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I am out of town tues, weds.. pls schedule for some time on thurs.
BT
-----Original Message-----
From: East, Laynie
Sent: Monday, October 29, 2001 8:34 AM
To: Tycholiz, Barry
Subject: RE: Actuals
Barry - I'm not in the office today (logging in from home) but will be in tomorrow. I'm free all day so let me know what time is best for you.
-----Original Message-----
From: Tycholiz, Barry
Sent: Mon 10/29/2001 7:29 AM
To: East, Laynie
Cc:
Subject: Actuals
Let's try to get together today.
BT | {
"pile_set_name": "Enron Emails"
} |
Anita:
Thanks for your note. You made a great contribution to the Singapore office
and I thank you for that. Have a happy new year!
Mark Haedicke | {
"pile_set_name": "Enron Emails"
} |
please read what are ur thoughts. i hear u guys are coming up at the end of
the month to talk turrets for your new building and bandwidth stuff.
-----Original Message-----
From: Lacalamita, Peter
Sent: Friday, November 10, 2000 9:34 AM
To: Parris, Chad; Latto, Rich
Subject: Dynergy, November 8, 2000
Rich/Chad:
Check-out the following research piece from SSB on Dynergy, particularly the
section "Key Progress in Establishing Bandwidth Trading Platform". My
question is this: SSB states the "Enron model" is built on pooling points
while Dynergy's strategy relies on "metro-hubs", which connect existing
points of presence in metropolitan areas. Is this legit or BS, i.e. does
this analyst know what he talking about?
Thanks,
Peter
- trc75458.pdf | {
"pile_set_name": "Enron Emails"
} |
Outstanding issues (created by Mary Hain/HOU/ECT on 10/21/98) | {
"pile_set_name": "Enron Emails"
} |
Brent: Gabby Aguilar(?) from BA has requested Lynn for an "immediate white
paper" addressing tax issues for physical (power, gas and I don't know what
else) and financial trading in Argentina. What phone call on Thursday were
you referring to on your voice mail? I'll try to call you in about an hour.
Sara
Brent Hendry@ENRON_DEVELOPMENT
01/26/2000 01:53 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: RE: "Argentine Association of Derivatives"
I think we should meet and make sure the three of us are on the same page in
terms of what our position is for this office. Let me know what works for
the two of you. I do not know if Lynn is interested in the issues the
commercial group has been raising lately other than his advice means that we
cannot transact from Argentina.
Thanks
Brent
Sara Shackleton@ECT
26/01/2000 07:40 PM
To: Mark Taylor/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: RE: "Argentine Association of Derivatives"
I would like to pursue with Marval. Should we meet to discuss? Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/26/2000
01:38 PM ---------------------------
"LOPEZ AUFRANC, Patricia" <[email protected]> on 01/26/2000 12:22:18 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: RE: "Argentine Association of Derivatives"
Dear Sara:
The people behind the Argentine Association of Derivatives are mainly the
big international banks. I know them well. The Firm has been invited to
join ADA but has not yet done so. No specific reason.I knew that they were
working on a standard text but have not seen it. I can easily obtain it
because the chairman of ADA is the Treasurer of Citibank and a good friend
of mine. I worked extensively for a team that he led last year trying to
set up the legal framework of a futures and options markets.
As far as I know, they were focused on financial derivatives and not on
commodities but I can inquire.
ISDA can be used for international transactions but not for transactions
where both parties are domiciled in Argentina since in this case the
transaction cannot be subject to foreign law.
Let me try and investigate where they stand and I will give you a call.
Best regards and happy new year to you also.
Patricia
> -----Mensaje original-----
> De: Sara Shackleton [SMTP:[email protected]]
> Enviado el: Mi,rcoles, 26 de Enero de 2000 12:32 p.m.
> Para: [email protected]
> Asunto: "Argentine Association of Derivatives"
>
>
>
> Happy New Year!
>
> I was hoping you could respond to some issues raised by Enron's Argentine
> commercial group. They have told me the following:
>
> (1) An association known as the "Argentine Association of Derivatives"
> has
> developed a document currently being circulated in the Argentine market
> for use
> in the near term. It is in Spanish and it is not an ISDA. It is a
> "short"
> document (i.e., much shorter than a standard ISDA Master Agreement and
> ISDA
> Credit Support Annex).
>
> (2) This document is being prepared by experienced professionals. Are
> you
> involved in this effort? Is ISDA involved?
>
> Perhaps we could schedule a conference call and/or you could provide me
> with an
> accurate account of any local activity in connection with the foregoing.
> If
> ISDA is not being used in Argentina for commodity swaps and derivatives,
> Enron
> needs to understand the issues and current discussions about derivatives
> transactions.
>
> I look forward to hearing from you. Regards. Sara
>
>
>
---------------------------------------------------------------------
Este mensaje es confidencial. Puede contener informacion amparada
por el secreto profesional. Si usted ha recibido este e-mail por error,
por favor comuniquenoslo inmediatamente via e-mail y tenga la
amabilidad de eliminarlo de su sistema; no debera copiar el mensaje
ni divulgar su contenido a ninguna persona. Muchas gracias.
This message is confidential. It may also contain information that is
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received it by mistake please let us know by e-mail immediately and
delete it from your system; should also not copy the message nor
disclose its contents to anyone. Many thanks.
--------------------------------------------------------------------- | {
"pile_set_name": "Enron Emails"
} |
Steve,
John Hardy and I spoke to Kevin Hannon this morning about the status of our
20k per month retainer with Kissinger and McLarty. As you are aware, our
office has suggested that we terminate or severely reduce the retainer. ken
lay has kicked the decison over to Rebecca McDonald, who has yet to make a
decision. Kevin asked me to send you an email and suggest that the contractv
be funded by Ken Lay's budget or we terminate. You may want to atlk to Kevin
about it, but I think he is eager to get his P&L in shape.
Tom | {
"pile_set_name": "Enron Emails"
} |
I'm losing my mind. Did I already forward this note to you? Do you still need
the confirmation information? I can print out whatever they have stored in
Livelink, or you can contact Stephanie - it looks like she has what you were
searching for.
Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 03/09/2001 12:08 PM
---------------------------
Stephanie Piwetz 03/07/2001 07:14 AM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: deal 3689
Kate, I was looking into this per Valarie; do you still need the information,
I have located the deal.
Thanks
Stephanie
From: Valarie Sabo 03/05/2001 06:06 PM
To: Melissa Ann Murphy/HOU/ECT@ECT
cc:
Subject: deal 3689
We are researching this deal and need your help.
Could you take a look at this deal? I've pulled the audit viewer and the
deal tickets. My real question is - what deal do we actually have
confirmed? Leg 3 was the deal we carried on our books that had the expiry in
March. Since Modesto did not exercise, we realized a rather small fortune
and want to make sure it was a real deal.
I think we do not want to contact our counterparty but we do want to pull the
deal records for confirm. Can you help?
x7756 | {
"pile_set_name": "Enron Emails"
} |
CA pre-briefing on Tuesday, May 1st
9:00 am to 10:00 am in the War Room | {
"pile_set_name": "Enron Emails"
} |
Alex,
This is Marek's resume. Look forward tot he dinner
on the 14th of May.
Vince | {
"pile_set_name": "Enron Emails"
} |
Please see the email below from Ron Carroll regarding FERC's order
establishing the section 206 proceeding. Let me know what you think.
Sarah
---------------------- Forwarded by Sarah Novosel/Corp/Enron on 08/30/2000
09:53 AM ---------------------------
"Ronald Carroll" <[email protected]> on 08/29/2000 05:06:43 PM
To: <[email protected]>, <[email protected]>
cc:
Subject: RCR Re: California Investigation
Joe and Sarah,
As you know, FERC recently established an investigation into whether market
activities and design in California are resulting in anamolous prices that
are unjust and unreasonble. FERC also established a refund effective date
under FPA Section 206 to begin 60 days after the Federal Register notice is
published. (The refund effective date will thus apply to periods on and
after approximately November 1, 2000.) Although FERC hinted that refunds
were not likely in this matter, by establishing a refund effective date, it
held open the possibility that it could order refunds for such periods.
This raises several interesting legal questions. For instance, can FERC,
under FPA Section 206, establish a refund effective date where there is no
known defendant and no specific allegation of improper conduct. We (Dan and
I) do not know the answers to these questions but believe that they are worth
researching if you have concern for possible refunds. Depending on the
results of our research, it may be prudent to seek rehearing of the 8/23
order if for no other reasons than to preserve a possible appeal. (This
raises the ancillary question as to whether this is now ripe for raising
these issues or whether we should wait until when (and if) refunds are
actually ordered.)
After consulting with Dan, we believe an RCR of approximately $8,000 for the
research and request for rehearing (if necessary) would be appropriate.
Rehearing must be filed on or before 9/22.
Ron | {
"pile_set_name": "Enron Emails"
} |
Jason,
Carole told me to forward this to you. I'm at 3-0389. Give me a call when
you get a chance.
Thanks, Vikas
---------------------- Forwarded by Vikas Dwivedi/NA/Enron on 12/14/2000
09:55 AM ---------------------------
Vikas Dwivedi
12/14/2000 09:18 AM
To: Carole Frank/NA/Enron@ENRON
cc:
Subject: Rockies Trade
Carole,
On the Rockies trade from Oct 04, Tudor only got TPT confirms. They need OSP
and BVI confirms as well. Come by when you get a chance or I'll try and stop
by.
Thanks, Vikas | {
"pile_set_name": "Enron Emails"
} |
great. good to hear. i got back last night.
-----Original Message-----
From: Erin Richardson <[email protected]>@ENRON
Sent: Thursday, October 18, 2001 12:15 PM
To: Lenhart, Matthew
Subject: RE:
yeah, it was horrible, i didn't think i was going to be able to make it.
when did you get back.
-----Original Message-----
From: Lenhart, Matthew [mailto:[email protected]]
Sent: Thursday, October 18, 2001 11:54 AM
To: [email protected]
Subject:
did you miss me while i was gone?
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
********************************************************************** | {
"pile_set_name": "Enron Emails"
} |
The FINAL Violation Memos for 11/20/01 have been published and are available for viewing on the ERV: http:\\erv.corp.enron.com - Violation/Notification Memo Section. | {
"pile_set_name": "Enron Emails"
} |
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This email was sent to: [email protected] | {
"pile_set_name": "Enron Emails"
} |
No Meeting This Week
This is a reminder !!!!! There will NOT be a Friday Meeting October 27,
2000.
Date: October 27, 2000
Friday
Time: 2:30 pm - 4:30 pm
Location: 30C1
Topic: ENA Management Committee
If you have any questions or conflicts, please feel free to call me (3-0643).
Thanks,
Kay 3-0643 | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Jane M Tholt/HOU/ECT on 01/16/2001 09:58
AM ---------------------------
Enron North America Corp.
From: ClickAtHome Project Team @ ENRON 01/11/2001
09:12 PM
Sent by: Enron Announcements@ENRON
To: ClickAtHomePilot3 mailing
cc:
Subject: ClickAtHome Pilot 3 Program - An Invitation
Want to Get Innovative at Home?
We are excited to extend an invitation to you to participate in Pilot 3 of
Enron's new ClickAtHome program.
The ClickAtHome program is Enron's innovative solution to provide eligible
employees with a high-end computer and high-speed internet connection.
If you are interested in participating in the ClickAtHome pilot program,
please read about "How to get started in Pilot 3" by clicking the link below.
http://home.enron.com:84/messaging/pilot3.ppt
Details pilot member expectations, commitments, and a tentative pilot time
table.
Ordering will begin on Friday, January 12th. To get more information about
the program or place your order, visit http://clickathomepilot.enron.com
Dell will be in Houston to assist you with any questions you may have :
1/16/2001 8:00:00 AM-5:00:00 PM
1/17/2001 8:00:00 AM-5:00:00 PM
1/18/2001 8:00:00 AM-5:00:00 PM
1/19/2001 8:00:00 AM-2:30:00 PM
Location: EB568 and EB560
If you have questions, please send them to [email protected].
We look forward to enabling you to Get Innovative at Home!
ClickAtHome Project Team | {
"pile_set_name": "Enron Emails"
} |
James D Steffes
11/02/2000 06:13 PM
To: Ginger Dernehl/NA/Enron@Enron
cc:
Subject: FERC Decision on California Wholesale Markets
Ginger --
Can you please distribute to all of Rick's group.
1. Talking Points
2. FERC Order Summary | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/25/2001 12:15
PM ---------------------------
Kay Mann
04/25/2001 12:12 PM
To: "DeBerry, Jeremiah A." <[email protected]>
cc: "'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "Kahn,
Marguerite R." <[email protected]>, "Wright, Tremaine S."
<[email protected]>
Subject: Re: Turbine Purchase - Status
Redline of revised assignment and assumption agreement.
Kay | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Mark Taylor/HOU/ECT on 03/02/2001 07:29 PM -----
Holly Keiser@ENRON_DEVELOPMENT
03/02/2001 06:33 PM
To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Robert
Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron,
Tana Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Stephanie
Panus/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton/HOU/ECT@ECT, Carol
St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angela Davis/NA/Enron@Enron,
Suzanne Adams/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT, Carolyn
George/Corp/Enron@ENRON, Janette Elbertson@ECT, Mark E Haedicke@ECT
cc:
Subject: Mark Taylor - Pager Number
Mark Taylor has a one-way messaging pager.
to leave a numeric message: 1-877-855-2081
To send an email message: [email protected]
Thanks!
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
[email protected] | {
"pile_set_name": "Enron Emails"
} |
I will be out of the office from 03/26/2001 until 04/02/2001.
I will be out of the office from 03/26/2001 until 04/02/2001. Please contact
Linda Sietzema at 403-974-6908 or e-mail: [email protected] for
assistance. Thank you. | {
"pile_set_name": "Enron Emails"
} |
Had a great weekend and looking forward to next time. Hope you made it back to town ok. I had no problems but I think you should just assume that from the Newark airport it's at least 2.5 hours, probably a bit more. The Avis lady didn't bat an eye; of course I stood towards the back of the car so she wasn't really looking at the front and there was a big line forming behind me so she was in a hurry. Did the kids get away even close to on time?
Thanks again!
Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459 | {
"pile_set_name": "Enron Emails"
} |
Please find attached the following article/s:
'Who dares wins' - Investors Chronicle
Kind Regards,
Kuldeep Chana | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/29/2001 06:55
PM ---------------------------
Kay Mann
01/29/2001 06:53 PM
To: [email protected]
cc: Mark Bernstein/HOU/ECT@ECT, Jude
Rolfes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Co Op City
Lisa,
I've made some preliminary suggestions on the term sheet. We will have some
comments on the asset management attachment, but I don't have those together
yet.
In looking through our files I don't find a confidentiality agreement.
Therefore, I'm attaching a draft of what we would like to have executed so
that we can send you other documents.
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
California Power Crisis in a Nutshell: David Wilson (Update1)
Bloomberg, 01/19/01
California Averts Blackouts; Regulators Take Action (Update3)
Bloomberg, 01/19/01
Richardson Orders Natural Gas Sales Into California (Update2)
Bloomberg, 01/19/01
USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
Reuters English News Service, 01/19/01
EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution
PR Newswire, 01/19/01
BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
Dow Jones Energy Service, 01/19/01
USA: UPDATE 1-Bush adviser opposes cap on Western power prices.
Reuters English News Service, 01/19/01
Pennsylvania PUC Blasts GPU for Comparison to California
Bloomberg, 01/19/01
Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement
PR Newswire, 01/19/01
USA: Enron subsidiary, Owens-Illinois in energy deal.
Reuters English News Service, 01/19/01
California Power Crisis in a Nutshell: David Wilson (Update1)
1/19/1 17:20 (New York)
California Power Crisis in a Nutshell: David Wilson (Update1)
(Adds dollar amount of Southern California Edison's last
default and references to bond insurers, Fitch and electricity
Board; updates federal response. Commentary. David Wilson is a
columnist for Bloomberg News. Opinions expressed are his own.)
Princeton, New Jersey, Jan. 19 (Bloomberg) -- Californians
have suffered power blackouts. The state's two largest utilities
have defaulted on debt and failed to make power payments. State
and federal officials are working on solutions. The following
guide is designed to explain what, and who, is behind it all.
