Mary Cook/HOU/ECT@ECT, Greg Whiting/Enron@EnronXGate, Sarah
Wesner/Enron@EnronXGate
cc:
Subject: (01-186) Implementation of Amendments on Use of Letters of Credit...
----- Forwarded by Tana Jones/HOU/ECT on 06/01/2001 02:29 PM -----
[email protected]
06/01/2001 03:07 PM
To: [email protected]
cc:
Subject: (01-186) Implementation of Amendments on Use of Letters of Credit...
Notice # 01-186
June 1, 2001
TO:
All NYMEX Division and COMEX Division Clearing Members
FROM:
Neal L. Wolkoff, Executive Vice President
RE:
Implementation of Amendments on Use of Letters of Credit, Certain Securities
and Deliverable Warehouse Receipts as Margin for NYMEX and COMEX Transactions
DATE:
June 1, 2001
===========================================================
1. Implementation of Rule Amendments. As previously announced in Notice to
Members #01-147 (May 4, 2001), this Notice is to remind NYMEX and COMEX
Clearing Members of rule amendments that become effective today, June 1,
2001, that expand the types of non-cash assets that customers may deposit
with their Clearing Members for margin purposes.
2. Exchange Form for Pass-Through Letters of Credit. Clearing Members are
further advised that a form has been prepared by the Exchange that will serve
as the authorized uniform form for irrevocable letters of credit for use on
a pass-through basis at the Exchange. This form may be obtained from the
Exchange,s Clearing Department.
3. Exchange Form for Pass-Through Letters of Credit: Specification of Joint
Beneficiary. The Pass-Through Letter of Credit differs from the Standard
Letter of Credit in that the Pass-Through Letter of Credit provides for Joint
Beneficiaries. In this regard, a Pass-Through Letter of Credit to be used as
margin on the NYMEX Division should specify NYMEX as one of the Joint
Beneficiaries. By comparison, a Pass-Through Letter of Credit to be used as
margin on the COMEX Division should specify the COMEX Clearing Association as
one of the Joint Beneficiaries.
4. Restriction on Issuers of Letters of Credit. Please note that, under
applicable NYMEX and COMEX rules, a Clearing Member that is a bank subsidiary
or is an affiliate of a bank may not deposit with the applicable Clearing
House a letter of credit issued or confirmed by such bank, bank parent or
affiliate bank.
As to the actual rule amendments, which are attached below, these rule
changes permit the use of letters of credit, certain securities and
deliverable warehouse receipts by customers to meet their margin
requirements. The rule changes provide for consistent treatment in the use of
such assets for both NYMEX and COMEX Divisions.
Letters of Credit. As a result of the rule changes, letters of credit (LCs)
now will be allowed for customer margin on both divisions.
Use of Letters of Credit on Pass-Through Basis. In addition, the rule
changes allow letters of credit to be used on a "pass-through" basis on both
divisions. In other words, Clearing Members on both divisions will be able
to pledge to the applicable clearinghouse certain LCs posted by customers. It
should be noted that while securities and deliverable warehouse receipts, as
detailed below, may be used by customers for margin purposes, such assets may
not be used on a pass-through basis by a Clearing Member to meet its margin
obligations with the clearinghouse.
Securities. Customers also will be able to deposit with their Clearing
Members certain types of securities as margin. The types of acceptable
securities are the kinds of securities that have been accepted for some time
on the COMEX Division. Specifically, the rule changes will permit customers
to deposit the following types of securities as margin with Clearing Members
on either division:
securities listed for trading on the New York Stock Exchange, Inc. or the
American Stock Exchange, Inc., or which are traded in the over-the-counter
market approved for margin by the Board of Governors of the Federal Reserve
Board except that such securities must be free from liens and encumbrances;
can represent no more than 5% of the issued and outstanding shares of any one
issuer; and will be valued for purposes of margin at 75% of their market
value.
Deliverable Warehouse Receipts. On both divisions, deliverable warehouse
receipts for any of the commodities traded on the Exchange will be accepted
as customer margin provided that such receipts will be valued as margin at no
more than 75% of the value of the commodity.
If you have any questions concerning this change, please contact Bernard
Purta, Senior Vice President, Regulatory Affairs and Operations, at (212)
299- 2380; Arthur McCoy, Vice President, Financial Surveillance Section,
NYMEX Compliance Department, at (212) 299-2928; or Charles Bebel, Vice
President, Clearing Department, at (212) 299-2130.
AMENDMENTS TO NYMEX RULE 4.01 ("CUSTOMER'S MARGINS"), NYMEX RULE 9.05
("MARGINS") AND TO COMEX CLEARING ASSOCIATION RULE 48 ("DEPOSIT OF SECURITIES
AND LETTERS OF CREDIT AS ORIGINAL MARGIN")
(Asterisks indicate additions; brackets indicate deletions.)
Rule 4.01. CUSTOMER'S MARGINS
(A) Initial margin at least equal to the level set for customers shall be
required of all customers. In no case shall a customer's initial margin be
less than a specified amount per contract, or a specified percentage of the
market value at which any commodity is bought or sold, such customer's margin
to be determined and announced by the Board of Directors or its designee.
(B) Once the required initial margin has been deposited for each individual
transaction, such trade and such margin shall, for the purposes of this rule,
lose their individual identity and be commingled with all other trades and
margins in the same commodity for the same customer account.
(C) When the margin (Net Liquidating Value plus Non-Cash Deposits) in a
customer's account declines below the maintenance margin requirement
applicable to the open positions carried in such account, the Member Firm
carrying said account is required to collect (call) from the customer such
funds, which when deposited, will restore it to the then prevailing initial
margin requirement.
(D) A Member Firm shall not accept orders for new trades on behalf of an
undermargined customer account other than those which reduce its initial
margin requirement unless such Member Firm has been given assurances by said
customer that funds sufficient to restore the account to its then prevailing
initial margin requirement are forthcoming and will be received in a
reasonable amount of time not to exceed one business day for Floor Members
and three business days for all other customers.
(E)(1) A Member Firm may accept deposits from its customers in one or more of
the following forms as margin to cover open NYMEX Division positions:
(a) United States Currency; or any currency freely convertible to United
States currency; provided that if foreign currency is deposited, its value
shall be calculated so that at the current rate of exchange the U.S. dollar
equivalent of the foreign currency satisfies the customer's margin obligation.
(b) securities issued by the Department of the Treasury of the United States
maturing within ten (10) years of the date of the deposit and guaranteed as
to principal and interest by the United States Government. Such securities
shall be valued at ninety five percent (95%) of par value.
*(c) securities which are listed for trading on the New York Stock Exchange,
Inc. or the American Stock Exchange, Inc., or which are traded in the
over-the-counter market approved for margin by the Board of Governors of the
Federal Reserve Board provided that such securities; (i) are free from liens
and encumbrances; (ii) represent no more than 5% of the issued and
outstanding shares of any one issuer; and (iii) are valued at 75% of the
market value thereof;
(d) a letter of credit in favor of a clearing member carrying an account, or
in the case of any letter or credit to be used on a pass-through basis with
the Clearing House a letter of credit in favor of the Exchange. All letters
of credit shall be issued in such form as may be prescribed by the Exchange
and by a depository which has been approved by the Exchange for issuance and
confirmation of letters of credit drawn in favor of the Clearing Members or
in favor of the Exchange, as applicable.
(e) deliverable warehouse receipts for commodities traded on the Exchange
provided that such receipts will be valued as margin at no more than 75% of
the value of the commodity.*
[(c)] *(f)* The net liquidating value in a customer's account over the
initial margin requirements for the positions carried for such account.
(2) A Member Firm may accept deposits from its customers in one or more of
the following forms as margin to cover open COMEX Division positions:
(a) United States currency, checks payable in United States currency, or
currency freely convertible to United States currency; provided that if
foreign currency is deposited, its value shall be calculated so that at the
current rate of exchange the U.S. dollar equivalent of the foreign currency
satisfies the customer's margin obligations;
(b) the net liquidating value in a customer's account over the initial margin
requirements for the positions carried for such account;
(c) securities issued or guaranteed by the United States, provided that such
securities shall be valued at the lower of the par or market value thereof;
(d) securities which are listed for trading on the New York Stock Exchange,
Inc. or the American Stock Exchange, Inc., or which are traded in the
over-the-counter market approved for margin by the Board of Governors of the
Federal Reserve Board provided that such securities; (i) are free from liens
and encumbrances; (ii) represent no more than 5% of the issued and
outstanding shares of any one issuer; and (iii) are valued at 75% of the
market value thereof;
(e) *deliverable* warehouse receipts *for commodities traded on the Exchange
provided that such receipts will be valued as margin at no more than 75% of
the value of the commodity*; [provided that such warehouse receipts shall be
valued in accordance with the following:
(i) if the warehouse receipt is for a deliverable grade of the commodity
underlying either the futures contract sold or the futures contract which is
the subject of the call options sold, not more than 90% of the value of the
commodity may be considered as margin; and;
(ii) if the warehouse receipt is for a deliverable grade of the futures
contract purchased or the put options sold, not more than 75% of the value of
the commodity may be considered as margin; and;
(iii) if the warehouse receipt is for either: (A) deliverable grade of a
commodity other than the commodity underlying the futures contract or option
to be margined; or (B) a form of silver or gold not deliverable under a
futures contract, then not more than 75% of the value of the warehouse
receipt may be considered as margin.]
(f) physical commodities (but not forward contracts therefor) if the carrying
member is in possession and control of negotiable documents covering such
commodities, provided, however, that the value of such commodities shall be
based upon the contract market price for the grade of such commodity or if
the commodity is not of a grade deliverable on a contract market, then at the
price for the grade of such commodity on the spot market;
(g) a letter of credit in favor of a clearing member carrying an account*, or
in the case of any letter or credit to be used on a pass-through basis with
the Clearing House a letter of credit in favor of the Exchange. All letters
of credit shall be* issued in such form as may be prescribed by the Exchange
and by a depository which has been approved by the Exchange for issuance and
confirmation of letters of credit drawn in favor of the Clearing Members *or
in favor of the Exchange, as applicable.*
(3) Calls issued by Member Firms for additional margin from customers may
only be met by: deposits conforming to the requirements of Rule 4.01(E)(1)
for open NYMEX Division positions, or conforming to the requirements of Rule
4.01(E)(2) for open COMEX Division positions, or, for open positions on
either division of the Exchange, favorable market movements which, when taken
into consideration and combined with any other monies available, enable the
customer's margin to equal or exceed the then prevailing initial margin
requirement.
(F) Withdrawals of margin from a customer's account may only be permitted by
a Member Firm carrying such account if the remaining funds in such account
are equal to or in excess of the then prevailing initial margin required of
the applicable open positions at the time of said withdrawal request.
(G) The customer's response to a margin call issued by a Member Firm must be
timely and complete. A Member Firm may call, at any time, for margins above
and beyond the minimums required by the Exchange. A Member Firm may liquidate
any or all positions maintained by a customer for failure to meet a margin
call. The customer will be liable for any loss or deficiency resulting
therefrom.
(H) The margin requirements established by the Board or its designee may
vary for different commodities and may be changed from time to time by the
Board or its designee, and in the discretion of the Board or its designee,
may be made applicable to all open trades as well as new trades.
(I) Arbitrage
(1) For the purposes of Exchange margin requirements, an arbitrage position
is a purchase or sale of an Exchange futures contract in one delivery month
which futures contract is offset by a futures contract to sell or to purchase
a similar quantity of a related commodity in the same or different delivery
month which offsetting futures contract is executed on or subject to the
rules of a different exchange. In order to qualify as an arbitrage position,
each contract long and short must be carried by the same member firm for the
same account.
(2) The Board of Directors, by resolution, may identify those futures
contracts, that are executable on and/or subject to the rules of a different
exchange, which shall be deemed to qualify as part of an arbitrage position.
(3) The Board of Directors or its designee may set levels of margin for
arbitrage positions at a rate less than applicable to outright positions;
provided, however, that except for interdivision straddles, no such rate
shall be lower than the rates established for clearing members' margins.
Rule 9.05. MARGINS
* * * *
(E) Clearing Members may meet original margin calls by depositing:
(1) Cash (U.S. Currency);
(2) Original Margin Certificates issued by an original margin depository, in
form acceptable to the Clearing House, for delivery to the order of the
Clearing House, representing securities issued by the Department of Treasury
of the United States of America maturing within ten (10) years from the date
of the deposit and guaranteed as to principal and interest by the United
States Government; such securities shall be valued at ninety five percent
(95%) of the par value; or
(3) Subject to a maximum limit of 50% of the Clearing Member's total original
margin obligations, Irrevocable Letters of Credit payable to the order of the
Clearing House *including such Letters of Credit that are deposited with the
Clearing Member in accordance with Exchange procedures by a customer*, in
form acceptable to the Clearing House, issued by or confirmed by an original
margin depository and having an expiration date of not less than three (3) or
more than eighteen (18) months from the date of issuance; provided, however,
that such Letter of Credit may not be used to meet original margin
obligations during the fifteen calendar days prior to the expiration date
thereof (if the fifteenth day prior to the expiration of the Letter of Credit
is not a business day, the period during which such Letter of Credit may not
be used to meet original margin obligations shall begin on the business day
immediately preceding that day); and, provided further, that on the business
d!
ay!
!
preceding the fifteenth calendar day prior to the expiration of the Letter
of Credit, the Clearing House shall issue a call for original margin to be
deposited in a form and manner acceptable to the Clearing House for positions
held open as of the close of business on that day and margined by the Letter
of Credit. The Clearing House shall have the unqualified right to call on any
Letter of Credit at any time prior to expiration.
CCA Rule 48. DEPOSIT OF SECURITIES AND LETTERS OF CREDIT A ORIGINAL MARGIN
* * * *
(b) Irrevocable Letters of Credit.
(i) The Corporation will accept as original margin for the full face amount
thereof a letter of credit in favor of the Corporation issued by any
institution selected by the depositor *including such Letters of Credit in
favor of the Corporation that are deposited with the Clearing Member in
accordance with Exchange procedures by a customer*, provided that
(A) such institution has been approved by the Board as an approved
depository or such institution is organized under the laws of the United
States or the laws of any state and the letter of credit issued by such
institution has been confirmed by an approved depository;
(B) that the aggregate amount of letters of credit which may be accepted at
any time from any one approved depository, or for the account of any one
Clearing Member may be limited by the Board from time to time;
(C) that a letter of credit issued on behalf of a Clearing Member by an
institution which is an affiliated firm of such Clearing Member must be
confirmed by an institution which is not an affiliated firm of such Clearing
Member; and
(D) such letter of credit shall be in form and substance approved by the
Board and shall be in such denominations as may be determined by the Board
from time to time; shall be irrevocable, shall be available to be drawn upon
by the Corporation by a clean sight draft(s) or written demand(s) and shall
run for a period of not less than ninety (90) days from the date of issue.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"
http://208.206.41.61/email/[email protected]&refdoc
=(01-186)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.
|
{
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}
|
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 06/12/2000 11:29 AM -----
Leslie Hansen
06/12/2000 09:17 AM
To: [email protected], [email protected],
[email protected], [email protected]
cc: Gaurav Babbar/HOU/ECT@ECT, Bill Windle/Corp/Enron@Enron, Carol St
Clair/HOU/ECT@ECT
Subject: Reliable Power Product
Attached please find Enron's draft version of the form of "swap agreement"
for the Reliable Power Product. The swap agreement is comprised of two
components: the Reliable Power Product Description and the General Terms and
Conditions. We look forward to receiving the revised draft of the policy and
discussing your comments relating to the attached documents.
Regards,
Leslie Hansen
|
{
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Do I have original, initialled documents to which I can add the signature
pages? You may have given this to me already...
Thanks,
Kay
|
{
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}
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The attached file contains a list of the variables we identified in our
August 18th meeting. I tried to break them down into smaller group just for
organizational purposes. The items under Prices and Temperatures should be
easy to gather using the LIM database. The items in the Other category may
require more research. What we have done in the past if we could not find
the exact variable try and fine a proxy for it. For example it may be
difficult to find irrigation usage, but less difficult to find precipitation
in a region. Since these two items would intuitively seem to have an inverse
relationship it may be possible to use precipitation as a proxy for
irrigation. After we have begun to research the Other variables we may have
to come back to you and discuss proxy variables so keep that in mind. We
added a column for use to keep track of the statues on each variable this is
just for us to keep track of where we found the variable or why we did not
pursue it. Let me know if we have missed anything or you have subsequently
thought of anything not on the list.
|
{
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|
Stephanie, I don't have all of Jeff's pledges collected yet! Do you want
what I have (about 65%) or shall I wait until all have been collected? I'll
send out another e-mail today to the slackers ;-) Let me know. SRS
From: Stephanie Strong/ENRON@enronXgate on 05/15/2001 09:07 AM
To:
cc: (bcc: Jeff Skilling/Corp/Enron)
Subject: pledges
If you haven't already done so, please turn in your MS150 pledges TODAY to
either Stephanie Strong (EB2365c)
Becky Pham (EB2336b)
or Amelia Alder (3Ac3120).
Thanks.
|
{
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|
Start Date: 4/21/01; HourAhead hour: 24; No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042124.txt
---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
Details:
TRANS_TYPE: FINAL
SC_ID: HARBOR
MKT_TYPE: 2
TRANS_DATE: 4/21/01
UNIT_ID: HARBGN_7_UNITS
$$$ Variance found in table tblGEN_SCHEDULE.
Details: (Hour: 24 / Preferred: 29.00 / Final: 28.97)
TRANS_TYPE: FINAL
SC_ID: ARCO
MKT_TYPE: 2
TRANS_DATE: 4/21/01
UNIT_ID: CARBGN_6_UNIT 1
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 24 / Preferred: 4.83 / Final: 4.80)
TRANS_TYPE: FINAL
LOAD_ID: PGE2
MKT_TYPE: 2
TRANS_DATE: 4/21/01
SC_ID: EPMI
|
{
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|
Jim: We are close to making an offer to someone to replace Ann Ballard (of course, I will visit with you about this before before we extend any offers to get your approval). Until then, we are a little short handed, and don't know that we could take on any extra work. Perhaps Haedicke's group, which is obviously much bigger than ours, could continue to do this at least until we add another person and then reassess the situation. That would be my suggestion, but of course we are ready to serve if drafted! (I spoke to Tom White yesterday and I am ready to enlist! Lucky for us that I can't pass the physical). Rex
-----Original Message-----
From: Derrick Jr., James
Sent: Tuesday, October 02, 2001 8:35 PM
To: Rogers, Rex
Subject: Fw: Re: support for Xcelerator
Rex, is this something your group would like to do? Jim
Jim Derrick
-----Original Message-----
From: Derrick Jr., James <[email protected]>
To: Schiesser, Heath <[email protected]>
Sent: Tue Oct 02 16:14:45 2001
Subject: Re: support for Xcelerator
Heath, I'm on the road and communicating via Blackberry. I will be the office tomorrow. Give me a call. All the best. Jim
Jim Derrick
-----Original Message-----
From: Schiesser, Heath <[email protected]>
To: Derrick Jr., James <[email protected]>
Sent: Mon Oct 01 09:20:09 2001
Subject: support for Xcelerator
James
Given Whalley's promotion, it looks like the Xcelerator will remain under Corporate, rather than moving to EWS as expected when we last spoke. Given that change, would you like for me to continue to request support from Mark Haedicke's group or is there someone in the corporate area you'd rather I approach. Whatever route you suggest is fine with me.
Most pressingly, I'd like to discuss our ability to compete with a company with which we've been in discussions -- if possible by the latter part of the week.
Thank you.
Heath
Heath Schiesser
713-345-4585
[email protected]
|
{
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|
Diana just heard back from Prebon. They had it wrong, and have now fixed it.
There is no deal. Let me know if you don't see this change in the next few
minutes.
Thanks,
Kate
Evelyn Metoyer@ENRON
12/01/2000 08:11 AM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Re: Missing Trade for 11-30-00
Any word yet on this trade?
Kate Symes @ ECT 11/30/2000 05:57 PM
To: Evelyn Metoyer/Corp/Enron@ENRON
cc:
Subject: Re: Missing Trade for 11-30-00
Sean and Diana do not recognize this deal. They tried to check with the
brokers, but couldn't get a hold of anyone. I'll let you know first thing in
the morning whether or not this is good and what the deal number is.
Kate
Evelyn Metoyer@ENRON
11/30/2000 03:08 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Missing Trade for 11-30-00
Prebon sent over a confirmation for the following trade for Sean Crandall
Enron buys from Aquila January Mid-C 25 mw at $300.00
|
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I have looked on APS' OASIS for the substations you mentioned. The only one
listed as a receipt point was Moenkopi. Below is a list of the other receipt
points available. I'll be out next week but if you need help looking to see
if transmission capacity is available Diana, Paul, or Cara may be able to
help you.
Cholla 345
Desert Basin
Four Corners 230
Four Corners 345
GIla 69
Knox 230
Kyrene 230
Marketplace
MCC5
Mead 230
Mead 500
NavaJo 500
North GIla 500
PNPKAPS 230
Saguaro 500
San Luis 34
West Wing 500
Yucca 69
Javier Li@EES
02/28/2001 01:48 PM
To: Mary Hain/HOU/ECT@ECT
cc: Marc Pana/HOU/EES@EES
Subject: Interconnection in Arizona
Mary, I am working with Jeff Golden and Marc Pana in EES Corporate
Development. Marc asked me to send you a list of potential substations for
interconnection of mobile generation in blocks of 25 MW to 50 MW. Here is a
tentative list. Please feel free to suggest any other location you think is
suitable for trading power in Palo Verde (either directly or with power
displacement). Thanks for your attention.
Javier.
x. 34599
Tapco (has abandoned plant?)
