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Attached for your review is a list of the NDAs we either have executed or
have sent drafts to the customer. Please take time to review this list to
make sure that the status of any NDA you are interested in is correctly
reflected. Call me at x33399 with any comments or questions. | {
"pile_set_name": "Enron Emails"
} |
Susan,
I am plus/minus on the movie - just a thought.
You are glowing? I have the shakes - being with you makes so happy. The
shear excitement I have when I get an e-mail from is embarrassing.
craig
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, October 13, 2000 9:37 AM
To: Craig Lindberg
Subject: Re: FW:
Craig, I'll fill you in on HH plans.
I could be up for a movie.
S.
P.s. I'm glowing today!
Craig Lindberg <[email protected]> on 10/13/2000 09:07:01 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW:
Of course, I meant Ann.
-----Original Message-----
From: Craig Lindberg
Sent: Friday, October 13, 2000 8:54 AM
To: '[email protected]'
Subject: RE:
Sooz,
Regarding tonight:
I am in for happy hour and/or the gallery. I like to meet Susan. I plan on
do a quick run at lunch.
Could do a movie later.
the craig | {
"pile_set_name": "Enron Emails"
} |
Thanks. I put in a call to those guys and am waiting to hear back. In the
meantime, maybe you could call their in house counsel to get reaquainted
since you've already worked together...
One other item - the Pompano developers agreement - I need to talk to you
about this tomorrow (early if possible) as local counsel is waiting for our
comments. I heard rumor that AEW was still working on this despite her
vacation. In any case, we need to get some comments back to Debbie Orshefsky
on Thursday if possible.
Regards,
Ben
-----Original Message-----
From: Mann, Kay
Sent: Tue 5/29/2001 1:22 PM
To: Jacoby, Ben
Cc:
Subject: Re: Conference call w/ TECO
Anytime which works for you is fine, as this is more important than my other
meeting.
From: Ben Jacoby/ENRON@enronXgate on 05/29/2001 01:19 PM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: Conference call w/ TECO
Kay:
My afternoon tomorrow looks full - do you have any time before 2 PM to
discuss the TECO MOU and have a call with them? I will check their schedules
as well... | {
"pile_set_name": "Enron Emails"
} |
NGI's Daily Gas Price Index
published : October 29, 2001
ALJ Clears Transwestern of Market Power Charges
A FERC administrative law judge has found no improprieties, nor evidence of the exercise of market power in negotiated rate contracts between Transwestern Pipeline and two shippers on its system, which resulted in the shippers being charged as much as $27/MMBtu last February, far in excess of the pipeline's allowed transportation rate of 38 cents/MMBtu (RP97-288-009).
ALJ Jacob Leventhal had only one fault to find, and that was with Transwestern's method of posting capacity. The judge said, and Transwestern agreed, to modify its tariff "so that all posting, bidding and award procedures are set forth in a separate provision with an appropriate caption" on its Internet bulletin board. Shippers had said that reviewing capacity on the Transwestern web site was "a tortuous process."
Indicated Shippers claimed Transwestern's inadequate capacity posting and award procedures did not provide all interested parties with an opportunity to bid for the capacity that was available.
While "both Indicated Shippers and (FERC) Staff find it curious that SET (Sempra Energy Trading) and Richardson (Products Co.) were the sole bidders on the contracts awarded to each of them...curiosity does not translate into proof," the judge said. Witnesses in the expedited hearing testified no bids were considered in advance of the capacity posting. The judge subsequently found the capacity was awarded in a manner consistent with Transwestern's tariff.
Similarly, Levanthal could find no evidence that Transwestern exercised market power in negotiating the rates with shippers or withholding or threatening to withhold capacity. The capacity was available at recourse rates, and the shippers knew those rates were available. "Staff's arguments really are criticisms of the posting and award procedures, but do not demonstrate the exercise of market power."
The two shippers said they made a business decision to propose the "index-to-index" formula that produced the higher rates, rather than take the recourse rate "to minimize any risk on transportation options." The index-to-index formula refers to taking the difference between the daily published commodity prices at two different points and subtracting to get the transportation rate between them. In this case the two points were the San Juan Basin and the SoCal Needles delivery point.
The case was set for expedited hearing last summer by the commissioners acting on staff recommendations. | {
"pile_set_name": "Enron Emails"
} |
Everybody,
FYI: I will be out tomorrow 3/10/00 and all next week (3/13-3/17) on vacation.
Grant and Vincent can handle urgent matters while I am away.
Tanya. | {
"pile_set_name": "Enron Emails"
} |
I'll be at the Peninsula (55th & 5th) (212)956-2888. I will have my cell
phone but no guarantees that the battery will last (713)206-8080. Either of
the places you mentioned would be fine with me - my conference is at the PLI
Center (on 7th around 51st or 52nd). Just tell me when & where! | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/22/2000
08:11 AM ---------------------------
Enron North America Corp.
From: Grant Masson 05/18/2000 05:14 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: friday may19: gmasson
Vince:
I will be in the library tomorrow until about 1:00, then in the office for
the rest of the afternoon.
You can reach me on Valerie's cell phone:
281 381 9987
Grant. | {
"pile_set_name": "Enron Emails"
} |
Gentlemen,
At 4:30 pm today, we will be reviewing and requesting your approval to
establish Softs trading on EOL. Attached is a presentation prepared by
Darren and Trena for your review. (A hard copy will be delivered to your
office this morning.)
I'm not sure if additional approval is required beyond your authority. But,
please be aware that once we start building this business it will be somewhat
difficult to quickly terminate. Further, I'm not including this business or
the Softs brokerage business in the March 31, 2001 "go or no-go" decision for
building a general ag business.
Regards,
Gary
Approval: --------------------------------------
------------------------------------
Mike McConnell Jeff Shankman | {
"pile_set_name": "Enron Emails"
} |
This capacity is in ENA's name and we have been billing CES the demand charge
since January. The MDQ is 2300.
Thanks Joanie!
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/26/2000 11:07
AM ---------------------------
Joan Veselack@ENRON
04/26/2000 10:21 AM
To: Chris Germany/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON@ECT
Subject: Re: Titanium Metals capacity
It's contract 64939, term = 10/1/1999 to 9/30/2000.
Chris Germany@ECT
04/26/2000 09:59 AM
To: Joan Veselack/Corp/Enron@ENRON, Scott Goodell/Corp/Enron@ENRON
cc:
Subject: Titanium Metals capacity
Do you guys know which contract this is?
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/26/2000 09:58
AM ---------------------------
From: Colleen Sullivan 04/25/2000 08:24 AM
To: Chris Germany/HOU/ECT@ECT
cc: Mark Breese/HOU/ECT@ECT, Steve Jackson/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT
Subject: Titanium Metals capacity
Chris--see Melissa's note below.....per her note it would appear that part of
the capacity we valued in the Wholesale book (not Retail) was not really
capacity they owned. Can you give me the details on this capacity--what term
they gave it to us for, rate, receipt and delivery points, volume, etc. Then
we need to look at what impact it will have to take it out of the book.
Thanks for the help.
---------------------- Forwarded by Colleen Sullivan/HOU/ECT on 04/25/2000
08:21 AM ---------------------------
[email protected] on 04/24/2000 03:46:16 PM
To: " - *[email protected]" <[email protected]>
cc:
Subject: Titanium Metals capacity
Colleen,
As I understand it, we were acting as Agent for TCO capacity owned by Titanium
Metals, and that capacity was incorrectly incorporated into the sale of our
Wholesale book. Could you please look into this on your end and let me know
how to best proceed with correcting this situation.
Thanks,
Melissa (703-561-6408) | {
"pile_set_name": "Enron Emails"
} |
Surplus of Finger-Pointing In California Energy Crisis
The New York Times, 06/05/01
Price-Curb Plan: Is It California Dreaming? --- Regulators Again Tackle Power
Market That Remains Chaotic
The Wall Street Journal, 06/05/01
TUNED IN 'Blackout' Tries to Shed Light on Crisis
Los Angeles Times, 06/05/01
Energy Alley to blame for California's woes?
Houston Chronicle, 06/05/01
PBS pledge drive alters schedule
Houston Chronicle, 06/05/01
PBS Shines Light on Energy Crisis
AP Online, 06/05/01
Senate to subpoena documents from power generators
Associated Press Newswires, 06/05/01
Panel OKs Subpoenas for Energy Companies Electricity: Special state Senate
committee will demand pricing information in inquiry into whether California
has been gouged.
Los Angeles Times, 06/05/01
Enron's Indian Creditors Seek to Save Dabhol Project (Update1)
Bloomberg, 06/05/01
ASIA-PACIFIC: Enron 'frustrated' by talks
Financial Times; Jun 5, 2001
New Securities Issues
The Wall Street Journal, 06/05/01
India Lenders Mtg Seeks To Salvage Enron Dabhol Pwr Proj
Dow Jones Energy Service, 06/05/01
Developments in California's energy crisis
Associated Press Newswires, 06/05/01
Marathon joins Saudi gas venture
Houston Chronicle, 06/05/01
India: Verbatim
Business Line (The Hindu), 06/05/01
Domtar buys G-P mills for $1.65B
The Daily Deal, 06/05/01
World Watch
The Wall Street Journal, 06/05/01
Environmentalists, Texas company in dispute over power money
Associated Press Newswires, 06/04/01
Newsprint Prices Seen Down As Weakness Persists In May
Dow Jones Commodities Service, 06/04/01
Alliance for Retail Energy Markets Media Statement In Response to the
Assembly Democratic Caucus' ``Fair Plan''
Business Wire, 06/04/01
PBS Documentary Goes Inside the Utilities
CNN: Live This Morning, 06/04/01
Bush Aide, Ethics Agency Differ Over Stock Sale Delay (Update1)
Bloomberg, 06/04/01
Marathon Gets Enron's 20% Stake in Saudi Gas Project (Update1)
Bloomberg, 06/04/01
Business/Financial Desk; Section A
Surplus of Finger-Pointing In California Energy Crisis
By RICHARD A. OPPEL Jr.
06/05/2001
The New York Times
Page 1, Column 1
c. 2001 New York Times Company
Natural gas prices have plunged in the last few months -- everywhere, that
is, but Southern California. While gas in New York costs about $4 per
thousand cubic feet, gas delivered to Southern California still costs more
than $11 wholesale.
That such numbers demand an explanation was about the only thing President
Bush and Gov. Gray Davis could agree on when they met in Los Angeles a few
days ago to discuss California's energy crisis. Mr. Bush assigned Patrick H.
Wood III, a fellow Texan confirmed last month as a member of the Federal
Energy Regulatory Commission, to investigate.
To many experts, the woes of California's natural gas market are as profound
as those of its electricity market: the state is short on pipelines, and the
rules of the gas market, critics say, encourage sellers and traders --
including the biggest local gas utility -- to drive prices higher.
At peak times, half of California's electricity is generated by gas-fired
power plants, a higher proportion than in most parts of the country. And
because 85 percent of the gas consumed in California comes from outside the
state, the shortage of pipelines both into California and within the state
has become a big handicap in fueling those plants. The strain has become
especially acute as drought in the Pacific Northwest has curtailed imports of
hydropower and gas-fired power plants have worked overtime to meet the
demands of a booming state economy.
Vice President Dick Cheney's energy policy report last month proposed
initiatives to speed approval and construction of new pipelines, noting that
New England and other regions faced capacity squeezes, too. The report says
that the United States needs 38,000 miles of new gas transmission pipelines,
almost a 20 percent increase.
In the meantime, some industry executives and public officials take the
argument one step further than the Bush administration, contending that
today's shortage of capacity has made it possible for energy companies,
intent on maximizing profits, to manipulate prices.
''It really strains credulity to say this is a functioning market,'' said
Representative Joe Barton, Republican of Texas, who as chairman of the House
energy subcommittee has been leaning on the Federal Energy Regulatory
Commission to scrutinize the California gas market. ''Reasonable people could
conclude people have gamed the system.''
In one significant case, California utility regulators and Southern
California Edison, one of the state's struggling electric utilities, have
accused the El Paso Corporation of using its control of a major pipeline into
the state to inflate prices artificially. El Paso officials deny wrongdoing
and accuse California officials of making the company a scapegoat for the
state's failure to build more pipelines. A judge at the federal energy
commission is hearing the case in Washington.
But fingers are pointing in other directions, too.
For example, the Southern California Gas Company, the state's largest gas
utility, has reaped huge profits buying and selling gas in the last year --
activity encouraged by state regulations intended to lower gas prices for
consumers. But some gas marketers and electricity generators contend that the
trading has contributed to price spikes, by tying up valuable pipeline space
during peak times with gas shipments driven by financial deals, not power
demands.
At the same time, Edison says that Southern California Gas failed to put
enough gas into storage last fall for residential and small-business
customers. If so, that would have driven the gas company back into the market
in the winter, when demand from power plant operators was high, helping push
gas -- and hence electricity -- prices yet higher, Edison complains.
Between them, El Paso and Southern California Gas were responsible for $3.7
billion in excess prices for energy in the last year, Edison contends.
Southern California Gas, a unit of Sempra Energy, denies that its trading has
harmed the market. Rather, its executives note that electricity generators
and industrial gas consumers -- which under state rules are responsible for
managing their own gas supplies -- put very little gas into storage last
year. By one estimate, large gas consumers in Southern California had only 11
percent as much gas in storage at the end of November as they did at the same
time during the prior two years.
Another problem may emerge this summer, according to William L. Massey, a
member of the federal energy commission. Mr. Massey said new commission rules
intended to limit electricity price spikes in California will almost
certainly prompt energy-trading companies -- which deal in both gas and
electricity -- to manipulate gas prices. That is because the rules allow
electricity generators to charge more if gas prices move higher.
Similarly, growing attention is being paid to the role played by financial
trading tied to the price of electricity and natural gas. Industry critics
question whether huge trading volumes in these financial derivatives gives
energy marketing companies the incentive to manipulate prices in tight
markets.
Federal regulators ''don't seem to understand that firms are really trying to
make as much money as they can,'' said Severin Borenstein, director of the
University of California Energy Institute, a research organization on the
Berkeley campus. ''That's what they do for a living.''
Fixing the problem is simple, Mr. Borenstein said. ''If you build more
capacity,'' he said, ''you reduce both the scarcity issue and you reduce the
ability of people who currently own capacity to exercise market power.''
Regardless of whether companies are manipulating prices, the California
natural gas market is fattening bottom lines. In the El Paso case, testimony
has shown that pipeline capacity acquired by the company's marketing
affiliate in March 2000 for $38.5 million produced profits of almost $900
million over the next 13 months.
El Paso said its share of those profits was $184 million, the rest going to
other companies with which it entered into hedging transactions intended to
limit El Paso's exposure if gas prices fell. About half of those transactions
were with the biggest energy trader, the Enron Corporation, according to
people present at briefings El Paso officials have given to California
officials.
An Enron spokesman, Mark Palmer, said it was possible that Enron took the
other side of the trades, but he said that Enron would have resold the
pipeline capacity almost immediately, thus profiting little from the rise of
gas prices in California.
Federal regulators, concerned that the high gas prices in California may not
be legitimate, have proposed requiring companies selling gas in the state to
disclose extensive data about their transactions. They are also considering
whether to reimpose price caps on short-term sales of pipeline capacity that
were eliminated early last year.
Further, regulators are scrutinizing the so-called gray market in which
energy marketers bundle gas and transmission capacity and sell it to large
customers, like electricity generators, for one price. Federal regulators
have oversight responsibility for the interstate portion of gas shipments,
but they have not looked closely at these bundled transactions, Mr. Massey
said.
''The whole thing has fallen through the cracks,'' he said.
Nearly all of California's gas comes from the Southwest, the Rocky Mountain
states and Canada through a few huge, highly pressurized pipelines. In
California, the gas is shunted onto intrastate pipelines that deliver it to
consumers and to underground storage fields for later use.
Those pipelines are now largely running full, and their capacity is about 300
million cubic feet a day less than what interstate pipelines can deliver. The
difference is the amount of gas it takes to continuously fuel a 1,300
megawatt power plant -- enough to light more than a million homes.
''It's not resources, it's straws -- the straws needed to suck this gas where
it needs to go,'' said Thom Kelly, assistant executive director of the
California Energy Commission. ''If the straws are full, that's a problem.''
Operators of interstate pipelines have proposed new construction that could
double delivery to the state. Indeed, odd as it seems now, some in the
industry worry that California could be ''overpiped'' later this decade, just
as it was in the mid-1990's.
Likewise, Southern California Gas plans only limited expansion of its
in-state pipelines, partly because it expects demand to fall as hydroelectric
power supplies return to normal levels and older, less efficient gas-fired
power plants are phased out.
But the gas company's intentions are regarded with skepticism by others in
the industry. Some executives contend that Southern California Gas has
damaged the marketplace through its enthusiastic embrace of a state program
that allows it to split with customers the profits from buying, selling and
lending gas.
A coalition of power generators, including Reliant Energy, the Williams
Companies and the Los Angeles Department of Water and Power, has complained
to state officials that the program ''creates perverse incentives'' for the
gas company. The generators say it results in extra demand for pipeline space
when capacity already is at a premium, making prices more volatile.
The consequences of the gas company's low storage inventories were evident in
early December, according to John Stout, a senior Reliant executive. He
recalled listening in on a conference call as a Southern California Gas
official talked about injecting gas into storage. ''I was floored,'' Mr.
Stout said. ''Prices were sky high, and they were putting more upward
pressure on prices.''
Lee M. Stewart, president of energy transportation services for Southern
California Gas, called the criticism ''bogus.'' The utility's storage and
trading practices have neither hurt the market nor curtailed gas sales to
customers, he said.
''To say gas prices drive electricity prices is a falsehood,'' Mr. Stewart
added.
But to many regulators, it is clear that gas prices play an increasingly
important role in electricity prices.
Problems in the California natural gas markets ''haven't been given the
prominence they deserve for the detrimental role they are playing in high
electricity prices,'' said Linda K. Breathitt, another member of the federal
energy commission. ''Natural gas prices have been the stepchild of this
California crisis.''
This article is part of a joint reporting project with the PBS series
''Frontline,'' which will broadcast a documentary about California's energy
crisis tonight.
Photo: This Redondo Beach, Calif., power plant, owned by the AES Corporation,
uses natural gas, as do almost half of the state's electric plants. About 85
percent of the gas consumed in California comes from outside the state.
(Agence France-Presse)(pg. C12) Chart/Map: ''A Vital Network Under Pressure''
Though California is crisscrossed by natural gas pipelines, capacity is
limited, magnifying the state's energy woes. Half of California's electricity
is generated by gas-fired power plants, and the shortage of highly
pressurized pipelines both into California and within the state has become a
big handicap in fueling those plants. (Source: California Energy
Commission)(pg. C12)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Economy
Price-Curb Plan: Is It California Dreaming? --- Regulators Again Tackle Power
Market That Remains Chaotic
By John R. Emshwiller
Staff Reporter of The Wall Street Journal
06/05/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Federal regulators have launched yet another attempt to control California's
out-of-control wholesale electricity market. But like previous efforts, it
could have limited effectiveness.
Already, critics are predicting failure for the new "price mitigation" plan
that the Federal Energy Regulatory Commission put into effect last week. The
FERC's pricing plan is again "laced with loopholes," says California Gov.
Gray Davis, who says that "it's worse than too little, too late."
Backers say the new initiative is more comprehensive and less susceptible to
manipulation by power suppliers than previous efforts. They note that some
electricity prices fell last week following implementation of the order. A
spokeswoman for the California Independent System Operator, which runs the
state's transmission grid and has been critical of the new FERC plan, says it
is too early for her organization to evaluate the initiative's impact.
FERC's new plan attempts to control prices during periods of relatively tight
supply. In contrast to previous controls that had specific dollar targets,
the new plan uses a fluctuating market price derived from production costs at
California plants. Prices above this benchmark will be subject to FERC review
and possible refunds by suppliers.
The price-control efforts have been prompted by a botched 1996 California
utility-deregulation plan that contributed to leaving the state with
extremely tight power supplies. In May 2000, wholesale electricity prices
began soaring. Power that previously fetched $20 to $40 a megawatt hour began
trading for hundreds of dollars.
Officials first tried price caps. For example, caps ranging from $750 down to
$250 a megawatt hour have been in place at various times on the power that
the ISO buys, at the last minute, to avoid shortages. During several hundred
hours last summer, it appeared that the caps restrained some electricity
prices from going higher, according to a recent study by the California State
Auditor.
The market became progressively tougher to control, though. Under the state's
deregulation design, the vast majority of the power needs was to be purchased
a day ahead of time. As the crisis worsened last year, suppliers and buyers
began to see economic advantages from doing more transactions in the ISO
real-time, last-minute market. Eventually, more than a quarter of the
system's electricity needs were, at times, obtained through the ISO market,
far more than ever anticipated.
Having so many last-minute purchases endangered the reliability of the
transmission system. To discourage transactions in the last-minute market,
officials began ratcheting down the price cap there, lowering it to $250 in
August.
But suppliers apparently found ways to avoid the tighter cap. One such method
is known as "megawatt laundering." Since the caps didn't apply to power
coming from out-of-state suppliers, California generators had an incentive to
sell power to a purchaser in another state, who could then quickly sell back
the juice through the ISO at whatever the market would bear.
After the ISO price cap went down to $250, so-called out-of-market
transactions, which include out-of-state power purchases, soared to an
average of 5,000 megawatts an hour by early December from almost nothing. At
the same time, sales through the ISO's real-time market fell to a trickle.
Prices of the out-of-market transactions in December averaged $461 a megawatt
hour, nearly twice the price cap.
Part of this surge might be explained by a sharp rise in the cost of natural
gas, a major power-plant fuel. As rising fuel costs pushed up generating
costs, producers had an added incentive for avoiding the California price
caps, say some observers.
Several state and federal investigations are looking for evidence of illegal
manipulation in the skyrocketing prices for natural gas and electricity. Much
electricity is sent out of state under perfectly proper, long-term
arrangements. Even "megawatt laundering," though a pejorative phrase, isn't
necessarily illegal unless it is part of a concerted effort to drive up
market prices, say state and federal officials.
Spurred by the rapid rise in out-of-market transactions, ISO officials
abandoned the price cap in December. FERC then approved a "soft cap"
price-control plan. Sales made at more than $150 a megawatt hour were subject
to FERC review and possible refund orders if the price was found to be too
far above the supplier's costs. So far, FERC has tentatively ordered over
$100 million in refunds. Critics of that FERC soft cap say it was too
generous in its calculations of production costs and far too limited in its
scope. The cap only kicked in during a Stage 3 alert, when supplies were so
tight that rolling blackouts were imminent. Some state officials and others
argue that the FERC should be ordering billions of dollars in refunds for
prices charged over the past year.
The price-control feature of the new FERC plan covers more hours than the
previous one but will still be restricted to times of relatively tight
supply. Critics say controls should be in effect during all hours, since
prices have often been high around the clock.
Plus, the new plan still fails "to take any constructive steps to eliminate
or even to minimize the pernicious effects of `megawatt laundering,'" says a
recent ISO filing with the FERC. Out-of-state sales still aren't covered by
the latest plan, which leaves suppliers with a large potential loophole for
reaping higher power prices. The volume of out-of-market transactions has
remained high this year. In April, the price for such deals averaged $372 a
megawatt hour.
Gov. Davis and others argue that price controls need to be extended
throughout the Western U.S. In its decision unveiling the new control plan,
FERC acknowledged that more may be needed on the laundering issue. It opened
an investigation into sales transactions around the West. The terms of such
sales, said the FERC decision, might not be "just and reasonable."
--- Another Try
Main points of FERC price-mitigation plan:
-- Creates a price benchmark, based on production costs, to be used
in periods of tight electricity supplies. Sales at prices above
benchmark are subject to possible refunds.
-- Requires all generators in California to offer all available
capacity around the clock to the state's transmission-system operator.
-- Requires weekly reports from state officials to FERC regarding bid
data and plant outages.
-- Initiates investigation into electricity trading in other Western
states.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Calendar; Entertainment Desk
TUNED IN 'Blackout' Tries to Shed Light on Crisis
STEVEN LINAN
TIMES STAFF WRITER
06/05/2001
Los Angeles Times
Home Edition
F-10
Copyright 2001 / The Times Mirror Company
With each passing day, there's seemingly a new surge in California's energy
crisis.
"Frontline" addresses that hot-button issue tonight in an hour aptly titled
"Blackout" (9 p.m. KCET, 10 p.m. KVCR).
Through interviews with state and federal officials, utility executives and
industry insiders, the documentary examines whether power companies and
energy-trading giants have capitalized on deregulation to accrue enormous
profits as consumers and business owners suffer power shortages and rising
rate hikes.
Jeff Skilling, CEO of the Enron Corp., the largest energy trader in the
world, sees his company as one of the "good guys."
"We are working to create open, competitive, fair markets," he tells reporter
Lowell Bergman, who wryly notes that if true, lately the good guys have been
winning since the past year has seen a large transfer of wealth from energy
consumers to power sellers and traders like Enron.
After raising the topics of deregulation and the bankruptcy of Pacific Gas &
Electric, Bergman interviews S. Davis Freeman, the former Los Angeles
Department of Water and Power chief, Gov. Gray Davis and Vice President Dick
Cheney.
There are no easy answers in this complex issue, with one side pointing
fingers at the other, but one thing is certain: A long, hot summer is likely
to yield more rolling blackouts for California consumers, while other states
wait to see if they will be adversely affected as well.
PHOTO: The "Frontline" documentary "Blackout" addresses California's energy
crisis.; ; PHOTOGRAPHER: Associated Press
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
June 5, 2001, 1:16AM
Houston Chronicle
Energy Alley to blame for California's woes?
Frontline joins in Texas bashing on energy
By ANN HODGES
Copyright 2001 Houston Chronicle TV Critic
Frontline joins hands with the New York Times tonight, to jump into what
California Gov. Gray Davis has turned into a marathon news blast at Texas,
and at Houston, over his state's energy woes.
Frontline: Blackout, airing at 10 tonight, should have Davis and his
bash-Texas troops giving each other high fives.
In its opening minutes, Frontline's narration sets a tone for Texas-bashing:
"Investigators (otherwise unidentified) claim that a handful of energy
companies siphoned billions from consumers while the lights (in California)
were out.
"If you want to understand the story of electric power in America today, you
have to follow the electrons and follow the money. It's a story that starts
here, in Houston, Texas."
The blame game is in high gear, as Frontline's dust-up hovers over Houston.
Houston's Energy Alley, home of "electric cowboys" (Frontline's words), is
the focus of this "follow-the-money" trail.
And Ken Lay, chairman of Enron, "the 800-pound gorilla" in the Alley, gets
the major grilling in its high-powered interview hot seat, along with Enron
CEO Jeff Skilling.
Interviewees also include Vice President Dick Cheney, California and federal
officials, other company executives, industry insiders and what Frontline
calls "whistle-blowers."
Politics and finger-pointing fuel charges and countercharges, with Frontline
correspondent and New York Times contributor Lowell Bergman conducting the
interviews, and an off-camera narration spinning the sound and fury.
With blackouts expected to hit New York this summer, "the entire country will
soon be short on power," Frontline asserts to set the stage.
"The generators have made more money than God. I mean, they've made 7, 8, 900
percent profit," Davis charges.
"Now that a fellow Texan sits in the White House," Frontline says, "the
companies on Energy Alley are hoping things will only get better. ... Lay is
a personal friend and big backer of President Bush, and he and his executives
have been the Bush family's most generous contributors. ... "
"There are a few of us that are still maybe idealistic enough to think that
we can kind of support a candidate because we really believe in the
individual," Lay counters. "We believe in their policies. We believe in the
direction they are going to take the country."
El Paso Corp., the largest natural gas company, gets its lumps, too, from
California officials. The Federal Energy Regulatory Commission (FERC) was
ready to dismiss California's complaint of price manipulation at the state's
borders, Frontline says, "until Frontline and the New York Times obtained
sealed documents revealing discussions at El Paso's highest levels."
"Those documents are irrelevant," El Paso spokeswoman Peggy Heeg says.
Frontline passes its golden opportunity to lay out, clearly and concisely,
both sides -- what critics say are the self-inflicted origins of California's
energy crisis, and California's charges of price-gouging and pleas for price
caps. Instead, that information comes piecemeal, over the course of
contentious and often-confusing exchanges.
To avoid retreat on deregulation, now in progress in 24 states, companies
have begun to raise the possibility of settlement with California, Frontline
reports. In Lay's opinion, "It's still going to take a comprehensive
settlement of the whole issue, all the issues" -- including money.
Give Frontline full credit for stepping in where no other TV news outlet has
dared to tread in such depth. Something is surely better than nothing.
But this Frontline/New York Times team coverage effort does not cool the
blame game. It sheds more heat than light.
Frontline: Blackout, 10 tonight, 9 p.m. June 12 on Channel 8. Grade: B.
June 5, 2001, 1:17AM
Houston Chronicle
PBS pledge drive alters schedule
By MIKE McDANIEL
Copyright 2001 Houston Chronicle TV Editor
Paul Hope, like many theater fans, tuned to Channel 8 Sunday night in
anticipation of the first hour of the joint PBS/CBS telecast of the 55th
Annual Tony Awards.
What he got instead was a travelog hosted by Rudy Maxa. Because this is
pledge drive week, Channel 8 did not air the first hour of the three-hour
award show, as it has in previous years.
"Channel 8 has made Houston a theatrical cowtown by this decision," Hope, a
resident actor at the Alley, said Monday.
Alley artistic director Gregory Boyd called the preempting "absolutely
indefensible and shocking."
Fortunately, Channel 8 is being more flexible about a second program that it
had originally decided not to air this week.
Frontline, which airs nationally at 9 p.m. tonight, takes a hard look at
California's energy problems and their direct connection to Houston. The
telecast includes interviews with several Houston players, including Enron's
Kenneth Lay.
KUHT station manager John Hesse said Channel 8 became aware of the Frontline
story, titled Blackout, and its Houston connection last week. Because of its
local news value, the show will be tape-delayed and aired on KUHT at 10
tonight. It will be repeated at 9 p.m. June 12, when Channel 8 originally had
planned to air the show.
"When we learned of the local significance, we obviously wanted that program
to air (here) in a timely manner as in the rest of the country," Hesse said.
"We are getting a little bit of heat for the Tony thing," Hesse said. "The
problem is, it's right in the beginning of our pledge evening. We had a
schedule in place, and a decision was made to stick to that schedule because
that was our opportunity for fund raising."
Fund drives are vital to keep the station operating and to purchase quality
programming.
"When we're scheduling our pledge dates, we try to coordinate the normal PBS
schedule with what we determine will do the best for us in terms of fund
raising," Hesse said. "We only use about 2 percent of our air time a year in
fund-raising efforts, and when we're using that 2 percent, we have to make
the most of them."
That's no comfort to the folks who were hoping to experience what turned out
to be theatrical history being made. Mel Brooks' The Producers -- not only
the talk of Broadway but also the entertainment world -- won a record 12
Tonys Sunday night.