The Issue
California's two largest utilities must pay more for power
than they can charge under a 1996 utility-deregulation law, which
froze rates until March 2002. They have racked up more than $11.5
billion in power-related debt. Out-of-state suppliers have balked
at selling electricity and natural gas to them because of concern
that they may not get paid.
The price of power to California utilities more than
quadrupled during 2000 amid a surge in the cost of natural gas,
which more than half the power plants in the state burn. Natural
gas rose as much as 25-fold during December.
The Companies
PG&E Corp. (ticker symbol PCG): Owner of Pacific Gas &
Electric Co., California's largest utility. Its shares have lost
55 percent during the past year, and it's one of only two stocks
in the Dow Jones Utilities Average to drop during that period.
The unit's losses on power purchases totaled $6.6 billion at
the end of last year. On Wednesday, PG&E defaulted on $43 million
of commercial paper and the utility unit defaulted on another $33
million. The unit has a $583 million power bill due on Feb. 1, and
another $2.12 billion is due by March 2.
Edison International (EIX): Owner of Southern California
Edison Co., the state's second-largest utility. Its stock price
has fallen 67 percent in the last 12 months, making it the worst
performer among the Dow utility stocks.
Power-buying losses at the unit totaled $4.5 billion as of
Dec. 31. The utility defaulted Tuesday on $230 million of bonds
and failed to make $366 million of payments for power. Yesterday
it defaulted on $32 million of commercial paper. Another $378
million of power payments are due this month.
Power suppliers: Include Calpine Corp. (CPN), Duke Energy
Corp. (DUK), Dynegy Inc. (DYN), Enron Corp. (ENE), Reliant Energy
Inc. (REI), Sempra Energy (SRE), the Southern Energy Inc. (SOE)
unit of Southern Co. (SO) and Williams Cos. (WMB).
Natural-gas suppliers: Include Coastal Corp. (CGP), Duke
Energy, the J. Aron & Co. unit of Goldman Sachs Group Inc. (GS),
Sempra Energy and Western Resources Inc. (WR).
The Financiers
Banks: Bank of America Corp. (BAC) and J.P. Morgan Chase &
Co. (JPM) arranged a total of $4.2 billion in loans. They refused
Wednesday to let PG&E and Pacific Gas & Electric borrow part of a
$1 billion credit line, leading to the commercial-paper default.
Ace Ltd. (ACL): Bermuda-based insurance company. A unit has
about $14 million of reinsurance on the two utilities' bonds and
about $125 million in debt assumed in credit-default swaps, which
protect bondholders against defaults. ``Ace believes that any loss
would be substantially less,'' it said in a statement.
Bond insurers: MBIA Inc. (MBI), the largest U.S. bond
insurer, guaranteed more than $1 billion of Edison's and PG&E's
bonds. Ambac Financial Group Inc. (ABK) said its exposure totals
about $150 million. Smaller amounts are at risk for Financial
Security Assurance Co. and Financial Guaranty Insurance Co.
The Rating Services
Standard & Poor's: Said Dec. 13 that it might cut ``A''
ratings on the parent companies and ``A+'' ratings on the units.
Downgraded them to ``BBB-,'' its lowest investment-grade rating,
on Jan. 4. Lowered them to ``CC'' on Tuesday except for Southern
California Edison, cut to ``D'' because of its default. S&P may
also reduce ratings even more.
Moody's Investors Service: Said Dec. 11 that it may lower
``A3'' ratings on PG&E and Edison, along with ``A2'' ratings on
their utility units. Downgraded them all to ``Baa3,'' its lowest
investment-grade rating, on Jan. 5. Lowered ratings on the parent
companies to ``Caa3'' and their units to ``Caa2'' earlier this
week. All may be cut further.
Fitch IBCA: Said Nov. 7 that it might cut ``A'' and ``A+''
ratings on senior unsecured debt of Edison and its utility unit.
and its ``A'' rating on Pacific Gas & Electric's first mortgage
bonds. Downgraded Edison and its unit to ``A-'' on Dec. 11, to
``CCC'' on Jan. 4, and to ``CC'' on Tuesday. Cut the mortgage
bonds to ``A-'' on Dec. 11 and to ``B-'' on Jan. 4.
The Agencies
California Department of Water Resources: Administers the
state's water systems. Started buying power on behalf of the two
utilities in January. Can spend as much as $400 million on power
under a bill passed yesterday.
California Independent System Operator: Owns the system that
delivers three-quarters of the state's electricity. Imposes power
emergencies as needed.
California Power Exchange: Buys power for utilities.
Suspended the two utilities' trading privileges after Southern
California Edison failed to make a $215 million payment and PG&E
failed to meet a new requirement that it post collateral.
California Electricity Oversight Board: Five-member state
panel that governs both the Independent System Operator and the
Power Exchange.
California Public Utilities Commission: Regulates utilities.
Granted rate increases averaging 10 percent to the two utilities
on Jan. 4. The increases are effective for 90 days. PG&E and
Edison wanted 26 percent and 30 percent, respectively.
Federal Energy Regulatory Commission: U.S. agency that
oversees utilities. Issued rules Dec. 15 that freed California
utilities from a requirement to buy power through the exchange.
Has rejected proposals for caps on the power prices they pay.
The Background
Power supplies are so tight that California can have an
emergency even if only a few plants go off line for repairs or
malfunction. Even ocean swells can result in production cuts, as
they can clog plants' coolant intakes with sea kelp.
About two-thirds of California's power plants are more than
30 years old. The last major plant was built more than a decade
ago, before the state toughened its emissions standards. Demand,
especially from companies making products such as computers and
semiconductors, has grown along with the state's economy.
The Emergencies
Stage One: Power reserves for hydroelectric plants fall to
within 5 percent of demand, and reserves for all other types of
plants fall to within 7 percent of demand.
Stage Two: Power reserves from all types of plants fall to
within 5 percent of demand.
Stage Three: Power reserves fall to within 1.5 percent of
demand. Can lead to rolling blackouts in parts of the state. The
first alert of this type happened on Dec. 7; the first blackouts
happened Wednesday.
The State Response
Davis declared a state of emergency Wednesday, freeing the
Department of Water Resources to spend money in its budget and the
state's general fund to buy power on the utilities' behalf.
California's legislature then approved $400 million in outlays.
Legislators are working on a bill, proposed by Davis, that
would let the state buy as much as $3.5 billion of power a year
under multiyear contracts and sell it to utilities at cost. The
plan sets a price of $55 a megawatt hour, below the utilities'
average selling price of $72 after the rate increase. Davis has
held talks with power generators about the length and price of
contracts; he hasn't reached any agreements yet.
Additionally, legislators have discussed allowing Pacific Gas
& Electric and Southern California Edison to refinance the power-
purchase debt by selling bonds.
The Federal Response
Energy Secretary Bill Richardson issued an order Dec. 14 that
required power suppliers to sell electricity in California. The
order was extended Jan. 11 and Wednesday, and is scheduled to
expire next Tuesday. Richardson, who leaves office tomorrow with
President Bill Clinton, signed a similar order for natural-gas
suppliers that Davis had requested.
The Outcome
Very much in doubt. Duke Energy, Dynegy, Reliant Energy and
Southern Energy were prepared to force the two utilities to file
for bankruptcy before the emergency spending bill was set into
motion, Davis said.
--David Wilson in the Princeton newsroom (609) 279-4085 or
[email protected]/jmg
California Averts Blackouts; Regulators Take Action (Update3)
1/19/1 16:29 (New York)
California Averts Blackouts; Regulators Take Action (Update3)
(Adds details on gasoline supplies starting in fourth
paragraph. For a special report on the California energy crisis,
see {EXTRA <GO>})
Sacramento, California, Jan. 19 (Bloomberg) -- California
averted a third straight morning of intermittent power blackouts
as state and federal officials moved to ensure a steady supply of
power to consumers and businesses.
Facing less power demand as the weekend approaches, state
authorities said they haven't ordered further outages today. The
California Independent System Operator, which runs three-quarters
of the state's power grid, kept its highest power alert in place.
State regulators blocked California's two largest utilities
from taking action on their own to cut services to customers. The
measure by the California Public Utilities Commission came after
state lawmakers yesterday approved $400 million to buy power for
the cash-strapped utilities.
U.S. Energy Secretary Bill Richardson, who steps down
tomorrow, said today he will sign an emergency order requiring
natural-gas producers to sell in California.
The utilities, PG&E Corp.'s Pacific Gas & Electric and Edison
International's Southern California Edison, are on the verge of
bankruptcy. A 1996 deregulation law caps rates they can charge
consumers, and they have to pay more to power generators because
of rising demand and short supplies.
How Many Days?
The legislation passed yesterday doesn't address PG&E and
Edison's mounting debts, which total more than $11.5 billion. The
money may not last as long the 12 days that state legislators had
hoped, either, analysts said.
``With prices going the way they are in the wholesale market,
$400 million or $500 million is not going to last much more than
seven days, let alone 12,'' said Paul Patterson, a utility analyst
with Credit Suisse First Boston.
PG&E's shares rose 44 cents to $10.19 and Edison's declined 6
cents to $8.94. The stocks are the two worst performers in the Dow
Jones Utilities Average during the past year.
Fuel supplies are also an issue. Valero Energy Corp., which
produces 10 percent of the state's gasoline, said the state may
soon face shortages of gasoline because Kinder Morgan Inc.'s
California pipeline -- one of the West Coast's largest -- was
disrupted by blackouts.
Jay McKeeman, executive vice president of the California
Independent Oil Marketers Association, said he wrote Davis
yesterday to warn that refineries could be forced to shut unless
they can be assured their usual flow of fuel.
`Interruptible' Customers
The pipeline, which distributes almost 1 million barrels of
gasoline, jet fuel and diesel a day, has been shut for 12 hours to
18 hours a day since Wednesday, said Larry Pierce, a Kinder Morgan
spokesman. The pipeline ran last night and was idled again this
morning, he said.
Kinder Morgan's pipeline is an ``interruptible'' customer,
making it among the first to lose power amid shortages. Even if
scattered blackouts are avoided today, customers like it still
face the possibility of power cuts.
The state's utilities are paying as much as 20 times more for
electricity than they did a year ago as they face the effects of
deregulation, which led them to sell generating plants. High
demand, a shortage of available plants and unusually low output
from hydroelectric dams are compounding the problem.
Pacific Gas & Electric has said six companies, accounting for
36 percent of daily natural-gas supply, may stop deliveries by
Tuesday. The utility said it has only been able to buy 60 percent
of the gas it needs for each day next month, possibly forcing it
to cut supplies to power plants that use the gas to produce
electricity.
`Least Bad Option'
President-elect George W. Bush opposes one possible remedy
for the utilities: limits on the wholesale prices that they pay
for electricity.
``The president-elect does not think price controls are an
answer to our nation's energy problems,'' Ari Fleischer, Bush's
spokesman, said during a reporters' conference call. ``He sees
very little evidence that price controls work. That is a very
unlikely solution in his opinion.''
The Federal Energy Regulatory Commission, which oversees
utilities, has turned down proposals for price caps. California
Governor Gray Davis and other state officials support caps. U.S.
Senator Dianne Feinstein plans to introduce a bill Monday that
would allow the U.S. Secretary of Energy to impose them. Both
Davis and Feinstein are Democrats.
State legislators rushed their spending measure into law
after Davis declared a state of emergency Wednesday. The state's
four largest power providers had threatened to push Pacific Gas &
Electric and Southern California Edison into bankruptcy if the
bill wasn't passed.
``This bill is the least bad option to get us through the
next few days,'' said Assemblyman Fred Keeley, the state's No. 2
Democrat. ``It will hopefully give us time to put a comprehensive
solution in place.''
More Defaults
The legislature is also drafting a separate bill that would
allow the state to buy power under multiyear contracts and limit
the price it pays at $55 a megawatt hour. Customers currently pay
about $72 on average.
While many generators are balking at that proposal, Davis
said he believed producers will eventually accept prices close to
$55, especially if the state agrees to sealed bids for contracts.
Southern California Edison defaulted on $32 million of
commercial paper yesterday. It expects to default on $223 million
more of the money-market securities by Jan. 31, according to a
Securities and Exchange Commission filing.
The utility also forfeited millions of dollars in power
contracts to the California Power Exchange yesterday after it
failed to make a $215 million payment. The foreclosure was a first
for the exchange, which buys power from generators on behalf of
utilities.
Earlier this week, Edison suspended $596 million in payment
to bondholders and utilities. In addition, PG&E defaulted on $76
million in commercial paper.
--Peter Robison in Seattle (206) 406-1656 or [email protected]
and David Ward in Sacramento with reporting by Daniel Taub in San
Francisco, Dennis Walters in Ojai, California, David Evans in Los
Angeles, Christopher Martin in Chicago, Jonathan Berr, Stacie
Babula and Jim Polson in Princeton, Liz Goldenberg in New York,
and Liz Skinner in Washington through the Princeton newsroom (609)
279-4000 / dw
Richardson Orders Natural Gas Sales Into California (Update2)
1/19/1 17:40 (New York)
Richardson Orders Natural Gas Sales Into California (Update2)
(Adds Richardson comment in fourth paragraph, details of
order in fifth through eighth.)
Washington, Jan. 19 (Bloomberg) -- U.S. Energy Secretary Bill
Richardson ordered natural-gas suppliers to keep selling to
California to keep homes warm and hospitals running after two days
of rolling blackouts.
California Governor Gray Davis asked for the emergency order
because suppliers are threatening to stop shipments to PG&E
Corp.'s Pacific Gas & Electric, fearing the state's largest
utility will default on payments.
Utilities owned by PG&E and Edison International have said
they face bankruptcy because state laws won't let them pass on the
soaring power costs to customers. Pacific Gas & Electric said a
cut in gas supplies would affect homes, hospitals, businesses, oil
refineries and power plants.
``I am very concerned that such supply disruptions could
endanger the health and welfare of PG&E's residential and
commercial gas customers and could exacerbate the already
precarious condition of California's electric grid,'' Richardson
said in a statement issued on his last day in office.
Setting Terms
The emergency order, requiring any of PG&E's natural gas
suppliers to keep selling to the utility according to contracts in
place the past 30 days, will keep gas flowing as California,
utilities and generators ``work to find a solution to the current
electricity and financial crisis,'' Richardson said.
If a supplier and PG&E don't agree on the terms of the
contracts, the energy secretary will set the terms, the department
said in a statement.
The federal order runs through Tuesday. It will be up to the
next energy secretary whether to extend it. Richardson said he has
spoken with Spencer Abraham, who President-elect George W. Bush
has nominated to head the department, about the crisis.
President Bill Clinton earlier today signed a memorandum
finding that a natural-gas supply emergency exists in central and
northern California. The document directs Richardson to ensure
that gas is available for high-priority uses, such as home heating
and power generation.
Last month, Richardson ordered power generators to sell
electricity to California after suppliers in the Northwest halted
sales. That order also expires Tuesday.
PG&E shares rose 44 cents to $10.19. Edison fell 6 cents to
$8.94. They've both fallen about 63 percent since Nov. 1.
Gas Supplies
Pacific Gas & Electric said six natural-gas suppliers,
accounting for 36 percent of its daily supply, told the utility
they have stopped delivering gas or may stop deliveries by
Tuesday. Other suppliers, accounting for 30 percent of daily
supplies, are considering stopping deliveries, the utility said.
One of PG&E's gas suppliers, Western Gas Resources Inc.,
stopped deliveries on Jan. 12. The company ended a contract to
sell 5 million cubic feet of natural gas a day after the utility
``stopped paying us according to the terms of the contract,'' said
Ron Wirth, Western Gas spokesman.
Wirth said company officials haven't seen Richardson's order
yet so couldn't comment on it.
El Paso Energy Corp., which sells natural gas to PG&E through
its merchant energy unit, said it has been honoring its existing
contracts with the California utility.
``We are still backing the existing contracts to those
companies, as of this moment,'' said spokeswoman Kim Wallace.
``This is a minute-to-minute situation.''
The order will impact El Paso Energy because it sells natural
gas into California, she said. ``The question is who will pay?''
--Liz Skinner in Washington, (202) 624-1831 or
[email protected] and Daniel Taub in San Francisco, with
reporting by Jim Kennett in Houston and Bradley Keoun in New York,
through the Princeton newsroom, (609) 279-4000/pjm/shf
USA: ANALYSIS-Utilities no longer your father's Oldsmobile.