Ash Fork
Williams
Parks
Winona
Leupp
Round Valley
Cataract Creek
Moenkopi
Sedona
Goodard
Kirkland
|
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}
|
Fitch Puts Enron On Rating Watch Negative
Bloomberg, 10/25/01
STOCKWATCH Enron higher after dismissing CFO Fastow
AFX News, 10/25/01
DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)
Calif Guarantees Allow Williams To Book Power Revenues
Dow Jones Energy Service, 10/25/01
Stocks Expected to Open Lower, Hurt By Weak Economic News
Dow Jones Business News, 10/25/01
Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
Bloomberg, 10/25/01
Enron CNBC: Squawk Box,
10/25/01
Fitch Puts Enron On Rating Watch Negative
2001-10-25 13:49 (New York)
Fitch Puts Enron On Rating Watch Negative
Fitch-NY-October 25, 2001: Fitch places the following Enron
securities on Rating Watch Negative: senior unsecured debt
`BBB+'; subordinated debt `BBB'; preferred stock `BBB-`;
and commercial paper `F2'. Pipeline subsidiary `A-` rated
senior unsecured debt at Northern Natural Gas Co. and
Transwestern Pipeline Co., are also placed on Rating Watch
Negative.
The rating action primarily relates to the negative capital
market reaction to recent disclosures by the company. The
loss of investor and counterparty confidence, if it
continues, would impair Enron's financial flexibility and
access to capital markets, therefore, impacting its ability
to conduct its business. On Oct. 16, 2001, Enron announced
a $1 billion after-tax charge to earnings to be taken in
the third quarter of 2001 and a reduction of balance sheet
equity by $1.2 billion relating to the unwinding of
structured transactions. Since that time, there have been
several damaging news reports on the company and its
management. More importantly, investors have voiced
concerns. Enron's common stock price has plummeted and
spreads on its debt have widened.
The company has attempted to quell rumors and has publicly
stated that it has adequate liquidity to conduct its
business. Approximately $1.5 billion of unused liquidity is
available under committed bank lines.
An additional concern is that certain structured
transactions of the company including Marlin Water Trust II
and Osprey could unwind. While various sources of repayment
exist, such as the sale or liquidation of underlying
assets, or an equity offering, primary credit support is
derived from the Enron obligation to remarket mandatorily
convertible preferred stock if an amount sufficient to
repay the notes has not been deposited with the trustee 120
days prior to the maturity date or upon a note trigger
event. In the event that the issuance of the preferred
stock yields less than the amount required to redeem the
senior notes in either case, Enron is required to deliver
additional shares. If Enron cannot or does not deliver on
its obligation, then the amount of the deficiency becomes a
payment obligation of Enron, representing a general
unsecured claim. While trigger events include a downgrade
of Enron's senior unsecured debt below investment grade by
one of the major rating agencies in conjunction with
specified declines in Enron's closing stock price over
three consecutive trading days, Enron would have a
forebearance period of 60 days as long as an attempt was
being made to register the shares. The total amount of
Marlin and Osprey debt is approximately $3.2 billion. Enron
has not verified that the underlying assets have adequate
market value to fully pay down the associated debt.
While capital market uncertainties have escalated, Fitch
has no information to indicate that there are any
fundamental problems with Enron's core wholesale, retail,
and pipeline businesses. Fitch expects to be in contact
with the company on a continuing basis to both monitor
ongoing events and address strategic, longer-term issues.
STOCKWATCH Enron higher after dismissing CFO Fastow
10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Share of Enron were higher in opening trade, after the company dismissed its chief financial officer, Andrew Fastow, due to his past involvement in running two partnerships, in which Enron had invested, dealers said.
At 9.56 am, Enron was up 1.13 usd, or 6.95 pct, at 17.55. The DJIA was down 138.60 points at 9,207.52, the S&P 500 index was down 15.95 pts at 1,069.00 and the Nasdaq composite down 39.02 at 1,692.52.
Enron said it named Jeff McMahon CFO to replace Fastow, after announcing Monday that the Securities and Exchange Commission is looking into the Fastow-related transactions.
"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO," said chief executive Kenneth Lay in a statement.
Enron shares have fallen sharply in recent days on concerns over financial transactions made with the two partnerships, LJM Cayman LP and LJM2 Co-Investment LP, which analysts said could affect future earnings and which have prompted class action suits against the company.
McMahon, who had been serving as chairman and CEO of Enron's Industrial Markets group, had quit his job as treasurer last year, after voicing concerns within the company about Fastow's role in running the two partnerships, according to the Wall Street Journal.
This morning, Salomon Smith Barney analyst Raymond Niles downgraded Enron to "buy- speculative," from "buy-high risk", to reflect his concerns that "lingering uncertainty over financial practices may begin to impair Enron's commercial operations."
"This is the least likely outcome, in our view, but one whose likelihood has increased over the last week as questions continue to be asked," he said.
ng/lj For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
=DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)
By Mark Golden, Kristen McNamara, Jon Kamp and John Edmiston
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Energy trading companies have concerns about the credit
quality of troubled Enron Corp. (ENE), but they have made almost no changes in
policies concerning the top trader of North American power and gas, the
companies said Thursday.
The concerns have arisen because Enron, which accounts for about a quarter of
the trade in the country's power and gas markets, has seen its share price fall
by a third this week due to uncertainties about its extremely complex financial
structure.
Moody's has put Enron's credit on watch for possible downgrade, and some of
the company's debt is trading like junk bonds in the secondary market this
week.
"We have made no changes to our credit policy concerning Enron," said John
Sousa, chief spokesmann for Dynegy Inc. (DYN). "It's business as usual."
Williams Cos. (WMB) spokesman Jim Gipson said that his company, too, has made
no changes and has no concerns about Enron's credit. Another Top 10 power and
gas trading company, Aquila (ILA), has also left Enron credit unchanged.
Other companies expressed concern, though they've taken little if any action.
"Like everyone else in the marketplace, we're proceeding with caution," said
Lora Kinner, director of credit for Tractebel Energy Marketing, the North
American subsidiary of the Belgian company Tractebel S.A.
Kinner said the company is just looking for more information and doesn't
expect to make any drastic changes.
Calif Guarantees Allow Williams To Book Power Revenues
By Andrew Dowell
Of DOW JONES NEWSWIRES
10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Clarifications by California as to what electricity transactions the state will back enabled Williams Cos. (WMB) to book $180 million in power sales from the previous period as third-quarter revenues, the company said Thursday.
The revenues came from power Williams sold through the California Independent System Operator, which runs the state's wholesale power market and clears and settles transactions.
The state of California has paid more than $11 billion for power bought directly from suppliers, but has yet to pay for any ISO power since it took over the job of buying power for the state's ailing utilities in mid-January. Two weeks ago, however, the state made clear for the first time which ISO transactions it would back.
"It's that fact that has allowed us for the first time to recognize dollars from sales to the California ISO," Williams Chief Operating Officer Steven Malcolm said on a conference call Wednesday.
Williams reported third-quarter net income of $221.3 million on revenues of $2.81 billion, up from $121.1 million on revenues of $2.33 billion in the same period the year before.
Williams is now in talks with California to secure payment for its ISO sales. The process is complicated by the state's role as guarantor of transactions undertaken on behalf of the utilities, which aren't creditworthy enough to buy power for themselves. The ISO didn't envision third-party guarantors when it set up its settlement process, and state accounting rules require more detailed bills than those sent out by the ISO each month, state power officials have said.
The state says it has set aside $1.2 billion to cover ISO transactions.
As reported, suppliers including Williams had charged the state with deliberately muddling the repayment issue to keep power flowing for free.
Willing To Renegotiate
Separately, Williams' officers also said the company was willing to discuss reworking its long-term contracts with California, provided the result benefited both parties.
California Gov. Gray Davis is under heavy fire for having locked the state into contracts running as long as 20 years at prices negotiated at the peak of a market that has since collapsed.
Both sides could potentially benefit from changes to the length of the term of the contracts or the specifics of power-supply obligations - perhaps freeing up supply that Williams thinks it could get more money for on the spot market, Malcolm said.
"We're always willing to sit down with a customer," Malcolm said.
Williams hasn't been approached by the state to renegotiate the contracts, Malcolm said.
Any attempt by California to force through one-sided changes is unlikely and could backfire for the state by disrupting plans for new power plants, he said.
"To the extent contracts are changed, financing is going to go away," he said.
Downplaying Enron Opportunities
Williams downplayed its ability to capitalize on the recent troubles of market-leader Enron Corp. (ENE), saying it focuses on large, long-term structured deals, not the high-volume, physical-market transactions that Enron dominates, Malcolm said.
Also, TradeSpark - the Internet-based energy exchange in which Williams is a partner - is limited for now in its ability to expand and take volume from Enron's proprietary system EnronOnline because of the horrific losses operator Cantor Fitzgerald (X.CFZ) suffered in the attacks on the World Trade Center.
"That's interrupted the rapid growth we were seeing," Williams Chief Executive Keith Bailey said on the call.
Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on EnronOnline, has seen its share price fall by a third this week due to uncertainties about its extremely complex financial structure.
Those concerns have raised questions about the business model of EnronOnline, a platform on which Enron is the counterparty in all trades. Those concerns could eventually boost volume on neutral exchanges like TradeSpark.
"We continue to believe in the neutral platform that TradeSpark offers," Malcolm said.
TradeSpark LP was formed by eSpeed Inc. (ESPD), Cantor Fitzgerald (X.CFZ), Shell (RD) unit Coral Energy, Dominion (D), Koch Energy Trading Inc., TXU Corp.'s (TXU) TXU Energy unit and Williams Cos.' Williams Energy Marketing & Trading Co.
-By Andrew Dowell, Dow Jones Newswires; 201-938-4430; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Stocks Expected to Open Lower, Hurt By Weak Economic News
10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Wall Street Journal Online News Roundup
Stocks are expected to open with losses Thursday, weighed down by disappointing U.S. economic news and the European Central Bank's decision to leave interest rates unchanged.
About an hour before the New York Stock Exchange opened, futures on the Standard & Poor's 500-stock index were sharply lower, suggesting that the Dow Jones Industrial Average will post a 94-point loss at the opening bell.
In one of a trio of negative economic reports, the Commerce Department said orders for durable goods, or products expected to last more than three years, tumbled 8.5% in September. That was a much steeper drop than the 0.9% decline forecast by economists surveyed by Thomson Global Markets.
Meanwhile, the Labor Department reported that the number of Americans filing new claims for state unemployment insurance rose to 504,000 for the week ended Oct. 20. That was more than the 500,000 jobless claims expected by economists.
The Labor Department also said that the employment-cost index rose 1% in the third quarter, slightly more than expected. The indicator measures changes in compensation costs, including wages and salaries, as well as costs for employee benefits.
Later, at 10 a.m. EDT, the National Association of Realtors is expected to say that 5.26 million existing homes were sold last month, down from the 5.5 million sold in August.
Prior to release of the economic news, S&P futures had pointed to a weaker opening on Wall Street, after the ECB left rates alone despite growing political pressure for another rate cut to help the stumbling European economy.
In addition to pouring over Thursday's economic reports, investors will spend much of the session sorting through a mountain of earnings reports, said Peter Cardillo, director of research at Westfalia Investments.
Among companies that announced quarterly earnings so far, Dow Chemical said third-quarter net income plunged 84%, hurt by weak demand, substantial price declines and a slew of charges mostly related to acquisition expenses and restructuring at Dow Corning.
Among other stocks to watch, Enron on Wednesday replaced its finance chief, Andrew Fastow, capping a tumultuous day in which the Houston powerhouse saw its stock price continue to fall sharply.
States suing Microsoft are hiring one of the nation's top trial lawyers, signaling they may seek a harsher antitrust remedy than the White House. Meanwhile, the software giant's Windows XP formally makes its debut Thursday.
In key overseas markets, stocks were mixed. London's Financial Times-Stock Exchange 100-Share Index was down 1.2% in intraday trading, while Frankfurt's DAX was 0.9% lower. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.7%, and Hong Kong's Hang Seng Index rose 0.2%.
In Wednesday's session, Wall Street continued to shrug off disappointing earnings news, and focused instead on hopes that low interest rates and the government's economic-stimulus program will produce a recovery.
Technology issues saw much of the buying, with the Nasdaq Composite Index rising 27.10 points, or 1.6%, to 1731.54. The Dow industrials inched 5.54 points, or 0.1%, higher to close at 9345.62, despite substantial losses in two of its components, Eastman Kodak and AT&T, which issued weak outlooks.
In major U.S. market action Wednesday:
Major stock indexes advanced. But on the Big Board, where 1.34 billion shares traded, 1,374 stocks rose and 1,743 fell. On the Nasdaq, 1.89 billion shares changed hands.
Bonds gained. The 10-year Treasury note rose 13/32, or $4.0625 for each $1,000 invested. The yield, which moves inversely to price, fell to 4.588%. The 30-year bond was up 23/32 to yield 5.330%. Early Thursday, the 10-year note was up 10/32 to yield 4.553% while the long bond was 17/32 higher, yielding 5.303%.
The dollar was mixed. Late in New York, it traded at 122.87 yen, up from 122.68, while the euro rose against the dollar to 89.35 U.S. cents from 89.07. Early Thursday in New York, the dollar bought 123.17 yen and traded at 88.27 cents to the euro.
For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
2001-10-25 12:07 (New York)
Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Enron
Corp. Common Stock
NEW YORK, NY -- (INTERNET WIRE) -- 10/25/01 -- Kaplan Fox
(kaplanfox.com) has filed a class action against Enron Corp. and
certain of the Company's officers and directors in the United States
District Court for the Southern District of Texas. The suit is
brought on behalf of all persons or entities who purchased the common
stock of Enron Corporation ("Enron") (NYSE: ENE) between January 18,
2000 and October 17, 2001, inclusive (the "Class Period").
The complaint charges Enron Corp. and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants
engaged in asset and securities sales to closely related affiliates
and interested parties, which disguised Enron's true financial
position. Many of the details of these transactions were hidden from
the public. Defendants used these asset sales to falsely improve
Enron's balance sheet, thereby maintaining Enron shares at an
artificially inflated price. Certain Enron executives, who held
positions in the affiliates that presented clear conflicts of
interest, reaped millions of dollars in personal gains from these
transactions.
The complaint further alleges that during the Class Period, Defendants
made misleading statements regarding the potential value of Enron's
Broadband business, in order to artificially boost Enron's share
price. With knowledge that Enron's Broadband business would never
post a profit and was seriously overvalued, Defendants continued to
make misleading statements about the Broadband business in order to
maintain the share price at its artificially inflated levels.
Defendants used the artificially inflated value of Enron's Broadband
business to hedge against, in order to gain millions of dollars in
financing. Defendants failed to disclose the risk of these financing
arrangements. Defendants hid the true nature of Enron's earnings,
its hedging, its businesses, and the correct state of Enron's
finances from its investors and the market, further artificially
inflating Enron's share price. While the stock was artificially
inflated for the above reasons, Enron executives engaged in extensive
insider trading, gaining personal proceeds of approximately $482
million during the Class Period, before the public became aware of
the above practices.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices
in New York, San Francisco, Chicago and New Jersey has many years of
experience in prosecuting investor class actions and actions
involving financial fraud. For more information about Kaplan Fox &
Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than
December 21, 2001 to serve as a lead plaintiff for the Class. In
order to serve as a lead plaintiff, you must meet certain legal
requirements.
If you have any questions about this Notice, the action, your rights,
or your interests, please e-mail us at [email protected] or contact:
Kaplan Fox & Kilsheimer LLP - 805 Third Avenue, 22nd Floor - New York,
NY 10022
Kaplan Fox & Kilsheimer LLP - 100 Pine Street, 26th Floor - San
Francisco, CA 94111
Contact: Frederic S. Fox, Esq., Kaplan Fox & Kilsheimer LLP
Phone: 800-290-1952
Fax: 212-687-7714
Email: [email protected]
Date October 25, 2001
Time 07:00 AM - 08:00 AM
Station CNBC
Location Network
Program The Squawk Box
Mark Haines, co-anchor:
Joe Kernen, what's going on?
Joe Kernen, co-anchor:
We've got to shift gears into this Enron situation which
has just been--you've been talking about it quite a bit,
David--how could you not talk about it? Seventy-six
million shares yesterday, down fifty percent in the last
two weeks. This is a company with--what?--a hundred
million in revenues.
James Cramer, guest market commentator:
Maybe.
Kernen: Yeah, right. Anyone who does any trading in
energy apparently, you know, uses Enron Online, so anything
that destabilizes Enron to a great extent could destabilize
the whole energy trading arena and...
Cramer: Go ahead, say it! Say what you're thinking! No
one has said it yet. We know the truth. We believe that
Enron caused a national short squeeze. They knew every
single number in this gas situation. They wrecked the
California utility system and profited from it. That's my
bet. My bet that this--they had--look, they were the
market maker. Imagine if Instinet knew what you were going
to be buying and took it ahead of you. I think they
cornered the market for electricity for about four months,
made a huge fortune and now the company is unraveling and
when someone--when the Justice Department gets in there
we're going to discover this.
Kernen: Let's see what happened...
Haines: Now, wait a second...
David Faber, co-anchor:
Whoa, whoa, whoa! The Justice Department, Jim? Now, is
that new? Is that something--
Cramer: No, that would be, if I were a prosecutor,
something...
Faber: OK, so they are not being investigated?
Cramer: Well, no, I'm actually being a little forward
thinking.
Kernen: The SEC wants documents about the limited
partnership transactions of Mr.--
Faber: Which is very different from what Jim is talking
about.
Cramer: No, I'm saying that this is what, if I were an
enterprising prosecutor, I would say, Did we have a
nationwide short squeeze in electricity caused by one
company that had access to all the screens and knew exactly
what was happening with the electricity market which then
wrecked the California utility system, cost the consumer
billions of dollars, and is now being hushed up?
Kernen: Well, let's talk about the actual news. Here's
yesterday's trading--
Haines: Wait a minute.
Kernen: Well, I just want to say that the guy is gone now.
That's the new news here. Did you read--did you know that
Fastow, after four--
Faber: Late yesterday.
Kernen: Yeah, after four o'clock, Fastow is gone. What's
interesting--
Faber: He's the CFO--
Kernen: But he's a new CFO.
Faber: --who benefitted personally from some of these
off balance sheet partnerships.
Cramer: Mark, you know, I'm not on thin ice here, I'm not
on thin ice.
Haines: I just want to make sure we understand that this
is your theory.
Cramer: This is my theory.
Haines: OK.
Cramer: It is just a theory. It is my opinion. But I
think we've got to find out more about that short squeeze
that occurred.
Haines: OK.
Cramer: We need to find out whether it was orchestrated.
Kernen: The new CFO might help regain some credibility for
the company because he was the old treasurer who left that
position a year or so ago because of some disagreements
with how Mr. Fastow was doing business apparently. So now
he's back as CFO and we'll whether that calms the market
down.
Faber: Well, what they need to do-- Joe, they need to come
clean. I mean, that is what all the investors in Enron and
those who've left the company as investors over this last
week have wanted. Let's see everything; be as transparent
as you possibly can be; tell us exactly what we need to
know. And as much as they need to come clean with their
investors, they need to come clean with their trading
counterparties because that is really what people are
concerned about.
Kernen: Why is the credit worthiness issue such a big
deal? Anyone who does trading with them, if their credit
worthiness were to go--if their credit rating were to go
down, how would that affect energy trading?
Faber: Well, you want to know that they're going to be
there on the other side and make good on the trades.
Kernen: I guess you would, wouldn't you?
Faber: Right. Not that they aren't, but why would you--if
you can trade with seven other guys--seven other companies,
maybe you cut back a little bit on your exposure there.
Kernen: Now, why would--
Faber: And that would hurt their core business.
Kernen: Why are people expecting some type of action from
the credit agencies, not because of the stock price, right?
Because of something that could unravel--
Faber: Because of something related to these liabilities
they may have--
Kernen: That they don't know about at this point.
Faber: --that they may have with regard to funding some of
these off balance sheet partnerships that they backstopped
in terms of borrowing that went on at the project level at
the off balance sheet partnership. Will it be a liability?
They don't know. But that's one of the reasons--
Kernen: We're talking hundreds of millions or billions?
Faber: They don't know.
Kernen: But there were billions of dollars in limited
partners?
Faber: Yes. About three billion in financing, I think is
what some analysts estimated.
Kernen: This is a pretty big number.
Faber: Yeah, they can get to most of that with the assets
that they have in the partnerships themselves.
Kernen: I use a six month chart to show what's happened
over the last two weeks. You got to look at here. But if
we went back a year, you'd see eighty as far as the high
for Enron. Now we're at sixteen.
Faber: Everybody else took a hit yesterday. Dynegy got
hurt.
Kernen: Well, I got Dynegy next. Don't-- Here we go.
Faber: I'm sorry. I'm getting a little excited.
Kernen: You are.
Faber: Enthusiastic about your charts.
Kernen: There's a weekly chart of Dynegy, and you know
what's coming next, don't you? Now I'm worried about the
utility average. I've worried about the transportation
average a lot in my career. Mark, now the utilities have
replaced my worries. I'm angst-ridden. Did you see this
chart? We're breaking below the--
Cramer: That's a positive, not a negative, Joe.
Kernen: What's wrong with Cramer today? What happened?
Cramer: I'm all fired up!
Faber: He really is. My, God, he's got the DOJ getting
all crazy, the FBI, the CIA. You going down to En--you
going down to Houston yourself?
Cramer: I may just have to. I may have to clean up that
whole city.
Kernen: Jim, why would the--that's the--now getting down
to the lows, I mean, the other averages have come back
quite a bit from the post-attack lows, the utilities are
retesting those. That's not something to worry about?
Cramer: No, because I think there's a lot of money going
into more cyclical issues. I think the economy is showing
signs of getting better. The consumer is certainly much
stronger than we thought. The base book didn't say the
corporate was strong, but the consumer is strong. Much
stronger than before.
Kernen: All right. In the past people have worried about
the utility averages being a leading indicator, though. I
don't--we're talking about four hundred to two-ninety at
this point. That's a long way.
Cramer: This average has got a lot of problems to it, but
I still think that--
Kernen: It's no longer the--
Cramer: --you sell this as safety. We don't want safety
as much as we want a little bit more reciprocality.