Most were awarded in the show's first hour -- where Tonys for director,
choreographer and other categories are handed out. To diehards, the PBS
portion of the Tonys exceeds CBS' in that it airs without commercials and
includes behind-the-scenes interviews with directors, composers, designers
and others.
Hesse explained that Channel 8's pledge-drive dates were set before the
station knew whether PBS would even have the Tonys.
The first hour of Sunday's show had direct links to theater talents whose
work has been seen and heralded in Houston.
David Woolard, nominated for best costume design for The Rocky Horror Show,
is costume designer of The Carpetbagger's Children, which opens Wednesday at
the Alley.
Doug Besterman, a winner Sunday for his orchestrations for The Producers, has
done the same for the Frank (Jekyll and Hyde) Wildhorn productions that have
played here.
Doug Schmidt, a nominee in the scenic design category for 42nd Street, was a
designer for the Alley's Civil War and A Christmas Carol.
Hesse said, "We knew by the end of March" that PBS would co-host Sunday's
show, and yet "the decision was made to stick with the schedule in place."
Because the Tonys isn't "owned" by PBS, it could not be used as a pledge
show, although Hesse conceded pledges could have been sought before and
after.
"There's nothing against the `rules,' " he said. "It's just been our normal
method of operation here (to run the pledge drive at 7 p.m.) in terms of our
prime-time evening pledge start."
In a related development, NBC affiliate KPRC will not be showing the first
episode of a new comedy series bowing tonight. Kristin, starring Kristin
Chenoweth, is being pre-empted by Road to Redemption, a movie funded by the
Billy Graham Crusade.
Channel 2 made a decision in March to run the movie 7-8:30 tonight, KPRC
general manager Steve Wasserman said. NBC has scheduled the premiere of
Kristin for 7:30 p.m. and is not allowing it to air later in prime time, he
said.
PBS Shines Light on Energy Crisis
By LYNN ELBER
AP Television Writer
06/05/2001
AP Online
Copyright 2001 The Associated Press. All Rights Reserved.
LOS ANGELES (AP) - As California's energy crisis casts a widening shadow,
PBS' "Frontline" helps illuminate the issue with a high-wattage documentary.
"Blackout" is both a comprehensive report and a warning: California's power
deregulation woes represent a national problem not destined for a quick or
painless solution.
The hourlong film, with reporting by "Frontline" correspondent Lowell Bergman
done in conjunction with The New York Times, airs 10 p.m. EDT Tuesday on PBS
stations (check local listings).
If you're a consumer frustrated by price hikes or concerned about what might
happen in your state, "Blackout" should be considered required viewing. Major
players, ranging from power company chiefs to consumer advocates to Vice
President Dick Cheney, make their case on energy policy.
Gov. Gray Davis and others grappling with California's flawed new system,
which has inspired many states to put their own deregulation efforts on hold,
are interviewed.
"Blackout" also touches on alleged machinations involving the Federal Energy
Regulatory Commission that could affect how much, if at all, the federal
government will weigh in on power prices, and renews questions about
corporate influence on the Bush administration.
What ultimately emerges is a classic debate, framed in 2001 political
realities, over whether an unfettered market is invariably the best approach
or whether capitalism sometimes must bend to regulation.
Bergman is adamant about the importance of understanding a power industry
that has undergone massive change.
"We've launched ourselves into a great economic and social experiment in the
free market with a commodity that 65 years ago the country decided to put
under heavy regulation because it was so vital," he said in an interview.
"We've gone into this experiment without having a full national debate about
what the consequences could be," Bergman said. "It may all work out, but it's
clear that we're at least in a transition period where a lot of people are
going to pay the price."
In New York, for instance, blackouts are a possibility this summer and rate
hikes of up to 40 percent a likelihood, Bergman said.
There are those striking it rich in this bold new world. "Blackout" opens on
Houston's "energy alley," home to new-breed power companies including what
the documentary calls the 800-pound gorilla, Enron Corp.
Enron, which has drawn attention because of chairman Kenneth Lay's close ties
to President Bush, generates profits by serving as middleman between
electricity makers and consumers.
The world's largest energy trader, Enron sees from $2.5 billion to $3 billion
in purchases and sales a day, according to its chief executive officer, Jeff
Skilling.
"We are doing the right thing," Skilling tells "Blackout." "We are working to
create open, competitive, fair markets. ... We are the good guys. We are on
the side of angels."
If that's true, Bergman says in the film, the good guys have been winning:
The past year saw a "vast transfer" of wealth from energy consumers to power
sellers and traders like Enron.
They are taking advantage of the end of an era: the federal regulatory system
implemented by President Franklin D. Roosevelt in the 1930s to limit abuses
by utility monopolies.
In the 1980s, "Blackout" tells us, free-market proponents began pushing for
an end to regulation. In 1992, a federal law was passed that allowed for
states to deregulate electricity.
There was broad but not unanimous support for such change.
"It's OK for the price of fur coats to go up and down. ... It's not OK for
the oxygen of life in this high-energy civilization," David Freeman, the
former Los Angeles Department of Water and Power head and now state energy
czar, tells "Blackout."
Mark Cooper, director of research at the Consumer Federation of America, who
notes there have already been price spikes in electricity in the Midwest and
New England, says the outcome speaks for itself.
"How do we go from $40 a megawatt for capacity in a regulated system to
$1,000 in a deregulated system, and you're telling me I'm better off?" Cooper
asks in the documentary.
Enron's Lay weighs in on the other side.
"I've yet to see any system in the world ... that over time does a better job
of setting prices and allocating supplies than a competitive market," Lay
says in "Blackout."
He has a key philosophical ally in the Bush administration, which says
increased supply and not federal intervention is the logical answer.
"We're doing everything we can to help California on a short-term basis,"
Cheney says. "There's not a lot you can do. You can't manufacture kilowatts
in the West Wing of the White House."
Bergman, the former "60 Minutes" producer who was portrayed in the movie "The
Insider," believes there is one certainty about the power crisis: The media
generally has given it short shrift.
"Unfortunately this story has been covered, particularly on television, in
much the same way a car crash is covered. You never learn whether the car was
safe or the highway was safe. You just see the blood and guts."
"Nobody's spent the air time to explain to people how this all happened and
why this may be coming to a neighborhood near you."
---
On the Net: http://www.pbs.org/frontline
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Senate to subpoena documents from power generators
06/05/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
SACRAMENTO, Calif. (AP) - The state Senate Rules Committee has agreed to
issue subpoenas to eight out-of-state electricity generators, including two
from Texas, demanding documents on bidding, pricing and other aspects of
power sales in California.
The subpoenas would help a special Senate committee's investigation into
whether the companies are illegally profiteering from California's power
crisis.
The committee's chairman, Sen. Joe Dunn, D-Santa Ana, said he expects the
companies to resist, setting the stage for a court battle. Though energy
executives seemed cooperative when the investigation was launched two months
ago, they have since demanded that confidentiality protection for their
documents, Dunn said.
Energy executives deny that they've broken any laws selling electricity to
California at record-high prices.
Dunn's committee is looking within the state for answers as well.
The Los Angeles Department of Water and Power could find its records
subpoenaed if it doesn't provide information on its power sales. The manager
of the state's power grid reported the DWP had made large profits by selling
power to the rest of the state.
The committee may even subpoena records from the state Department of Water
Resources unless it turns over information on how it has spent more than $7
billion to keep the state's lights on.
The Legislature also needs information on the electricity the state DWP buys
from wholesalers for the customers of the state's three largest
investor-owned utilities, and the bidding strategies used to the make the
bids, said Sen. Ross Johnson, R-Irvine, vice chairman of the rules panel.
Davis has refused to release details of the deals, warning that if generators
knew how much the state was spending on power they might raise their prices.
Several news organizations and a legislator are suing to make the information
public.
The subpoenas will be issued to Reliant Energy of Houston, which Gov. Gray
Davis has publicly accused of price gouging, Dynegy Energy Services Inc.,
Williams Energy, Houston-based Enron Corp., NRG Energy Inc., Duke Energy,
Mirant Inc., and AES Corp.
Dunn's panel needed approval of the rules committee to issue the subpoenas
under Senate regulations.
The committee won't issue the subpoenas for at least one-week, after the
chairman of the Rules Committee, Senate President Pro Tem John Burton, D-San
Francisco, opposed issuing subpoenas to the city and state departments, at
least temporarily.
---
On the Net:
http://www.sen.ca.gov
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
California; Metro Desk
Panel OKs Subpoenas for Energy Companies Electricity: Special state Senate
committee will demand pricing information in inquiry into whether California
has been gouged.
CARL INGRAM; MIGUEL BUSTILLO
TIMES STAFF WRITERS
06/05/2001
Los Angeles Times
Home Edition
B-1
Copyright 2001 / The Times Mirror Company
SACRAMENTO -- The Senate Rules Committee agreed Monday to issue subpoenas to
eight out-of-state power generating companies demanding documents on pricing,
bidding and other aspects of electricity sales in the state.
Sen. Joe Dunn (D-Santa Ana), chairman of the special Senate committee that is
investigating whether power wholesalers are illegally profiteering from
California's energy crisis, said he expects the companies to resist. That
would set the stage for a court fight, he said.
In addition to subpoenas aimed at the private generating companies, the
committee also put the Los Angeles Department of Water and Power on notice
that unless it voluntarily provides information on its power sales to the
state, the data will be subpoenaed as well. And the panel threatened to
subpoena records of the state Department of Water Resources unless it turns
over information on how it has spent more than $7 billion to keep electricity
flowing in California.
Under Senate regulations, Dunn's panel needed approval of the Rules Committee
to issue the subpoenas.
Industry executives deny that they have broken any laws in selling
electricity at premium prices to California's financially strapped utilities
and the state water department.
The subpoenas will be issued to Reliant Energy, which Gov. Gray Davis has
publicly accused of price gouging, Dynegy Energy Services Inc., Williams
Energy, Enron Corp., NRG Energy Inc., Duke Energy, Mirant Inc., and AES Corp.
Dunn said executives of the generators seemed cooperative when the
investigation was launched two months ago. Since then, he said, they have
raised barriers, including demands that the confidentiality of their
documents be protected.
The demand for information from the Los Angeles DWP and the state's water
resources department were pushed by Sen. Ross Johnson (R-Irvine), vice
chairman of the rules panel.
"Why are we not attempting to subpoena the Los Angeles Department of Water
and Power? There certainly have been suggestions that they have profited,"
Johnson said, referring to reports from the California Independent System
Operator about large profits that DWP made by selling power to the rest of
the state.
Reflecting the views of many lawmakers, Johnson said the Legislature also
needs information on power purchases that the state water department makes
from wholesalers and the bidding strategies used to make the bids.
Davis has refused to make details of the purchases public. He contends that
if generators knew how much the state was spending on power, they might raise
their prices. Several news organizations and a legislator are suing to make
the information public.
Senate President Pro Tem John Burton (D-San Francisco), chairman of the Rules
Committee, opposed issuing subpoenas to the city and state departments, at
least temporarily, leading to the agreement for a one-week delay before
subpoenas would be issued to the agencies.
The big energy companies also took a hit Monday from a leading advocacy group
for the poor.
The Pacific Institute for Community Organization, a coalition of faith-based
groups that has pressed for California to cover more of the millions of
working citizens without any health insurance, voiced concern that the energy
crisis is hitting the poor hardest.
The group, which scheduled a Capitol rally today, plans to urge political
leaders to use the economic power of the state's huge pension funds to
leverage the companies.
The two pension funds own at least $1.2 billion in stocks and bonds in most
of the major firms involved in the state energy crisis, from Enron of Texas
to Duke of North Carolina, the advocates said.
"They could bring the voice of stockholders into the debate, as a major
stockholder, and take a more enlightened view of what is happening to
California," said activist Jim Keddy. "We really have no voice inside those
companies right now."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Indian Creditors Seek to Save Dabhol Project (Update1)
2001-06-05 02:40 (New York)
Enron's Indian Creditors Seek to Save Dabhol Project (Update1)
(Adds importance of Dabhol Power for future investment in
India, in third paragraph.)
Singapore, June 5 (Bloomberg) -- Industrial Development Bank
of India and other Indian banks that helped fund Enron Corp.'s
first investment in the nation are meeting in Singapore to try to
persuade international lenders to keep the $3 billion power
project alive.
International banks such as ABN Amro Holding NV, Citibank NA,
a unit of Citigroup Inc., Bank of America and Credit Suisse First
Boston in April approved a decision by Enron unit Dabhol Power to
terminate its supply agreement with Maharashtra State Electricity
Board in a row over electricity prices.
Unlike the Indian banks, foreign lenders received government
guarantees for about $600 million they lent to the project, which
is seen as a litmus test for future foreign investment in Indian
infrastructure projects. The Indian banks fear the foreign
creditors will cancel the project and invoke their guarantees.
``We will discuss how we can go about resolving the
problem,'' said R.S. Agarwal, an executive director at Industrial
Development Bank of India, or IDBI, the biggest lender to the
Dabhol project.
The outcome of the two-day meeting, being held in the offices
of ABN Amro Holding NV, one of the biggest international lenders
to the project, will be crucial to the Indian banks, which have
lent as much as $2 billion to Dabhol.
IDBI has exposure of 21.58 billion rupees ($460 million) to
the project, including 15.28 billion rupees in guarantees.
Dabhol, 65 percent owned by Enron, and the Maharashtra State
Electricity Board are in dispute over 3 billion rupees in unpaid
bills for December and January. Others bills through March have
been paid.
The board has refused to pay the December and January bills
saying they should be lowered to reflect a 4 billion rupee penal
the board imposed on Dabhol for not supplying power at full
capacity on Jan. 28.
India's government risks having to pay 170 billion rupees in
fines, resulting from guarantees it has offered on payments and
loans, if Enron pulls out of the project.
The dispute Thursday prompted debt-rating company Fitch to
change its outlook on India to ``negative'' from ``stable.''
Fitch said the climate for foreign investors has deteriorated.
ASIA-PACIFIC: Enron 'frustrated' by talks
Financial Times; Jun 5, 2001
By JULIE EARLE and KHOZEM MERCHANT
Enron, the US energy group, says it is becoming "increasingly frustrated"
with its negotiations with the Maharashtra state government agencies in
India.
The US energy group denied reports that it was renegotiating the contract and
the tariff between its Indian arm, the Dabhol Power Company, and its sole
customer, Maharashtra State Electricity Board (MSEB). "That is not true,"
said an Enron spokesman at the weekend. "Why would we renegotiate with
counter parties? They are trying to imply a contract that was in place for
eight years and operating for two years does not exist." The denial came as
Indian and foreign banks prepared to try to bridge their differences over
sustaining support for Dabhol's Dollars 2.9bn power project near Bombay,
which has been supplying the Maharashtra utility.
A two-day meeting in Singapore starting today will aim to stake out common
ground, which lenders hope will remove the uncertainty dogging the
controversial 2,184MW power project.
The Indian utility owes Dabhol Dollars 45m (Pounds 32m) but is demanding in
turn a greater sum in rebates for what it describes as the US company's
failure to meet technical thresholds.
Lenders have stopped disbursing loans to the 1,444MW second phase of the
project, which is due for completion soon. The 740MW first phase was
commissioned in May 1999. ABN Amro and Bank of America are two of the banks
that will thrash out the issues with State Bank of India, Industrial
Development Bank of India and ICICI.
People close to the talks say the situation has "worsened" since the last
lenders' meeting in April, when Dabhol received authorisation to quit the
project. Dabhol has since issued a pre-termination notice, signalling its
intent to withdraw in six months if a solution is not found. MSEB has
responded to the threat by abandoning its power purchase contract with the
company.
Copyright: The Financial Times Limited
New Securities Issues
06/05/2001
The Wall Street Journal
C17
(Copyright (c) 2001, Dow Jones & Company, Inc.)
The following were among yesterday's offerings and pricings in U.S. and
non-U.S. capital markets, with terms and syndicate manager, based on
information provided by Dow Jones Newswires. (A basis point is one-hundredth
of a percentage point; 100 basis points equals a percentage point.)
CORPORATE
Freddie Mac -- $300 million of notes was priced via lead managers HSBC
Securities Inc., Bear, Stearns & Co. and Goldman, Sachs & Co., according to
MCM CorporateWatch. Terms: amount: $300 million; maturity: Dec. 12, 2003;
coupon: 5%; issue price: par; yield: 5%; settlement: June 12, 2001 (flat);
call date: noncallable for six months.
Freddie Mac -- auctioned $3 billion of one-month reference bills, as well as
$4 billion of two-month reference bills. Terms: One-month(28): settlement:
06/05/2001; maturity: 07/03/2001; Cusip: 313397HR5; price: 99.695111111; MM
yield: 3.932. Two-month(56): settlement: 06/05/2001; maturity: 07/31/2001;
Cusip: 313397JU4; price: 99.408888889; MM yield: 3.823.
GLOBAL
Monumental Global Funding Ltd. -- $100 million floating-fate notes at
three-month Libor plus 38 basis points due Jun. 15, 2011 at 100.325 was
priced via Westdeusche Landesbank.
Tesco PLC -- GBP 150 million of 6% Eurobonds due Jun. 13, 2008 at 99.894, was
priced via Morgan Stanley Dean Witter. Spread 68 basis points above 9% 2008
gilt. Fees 0.325 point.
General Motors Acceptance Corp. -- GBP 200 million of 6.375% Eurobonds due
Dec. 7, 2007 at 99.689 was priced via Dresdner Kleinwort Wasserstein and UBS
Warburg. Spread: 61 basis points above mid-swaps, 110 basis points above
7.25% gilt due December 2007. Fees 0.35 point.
Enron Corp -- offering a two-tranche floating rate and fixed-rated note
totaling 50 billion yen. Tranche one: 40 billion yen at three-month London
interbank offered rate plus 62 basis points due June 18, 2003 at par, via
Merrill Lynch. Fees 0.35 point. Tranche two: 10 billion yen of 0.77
fixed-rate notes due June 18, 2003 at par, via Merrill Lynch. Fees 0.35
point.
The Republic of the Philippines -- increases GBP 150 million floating-rate
Eurobond at three-month dollar Libor plus 305 basis points due June 18, 2004
at par to total $200 million, via Credit Suisse First Boston. Fees 0.27 point.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India Lenders Mtg Seeks To Salvage Enron Dabhol Pwr Proj
By Himendra Kumar
Of DOW JONES NEWSWIRES
06/05/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- Indian institutions that have lent money to Enron
Corp.'s (ENE) controversial Dabhol Power Co. are expected to make a
collective bid to salvage the beleaguered power project during a two-day
meeting this week in Singapore.
Domestic lenders, which include the Industrial Development Bank of India, the
State Bank of India (P.SBI) and ICICI Ltd. (IC), have the highest exposure to
the DPC's US$2.9 billion project and are anxious not to see it collapse. The
Dabhol Power project represents India's biggest foreign investment deal in
India to date.
"We want the project to run," IDBI General Manager R.M. Ganatra told Dow
Jones Newswires ahead of the meeting.
"The Indian lenders will make a common cause at the lenders' meeting to
prevent Enron from pulling out. The Indians have lent US$1.4 billion out of
the project's total projected cost of US$2.9 billion. As IDBI's own exposure
is in the excess of 20 billion rupees (US$1=INR47.01), the bank runs the risk
of going deep into the red if this project goes bust," he said.
Indian lenders have mutually decided to block further loans to Dabhol's
second phase until an agreement was reached, Ganatra added. Dispute Has
Unnerved Foreign Lenders
The Dabhol Power project, situated in the western state of Maharashtra, will
generate 2,184 megawatts of electricity when the second phase is scheduled to
be completed later this year.
Texas-based Enron has a 65% stake in DPC and is the project's largest
shareholder. Other shareholders include the Maharashtra State Electricity
Board, or MSEB, with 15%, General Electric Co. (GE) and Bechtel (X.BTL) with
10% each.
Enron is at the center of a power supply dispute between the state government
and Dabhol Power over what the government claims are "unaffordable" power
tariffs.
The dispute has unnerved foreign lenders. Domestic lenders at this week's
meeting in Singapore are expected to try and calm frayed nerves.
Ganatra, together with other domestic lenders, feel the dispute between DPC
and its sole buyer MSEB is still resolvable despite DPC's issue of a
preliminary termination notice in April.
He said the fundamental issue in the dispute was the cost of power and added,
"There was need for an agreement on a reasonable tariff."
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to Dabhol charging INR7.1 a kilowatt-hour for its power,
compared with INR1.5/kwh charged by other suppliers.
Domestic lenders want the federal government to clear MSEB's defaults of
US$48 million and also find additional buyers for DPC's electricity, possibly
the state-owned power utility like National Thermal Power Corp. Ltd. (P.NTP),
from the second phase of the Dabhol project.
Ganatra also urged the federal government to take a more active role in
conflict resolution. "The government should not shirk its responsibility and
it should set a time limit for the MSEB and DPC to sort out their dispute
with the lenders' interests in mind," he said.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Developments in California's energy crisis
06/05/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
Developments in California's energy crisis:
TUESDAY:
- A leading advocacy group for the poor tells state leaders to use the
economic power of the state's huge pension funds to leverage power companies.
The Pacific Institute for Community Organization says the two pension funds
own at least $1.2 billion in stocks and bonds in most of the firms that sell
electricity to California.
MONDAY:
- A special Senate committee investigating whether out-of-state power
companies are illegally profiteering the state's power crisis gets permission
from the Senate Rules Committee to subpoena documents from the companies
detailing bidding, pricing and other aspects of their electricity sales to
the state. The committee plans to subpoena Mirant, Dynegy, Williams, AES,
Duke, Enron, NRG and Reliant, and could also issue subpoenas to the Los
Angeles Department of Water and Power and the state Department of Water
Resources to access details of their power selling and buying processes,
respectively.
- The state's grid operator says California's electricity production should
improve in the coming weeks as more power plants come back on line after
spring maintenance shutdowns. That, coupled with conservation efforts, could
help during this summer's high temperatures, independent observers say - but
not enough to stave off blackouts.
- The state's expanded Low Income Home Energy Assistance Program (LIHEAP)
program begins with $120 million in state money. It is aimed at helping
working poor households, senior citizens, disabled persons, migrant seasonal
farm workers, limited-English-speaking persons and households with very young
children whose incomes fall at or below 250 percent of the federal poverty
level.
That includes households with four members having an annual gross income of
$44,125 or less; three-member households earning $36,575 or less; two-member
families earning $29,025 or less; and individuals earning under $21,475.
Further information is available at www.csd.ca.gov or at 1-800-433-4327
(HEAP).
- Ten schools in three Southern California districts cut their electricity
waste up to 18 percent through the Alliance to Save Energy's Green Schools
Program. Together, the schools saved more than $51,000 over about eight
months by changing their usage habits, according to Southern California
Edison, which sponsored the program. More information is available at
www.ase.org/greenschools.
- Critics tell the San Jose Mercury News that the federal agency overseeing
California's electricity market needs to add resources and become more
aggressive in watching for energy price gouging, issuing subpoenas for
company documents if necessary. The Federal Energy Regulatory Commission has
been accused of backing off investigations after energy generators have
resisted, prompting some FERC officials to say their own system is flawed.
- The FERC issues a statement saying it won't act on a request from small
power generators to block a March 27 decision from the state Public Utilities
Commission that has lowered the price they can charge for electricity. FERC
says it won't step in because the matter is still pending at the PUC.
- No power alerts Monday as electricity reserves stay above 7 percent.
- Shares of Edison International closed at $10.58, down 42 cents. PG&E Corp.
closed at $11.40, down 25 cents. Sempra Energy, the parent company of San
Diego Gas & Electric, closes at $27.34, up 20 cents.
WHAT'S NEXT:
- Davis' representatives continue negotiating with Sempra, the parent company
of San Diego Gas and Electric Co., to buy the utility's transmission lines.
-In federal bankruptcy court Tuesday, Pacific Gas and Electric will ask U.S.
Bankruptcy Judge Dennis Montali to stop the manager of the state's power grid
from buying electricity for utility or charging it for any electricity bought
after the utility filed for bankruptcy on April 6.
THE PROBLEM:
High demand, high wholesale energy costs, transmission glitches and a tight
supply worsened by scarce hydroelectric power in the Northwest and
maintenance at aging California power plants are all factors in California's
electricity crisis.
Edison and PG&E say they've lost nearly $14 billion since June to high
wholesale prices the state's electricity deregulation law bars them from
passing on to consumers. PG&E, saying it hasn't received the help it needs
from regulators or state lawmakers, filed for federal bankruptcy protection
April 6.
Electricity and natural gas suppliers, scared off by the two companies' poor
credit ratings, are refusing to sell to them, leading the state in January to
start buying power for the utilities' nearly 9 million residential and
business customers. The state is also buying power for a third investor-owned
utility, San Diego Gas & Electric, which is in better financial shape than
much larger Edison and PG&E but also struggling with high wholesale power
costs.
The Public Utilities Commission has approved average rate increases of 37
percent for the heaviest residential customers and 38 percent for commercial
customers, and hikes of up to 49 percent for industrial customers and 15
percent or 20 percent for agricultural customers to help finance the state's
multibillion-dollar power buys.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
June 5, 2001
Houston Chronicle
Marathon joins Saudi gas venture
Company replacing Enron in partnership
By TOM FOWLER
Copyright 2001 Houston Chronicle
Houston-based USX-Marathon Group has taken over Enron Corp.'s abandoned stake
in a $25 billion natural-gas venture in Saudi Arabia.
Marathon, the fourth-biggest U.S. oil company, will join project leader Exxon
Mobil Corp. and Occidental Petroleum Corp. in the "Red Sea Consortium," one
of three exploration and development projects under the larger venture.
Enron originally was named part of the deal, but on Friday the company pulled
out without explanation, giving up its 20 percent stake in a portion of the
project that initial estimates value at around $5 billion.
Marathon was one of more than a dozen companies that bid on the project
initially and one of several that did not make the final cut announced two
weeks ago.
Marathon, which has a long-standing relationship with the Saudis as a crude
oil customer, had officials in Saudi Arabia for Sunday's signing ceremony,
along with Exxon, Occidental, the Royal Dutch/Shell Group, BP, TotalFinaElf
Houston-based Conoco and Phillips Petroleum Co.
The projects are the first gas-exploration business Saudi Arabia has offered
to international companies in 20 years. The country wants to convert its
oil-powered utilities to run on cheaper natural gas, but needs international
investments because of two decades of budget deficits.
The gas business may not offer the companies the best profit margins compared
with other projects, but it may give them a lead over rivals if Saudi Arabia
lets international companies develop crude-oil reserves.
The companies are expected to spend $17 billion on the biggest project and
about $4 billion on another. The size of the Red Sea project still is
unclear, Marathon spokesman Roger Holliday said.
"My understanding is there's exploration involved, and the final scope of the
project will be determined later," he said.
Saudi officials liked some of the creative proposals Marathon included in its
initial failed bid for the work, Holliday said, and indicated previously that
there could be some potential work for the company.
Enron's departure from the deal last week surprised many analysts, but is
somewhat consistent with the company's decreasing emphasis on infrastructure
projects.
Enron withdrew from a $3.5 billion pipeline project to export natural gas
from Qatar last month, while other international projects have proved to be
difficult. A power-generation project in India has run into trouble because
of disagreements between Enron and the Indian government over electricity
prices, and Enron officials said Friday that a $130 million power plant
project in Ontario may be in jeopardy because of the provincial government's
foot-dragging over electricity deregulation.
"I'm dumbfounded that they would pull out of a major project announced only
two weeks ago," Goldman, Sachs & Co. analyst David Fleischer told Bloomberg
News. "On the other hand, they're more of a services company than an energy
company these days."
Enron appears to be focusing on its rapidly growing commodity trading
business, which includes trading natural gas, electricity, broadband Internet
capacity and even such items as broadcast advertising time.
India: Verbatim
06/05/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
"I do not see any conspiracy from here."
Prime Minister A.B.Vajpayee, when asked by mediapersons to comment on the
"conspiracy theory" doing the rounds on the royal bloodbath in Nepal.
"I have never met Bill Gates, and I'm not likely ever to do so. So at the
risk of sounding too predictable, I would have to start by recommending the
works of William Shakespeare. .. He invented himself so brilliantly that he
invents all the rest of us."
Literary critic Harold Bloom, when asked by the Harvard Business Review, what
kind of literature he would recommend to Bill Gates.
"In January they declared that anyone converting to Christianity would be
executed. In March, the Taliban proudly set about the destruction of two
enormous Buddhas... Now Hindus in Afghanistan will have to wear a badge or
label to distinguish them from Muslims. Soon there will be no more religions
for the Taliban to insult."
An editorial in The Economist, saying "it's high time their Islamic friends
reined in the Taliban."
"One should not be euphoric... The summit meeting will hopefully generate a
dialogue process."
Pakistan's High Commissioner to India Ashraf Jehangir Kazi, on the proposed
Indo-Pak summit in New Delhi, addressed the Indian Women's Press Corps.
"It will be in the interest of Maharashtra if the company is asked to leave
India."
Narmada Bachao Andolan leader Medha Patkar, demanding that Enron's Dhabol
Power company should be asked to "pack off from India" without any
compensation, addressing a press conference in Pune.
"We are down but not out. The DMK will rise again to face the next electoral
battle. We require five years to nurse the wounds suffered by us in this
election."
DMK president M.Karunanidhi, addressing a public meeting organised by his
party in Chennai to celebrate his 78th birthday.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
M and A
Domtar buys G-P mills for $1.65B
by Soma Biswas
06/05/2001
The Daily Deal
Copyright (c) 2001 The Deal LLC
Georgia-Pacific Corp.'s acquisition of the four pulp and paper mills
transforms the company into the second-largest producer of uncoated freesheet
in North America.
http://www.domtar.com/domtar/english/newsrel.htm on Monday announced a final
deal to buy four pulp-and-paper mills from Georgia-Pacific Corp. for $1.65
billion.
For Montreal-based Domtar, the acquisition transforms the company from the
seventh-largest producer of uncoated freesheet (used as printing and copying
paper) in North America into the second-largest producer. It also becomes the
third-largest producer of uncoated freesheet in the world, behind
International Paper Co., of Purchase, N.Y., and Singapore-based Asia Pulp &
Paper Co.
The acquisition will boost Domtar's revenues to C$6 billion ($3.9 billion)
from C$4 billion, of which 75% will come from the U.S.
Atlanta-based Domtar's shares rose 60 cents per share on the New York Stock
Exchange to $15.75, and Georgia-Pacific's shares fell 10 cents per share to
$35.30 per share.
The company will raise debt and equity worth $900 million in the public
markets, including a secondary share offering in the U.S. The price includes
$200 million in working capital expenses Domtar is paying to take on the
inventories and accounts receivable at the four mills, which allow the
company to get a favorable tax treatment on the deal as an asset purchase.
For Georgia-Pacific, the sale of the mills in Ashdown, Ark., Nekoosa and Port
Edwards, Wis., and Woodland, Maine, raises much-needed funds to pay down debt
accumulated since it bought out Fort James Corp., a Deerfield, Ill.-based
maker of consumer tissue brands, in July 2000 for $11 billion.