By Paul Thomasch and Jonathan Stempel
01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Jan 19 (Reuters) - Fund manager Don Cox left a meeting with Exxon
Mobil executives last September shaking his head, knowing he would stay as
far away as possible from California utilities.
During the meeting in downtown Chicago, four executives from Exxon Mobil
Corp., the world's No. 1 energy company, told Cox to expect natural gas
prices to fall to just $1 per million British thermal units (mmbtu).
His conclusion? Even the industry's top brass couldn't see the coming power
crisis, one that would hit California's utilities particularly hard.
"I walked away from that meeting telling my clients to load themselves to the
hilt with natural gas stock and don't get involved with the California
utilities," said Cox, chairman and chief strategist at the Harris Investment
Management Fund, which manages $16 billion.
It was the right call.
Natural gas hit $10 per mmbtu three months later, the last in a chain of
events that sent power prices through the roof and sent California's
deregulated electricity market to the brink of collapse.
Now, Pacific Gas and Electric Co., a unit of San Francisco-based PG&E Corp.
and Southern California Edison, a unit of Rosemead, Calif.-based Edison
International, are flirting with bankruptcy, stock-and bondholders have seen
billions of dollars melt away, and Wall Street has been forced to reassess
utilities as an investment.
"This is going to once and for all eliminate the idea that utilities are a
homogenous industry," said Cox. "This is a group that cries out for a whole
new sort of analysis."
SAFE NO MORE
For decades, utilities have been seen as a safe haven for stockholders.
Returns weren't the stuff of dreams, but there was little risk of losing your
shirt.
Electricity deregulation, sometimes successful and in California clearly not,
has changed that notion. Layers upon layers of power companies have been
created, from such power marketers as Enron Corp. and generators as Dynegy
Inc., to distribution utilities such as New York City's Consolidated Edison
Inc..
"The industry has been in a revolution for a couple of years," said Tim
Ghriskey, a portfolio manager for the $2.2 billion Dreyfus Fund. "It's a much
more dynamic industry. It's not just buy one, buy all, because they are all
different."
Utilities stocks were highly rewarding to investors last year, with the
Standard & Poor's utilities index surging more than 50 percent.
California's power crisis has changed that landscape, though. Share prices of
PG&E and Edison have slid more than 60 percent since early November, and
dragged down others with them. About 15 percent of the value of the S&P
utilities index has been wiped out so far this year.
"Unlike the old utilities, nowadays you can make a lot or lose a lot in a
hurry," said Ghriskey.
UTILITIES LOSE GLEAM
It's not just shareholders who have learned the hard lesson that utilities
aren't what they once were. Bondholders, too, have been left to wince as top
credit rating agencies slashed their formerly investment-grade holdings deep
into junk.
Still, secured and unsecured bondholders may be in better shape than
stockholders, ranking ahead of them in the pecking order when it comes time
to decide what gets distributed in a bankruptcy, if there is one - or two.
"The sharing of the pain is the one uncertainty from an investor's
standpoint," said James Spiotto, a partner and default specialist at Chapman
and Cutler, a Chicago law firm.
"The solution of a utility bankruptcy is not unlimited pain to the customer
because there's a limit to what the customer can bear."
Investors see bids for SoCal Edison's and Pacific G&E's first mortgage bonds
at around 80 to 82 cents on the dollar, and for their unsecured bonds at 45
to 50 cents on the dollar. That compares to the pennies bid for bonds of many
asset-poor start-up telecommunications companies.
Bill Gross, who oversees $250 billion for Pacific Investment Management Co.
in Newport Beach, Calif. and is widely considered the most powerful U.S. bond
fund manager, reckons utilities look more and more like some of those
telecoms.
"Obviously investors are now awakening to the fact that utilities are not the
safe, conservative vehicles that they knew 10 or 20 years ago," he said.
"It's not your father's Oldsmobile."
Selling now, however, may not be a good solution because the crisis is fluid,
some depressed prices could recover, and the market for electric power won't
disappear the way some telecoms and dot-coms do.
"Generally, the solution for a distressed utility is strung out, and can
involve a conversion of debt to equity," said Spiotto. "The real concern is
to save the system."
First mortgage bondholders, he said, usually do well in a bankruptcy, and
could get their principal back, because they have "the system" as collateral.
No one, he said, will allow California's lights to dim for good.
CLOUDED BY UNCERTAINTY
What occurred in California is something of a perfect storm, a situation
brought together by a poorly constructed deregulation plan, environmental
hurdles, cold weather and a shortage of natural gas production in the United
States.
PG&E and Edison may indeed go under, investors said, or the nation's richest
state could construct a way to bail them out.
Either way, stockholders are decidedly unwilling to risk too much of their
money on PG&E or Edison at the moment.
"It's too uncertain right now; the situation makes us too nervous," said
Ghriskey, who doesn't own either utility's shares. "At some point there could
be a huge buying opportunity, but first we have to get some visibility on an
outcome."
The crisis also casts doubt over companies such as Reliant Energy Inc., Duke
Energy Corp., and Southern Energy Inc., which face hundreds of millions of
dollars of credit exposure because they sell power to the utilities.
What's more, it throws a cloud over how deregulation will progress elsewhere
in the country.
"I think we're locked into several years of energy problems," said Cox of
Harris Investment Management.
Like his counterparts in the bond market, he sees a parallel with those "new
economy" companies. "From now on, talking about utilities as a group will be
as problematic as talking about tech stocks as a group," he said.
But will the value of their securities recover?
"Hope springs eternal," said Spiotto, the Chicago lawyer.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
EOTT Energy Partners, L.P. Declares Quarterly Cash Distribution
01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
HOUSTON, Jan. 19 /PRNewswire/ -- EOTT Energy Partners, L.P. (NYSE: EOT) (the
Partnership) announced today a distribution of $0.475 per common unit for the
fourth quarter of 2000, or $1.90 on an annualized basis. The fourth quarter
distribution is payable Feb. 14, 2001, to unitholders of record as of Jan.
31, 2001.
EOTT Energy Partners, L.P. is a major independent marketer and transporter of
crude oil in North America. EOTT transports most of the lease crude oil it
purchases via pipeline which includes 8,300 miles of active intrastate and
interstate pipeline and gathering systems and a fleet of 260 owned or leased
trucks. EOTT Energy Corp., a wholly-owned subsidiary of Enron Corp. (NYSE:
ENE), is the general partner of EOTT Energy Partners, L.P. with headquarters
in Houston. The Partnership's Common Units are traded on the New York Stock
Exchange under the ticker symbol "EOT". Media Relations Contact:
Kimberly Nelson
(713) 853-3580
Investor Relations Contact:
Scott Vonderheide
(713) 853-4863
/CONTACT: media, Kimberly Nelson, 713-853-3580, or investor relations, Scott
Vonderheide, 713-853-4863, both of EOTT Energy Partners, L.P. / 15:44 EST
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
BANDWIDTH BEAT: Number Of Routes In Price Table Explodes
By Michael Rieke
01/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A DOW JONES NEWSWIRES COLUMN
HOUSTON -(Dow Jones)- The number of city-pairs listed in the daily Dow Jones
bandwidth price table exploded this week to 10 from two.
The table was started in September, listing only prices for DS3 bandwidth
between New York and Los Angeles. That's the route that had the most traffic
and therefore would be the first to bring some liquidity to the nascent
bandwidth market.
The table originally listed only prices for DS3 bandwidth along that route.
Later prices were added for OC3 capacity between New York and Los Angeles,
followed by prices for DS3 and OC3 bandwidth between New York and Washington,
D.C.
Earlier this month, DS3 capacity between New York and Washington had the
distinction of being the first listing dropped from the price table.
One component in the value of a deal is mileage, so the fewer the miles, the
less money in the deal. Because New York is so close to Washington, D.C.,
traders decided there wasn't enough money involved to continue trying to do
deals for DS3 bandwidth along that route. They'll only quote prices for OC3
capacity along that route.
They also decided there wasn't enough money involved in one-month deals for
OC3 capacity along that route. So now they're only making a market for
three-month deals on that route.
This week a broker told Dow Jones Newswires that a market was being quoted
for a new route: Los Angeles to San Francisco, mostly for DS3 bandwidth but
also for two one-year contracts for OC3 capacity.
The broker wouldn't say which company was the market maker for that route.
For a simple definition, a market maker is a company that will give a bid and
an offer in a market. Then it has to be willing to buy at the bid price and
sell at the offer price.
The first guess was, of course, Enron Corp. (ENE) because they've been very
aggressive in making markets in bandwidth. Just take a look at the bandwidth
bids and offers on Enron Online, if you have access.
But Enron isn't the market maker for the Los Angeles-to-San Francisco route.
They prefer the nearby Los Angeles-San Jose route and are making a market for
it in DS3 and OC3.
And it isn't El Paso Energy (EPG) either. They were the second company
venture into bandwidth as a market maker. Aquila Broadband Becomes Third
Bandwidth Market Maker
A little research revealed that Aquila Broadband Services, a unit of
Utilicorp United Inc. (UCU), is the market maker for the Los Angeles-San
Francisco route. They're the third market maker in bandwidth.
The other new routes being quoted are New York-Miami (DS3 and OC3);
Seattle-Salt Lake City (OC3); Seattle-Los Angeles (OC3); Seattle-Portland,
Ore. (OC3); Los Angeles-Las Vegas (DS3 and OC3); and Los Angeles-Dallas
(DS3).
A quick check of the bids and offers for the new markets reveals that the
quotes are wide. When making a new market, a company doesn't want to risk
making a mistake by bidding too high or offering too low. If you bid too
high, sellers will jump all over your bid. If you offer too low, buyers will
jump all over your offer
In the new markets, there's generally $0.0015-$0.0020 per DS0 mile per month
between the bid and the offer.
In the most mature market, New York-Los Angeles for DS3, the bids and offers
for some contracts are separated by only $.0001/DS0 mile/month, sometimes
even less.
In fact, another decimal place had to be added to the quotes in the price
table. Some quotes for DS3 bandwidth between New York and Los Angeles have
become so tight that the bid and offer sometimes were separated by only
$.00005/DS0 mile/month.
Traders are willing to talk about the new markets because they are hoping
they will attract more attention followed by more buyers and sellers. As
those markets become more liquid, the traders predict, the bids and offers
will move closer together.
Some carriers aren't going to like seeing quotes for more bandwidth routes.
More quotes mean more price transparency. More price transparency means more
questions from customers.
Some carriers already argue that the prices quoted in the bandwidth market
aren't "real" prices, that they are too low. If that's true, traders say, the
carriers should be buying.
At least some telecom analysts agree. Steven Kamman, an analyst for CIBC
World Markets, has already said that in this column.
The smartest course for high-cost carriers, like WorldCom (WCOM), is to stop
investing in their own networks and start buying wholesale capacity from
low-cost carriers, Kamman says.
If and when they do, the bandwidth price table should grow even bigger.
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Bush adviser opposes cap on Western power prices.
01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
WASHINGTON, Jan 19 (Reuters) - A proposal to cap prices for wholesale
electricity in the West in hopes of easing California's power crisis "would
start spreading the shortage around" to other states, an adviser to the
incoming Bush administration said on Friday.
"That is not even a short-term solution," said Ken Lay, head of Enron Corp.
and an energy advisor to incoming President George W. Bush, a former Texas
oilman who takes the oath of office on Saturday.
Enron is the largest power marketer in the United States, and a cap would
limit the prices it and other wholesalers could charge to utilities.
Lay told reporters the federal government should limit itself to an advisory
role, letting California leaders resolve a "pretty much self-inflicted
problem." Wholesale power prices were deregulated under the landmark 1996 law
but retail rates were not.
A proposal by California officials to cap wholesale power prices in the West
as a way to help their state would merely "start spreading spreading the
shortage around to other states," Lay said.
California endured two days of rolling blackouts this week as two large
utilities struggled under huge debts incurred buying electricity at higher
wholesale prices than they can recoup under the retail rates they are allowed
to charge.
Outgoing U.S. Energy Secretary Bill Richardson said he would issue an
emergency order later on Friday to require out-of-state natural gas suppliers
to sell fuel to a cash-short California utility so it can continue to
generate electricity.
In the short term, Lay said, the state government will have to "buy the power
to fill the short positions of the utilities." The longer term solution will
probably include longer-running contracts to take advantage of electric
prices that are expected to fall later this year.
"The biggest problem in California is consumers are not going to see the
price signals. If they don't see the price signals, they are not changing
behavior so the problem is going to get worse," Lay said.
"Painful as it is, they need to see the price signals and start modifying
behavior to reduce demand until we get new supplies."
California Gov. Gray Davis was expected to sign a bill allowing the state to
spend $400 million to buy power on behalf of utilities. The two California
utilities, PG&E Corp's Pacific Gas & Electric Co. and Edison
International'sSouthern California Edison, have run up about $12 billion of
debt and are teetering on the edge of bankruptcy. Their bankruptcy would rank
among the nation's biggest, hitting creditors ranging from retirees invested
in traditional safe havens to institutional corporations, analysts said.
The Clinton administration has tried to help California by issuing week-long
orders that force out-of-state power generators to sell extra electricity to
the two largest California utilities.
Asked how long creditors could continue to show forbearance toward utilities
with mounting debt, Lay said Enron had moved to mitigate its exposure.
"The generators ought to speak for themselves. They're the ones that have
continued to operate plants and try to keep the lights on until the problem
is worked out," Lay said."But I'm sure it cannot be long. They have to look
out for their shareholders too."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Pennsylvania PUC Blasts GPU for Comparison to California
1/19/1 17:1 (New York)
HARRISBURG, Pa., Jan. 19 /PRNewswire/ -- The chairman of the state Public
Utility Commission (PUC) this afternoon criticized GPU Energy for deliberately
alarming consumers and elected officials by suggesting the energy crisis
crippling California could easily affect Pennsylvania.
"I am outraged that GPU would even hint that a similar energy crisis could
happen to Pennsylvania," said PUC Chairman John M. Quain. "This appears to be
a thinly veiled attempt to influence a decision pending before the PUC.
"I assure consumers and legislators that what is happening in California
will not happen in our state," he said. "GPU has an economic problem, not a
supply problem."
GPU in November petitioned the PUC for the right to collect from customers
in future years more than $82 million in projected losses from purchasing
electricity. Under GPU's 1998 restructuring settlement, generation rates for
customers are capped through 2010 for Met-Ed customers and 2009 for Penelec
customers. The two companies are subsidiaries of GPU.
The PUC sharply criticized the utility for blaming their losses on
wholesale market conditions when in fact the losses result from GPU's own
business decisions.
"The decision to divest their generation was made in their boardroom,"
said Kevin Cadden, PUC spokesman. "The decision not to enter into long-term
power contracts with suppliers was made in their boardroom. These decisions
were not made by the PUC."
In recent weeks Quain has stressed that three critical factors separate
Pennsylvania from California. They include:
-- Pennsylvania produces more power than it consumes and therefore does
not face an energy shortage like that in California. The state is a
net exporter of electricity and the second largest producer of
electricity in the U.S.
-- Pennsylvania did not require utilities to sell their generation plants
as a part of restructuring as California did. Nearly all of
Pennsylvania's electric utilities own their own generating plants.
GPU chose to sell all of their power plants.
-- Pennsylvania does not prevent utilities from entering into long-term
power contracts with suppliers. In California, utilities are forced
to buy electricity on the spot market, buying power at current market
rates. GPU chose not to enter into a sufficient number of these
contracts.
Cadden said GPU's request would follow standard PUC regulations. "The
request for relief will be decided on the basis of the record and law
developed in the pending proceeding, and will not be swayed by unfounded
comparisons to California," he said.
Pennsylvania's Electric Choice Program is widely recognized as the most
successful and best run in the country, having saved customers nearly
$2.8 billion to date in guaranteed rate cuts and savings. More than 550,000
customers have selected an alternative electric supplier under the program.
For more information about the PUC, visit their website at
http://puc.paonline.com.
SOURCE Pennsylvania Public Utility Commission
-0- 01/19/2001
/CONTACT: Kevin Cadden, Communications Manager of the Pennsylvania Public
Utility Commission, 717-787-5722 or fa
Enron and Owens-Illinois Sign Long-Term $2.2 Billion Energy Management
Agreement
01/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
HOUSTON, Jan. 19 /PRNewswire/ -- Enron Energy Services, a subsidiary of Enron
Corp. (NYSE: ENE), and Owens-Illinois, Inc. (O-I), a leading producer of
glass and plastics packaging, announced today a ten-year energy management
agreement. The agreement covers 53 Owens-Illinois manufacturing facilities in
20 states and will cover projected energy purchases in excess of $2 billion.