# # #
|
{
"pile_set_name": "Enron Emails"
}
|
Any time tomorrow afternoon around 3 or 4:45 to discuss?
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Wednesday, October 03, 2001 6:29 PM
To: Arnold, John
Subject: RE: Neural Networks
John, here is a power point slide that provides a draft outline of the problem at hand. It is very draft in nature but I wanted to get the working version over to you ASAP. I wanted to get this discussion going via written format so that I (or others who may implement this) can stay focused on what you want and not get into broader research, etc....
I think I can put a model together if we can define what parameters, the interface (levers) and model (transfer functions) to use that would be useful for you as phase I product.
I will fire off updates to this document as I make them. If you have a spec doc or ideas that you want to hand write on a print out, please do so and I will update the document.
I will like to make sure that I am on the same page before beginning to code the program and to start linking to additional moths (month 2, 3, ..) and different curves, etc.
My Job search has gone well with the Crude desk and I am waiting compensation indication from them to make my decision. Also, Kevin Presto feels that I could potentially help his power group with new market or spread trading. John Suarez is a director who came from the power desk to EBS is going back to work for Kevin Presto. I may have an opportunity to build the southeast market by supporting John.
I am very grateful that I met you and other key Enron traders during this job search.
<< File: Neural Ideas.ppt >>
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
-----Original Message-----
From: Arnold, John
Sent: Monday, October 01, 2001 3:47 PM
To: Thuraisingham, Ravi
Subject: RE: Neural Networks
not necessarily looking for predictive power. that's a 3 year project. just for market making skillset. The work that Dave Forster did was just for front month. That creates month 1. Then, similar logic has to create a month 1/month 2 spread to create a month 2 outright market. Same for month 2/ month 3 to create month 3. There might be 24-36 individual markets to create a forward curve. Sometimes month 1 has correlation to the month 1/ month 2 spread. Sometimes it does not. Must create a system that is mechanical but very easy for a human to add bias.
-----Original Message-----
From: Thuraisingham, Ravi
Sent: Monday, October 01, 2001 10:20 AM
To: Arnold, John
Subject: Neural Networks
John, I just wanted to give you heads up that I did look into the subject system to learn from what your trading activities and then figure ways to automate some aspects of you daily activities. I will try to send you a few power point slides showing my initial thoughts on the system.
It appears that neutral network (AI is a subset of this class of learning systems) type of model that takes input from all available sources (including actual market feedback, weather and other fundamentals) and uses curve building functions and other existing tools as transfer functions, along with your own thinking (your processing functions that your neurons are wired up to do), could help the neural network to learn and eventually provide the necessary predictive power.
Ravi Thuraisingham, CFA
Director, Storage Trading
Enron Broadband Services
p 713.853.3057
c 713.516.5440
pg 877.680.4806
[email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
Enron Troubles Only the Tip of the Iceberg?
TheStreet.com, 10/26/2001
Under the Radar: Enron's Flickering Bulb
TheStreet.com, 10/26/2001
DJ Enron Unit,New England Market Downplay Report Of Default
Dow Jones, 10/26/2001
Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Bloomberg, 10/26/01
Enron Executives Sent Requests for Details of Affiliate Profits
Bloomberg, 10/26/01
Enron Still Target in California Amid Other Problems (Update1)
Bloomberg, 10/26/01
Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
Bloomberg, 10/26/01
Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
Business Wire, 10/26/01
Enron Troubles Only the Tip of the Iceberg?
By Peter Eavis <mailto:[email protected]>
Senior Columnist
TheStreet.com
10/26/2001 05:23 PM EDT
URL: <http://www.thestreet.com/markets/detox/10003083.html>
Dealings with a related party have tarnished Enron's (ENE:NYSE - news - commentary) reputation and crushed its stock, but it looks like that case is far from unique.
The battered energy trader has done business with at least 15 other related entities, according to documents supplied by lawyers for people suing Enron. Moreover, Enron's new CFO, who has been portrayed by bulls as opposing the related-party dealings of his predecessor, serves on 12 of these entities. And Enron board members are listed as having directorships and other roles at a Houston-based related entity called ES Power 3.
The extent of Enron's dealings with these companies, or the value of its holdings in them, couldn't be immediately determined. But the existence of these partnerships could feed investors' fears that Enron has billions of dollars of liabilities that don't show up on its balance sheet. If that's so, the company's financial strength and growth prospects could be much less than has generally been assumed on Wall Street, where the company was long treated with kid gloves.
Enron didn't immediately respond to questions seeking details about ES Power or about the role of the chief financial officer, Jeff McMahon, in the various entities. Enron's board members couldn't immediately be reached for comment.
Ten Long Days
Enron's previous CFO, Andrew Fastow, was replaced by McMahon Wednesday after investors criticized Fastow's role in a partnership called LJM, which had done complex hedging transactions with Enron. As details of this deal and two others emerged, Enron stock cratered.
The turmoil that resulted in Fastow's departure began two weeks ago, when Enron reported third-quarter earnings that met estimates. However, the company failed to disclose in its earnings press release a $1.2 billion charge to equity related to unwinding the LJM transactions. Since then, investors and analysts have been calling with increasing vehemence for the company to divulge full details of its business dealings with other related entities. Enron stock sank 6% Friday, meaning it has lost 56% of its value in just two weeks.
Enron's End Run?
New financial chief's involvement in Enron business partners
Enron-Related Entity Creation DateMcMahon Involved?
ECT Strategic Value Corp.4/18/1985 Yes
JILP-LP Inc. 9/27/1995 Yes
ECT Investments Inc. 3/1/1996 Yes
Kenobe Inc. 11/8/1996 Yes
Enserco LLC 1/7/1997 Yes
Obi-1 Holdings LLC 1/7/1997 Yes
Oilfield Business Investments1/7/1997 Yes
HGK Enterprises LP Inc. 7/29/1997 Yes
ECT Eocene Enterprises III Inc.2/20/1998Yes
Jedi Capital II LLC 9/4/1998 Yes
E.C.T. Coal Company No. 12/31/1998 Yes
ES Power 3 LLC 1/7/1999 Yes
Enserco Inc. 3/25/1999 No
LJM Management LLC 7/2/1999 No
Blue Heron I LLC 9/17/1999 No
Whitewing Management LLC2/28/2000 No
Jedi Capital II LLC 4/16/2001 No
Source: Detox
However, Enron has yet to break out a full list of related entities. The company has said nothing publicly about McMahon's participation in related entities, nor has it mentioned that its board members were directors or senior officers in ES Power 3. (Nor has it explained the extensive use of Star Wars-related names by the related-party companies.) It's not immediately clear what ES Power 3 is or does. So far, subpoenas issued by lawyers suing Enron have determined the names of senior officers of ES Power 3 and its formation date, January 1999.
Among ES Power 3's senior executives are Enron CEO Ken Lay, listed as a director, and McMahon and Fastow, listed as executive vice presidents. A raft of external directors are named as ES Power 3 directors, including Comdisco CEO Norman Blake and Ronnie Chan, chairman of the Hong Kong-based Hang Lung Group. A Comdisco spokeswoman says Blake isn't commenting on matters concerning Enron and a call to the Hang Lung group wasn't immediately returned.
Demands, Demands
Rating agencies Moody's, Fitch and S&P recently put Enron's credit rating on review for a possible downgrade after an LJM deal that led to the $1.2 billion hit to equity. Enron still has a rating three notches above investment grade. But its bonds trade with a yield generally seen on subinvestment grade, or junk, bonds, suggesting the market believes downgrades are likely.
If Enron's rating drops below investment grade, it must find cash or issue stock to pay off at least $3.4 billion in off-balance sheet obligations. In addition, many of its swap agreements contain provisions that demand immediate cash settlement if its rating goes below investment grade.
Friday, the company drew down $3 billion from credit lines to pay off commercial paper obligations. Raising cash in the CP market could be tough when investors are jittery about Enron's condition.
This week, a number of energy market players reduced exposure to Enron. However, in a Friday press release, CEO Lay said that Enron was the "market-maker of choice in wholesale gas and power markets." He added: "It is evident that our customers view Enron as the major liquidity source of the global energy markets."
McMahon reportedly objected to Fastow's role in LJM, allegedly believing it posed Fastow with a conflict of interests. But he will need to convince investors that the 12 entities he's connected to don't do the same. Enron has said that its board fully approved of the LJM deals that Fastow was involved in. Now, board members will have to comment on their own roles in a related entity.
Under The Radar: Enron's Flickering Bulb
By Christopher Edmonds <mailto:[email protected]>
Special to TheStreet.com
10/26/2001 05:08 PM EDT
URL: <http://www.thestreet.com/comment/chrisedmonds/10003075.html>
While the bulb at Enron (ENE:NYSE - news - commentary) may not have burnt out, it's clearly flickering. To date, investors aren't sure whether Chairman and CEO Ken Lay is up to the task of re-energizing the company he once built to greatness.
What's happened at the Houston energy giant-turned-dwarf could've been imagined with any number of ne'er-do-well companies during the well-chronicled bubble. But this is Enron. As one longtime Enron bull and shareholder said, "I never had to worry about Enron's ability to survive until this week. I still find it hard to believe."
Peter Eavis has done an exceptional job of chronicling Enron's adventures for some time. If you'd listened to him earlier this year, you'd have profited from his knowledge. His reporting on Enron's partnership shenanigans to the departure of Chief Financial Officer Andrew Fastow has been outstanding.
The rumors -- from a pending bankruptcy to a Justice Department investigation -- are, for now, just that. And, Enron did not single-handedly cause the California power crisis, nor is Royal Dutch/Shell (RD:NYSE - news - commentary) about to make a bid to buy the company. Sources do tell me that head-count reductions are likely through employee buyout offers and the company is set to refocus on its core energy business. And, while former CEO Jeff Skilling shares culpability for the current mess, his departure appears only indirectly related to Enron's current woes.
Now, Enron faces the daunting challenge of rebuilding both its business and, more importantly, its reputation.
The Company's Challenge
But what does Enron do now? It's very simple. Come clean, clean up the mess and refocus on its core business: wholesale energy markets, risk management and retail energy services. They support each other and create a platform that can be plenty profitable without a lot of gimmicks.
"Our gut feel is that Enron can pull it off, and long-term investors should hold firm, as eventually the stock gets valued on earnings, with upside potential to $25 per share over the next 12-18 months," says Jeff Dietert, power analyst at Simmons & Co. and a member of the TSC Energy Roundtable. "We believe new money with high risk tolerance should wait until Enron announces its intentions for communicating a clear path to recovery."
Dietert outlines four challenges for Enron. One, management must regain the Street's confidence and persuade investors that it can resolve balance-sheet strength and generate the expected earnings and cash flow. Two, Enron must maintain its investment-grade credit rating. Three, Enron must successfully execute its divestiture plans. Four, Enron must control the timing of the recognition of the write-down in the value of any assets where market value is less than book.
Straightforward? Yes. Easy to accomplish? No.
Although Enron says additional write-downs are unlikely -- except a $200 million charge early next year as the result of an accounting change -- analysts aren't so sure. They're focused on the company's Global Assets portfolio, sporting $6 billion in book value but generating an EBIT (earnings before interest and taxes) loss of $18 million over the past 12 months.
The divestitures include $390 million in exploration and production assets in India, $250 million in a Puerto Rico power plant and $250 million in a Brazilian power plant in the fourth quarter as well as the pending sale of Portland General, which is set to close in 2002. There will likely be others. However, Enron has to execute here, and given the current state of its affairs, the seller will feel the pressure.
The credit-rating issue is a fine line. The current ratings, BBB+ from Standard & Poor's and Baa1 from Moody's, are three levels above non-investment grade. However, both rating agencies now have Enron on their radar screens for possible downgrades. Dietert estimates that Enron's debt-to-market cap will be about 48% by year-end, and the company has interest coverage (EBITDA/ interest expense) of about 3.5 times. By comparison, the average S&P BBB-rated company has a debt-to-cap of 47.4% and interest coverage of about 6.1 times. The average BB company has debt-to-cap of 61.3% and interest expense of 3.8 times.
Frankly, everything falls on Enron's management team and its ability to reassure investors. "If Enron's management does not step up to calm investor fears, these fears could become a self-fulfilling prophecy," Dietert says. "In the potentially vicious cycle, investor fears could drive stocks down; the lower stock prices force the rating agencies to consider downgrades; potentially lower credit ratings force counter-parties to reduce exposure to Enron, limiting Enron's ability to generate earnings and cash flow."
It's time for Enron to grow up. Despite a lot of uncertainties and risk, I think it will. Investors with risk capital should do their homework on the stock and think about strategy. It's a tough call that requires strict, individual discipline.
There's an irony to this whole story, especially in Enron's lack of candor in reporting its financial results. In a much-lauded advertising campaign, Enron, looking to challenge conventional wisdom, asks the simple question, "Why? Ask why."
Investors are now asking. It's time for Ken Lay to answer.
First Things First
Many readers have asked about my relative quietness this week. Thank you for your concern. My father has fallen ill after fighting the effects of a brain tumor for more than a decade.
The choice was easy. I'm with him and my family.
Enjoy your weekend with family and friends.
DJ Enron Unit,New England Market Downplay Report Of Default
2001-10-26 17:14 (New York)
By Kristen McNamara
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Enron Corp.'s (ENE) retail sales unit defaulted on its
credit requirement in New England's wholesale power market this month, but the
event was neither unique nor newsworthy, the energy company and the
organization that developed the market's rules said Friday.
The operator of the region's wholesale power market informed Enron Energy
Services last week that, for the third time in 12 months, it had traded a
greater volume of electricity than allowed by the bond it had posted and was at
risk for expulsion from New England's market.
But it was administrative mixups, rather than financial problems, that
triggered the warning, which a few other companies have also received in the
past, the market's rulemaker said.
"I can state with considerable confidence that there have been other
participants" that have defaulted on their credit agreements, "and it's never
been in the news," said David Doot, secretary and general counsel for the New
England Power Pool, which developed the policies governing the region's
electricity market. "My instinct is that this is blown way the hell out of
proportion."
News of the Enron unit's default appeared in a trade publication and a major
metropolitan newspaper this week, as Enron's dealings with partnerships headed
by its former chief financial officer contributed to a plunge in the company's
stock and bond prices.
Enron Energy Services never received word that it had defaulted on its
bonding requirement twice before, because both times it corrected the problem
within a day, spokeswoman Peggy Mahoney said.
The letter sent by ISO New England, which operates the region's power market,
to notify the Enron unit of its third violation was addressed to the wrong
person, delaying the company's response, Mahoney said.
"Clearly, it was an administrative error that we immediately took care of to
ensure that we would never exceed the volume limit," Mahoney said.
The company resolved the problem by Oct. 19, Mahoney said. ISO New England
spokeswoman Ellen Foley confirmed Friday that the company had cured its
default.
It's rare for a company to default three times, but it has happened on
occasion, Foley and Doot said.
"I won't say it's commonplace, but I won't say it's unusual for a participant
to find itself out of compliance," Doot said. "Those things have in fact
happened from time to time."
-By Kristen McNamara, Dow Jones Newswires; 201-938-2061;
Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
2001-10-26 16:47 (New York)
Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Houston, Oct. 26 (Bloomberg) -- Enron Corp.'s lawsuit
alleging Microsoft breached a contract for broadband services
could temporarily block the largest software company's high-speed
Internet service in some U.S. regions.
Microsoft said the dispute temporarily blocks the company
from providing the high-speed service in areas where Enron
provides broadband access, leaving MSN fully operational only in
the 14 states where Qwest Communications International Inc.
operates, said Bob Visse, director of marketing for MSN.
Enron's lawsuit was filed yesterday. Microsoft had planned to
offer fast Internet access in 45 cities beginning yesterday to
give the largest software company access to potential customers in
29 million homes. Microsoft, the No. 2 U.S. Internet provider, is
making a push to win customers from AOL Time Warner Inc.
``We are trying to resolve the issues with Enron as quickly
as possible and at the same time we are evaluating other
providers,'' Visse said.
Officials at Houston-based Enron, the largest energy trader,
did not immediately return calls for comment.
The Agreement
Enron in June signed an agreement with Microsoft to provide
bandwidth for MSN Internet service. Under the agreement, Enron
isn't required to deliver operational broadband services if
Microsoft hasn't first provided a billing and ordering system, Dow
Jones newswire reported.
Enron claims in its lawsuit that Microsoft failed to deliver
the ordering and billing system required in the initial phase of
the deal, Dow reported.
Enron's lawsuit comes after Microsoft said in an Oct. 23
letter that Enron will have breached the contract if it hasn't
provided an operational bandwidth system by Oct. 25, allowing
Microsoft to recover damages.
Shares of Redmond, Washington-based Microsoft fell 36 cents
to $62.20, while Enron shares fell 95 cents to $15.40.
--Joyzelle Davis in Los Angeles (213) 617-0582, or
Enron Executives Sent Requests for Details of Affiliate Profits
2001-10-26 15:36 (New York)
Enron Executives Sent Requests for Details of Affiliate Profits
Houston, Oct. 26 (Bloomberg) -- Lawyers for a shareholder
suing Enron Corp. are asking executives of the largest energy
trader to disclose any income they made from their involvement
with affiliated companies that bought and sold Enron assets.
Lawyers have made the requests to President Greg Whalley,
Vice Chairman Mark Frevert and Chief Financial Officer Jeff
McMahon and 83 other employees arrived at Enron's Houston offices
this week, said Paul Paradis, a partner in the New York law firm
Abbey Gardy. Requests also were sent to 17 Enron partnerships such
as Whitewing Management and Marlin Water.
Paradis represents Fred Greenberg, an Enron shareholder who
is suing the company's board for allowing former Chief Financial
Officer Andrew Fastow to run partnerships that cost the company at
least $35 million in cash and $1.2 billion in lost shareholder
equity.
The requests are aimed at determining if Enron executives
benefited financially from roles as officers and directors of
partnerships that bought and sold company assets. Enron formed at
least 18 such affiliated companies, listing executives and
employees as officers and directors of the partnerships, according
to Texas secretary of state records.
Under Texas law, failure to respond to the document requests
will result in subpoenas being issued. Subpoenas could go out next
week if responses don't arrive by then, Paradis said. Enron
spokeswoman Karen Denne didn't respond to requests for comment
about the document requests.
The executives earned no income from the partnerships, Enron
spokesman Mark Palmer has said. ``There are no financial interests
in the structures themselves for any Enron employee,'' Palmer
said. He said it's common for a company to name its executives to
the boards of affiliates.
Affiliates Have Debts
Texas records show Chief Executive Officer Kenneth Lay,
Frevert, Whalley, McMahon and dozens of other people who list
their address as Enron's corporate headquarters serving as
officers and directors of limited liability companies and foreign
business corporations.
The document requests ask Enron executives for information on
any form of compensation or benefit received from any of the
affiliates, including stock grants and options. They also ask the
executives to disclose any equity or partnership interests in the
affiliates.
Enron formed many of the affiliates to buy company assets
such as power plants and natural-gas pipelines. That allowed Enron
to move debt associated with those projects off its books.
The affiliates bought the assets with borrowed money. They
plan to repay the debt by eventually selling the assets. Enron
might be liable for any shortfall between the sales proceeds and
the debt. That could amount to at least $3.3 billion if the assets
don't generate any money, a remote possibility, the company has
said.
Few Answers
Investors and analysts pressed Enron Chief Executive Officer
Kenneth Lay for details on the finances of the partnerships in a
conference call Tuesday.
Today, Enron spokeswoman Karen Denne didn't respond to
questions about one of them, ES Power 3 LLC.
Texas records list 78 Enron executives and employees as
officers, directors and managers of ES Power 3 LLC. The entire
Enron board is also listed.
Shares of Enron $1.15 to $15.20 in late trading.
--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at
Enron Still Target in California Amid Other Problems (Update1)
2001-10-26 16:15 (New York)
Enron Still Target in California Amid Other Problems (Update1)
(Updates with closing share price in last paragraph.)
Sacramento, California, Oct. 26 (Bloomberg) -- Enron Corp.,
facing an inquiry by federal securities regulators into
partnerships run by the former chief financial officer, remains a
target of investigations and lawsuits in California.
California lawmakers and regulators have accused power
providers of manipulating the state's energy market to raise
prices. Enron, the biggest energy trader, and other power sellers
have denied the charges repeatedly.
Next month, a California Senate committee investigating the
power market plans to hold a hearing to determine if Enron and
other generators are complying with subpoenas for trading
documents. Enron has been filing documents in Sacramento,
California.
``They are still putting documents in their depository, and I
don't think they've completed that process,'' said Alexandra
Montgomery, a consultant to the committee. It ``remains to be
seen'' whether Enron is complying with its subpoena, she said.
The suits and inquiries came after wholesale power prices in
California soared, leaving the state's two largest utilities
insolvent. Under California's plan to open its electricity market
to competition, the utilities of PG&E Corp. and Edison
International weren't allowed to pass rising costs to customers.
``I know that we're doing our best to comply with what the
committee is asking for,'' Enron spokesman Mark Palmer. ``We are
putting documents in the depository, and we're looking forward to
a speedy resolution.''
Shares of Houston-based Enron have fallen by more than half
since Oct. 16. The company ousted Andrew Fastow as the chief
financial officer Wednesday amid a U.S. Securities and Exchange
Commission inquiry into a partnership he ran that cost Enron $35
million.
Grand Jury
Enron also is one of the companies being investigated for
civil and criminal violations by California Attorney General Bill
Lockyer, who convened a grand jury in June.
Lockyer has been criticized by Enron officials for telling
the Wall Street Journal in May that he would like to put Enron
Chairman Kenneth Lay in ``an 8 x 10 cell that he could share with
a tattooed dude who says `Hi my name is Spike, honey.' '' Lockyer
later apologized for the remark.
The attorney general's investigation is proceeding, Lockyer
spokeswoman Sandra Michioku said. Michioku said she didn't know
when civil or criminal charges against Enron or other power
providers might be filed.
``Our investigation is still being pursued,'' she said. ``We
had to go to court to get Enron to turn over documents, so that
slowed things down a bit.''
