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Brant
Per our discussions, here is what the Oneok folks want to do.
1. We currently have 2 Masters - one with KN Marketing LP (now known as Oneok
Energy Marketing & Trading Company, LP) and one with Oneok Gas Marketing
Company. Pursuant to the Guaranty that you just received, both Masters are
currently guaranteed by Oneok Inc. In addition, both Masters are currently
guaranteed by Enron Corp. under a $15,000,000 Guaranty for Onoek Gas and a
$10, 000,000 Guaranty for KN.
2. The Oneok folks want Oneok Gas Marketing to assign all trades and its
Master to KN Marketing LP and to terminate the KN Marketing LP Master. When
all is said and done, there will be one Master with KN Marketing LP and all
trading activity will be with this entity. As I mentioned to you, the Master
that will remain in place has no Credit Support Annex. How much should the
Enron Guaranty be for?
Call me if you have any questions.
Susan,
Could you please prepare an assignment and Termination Agreement for this.
Brant will let us know if any amendments need to be made to the Oneok Master.
Carol
|
{
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|
Sorry , I have not given you feedback earlier but I've been on vacation.
Randy continues to do an excellent job. He anticipates questions and usually
has the answers. He is a very dedicated employee and continues to expand on
his knowledge base. He has helped the traders trade the permian and waha
points on a daily basis and such commercial experience has proven to be very
valuable regarding looking for alternatives to move gas. The only area for
improvement that I might suggest would be to challenge others or state his
opinion if he has a different opinion from others rather than not say
anything or go along with the status quo. He tends to want to be
nonconfrontational which is not a bad thing but this is a tough environment
and he could get run over if he does not state his opinion.
|
{
"pile_set_name": "Enron Emails"
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|
[IMAGE]IntercontinentalExchange
Firm Power Price Bulletin
[IMAGE]For Power Delivered on Thursday, December 27, 2001
(Trade Date of Wednesday, December 26, 2001)
Click here to access index history
|
{
"pile_set_name": "Enron Emails"
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|
The party is still on.
Due to the weather, the Pool party will be moved inside to the Imperial Ballroom East, 3rd level of the Hyatt Regency.
see you there!
|
{
"pile_set_name": "Enron Emails"
}
|
Please see the attached file that reflects the multiple for each asset sale. As you can see for assets that had losses, we show no multiple. Additionally, there are some assets that have no EBITDA at all (that we are aware of), thus we show no multiple. Please let me know if this is what you expected. Thanks!
|
{
"pile_set_name": "Enron Emails"
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|
You have received this email because you are listed as an alternate data approver. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080623&Page=Approval to review and act upon this request.
Request ID : 000000000080623
Approver : [email protected]
Request Create Date : 1/8/02 4:24:19 PM
Requested For : [email protected]
Resource Name : \\enehou\houston\common\Research - [Read]
Resource Type : Directory
|
{
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|
Craig -
I have looked over the attached document. Based upon the draft we provided
in January, Orbian has made a number of changes which are acceptable to me.
Only the following present issues:
1. Paragraphs 3(a), 3(b) and 6 - The original form of this agreement had 5
years as the time period for protection and return of confidential
information. We had proposed 1 year and they have now come back with 3
years. The timing under other Enron NDA's is generally 2 years.
Accordingly, this time period should be suggested for these paragraphs.
2. Paragraph 3(d) - I had previously deleted the phrase "and each such copy
shall be marked with the same proprietary notices that appear on the
originals (if any)." Orbian now wants to keep this phrase. Since this
presents an administrative burden which we do not support now, it makes
little sense to maintain this with the agreement. Accordingly, it should be
deleted.
3. Paragraph 7 - The added provisions of "and/or their Affiliates" should be
deleted in two places. The affiliates of the parties are not third party
beneficiaries of this Agreement, nor signatories to the agreement.
Accordingly, any action they may have against Enron would be outside of this
Agreement.
Otherwise, the agreement looks fine.
Please let me know if you should need anything further.
Mark
Senior Counsel, EWS
Phone: 713-345-8897
Facsimile: 713-646-3490
E-Mail: [email protected]
Craig Chaney/ENRON@enronXgate
05/01/2001 02:52 PM
To: Mark Greenberg/NA/Enron@ENRON
cc:
Subject: FW: FW: Confidentiality Agreement with Enron Credit
Mark,
Could you please review this Confidentiality Agreement. Is there any chance
that you could get it completed by the end of the week? I will be meeting
them soon and they need to have this agreement in place.
Please let me know.
Thanks,
Craig
-----Original Message-----
From: Johnson, Gillian
Sent: Monday, April 30, 2001 2:10 PM
To: Harris, Bruce
Cc: Craig Chaney/HOU/ECT@ENRON
Subject: Re: FW: Confidentiality Agreement with Enron Credit
You may also be interested in Orbian. They are looking for ways to shed the
risk they are incurring as they iossue something called Orbian credits.
There may also be partnering sorts of opportunities but the potential
poretfolio opps may be greater in the short run.
Stop by if you want a quick review of who they are (from my less than stellar
memory)
Gillian
---------------------- Forwarded by Gillian Johnson/HOU/EES on 04/30/2001
02:06 PM ---------------------------
Gillian Johnson
04/30/2001 10:58 AM
To: <[email protected]>
cc: Craig Chaney
Subject: Re: FW: Confidentiality Agreement with Enron Credit
Bill,
Good to hear from you. I am forwarding this mesage to Craig Chaney who is
Enron Credit's Director of Product Development since I have moved to another
division within Enron. Please feel free to contact him directly at
713-853-3840 for further discussions.
Thank you and good luck in developing a mutually beneficial relationship.
Gillian Johnson
"Bill Follini" <[email protected]> on 04/30/2001 08:42:14 AM
Please respond to <[email protected]>
To: <[email protected]>
cc: <[email protected]>, <[email protected]>, "Laura Petersen
\(E-mail\)" <[email protected]>
Subject: FW: Confidentiality Agreement with Enron Credit
Gillian,
I know this has taken a while but we
are still interested
in discussions with your organization
on opportunities.
Attached is a revision to our CA based
on your input. Can
you please followup with Laura and
provide her with your comments.
Regards,
Bill
mailto:[email protected]
Director of Sales, Americas
767 Third Ave. 19fl, NY NY 10017
+ 1 (212) 851-8310 office
+ 1 (212) 223-1799 fax
+ 1 (646) 436-6600 cell
+ 1 (509) 694-4804 efax
www.orbian.com
This email is confidential and may also
be privileged. If you are not the
intended recipient, please notify the
sender immediately. Any viewing,
copying, distribution, disclosure or
other use by anyone who is not the
intended recipient is strictly
prohibited.
- NDA Orbian Markup 13.02.01.pdf
|
{
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|
Congratulations on the farm!!!!! I will be in the Woodlands Thursday and
part of Friday at a Legal Conference. I would invite you to golf, but I know
you are way busy. Let me know if I can help with the move.
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
__________________
HAVE A GOOD DAY !!!!!!!
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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|
fyi...
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
[email protected]
----- Forwarded by Holly Keiser/ENRON_DEVELOPMENT on 03/21/2001 12:41 PM -----
Rae Ann Fresia <[email protected]>
03/21/2001 09:55 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Tana Jones May 2 trip to San Antonio
AGENT RF/RF BOOKING REF ZRPSCM
JONES/TANA
EB
ENRON CORP
DATE: MAR 21 2001
SERVICE DATE FROM TO DEPART ARRIVE
CONTINENTAL AIRLINES 02MAY HOUSTON TX SAN ANTONIO TX 220P 315P
CO 1587 Q WED G.BUSH INTERCO INTL
TERMINAL C TERMINAL 2
NON STOP
RESERVATION CONFIRMED 0:55 DURATION
AIRCRAFT: MCDONNELL DOUGLAS ALL MD-80 SERIES
SEAT 19D NO SMOKING CONFIRMED JONES/TANA(IDS0
CONTINENTAL AIRLINES 04MAY SAN ANTONIO TX HOUSTON TX 145P 248P
CO 1629 Q FRI INTL G.BUSH INTERCO
TERMINAL 2 TERMINAL C
NON STOP
RESERVATION CONFIRMED 1:03 DURATION
AIRCRAFT: MCDONNELL DOUGLAS ALL MD-80 SERIES
SEAT 23D NO SMOKING CONFIRMED JONES/TANA(IDS0
RESERVATION NUMBER(S) CO/OLDY45
JONES/TANA S0C0413R1056
ASSISTANT: TAFFY MILLIGAN 713 345-7373
*******************************************
INTL TVLRS: CARRY SOS WALLET CARD W/ENRON ASSISTANCE INFO
CALL SOS MEDICAL EMERGENCY:IN U.S 800 523-6586
CALL SOS MEDICAL EMERGENCY:INTL 215 245-4707 (COLLECT)
*********************************************
ALL FARES ARE SUBJECT TO CHANGE UNTIL TICKETED/PURCHASED
|
{
"pile_set_name": "Enron Emails"
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|
?
-----Original Message-----
From: Robert L. Dittert [mailto:[email protected]]
Sent: Thursday, April 05, 2001 6:14 PM
To: Jeff Watkins (E-mail); Noel Butler; Veronica Dittert (E-mail)
Subject: FW: The Mistress
?
-----Original Message-----
From: Dee Koehler [mailto:[email protected]]
Sent: Thursday, April 05, 2001 4:27 PM
To: Linda Frieda; Mary Freeman; Kelly J. Hunter; Kathy Gibson;
[email protected]; steph (E-mail); [email protected]
Subject: FW: The Mistress
?
?
?
A husband and wife were having dinner at a very fine
restaurant when this absolutely stunning young woman came over to
their table, gave the husband a big open-mouthed kiss, said she'd see
him later, and walked away. The wife glared at her husband and said,
"Who
the hell ?was ?that?"
"Oh," replied the husband, "she's my mistress."
"Well, that's the last straw," said the wife.
"I've had enough, and I want a divorce!"
"I can understand that," replied her husband, "but
remember, if we get a divorce it will mean no more shopping
trips to Paris, no more wintering in Barbados, no more summers in
Tuscany, no more Infiniti or Lexus in the garage, and no more yacht
club. But the decision is yours."
Just then, a mutual friend entered the restaurant with a
gorgeous babe on his ?arm.
"Who's that woman with Jim?" asked the wife.
"That's his mistress," said her husband.
"Ours is prettier," she replied.
Message-ID: <[email protected]>
From: [email protected]
To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected]
Subject: The Mistress
Date: Thu, 29 Mar 2001 14:26:24 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
Content-Type: multipart/alternative;
boundary="----_=_NextPart_003_01C0BE9C.CEDEAFD0"
A husband and wife were having dinner at a very fine
?restaurant when this absolutely stunning young woman came over to
?their table, gave the husband a big open-mouthed kiss, said she'd see
him later, and walked away. The wife glared at her husband and said,
"Who
the hell? was? that?"
"Oh," replied the husband, "she's my mistress."
?"Well, that's the last straw," said the wife.
"I've had enough, and I want a divorce!"
"I can understand that," replied her husband, "but
remember, if we get a divorce it will mean no more shopping
trips to Paris, no more wintering in Barbados, no more summers in
Tuscany, no more Infiniti or Lexus in the garage, and no more yacht
?club. But the decision is yours."
Just then, a mutual friend entered the restaurant with a
gorgeous babe on his? arm.
"Who's that woman with Jim?" asked the wife.
?"That's his mistress," said her husband.
?"Ours is prettier," she replied.
|
{
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|
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 03/27/2000
03:33 PM ---------------------------
"Samantha Slater" <[email protected]> on 03/27/2000 03:24:58 PM
To: <[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: Las Vegas RTO Workshop Update Memo
See attached.
Samantha M. Slater
Coordinator of State & Regional Programs
Electric Power Supply Association
1401 H Street, N.W.
Suite 760
Washington, D.C. 20005
Phone: 202-789-7200
Fax: 202-789-7201
E-mail: [email protected]
- VegasRTOwksp.doc
|
{
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|
Whatever you changed on this deal, it now reads that it flows 32 hours a
day! You have five strips in, each flowing for 16 hours.
Also, when you change a deal, if you could make small note about what you
changed in the comment section of deal entry, if really makes things go
faster. We know what change to look for when we make the revision.
Let me know when it is fixed.
Thanks!
|
{
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|
For West:
Risk(give these people access to all regions)-
Phillip Love
Randy Bhatia
Melissa Videtto
Stephanie Hopkins
Ryan O'Rourke
Zach McCarroll
Traders(just West access)-
Mike Grigsby
Phillip Allen
Keith Holst
Frank Ermis
Jay Reitmeyer
Jane Tholt
Matt Lenhart
Jason Wolfe
Matt Smith
I will have Patti Sullivan from logistics send you her list. Thanks.
PL
-----Original Message-----
From: Severson, Russ
Sent: Tuesday, January 08, 2002 4:05 PM
To: Keiser, Kam; Love, Phillip M.; Palmer, B. Scott; Winfree, O'Neal D.
Cc: Gossett, Jeffrey C.
Subject: Netco Sitara Access
Security access for the "Estate" will be the same as Production currently is.
Access for "Netco" will have to be set up from scratch.
Can each of you give me a list of the people that should have access to "Netco".
Access is still preliminarily being set up on a West, East, Central and Texas regional basis.
Included in the list should be Risk, Logistics, Trading and anyone else that you know of that you want to have access to your region..
The plan is to have a large mass set up, additional updates will be handled under eRequest, under the new application region code "Houston - Netco"
(This name will be changed later)
Any questions or comments, please give me a call.
Russ
x37386
|
{
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|
calendar, please
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/24/2001 12:30
PM ---------------------------
Taffy Milligan@ECT
05/24/2001 12:20 PM
To: Kay Mann/Corp/Enron@Enron
cc: Kathleen Carnahan/Enron@EnronXGate
Subject: Development of Certosa Holdings Project
Kay, FYI. I didn't see you on the distribution.
Taffy Milligan
Sr. Admin Assistant
EWS-Legal
Tele: 713-345-7373
Fax: 713-646-6058
----- Forwarded by Taffy Milligan/HOU/ECT on 05/24/2001 12:15 PM -----
Lisa Zarsky/ENRON@enronXgate
05/24/2001 11:09 AM
To: Greg Krause/ENRON@enronXgate, Raimund Grube/ENRON@enronXgate, Bob
Greene/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lea Sooter/ENRON@enronXgate, Dave
Kellermeyer/ENRON@enronXgate, Barbara Rose/ENRON@enronXgate, Steven
Rose/ENRON@enronXgate,
White@/O=ENRON/OU=NA/CN=RECIPIENTS/CN=JWHITE7@EX@enronXgate, Ann Elizabeth
White/HOU/ECT@ECT, [email protected]@SMTP@enronXgate,
[email protected]@SMTP@enronXgate, [email protected]@SMTP@enronXgate,
[email protected]@SMTP@enronXgate,
[email protected]@SMTP@enronXgate
cc: Taffy Milligan/HOU/ECT@ECT
Subject: Development of Certosa Holdings Project
Per Greg Krause's request I have scheduled the following Conference Call
* Please note the change
Date: Friday, May 25th
RE: Development of Certosa Holdings Project
Time: 10:30 AM (Central Time) & 11:30 AM (Eastern Time)*
Dial-in # 1-800-991-9019
Pass code # 6958166#
If there are any questions or conflicts with the time change please feel free
to contact me at 713-853-4321.
Thank you,
Lisa Zarsky
|
{
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|
For Tom H.
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/23/2001 01:48
PM ---------------------------
Ron Tapscott@ECT
01/23/2001 11:32 AM
To: Ben Jacoby/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron, James P Studdert/HOU/ECT@ECT, Chris
Booth/NA/Enron@Enron
Subject: 501d5a
I have attached two documents below --
Letter directed to SW to address their claim that title had passed --
Updated version of project chronology --
The Project Chronology document indicates letters or correspondence I am
trying to track down from EECC. I would appreciate your comments on the
letter I plan to send to SW in repsonse to the December 8th fax and any
updates to the chronolgy that appear to be incorrect or lacking.
Please call me if you have any questions. Thanks, Ron.
|
{
"pile_set_name": "Enron Emails"
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|
-----Original Message-----
From: Starwood Preferred Guest [mailto:[email protected]]
Sent: Tuesday, November 06, 2001 10:47 AM
To: DIANA
Subject: Enjoy 35% off resorts worldwide
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please call 1-877-STARWOOD.
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<http://secure.emailpub.com/sensor?image=3379&id=122713117>
|
{
"pile_set_name": "Enron Emails"
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|
Paul-
Here is the one they asked me to send them. Per our discussion, numbers look similar.
Dan
---------------------- Forwarded by Dan Masters/HOU/ECT on 04/27/2001 05:22 PM ---------------------------
Dan Masters
04/27/2001 05:15 PM
To: Greg Curran/CA/Enron@Enron, Rick Sierra/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Eco LNG
Greg/Rick-
Per our discussion, here are the inventory projection numbers given the various scenarios. I think the overall strategy should be to buy as much Cabot LNG at this year's prices as possible with the price increase we will see next year (current projection for commodity charge is $4.83 vs $3.48 this year) while still looking at optimising through diversion.
Give me a call to discuss,
Dan
|
{
"pile_set_name": "Enron Emails"
}
|
Karen Lemes
Box 768
Los Altos, CA 94023
[email protected]
To Mr. Ken Lay,
I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills. Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.
Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out. And Enron made an astronomical profit during the California energy crisis last year. As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.
The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it. Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.
Sincerely,
Karen Lemes
|
{
"pile_set_name": "Enron Emails"
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|
Tana: Can you make a copy of the most recent draft and get on my calendar
before Monday so that we can discuss. Thanks. Sara
|
{
"pile_set_name": "Enron Emails"
}
|
i can't the weekend of the 10th b/c of a 25K...but maybe the 3rd
-----Original Message-----
From: Gillette, Lisa
Sent: Wednesday, October 24, 2001 12:14 PM
To: Scott, Susan M.; Emily (E-mail)
Subject: Dallas to visit Katy
I spoke to Katy last night and she mentioned that each of us had expressed interest in going to visit her in Dallas. Right now Southwest has flights to Dallas for $60. Would the 2 of you be interested in taking a trip up there either the weekend of Nov. 3 or Nov. 10?
Let me know because I am going to purchase a ticket for one of those weekends.
|
{
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|
Do you have any issues with this? (see below)
Thanks!
Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/25/2000 04:47
PM ---------------------------
Enron North America Corp.
From: Sheri Thomas 02/25/2000 03:00 PM
To: Brenda F Herod/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Kevin
Sweeney/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT
cc: Michael E Moscoso/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT, Sally
Beck/HOU/ECT@ECT, Louise Kitchen/LON/ECT@ECT, Torrey Moorer/HOU/ECT@ECT,
Jennifer deBoisblanc Denny/HOU/ECT@ECT
Subject: Cutoff Time for EOL Gas Transactions
I talked to each of you a couple of weeks ago, and this topic got pushed
aside due to some other pressing issues. However, each of you agreed that a
standard cutoff time was acceptable for US gas, power and liquids products.
The best option will be to agree to cutoff at 4pm each day (just to get an
idea of the numbers we were talking about, I looked at yesterday to determine
how many deals were traded after 4pm Houston time. We had three US Gas
deals, and two Canadian Gas deals). After 4pm, the bridges would
automatically roll new EOL deals to the next day. However, for those deals
that do not bridge after 4pm, the various risk groups would need to remember
that these deals are the following day's business. I am not sure how the
procedures in Risk would need to be modified for the trader's position
reports, as the official books would not include these late deals. Can Risk
run supplemental reports to ensure that the desks have accurate positions
each morning?
I would appreciate any comments that you may have, and regardless, please
re-confirm that a cutoff of 4pm works for each of your respective groups.
Sheri
x36557
Mike - any potential problems with the DPR?