The sale also rids the company of some assets that are subject to volatile
price cycles. "It's a move to tie less assets to the white paper business,"
said Greg Guest, a spokesman for Georgia-Pacific.
Georgia-Pacific is also selling two pulp mills in Brunswick, Ga., and New
Augusta, Miss., and its specialty chemical unit, which makes formaldehyde and
urea resins used to glue plywood and other building materials.
Georgia-Pacific's specialty chemical business had drawn interest from
Chicago-based Akzo Nobel Inc. and Borden Inc.
The company said it will continue to operate four mills that make branded
imaging, printing and publishing and specialty papers.
Georgia-Pacific had previously put three mills, including the Woodland plant,
up for sale. Although interested buyers included Enron Corp.,
Georgia-Pacific, which is under pressure to reduce its $14.8 billion debt,
failed to reach a satisfactory deal with them.
Of the four mills Domtar gets, the one in Ashdown is the crown jewel --
considered the best facility of its type in North America and the biggest of
the four mills with capacity of 825,000 tons.
Georgia-Pacific was advised by Carl Contigulia at Morgan Stanley, and Domtar
by Kenneth Boone at J.P. Morgan Chase & Co., with Debevoise & Plimpton as
legal counsel.
http://www.thedeal.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
International
World Watch
Compiled by David I. Oyama
06/05/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)
BRIEFLY:
-- Foreign and Indian lenders to Dabhol Power, the Indian unit of U.S. energy
company Enron, begin a two-day meeting today in Singapore to try and settle
differences over continued support of Dabhol's $2.9 billion power project
near Bombay, torn by a dispute between Dabhol and the Maharashtra State
Electricity Board over nonpayment of bills and power charges.
-- India's mobile-phone market in April grew 89% from a year earlier to 3.7
million subscribers, a local trade association said.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Environmentalists, Texas company in dispute over power money
By DIANE SCARPONI
Associated Press Writer
06/04/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
NEW BRITAIN, Conn. (AP) - Most people's monthly electricity bill includes a
dollar or two to help people and businesses conserve energy.
These dollars go into a conservation fund that last year added up to $85
million. The money is spent by electric utilities to promote the use of
insulation, power-thrifty appliances and other means to save power.
A new proposal to spend some of this public money has led to a huge fight
among environmentalists, utilities, a global energy firm and a company whose
technology could be as revolutionary as Edison's light bulb.
The technology is a fuel cell, a kind of low-polluting, efficient power plant
that generates electricity by an electrochemical process, instead of by
simply burning fuel.
Enron North America Corp., a subsidiary of Texas-based Enron Corp., is
working with the Connecticut Resources Recovery Authority to build a small
fuel cell power farm.
These partners want to take $125 million out of the conservation fund over
five years to buy and install fuel cells from FuelCell Energy Inc. of
Danbury.
The fuel cells would generate about 26 megawatts a year - enough power to
serve about 8,000 homes. The CRRA would sell the power.
The technology - while still untested in commercial use - has the potential
to revolutionize the way people and businesses get power.
They also will satisfy Connecticut law to diversify the power mix and make
Connecticut the fuel cell capital of the world, its supporters said.
"It takes public funding to enable these technologies to come out of the
space age and down to earth," said Jerry Leitman, chief executive and
president of FuelCell Energy.
Critics of this plan are attacking the deal from every angle.
Enron, which rolled in $101 billion in revenues last year, bought $5 million
worth of stock in FuelCell Energy in October.
The company also has an agreement with FuelCell Energy to buy 55 megawatts
worth of fuel cells over the next two years. If Enron does make the purchase,
it gets an additional 1.3 million shares in FuelCell Energy. If not, Enron
pays a penalty.
Critics argue the plan would divert $125 million from proven energy
conservation programs that last year saved 63 megawatts.
And, they said, the conservation fund is not meant to be spent on alternative
fuel technology, no matter how promising it may be.
"To come in with a $100 billion company like Enron and use ratepayers' money
to pay for the cost when they have sweetheart deal with FuelCell Energy -
this is not the way the system is supposed to work," said Dan Sosland,
executive director of Environment Northeast, a nonprofit group that sits on
an advisory committee for the conservation fund.
"If they think this is such a great thing, and if Enron made $100 billion
last year, why are not putting up any of their own capital?" he asked.
Enron, CRRA and FuelCell Energy reject the notion theirs is a sweetheart
deal.
CRRA, which operates trash-to-energy plants, wants to explore fuel cells as a
way to use the gas that is produced from landfills, Robert Wright, the
president of the quasi-public agency, told the DPUC.
Connecticut law allows conservation fund money to be spent to develop fuel
cells and other technologies as a way to improve the environment and
encourage competition for electric customers, said Enron spokesman Eric
Thode.
"It fits perfectly with what conservation programs in Connecticut are trying
to do," Thode said.
Enron and the CRRA have asked the Department of Public Utility Control to
approve their plan.
If the project fails, Enron executives told the DPUC it would repay the
conservation fund. If the project succeeds, it will improve the state's
energy mix with a revolutionary technology from a homegrown company.
Sosland noted that if the project succeeds, it will still generate less power
than the state could have saved through existing conservation programs. If it
succeeds, the Enron benefits financially.
The agency has begun hearings into the proposal. Another hearing is scheduled
for June 19, and a draft decision is due July 26.
Enron is trying to take advantage of environmental provisions in the state's
electric deregulation law. The law requires businesses that sell power in
Connecticut to get a certain percentage of their power from renewable
resources, such as wind or solar power.
Fuel cells are also considered renewable, although they do use a fuel such as
natural gas or methane. Unlike power plants that burn natural gas to generate
power, fuel cells use chemical reactions with the gas to generate
electricity.
A 3-megawatt plant of fuel cells developed by FuelCell Energy is about the
size of a tennis court and about one story high. It would serve about 900
homes, or an office building, an apartment building a factory or some other
use.
Leitman also argued that the $125 million will help develop Connecticut's
fuel cell industry and create jobs.
"For the state of Connecticut to spend money to make Connecticut to fuel
cells what Silicon Valley is to computer chips ... makes good sense," he said.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Newsprint Prices Seen Down As Weakness Persists In May
By Zahida Hafeez
Of DOW JONES NEWSWIRES
06/04/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
CHICAGO --(Dow Jones)- With publishers still sitting on heavy inventories,
summer won't be a pleasant one for newsprint producers, who have tried very
hard in recent weeks to stick to their word on prices by maintaining supply
discipline.
April's weak newsprint consumption figures and projection of continuing
softness in May have forced producers to invoice orders at prices discounted
$10 to $20 a metric ton below the current list price of $635 a ton, experts
note.
But although prices are expected to come down further as large publishers
completely ignore large producers and hunt for even lower prices from
alternative sources, more production cuts announced after the latest market
data for April were released could temper the decline in prices.
Following April data, which showed production slightly outpacing shipments,
Abitibi-Consolidated Inc. (ABY) announced production cuts of 150,000 tons to
be taken in the second quarter. This, on top of permanently removing 180,000
tons from the market, completed the 400,000 tons of permanent cuts the
largest newsprint-maker in the world promised when it bought Donohue Inc.
last year.
Norske Skog Canada Ltd. (NS.A) also announced it would cut production by
24,000 tons by mid-July.
What impact will these supply cuts have on the market?
Because only roughly 80,000 tons of Abitibi's production cuts have so far
materialized, estimates Reid Carter, analyst with National Bank Financial in
Vancouver, the impact is restricted to buyer psychology.
"This demonstrates that (Abitibi) is willing to do whatever it takes...and
that's providing the base support for pricing," said Carter.
Publishers indeed seem a little taken aback by the swift producer response.
"(Abitibi's downtime plans) have gotten publishers sitting up and taking
notice," conceded a purchasing executive at a Midwestern daily. "But
publishers are curious to see if (the production cuts) will correct the
market," he said, adding, "If there is still excess newsprint available, then
publishers will push for a lower market."
Slowing advertising lineage, which according to the latest data, fell 3.4% in
March, is one reason for the publishers' firm conviction that prices will
keep coming down. The other reason is the presence of a nontraditional supply
source.
Power marketer and provider of financial hedging instruments, Enron Corp.
(ENE) has increased its presence in the pulp and paper arena, the publisher
executive said, allowing publishers another newsprint source. As a result,
some large publishers haven't bought much from the large producers, as the
war between the two sides continues, the executive added.
Moreover, some of the trends of a soft market, such as more tonnage being
passed to brokers, extra effort by producers to increase exports and to
funnel tonnage to secondary markets, are kicking into motion, market watchers
said.
May Newsprint Data Look Just As Weak As April's
Total U.S. consumption, which fell 16.3% year-over-year in April, according
to the Pulp and Paper Products Council, is expected to continue descending in
May, National Bank's Carter said. The figures for May will be released in the
last week of June.
However, the recently announced production cuts will bring mill operating
rates down to roughly 87% in May, Carter added. This compares to operating
rates in April of 92%, which dropped from 96% in April, 2000.
Carter also believes producer inventories will be flat so that total monthly
inventories will be flat to lower, but not low enough to help prices.
Analysts say more market-related downtime needs to occur to keep the market
in shape. After all, inventory levels are currently 1.7%, or 30,000 tons
above the 10-year average level for April of 1.815 million tons.
In April, consumer inventories fell 24,000 tons, while on the mills end, they
rose 23,000 tons for a combined total of 1.845 million tons, the PPPC said.
"Producers other than Abitibi, Bowater and Norske Skog will have to take more
downtime," said Stephen Atkinson, analyst with BMO Nesbitt Burns Inc. in
Montreal. He said the cuts so far have halted a price drop underway since
March.
But, Atkinson is self-admittedly more optimistic on newsprint prices and the
strength of the market than are analysts in general.
Mark Wilde, analyst with Deutsche Bank Alex. Brown in New York, said in a
research note, "We do not believe that prices will stay at these levels for
another month, but with continued supply discipline, producers may be able to
hold prices until the seasonal pickup." Demand slows seasonally in the summer
months and returns in September.
Publishers, scoff at the notion of prices stabilizing.
"If the price is coming down in March, April and May, what's it going to do
in June and July when consumption historically falls?" said the Midwestern
publisher's purchasing executive, who said inventory levels at his newspaper
had risen considerably in May to 55 days of supply. "I'll be curbing
shipments," the executive said.
The PPPC's data show all U.S. users, including dailies, held 1.419 million
tons of stocks, or the equivalent of 50 supply days in April, which is up one
day from March and 12 days from the year-ago period.
-By Zahida Hafeez, Dow Jones Newswires;
312-750-4132; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Alliance for Retail Energy Markets Media Statement In Response to the
Assembly Democratic Caucus' ``Fair Plan''
06/04/2001
Business Wire
(Copyright (c) 2001, Business Wire)
SACRAMENTO, Calif.--(BUSINESS WIRE)--June 4, 2001--Alliance for Retail Energy
Markets (AReM) released the following statement today in response to media
inquiries about the Assembly Democratic Caucus' recently proposed "Fair Plan"
which provides an alternative policy blueprint to the Governor's Southern
California Edison MOU.
We are pleased to see that the Assembly Democrats are committed to finding a
workable solution to California's energy crisis that includes restoring large
users' access to the retail energy market. While the Caucus' proposal is a
crucial first step and should be commended for recognizing the importance of
creating a healthy retail market for California consumers, AReM must note two
specific concerns with the proposed plan.
First, the plan fails to address small and residential customers' right to
access the retail market. Certainly all consumers deserve the opportunity to
take advantage of the benefits of retail energy options and to take control
of their own energy futures.
Second, the plan should not arbitrarily assign past debt costs to any one
class. AReM suggests that any comprehensive solution be structured in a way
that is fair for all parties. Any charges imposed to recover the costs of
purchased power should be allocated to each customer group based on the costs
that group has incurred. Without such fair allocations, the proposed plan may
unintentionally create a barrier that discourages customers from utilizing
the retail energy market altogether.
The Alliance for Retail Energy Markets looks forward to working with the
Caucus and the entire Legislature to incorporate a truly viable retail energy
market policy into the comprehensive energy solution for California.
Alliance for Retail Energy Markets (AReM) is a coalition whose member
companies include AES NewEnergy, Inc., Commonwealth Energy Corp., Enron
Energy Services, Inc., GreenMountain Energy Company, The New Power Company,
Shell Energy Services, and Strategic Energy, L.L.C.
CONTACT: Edelman PR for Alliance for Retail Energy Markets (AReM) Tracy
Fairchild, 916-442-2331 or 916/835-9007 (cell) [email protected]
Erica Manuel, 916/442-2331 or 916/201-5029 (cell) [email protected]
15:53 EDT JUNE 4, 2001
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
News; Domestic
PBS Documentary Goes Inside the Utilities
Daryn Kagan
06/04/2001
CNN: Live This Morning
(c) Copyright eMediaMillWorks, Inc. (f/k/a Federal Document Clearing House,
Inc.). All Rights Reserved.
The problems behind California's power crisis are the focus of a documentary
on the PBS program "Frontline." The documentary looks at California's
deregulation process, and how that will affect similar programs nationwide.
DARYN KAGAN, CNN ANCHOR: The problems behind California's power crisis are
the focus of a documentary on the PBS program "Frontline." Here's a brief
clip from the program called "Blackout."
(BEGIN VIDEO CLIP, PBS' "BLACKOUT")
UNIDENTIFIED MALE: We had had a problem with one unit going out at 1:30 in
the morning. We immediately then into our reserves, pulled down hydro. It
became evident that nobody had energy for us.
(END VIDEO CLIP)
KAGAN: And joining us from our Boston bureau to talk about the documentary is
"Frontline" correspondent and producer Lowell Bergman. Lowell, good morning,
good to see you.
LOWELL BERGMAN, PRODUCER, "FRONTLINE": Good morning to you.
KAGAN: To refresh our...
BERGMAN: Good to see the lights on.
KAGAN: Good to see we're working today. That's positive. Sometimes you just
don't know. Our viewers might be more familiar with you. Your the guy who, in
the movie "The Insider," Al Pacino portrayed as the producer who took on the
tobacco industry.
BERGMAN: I'm not Al Pacino.
KAGAN: You're not Al Pacino, but accomplished in your own right, and as a
reporter, a journalist who really likes to take on tough, difficult topics,
like the tobacco industry, like the drug wars, a previous "Frontline"
documentary, and now, the power companies. How does that compare to previous
topics?
BERGMAN: Well, this is really a subject that touches everyone's lives. As you
know, when you wake up in the morning and you turn on your radio, you expect
the electricity to be on or your television to go on. What happens when that
doesn't happen? And why is that happening now in place like California, and
also why are your bills going up. You're pretty lucky, actually, where you
are. Your electricity bills are probably pretty stable. That's because you
haven't deregulated yet. That is, they haven't tried to restructure the
marketplace. KAGAN: You haven't see our natural gas bills. Our natural gas
bills here in Atlanta have gone -- we've had taste of that.
BERGMAN: Well, that's part of the documentary. Natural gas has usually been
set up as the example, the deregulation example for the rest of the country,
and the reason why we started to deregulate electricity. Now, with the great
rise in cost nationally, people are beginning to scratch their heads, and I
think that's one of the reasons we decided to do the show is because we never
really had what we would call an intense national discussion of why were we
doing this to these essential commodities that we all need.
KAGAN: Well, let's talk about the deregulation. Story after story in
California, you have people blaming deregulation. But what really is it, and
what was it supposed to do and what went wrong?
BERGMAN: Well, first of all, California went first, in 1996 with a plan that
now everyone is disowning, but everyone voted in favor of unanimously at the
time. Every political spectrum joined in wanting to change the nature of the
marketplace. So, in many ways, California is a learning experience for the
rest of the country, probably in some of the rules that don't make sense or
in the end, didn't make sense.
KAGAN: Why did it seem like a good idea back then? I mean, if all the people
were in favor of it, then it must have looked good to a lot of people.
BERGMAN: Well, because number one, the utilities were never our favorite
monopoly in any of our communities. You know about Homer Simpson and "Erin
Brockovich" and the image isn't exactly of companies that warm our heart.
That combined with large users of electricity, big industry wanted to change
the system so they would have an opportunity to go out in the open
marketplace and buy power cheaper or so they thought.
KAGAN: You mention, of course, that this is a story that touches all of us,
anybody who electricity on in their home, unless it's like the folks that we
featured before you who have their own power source. But how do you take
that, Lowell, and how do you make it a good television story besides a bunch
of pictures of power plants?
BERGMAN: Well, what we found, what we discovered is that the deregulation of
the industry has created a new kind of energy company, and the best example
of that is Enron, based in Houston, Texas, and they were nice enough and
cooperative in every way. So, they let us in to see what it is they do do.
What is this new new energy business.
For instance, Enron is the largest Internet business in the world. It has
Enron Online, and on that site, it buys and sells tens of billions of dollars
worth of electricity, gas and oil every year. This is a kind of marketplace
that never existed before. So, one of the functions of a documentary is to
try to open not only our eyes, the people doing it, the reporters, but also
the public's eyes as to what has gone on. This is something that is
well-known inside business communities nationally, but it's not well-known
among most of us. So, that's one area. Another area that we get into is
examining whether or not there was real manipulation by the energy generators
in California, and nationally as well as the gas companies.
KAGAN: Well, we will look for it. We will look for it tomorrow, sorry. The
power on our interview here is running out. We ran out of time. Lowell
Bergman, good luck with it. Most viewers will find it on their PBS station
tomorrow night, correct?
BERGMAN: Thank you. It will be -- check your local listings.
KAGAN: Check your local listings, as they say, and check the electricity bill
as well. Lowell Bergman, thanks for joining.
BERGMAN: Thank you.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Bush Aide, Ethics Agency Differ Over Stock Sale Delay (Update1)
2001-06-04 18:45 (New York)
Bush Aide, Ethics Agency Differ Over Stock Sale Delay (Update1)
(Adds Womack comments in fifth-10th paragraphs.)
Washington, June 4 (Bloomberg) -- The White House and the
federal Office of Government Ethics differed over what was
delaying the sale of stock by President George W. Bush's top
political strategist Karl Rove.
Rove said he has been waiting months for ethics office
approval of a document that would let him avoid capital-gains
taxes on his sale of stock in more than two dozen companies that
could present a conflict of interest.
An ethics office spokesman said today Rove hasn't submitted a
request for such a document, called a ``certificate of
divestiture,'' which normally takes only a few days to process.
Rove's financial disclosure form, which was released by the
White House last week, does contain a notation, dated May 18 and
initialed by an ethics officer, that states ``all individual stock
holdings to be sold.''
Rove said he's been waiting for approval from the ethics
office to sell all of his stock holdings, White House spokeswoman
Anne Womack said.
``Mr. Rove was willing to divest himself in December, but was
advised by the White House counsel's office he should not do so
until they reviewed his holdings and determined the best course of
action to avoid any conflict of interest,'' White House
spokeswoman Anne Womack said.
Skipping Some Discussions
In the meantime, Rove said he's been skipping discussions
that could have a direct impact on his stocks, Womack said. ``He
told me, `There have been conversations I just walked away
from,''' Womack said.
The Wall Street Journal reported this morning that Rove said
he'd been waiting for several months for ethics office approval to
sell his stock holdings and put the proceeds into a diversified
account. The ethics office said it's the responsibility of the
government official to request a certificate of divestiture.
Womack said a draft of Rove's divestiture paperwork was sent
in ``mid to late April'' to the Office of Government Ethics, and
Rove has yet to receive guidance back from the agency.
Rove is ``trying to get this done in a timely way,'' Womack
said. ``This is really a paperwork issue at this point.''
The disclosure form shows Rove owning assets valued at from
$2.3 million to $5.6 million, based on the broad ranges of values
used for such forms. Many of the companies do business with the
U.S. government or could be affected by policies emanating from
the White House.
Biggest Holdings
Rove owns between $100,000 and $250,000 of stock in Enron
Corp., the biggest energy trader and owner of U.S. interstate
pipelines, according to the disclosure form. He has similar
amounts of stock in Pfizer Inc., General Electric Co., Boeing Co.,
Cisco Systems Inc., American Express Co., Sallie Mae, Intel Corp.,
Wells Fargo & Co., and Johnson & Johnson. He also reported smaller
holdings in a dozen other companies and in 10 funds.
Since taking office, Rove has seen the value of many of his
stocks decline. Enron has fallen about 23 percent since Bush took
office in January; American Express has dropped 8 percent; Cisco
has slid about 51 percent; and Intel has dipped 15 percent.
Boeing shares have climbed about 19 percent since January,
while Johnson & Johnson has risen 6 percent.
Marathon Gets Enron's 20% Stake in Saudi Gas Project (Update1)
2001-06-04 18:13 (New York)
Marathon Gets Enron's 20% Stake in Saudi Gas Project (Update1)
(Adds Exxon Mobil's, Occidental's shares of the project in
second paragraph.)
Houston, June 4 (Bloomberg) -- USX-Marathon Group, the fourth-
biggest U.S. oil company, got Enron Corp.'s 20 percent stake in a
project that's part of a $25 billion natural-gas venture in Saudi
Arabia.
Marathon will join project leader Exxon Mobil Corp. and
Occidental Petroleum Corp. in the ``Red Sea Consortium,'' Marathon
spokesman Roger Holliday said. Exxon Mobil will have a 60 percent
stake, and Occidental will hold 20 percent, Exxon Mobil
spokeswoman Suzanne McCarron said.
The three companies joined the Royal Dutch/Shell Group, BP
Plc, TotalFinaElf SA, Conoco Inc. and Phillips Petroleum Co. in a
signing ceremony in Saudi Arabia Sunday for three projects, the
first gas-exploration business offered to international companies
in 20 years. The gas business may give the companies a lead over
rivals if Saudi Arabia lets international companies develop crude-
oil reserves.
Details are still being negotiated. The companies are
expected to spend $17 billion on the biggest project and about $4
billion on another. The size of the Red Sea project still is
unclear, Holliday said.
``My understanding is there's exploration involved, and the
final scope of the project will be determined later,'' he said.
Enron said Friday it had pulled out of the venture, though it
may provide services under a separate contract with Occidental. A
company spokesman declined to say why Enron backed out. Enron has
moved away from large infrastructure projects to focus on trading
electricity, gas and other commodities.
Marathon and Enron, the biggest energy trader and a pipeline
company, are based in Houston. Exxon Mobil, the world's biggest
publicly traded oil company, is based in Irving, Texas.
Occidental, a U.S. oil and gas producer, is based in Los Angeles.
Saudi Arabia wants to convert its oil-powered utilities to
run on cheaper natural gas. The country has had budget deficits
for most of the past two decades and needs international
investments to proceed with the projects.
Shares of Marathon rose 57 cents to $32.72. Enron rose $1.50
to $54.54. | {
"pile_set_name": "Enron Emails"
} |
It looks like Reliant is now using air quality requirements as justification
for their high prices at their plants in CA. We are checking to confirm that
their facilities are in fact reaching their emission ceilings.
Pressure builds on Davis to relax air standards
Updated: May 24, 2001 - 2:22 p.m.
A major electricity supplier said Thursday it will sharply cut prices
for power from three Southern California plants in anticipation that
air quality monitors will let the plants release more pollution this
summer.
Meanwhile, aides said Gov. Gray Davis will consider paying
businesses to run heavily polluting diesel generators to boost the
state's power supply and help avert rolling blackouts.
Reliant Energy said it could chop its power bids from the high of
$1,900 per megawatt hour Davis criticized this month to as little as
$150 per megawatt hour -- but only if air regulators quickly allow it
to exceed pollution standards at the three plants.
The Houston-based generator will cut its prices immediately, but
will soon be forced to shut down three of its five Southern California
plants for the rest of the year if pollution standards aren't lifted, said
Joe Bob Perkins, president and CEO of Reliant Energy Wholesale
Group.
Davis singled out Reliant's $1,900-per-megawatt-hour charge earlier
this month as an example of the egregious prices he said
generators should voluntarily cut.
Reliant said it deliberately bid the high price to discourage the
state's power grid operator from calling its high-polluting plants into
use. Using the plants now eats up valuable pollution credits that
will likely be needed to keep the plants running during even higher
demand periods this summer, the company said.
"In essence, we are doing exactly what Gov. Gray Davis has
suggested. But if these restrictions are not lowered, we will run out
of power from these units very quickly," Perkins said in a
statement.
Perkins proposed that emissions hours not be counted against
Reliant's yearly allotment whenever the plants are called into
operation to help prevent blackouts.
Reliant's Mandalay, Etiwanda and Ellwood plants each face annual
air pollution limits imposed by the South Coast Air Quality
Management District and the Santa Barbara County and Ventura
County air pollution control districts. Reliant has asked for
extensions from each of the districts.
"There's no question we are in an emergency situation. We will
consider every option available" to avert blackouts, said Davis
spokesman Roger Salazar. But he said the administration had not
seen Reliant's proposal.
Davis also will consider paying businesses to fire up their backup
generators when necessary to avoid outages, Salazar said.
Running the generators would let the businesses disconnect from
the state's power grid, freeing up electricity for other uses.
The proposals have consumer and environmental groups outraged.
"It's a short-term fix that will have potential long-term health
consequences," said Paul Knepprath of the American Lung
Association of California.
The state should instead cut demand by encouraging more
conservation, the lung association and 18 other consumer and
environmental groups said in a letter to Davis on Wednesday.
Davis already is promoting conservation, but blackouts have health
and public safety consequences too, Salazar said. The use of
backup generators is being proposed by the administration's top
energy advisers, but Davis has not yet seen the proposal, Salazar
said.
The governor is willing to "explore every conceivable option for
generation this summer," Salazar said.
The twin developments come the same week the administration cut
by 20 percent its estimate of new power generation that will be
available this summer. Davis now projects 4,000 additional
megawatts, 1,000 megawatts short of his original estimate. A
megawatt is enough power for about 750 homes. | {
"pile_set_name": "Enron Emails"
} |
got it thanks. Hey I am going to paddys afterwork with some people. Linda
hornbuckle is playing there in the tent area. Are you game? | {
"pile_set_name": "Enron Emails"
} |
(See attached file: hpl0720.xls)
- hpl0720.xls | {
"pile_set_name": "Enron Emails"
} |
sounds good. | {
"pile_set_name": "Enron Emails"
} |
Kim -- Do you know someone named Audrey Robertson? She books the 49/C2 room. I need to know if someone
turned in a purse and a briefcase this morning (left there). And, if not, who booked that room after Stan's 8 am -9:30
staff meeting was over.
(I've tried to call her; got her no. from Cindy Stark, but no answer. I don't know if she is in today or not. I went up to
49/C2 and no purse or briefcase is there. Yes -- I am losing it!)
--Dot | {
"pile_set_name": "Enron Emails"
} |
Sure, later today?
Carol St Clair
05/22/2000 10:43 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject:
Sara:
FYI. Can we talk about this?
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 05/22/2000 10:43 AM -----
Susan Bailey
05/22/2000 09:54 AM
To: Carol St Clair/HOU/ECT@ECT
cc:
Subject:
Carol,
Set forth below are the form issues:
I. Schedule to Master Agreement
A. Credit:
1. Footnote #6 - do we want to include the additional sentence under Part
1(b) for cross default when ENA's/ECC's counterparty is a financial
institution, particular one which is a credit institution of Enron Corp.?
2. Footnote #18 -- how do we handle the 125% exposure issue in the
additional event of default section?
3. Discuss with Rod Nelson as to online matters involving hedge funds.
B. Legal:
1. Carol/Sara to visit with Mark Taylor and/or David Mitchell regarding
Foonote #50 (Trade Option Exemption representation for ECC deals and/or
Canadian counterparties).
2. Carol/Sara to visit with Greg Johnston regarding Footnotes #52 (Canadian
Securities Acts) and any other ECC/Canadian matters.
3. Carol to provide language as to securing Enron Corp. financials thru the
website.
4. Sara to check Footnote #54 regarding the representation as to
"Termination Payments" for governmental counterparties.
II. Paragraph 13 to the Credit Support Annex
A. Credit:
1. Paragraph 13(iv)(C) -- should the "Minimum Transfer Amount" be $0 ?
2. Paragraph 13(c)(iv) -- should the "Notification Time" be 9:00am (Houston
time)?
3. Prepare list of non-standard credit ratings definition for use by Legal.
B. Legal:
1. Paragraph 13(f)(iv) -- Carol/Sara to discuss with Mark this pulp & paper
provision.
2. Carol to rework language used for the MAC definition of "PV15 of PDP".
3. Exhibit A to Paragraph 13 of Annex A -- Carol/Sara to discuss with Mark
provision (f).
4. Schedule 1 (L/C form) Carol to provide updated language.
The approved form changes are now being made and will be distributed by
mid-day today.
Let me know if have neglected to include anything.
Susan | {
"pile_set_name": "Enron Emails"
} |
Hi John -
Ken said that given he will be in town on March 15, he will plan to attend
the meeting also. By way of this e-mail, I'll check with Joe's office to see
what time it's scheduled.
Thanks.
Rosie
To: Kenneth Lay@ENRON, Joseph W Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Steven J Kean@EES, Jeffrey McMahon@ECT
Subject: Prospective Meeting with Jim Harmon, Chairman of EXIMBank, March 15
Ken and Joe
Jim Harmon, Chairman of EXIMBank will be in Houston March 15 and would like
to meet with Enron to see where there are opportunities for EXIM to work more
closely with the company. He will be accompanied by Jeff Miller VP who
oversees the finance operations and perhaps Barabara O"Boyle, head of the
project finance group. As you know we have done little with the Bank since
Trakya. We intended to use the Bank for Dabhol 2 but were prevented to by
sanctions imposed against India. Joe is now on the EXIM Advisory Committee
so it would be a good opportunity to sit down with the Bank.
I understand that Ken has received a letter from EXIM about the meeting and
referred it to Joe. I would propose that Joe lead the meeting with some of
the regional finance people (parallel the Munoz schedule, but shorter) with a
brief courtesy call on Ken or Ken could step in for a moment whenever he is
available.
I will check with Pam re Joe's availability and follow up with a memo re the
market window initiative with EXIM where my office is heavily involved. | {
"pile_set_name": "Enron Emails"
} |
Jane-
Per our phone conversation on Friday, we will plan on receiveing the "Methane
Arctic" with approximately 68,500 M3 about April 2. This should hold us
until the last part of April or first part of May. We will put out the
official nomination as usual on March 12.
Thanks and regards,
Dan Masters
Office: 713-345-5498
Fax: 713-646-6560
Cell: 832-326-9590
Email: [email protected] | {
"pile_set_name": "Enron Emails"
} |
We are making good progress; but it would be nice to know that this project
is real. How much selling must we do, or is it already pre-sold?
-- David
[email protected] on 08/31/2000 07:50:08 AM
To: [email protected]
cc:
Subject:
Greetings David:
Just checking in to gauge how you folks are doing in cobbling together a
proposal and to see if any roadblocks have been encountered. Hope all is
well.
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
We plan to send this out Friday. Cynthia will provide copies to the Hill as
she sees appropriate. Any comments? | {
"pile_set_name": "Enron Emails"
} |
I gave you Matthews SS# several weeks ago. Do you know what this is about?
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 09/17/99
12:20 PM ---------------------------
Enron North America Corp.