Enron's Palmer said he didn't know the status of the attorney
general's investigation.
``I think the attorney general demonstrated his willingness
to take a fair and impartial look a long time ago when he made his
vulgar and unfounded remarks about our chairman,'' Palmer said.
More Lawsuits
Enron, along with other major power providers such as Duke
Energy Corp. and Dynegy Inc., face at least five lawsuits alleging
they manipulated California energy prices in violation of
antitrust laws.
The cases, which include separate complaints filed by the
City of San Francisco, California Lieutenant Governor Cruz
Bustamante and various consumers, currently are in state courts
awaiting a coordination proceeding, said Michael Aguirre, a lawyer
representing Bustamante. The lawsuits should be assigned to a
judge by the end of next month, he said.
If the complaints succeed, the companies might be ordered to
repay profits from any illegal activities and pay fines, including
triple damages.
Enron's stock fell 95 cents, or 5.8 percent, to $15.40,
declining for the eighth day in a row. The shares have fallen 80
percent in the past 12 months.
--Daniel Taub in Los Angeles, (323) 801-1261 or
Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
2001-10-26 16:18 (New York)
Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
(Adds investor comment in fourth paragraph.)
Houston, Oct. 26 (Bloomberg) -- Enron Corp. bonds and shares
fell after the largest energy trader tapped a $3 billion credit
line because it has been shut out of the leading market for low-
interest, short-term loans.
The company's stock has fallen 54 percent in the past 14 days
after investors questioned its transactions with affiliates run by
Enron's former chief financial officer. The shares fell 95 cents,
or 5.8 percent, to $15.40 today.
Chief Executive Officer Kenneth Lay has failed to reassure
investors that the company's credit rating won't be cut, investors
said. Enron can no longer borrow in commercial paper markets,
where short-term loans carry lower rates than banks offer.
``Do they have the financial flexibility they once had? No,''
said John Cassady, who helps manage $3 billion in bonds at Fifth
Third Bancorp. ``People are questioning the credibility of
management.''
The company will use its credit line to pay off $2.2 billion
in commercial paper it has outstanding, Enron spokesman Mark
Palmer said.
Bonds Drop
Enron's 6 3/4 percent bonds, which mature in 2009, declined 1
1/2 points to a bid of 84 cents on the dollar and an offer of 86
cents. At that price, the bonds, which carry a rating of ``BBB+,''
yield 9.53 percent.
Investors have grown concerned that the company's credit
rating will be cut after $1.01 billion in third-quarter losses
from failed investments. Enron needs good credit to raise cash
daily to keep trading partners from demanding collateral and to
settle transactions.
Enron's decision to tap its credit line was ``a smart
financial move,'' said Stephen Moore, a vice president at Moody's
Investors Service who follows the company. ``It took away the
hassle and time-consuming nature of rolling commercial paper and
insured access to capital.''
Though Enron's bonds have investment-grade ratings, their
yield at current prices is higher than those of industrial bonds
that carry junk ratings. According to Bloomberg data, companies
with ``BB'' ratings pay on average 9.16 percent to borrow for
seven years.
A lower credit rating may also force Enron to buy back
holdings in other partnerships with its stock, diluting the value
of Enron investors' stock.
Partnerships called Whitewing, Marlin and Yosemite own Enron
assets they bought with borrowed money. Enron sold the assets to
the partnerships to keep related debt off its books. The
partnerships plan to repay the borrowed money by selling the
assets.
Other Liabilities
If Enron loses investment-grade rating, the borrowed money
comes due earlier, leaving less time for the partnerships to find
the best price for the power plants and other assets. Enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt.
One way would be issuing common shares to exchange for Enron
preferred convertible shares held by the partnerships. That would
thin out the holdings of every other investor.
Of the two main bond-rating companies, Moody's and Fitch have
Enron on watch for possible downgrade, and Standard & Poor's
lowered Enron's long-term credit outlook to negative. Egan-Jones
Rating Co. today lowered its rating on Enron's debt to ``BB+,''
one notch below investment grade, from ``BBB-.''
Enron's liabilities associated with the partnerships amount
to at least $3.3 billion, the company has said.
Enron ousted Chief Financial Officer Andrew Fastow on
Wednesday amid a Securities and Exchange Commission inquiry into a
partnership he ran that cost the company $35 million in direct
losses. Enron also bought back 62 million shares from the
partnership, reducing shareholder equity by $1.2 billion.
``It looks like the guy who was supposed to do everything for
the benefit of shareholders was running partnerships for the
benefit of himself,'' Fifth Third's Cassady said.
Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Lay said in a
statement.
--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at
Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
10/26/2001
Business Wire
(Copyright (c) 2001, Business Wire)
SEATTLE--(BUSINESS WIRE)--Oct. 26, 2001--Seattle's Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Enron's retirement and 401(k) plans.
The investigation period covers January 2000 through October 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Enron and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the use of employer stock as a Plan investment. Rather than providing complete and accurate information to the Plans' participants, it may be alleged that Enron and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.
On Oct. 16, 2001, Enron surprised the market when it announced that the Company was taking "non-recurring charges totaling $1.01 billion after-tax, or ($1.11) loss per diluted share," in the third quarter of 2001. Enron later revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships, controlled by Enron's CFO, and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. In addition, several recently filed securities suits allege that Enron executives engaged in extensive insider trading, gaining millions of dollars in personal proceeds. Enron retirees have lost a substantial portion of their retirement earnings due to the drop in value of their retirement assets.
If you are a member of an Enron retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Liza Catabay, or any member of our team (Britt Tinglum, Liza Catabay, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at [email protected].
Seattle's Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
CONTACT: Keller Rohrback L.L.P. Liza Catabay, 800/776-6044 [email protected] www.SeattleClassAction.com
15:16 EDT OCTOBER 26, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
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{
"pile_set_name": "Enron Emails"
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I do not have Word Perfect on my machine. Could you please get this file converted to Word and sent back to me and Gerald.
Thanks,
Steve
-----Original Message-----
From: "P. Keith Daigle" <[email protected]>@ENRON [mailto:IMCEANOTES-+22P+2E+20Keith+20Daigle+22+20+3Cpkdaigle+40neosoft+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, July 18, 2001 8:14 PM
To: Israni, Rakhi; Johnson, Patrick; Van Hooser, Steve; Westbrook, Roger
Subject: Sorrento Nat Gas ROW Agr. Our file #ENR-01
Attached is my 1st draft of a Servitude agreement for the Sorrento
pipeline in Assumption, Louisiana. I used Enron's base agreement and
made numerous changes to comply with Louisiana law, considerations not
addressed in the base agreement, clarity and good grammar. I also
included some of the provisions of the Sorrento proposed draft. Please
call to discuss.
- ServAgr
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"pile_set_name": "Enron Emails"
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So, do I need to look at those counterparties with a "closed" status to
determin if they are actually signed up?
Thanks,
Eric
From: Bryan Hull
10/26/2000 10:09 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Texas Counterparties
Here ya go..
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"pile_set_name": "Enron Emails"
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FYI regarding the Commission meeting to be held this afternoon. Ray
---------------------- Forwarded by Ray Alvarez/NA/Enron on 06/18/2001 09:43 AM ---------------------------
John Shelk
06/18/2001 08:15 AM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Tim Belden/Enron@EnronXGate, Alan Comnes/Enron@EnronXGate, Kevin M Presto/Enron@EnronXGate, Robert G Johnston/Enron@EnronXGate, Tom Briggs/NA/Enron@Enron, Pat Shortridge/Corp/Enron@Enron, Carin Nersesian/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Ray Alvarez/NA/Enron@ENRON
cc:
Subject: White House To Support FERC Action Today
According to this morning's Washington Post, the Bush Administration will support the expected FERC action today of extending the existing California price mitigation regime to 10 other Western states and to all days/all hours, not just during California emergencies (stages 1, 2 and 3). This action comes only a day before FERC and other witnesses will testify on the Feinstein/Smith price cap legislation before the Senate Energy Committee, Gov. Davis and FERC will testify before the Senate Governmental Affairs Committee on Wednesday, and the House Financial Services Committee joins the fray with a hearing on the California energy situation on Wednesday. The latter committee will probably base its jurisdiction over some aspect of energy policy on a number of factors, including its jurisdiction over presidential economic emergency powers. The committee staff has in the past expressed interest in derivatives and other financial aspects of energy trading and markets. We are checking now to quietly determine whether these issues will be on Wednesday's agenda.
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"pile_set_name": "Enron Emails"
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New Mix Needed to Fuel Energy Future
Los Angeles Times, 05/20/01
Developing Energy Bill Ignites Power Scramble
The Washington Post, 05/20/01
Few flip the switch on electricity trial / Pilot program previews deregulation
Houston Chronicle, 05/20/01
Electric deregulation fails to excite residential customers
Associated Press Newswires, 05/20/01
Qatar Oil Min: Talks Progressing On Gas Exports To Kuwait
Dow Jones Energy Service, 05/20/01
IRAN: OPEC unlikely to alter output at June meet-Qatar.
Reuters English News Service, 05/20/01
India: Enron serves termination notice
The Hindu, 05/20/01
India: Centre to wash its hands off DPC?
The Hindu, 05/20/01
India: Notice improper, says Deshmukh
The Hindu, 05/20/01
Business; Financial Desk
JAMES FLANIGAN
New Mix Needed to Fuel Energy Future
JAMES FLANIGAN
05/20/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company
For all the debates about President Bush's national energy policy, the issues
are more simple than complicated.
The most basic fact pushing the new policy is an Energy Department projection
that U.S. use of electricity will grow seven times faster in the next two
decades than it has in the last 10 years. And, of necessity, that growth will
have to be satisfied with a different mix of fuels.
Today 52% of the nation's electric power is generated by burning coal and 16%
comes from burning natural gas.
But natural gas is the growth element, projected to supply 33% of U.S.
electricity 20 years from now. Coal will continue to be the largest factor in
electricity generation, the Bush plan states, but its role will decline
because of environmental considerations.
Techniques already in use--such as turning coal to gas before burning--can
eliminate most of the polluting sulfur and nitrogen oxides. But coal's
inefficient combustion generates high levels of carbon dioxide and
accompanying concerns about global warming, so its use will be in relative
decline.
That's why the energy policy talks of increasing the use of nuclear power,
which supplies 20% of U.S. electricity. And that's also why the heart of the
program supports exploration for natural gas and the building of pipelines to
increase the availability of that efficient, relatively clean fuel.
Why is energy use projected to rise faster than it has in the recent past?
Because the use of computer networks that today control the functioning of
most institutions in society--companies, schools, government--is already
increasing. Such networks demand electric power that is far more reliable
than ever before. And those demands have pushed the infrastructure of
transmission lines and other facilities to the breaking point.
So a major thrust of the new policy is to support the modernizing of
transmission systems and other infrastructure.
The plan's very existence is positive, business people say. It's an antidote
to local bickering.
"We now have a plan about energy expansion, so a national dialogue can
begin," says Mark Stevens, head of strategic planning for Fluor Corp., a
major engineering and construction company based in Aliso Viejo in Orange
County.
The new policy offers a stark contrast to the past. During the last major
energy crisis, which began with the 1973 oil embargo, government policy aimed
to allocate scarce resources. Utilities were restricted from burning natural
gas to produce electricity, for example. Now the aim is to increase
production of fuels and energy.
A sure consequence will be lower prices for oil and natural gas within a few
years, energy experts say. From current levels of $4 to $5 per thousand cubic
feet, natural gas "will be selling for $3 to $4 by 2003," says Thomas
Robinson of Cambridge Energy Research Associates.
Such price levels, however, still will be more than double those of most
years in the last decade. So the businesses of exploration, production and
delivery of natural gas will remain brisk. Current U.S. consumption of
natural gas is nearly 23 trillion cubic feet a year, up 21% from a decade
ago.
Pushed by such demand, industry is investing in major projects--such as the
natural gas pipeline from Prudhoe Bay in northern Alaska down through Canada,
on which design and engineering are underway.
Oil field and gas service companies such as Halliburton Co. and BJ Services
Co. have been working flat out for more than a year. Companies that survived
lean years when oil and natural gas prices were low, such as Global Marine
Inc., now are thriving.
Under the Bush proposals, exploration for natural gas in the Rocky Mountains
and other land areas would increase. That would mean even more work for
drilling and production companies such as Helmerich & Payne Inc., Noble
Affiliates Inc. and Noble Drilling Corp., which have been reaping higher
sales and earnings after half a decade of lean times.
Imports of natural gas will grow. Mexico's natural gas, now being flared as
it comes up with oil in the Bay of Campeche, surely will find its way north
to markets in the U.S. and northern Mexico, either as liquefied natural gas
or through pipelines that will be constructed.
A main thrust of the Bush proposals will be to modernize and expand electric
transmission lines. And here again the new policy is focused on programs
already underway.
The Federal Energy Regulatory Commission is working to set up new kinds of
private companies, called regional transmission organizations, that would buy
transmission lines from investor-owned and municipal utilities and ultimately
meld them into a national grid.
Such RTOs, financed by institutional investors, would increase the flow of
electricity across the country and, in theory, eliminate bottlenecks. That
would enhance the growing practice of many utilities and companies such as
Enron Corp. of trading electricity in financial futures markets. PG&E Corp.
and Sempra Energy, the holding companies for two of California's three big
investor-owned utilities, operate large power trading businesses.
But legislation would be required to establish RTOs and to acquire local
transmission lines, and that issue should lead to pitched battles in
Congress.
With its devotion to infrastructure, the White House energy plan is certain
to give increased work to engineering and construction companies--Fluor,
Bechtel Group Inc., Jacobs Engineering Group Inc., URS Corp. and Washington
Group International Inc.--that already have heavy backlogs.
"We'll be hiring engineers," says Fluor's Stevens--if he can find them.
The numbers of engineering graduates from U.S. universities have been
declining, but as a result of opportunities presented by the Bush energy
program, enrollments in engineering schools could increase. Or U.S. companies
could draw on engineering expertise at their subsidiaries in Asia and Europe,
where engineering graduates still are in abundance.
Bush's energy plan, if most of its proposals win approval in Congress, would
serve as a catalyst for investment in electric power generation and oil and
natural gas production, as well as research on coal, nuclear and, to a lesser
extent, wind and solar power and other forms of renewable energy.
Such investment always has a ripple effect on other industries. Even in the
1970s, this brought surpluses and lower prices for energy, which benefited
companies in sectors as diverse as chemicals, food processing and tourism.
That is this plan's aim also, as we look ahead to "interesting times," in the
Chinese proverb's ambivalent phrase, for U.S. energy prospects and the
economy.
*
James Flanigan can be reached at [email protected].
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
Energy Disparity
Fuel sources for electricity in California and other states contrast sharply.
California burns less coal but uses more renewable energy--chiefly wind,
solar and geothermal power.
Sources: California Energy Commission, U.S. Department of Energy
GRAPHIC: Energy Disparity, Los Angeles Times;
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A Section
Developing Energy Bill Ignites Power Scramble
Dan Morgan and Peter Behr
Washington Post Staff Writers
05/20/2001
The Washington Post
FINAL
A01
Copyright 2001, The Washington Post Co. All Rights Reserved
As Congress begins turning President Bush's energy plan into legislation in
coming weeks, some of the biggest battles will be between regions, industries
and companies maneuvering to protect old advantages -- or carve out new ones
-- with the help of powerful mentors on Capitol Hill, according to
congressional and industry officials.
The wide mix of players includes big coal-burning utilities in the South and
Midwest; companies that broker or sell power over the Internet to the highest
bidder; huge public power providers such as Tennessee Valley Authority; rural
and municipal cooperatives that enjoy grass-roots political support dating to
the New Deal; and others.
At the same time, the debate between cleaner-burning gas and dirtier coal,
the Northeast vs. the Midwest, and Enron Corp. vs. Southern Co., could be as
pivotal as the better publicized battle pitting environmentalists against
advocates of more robust energy development.
"That's what the Congress is all about, melding this all into a consensus
package," said Rep. Joe Barton (R-Tex.), chairman of the House Energy and
Commerce Committee panel that will draw up legislation to restructure the
industry.
That will be no easy task, according to members of Congress, aides and
officials of the electric utility industry.
Although the electrical power industry agrees broadly on the need for more
oil and gas exploration and new investments in transmission lines and
pipelines, crafting legislation is certain to bring out festering
disagreements, according to congressional officials.
There are divisions over environmental policy, the pace of mergers and
consolidation, and the speed at which the country should move toward a
national electricity grid in which the flow and price of power are determined
by the laws of supply and demand. The administration's proposal to give the
federal government broader authority to dictate the location of transmission
lines could set up clashes with governors and advocates of states' rights.
None of that takes away from the indisputable influence of the nation's power
industry. Electrical utilities and their employees gave $18.9 million to
political parties and candidates in the last election, double the amount in
1996. Bush received $447,089 of this amount, and Barton and other members of
the House and Senate energy committees in both parties also collected hefty
sums.
But whether the strong political connections will enhance chances for a
broad-based energy bill this year, or increase the likelihood of a stalemate
between powerful but divergent interests, is still unclear, according to
sources.
"It's a political hornet's nest," said a senior Republican with close ties to
the utility industry.
The Bush plan, for example, holds out the possibility of regulatory relief
for midwestern and southern coal-burning utilities that have been sued by the
Environmental Protection Agency for allegedly violating air quality rules for
old power plants.
The notion infuriates environmental groups and has been sharply attacked by
Democratic politicians. Rep. Edward Markey (D-Mass.) called the plan a
"Trojan horse to take health and environmental laws passed in the last
generation off the books."
"The plan seems to favor the older and dirtier base-load coal plants in the
southern and midwestern states," said Rebecca Stanfield, a lawyer with the
U.S. Public Interest Research Group.
But some of the strongest opposition to relaxing enforcement procedures comes
from eastern utility companies that burn clean natural gas, or have complied
with stringent state environmental codes.
Rep. Frank Pallone Jr. (D-N.J.), who serves on the environmental subcommittee
of the Energy and Commerce Committee, charged that the Bush plan would add to
pollutants from Midwest power plants being carried to the Atlantic Coast by
easterly winds. At the same time, he said, "it's wrong because you required
utilities to meet more stringent standards and that's what they did. . . .
It's not fair regionally."
"It doesn't have to be bloody, but there's certainly going to be a fight," he
added.
"The regional tensions are in play with the Bush approach because it doesn't
create a level business playing field," said Joseph Miakisz of the Clean
Energy Group, which represents eight eastern utilities. Without clear
emission targets for key pollutants, he said, the Bush reform will not solve
the problem.
The Bush administration plan sets out as a long-term objective a national
grid for electricity in which prices would be determined by free-market
forces. But coming on the heels of the California electricity crisis, some
politically-powerful groups view such a deregulated system with renewed
skepticism.
Glenn English, a former Democratic congressman from Oklahoma who is chief
executive of the National Rural Electric Cooperatives Association, said he
could support a national grid, but only if cooperatives and other consumers
have a say in "how it it is built and who is going to control it."
At the prodding of the Federal Energy Regulatory Commission, utilities and
states have begun setting up Regional Transmission Organizations (RTOs) to
make decisions on the building of transmission lines and arbitrate between
old-line utilities and new "merchant" companies that are vying to sell power
over utility-owned lines.
The concern of English and others is that big conglomerates will end up
controlling the RTOs, diluting the voice of smaller local groups. Without
extensive consumer protections, he said, his organization also opposes a
provision of the Bush plan that would repeal a 1935 law that makes it
difficult for utility companies to acquire other utilities outside their home
districts.
The issue pits cooperatives against many of the nation's largest
investor-owned utilities, which favor repeal of the Public Utility Holding
Company Act (PUHCA). Among those who have lobbied for repeal is famed
investor Warren Buffett, whose Berkshire Hathaway Co. has a stake in
MidAmerican Energy Holdings Co.
But with member-owned rural cooperatives in 46 states and more than half the
435 congressional districts, English's organization can count on a hearing
for its views. "The public power people have to be factored in and will be
before this is over," said former Democratic congressman Vic Fazio (Calif.),
now a lobbyist.
For Northwest senators from states with plentiful hydroelectric power, the
goal will be to preserve power systems that, until the California crisis,
delivered a kilowatt hour of electricity for less than half what it costs in
New England. Protecting northwestern electricity customers from price spikes
resulting from power diversions to California could conflict with the drive
for further deregulation and a more seamless electricity grid.
To ensure a hearing for their views, major corporate interests have lined up
an array of former members of Congress to lobby on their behalf.
Former representative Susan Molinari (R-N.Y.) is working for Exelon, a newly
consolidated utility that serves Illinois and Pennsylvania. Alison McSlarrow,
former deputy chief of staff to Senate Majority Leader Trent Lott (R-Miss.),
has signed on to work for repeal of PUHCA. British Energy Co. has hired
lobbyist Thomas Boggs and former representative Gregory H. Laughlin (R-Tex.).
Former senator J. Bennett Johnston (D-La.), who once chaired the Senate's
Energy and Natural Resources Committee, has been rallying support for nuclear
power.
Enron Corp. Chairman Kenneth L. Lay, a major GOP contributor and fundraiser
for Bush, has emerged as a leading advocate for deregulation and an open
energy market, a strategy that fits with Enron's business as a major
electricity trader and operator of interstate natural gas pipelines.
Lay contended in an interview that FERC has authority "to impose
non-discriminatory, open access rules on the grid. . . . We think FERC needs
to step in and impose rules across the country."
But any energy reform will have to take into account the political power of
Atlanta-based Southern Co., which has been far more cautious about embracing
the movement toward deregulation. Southern Co. operates its own unregulated
electricity trading company, Mirant, which has participated in California and
other states outside the South. But Southern Co. has been slow to open its
regulated home markets in the Southeast to penetration by Enron and other
marketers, industry sources said.
Southern is represented in Washington by former Republican National Committee
chairman Haley Barbour. Through Barbour, a Mississippi native, and
Mississippi Power, a Southern Co. subsidiary, the utility has long enjoyed a
close relationship with Lott, sources said. Southern Co. contributed $100,000
to the Bush-Cheney inaugural fund. It has given more than $565,000 to GOP
organizations since 1997.