Peggy - we discussed briefly a few weeks back...any thoughts?
|
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|
_________________________________________________________________
F O O L W A T C H
Friday, December 8, 2000
[email protected]
_________________________________________________________________
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WEEK IN REVIEW: A WEEK, A YEAR, A LIFE
Jerry Thomas sums up a week of news that includes Wal-Mart,
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RADIO SHOW: WOODWARD ON GREENSPAN
Bob Woodward talks about his new book on this week's radio
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FOOL PLATE SPECIAL: BIG BRANDS LEVEL THE PLAYING FIELD
What have companies such as Abercrombie, Gap, and Nike done to
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COMMUNITY PERSPECTIVE: CARRIER CAPITAL SPENDING DEBATE
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FOOLISH FOUR: PORTFOLIO PROTOCOL, PART 2
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MsgId:
msg-13683-2000-12-08_18-18-11-6589101_1_Plain_MessageAddress.msg-18:45:20(12-0
8-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: [email protected]
|
{
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|
I want to take a moment to thank each of you for having a summer Analyst or
Associate work on your team. I also want to remind everyone what a high
stakes activity this is for Enron.
Based on your recommendation, we will make offers at the end of the summer to
those interns who perform, and who you endorse as a potential future member
of your team. Those interns who have had a good experience and accept our
offer will be the lowest risk hires we make - from any source. We will have
effectively interviewed and watched them work for 2-3 months. They also have
the potential to be the most effective advocates and talent scouts we have,
when they return to campus. On the flip side, those who don't have meaningful
assignments, or have bad experiences during the summer can severely hurt our
efforts.
Thank you again for being part of this very important activity. If you have
any questions, or if areas of concern arise during the summer, please contact
Ted Bland (x35275), Traci Warner (x33242) or me (x36671).
We appreciate your contributions to this important effort for Enron.
Billy
|
{
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Joe, per our discussions, here are some items we want to be sure to
cover/assign in our initial due diligence check list:
1. Purchase And Sale Agreement preparation and negotiation (using Rodeo PSA
as template since Equilon is already familiar with said document, which was
highly negotiated). This effort will include any needed side agreements.
2. Review any "corporate" or "partnership" ownership issues affecting any
pipelines or segments within the assets.
3. Review of rights-of-way, easements, real property licenses, fees lands,
leaseholds and other real property interests comprising the assets (explore
possibility of obtaining help from ROW people within GPG). Analysis must
include right-to-assign and no-conversion- of-
common-carrier-assets-to-private-use issues, as well as other standard
issues, including telecommunication rights, etc.
4. Physical inspection of real and personal property in the deal for
safety/environmental/operating issues.
5. Tariff/FERC/regulatory/property tax issues affecting the assets. (Need
to be sure that assets have been properly listed & reported to taxing
authorities. Need to "assume" existing tariffs where required.)
6. HSR (antitrust) and "shop closing" issues. SEC disclosure issues, and
relationship b/w Phoenix and Koch S-1.
7. Employee/benefit/organized labor issues (three unions/collective
bargaining agreements involved).
8. Existing commercial contracts and "shipper" issues. Any long-term or
"out- of- the- money" situations?
9. Any outstanding claims, assessments, levies, penalties, protests or
litigation (both environmental and non-environmental).
10. Completion of any remaining business due diligence needed to
confirm/justify purchase price.
11. Environmental review---with emphasis on "pricing" existing enviro
matters we would be assuming/undertaking.
12. UCC lien search and any bulk sales issues.
Of course, the list above is just for openers. There are a number of things
I have undoubtedly missed. We have our standard check list that we use on
these deals, and I know you will have a number of additional items you will
want to include in the overall list. We should probably compare notes on the
initial master list before the "kick-off" meeting on 7/26. Thanks. SWD
|
{
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Met with Jake Thomas (Origination) and Paul Choi (Mid-market). It looks like we have concurrence on the ENA side of the house. How do we run the traps on the EES side (i.e., Guy Devault, Jeff Ader, and whoever??)?
I'd like to go to Nevada next week (thursday,friday time frame) and start meeting with the Commission and OCA.
|
{
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|
Attached is the information you requested regarding American Military
Univeristy. If your e-mail package cannot handle attachements click
http://www.amunet.edu/AMUv2/Content/Global/downloads.asp to view forms. If
you are asked for a password when trying to view a form, click cancel and the
document will continue to load.
- ReqTranscriptSentAMU.doc
|
{
"pile_set_name": "Enron Emails"
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|
I don't understand why you were denied access. Did we improperly file? Call me.
-----Original Message-----
From: Tow, Eva
Sent: Tuesday, August 28, 2001 1:46 PM
To: Stransky, Joan
Cc: Steffes, James D.
Subject: FW: 562317 Joan Stransky SAP Security Request Form (Eva)
Joan,
Per Judy knepshield, you have been denied access to the requested AP role. Please be advised that we are closing remedy ticket 562317.
Thank you,
ISC SAP Security
-----Original Message-----
From: Knepshield, Judy
Sent: Tuesday, August 28, 2001 9:31 AM
To: Sap Security
Cc: Stransky, Joan; Steffes, James D.
Subject: RE: 562317 Joan Stransky SAP Security Request Form (Eva)
Denied A/P Access for processing.
Judy Knepshield
-----Original Message-----
From: Tow, Eva On Behalf Of Sap Security
Sent: Wednesday, August 22, 2001 1:33 PM
To: Knepshield, Judy
Cc: Stransky, Joan; Steffes, James D.
Subject: FW: 562317 Joan Stransky SAP Security Request Form (Eva)
Joan Stransky is requesting access to the below role(s) and its pending your approval. Please email your response to SAP Security. If you have any questions, please contact her/his supervisor.
FINANCIAL ACCOUNTING ROLES:
1. Add FN AP Invoice Processing-CORP
User's Current Access:
Std End-User profile for basis and prntg
HR Local Time Keeper - CORP HR
HR EMployee ESS CATS Enterprise HR
FN FI Consolidated Viewer-CORP
Thank you,
ISC SAP Security (Eva)
-----Original Message-----
From: Stransky, Joan
Sent: Thursday, August 16, 2001 5:20 PM
To: Sap Security
Subject: 562317 Joan Stransky SAP Security Request Form
The following request information was recently submitted...
REQUESTOR INFORMATION:
Business Unit: CORP
Cost Center: 103246
Company Code: 001
Business Unit for Roles: CORP
Other Business Units:
SAP ID: p00500449
GENERAL INFORMATION:
Supervisor: James Steffes
Supervisor Telephone Number: 853 7673
Employee Name (Last,First,M): Stransky, Joan. F.
Employee Location: EB4736B
Employee Telephone Number: 853-7431
Employee Email Address: [email protected]
Job Title: Admin Asst
SAP User Type: Enron Employee
Business Reason:
I have been asked to support Becky Cantrell and Melinda
Pharms in timekeeping and invoice coding.
VIEWER ROLES:
No roles in this area were selected.
FINANCIAL ACCOUNTING ROLES:
1. Add FN AP Invoice Processing
PROJECT SYSTEM ROLES:
No roles in this area were selected.
JOINT VENTURE ROLES:
No roles in this area were selected.
MATERIALS MANAGEMENT / PURCHASING ROLES:
No roles in this area were selected.
CENTRALIZED ROLES (LIMITED TO SPECIFIC PERSONNEL):
No roles in this area were selected.
HUMAN RESOURCES (HR PERSONNEL ONLY):
No roles in this area were selected.
HUMAN RESOURCES - TIMEKEEPERS:
1. Add HR Local Timekeeper
HUMAN RESOURCES - BENEFITS (BENEFITS PERSONNEL ONLY):
No roles in this area were selected.
HUMAN RESOURCES - PAYROLL (PAYROLL PERSONNEL ONLY):
No roles in this area were selected.
|
{
"pile_set_name": "Enron Emails"
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|
Clark, Thank you; I received this and will look over your comments. If I
have any questions, I'll give you a call. I appreciate being included.
Michelle
"Martin, J. Clark" <[email protected]> on 10/15/2000 02:50:22 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW: Services agreement
Michelle:
Here is copy of email message to Mark with redlined version of
proposed services agreement.
Clark
> -----Original Message-----
> From: Martin, J. Clark
> Sent: Sunday, October 15, 2000 2:49 PM
> To: Holsworth, Mark (Enron)
> Subject: Services agreement
>
>
> Sunday, October 15, 2000
>
> Mark:
>
> Here is redlined version of proposed services contract with a few
> suggested changes and a couple of comments. I think the draft prepared by
> the human resources personnel addresses the important issues.
>
> Clark
>
>
> <<AGREEMT.DOC>>
- AGREEMT.DOC
|
{
"pile_set_name": "Enron Emails"
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Charlene,
I am sending you as promised the information I have about 3 of our summer
interns.
I shall fax you this morning two additional resumes I have in hard copy.
In the case of Paulo Rocha we don't have a formal
resume, just a letter from him with the summary of his skills.
Thanks for your help. Enron desperately needs this talent.
Vince
|
{
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Start Date: 2/23/01; HourAhead hour: 11; No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022311.txt
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 11 / Preferred: 5.49 / Final: 4.92)
TRANS_TYPE: FINAL
LOAD_ID: PGE2
MKT_TYPE: 2
TRANS_DATE: 2/23/01
SC_ID: EPMI
$$$ Variance found in table tblLoads.
Details: (Hour: 11 / Preferred: 50.16 / Final: 45.76)
TRANS_TYPE: FINAL
LOAD_ID: PGE3
MKT_TYPE: 2
TRANS_DATE: 2/23/01
SC_ID: EPMI
$$$ Variance found in table tblLoads.
Details: (Hour: 11 / Preferred: 205.08 / Final: 210.08)
TRANS_TYPE: FINAL
LOAD_ID: SCE1
MKT_TYPE: 2
TRANS_DATE: 2/23/01
SC_ID: EPMI
|
{
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|
I am currently negotiating a GISB w/ PPL Energy Plus and they have requested
a Master draft.
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
|
{
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|
FYI.
---------------------- Forwarded by John Dushinske/ET&S/Enron on 10/31/2000
03:07 PM ---------------------------
Janet Butler
10/26/2000 10:58 AM
To: Daniel Allegretti/HOU/EES@EES, [email protected], Shelley
Corman/ET&S/Enron@Enron, [email protected], John
Dushinske/ET&S/Enron@ENRON, [email protected], Howard
Fromer/HOU/EES@EES, Donna Fulton/Corp/Enron, Mary Hain/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enronn@ENRON, Rod Hayslett/FGT/Enron@ENRON, [email protected],
Richard Ingersoll/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, [email protected],
[email protected], [email protected], Kathleen E
Magruder/HOU/EES@EES, Susan J Mara/SFO/EES@EES, [email protected], Janine
Migden/DUB/EES@EES, Marcie Milner/Corp/Enron@ENRON, Steve
Montovano/DUB/EES@EES, [email protected], Sarah
Novosel/Corp/Enron@ENRON, [email protected], [email protected],
[email protected], Edith Terry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Denis Tu/FGT/Enron@ENRON, [email protected]
cc:
Subject: RTO Compliance Filings
Attached is a special summary of all the recent RTO compliance filings
submitted October 16.
FERC has a sizable task facing them to review these filings.
|
{
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BUSINESS HIGHLIGHTS
Enron Industrial Markets
The Transaction Development group (TD) is responsible for corporate development, transaction execution and portfolio management activities within EIM. TD is responsible for asset and corporate acquisitions to support EIM's efforts in the Forest Products and Steel industries. TD works with EIM's Forest Products and Steel Origination groups to structure and execute complex transactions for EIM's customers. TD also manages EIM's equity investments, such as EIM's ownership position in Papier Masson, Ltee, a paper mill in Quebec, Canada.
TD is comprised of approximately 20 professionals with a wide range of backgrounds including investment banking, commercial banking, management consulting, law, project development, accounting and engineering. In addition, the majority of the analysts and associates within EIM work in TD since it provides a strong base of deal experience for junior members of our organization.
Enron Freight Markets
Enron Freight Markets has continued to expand the transportation services offered to its customers and completed several flatbed truck moves outbound from Georgia this week. There was a shortage of flatbed equipment supply in this market and EFM was able to obtain more than three times the normal margin on each move.
IN THE NEWS
"Enron's bilateral internet trading platform, EnronOnline, was launched in November 1999 and is the largest e-commerce site on the planet based on the value of its transactions. As EPRM went to press, it had average daily trading volume of $3.5 billion, accounting for nearly 50% of the company's revenues from wholesale marketing activities." -- Energy Power Risk Management, May 2001
WELCOME
New Hires
EIM - Cheryl Lindeman
ENA - Chris Bystriansky, Paula Craft, Eugene Lee, Bhalachandra Mehendale, Sarah Wooddy
Transfers (to or within)
ENA - Grace Taylor, Steven Irvin, Dina Snow
NUGGETS & NOTES
Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001. Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately after the presentations. Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco. Dates to be announced soon.
Travel tip of the week:
Flights reserved through Travel Agency in the Park provide you with $150,000 of flight insurance at no additional charge.
EnronOnline Statistics
Below are the latest figures for EnronOnline as of May 29, 2001.
* Total Life to Date Transactions > 1,015,000
* Life to Date Notional Value of Transactions > $610 billion
NEWS FROM THE GLOBAL FLASH
Enron arranges first gas pipeline import into Italy
Enron has continued its pioneering activities in the Continental gas market by arranging the first gas import into Italy. The Italian team worked with the Continental Gas desk to arrange this strategically important agreement with Blugas SpA., the wholesale gas company formed by the municipalities of Cremona, Lodi, Mantova and Pavia in north-eastern Italy. Enron has sourced 100,000 cubic metres per day of natural gas from northern Europe to transport to Italy, transiting it through Germany and Switzerland, despite fierce resistance from Ruhrgas and TransitGas respectively.
Aside from isolated LNG imports by incumbent monopolies this is the first time that any company has managed to import natural gas by pipeline into Italy since the Italian gas sector was officially liberalised in August 2000. The gas, which started flowing at 06.00 on Thursday 17th May 2001, will be used to meet the needs of two thirds of Blugas' residential customers within the four municipalities. The current contract lasts for five months.
Congratulations to Fabio Greco, Carsten Haack, Didier Magne, Michael Schuh, Marco Lantieri and Daniela Uguccioni.
Enron in the Middle East
Enron has relinquished its stake in Dolphin Energy, the joint venture company formed to develop gas reserves in Qatar.
Enron has agreed to transfer its 24.5 per cent stake in the project to the United Arab Emirates Offset Group (UOG), the majority shareholder. The agreement allows Enron to deploy capital elsewhere and gives UOG the opportunity to seek new partners before the project moves into its next phase.
Development of the Emden/Oude gas hub moves ahead fast
An important milestone in the evolution of the new gas trading hub on the Dutch-German
border was reached last week. Last Friday some of the major European gas players held a meeting to officially establish the Emden/Oude gas hub. Although Enron had already initiated the development of the Emden/Oude hub by making a market through EnronOnline as early as December 2000, the goal of this meeting was to set up a working group similar to the Zeebrugge focus group who can work on setting a legal framework for the Emden/Oude hub.
Enron was elected as the only new market entrant in this group, reflecting the high level of respect industry peers have for Enron as a major player in the Continental gas market -- even from incumbents!
LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.
<Embedded Picture (Metafile)>
|
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hi sara-
i am at home today..if you get a chance, please call me at 917 324 1999.
thank you,
ca
|
{
"pile_set_name": "Enron Emails"
}
|
Carol,
I spoke with Glen Mackey this morning. For both the Canada-Canada and US-US
agreements, we will have mutual collateral thresholds of $9MM.
Paul
-----Original Message-----
From: St Clair, Carol
Sent: Thursday, May 17, 2001 11:03 AM
To: Radous, Paul
Subject: Engage Energy America LLC - Enron Power Marketing Inc. EEI Master
Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
[email protected]
----- Forwarded by Carol St Clair/HOU/ECT on 05/17/2001 11:02 AM -----
Genia FitzGerald 05/16/2001 10:11 AM To: Carol St Clair/HOU/ECT@ECT cc:
Paul Radous/Enron@EnronXGate Subject: Engage Energy America LLC - Enron
Power Marketing Inc. EEI Master
Carol,
This is the last correspondence I show with Engage on behalf of Janice (other
than guaranty correspondence) and I can't even find these attachments in her
directory. Paul Radous was under the assumption this was executed. He is
calling George Wood to see if Woody has spoken with them. Paul said this is
of utmost priority and I will put Janice's file in your in-box.
Thanks for your help,
Genia
----- Forwarded by Genia FitzGerald/HOU/ECT on 05/16/2001 10:04 AM -----
Janice R Moore 03/28/2001 02:48 PM To: [email protected] cc:
George Wood/Corp/Enron@Enron, Genia FitzGerald/HOU/ECT@ECT, Rhonda L
Denton/HOU/ECT@ECT, Paul Radous/Enron@EnronXGate,
[email protected] Subject: Engage Energy America LLC - Enron
Power Marketing Inc. EEI Master
Deb:
Attached are Enron's revisions to the draft Cover Sheet and Supplement that
you submitted to us. Peter Leier asked me to work with you on progressing
this master in his absence.
Please note that the credit provisions reflect the discussions that each of
our credit departments have had over the last several months. The guarantees
referred to here have already been negotiated in the context of another deal
(which will be brought under the umbrella of this Master when it is
executed), and they are due to be executed and delivered by each party very
soon. We have included our standard provision that will bring all
outstanding transactions listed on Attachment A under the terms of the EEI
MAster, but we have not included an attachment yet b/c there may be several
outstanding transactions by the time we execute this master.
Also note that my comments have borrowed heavily on the provisions of the
ISDA agreement and schedule that I understand is being executed this week
between Engage and Enron North America Corp. For example, you had checked
the box on the Cover Sheet electing sec. 2.4 to apply, but that provision
would be inconsistent with the ISDA Schedule 5(e).
We believe it is preferable to follow the basic structure of the EEI
documentation as other industry members are doing, leaving the "boilerplate"
Master unmarked and putting all the changes at the end of the Cover Sheet,
and so that's where you'll see the standard language that Enron adds to the
Master. We believe that, true to the bilateral nature of these arrangements,
such changes benefit both parties. Rather than attaching a separate
Supplement, we would add to the Cover Sheet the changes you proposed in the
Supplement after we've negotiated those changes.
Please call me with any questions or comments.
<< File: Engage Energy America, LLC CS 3-28-01.doc >> << File: Engage
Energy America, LLC Attachments.doc >>
<< File: EngageEEISUPPLEMENT032701.doc >>
Regards,
Janice
EB3811
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax: 713-646-3490)
|
{
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|
Please, put on my calendar
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/15/2001
01:30 PM ---------------------------
From: Todd Kimberlain/ENRON@enronXgate on 02/15/2001 12:50 PM
To: Kyle Berryman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob
Beyer/ENRON@enronXgate, Reno Casimir/ENRON@enronXgate, Huy
Dinh/ENRON@enronXgate, Partho Ghosh/ENRON@enronXgate, "Gil, Eduardo"
<[email protected]>@SMTP@enronXgate, D Todd Hall/ENRON@enronXgate, Joseph
Hrgovcic/ENRON@enronXgate, Michael Nguyen/ENRON@enronXgate, Timothy M
Norton/ENRON@enronXgate, Sandeep Ramachandran/ENRON@enronXgate, Claudio
Ribeiro/ENRON@enronXgate, Rajib Saha/ENRON@enronXgate, Valter
Stoiani/ENRON@enronXgate, Mark Tawney/ENRON@enronXgate, Gary
Taylor/ENRON@enronXgate, Yannis Tzamouranis/ENRON@enronXgate, Steven
Vu/ENRON@enronXgate, Catherine Woolgar/ENRON@enronXgate, Stephen
Bennett/NA/Enron@ENRON, Todd DeCook/Corp/Enron@Enron, Vince J
Kaminski/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON, Andy
Pace/NA/Enron@Enron, Mike A Roberts/HOU/ECT@ECT, David Ryan/Corp/Enron@ENRON
cc:
Subject: JAMES ELSNER'S VISIT: FEBRUARY 22
Professor Jim Elsner from the Department of Meteorology/Geography at Florida
State University will be visiting the Weather Risk Management group on
Thursday, 22 February 2001. Professor Elsner is a leading expert in
hurricane climate studies. who is currently investigating
interannual/decadal/multi-decadal hurricane variations and shifts/trends in
hurricane landfall probabilities and their relationship to climate and
climate change; he also issues seasonal predictions for number of hurricanes
and landfall probabilities along segments of the U.S. coastline. Moreover,
he is a leading authority in non-linear dynamics and chaos theory and has
published a number of papers on these topics.