From: Ginger McCain @ ENRON 09/13/99 02:46 PM
To: Adriana Celedon/HOU/ECT@ECT, Chris Mendoza/HOU/ECT@ECT, Angela
Henn/HOU/ECT@ECT, Stacy Oravec/HOU/ECT@ECT, David Leboe/HOU/ECT@ECT, Shelly
Mansfield/HOU/ECT@ECT, Edward Ondarza/HOU/ECT@ECT, Marshall
Eubank/HOU/ECT@ECT, Sarita Garza/HOU/ECT@ECT, Patricia Slaughter/HOU/ECT@ECT,
Brad McKay/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Frank Cernosek/HOU/ECT@ECT,
Richard B Sanders/HOU/ECT@ECT, Tim Proffitt/HOU/ECT@ECT, Kathy
George/HOU/ECT@ECT, Kirk Lenart/HOU/ECT@ECT, Patrice L Mims/HOU/ECT@ECT,
Georgeanne Hodges/HOU/ECT@ECT, Scott Sitter/DEN/ECT@Enron, John C
Brindle/HOU/ECT@ECT, Cristina Zavala/SF/ECT@ECT, Greg Wolfe/HOU/ECT@ECT,
Cornelio Pua/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT, Lino
Mastrangelo/HOU/EES@EES, Chris Constantine/HOU/ECT@ECT, Guido
Caranti/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Dependent's SSN
Benefits needs your dependent's social security number on file. As of now,
our records show a blank field.
If your dependent (s) do not have a US social security number, please provide
their tax ID number.
Complete the attached form and fax it to the Benefits Department attention;
Susan Jones at 713/646-8454.
Thank you,
Ginger McCain
Benefits Analyst 1 | {
"pile_set_name": "Enron Emails"
} |
Thanks Steve, actual savings prior to allocation was $782,375 I miss
calculated when I sent the memo.
Steven J Kean@EES
08/01/2000 09:11 AM
To: Gary Fitch/HR/Corp/Enron@ENRON
cc:
Subject: Re: Tax Valuations for YR2000
Congratulations!
Gary Fitch@ENRON on 07/27/2000 12:02:47 PM
To: Bill Donovan/EPSC/HOU/ECT@ECT
cc: Steven J Kean/HOU/EES@EES
Subject: Tax Valuations for YR2000
Bill, we hit a home run this morning with HCAD. They have agreed to take my
reduced valuation on the Enron fleet. A reduction of $16,079,000 in taxable
value. This results in savings of $482,375. That's not all, our allocation
based on records for operations outside of the state of Texas resulted in
additional savings of $1,559,638. Total savings to our 2000 budget will be
$2,042,013. | {
"pile_set_name": "Enron Emails"
} |
Hi Rob,
We are considering assigning a couple of the LM's to an Enron LLC, then
selling the equity. I've taken a stab at the assignment & assumption
agreement. Is this ok? Has WestLB signed of on this form yet?
This is the same transaction I called you about this am. Any thoughts on the
notice question?
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
How are you? Hope everything is going well. Not much going on here - I
think I'll go see the new movie with Richard Gere on Friday - wish you were
here so we could go and sob together. Drop me a line if you get a chance.
Say HELLO to the kids!
Love you! | {
"pile_set_name": "Enron Emails"
} |
FYI
----- Forwarded by Shari Stack/HOU/ECT on 10/19/00 01:03 PM -----
Christian Yoder
10/19/00 12:50 PM
To: Tracy Ngo/PDX/ECT@ECT, Shari Stack/HOU/ECT@ECT, Steve C Hall/PDX/ECT@ECT
cc:
Subject: Cal PX indmentity agreement
The CalPX "Credit Redisign" situation is an irritating mess that I am trying
to help straighten out. Here is a summary of what is going on. Please keep
this summary around and read it every time you get a question from a confused
individual and feel free to forward it to whomever out there is confused
about things.
The CalPX has a Surety bond with a big Surety entity. The gist of the thing
is that If the PX ever gets into a situation where one of the players on its
exchange defaults, it can pick up the phone and call the Surety and the
Surety will rush money to the PX withing 5 minutes, no questions asked.
Before the Surety agreed to do this bond with the PX they insisted that all
of the players that do business with the PX (called principals) sign
indemnity agreements with it. The indemnity agreements basically say that if
the Surety ever has to pay a penny to the PX,, it can immediately call the
Principal and the principal will rush a penny to the Surety within 5.1
minutes. The indemnity agreement says that the Principal must pay the Surety
upon demand for the share of the loss that it caused. It also says a bunch
of stuff that makes it very clear that we might also have to pay money in
situations that are not our fault too. It is a risky, bad agreement to sign
and in the first round of this stuff with the PX a year or so ago we did not
sign any indemnity agreement. What happened instead was that Enron Corp
stepped in and saved the day. It just so happens that Enron Corp. already
had a preexisting Indemnity Agreement with the Surety covering various
exposures at the 20,000 foot corporate level. I was able to get the Enron
Corp bond people to talk to the Surety and the result was a two sentence
letter from the PX saying we were okay to trade. We did not have to sign the
indemnity agreement. I did not negotiate any of the terms between Corp and
the PX on this.
That is the history. Now we come to the PX's new "Credit Redisign." The PX
is anxious that it is not covered well enough. So, out they come with
exactly the same set of documents demanding that everybody sign another
indemnity agreement. Like a trained dog, I have just been trying to do the
same thing I did last time. I have called Corp and tried to get them to make
the issue go away the same way they did last time. Unfortunately there are
different people involved now and I have not been very aggressive about
telling the story and getting eveybody to work together. I am now back from
a nice littel vacation and promise to push the thing through Corp. as best I
can. I have already left two voice mails and will faithfully and doggedly
try to take care of this. ----cgy | {
"pile_set_name": "Enron Emails"
} |
Hello everyone, it's Esther filling in for Joseph. He received this email
today. I don't know what it is or who should know, but I'm forwarding it on
to be on the safe side :)
Esther
---------------------- Forwarded by Joseph Alamo/NA/Enron on 11/15/2000 01:45
PM ---------------------------
StateNet <[email protected]> on 11/15/2000 01:20:32 PM
To: [email protected]
cc:
Subject: State Net Unavailable (11/18-11/19)
ATTENTION STATE NET SUBSCRIBERS
On Saturday, November 18, 2000 and Sunday, November 19, 2000
the STATE NET system will be unavailable while we prepare our
database for the upcoming 2001 legislative sessions.
The STATE NET system will be available as usual on Monday,
November 20, 2000.
* * *
If you have any questions please contact your Client Service
Manager at 916/444-0840, 800/726-4566, or email us at
[email protected]. | {
"pile_set_name": "Enron Emails"
} |
Scott,
Please, take a look at this resume.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/30/2001
05:46 PM ---------------------------
From: Paula Corey@ENRON COMMUNICATIONS on 01/30/2001 01:03 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: I've done it....
Vince -
Here you go ... this has been reformatted
----- Forwarded by Paula Corey/Enron Communications on 01/30/01 01:03 PM -----
Brian Mihura@ENRON
01/30/01 11:52 AM
To: Paula Corey/Enron Communications@ENRON COMMUNICATIONS
cc:
Subject: I've done it....
Here is Matt's resume as a MSWord doc. | {
"pile_set_name": "Enron Emails"
} |
Got it -- I'll make the change.
Sara
-----Original Message-----
From: Jones, Tana
Sent: Thursday, March 29, 2001 3:01 PM
To: Davidson, Sara
Subject: Re: RSVP - Law Conference Autoreply
I've got the awards dinner wrong. That should be yes.
RSVP - Law Conference Autoreply <[email protected]> 03/29/2001 02:26
PM Please respond to Sara.Davidson To: tana jones <[email protected]>
cc: Subject: RSVP - Law Conference Autoreply
Thank you for submitting the following responses on the RSVP
Online Form for the 2001 Enron Law Conference. The
information you submitted is as follows:
Attendance: Y
First Name: tana
Last Name: jones
Position: Legal Specialist/Paralegal
Legal Group: ENA
Phone: (713) 853-3399
Fax: (713) 646-3490
Email: [email protected]
Admin. Name: taffy milligan
Admin. Phone: (713) 345-7373
Admin. Email: [email protected]
Arrival Date: May 2, 2001
Departure Date: May 4, 2001
Hotel Accommodations: Two Double Beds
Non-Smoking: Y
Other:
Thursday Activity: None Selected - No Activity Selected
Golf Handicap:
Awards Dinner: N
SAP Company: 0413
SAP Cost Center: 105657
This message is a confirmation of the details of your RSVP
form. If any of the information is incorrect or your plans
change, e-mail Sara Davidson with the information. Do not
make any changes on the website. | {
"pile_set_name": "Enron Emails"
} |
I changed Heat rates for Caledonia and Gleason, and Start Charge for Gleason.
Heat rates has no impact on numbers. Only increased start charge reduced IRR
from 13.966% to 13.947% with same debt and equity scenario. I think we can
stay with previous numbers (debt and equity) with new heat rates and start
charge. Jin | {
"pile_set_name": "Enron Emails"
} |
NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
You have been selected to participate in the Mid-Year 2000 Performance
Management process by providing meaningful feedback on specific employee(s)
that have been identified for you. Your feedback plays an important role in
the performance management process, and your participation is very critical
to the success of Enron's Performance Management goals.
Please provide feedback on the employee(s) listed below by accessing the
Performance Management System (PEP) and completing an online feedback form as
described in the "Performance Management Quick Reference Guide". You may
begin your feedback input immediately. Please have all feedback forms
completed by the date noted below.
If you have any questions regarding PEP or your responsibility in the
process, please call the PEP Help Desk at the following numbers:
In the U.S.: 1-713-853-4777, Option 4
In Europe: 44-207-783-4040, Option 4
In Canada: 1-403-974-6724 (Canada employees only)
Or e-mail your questions to: [email protected]
Thank you for your participation in this important process.
The following list of employees is a CUMULATIVE list of all feedback
requests, by operating company, that have an "OPEN" feedback status. An
employee's name will no longer appear once you have completed the feedback
form and select the "SUBMIT" button in PEP.
Review Group: ENRON
Feedback Due Date: Jun 16, 2000
Employee Name Supervisor Name Date Selected
------------- --------------- -------------
DUDLEY, CHERYL D STEVE J VENTURATOS May 19, 2000
HELTON, JENNIFER JEFFREY T HODGE May 22, 2000
HYVL, DANIEL J JEFFREY T HODGE May 24, 2000 | {
"pile_set_name": "Enron Emails"
} |
[IMAGE]
Attention Fantasy Players! Cant find that perfect gift? Let MVP.com make it easy for you! Save 10% on your next purchase when you purchase a Gift Certificate from now until 12/27/01. Click Here for Details . Brought to you by Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football. To customize, reschedule, or turn off these reports please click here NFL Reports, Player Updates [IMAGE]Latest NFL Player News Joe Horn , WR NO - The Leather Cheerios Updated 12/21/01 Horn is once again performing like an elite Fantasy receiver. He is a must-start player during the final weeks of the NFL season. Maurice Smith , RB ATL - Xtreme Updated 12/21/01 A banged-up Smith hasn't done much statistically in recent weeks. Don't depend on him during the Fantasy playoffs. Donald Hayes , WR CAR - Free Agent Updated 12/21/01 Hayes may step back into the forefront this week as the No. 1 wideout in place of Muhsin Muhammad. He isn't very explosive, however, and won't help Fantasy teams much during Weeks 15 through 17. Chris Weinke , QB CAR - KMB Express Updated 12/21/01 Consider Weinke as a backup during the Fantasy playoffs. He lacks the weapons to post better-than-average numbers, but he is a good option if you need an emergency QB. Kurt Warner , QB STL - The Hillrods Updated 12/21/01 Warner should guide many Fantasy teams to success during the playoffs. Expect fine numbers from him the rest of the way. Rich Gannon , QB OAK - Pierres Flea Circus Updated 12/21/01 Gannon has been a top-flight Fantasy QB this year. He will be a key player on many title teams, and should never be benched. Randy Moss , WR MIN - Cali Bound Updated 12/21/01 Moss started off slow this season but has once again been one of the best wideouts. Don't hesitate to start him during your playoff run. Marvin Minnis , WR KC - Cali Bound Updated 12/21/01 Minnis hasn't done much to help Fantasy owners this year. Don't use him during the remaining weeks of the NFL season. Michael Westbrook , WR WAS - Third World Countryman Updated 12/21/01 Westbrook has been inconsistent this season as a Fantasy player. He will be a good No. 2 at best during your playoffs. Rod Gardner , WR WAS - Baby Blues Updated 12/21/01 Gardner has been very inconsistent this season. Unless you play in a deeper league, starting Gardner isn't advisable. Tony Richardson , RB KC - Free Agent Updated 12/21/01 Richardson hasn't been a consistent scoring threat this year. Don't use him during the Fantasy playoffs. Tony Gonzalez , TE KC - Xtreme Updated 12/21/01 Gonzalez hasn't played as well as expected this year. Still, he is too talented to bench during the Fantasy playoffs. Brett Favre , QB GB - Cali Bound Updated 12/21/01 Favre has been one of the best QBs this season. Count on him to help lead your team to Fantasy glory. Trent Green , QB KC - Free Agent Updated 12/21/01 Green has been an inconsistent Fantasy QB this year. He is a risky start during the rest of the season. Bill Schroeder , WR GB - Baby Blues Updated 12/21/01 Schroeder has had a solid season. Look for him to be a reliable No. 2 wideout during your postseason. Matt Hasselbeck , QB SEA - Free Agent Updated 12/21/01 Hasselbeck has been a big disappointment this year. Don't use him during the Fantasy postseason. Johnnie Morton , WR DET - Cali Bound Updated 12/21/01 Morton has been inconsistent this season but he will still be a solid No. 2 during the Fantasy playoffs. Keep him in your lineup. Reggie Wayne , WR IND - Free Agent Updated 12/21/01 Wayne is healthy again, and showing signs of improvement. But he is not accomplishing enough statistically to help most Fantasy teams. Amani Toomer , WR NYG - The Leather Cheerios Updated 12/21/01 Toomer is having a bit of a down year, but his potential to post solid Fantasy numbers makes him worth considering. He should be a solid No. 2 wideout during your playoffs. Marvin Harrison , WR IND - Third World Countryman Updated 12/21/01 Harrison will be an important Fantasy player during the final weeks of the NFL season. He will have some good outings, even though the Colts are not in the playoff race. Duce Staley , RB PHI - KMB Express Updated 12/21/01 Staley started to play well late in the season. Be sure to keep him into your starting lineup. He will be an adequate back for the playoffs. Shawn Bryson , RB BUF - Free Agent Updated 12/21/01 Bryson will start in place of the injured Travis Henry this week. Consider him as a No. 2 RB if you need help at that spot. James Thrash , WR PHI - Pumpdog Updated 12/21/01 Thrash was not very consistent during the regular season and may not catch a lot of TD passes in the final games of the NFL regular season. He will be a No. 2 wideout at best during the Fantasy playoffs. David Patten , WR NE - The Wounded Ducks Updated 12/21/01 Patten's numbers have dropped off in recent weeks. Don't use him unless your team is very thin at wide receiver. Joey Galloway , WR DAL - Free Agent Updated 12/21/01 Galloway has been a disappointment for Fantasy owners this season. Unless you're in a deeper league, starting Galloway during your playoffs isn't recommended. Troy Brown , WR NE - The Hillrods Updated 12/21/01 Brown has been an inconsistent Fantasy receiver this year. He may not be a reliable option during the Fantasy playoffs. Warrick Dunn , RB TB - Third World Countryman Updated 12/21/01 Dunn has been inconsistent this season. He will be a No. 2 back at best during your playoffs. Antowain Smith , RB NE - She Said Updated 12/21/01 Smith is a must-start player during the Fantasy postseason. Even if his yardage totals aren't good, he is a tremendous TD threat. Keyshawn Johnson , WR TB - Baby Blues Updated 12/21/01 Johnson has caught a lot of passes this season, but has only one TD reception. Nevertheless, he will still be a reliable receiver in your playoffs. Anthony Becht , TE NYJ - 2700 HUEVOS Updated 12/21/01 Becht hasn't been a consistent target for the Jets this year. He may not be very valuable during the Fantasy playoffs. More Updates Teams, Rosters [IMAGE] [IMAGE] [IMAGE] KMB Express Dutch Quigley Player TM Pos Status Next Bye Manning, Peyton IND QB Active NYJ Week 4 Staley, Duce PHI RB Active @SF Week 5 Dillon, Corey CIN RB Active @BAL Week 8 Mason, Derrick TEN WR Active @OAK Week 3 Hilliard, Ike NYG WR Active SEA Week 12 Stokes, J.J. SF WR Active PHI Week 6 Stewart, Tony PHI TE Active @SF Week 5 Nedney, Joe TEN K Active @OAK Week 3 Raiders OAK DT Active TEN Week 6 Weinke, Chris CAR QB Reserve STL Week 14 Redmond, J.R. NE RB Reserve MIA Week 16 Henry, Travis BUF RB Reserve @ATL Week 5 Muhammad, Muhsin CAR WR Reserve STL Week 14 Graham, Jeff SD WR Reserve @KC Week 17 Sharpe, Shannon BAL TE Reserve CIN Week 13 Kasay, John CAR K Reserve STL Week 14 Jets NYJ DT Reserve @IND Week 11 Total Active Players: 9 Total Reserve Players: 8 NFL Injuries for KMB Express Updated Player Team Pos Injury Expected Return 12/21/01 Dillon, Corey CIN RB Finger Expected to play Sunday at Bal. 12/19/01 Henry, Travis BUF RB Knee Will not play on Sunday 12/20/01 Hilliard, Ike NYG WR Toe Day to day 12/19/01 Mason, Derrick TEN WR Hip Day to day 12/20/01 Muhammad, Muhsin CAR WR Toe Status unclear for Sunday's game vs. STL 12/20/01 Sharpe, Shannon BAL TE Leg Day to day [IMAGE] Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com FB10SP | {
"pile_set_name": "Enron Emails"
} |
Grant,
Sorry for the silence. It's definately not a commentary on your work - I've
been travelling back and forward between Sydney and London like a yo-yo and
trying to tidy up things on our end. I've been working on incoporating your
material and will spend all of tomorrow on this (hopefully!) so that I can
ask for the last few amendments before the w/end.
Many thanks and best regards.
Chris.
----- Original Message -----
From: Grant Masson <[email protected]>
To: Chris Strickland <[email protected]>
Sent: Tuesday, June 27, 2000 8:54 AM
Subject: Re: chapter 3 revisions
>
>
>
> Chris:
>
> I can't decide if I should take your silence over the past several weeks
to mean
> that you are getting stuck into finishing up the book or you are just so
> thoroughly disgusted with our work that you would like to wash your hands
of us.
>
> I've been stuck on trying to get the last figure mentioned in the chapter
into a
> format that I like. The problem is the volatility found in the
regressions is
> on the order of several hundred percent, and so when I plot the historical
data
> next to a simulated curve over the course of the year, the simulated curve
tends
> to drift up or down stupidly both in the Jump diffusion and Garch+Jump
diffusion
> model. Any suggestions would be accepted with pleasure. I wonder if I
should
> skip the figure. It seems a pity to do so however, because otherwise the
last
> section comes off as a bit of an afterthought, and I would like to present
a
> practical example. Again any guidance would be appreciated.
>
> Anyway, I am sending you a somewhat improved draft now (minus only the
last
> figure), rather than sit on the whole thing while I stew on this bit, I
hope
> this will be useful to you. Because I am leaving for holidays at the end
of the
> week, I can guarantee you that you will have a final draft before then.
>
> Regards,
> Grant.
> (See attached file: cs260600.doc)
> | {
"pile_set_name": "Enron Emails"
} |
Please find the docs she is referring to so I can sign them. We should get
Jeff Hodge to sign them. Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 06/13/2000 02:47 PM -----
"Choussy, Dorothee" <[email protected]>
06/06/2000 08:27 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Project Merlin
Dear Mark,
I refer to my letter to you dated 31 May 2000, enclosing two originals of
the deed of waiver between MG Trade Services AG and Enron Investments PLC.
These two documents have to be signed by you on behalf of Enron Investments
PLC.
I would be very grateful if you could sign both originals and return them to
me as soon as possible by courier.
Thank you very much
Yours sincerely
Dorothee Choussy
John Goodwin's Trainee
Linklaters
Tel: 020 7456 3281
Fax: 020 7456 2285
mail to: [email protected]
____________________________________________________________
This message is confidential. It may also be privileged or
otherwise protected by work product immunity or other legal
rules. If you have received it by mistake please let us know
by reply and then delete it from your system; you should not
copy the message or disclose its contents to anyone.
____________________________________________________________ | {
"pile_set_name": "Enron Emails"
} |
what is up? i didn't have your email. anyway, i think you called last night
and i answered and i could hear you talking to somebody, but you couldn't
hear me saying hello. dirty george does some sick shit. he lost his hand up
his ass the other day. how is the new job? | {
"pile_set_name": "Enron Emails"
} |
Lora:
This is the new "Final" version. The difference from the earlier version is - a few slides were taken out and the order of the remaining slides were rearranged.
Please get a copy of this new "Final" to Ken Lay.
Thanks.
----- Forwarded by Maureen McVicker/NA/Enron on 06/21/2001 02:53 PM -----
Ursula Brenner 06/21/2001 01:05 PM To: Karen Denne/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron cc: Maureen McVicker/NA/Enron@Enron Subject: Last version
This is the final version, including the changes Jeff just requested.
Ursula | {
"pile_set_name": "Enron Emails"
} |
Sara -
Here is a summary of the terms of the CSFB swap that we unwound on Friday and
replaced with a forward.
CF
- ENRON.xls | {
"pile_set_name": "Enron Emails"
} |
Do you wanna know what the cops said one time when we called them to report
people who had broken into a (nice) empty home, and who were living there,
while also stealing all the personal belongings left by the former
residents, in addition to ripping off the fireplace mantle and any other
saleable items?
After refusing to go inside the building to get the bums, the cop said,
"Homeless people need a place to sleep, too." !!!
----- Original Message -----
From: "Gayle Rodgers - Rodgers, Ramsey, Inc." <[email protected]>
To: <[email protected]>
Sent: Tuesday, September 25, 2001 9:14 AM
Subject: Re: *EMCA* Neglected vacant lots
> Great Scott! This is definitely worth making an issue of. I plan to
print it
> out and send it to both Sgt. Vollert and take it to a meeting with the
Captain of
> our district October 4.
>
> Could provide me with the dates of the specific incident with the men?
Please
> send directly to my e-mail at [email protected] or call me at
> 713-529-7010.
>
> Gayle Ramsey
>
>
> [email protected] wrote:
>
> > I had a similar experience, but I was hoping it was isolated. I sent
e-mail
> > complaints four times and received no reply. I went down and filled out
> > written complaints twice. On my third trip, the (clueless) officer
checked,
> > and there was no record of any complaint. Finally, six weeks after my
> > initial complaint, I got some response. Interestingly, although HPD has
made
> > a big deal out of its claim that it will enforce code violations now,
the
> > officer told me that most of the things I was complaining about were
code
> > violations that he could not do anything about.
> >
> > I am utterly disgusted with HPD's responsiveness in our neighborhood. I
> > never see cars patrolling. They tell us to call about suspicious
persons
> > etc., but then they seem annoyed when we do. We called at 3:00 a.m. one
> > morning because there were two men in the new constuction next to us.
The
> > officers responded, and we stayed on the phone with dispatch so we could
> > direct the officers to where the men were in the structure. They
rousted one
> > of the an LET HIM GO. Although we told them where the other one was,
they
> > never even went to look for him. Twenty minutes later, the first one
was
> > back. A few days later, there were two more men on the lot, one of them
> > chasing the other and beating him with a pipe. We called 911 while this
was
> > in progress, and HPD showed up 30 minutes later.
> >
> > Finally, I have had so much stuff stolen from my porch and yard lately
that I
> > have started putting things I don't want out there knowing that someone
will
> > take them.
> >
> > Thanks for letting me vent.
> >
> >
> > To unsubscribe from this group, send an email to:
> > [email protected]
> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
>
>
>
> To unsubscribe from this group, send an email to:
> [email protected]
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
>
------------------------ Yahoo! Groups Sponsor ---------------------~-->
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Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ | {
"pile_set_name": "Enron Emails"
} |
We do not have any special language prepared by our legal department for
munies. We have sent out some special language on confirmations, but the
language was from the counterparty. It was not prepared by our legal
department.
---------------------- Forwarded by Sharen Cason/HOU/ECT on 04/30/2001 03:42
PM ---------------------------
Rhonda L Denton
04/27/2001 05:06 PM
To: Kay Mann/Corp/Enron@ENRON
cc: Sharen Cason/HOU/ECT@ECT
Subject: Re: Long form
There are no riders. Elizabeth or Janice may be able to help you with muni
language. I will ask Sharen on Monday (confirm queen) if she is aware of any
muni language that she has used in the past.
Kay Mann@ENRON
04/27/2001 04:24 PM
To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: Long form
Many thanks. Pardon my ignorance, but is there a list of riders to select
from? The transaction that we are contemplating is with a municipality, so we
need some muny language if such thing exists.
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Airam Arteaga/HOU/ECT on 11/10/2000 10:58
AM ---------------------------
GASFUNDY@ENRON
11/10/2000 10:55 AM
Sent by: Chris Gaskill@ENRON
To: Airam Arteaga/HOU/ECT@ECT, Kimberly Brown/HOU/ECT@ECT, Ina
Rangel/HOU/ECT@ECT, Becky Young/NA/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Laura Harder/Corp/Enron@Enron, Amanda
Huble/NA/Enron@Enron
cc:
Subject: Gas Fundamentals Website
Please forward the following message to your groups:
We are proud to announce the launch of the production Gas Fundamentals
websites at http://gasfundy.corp.enron.com
As you browse the website please feel free to use the contact button to send
us any feedback, and report any issues you might
encounter.
If this is your first visit to the website, there may be a few issues that
you might encounter, such as:
1) Your browser may prompt you to download a Macromedia Flash control
2) Adobe PDF documents may prompt you to download them, rather than opening
in the browser.
If you encounter any of these issues, please contact Demetrion Ware at Ext:
57607, or Dave Dronet at Ext: 53482 and we will work to resolve the issues as
soon as possible.
NOTE : This site will only function if you use Internet Explore 4.0 or
higher, if you are trying to view the site using Netscape
it will not function properly.
Thank you,
David Dronet | {
"pile_set_name": "Enron Emails"
} |
The attachment includes the list of environmental companies provided to me,
and companies with "enviro" in the name. The total spend equals $40,817,587.
You may find the separate business units spend under each company line.
I included "other companies" in a separate tab for your observation. These
companies may have similiar names (ex. agra and agra earth &
environmental). Please advise. This involves an extra $3 M.
In another separate tab, are companies that I could not find. Please let me
know if you have any more information on these companies.
Please call if you have any questions.
Thank you.
Best regards,
Shelley Johnson
Business Analyst
Global Strategic Sourcing
713-345-6528
333 Clay Street 1116d
Houston, TX 77251
[email protected] | {
"pile_set_name": "Enron Emails"
} |
See attached. Please note that the next Culture Committee meeting will take place on Wednesday,June 6, 8:30 - 11:30 om EB16C1. | {
"pile_set_name": "Enron Emails"
} |
Brian, just wanted to follow up to be sure you had talked with
Toby Kuehl and he had answered all your questions. If you have
all your answers, you do not need to respond to this note. Have
a great day. Thanks. Lynn
"Robinhold, Brian" <[email protected]> on 06/08/2001 10:35:54 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: question about TW operational capacity
I found your name on the site, I'm guessing you might be the best person to
lob this question towards...
I'm looking at operational capacity on this site
http://www.tw.enron.com/twdb/etfr_avcap.html
And I can input the gas day, for today or tomorrow. But when I get results
back it is ambiguous as to which cycle the gas is flowing in. Are they all
for the timely cycle or are the evening and intraday cycles thrown in there
as well. And if they are thrown in there, do I just have to know WHEN the
different cycles are posted and use that as my guide (IE if I'm looking at
results around 14:00 those would be for intraday1 cycle)????
Are you even the person I should ask?
Thanks,
Brian Robinhold
FT Energy
[email protected]
720-548-5722 | {
"pile_set_name": "Enron Emails"
} |
I've deferred the negotiation with Mark Knippa given my need for some
information from James and Kevin on our ability to avoid peak usage, etc.
Steve Harris and I talked this morning about settlement authority and our
going in position, obviously, is that ECS should pick up the whole $300+ K.
I expect that Knippa will angle toward a split the difference approach and
then try to put his share of the value on some future deal. To counter
that, I think I'll need to hit him pretty firmly on the "relationship
issue." I.e., he's got to fix this problem or his chance of doing more deals
with the pipeline group will be seriously hurt. That should be a big deal to
him and may get us the resolution we need. To push that I need three things
from you:
1. Rod, have we already communicated to ECS, or at a higher level like
Redmond, that we won't do any more deals with them? Obviously if we have
already told them we're done working with them, my threat won't carry much
weight.
2. Are you all OK with the threat? I suspect that our threat to quit doing
business with them will go immediately up their chain of command and that
Redmond or someone will call Stan to complain.
3. Can we agree conceptually to do future deals if Knippa needs a bucket to
put our dollars in? He may propose something specific and I'd like to be
able to agree that we will "work with them" on future deals.
Thanks. DF | {
"pile_set_name": "Enron Emails"
} |
Greg,
I work in the accounting group for TechQuest Capital and was wondering if
you had a contact for me in your accounting department. We haven't received
payment for our invoice and I wanted to inquiry about its status.
Thank you for your help.
Debi Estey | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: jason miles [mailto:[email protected]]
Sent: Saturday, March 24, 2001 8:17 PM
To: [SMTP:Undisclosed-Recipient:@mailman.enron.com; ]
Subject: NEW EMAIL ID
All,
I've recently learned that I'm not receiving a lot of emails sent to this address, and AT&T can't seem to solve the problem. I apologize if you've sent something to me and I've not replied. I'm going to phase this out over the next couple of weeks.
Therefore, please update your address books to the following:
[email protected]
Thanks,
Jason | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Mark Taylor/HOU/ECT on 07/24/2000 07:30 PM -----
Stuart Zisman
07/21/2000 01:30 PM
To: Peter del Vecchio/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Garden State
Just a reminder that when original documents are received on this transaction
(which should be soon given that they went out Monday night), an original
incumbency certificate for Media General should be included. This should be
delivered to Mark Taylor for his records. Mark agreed to waive the
requirement that the certificate be delivered at closing with the
understanding that it would come promptly thereafter.
Stuart | {
"pile_set_name": "Enron Emails"
} |
How about lunch on Tuesday of next week - April 10th?
To: Kim Ward/HOU/ECT@ECT
cc:
Subject: Re:lunch/dinner
Lunch is better as I have to do my share with kids at night. How about Monday or Tuesday?
C
To: Chris H Foster/HOU/ECT@ECT
cc:
Subject: Re:lunch/dinner
Barry wants to set up lunch or dinner with you while you are here. Just let me know if and when you would like to get together.