In key aspects, the Bush energy proposal represents a victory for the utility
in its campaign for "flexibility" in the enforcement of environmental rules.
It calls for a review of EPA's pending lawsuit against Southern and other
companies, charging they illegally modified coal-burning power plants to
avoid a review procedure that could have required costly investments in
pollution-control systems.
Administration officials argue that rigid enforcement of environmental rules
is thwarting a needed growth of coal-fired power generation. But whether the
administration will ultimately prevail is uncertain. Several utilities have
settled the EPA lawsuit. Natural gas utilities, which account for most of the
new generating capacity added in the last decade, have no interest in seeing
environmental requirements relaxed for coal-burning utilities that,
increasingly, are their competitors for customers.
The environmental split is even more graphically illustrated in an internal
industry dispute over the administration's opposition to including carbon
dioxide, a main culprit in global warming, as part of a "multi-pollutant"
solution to emissions by coal-burning power plants.
Southern supports the administration position, though it says it favors
"useful, fair measures to address greenhouse gas emissions." But Ohio-based
American Electric Power Co., one of the nation's largest coal-burning
utilities, has joined the Business Environmental Leadership Council, which
favors taking action to address global warming.
AEP's chairman and president, E. Linn Draper Jr., has championed steps to
reduce carbon emissions within the company's own operations. AEP, Cinergy and
other big utilities have also discussed a "multipollutant" approach with
environmental groups, in hopes of gaining greater certainty about their
requirements for anti-pollution investments over the next decade.
"We're not green, but we are realistic," an AEP spokesman said.
http://www.washingtonpost.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A
Few flip the switch on electricity trial / Pilot program previews deregulation
LAURA GOLDBERG
Staff
05/20/2001
Houston Chronicle
2 STAR
1
(Copyright 2001)
Consumers aren't exactly fired up over an important test of the state's shift
to electricity deregulation.
A pilot program scheduled to start next month is drawing far fewer
residential electricity customers than the state hoped.
The participation rate across Texas for individual consumers was just 21
percent of its goal as of last week. Houston's rate was higher, at 45
percent, but still short by thousands.
Stakeholders in the deregulation process say no one should panic yet,
offering a variety of reasons for consumers' slow embrace.
Among them:
It takes time to persuade people to try something new.
People don't know about the pilot or are confused by the choices.
The sticker shock of air-conditioning-driven summer bills has yet to arrive.
California's power woes.
"The public is confused by the situation in California, even though we have
been trying to get the word out that their deregulation system is much
different than the Texas plan," said Texas Sen. David Sibley, R-Waco,
co-author of the state's deregulation law. "The second reason is inertia. You
are asking people to take the time to shop around for a new provider and
understand the program."
The pilot program marks a significant milestone in what is soon to be a huge
change in the way Texans think of electricity.
In 1999, state lawmakers voted to open the market to competition, with
supporters saying deregulation would result in lower rates and improved
service.
Under deregulation, Houstonians will no longer be forced to buy power from
Reliant Energy HL&P.
Instead, other companies will compete for their business. So far, six new
electric providers are offering service here, with a variety of rates. Others
are expected to enter the market.
No one will be forced to switch, and those who don't will keep getting power
from Reliant.
Before throwing the market open Jan. 1, the state has decided to let a
limited number of residential and business customers buy from new companies.
All the players - regulators, the operator of the state's power grid,
electric providers, utilities - can test computer systems and operating plans
during the pilot.
Originally, those who signed up with new electric providers were to start
getting service in early June. Last week, the state's power- grid operator
delayed the date to July 6 to give itself more time to change computer
systems.
State officials had hoped 5 percent of residential customers of
investor-owned utilities would try new electric providers for the test.
Customers can still sign up during the pilot program, which ends when full
deregulation starts.
Of the residential slots, the vast majority are for individuals and the rest
for those who join power-buying groups or pools.
Statistics tallied last week by the Public Utility Commission showed:
Statewide, 43,356 of the 205,025 spots for individuals, or 21 percent, had
been taken.
In the Reliant HL&P service area, 27,017 of 60,106 spots for individuals, or
45 percent, had been taken.
In Dallas-based TXU Electric's service area, 15,962 of the 90,636 spots for
individuals, or 18 percent, had been taken.
The PUC hasn't tabulated the numbers for buying pools but said participation
has been low so far.
Still, several retail providers said they were happy with their customer
numbers for the pilot.
"Our sign-up rate has far exceeded our wildest expectations," said Jim
Niewald, director of marketing with First Choice Power, a unit of the
Texas-New Mexico Power Co.
In many cases, providers haven't yet launched full marketing blitzes. For the
moment, several are going after customers only in limited areas such as
Houston and Dallas. Once January nears, advertising and target areas are
expected to expand.
Electricity provider Entergy Solutions, the retail arm of New Orleans-based
Entergy Corp., is doing a small amount of advertising for now.
"We are using the pilot much like it was intended, to test systems and
processes," said Jim DeLong, Entergy's vice president of retail markets.
"We've had some modest goals on customer counts."
Marketing campaigns under way include mailers, billboards and newspaper ads.
NewPower Co., a partnership of Houston-based Enron Corp., America Online and
IBM, is mailing various offers to homes, including one for free Continental
Airlines frequent-flier miles, while Green Mountain Energy Co., which sells
only wind-produced power in the state, has set up information booths at local
events such as the Texas Crawfish Festival.
The state is also doing an educational campaign, including putting
information on its Web site at powertochoose.org.
Consumers who want to switch must sort through various rate offers, which can
be confusing. State officials recommend that they ask each provider for its
"electricity facts label," which should provide apples-to-apples price
comparisons.
Texas is also battling against consumer identification with California, the
site of power blackouts and skyrocketing rates.
"People hear the phrase `electric deregulation' and equate our plan with the
California situation, even though they are very different," Sibley said.
In addition to different deregulation systems, Texas has more than enough
power-generating capacity, while California has a shortfall. A number of new
plants have been built in Texas in recent years, others are under
construction, and more are planned.
Houstonians have been signing up for the deregulation pilot program at the
highest rate in the state. Residents here probably know more about the
subject.
"Houston tends to be a more energy-aware city just because so many people
work in the industry," said Brett Perlman, a PUC commissioner from Houston.
The Reliant Astrodome is also influencing some people. Last year, Reliant
Energy agreed to a $300 million naming-rights deal for every building at the
Astrodome complex, including the new football stadium.
When the deal was announced, some Reliant HL&P customers were angry about the
price tag as their rates increased. The parent company defended the deal,
explaining that the money comes from a separate, unregulated part of its
business.
Niewald, at First Choice Power, said a "significant number" of people have
said the stadium deal motivated them to switch from Reliant to his company.
Separate slots were also reserved for commercial and industrial customers to
participate in the pilot. In many areas statewide, a lottery was held because
more than enough nonresidential customers signed up.
"Businesses make these kinds of decisions all the time, whether it be coffee
or copiers. They will switch if there is economic value," said Tim Vail,
NewPower's vice president of energy technology solutions. "Consumers have a
different view, much more of an emotional sale."
Once full deregulation occurs, the worst-case scenario would be that
consumers refuse to sign up for new providers, companies leave the
residential marketplace and rates rise or don't fall because there is no
competition.
But those involved with deregulation say the pilot participation rate is no
reason for worry.
"We really need a dozen people to make sure the system works," said PUC
Chairman Pat Wood.
Once summer electricity bills start arriving in mailboxes, he predicted,
consumers will be clamoring for a change. "Ask me in August," he said.
Wood said he probably would be concerned if the goals of the residential
pilot program haven't been met in Houston and Dallas by the end of the year.
To Janee Briesemeister, a senior policy analyst in the southwest region of
Consumers Union, the pilot participation rate does signal something.
"It foretells that the market will be slow to develop for residential
customers and residential customers will be slow to embrace it," she said.
. . .
New power flow
Beginning this summer, residential electricity users who have signed up with
the state's deregulation pilot program will be able to buy their electricity
from several providers. How electricity will get from generator to customer:
1. Household
The customer buys electricity from a Retail Electric Provider in Houston,
residential customers may choose from competing companies entering the market
or stay with their current provider (Reliant Energy/HL&P).
2. Retail Electric Provider
The Retail electric Provider buys power from deregulated generating plants.
3. Generation companies
Generators produce electricity and feed it into the state's power grid.
Nearly all of the electricity used in Texas is production in this state.
4. Transmission lines
Electricity flows over the same, regulated power lines and distribution poles
that are used today. The Electric Reliability Council of Texas - or RECOT -
will continue to schedule the flow of electricity for the region after
competition is introduced in the market.
. . .
Power choices
Here are alternatives to Reliant HL&P in the Houston area:
Entergy Solutions
1-866-368-3749
www.entergy-solutions.com
First Choice Power
1-866-4-MyChoice (1-866-469-2464)
www.FirstChoicePower.com; www.EnergyWithASmile.com
Green Mountain Energy Co.
1-866-GREEN-TX (1-866-473-3689)
www.greenmountain.com
The New Power Co.
800-NEW-POWER (800-639-7693)
www.newpower.com
Shell Energy
1-800-24-SHELL (1-800-247-4355)
www.shellenergy.com
TXU Energy Services
1-877-460-7066
www.txu.com
For more information Public Utility Commission www.powertochoose.org.
1-866-PWR-4-TEX (1-866-797-4839) Hearing impaired: 1-877-864-4725
Photo: 1. Greg Guenther, left, and Jerry Douglas work at the Taylor
operations center of the Electric Reliability Council of Texas. The role of
ERCOT, which operates the state's power grid, in the delivery of electricity
will expand once deregulation begins (color); Graphs: 2. New power flow
(color, text); 3. Power choices (b/w, p. 21, text); Photos: 4. Modern wind
turbines employed to generate power stand next to a distant technological
ancestor near Big Spring. In deregulating Texas' electric utilities, the
state is hoping it will encourage the development of more sources of
renewable energy like these (b/w, p. 21); 5. Green Mountain Energy
representative Julainne Gustafson-Lira talks with Lynda McKay, left, and
Richard Hooper about the advantages of wind-powered energy at the company's
booth at the Texas Crawfish Festival in Old Town Spring last week (b/w, p.
21)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Electric deregulation fails to excite residential customers
By DAVID KOENIG
AP Business Writer
05/20/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
DALLAS (AP) - Despite three months of advertising, bonus offers and news
coverage, Texas' grand experiment in electric deregulation is being met with
a gigantic yawn from residents.
The Legislature said up to 5 percent of the state's 5.3 million residential
customers could take part in a trial - dumping their electric company and
picking a competitor with lower rates.
So far, less than 1 percent have signed up for early deregulation, expected
to begin in July.
The tepid response from consumers isn't surprising to industry officials.
After all, by state law most Texans will get a 6 percent rate cut when
full-scale deregulation arrives in January.
"It's a slam dunk for residential users. They get that 6 percent rate cut,
and they're just waiting it out," said Tom Noel, chief executive of the
Electric Reliability Council of Texas, known as ERCOT, a coalition of
companies that operate the state's electricity grid. "It's hard to get them
excited because it doesn't make that much difference to them (in dollars),
compared to a big industrial user."
Some officials predicted that interest in deregulation will rise when
consumers start seeing their summer electric bills. Others said consumers are
wary of deregulation because they've heard it linked to rolling blackouts and
huge rate increases in California - a comparison Texas energy officials
heatedly deny.
"Consumers have never had to shop for electric service before. It's
confusing," said Janee Briesemeister, a senior policy analyst for Consumer's
Union in Austin. She said many Texas consumers don't realize deregulation is
coming.
Under a 1999 law, most Texas residential and commercial power customers will
be able to drop their longtime monopoly electric utility Jan. 1 and pick
another power supplier - 19 have been certified by the state. The change will
affect just about everyone except customers served by a municipal utility or
electric co-op.
This year's pilot program was created to help the power retailers test their
billing and customer-switching systems. The first customers were scheduled to
switch their service in June, but this week ERCOT, the electric-grid
operator, pushed the start of the experiment back to early July.
ERCOT also disputed a warning from a national group that monitors electric
grids that the state's power system should be "closely watched" this summer
because of the shift to deregulation. ERCOT said it was planning carefully
for the Jan. 1 switch.
On the eve of competition, the old monopoly utilities have reinvented
themselves as free-market energy sellers. Dallas-based TXU is trying to hold
on to its North Texas customers while expanding into Houston. Conversely,
Reliant Energy is defending its Houston base while raiding TXU's turf in
Dallas.
Both are facing competition from another investor-owned utility, Texas-New
Mexico Power, and from new players, including Enron spinoff The New Power
Co.; a Shell Oil subsidiary; and Green Mountain Energy Co., which is a
venture of BP Amoco and Nuon NV of the Netherlands.
Supporters of deregulation say competition will reduce prices. This is
especially likely for the big industrial power customers, who will be able to
negotiate discounts.
Deregulation supporters say residential customers - the smallest users of
power - also will benefit because of the so-called "price-to-beat" provision.
The clause will require utilities such as TXU, Reliant and Central Power &
Light to give residential and small-business customers a 6 percent rate cut
in January and not raise rates for three years or until they lose 40 percent
of their customers. They will, however, be allowed to pass through increases
in the cost of fuel burned to create power.
Each area in the state also has a designated "provider of last resort,"
usually the former monopoly company, which is obligated to keep the lights on
if the state's electric grid is overloaded or another provider fails.
"Switching electric providers is a pretty low-risk proposition," said Waters
Davis, president of Reliant's deregulated services. "If consumers have a bad
experience, they can always switch back to the utility. It won't result in
the lights going out."
The chance to switch electric companies this summer has proved more popular
with commercial power users - the 5 percent sign-up limit was reached quickly
in many parts of the state.
Plano-based Cinemark USA Inc., which operates movie theaters around the
state, has already installed computerized energy-management programs and
drilled the importance of conservation into theater managers. It picked TXU
to serve 22 of its theaters outside TXU's home market of North Texas.
"There were several factors, and obviously price was one of them," said Art
Justice, Cinemark's energy manager, who declined to say exactly how much the
company expects to save. "Everybody is a little more focused on energy,
whether it's your home or office."
There are about 2,000 large electric users in Texas - businesses or
industrial plants that consume more than one megawatt of power at peak usage
- and the electric retailers have fought hardest for those accounts.
Despite the slow start to the pilot program, industry and state officials
predict deregulation will be a hit. A spokesman for the Public Utility
Commission predicted that the big dollars at stake would attract even more
electricity providers, but there might not be room for all of them.
"Within 12 to 18 months, you'll see a couple shakeouts," said Shawn Walker,
vice president of TXU's consumer markets. "On the consumer side, you'll
probably have no more than six to 10 providers."
End advance
---
On the Net:
www.puc.state.tx.us
www.txu.com
www.reliant.com
www.newpower.com
www.FirstChoicePower.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Qatar Oil Min: Talks Progressing On Gas Exports To Kuwait
05/20/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
TEHRAN -(Dow Jones)- Qatar is progressing in its plans to sell gas to Kuwait
and Bahrain, Qatar's oil minister, Abdullah bin Hamad Al Attiyah, said
Sunday.
Al-Attiyah, speaking to reporters on the sidelines of the Gas Exporting
Countries Forum, said the volume being considered for Kuwait was 1 billion
cubic feet a day. He didn't specify volumes for Bahrain.
Commenting on recent reports that Enron Corp. might withdraw from the Dolphin
gas project, a plan to export 2 billion cubic feet a day of Qatari gas to the
United Arab Emirates starting in 2004, Al-Attiyah said that he had heard
these reports but had seen no official notification from Enron Corp.
Dolphin Energy Ltd, or DEL, is 51% owned by the UAE's Offset Group. The
remaining 49% is equally split between Enron (ENE) and TotalFinalElf (TOT).
Al-Attiyah said Qatar hopes to sign a production-sharing agreement with DEL
before the September deadline.
By Sally Jones, Dow Jones Newswires; 44 20 7842 9347, [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
IRAN: OPEC unlikely to alter output at June meet-Qatar.
05/20/2001
Reuters English News Service
(C) Reuters Limited 2001.
TEHRAN, May 20 (Reuters) - Qatari Energy Minister Abdullah bin Hamad
al-Attiyah said on Sunday he believed OPEC would not adjust output at its
June meeting, saying the global oil cartel was determined to keep the market
stable.
"As things stand today, I don't think OPEC will take a decision to cut or
increase production, but we will wait until June," Attiyah told reporters at
the two-day Gas Exporting Countries' Forum which ends in Tehran on Sunday.
"We want to avoid shocks, its important that OPEC does not limit supply. We
will never create a shortage. If we see there is demand, we will meet this
demand," he said.
OPEC, which has cut production by a total 2.5 million barrels per day (bpd)
this year, is due to meet on June 5-6 in Vienna.
Attiyah repeated that an OPEC basket price of $25 a barrel was best for
producers and consumers. "We're against high prices," he said.
Qatar, which sits on the world's third largest natural gas reserves after
Russia and Iran, is seeking to boost its gas exports to the Gulf after
investing billions of dollars to tap its vast resources.
Attiyah said Qatar was making progress on gas projects in Kuwait and Bahrain.
He said the volumes involved in the potential Kuwait deal were around one
billion cubic feet per day (cfd) but volumes for Bahrain had yet to be
decided.
Qatar is also seeking to sell gas to the United Arab Emirates and in March
signed a "commercial term sheet agreement" with Dolphin Energy Ltd (DEL),
which is majority owned by the UAE's Offset Group.
The deal would allow DEL to develop a tract of Qatar's giant North Field and
produce up to two billion cfd of gas. The gas is targeted to reach the UAE
capital Abu Dhabi as early as 2004.
France's TotalFinalElf and Enron hold the remaining 49 percent of DEL.
Attiyah said Qatar hoped to sign a production-sharing agreement with the UAE
firm before a September deadline.
He also said that he had received no confirmation from DEL or the Offset
Group that Enron, which is undergoing a global restructuring, was pulling out
of the project.
Market sources had earlier said that the U.S. firm looked set to bow out of
the project.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Enron serves termination notice
Arunkumar Bhatt
05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
MUMBAI, MAY 19. The Dabhol Power Company, an Enron-sponsored firm, today
served what it called a preliminary termination notice (PTN) on the
Maharashtra State Electricity Board for scrapping the power purchase
agreement between the two.
The move comes a couple of days before the lenders of the $2.9- billion power
project decide on the question of allowing the DPC to begin the termination
proceedings.
Enron had maintained a studied silence on the prospects of further talks with
the renegotiating committee after the first meeting on May 11 last. The
second meeting is scheduled for May 23 and Enron is yet to decide on
attending it.
In a statement, the DPC blamed the "unwillingness of the MSEB and the
Maharashtra Government to honour their offtake commitments and that of the
Centre to assist the State" but kept its options of renegotiations open.
"As a final note, even though it was necessary to issue the PTN, we are still
open to constructive discussion on solutions," the statement said. It
suggested that a solution could be either the MSEB buying the power according
to the contract or finding another "creditworthy" buyer.
With this, the company which was supposed to come out with its own proposal
in the wake of the Godbole Committee finding errors of omissions and
commissions in the PPA, is now putting the onus on the MSEB, the Maharashtra
and the Central Governments and that too within the framework of the existing
PPA.
While blaming the Indian side for the PTN, the DPCsaid this would continue
and expected the buyers to meet their obligations.
This means the company rejects the penalty notices for Rs. 402 crores slapped
by the MSEB for not supplying power according to the contract.
Four groups of trans-national financial institutions and the Indian lenders,
IDBI and ICICI, are to decide the matter by voting through fax or e-mail on
Monday.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Centre to wash its hands off DPC?
Alok Mukherjee
05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
NEW DELHI, MAY 19. Though there was no official comment on the Enron-
promoted Dabhol Power Company issuing the pre-termination notice to the
Maharashtra State Electricity Board (MSEB), the Central Government seems to
be in a mood to wash its hands off the controversial project.
Highly-placed sources in the Power Ministry had indicated to The Hindu
recently that the Centre would not be unduly perturbed in case Enron walked
out of the project. This thinking was backed by some action also. After
agreeing on April 23 to constitute a re- negotiating committee in which it
would also have a nominee and, more importantly, agreeing to consider
wheeling the excess power from the DPC out of the State, the Centre quietly
went back on its word.
First, it did not send its representative to the first meeting of the
re-negotiating committee on May 11, even though the meeting date was
announced in advance. Secondly, it reportedly indicated to Maharashtra that
bailing out the project by taking the high cost excess power out of the State
would not be feasible. In the absence of this facility, there was little the
re-negotiating committee could do to salvage the project.
In fact, while announcing the formation of the re- negotiating committee on
April 23, the Finance Minister, Mr. Yashwant Sinha, clearly indicated that
the re-negotiation would focus on two issues - the cost of power and use of
power. Elaborating on the second point, he had said use of power would mean
an assessment of how much power would be absorbed by the State and how much
would have to be taken out.
For the Centre, the financial liability in case of termination is not likely
to be a big burden. As per the agreement, the liability of the Centre is
limited to payment of one year's electricity bill with an overall ceiling of
Rs. 1,500 crores (subject to suitable adjustments on account of inflation)
and a termination fee which would be $300 million at the maximum.
But even here, in case the Centre pays the money on account of its
counter-guarantee to the project, a tripartite agreement is in place among
the Centre, the State Government and the Reserve Bank under which the Centre
can recover from the State any amount paid to the DPC under the
counter-guarantee. Hence, the final liability would be on the State and not
the Centre, which would basically be extending a deferred loan to Maharashtra
to be recovered in stages.
Sources in the power industry here say a thinking has probably crystallised
among the top officials at the Centre as well as in the State that the entire
power purchase agreement with the DPC is faulty and the project cannot
continue on the basis of the existing agreement.