His talk will focus on a proposed research topic, which will provide Enron
with climatological instruments for use in the insurance and long-term
derivative markets. The research involves a
Bayesian analysis of the longest available record of hurricane activity along
the U.S. coastline. Deliverables will address the hurricane threat in the
United States, but the methodology can be applied elsewhere. The techniques
also can be applied to climate extremes including precipitation and
temperature.
The talk is scheduled for 9 a.m. and the room assignment will be announced.
All are cordially invited to attend.
Best regards,
Todd Kimberlain
|
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|
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude43.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas43.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil43.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded3.pdf
Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Jan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG43.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG43.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL43.pdf
Scott Mollner Recomendation
http://www.carrfut.com/research/Energy1/recom11-27-01.pdf
|
{
"pile_set_name": "Enron Emails"
}
|
When: Monday, March 19, 2001 1:00 PM-1:30 PM (GMT-06:00) Central Time (US &
Canada).
Where: EB3267
*~*~*~*~*~*~*~*~*~*
|
{
"pile_set_name": "Enron Emails"
}
|
Please join the West Power Trading Group for a Meeting / Conference call with
Regulatory Affairs regarding the Federal Price Cap at 11:45am TODAY (6/15)
in the Mt. Hood Conference Room.
|
{
"pile_set_name": "Enron Emails"
}
|
Are you aware?
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/15/2001 09:54 AM -----
Doug Jones@ENRON
02/15/2001 08:11 AM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re: Upstream GRM Transactions
Mike and Jeff,
The following is an update we sent out to Harvard and Ospraie regarding the
status of our transaction pipeline. I thought it would be of interest to
both of you as well.
Gentlemen,
We have sent the final version of the CA to Hallwood to be signed, hopefully
we will receive information either tomorrow or early next week and have a
preliminary valuation and structure proposal by the end of next week. We
are negotiating a CA with Nuevo and they appear anxious to get started.
Their general counsel told me they have prepared a box of due diligence items
to be delivered as soon as we agree on certain terms. The DevX CA should be
finalized today as well and we will get started on that prospect hopefully
next week also. We are still waiting on information from Chesapeake, but I
spoke with Marc Rowland last week and he is getting his new reserve report
finalized and will send it to us when it ready. Benton is progressing albeit
slowly because of the complicated nature of the structure. We are also
analyzing a new transaction that another group within Enron has originated
and structured a VPP around but they may not have favorable financing. It
could represent an opportunity for both of you to see if a small equity
participation in the SPV is of interest. That's it, call me if you have any
questions or comments.
"Porter, Stuart" <[email protected]> on 02/13/2001 07:48:08 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject:
Doug,
I just wanted to say that you handled Hallwood perfectly. Also if it is time
to move on other fronts -- Benton / Nuevo -- I am ready to go. I think Nuevo
will probably be under pressure in the next few weeks after missing 4q and
reducing reserves.
Stu
|
{
"pile_set_name": "Enron Emails"
}
|
yours?
---------------------- Forwarded by Mark A Taylor/EFS/EES on 12/05/2000 08:21
AM ---------------------------
Kevin Meredith@ENRON
12/04/2000 06:10 PM
To: Michael Nguyen/HOU/ECT@ECT, Mark A Taylor/EFS/EES@EES
cc: Robert B Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT
Subject: Weather Products
The following products have been created in Test. Please review and advise.
US Wthr CDD Swap HNG KNG 100/20K Jun01 USD/CDD
A US Weather (Cooling Degree Day) Financial Swap Transaction with Enron North
America Corp., under which the Seller is obliged to pay the Payment Amount to
the Buyer where the Floating Amount is above the Strike Amount, or where the
Buyer is obliged to pay the Payment Amount to the Seller where the Floating
Amount is below the Strike Amount. The Strike Amount is the amount in
Cooling Degree Days submitted in the "price" field by Counterparty via the
website. The Notional Amount is the product of the quantity submitted by
Counterparty via the website and the Pay Unit. The Payment Amount is the
product of (i) the Notional Amount and (ii) the absolute value of the
difference between the Floating Amount and the Strike Amount.
The Calculation Period is from and including the Effective Date of 01 Jun
2001 to and including the Termination Date of 30 Jun 2001.
The Calculation Period shall commence at 12:01am on the Effective Date and
conclude at 12:00am on the Termination Date at the relevant Reference Weather
Station or Fallback Reference Weather Station. The Reference Weather Station
is Hong Kong Observatory, WMO Station Number 45005. The Fallback Reference
Weather Station is King's Park, WMO Station Number 45004. Reporting Service,
Reporting Agency and Data Source all mean the Hong Kong Observatory 134A
Nathan Road, Kowloon, Hong Kong or its successor organisation. Reference
Time means 12.01 AM LST.
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
CDD shall mean Cooling Degree Day.
The Reference Basis is 65 Degrees Fahrenheit and the Reference Degrees are in
Fahrenheit.
The Pay Unit shall be 100USD.
The Maximum Payout Limit shall be 20000USD, multiplied by the quantity
submitted by the Counterparty via EnronOnline.
US Wthr HDD Swap HNG KNG 100/20K Jan01 USD/HDD
A US Weather (Heating Degree Day) Financial Swap Transaction with Enron North
America Corp., under which the Seller is obliged to pay the Payment Amount to
the Buyer where the Floating Amount is above the Strike Amount, or where the
Buyer is obliged to pay the Payment Amount to the Seller where the Floating
Amount is below the Strike Amount. The Notional Amount is the product of the
quantity submitted by Counterparty via the website and the Pay Unit. The
Strike Amount is the amount in Heating Degree Days submitted in the "price"
field by Counterparty via the website. The Payment Amount is the product of
(i) the Notional Amount and (ii) the absolute value of the difference between
the Floating Amount and the Strike Amount.
The Calculation Period is from and including the Effective Date of 01 Jan
2001 to and including the Termination Date of 31 Jan 2001.
The Calculation Period shall commence at 12:01am on the Effective Date and
conclude at 12:00am on the Termination Date at the relevant Reference Weather
Station or Fallback Reference Weather Station. The Reference Weather Station
is Hong Kong Observatory, WMO Station Number 45005. The Fallback Reference
Weather Station is King's Park, WMO Station Number 45004. Reporting Service,
Reporting Agency and Data Source all mean the Hong Kong Observatory 134A
Nathan Road, Kowloon, Hong Kong or its successor organisation. Reference
Time means 12.01 AM LST.
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
HDD shall mean Heating Degree Day.
The Reference Basis is 65 Degrees Fahrenheit and the Reference Degrees are in
Fahrenheit.
The Pay Unit shall be 100USD.
The Maximum Payout Limit shall be 20000USD, multiplied by the quantity
submitted by the Counterparty via EnronOnline.
|
{
"pile_set_name": "Enron Emails"
}
|
Carol:
(1) see Tanya's note re: Occidental
(2) I think I negotiated either a confirm or Schedule with a Trust (I'll try
to find). Of course, there are lots of structured deals with Trusts.
(3) I don't have strong feelings about the offsite - but I'd vote for the
a.m. rather than change the legal credit seminar to accommodate the offsite.
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 04/16/2001 02:52 PM -----
Tanya Rohauer/ENRON@enronXgate
04/16/2001 02:15 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: RE: Legal Credit List
Nova Scotia Power - this was pending a credit wkst from me. Weather desk
was pursuing - I have not heard anything out of them regarding this customer
and have not seen any trades other than the one. Brent may have heard
more...If not, I am game with removing until the commercial team resurrects.
Occidental - I agree it has not moved forward. We can take off the list, but
I will ask Brant/Jay to pursue on our end.
-----Original Message-----
From: Shackleton, Sara
Sent: Friday, April 13, 2001 2:12 PM
To: Rohauer, Tanya
Subject: Legal Credit List
Tanya:
After the last meeting, I promised to ask you about the following:
(1) Nova Scotia Power Inc. - this shows up as "credit review". Should this
remain on the list and if so, is there anything that legal needs to do?
(2) Occidental Energy Marketing, Inc. - this is the new "Forest Oil" of the
list so I say let's forget it. No, seriously, Carol did revisit the latest
draft and said it was pared down about as far as it could go. Further, she
cannot get anyone at Occidental to return phone calls.
Please let me know what you would like to do.
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
looks like a deal. i think i am going to go to your bachelor party and not
miami. i bet you are real excited about that. lets set up golf for fri or
sat. you missed a good night on sat.
|
{
"pile_set_name": "Enron Emails"
}
|
Mam nadzieje, ze moja odowiedz na list Sz.Pana z dn.19.01.01 doszla do Pana.
Byl on wysylany z niepewnego komputera.
Jezeli nie doszedl, to prosze dac znac (elektronicznie oczywiscie).
Serdecznie pozdrawiam
Grazyna Piesniewska
|
{
"pile_set_name": "Enron Emails"
}
|
When do the guys that signed contracts get the paperwork for option grants and restricted stock? They are all asking me.
|
{
"pile_set_name": "Enron Emails"
}
|
Our current cash balance with Reliant is $52,850.00. We did not request any gas for tomorrow under the swing arrangements. I have requested a wire in the amount of $22,000.00 to be made on Friday April 12th.
Melissa, I had to move the payment to Friday because some Enron "approval" people are out of the office but we have a large cash balance and it shouldn't be a problem if it gets delayed untill Monday.
Also, Tiffanie Wheeler discovered an error in my worksheet that impacted the cash balance effective March 1st forward. My worksheet is set up so that any change in a volume or price for a prior month will change the current cash balance. I will keep track of all changes at the bottom of the Summary worksheet in this file.
|
{
"pile_set_name": "Enron Emails"
}
|
Hey Chris,
I was wondering if there was a fax number at the base so that my apartment
complex can send you some info. regarding getting your name taken off of our
lease. If there is, just shoot me off an email with the number and I'll pass
it along to them.
Hope things are going well and that you're not too homesick with Thanksgiving
and all. I have a feeling I will be talking to you guys tomorrow along with
both of our parents and extended family members. Have a great holiday and
root on the Horns ( I think this is going to be a tough one).
Love,
Susan
|
{
"pile_set_name": "Enron Emails"
}
|
Text: Please plan to attend and reception and dinner for Analysts and
Associates who have made significant contributions to ENA. The function will
be hosted by the Office of the Chairman at Morton's Steak House located at
5000 Westheimer on August 17, 2000. The reception will start at 7:00pm with
dinner to follow at 7:45pm. Please RSVP to Ted Bland at ext. 3-5275 no later
than close of business Monday, August 14. This will be an informal gathering
to discuss the progress of ENA and an open forum to interact with members of
the senior management team on a one on one basis.
See you on the 17th.
Mark, Dave and John
|
{
"pile_set_name": "Enron Emails"
}
|
fyi.
-----Original Message-----
From: Boudreaux, Shanna
Sent: Monday, November 26, 2001 7:37 AM
To: Townsend, Judy; Neal, Scott; Versen, Victoria; Lamadrid, Victor;
Ordway, Chris; Pritchard, Michael
Subject: FW: TE Request for TABS-2 Assistance
FYI
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, November 25, 2001 12:00 AM
To: [email protected]
Subject: TE Request for TABS-2 Assistance
November 25, 2001
Due to continued unseasonably mild weather and shippers filling contract
storage inventories in anticipation of the coming winter heating season,
Texas Eastern has virtually no storage capacity or linepack available
for system operational purposes and cannot continue to absorb imbalances
left on the system.
Pursuant to Section 3.3 of Rate Schedule TABS-2, Texas Eastern offers to
permit TABS-2 Parties to decrease physical receipts of gas into the
system by an aggregate quantity of 300,000 Dth/d. Any decreases in gas
receipts pursuant to Rate Schedule TABS-2 will not reduce such TABS-2
Parties? scheduled deliveries, whether at a TABS-1 Service Point or city-
gate markets. This request for decreased receipts under TABS-2 is
applicable for the STX, ETX, WLA, and ELA TABS-2 Service Points. All
requests for decreased receipts under Rate Schedule TABS-2 will be
accepted on a first-come, first-served basis. After Texas Eastern?s
operational need for decreased receipts has passed, Texas Eastern will
notify all participating TABS-2 Parties and such parties will have a
reasonable time to come back into balance. Any TABS-2 party willing to
decrease physical receipts into the system should contact their Account
Manager.
*******************************************************************
NOTE:
Duke Energy Gas Transmission respects your online time and privacy.
You have received this email because you elected to subscribe. To
unsubscribe, login to the E-mail Notification Subscription page at
http://www.link.duke-energy.com/script2/Notification.asp
uncheck the appropriate checkbox, and click the Submit button.
|
{
"pile_set_name": "Enron Emails"
}
|
I know how much you're looking forward to "Ted's Weekend of Rest and
Relaxation" and I also realize that carting me back and forth to the car
dealership wasn't exactly on your list of things to do (bear in mind the
dealership is roughly 5 minutes from your apartment)...So, I'm offering you
an out. I can find someone else to help me if you want to bail (I know how
important your pool-side time is - Remember it's all about you and your
needs." Just let me know.
FYI: Galveston does not look like this...
|
{
"pile_set_name": "Enron Emails"
}
|
Is this his attempt at humor because he is on the email list. I told them
you are on vacation, but they still want to have the call.
Kay Mann@ENRON
06/06/2001 07:36 AM
To: Suzanne Adams/HOU/ECT@ECT
cc:
Subject: RE: Weekly GE Conference Call
Sometimes John forgets that he is not a lawyer.
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2001 07:36
AM ---------------------------
Kay Mann
06/06/2001 07:31 AM
To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: RE: Weekly GE Conference Call
Next time you vote for me, please copy me on the email.
Kay
From: Scott Dieball@ENRON_DEVELOPMENT on 06/05/2001 05:44 PM
To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Suzanne Adams/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron
Subject: RE: Weekly GE Conference Call
Vacation??? I've heard that tomorrow at the staff meeting Mark H. will be
rolling out the new policy of eliminating all vacation for ENA legal folks.
John G Rigby
06/05/2001 03:08 PM
To: Suzanne Adams/HOU/ECT@ECT
cc: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: RE: Weekly GE Conference Call
Lets continue without Kay. I think this call will be focusing on the
documents sent out already.
Suzanne Adams@ECT
06/05/2001 02:42 PM
To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: RE: Weekly GE Conference Call
Kay will be on vacation Thursday and Friday. Can the call go on without
her? Same time, 1:30 p.m. CDT? Let me know please.
John G Rigby@ENRON_DEVELOPMENT
06/05/2001 02:25 PM
To: Suzanne Adams/HOU/ECT@ECT
cc:
Subject: RE: Weekly GE Conference Call
lets make the change- GE cannot make it wednesday- plus the extra day gives
both GE and us time to review the exhibits and the new T&C draft. given that
Sheila is in her "hostage situation", the other key person is Kay. Thanks.
Suzanne Adams@ECT
06/05/2001 12:02 PM
To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: RE: Weekly GE Conference Call
John, I'm not going to change the call to Thursday until I hear from you to
make sure you guys want it that way. Thanks, Suzanne
John G Rigby@ENRON_DEVELOPMENT
06/05/2001 11:17 AM
To: [email protected]@ENRON
cc: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected]
Subject: RE: Weekly GE Conference Call
Changing to Thursday works better for Scott Dieball, John Rigby and Peter
Thompson.
[email protected]
06/05/2001 08:49 AM
To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected]
cc:
Subject: RE: Weekly GE Conference Call
Any chance of postponing until Thursday afternoon - same time?
Steve
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, June 04, 2001 7:09 PM
To: [email protected]; [email protected]; [email protected];
[email protected]; [email protected]; Swift, Stephen L
(PS, CommOps); Barnas, Michael C (PS, Legal); Shoemaker, Kent (GEAE);
[email protected]; Schroeder, John H Jr (PS, Sales);
[email protected]; [email protected];
[email protected]
Subject: Weekly GE Conference Call
Importance: High
The weekly conference call will take place at 1:30 p.m. CDT on Wednesday,
June 6, 2001. EB38C1 has been reserved for those of you in Houston.
Dial In: 1-888-285-4585
Participant: 536220
Host: 121970 (Sheila)
|
{
"pile_set_name": "Enron Emails"
}
|
SKILLING, JEFFREY K,
Attached below you will find the final Evaluation forms for your direct reports; these forms have been pre-populated with your employees' basic data. If you have already completed your employees' final Evaluations, you may disregard these forms.
When completing the Evaluation, carefully consider employee input, consolidated feedback and your observations of their performance and contribution, and encourage employee participation in the evaluation discussion. For many employees, this will be the only formal opportunity to discuss their performance with their supervisor.
Final Evaluations should be completed and returned to your HR representative by August 17 (July 31 for all those in Business Units reporting to Enron Europe) for employees in job groups below Vice President level.
If you have any questions, please contact your HR representative or the PEP help desk at x34777, option 4.
We recommend saving all the below attachment[s] at once in the following manner:
Outlook Users: Go to File -> Save Attachments, click OK if prompted, then choose which directory to save the documents under.
Lotus Notes Users: Go to Attachment -> Detach All, then choose which directory to save the documents under.
- SERA, SHERRI L.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Warren,
I do have this topic. Was waiting for the rest of the images before FTPing.
Will go ahead send it now...Sorry for the holdup.
Cindy
-----Original Message-----
From: warren Longmire [mailto:[email protected]]
Sent: Sunday, July 30, 2000 4:33 PM
To: Emrul Alto; Sally Conover; Gerry Somers; Cindy White
Cc: Michael Hoy; Karen Jost
Subject: Tracking problem
Hey guys I need your help
There is one Topic that we still can't seem to get taken care of: S2M1T2.
Sally rewrote the storyboards and, according to my understanding, it was
handed off to Emrul and then Cindy fixed the html pages for the revised
content. But on the server we still have the old version of these files.
What is going on with these files? Gerry would you be able to figure out
what's happening? Did it get to Emrul? Did it get to Cindy? Did it get
posted? Did older versions get copied over the newer versions?
We *need* to get this Topic done for review-- it was due to Linda almost a
week ago. Can you please let me know when it's ready for my review and edit,
so we can get it out to Linda.
Thanks,
Warren
|
{
"pile_set_name": "Enron Emails"
}
|
Hey Melba -- We would like to create a new product with the following product
name: EPNG SoCal Ehr. This product name should be used under the product
type US Gas Phy. The description should contain the same language as the
EPNG SoCal Topk product except the word "Ehrenberg" should be substituted
every time the word "Topock" appears.
We would also like to create physical index products for this trading point,
but we need to change the short description of the current NGI SoCal index
product to allow for the addition of the specific point name, and we would
also have to change the description of the original index product as well.
I left you a message to call me if you can today. Thanks.
|
{
"pile_set_name": "Enron Emails"
}
|
Cooper-
Here is the list of the hour ahead scheduled flows:
Generation: Load: Imp/Exp:
Humb Humb COI_BG
NP15 NP15 El Dorado
SF SF Mead
SP15 SP15 PV
ZP26 ZP26 Path 15
If we can get the data starting 9/1/2000 that would be great. Thanks again
for your help. I hope this isn't too much trouble.
Matt
|
{
"pile_set_name": "Enron Emails"
}
|
My condolences on the loss of your grandfather. Please let us know if there
is anything we can do.
Stan
|
{
"pile_set_name": "Enron Emails"
}
|
Attached are the two files providing the Weekly Monitoring Report. One
file includes the summary page and the other file has the detail for
each unit monitored.
The monitoring report for the eight Western units has been sent to Tim
Belden.
If you have any questions, please call.
Dan
- East Summary 001213.doc
- East001213.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Mike the exact path and name of the Financial Curve File is:
O:\ERMS\1ntra\CURVES\GDI - West II.xls
It would be better for us if you would set the financial index curves in this file, just like you do the Physical index curves in the other file. Let me know what you decide.
Thanks
Anne
|
{
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}
|
FYI:
If you are having, or have had problems with Photoshop 6, use the link below
to (according to Adobe) make it run smoothly with the 6.0.1 update.
Good luck...-bert-
+
Adobe has provided us with an update for Version 6 that takes care
of many little, shall we say, mishaps.
To download the Photoshop 6.0.1 update onto a PC, go to:
http://www.adobe.com/support/downloads/880e.htm
Then simply follow the instructions provided on Adobe's Web site.
Whether Photoshop is running as smooth as can be or if it's acting
up, we recommend that you install the 6.0.1 update; if not to make
the application run better, then at least to keep things current.