Through this initial agreement, Enron will work with Owens-Illinois to manage
the supply of electricity and natural gas to O-I facilities and will continue
to look for ways to reduce O-I's aggregate demand.
"Securing affordable, reliable energy is a key element of our strategy to be
the low-cost producer in every market we serve," said Richard A. Jun, vice
president of corporate purchasing for Owens-Illinois. "This contract with
Enron effectively adds its leadership in energy purchasing management to our
ongoing commitment to cost management, an arrangement that should provide
savings and reduce our exposure to short-term energy price fluctuations."
"Our partnership with Owens-Illinois is a showcase of the depth of Enron's
continuing expansion into the industrial market," said Lou Pai, chairman and
CEO of Enron Energy Services. "Over the length of this contract, Owens-
Illinois will see the considerable competitive advantage of their existing
cost-control strategies significantly enhanced by the addition of our
expertise in energy efficiency and risk management."
Owens-Illinois is the largest manufacturer of glass containers in the United
States, North America, South America, Australia, New Zealand, and China and
one of the largest in Europe. Approximately one of every two glass containers
made worldwide is manufactured by Owens-Illinois, its international
affiliates, or its licensees. O-I also is a worldwide manufacturer of
plastics packaging with operations in North America, South America,
Australia, Europe and Asia. Plastics packaging products manufactured by O-I
include containers, closures and prescription containers.
Enron Energy Services has built a business to transform the energy
marketplace by providing integrated energy and facility management solutions.
Enron currently manages energy at over 28,500 customer sites. Contracts
signed within the last two years represent a reduction of approximately 8
billion kilowatt hours of electricity consumption and 18 million Btus of
natural gas consumption between 2000 and 2012.
Enron is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of $40 billion in 1999
and $60 billion for the first nine months of 2000, markets electricity and
natural gas, delivers physical commodities and financial and risk management
services to customers around the world, and is developing an intelligent
network platform to facilitate online business. Fortune magazine has named
Enron "America's Most Innovative Company" for five consecutive years, the top
company for "Quality of Management" and the second best company for "Employee
Talent." Enron's Internet address is www.enron.com. The stock is traded under
the ticker symbol "ENE".
Contact: Peggy Mahoney of Enron Energy Services, 713-345-7034.
/CONTACT: Peggy Mahoney of Enron Energy Services, 713-345-7034/ 17:17 EST
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron subsidiary, Owens-Illinois in energy deal.
01/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Jan 19 (Reuters) - Enron Energy Services, a subsidiary of Enron
Corp. , said Friday it agreed to a 10-year energy management agreement with
glass container maker Owens-Illinois Inc. .
The deal, which cover 53 Owens-Illinois manufacturing facilities in 20
states, will cover projected energy purchases of more than $2 billion, the
company said.
"This contract with Enron effectively adds its leadership in energy
purchasing management to our ongoing commitment to cost management, an
arrangement that should provide savings and reduce our exposure to short-term
energy price fluctuations," Richard Jun, Owens-Illinois' vice president of
corporate purchasing, said in a statement.
Enron shares finished off 1-3/16 at $70-7/8 on the New York Stock Exchange
Friday, between a 52-week high of $90-9/16 and a 52-week low of $52-5/8.
Owens-Illinois' shares, meanwhile, closed unchanged at $6-7/8, also on the
Big Board. The company's stock has a a 52-week high of $21-11/16 and a
52-week low of $2-1/2.
Gregory Cresci, New York Newsroom (212) 859-1700.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. | {
"pile_set_name": "Enron Emails"
} |
Most of you already know, but the move is taking place this Friday 11/16/01. Please be sure you are packed by 3:00 PM on Friday and have everything labeled. They are moving both Power and Gas, so I am not sure what time the building will be open on Sunday or if it will be open at all. I will get back to you with that information by Thursday. If you have any questions or need help with anything, please let me know.
Thanks!
Ina | {
"pile_set_name": "Enron Emails"
} |
Gee, one more item for your review.
Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/19/2001 06:00
PM ---------------------------
"Lang, Gregory F." <[email protected]> on 04/19/2001 05:59:10 PM
To: "'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>
cc: "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>
Subject: GE Guaranty Comments
"paulhastings.com" made the following annotations on 04/19/01 18:59:28
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP
We have changed our e-mail address. Our new domain name is
paulhastings.com. In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com. Here are
two examples: [email protected] and [email protected].
If you have any questions, please contact us at [email protected].
==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."
==============================================================================
Kay - Carolyn asked me to forward to you our few comments to the GE Parent
Guaranty to forward to the appropriate person(s) at GE.? They are attached
in a pdf file. Our comments are limited to the inclusion of a notice and
consent of the collateral assignment of the Recipient's rights under the
Guaranty and to conform the governing law clause to the other GE delivered
documents in this transaction. Please feel free to call me or to have the
appropriate person at GE contact me with any questions.
?
Greg
?
Gregory F. Lang
Paul, Hastings, Janofsky & Walker LLP
1055 Washington Blvd.
Stamford, CT 06901
?
203.961.7446 (p)
203.674.7646 (direct fax)
203.359.3031 (firm fax)
[email protected]
?
- Stamford.pdf | {
"pile_set_name": "Enron Emails"
} |
My worked. How many times a week did you put down? | {
"pile_set_name": "Enron Emails"
} |
FYI. This should also have the effect of reducing the trigger on the UBS
forward back down to $50. If anyone would like to talk about this further,
let me know.
CF
----- Forwarded by Clint Freeland/Corp/Enron on 03/19/2001 02:05 PM -----
"Hackmann, Russell" <[email protected]>
03/19/2001 01:47 PM
To: "Clinton Freeland (E-mail)" <[email protected]>
cc: "Cipriano, Paul" <[email protected]>, "Fleming, Matthew"
<[email protected]>
Subject: revision of price trigger and share cap
Clint,
As discussed, effective immediately we are revising the price trigger on the
forward tranche of 1,388,100 shares from $55 to 50. In return, the share
cap is being revised from 4,164,300 to 4,858,350.
We will send out amendments to document this change shortly.
Thank you,
Russell F. Hackmann, CFA
Corporate Equity Derivatives
Lehman Brothers Inc.
(212) 526-8398
(212) 526-2755 (fax)
[email protected]
This message is intended only for the personal and confidential use of the
designated recipient(s) named above. If you are not the intended recipient
of this message you are hereby notified that any review, dissemination,
distribution or copying of this message is strictly prohibited. This
communication is for information purposes only and should not be regarded as
an offer to sell or as a solicitation of an offer to buy any financial
product, an official confirmation of any transaction, or as an official
statement of Lehman Brothers Inc., its subsidiaries or affiliates. An
e-mail transmission cannot be guaranteed to be secure or error-free.
Therefore, we do not represent that this information is complete or accurate
and it should not be relied upon as such. All information is subject to
change without notice.
------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the
designated recipient(s) named above. If you are not the intended recipient
of this message you are hereby notified that any review, dissemination,
distribution or copying of this message is strictly prohibited. This
communication is for information purposes only and should not be regarded as
an offer to sell or as a solicitation of an offer to buy any financial
product, an official confirmation of any transaction, or as an official
statement of Lehman Brothers Inc. Email transmission cannot be guaranteed to
be secure or error-free. Therefore, we do not represent that this
information is complete or accurate and it should not be relied upon as
such. All information is subject to change without notice. | {
"pile_set_name": "Enron Emails"
} |
please be sure to put me on your distribution list for the west pricing sheet | {
"pile_set_name": "Enron Emails"
} |
Hey Debra, we did an audit of all 'EOL approved" contracts in EOL Back-office
& while reviewing the data I told Stacey that I'd give her a list of all
Master contracts that were not in Enfolio II format. The spreadsheet attached
lists the contracts (33 total) along with their current Investment Grade
Status. We thought it might be worth while to look at the counterparties &
determine where we might want to replace the old version contracts with new
Enfolios (especially with the potential trade volume out on EOL). This was
not stated to be a 'hot item', but with the potential exposure on EOL it was
deemed worth a look over.
Bet this made your day huh?
Thanks!!
Cyndie | {
"pile_set_name": "Enron Emails"
} |
Vince,
The PSerc meeting Lance and I went to was both interesting
and boring. PSerc has 11 school members and 30 industry members. Its Research
Program consists of three stems: Markets, Transmission and Distribution,
and Systems. (Enron's interests probably lie mainly in the first stem.)
In morning of the first day, researchers from universities
presented their project proposals. I found some of them
quite interesting. For example, Shmuel Oren, Fernando Alvarado,
Tim Mount (of Cornell) propose to study "Market Redesign: Incorporating
the lessons learned from actual experiences for enhancing market
design," Shijie Deng, S. Oren et al propose to study " Power asset
valuation model in a market-based and reliability-constrained electric
power system." The first got funded but the second did not.
In the same afternoon industry and academic separated to have their
own discussion. I went to the academic discussion and Lance the
industry one. I hope my presence there did not make things worse, for
the discussion revealed a lot of organizational chaos and confusion.
The proposal screen process got a lot of heat from participants.
The proposal process goes as follows: researchers first write a short
proposal to appropriate stem committee (no industry participantion, it seems
to me),
each committee then ranks the proposal and selects the top 3 or 4. The
selected
proposals are then expanded to be present to the industry. Industry then
gets to vote which proposals get funded. However, some researchers were
very unhappy about the initial ranking and selection process. There were
accusation of self-ranking, communication between stem committee and
member schools breaking down, and so on. Some were even asking for
some sort of assurance that the project will be funded even before wrting it
(the arguement was "Then it was a waste of our time to write proposals",
which I found quite amusing).
All in all, I found the process was not taken seriously enough by university
researchers. PSerc has been established for 5 years now and it still does
not have a proper proposal screen process, which is hard to believe. Also,
the communication among university researchers, between stem committee
and member schools, and most importantly, between researchers and industry,
are not smooth as all.
Since the proposals are voted by 30 or so industry members, the "right"
projects may not get funded. Too many participants also make the decision
process very indecisive and quite painful to watch (Lance can comment on
this better). They also wanted to spread the fund among all schools which
made the voting a less authoritive.
I believe Enron will not get much returns from join PSerc (price tag is
$40,000
per company per year). If we find some projects interesting, we can sponsor
the schools in the form of summer interns, the schools claim that most of the
fund
goes to support students anyway.
Alex | {
"pile_set_name": "Enron Emails"
} |
pls print for my Tues. am mtg in Houston. thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/14/2000
10:02 AM ---------------------------
Gail Tholen@ECT
05/12/2000 01:24 PM
To: John Allario/HOU/ECT@ECT
cc: Paul Bieniawski/Corp/Enron@ENRON, Jin Guo/HOU/ECT@ECT, Garry D
Wilson/HOU/ECT@ECT, Davis Thames/HOU/ECT@ECT, Drew Fossum/ET&S/Enron@ENRON,
Steve Van Hooser/HOU/ECT@ECT, Roger Ondreko/HOU/ECT@ECT
Subject: Re: Enron Gas Storage Deal Structure Working Notes for LRC
I just wanted to clarify a few points mentioned in this diagram:
1. The reason that gain recognition may be precluded under the equity sell
down if Enron maintains a guarantee is because guarantees are considered
"continuing involvement" under FAS 66 : Sale of Real Estate. We would
essentially own an interest in an asset which is considered real estate (per
accounting rules). By maintaining a guarantee, Enron has not given up all of
the risks and rewards of ownership and therefore true sale treatment would be
precluded.
2. The lease versus executory contract debate is centered around the nature
of the offtake agreement coupled with our involvement in the project.
Involvement that requires us to take operational risk coupled with taking
capacity leans toward a lease. However, each deal is different and there
isn't a bright line test for determining lease vs. executory; although, it
certainly looks better if our offtake is minimal. As well, LD language
should not only be present but should be significant or market based. In
addition, the contract should not mention the storage facility, only that
capacity will be provided. Determining whether we are in a lease versus and
executory contract is based on a preponderance of the evidence (more facts
pointing toward executory contract versus lease).
3. In the General Notes section, you mention the Trust being funded by all
debt and contribution to the project being considered equity. I'm unsure
where this conclusion was reached. This is not something I believe we fully
discussed. Whether of not it can be funded by all debt is something I will
have to digest and get back to you about. How much money is coming in
through the investment trust? From the diagram is looks like Enron ownership
would be 30% instead of 12% if that piece is considered debt. 30% ownership
does not necessarily lead to consolidation of Project Co. LLC.
4. Two more items of interest that we did not discuss are our Affiliate
Rules and FAS 98 Sale Leaseback. Under our affiliate rules, if the capacity
contract is deemed an executory contract and qualifies for MTM Accounting, we
can only mark the portion of the contract we do not own. So long as we
maintain a 12% interest, we could probably only MTM 88% of the contract.
However, there is debate in this area depending on our level of "control".
Affiliate rules normally cover greater than 20% ownership investments unless
we exert significant influence. I believe we will be in control of the
structure. This will require more discussion later.
-FAS 98 Sale Leaseback is not a good place to be but is something to keep in
mind. However, we can be proactive and work toward keeping ourselves out
lease land and structure this as and executory contract.
Per my request, please allow me sometime to digest this structure and consult
with my colleagues. I will be in touch.
From: John Allario 05/11/2000 06:54 PM
To: Paul Bieniawski/Corp/Enron@ENRON, Jin Guo/HOU/ECT@ECT, Garry D
Wilson/HOU/ECT@ECT
cc: Gail Tholen/HOU/ECT@ECT, Davis Thames/HOU/ECT@ECT, Drew Fossom, Steve Van
Hooser/HOU/ECT@ECT
Subject: Enron Gas Storage Deal Structure Working Notes for LRC
Team
I have summarized in the margins of our DRAFT deal structure the "high level"
issues that Gail Tholen, Jin and I discussed on Thursday. These are
preliminary guidelines and as our deal evolves and our partner's desires
change, we will have to potentially address completely different accounting,
regulatory and tax issues. We hope to touch on some of the issues that
this structure may raise from a Regulatory perspective with Drew Fossom when
we meet next Tuesday at 10:00AM.
Please comment and advise as you see fit.
Thanks
-John | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 03/21/2001
09:45 AM ---------------------------
From: Richard Tomaski@ENRON on 03/21/2001 09:33 AM
To: Andrew H Lewis/HOU/ECT@ECT
cc: Hunter S Shively/HOU/ECT@ECT
Subject: Tony's deals
Andy - can you please forward this email to your book person to change these
attached deals from ENA- PGL to ENA - and the actual counterparty. Our
confirmation guys should send out a confirm to verify these deals.
Tony is continuing to look for additional Harper \ northern border supplies.
I will let you know if he finds anything of interest. | {
"pile_set_name": "Enron Emails"
} |
DO NOT PAY | {
"pile_set_name": "Enron Emails"
} |
Well, I win the award for ass of the week and probably the year. I really
can't begin to apologize enough for Tuesday. I won't offer an excuse. Guys
on the Central desk asked me a question as soon as I hung up with you, and
before I knew it, it was around 2:30pm. But the worst part is, I didn't
realize what I had done until later the next day. It was disrespectful and I
sincerely apologize. I do have a conflict tomorrow. And I will understand
if you want to stop the sessions. Thanks.
DG | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/6/02; HourAhead hour: 2; No ancillary schedules awarded. Variances detected.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010602.txt
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 2 / Preferred: 471.55 / Final: 471.52)
TRANS_TYPE: FINAL
LOAD_ID: SCE1
MKT_TYPE: 2
TRANS_DATE: 1/6/02
SC_ID: ENRJ | {
"pile_set_name": "Enron Emails"
} |
I will not be able to make the call tomorrow. Sara
Elizabeth Serralheiro@ENRON_DEVELOPMENT
12/20/99 05:31 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Is there a conference call Tuesday morning, Dec. 21?
Yes, it will be.
Sara Shackleton@ECT
17/12/99 16:28
To: Elizabeth Serralheiro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Is there a conference call Tuesday morning, Dec. 21? | {
"pile_set_name": "Enron Emails"
} |
Enron getting worked!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! | {
"pile_set_name": "Enron Emails"
} |
Please prepare language per terms of the attached credit worksheet and
provide such language to Barry T. and Kim W. for review.