K.
<Embedded StdOleLink>
<Embedded StdOleLink> | {
"pile_set_name": "Enron Emails"
} |
Unless otherwise noted on a going forward basis... unless I specifically
mention a physical product, all physical counterparties will be approved for
all the products that Credit has approved them for. If I have an exception,
it will be noted, otherwise CONSIDER THAT THE RULE. Most of the comments I
will have relate to financial counterparties:
For Financial
I am not responding to Credits "declined" counterparties.
1. AEC Storage and Hub Services, a business unit of Alberta Energy Company
Ltd. BAD NAME. There is an ISDA Master in place between ECC and Alberta
Energy Company Ltd. I will approve financial trading with this Counterparty
if the Confirms go out under that name.
2. Ashland Speciality Chemicals Company, a division of Ashland Inc. We are
currently negotiating a master with this counterparty. We earlier sent out a
draft under a division name, and the counterparty came back and told us to
change the name to Ashland, Inc. So, if we trade under the Ashland, Inc.
name, I can approve it for financial trading.
3. Bayer Inc., Rubber Division-BAD NAME. I have already approved trading
under Bayer Corporation.
4. Coast Energy Group, a division of Cornerstone Propane, L.P. - turning
down to trade financial because we have already approved them for financial
trading under Cornerstone Propane, L.P.
5. Southwestern Energy Services Company-is a division of Southwestern Energy
Company. We have an ISDA Master in place with Southwestern Energy Company,
which I will approve for financial trading under that name.
6. Tenaska Marketing Canada, a division of TMV Corp.-already approved
trading under TMV Corp.
7. Trammochem, a division of Transammonia Inc. - BAD NAME. I already
approved them on the first list, and their master is in the name of
Transammonia Inc., acting through it Division Trammochem. FIX NAME!
For Power
1. City of Riverside - per Leslie Hansen, they are permitted to trade
pursuant to a GTC with collateral - subject to recieving override letter. | {
"pile_set_name": "Enron Emails"
} |
SEC Seeks Information on Enron Dealings With Partnerships Recently Run by Fastow
The Wall Street Journal, 10/23/01
Where Did the Value Go at Enron?
New York Times, 10/23/01
FRONT PAGE - FIRST SECTION: SEC probes Enron over financial dealings
Financial Times; Oct 23, 2001
COMPANIES & FINANCE THE AMERICAS: Group full of surprises after failing to open up
Financial Times; Oct 23, 2001
Enron Discloses SEC Inquiry
The Washington Post, Oct 23, 2001
Enron Suffers After Unclear Disclosure, New York Times Says
Bloomberg, 10/23/01
SEC asks Enron for investing data
Houston Chronicle, 10/23/01
Minnesota Mining and GM Climb In a Rally That Builds Late in Day
The Wall Street Journal, 10/23/01
WORLD STOCK MARKETS: Wall St bargain hunters counter earnings gloom AMERICAS
Financial Times; Oct 23, 2001
Milberg Weiss Announces Class Action Suit Against Enron Corp.
Business Wire, 10/22/01
Enron To Host Conference Call Tues 9:30 am EDT
Dow Jones News Service, 10/22/01
Janus Had Biggest Enron Stake at End of 2nd-Quarter (Update1)
Bloomberg, 10/22/01
Enron Says SEC Asks About Related-Party Transactions (Update9)
Bloomberg, 10/22/01
Trusts Keeping Enron Off Balance
TheStreet.com, 10/22/01
Why Enron's Writedown Unnerves Some Investors
TheStreet.com, 10/22/01
SEC Seeks Information on Enron Dealings With Partnerships Recently Run by Fastow
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal
10/23/2001
The Wall Street Journal
A3
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. said it has been contacted by the Securities and Exchange Commission seeking information on the energy giant's controversial dealings with partnerships that were set up and run until recently by its chief financial officer, Andrew S. Fastow.
Following Enron's announcement yesterday morning of the SEC inquiry, the company's stock took another big slide, falling more than 20% in New York Stock Exchange trading. As of 4 p.m., Enron shares were trading at $20.65, off $5.40, knocking about $4 billion off Enron's market capitalization. Volume topped the Big Board's most-active list at about 36 million shares. A week ago, Enron stock was trading at about $33 a share. Subsequently, the company announced a $1.01 billion third-quarter write-off that produced a $618 million loss.
Analysts also voiced concerns yesterday about possible other bad news lurking amid Enron's vast and extremely complex operations. The company has dealings with a number of related entities. Under certain circumstances, if Enron's credit rating and stock price fall far enough, the company would be obligated to issue tens of millions of additional shares to these entities, diluting the holdings of current shareholders.
Enron has previously acknowledged the provisions but said its business is strong and it feels confident that there will be no defaults.
In a statement, Enron Chairman and Chief Executive Kenneth Lay said the company "will cooperate fully" with the SEC inquiry and "look(s) forward to the opportunity to put any concern about these transactions to rest." Enron has consistently said that it believes its dealings with the Fastow-related partnerships were proper and properly disclosed. The company has said it put billions of dollars of assets and stock into partnership-related transactions as a way to hedge against fluctuating market conditions.
The SEC inquiry came from the agency's Fort Worth, Texas, regional office. According to a person familiar with the matter, this would indicate that the inquiry comes from the SEC's enforcement arm, as opposed to its corporate-finance section. The participation of the enforcement branch would indicate that the agency is looking into whether there were possible violations of securities law. However, enforcement-branch inquiries often don't produce any allegations of wrongdoing. It also appears that the SEC hasn't yet taken the step of launching a formal investigation, which would be a sign that the agency believes securities laws might have been violated. The SEC declined to comment.
Certainly, there have been questions and concerns about those partnership transactions, which contributed to a $1.2 billion reduction in shareholder equity last week as part of Enron's efforts to unwind the deals. Mr. Fastow, who has declined repeated interview requests, resigned from the partnerships, known as LJM Cayman LP and LJM2 Co-Investment LP, in late July in the face of rising conflict-of-interest concerns by Wall Street analysts and major company investors.
Since then, internal partnership documents have shown that Mr. Fastow and perhaps a handful of Enron associates made millions of dollars last year in fees and capital increases as general partner of the LJM2, the larger of the two partnerships.
Mr. Fastow's partnership arrangement caused some unhappiness inside Enron, according to people familiar with the matter. For instance, these people say, sometime after the creation of the partnerships in 1999, Enron Treasurer Jeffrey McMahon went to company president Jeffrey Skilling and complained about potential conflicts of interest posed by Mr. Fastow's activities. Mr. Skilling didn't share Mr. McMahon's concern, these people say, and Mr. McMahon requested and received reassignment to another post.
Mr. Skilling resigned as Enron president and chief executive in mid-August, citing personal reasons and the fall in Enron's stock price, which peaked at about $90 a share last year. Mr. McMahon and Mr. Skilling haven't responded to repeated interview requests.
Investors are also concerned about potential problems arising in Enron's dealings with other related entities. In some cases, Enron could be required to issue large amounts of stock to noteholders in some of the entities if certain so-called double trigger provisions occur.
For example, last July Enron helped create the Marlin Water Trust II, which sold $915 million in notes that are due July 15, 2003. However, Enron can be considered in default, in advance of that date, if its stock price falls below $34.13 for three trading days and its senior debt is downgraded to below investment grade by either Moody's Investors Service or Standard & Poor's.
Currently, Enron debt is still investment-grade at both ratings agencies and would have to be lowered by several notches to fall into a noninvestment grade category. Last week, Moody's put Enron on review for a possible downgrade. However, observers believe that even if Moody's lowers Enron's rating, the company will still be investment-grade.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
October 23, 2001
Where Did the Value Go at Enron?
By FLOYD NORRIS
New York Times
What really went on in some of the most opaque transactions with insiders ever seen?
Wall Street has been puzzling over that since Enron (news/quote </redirect/marketwatch/redirect.ctx?MW=http://custom.marketwatch.com/custom/nyt-com/html-companyprofile.asp&symb=ENE>) released its quarterly earnings a week ago. Yesterday shares in Enron plunged $5.40, to $20.65, after the company said that the Securities and Exchange Commission was looking into the transactions.
The reaction was in some ways puzzling. Given the questions that have been raised since the earnings announcement - some of them prominently featured in The Wall Street Journal - it was likely that the S.E.C. would begin a preliminary inquiry.
Whether it will go farther than that is not clear, but if nothing else the slide in Enron shares over the last week shows the hazards that can confront a company that allows word of a major reduction in its balance sheet value to dribble out. Enron's shares rose 67 cents, to $33.84, last Tuesday, as investors first reacted to the earnings announcement. But since then they have fallen $13.19, or 39 percent.
The $1.2 billion reduction in shareholders' equity was not mentioned in a news release Enron issued on its quarterly earnings last Tuesday. It was briefly mentioned in a conference call with analysts, but many of the listeners seem to have not noticed that, wrongly thinking Kenneth L. Lay, Enron's chairman and chief executive, was referring to a $1 billion write-off that was disclosed in the earnings release.
When questions were asked in the following days, the explanations were less than thorough. Enron explained that the reduction in shareholders' equity was related to the termination of "structured finance vehicles" involving partnerships that had been controlled by the company's chief financial officer.
"Both the debt and the equity people are looking for more clarity about how the company goes about its business," said Ralph Pellecchia, a credit analyst at Fitch Investors Service. He added that the issue of the company's "credibility related to this transaction really seems to have a life of its own."
Enron declined yesterday to allow any officials to be interviewed about its financial reports. But last night it said Mr. Lay would hold another conference call with investors at 9:30 a.m. today.
The company's earlier disclosures regarding the partnerships baffled many analysts. They referred to such things as "share settled costless collar arrangements" and "derivative instruments which eliminated the contingent nature of existing restricted forward contracts." The disclosures said the company entered into the transactions "to hedge certain merchant investments and other assets."
It appears that Enron was able to report profits from them, even though the underlying assets included investments that declined in value. The Wall Street Journal, citing reports the partnerships made to institutional investors, has reported the partnerships did well enough to make large cash distributions to their investors. Enron officials in recent days have refused to discuss the arrangements in any detail.
One of the questions that the S.E.C. may look into is whether the termination of those transactions should have been treated as a balance sheet item, or whether it should have been taken as a loss that affected reported earnings. An S.E.C. spokesman declined to comment.
Under accounting rules, a company's transactions in its own shares cannot produce profits or losses, whatever the effect on cash flow. So a company that sells its shares for $10 each, and buys them back at $50, or at $1, will report no earnings effect. Enron said that the reduction to shareholders equity, and a related reduction in notes receivable, "is the result of Enron's termination of previously recorded contractual obligations to deliver Enron shares in future periods."
Stephen Moore, an analyst with Moody's Investors Service who has put Enron's debt on review for a possible downgrade, said that while some of the details were not clear, "Essentially, Enron's promise was that a certain amount of Enron's shares would be worth $1 billion. The shares plummeted, and they were not" worth that much.
Enron emphasizes its own version of earnings, which leaves out some expenses, and directs attention away from its balance sheet, which is disclosed only in S.E.C. filings, not in the earnings news release. The reduction in shareholders' equity would be shown only on the third-quarter balance sheet, which has yet to be released.
Earlier this year, Jeffrey Skilling, then Enron's chief executive, reacted strongly when a questioner on a conference call challenged the failure to provide balance sheet numbers when earnings were released. He called the questioner a common vulgarity that surprised many listeners. Mr. Skilling later resigned for what he said were personal reasons and Mr. Lay, the chairman and former chief executive, took back the latter title.
While Enron was riding high, its often difficult-to-understand reports were generally seen as not being a problem. The company appeared to be the dominant force in the business of energy trading, and to be able to produce phenomenal profits. When Mr. Lay was reported as having played an important role in formulating the Bush administration's energy policies, the aura was only enhanced. In January, the shares traded for $84.
But now, with some of the company's ventures clearly having run into problems, it appears that investors are growing less willing to accept the company's reports. That the partnership transactions were disclosed at all was because of the involvement of the chief financial officer, and some have wondered if there might have been similar deals with others.
Mr. Lay has promised to make the company's financial reports easier to understand, and last week's report was at first praised by some analysts for doing just that.
In a news release yesterday, Mr. Lay said the company welcomed the S.E.C.'s request for information. "We will cooperate fully with the S.E.C. and look forward to the opportunity to put any concern about these transactions to rest," he said.
FRONT PAGE - FIRST SECTION: SEC probes Enron over financial dealings
Financial Times; Oct 23, 2001
By JULIE EARLE, JOHN LABATE and SHEILA MCNULTY
Enron, the US energy giant, disclosed yesterday that the Securities and Exchange Commission had asked it to provide financial information at the start of an informal inquiry.
The announcement follows a rapid sell-off in the stock in reaction to Enron's surprise revelation last week of a Dollars 1.2bn charge to equity to eliminate the dilutive effects of closing one of its controversial financing vehicles.
In revealing the SEC call for more detailed information "regarding certain related party transactions", Enron hopes to counter growing criticism that it should be more transparent. "We welcome this request," said Kenneth Lay, Enron chairman and chief executive officer. "We will co-operate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest."
The SEC probe into Enron's financial dealings is an informal one at this stage, according to the company, and the request for documents is voluntary. However, SEC probes often begin lightly as investigators gather information on an issue.
Such a probe could turn into a formal investigation at any time. In that case, regulators would be armed with subpoena powers and could demand certain documents be handed over. The SEC would not confirm or deny the existence of the Enron probe.
Mr Lay did not say which transactions the SEC was reviewing, although analysts believe they relate to Andrew Fastow, Enron chief financial officer, who has been reported to have run a limited partnership that bought assets valued at hundreds of millions of dollars from Enron.
Analysts say the transactions, while controversial because of Mr Fastow's links to the company, have been disclosed. What concerns them, however, is how Enron valued the assets involved. www.ft.com/energy
Copyright: The Financial Times Limited
COMPANIES & FINANCE THE AMERICAS: Group full of surprises after failing to open up
Financial Times; Oct 23, 2001
By SHEILA MCNULTY
Ronald Barone joked he would have to get plenty of rest ahead of Enron's results last week, noting the US energy company's reputation for producing what some analysts say is the most complicated of earnings reports.
The UBS Warburg analyst was, nevertheless, as ill-prepared as his peers for the announcement of a Dollars 1.2bn charge to equity to eliminate the dilutive effects of closing one of its controversial financing vehicles.
The news overshadowed Enron's on-target 26 per cent increase in third-quarter earnings per share, sending the stock plunging.
The Securities and Exchange Commission's subsequent request for more information about Enron's financial activities has reinforced analyst perceptions that the company should have been more transparent in its reporting.
Curt Launer, of Credit Suisse First Boston, says expectations for more disclosure had built up over the past two months. Kenneth Lay, Enron chairman, had promised to be more forthcoming when he resumed the duties of chief executive following the resignation of Jeff Skilling in August.
While Mr Lay did improve Enron's disclosure by creating headings for new business segments and providing more detail within each of them, the Dollars 1.2bn charge still caught the market off guard.
"It came as a surprise to us," said Stephen Moore, of Moody's Investors Service. "We should have been informed that it was there."
Mr Barone found it disturbing that Enron disclosed the charge in "a fleeting comment" during its conference call with analysts and did not mention it in its nine-page news release.
"Despite progress in other areas, there appears to be much more work ahead before the lingering credibility issues that have vexed this company in the past are fully resolved," he said.
Enron contends that "we did disclose it in the conference call, and it was one of the first points raised in the Q and A session (on the conference call)".
Mr Lay has pledged to co-operate with the SEC's request, which appears to be part of an informal inquiry rather than an official investigation. In the meantime, he adds, Enron will focus on its core businesses.
That is something analysts say Enron has strayed too far away from. Ray Niles of Salomon Smith Barney says the company's core franchise - its wholesale business - is doing well. Most of Enron's problems have arisen from stepping out of this area.
"They need to come clean on the financial effects of all of their off-balance sheet financing," Mr Niles says. "Investors want to see clear, easy-to-understand financial information." Moody's has placed Enron's Dollars 13bn in debt securities on review for possible downgrade and Mr Moore believes there is potential for more write-offs.
Enron is embroiled in a legal dispute with an Indian state electricity board over a power project and is one of several energy traders facing questions in California over accusations of a manipulation of power prices - a charge it denies.
Analysts say its UK businesses are not seeing big multiples, and Enron says it only expects to take Dollars 200m in "goodwill" versus Dollars 5.7bn on its books.
Copyright: The Financial Times Limited
Enron Discloses SEC Inquiry
Information Request Involves Ties to Money-Losing Partnerships
Washington Post
By Peter Behr
Washington Post Staff Writer
Tuesday, October 23, 2001; Page E03
Enron Corp. shares sank more than 20 percent yesterday after the Houston energy company disclosed a Securities and Exchange Commission request for information about Enron's ties to outside investment partnerships set up by the company's chief financial officer.
The SEC would not comment on its action, which Enron spokesman Mark Palmer called an "informal inquiry," not an investigation. "We welcome this request," said Kenneth L. Lay, chairman and chief executive of the Houston-based company.
But the announcement jarred investors' confidence in the giant energy-trading company, already hurt by the unexpected resignation of chief executive Jeffrey K. Skilling in August, and heavy losses from investments in broadband Internet and other technology ventures.
"A lot of people threw in the towel today," said Anatol Feygin, an analyst with J.P. Morgan in New York.
The SEC request was made privately last Wednesday, the day after Enron reported a $1 billion write-off of investment losses and restructuring charges from unsuccessful technology ventures and other operations. The write-offs left Enron with a $618 million loss in the third quarter (84 cents a share).
The Wall Street Journal reported last week that $35 million of the write-off was tied to losses at limited partnerships established by Enron's chief financial officer, Andrew Fastow, and run by him until July.
Enron told investment analysts last week that it had repurchased 55 million shares of its stock held by the partnerships that Fastow had directed, reducing shareholder equity by $1.2 billion.
According to the Wall Street Journal, Fastow set up several investment partnerships with the approval of Enron's board. The partnerships engaged in billions of dollars in complex financial transactions involving Enron and made major investments in power plants and other assets alongside Enron.
An Enron shareholder has filed suit in Texas state court alleging that Enron's board violated its duty to the company by permitting the chief financial officer to engage in the outside transactions that allegedly earned millions of dollars in fees for himself and other investors in the partnerships. What Enron received from the relationships is not clear.
Feygin said that the company had informed analysts about the limited partnerships, which offered Enron a way to take positions in strategic but uncertain technology ventures without detailing the outcomes in its public financial statements.
"In hindsight, that was an error in judgment. I don't think it was an error in principle," the analyst said.
Enron could have revealed the SEC inquiry last week but did not disclose it until yesterday, and for many investors, that was the last straw, Feygin said.
The stock closed yesterday at $20.65, down $5.40, as 36 million shares changed hands.
Staff researcher Richard Drezen contributed to this report.
Enron Suffers After Unclear Disclosure, New York Times Says
2001-10-23 06:31 (New York)
Houston, Oct. 23 (Bloomberg) -- The U.S. Securities and
Exchange Commission's decision to look into some Enron Corp.
transactions and the company's recent decline in value show what
can happen when a company lets a major reduction in its balance
sheet dribble out, Floyd Norris of the New York Times reported in
his column, citing analysts.
Investors are concerned as to how Enron reduced shareholders'
equity by $1.2 billion and why this was not mentioned in a news
release the company issued with its quarterly earnings last
Tuesday, the paper said.
Enron Corp.'s shares fell 21 percent yesterday after the
Houston-based company said the Securities and Exchange Commission
requested information on partnerships run by Chief Financial
Officer Andrew Fastow and other executives. Enron created
partnerships and other affiliated companies to buy and sell assets
such as power plants to lower the debt on its books.
``Both the debt and the equity people are looking for more
clarity about how the company goes about its business,'' said
Ralph Pellecchia, a credit analyst at Fitch Investors Service,
according to the Times.
(New York Times 10-23 1)
Oct. 23, 2001
Houston Chronicle
SEC asks Enron for investing data
Stock price declines as regulators seek details on partnerships
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Shares in Enron Corp. fell almost 21 percent Monday after the company disclosed federal securities regulators asked for details on investment partnerships formerly run by its chief financial officer.
The request covers transactions between Enron and two private partnerships, LJM Cayman and LJM2 Co-Investment, that did business with Enron.
The partnerships entered into complex financing and hedging arrangements with Enron.
Enron declined to say if the SEC's request -- which it called voluntary and said represents an "informal inquiry" -- included other issues.
The SEC request, made by fax Wednesday to Enron and followed up with a call Thursday, comes as the Houston-based energy trader was already fighting to put a series of problems behind it and regain credibility with investors and analysts.
"It's further bad news, further question marks related to Enron in general and this transaction specifically," Andre Meade, an analyst with Commerzbank Securities in New York, said of the SEC request.
Some investors prefer to sit on the sidelines until the issue clears up, Meade said, adding: "The level of uncertainty with this stock has gotten pretty high."
An SEC spokesman declined comment.
Enron's Chief Financial Officer, Andrew Fastow, managed both of the LJM partnerships, according to SEC filings made by Enron last year.
Both partnerships are described as investment companies that primarily buy or invest in businesses involved in energy and communications.
Fastow resigned his roles with the LJM partnerships in June amid criticism and questions from some on Wall Street about a potential conflict of interest.
Investors worried Monday that Fastow's duty to Enron shareholders competed with his duties to LJM, Meade said.
In a written statement Monday, Ken Lay, Enron's chairman and chief executive officer, said the company welcomed the SEC's request.
"We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest," said Lay, who reassumed the duties of CEO after Jeff Skilling resigned unexpectedly in August.
Enron said its external and internal auditors and attorneys reviewed the arrangements, its board was fully informed of and approved the arrangements, which were disclosed in Enron's SEC filings.
The issue drew renewed interest from investors and analysts after Enron released third-quarter earnings last Tuesday.
During the quarter, Enron took $1.01 billion in one-time charges to reflect losses in its broadband, retail electricity and water investments.
The amount also included $35 million related to "early termination" of Enron's relationships with the LJM partnerships.
During a call with analysts the same day, Enron said it recorded a $1.2 billion reduction to shareholder equity, or the shareholders' ownership stake in the company, as part of the LJM termination.
Enron declined to answer questions Monday about the LJM entities, including those about their relationship with Enron or Fastow's role with them.
The day after Enron's third-quarter earnings release, the Wall Street Journal ran the first of three articles highlighting the LJM partnerships, Fastow and Enron.
The Journal's Friday report said LJM2 "realized millions of dollars in profits in transactions it did with Enron," and that "Fastow, and possibility a handful of partnership associates, realized more than $7 million last year in management fees."
Shares in Enron, which closed last Tuesday at $33.84, ended the day Friday at $26.05. Then Monday, shares in Enron dropped by $5.40 to close at $20.65.
Anatol Feygin, an analyst with J.P. Morgan in New York, believes there were no improprieties surrounding LJM.
"From inception, the LJM situation was obviously one that would raise eyebrows," said Feygin, adding Enron anticipated that and made sure proper legal structures were in place.
The LJM entities are what's known as off-balance sheet financing vehicles, he said. Generally, they allow a corporation to take on financial obligations without having to report them as liabilities.
Feygin also said it appeared Enron intended to give Fastow an "opportunity to participate in the upside from these entities" to reward him.
Even though the LJM transactions have been disclosed by Enron, Meade noted that they are complicated, difficult to follow and their implications tough to understand.
In transactions detailed in an SEC filing made by Enron last year, LJM Cayman received shares of Enron common stock and LJM2 acquired assets from Enron.
Another filing last year said LJM Cayman and/or LJM2 acquired various debt and equity securities of certain Enron subsidiaries and affiliates.
Investors are also concerned about potential shareholder lawsuits as well as equity commitments facing Enron from two other financing vehicles called Whitewing and Marlin, Jeff Dietert, an analyst with Simmons & Co. International in Houston, wrote in a research note Monday.
If Enron should lose its current investment-grade quality debt rating, those equity commitments from Whitewing and Marlin could trigger steps that would cause the value of Enron's current outstanding shares to become diluted.
At least two shareholders have already sued Enron's board in state district court, while two law firms filed suit on behalf of Enron shareholders Monday in federal court seeking class-action status.
Carol Caole, an analyst with Prudential Securities in Houston, downgraded Enron from a buy to a hold Monday primarily because of issues surrounding the credibility of Enron's management.
Several times over the past six months, Caole asked specific questions of senior Enron executives, she said. They denied problems existed, but six weeks to two months later it was revealed there were, indeed, issues, she said.
Coale recently asked about an SEC investigation and was told there wasn't one. But, she said, it turns out it's an "inquiry," not an investigation.
Abreast of the Market
Minnesota Mining and GM Climb In a Rally That Builds Late in Day
By Robert O'Brien
Dow Jones Newswires
10/23/2001
The Wall Street Journal
C2
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- During yesterday's Wall Street rally, investors responded with accommodation toward the release of third-quarter earnings results and fourth-quarter forecasts.
Shares of Minnesota Mining & Manufacturing added $5.22, or 5.1%, to $107.39 after the manufacturing company released third-quarter earnings, which narrowly edged out analysts' projections, and spoke frankly of the challenges the company continues to face this quarter in light of economic weakness.
Despite this kind of hesitation about the economy's outlook, investors gravitated toward some of the manufacturing and capital-equipment stocks that tend to struggle during periods of weak economic activity. Shares of General Motors, for example, added 1.21, or 2.9%, to 42.57, Alcoa gained 1.16, or 3.7%, to 32.83, and Fluor, an engineering and construction company, rose 1.79, or 4.2%, to 44.77.
Stock averages initially struggled for direction, reflecting some skepticism about the sustainability of the market's recent success, before turning firmly higher in the final two hours of trading. Trading levels thinned out, as well; on the New York Stock Exchange, less than 1.1 billion shares changed hands, compared with 1.2 billion shares Friday, an options-expiration session.
Nevertheless, market averages posted impressive gains. The Dow Jones Industrial Average improved 172.92 points, or 1.88%, to 9377.03. The Nasdaq Composite Index gained 36.77 points, or 2.2%, to 1708.08.
"We had another one of those days where there is a lack of liquidity, so any moves, in either direction, just get exaggerated," Bob Basel, senior trader at Salomon Smith Barney, said yesterday.
Shares of semiconductor companies, including makers of both chips and chip-making equipment, rose sharply after a spending forecast from Intel, the leading chip maker, proved less grim than some experts had anticipated. The company said its capital spending could be cut 10% to 20% in 2002 from this year's levels; that wouldn't be as severe as some chip industry experts had forecast.
Shares of Applied Materials advanced 2.22, or 6.8%, to 34.77 on Nasdaq, while KLA-Tencor gained 2.74, or 7.5%, to 39.25, and Lam Research improved 1.36, or 7.8%, to 18.80, all on Nasdaq. Among chip makers, Analog Devices rose 2.57, or 7.1%, to 38.74, LSI Logic gained 89 cents, or 5.6%, to 16.83, and Texas Instruments tacked on 1.17, or 4.2%, to 28.91. For its part, Intel rose 1.15, or 4.8%, to 25.30 on Nasdaq.
Shares of Lexmark International dropped 5.58, or 11%, to 44.77. The Lexington, Ky., maker of computer printers reported third-quarter results that matched Wall Street's forecasts, but warned that it continues to face sluggish demand in the fourth quarter.
SBC Communications declined 2.24, or 5.1%, to 41.40. The telecommunications service provider reported third-quarter earnings that fell short of analysts' forecasts, and warned that the company won't show "meaningful growth" next year.
Citrix Systems fell 4.14, or 16%, to 21.08 on Nasdaq. Dain Rauscher reduced its rating on the Fort Lauderdale, Fla., maker of computer networking products, saying the company faces competitive pressures from products introduced by rival vendors.
Jabil Circuit eased 16 cents, or 0.7%, to 22.90. The St. Petersburg, Fla., contract electronics maker adopted a so-called shareholder rights plan, which is aimed at preventing an acquirer from gaining control of the company.
EMC advanced 68 cents, or 5.9%, to 12.19. The Hopkinton, Mass., maker of data-storage systems signed what was described as a multibillion-dollar enterprise storage agreement with Dell Computer. Dell improved 50 cents, or 2.1%, to 24.55 on Nasdaq.
SeaChange International advanced 88 cents, or 3.6%, to 25.03 on Nasdaq, boosted by an upbeat research note from Dain Rauscher, which said the Maynard, Mass., provider of video-on-demand technology figures to have posted an upbeat quarter.
Lucent Technologies declined 20 cents, or 2.8%, to 6.90. UBS Warburg, in a research note, expressed some caution about the outlook for the telecommunications equipment maker's quarterly results.
Emerson Electric gained 1.38, or 2.8%, to 50.27, even though the St. Louis manufacturer, which makes electronics and telecommunications products, among other product lines, reduced its earnings guidance for fiscal 2001.
Enron lost 5.40, or 21%, to 20.65, setting a 52-week low. The Houston energy trader, whose stock has weakened since recent articles in The Wall Street Journal raised questions about the company's relationship with two limited partnerships organized by its chief financial officer, said it had received a request for information on Wednesday from the Securities and Exchange Commission regarding some of its transactions with those partnerships.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
WORLD STOCK MARKETS: Wall St bargain hunters counter earnings gloom AMERICAS
Financial Times; Oct 23, 2001
By MARY CHUNG
US equities rose sharply yesterday with bargain hunting in technology stocks countering a slew of mostly disappointing corporate earnings and more anthrax scares.
Gains accelerated late in the session as the Dow Jones Industrial Average surged 172.92 to close at at 9,377.03 while the S&P 500 index added 16.42 at 1,089.90. The Nasdaq Composite rose 36.78 at 1,708.09. Volume remained light with 1.1bn trades in the NYSE.
Investors were upbeat in spite of a lack of positive news, suggesting underlying strength in the market and optimism for a rebound, some analysts said. The indices were slightly rattled after news that two postal workers in Washington died after suffering symptoms consistent with anthrax, but the market quickly regained its footing.
"The market is acting very well. It's come an awful long way in a short time and had to deal with anthrax," said Alfred Goldman, chief market strategist at AG Edwards. "The message is that investors and consumers and the country are in a recovery mode."
Semiconductor stocks showed strength with Intel up 4.7 per cent at Dollars 25.30 and Advanced Micro Devices 4.2 per cent at Dollars 9.58.
Microsoft rose 3.9 per cent at Dollars 60.16 before the launch this week of its Windows XP operating system. Lexmark dropped 11 per cent at Dollars 44.77 after the company reported third-quarter results that met estimates, but warned of a fourth-quarter revenue shortfall. Applied Digital Solutions gained 66 per cent at 58 cents after the company said it had formed a subsidiary to develop and market its ThermoLife thermoelectric generator product powered by body heat.
3M gave a lift to Dow components, up 5.1 per cent at Dollars 107.39 after the maker of Post-it notes said quarterly earnings beat expectations by a penny a share. The company forecast fourth-quarter profit would be in line with analyst estimates.