Today's tip is brought to you by Element K Journals' Inside Photoshop.
For a FREE issue of Inside Photoshop visit
https://secure.elementkjournals.com/ips/cb104001.htm
|
{
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}
|
Public Service Says 1st-Qtr Profit Fell 5.9 Percent (Update2)
Bloomberg, 04/17/01
Enron Bandwidth Unit Reports Loss For First Quarter
Dow Jones Energy Service, 04/17/01
USA: Enron CEO uses naughty word on conference call.
Reuters English News Service, 04/17/01
Enron, Dynegy post healthy profit gains on energy demand
Associated Press Newswires, 04/17/01
USA: Enron Broadband posts expected loss amid mixed growth.
Reuters English News Service, 04/17/01
WSJ.COM WRAP: Enron, Dynegy Post Immpressive Results
Dow Jones News Service, 04/17/01
Action on energy trading floors reverberate in power-hungry California
Associated Press Newswires, 04/17/01
Energy Trading-Floor Gambits Perturb Power-Hungry US West
Dow Jones Energy Service, 04/17/01
High demand for power behind Enron's increased earnings
Associated Press Newswires, 04/17/01
Enron CEO: Earnings Target Up By A Nickel
CNNfn: Market Coverage - Morning, 04/17/01
Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update6)
Bloomberg, 04/17/01
Dynegy's 1st-Qtr Profit Rises 73% on Gas, Power Sales (Update4)
Bloomberg, 04/17/01
Red Herring 100 Celebrates Top Companies Reshaping Business
PR Newswire, 04/17/01
Enron Says PG&E Owes About $570 Million, CNBC Says (Update1)
Bloomberg, 04/17/01
Public Service Says 1st-Qtr Profit Fell 5.9 Percent (Update2)
2001-04-17 17:25 (New York)
Public Service Says 1st-Qtr Profit Fell 5.9 Percent (Update2)
(Updates with profit from operations in second paragraph and
possible expansion in California in second section. For more on
the California electricity crisis, see {EXTRA <GO>}.)
Newark, New Jersey, April 17 (Bloomberg) -- Public Service
Enterprise Group Inc., owner of New Jersey's largest utility, said
first-quarter profit fell 5.9 percent because of a rate cut and
higher fuel costs.
Profit from operations fell to $254 million, or $1.22 a
share, from net income of $270 million, or $1.25, a year earlier,
spokesman Paul Rosengren said. Revenue rose 13 percent to
$2.81 billion from $2.48 billion.
The company has been trying to expand outside New Jersey as
the state opens its energy markets to competition. Talks to buy
Cinergy Corp., owner of Cincinnati's utility, for about $5.6
billion fell apart in March, possibly because it offered only a
slight premium, according to newspaper reports.
The company's Public Service Electric & Gas utility has
3.5 million New Jersey customers. Utility profit fell 11 percent
because of a 2 percent power-rate cut and costs to refinance debt,
the Newark, New Jersey-based company said.
Profit at PSEG Power, the company's U.S. trading and power-
generation unit, fell 19 percent because of higher fuel costs and
interest expenses. Public Service uses natural gas to fuel some of
its power plants. Gas prices more than doubled from a year ago.
A $2 million charge for a debt payment and a $9 million gain
from an accounting change made net income $261 million, or $1.25 a
share, the company said. Public Service had 208 million shares
outstanding in the latest quarter. It had 216 million shares
outstanding a year earlier.
Operating profit of PSEG Energy Holdings, which includes
international business, rose 88 percent. Public Service expects to
have 3.7 million customers outside the U.S. after some
acquisitions are complete, the company said.
California
Public Service is talking with California officials about
expanding six power plants in the state, Rosengren said. The
plants, owned 50 percent by Public Service, generate enough power
for 150,000 U.S. homes and might be ``substantially enlarged''
with turbines Public Service has on order, provided the state
confirms payment for power, he said.
He declined to provide details on the size of the expansion.
Shares of Public Service rose 90 cents to $46.08. They have
fallen 5.2 percent this year.
Enron Bandwidth Unit Reports Loss For First Quarter
04/17/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Broadband Services was the only one of Enron
Corp.'s (ENE) business sectors to report a loss for the first quarter of
2001, company executives said in a conference call with analysts Tuesday.
Before interest and taxes, Enron reported a loss for Broadband Services of
$35 million for the first quarter of this year compared to a break-even
quarter a year ago.
"Only one sector is down from what we expected and that's broadband," Enron
President and Chief Executive Jeff Skilling told investors. "The other
sectors are up, significantly up."
Enron Corp. reported earnings of $405 million on revenues of $50.1 billion
for the first quarter of 2001. The per-diluted share earnings were 49 cents,
compared with 40 cents in the year-ago period.
Company executives also revised upward their per-share earnings goal for 2001
from $1.73 to the $1.75-$1.80 range.
The Broadband Services loss came on $83 million in revenues compared to $59
million last year. The total value of contracts for the first quarter 2001
was $45 million, compared with $31 million in the first quarter 2000.
Broadband Services delivered 43,400 terabytes of capacity in the first
quarter 2001, up from 6,005 terabytes a year ago. For all of last year, the
company delivered a total of 72,406 terabytes of bandwidth.
Skilling said the company has contracts to deliver 40% of its goal of 570,000
terabytes this year.
"We're making excellent progress in creating a commodities market," he said.
Broadband Services did a total of 580 transactions in the first quarter of
2001, double the 236 transactions it did in the fourth quarter of last year.
In all of 2000, the company did 321 trades.
In the first quarter, Enron added 70 new customers, bringing its total up to
120, Skilling said.
He added that 70% of those customers are carriers or network service
providers.
Skilling said he is disappointed with the slow growth of the long-term deal
origination segment of the bandwidth operation.
"We face one big issue in this market, the counterparties have no credit
capacity," he said.
The Broadband Services loss wasn't due to increased costs of seeking
video-on-demand partners to replace Blockbuster Inc. (BBI). Enron and
Blockbuster canceled an exclusive agreement to distribute movies via the
Internet in the first quarter.
Enron will seek to make deals with motion picture companies directly. The
biggest snag in making those deals are Hollywood's desires.
"They want to keep as much of the money as they can," said Ken Rice, chairman
and chief executive of Broadband Services.
-By Erwin Seba, Dow Jones Newswires, 713-547-9214 [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron CEO uses naughty word on conference call.
04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Editors note language)
By C. Bryson Hull
HOUSTON, April 17 (Reuters) - Enron Corp.'s top executive Tuesday publicly
fired off the same vulgarity that brought President George W. Bush
embarrassing headlines when he unwittingly uttered it in front of an open
microphone last fall.
But unlike Bush, Enron President and Chief Executive Officer Jeff Skilling
says he knew the microphone was on when he called a fund manager an "asshole"
during a conference call to discuss first-quarter earnings with analysts.
Bush made headlines on the campaign trail last year when he remarked to Vice
President Dick Cheney that a New York Times reporter was a "major-league
asshole," not knowing that a microphone had picked up his remark.
Skilling laid down the insult after an exchange with Richard Grubman,
managing director of Highfields Capital Management in Boston, who asked to
see Enron's balance sheet and was told it would not be available until its
inclusion in a Securities and Exchange Commission filing later this month.
"You're the only financial institution that can't come up with balance sheet
or cash flow statement after earnings," Grubman grumbled.
"Well, thank you very much, we appreciate that. Asshole," Skilling responded
with a laugh.
Skilling, whose candor frequently gives his public relations staff fits, told
Reuters in a telephone interview that he knew the microphone was on.
"The specific fellow that I was not real happy with is a shortseller in the
market. I don't think it is fair to our shareholders to give someone a
platform like that they are using for some personal vested interest related
to their stock position," Skilling told Reuters in an interview.
"I get a little exasperated with that sort of thing, and I want people to
know I am exasperated," he said.
Grubman said he felt "pretty thin-skinned" about the remark.
He disputed Enron's assertion the balance sheets and cash flow statements
were not ready yet, particularly in light of Skilling's mention during the
call that Enron reconciles its credit risks and trading book daily.
"I'm sort of at a loss as to why that was such an objectionable question,"
Grubman said, adding:
"He's got some nerve. He and his management team sold 7 million shares into
the market last year, so he's plugged the market for a half a billion dollars
worth of stock valued in the $70s and $80s.
"Now the stock is the high $50s-low $60s and I'm an asshole because I ask
about the balance sheet?"
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Dynegy post healthy profit gains on energy demand
By The Associated Press
04/17/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
Energy wholesalers Dynegy Inc. and Enron Corp. posted healthy profit gains
Tuesday, beating Wall Street's expectations, as demand for electricity and
natural gas surged during the first quarter.
Both companies saw revenues jump as well, with Enron's sales coming in nearly
four times that of the previous quarter.
Carol Coale, an analyst with Prudential Securities Inc. in Houston, said
Enron's results were no surprise because of increased demand for power and
gas in power-strapped California and across the country.
"Clearly the California energy crisis has raised the bar on those power and
gas trading and marketing profits," she said. "Opportunities have existed
outside California as well."
Meanwhile, Dynegy, a major power generator in California, said it was being
"unfairly and inaccurately" accused of withholding power from the state's
power market. It said that sales there "did not make a material contribution"
to first-quarter results.
Enron Corp.
Houston-based Enron, the world's top buyer and seller of natural gas and
electricity, said Tuesday that it earned $425 million, or 49 cents per share,
in the three months ended March 31, compared with $338 million, or 40 cents
per share in the year-ago period.
This year's results include a $19 million, or 2 cents per share gain, due to
the adoption of new accounting standards; excluding the item, Enron earned
$406 million, or 47 cents per share.
The result beat comparable expectations of analysts surveyed by Thomson
Financial/First Call, who predicted earnings of 45 cents per share.
First-quarter revenues nearly quadrupled to $50.1 billion, compared to
revenues of $13.1 billion in the first three months of 2000.
Enron also increased its 2001 overall earnings prediction to $1.75 to $1.80
per share. Previously, the company said it expected 2001 earnings of $1.70
and $1.75 per share, and the consensus of analysts was for $1.74 per share.
"Enron's wholesale business continues to generate outstanding results.
Transaction and volume growth are translating into increased profitability,"
said Jeff Skilling, president and CEO of Enron.
The company attributed the increase to continued growth in its wholesale
energy-trading business, acceleration in its retail energy services and in
its broadband Internet business.
In its wholesale business, Enron resells power and gas to utilities and other
large customers. That business accounted for 96 percent of its first-quarter
revenues.
Shares of Enron rose $1.04 to $60.48 in trading Tuesday on the New York Stock
Exchange.
Dynegy Inc.
The Houston-based energy marketer said Tuesday it earned $139.5 million, or
41 cents a share, in the first three months of 2001, more than double that
from first-quarter 2000 earnings of $69 million, or 26 cents per share.
Analysts surveyed by Thomson Financial/First Call expected Dynegy's
first-quarter earnings to be 40 cents a share. The results include a $2
million gain for an accounting change, which did not affect the per-share
figure.
Revenues for the first three months of the year were $14.2 billion, nearly
triple the $5.3 billion reported in the same period a year ago.
Dynegy chairman and chief executive officer Chuck Watson attributed the
increase to cold weather demands in northern states, not the California power
shortage.
In a statement following the release of the earnings, president and chief
operating officer Steve Bergstrom defended the company, saying it had been
"unfairly and inaccurately accused of withholding power from the California
market."
"As we have repeatedly communicated to California policy-makers and
regulators and to industry officials, we remain ready and willing to generate
and sell power to any and all buyers, at fair and reasonable prices, when
they are able to provide appropriate assurances that they will fulfill their
obligation to pay for those purchases, Bergstrom said.
Dynegy said it has softened nearly all of its prospective credit exposure in
the California market through an agreement with the California Department of
Water Resources to provide the state with up to 2,300 megawatts of
electricity through 2004.
Shares of Dynegy rose $2.17 to $55.32 in trading on the NYSE.
---
On the Net: http://www.enron.com
http://www.dynegy.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron Broadband posts expected loss amid mixed growth.
By C. Bryson Hull
04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, April 17 (Reuters) - Enron Corp.'s nascent broadband Internet
division posted an expected quarterly loss on Tuesday amid a weak
telecommunications market and mixed growth in the Houston energy giant's
flashiest unit.
Enron Broadband Services reported a loss of $35 million on $83 million in
revenue, compared with a break-even first quarter in 2000, when it had $59
million in revenues.
Enron has consistently said it did not expect its broadband arm to record a
profit until 2002 and instead has offered other measures of growth by which
to benchmark the unit's progress.
The broadband unit encompasses two distinct segments: the bandwidth
intermediation business, which turns Internet bandwidth into a tradeable
commodity; and the content services division, which engages in sales and
transmission of Internet content.
The bandwidth trading unit recorded 580 transactions in the first quarter of
2001, compared with 321 in all of last year. It delivered 43,400 terabytes -
a unit equal to one trillion bytes - in the first quarter, compared with
6,000 in the similar year-ago period, a more than sixfold increase.
But Enron President and Chief Executive Jeff Skilling said he was
disappointed with the rate at which Enron is signing large, structured
bandwidth contracts, which he said are a casualty of the low credit capacity
of potential counterparties.
"If you look at most of the large telecom companies right now, you would be
hard-pressed to assume they could perform on a contract that is anything more
than six months to a year long," Skilling said.
Enron's bread-and butter, developed in the natural gas business, is creating
long-term commodity deals that are geared to combat price volatility for its
customers.
Skilling said Enron is looking at ways to use the inherent credit of
telecommunication companies' assets to finance the deals, much as Enron did
with credit-poor natural gas companies in the mid-1980s.
"This is going to come a little slower than what we expected," he
acknowledged.
The content services unit had suffered some setbacks during the first
quarter, including the premature dissolution of its marquee 20-year video on
demand deal with Blockbuster Inc.
EBS also trimmed 20 percent of its staff last month, moving them out of the
unit and into other parts of the parent company.
"The losses in bandwidth have nothing to do with Blockbuster," Skilling told
investors.
Rather, the changes came as a result of Enron slashing $500 million off the
$750 million it had set aside to build its network. The weak telecom market
means a long bandwidth supply and an easy way for Enron to secure contractual
access to bandwidth at low prices, Skilling has said.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
WSJ.COM WRAP: Enron, Dynegy Post Immpressive Results
04/17/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A WSJ.COM News Roundup
HOUSTON -(Dow Jones)- Electricity suppliers Enron Corp. (ENE) and Dynegy Inc.
(DYN) posted strong first-quarter results as their wholesaling and trading
businesses thrived in a market roiled by California's energy crisis.
Enron on Tuesday reported net income that rose 26% to $425 million, or 49
cents a diluted share, compared with net income of $338 million, or 40 cents
a share, a year earlier.
Results in the latest quarter include a gain related to the required adoption
of new accounting standards. Excluding the gain, the company earned $406
million, or 47 cents a share, two cents better than the estimate from
analysts surveyed by Thomson Financial/First Call.
Revenue in the quarter surged to $50.13 billion from $13.15 billion a year
earlier.
The energy giant also boosted its earnings outlook for 2001 to $1.75 to $1.80
a share. As recently as March 23, the company said it expected to earn $1.70
to $1.75 a share. The current consensus estimate of analysts is $1.75 a share
for 2001.
"Enron's wholesale business continues to generate outstanding results.
Transaction and volume growth are translating into increased profitability,"
Jeff Skilling, Enron's president and chief executive, said in a prepared
statement. "In addition, our retail energy services and broadband
intermediation activities are rapidly accelerating."
The company's wholesale-services operations reported a 76% increase in income
before interest, minority interests and taxes, or IBIT, to $755 million, led
by growth in its natural-gas and power businesses. In addition, Enron's new
wholesale commodity businesses, including coal, steel and forest products,
contributed to the quarter's strong results.
Enron's assets and investments unit posted a 73% drop in IBIT to $59 million
because of lower earnings from merchant investments and related assets.
Enron said IBIT at its retail energy services group surged to $40 million
from $6 million a year earlier, amid a 60% increase in contracting in the
period. The company said its new long-term energy-management customers
include Owens-Illinois Inc., Quaker Oats Co., Eli Lilly & Co., J.C. Penney
Co. and Saks Inc.
The transportation-services unit reported IBIT that inched up 3.9% to $133
million, amid strong demand for natural-gas pipeline services. Its Portland
General Electric investor-owned utility posted a 43% drop in IBIT to $60
million, which reflects higher power costs, reduced investment income and the
effect of certain regulatory events.
Enron's broadband-services operations reported a $35 million loss before
interest, minority interests and taxes for the quarter. The company said it
added 70 new broadband customers this quarter for a total of 120 customers.
Unlike beleaguered utilities such as PG&E Corp.'s Pacific Gas & Electric Co.
and Edison International's Southern California Edison Co., Enron's Portland
General has benefited from the power crisis in California, where a botched
utility-deregulation plan combined with general power shortages have driven
average wholesale prices 10 times as high as a year ago.
Before the energy crisis, Portland General locked in low prices and more
power than it needed through long-term contracts. Then, by the third quarter
of 2000, Portland General nearly tripled its revenue from selling excess
power on the wholesale market. The higher revenue led to higher profits,
which allowed the company to rescind a 17% rate increase that was to go into
effect in January.
Meanwhile, the inability to keep up with soaring electricity prices forced
Pacific Gas to seek Chapter 11 bankruptcy protection earlier this month.
Pacific Gas and Southern California Edison weren't allowed to fully pass on
the high power costs to customers because, under deregulation, they agreed to
assume the risk of fluctuating power prices. For the first two years of this
arrangement, wholesale prices were so low that the utilities collected
billions of dollars extra that they used to pay down old debts.
But with skyrocketing wholesale costs, Pacific Gas and Edison accrued
billions of dollars of power-purchase liabilities. By early this year, both
had stopped paying many of their obligations to conserve cash.
Dynegy's Net Income, Revenue More Than Double
Dynegy, a big supplier of electrical energy to the California market, saw its
first-quarter net income more than double amid a surge in revenue.
The Houston-based company posted net income of $139.5 million, or 41 cents a
diluted share, compared with net income of $69 million, or 23 cents a share,
a year earlier.
Excluding a $2 million gain from an accounting change, Dynegy earned $137.5
million, or 41 cents a share, a penny better than the mean estimate from
analysts surveyed by Thomson Financial/First Call.
Revenue in the quarter more than doubled to $14.17 billion from $5.35
billion.
Dynegy's earnings a year earlier include a gain of $33.8 million from the
sale of certain power-generation facilities, and a charge of $44.2 million
for merger-related costs and the sale and impairment of certain liquids
assets. Excluding the items, the company earned $79.4 million, or 26 cents a
share, for the 2000 first quarter.
The company's outstanding shares rose 16% to 337.7 million as of March 31
from 291.9 million shares a year earlier.
Dynegy attributed first-quarter growth to "nationwide asset optimization,
increased customer origination and risk-management activities." The company
said it benefited from strong industry fundamentals in both natural gas and
power. It capitalized on a return to seasonal winter weather and the supply
and demand imbalances affecting multiple energy commodities.
Earlier this month, Dynegy raised its first-quarter earnings outlook to 40
cents a share. At the time, analysts had expected the power supplier to earn
31 cents a share.
Dynegy's marketing and trading unit, which also runs power generators, turned
in another strong performance, accounting for 73% of the company's net income
for the quarter. The segment earned $100.3 million for the first quarter,
nearly double the $50.3 million it posted a year earlier.
The company said its marketing and trading operation benefited from seasonal
winter weather across the U.S. and strong supply and demand fundamentals,
which allowed for higher prices. Increased origination activity from Dynegy's
European operations also contributed to the segment's positive results.
Dynegy said generation operations at West Coast Power, its joint venture with
NRG Energy Inc., Minneapolis, didn't make a "material contribution" during
the quarter. But the venture reduced its prospective credit exposure in the
California market through its agreement with the California Department of
Water Resources to provide the state with up to 2,300 megawatts of energy
through 2004.
In February, Dynegy joined Reliant Energy Inc. and Mirant Corp. to form a
creditors committee to explore options for getting paid for electricity sold
to the California Independent System Operator and California's investor-owned
utilities, amid frustration with the slow progress in California's attempts
to solve the energy crisis.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Action on energy trading floors reverberate in power-hungry California
By MICHAEL LIEDTKE
AP Business Writer
04/17/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
In Houston, it's known as "the power corner." Separated by just a few city
blocks, four major power wholesalers run trading exchanges that have a strong
influence on energy prices nationwide.