Thanks
brant
---------------------- Forwarded by Brant Reves/HOU/ECT on 01/22/2001 09:10
AM ---------------------------
Brant Reves
01/22/2001 08:48 AM
To: Barry Tycholiz/NA/Enron@ENRON, Kim Ward/HOU/ECT@ECT
cc:
Subject: El Paso credit terms
FYI,
Someone requested I resend this language.
---------------------- Forwarded by Brant Reves/HOU/ECT on 01/22/2001 08:47
AM ---------------------------
Brant Reves
01/19/2001 02:17 PM
To: Kim Ward/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON
cc: Edward Sacks/Corp/Enron@Enron, Tracy Ngo/PDX/ECT@ECT, Wendy
Conwell/NA/Enron@ENRON
Subject: El Paso credit terms
Kim/Barry,
Situation 1:
The following credit matrix could be included within Section 12 of the
Jan'02-Dec'03 transaction between ENA and El Paso Electric Company.
STANDARD & POOR'S RATING EVENT CREDIT LINE
BBB- or Above Open
BB+ $10,000,000
BB $5,000,000
BB- or Below $0
Situation 2:
Without credit lines, the credit reserve for this deal would be $450,000.
In addition, the most recent S&P write-up is attached below.
brant
Research:
Return to
Regular Format
Summary: El Paso Electric Co.
Publication Date:
01-Aug-2000
Analyst:
Judith Waite, New York (1) 212-438-7677
Credit Rating:
BBB-/Stable/--
Rationale
Debt reduction, cost cutting, and increased sales have brought El Paso
Electric Co. back toward
investment-grade benchmarks. The company has exceeded debt-reduction
targets and expects debt to be
about 50% of total capital by 2002. If sales continue to grow at even
one-half the historical 3% to 4% per year,
cash flow interest coverage should improve to 3.5 times by then. Still,
the ratings on El Paso Electric continue to
reflect the company,s high leverage, dependence on nuclear power, high
fixed costs, and high rates.
The company borrowed heavily to fund its 15.8% interest in the Palo Verde
nuclear plant, which supplies 50% of
the utility,s power. The plant,s past operating problems and continued
structural problems add some risk to the
company,s already weak financial profile. Most importantly, customers in
the generally low-income service
territory fought against rate increases needed to recover the nuclear
investment, helping to put El Paso Electric
in bankruptcy. A settlement signed with Texas customers in 1995 allowed
the company to keep a $25 million
rate increase implemented in 1994, permitted accelerated depreciation of
generation and transmission assets,
and froze rates until 2005 in exchange for extending the El Paso Electric
franchise.
In 1998, the company agreed to reduce rates--mainly residential--in New
Mexico and Texas, bringing them
more in line with Southwestern averages. By the time retail competition
comes to either state (2002), El Paso
Electric will have a fairly competitive cost structure which should allow
them to retain retail customers. By that
time, El Paso Electric will have separated its assets into a regulated
transmission and distribution business
and an unregulated electricity generation business, as required by New
Mexico and Texas law. Costs incurred
to effect this change will be recovered in a competitive transition
charge. Stranded costs (accrued charges
related to generating plant costs which would have been recovered in a
regulated market) will be recovered over
a five-year transition period in New Mexico. In Texas, the rate
settlement allowed El Paso to recover those costs
through accelerated depreciation over the 10-year period of the
settlement agreement.
In the wholesale market, El Paso successfully renegotiated contracts with
the Comision Federal de
Electricidad, the national utility of Mexico, to supply peaking capacity
in the summer months of 2000 and 2001,
and with the Rio Grande Electric Cooperative Inc. to supply power to two
Texas cities over a four-year period.
Importantly, El Paso Electric also reached a settlement with the city of
Las Cruces, N.M., ending a long dispute
over that city,s threat to municipalize the electric distribution system.
Las Cruces sales account for about 8% of
total revenue. | {
"pile_set_name": "Enron Emails"
} |
Sally,
I just wanted to send a quick congratulatory note on your promotion to
Managing Director. And a bit belated, a thank you for serving again as my
PRC representative. I was pleased with my outcome at year-end, and once
again, was one of the few Analysts or Associates who was always kept informed
about the process. I appreciate your time and energy in representing me.
Nicole | {
"pile_set_name": "Enron Emails"
} |
Eric Linder has accepted a position with the West Real Time group effective
March 12th. Eric previously worked as a financial advisor at Paine Webber.
Please join me in welcoming Eric to the West Desk.
B. Williams | {
"pile_set_name": "Enron Emails"
} |
Attached is the draft agenda for the Lost Creek Members Meeting. Please let
me know of additions or deletions. Thanks...James | {
"pile_set_name": "Enron Emails"
} |
Larry, my understanding is that ESA has taken four units and that Janet
Dietrich in conversations with ESA has made four more available to ESA
subject to them getting their deal approved by the board. So I do not
believe Enron needs to committ to additional LM units at this time.
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/04/2000
04:10 PM ---------------------------
Larry L Izzo@ENRON_DEVELOPMENT
08/04/2000 11:30 AM
To: James M Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David W
Delainey@ECT
cc: Dan Shultz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff
Westfahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R
Wiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike
Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Larry
Reynolds/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dick
Westfahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: ESA's LM 6000's
Guys, although I am hesitant to get in between ESA and ENA on this issue, my
perception is that there is some confusion; we need to sort out at the top.
Let me describe what I understand of the facts.
First, ESA is coordinating a DASH through the RAC for eight LM 6000's.
Second, ENA has a list of 24 LM 6000's; the "ready to ship date" as shown on
the following attachment; but only four of these are earmarked for ESA, as
far as I understand.
Third, GE/S&S has approached me and is willing to sell us more LM 6000's if
we need to. The "ready to ship dates" for these new LM 6000's are between
January - March, 2001. We could possibly get these at the current preferred
pricing (as a current contract change order).
ESA and ENA should discuss whether or not either party wants to buy some of
the new LM 6000's that are now available for delivery between January -
March, 2001. Does ENA want to substitute any of these for LM 6000's
currently on hand and not allocated to ESA? Is ENA earmarking four
additional LM 6000's on the attached list to ESA, and if so, which ones? If
not, does ESA want EECC to secure any or all of the remaining units required,
which we can do quickly, off the balance sheet.
My perception is that there is confusion and not clear direction, I recommend
that both of you have a discussion and establish a clear definition of what
we are doing with the LM 6000's and whether either of you want to entertain
the purchase of the new LM 6000's. Let me know if I can help.
LI34400 | {
"pile_set_name": "Enron Emails"
} |
Start Date: 4/21/01; HourAhead hour: 2; No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042102.txt
---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
Details:
TRANS_TYPE: FINAL
SC_ID: ECTRT
MKT_TYPE: 2
TRANS_DATE: 4/21/01
UNIT_ID: HARBGN_7_UNITS
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 2 / Preferred: 0.42 / Final: 0.39)
TRANS_TYPE: FINAL
LOAD_ID: PGE1
MKT_TYPE: 2
TRANS_DATE: 4/21/01
SC_ID: EPMI | {
"pile_set_name": "Enron Emails"
} |
CALENDAR ENTRY: APPOINTMENT
Description:
United Way Mtg - HAVE TO ATTEND 5C2
Date: 7/18/2000
Time: 3:30 PM - 4:30 PM (Central Standard Time)
Chairperson: Outlook Migration Team
Detailed Description: | {
"pile_set_name": "Enron Emails"
} |
FYI -
This is to update you on several CA bills that may have implications for green energy/renewables.
**Bills previously discussed
SBX2 78
Status: Last night the bill was approved by the State Assembly. Will be returned to Senate for reconciliation.
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sbx2_78&sess=CUR&house=B&site=sen>
SB 532
Status: Heard by Assembly Utilities and Commerce Ctte., failed passage
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sb_532&sess=CUR&house=B&site=sen>
**"Windfall profits tax" bills: Generally, these bills impose a tax on electricity sales beyond a specified baseline price (see article below for more detail). Note the exemptions:
SBX2 1
Status: Expected to be heard by Assembly floor on Monday
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sbx2_1&sess=CUR&house=B&site=sen>
Exemptions include: "generators of renewable energy sources, as defined, qualifying small production facilities, or qualifying cogeneration facilities. In addition, this bill would not apply to sales of electricity made by local publicly owned utilties made under specified conditions or to generation units used to serve the electrical load of a generation facility"
ABX2 2
Status: Expected to be considered by State Assembly today. If it passes, it will go back to the Senate.
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=abx2_2&sess=CUR&house=B&site=sen>
Exemptions include:
"...the tax imposed under this part shall not apply to sales of electricity, sold for consumption in this state, made by qualifying facilities.
(c) For purposes of this section, the term "qualifying facilities"
includes qualifying small power production facilities or qualifying
cogeneration facilities within the meaning of Sections 201 and 210 of
Title II of the federal Public Utility Regulatory Policies Act of
1978 (16 U.S.C. Secs. 796(17), 796(18), 824a-3), and the regulations
adopted pursuant to those sections by the Federal Energy Regulatory
Commission (18 C.F.R. Secs. 292.01 to 292.602, inclusive), and other
generation units installed, operated, and maintained at a customer
site exclusively to serve that facility's load.
******************
2 Elec Profits Tax Bills On The Move In Calif Assembly
By Jessica Berthold
09/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
OF DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--The California Assembly is to consider a bill Friday to place a progressive tax on electricity sales in California , the second windfall profits tax measure to be heard by legislators in a week.
Under Assembly Bill 2XX, introduced by Assemblywoman Ellen Corbett, D-San Leandro, generators wouldn't be taxed on power priced below $60 per megawatt-hour. Prices above $60/MWh would be subject to a gradually increasing tax.
The first $30 charged by suppliers over the $60/MWh baseline would be taxed at a 50% rate. The next $30 would be taxed at 70%. Anything higher would be taxed at 90%.
The tax would be retroactive to Jan. 1, 2001 and effective through 2005. Tax proceeds would be used to fund a state sales tax holiday on the first weekend in December. Alternative energy suppliers, or "qualifying facilities," as well as self-generators, would be exempt from the tax.
Any excess receipts after the sales tax holiday would be used to provide tax credits to companies for building new generation.
"AB 2XX will help Californians recoup and regain financial footing in an economy that is changing very quickly," said Corbett. "This measure is a major step for California 's recovery from this year's disastrous energy crisis."
If the bill passes the Assembly floor, it will move to the Senate for committee and floor votes. The legislature is set to adjourn Sept. 14.
Similar Bill On Assembly Floor Monday
A second windfall profits tax bill is likely to be heard on the Assembly floor Monday, said a spokesman for the bill's sponsor, Sen. Nell Soto, D-Ontario. The bill passed out of the Assembly Appropriations Committee Thursday.
The bill, SB 2XX, would require state regulators to establish a cost-based price for electricity for each plant in the state. Sellers would be taxed 100% on any sales from a plant that exceeded its cost-based price, and the money would be used for taxpayer rebates. The cost-based price would include up to a 20% return on invested capital.
The tax, which would be effective retroactively to Jan. 1, 2001, would apply to the last sale before electricity hits the power grid, and so would include marketers as well as generators. Co-generation facilities and renewable generators would be exempt, as would some state municipal utilities.
The bill has a good chance of passing the Assembly floor, since only a majority vote is required and Democrats dominate the Assembly 50-30, said Soto spokesman Paul Van Dyke. Thus far, the bill has passed the Senate and various committees in the Assembly on strict party lines.
If the bill does pass the Assembly floor, it would go back to the Senate for concurrence, and then to the governor's desk to be signed. Van Dyke said he did not know which windfall profits tax bill was more likely to pass out of both houses before the legislature adjourns, nor whether the two might be cobbled together to form one bill.
"Our bill is two steps from going to the governor; the other bill has a ways to go," Van Dyke said. "Sometimes two bills on the same issue will pass and go all the way to the governor, and it's up to him to choose."
A spokesman for Gov. Gray Davis said last week that he was open to a windfall profits tax bill, but would not indicate which bill he might prefer. | {
"pile_set_name": "Enron Emails"
} |
Note: Alliance says they are flowing 40-50% of capacity at this time
(400-500 MMBtu/d
hitting the Chicago market). It sounds like they have not yet been able to
commission the
Aux Sable plant because of the trash gas they are still pushing through.
Some predictors
are saying the delay may get longer.
Alliance Service Delay Extended to End of November
Alliance Pipeline conceded yesterday that its commercial in-service date will
have to be delayed for the third time, this time until the end of November,
because of continued problems with debris in the pipe and trouble getting the
enormously complex components of the system working in sync. The 1,900-mile
project originally was supposed to be in service Oct. 1.
"Normal commissioning activities are continuing and most of the debris has
been removed from the line," says Alliance CEO Norm Gish. "However, periodic
reductions in the flow of test gas due to the debris have complicated the
required integration with concurrent commissioning activities at the Aux
Sable Liquid Products processing facility near Chicago." A spokesman said the
debris included "bits of foam" that came off equipment used to extract
moisture following hydrostatic testing.
The complexity of the Alliance Pipeline operations also has led some
observers to predict a lengthy delay before commercial service. The pipeline
has an immensely complicated system patented by Alliance engineers that is
designed to transport gas liquids in a gas phase with the 1.325 Bcf/d of
natural gas from British Columbia and northern Alberta through 1,900 miles of
pipe to the Aux Sable liquids extraction plant near Chicago. The pipeline
also incorporates a cutting edge electronic control system designed to allow
the pipeline to be operated by a single pilot in a downtown Calgary control
room. Alliance operators say they are actually operating three pipelines: a
physical pipe, a paper pipe and an e-pipe, which brings all aspects of the
operation together around the clock 365 days a year. "It's a tremendously
complicated system and all the parts are interdependent, for it to work, they
all have to work together."
Regardless of the delay, however, Alliance already is flowing a large amount
of gas into the Chicago market. "At this point in our commissioning
activities, the system is flowing at approximately 40 to 50% of capacity. We
expect to continue increasing the volume of test gas and approaching our firm
delivery capacity of 37.5 million cubic meters (1.325 Bcf) per day prior to
the end of November."
------------------------------------------------------------------------------
-- | {
"pile_set_name": "Enron Emails"
} |
Kristin,
The problem with this guy is that we maxed out on the number of interns we
can gainfully employ and provide adequate supervision. So, we have to pass on
him.
Vince
Enron North America Corp.
From: Kristin Gandy @ ENRON 02/16/2001 07:54 AM
To: Stinson Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Vandy Student
I hear that you have been in contact with this student. Do you have any
interest in hiring him for a summer position? If not please just let me know
and I will call him to let him know.
Regards,
Kristin
---------------------- Forwarded by Kristin Gandy/NA/Enron on 02/16/2001
07:49 AM ---------------------------
Dmitri Villevald <[email protected]> on 02/15/2001
04:00:51 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject:
Dear Ms. Gandy:
Thank you for taking time out of your busy schedule to visit the Owen
Graduate School of Management at Vanderbilt on January 23-24 for on-campus
interviews for the Summer Associate positions at Enron. It was a pleasure
talking with you, and I hope I conveyed to you how excited I am about the
prospect of applying my skills at Enron.
I realize that Enron offers a limited number of positions and greatly
respect your choice of Summer Associates. I would like to ask you if there
is any opportunity for me to work at Enron during this summer for free. I am
confident that my sincere interest in derivatives will allow me to greatly
contribute to Enron during this summer. I am particularly interested in
Enron Research Group. (I had a phone interview with Mr. Gibner on January
31st, and I sent him email yesterday asking for the opportunity to work for
free during this summer).
I am looking forward to hearing from you. If I can provide more information
or answer additional questions, please feel free to contact me either by
telephone (615-496-1132) or via e-mail
([email protected]). Also, I am always ready to fly
to Houston for additional interviews.
Again, thank you for your time and consideration.
Sincerely,
Dmitri Villevald
OWEN MBA 2002 | {
"pile_set_name": "Enron Emails"
} |
Stamas,
If you could only own one stock what would it be? For me it would be EOG
Resources - don't
ignore this one.