SBC Communications was the biggest decliner within the Dow, down 5.1 per cent to Dollars 41.40 after it said earnings failed to meet Wall Street consensus estimates.
American Express gained 3.4 per cent to Dollars 30.32 despite reporting a 60 per cent drop in third-quarter earnings.
Dow components Citigroup and JP MorganChase tacked on 2.5 per cent and 4.2 per cent respectively. Shares in Alcoa were up 3.7 per cent at Dollars 32.83 and ExxonMobil 1.4 per cent at Dollars 41.12.
Enron fell 20.7 per cent at Dollars 20.65 after the energy trading company said the Securities and Exchange Commission requested it voluntarily provide information regarding certain transactions.
In Toronto the S&P 300 composite index fell just 0.08 per cent to 6,905.21 at the close.
Copyright: The Financial Times Limited
Milberg Weiss Announces Class Action Suit Against Enron Corp.
10/22/2001
Business Wire
(Copyright (c) 2001, Business Wire)
NEW YORK--(BUSINESS WIRE)--Oct. 22, 2001--The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on October 22, 2001, on behalf of purchasers of the common stock of Enron Corp. ("Enron" or the "Company") (NYSE:ENE) between January 18, 2000 and October 17, 2001, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/enron/
The action, numbered H013630, is pending in the United States District Court for the Southern District of Texas, Houston Division, located at 515 Rusk Street, Houston TX 77002, against defendants Enron, Kenneth Lay, Jeffrey K. Skilling and Andrew Fastow. The Honorable Melinda Harmon is the Judge presiding over the case.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between January 18, 2000 and October 17, 2001, thereby artificially inflating the price of Enron common stock. Specifically, the complaint alleges that Enron issued a series of statements concerning its business, financial results and operations which failed to disclose (i) that the Company's Broadband Services Division was experiencing declining demand for bandwidth and the Company's efforts to create a trading market for bandwidth were not meeting with success as many of the market participants were not creditworthy; (ii) that the Company's operating results were materially overstated as result of the Company failing to timely write-down the value of its investments with certain limited partnerships which were managed by the Company's chief financial officer; and (iii) that Enron was failing to write-down impaired assets on a timely basis in accordance with GAAP. On October 16, 2001, Enron surprised the market by announcing that the Company was taking non-recurring charges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the third quarter of 2001, the period ending September 30, 2001. Subsequently, Enron revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships which were controlled by Enron's chief financial officer and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. During the Class Period, Enron insiders disposed of over $73 million of their personally-held Enron common stock to unsuspecting investors.
If you bought the common stock of Enron between January 18, 2000 and October 17, 2001, you may, no later than December 21, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165
Phone number: (800) 320-5081 Email: [email protected] Website: http://www.milberg.com
William S. Lerach or Darren J. Robbins 600 West Broadway1800 One America PlazaSan Diego, CA 92101-3356 Phone number: (800) 449-4900
CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP Steven G. Schulman or Samuel H. Rudman 800/320-5081 Email: [email protected] Website: http://www.milberg.com or William S. Lerach or Darren J. Robbins 800/449-4900
19:16 EDT OCTOBER 22, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron To Host Conference Call Tues 9:30 am EDT
10/22/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp. (ENE) will hold a conference call at 9:30 a.m. EDT Tuesday to address investor concerns, the company said in a press release Monday.
Earlier Monday, a shareholder filed a derivative lawsuit against Enron alleging the board breached their fiduciary duties by allowing Chief Financial Officer Andrew Fastow to create and run certain limited partnerships.
Last week, Enron said it received a request for information about "certain related party transactions" from the Securities and Exchange Commission.
On Oct. 16, Enron announced that it would take a $35 million charge relating to the limited partnerships and revealed that the company had to repurchase 55 million of its shares in order to unwind its involvement in the partnerships, thereby reducing the company's shareholder equity by $1.2 billion.
Shares of Enron closed Monday at $20.65, down $5.40, or 20.7%, on New York Stock Exchange volume of 36.4 million shares. Average daily volume is 5.8 million shares. In intraday trading, the shares reached a 52-week low of $19.67. The previous 52-week low was $24.46, reached on Sept. 27.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Janus Had Biggest Enron Stake at End of 2nd-Quarter (Update1)
2001-10-22 18:04 (New York)
Janus Had Biggest Enron Stake at End of 2nd-Quarter (Update1)
(Adds Stilwell shares at bottom.)
Denver, Oct. 22 (Bloomberg) -- Janus Capital Corp., whose
stock funds have lost more than a third of their value this year,
may get another jolt from Enron Corp.
As of June 30, Denver-based Janus was the biggest
institutional holder of Enron, owning 42.8 million shares, or a
5.71 percent stake in the largest U.S. energy trading company,
according to Thomson Financial/Carson.
Enron shares have fallen 39 percent over the past four days
on concern that the company's dealings with partnerships run by
its chief financial officer contributed to investment losses. The
Securities and Exchange Commission has asked for information on
the partnerships, Enron said.
Janus, which boosted its Enron stake in the past year in an
effort to diversify its technology-heavy stock funds, is among a
handful of firms including Putnam Investments, Alliance Capital
Management, Barclays Global Investors and Fidelity Investments
that owned more than 2 percent of the Houston-based company as of
June 30, according to Bloomberg data.
``It was definitely a real growth darling,'' said Christine
Benz, a senior analyst at Chicago-based fund tracker Morningstar
Inc. ``In a year like 2000, when almost nothing was working for
growth managers, Enron emerged as a story that a lot of growth
managers could like.''
Fund Holdings
According to Thomson Financial, 1,187 mutual funds, or 15.4
percent of all U.S. stock funds, owned a combined 207.9 million
Enron shares as of June 30. Combined losses on the holdings amount
to $2.7 billion since Tuesday.
According to the latest available data compiled by Thomson,
the biggest fund holders of Enron were: Janus Fund, with 2.15
percent; Janus Twenty Fund, with 1.19 percent; Alliance Premier
Growth Fund, with 1.14 percent; American Century Ultra Fund, with
1.01 percent; Janus Mercury Fund, with 0.88 percent; Vanguard 500
Index Fund, with 0.82 percent; Fidelity Magellan Fund, with 0.73
percent; AIM Value Fund, with 0.6 percent; CREF Stock Account,
with 0.58 percent; and, Putnam Investors Fund, with 0.52 percent.
Janus Fund has lost 33.2 percent this year through Friday,
while Janus Twenty Fund has lost 33.4 percent and Janus Mercury
Fund has fallen 34 percent. A Janus spokeswoman wasn't immediately
available to comment.
Morningstar's Benz said she suspects Janus fund managers have
already begun trimming their Enron positions.
Enron shares had fallen 59 percent this year before last
week's news on concerns about financial reporting and money-losing
investments outside energy trading, such as trading space on
broadband telecommunications networks and building water treatment
plants.
The stock fell $5.40, or 21 percent, to $20.65 in New York
trading today.
``Anecdotal evidence that I'm hearing from the fund managers
there is that they had been trimming pretty aggressively,'' said
Benz. She added that it's ``difficult to make the assertion that
they are in the clear.''
Janus Capital is owned by Kansas City, Missouri-based
Stilwell Financial Inc., whose shares gained 73 cents today to
$22.52. Stilwell shares have fallen 43 percent this year.
Enron Says SEC Asks About Related-Party Transactions (Update9)
2001-10-22 18:30 (New York)
Enron Says SEC Asks About Related-Party Transactions (Update9)
(Adds information on conference call in 26th paragraph.)
Houston, Oct. 22 (Bloomberg) -- Enron Corp.'s shares fell 21
percent after the Houston-based company said the Securities and
Exchange Commission requested information on partnerships run by
Chief Financial Officer Andrew Fastow and other executives.
Enron, the largest energy trader, created partnerships and
other affiliated companies to buy and sell assets such as power
plants to lower the debt on its books. An investor sued Enron's
board Wednesday, saying two partnerships cost the company $35
million and Fastow's leadership of them was a conflict of
interest.
Investors today said they were concerned that Enron may be
forced to dismantle the affiliated companies by paying off the
owners in cash or stock. Chief Executive Ken Lay said last week he
may be have to ``unravel'' agreements that created the companies
if Enron's debt ratings fall too far.
``We need confidence their long-term credit rating won't go
below investment grade,'' said Roger Hamilton, an analyst at John
Hancock's value funds, which own 600,000 Enron shares.
Enron reduced shareholders' equity by $1.2 billion when it
repurchased 55 million shares of two such partnerships controlled
by Fastow, LJM Cayman and LMJ2 Co-Investment, the Wall Journal
reported last week.
Dismantling more of the affiliated companies and partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors today.
Shares Plunge
Enron shares fell $5.40 to $20.65. They touched $19.67 during
the day's trading, the lowest level since Jan. 15, 1998.
The stock has fallen 75 percent this year amid concerns about
failed investments in trading of space on fiber-optic
communications networks and a water company, and the resignation
of Jeff Skilling as CEO in August after seven months on the job.
While Skilling said he resigned for personal reasons,
investors say his departure led them to question whether the
company was concealing problems, including possible liabilities
from affiliated companies.
On Tuesday, Enron surprised many investors when it reported a
$618 million third-quarter loss, the result of writing off $1.01
billion in failed investments.
Moody's Investors Service placed the company's debt on watch
for possible downgrade. The company's debt is rated at investment
grade by Fitch, Standard & Poor's and Moody's.
The company received a faxed request for information from the
SEC on Wednesday asking for information, spokesman Mark Palmer
said, and will respond ``as soon as possible.''
``We will cooperate fully with the SEC and look forward to
the opportunity to put any concern about these transactions to
rest,'' Lay, who is also Enron's chairman, said in a statement.
Dilution Fears
Enron has formed at least 18 companies to serve as financing
vehicles for its projects, based on filings with the Texas
secretary of state. Fastow and other Enron executives are named as
the controlling partners or the board members in the companies.
Some have bought Enron assets such as power plants, removing
the debt for those projects from Enron's books. That allows Enron
to keep cash earned from the main trading business from supporting
what it views as secondary businesses, Standard & Poor's debt
analyst Todd Shipman said.
Enron brokers trades of electricity, natural gas and other
commodities as well as owns power plants and natural-gas
pipelines.
Dismantling the affiliates would be costly. Whitewing
Management, an affiliated company that has bought 14 Enron power
plants and lists Fastow as managing director, holds 250,000
preferred shares of Enron.
Enron may have to convert the preferred shares to common
stock if share prices fall below a certain level and the credit
rating drops below investment grade, according to company filings.
That would dilute the value of common shareholders' investment.
``The concern is how many of these dilutive structures are
out there?'' Shipman said. ``Investors are worried they might have
to share their Enron earnings with a lot more people than they
originally thought.''
Worrisome Financing
Enron's auditors and attorneys reviewed the company's
``related party arrangements,'' the board approved them, and they
were disclosed in SEC filings, Enron said in its statement.
That hasn't eased concerns. The reduction of shareholder
equity by $1.2 billion from the LJM partnerships is reason to
worry about Enron's other financing vehicles, wrote Niles, the
Salomon analyst. Enron also may take another $2.4 billion in
losses from investments in the Dabhol power plant in India and
projects in South America, he wrote.
Bonds Fall
Enron's 8 percent coupon bonds due in 2005 fell $34 per
$1,000 face value to be offered at $1,022 today from $1,056 on
Friday, traders said. Yield on the debt rose to 7.33 percent from
6.33 percent.
Based on Bloomberg composite ratings, most of Enron's long-
term debt is rated at BBB2 and BBB1, two or three levels above
investment grade.
Fastow continues to work, and Enron hasn't punished him,
Palmer said. Fastow declined to be interviewed, spokeswoman Karen
Denne said. SEC spokesman John Heine declined to comment on the
agency's request to Enron.
``We believe everything that needed to be considered and done
in connection with these transactions was considered and done,''
Lay said in the statement.
Enron will hold a conference call to discuss investors'
concerns at 9:30 a.m. New York time Tuesday. The call may be
accessed through the ``Investors'' section of Enron's Web site at
http://www.enron.com.
--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at
[email protected] and Mark Johnson in the Princeton newsroom
at (609) 750-4662, or [email protected], with reporting by
Terry Flanagan/slb/alp/pjm/slb/*atr/alp/taw
Trusts Keeping Enron Off Balance
By Peter Eavis <mailto:[email protected]>
Senior Columnist
TheStreet.com
10/22/2001 07:15 AM EDT
URL: <http://www.thestreet.com/markets/detox/10002702.html>
Enron (ENE:NYSE - news - commentary) stock plunged 20% last week after the energy giant revealed that a complex financing deal caused a $1.2 billion hit to its equity. But other big deals that have yet to receive much public scrutiny could further damage the company's balance sheet.
In the spotlight last week were transactions done with investment partnerships called LJM2 and LJM Cayman. An examination of the LJM2-related equity writedown can be found here.
However, the LJM deals make up only part of Enron's sophisticated financing arrangements. Also at issue are two large trusts that contain assets Enron shifted from its balance sheet. These are the $1 billion Marlin Water Trust II and the $2.4 billion Osprey Trust, usually known as Whitewing.
The key risk for investors is how Enron chooses to repay these trusts if they don't unwind as planned. The company may end up issuing stock to repay money borrowed through the trusts. This would dilute existing shareholders. Alternatively, Enron could resort to using cash raised through sales of on-balance sheet assets. But this would hamper efforts to reduce debt and deprive the company's profitable business lines of much-needed capital.
Whitewing and a Prayer?
Though set up by Enron, Marlin II and Whitewing are legally distinct from the company. Institutional investors bought notes issued by the trusts. The $3.4 billion in proceeds from the notes flowed to Enron.
Both trusts are scheduled to unwind in 2003. Originally, Enron had hoped to repay them by selling the trusts' underlying assets. This repayment method would have had a minimal impact on Enron's balance sheet.
However, there's a potential problem brewing with this approach. The value of the assets may be too low to raise sufficient funds to pay back the trust investors. Hence Enron's two unenviable options: issuing stock, or raising cash from its own balance sheet.
Enron treasurer Ben Glisan concedes that assets in Marlin II won't be sufficient to pay it back. But he adds that proceeds from planned sales of on-balance sheet assets will provide Enron with the necessary funds for Marlin II. When asked if Whitewing's assets are adequate for repayment, Glisan replied: "We believe so."
In reference to the two trusts, Enron CEO Kenneth Lay said on a conference call Tuesday: "We anticipate the sale of assets will be the primary source of repayments."
Sterling Marlin
TheStreet.com hasn't seen offering documentation for Whitewing; Enron didn't provide it when requested. But TSC has reviewed the Marlin II prospectus. Here's how Marlin II works. Enron took water assets, primarily based in the U.K., off its balance sheet, and the Marlin II trust took a stake in them. Meanwhile, Marlin II issued senior debt to investors, the proceeds of which went to Enron. The company didn't have to recognize these notes as debt on its balance sheet, due to the structure of the trust. Marlin II replaced a similar trust called Marlin that was set to mature at the end of this year.
Ideally, the aim was for Enron managers to maximize the value and profitability of the assets over the life of Marlin and Marlin II so it could sell them off and pay down the trusts. To cover the risk that asset sales wouldn't raise enough money, Enron also pledged to issue as much new convertible preferred stock as might be needed to pay off the notes.
As it happened, the water assets didn't perform well. In fact, Enron set up Marlin II in July to succeed the original Marlin because it wanted to avoid paying off the first Marlin with convertible stock, or with cash from its own balance sheet. This move risked angering the rating agencies that had agreed not to treat Marlin as debt because of Enron's pledge to backstop it with preferred stock. Suddenly, it seemed Enron was wriggling out of its commitment to make good with stock.
Enron's Glisan responds that many of the investors in the first Marlin also invested in Marlin II, illustrating that investors weren't upset by the maneuver.
Glisan says Enron almost certainly won't decide to issue stock to pay off Marlin II. Instead, he adds, money from pending asset sales can be used to pay it off when it matures in July 2003. When asked if Enron might use the expected $1.9 billion in proceeds from selling Portland General, the utility based in Portland, Ore., Glisan replied: "That's a good one."
But using the Portland General windfall would run counter to Enron's frequently stated strategy of selling off low-yielding assets and investing the proceeds in higher-yielding businesses. Portland General is almost certainly a more profitable business than the U.K.'s Wessex Water, which is the dominant asset in Marlin II. In addition, doing so would mean Enron couldn't use all the Portland proceeds to pay off debt. Enron aims to get its debt-to-total-capital ratio down to 40%, from the current 50%.
Maturity
What about Whitewing, which matures in early 2003? Glisan lists Whitewing's assets as: Central American gas distribution assets; turbines destined for European power stations; interests in European power stations; and various debt and equity participations in energy investments. Glisan says these assets can be sold to pay off the $2.4 billion in notes issued by the trust.
But what would happen if the Whitewing assets can't fetch the necessary price? Enron could sell off more on-balance-sheet assets. But, again, this wouldn't help debt-reduction efforts, and it may be running short of large assets that it can quickly sell.
Whitewing is backed with Enron convertible stock. But Enron may be reluctant to issue paper when its stock is so far below recent highs, and current shareholders may begrudge the prospect of further dilution.
Investors also need to keep their eyes on the early-repayment triggers of the trusts. In fact, the stock price-related element of the triggers has already been set off. For Whitewing, the stock has to fall below $59.78; for Marlin II, the stock has to be under $34.13. However, something else has to happen before the trust investors can claim their money back through asset sales and stock issuance. Enron's credit rating must fall below investment grade. That looks to be a long shot, since its rating is currently three notches above subinvestment grade. But it is something the market will watch after Moody's said last week that it was putting Enron on review for a possible downgrade.
Despite all the questions stemming from the trusts, Enron still seems keen to use the structure. Last week, Barclays Capital was inviting investors to subscribe to an Enron-related entity called the Besson Trust. This is being set up to enable Enron "to monetize substantially all of its interests in EOTT Energy Partners," an Enron affiliate that markets and transports crude oil. Expected proceeds from the deal are $227 million, according to the prospectus. Could Enron be setting up new trusts to pay off damaged old trusts?
Due to off-balance sheet financings like Marlin II and Whitewing, it's clear that uncertainty could weigh on Enron's battered stock for some time.
Why Enron's Writedown Unnerves Some Investors
By Peter Eavis <mailto:[email protected]>
Senior Columnist
TheStreet.com
10/22/2001 07:15 AM EDT
URL: <http://www.thestreet.com/markets/detox/10002713.html>
Enron is trying to improve disclosure to investors, but its decision to reduce equity by $1.2 billion in the third quarter has created dismay and confusion in the market.
The action was disclosed in a dubiously discreet manner. More important, investors are struggling to pinpoint how the shrinkage will affect Enron's balance sheet, profits and earnings guidance.
Enron didn't provide answers to questions submitted on the equity reduction.
Enron doesn't include a balance sheet in its earnings release, so the equity decrease couldn't be spotted in numbers supplied Tuesday. And even though Enron did break out $1 billion in earnings charges in its release, the company didn't feel it necessary to mention the equity write down anywhere in the text.
Instead, the public first heard about it on a Tuesday conference call. CEO Kenneth Lay said Enron had shrunk its equity as a result of terminating a so-called "structured finance arrangement." The Wall Street Journal later reported that Enron's counter-party in this transaction was an investment partnership called LJM2 Co-Investment, which has set up and run by Enron's finance chief, Andrew Fastow.
This is what Lay said on the Tuesday call about the equity move: "In connection with the early termination, shareholders' equity will be reduced approximately $1.2 billion, with a corresponding significant reduction in the number of diluted shares outstanding." According to The Journal, Lay then said Wednesday on another call that Enron had repurchased 55 million shares.
Enron's supporters count Lay's mention of a reduction in the share count as bullish, because it should boost earnings per share numbers in the future.
But there are two possible problems with this theory.
First, Enron affirmed its previous earnings guidance that it expects to make $2.15 per share in operating earnings next year. Critically, the company did not say whether its guidance was given using a share count without the 55 million shares or not. If the forecast does assume the exclusion of the 55 million shares, the company should have upped its 2002 per-share earnings forecast by around 6%, since that's the amount by which the share count will be reduced. Enron needs to say what share count it's using in its guidance.
Second, it's almost impossible to determine where these shares were ever recorded, casting a certain amount of doubt on Lay's assertion that the share count will come down.
Why question the CEO? Well, in its 2000 annual report, Enron included some disclosure of the 55 million shares connected with LJM2. It reads: "At December 31, 2000, Enron had derivative instruments...on 54.8 million shares of Enron common stock." The derivative instruments appear to be types of options, or agreements that give the counterparty the right to buy or sell stock at agreed prices.
But these derivatives-linked shares don't show up where they should in the annual report: in the table that breaks out the difference between the basic and diluted share counts. The line item in this table that shows options-related shares totals only 43 million shares, which is close to the amount of employee pay options that qualified for inclusion. Therefore, that number almost certainly doesn't include the 55 million LJM2-related shares. The fact is, at least some of the 55 million derivatives-linked shares should be included if the derivatives were like normal options. That's because the LJM2 derivatives appear to have been "in the money", or profitable for the holders. Typically, all in-the-money options-based stock has to be included in the diluted share count. And these LJM2 derivatives did appear to have that status at the end of 2000. Back then, Enron stock was trading around $80, way above the average $68 level at which these derivatives made money for LJM2.
Maybe these weren't simple options and had other conditions attached that excluded them from the diluted share count. That's what disclosure elsewhere in the annual report appears to imply. Alternatively, the options were embedded somewhere else in the share count table or equity disclosure, though it's hard think where.
Presumably, investors will get a full explanation in Enron's quarterly financial results filing with the Securities and Exchange Commission, due by the middle of November. | {
"pile_set_name": "Enron Emails"
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The following expense report is ready for approval:
Employee Name: Kelli Stevens
Status last changed by: Automated Administrator
Expense Report Name: Business Trip
Report Total: $1,184.46
Amount Due Employee: $1,184.46
To approve this expense report, click on the following link for Concur Expense.
http://xms.enron.com | {
"pile_set_name": "Enron Emails"
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Paul, sorry for the delay in responding, I do not have a direct relationship
with anyone in Reliant or TXU; however, Jim Ducote and Janet Dietrich may be
the best spots in Enron to pursue.
Regards
Delainey | {
"pile_set_name": "Enron Emails"
} |
FYI - I have a pretty bad case of laryngitis but I still have to eat lunch.
Maybe I can find a "talking person" to join us so you won't be bored. Sara | {
"pile_set_name": "Enron Emails"
} |
Tana,
Just wondering if you ever received the credit worksheet for this counterparty. This is the company that Lee Jackson in NGLs is so eager to get online.
Thanks,
jennifer | {
"pile_set_name": "Enron Emails"
} |
Don't know when you'll get a chance to read this, but I must confess it made
me a bit teary eyed. I didn't think he had it in him to be so eloquent.
As for New Year's Eve, I have to say I'm kind of with Kasey. As much as I'd
love to see Gary P., I don't really want to risk the drive and I'm guessing
no one else does either.
Hope you had a good weekend and I'll talk to you soon.
Sue
---------------------- Forwarded by Susan M Scott/HOU/ECT on 10/30/2000 08:59
AM ---------------------------
Enron Capital & Trade Resources Corp.
From: "Kyle Etter" <[email protected]>
10/29/2000 11:34 PM
To: [email protected]
cc:
Subject:
Hey, how was the weekend? Did you at least catch up a little on your rest?
You had one heck of a week but then again I guess that is just old hat for
you. We had a good time on Saturday. It is always fun to be on sixth
street close to halloween, even more freaks come out.
OK enough stalling. I just thought something needed to be said about
wednesday. We could just go on and act like nothing happened and probably
never see or talk to one another ever again. I don't like that solution.
My personality is to go with the flow but by doing this you sometimes miss
out on opportunities. So the traditional me would say it was just one night
and didn't really mean anything, which could possibly be true. One thing
that I learned from you is that you have to take chances and don't be
intimidated. You have a very strong personality and I can see where
somebody could easily be intimidated. Along with that comes someone who is
smart, attractive, outgoing, and somebody who can fit in anywhere, whether
your at the local honky-tonk or at some gala. The one thing I know about
you is that your going to be successful and I don't mean in the monetary way
because I know that isn't high on the priority list. I also know that if I
would have never left the company then I probably wouldn't be sitting here
writing this email.
When I was thinking about leaving I didn't think it was going to be that
hard. I really didn't like the way my life was going and I knew I needed a
change. Then I sit back and think of all the things I'm going to miss.
People bad talk risk all the time, with the long hours and little respect
you sometimes get it is understandable. The thing I'm going to miss the
most are all the friendships I have built working in that group. Sometimes
the toughest times are when you really get to know someone. But the hardest
thing now is that I will not be around you. I know that sounds really bad
but the honest truth is I have liked you ever since we started sitting next
to each other. We had this chemistry and it made the job a little easier
knowing you were there. I really think the best times I had in Houston were
those couple of weeks we went out after work to have a few drinks. I also
knew that since we worked together that it probably wasn't the best thing to
get involved. I really regret that decision right about now.
Alright I guess I have said a lot of sappy stuff and you should know that
I'm not usually like this, which is probably why I didn't call you to share
this info. I do think some things need to be said or else the other person
will never know. You are a great person and even though the chips are
stacked against me I needed to let you know this. I understand that your
under a lot of stress right now and by no means do I want to add on. The
one thing I wish you would take away from this is that if your 35 and still
looking then you need not look any further.
So I apologize for using this forum to express this I really wanted to talk
to you in person on Friday but I just didn't get a chance much less know
where to start. I hope we stay in touch and if you ever want to go to Gruene
Hall then let me know. I also don't want to be put in one of your stalker
categories so take this for whatever you want, please don't think of me as
the next SP.
Take care and have a good week.
Kyle
By the way I think that good-bye would have to rank in top of all times, at
least it is number one in my book.
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
Share information about yourself, create your own public profile at
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"pile_set_name": "Enron Emails"
} |
I agree with much of what Jeff has written. Here are some additions -
On FERC getting a lot right, look at the Order in relation to our 4 key
points filed in the White Paper -
Removing Market Transparency - Still need FERC to take action
Development of Forwards Market and Risk Management - Great results
Removing distortions on Prices - Wrong action
Ending Cal ISO / Cal PX Stakeholder Boards - Great results
On the risk management issue, FERC itself said "The single most important
remedy that California market needs is the elimination of rules that prevent
market participants from managing risk". [FERC PRESS RELEASE]
ADD - FERC Staff did a great job on preparing a detailed analysis of the
market issues.
Jeff Dasovich
Sent by: Jeff Dasovich
11/01/2000 01:17 PM
To: Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron,
[email protected], Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Tim Belden/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT,
Susan J Mara/SFO/EES@EES, Mona L Petrochko/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, [email protected], Karen Denne/Corp/Enron@ENRON,
David Parquet/SF/ECT@ECT, Paul Kaufman/PDX/ECT@ECT
cc:
Subject: Message Points
Here are the messages as I understand them. Please let me know if I've
misconstrued anything. Thanks.
FERC got a lot right in the order and we're very encouraged as a result.
In particular, ending the PX buy/sell requirement and permitting utilities to
manage risk through a portfolio of short and long term contracts is a
fundamental step in the right direction.
However, the proposed price cap is unworkable and will jeopardize realibility
in California. As structured, it will:
discourage the development of new generation to serve California
fail to provide adequate incentives for demand responsiveness.
force Enron to abandon 300 MWs of new power projects planned for California.
We look forward to participating in FERC's process and are hopeful that
FERC's final order will fix the deficiencies in the current price cap
proposal.
We encourage California to work with FERC to implement the proposals and
quickly fix the flaws in the market on behalf of the state's consumers. | {
"pile_set_name": "Enron Emails"
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The new EHS web site has now been launched.
It is new and improved with increased functionality and usability. You can now go to the homepage and find the latest EHS and Corporate Responsibility news, as well as the latest documents posted to the site. Also, the homepage displays events and initiatives that are currently taking place within EHS.
In addition, the site contains a section that covers Global EHS regulatory and legislative information. This service is provided by EnHeSa, a global EHS consulting group. This section provides a legislative and regulatory calendar, legislation and regulations that could directly impact Enron and some analysis of these impacts. You can reach this section at http://ehs.corp.enron.com/Main.asp?Topic=EnvStratRescs&SubTopic=6&Ecobytes=
You can go to the site with this URL: http://ehs.corp.enron.com
Thanks,
Gavin Dillingham
Environmental Specialist
Enron Corp.
[email protected]
713-345-5961 | {
"pile_set_name": "Enron Emails"
} |
see Sue Ford for details x35176 | {
"pile_set_name": "Enron Emails"
} |
It's a great time to visit Germany...and for a limited time you can redeem
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Start Date: 1/26/02; HourAhead hour: 15; HourAhead schedule download failed. Manual intervention required. | {
"pile_set_name": "Enron Emails"
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Jimmy,
I've plugged in a lot of the qualitative answers to the questions (attached)
although I still have some more to do. If you are working on the
quantitative
elements, I'll hold off for now so we are not redundant.
**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA 94104
(415) 733-4487 ph.
(415) 733-4190 fax
____________________Reply Separator____________________
Subject: Re: BF Good Case
Author: "[email protected]" <SMTP:[email protected]>
Date: 04/13/2001 12:02 AM
Just an FYI guys, I have started working the calculations for the Netscape
case. I will send you the results and my comments by Friday night. Please
give me some feedback by a resonable time Saturday so I can wrap this thing
up Saturday night. I'd rather not spend Easter Sunday working on this case.
Jimmy
- Netscape.doc | {
"pile_set_name": "Enron Emails"
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This has got to be the last time.
Tomorrow morning a new team will arrive for due diligence purposes.
Tom Martin will be hosting this team
The Schedule outline is based on initial overview discussions/presentations and then more detailed discussion can occur in individual groups the outline is as follows. It may be better to split up earlier but I leave all those decisions to Tom .
9:00 Introduction John Lavorato & Louise Kitchen
9:30 Financial Overview Wes Colwell
10:00 Risk Overview Buy / Port
10:30 Credit Bradford
11:00 Back Office Beck/Hall
11:30 Systems (EnronOnline) Jay Webb
12:00 Mid/Back Office Systems Jay Webb
12:45 Infrastructure Jenny Rub / Bob
1:15 HR Oxley
Afternoon Dataroom and Trader discussions
Please make yourselves available.
Tammie - please check availability.
Thanks for your continued understanding.
The Maple Leaf is sending a team of 9 people. They should arrive between 8 and 8:30 Wednesday morning and stay through Thursday evening (They are planning on a late night on Wed).
We are currently planning on using room 3371 for the data room, but are looking for another room that might be more accomodating for such a large group. Please let me know who your point person will be and the schedule for the initial meetings.
Louise
Louise Kitchen
Chief Operating Officer
Enron Americas
Tel: 713 853 3488
Fax: 713 646 2308 | {
"pile_set_name": "Enron Emails"
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THIS MESSAGE IS FROM THE SECRETARY OF THE BOARD OF TRUSTEES, ARTIS G.
HAMPSHIRE-COWAN, ESQ:
> President Swygert asked that I forward the attached Press Release to your
> attention.