The trading floors run by Enron Corp., Reliant Energy Inc., Dynegy Inc. and
Duke Energy Corp. represent ground zero in a power crisis threatening the
quality of life in much of the western United States this summer.
By seizing upon opportunities created by deregulation, the energy traders
have turned up the juice in the electricity business in ways similar to how
junk bond traders ignited Wall Street in the 1980s and venture capitalists
fueled Silicon Valley last decade.
And thanks to an exemption granted in the early 1990s, nobody monitors daily
trading to detect unfair or illegal practices.
Utility bills in California have gone up nearly fourfold in the past year, to
$27.1 billion. Without fundamental changes in the energy market, this year's
bill will rise to $70 billion - more than $2,000 for every person in the
state, according to operators of the state's power grid.
The staggering electricity price increases have pushed the state's largest
utility, Pacific Gas and Electric, into bankruptcy and left No. 2 Southern
California Edison on the brink of insolvency. California's once-ample budget
surplus also has shriveled, as the state is spending about $50 million a day
to buy enough power to keep the lights on.
The energy wholesalers say they're doing nothing wrong.
They blame the high prices on the rising price of natural gas, burned to
generate electricity, and the state's botched deregulation plan. By failing
to line up reliable power ahead of time and by imposing price caps for
consumers, the state put itself into this mess, the companies say.
"There have been accusations of wrongdoing for eight months now and there
isn't a shred of evidence to support the allegations," said Gary Ackerman,
executive director of the Western Power Trading Forum, a Menlo Park, Calif.,
trade group. "People are very angry and frustrated about electricity right
now and attorneys are trying to take that anger out on us."
Attorneys general in Washington, Oregon and California are probing whether
the wholesalers have violated antitrust laws or engaged in unfair business
practices. A California state senate committee may issue subpoenas for
records and the testimony of top energy executives, and at least five
lawsuits accuse energy companies of market abuses.
"This is the best fraud I have ever seen," attorney Michael Aguirre of San
Diego, who is involved in one of the class-action suits. "The generators are
doing everything that you think that they might be doing, only it's worse
than you ever imagined."
The lawsuits and investigations allege that generators have conspired to
hijack billions of dollars from consumers and taxpayers by withholding
electricity from energy-starved California until the last minute, and then
supplying it at exorbitant prices.
At Enron's headquarters in Houston, energy specialists among the company's
1,500 traders swap electricity and natural gas contracts like stocks and
bonds. Mathematicians, meteorologists and economists make complex
calculations to identify where to buy the cheapest power and where to deliver
it at the greatest profit.
"They are extremely good at what they do," said Severin Borenstein, director
of the University of California at Berkeley's energy institute.
The Internet has provided the traders with the tools to do their jobs even
better. Online marketplaces and password-protected exchanges provide them
with invaluable real-time information on the buying and selling patterns of
their rivals.
Two lawsuits allege that traders have parlayed the sensitive information
collected online to fix prices artificially high, a violation of antitrust
laws.
Aguirre has spent six months assembling reams of data about traders and their
activities, but he has yet to develop concrete evidence to prove his
price-fixing allegations.
A March 21 report by California's electricity grid managers concluded that,
between last May and November, 98 percent of trading bids were driven up by
noncompetitive patterns of behavior.
The California Independent System Operator report stopped short of accusing
wholesalers of illegal market manipulation, but it did determine that the
wholesalers collected as much as $6.9 billion in "unjust and unreasonable"
rates.
Enron says its trading system, particularly the online exchange, has resulted
in fairer and more efficient markets. The allegations of market abuse are
"just some sour grapes from people who didn't come up with the idea in the
first place," said Enron spokesman Eric Thode.
The online exchanges and other industry Web sites provide the energy traders
with a window to see the energy availability and bids in markets around the
country.
Power industry critics, however, contend the Web's instant access provides
the traders a way to exploit a delicate supply-demand balance. If the scale
is tipped even slightly toward an inadequate supply, they say, prices soar
and energy traders reap huge gains.
"The whole trading thing is just a front that lets them game the market,"
Aguirre said. "They can get away with it because no one (outside the
industry) can figure out what they are doing."
Whatever the energy traders are doing, it's not closely monitored by
government regulators.
In 1993, the trading of energy products received an exemption from oversight
by the Commodity Futures Trading Commission, a federal agency that oversees
commodity and options trading to protect markets from fraud and manipulation.
Energy is the only commodity that has received a blanket CFTC exemption.
The exemption was shepherded beginning in 1992 by then-CFTC chairwoman Wendy
Gramm, wife of Texas Sen. Phil Gramm. She left the CFTC three months before
the exemption received final approval in 1993. That same year, she joined the
Enron board of directors, a post that last year earned her $50,000.
Gramm, an economist at the Mercatus Center at George Mason University, said
she doesn't recall talking with Enron about the exemption, which she
characterized as a routine matter triggered by an antitrust case involving
crude oil.
"It really didn't have anything to do with Enron or any specific company,"
said Gramm. "It had to do with a general market problem."
In granting the exemption, the CFTC accepted the industry's contention that
it shouldn't be subjected to the government's usual commodities regulation
because its markets are dominated by "large sophisticated commercial
entities" capable of protecting themselves - in short, that there would be no
little people to hurt.
At the time, then-CFTC commissioner Sheila Bair scoffed at the reasoning,
comparing energy traders to boiler room sales operations that had the
potential to violate federal anti-fraud laws.
"Is it really that much of burden on market participants (for the CFTC) to
retain a sliver of authority regarding fraudulent activity?" Bair wrote in a
dissenting opinion.
Wholesale electricity prices negotiated by the traders are eventually
compiled in quarterly reports and reviewed by the Federal Energy Regulatory
Commission. And while FERC by law is supposed to prevent unfair prices, a
majority of its commissioners have advocated a hands-off approach to
California's energy crisis, insisting that the market can correct itself.
That posture may finally be changing somewhat. On Wednesday in San Jose,
Calif., FERC chairman Curt Hebert told lawmakers that his agency hopes to
begin "monitoring and mitigating" the wholesale electricity market by May 1.
This could allow FERC to preemptively influence prices.
Energy economists who have studied the market see signs of ruthless, but
perfectly legal, behavior.
Paul Joskow, an MIT economist, concluded in January that electricity
producers deliberately withheld power to drive up prices.
"Every business exercises market power when it can, so I don't know why
people are so surprised that (the generators) used their market power,"
Joskow said. "I didn't see any evidence of collusion in what they did ... It
was just good business."
Enron's specific trading methods remain a mystery even to industry analysts,
partly because the company considers its techniques to be proprietary. But it
yielded a big payoff last year - an operating profit of $1.6 billion, up 160
percent from $628 million in 1999.
When electricity and natural gas prices soared to record highs in the fourth
quarter, Enron's trading profit more than tripled to $538 million.
Without providing specifics, Enron officials said the profits poured in from
all over the country.
"Our success is linked to efficient markets, not higher prices in California,
or anywhere else for that matter," Steve Kean, an Enron executive vice
president, said in January testimony before the U.S. Senate. "What we are
interested in is competitive and well-functioning markets. Our financial
success is not built on California's back."
AP Photo FX101 of April 16, AP Graphic POWER PLAYERS
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Energy Trading-Floor Gambits Perturb Power-Hungry US West
04/17/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON (AP)--In Houston, it's known as "the power corner." Separated by just
a few city blocks, four major power wholesalers run trading exchanges that
have a strong influence on energy prices nationwide.
The trading floors run by Enron Corp. (ENE), Reliant Energy Inc. (REI),
Dynegy Inc. (DYN) and Duke Energy Corp. (DUK) represent ground zero in a
power crisis threatening the quality of life in much of the western U.S. this
summer.
By seizing upon opportunities created by deregulation, the energy traders
have turned up the juice in the electricity business in ways similar to how
junk bond traders ignited Wall Street in the 1980s and venture capitalists
fueled Silicon Valley last decade.
And thanks to an exemption granted in the early 1990s, nobody monitors daily
trading to detect unfair or illegal practices.
Utility bills in California have gone up nearly fourfold in the past year, to
$27.1 billion. Without fundamental changes in the energy market, this year's
bill will rise to $70 billion - more than $2,000 for every person in the
state, according to operators of the state's power grid.
The staggering electricity price increases have pushed the state's largest
utility, Pacific Gas and Electric (PCG), into bankruptcy and left No. 2
Southern California Edison (EIX) on the brink of insolvency. California's
once-ample budget surplus also has shriveled, as the state is spending about
$50 million a day to buy enough power to keep the lights on.
The energy wholesalers say they're doing nothing wrong.
They blame the high prices on the rising price of natural gas, burned to
generate electricity, and the state's botched deregulation plan. By failing
to line up reliable power ahead of time and by imposing price caps for
consumers, the state put itself into this mess, the companies say.
"There have been accusations of wrongdoing for eight months now and there
isn't a shred of evidence to support the allegations," said Gary Ackerman,
executive director of the Western Power Trading Forum, a Menlo Park, Calif.,
trade group. "People are very angry and frustrated about electricity right
now and attorneys are trying to take that anger out on us."
Attorneys general in Washington, Oregon and California are probing whether
the wholesalers have violated antitrust laws or engaged in unfair business
practices. A California state senate committee may issue subpoenas for
records and the testimony of top energy executives, and at least five
lawsuits accuse energy companies of market abuses.
"This is the best fraud I have ever seen," attorney Michael Aguirre of San
Diego, who is involved in one of the class-action suits. "The generators are
doing everything that you think that they might be doing, only it's worse
than you ever imagined."
The lawsuits and investigations allege that generators have conspired to
hijack billions of dollars from consumers and taxpayers by withholding
electricity from energy-starved California until the last minute, and then
supplying it at exorbitant prices.
At Enron's headquarters in Houston, energy specialists among the company's
1,500 traders swap electricity and natural gas contracts like stocks and
bonds. Mathematicians, meteorologists and economists make complex
calculations to identify where to buy the cheapest power and where to deliver
it at the greatest profit.
"They are extremely good at what they do," said Severin Borenstein, director
of the University of California at Berkeley's energy institute.
The Internet has provided the traders with the tools to do their jobs even
better. Online marketplaces and password-protected exchanges provide them
with invaluable real-time information on the buying and selling patterns of
their rivals.
Two lawsuits allege that traders have parlayed the sensitive information
collected online to fix prices artificially high, a violation of antitrust
laws.
Aguirre has spent six months assembling reams of data about traders and their
activities, but he has yet to develop concrete evidence to prove his
price-fixing allegations.
A March 21 report by California's electricity grid managers concluded that,
between last May and November, 98% of trading bids were driven up by
noncompetitive patterns of behavior.
The California Independent System Operator report stopped short of accusing
wholesalers of illegal market manipulation, but it did determine that the
wholesalers collected as much as $6.9 billion in "unjust and unreasonable"
rates.
Enron says its trading system, particularly the online exchange, has resulted
in fairer and more efficient markets. The allegations of market abuse are
"just some sour grapes from people who didn't come up with the idea in the
first place," said Enron spokesman Eric Thode.
The online exchanges and other industry Web sites provide the energy traders
with a window to see the energy availability and bids in markets around the
country.
Power industry critics, however, contend the Web's instant access provides
the traders a way to exploit a delicate supply-demand balance. If the scale
is tipped even slightly toward an inadequate supply, they say, prices soar
and energy traders reap huge gains.
"The whole trading thing is just a front that lets them game the market,"
Aguirre said. "They can get away with it because no one (outside the
industry) can figure out what they are doing."
Whatever the energy traders are doing, it's not closely monitored by
government regulators.
In 1993, the trading of energy products received an exemption from oversight
by the Commodity Futures Trading Commission, a federal agency that oversees
commodity and options trading to protect markets from fraud and manipulation.
Energy is the only commodity that has received a blanket CFTC exemption.
The exemption was shepherded beginning in 1992 by then-CFTC chairwoman Wendy
Gramm, wife of Texas Sen. Phil Gramm. She left the CFTC three months before
the exemption received final approval in 1993. That same year, she joined the
Enron board of directors, a post that last year earned her $50,000.
Gramm, an economist at the Mercatus Center at George Mason University, said
she doesn't recall talking with Enron about the exemption, which she
characterized as a routine matter triggered by an antitrust case involving
crude oil.
"It really didn't have anything to do with Enron or any specific company,"
said Gramm. "It had to do with a general market problem."
In granting the exemption, the CFTC accepted the industry's contention that
it shouldn't be subjected to the government's usual commodities regulation
because its markets are dominated by "large sophisticated commercial
entities" capable of protecting themselves - in short, that there would be no
little people to hurt.
At the time, then-CFTC commissioner Sheila Bair scoffed at the reasoning,
comparing energy traders to boiler room sales operations that had the
potential to violate federal anti-fraud laws.
"Is it really that much of burden on market participants (for the CFTC) to
retain a sliver of authority regarding fraudulent activity?" Bair wrote in a
dissenting opinion.
Wholesale electricity prices negotiated by the traders are eventually
compiled in quarterly reports and reviewed by the Federal Energy Regulatory
Commission. And while FERC by law is supposed to prevent unfair prices, a
majority of its commissioners have advocated a hands-off approach to
California's energy crisis, insisting that the market can correct itself.
That posture may finally be changing somewhat. On Wednesday in San Jose,
Calif., FERC chairman Curt Hebert told lawmakers that his agency hopes to
begin "monitoring and mitigating" the wholesale electricity market by May 1.
This could allow FERC to preemptively influence prices.
Energy economists who have studied the market see signs of ruthless, but
perfectly legal, behavior.
Paul Joskow, an MIT economist, concluded in January that electricity
producers deliberately withheld power to drive up prices.
"Every business exercises market power when it can, so I don't know why
people are so surprised that (the generators) used their market power,"
Joskow said. "I didn't see any evidence of collusion in what they did... It
was just good business."
Enron's specific trading methods remain a mystery even to industry analysts,
partly because the company considers its techniques to be proprietary. But it
yielded a big payoff last year - an operating profit of $1.6 billion, up 160
percent from $628 million in 1999.
When electricity and natural gas prices soared to record highs in the fourth
quarter, Enron's trading profit more than tripled to $538 million.
Without providing specifics, Enron officials said the profits poured in from
all over the country.
"Our success is linked to efficient markets, not higher prices in California,
or anywhere else for that matter," Steve Kean, an Enron executive vice
president, said in January testimony before the U.S. Senate. "What we are
interested in is competitive and well-functioning markets. Our financial
success is not built on California's back."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
High demand for power behind Enron's increased earnings
By KRISTEN HAYS
Associated Press Writer
04/17/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - High demand for electricity and natural gas helped Enron
Corp.'s first-quarter net income surge more than 25 percent. The company also
announced increased earnings expectations for 2001.
Houston-based Enron, the world's top buyer and seller of natural gas and
electricity, said Tuesday that it earned $425 million, or 49 cents per share,
in the three months ended March 31, compared with $338 million, or 40 cents
per share in the year-ago period.
This year's results include a $19 million, or 2 cents per share gain, due to
the adoption of new accounting standards; excluding the item, Enron earned
$406 million, or 47 cents per share.
The result beat comparable expectations of analysts surveyed by Thomson
Financial/First Call, who predicted earnings of 45 cents per share.
First-quarter revenues nearly quadrupled to $50.1 billion, compared to
revenues of $13.1 billion in the first three months of 2000.
Enron also increased its 2001 overall earnings prediction to $1.75 to $1.80
per share. Previously, the company said it expected 2001 earnings of $1.70 to
$1.75 per share, and the consensus of analysts was for $1.74 per share.
"Enron's wholesale business continues to generate outstanding results.
Transaction and volume growth are translating into increased profitability,"
said Jeff Skilling, president and CEO of Enron.
Carol Coale, an analyst with Prudential Securities Inc. in Houston, said
Enron's earnings reports were no surprise because of increased demand for
power and gas in power-strapped California and across the country.
"Clearly the California energy crisis has raised the bar on those power and
gas trading and marketing profits," she said. "Opportunities have existed
outside California as well."
Coale said volatile electricity prices have helped trading profits, and
demand remains strong despite an economic slowdown.
The company attributed the increase to continued growth in its wholesale
energy-trading business, acceleration in its retail energy services and in
its broadband Internet business.
In its wholesale business, Enron resells power and gas to utilities and other
large customers. That business accounted for 96 percent of its first-quarter
revenues.
Shares of Enron rose $1.29 to $60.73 in trading Tuesday on the New York Stock
Exchange.
---
On the Net: http://www.enron.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Enron CEO: Earnings Target Up By A Nickel
Rhonda Schaffler, Gregg Hymowitz
04/17/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.
RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Markets are down. We`re going to
talk about one stock moving higher, though. North America`s largest gas and
electricity maker is bucking the current earnings trend. Enron (URL:
http://.www.enron.com/) is raising its earnings forecast for this year by a
nickel. The company also earned 47cents a share for its first quarter, 2
pennies better than estimates and 7 cents better than the year ago. Revenues
rose a healthy 282 percent. Jobs cuts and the end of its video on demand deal
with Blockbuster (URL: http://www.blockbuster.com/) put pressure on the
stock, which has fallen from $90, to significantly lower level right now,
about $60 a share.
Joining us from Houston with an inside look at Enron is the company`s CEO,
Jeff Skilling.
Jeff, welcome back to "Market Call."
JEFFREY SKILLING, CEO, ENRON CORP.: Thank you, Rhonda. Glad to be here.
SCHAFFLER: Let`s talk about the revenue growth because it is rather
impressive. You`re an old economy company with a new twist. Where was most of
the revenue growth from?
SKILLING: Well, surprisingly, it came from our natural gas and electricity
business.
SCHAFFLER: No, well that`s not surprising. It`s a key part of your business.
As opposed to your broadband, do you mean?
SKILLILNG: Well, just about 90 percent of our earnings-
I`m going to pull this out of my ear because I`m getting some feedback on the
earphone. Actually that`s working better now.
About 90 percent, or 95 percent, of our revenues are in the natural gas and
electricity business, so as long as that business is healthy, our business
overall is healthy.
GREGG HYMOWITZ, CNNfn GUEST HOST, MARKET CALL: Jeff, it`s Gregg Hymowitz. Can
you discuss, as related to that business, the pricing of megawatt hours going
forward, what we`ve seen it at. And also can you just touch upon fiber-optic
bandwidth pricing lately?
SKILLING: Sure-a tale of two cities. The electricity business is seeing very
strong prices. In California, for example, probably a year and a half ago
power sold for about $20 to $22 a megawatt hour. Right now in California,
we`re probably closer to $550 a megawatt hour for the summer. And this is
just because we have a short supply situation. There`s a lot of demand growth
in California. We just haven`t built the power plants to serve it.
Now, conversely in the fiber business, we`ve seen enormous capital
investments over the last several years. Supply much exceeds demand and in
that market prices have collapsed. In fact by our numbers, as you know, we`re
in the process of creating a market for bandwidth, those prices are dropping
in some cases by 30 percent a month.
SCHAFFLER: Let`s talk about California for a moment. Pacific Gas & Electric
(URL: http://www.pgecorp.com/) owes you some money. You`ve taken reserves
against that. I`m wondering if you feel a need to increase reserves going
forward or you`re comfortable with the situation as it is?
SKILLING: We`re very comfortable. What we had said to investors, as long ago
as December, was that we felt very comfortable with the $1.70 to $1.75 number
for this year. As you mentioned, we`re raising that from $1.75 to $1.80. And
we feel very comfortable with that number really regardless of what happens
with the credit situation in California.
HYMOWITZ: Jeff, getting back to that tale of two markets, discuss what could
potentially happen to change the trend in both markets?
SKILLING: Well, I think in the electricity market, we`ll have tight prices
for another couple of years. It takes that long to get the construction cycle
going. But once that construction cycle gets going it`s pretty easy to bring
on capacity and prices will drop significantly. And probably the $30 to $40
megawatt hour area in the next couple of years and I think that`s very
possible. In fact, I think that`s probable.
In the bandwidth market, very, very different situation. The problem, to
date, is that we built what amounts to an interstate highway system for
bandwidth, or for data, with no on ramps and no off ramps. We need to get
this last-mile problem fixed, so that people can get data from these networks
all the way out to end-use customers. Once that happens, we`ll see a lot of
applications developed that use bandwidth. It will soak up some of that
excess supply and we might see prices coming back. I think that`s a much
longer term proposition.