KR | {
"pile_set_name": "Enron Emails"
} |
Wade --
Home 281-759-8270
Cell 713-851-2499 | {
"pile_set_name": "Enron Emails"
} |
Attached, please find the latest RAC Watch Report for the period ending
Mar-30-2001. Please call Rick Carson at x3-3905 if you have questions or
comments. | {
"pile_set_name": "Enron Emails"
} |
Powerex Corp.: No change to existing US Phys. Power Profile
CNE Energy Services Group, Inc.: No change to existing US Phys. Power Profile
The following CP's are not approved for US Phys. Power Products:
H. Muehstein & Co.: Declined by Credit
Mannington Mills Inc.: Declined by Credit
Praxair Inc. : Declined by Credit
International Power Technology Inc.: Declined by Credit
Tana Jones
01/23/2001 09:21 AM
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Leslie
Hansen/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
cc:
Subject: EOL credit approvals, 1-22-01
----- Forwarded by Tana Jones/HOU/ECT on 01/23/2001 09:25 AM -----
Walter Guidroz@ENRON
01/22/2001 05:33 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron, Kelly
Lombardi/NA/Enron@Enron
cc:
Subject: EOL credit approvals, 1-22-01
Please see attached; thanks. | {
"pile_set_name": "Enron Emails"
} |
See attachment for the latest California phone list: | {
"pile_set_name": "Enron Emails"
} |
Please check on the purchase from AEC Marketing. The daily volume is 9189,
the deal number is 227196. I'm trying to find out if we get reimbursed for
the transport demand charge we pay National Fuel each month.
Thanks | {
"pile_set_name": "Enron Emails"
} |
As you know, October 25 is the last day to file with FERC any initial
comments to the Offer of Settlement proposed by this Committee with respect
to, among other things, an allocation formula to provide the amount of each
seller's direct claims against each IOU, the return of collateral and the
winddown of the PX.
It would be most helpful for as many sellers as possible to arrange for
their FERC counsel to file papers in support of the Offer of Settlement.
Of course, if you have any questions about the Offer of Settlement, please
give me a call. Thanks. | {
"pile_set_name": "Enron Emails"
} |
fyi
---------------------- Forwarded by Doug Leach/HOU/ECT on 11/20/2000 10:03 AM
---------------------------
From: Doug Leach 11/20/2000 09:48 AM
To: Kenneth Lay/Corp/Enron@ENRON, Jeffrey K Skilling@Enron
cc:
Subject: Management Conference
Ken & Jeff,
Each year I attend the Enron Management Conference the more I realize that
the daily leadership and vision that the Office of the Chairman provides is
what allows us to meet and exceed our goals. That leadership and vision in
turn empowers every employee to do their job and that empowerment translates
into continued success. That is what make Enron so unique in the global
marketplace. Thank you for making this such a great company to work for.
Doug | {
"pile_set_name": "Enron Emails"
} |
fyi
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/03/2001
05:26 PM ---------------------------
Karen Denne
04/03/2001 09:12 AM
To: Janel Guerrero/Corp/Enron@Enron, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, [email protected],
[email protected], [email protected], [email protected], Harry
Kingerski/NA/Enron@Enron
cc:
Subject: Another List
Attached is the list compiled by Marathon of "influentials" in each of our
priority legislative districts (this week, we're only focusing on Burton,
Bowen, Hertzberg, Keeley and Cox). Please review the list and let me know
ASAP if you know anyone on the list and would be willing to make calls.
Thanks. kd
- List of targeted legislators April 2 2001.xls | {
"pile_set_name": "Enron Emails"
} |
EnSerCo plans to file an arbitration demand against Industrial Holdings,
Inc. to obtain re-payment of a $15 million promissory note.
EnSerCo also plans to make demand against the guarantors of the IHI debt:The
Rex Group, Rex Machinery Sales, Inc., Rex Machinery Movers, Inc., U.S.
Crating, Inc., First Texas Credit Corporation, Landreth Engineering Company,
Pipeline Valve Specialty, Inc., Bolt Manufacturing Co.Inc., LSS-Lone Star
Houston, Inc., American Rivet Company, Inc., Manifold Valve Services, Inc.,
Philform, Inc., GHX Incorporated, Regal Machine Tool, Inc., Whir Acquisition,
Inc., Moores Pump and Supply, Inc., GHX Incorporated of Louisiana and Beird
Industries, Inc.
If you are aware of any reason why an arbitration demand should not be filed
against any of these entities, please call me or e-mail me by the end of
business on Monday March 5, 2001. If I don't hear from you by then, I will
assume that you have no objection to moving forward against these companies.
Thanks in advance.
GAIL | {
"pile_set_name": "Enron Emails"
} |
In Commissioner Bilas' draft Final Opinion of the IS (page 51), Socal was
ordered to withdraw advice letter 2837 a file a new advise letter to
implement a revised physical receipt point allocation system. Was that ever
filed and, if so, can you please send a copy?
Regards,
Stephanie | {
"pile_set_name": "Enron Emails"
} |
where are you?
-----Original Message-----
From: Kroll, Heather
Sent: Tuesday, October 09, 2001 12:03 PM
To: Stepenovitch, Joe
Subject:
So Doug Gilbert Smith has a blackberry. Why don't you?
H
Heather Kroll | {
"pile_set_name": "Enron Emails"
} |
FYI-
The attached ruling denies PG&E's motion to combine the issues surrounding
the DWR revenue requirement and revenue allocation with the utility retained
generation proceeding. The ruling, however, sets an alternative schedule
for separate consideration of the DWR revenue requirement and allocation
issues as they relate to PG&E and SCE (not SDG&E). The commission has
requested more information from DWR on the revenue requirement it submitted
on May 2nd and upon receipt of that information will give parties the
opportunity to review it and file comments.
> -----Original Message-----
> From: Pulmano, Erlinda [mailto:[email protected]]
> Sent: Thursday, July 12, 2001 3:04 PM
> To:
> Subject: A.00-11-038 et al. (ALJ Pulsifer's Ruling)
>
> <<CPUC01-#101299-v1-A0011038_et_al__Pulsifer_Ruling_.doc>>
- CPUC01-#101299-v1-A0011038_et_al__Pulsifer_Ruling_.doc | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Sager, Elizabeth
Sent: Wednesday, October 03, 2001 2:45 PM
To: '[email protected]'
Cc: Mellencamp, Lisa; Wright, Alice
Subject: Amendment to Master Netting Agreement
At the request of Robert Eickenroht, attached is a draft of the Second Amendment to the Master Netting Agreement between New Power and the Enron Parties. In order to get this draft to you as soon as possible, I am at the same time circulating it for internal review; accordingly, there may be additional comments from Enron. Please call either me or Lisa Mellencamp (713 853 7986) with any questions or comments.
Thanks
Elizabeth Sager
713-853-6349 | {
"pile_set_name": "Enron Emails"
} |
Kathy,
I have a conflict today at 1pm. We either need to reschedule or meet next
week. Let me know. I have lost your phone number.
DG | {
"pile_set_name": "Enron Emails"
} |
Start Date: 4/27/01; HourAhead hour: 16; HourAhead schedule download failed.
Manual intervention required. | {
"pile_set_name": "Enron Emails"
} |
is this on the calendar?
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/11/2000
03:49 PM ---------------------------
Cindy Olson @ ENRON
12/11/2000 03:06 PM
Sent by: Kayla Ruiz@ENRON
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Cliff
Baxter/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON, Kevin Hannon/Enron
Communications@Enron Communications, Ken Rice/Enron Communications@Enron
Communications, Steven J Kean/NA/Enron@Enron, Greg Whalley/HOU/ECT@ECT, Stan
Horton/Houston/Eott@Eott, Andrew S Fastow/HOU/ECT@ECT, Mark
Frevert/NA/Enron@Enron, Lou L Pai/HOU/EES@EES, Rick Buy/HOU/ECT@ECT, David W
Delainey/HOU/ECT@ECT, Dan Leff/HOU/EES@EES, Louise Kitchen/HOU/ECT@ECT,
Rebecca McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark
Koenig/Corp/Enron@ENRON, Mike McConnell/HOU/ECT@ECT, Marty Sunde/HOU/EES@EES,
John Sherriff/LON/ECT@ECT, Thomas E White/HOU/EES@EES, Mark
Metts/NA/Enron@Enron, Jeffrey McMahon/HOU/ECT@ECT, Charlene
Jackson/Corp/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Scott Yeager/Enron
Communications@Enron Communications, Greg Piper/Corp/Enron@Enron, James L
Noles/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janet R Dietrich/HOU/ECT@ECT,
Richard DiMichele/Enron Communications@Enron Communications, Jeffrey A
Shankman/HOU/ECT@ECT, James A Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
John J Lavorato/Corp/Enron@Enron, Joe Gold/LON/ECT@ECT, Joe
Kishkill/SA/Enron@Enron, Shawn
Cumberland/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael Kopper/HOU/ECT@ECT,
Paula Rieker/Corp/Enron@ENRON, Philippe A Bibi/HOU/ECT@ECT, Raymond
Bowen/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Steve Elliott/Enron
Communications@Enron Communications, Dick
Westfahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Rob Walls/NA/Enron@Enron, Rod
Hayslett/FGT/Enron@ENRON, Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wes
Colwell/HOU/ECT@ECT, James Derrick/Corp/Enron@ENRON
cc: David Oxley/HOU/ECT@ECT, Gina Corteselli/Corp/Enron@Enron
Subject: VP/MD Year End PRC Dates | {
"pile_set_name": "Enron Emails"
} |
Mike is back at his desk this morning. | {
"pile_set_name": "Enron Emails"
} |
Interesting! Did she say why she was trying to call you at home? I don't
care if you tell where you have been, unless you think it would make things
awkard between you. Probably not a good idea overall though.
[email protected]
03/21/2001 04:05 PM
To: [email protected]
cc:
Subject: Help
Cynthia just walked by me downstairs and told me that she has been trying to
call me for the past two days at home. She said that I am never home. Do
you think that I should tell her where I have been?
So, I guess that explains the blocked #'s that I have been getting on my
caller id! | {
"pile_set_name": "Enron Emails"
} |
Have you been in contact with him?
Stacey
-----Original Message-----
From: Postlethwaite, John
Sent: Tuesday, December 04, 2001 11:26 AM
To: Coles, Frank
Cc: White, Stacey W.
Subject: unarchiving
Frank, could you please give me access to the files in the following location:
m:\common\power\position\dpr\1998\
m:\common\power\position\dpr\1999\
We have already got access to the 2000 folder.
John | {
"pile_set_name": "Enron Emails"
} |
G$
Can you please prepare a confidentiality agreement for these folks - I
thought we would want to send our.
Call if you have questions.
Thanks
Stephanie
-----Original Message-----
From: Ward, Kim S.
Sent: Tuesday, May 15, 2001 3:24 PM
To: Miller, Stephanie
Subject: FW: Another Step in the Process
-----Original Message-----
From: "Greg Lander" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Greg+20Lander+22+20+3Cglander+40skippingstone+2Ecom+3E+4
[email protected]]
Sent: Tuesday, May 15, 2001 3:10 PM
To: Ward, Kim S.
Subject: Another Step in the Process
Ms. Ward,
With respect to our potential transaction, we are anticipating sending your
company financials and would typically have a confidentiality agreement with
respect to that disclosure. I am attaching the Client's standard
Confidentiality Agreement. It is my experience that suppliers typicall have
ones that they are comfortable with and prefer to sign their own. If that
is the case, please ignore ours and send us yours. If that is not the case,
please have ours reviewed and changes suggested so that we may forward to
you the information you will eventually need for credit purposes. In
addition, if you have standard credit provisions or terms, please forward
those today or tommorrow so that we may prepare what we need to for your
review.
Greg Lander
Skipping Stone
- Confidentiality Agreement1.doc | {
"pile_set_name": "Enron Emails"
} |
> I ran across this quote from Warren Buffett and thought you might enjoy
> reading it.
>
> Walter
>
>
>
----------------------------------------------------------------------------
----
>
>
>
- Warren Buffet.doc | {
"pile_set_name": "Enron Emails"
} |
?
?
-----Original Message-----
From: Steven Kelly [mailto:[email protected]]
Sent: Tuesday, November 07, 2000 4:16 PM
To: William Hall; Ward Scobee; Tony Wetzel; Tom Heller; Ted Cortopassi; Steve
Ponder; Steve Iliff; Roger Pelote; Robert Frees; Pete Levitt; Paula Soos; Nam
Nguyen; Milton Schultz; Marty McFadden; Ken Hoffman; Jonathan Weisgall; Joe
Ronan; Joe Greco; Jeff Dasovich; Jack Pigott; Hap Boyd; Frank Misseldine; Ed
Tomeo; Ed Maddox; Duane Nelsen; Doug Levitt; Dean Gosselin; Curt Hatton; Cody
Carter; Carolyn Baker; Bob Escalante; Bill Woods; Bill Carlson; Eric
Eisenman; Trond Aschehoug; Susan J Mara; Scott Noll; Rob Lamkin; Randy
Hickok; Lynn Lednicky; Kent Fickett; Jim Willey; Greg Blue; Frank DeRosa;
Eileen Koch; Dave Parquet; Curtis Kebler
Cc: Jan Smutny-Jones; Katie Kaplan; Andy Brown; Bob Weisenmiller; Stephanie
Newell
Subject: Draft Outline of JSJ Comments for FERC Meeting on Thursday, Nov 9;
Conference Call Scheduled for 9:30 a.m. on Wednesday, Nov. 8
?
Attached is a draft outline of Jan Smutny Jone's Statement/Comments for the
FERC Hearing on Thursday, November 9 to address the California Report/Order.?
?
A conference call is scheduled for 9:30 a.m. (PST) on Wed., Nov 8 to discuss
the draft outline.
?
??? ??? Call-In Number??? ??? ??? 888/476-6127
??????? Participant #???????????????111756
?
?
Note, as the Hearing is Thursday, we are working in real time to finalize
this Statement.? This is a work in progress.? IEP will be translating the
draft outline into prose continually between now and Wed noon, when we hope
to finalize the Statement.
?
As a point of reference, building off the IEP Workshop we held last Friday,
IEP is moving forward to develop detailed comments for the FERC proceeding on
California market structure matters? These comments are due Nov. 22.? We
anticipate these Comments to be detailed (e.g. 20-50 pages).
?
This Statement for the FERC Hearing on Thursday is building off of the
discussion during the IEP workshop.? The Statement is expected to be 5-10
pages, therefore by necessity it will be less substantive and exhaustive as
the Nov 22 filing.? We are attempting to hit the 'high points" and provide a
framework for FERC to (1) consider the specific details of their proposal,
and (2) address certain FERC/state matters regarding roles and
responsibilities.
?
We will be developing "talking points" as well, but these will be driven by
the overall Statement.
?
Talk to you tomorrow.
- 001109_Statement of Jan Smutny.v3 SKK mark up.doc | {
"pile_set_name": "Enron Emails"
} |
We were thinking of having another interview session for the Trading Tract
later this month. I've been screening outside resumes but internally we
haven't received many suggestions from each of you about other people already
at Enron. If you think anyone could qualify send the name to Karen Buckley.
If we don't have enough candidates, we will wait until the new analysts and
associates arrive and do a session then.
Lavo | {
"pile_set_name": "Enron Emails"
} |
Start Date: 4/16/01; HourAhead hour: 21; No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041621.txt
---- SC Trades Schedule ----
+++ Hour 21 - bad data from ISO.
TRANS_TYPE: FINAL
SC_ID: EPMI
MKT_TYPE: 2
TRANS_DATE: 4/16/01
TRADING_SC: PGAE
PNT_OF_INTRC: NP15
SCHED_TYPE: ENGY
PURCH_SALE: 2
DEAL_NO: 1 | {
"pile_set_name": "Enron Emails"
} |
Thanks a lot Cara. I've asked Virginia for Settlements contacts on hourly deals, and I think the best documentation I can provide Tatiana will be the spreadsheets that Settlements uses to checkout with counterparties at the end of the month (provided they've all got those for Q1-01).
I'll consult Tim and Stacey on this. Thanks again for your help.
Kate
-----Original Message-----
From: Semperger, Cara
Sent: Thursday, June 28, 2001 7:48 AM
To: Symes, Kate
Subject: RE: Power Audit Support Request
Arthur Anderson is an outside consulting firm hired by Enron to keep us on the 'straight and narrow' they audit many of our risk functions and other information as double check that what we say is happening is really happening.