>
> <<University Announcement.doc>>
- University Announcement.doc | {
"pile_set_name": "Enron Emails"
} |
Mark:
Could you please take a quick look at this too and let me know if you have
any comments? I'm at 33989. Thanks.
Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 05/09/2000
10:53 AM ---------------------------
Mark Tawney
05/09/2000 09:41 AM
To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: Domain name transfer agreement
Could you please review this agreement. Please call if you need some
background information.
---------------------- Forwarded by Mark Tawney/HOU/ECT on 05/09/2000 08:44
AM ---------------------------
From: David Kistler 05/03/2000 09:53 PM
To: Mark Tawney/HOU/ECT@ECT
cc:
Subject: Domain name transfer agreement
---------------------- Forwarded by David Kistler/HOU/ECT on 05/03/2000 09:53
PM ---------------------------
[email protected] on 05/03/2000 04:05:33 PM
To: [email protected], [email protected], [email protected]
cc: [email protected], [email protected]
Subject: Domain name transfer agreement
Mark
Not sure of your exact email address but hopefully one of these is correct.
Can you please confirm that you receive this?
Below is the agreement our attorneys have drafted for the transfer of the
www.weather-desk.com domain name. Note that they have recommended that a
few of the more specific details regarding the corresponding Enron usage of
the RMS weather model be addressed in a simple but separate license
agreement. As discussed, in addition to general confidentialiy
provisions, those terms will include (1) the access will not cover any
international weather data that may be added to the system during the term
of use through December 31, as our costs associated with such data are
uncertain and (2) the use of the model will be for Enron internal purposes
only with no data or analysis results to be shared with third parties.
I would appreciate if you can forward this to your legal dept. to review so
that we can hopefully get this resolved quickly.
Thanks/regards
Paul
(See attached file: EnronTransferAgmt.DOC)
- EnronTransferAgmt.DOC | {
"pile_set_name": "Enron Emails"
} |
Christopher MacDonald-Dennis
1927 Sheffield Drive
Ypsilanti, MI 48198
[email protected]
To Mr. Ken Lay,
I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills. Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.
Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out. And Enron made an astronomical profit during the California energy crisis last year. As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.
The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it. Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.
Sincerely,
Christopher MacDonald-Dennis | {
"pile_set_name": "Enron Emails"
} |
Hotel res works for us.
"Eldon Sellers" <[email protected]>
12/21/2000 05:10 PM
Please respond to eldon
To: "Cameron Sellers \(E-mail\)" <[email protected]>, "Cameron Sellers
\(E-mail 2\)" <[email protected]>, "Eldon \(E-mail\)"
<[email protected]>, "Eldon Sellers \(E-mail\)" <[email protected]>,
"Nancy Sellers \(E-mail\)" <[email protected]>, "Jeffrey Dasovich
\(E-mail\)" <[email protected]>, "Prentice Sellers \(E-mail\)"
<[email protected]>, "Prentice Sellers \(E-mail 2\)"
<[email protected]>, "Scott Laughlin \(E-mail\)" <[email protected]>
cc:
Subject: FW: Reservation Confirmation
This is what I received from the Westwood Marquis which has undergone a
renovation. (I replied and told them to correct the address.) Let me know
if this is OK. I don't know if we can find a cheaper place, but if you
think this rate is too high I can try. Also, I made reservations to go to
Burbank on Dec. 31 using Southwest Airlines and leaving from Oakland at
10:40 am, arriving at 11:40. Returning on Jan. 1 at 8:15 pm and arriving at
9:20. However, I learned from Cameron that all but your mother and I will
be going on Dec. 30 so I will cancel that part of the reservation. I don't
know what your plans are for returning so I will not be making any other
reservations unless I hear from you. I originally made the returning
reservation at the time I did so that if we came back to the house on Monday
to watch football games and play games we would have some time to do that.
If we don't do that we could possibly get an earlier flight back. Your
mother doesn't want to come back too late, so your mother and I couldn't
possibly watch a movie if Hef has one planned for later, but you might
consider that possibility. Our check-in time at the W is 3:00 pm, possibly
earlier. I assume you got my message left on the answering machine that
everyone has been invited to the party.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, December 20, 2000 6:08 PM
To: [email protected]
Subject: Reservation Confirmation | {
"pile_set_name": "Enron Emails"
} |
Per the request of Sara Shackleton, attached for your review is a draft of
the First Amendment to Master Agreement between Enron North America and
Cargill, Incorporated. If you have any questions, please feel free to
contact either myself or Sara.
Stephanie Panus
Sr. Legal Specialist
Enron North America Corp.
713.345.3249
[email protected] | {
"pile_set_name": "Enron Emails"
} |
Not a problem - we have not decided exactly which slides, if any, will be taken to Calpine. I am putting something together for Tom this morning, and will give you and Beth a copy today for your input.
Sheri
-----Original Message-----
From: Beck, Sally
Sent: Monday, June 4, 2001 2:41 PM
To: Thomas, Sheri; Harbert, Jeff
Cc: Gros, Thomas D.; Perlman, Beth
Subject: Revised Presentation for Calpine
I understand from Greg that he got a little more direction from Paul about the Calpine meeting that has been moved to Thursday morning. Please send Beth Perlman and me a copy of the revised draft of the meeting document that you are preparing, in addition to Tom. Thanks. | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
09/27/99 01:53 PM ---------------------------
"Richard H. Bernero" <[email protected]> on 09/22/99 06:35:01 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:
Subject: [Fwd: [Fwd:Phoenix AZ//Rhine Re(Bermuda)confirm 00003.01.01]
2nd try
Rgds
X-Mozilla-Status2: 00000000
Message-ID: <[email protected]>
Date: Wed, 22 Sep 1999 16:15:39 -0400
From: "Richard H. Bernero" <[email protected]>
Organization: Rhine Re Financial Ltd.
X-Mailer: Mozilla 4.5 [en] (WinNT; U)
X-Accept-Language: en
MIME-Version: 1.0
To: [email protected]
CC: [email protected], Julie Perron <[email protected]>
Subject: [Fwd:Phoenix AZ//Rhine Re(Bermuda)confirm 00003.01.01
Content-Type: multipart/mixed;
boundary="------------045A27362C8B147FA5DE4466"
Mark,
I spoke with Lynda Clemmons today at the NY roadshow, and understand
that in Shari Stack's absence that you are the best one to follow up in
ref: draft confirmation sent to Shari a few weeks ago.
See attached final draft, in case you do not have it readily available.
I will be out of the office Friday 9/24, but will otherwise be available
to discuss. PLease review the attached, and if it makes sense, perhaps
we can schedule a call to discuss and wrap things up.
Rgds
Richard H. Bernero
VP & Treasurer
Rhine Re Financial Ltd.
(p) 212-454-1893
(f) 212-454-5916
email: [email protected]
X-Mozilla-Status2: 00000000
Message-ID: <[email protected]>
Date: Tue, 07 Sep 1999 18:41:39 -0400
From: "Richard H. Bernero" <[email protected]>
X-Mailer: Mozilla 4.5 [en] (WinNT; U)
X-Accept-Language: en
MIME-Version: 1.0
To: [email protected]
CC: George Judd <[email protected]>
Subject: Final comments - draft confirmation for the Phoenix deal
Content-Type: multipart/mixed; boundary="------------4B4F4BBA192D7D583B306096"
See attached for your review, which has been approved/reviewed by George
Judd as well. Other than meetings tomorrow (Wed) morning, I will be
reachable so we can wrap this matter up. Perhaps we can touch based in
the p.m., so we can discuss the nature of the changes from our end. Let
me know what works for you.
Rgds
- Cn030101.doc | {
"pile_set_name": "Enron Emails"
} |
Our fax number is 503-464-3740. You can send those deal numbers over whenever
you get a chance, and I'll look them over and talk to the appropriate traders
and IT. Thanks so much for your diligence during this transition. I'll keep
you informed on the IT effort.
Thanks,
Kate
Kimberly Hundl@ENRON
03/20/2001 07:18 AM
To: Kate Symes/PDX/ECT@ECT
cc: Sharen Cason/HOU/ECT@ECT, Amy Smith/ENRON@enronXgate
Subject: "no confirm" deals
Hi Kate!
I am beginning to see a familiar pattern beginning in the West (-familiar
because it's the same problem we have with East traders). There are A LOT of
deals that need to be changed to "no confirm." I'd like to fax a list of
them to you so that you can 1st, change their status in Deal Entry to "not to
be confirmed" and 2nd, bug the traders who enter the deals to remember to
enter them correctly. Also, you mentioned working with Will Smith in IT to
get these deals to automatically be "no confirm" when the traders enter
them. You may want to use some of these as examples so to help IT figure the
logic behind which deals are confirmed and which aren't. Please let me know
your fax number so that i can send you this report.
Thanks!
Kim x31647 | {
"pile_set_name": "Enron Emails"
} |
Kevin,
Currently, we do not have delivery points established for PJM West or Ontario. Will these be primary points or will they be dependent upon another curve?!
Also, I just want to ensure that there have been no revisions to what you previously passed on regarding gas trading - only you and the desk heads (you, Dana, Fletch, Rogers, Harry and Doug). I have set up gas price books already and I am in the process of setting up Gas Daily books (basis and index) for those mentioned. Any additions/deletions/corrections?!
Thanks for the input.
Casey
-----Original Message-----
From: Presto, Kevin M.
Sent: Wednesday, January 16, 2002 1:19 PM
To: Evans, Casey; White, Stacey W.
Cc: Davis, Mark Dana; Sturm, Fletcher J.; Carson, Mike; Gupta, Gautam; Broderick, Paul J.; Benson, Robert; King, Jeff; Gilbert-smith, Doug
Subject: Books
Please use the next week to clean up our database of delivery locations and regions currently still in Enpower. I would like to start the database clean with only the key hubs listed:
NEPOOL PTF
NY Zone J
NY Zone G
NY Zone A
Ontario
PJM East Hub
PJM West Hub
PJM West
Cinergy
Com-Ed
TVA
Entergy
SOCO
ERCOT South (FP)
ERCOT North (Basis)
Let's use this opportunity to clean up Enpower and start with a truly clean set of books.
Team - Am I missing anthing?
Kevin Presto
Vice President, East Power Trading
Phone: 713-853-5035
Cell: 713-854-3923
Fax: 713-646-8272 | {
"pile_set_name": "Enron Emails"
} |
PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility. Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission. Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.
- Invitation.doc | {
"pile_set_name": "Enron Emails"
} |
Kim,
The FedEx package of contracts is going out tonight. I've included:
Clarke County gas purchase agreement with APEA
SMUD gas purchase agreement with APEA
Enron gas supply agreement with APEA
I told Roger Mock that once we confirmed that the delivery point with SMUD and ensured that we were comfortable moving it, we'd let him know. I also wanted to make sure that from the West Gas Desk's perspective, if we change the delivery point but leave quantity and term alone there would be no price differential to APEA? Just keep me posted.
Michael Wong
Enron North America
(w) 415-782-7808
(c) 415-297-9664 | {
"pile_set_name": "Enron Emails"
} |
Come join us at this year's AGA Legal Forum to discuss the following key
topics:
* 2000-2001 Market Conditions and Possible Long Term Effects
* Federal Trade Commission's Evolving Approach to Natural Gas,
Electric and Energy Issues
* Update on Emerging Theories of Claims Against Regulated Utilities
* National Energy Policy
* Fueling the Future - Natural Gas Supply Capacity and Reliability
* Update on FERC Issues and Presentation by FERC General Counsel
* Post Order 637 Pipeline Proposals to Serve Electric Generation
* Will the Western Region Energy Problems Flow East?
* Forming an Energy Industry Standards Board
* Other Topics of Interest to LDCs
The American Gas Association Legal Forum Program Planning Committee invites
you to attend the Twenty-Fourth Annual Legal Forum. The Forum will be held
this year from Sunday evening, July 15, through Tuesday evening, July 17, at
The Hyatt Regency Monterey in Monterey, California.
The AGA Legal Forum is regarded as one of the preeminent legal programs for
attorneys in the natural gas industry. It is an intensive two-day seminar
that gives participants the opportunity for in-depth discussion of gas
industry issues with other member company general counsel and senior
attorneys in this outstanding program. This twenty-fourth annual Legal Forum
will focus on the impact of the dramatic changes taking place in the
industry and the new legal challenges facing you and your clients.
The Hyatt Regency Monterey is located directly adjacent to the championship
Del Monte Golf Course, and just a few blocks from the Pacific Ocean and
Monterey Bay. Within minutes is direct access to Cannery Row, Fisherman's
Wharf, Monterey Bay Aquarium, Carmel and Pebble Beach. The Hyatt is 5
minutes from Monterey Airport (with direct or connecting service from
American, America West and United Airlines) or 90 minutes from San Jose
Airport.
If you cannot attend, please pass this information on to others in your
company or firm who might be interested in attending.
We suggest you register as soon as possible for only a limited number of
rooms are available at the hotel. The hotel reservation deadline is June 18,
2001. After that date, room availability will not be guaranteed at the
special AGA rate starting at $205.00.
Additional information on the AGA Legal Forum (including the registration
and hotel reservation forms) can be obtained on AGA's website
<http://www.aga.org/Events/3435.html> http://www.aga.org/Events/3435.html
<http://www.aga.org/> . If you would like a copy of the registration
package for the Legal Forum faxed or mailed to you, please contact Theresa
Thoman, Senior Staff Associate (Phone: 202/824-7072; Email:
[email protected]).
We look forward to seeing you at the Forum.
Dudley C. Reynolds
Alabama Gas Corporation
and Chairman,
AGA Legal Committee
Marc Richter
Associate General Counsel
Consolidated Edison Company of New York, Inc.
and Vice Chairman,
AGA Legal Committee | {
"pile_set_name": "Enron Emails"
} |
Hi Joan - yes it is me, your long lost cousin! You probobly got my address off of something that my mom sent around. How are things with you? As you probobly knew, I am back in Houston - which is very good as my company just announced a merger on Friday. Worried about many of my friends but I am not so worried about loosing my job. The world is certainly in turmoil! Hope all is well with you and your family. Keep in touch -
Kim
-----Original Message-----
From: "joan rutland" <[email protected]>@ENRON
Sent: Sunday, November 11, 2001 1:19 PM
To: Ward, Kim S (Houston)
Subject: found you in friends
I know that Kim Ward is a common name, but as I was scanning the addresses of mail forwarded to me, your name was on the list. Are you the Kim Ward native of Memphis and daughter of Jerry? If so, this is Joan-reply. If not, trash this. | {
"pile_set_name": "Enron Emails"
} |
-----"Easily the most serious, well-run and
-----informative technology venture conference
-----series you can attend"
-----Technologic Partners' Outlook Conference attendee,
-----June 2001
Dear Jeffrey:
As a VentureWire reader, you know that the internet has
become an essential component of everyday life for both
businesses and consumers, despite recent investment
challenges. Though some dot-commerce plays face market
disfavor and wary private and public investors,
internet-based technologies and business models that
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And advances in internet technologies are almost
exclusively the domain of the venture backed start-up.
Read on, or take a moment to link to the URL below for
more details. VentureWire subscribers have a preferred
rate* for this conference - $1795 - which represents a
$400 saving on the full list price. All you need do is
register before July 27th, 2001 and ensure you enter the
code VWIO at the bottom of the registration form.
Internet Outlook
September 10-11, 2001
San Francisco Airport Marriott
Burlingame, California
http://www.internetoutlook.net/docs/register.asp
At this, the 6th annual running of Internet Outlook,
we've assembled the most promising providers of
the technologies that improve the performance,
functionality and ROI of web sites, applications and
data centers. Each year we've focused on the sectors
and issues driving the internet's technology and
investment train. And this year's no different. Join
us in Burlingame for another packed event on
September 10-11 and meet the entrepreneurs, investors
and industry executives setting the pace and offering
very real opportunities for liquidity events when the
market turns up.
After significant research and analysis, we've invited
up to 100 of the hottest emerging tech companies in the
following categories to define their goals, plans and
progress to the audience:
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Customer Interaction
Data Centers
Information Management
Managed Service Providers
Messaging Infrastructure
Personalization/Privacy
Sales & Marketing Services
Security
Network Applications
eComm Services
Web Services/XML
Web Performance
Website Analysis
For a list of presenting companies, check out:
http://www.internetoutlook.net/docs/mmlist.asp
Leading business, technology and investment opinion
and expertise from leading key note speakers and
panelists will be the centerpiece of our general
sessions. I must thank the following for accepting
our invitation to deliver keynote addresses over the
course of Internet Outlook - their remarks will be
eagerly anticipated:
Roger S. Siboni
President & CEO
E.piphany
Martin Brauns
President & CEO
Interwoven
Amnon Landan
Chairman, President & CEO
Mercury Interactive
John Seely Brown
Chief Scientist, Xerox
and
Chief Innovation Officer
12 Entrepreneuring
For a complete review of the agenda, please link to
http://www.internetoutlook.net/docs/agendamonday.asp
All our events this year have bucked the trend, and
filled up - in this, its sixth year, initial trends
indicate Internet Outlook promises to do the same.
To make sure of your place, and claim your VentureWire
preferred rate, please take a moment to access the
following link. Do not forget to enter the VWIO code
on your registration.
http://www.internetoutlook.net/docs/register.asp
So, I hope September 10th and 11th works for you. It
would be great if you could join us - in the meantime,
if you have any questions, please contact me.
Sincerely,
Allan
Allan Cunningham
Managing Director, Events
Technologic Partners
[email protected]
212-343-1900
If you'd prefer not to receive such messages from us,
follow this link:
http://venturewire.com/[email protected]
and we'll make sure you don't in the future.
ABOUT THIS E-MAIL
-------------------
Your registration to VentureWire included granting us
permission to send you information about new features
and other products from Technologic Partners. We are
committed to protecting your privacy.
VentureWire and Internet Outlook are trademarks and
service marks of Technologic Partners, L.P.
* This special offer is only valid for VentureWire
subscribers and is non-transferable. If you have
already registered prior to receiving this offer,
credits or refunds will not be given. It cannot be
combined with any other offer. | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Jeff Dasovich/NA/Enron on 04/27/2001 05:45 PM -----
Robert C Williams/ENRON@enronXgate
04/27/2001 04:15 PM
To: Mike D Smith/HOU/EES@EES, [email protected]@SMTP@enronXgate,
[email protected]@SMTP@enronXgate, Dennis Benevides/HOU/EES@EES, Tom
Riley/Western Region/The Bentley Company@Exchange, Jeff
Dasovich/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Evan
Hughes/HOU/EES@EES, [email protected]@SMTP@enronXgate
cc: Debbie Ramey/ENRON@enronXgate, Robert C Williams/ENRON@enronXgate, Vicki
Sharp/HOU/EES@EES, Marty Sunde/HOU/EES@EES
Subject: Conference Call
A conference call has been scheduled for 9:00 PST/11:00 CST Saturday, April
28 to prepare for the UC/CSU oral argument on Monday. The call-in number is
1-800-991-9019. The passcode is 6387431#. I expect that the call will last
approximately 1-2 hours. If you have any problems getting into the call,
please call me on my cell phone at 281-414-0364. Thanks. | {
"pile_set_name": "Enron Emails"
} |
Thanks for the info. I will prepare the amendment.
Brant Reves
02/12/2001 10:13 AM
To: Gerald Nemec/HOU/ECT@ECT
cc: Trevor Mihalik/NA/Enron@Enron
Subject: Re: BGML gty amendment
As I reviewed the original request, I realised that I did not correctly
reference the original $15MM guaranty. The request was for Exxon Mobil
Corporation. Please proceed without further delay from Credit. I apologise
for any inconvenience this may have caused.
thanks
brant
---------------------- Forwarded by Brant Reves/HOU/ECT on 02/12/2001 10:08
AM ---------------------------
Brant Reves
02/12/2001 09:20 AM
To: Gerald Nemec/HOU/ECT@ECT
cc: Trevor Mihalik/NA/Enron@Enron
Subject: Re: BGML gty amendment
Any update on status of this request?
Brant Reves
02/07/2001 02:37 PM
To: Gerald Nemec/HOU/ECT@ECT
cc: Trevor Mihalik/NA/Enron@Enron
Subject: BGML gty amendment
Hey Gerald,
Please prepare an amendment to increase the existing $15MM guaranty provided
by Bridgeline Holdings to $25MM. Enron and Texaco board members will have to
sign the amendment. Please prepare it and forward for the appropriate Enron
signatures and then have it forwarded it to me, so that I might forward it
along to Trevor Mihalik who can in turn forward it along to Texaco for final
signature.
thanks
brant | {
"pile_set_name": "Enron Emails"
} |
Hello everyone, I want to update the address list so send in all your
new info and a cell phone number if you want that on the list.
There are also two birthdays in March so it is time for a monthly
dinner! Jeff and Laura what night works best for you? kari | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 03/05/2001
07:10 AM ---------------------------
[email protected] on 02/28/2001 02:14:43 PM
To: [email protected]
cc: [email protected]
Subject: Re: Enron's March Basdeload Fixed price physical deals as of 2/27
/01 Attachment is free from viruses. Scan Mail
Sorry, the deadline will have passed. Only Enron's deals through yesterday
will
be included in our survey.
[email protected] on 02/28/2001 04:57:52 PM
To: Liane Kucher/Wash/Magnews@Magnews
cc:
Subject: Re: Enron's March Basdeload Fixed price physical deals as of 2/27
/01
Attachment is free from viruses. Scan Mail
We will send it out this evening after we Calc our books. Probably around
7:00 pm
Anne
[email protected] on 02/28/2001 01:43:44 PM
To: [email protected]
cc:
Subject: Re: Enron's March Basdeload Fixed price physical deals as of 2/27
/01 Attachment is free from viruses. Scan Mail
Anne,
Are you planning to send today's bidweek deals soon? I just need to know
whether
to transfer everything to the data base.
Thanks,
Liane Kucher
202-383-2147 | {
"pile_set_name": "Enron Emails"
} |
Zimin,
Some feedback I have received on Ming.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/22/2000
01:17 PM ---------------------------
Pinnamaneni Krishnarao
05/22/2000 12:35 PM
To: Dennis Benevides/HOU/EES@EES
cc: Vince J Kaminski/HOU/ECT@ECT, Ronnie Chahal/HOU/EES@EES
Subject: Re: Ming Sit
Dennis:
I talked to Ming for only short time and am concerned about the cons Scott
mentioned. I would like to know what your assessment is like. Also, I would
like Vince, Ronnie & myself to talk to Ming over the phone. Can we call him
directly and talk to him? Please let me know how strongly you feel about
having him as a support person.
Thanks,
Krishna.
x35485
To: Pinnamaneni Krishnarao/HOU/ECT@ECT
cc:
Subject: Re: Ming Sit
Krisna:
Are you still interested in hiring Ming Sit, through the research group. If
so, please proceed and assign him to support EES. Please let me know if I
need to provide any information.
Thanks
Dennis
---------------------- Forwarded by Dennis Benevides/HOU/EES on 05/22/2000
09:43 AM ---------------------------
James W Lewis
05/21/2000 11:44 AM
To: Dennis Benevides/HOU/EES@EES
cc: Scott Stoness/HOU/EES@EES
Subject: Re: Ming Sit
I like DB's suggestion. Let's do it.
Enron Energy Services
From: Dennis Benevides 05/19/2000 03:31 PM
Phone No: 713 853-9609
To: Scott Stoness/HOU/EES@EES
cc: James W Lewis/HOU/EES@EES
Subject: Re: Ming Sit
Got a little scared at your first sentence I read "He is no replacement for
Jay but he could be for Dennis B .."??.
Anyway:
I think he would be a good fit withing the group. Krisna has offered to hire
him in the research group, he has good programing background and is excited
about working for Enron instead of a Utility such as PacificCorp. He
expressed interest in applying his skill to make $$$$.
I suggest bringing him in in research as a first alternative. I see three
potential applications where we can use his skills to evaluate best longer
term fit:
Continuing Ronnie's model building role, but with a focus within Neil's group
to tie RM systems together
Bridge the lack of Phd Econometrics expertise we have as are result of the
departure of Anoush.
Risk Management Systems Infrastructure development.
Scott Stoness
05/19/2000 02:02 PM
To: James W Lewis/HOU/EES@EES
cc: Dennis Benevides/HOU/EES@EES
Subject: Ming Sit
He is no replacement for Jay but he could be a Dennis B employee.
Pros:
Engineer so would be good at math
His boss hired him a 2nd time (1at TXU and again at Pacificor again) so he
must be reliable
Phd in Economics and Engineering (good) from Stanford (ugh :) :) :) )
Cons:
Does not understand Tariffs. I asked him and he said he is not experienced.
I probed too and he does not understand regulatory that well.
Does not understand Ancillary Services (which is surprising to me since he
started out as an plant operation side of HK Power)
Has limited people management skills (he described 1 analyst he works with
that is not capable that he has to jump into the excel spreadsheet and fix it
for him and he cannot give him feedback because it is a utility mentality)
He is not a good communicator (I asked him to describe what he did in HK
Power and it took him forever to explain because he expected me to know that
plant operations meant planning the start up of oil plants).
Overall:
I suspect that he is a very solid guy when it comes to analysis but not
particularly creative or good at communication and leadership. He would be a
great support person.
I would hire for analysis but not as a potential leader.Go | {
"pile_set_name": "Enron Emails"
} |
at this point I have several on my desk now and others that will be coming to me shortly. Cost is about $55 - $75 per child, depending on how good a shopper you are. Let me know how many kids you'd like.
thanks
kh
-----Original Message-----
From: Roobaert, Preston
Sent: Monday, December 10, 2001 3:18 PM
To: Hyatt, Kevin
Subject: Enron Kids
Kevin,
Are you still looking for sponsors for the Enron Kids program? Sean Bolks said you had 14 kids that needed sponsors last Friday.
Let me know,
Thanks,
Preston | {
"pile_set_name": "Enron Emails"
} |
although i like my yoga naked, i do like to put something on for savasana (corpse pose at the end), which is probly what she's thinking. the latest in canadian yoga fashion can be found at www.lululemon.com
give me a look on the movie if you end up going and want to see royal t's. cell is 512 3312.
-----Original Message-----
From: "Purtzki, Emily (CA - Calgary)" <[email protected]>@ENRON
Sent: Tuesday, January 08, 2002 3:06 PM
To: Richey, Cooper
Subject: RE:
After spending that long opening a bank account, I would have settled for stashing my money under my matress. My brother did that for a while. Ya, he's different, but cool.
I keep forgetting your American. Your not a shitty american, as long as you don't believe we live in igloos, your fine.
Did Jai forward you Ingrid's e-mail from this morning about her "awful news?" It's funny.
Jaimie wanted to go see a movie tonight. We were thinking maybe royal tannebaums. I'm going to call her after my run because it's still up in the air. She wants to go find some yoga pants...what part of "naked yoga" didn't she understand???!!!! If we end up going to a movie we'll call you guys or maybe you want to come shopping with us??? Isn't that every guy's dream come true?
-----Original Message-----
From: [email protected] [mailto:[email protected] << File: mailto:[email protected] >> ]
Sent: Tuesday, January 08, 2002 2:53 PM
To: Purtzki, Emily (CA - Calgary)
Subject: RE:
agh. i just spent 2.5 hours opening a bank account! banking in this
country sucks. i hate to be a shitty american and i do love canada, but
the banking system is brutal. yeah, working for a law firm is sweet, i see
the same perks here working for a management consulting firm. i'm glad you
briefed the ladies on the naked yoga, maybe janice could give us a demo.
are you watching the royal tennenbaums tonight? we talked about it long
ago... and i do want to see it.
glad to see you are breaking in your email account. -c
-----Original Message-----
From: "Purtzki, Emily (CA - Calgary)" <[email protected]>@ENRON
Sent: Tuesday, January 08, 2002 11:47 AM
To: Richey, Cooper
Subject: FW:
-----Original Message-----
From: Purtzki, Emily (CA - Calgary)
Sent: Tuesday, January 08, 2002 9:17 AM
To: '[email protected]'
Subject:
Hey Cooper,
I remember you telling me your address, so I really hope this is it. I
guess I could call you, but it's more fun to e-mail...especially at
work. Deloitte just gave me a new laptop....the perks of working for a
prestigious law firm!!! Stephanie and I even got a dozen cookies each
from Cookies by George yesterday. It's a good way to make friends in
an office full of vultures (almost worse than Earls!).
Are you still going to yoga tomorrow?? So far, Janice, Jaimie,
Stephanie and I are going. I know it's alot of women. But don't worry,
I told them all about "naked yoga" and they're okay with it.
Next time I see you I'll give you that book, Tuesdays with Morrie. I
am almost done. It's an amazing book. It is simple, but in it's
simplicity it is so profound. Wow, that might have been a little too
deep for e-mail, but you get the point. It's an easy read. Jai should
probably read it too.
Hey, how are your Scooby snacks??? Are you bringing them to work? Are
the stickers plastered all over your apartment and car yet?? I sure
hope so.
Talk to you later,
Emily
**********************************************************************
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"
} |
Cindy,
Hopefully the paper John Martin and I will work will become the
standard reference for this topic.
Vince
From: Cindy Derecskey@ENRON on 10/30/2000 10:27 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Christie Patrick/HOU/ECT@ECT, Michael B Rosen/HOU/ECT@ECT
Subject: Enron, case study at Nordic business schools
Good morning Vince,
Could you please provide with some guidance in relation to Mark's comments
directly below. I don't have any recollection of recent case studies that we
could send Oddbjorn Tysnes - do you know of any?
I will send him a number of reprints of articles. Please let me know if you
have anything at your fingertips....
Regards,
Cindy
----- Forwarded by Cindy Derecskey/Corp/Enron on 10/30/2000 10:21 AM -----
Mark Palmer
10/30/2000 08:48 AM
To: Christie Patrick/HOU/ECT@ECT, Michael B Rosen/HOU/ECT@ECT, Cindy
Derecskey/Corp/Enron@Enron
cc:
Subject: Enron, case study at Nordic business schools
I don't want to spend a lot of time right now, from this office, pursuing
these opportunities. But, if we have some case studies "on the shelf" we
could send something to Oddbjorn.
Thanks,
Mark
----- Forwarded by Mark Palmer/Corp/Enron on 10/30/2000 08:45 AM -----
Oddbj>rn Tysnes <[email protected]>
10/29/2000 01:36 PM
To: "'[email protected]'" <[email protected]>
cc: "Thor Lien (E-post)" <[email protected]>, "Julie Green (E-post)"
<[email protected]>, J>rn Bremtun <[email protected]>
Subject: Enron, case study at Nordic business schools
Dear Mark,
I want to thank you for two very interesting days and a very pleasant
evening in London at the European PR conference.
As you may remember from the session "Ideas Forum", I presented an idea of
introducing Enron's transformation from an "old" industry/energy company to
an innovative player in the "new" economy as a case study at the leading
Nordic business schools. I have later discussed the idea with Enron's head
of the Nordic region, Thor Lien. He agrees that this could be a good way of
raising the awareness of Enron in the Nordic business community. One reason
for this is that several professors of the Nordic business schools are
frequent speakers at business conferences, they are very often sought by
business reporters to give comments etc. If Enron becomes a "top of mind"
innovative company with these professors, it will help relation-building and
PR work towards the business community.