SKILLING: Jeff, we`ve heard so much about this last-mile for so many years
now. I mean when is it going to actually happen?
SKILLING: Well, it`s just been slower. You were just mentioning the earnings
of Sprint FON (URL: http://www.sprint.com/) . Many telecom companies are
working to put DSL cable systems on, that helped bridge the last-mile
problem, but it`s come much slower than people expected. These are enormously
capital intensive investments. They take a long time to put in. There are
still technical issues with some of these solutions. So, I just think we have
a little ways to go. It will take some more time.
SCHAFFLER: You had incredible revenue growth, which we mentioned, up 282
percent. Do you do anything different in this quarter? It`s always hard to
top the last great act on Wall Street.
SKILLING: The revenue numbers are not as important as our volume growth
numbers. What really drives our profitability is growth in volume, physical
volumes. They were up about 69 percent. Actual revenue numbers will be
influenced by price changes. Price changes really don`t make that much of a
difference for us. We don`t have any exposure to the commodity price cycle.
So, what we look at is physical volumes transported through the system. And
we`ve had just a tremendous track record for the last couple of years on
volume. As I mentioned, this quarter up 69 percent in physical volumes. We
think that`s a function of our market share position. And what amounts to a
unique, logistics capability in North America and Europe. No one else can
match it.
SCHAFFLER: Jeffrey Skilling, we`ll leave it at that. Congratulations on the
quarter.
SKILLING: Thank you, Rhonda.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update6)
2001-04-17 16:04 (New York)
Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update6)
(Adds closing share price in eighth paragraph.)
Houston, April 17 (Bloomberg) -- Enron Corp., the largest
energy-trading company, said first-quarter profit rose 20 percent
as increased electricity and natural-gas demand sent prices
surging in California and other parts of the U.S.
Profit from operations rose to $406 million, or 47 cents a
share, from $338 million, or 40 cents, in the year-earlier period,
Enron Chief Executive Jeffrey Skilling said. Revenue almost
quadrupled to $50.1 billion from $13.1 billion.
``The market is perfect for a trader and marketer,''
Commerzbank Capital Markets Co. analyst Andre Meade said. ``Volume
is growing, prices are high and prices are volatile.''
Enron sold 90 percent more power and 32 percent more gas in
North America than in the year-earlier quarter as prices surged.
About one-fifth of the power-sales increase came from the western
U.S. as California electricity prices averaged nine times higher
than a year earlier. The rest came from the eastern U.S., which
also has had power shortages.
The Houston-based company also raised its 2001 profit
forecast to $1.75 to $1.80 a share, from its January projection of
$1.70 to $1.75.
Once just a natural-gas pipeline company, Enron has spent
more than a decade creating a trading operation that buys power,
gas and other commodities and resells them to utilities and other
large consumers, a business made possibly by deregulation of U.S.
energy markets in the 1980s and 1990s.
As a result, the company's sales have risen an average of 66
percent annually for the past five years. Enron had 2000 revenue
of $101 billion, making it the second-largest U.S. energy company
behind Exxon Mobil Corp. Revenue will total as much as
$170 billion this year, Skilling estimated in March.
Enron shares rose 56 cents to $60. They had fallen 28 percent
this year on concerns about the company's telecommunications
business and an India power project.
California Business
Electricity prices in California were higher in the first
quarter than a year earlier as a power shortage continued and
generators demanded higher payments to offset the risk of selling
to the state's utilities. Prices for gas, used to fuel power
plants, were more than double the year-earlier average.
The higher prices have left California utilities more than
$14 billion in debt because regulators won't let them pass on all
the cost of power purchases on to consumers.
Enron is owed $570 million by PG&E Corp.'s Pacific Gas &
Electric, Skilling said in an interview. Pacific Gas & Electric,
California's biggest utility, filed for Chapter 11 bankruptcy
protection April 6.
Enron has set aside money to cover potential California
losses and doesn't expect the energy crisis to affect 2001
earnings, Skilling said. He wouldn't say how much was set aside.
Investors are entitled to know how much Enron has put in reserves,
analysts told Skilling on a conference call today. Skilling
disagreed.
``I think that would hurt our competitive position,
particularly when people are jostling for position in
bankruptcy,'' Skilling said.
Enron's business in energy-services contracts has escalated
as a result of California's power crisis. Skilling has said demand
is increasing as companies look to cut energy costs and protect
themselves from the risks of energy-price movements.
``If you or I were running a factory around New York right
now, we'd be calling Enron or a company like them to lock in
energy prices,'' Credit Suisse First Boston analyst Curtis Launer
said. ``That business is going gangbusters.''
Contracts increased nearly 60 percent to $5.9 billion in the
quarter. Enron, which recently signed contracts with Owens-
Illinois Inc., Quaker Oats Co. and Eli Lilly & Co., manages energy
buying and consumption at more than 31,000 facilities. It is the
largest manager of customer energy assets, Skilling said.
Energy Deregulation
The company's Wholesale Energy Operations and Services
business, which includes trading and power-plant development, saw
first-quarter profit before interest, minority interests and taxes
rise 76 percent to $755 million from $429 million.
In the first quarter, gas volumes more than tripled outside
North America and rose 55 percent worldwide. On the power side,
worldwide volumes more than doubled, while sales outside North
America more than quadrupled.
Enron has gained customers through EnronOnline, its Internet
trading site. EnronOnline handled $162 billion in transactions in
the quarter, Skilling said. It has handled more than $525 billion
since it opened in late 1999.
Enron's broadband unit, set up to build a U.S. fiber-optic
network and help trade space on such networks, had a quarterly
loss of $35 million on revenue of $83 million. It broke even a
year earlier. Enron added 70 broadband customers in the latest
quarter, for a total of 120.
Broadband Woes
Shares of Enron fell 11 percent on March 12 after the
collapse of an agreement for Blockbuster Inc., the largest video-
store chain, to deliver movies on demand over Enron's fiber-optic
system. The stock continued to fall on speculation Enron would
exit the broadband business, analysts said. Enron denied the
speculation.
Enron has been trying to get paid for power sold by its India
unit to the western Indian state of Maharashtra. Enron's
$3 billion, 740-megawatt project is the biggest foreign investment
in India.
A first-quarter gain of $19 million, or 2 cents a share, for
an accounting change, made net income $425 million, or 49 cents a
share. There were no charges or gains in the year-earlier period.
The company was expected to make 45 cents a share, the
average estimate of analysts polled by First Call/Thomson
Financial. Estimates ranged from 43 cents to 47 cents.
Dynegy's 1st-Qtr Profit Rises 73% on Gas, Power Sales (Update4)
2001-04-17 16:21 (New York)
Dynegy's 1st-Qtr Profit Rises 73% on Gas, Power Sales (Update4)
(Adds company comment on future earnings and additional
generation capacity in the fifth paragraph, closes shares. For
more on California, see {EXTRA <GO>}.)
Houston, April 17 (Bloomberg) -- Dynegy Inc., a U.S.
electricity and natural gas trader, said first-quarter profit rose
73 percent as colder winter weather boosted gas and power sales.
Profit from operations rose to $137.5 million, or 41 cents a
share, from $79.4 million, or 26 cents, a year earlier, the
company said in a statement. Revenue more than doubled to $14.2
billion from $5.35 billion.
Marketing and trading profit almost doubled to $100.3
million, or 73 percent of net income as the average price of gas
more than doubled from a year ago. Power sales to California, hit
by a 10-month electricity crisis, ``did not make a material
contribution'' to earnings, the statement said.
``It's not just a California ballgame,'' UBS Warburg analyst
James Yanello said. ``Lots of areas around the country have supply
and demand imbalances, and this is one of the big players capable
of resolving those supply and demand issues.''
Company executives remain comfortable with their earlier
second-quarter earnings guidance of 35 cents a share, Chairman
Chuck Watson told analysts during a conference call. Next year's
earnings likewise should increase by up to 25 percent as Dynegy
continues to build or acquire power plants, he said.
``What's driving the train for Dynegy for the past few years
is the continued adding to our portfolio in generation across the
country, and I don't see that slowing down in 2002,'' Watson said.
California Reserves
Dynegy has a reserve to cover money it might not get from
power sales to California, canceling out profit from the state,
spokesman Steve Stengel said.
The company was owed $265 million from power sales to
California as of Feb. 28, a filing with the U.S. Securities and
Exchange Commission said.
Dynegy, based in Houston, and joint venture partner NRG
Energy Inc. have sold 2,300 megawatts of power to the state's
Department of Water Resources through 2004. That has cut credit
risk from the state's cash-strapped utilities, the company said.
California power prices rose ninefold last quarter from a
year ago. A megawatt is enough power to light about 1,000 U.s.
home.
Shares of Dynegy rose $2.80 to close at $55.95. They are
almost unchanged for the year.
Northeast
Dynegy's electricity sales and production rose 19 percent
last quarter to 26.1 million megawatt-hours from a year ago,
boosted by the addition of 1,100 megawatts of generation in the
2000 second half and the purchase last quarter of New York state
power plants that can produce 1,700 megawatts.
``Dynegy is in a good position to earn good returns from
those plants,'' analyst Anatol Feygin of J.P. Morgan Securities
Inc. said. ``The press is full of prognostications that the New
York area and the Northeast are the next California.''
New York and New England won't have enough generators or
power lines to meet demand if temperatures are higher than normal
this summer, industry officials have said. Few were built in the
Northeast in recent years because of regulatory hurdles, even as
economic growth boosted electricity consumption.
Broadband Loss
Dynegy's new Global Communications division, which markets
and trades broadband, had a $11.6 million loss from start-up and
expansion costs.
Profit from the processing and marketing of natural-gas
liquids fell 5.4 percent to $22.9 million. Last year's profit
included about $4 million from assets that have been sold.
Profit at Dynegy's Illinois Power utility, with 650,000 gas
and power customers in southern Illinois, more than quintupled to
$25.9 million on cost reductions and higher winter demand.
The company was expected to earn 40 cents, based on the
average estimate of analysts surveyed by First Call/Thomson
Financial.
A gain of $2.03 million in the quarter from an accounting
change made net income of $139.5 million, or 41 cents a share. A
year ago, a gain of $33.8 million from a power-plant sale and a
charge of $44.2 million made net income $69 million, or 23 cents.
Red Herring 100 Celebrates Top Companies Reshaping Business
04/17/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
Magazine Chooses 50 Private and 50 Public Companies That Continue to Reshape
Markets Despite Current Economic Trends
SAN FRANCISCO, April 17 /PRNewswire/ -- In the fifth annual Red Herring 100,
editors of Red Herring, the leading magazine on the business of technology
and innovation, identify the 100 companies whose products, services or
business models - despite current economic uncertainties-continue to forge
new markets. The leaders are profiled in Red Herring's May 1 double issue and
are posted at http://www.rh100.redherring.com.
The Red Herring 100 stands apart because companies are not measured by
statistics alone, but are also reviewed on the subjective and metrical
criteria favored by venture capitalists and investment bankers, including: a
company's potential for disrupting its market, its execution of a sound
strategy, the quality of its management and its financial performance, which
is summed up by "The Herring Take".
The listing favors companies whose promise is based on innovative and
defensible technology with more than a dozen sectors represented, including
software, biotechnology and communications services. Major category shifts
were recognized in this year's Red Herring 100 in sectors like data storage,
enterprise software and semiconductors, while entire sectors that failed to
remain innovative are gone: Linux companies, PC makers, wireless
communications and commerce.
Editor Jason Pontin explained that companies were chosen for the Red Herring
100 based upon the magazine's belief in certain broad trends: continuing
importance of IP telephony, critical advancements in energy production, the
sudden glamour of biotechnology, and the utility of reconfigurable
microchips.
"In short, the Red Herring 100 are companies that retain the capacity to
disrupt existing markets or create entirely new ones," Pontin exclaims. "As
we shout on our cover, whatever the state of public and private equity
markets, these companies still matter." The Red Herring 100
50 Private Companies 50 Public Companies
Accel Partners Akamai Technologies
Accenture AOL Time Warner
Aimster Applied Micro Circuits Corporation
AirFiber Ballard Power Systems
Altra Energy Technologies Charles Schwab
Amber Networks Check Point Software Technologies
Asera Ciena
Bang Networks Cisco Systems
Bertelsmann Citigroup
Bowstreet Corning
Centerpoint Broadband Technologies Credit Suisse Group
Cereva Networks eBay
Cytokinetics Electronic Arts
eCredit.com Enron
Excelergy EMC
Foliofn Exodus Communications
Genoa Flextronics
ID Software Gemstar-TV Guide
Intira Genentech
Jamcracker Goldman Sachs
Kleiner Perkins Caufield & Byers Homestore.com
LaserComm i2 Technologies
Layton BioScience IBM
Matrix Partners Illumina
Mellanox Technologies Immunex
Metro-Optix JDS Uniphase
NerveWire Juniper Networks
Nishan Systems McLeodUSA
PhotonEx Metromedia Fiber Network
PurpleYogi Microsoft
RealChip Communications Morgan Stanley Dean Witter
Savi Technology Network Appliance
Scale Eight Nortel Networks
Science Applications International Corp. NTT DoCoMo
SeeCommerce Oracle
Sequoia Capital Palm
SmartPipes PMC-Sierra
Telseon Qwest Communications
Tensilica Research in Motion
Thomas Weisel Partners Siebel Systems
Tradescape.com Singapore Telecommunications
Troika Networks Sun Microsystems
Tropian Sycamore Networks
VBrick Systems Taiwan Semiconductor Manufacturing Co.
Voxeo Texas Instruments
Walmart.com Veritas Software
Xacct Technologies Vitesse Semiconductor
Xenoport Vivendi Universal
Yipes Communications Vodafone Group
Zaplet Yahoo
About Red Herring Communications, Inc.
Red Herring Communications, Inc. is an integrated network of media properties
connecting the people, companies and industries whose ideas and technological
innovations are inspiring and reshaping the world of business. Founded in
1993, Red Herring magazine, the company's flagship platform, provides
in-depth analysis and reporting on the business of technology, innovation and
entrepreneurialism. RedHerring.com, Red Herring Research and Red Herring
Events offer a unique blend of news, commentary, financial analysis, investor
tools and access to leaders of emerging technologies and markets. A privately
held company, Red Herring Communications, Inc. is headquartered in San
Francisco and has offices in New York, Los Angeles, Boston and London.
/CONTACT: Deirdre Hussey of Red Herring Communications, Inc., 415-486-2879,
[email protected]/ 16:47 EDT
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Says PG&E Owes About $570 Million, CNBC Says (Update1)
2001-04-17 11:08 (New York)
Enron Says PG&E Owes About $570 Million, CNBC Says (Update1)
(Adds earlier report in fifth paragraph.)
Houston, April 17 (Bloomberg) -- Enron Corp. is owed about
$570 million in gross receivables by PG&E Corp., Enron President
and Chief Executive Jeffrey Skilling said in an interview with
financial news network CNBC.
Enron, the largest energy trader, is fully reserved and has
some offsets against that amount, Skilling said. PG&E filed for
bankruptcy this month.
''It's not a good situation when a state allows a company
with a 100-year history to go bankrupt,'' Skilling said. ``It's
kind of surprising.''
There is a big threat of politicizing the energy situation in
the West, Skilling said. Some proposals in various state
legislatures ``would be enough to make an economist cry,'' he
said.
The Houston Chronicle reported the $570 million figure this
weekend, citing a letter from Enron to a bankruptcy trustee. Enron
refused to confirm the figure until today.
|
{
"pile_set_name": "Enron Emails"
}
|
-----Original Message-----
From: [email protected]@ENRON
Sent: Friday, January 18, 2002 9:31 AM
To: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]
Subject: FW: NBC Pictures of the Year
---------------------- Forwarded by Lisa A Thielemann/JPMCHASE on
01/18/2002 09:31 AM ---------------------------
"Dalton, Trish" <[email protected]> on 01/17/2002 03:56:11 PM
To: (see below)
Subject: FW: NBC Pictures of the Year
Enjoy!!!!
Trish Dalton
The Houston Chronicle
National Account Executive
713 220 2846
713 220 2825 Fax
[email protected]
-----Original Message-----
From: Hope Morales [mailto:[email protected]]
Sent: Thursday, January 17, 2002 3:36 PM
To: Ellen Welsh (E-mail); '[email protected]'; Leslie Harper (E-mail);
Brooks Young (E-mail); Marty (E-mail); Callie Locke (E-mail); Leigh Harris;
Kayla McCauley; Kim Kadlecek; Gina Csengery; Caroline Hoang; Courtney
Parker; Courtney Runge (E-mail); Courtney Eidman (E-mail); Kelly Russell
(E-mail); 'Harper, A. J.'; Laura Chiles (E-mail); Lindsay Dunlop (E-mail);
'[email protected]'; Marilyn Fontana (E-mail); Amy Frank (E-mail); Amy
Stanzel (E-mail); Brinley Wallace (E-mail); Brooke Bailey (E-mail); Claire
Curtin (E-mail); Jenna Bailey Junnell (E-mail); Jennifer Knight (E-mail);
Kari Starr (E-mail); Kathryn McCarter (E-mail); Laura Lawhon (E-mail); Lisa
Lawrence (E-mail); Trish Dalton (E-mail); Garrett Holloway (E-mail);
Rebecca
Torres; Cristina Gossett; Lauren Britt
Subject: FW: NBC Pictures of the Year
<<pic of the year2.pps>> Some of these are amazing....Have a great day!
Hope
(See attached file: pic of the year2.pps)
To: "'Jeannie.L.Cooper @Us.Andersen.Com'" <[email protected]> "'Evanlangley @Hotmail.Com'" <[email protected]>
"'Christy_Nicholson @Providian.Com'" <[email protected]> Lisa A Thielemann/Jpmchase @Chase
"'Lindsey.Mathes @Tlp.Com,'" <[email protected] Abby_White @Gensler.Com
> Kathrynvanwie @Msn.Com
"'Kathrynfick @Hotmail.Com'" <[email protected]> "'Tiffany.Dillard @Jwt.Com'" <[email protected]>
"'Caycie.C.Ayres @Accenture.Com'" <[email protected]> "'Ewrommel @Hotmail.Com'" <[email protected]>
"'Lrosen @Hotmail.Com,'" <[email protected] "Williams, Brandy" <Brandy.Williams @Chron.Com>
> "'Lori_Spellman @Npd.Com'" <[email protected]>
"'Erica.J.Hohn @Us.Pwcglobal.Com'" <[email protected]> "'Courtkinsel @Hotmail.Com'" <[email protected]>
"'Stacey.Lane @Lazard.Com'" <[email protected]> "'Bennettbrittany @Hotmail.Com'" <[email protected]>
"'Carter.Mccaslin @Ubs.Com'" <[email protected]> "'Nnew @Softchoice.Com'" <[email protected]>
"'Ranlewis @Hotmail.Com'" <[email protected] Escanlan @Alvarezandmarsal.Com
>
- pic of the year2.pps
|
{
"pile_set_name": "Enron Emails"
}
|
Sara,
Org chart attached.
Per conversation with Jeff Kinneman who was in London this week, London Credt
Trading will be trading in Bank default swaps . The name of the entity is
still to be determined. Jeff will be authorized to execute trades for the
entity and the trades will be in the name of the entity and not back-to-back
with our books.
Sheila
|
{
"pile_set_name": "Enron Emails"
}
|
Kay asked me to forward this document to both of you. It has been converted
form Word Perfect to Word.
|
{
"pile_set_name": "Enron Emails"
}
|
Opps. Sorry about the confusion. We are selling the equity in CA to Coral,
so I call it by that name. I'm looking for a list of what you need as
referencedin the last line of this email.