I have been told by people higher up in risk to NEVER question Arthur Anderson. BUT, I would encourage you to E-mail Tim Belden or Stacey White and ask them these same questions. You need to be as comfortable as possible.
c
-----Original Message-----
From: Symes, Kate
Sent: Thursday, June 28, 2001 7:43 AM
To: Semperger, Cara
Subject: RE: Power Audit Support Request
Cara -
When you get a moment, could you tell me what this Power Audit is for? Does Arthur Andersen work for us? That was my impression, but Bill asked and it occurred to me that I might want to know exactly who Tatiana is and why she wants this information before I start handing it out.
Let me know what you know.
Thanks,
kate
-----Original Message-----
From: Semperger, Cara
Sent: Wednesday, June 27, 2001 9:56 AM
To: '[email protected]@ENRON'
Cc: Symes, Kate; Bentley, Corry
Subject: RE: Power Audit Support Request
Tatiana,
I have looked up all 5 of these deals in the system, and need to refer you to the following people for follow up
Deal # 507713.1
Deal # 528572.1
Deal # 566541.1
These deals are all West Hourly deals, and can be researched by Kate Symes, our real time coordinator.
Deal # 514141.2
Deal # 536771.2
These need to be handled by someone onthe East desk, 514141 is a Long Term New England book deal, the other is an East Desk real time deal.
I am sorry I cannot be of direct help on these, I have data for West Desk deals, but only Term and Cash. Please feel free to call if you have any questions.
Cara Semperger
503/464-3814
-----Original Message-----
From: [email protected]@ENRON [mailto:IMCEANOTES-tatiana+2Ev+2Ewaxler+40us+2Eandersen+2Ecom+40ENRON@ENRON.com]
Sent: Wednesday, June 27, 2001 8:20 AM
To: Semperger, Cara
Cc: [email protected]
Subject: Power Audit Support Request
Cara,
We are in the process of auditing Power Trading for ENA and were referred
to you by Corry Bentley in regards of support for the West deals that we
selected for testing. Due to the fact that there are no executed contracts
for these deals, to complete our testing we need to receive 3rd party
support (NERC Tag or 3rd party invoice) for the following West deals:
Deal # 507713.1
Deal # 528572.1
Deal # 566541.1
Deal # 514141.2
Deal # 536771.2
We are in the final stage or our audit, so your quick response would be
greatly appreciated.
Please call me at (713) 646-6335 if you have any questions.
Thank you.
Tatiana
*******************Internet Email Confidentiality Footer*******************
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Opinions, conclusions and other information in this message that do not
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} |
Just writing to inquire about what we are doing with respect to SDG&E's
proposals to use overcollections recovered from all customers to pay off
undercollections to customers subject to the rate cap in SDG&E's service
territory.
Roger | {
"pile_set_name": "Enron Emails"
} |
Attached is PIRA's latest "Electricity Daily Demand Forecast."
If you have any questions regarding the report's content, please contact
Morris Greenberg (email: [email protected]) or Victoria Watkins (email:
[email protected]), at (212) 686-6808.
Contact John Graziano regarding PIRA report distribution and address changes
at (212) 686-6808, email: [email protected].
NOTE: Circulation of the "Electricity Daily Demand Forecast" outside a
Client's licensed distribution area is strictly prohibited. Clients that are
unsure of their licensed distribution or require an extension of their
current license should contact their PIRA sales representative, or email to
[email protected].
PIRA Energy Group
- ed051001.pdf
- ed051001.xls | {
"pile_set_name": "Enron Emails"
} |
Vince,
Did you get technical papers from Longitude ? They said they will send some papers to us but I have not received anything.
-Chonawee | {
"pile_set_name": "Enron Emails"
} |
Tyrell, this confirm is still incorrect on Page 2 according to the file you
sent me... at the top of Page 2, when you print it out it is still showing...
JM Huber. . I told Mark this, It was supposed to be fixed.
You need to get it fixed, put in the deal date and get a new copy out to
AEC... It is unacceptable that we sent this out again... in error !!!
BT | {
"pile_set_name": "Enron Emails"
} |
Sorry to hear about Aunt Lillie. Good to hear everything is ok with you guys. Everything is going well here. Just the usual with work and weekend activities. Been spending a little more time with Paul, since he is not going to Tulsa every week. Take care and a I love you both.
-----Original Message-----
From: Edward Nemec <[email protected]>@ENRON [mailto:IMCEANOTES-Edward+20Nemec+20+3Cednemec+40earthlink+2Enet+3E+40ENRON@ENRON.com]
Sent: Tuesday, July 31, 2001 8:11 AM
To: Cindy Nemec; Paul Nemec; Wayne Nemec; Nemec, Gerald; Sharon & Will
Subject: Some news.....
Just got back from Austin. I was at a convention. I was a delegate to the
K.J.Z.T. Insurance Convention at the Omni Hotel.I really enjoyed it learned
quiet a bit. Had dinner with Wayne Saturday nite. It was his birthday. Happy
Birthday Wayne!!!!! He's doing o.k.
I got home last nite really tired. Found out that Aunt Lille Jurica
passed away Saturday. The rosary is tonight and the funeral tomorrow. She
has been in a nursing home for a while now. She was 83 years old.
We are all o.k. we send our love to all of.......love MOM | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/26/2000
10:12 AM ---------------------------
Stinson Gibner
07/26/2000 09:36 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Offsite agenda: EBS
---------------------- Forwarded by Stinson Gibner/HOU/ECT on 07/26/2000
09:35 AM ---------------------------
From: Samer Takriti@ENRON COMMUNICATIONS on 07/25/2000 05:54 PM
To: Stinson Gibner/HOU/ECT@ECT@ENRON
cc:
Subject: EBS
Stinson,
Please take a look at it and feel free to make any necessary corrections.
Thanks.
-Samer | {
"pile_set_name": "Enron Emails"
} |
Hi Ken,
How is my famous fabulous cousin??? Our son Eric was home last weekend and went to the bank with me. The banker, Eddie Smith, came out to see Eric and see how he was doing. He was glad Eric was working on his MBA. I mentioned that Eric had applied at Associated Electric in Springfield but had already committed to an internship at an insurance company and had agreed to be a graduate assistant for the fall semester by the time Associated called him. He would still like to get on there at the beginning of next year. Eddie said Associated was a good co-op and would be a good starting place but that Eric might want to contact Kenneth Lay. He went on to say that Kenneth was Dewayne Rees' cousin and started telling about all of your fine attributes and what a fine company Enron is! He thinks you have done quiet well for yourself! Anyway, when he finally let me say something I informed him that you was also my mothers first cousin and the rest of us claimed you also! He had to think about that for a minute but finally put the connections together. Eddie has always been really good to my parents and to us. I worked for him several years ago and he takes credit for helping raise me!
Erin graduated from high school last Friday night. She was one of the valedictorians and we are very proud of her! She accomplished this while working part-time at First National Bank and she also completed 12 credit hours of college this year. She is planning on attending SMSU in Springfield in the fall. In the more immediate future, she plans to fly to Dallas the first of June to spend a week with one of her friends families. She did this last year and they took her to San Antonio. They really spoil her and she has decided that Texas is the best place in the whole country!
So how is your family? Any new grandchildren? We hope you and your family are having a great year! Keep in touch!
Your cousin,
Janice Maxwell | {
"pile_set_name": "Enron Emails"
} |
We are not planning at this point to put a swap in place, what has happened
in the past is that TD have agreed a fixed rate with us and we have suggested
that they do the same this time. If not we will hedge internally with our
desk and they will back it out into the market.
Treasa | {
"pile_set_name": "Enron Emails"
} |
Cara,
We are short 14 mws at the Portland General System in position manager for Friday, July 20th. HE 5 and HE 6. Pacificorp deal #694155 is not in for those hours.
Could you look into this?
Thanks,
Bill | {
"pile_set_name": "Enron Emails"
} |
Are you sure you want to go to that trouble? I could just have you take
them to work and give them to Shawna and then I could pick them up from
her. I'm not sure that I trust the US Mail that much. My address is 501 W
16th St, 77008, though if you prefer to go that route. What do I owe you
for them? I can mail you a check if you want, or I could send some money
with Shawna.
Just let me know what you want to do.
Thanks
[email protected] on 11/13/2000 06:46:32 PM
To: [email protected]
cc:
Subject: Re:
It would probably be easiest for me to mail them to you. What is your
address?
kjobrien@duke-
energy.com To: [email protected]
cc:
11/13/2000 Subject: Re:
02:04 PM
You are so sweet! Only a truly nice person would subject themselves to
someone else's corporate Christmas party. I promise to lose a few pounds
before then, so I can squeeze into this sexy little dress that I bought for
my Tahoe trip, so you won't be too embarassed to be seen with me. David
has pre-approved it. The party is at the Four Seasons Hotel on Lamar.
As for the UT tickets, the only night I'm in town before Friday is Wed
night. Are you around that night?
[email protected] on 11/13/2000 01:54:55 PM
To: [email protected]
cc:
Subject: Re:
Hey,
Yes, I am still headed to Spain. I am actually leaving on Friday, so I
need to get those tickets to you pretty soon. Let me know what days you
are in town this week.
The 8th works for me. Where is the Duke party this year?
G
kjobrien@duke-
energy.com To: [email protected]
cc:
11/10/2000 Subject:
01:24 PM
Hey man! Haven't talked to you in awhile. Hope things are good. David
reminded me about the game the other day. Are you still headed to Spain
for Thanksgiving? If so, let me know when you want to get together and do
the ticket/money swap. I'll be in Florida this weekend, but should be home
on weekends after that for awhile. Or, we can do it one week night if I'm
in town. Unfortunately, my travel schedule is not slowing down around the
holidays like I'd hoped.
I also have another favor to ask - is there any chance you would go to our
Christmas party with me on Dec 8 if I go? David will obviously be there,
too. I'm such a loser that I've had to go by myself the last three years
and that's such a drag. Let me know if you think you'd consider it. | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/13/02; HourAhead hour: 16; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011316.txt | {
"pile_set_name": "Enron Emails"
} |
Bummer. Too bad all of us are captive to Eric's schedule.
Bill and I enjoyed our too-short trip to the GC. We hiked down Bright Angel
trail to the second rest stop, which was plenty for me. It was pretty hot.
Wish we could have stuck around longer but Bill had to be back for a trial.
Talk about restrictive travel schedules.
I was thinking about you and Karin and wanting to take your customary nature
trips...you know, when Grayson is a little older, we could go on some trips
and just take turns staying at the hotel/cabin with her while everyone else
goes hiking/climbing/whatever. You might have to pay for extra hotel days
that way, but at least you would get to go. In the meantime, what about
staying in one place for a week or so -- a beach house, for example. Eric
permitting, I think it would be fun to get everyone together in Florida or
Colorado sometime within the next year.
My car is ready at the shop. Yay!
Ciao,
Sus.
"Shelton, Jim" <[email protected]> on 05/05/2000 08:55:34 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: here we go again
Sus:
Not to complain,but AARRRRRRRRRRGGGHHHHHHHHH!!!!!!!!!!!!!!!!
Now that we have canceled our reservations for the cabin at Zion for the end
of October, because Eric's window of opportunity for travel in California
was limited to that specific two week period, and have been on the phone for
a week making earlier arrangements and putting a deposit down, it seems
that, "well, you see there is this car race in Carmel and, well we would
really rather go earlier in the month"
Well we lost the cabin and spent money for accommodations that are not as
good, and that's why we checked before.
tuff
jim | {
"pile_set_name": "Enron Emails"
} |
Students, Faculty, and Staff,
A hard copy of the latest Fall 2001 Module Schedule and Calendar (Rev. C)
were placed in your mailbox on Thursday. Please review over the calendar
closely for changes made. I have also posted the latest Fall 2001 Module
Schedule and Calendar (Rev. C) to EMBANET.
REMINDER: THE JONES GRADUATE SCHOOL DOES NOT ALWAYS FOLLOW THE UNIVERSITY
CALENDAR ON SCHEDULED BREAKS, EXAMS, ETC.... ALWAYS REFER TO JONES
GRADUATE SCHOOL INFORMATION REGARDING BREAKS, EXAM SCHEDULES, ETC....
Thanks,
Kathy
Kathy M. Spradling
MBA Program Coordinator
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas 77005-1892
Phone: (713) 348-3313
Fax: (713) 348-5251
Email: [email protected]
http://www.rice.edu/jgs
E-mail: [email protected]
http://www.ruf.rice.edu/~jgs/ | {
"pile_set_name": "Enron Emails"
} |
Wonder how much worse it would have been if we had started with a doc that
you and I liked.
"Keffer, John" <[email protected]> on 03/25/2001 05:20:37 PM
To: "C. Kay Mann (E-mail)" <[email protected]>
cc:
Subject: FW: A revision to your revision
whoopee!
-----Original Message-----
From: DeBerry, Jeremiah A. [mailto:[email protected]]
Sent: Sunday, March 25, 2001 5:24 PM
To: 'Keffer, John'
Subject: RE: A revision to your revision
Your change is fine. Please send a clean and blackline of the final.
Thanks.
-----Original Message-----
From: Keffer, John [mailto:[email protected]]
Sent: Sunday, March 25, 2001 6:14 PM
To: Jeremiah A. DeBerry (E-mail)
Cc: C. Kay Mann (E-mail)
Subject: A revision to your revision
Let me know if this is acceptable
<<Redlined Exclusivity Agreement_.doc>>
Confidentiality Notice
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"paulhastings.com" made the following annotations on 03/25/01 18:23:58
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NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP
We have changed our e-mail address. Our new domain name is
paulhastings.com. In most cases, our address is composed of conventional
first name and last name plus @paulhastings.com. Here are two examples:
[email protected] and [email protected]. If you have any
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"The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
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taking of any action in reliance upon, this information by persons or
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Are we then in the process of opening a brokerage account for ENA?
03/15/2001 09:56 AM
Cheryl Nelson
Cheryl Nelson
Cheryl Nelson
03/15/2001 09:56 AM
03/15/2001 09:56 AM
Sent by: Cheryl Nelson
To: Stephanie Panus/NA/Enron@Enron
cc: Samantha Boyd/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT
Subject: Re: J.P. Morgan
Right, neither the file nor Aneela's list indicated that we wanted such an
account; we only determined that we'd need such an account when I
doublechecked with Aneela yesterday. Can you enter in lotus notes or catch
me while you are doing it so I can see how it is done?
Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
Stephanie Panus
03/15/2001 09:28 AM
To: Cheryl Nelson/NA/Enron@Enron
cc: Sara Shackleton/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
Subject: J.P. Morgan
Cheryl,
Regarding the J.P. Morgan electronic agreements in connection with the
existing brokerage accounts, ECT Investments has an account with J.P. Morgan
but I see no record of an account with ENA either in Lotus Notes or in the
files. | {
"pile_set_name": "Enron Emails"
} |
David Portz will handle - QSE in ERCOT is nearly done
William S Bradford/ENRON@enronXgate
03/20/2001 08:06 AM
To: Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: FW: EPMI agreements
Elizabeth,
Who on your team will be working on the agreements with New Power?
Bill
-----Original Message-----
From: John Ranieri/HOU/NewPower@NEWPOWER
[mailto:[email protected]]
Sent: Monday, March 19, 2001 6:25 PM
To: Bradford, William S.
Subject: EPMI agreements
Bill,
I left a message for E. Sager to get the EPMI agreements moving for both
power trading and scheduling. Anything you can do to get these moving is
appreciated.
John | {
"pile_set_name": "Enron Emails"
} |
I would prefer to leave my name off this memo and we can address Rich at the EBS level. Getting known as the corporate "hatchet man" (as has now been expressed to me many times over the last several days) does not appear to be a career enhancing move as well as security personnel have indicated that I may encounter significant personal exposure as it relates to my proposed role.
I will continue to assist in the restructuring of Enron Corp. but have no interest in painting a bulls eye on my chest or endangering my family.
Regards,
Jim
-----Original Message-----
From: Kean, Steven J.
Sent: Friday, November 16, 2001 4:49 PM
To: Kitchen, Louise; Whalley, Greg; Fallon, Jim; McMahon, Jeffrey
Cc: Clark, Mary; Palmer, Mark A. (PR); Denne, Karen
Subject:
Please review for send out Monday.