I understood from you that some US business schools have developed similar
(?) case studies on Enron. Do you or someone else in Enron have access to
such case studies? If so, would it be possible for you to send us copies? It
would be a great help for us.
Best regards,
Oddbjorn Tysnes | {
"pile_set_name": "Enron Emails"
} |
EDGAR Online's VC SECrets Newsletter
Editor: Tim Middleton, EDGAR Online Analyst
[email protected]
VC SECrets contributors include EDGAR Online Analyst Tim
Middleton and Venture Capital Contributor Udayan Gupta.
Udayan covered the venture capital industry for more than
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He is the author of the forthcoming book "Done Deals" (Harvard
Business School Press, 2000), an inside story of the venture
capital industry.
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*** To the Editor***
----------------------------------------
Stock Option Dangers Overstated by the New York Times
Tuesday's (June 13) New York Times featured an extensive
article on the dangers of stock options: "The Hidden Cost
of Stock Options May Soon Come Back to Haunt." As the Times
pointed out, options carry significant costs, especially in
a declining or stagnating stock market. How? Companies must
buy back millions of their own shares to offset the stock
they have dispensed to employees at much lower prices in
options programs. The rationale being that if companies did
not repurchase their stock, there would be so many shares
on the market that the company's earnings, on a per-share
basis, would plunge.
Yes, the nation's largest 140 non-financial companies are
spending about 40% of their earnings on stock buy-back
programs. Yes, Dell and Microsoft spent several billions
dollars apiece last year in stock buyback programs. But in
reality, stock options are not as out-of-control as the New
York Times would have you believe.
Companies need to get shareholder approval for their stock
option grant pools. Institutional investors have been putting
the breaks on excess share dilution and greedy plans. Stock
options will continue to be great tax deals for both companies
and their employees. Without their attractiveness in a tight
job market, salaries would jump and with that inflation, then
interest rates, then economic downturn. We all need to root
for the continued appeal of options, even with its quirky
accounting treatment.
Look at the global spread of stock options. Many countries
now view options as the core of the U.S. economic expansion
and business spirit.
Companies must learn to stop pitching options as a "get rich
quick" scheme. Instead, they should stress the long-term value
of options for employees and the link between personal
performance, company goals, and stock options.
-- Bruce Brumberg is an attorney and the Editor-in-Chief of
myStockOptions.com, a new website that will be publicly
available soon.
----------------------------------------
***VC QUESTION OF THE WEEK***
----------------------------------------
QUESTION: How do I value options in a private company?
ANSWER: If your company is private, then you should look at
recent grants of options to new employees or at a recent
financing round. Typically, options are granted at fair market
value so you will be able to figure out the difference between
the exercise price of these recent grants and your exercise
price. Remember, you also need to consider the future growth
of the company, which is greater on a percentage basis for
private companies. Valuation of private company stock is much
more of an art than a science.
-- Bruce Brumberg, myStockOptions.com
*** USER NOTE: For public companies, EDGAR Online makes it
easy to find out more about stock option plans, option treatment
and executive compensation. Here's how you can get started.
Go to http://www.edgar-online.com/fts/search.asp and type
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\-----------------------------------------/
----------------------------------------
**VENTURE CAPITAL COMPANY PROFILE
----------------------------------------
by Udayan Gupta, Venture Capital Contributor
Biotech Startup Emerging as Leader in Memory Loss Treatment
By jogging the memory, Memory Pharmaceuticals Corp.
(http://www.memorypharm.com) hopes to become a major player
in the biotechnology business. By treating the symptom of
memory loss in diseases such as Alzheimer's and Parkinson's,
the Columbia University start-up could well become the next
industry star.
The population Memory is addressing is huge. Almost half
of all Americans over 85 suffer from Alzheimer's disease,
according to the Chicago-based Alzheimer's Association. And
by the year 2050, the number of Americans afflicted by
Alzheimer's is expected to rise to eight million - double the
number at the end of the 20th century.
Alzheimer's is a slow killer. It can take anywhere from three
to 20 years for a patient to die after being diagnosed, the
Association said. As a result, the cost to the healthcare
system of keeping an Alzheimer's patient alive and functional
can be extremely high. Companies that can help lessen the
impact of Alzheimer's are considered extremely valuable to
the healthcare system and the afflicted patient.
Memory is developing a unique drug-profiling platform to
create therapies for learning and memory-related disorders.
Called Cognostics, the platform identifies cell-based and
physiological assays in an effort to treat the symptoms of
mild to moderate dementia - inability to learn and memory
loss - caused by Alzheimer's, Parkinson's, and, potentially,
Down's syndrome and epilepsy. Cognostics identifies drugs
that treat the symptoms, not the disease itself.
Memory plans to develop drugs in-house, and to create others
through partnerships with major pharmaceutical companies.
Memory's larger goal, however, is to develop a product that
will curb or prevent memory loss in the greater population,
a potentially giant market considering the buying power of
the 83 million US baby boomers. It is a market that has not
gone unnoticed by others. Today, many other small companies,
such as American Biogenetic Sciences, Inc. (ABS),
NeoTherapeutics, Inc. (NEOT) and Helicon Therapeutics, and
large pharmaceutical firms, such as Pfizer Inc. (PFE), Shire
Pharmaceuticals Group plc (SHPGY), and Johnson & Johnson (JNJ)
are also looking for similar treatments. But Memory officials
believe that the competitors might become allies - especially
if the company can develop and test its platform first -
selling memory-enhancing drugs to graying populations worldwide.
The technology behind Memory is impeccable. Eric Kandel, a
professor at Columbia University's Center for Neurobiology
and Behavior, and Walter Gilbert, Harvard University professor
and Nobel laureate, started Memory in the mid '90's. Shortly
thereafter Axel Unterbeck, former head of CNS-Dementia
research at Bayer AG (BAYZY), joined as president and chief
scientific officer. Columbia, which has an equity stake in
the privately-held firm, granted Memory exclusive rights to
develop Kandel's patents, in return for royalties.
The company is well backed. It has received nearly $15
million in financing from venture capitalists such as Oxford
BioScience, VenRock Associates, HealthCare Ventures, Alta
Partners, and SR One. And it is aggressively pursuing corporate
partners that can provide capital and infrastructure support.
In an investment environment in which biotechnology has
once again regained investor confidence, and companies with
strong backers and technology are sought after, Memory
Pharmaceuticals is well worth watching.
Memory Phamaceuticals Corp.- Key Players
Venture Fund Investors:
Oxford Bioscience Partners
VenRock Associates
HealthCare Ventures LLC
Alta Partners
SR One Ltd.
Life Science Ventures
GIMV Investors
Principal Officers:
Robert S. Cohen CEO and Director
Joanne M. Leonard Vice President, CFO and Treasurer
Axel Unterbeck, Ph.D. President and Chief Scientific
Officer, Director, and Co-Founder
----------------------------------------
**VC SECTOR PROFILE ****
----------------------------------------
Network Infrastructure and Value-Added Services
Companies profiled:
Flashcom (www.flashcom.com)
Intira Corporation (www.intira.com)
Jato Communications (www.jato.net)
Quantum Shift (www.quantumshift.com)
ThinkLink (www.thinklink.com)
Most venture capitalists believe in hedging their bets. So,
although they might focus on one broad industry segment,
they tend not to have too many portfolio companies that are
targeting the same customers or the same solutions. But there
are exceptions. The Mayfield Fund, one of the few funds that
continues to focus on computer technology and the life
sciences, is convinced that there is a burgeoning market for
network infrastructure and the value added services around
that infrastructure.
As DSL (Digital Subscriber Line) technology becomes more in
demand because of its ability to replace modems and T1 lines,
and IP (Internet Protocol) technology becomes a standard for
both data and voice transmission, companies that are providing
infrastructure support and value added services for these
technologies can build substantial businesses. And as service
and infrastructure providers these companies may prove to be
more real than many of the Internet shadowcatchers.
***************************
Flashcom (www.flashcom.com)
Flashcom delivers high-speed DSL access to customers in 48
states through agreements with competitive local exchange
carriers. Additionally, the company has a multi-year agreement
with AT&T to access AT&T's Global Internet system using
AT&T's Managed Internet Service. By focusing exclusively on
DSL, Flashcom has become the leader in the space.
EDGAR INSIGHT: Flashcom filed an S?1 on May 12, 2000.
http://www.edgar-online.com/secrets.asp?d=A-1112437-0000892569-00-000385
NOTE: Before going public (i.e. selling shares on an exchange),
companies must file an S-1 form with the SEC. This extensive
document includes such information as risk factors, financials,
strategy, industry, management bios and more.
Venture Fund Investors:
Mayfield Fund
Communications Ventures
Intel Corporation
Principal Officers:
Richard Rasmus President and CEO
M. Wayne Boylston CFO
****************************************
Intira Corporation (www.intira.com)
Intira acts as an outsourcing resource for companies seeking
application hosting, hardware and software OS provisioning,
network connectivity and infrastructure support services.
Through data centers at its headquarters in Pleasanton, CA,
and in St. Louis and New York, and through its nationwide
broadband network of proprietary management services, the
company provides seamless infrastructure performance to
e-businesses, applications service providers and independent
software vendors.
Venture Fund Investors:
Mayfield Fund
Chase
Spectrum Equity
NEA
Principal Officers:
Bernie Schneider CEO
David S. Boone CFO
John Steensen Vice President, Chief Technology Officer
****************************************
Jato Communications (www.jato.net)
Jato provides business grade DSL service to small and
medium-sized companies in secondary markets directly,
and through Internet service providers and value added
resellers. Business grade DSL has been proven to be faster
and more reliable than residential grade DSL and cable modems.
EDGAR INSIGHT: Jato filed an S-1 on December 23, 1999 and
filed a request to withdraw its S-1 May 12, 2000.
http://www.edgar-online.com/secrets.asp?d=A-1073715-0000912057-99-010533
Venture Fund Investors:
Mayfield Fund
Crest Communications Partners, L.P.
CEA Capital Partners USA, L.P.
ABN AMRO Capital (USA), Inc.
Access Technologies partners
Qwest Communications
Microsoft
Principal Officers:
Gerald K. Dinsmore President and CEO
Terri Compton Executive Vice President and COO
William D. Myers Senior Vice President, Finance and
Strategic Planning, CFO
Rex A. Humston Senior Vice President, Engineering and
Chief Technology Officer
****************************************
Quantum Shift (www.quantumshift.com)
formerly MVX.com
On May 8, 2000, MVX.COM changed its name to QuantumShift
to better reflect the wide-ranging changes it is bringing
to the telecommunications industry. The company offers
businesses one-stop-shopping for telecommunications solutions
and implementation strategies. Through alliances with U.S.
-based and international companies, it provides an array of
communications services from local and long distance, to
frame relay and ISDN.
Venture Fund Investors:
Mayfield Fund
Texas Pacific Group
Francisco Partners
Principal Officers:
Scott Schaefer President and CEO
Edward A. Brinskele Co-Founder and Chief Technology Officer
****************************************
ThinkLink (www.thinklink.com)
ThinkLink is a telecommunications applications service
provider offering unified messaging. Users are assigned a
local number and an 800 number. All calls, faxes and emails
made to the user's home, office, or other locations can be
accessed by the user over the phone. The service can be bundled
and branded by ISPs, Internet portals, and other companies
who want to provide customers with the latest communication
technology.
Venture Fund Investors:
Mayfield Fund
Softbank Technology Ventures
Principal Officers:
David B. Ward President and CEO
/----------ADVERTISEMENT--------------------
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\-------------------------------------------/
----------------------------------------
**COMPANIES MENTIONED IN THIS ISSUE***
----------------------------------------
ABN AMRO Capital (USA), Inc.
Access Technologies partners
Alta Partners
American Biogenetic Sciences, Inc.
AT&T,
Bayer AG
BioScience
CEA Capital Partners USA, L.P.
Chase
Communications Ventures
Crest Communications Partners, L.P.
Dell
Flashcom
Francisco Partners
GIMV Investors
HealthCare Ventures
Helicon Therapeutics
Intel Corporation
Intira Corporation
Jato Communications
Johnson & Johnson
Life Science Ventures
Mayfield Fund
Memory Pharmaceuticals Corp.
Microsoft
MVX.COM
NEA
NeoTherapeutics, Inc.
Oxford Bioscience Partners
Pfizer Inc.
Quantum Shift
QuantumShift
Qwest Communications
Shire Pharmaceuticals Group plc
Softbank Technology Ventures
Spectrum Equity
SR One
Texas Pacific Group
The Mayfield Fund
ThinkLink
VenRock Associates
----------------------------------------
***PEOPLE MENTIONED IN THIS ISSUE***
Edward A. Brinskele
David S. Boone
M. Wayne Boylston
Robert S. Cohen
Terri Compton
Gerald K. Dinsmore
Walter Gilbert
Rex A. Humston
Eric Kandel
Joanne M. Leonard
William D. Myers
Richard Rasmus
Scott Schaefer
Bernie Schneider
John Steensen
Axel Unterbeck
David B. Ward
----------------------------------------
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----------------------------------------
Copyright 2000, EDGAR Online
http://www.edgar-online.com
-----------------------------------------
DISCLAIMER: The EDGAR Online report
contains observations of its editor
Tim Middleton, a consultant of EDGAR
Online and is for informational purposes
only. These statements and expressions
are the sole opinions of Mr. Middleton and
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---------------------------------------- | {
"pile_set_name": "Enron Emails"
} |
CR and AL,
We bought 8000 from Richardson (#245410) at Teco - Lone Star Katy and sold it
to Tufco at that point on 5/12/00. At 3am Tufco cut us on the sale,
resulting in only 6,000 flowing to Tufco for the day. We need to find out
what PGE did with the remaining 2,000 we bought from Richardson. Did they
deliverit to us at HPL? Or did they cut Richardson? Or, are they showing
that we have gas stranded at that point? Please look into this and let me
know.
D | {
"pile_set_name": "Enron Emails"
} |
For those of you who haven't been graced by his
presence, here's a way to get a glimpse of my little
guy, Nicolas Paul Sanchez.
Go to www.womanshospital.com
Click on Web Babies
Choose May 9
Click Show the Babies
See Nicolas S. (of course,they spelled his name
wrong).
Y'all can reach me at [email protected]
while I'm on maternity leave.
Later!
__________________________________________________
Do You Yahoo!?
Yahoo! Auctions - buy the things you want at great prices
http://auctions.yahoo.com/ | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Richard Shapiro/NA/Enron on 02/07/2001
08:54 AM ---------------------------
Ray Alvarez@TRANSREDES
02/07/2001 07:42 AM
To: Richard Shapiro@Enron
cc:
Subject: Dave Barry's thoughts on CA's electrical storage
Rick, thought you might enjoy this alternative theory on the root cause of
Cal's problem. Ray
---------------------- Forwarded by Ray Alvarez/TRANSREDES on 02/07/2001
09:39 AM ---------------------------
Steve Hopper
02/07/2001 08:47 AM
To: Ricky Lynn Waddell/SA/Enron@Enron, John Novak/SA/Enron@Enron, Laine A
Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E Weidler/NA/Enron@Enron,
Ray Alvarez/TRANSREDES@TRANSREDES, Doug Farmer/TRANSREDES@TRANSREDES
cc:
Subject: Dave Barry's thoughts on CA's electrical storage
Feb. 2, 2001, 8:06PM
The rest of us should tell California to go fly a kite
By DAVE BARRY
When we consider the serious electricity shortage in California, our
reaction, as concerned Americans, is: Ha ha!
No, seriously, we are alarmed. Because history teaches us that whatever
happens to California -- smog, road rage, tofu, coffee that is mainly air,
cell phones, the belief that abdominal muscles are attractive, Shirley
MacLaine, people taking in-line skating seriously, grandmothers sporting new
and flagrantly inappropriate bosoms -- eventually happens to the rest of the
nation. Thus it is vital that we analyze the California electricity shortage
and see if we can develop a workable solution before we become bored and
change the subject.
Our first question is: What, exactly, is electricity? When we look in our
Microsoft Encarta encyclopedia, we see that "electricity" is defined as a
"class of physical phenomena resulting from the existence of charge and from
the interaction of charges." What does this mean, in lay-person's terms?
It means that whoever wrote the Microsoft Encarta encyclopedia is a big, fat
dope. Because we know from our junior-high-school science training that
electricity is actually a fast-moving herd of electrons, which are tiny
one-celled animals that can survive in almost any environment except inside
a double-A battery, where they die within minutes.
Electrons are formed when clouds rub together and become excited. This was
proved in the famous experiment wherein Benjamin Franklin flew a kite during
a thunderstorm and was almost killed. Encouraged by this success, Franklin
went on to conduct many more electrical experiments, including rolling a
hoop in a thunderstorm, playing hopscotch in a thunderstorm and doing
somersaults in a thunderstorm.
Finally one night he was caught wearing only a bonnet and playing Mister
Pooter Rides the Pony in a thunderstorm, leaving the authorities with no
choice but to arrest him and make him ambassador to France. Nevertheless,
Franklin had proved an important scientific point, which is that electricity
originates inside clouds. There it forms into lightning, which is attracted
to the earth by golfers.
After entering the ground, the electricity hardens into coal, which, when
dug up by power companies and burned in big ovens called "generators,"
turns back into electricity, which is sent in the form of "volts" (also
known as "watts," or "rpm" for short) through special wires with birds
sitting on them to consumers' homes, where it is transformed by TV sets into
commercials for beer, which passes through the consumers and back into the
ground, thus completing what is known as a "circuit."
But enough technical talk. The problem is that California is running out of
electricity. The situation is so bad that in some hospitals, they don't have
enough electricity to power those electric-shock paddles that get people's
hearts started again; instead, the doctors and nurses have to hold hands,
scuff their feet across the carpet in unison, then shout "CLEAR!" as they
touch the patient's chest.
Who is responsible for California's electricity shortage? You could blame
the power companies; or you could blame environmental wackos; or you could
blame the entertainment industry, which uses more than 750 billion watts of
electricity per day just to blow-dry the hair of the cast of Dawson's Creek;
or you could blame (why not?) the Firestone tire company. But you would be
wrong. Because obviously the real cause of the California electricity
shortage is: college students.
I base this statement on widespread observation of my son, who is a college
student, and who personally consumes more electricity than Belgium. If my son
is in a room, then every electrical device within 200 yards of that room --
every light, computer, television, stereo, video game, microwave oven, etc.
-- will be running. My son doesn't even have to turn the devices on; they
activate themselves spontaneously in response to his presence.
Now take my son and multiply him by the number of college students in
California, which according to my research is (EDITOR: Please insert number
of college students in California) and you see my point, which is (EDITOR:
Please insert my point).
The question is: What can the rest of us do to help our fellow
countrypersons in California? The answer is that we can send them our spare
electricity. Just imagine what would happen if all the households in this
great and generous nation got out their extension cords and connected them
together, forming a giant electrical "chain of helping" across the fruited
plain to the Golden State! Millions of people would be turned into generous
smoking lumps of carbon, that's what. So maybe we should go with Plan B.
This involves building a really, really, really big kite.
Knight-Ridder Tribune | {
"pile_set_name": "Enron Emails"
} |
IMPORTANT!
There is no need to contact Jebb Hutton - he just declined our summer offer
via phone with me.
A little bird told me that 3 out of the 4 candidates Enron has extended
offers to for the summer are wavering. The competition is between Enron and
either consulting or investment companies.
Please take 10 -15 minutes to contact each candidate (via phone or email) so
they will have the opportunity to get acquainted with other Enron employees.
Candidate cultivation is very important in helping a candidate decide between
two different firms.
If you do not feel comfortable answering any of the candidates questions feel
free to direct them my way.
Candidate Name Contact # Email Address
1. Michael Finger 713-520-6882 [email protected]
2. Jeff Wolfe 281-343-7694 [email protected]
3. Josh Webber 713-862-5288 [email protected]
Regards,
Kristin Gandy
Associate Recruiter
713-345-3214 | {
"pile_set_name": "Enron Emails"
} |
Here is the info. | {
"pile_set_name": "Enron Emails"
} |
If your team would like to contribute to this week's newsletter, please submit your BUSINESS HIGHLIGHT OR NEWS by noon Wednesday, October 24.
Thank you!
Kathie Grabstald
x 3-9610 | {
"pile_set_name": "Enron Emails"
} |
Hi Thor,
Sorry you won't make our offsite, but a little vacation every so often is
never a bad thing.
I do have a question about Bjarne's promotion to director. When I look at
the P&L for Oslo weather trading, you showed a loss of about $1 million, and
I don't think that deserves this promotion. What else does he do? I'm also
concerned that neither Mark (nor I) had any notice of this. His promotion
has caused some difficulty over here and I'd like to get this cleared up.
Jeff | {
"pile_set_name": "Enron Emails"
} |
No...why????
----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Monday, May 14, 2001 2:43 PM
> did you call me today at work
> | {
"pile_set_name": "Enron Emails"
} |
PLEASE REVIEW IN PREPARATION FOR DISCUSSION THIS AFTERNOON.
_________________________________________________________________________
Here is a draft Real Time Pricing proposal for the consideration of the
Energy Committee, per our discussion at the last meeting.
The essence of the proposal is summarized in the first three pages; the
balance attempts to address some of the detailed concerns you have raised.
This proposal reflects the input of a group of EC members. Accordingly, it
deviates in important respects from Enron, CEC and Borenstein's submitted
testimony. It also incorporates concepts from the BAEF report and its
recommendations, and responds to objections to RTP raised by the CPUC as
reported by NRDC.
Regards,
Peter Evans
- 5-4 Draft SVMG RTP.doc | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/02/2000
08:16 AM ---------------------------
Vince J Kaminski
08/02/2000 08:09 AM
To: "Julie" <[email protected]> @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
Subject: Re: Preface for book
Julie,
The introduction looks fine. I have made some cosmetic changes
(typos and split infinitives that slipped by). You can safely ignore most of
them.
English is not even my second language.
The corrections are in pink.
Vince
"Julie" <[email protected]> on 08/01/2000 07:43:10 AM
To: "VinceJKaminski" <[email protected]>
cc:
Subject: Preface for book
Vince,
?
Hope you are well.
?
We spoke a while ago about who should write the preface for the book, and
you kindly offered that you would provide this.? Is this still possible?? We
realise that you are extremely busy, so Chris and Les went ahead and wrote
something, which is below, and if you want to review, change or re-write?the
preface, that would be very appreciated.? Let me know what your thoughts are.
?
Thanks,
Julie
(we're getting close)
?
?
Preface
?
?
?
One of our main objectives in writing Energy Derivatives: Pricing and Risk
Management has been to bring together as many of the various approaches for
the pricing and risk management energy derivatives as possible, to discuss
in-depth the models, and to show how they relate to each other.? In this
way we hope to help the reader to analyse the different models, price a wide
range of energy derivatives, or to build a risk management system which uses
a consistent modelling framework.? We believe that for practitioners this
last point is very important and we continue to stress in our articles and
presentations the dangers of having flawed risk management and giving
arbitrage opportunities to your competitors by using ad-hoc and inconsistent
models for different instruments and markets (see also OTHERS WHO PROPOSE
CONSISTENT MODELS?).? However, it is not our wish to concentrate on one
particular model or models, at the exclusion of the others because we
believe that the choice should rest with the user (although it will probably
be clear from our discussions the model(s) we prefer).? We therefore try and
give as clear account as possible of the advantage and disadvantages of all
the models so that the reader can make an informed choice as to the models
which best suit their needs.
?
In order to meet our objectives the book is divided into 11 chapters.? In
chapter 1 we give an overview of the fundamental principals needed to model
and price energy derivatives which will underpin the remainder of the book.?
In addition to introducing the techniques that underlie the Black-Scholes
modelling framework we outline the numerical techniques of trinomial trees
and Monte Carlo simulation for derivative pricing, which are used throughout
the book.
?
In Chapter 2 we discuss the analysis of spot energy prices.? As well as
analysing empirical price movements we propose a number of processes that
can be used to model the prices.? We look at the well-know process of
Geometric Brownian Motion as well as mean reversion, stochastic volatility
and jump processes, discussing each and showing how they can be simulated
and their parameters estimated.
?
Chapter 3, written by Vince Kaminski, Grant Masson and Ronnie Chahal of
Enron Corp., discusses volatility estimation in energy commodity markets.?
This chapter builds on the previous one.? It examines in detail the methods,
merits and pitfalls of the volatility estimation process assuming different
pricing models introduced in chapter 2.? Examples from crude, gas, and
electricity markets are used to illustrate the technical and interpretative
aspects of calculating volatility.
?
Chapter 4 examines forward curves in the energy markets.? Although such
curves are well understood and straight-forward in the most financial
markets, the difficulty of storage in many energy markets leads to less well
defined curves.? In this chapter we describe forward price bounds for energy
prices and the building of forward curves from market instruments.? We
outline the three main approaches which have been applied to building
forward curves in energy markets; the arbitrage approach, the econometric
approach, and deriving analytical values by modelling underlying stochastic
factors.
?
Chapter 5 presents an overview of structures found in the energy derivative
markets and discusses their uses.? Examples of products analysed in this
chapter include a variety of swaps, caps, floors and collars, as well as
energy swaptions, compound options, Asian options, barrier options, lookback
options, and ladder options.
?
Chapter 6 investigates single and multi-factor models of the energy spot
price and the pricing of some standard energy derivatives.? Closed form
solutions for forward prices, forward volatilities, and European option
prices both on the spot and forwards are derived and presented for all the
models in this chapter including a three factor, stochastic convenience
yield and interest rate model.
?
Chapter 7 shows how the prices of path dependent and American style options
can be evaluated for the models in Chapter 6.? Simulation schemes are
developed for the evaluation of European style options and applied to a
variety of path dependent options.? In order to price options which
incorporate early exercise opportunities, a trinomial tree scheme is
developed.? This tree is built to be consistent with the observed forward
curve and can be used to price exotic as well as standard European and
American style options.
?
Chapter 8 describes a methodology for valuing energy options based on
modelling the whole of the market observed forward curve.? The approach
results in a multi-factor model that is able to realistically capture the
evolution of a wide range of energy forward curves.? The user defined
volatility structures can be of an extremely general form.? Closed-form
solutions are developed for pricing standard European options, and efficient
Monte Carlo schemes are presented for pricing exotic options.? The chapter
closes with a discussion of the valuation of American style options.
?
Chapter 9 focuses on the risk management of energy derivative positions.?
In this chapter we discuss the management of price risk for institutions
that trade options or other derivatives and who are then faced with the
problem of managing the risk through time.? We begin with delta hedging a
portfolio containing derivatives and look at extensions to gamma hedging )
illustrating the techniques using both spot and forward curve models.? The
general model presented in Chapter 8 is ideally suited to multi-factor
hedging of a portfolio of energy derivatives and this is also discussed.
?
Chapter 10 examines the key risk management concept of Value at Risk (VaR)
applied to portfolios containing energy derivative products.? After
discussing the concept of the measure, we look at how the key inputs
(volatilities, covariances, correlations, etc) can be estimated.? We then
compare the fours major methodologies for computing VaR; Delta, Delta-gamma,
historical simulation and Monte-Carlo simulation, applying each to the same
portfolio of energy options.? In this chapter we also look at testing the
VaR estimates for various underlying energy market variables.
?
Finally, in Chapter 11 we review modelling approaches to credit risk.? We
look in detail at two quite different approaches, CreditMetrics (J. P. Morgan
(1997)) and CreditRisk+ (Credit Suisse Financial Products (1997)) for which
detailed information is publicly available.? Together these provide an
extensive set of tools with which to measure credit risk.? We present
numerical examples of applying these techniques to energy derivatives.
?
Before we begin we stress that the models and methods we present in this
book are tools which should be used with the benefit of an understanding of
how both the +tool, and the market works.? The techniques we describe are
certainly not &magic wands8 which can be waved at data and risk management
problems to provide instant and perfect solutions.? To quote from the
RiskMetrics Technical Document &( no amount of sophisticated analytics will
replace experience and professional judgement in managing risk.8.? However,
the right tools, correctly used make the job a lot easier! | {
"pile_set_name": "Enron Emails"
} |
RIGZONE DAILY NEWS -- WEDNESDAY, FEBRUARY 27, 2002
------------------------------------------------------------
Daily News from the worldwide upstream oil & gas industry
to view the complete version, please go to:
http://www.rigzone.com/newsletter_show.asp?n_id=231
------------------------------------------------------------ | {
"pile_set_name": "Enron Emails"
} |
Dear Board Members -
Please find attached, for your information, an invitation to a Collateral
Seminar scheduled to take place on Thursday, 21 June in Seoul. The Korea
Banking Institute has kindly agreed to host and assist us in promoting the
event in Seoul.
To ensure that your appropriate colleagues and clients are able to benefit
from this effort we would like to encourage you to either forward us the
details of contacts that you feel we should usefully invite - or
alternatively, please feel free to forward notification of this invitation
to appropriate individuals directly.
In addition to ISDA's contacts in Korea, the invitation has been send to all
members registered on ISDA's Asia-Pacific Committees as well as all Primary
& Regional Contacts in the Asia-Pacific region.
Should you have any queries on the attached, please contact either Nellie
Lim or myself.
With best regards,
Angela Papesch
Angela Papesch
Head of Asia-Pacific Office
ISDA - International Swaps & Derivatives Association, Inc.
1 Robinson Road - #18-00 AIA Tower - Singapore 048542
Tel: +65 538 3879 - Fax: +65 538 6942
e-mail: [email protected] - http://www.isda.org
- Invite & Agenda-1 Jun 01.tif | {
"pile_set_name": "Enron Emails"
} |
Hi Dawn:
The Research Group has moved around so much that we do not know
who to contact for accounting issues. We need to reverse some money
back to one of the groups we are supporting, but do not know who to contact.
Do you have a clue?
We are also still using an SAP Corp. Co# and RC# because we do not
know where to go to get the new ENA #'s.
If you could help in this we would really appreciate it.
Thanks!
Shirley Crenshaw | {
"pile_set_name": "Enron Emails"
} |
Charles,
I have started the process to invite you to Houston for an interview.
Vince | {
"pile_set_name": "Enron Emails"
} |
The contract is on Jeff's desk for his initials. I will bring it to you for vp signature when he returns it to me.
Debra Perlingiere
Enron North America Legal
1400 Smith Street, EB 3885
Houston, Texas 77002
[email protected]
713-853-7658
713-646-3490 Fax | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Delainey, David
Sent: Fri 10/12/2001 2:52 PM
To: Lavorato, John
Cc:
Subject:
John, as a follow up to Greg's call, I would like to provide equity value, in recognition of the huge effort on the EES issues plus key player on the team going forward, to the following people from EES:
Options Equity Total
Rogers Herndon $250K $250K $500K
Don Black $250K $250K $500K
Jeff Richter $100K $100K $200K
Bernie Aucoin $100K $100K $200K
I assume that you have Tim and Kevin managed.
Views?
When are we going to get back together to finalize our discussions?
Regards
Delainey | {
"pile_set_name": "Enron Emails"
} |
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