Hope that helps,
Kay
"Cobb, Chris" <[email protected]> on 12/04/2000 01:37:49 PM
To: <[email protected]>
cc: "Thompson, Peter J." <[email protected]>
Subject: Attached Files
Kay,
Attached are the latest versions of the CA Energy Development
breakout agreements. Please note that, because the agreements deal with
only one Unit each, the term "Unit Liability Amount" has been replaced
with "Maximum Liability Amount." Also, there is no need for an Exhbit
N-1, so that reference has been deleted as well. The agreement is still
missing an Agreement Reference number, Ben Jacoby's fax number, and the
information needed for the exhibits. Thanks, Chris
<<break out agreement--CA Energy Devlopment II (12/4/00).DOC>> <<break
out CA Energy Dev. I (12/4/00).DOC>>
- 00).DOC
- 00).DOC
|
{
"pile_set_name": "Enron Emails"
}
|
John:
Thanks for the update. However, the volumes have changed a bit. That's my
fault - I didn't send them to you. Not a huge change, but here they are:
Jan 24,644
Feb 22,259
Mar 24,644
Apr 23,849
May 24,644
Jun 23,849
Jul 24,644
Aug 24,644
Sep 23,849
Oct 24,644
Nov 23,849
Dec 24,644
I doubt this will change the notional price, but let me know.
~John
|
{
"pile_set_name": "Enron Emails"
}
|
Vince,
Thanks so much,
Pedro Fernando
Vince J Kaminski@ECT
11/21/2000 01:17 PM
To: Shirley Crenshaw/HOU/ECT@ECT
cc: Pedro Fernando Manrique/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vince J
Kaminski/HOU/ECT@ECT
Subject: Re: New Risk Management Book
Shirley,
Please, send a copy of the book to Pedro Fernando.
Vince
Pedro Fernando Manrique@ENRON_DEVELOPMENT
11/15/2000 02:04 PM
To: Vince J Kaminski@ECT
cc:
Subject: New Risk Management Book
Vince,
In Colombia we are setting up a trading operation and would be nice to have a
copy of the new book for our reference. Please let us know how we can get
access to a copy.
Many thanks,
Pedro Fernando
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/03/2000
03:42 PM ---------------------------
"hollyw" <[email protected]> on 10/02/2000 10:14:10 PM
To: "Stan & Katie Wright" <[email protected]>, "Sheri Thomas"
<[email protected]>, "Raymond Paterson" <[email protected]>,
"Randy Howes" <[email protected]>, "Nicol, Gary" <[email protected]>,
"Len" <[email protected]>, "KRISTI GIRON" <[email protected]>,
"John Schmitz" <[email protected]>, "Jim Miller" <[email protected]>, "Janine
Gregor" <[email protected]>, "Gary Wright" <[email protected]>,
"Debbie Hall" <[email protected]>, "Darron C Giron" <[email protected]>,
"Charlene Anderson" <[email protected]>, "Barbara Denson"
<[email protected]>
cc:
Subject: Fw: True Justice
----- Original Message -----
From: "Ronald Jones" <[email protected]>
To: "Warren, Stacy" <[email protected]>; "Smith, Scott"
<[email protected]>; "Rochelle Smith" <[email protected]>;
"James Henness" <[email protected]>; <[email protected]>; "Carey"
<[email protected]>
Sent: Monday, October 02, 2000 8:56 PM
Subject: Fw: True Justice
>
> ----- Original Message -----
> From: "Alberto Gude" <[email protected]>
> To: <[email protected]>; <[email protected]>;
<[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>;
> <[email protected]>; <[email protected]>;
<[email protected]>;
> <[email protected]>; <[email protected]>; <[email protected]>;
> <[email protected]>
> Sent: Monday, October 02, 2000 12:32 PM
> Subject: True Justice
>
>
> >
> >
> > This is a true story and was the 1st place winner in the recent Lawyers
> > Criminal Darwin Award.
> >
> > A Charlotte, NC man having purchased a box of very rare and expensive
> cigars
> > insured them against fire among other things. Within a month having
> smoked
> > his entire stock-pile of these great cigars and without yet having made
> even
> > his first premium payment on the policy, the man filed a claim against
the
> > insurance company. In his claim, the man stated the cigars were lost "in
a
> > series of small fires." The company refused to pay, citing the obvious
> > reason: that the man had consumed the cigars in the normal fashion.
> >
> > The man sued.... and won! In delivering the ruling the judge agreed
with
> > the insurance company that the claim was frivolous. He stated
nevertheless
> > that the man held a policy from the company in which it had warranted
that
> > the cigars were insurable and also guaranteed that it would insure them
> > against fire, without defining what is considered to be unacceptable
> fire,"
> > and was obligated to pay the claim.
> >
> > Rather than endure a lengthy and costly appeal process, the Insurance
> > Company accepted the ruling and paid $15,000.00 to the man for his loss
of
> > the rare cigars lost in the "fires."
> >
> > NOW FOR THE BEST PART
> >
> > After the man cashed the check, the insurance company had him arrested
on
> 24
> > counts of ARSON!!!! With his own insurance claim and testimony from the
> > previous case being used against him, the man was convicted of
> intentionally
> > burning his insured property and sentenced him to 24 month in jail and a
> > $24,000.00 fine.
> >
> > ___________________________________________________________
> > Get a sneak preview of the new MSN: http://preview.msn.com/
> >
> >
>
|
{
"pile_set_name": "Enron Emails"
}
|
The referenced counterparty has already been approved to trade all physical
and financial products offered online. I am not sure if we need to see this
counterparty come through again as a Click Paper counterparty or not. I'll
let Tom decide. For me, I'm OK.
|
{
"pile_set_name": "Enron Emails"
}
|
Attached is the latest weekly electric report
Also attached is the schedule for workshops for guidance in establishing
RTOs. (Note: Atlanta workshop has changed from April 5-6 to April 6-7).
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Andrea Ring/HOU/ECT on 12/01/2000 01:46
PM ---------------------------
Michele Winckowski @ ENRON 11/28/2000 04:47 PM
To: Andrea Ring/HOU/ECT@ECT
cc:
Subject: Fwd: FW: Run off or Dance off?
This is the only answer -- specifically for us "sad" individuals. Love ya -
MW
>
> (See attached file: danceoff.exe) <<danceoff.exe>>
- danceoff.exe
|
{
"pile_set_name": "Enron Emails"
}
|
Hi, hope things are well. I'd like to talk about LNG trading vessels
(merchant). Have you been talking with Pierre about all of this activity.
George Mclellan is concerned about the exmar contract, and wants Pierre more
involved with the business. What do you think of this idea? What are some
of your thoughts regarding this business.
Jeff
|
{
"pile_set_name": "Enron Emails"
}
|
I would like to announce the following management changes within the Analyst
/ Associate Program, which are effective immediately.
Traci Warner will assume responsibility for Recruiting for the Western
Hemisphere. Traci joined Enron's Associate Program in 1995 and has held
positions in Business Development, Origination, and Public Relations at Enron
Energy Services, Enron North America and Enron Broadband Services.
Ted Bland will assume responsibility for Career Development (including
rotations) for the Western Hemisphere. Ted has been with Enron since 1989
and has held several roles in Origination and Business Development within
Enron Wholesale Services. Most recently, Ted was assigned to the
commercialization of some activities within Human Resources.
Anna Jansson, who is based in London, will continue to lead all efforts for
the Associate / Analyst Program in the Eastern Hemisphere. Anna has been
with Enron Europe for the past three years and, most recently, has been
responsible for setting up the EBS Human Resources function in Europe.
Please join me in working with Traci, Ted and Anna to ensure the success of
this important program.
Billy Lemmons
Vice President, Analyst / Associate Program
|
{
"pile_set_name": "Enron Emails"
}
|
As you know, we have another power plant project -- if I haven't forwarded
information to you yet, I will be doing so in the next day or so.
The schedule is for preliminary diligence to be completed by 9/8; data room
is open 9/6. Attached to the email I will be sending you is a list of the
current information we have here -- lots of documents are here. Please
review the data list and forward to me which ones you want copied, and I will
coordinate that process.
The stock purchase agreement draft will be circulated next week.
Michelle
|
{
"pile_set_name": "Enron Emails"
}
|
Sue and Jeff:
Jim has asked me to more closely track CA legislation. Together with Scott, we have put together the attached matrix of important legislation.
If you all agree, I can be responsible for keeping this information as current (tracking via the Internet and also adding information sent by you both and by Scott) and will circulate it on Tuesday and Thursday mornings (in advance of our CA calls on those days).
Notes:
*Ideally, I think we should prioritize the legislation or at least have the "hot" bills highlighted. Any thoughts?
*I will keep updated copies of these bills in binders in the CA meeting room.
Please send me your feedback and suggestions as to how to make this the most useful and efficient. I would like to circulate it by Thursday morning.
Thanks,
Jennifer
|
{
"pile_set_name": "Enron Emails"
}
|
?
- 05_08_01ON.xls
|
{
"pile_set_name": "Enron Emails"
}
|
Dear UT Team:
Thank you for all your time and help over the past several weeks. Through
the interview process, we have chosen 38 Financial Analyst candidates to
bring to Super Saturday on November 4. These candidates are:
Amanda Ostrander, Ali Ahmed, Bonnie Chang, Brad Morgan, Brad Staller, Brian
Falik, Brian Kanatzar, Bryan Willingham, Carol Stauch, Castlen Moore, Doug
Epperson, Chris Calato, Daniel Bates, Daniel Jenkins, David Eastlake, David
Michels, Hina Khan, Irfan Iqbal, James Lee, Jason Huang, Jay Raman, Judy
Maledon, Max Sell, Michael Morris, Natalie Madi, Natascha Seume, Paul Horng,
Ryan Ruebsahm, Ryan Williams, Sean Steele, Shaleen Miller, Stephen Dexter,
Tayyab Balagamwala, Ty Purdy, Lydia Kuo, Matt Linford, Lauren Szeto, and
Melanie Sandoval.
I have personally called each of the 38 candidates to let them know they have
been selected. They will also receive a formal letter through the mail later
this week. This letter will include details regarding November 4.
The interviews for the Tax Analyst position also yielded the following:
5 Spring Internship offers: Ashley Berger, Yi (Zoe) Zhou, Li Li, Weijing
Shin, and Xuemei Lang
1 Summer Internship offer: Chia-Lin Lee
2 Full Time Office Visits: Andrew Susman and Amanda Ostrander
The next step is cultivation. I will assign candidates to targeted team
members for telephone follow-up calls. I would also like to have volunteers
to go to Austin next week to take these candidates to dinner. Please let me
know if and when you will be available so that I can begin planning.
Thanks again for all your help and hard work!!!
lexi
3-4585
|
{
"pile_set_name": "Enron Emails"
}
|
PROCESSING
None
TENDERED
24198 Richardson Eff 1/23/02 35,714/d Add Blk #16 Tendered 1/22
25374 Oneok Ext to 2/28/02 12,500/d Panhdle to Beaver EXECUTED
26758 Duke Eff 1/30/02 40,000/d Swap RP Vol EXECUTED
27377 Agave Ext to 3/31/02 10,000/d Pecos to W. Ward Tendered 1/24
27420 WTG Eff 2/02 Only 2,700/d Panhdle to Winkler EXECUTED
27803 BP 1/1/03-12/31/04 25,000/d Blmfld to Needles Tendered 1/28
27813 Sempra 2/1/02-2/28/02 15,000/d Blmfld to Topock EXECUTED
27819 PG&E 2/1/02-10/31/02 20,000/d Blmfld to Calif EXECUTED
27821 Cinergy 2/1-2/28/02 5,000/d Cen Pool to Topock Tendered 1/29
|
{
"pile_set_name": "Enron Emails"
}
|
November, 2000 prices
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/30/2000
06:37 PM ---------------------------
James A Hughes@ENRON_DEVELOPMENT
11/30/2000 03:39 PM
To: David W Delainey/HOU/ECT@ECT
cc: Greg Whalley@ECT
Subject: Re: Cuiaba I Team
Dave:
The Cuiaba meeting is on Monday at 3:00 pm. Location to be determined. I
will forward the location ASAP.
Jim
|
{
"pile_set_name": "Enron Emails"
}
|
Hi Diana & Kate,
You are not wasting our time, you make our time valuable. You should be
able to see ver 3.0.0.36 in production and ver 3.0.0.38 in stage,
if not phone David Poston for support. Ver 3.0.0.38 is newer and includes
insignifficant changes on the form for selection desks, which
Corry Bentley requested here. They don't allow us to promote now things
like that to production the last five days and the first day of the month.
Now the report is able to show both the term and schedule (liquidation)
data. The term data are the way the deal was entered with
Deal Entry, Deal Blotter or EOL bridge, signed and confirmed. The schedule
data should be very much the same with all the changes
in Deal Scheduling. There is no difference between schedule and
liquidation data, schedule data is a subset of liquidation one in time and
it is about 2-3 weeks. At the moment the schedule strips for WEST contain
data from 3/22/2001 to 4/5/2001, and the liquidation
the same data from 4/2/1996.
Because we don't schedule normally desk-to-desk deals (I think we schedule
between EAST and WEST only) we don't have schedule
(liquidation) data for desk-to-desk. I hided the check box to avoid
confusions. The option Show Desk is very simple, changes the format
of the header for Region, nothing else.
Kroum
-----Original Message-----
From: Scholtes, Diana
Sent: Wednesday, April 04, 2001 12:34 PM
To: Kroumov, Kroum
Subject: Forward Obligation Report
Kroum,
I was running the new version of the Obligation Report. I was not included
in the testing phase of the new version and apparently the report is still
not doing what the "fix" was initiated for. Originally, my discussions with
Doung Luu was for the Obligation report to capture: 1. All deals with any
changes made in Deal Scheduling and 2. All Desk to Desk deals. Number
(2), I believe was the difficult one. When selecting the option on "Show
Deals" in order to capture schedule changes you must select "Liquidate".
This does work, but it does not give you the option to select "Show Desk to
Desk", which like I said before, was the intent of the changes. Please
contact me for further discussion. I apologize for not participating and
wasting your time.
Sincerely,
Diana Scholtes
(503) 464-3807
-----Original Message-----
From: Symes, Kate
Sent: Wednesday, April 04, 2001 12:06 PM
To: Pate, Brett; Kroumov, Kroum
Cc: Duong Luu/HOU/ECT@ENRON
Subject: Forward Obligation Report Question
Good afternoon, IT Wizards -
I'm curious about a feature on the new Forward Obligation Report. It is now
possible to run the report showing term, scheduled, or liquidated deals. In
the past I've always run the report showing term deals, then entered my
desk-to-desk deals from those numbers. Now I believe the report is designed
to pull data from our scheduling database, so I'm wondering what the
difference is between the term deal report and the scheduled deal report.
Each produce completely different numbers! Please let me know when you get a
chance.
Thanks,
Kate Symes
Trading Support
503-464-7486
|
{
"pile_set_name": "Enron Emails"
}
|
Happy to give them, but no reps are going to be made, as I understand. Michelle
-----Original Message-----
From: Davis, Angela
Sent: Wednesday, December 12, 2001 12:13 PM
To: Cash, Michelle
Subject: RE: Benefit Plans of Newco employees
We are going to give it to them. That is what I was told.
Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: [email protected]
-----Original Message-----
From: Cash, Michelle
Sent: Wednesday, December 12, 2001 10:07 AM
To: Davis, Angela
Subject: RE: Benefit Plans of Newco employees
We have decided not to make any reps about these plans, since any buyer would not be taking them. However, we have a data room list that specifies what was made available, and the other side is welcome to review most of what is in that room. We remain cautious about releasing employment compensation data and contract information about individuals, but are happy to provide totals of current and future costs under those agreements in the aggregate. Let me know if you have questions.
Which deal are you actively working on? Fire or Wind? Do I need to be working on the draft agreement?
Thanks.
Michelle
-----Original Message-----
From: Davis, Angela
Sent: Tuesday, December 11, 2001 6:39 PM
To: Cash, Michelle
Subject: Benefit Plans of Newco employees
We need a list of all benefit plans of any "to be" Newco employee. We also rep that we have made these available to the purchaser. I believe you said that the actual documents were available somewhere, so I assume that the other side could see them?
Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: [email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
The attached schedule covers both Friday and Saturday, June 14-15. Associated text files have been posted to Sparky.
Michael R. Frazier
Manager, Load Forecasting
Enron Energy Services
Office: 713-345-3200
Pager: 877-926-0615
P-mail: [email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
----- Forwarded by Richard B Sanders/HOU/ECT on 02/26/2001 12:48 PM -----
Mary Hain
02/26/2001 12:24 PM
To: Phillip K Allen/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Tim
Belden/HOU/ECT@ECT, Shelia Benke/Corp/Enron@Enron, Donald M- ECT Origination
Black/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT,
Andre Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan Comnes/PDX/ECT@ECT,
Wanda Curry/HOU/EES@EES, Jeff Dasovich/NA/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, Mike Grigsby/HOU/ECT@ECT, Mark E
Haedicke/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Steve C Hall/PDX/ECT@ECT, Joe
Hartsoe/Corp/Enron@Enron, Keith Holst/HOU/ECT@ect, Robert
Johnston/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Steven J Kean/NA/Enron@Enron,
Harry Kingerski/NA/Enron@Enron, Susan J Mara/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Travis McCullough/HOU/ECT@ECT, Mark
Metts/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, Mark
Palmer/Corp/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Richard B
Sanders/HOU/ECT@ECT, Gordon Savage/HOU/EES@EES, Richard
Shapiro/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES, Mike D Smith/HOU/EES@EES,
Shari Stack/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Marty
Sunde/HOU/EES@EES, Stephen Swain/PDX/ECT@ECT, Mitchell
Taylor/Corp/Enron@ENRON, Michael Tribolet/Corp/Enron@Enron, Robert
Williams/ENRON@enronxgate, Greg Wolfe/HOU/ECT@ECT, Roger Yang/SFO/EES@EES,
Christian Yoder/HOU/ECT@ECT, Robert Frank/NA/Enron@Enron
cc:
Subject: Supreme Court Action on FERC preemption of State jurisdiction over
transmission
FYI - In case you haven't seen this.
---------------------- Forwarded by Mary Hain/HOU/ECT on 02/26/2001 10:06 AM
---------------------------
Enron Capital & Trade Resources Corp.
From: "Ronald Carroll" <[email protected]>
02/26/2001 09:35 AM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: Fwd: Supreme Court Action in FERC Cases
In case you haven't heard, the Supreme Court has granted cert of our and the
state of New York's cert petitions on the extent of FERC's jurisdiction over
transmission facilities.
Date: Mon, 26 Feb 2001 11:18:06 -0600
From: "Jeffrey Watkiss" <[email protected]>
Subject: Fwd: Supreme Court Action in FERC Cases
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_570CFA0B.E081E8A6"
Attached is Lou Cohen's (of Wilmer Cutler) write up of the Supreme Court's
grant of two petitions for certiorari in the appeals of FERC's Order No. 888
on transmission open access. While too much should never be read into a
grant of certiorari, this seems to be auspicious for Enron and to validate
Joe's conclusion that it would be imprudent for Enron to rest on its victory
in the court of appeals and not oppose proactively New York, et al. who are
asking the Court to expand the native load exception. It should also be
noted that the broadside against FERC's authority to act (the Dalton cert.
petition), which Enron took the lead in opposing, was rejected outright.
Enron's brief is due in 45 days. Joe and I shall meet with Lou early next
week to get this process started. Please call me if you have any questions.
Received: from mcafee.bracepatt.com by bracepatt.com; Mon, 26 Feb 2001
10:39:07 -0600
Received: FROM dcex3.wilmer.com BY mcafee.bracepatt.com ; Mon Feb 26 10:47:51
2001 -0600
X-Proxy: keymaster.bracepatt.com protected
Received: FROM dcex2.wilmer.com BY dcex3.wilmer.com ; Mon Feb 26 11:35:17
2001 -0500
Received: by dcex2.wilmer.com with Internet Mail Service (5.5.2650.21) id
<15T7HGFJ>; Mon, 26 Feb 2001 11:35:17 -0500
Message-ID: <[email protected]>
From: "Cohen, Louis" <[email protected]>
To: "Joe Hartsoe (E-mail)" <[email protected]>
Cc: "Jeffrey D. (Dan) Watkiss (E-mail)" <[email protected]>, "Killory,
Ted" <[email protected]>, "Palansky, IJay" <[email protected]>,
"Plotnick, Michael" <[email protected]>, "Cohen, Louis"
<[email protected]>
Subject: Supreme Court Action in FERC Cases
Date: Mon, 26 Feb 2001 11:35:04 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
Content-Type: multipart/alternative;
boundary="----_=_NextPart_001_01C0A012.1A1432F0"
Here is a summary.? I included the cites just in case.? Let me know if you
need more.
?