<< File: 111601Announcement.doc >> | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Imai, Rika
Sent: Wednesday, November 21, 2001 10:51 AM
To: Black, Tamara Jae
Subject: AGENDA FOR PIRA PRESENTATION
TJ,
Please send this out to all the traders
___________________________________________________________________________________________________________________
PIRA will be here on Monday, December 3rd from 3:30-5:30.
The meeting will be located on the 6th floor in room 6980.
If you have any specific topics you would like to have covered, please feel free to send me an e-mail
Thank You
Rika
Electricity & Fuels Briefing
Allan M. Stewart, Managing Director
AGENDA
Agenda: This Agenda sets out a broad set of topics which will be covered in handout charts and tables accompanying this briefing. Active participation is encouraged to help efficiently utilize the time of discussion in line with areas of greatest interest. In addition any questions forwarded in advance will be addressed.
Briefing Objective: Review and analyze key drivers of electricity & fuel prices at various regional markets throughout North America, with a special emphasis on those subregions of the Eastern Grids. Discuss the key factors/risks in PIRA's reference case outlook and explore important alternative scenarios. Principal timeframes will be now through 3Q2002 (short-term), and 2002-4 (medium-term). There will be a brief discussion of strategic issues and those relating to longer-term timeframes.
Short-Term Electricity & Fuels Outlook (Next 12 Months)
Electricity Price Outlook (vs. Current Consensus)
Overall Load, Resource & Price Assessments
Capacity Modeling & Results
Hydro, Fuels, & Environmental Developments
Implications for Natural Gas Demand/Prices
Medium-Term Electricity & Fuels Outlook (1 -3 Years)
Capacity Outlook
Survey Results & Implications For Prices & Asset Values
Structural Change Prospects and Potential Impacts
Strategic Implications For Traders/Asset Managers
Implications for Natural Gas Demand/Prices
Longer-Term & Strategic Issues for Future Electricity & Fuels Markets
- Outlook For Capacity Additions, Retirements, Environmental Factors & Prices
Potential Strategy Options For Consideration
Fuels & Emissions Markets
Natural Gas, Oil, and Coal Market Outlooks & Risks
Significant Emission Markets Developments | {
"pile_set_name": "Enron Emails"
} |
I read the chapter. Generally,
I like it, and find it non-controversial
and well written. Of course, this is
a huge topic and there are things
that you haven't discussed.
I thought the amount of attention
paid to OLS and MLE estimation
was a bit overboard, given that you
didn't really exploit it in your
results. If you were to state
the likelihood function for
the GARCH model, it might justify
the amount of attention to
gave to estimation for
simple iid processes, which could then
be thought of as a simple lead-in
and intuition builder to
the more interesting models that
you do actually use.
By the way, in your discussion of
smiles, you discuss fat tails
extensively. At least for equity markets,
while fat tails contribute, they don't do very
much at all compared to the effect
of risk premia, which you allude to briefly,
using supply-demand language, at the
end of that section.
For the impact of risk premia, see
Jun Pan's paper, which is available
from her web page. But she covers
only SP500, (as do most studies),
and your markets are obviously much different.
The chapter will be a good service to your readers!
Best, Darrell
> X-Lotus-FromDomain: ECT
> From: "Vince J Kaminski" <[email protected]>
> To: Darrell Duffie <[email protected]>
> cc: "Grant Masson" <[email protected]>, "Vince J Kaminski"
<[email protected]>
> Date: Wed, 16 Aug 2000 16:37:53 -0500
> Subject: Re: Full version
> Mime-Version: 1.0
> Content-Disposition: inline
> X-UIDL: 00453eda98c82d709e6123af537e4f63
> X-Keywords:
>
>
>
> Darrell,
>
> Thanks a lot. I really appreciate it. The text is below our usual
> standards but we are completely swamped with work here.
>
> Vince
>
>
>
>
>
>
>
> Darrell Duffie <[email protected]> on 08/15/2000 04:54:23 PM
>
> Please respond to Darrell Duffie <[email protected]>
>
> To: [email protected]
> cc:
> Subject: Re: Full version
>
>
> I'll have a look!
>
> I haven't much time, but can certainly
> get you a quick reaction, at least!
>
> Best, Darrell
>
>
> > X-Lotus-FromDomain: ECT
> > From: "Vince J Kaminski" <[email protected]>
> > To: [email protected]
> > Date: Thu, 10 Aug 2000 14:04:47 -0500
> > Subject: Full version
> > Mime-Version: 1.0
> > Content-Disposition: inline
> > X-UIDL: 9fef7462afa5d4ee6c04c9c02df71b25
> > X-Keywords:
> >
> >
> >
> > Darrell,
> >
> > Grant just alerted me that I sent you only part of the text.
> >
> > Here is the full chapter with an aged version of Gran't part.
> > What I sent you represents an update of his contribution.
> >
> > Sorry for that.
> >
> > Vince
> >
> > (See attached file: vol0720.DOC)
>
> _____________________________________________
> Darrell Duffie
> mail GSB Stanford CA 94305-5015 USA
> phone 650 723 1976
> fax 650 725 7979
> email [email protected]
> web http://www.stanford.edu/~duffie/
> _____________________________________________
>
>
>
>
>
>
>
_____________________________________________
Darrell Duffie
mail GSB Stanford CA 94305-5015 USA
phone 650 723 1976
fax 650 725 7979
email [email protected]
web http://www.stanford.edu/~duffie/
_____________________________________________ | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Capasso, Joe
Sent: Saturday, September 01, 2001 12:33 PM
To: '[email protected]'; Forney, John M.
Subject: FW:
-----Original Message-----
From: Capasso, Joe
Sent: Saturday, September 01, 2001 12:30 PM
To: '[email protected]'
Cc: 'ercot.com,[email protected]'
Subject:
Mark/ Pat,
Please see the attached file.
It includes a screen print of the xml price curve and the deployment message.
In my conversation with Pat Moast this weekend, I am concerned that we are getting deployed when we should not be.
Today, (i.e. - 9/1/ 2001) the market clearing prices have been approximately $14 (1300HE) to $24 (1200HE) and we have been
getting deployed. According to Allgowed at the Real-Time Desk at Ercot, we are getting the MCP when we are deployed.
This brings up two questions.
First, should we be getting deployed based on our Price Curve (see attachment for an example)?
Secondly, are we getting the MCP or the Bid price within the Price Curve?
Please contact us asap to rectify the problem.
Sincerely,
Joe Capassso
Enron Power Marketing Inc. | {
"pile_set_name": "Enron Emails"
} |
strong!
-----Original Message-----
From: <[email protected]>@ENRON [mailto:IMCEANOTES-+3Cdevin+2Ec+2Ehall+40us+2Epwcglobal+2Ecom+3E+40ENRON@ENRON.com]
Sent: Tuesday, May 29, 2001 4:28 PM
To: Carson, Mike
Subject: RE: attire
Mike,
If you have any trouble finding the restaurant, I've included directions
below:
To Chapel Hill from RDU Airport:
Take I-40 West and proceed to exit 273 B which is
highway 54 West.
Proceed on 54 West which turns into Raleigh Road. Do not exit on 54-15-501
Bypass. At Country Club Road turn right. This is 3.9 miles from I-40.
Drive on Country Club Road for .4 mile and turn right on Raleigh Street.
Drive .2 mile on Raleigh Street to Franklin Street ( this is the main
street that runs through downtown Chapel Hill) and turn left on Franklin
Street.
Proceed west on Franklin Street and you will see University Presbyterian
Church on your right .3 mile and then continue another .4 mile and you
will see Michael Jordan's 23 on your right.
If you have any trouble, please call my cell (913) 481-4632.
Thanks,
Devin
To: "Carson, Mike" <[email protected]> @ INTL
cc:
From: Devin C. Hall/US/TLS/PwC
Date: 05/29/2001 04:07:18 PM
Subject: (Document link: Database 'Devin Hall', View 'All by Category')
RE: attire
Mike,
Business casual will be fine.
Thanks,
Devin
To: Devin C. Hall/US/TLS/PwC@Americas-US
cc:
From: "Carson, Mike" <[email protected]>
Date: 05/29/2001 04:01:44 PM EST
Subject: RE: attire
[Carson, Mikew [Carson, Mike] w hat is the attire for the
rehearsal dinner??
> MC
----------------------------------------------------------------
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer. | {
"pile_set_name": "Enron Emails"
} |
Jeff, Shane Lakho is currently preparing several TPA for Enron Energy Services and another EES entity. I know that portions of EES are rolling into wholesale. Should we be initialing for EES? The agreements are Enron's standard TPA form so there shouldn't be any issues. | {
"pile_set_name": "Enron Emails"
} |
Okay with me. Go ahead and make your arrangements for the headset.
Vanessa Griffin/ENRON@enronXgate
05/08/2001 03:12 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc:
Subject: Headset
I would like to order a headset for my telephone, much like the ones that
Taffy, Mary Helen and Carlos have. Are you open to that and if so, will you
approve it? It is just a matter of ordering it through Superior Headset
Service, Inc.
Vanessa Griffin
Enron Corp.
1400 Smith St., Suite 3867
Houston, TX 77002
(713) 853-5088 | {
"pile_set_name": "Enron Emails"
} |
Lets talk tomorrow about the whole basket of TW issues, including this one.
thanks. df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/20/2001
10:30 PM ---------------------------
From: Jeffery Fawcett/ENRON@enronxgate on 03/20/2001 04:48 PM
To: Lorraine Lindberg/Enron@enronXgate, Steven Harris/ET&S/Enron@ENRON, Kevin
Hyatt/ENRON@enronxgate, Susan Scott/ENRON@enronXgate, Drew
Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON
cc:
Subject: U.S. Gypsum request for capacity
I fielded a call today from Mr. Rob Cooper of U.S. Gypsum. Mr. Cooper
indicated that he's been in contact with Lorraine for purposes of acquiring
Red Rock expansion capacity. Moreover, Mr. Cooper has been in contact with
SoCal Gas in order that SoCal Gas recognize firm deliveries from Transwestern
at Needles in excess of the current (sustainable) limit of 750 MMcf/d.
Mr. Cooper insists that he is making progress with SoCal Gas aimed at lifting
the 750 window to 760, and that SoCal Gas has indicated U.S. Gypsum would be
entitled to an exclusive right to the increased amount. While trying not to
be argumentative, I told Mr. Cooper that if SoCal Gas was willing to set
aside a discrete increment of capacity for a single shipper, it would be a
radical departure from current SoCal Gas policy. Currently, SoCal Gas does
not provide unbundled intrastate transmission. They have only accepted or
not accepted pipeline nominations, as the case may be, as an aggregate
volume, with no distinction being drawn on who the upstream shippers were.
I set about to try to explain that there is no correlation (other than
coincidental timing) between (1) TW discussions with SoCal Gas at raising the
capacity window at Needles and (2) TW's effort to sell Red Rock Expansion
space. In addition, I attempted to explain that TW feels it will be required
to follow certain rules pursuant to its tariff and FERC policy associated
with making new delivery point capacity available on a non-discriminatory
basis. With respect to this issue, I told Mr. Cooper that, although we're
currently discussing it, we'd yet to come to any decision on how, if
incremental capacity does become available at Needles, TW would make such
delivery point capacity available to its shippers.
Mr. Cooper then proceeded to launch into a diatribe about how, if that's the
case, then "he's wasted 3 weeks in active negotiations" with both SoCal Gas
and TW aimed at securing capacity at Needles. He said on several occasions
that "end game" for him was to secure a firm portal from the interstate
system onto and through the SoCal Gas system. Mr. Cooper also expressed a
concern that if he's forced into a competitive bidding situation with other
big marketing companies (in his words, "such as ENA") for Needles capacity,
then he probably couldn't compete, and once again, would be left on the
outside looking in. He pointed to the El Paso Merchant deal on EPNG as a
prime example.
Mr. Cooper said he wasn't ready to accept my explanation as to why TW
couldn't commit to offering U.S. Gypsum an exclusive right to any incremental
Needles capacity, and asked that I formally "run it up the flagpole" to
senior management and get back with him by telephone with TW's "official
position." As an editorial comment, I'm not sure Mr. Cooper completely
understands (or cares about) the landscape here. I'd go so far as to say
that from his style and the tone of his conversation with me, he won't easily
take "no" or even a "maybe" as an answer. The difficulty for TW is going to
be in trying to persuade him that we're interested in his business and
sympathize with his position, but that we face real legal and/or regulatory
issues here, and they cannot be dismissed or ignored by U.S. Gypsum or any
other customer.
I'd like to be in a position to call him back on Friday and give him TW's
"official position" on his request for Needles service in the Red Rock
expansion. Thoughts? Suggestions? Help? | {
"pile_set_name": "Enron Emails"
} |
Please let me know if you would like a copy of the agreement that was accepted by FERC as described below.
Susan Scott Lindberg
[email protected]
713.853.0596
Entergy Services, Inc. ER01-2010-000. Interconnection and Operating Agreement Restated. On June 7 2001, FERC issues an order that accepts Entergy Services, Inc.'s, acting as agent for Entergy Gulf States, Inc., May 9, 2001 amended and restated interconnection and operating agreement, intended to supersede a previous agreement, between Entergy Gulf States and Hartburg Power, LP. In its May 9 filing, Hartburg Power, LP explained that it intends to own and operate an 810 MW electric generating facility located in Newton County, Texas. Requests for Rehearing due July 6. | {
"pile_set_name": "Enron Emails"
} |
FYI
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
03/23/99 04:36 PM ---------------------------
Shirley Maddox
03/23/99 03:33 PM
To: Patricia Cini/HOU/ECT@ECT, Neerav
Nanavaty/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Neal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Debbie R Brackett/HOU/ECT@ECT,
Peter Keohane/CAL/ECT@ECT, Robert Benson/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Christopher F Calger/CAL/ECT@ECT, Nella
Cappelletto/CAL/ECT@ECT, Larry G Cash/HOU/ECT@ECT, Brad Coleman/HOU/ECT@ECT,
Michael Cowan/CAL/ECT@ECT, Derek Davies/CAL/ECT@ECT, Cheryl
Dawes/CAL/ECT@ECT, Paul Devries/CAL/ECT@ECT, Terry W Donovan/HOU/ECT@ECT, Ian
Dundas/CAL/ECT@ECT, Sheila Glover/HOU/ECT@ECT, John Gorman/CAL/ECT@ECT, Jeff
Harbert/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Dwayne L Hart/HOU/ECT@ECT,
Peggy E Hedstrom/CAL/ECT@ECT, Brent Hendry/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Keith Holst/HOU/ECT@ECT, Mary L Hopkins/CAL/ECT@ECT, Steve
Jackson/HOU/ECT@ECT, Calvin Johnson/CAL/ECT@ECT, Kyle Kitagawa/CAL/ECT@ECT,
John J Lavorato/CAL/ECT@ECT, Cliff Lawrick/CAL/ECT@ECT, Eric
LeDain/CAL/ECT@ECT, Rob Milnthorp/CAL/ECT@ECT, Beth S Perlman/LON/ECT@ECT, Bo
Petersen/LON/ECT@ECT, Brent A Price/HOU/ECT@ECT, Laura E Scott/CAL/ECT@ECT,
Dianne Seib/CAL/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Jefferson D
Sorenson/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT, Mark - ECT Legal
Taylor/HOU/ECT@ECT, Barry Tycholiz/CAL/ECT@ECT, Paul Waine/LON/ECT@ECT,
Brandon Wax/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Jan Wilson/CAL/ECT@ECT, Alan
Wright/CAL/ECT@ECT, Christian Yoder/HOU/ECT@ECT
cc:
Subject: Canadian Credit Watch
Attached is the updated Credit Watch listing. If there are personnel in your
group that were not included in this distribution, please insure that they
receive a copy of this report.
To add additional people to this distribution, or if this report has been
sent to you in error, please contact Shirley Maddox at X6114.
For other questions, please contact Bill Bradford at X3-3831, Russell Diamond
at X5-7095, or the Global Credit Hotline at X3-1803.
---------------------- Forwarded by Shirley Maddox/HOU/ECT on 03/23/99 03:30
PM ---------------------------
Russell Diamond
03/23/99 09:45 AM
To: Shirley Maddox/HOU/ECT@ECT
cc:
Subject: Canadian Credit Watch
Shirley,
Please distribute,
Thanks
Russell | {
"pile_set_name": "Enron Emails"
} |
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