In these circumstances, the DPC's pre-termination notice is seen as being
advantageous for the country since it would amount to one of the partners
walking out of a project, thereby weakening Enron's case for higher
compensation. The Indian position would be that it had offered a
re-negotiating committee in an attempt to make the project viable, but it was
Enron which was withdrawing. The claims of Enron could then be pitched
against the penalty notices issued by the MSEB to the DPC for non-supply of
power on demand.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Notice improper, says Deshmukh
Our Special Correspondent
05/20/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
MUMBAI, MAY 19. The Maharashtra Chief Minister, Mr. Vilasrao Deshmukh, had a
lengthy meeting here today with his predecessor and president of the
Nationalist Congress Party (NCP), Mr. Sharad Pawar, in the wake of initiation
of the process of terminating the power purchase agreement (PPA) by the Enron
-sponsored Dabhol Power Company.
The PPA, initiated by Mr. Pawar, was signed by the DPC and the Maharashtra
State Electricity Board when he was the Chief Minister.
Sources close to the two leaders said they discussed strategic options of the
State and the MSEB in view of the preliminary termination notice served by
the DPC. They also took into account the possible stand the lenders of the
project could take.
The meeting is significant since the DPC has made it clear that the basis of
renegotiations should not be the Godbole Committee report but the willingness
of the Indian side to purchased the power from the both phases of the power
project: total capacity of 2184 MW.
The DPC also wants the Central Government's guarantee even for other buyers
if proposed so.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
|
{
"pile_set_name": "Enron Emails"
}
|
-Had to share these...SRS
- airolane.jpg
- bombtech.jpg
- fortune.jpg
- hotdog.jpg
- watchp.jpg
- newad.jpg
|
{
"pile_set_name": "Enron Emails"
}
|
----- Original Message -----
From: "David Gensch" <[email protected]>
To: <undisclosed-recipients:>
Sent: Friday, May 03, 2002 3:32 PM
Subject: ng0506
> CACT NG sheet for Monday
>
|
{
"pile_set_name": "Enron Emails"
}
|
----- Forwarded by Tana Jones/HOU/ECT on 07/28/2000 09:24 AM -----
Bradley Diebner
07/28/2000 07:59 AM
To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT
cc:
Subject: Re: EOL Credit Responses 07/27/00
Please find attached Credit's EOL responses for 7/27/00
---------------------- Forwarded by Bradley Diebner/HOU/ECT on 07/28/2000
07:57 AM ---------------------------
|
{
"pile_set_name": "Enron Emails"
}
|
Thursdaay works better for me
I would be glad to partcipat
Any time thursday
Thanks Lynn
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
|
{
"pile_set_name": "Enron Emails"
}
|
Charlotte,
Michael hasn't bounced back yet - still getting fever up to 102. I spoke
with Delores, and she said Rey said that Michael had a pretty good dose of
strep, so it will take 6 doses of medicine to get it under control. I'll see
how he is in the early am, but I may not take him to school, just so I can
watch him another few hours. If you will be at your office tomorrow I'll let
you know how he's doing. Maybe I can leave on Saturday. I know he will be
very upset if he doesn't get to spend time with you this weekend.
Kay
|
{
"pile_set_name": "Enron Emails"
}
|
Gov. Davis open to tax on electric generators' profits
Updated: April 4, 2001 - 5:52 p.m.
Gov. Gray Davis says he is open to supporting a windfall-profits tax being
proposed by lawmakers on electric generators that have made a fortune
selling power to California this year.
He also broke with his appointees on the Public Utilities Commission in
saying private companies and other large users should be allowed to contract
directly for power with generators.
. . . .
For the first time, Davis also said the state should let companies buy their
power from generators instead of going through the utilities.
A January law that allowed the state to begin buying power for two nearly
bankrupt utilities barred such side contracts.
"That was done originally with the thought the state would have more power
and no one to sell it to if companies got off the grid," Davis said. "But
our problem is the opposite this summer. If companies want to get off the
grid, we should encourage, not discourage that."
The Democratic governor's comments came after he met behind closed doors for
more than two hours with Assembly Republicans, who have sharply criticized
his handling of the energy crisis.
"I think everyone agreed there are no political winners unless we resolve
this challenge," Davis said. "There were a lot of suggestions in there I'm
willing to adopt."
. . . .
Davis said he hasn't written the remarks he will make during a five-minute
address at 6:05 p.m. Thursday that he has asked California television
stations to carry live.
However, he said he will "share with them (viewers) the progress that we've
made and what we have to get through."
He is expected to talk about the more than 40 percent rate increases
approved last week by the PUC for customers of Pacific Gas and Electric Co.
and Southern California Edition Co.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
|
{
"pile_set_name": "Enron Emails"
}
|
same issue for me. if you change wholesale-cost to retail rates I'm fine.
Wholesale market will become thinnner & more volatile, but it will help
stablize retail rates to consumers. Focus on the opportunity for utilities
to lower their costs, not what the market will do. ABB
Andrew B. Brown
Ellison, Schneider & Harris, LLP
2015 H Street
Sacramento, CA 95814
Phone: (916) 447-2166
Fax: (916) 447-3512
mailto:[email protected]
CONFIDENTIALITY NOTICE: This communication and any accompanying document(s)
are confidential and privileged. They are intended for the sole use of the
addressee. If you receive this transmission in error, you are advised that
any disclosure, copying, distribution, or the taking of any action in
reliance upon the communication is strictly prohibited. Moreover, any such
inadvertent disclosure shall not compromise or waive the attorney-client
privilege as to this communication or otherwise. If you have received this
communication in error, please contact the sender at the internet address
indicated or by telephone at (916)447-2166. Thank you.
-----Original Message-----
From: Katie Kaplan [mailto:[email protected]]
Sent: Friday, January 05, 2001 9:11 AM
To: Tom Ross; Sue Mara; Stephanie-Newell; Rob Lamkin; Richard Hyde;
Pigott Jack; Paula Hall-Collins; Norton Kelli; McNally Ray; Marty
Wilson; Lynn Lednicky; Kristin Vellandi; kent Palmerton; Katie Kaplan;
Kassandra Gough; Karen Edson; Julee Malinowski-Ball; John Stout; Joe
Ronan; Jeff Dasovich; Jean Munoz; Jan Smutny-Jones; Greg Blue; Curtis
Kebler; Bob Weisenmiller; Baker Carolyn; B Brown Andy; Andy Brown;
Douglas Kerner; John Larrea
Subject: FW: Cal Journal Ad #2
Attached please find the final California Journal ad for the Feb issue. We
did our best to incorporate all of the changes. Thanks,
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
-----Original Message-----
From: Jean Munoz [mailto:[email protected]]
Sent: Friday, January 05, 2001 8:48 AM
To: [email protected]
Subject: FW: Cal Journal Ad #2
----------
From: Keri Lanier <[email protected]>
Organization: MTA
Reply-To: [email protected]
Date: Wed, 03 Jan 2001 16:32:27 -0800
To: [email protected], [email protected]
Subject: Cal Journal Ad #2
|
{
"pile_set_name": "Enron Emails"
}
|
Thanks, Lisa. I appreciate it. John was asking me to call you and Aleck.
Rosalee
Lisa Assaf@ECT
04/02/2001 10:37 AM
To: Kenneth Lay/Corp/Enron@ENRON
cc:
Subject: Summary
As per your request, I attach a copy of the summary with the latest changes.
This is the copy which was sent to Mr. Lavorato and his assistant.
Regards,
Lisa
per: Aleck Dadson
|
{
"pile_set_name": "Enron Emails"
}
|
The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.
|
{
"pile_set_name": "Enron Emails"
}
|
CALENDAR ENTRY: APPOINTMENT
Description:
John Buchanan - Oncall
Date: 7/15/2001
Time: 7:00 AM - 7:55 AM (Central Standard Time)
Chairperson: Outlook Migration Team
Detailed Description:
|
{
"pile_set_name": "Enron Emails"
}
|
Well, we get all kinds!
-----Original Message-----
From: Panagopoulos, Todd [mailto:[email protected]]
Sent: Tuesday, January 15, 2002 11:57 AM
To: '[email protected]'
Subject: pipeline
Where is the pipeline? Is it above ground where I could photograph it?
Todd Panagopoulos
Chief Photo Assignment Editor
Chicago Tribune
4th Fl. Photo
435 N Michigan Ave.
Chicago, IL 60611
|
{
"pile_set_name": "Enron Emails"
}
|
Sara,
This is an e-mail list of our group, it is probably a good idea to send a
REMINDER to everyone in the group, at least to make everyone aware.
Russell
William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Mary Tudon/HOU/ECT@ECT, Nidia Mendoza/HOU/ECT@ECT, Brant
Reves/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON,
Edward Sacks/Corp/Enron@Enron, Brad Schneider/Corp/Enron@Enron, Dorothy
Youngblood/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Wendi
LeBrocq/Corp/Enron@Enron, Veronica Gonzalez/HOU/ECT@ECT, Darren
Vanek/NA/Enron@Enron, Bradley Diebner/HOU/ECT@ECT, Martin
O'Leary/HOU/EES@EES, Andrew Greer/NA/Enron@Enron, Jane
Wilhite/NA/Enron@Enron, Walter Guidroz/NA/Enron@Enron, Veronica
Espinoza/Corp/Enron@ENRON
From: Sara Shackleton on 09/01/2000 01:43 PM
To: Russell Diamond/HOU/ECT@ECT
cc:
Subject: Re: City of Dublin- Swap
Russell: Thanks for the info. I do need to send a REMINDER to the credit
group about the authority issues raised by municipals (governmentals, cities,
etc.) entering into financial trades. Where can I obtain the most recent
list of credit people (you know how those credit people are) who deal with
financial trading? Thanks. Sara
P.S. the early production payment docs typically conveyed an undivided 90 %
interest in the producer's net revenue interest in particular properties.
The other 10 % was considered "excess" for purposes of you know what.
Russell Diamond
09/01/2000 12:03 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: City of Dublin- Swap
Sara,
According ot Financial Settlements, the City of Dublin transaction that I
told you could have some legal risk because it is a municipality, was
actually the trigger to a physical transaction. I asked if they could book
this in the system as a Physical Swap so we show no financial exposure.
Russell
|
{
"pile_set_name": "Enron Emails"
}
|
As we're beginning to see the second wave of Order 637 proceeding technical
conferences being scheduled, here is a brief update on the proposed
timetables for the first few dockets. As December kicks off, we are in a
settlement mode in all the cases, with most pipelines in informal discussions
with customers/parties to work towards consensus settlements that can be
filed with the Commission.
** Note that Koch, adamant that segmentation is not operationally feasible on
its system, has circulated a settlement proposal on segmentation. See below.
ANR, RP00-332:
After three technical conferences at FERC, ANR is committed to developing a
total consensus document. ANR is circulating their latest revisions to
customers by December 7th, and customers are meeting without the Commission
or the pipeline to discuss ANR's proposal on December 15th. A follow-up
technical conference at FERC is scheduled for January 11, 2001.
Dominion, RP00-344:
Dominion has held at least five meetings with customers to work out a
settlement in this case. A technical conference, originally scheduled for
late October, has been rescheduled with FERC Staff for December 14th. This
should be a meeting on a settlement proposal.
Koch, RP00-340:
Koch has circulated revisions to its Order 637 filing, including a settlement
proposal for segmentation. There will be a conference call among Koch and
its customers on December 5th to get comments on the tariff revisions as
discussed at the October 25th technical conference and the new segmentation
proposal. After that call, a follow-up technical conference at FERC should
be scheduled for sometime in January.
[The segmentation proposal would allow customers broader supplemental rights
in the zones in which their primary receipt and primary delivery points are
located. When points are located in different zones, the customer would be
entitled to utilize its full MDQ in each zone (in essence doubling their
MDQ). It's critical to Koch's offer that all segmented transactions will be
scheduled on a supplemental basis, as this is the only protection for the
operational integrity of its system and primary firm services of other
customers. The right to segmentation can be waived by customers and it will
be available on a prospective basis only for new or renegotiated contracts.
Koch is also proposing a "segmentation fee" to be assessed either to those
customers utilizing segmentation or by all Koch customers (undecided in the
proposal). This fee will be used to recover all costs associated with
developing the segmentation program and necessary computer system.]
Colorado Interstate, RP00-325:
CIG will circulate revisions by December 1st to its compliance filing as
discussed at the pipeline's second technical conference on October 26th.
Parties will send comments to CIG by December 10th. The schedule, from that
point, will go into January. CIG may follow Dominion's lead and schedule
settlement meetings with parties before meeting with Staff again.
Tennessee, RP00-477:
Tennessee is circulating revisions based on discussions at the November 14th
technical conference by December 8th. Parties will meet within two weeks of
that date to discuss the revisions (either separately or at a FERC technical
conference).
Kinder Morgan, RP00-343:
Kinder Morgan plans to circulate a revised 637 package by December 15th, with
a conference call scheduled for January 4th to get feedback from customers on
the revisions. The pipeline believes there may not be a need for a second
technical conference and hopes to file a settlement and implementation plan
by the end of January.
|
{
"pile_set_name": "Enron Emails"
}
|
Attached is the analysis done by Robert on the proposed EOTT capital restructuring. Robert will be rerunning the analysis using the tax basis as of 12/31/00 (currently it is the 3/30/01 estimate), as the book basis numbers are as of 12/31/00. I will forward it to you once it has been completed.
Jessica
|
{
"pile_set_name": "Enron Emails"
}
|
FYI - in case you might need it or are just interested.
HAWAII CRUISE
Sept. 25
American #1805 Lv Cincinnati at 7:03 AM
Ar Ft. Worth at 8:30 AM
American #1507 Lv Ft. Worth at 9:30 AM
Ar Vancouver, British Columbia at 11:50
AM
Royal Caribbean - Rhapsody of the Seas, Stateroom #3104/H
Contact ship while at sea -1- 800-732-2255
While ship is in port - 1-305-6000 (Royal Caribbean) and request
the satellite
number for our ship. Access is available 24 hours a day.
Depart 5:00 PM
Sept. 26 At sea
Sept. 27 At sea
Sept. 28 At sea
Sept. 29 At sea
Sept. 30 Kailua Kona, Hawaii Noon - 8:00 PM
Oct. 1 Hilo, Hawaii 7:00 AM
- 4:00 PM
Oct. 2 Nawiliwili, Kauai 7:00 AM -
6:00 PM
Oct. 3 Lahaina, Maui 7:00
AM
Oct.
4 6:00
PM
Oct. 5 Honolulu, Oahu 8:00 AM
Oct. 6 Lv. Honolulu, TWA #2 at 5:45 PM
Oct. 7 Ar St. Louis at 6:41 AM
Lv St. Louis, TWA #628 at 7:25 AM
Ar Cincinnati at 9:37
AM
I am having a really difficult time deciding what clothes to take since
it will be cold the first few days and hot in Hawaii. What a nice
problem!
Love, Mother
___________________________________________________________________
Get the Internet just the way you want it.
Free software, free e-mail, and free Internet access for a month!
Try Juno Web: http://dl.www.juno.com/dynoget/tagj.
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Iona Maclean/LON/ECT on 17/11/2000 11:45
---------------------------
[email protected] on 17/11/2000 10:56:10
Please respond to [email protected]
To: [email protected]
cc:
Subject: Enron in Europe: E.On fails in bid to expand water business
E.On fails in bid to expand water business
11/17/2000
Handelsblatt English Summary
Copyright 2000 Handelsblatt. Source: World Reporter (Trade Mark) - FT
McCarthy.
HB/svu DUSSELDORF. Expansion plans of German utility E.On AG suffered
another setback Thursday with the failure of takeover negotiations with
water utilities Azurix of the U.S. and France's Saur.
Hans-Dieter Harig, head of E.On Energie AG, confirmed to Handelsblatt
that talks with Azurix had been called off, and that negotiations with
Saur, France's third-largest water utility, had also ended
unsuccessfully.
These latest developments appear to bring to an end for the time being
to plans by E.On chairman Ulrich Hartmann to take his group to the top
of the industry rankings in its core energy segments electricity, gas,
and water.
In August this year, E.On pulled out of advanced talks with France's
water giant Suez Lyonnaise des Eaux, after the two companies failed to
reach agreement on valuation.
The takeover of Azurix stumbled at the same hurdle, sector insiders
said even though Azurix's parent, U.S. energy group Enron, has been
trying to sell the unit for some time. In 1999, Azurix generated sales
of around $618 million.
Talks with Saur were broken off at an early stage, people familiar
with the matter said. E.On's official line is that "no negotiations are
taking place with Saur." The French group generated sales of 2.3 billion
euros on 1999.
The failure of the talks now puts E.On at a disadvantage vis-a-vis its
closest German rival, RWE AG.
RWE chairman Dietmar Kuhnt this week proudly announced the completion
of the takeover of Britain's Thames Water, which takes his Essen-based
group to third position in the European water-utility rankings, behind
France's Suez and Vivendi.
E.On, meanwhile, appears to have few options left that would allow it
to grow quickly through acquisitions. Instead, it is now likely to
pursue its goals in smaller steps.
The group's growth strategy has so far only been realized in
electricity. Through its creation from the merger of Veba and Viag it
moved up to fourth position in Europe, behind Electricite de France,
Italy's Enel and RWE. The latter gained a slight lead on E.On through
its merger with VEW AG.
In gas, E.On still has some ground to cover. Hartmann has been trying
for month to buy a majority stake in Ruhrgas AG, Europe's largest gas
trader. He has the support of Klaus Liesen, who chairs the supervisory
boards of both E.On and Ruhrgas.
But Ruhrgas' complicated shareholding structure is likely to make any
investment lengthy and expensive. Co-shareholders Thyssen-Krupp and
Mannesmann/Vodafone as well as oil multinationals like BP, Shell or
Exxon-Mobil are likely to sell their shares in Ruhrgas only at high
premiums. Sector insiders said premiums of up to 30% were currently
under discussion. Ruhrgas' current market value stands at more than 10
billion euros.
Folder Name: Enron in Europe
Relevance Score on Scale of 100: 82
______________________________________________________________________
To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at [email protected]
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones & Company, Inc. All Rights Reserved
|
{
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Friday, April 20, 2001
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$2.75 per segment (defined as a takeoff and a landing), and
taxes/fees associated with international itineraries of up to
USD $113 or local currency equivalent. Fuel surcharges, if applicable
are included in the fees listed.
Total fare per passenger, including all charges, will always
be displayed to you prior to final ticket purchase. Please note
that fares are subject to restrictions, may not be available on
all flights, and may change without notice. For detailed descriptions
of the fare rules, click on the corresponding rules link.
HOW DO I:
* CHANGE OR CANCEL MY SUBSCRIPTION TO FAREWATCHER EMAIL?-
http://dps1.travelocity.com:80/fwemsub.ctl?Service=TRAVELOCITY
* ?PDATE MY EMAIL ADDRESS?
http://dps1.travelocity.com:80/fwemsub.ctl?Service=TRAVELOCITY
* RETRIEVE MY PASSWORD?
http://dps1.travelocity.com:80/lognpwdform.ctl?Service=TRAVELOCITY
|
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|
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
- 10-16 1200 Report.xls
|
{
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|
During the March 7 meeting we reviewed the 'Proposed Accounting Timeline', which is part of the Project Update dated March 7, 2002. The proposed timeline at the bottom of the page shows that 'Imbalance Trading Ends' on the 16th calendar day of the month.
GISB Standard 2.3.41 states that imbalance trading should be allowed through at least the 17th business day of the month. The language of the standard is as follows:
"Standard 2.3.41 -- Transportation Service Providers should provide the ability to post and trade imbalances until at least the close of the seventeenth business day of the month."
This timing will need to be incorporated into the timeline.
Thanks,
Theresa
|
{
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|
Tom --
There does appear to be some intelligence gathering going on at the CPUC. You should speak with legal about the inquiry. Clearly the CPUC has a right to ask anything they want - it is my understanding is that our customers have a confidentiality clause in their contract that prohibits them from responding.
Jim
-----Original Message-----
From: "Riley, Tom" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Riley+2C+20Tom+22+20+3CTom+2ERiley+40enron+2Ecom+3E+40ENRON@ENRON.com]
Sent: Friday, August 31, 2001 5:55 PM
To: Steffes, James D.; Mara, Susan; Dasovich, Jeff
Cc: Evans,Mark; Wu,Andrew; Hurt,Robert; Frazier,Lamar; Huddleson,Diann
Subject: FW: Enron DASRs filed since July 1, 2001
Jim, et al,
Interesting e-mail from UC. Apparently the PUC is implying to UC that DASRs
submitted after July 1 need to be associated with a contract executed prior
to July 1. Is this consistent with our intell? Can they make these
inquiries? Please advise.
Tom
> -----Original Message-----
> From: Maric Munn <[email protected]>@ENRON@EES
> Sent: Wednesday, August 29, 2001 9:38 PM
> To: [email protected]; [email protected]
> Cc: [email protected]; KTilton <[email protected]>
> Subject: Fwd: Enron DASRs filed since July 1, 2001
>
> Tom, Diann -
>
> Do you have data on number of DASRs that have been submitted for UC/CSU
> accounts post July 1, 2001. DO you also have a breakdown of number of
> DASRs that were for accounts that were part of the original group of
> accounts that were un-DASRd and re-DASRd vs. the number of DASRs for the
> accounts that were being DASR'd for the first time? Read below -
> enquiring
> minds at the CPUC want to know.
>
> Thanks
>
> Maric
>
>
> >X-Sent: 30 Aug 2001 00:13:56 GMT
> >Date: Wed, 29 Aug 2001 17:03:09 -0700
> >From: KTilton <[email protected]>
> >X-Mailer: Mozilla 4.51 [en] (Win98; I)
> >X-Accept-Language: en,pdf
> >To: Maric Munn <[email protected]>, Mark Gutheinz
> <[email protected]>
> >CC: Irene Moosen <[email protected]>
> >Subject: Enron DASRs filed since July 1, 2001
> >
> >Maric, Mark:
> >
> >Our office has received telephone calls from CPUC Energy Division staff
> >regarding the Enron DASRs filed since July 1, 2001, and specifically
> >whether recent DASRs filed are under an existing contract - that was
> >executed prior to July 1 (as opposed to new Direct access contracts,
> >post July 1). The Energy Division staff is being asked by their
> >superiors to determine how many of the post-July 1 DASRs (for all
> >customers, not just UC/CSU) were under an existing contract versus a
> >new, post-July 1 contract. As you know, this relates to the revised
> >draft decision which suspends direct access effective July 1.