The Supreme Court today granted two petitions for certiorari to review the
D.C. Circuit's decision in Transmission Access Policy Study Group v. FERC,
225 F.3d 667 (2000).? The Court granted the petition of New York and other
states (New York?v. FERC, No. 00-568)) to consider?whether FERC may preempt
state jurisdiction over transmission of energy from generators to retail
customers in the same state.? (The Court declined other questions?New
York?had raised.)? The Court also granted the petition of Enron Power
Marketing, Inc. (EPMI v. FERC, No. 00-809) to consider whether FERC has
jurisdiction to regulate all transmission in interstate commerce, including
transmission for bundled retail sales, and whether FERC is obligated under
the Federal Power Act to eliminate undue discrimination by requiring
transmission-owning utilities to provide service on the same terms to all
users, including bundled retail sales.? The cases will be argued together,
probably not before October 2001.
|
{
"pile_set_name": "Enron Emails"
}
|
Is this something they've said publicly? If so, have they provided any
rationale? Thanks.
Mary Hain@ECT
11/06/2000 02:36 PM
To: [email protected], Tom Briggs/NA/Enron@Enron, Susan J
Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron
cc: John M Forney/HOU/ECT@ECT
Subject: LA DWP
The Los Angeles Department of Water and Power is refusing to sell outside of
California for less than $250. This is diminishing liquidity in the market.
However, we can't call FERC and complain because munis are not regulated by
FERC. Here is an example of something we should be bringing to NW
congressional members re why FERC should regulate the munis.
|
{
"pile_set_name": "Enron Emails"
}
|
Carlos,
Please email the document to me when it is done.
Thanks, Kay
From: Carlos Sole@ENRON_DEVELOPMENT on 12/22/2000 04:34 PM
To: Kay Mann/Corp/Enron@ENRON, Kathleen Carnahan/NA/Enron@Enron
cc:
Subject: Re: Signature Page
Kathleen, the signature pages are for a CLOSING NEXT FRIDAY, December 28 in
Washington DC. The pages are for a Consent to an Assignment of a completed
EPC contract involving a special purpose company of Tampa Electric Company
("TECO"). ECT's role was to purchase the turbines and NEPCO did the work.
The work has been completed but is still in the warranty phase and thus the
banks want this assignment agreement so that can also enjoy the warranty
rights. The document is complex because the financing structure is complex
(there is prior existing senior debt, new subordinated debt and a sale and
lease back structure.) My understanding is that Janet Dietrich did the
original transaction. If you want a copy of the Consent Agreement as
modified, please call Angie and she will fax it to you. Also, you can leave
me a voicemail if you want me to debrief someone on the project. In
addition, you can tell people that Jason Peters of Andrews & Kurth also
helped in the review and editing of the contract. If you want to call him
directly he can describe the deal to you (he indicated that he has worked
with you.) Lastly, you will need to fax an executed copy of the agreement to
Babak Hoghooghi of the Washington, DC office of Skadden Arps and will need to
federal express the originals to him as well. I am giving him your name as
his contact at ENA. I have already sent him the NEPCO signed pages. Thanks
and happy new year. Lastly, leave me a voicemail at work if you need to
reach as I will check it on Wednesday.
Babak Hoghooghi
Skadden, Arps, Slate, Meagher & Flom
1440 New York Avenue, N.W.
Washington, DC 20005
Ph No: (202)371-7605
Fax No: (202)393-5760
Email: [email protected]
Kay Mann@ENRON
12/22/2000 04:04 PM
To: Carlos Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Re: Signature Page
Kathleen,
I will initial and leave these in my office in a file folder with your name.
Carlos has my proxy on the consent.
I'm also leaving you with a couple of original CA's for Fred. He was going
to email them to the other side for comment, so HANG ON to the pages I signed.
Thanks,
Kay
From: Carlos Sole@ENRON_DEVELOPMENT on 12/22/2000 12:55 PM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: Signature Page
Ignore earlier version, ECT no longer exists so there is a change in the
signature block to read ENA Corp. f/k/a ECT
PS Michelle checked in her voicemails and shot me back a positive one in
response to the one that I left on Tuesday (ie, there's interest and we need
to find the right fit.)
|
{
"pile_set_name": "Enron Emails"
}
|
When: Thursday, February 07, 2002 4:30 PM-5:00 PM (GMT-06:00) Central Time (US & Canada).
*~*~*~*~*~*~*~*~*~*
Required Test
|
{
"pile_set_name": "Enron Emails"
}
|
For purposes of an accelerated distribution from the PSA, a "single sum distribution," in Section 6.2 means that a PSA account is distributed all at once, as distinguished from another form of payout as may have been selected by a participant in his or her deferral agreement.
Section 6.2 is clear in that the account balance shall be determined as of the last day of the month preceding the date on which the Committee receives the written request of the Participant. A PSA account balance is reflected in shares of stock since the form of distribution is shares of stock.
Additionally, any portion of a PSA balance attributable to deferral of restricted stock is administered under Sections 3.5 and 3.6 and Exhibit A of the Plan. This section is applicable now as we are accelerating the distribution of PSA balances created with deferrals of restricted stock. The Plan indicates that upon death, disability, retirement or termination, the share units are converted to shares which are issued to the executive according to the payment election made by the executive at the time of the deferral election.
Therefore the distribution you will receive in shares is correct and we do not agree with your interpretation of the plan.
|
{
"pile_set_name": "Enron Emails"
}
|
Tana:
The following CP is allowed to trade both US East and West power products
pursuant to the Master Energy Purchase and Sale Agreement dated as of Oct.
26, 1999. (I ok'd this w/ Leslie):
Public Service Company of Colorado
**************************
The following CPs are not authorized to trade US power products:
Koch Global Bandwidth Services, Inc.- Restricted by Credit
Texas Aromatics, Inc.- Restricted by Credit
Venoco, Inc. - Restricted by Credit
Thanks,
Shari
|
{
"pile_set_name": "Enron Emails"
}
|
cecity (SEE-si-tee) noun
Blindness.
[From Latin caecitas, from caecus (blind).]
"I mean that my love for you, which cries out for a physical expression
you tolerate brutishly, induces a cecity to your inefficiency and your
bad behavior."
Earthly Powers, Anthony Burgess, 1980.
It's that time of the year again, the time when we feature odds-and-ends.
One-of-a-kind words. Words that are unusual, picturesque, whimsical,
esoteric, or intriguing. And like all the creatures in this world, these
words serve a purpose (as shown by the accompanying citations). They make
our verbal universe richer and more diverse. So here they are. We've coaxed
them out of the dictionary -- it's not often that one finds them in the
open -- and we hope you'll welcome them in your diction. -Anu
............................................................................
If you wish to make an apple pie truly from scratch, you must first invent
the universe. -Carl Sagan, astronomer and writer (1934-1996)
Send your comments about words to [email protected]. To subscribe or
unsubscribe A.Word.A.Day, send a message to [email protected] with
"Subject:" line as "subscribe <Your Name>" or "unsubscribe". Archives,
FAQ, gift subscription form, and more at: http://wordsmith.org/awad/
Pronunciation:
http://wordsmith.org/words/cecity.wav
http://wordsmith.org/words/cecity.ram
|
{
"pile_set_name": "Enron Emails"
}
|
Yea. I will be there. What time again?
"Larry W. Bass" <[email protected]> on 03/22/2000 01:46:29 PM
To: eric preston bass <[email protected]>
cc:
Subject: golf
Hi son. Are you in for golf this Sat.? Let me know.-Dad
|
{
"pile_set_name": "Enron Emails"
}
|
OK by me
Chris Lackey/ENRON@enronXgate
05/10/2001 01:35 PM
To: Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: FW: Mid-C Call Option Confirmation (FINALIZED)
OK with the letter as attached by Sherry?
-----Original Message-----
From: [email protected]@ENRON
[mailto:[email protected]]
Sent: Thursday, May 10, 2001 11:31 AM
To: [email protected]; Lackey, Chris
Cc: Sager, Elizabeth
Subject: RE: Mid-C Call Option Confirmation (FINALIZED)
Robert/Chris,
I have spoken with Elizabeth and we have agreed that the version below is
the one we will use to document the transaction if you all can agree on
price.
Thanks,
Shari
Elizabeth.Sager
@enron.com To:
[email protected]
cc: [email protected],
05/10/01 12:47 [email protected],
[email protected]
PM Subject: RE: Mid-C Call Option
Confirmation
Hi Shari
Thanks for the revised draft - just a couple of things I wanted to talk to
you about which I have incorporated into a revised draft. Call me when
you get a chance at 713 853 6349. Thanks
(See attached file: Enron Gas Daily Call Option Revised (5.10.01).doc)
(See attached file: Enron Gas Daily Call Option Revised (5.10.01).doc)
- Enron Gas Daily Call Option Revised (5.10.01).doc
|
{
"pile_set_name": "Enron Emails"
}
|
IntercontinentalExchange
Firm Power Price Bulletin
For Power Delivered on Thursday, October 25, 2001
(Trade Date of Wednesday, October 24, 2001)
Click here to access index history.
* volume represents sell-side only *
Hub High Low Wtd Avg Index Change ($) Vol (Mwh)
Cinergy $28.00 $25.00 $27.23 + .33 103,200
Comed $26.50 $24.75 $25.58 + 1.33 4,800
Entergy $23.85 $23.10 $23.47 - 1.25 13,600
Nepool $40.00 $39.75 $39.85 + 1.29 4,000
PJM-West $27.10 $26.25 $26.79 + .44 79,200
TVA $26.50 $25.25 $26.13 - 1.25 12,800
Includes all trades done from 6 AM to 11 AM Central Prevailing Time on the trade date specified for financially firm power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery date(s) specified.
IntercontinentalExchange is the world's most liquid trading platform for over-the-counter energy and metals. Active markets include North American power and natural gas, global crude and refined oil products, and precious metals. Traded instruments include forwards, swaps, and options.
In order to receive the proprietary information contained in this email, you acknowledge and agree that you shall not further disseminate the IntercontinentalExchange Market Data contained herein to any person or entity without the express written consent of IntercontinentalExchange. Furthermore, you acknowledge that (1) IntercontinentalExchange has exclusive and valuable property rights in this data; (2) IntercontinentalExchange's data is being made available to you only for your own business or personal activities; and (3) you cannot communicate the data, in any form, to any other person or entity without the express written consent of IntercontinentalExchange.
This data is provided to you free of charge. IntercontinentalExchange reserves the right to cancel this service at any time for any reason or no reason at all.
You agree that IntercontinentalExchange does not make any representations or warranties, express or implied, with respect to the data.
To become an Exchange Participant or inquire about the indices, please contact [email protected].
To unsubscribe from this service, click here unsubscribe.
?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.
|
{
"pile_set_name": "Enron Emails"
}
|
Anna Cola is through a recruiter and would be at a 20% fee.
?For the last eight years Anna has worked consistently as a Project Gas
Accountant.
She has worked in downstream gas marketing with companies such as Shell,
Coastal, Texaco, Tenneco, Natural Gas Clearing House and Midcon Texas
Pipeline.
Anna has also worked on upstream accounting with EEX and Ashland
Exploration.
She has gained experience in areas of AP, AR, revenue accounting, joint
interest billing, and gas balancing.
Prior to working on a project basis Anna was a JIB accountant with Buttes
Resources.
Anna is available to start immediately on a project or perm basis.
- Cola_Anna.doc
|
{
"pile_set_name": "Enron Emails"
}
|
It is worth a try, but it would be unusually generous of the power systems
group to go along without push back. At least now we will see where we stand.
Did Herman leave you a voice mail telling you that getting GE to sign off
like this wouldn't do the trick? I'm guessing you've decided to appeal.
Kay
Ben F Jacoby@ECT
05/14/2001 06:29 PM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:
Subject: Re: First draft
SInce this is purely an internal requirement, do you think the attached is
OK? I'd prefer to leave the stuff out regarding ownership.
Let me know.
Ben
|
{
"pile_set_name": "Enron Emails"
}
|
The information transmitted by the following e-mail is intended only for the
addressee and may contain confidential and/or privileged material. Any
interception, review, retransmission, dissemination, or other use of, or
taking of any action upon this information by persons or entities other than
the intended recipient is prohibited by law and may subject them to criminal
or civil liability. If you received this communication in error, please
contact us immediately at (202) 785-9100, and delete the communication from
any computer or network system. Although this email and any attachments are
believed to be free of any virus or other defect that might negatively
affect any computer system into which it is received and opened, it is the
responsibility of the recipient to ensure that it is virus free and no
responsibility is accepted by the sender for any loss or damage arising in
any way in the event that such a virus or defect exist.
-------------------------------------------------
All,
Attached please find a transmittal letter, text of SMUD's response, and an
excel file containing the first portion of the attachments to SMUD's
response. The remainder of the attachments will be sent by separate e-mail.
Adrienne Clair
Morrison and Hecker, LLP
1150 18th Street, NW
Suite 800
Washington, DC 20036
(202) 785-9100
- 13XN01_.XLS
- letter.doc
- response.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Attached is a draft of the RFP for the NBP debt financing. We recommend
sending this RFP to:
A.G. Edwards
Banc One
Bank of America
Bank of Tokyo
CIBC
SunTrust
These institutions are either agents for a NBPL or NBP credit facility and/or
recently have indicated a strong interest in doing future business with NBP.
In recent discussions, several firms have advised NBP to proceed with a
public market transaction for the term debt. Given their predilection for
private placement debt, A.G. Edwards has been included so that we get two
views on the appropriate market for the term debt issue.
You will note we have not including Lehman Brothers in our recommendation.
As I indicated to you last week by e-mail (see attached), we are focusing on
commercial banks to improve their relationship profitability to incent them
to be more committed with immediate funding for acquisitions. We have
reviewed this approach with Jeff McMahon's group (through Charles Delacey)
and they concur. I am not aware of the "chits" that may be owed Lehman (or
other I-banks) but our thought was if our last deal cleaned the slate we
would concentrate on our commercial bank relationship strategy. Certainly
Lehman would have an opportunity to play in future deals, especially equity.
I will be travelling Thursday and Friday so please leave word with John Jesse
(402)398-7843 if this list is acceptable. If you would like to discuss
please leave me a message and I will call you from NY.
---------------------- Forwarded by Jerry Peters/NPNG/Enron on 03/01/2000
03:36 PM ---------------------------
From: Jerry Peters 02/25/2000 12:56 PM
To: Stanley Horton/Corp/Enron@Enron
cc: Cindy Stark/Corp/Enron@Enron, Larry DeRoin/NPNG/Enron@ENRON, John
Jesse/NPNG/Enron@Enron
Subject: NBP Financing RFP's
Just to give you a "heads-up" we are preparing a request for proposal for
lead managers on a NBP debt financing. The financing plan is for a $150
million term debt facility to payoff existing MLP bank debt and a $150
million bank revolver (which would be undrawn) to provide greater financial
flexibility in the future. Although we haven't determined the list of
bidders a key objective is to provide additional fee income to those banks
willing to commit their balance sheets when needed (i.e. commercial banks) to
strengthen our position for future acquisition financing. We will send you a
copy of the RFP and a list of recommended bidders mid next week. We would
anticipate sending this out late next week.
|
{
"pile_set_name": "Enron Emails"
}
|
Compliments of Madison Energy Advisors, Inc.
<<WMR_101500.xls>>
- WMR_101500.xls
|
{
"pile_set_name": "Enron Emails"
}
|
[email protected] writes to the NYISO_TECH_EXCHANGE Discussion List:
The NYISO is reserving hour beginning 07:00 in the April 18, 2001 Real-Time
Market as well as the following hours per ECA20001006B to verify prices:
PJM: 02:00, 05:00, 06:00 and 23:00
HQ: 01:00 - 06:00 and 23:00
OH: 02:00, 05:00, 06:00 and 23:00
NE: 02:00, 05:00, 06:00 and 23:00
Prices in the April 19, 2001 Day-Ahead Market are correct.
This e-mail information is a copy of the official posting which can be found
at
the following address on our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm
|
{
"pile_set_name": "Enron Emails"
}
|
We have received your acceptance and you are confirmed for ClickAtHome Pilot
2.
You will be notified with an e-mail by November 17th on how and when you can
access the ordering web site. Ordering is not expected to
begin until December.
As a pilot participant, you will be testing various aspects of this new
program such as the program offerings, program communications, product and
service ordering, vendor services and program support. At this time, the
pilot program is not intended to provide access to Enron's network for
telework purposes. If you need Enron access for business reasons, please
continue to maintain your existing computer and connection for this purpose.
In advance, we appreciate your co-operation and patience under this pilot
program.
Employees will have great options under this program for computers,
peripherals, and Internet connectivity. Your personal selections will
determine your out-of-pocket expense, if any. By participating the Pilot,
you are not obligated to order hardware or connectivity, but will be given
the opportunity to review your options and associated prices.
We know you are interested in more details. However, one of our primary
Pilot objectives is to test the communication on our web site. We would like
you to review more details about program offerings and related out-of-pocket
costs, if any, once the pilot web site is available. After agreeing to the
Pilot Participants Agreement and reviewing these materials on the web site,
you may choose to defer ordering until the All Employee roll-out in early
2001 if you wish.
Please send any questions to the [email protected] mailbox.
Thanks.
|
{
"pile_set_name": "Enron Emails"
}
|
Mr. Stewart, as per you voice mail request to me on Feb. 20, 2001, attached
is the correspondance concerning the reqeust to replace the mixing valves
with carbuerators at the Northern Natural Gas, Spraberry Plant. The players
in this activity included Jon Fields of Argent Consulting. Due to the fact
that the pre testing data for the emissions from the mixing valves and the
post testing data for emissions from the carbuerators were received in hard
copy only, I am not able to provide this as an attachment. This data was,
however, sent to you via fed-x on January 24, 2001. If needed, I can
resubmit the results of the data for your review. As expected, the
emissions levels did decrease when the carbs were installed.
Please reveiw the attached correspondance concerning the request to replace
the mixing valves at the Spraberry Plant (TNRCC account No. ML-0022-W) with
carbuerators without requiring involvement of a permitting activity. Thank
you for your consideration in this issue.
-----Original Message-----
From: Duncan Stewart [SMTP:[email protected]]
Sent: Thursday, August 31, 2000 1:09 PM
To: [email protected]
Subject: RE: RE: Engines and GF Status
Jon, Here's the latest comment from Jim:
don't see why a test before the change and after the change using the same
analyzer would not demonstrate no increase in emissions.
DFS
>>> Jon Fields <[email protected]> 08/29/00 08:38AM >>>
Duncan,
Ok. We'll test an engine. This project involves 5 identical engines. We
want to test just one - will you accept that? Will you accept portable
analyzer test results? These analyzers have been certified by the state of
New Mexico to be plus/minus 3% from full trailer tests.
Thanks,
Jon
-----Original Message-----
From: Duncan Stewart [SMTP:[email protected]]
Sent: Monday, August 28, 2000 2:59 PM
To: [email protected]
Cc: Jim Linville; James Randall
Subject: Fwd: RE: Engines and GF Status
FYI
>>> Jim Linville 08/28/00 02:21PM >>>
IF there is no increase in emissions, this is probably not a modification
and the Grandfathered status would remain. They would need to demonstrate
that there is no change. This could require testing before and after the
change.
>>> Duncan Stewart 08/28/00 01:43PM >>>
What say you all?
-----Original Message-----
From: Duncan Stewart [SMTP:[email protected]]
Sent: Tuesday, August 22, 2000 2:27 PM
To: [email protected]
Cc: Jim Linville
Subject: Engines and GF Status
Hi Jon,
This is a joint Duncan - Jim Linville reply.
First, for all intents and purposes, expect GF status to go away when the
legislature comes back to town. With that in mind, what exactly is
happening with this engine. Does the carburetor replace the mixer valves?
If so, this must be one ancient engine! And unlikely to get in under VERP
or any other program designed to end GF status. Tell us more.
Duncan
>>> Jon Fields <[email protected]> 08/22/00 11:05AM >>>
Duncan,
I have some grandfathered gas compressor engines in west Texas. We are
going to change out the old mixer valves and install carburetors on the
units as a maintenance activity. Horsepower and emissions will not
increase. I can maintain my grandfathered status, correct? We will of
course document this activity and provide copies to the regional office.
Thanks,
Jon Fields
Argent Consulting
|
{
"pile_set_name": "Enron Emails"
}
|
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