> >
> >We have explained that the new Enron DASRs for the campuses are under an
> >existing contract - the original contract that was executed in 1998. But
> >one energy staff member has requested a specific number of post-July 1
> >Enron DASRs filed for the campuses - as they were returned to direct
> >access service under the contract. Therefore, I am making this request
> >from you.
> >
> >Can you provide me with the following information:
> > 1. How many DASRs have been filed since July 1, 2001
> > 2. Of those, how many were inappropriately removed from direct
> >access back in February and how many were eligible, but never placed on
> >direct access service due to Enron mistake?
> >I will use discretion in sharing the precise breakdown information on
> >the post-July 1 DASRs, but it is important that we have a clear
> >understanding of the precise numbers.
> >
> >Please let me know if you have any questions on this matter. I realize
> >that you are both busy, and I appreciate your attention to this matter.
> >
> >thanks
> >
> >Kelly
>
>
|
{
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|
Chihuaha That (72 pts) lead Chum Runners (58 pts)
Quieres su papa? (67 pts) lead Chihuaha This (60 pts)
Bye Weeks:
Jester's Molesters (58 pts)
BlitzKrieg (62 pts)
Di's Nasties (40 pts)
SOMFAW (49 pts)
GassHoles (45 pts)
El Mariachi (83 pts)
Dawg Mawlers (70 pts)
Joe Stepenovitch (36 pts)
F-Bombs (52 pts)
Gore's Gangstas (56 pts)
The weekly report is available:
http://fflnet.myfantasyleague.com/fflnet2001/weekly?L=0205&W=15
Natural Gas Gridiron Address:
http://fflnet.myfantasyleague.com/fflnet2001/home/0205
Questions about this site? Check out our FAQ (Frequently Asked Questions)
at http://www.myfantasyleague.com/fflnet2001/support_faq.html
or our detailed on-line help at
http://www.myfantasyleague.com/fflnet2001/coach.html
|
{
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|
---------------------- Forwarded by Mary Kay Moore/HOU/ECT on 11/13/2000
08:32 AM ---------------------------
Carol E Word <[email protected]> on 11/10/2000 10:11:07 AM
To: "Mary Kay Moore (E-mail)" <[email protected]>
cc:
Subject: Prayer Requests from Wednesday November 8
Here are the prayer requests from Wednesday and I have added several emailed
prayer requests forwarded to me this week. There are so many hurting
people. It is great to know the Great Physician, isn't it?!!!
Sorry so late. I pray that you will remember this one thing:
"I am your refuge and your strength. Even though the earth gives way and
the mountains fall into the heart of the sea, do not fear. I am an ever
present help in trouble."
Psalm 46:1-3
<<Emailed Prayer Requests for week of Nov 6.doc>> <<prayer requests for
November 8.xls>>
- Emailed Prayer Requests for week of Nov 6.doc
- prayer requests for November 8.xls
|
{
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|
yea, i'll talk to them.
who should i call?
Brian Hoskins@ENRON COMMUNICATIONS
10/25/2000 09:04 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Implementation issue on IE5.0/5.5
John,
Looks like IT has decided not to install Internet Explorer 5.5 after all.
The program is ready to go as soon as that is installed. Do you want to put
some pressure on them, or would you rather wait to see if they can fix it to
work on IE 5.0? You have 5.5 by the way, so I'm not quite sure what the
problem is.
Brian
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
----- Forwarded by Brian Hoskins/Enron Communications on 10/25/00 09:08 AM
-----
John Cheng@ENRON
Sent by: John Cheng@ENRON
10/24/00 08:52 PM
To: Brian Hoskins/Enron Communications@ENRON COMMUNICATIONS
cc: Marlin Gubser/HOU/ECT@ECT
Subject: Re: Implementation issue on IE5.0/5.5
Brian,
We are not good to go here. These are high profile traders and I do not want
to install IE55 just for this chatting application. I would like for
Fangming to resolve whatever the problem is with IE5 first and go from there.
Again, sorry to be a pain and I understand your situation, but developers
should not develop applications with unsupported dependencies.
-jkc
Brian Hoskins@ENRON COMMUNICATIONS
10/24/2000 03:44 PM
To: John Cheng/NA/Enron@Enron
cc:
Subject: Re: Implementation issue on IE5.0/5.5
John,
So are we good to go to install IE 5.5? From you email yesterday, I was
under the impression that we were. I understand that you guys need to keep
the integrity of the system, but these guys really need this program ASAP.
Again, if you need additional support, we can get that for you. Just let me
know what you need to resolve the problem.
Thanks,
Brian
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
[email protected]
Fangming Zhu@ENRON
10/24/00 02:38 PM
To: Brian Hoskins/Enron Communications@ENRON COMMUNICATIONS, John
Cheng/NA/Enron@Enron@ENRON COMMUNICATIONS
cc:
Subject: Implementation issue on IE5.0/5.5
All,
As John suggested, I have contacted the Microsoft Expert on the IE 5.0/5.5
issue early this morning. We actually had a conversition over the phone. I
also sent him E-mail to describe the problem. So far I haven't heard anything
from him yet. I adoult if he can solve the problem. In order to solve this
browser issue, I suggest we can have 5-10 traders to install IE5.5 on their
PC. If everything works fine, we can update everyone into IE5.5. It is really
not my decision weather or not to use IE5.0 or 5.5. Right now everything is
ready for users to test the application except the browser issue.
Let me know when and how we are going to implement the messageboard
application.
Thanks,
Fangming
|
{
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|
This sounds like the best way to handle pre-2000 charges.
From: Bryce Baxter 02/08/2000 03:03 PM
To: Brenda H Fletcher/HOU/ECT@ECT
cc: Mechelle Stevens/HOU/ECT@ECT, Melissa K Ratnala/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Chris Germany/HOU/ECT@ECT, Gloria G Barkowsky/HOU/ECT@ECT
Subject: Re: CES Transportation Expense
I have spoken with Rick Ward at CES about this. We will provide CES with
copies of any invoices that have pre 1/2000 charges on them. We will
pay/take the credit after CES has agreed to the adjustments. We will then
bill/pay CES monthly for these adjustments. If this is inconsistent with any
agreements between CES and ENA, please let me know. Otherwise, we will
continue down this path. Thanks.
Brenda H Fletcher
02/08/2000 02:04 PM
To: Jeffrey T Hodge/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT
cc: Chris Germany/HOU/ECT@ECT, Bryce Baxter/HOU/ECT@ECT, Gloria G
Barkowsky/HOU/ECT@ECT
Subject: CES Transportation Expense
The January invoice from CNG Transmission for CES Transportation Contracts
includes charges for production months prior to January, 2000. In total,
the prior month charges amount to $ 23,868.92. Per Chris, ENA will pay
this. Do you agree?
Thanks,
Brenda
|
{
"pile_set_name": "Enron Emails"
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|
I look forward to seeing this summer.
[email protected] on 03/08/2001 10:25:38 PM
To: [email protected]
cc:
Subject: Re: Resume
Dear Mr Neal
I want to thank you for placing me in the trading department for my first
rotation. I am really excited about it and I am looking forward working for
you.
Sincerely,
Leonidas Savvas
|
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|
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/29/2000
04:17 PM ---------------------------
"Julie" <[email protected]> on 09/26/2000 08:18:33 AM
To: "VinceJKaminski" <[email protected]>, <[email protected]>
cc: <[email protected]>
Subject: chapter 3
Please find attached the final copy for chapter 3.
?
We have about a week before we begin printing, so if you do see?something
that needs changed, please let us know as soon as you can.??
?
Thanks,
Julie
- chap3.pdf
|
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|
United Way Scholars Press Conference, Today at 10:30 AM!!!!
Come see your United Way dollars at work building the workforce of the future!
Please join Jeff Skilling at a press conference today at 10:30 a.m. in Antioch Park to announce The United Way Scholars Program! Your contribution is helping to provide 50 local high school students with college scholarships and funding for middle and high school technology programs designed to reach thousands of students each year!
USCAA Track & Field Championships, June 9, 2001
The Enron Running Club is seeking runners, sprinters, discus & shot put throwers, high jumpers and long jumpers to compete in the annual USCAA Track & Field Championships on Saturday, June 9th at Rice University. Participate in co-ed track relays & field events for all ages and abilities; showcase your energy and talents in a challenging, competitive, and fun environment; participate in an Enron tradition since 1994; experience teambuilding and camaraderie like never before! For more information or to sign up, contact Cindy Richardson at x3-4770 or sprint to: http://home.enron.com:84/erc/index.html
Dad's Day 5K
Join the Enron Running Club at the Dad's Day 5K and 1 Mile Family Walk benefiting The Prostate Cancer Research and Awareness scheduled for Saturday, June 2nd. If you're interested in running or volunteering your time, please contact Cindy Richardson at 713-853-4770 or Kelly Lombardi at 713-345-5841. For more information, run to: http://home.enron.com:84/erc/index.html.
The Caladium plants that are in the huge plant pots throughout the Plaza are going to be replaced and will be available for purchasing TODAY for $4.00 in the Plaza by the up escalator from 11 a.m. to 12 p.m..
Wild@Work Brown Bag: Digging Up the Past: Archaeology at Armand Bayou
Join Armand Bayou Nature Center Executive Director, Ephriam Dickson, as he explores the prehistoric sites of the Clear Lake area. Discover how archeologists reconstruct past cultures from the artifacts left behind and learn how the first residents of Houston made their living. [No shovels required.]
When: Friday, June 8th, 11:30 AM to 12:30 PM
Where: EB 5C2
Free Opera in the Park featuring Houston Grand Opera's Carmen, June 8-10!
Houston Grand Opera's sensational Multimedia Modular Stage production returns for three FREE performances at Houston's Miller Outdoor Theatre on June 8-10 at 8:30 p.m. Bizet's fiery gypsy Carmen, everybody's favorite femme fatale, ignites the summer in a powerhouse production that had audiences and critics cheering when it was first unveiled in 1998.
Houston Grand Opera's revolutionary Multimedia Modular Stage (MMS), with its giant "live" video screens, hydraulic platforms, and hundreds of rotating, colored lights takes the incredible energy onstage and transports it to the farthest reaches of the outdoor venue with a visceral impact equal to that of a rock concert!
Tickets for the reserved seating will be issued between the hours of 11:30am and 1:00pm through the Miller Theatre box office on the day of the performance. Any remaining tickets will be issued one hour before the performance.
For additional information, visit HGO's web site at www.houstongrandopera.org. Also see volunteer opportunities below.
JOIN THE VOICES OF ENRON TO EXPAND YOUR COMMUNICATION SKILLS!
MAKE NEW FRIENDS! EXPAND YOUR HORIZONS! ENHANCE YOUR COMMUNICATION SKILLS! LOSE THE FEAR OF PUBLIC SPEAKING! HAVE A GREAT TIME!
Day: Thursdays
Time: 11:30 a.m. - 12:30 p.m.
Location: Enron Building
For more information about The Voices of Enron, contact Melinda Pharms, Vice President, of Education via e-mail at <[email protected]> or by phone at 713/853-3866 - Internal Extension 33866 or Kathy Willard, Vice President, Membership at [email protected] <mailto:[email protected]>, phone No. 713/646-7341 - Internal Extension 67341
Dance for All Ball
No Dance Partner Required!
Saturday, June 9
First United Methodist Church
1320 Main St. at Clay
7-9pm: Dance Lessons by DanceArts http://www.danceartsballroom.com
9pm-12: Dancing! with Live Swing Band. . .Chuck's Trio!
Cover Charge: Minimum $5 Donation
(All Proceeds go towards Building Materials for Red Bird Project which aids the economically disadvantaged & elderly)
FREE CHILDCARE AVAILABLE - Fun kid activities!
For More Info: call 5-6528
Kevin Hannon, Boys & Girls Club board member, invites you to join Enron employee John Cote at a Boys & Girls Club summer camp. John and Kevin are looking for commitments from some dedicated ENRON men & women. SPREAD THE WORD - SPOUSES, FRIENDS & OFFICE COLLEAGUES WELCOME - LAST YEAR'S CAMP WAS A HUGE SUCCESS! Details below:
WHAT: 2nd Annual Houston Boys and Girls Club Summer Camp Weekend with Enron's incredible volunteers!
WHEN: Boys Camp
Friday afternoon (3:00 - 6:00pm), June 22 through Sunday afternoon, June 24
--OR--
Friday afternoon (3:00 - 6:00pm), July 20 through Sunday afternoon, July 22
Girls Camp
Friday afternoon (3:00 - 6:00pm), July 6 through Sunday afternoon, July 8
--OR--
Friday afternoon (3:00 - 6:00pm), July 13 through Sunday afternoon, July 15
WHERE: Willis, TX (75 minutes from downtown Houston -- just north of Conroe)
WHO: 6-8 counselors per camp to chaperone 75 kids (ages 7-16)
HOW: Share all sports activities, including canoeing, hiking, fishing, organizing a talent show/bonfire/ghost stories, obstacle course, water balloon fights, softball, basketball, archery, football, etc. (Cooking and clean-up covered by the Houston Boys & Girls Club staff.)
CONTACT: John A. Cote at ext. 33830
Volunteers Needed for Bring Your Child to Work Day!
Bring Your Child to Work Day is Friday, June 29
Please email Jennifer Milligan if you are interested in volunteering and indicate your preference in the below activities:
Registration Table
Houston Police Dept / Stranger Danger / Fingerprinting
Outdoor Activities (SPCA pets, Balloon King, kids crafts, etc.)
Business Etiquette class
Business Art (kids' resumes, etc)
Lunch ticket sales/coordination (in Antioch Park)
WANTED! VOLUNTEERS FOR OPERA IN THE PARK
Carmen, June 8-10, 2001 @ 8:30pm nightly
Hermann Park's Miller Outdoor Theatre
Following is a list of volunteer duties to be assigned daily.
- Distribution of Stagebill programs with inserts of subscription forms and surveys one hour before the show begins.
- Distribution of giveaways items such as fans and plastic cups prior to the performance.
- Collection of surveys during intermission.
If interested please contact LaShabriel Keys at 713.546.0283 or [email protected]. Check-in for volunteers will be at 6:30pm nightly at the Volunteer Information Tent near the Miller Outdoor Theatre stage.
(Volunteers will receive tickets in the reserved seating section for the Carmen performance, free food, a t-shirt and a voucher for any matinee during the upcoming Opera season.)
The Enron Running Club and the Houston Corporate Athletic Association are seeking volunteers to assist at the annual USCAA Track & Field Championships on Saturday, June 9th at Rice University. There are many volunteer opportunities requiring little or no experience including timers, scoring, lane judges, cheering on athletes and more! We are looking for employees, families and friends that can contribute a few hours or who are willing to spend the day benefiting a great cause. If you are interested or would like more information, please contact Kelly Lombardi at x3-8491.
Have News to Share?
To post news or events in Enron In Action, please e-mail your information to [email protected]
no later than 12:00 noon the Thursday prior to the next Monday's mailing.
|
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|
I think you're cheating trying to get a fixed amount.... I'll give $1 per
pin.
Good luck,
John
Liz M Taylor
07/17/2000 03:57 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: "Strike Out" ALS
John,
Please a flat amount. Don't hold me to pins. Everyone is giving a flat
amount. I'm NOT a bowler.
Liz
John Arnold
07/17/2000 03:56 PM
To: Liz M Taylor/HOU/ECT@ECT
cc:
Subject: Re: "Strike Out" ALS
Is it per game or point or what?
Liz M Taylor
07/17/2000 02:33 PM
To: John J Lavorato/Corp/Enron@Enron, Jeffrey A Shankman/HOU/ECT@ECT, Kevin M
Presto/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, John
Arnold/HOU/ECT@ECT, Stephen R Horn/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Mark
E Haedicke/HOU/ECT@ECT, Paul Racicot/Enron Communications@Enron
Communications, Jean Mrha/NA/Enron@Enron
cc:
Subject: "Strike Out" ALS
Enron/MDA
Beach Bowl 2000
To Benefit ALS Research
I'm bowling to help "strike out" ALS (Lou Gehrig's disease). If you have not
sponsored someone else, I would very much like for you to sponsor me. The
event takes place on July 29. I will need all donations by July 26.
Any donation is greatly appreciated and matched by Enron.
Many Thanks,
Liz
|
{
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|
This is a pretty interesting article. If you read all the way through, there
is a nice complement for your entire group.
---------------------- Forwarded by Scott Pleus/HOU/ECT on 03/21/2000 08:01
PM ---------------------------
Michael Nguyen
03/21/2000 03:49 PM
To: Scott Pleus/HOU/ECT@ECT, John Jacobsen/HOU/ECT@ECT, Robert
Richard/Corp/Enron@ENRON, Jarrod Cyprow/HOU/ECT@ECT, Harry
Bucalo/HOU/ECT@ECT, Mike Freimanis/HOU/ECT@ECT
cc:
Subject: Weather Trader News
---------------------- Forwarded by Michael Nguyen/HOU/ECT on 03/21/2000
03:48 PM ---------------------------
From: David Kistler 03/21/2000 03:32 PM
To: Steven Vu/HOU/ECT@ECT, Brando Hayden/HOU/ECT@ect, Gary
Taylor/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Valter
Stoiani/Corp/Enron@ENRON, Tony Harris/HOU/ECT@ECT, Michael
Nguyen/HOU/ECT@ECT, Rajib Saha/HOU/ECT@ECT
cc:
Subject: Weather Trader News
---------------------- Forwarded by David Kistler/HOU/ECT on 03/21/2000 03:30
PM ---------------------------
Elisabeth McCabe@ENRON
03/21/2000 03:01 PM
To: Greg Whalley/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Mark
Tawney/HOU/ECT@ECT, David Kistler/HOU/ECT@ECT
cc:
Subject: Weather Trader News
Attached is a follow-up article from the online publication, The Desk,
regarding our weather desk changes. You'll recall The Desk ran an inaccurate
story a week or so ago that claimed the entire weather desk and many power
traders were leaving Enron.
Thanks,
Elisabeth
|
{
"pile_set_name": "Enron Emails"
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|
Can you please give me the status on the grties that i sent to you for Nicor Energy LLC from Nicor Inc and Dynegy Holdings, Inc?
Can you tell me who is requesting an Enfolio for AES NewEnergy, Inc?
-d
|
{
"pile_set_name": "Enron Emails"
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|
Hi John,
I am sending out by courier today your guarantee offer.
Regarding the repairs that need to be done on your property, I will
coordinate them with you agent and the cost of the repairs will be deducted
from your equity. I will send you a copy of the bills once we receive them
to let you know how much will be deducted.
Best regards,
Patricia
|
{
"pile_set_name": "Enron Emails"
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|
I'm available as well. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/27/2000
04:53 PM ---------------------------
Tracy Ngo
01/27/2000 02:28 PM
To: Chris H Foster/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT
Subject: Thermo Ecotek Meeting
Wednesday, 2/9 is open for me.
Tracy
---------------------- Forwarded by Tracy Ngo/HOU/ECT on 01/27/2000 02:27 PM
---------------------------
From: Chris H Foster on 01/27/2000 01:25 PM
To: Tracy Ngo/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Thermo Ecotek Meeting
Are you available on 2/9 for a meeting in Houston at the Enron building with
Thermo Ecotek to discuss the swap contract? We want to schedule such a
meeting and they might be able to make it that day.
Chris
|
{
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|
fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2001 12:19
PM ---------------------------
From: Reagan Rorschach/ENRON@enronXgate on 06/06/2001 11:58 AM
To: "Marvin Carraway (E-mail)" <[email protected]>@SMTP@enronXgate,
"Marvin Carraway (E-mail 2)" <[email protected]>@SMTP@enronXgate
cc: Kay Mann/Corp/Enron@Enron
Subject: FW: Clarksdale gas
Reagan C. Rorschach
Enron North America
1400 Smith Street
Houston, Texas 77002
713.345.3363
-----Original Message-----
From: Mann, Kay
Sent: Wednesday, June 06, 2001 10:49 AM
To: Rorschach, Reagan; Kroll, Heather; Fairley, David; Miller, Jeffrey;
Coulter, Kayne
Cc: Dickson, Stacy; Hodge, Jeffrey; Perlingiere, Debra
Subject: Clarksdale gas
Attached is the master gas agreement, ready for Clarksdale's review.
We haven't had any feedback from Yazoo City. When can we expect their
feedback?
Thanks,
Kay
|
{
"pile_set_name": "Enron Emails"
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|
-----Original Message-----
From: Walsh, Kristin
Sent: Friday, June 01, 2001 2:58 PM
To: Presto, Kevin M.
Cc: Will, Lloyd; Tholan, Scott
Subject: Labor Update
Kevin,
We will continue to monitor the situation and update you as information is received.
The Union is waiting on a NRB (National Labor Relations Board) ruling which should happen this afternoon or Monday. This ruling could mandate Midwest to come to the negotiation table.
If the ruling says Midwest doesn't have to "go to the table" then the Union will strike. It will take 1-2 weeks for the workers to organize a strike after the NRB ruling is made. According to labor insiders, when the workers walk out they will either turn the machines over to non-union workers or turn them off. The labor source believes that Midwest does not have the non-union workforce needed to take over for the union workers in the event of a strike.
If the ruling says Midwest has to "go to the table" then by law they will have to begin negotiations.
|
{
"pile_set_name": "Enron Emails"
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|
The attachment summarizes all of the comments filed by other parties in this proceeding. They're now in alphabetical order by the party filing, and the ones that I added since last night are highlighted. Let me know if you'd like a copy of any of them.
|
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|
Barbara: my e-mail address is [email protected]
|
{
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|
FYI - People tend to forget that we have some parts of the business that run
24 hours a day. We often get notices like the one sent on March 29 below
without much lead time and without regard to potential business impact. Bob
Superty has done a good job in scrambling to provide business solutions for
us in gas scheduling. This is a good team that knows how to react quickly.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 03/30/2001 04:42 PM
---------------------------
Robert Superty
03/30/2001 02:52 PM
To: Bob M Hall/NA/Enron@Enron, Sally Beck/HOU/ECT@ECT
cc:
Subject: Telephone Outage Enron Houston
Sally, Bob - FYI
I was able to get 5 telephone numbers set up on a temporary switch so if our
counterparties call into the Enron building during the outage (Friday 10:00
PM until Saturday 6 AM) they will get the voicemail of the 5 key schedulers
that we selected. The voicemail gives the caller contact info. (page & home
#'s). In addition if they hit zero it will be forwarded to our off-hours
dispatching service. The dispatching service has current contact information
for every pipe we do business on. The schedulers were also instructed to
call out to their key counterparties and make sure they have page, home and
cell #'s.
If I had my way all of our schedulers telephone numbers would have been put
on this temporary switch but five was the best we could do. Considering the
time period I think we have minimal exposure however you never know when a
pipeline of market emergency could occur.
Let me know if you have any questions, tks - Bob
---------------------- Forwarded by Robert Superty/HOU/ECT on 03/30/2001
02:33 PM ---------------------------
Enron North America Corp.
From: Robert Knight @ ENRON 03/29/2001 02:14 PM
Sent by: Enron Announcements@ENRON
To: All Enron Worldwide
cc:
Subject: Telephone Outage Enron Houston
Enron AVAYA (formally Lucent Technologies) PBX & VoiceMail Outage for Enron
Center South Conversion
Systems:
Enron Downtown Houston AVAYA Telephone & VoiceMail Systems
Affected Users:
All Enron Houston Downtown Telephone and VoiceMail Users
System Outage Duration: PHASE I
3AC/2AC March 30, 2001 7:00PM - March 31, 2001, 12:00AM
Enron Building, 500/600 Jefferson and Pennzoil March 30, 2001, 10:00PM -
March 31, 2001, 6:00AM
System Outage Duration: PHASE II
Enron Building, 500/600 Jefferson and Pennzoil April 6, 2001, 10:00PM - April
7, 2001, 4:00AM
Summary:
PHASE I March 30, 2001
All Enron telephone systems, including voicemail, will be totally out of
service beginning Friday evening, March 30th. The outage for 3 Allen Center
and 2 Allen Center will begin at 7:00 PM. The outage for the Enron Building,
500 Jefferson, 600 Jefferson and Pennzoil will begin at 10:00 PM on Friday
evening. The systems will be out of service until approximately 6:00 AM,
Saturday morning, March 31st. There will be emergency service available for
all key groups previously identified, including security. Also, there will
red security phones provided on each floor near the stairwells, for emergency
use. If you have an emergency during the outage, please contact security at
713-853-2580.
PHASE II April 6, 2001
Enron Building, 500 Jefferson, 600 Jefferson and Pennzoil Enron telephone
systems, including ALL voicemail users, will be totally out of service
beginning Friday evening, April 6th. The outage will begin at 10:00 PM on
Friday evening. The systems will be out of service until approximately 4:00
AM, Saturday morning, April 7th.
|
{
"pile_set_name": "Enron Emails"
}
|
Jeff, Jane is off to the technical hearing in Washington tommorrow. Are you
available today to discuss regulatory issues. pls advise and we can set up a
time.
BT
-----Original Message-----
From: Dasovich, Jeff
Sent: Monday, July 16, 2001 1:41 PM
To: Tycholiz, Barry; Lawner, Leslie; Miller, Stephen; Cantrell, Rebecca W.
Subject: Utility authority to engage in derivative transactions
Barry, et al:
FYI. Some initial info I got from our outside council regarding utility
authority to engage in financial risk management tools. More info to follow
as we get it. If you have quesitons, comments, or suggestions for additional
research needed, just holler. Please forward to others who might need it.
Best,
Jeff
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
++
Electric: SCE, PG&E and SDG&E are all authorized to enter into bilateral
forward transactions with non-ISO or PX parties. D.00-08-023 and
D.00-09-075. These transactions are limited to contracts which must expire
on or before 12-31-05. Initial contracts are subject to a blanket
reasonableness test (if less than 5% above cost of non-forward cost of
portfolio=deemed reasonable) but contracts after 12-31-02 will be subject
to a CPUC preapproval process.
Gas: PG&E authorized to use gas hedges for all purposes (D.98-12-082) but
limited to contracts expiring on or beforce 12-31-02 and limited to $200
million in cost or 800 MMcfd in volume. We are looking for a similar
resolution or decision for Sempra. Haven't found it yet, but we believe
they have been given similar authority.
|
{
"pile_set_name": "Enron Emails"
}
|
Did you get the fax of all the deals in our system for June?
|
{
"pile_set_name": "Enron Emails"
}
|
Smurfit Stone is not on any of the "approved" FERC lists I have.
Genia
Rhonda L Denton
07/12/2000 04:12 PM
To: Tana Jones/HOU/ECT@ECT
cc: Genia FitzGerald/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT
Subject: Re: EOL Credit Responses 07/12/00
Smurfit Stone was declined. They are the only physical power CP on the list
today
From: Tana Jones on 07/12/2000 03:49 PM
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
David Portz/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, Genia FitzGerald/HOU/ECT@ECT, Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: EOL Credit Responses 07/12/00
----- Forwarded by Tana Jones/HOU/ECT on 07/12/2000 03:49 PM -----
Tom Moran
07/12/2000 03:44 PM
To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities, Enron
Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT
cc:
Subject: EOL Credit Responses 07/12/00
Please find attached Credit's EOL responses for 7/12/00.
Regards,
tm
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Steven J Kean/NA/Enron on 07/11/2001
05:18 PM ---------------------------
From: Christina Grow/ENRON@enronXgate on 07/11/2001 03:11 PM
To: Stanley Horton/ENRON@enronXgate, Steven J Kean/NA/Enron@Enron
cc: Cindy Stark/ENRON@enronXgate, Maureen McVicker/NA/Enron@Enron
Subject: Final Colorado Springs, CO Itinerary
SK - I printed these out & put them in the meeting folder. And sent a copy
to Melissa. mm
Attached is the final copy of the Colorado Springs, CO itinerary and a copy
of the most current INGAA agenda. Please call if you have any questions.
Have a safe and fun trip.
Christina Grow
Enron Corp.
Investor Relations
713.853.6021
[email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
Chris,
The first file might have gone to a wrong Chris Long.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/27/2000
05:33 PM ---------------------------
Enron North America Corp.
From: V Charles Weldon 09/27/2000 12:22 PM
To: [email protected]
cc: Mike A Roberts/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: Nymex
Chris,
Here is the analysis you requested. Let me know if I can be of any further
assistance.
Charlie Weldon
|
{
"pile_set_name": "Enron Emails"
}
|
Thanks for the offer, but I can't get away that early without taking vacation time. At this point my flight gets in at 8:36 p.m.
I'm afraid Amanda's friends will be disappointed. The two-step, a polka or maybe a C&W line dance is more in the Texas line; they'd be disappointed there as well but their expectations might be slightly more reasonable.
-----Original Message-----
From: [email protected]@ENRON [mailto:[email protected]]
Sent: Saturday, July 21, 2001 10:23 AM
To: Taylor, Mark E (Legal)
Subject: Next weekend
If you can get a plane that arrives in newark at 6 - or earlier - ill pick you up in newark on friday. As an added incentive ill take you to the bear cafe in wdstk to eat - it is fabulous.
Also if you want to bring your tux or your tiara we will store it before the cruise.
I made a massage appointment for you on saturday with this fabulous massage lady. To die for.
Th dj only plays latin/sala music. Amandas friends think you are going to teach them to dance because you are from houston.
|
{
"pile_set_name": "Enron Emails"
}
|
Please find attached the ETS eCommerce/eBusiness strategy document.
As there are many definitions associated with eCommerce/eBusiness, pages one
to four of the document provide us a common definition and understanding to
be used within ETS.
Page five overviews the statistics of the eCommerce/eBusiness transactions we
have completed in ETS this year. Included in the figures are close to three
million eConfirmations and five million hits to our eInformational postings.
Pages six to thirteen overview future ETS eCommerce/eBusiness opportunities
with page nine listing specific goals for 2001.
This document was created with the collaboration of many departments. The
rapid pace of technology and the use of that technology in business practices
will force continued input into this evergreen document.
Please let me know if you have any questions or require further clarification
on any items contained in the attachment.
Thank you.
attachment:
|
{
"pile_set_name": "Enron Emails"
}
|
Lynn,
The PAA requests are being processed for Ava Garcia, Mary Draemer, and Jean McFarland. The team may not be aware of this but PAA payments are reserved for employees so the request form for Glenn Stovall will not be valid since he is a contractor. Please call us if you have any questions.
Thanks and have a great day,
Miranda
x3-6252
-----Original Message-----
From: Fagan, Fran
Sent: Friday, November 30, 2001 9:57 AM
To: Southard, Miranda
Subject: FW: PAA Request Forms
Miranda-
Can you please complete these forms with the info from SAP? After complete, please printout; I'm waiting for Shelley's signature before submitting to Carolyn.
Thanks,
fdf
-----Original Message-----
From: Blair, Lynn
Sent: Friday, November 30, 2001 8:51 AM
To: Fagan, Fran
Subject: FW: PAA Request Forms
Fran, I have Shelley's approval on these. Can we get them approved. Thanks. Lynn
-----Original Message-----
From: Perry, Renee
Sent: Thursday, November 29, 2001 4:17 PM
To: Blair, Lynn
Subject: PAA Request Forms
Lynn,
Attached are the PAA Request Forms from the North Team.
Thanks,
Renee
|
{
"pile_set_name": "Enron Emails"
}
|
really?
-----Original Message-----
From: [email protected]@ENRON
Sent: Tuesday, October 09, 2001 11:02 AM
To: Thomas, Paul D.
Subject: RE: Hi
no PLEASE wait a couple more days....
|------------->
|(Embedded |
|image moved |
|to file: |
|pic04374.pcx)|
| |
|------------->
>------------------------------------------------------------------------|
|[email protected] |
|10/09/2001 10:55 AM |
>------------------------------------------------------------------------|
To: Raquel Nunes-Thomas/USLGN/USLUM/ABB@ABB_USLUM
cc:
Subject: RE: Hi
Security Level:? Internal
I love my bunda.
I think that the birdy is going to have a haircut today
-----Original Message-----
From: [email protected]@ENRON
Sent: Tuesday, October 09, 2001 10:09 AM
To: Thomas, Paul D.
Subject: Re: Hi
i love u
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may
contain confidential and privileged material for the sole use of the intended
recipient (s). Any review, use, distribution or disclosure by others is strictly
prohibited. If you are not the intended recipient (or authorized to receive for
the recipient), please contact the sender or reply to Enron Corp. at
[email protected] and delete all copies of the message.
This e-mail (and any attachments hereto) are not intended to be an offer (or an
acceptance) and do not create or evidence a binding and enforceable contract
between Enron Corp. (or any of its affiliates) and the intended recipient or any
other party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************
- pic04374.pcx << File: pic04374.pcx >>
|
{
"pile_set_name": "Enron Emails"
}
|
CALENDAR ENTRY: APPOINTMENT
Description:
Lynn - Oncall
Date: 1/1/2001
Time: 7:00 AM - 8:00 AM (Central Standard Time)
Chairperson: Outlook Migration Team
Detailed Description:
|
{
"pile_set_name": "Enron Emails"
}
|
Notice # 01-162
May 11, 2001
TO:
All NYMEX Division Members and Member Firms
FROM:
Neal L. Wolkoff, Executive Vice President
RE:
Reminder and Clarification on NYMEX Division Post-Close Trading Sessions
DATE: May 11, 2001
===========================================================
Reminder
Changes will be going into effect today, Friday, May 11, 2001 for the End of
Week post-close trading sessions and also, beginning on Monday, May 14, 2001,
for the Monday-Thursday post-close trading sessions. The trading range for
all of these sessions will be expanded by adding the following ticks above
(below) the daily high (low) for the applicable contract month (provided that
this expanded trading range does not violate the maximum permissible price
fluctuation limits then in effect):
Crude Oil 20 ticks
Heating Oil 50 ticks
Unleaded Gas 50 ticks
Natural Gas 50 ticks
Clarification
Previously, the trading range for the Monday-Thursday sessions was the
closing range for the applicable contract month. Exchange staff interpreted
the rule to provide that if a contract month did not trade during the close,
there would be no closing range and thus it would not be permissible to trade
that contract month during the post-close. Now, as noted above, the
post-close session trading range on any day of the week will be an expanded
version of the daily range. Therefore, the Exchange is issuing the following
clarifications as to the contract months that can be traded during a
post-close session (on any day of the week):
1. Only the first twelve listed contract months are eligible for trading in
the post-close.
2. If a particular contract month does not trade during the RTH session, it
may not be traded during the post-close.
3. It is not necessary for a contract month to trade during the close in
order to be traded in the post-close as long as it has traded during the RTH
session.
If you have any questions concerning these changes, please contact George
Henderson, Vice President, NYMEX Floor Department, at (212) 299-2071; Rob
Stasi, Manager of Trading Floor Systems, NYMEX Floor Department, at (212)
299-2067, or Brian Regan, Senior Associate General Counsel, at (212) 299-2207.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"http://208.206.41.61/email/[email protected]&
refdoc=(01-162)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.
|
{
"pile_set_name": "Enron Emails"
}
|
Hey,
I was just wondering if you would be able to do the TV this month?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, November 08, 2000 4:33 PM
To: [email protected]; [email protected]; Bass, Jason;
[email protected]
Subject: Telluride E-Ride Newsletter
---------------------- Forwarded by Eric Bass/HOU/ECT on 11/08/2000 04:32
PM ---------------------------
[email protected] on 11/08/2000 04:57:04 PM
To: [email protected]
cc:
Subject: Telluride E-Ride Newsletter
HELLO AGAIN E-RIDERS!
Yes, the snow has started to come down! In very big ways! In fact,
Telluride has received over 3 feet of fresh powder since October 1 and the
temperatures have been frigid?which makes for excellent snowmaking
conditions. Winter has come, and you know what that means ? YES! Time to
strap on some boards and make some turns!
SNOW REPORT
As the snow has begun to come with increasing regularity, you can imagine
the local attitude begins to buoy. At lunch the other day, when we looked
out the window and saw the big flakes coming down, we made a loud whoop
with our waiter, causing all heads in the restaurant to turn our way. But
when the other diners saw the white stuff, EVERYONE started buzzing with
the anticipation. Folks are getting ready for the season. For a sneak
preview, check out the photo of the day at
www.telluride-ski.com/dayphoto.html.
BARGAINS & DEALS
The best-case scenario for skiing Telluride is to live here. But the NEXT
best-case scenario is that you get a screaming deal to vacation here. And
that's what Telluride and Mountain Village Visitor Services has for you.
Check out these packages for round-trip air, lodging and skiing from some
of America's biggest hubs:
Dallas Special: $831 per person - 5 nights lodging, 4 days skiing
and roundtrip air to Montrose
Houston Special: $814 per person - 5 nights lodging, 4 days skiing and
roundtrip air to Montrose
Chicago Special: $825 per person - 5 nights lodging, 4 days skiing and
roundtrip air to Montrose
Miami Special: $929 per person - 5 nights lodging, 4 days skiing and
roundtrip air to Montrose
To get any of these specials, call 1-888-288-7360.
If you choose to put together a package on your own, check out the lodging
deals at www.telluride-ski.com and click on HOT DEALS.
WHAT'S NEW
You can never have too much snow. With that in mind, the Telluride Ski
Resort installed a new snowmaking system this summer that guarantees that
every lift pod will have coverage on at least one run all season long! Yep.
Lifts 1, 4, 5, 6, 7 and 9 will have better conditions for riding and skiing
from beginning to end. As the hipper folks say, the turns will be "tasty."
The tastiest new addition to the mountain, however, is Allred's, a new
140-seat restaurant that is guaranteed to delight even the most
discriminating diners. Located mid-mountain at the gondola Station St.
Sophia, Allred's will serve as a private club by day in the winter, an
upscale lunch spot in the summer and a fine dining experience in the
evenings year-round. More on this epicurean dream in later e-rides. For
dinner reservations, call 970-728-7474.
One other great new thing: It's easier to get to Telluride than ever
before. You can now fly to Montrose EVERY DAY from Dallas/Ft. Worth on
American Airlines?but the flight will only have 129 seats, so be sure your
body is in one of them!
WHAT'S HAPPENING
Of course the most important thing on the Telluride calendar is November
22, the Official Opening Day. But there are other things worth mentioning.
Like the Sneak Preview of the mountain on November 21. For one day only you
can ski Telluride for $20, and all proceeds go to the Telluride Ski and
Snowboard Club.
After the Donation Day, you can still get good deals. From November 21
through December 16, Telluride hosts its annual Ski Free & More program.
What's it entail? Exactly what it says. Skiers and riders staying at
participating lodges in the towns of Telluride and Mountain Village can
choose a free lift ticket, a free ski clinic, a free lunch or a free
half-day of childcare for each night they stay. For more information call
888-288-7360.
And if you're looking forward to having a ball, why not do it right at the
annual Black & White Affair? On November 25, the Telluride Ski and
Snowboard Club hosts this gala event at the luxurious Telluride Conference
Center. Dress up and dance off your turkey. No one puts on a ball like
Telluride!
SLICE OF LIFE
Imagine being over 50 years old and never having seen any snow! Such was
the case for my friend Sarah, who recently moved to Telluride from the
Caribbean. She and her daughters arrived late this summer, and when the
snows began to fall a few weeks ago, they were in rapture! Sarah ran
outside and began to dance around (to her 17-year-old daughter's absolute
embarrassment!) However, the daughters both caught the enthusiasm and built
their first snowman ever. The snowman , of course, had a perfect carrot
nose.. An organic carrot, no less. Hey, this is Telluride. Only the best
for our snowmen.
AND SO, E-RIDERS,
That's all for this letter. Hope you're planning your trip to Telluride,
where the snow is always whiter and the lines are always short. See you on
the slopes!
Rosemerry
WHO'S WRITING THIS ANYWAY?
Against her will, Rosemerry Wahtola Trommer learned to ski in Telluride six
years ago. But after a few turns, she fell ? in love with the sport. She
lives with her husband and cat at the base of Lift 7?an ideal spot for
getting first chair of the morning.
|
{
"pile_set_name": "Enron Emails"
}
|
ok, but why the bar you cant drink
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:16 PM
To: Maggi, Mike
Subject: RE:
Call me when you get done getting your hair cut
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:14 PM
To: Rybarski, Amanda
Subject: RE:
deal
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:15 PM
To: Maggi, Mike
Subject: RE:
I'll meet you in the bar when I get out of here
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:14 PM
To: Rybarski, Amanda
Subject: RE:
cp
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:09 PM
To: Maggi, Mike
Subject: RE:
which next door?
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:07 PM
To: Rybarski, Amanda
Subject: RE:
um, how about next door
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:08 PM
To: Maggi, Mike
Subject: RE:
I don't know, where do you have in mind
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:07 PM
To: Rybarski, Amanda
Subject: RE:
it will probably take me until then, so where should we meet
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:07 PM
To: Maggi, Mike
Subject: RE:
I'm going to shoot for 3
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:06 PM
To: Rybarski, Amanda
Subject: RE:
what time do you think
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:06 PM
To: Maggi, Mike
Subject: RE:
you're going to be done before I can get off
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:04 PM
To: Rybarski, Amanda
Subject: RE:
i think now
-----Original Message-----
From: Rybarski, Amanda
Sent: Tuesday, January 22, 2002 2:05 PM
To: Maggi, Mike
Subject: RE:
I don't know...when are you getting your haircut?
-----Original Message-----
From: Maggi, Mike
Sent: Tuesday, January 22, 2002 2:03 PM
To: Rybarski, Amanda
Subject:
so i have to go get my haircut, any ideas where we can meet
|
{
"pile_set_name": "Enron Emails"
}
|
thanks for the thank you note
asshole
|
{
"pile_set_name": "Enron Emails"
}
|
Thanks for the reminder. Just an FYI - it is not babysitting when it is your own kids. (Just kidding - wanting to share a pet peeve of my sister's.)
Stacey
-----Original Message-----
From: Postlethwaite, John
Sent: Monday, January 28, 2002 6:17 PM
To: White, Stacey W.
Subject: Out on Tues
I am not sure if I said or not that I would be out Tues. Jess has a series of doctor appointments (due to family history) tomorrow so I will be babysitting. Don't think I will be missing anything with it being so slow.
John
|
{
"pile_set_name": "Enron Emails"
}
|
Gentleman:
The ERMS system, as you know, has an excellent capability for
decomposing option P&L into the following components:
new deals
curve shift
gamma
vega
theta
rho
drift
2nd order adjustments
What i dont understand is the gamma component which is reported in dollars.
The unit of measure suggests that incremental changes in a contract position
is being associated with specific prices. These prices are the effective buy
or sell prices associated with the dynamic delta position.
Stated differently, the standard taylor expansion has incorporated a price
variable in such a way as to convert the unit of measure from gamma's
standard contract count to total gamma dolalrs. This is something I dont
understand. To date, inquiries to the risk management accounting group has
further revealed that the gamma component of P&L is not well understood.
This is what concerns me: Bridgeline has 2 books with option exposures (NYMEX
and Gas Daily). Both books dynamically hedged its positions during
yesterdays large price move and, through anticipitory hedging in advance or
during the large price move, secured sufficient coverage to neutralize
expected changes in delta. However, our P&L from our underlying position did
not offset our gamma P&L. Consequently, I have to ask WHY? Im hoping that a
brief look at the why gamma dollars are calculated may reveal something which
will better guide our hedging decisions.
Any help is appreciated
|
{
"pile_set_name": "Enron Emails"
}
|
Please find the attached status update for the HPL transaction. If you have any questions please contact me.
Thanks,
Brian
|
{
"pile_set_name": "Enron Emails"
}
|
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