text
stringlengths 1
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Sunday through Tuesday | {
"pile_set_name": "Enron Emails"
} |
Brad,
Could you suspend my PAC payments to Mackenzie for my investment (not RRSP
account) until I let you know to start them again.
Thanx,
Chris | {
"pile_set_name": "Enron Emails"
} |
Perfectly. thanks
"Campbell, Carolyn" <[email protected]> on 05/01/2001 08:19:28 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Salmon officers
Kay:
The March 8, 2001 written consent of Salmon electing officers provides that
Chris Calger is a Vice President. Hope this answers the question.
Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
[email protected] <mailto:[email protected]>
Confidentiality Notice
This message is being sent by or on behalf of a lawyer. It is intended
exclusively for the individual or entity to which it is addressed. This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure. If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it. If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message. | {
"pile_set_name": "Enron Emails"
} |
OK so it's really 20 under original plan but because of 8 extra IT folks we are showing just 12 under.
-----Original Message-----
From: Slone, Jeanie
Sent: Friday, February 01, 2002 9:15 PM
To: Lavorato, John; Kitchen, Louise; Whalley, Greg; Oxley, David
Subject: Headcount
Please find attached the headcount reconciliation you requested. I have added Su and Shahi to the Fundy's number for tracking purposes. Given this, I show 12 open positions. I need to compare my spreadsheets with our database to ensure we have similar info. If I find any discrepancies, I will let you know on Monday.
<< File: Headct Reconcile_020102.xls >> | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Poston, David
Sent: Wednesday, January 09, 2002 8:47 AM
To: Will, Lloyd; White, Stacey W.; Allen, Thresa A.; Bentley, Corry; Reeves, Leslie; Theriot, Kim S.; Richter, Jeff; Gilbert, Scotty; O'Neil, Murray P.; Imai, Rika; Heizenrader, Tim; McKeel, Richard
Subject: Enpower Outage Notice ***THIS WEEKEND***
Good Morning,
To support the Enron Estate / NETCO split, Enpower will be going down this weekend. Starting at 6:00pm Friday, January 11th, we begin the process of moving databases & renaming them for the two companies. The application is scheduled to be back online at 6:00pm on Saturday, January 12th. The application team & any users volunteering for weekend testing will then begin performing some basic test scripts to ensure the applications still work.
Please note that after the change, you will need to change any Excel Spreadsheets or Access Databases that connect to the "PWRPRODN" or "PWRPRODN_DED" database aliases to "ESTPWRPN".
Thanks, David Poston | {
"pile_set_name": "Enron Emails"
} |
New Analysis per our discussion this morning. | {
"pile_set_name": "Enron Emails"
} |
Kevin
Give me a call on this one. | {
"pile_set_name": "Enron Emails"
} |
this is from Jason
----- Forwarded by Sara Shackleton/HOU/ECT on 11/15/2000 02:58 PM -----
"Peters, Jason" <[email protected]>
11/15/2000 02:11 PM
To: <[email protected]>
cc:
Subject: FW: Midcoast
FYI
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, November 15, 2000 2:00 PM
To: Peters, Jason
Subject: RE: Midcoast
Thanks Jason,
How long has this request been in Clements hands, that group has a
tendency
to have a slow response time. Is there no other way we can proceed with
execution of the document while we wait on the Guaranty? Also, Midcoast
has been transacting at the parent level (Midcoast Energy Resources) and
these trades will need to be assigned to Midcoast Marketing under the
new
ISDA. I think it would be a good idea to prepare assignment documents
as
well to have the trades moved. Please let me know your thoughts.
Thanks.
Russell
"Peters, Jason" <[email protected]> on 11/15/2000 01:46:21 PM
To: <[email protected]>
cc:
Subject: RE: Midcoast
I'm waiting on Clement Abrams response to one comment on the Guaranty.
everything else is finalized.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, November 15, 2000 1:45 PM
To: Peters, Jason
Subject: Midcoast
Jason,
Please let me know the status of this ISDA.
Thanks
Russell
---------------------- Forwarded by Russell Diamond/HOU/ECT on
11/15/2000
01:42 PM ---------------------------
(Embedded image moved to file: pic30191.pcx)
From: Russell Diamond
11/10/2000 05:33 PM
To: "JASON PETERS" <[email protected]>
cc:
Subject: Midcoast
Jason,
I talked to MidCoast today about their collateral threshold, we have
agreed
to give them a $2MM threshold, I cannot remember off hand what I gave
them
originally, but this is the new amount.
Let me know if you have any questions.
Thanks
Russell
713-345-7095 | {
"pile_set_name": "Enron Emails"
} |
Some of you may have seen the article in the WSJ already, but for those of us
in Omaha (who don't typically get the Texas Edition) it was news to us. Not
only is the article relevant because it apparently caused the stock to dip by
$10, but the article elaborates on concerns that apply to a form of
accounting that some of our commercial people would like to have apply to our
business. I'm not sure the accounting rules would permit mark to market
treatment for transport or storage contracts, but it may be appropriate for
financial or commodity deals. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 09/25/2000
09:57 AM ---------------------------
ET & S Business Intelligence Department
From: Lorna Brennan on 09/22/2000 09:56 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:
Subject: The Press Behind the Stock Dip?
TEXAS JOURNAL
Energy Traders Cite Gains, But Some Math Is Missing
By Jonathan Weil
Staff Reporter of The Wall Street Journal
09/20/2000
The Wall Street Journal
Texas Journal
T1
(Copyright (c) 2000, Dow Jones & Company, Inc.)
Volatile prices for natural gas and electricity are creating high-voltage
earnings growth at some companies with large energy-trading units. But
investors counting on these gains could be in for a jolt down the road.
Shares of these companies have been on a tear lately. And some of the biggest
players are in Houston, the center of the energy-trading industry. Dynegy
Inc.'s stock is up more than fourfold so far this year at $53.438, and now
trades for 41 times what analysts project the company's 2000 earnings will
be, according to First Call/Thomson Financial. Shares of Enron Corp., the
largest trader of gas and electricity in North America, have nearly doubled
this year to $84.875, or 60 times earnings. Meanwhile, El Paso Energy Corp.'s
stock has jumped 61% this year to $62.375, or 24 times earnings.
Traders at these and other companies are capitalizing on the wild price
swings and supply fluctuations that have accompanied deregulation in some
regional markets. Natural-gas prices have more than doubled in the past year,
while supplies have tightened. And the rapid price fluctuations for
electricity have prompted many large businesses to seek price protection
through hedging or fixed-price contracts, generating large premiums for
traders.
But what many investors may not realize is that much of these companies'
recent profits constitute unrealized, noncash gains. Frequently, these
profits depend on assumptions and estimates about future market factors, the
details of which the companies do not provide, and which time may prove
wrong. And because of minimal disclosure standards in these kinds of cases,
it's difficult for investors to assess whose assumptions might be too
aggressive, or what market changes might invalidate the assumptions -- and
force earnings revisions.
"There could be a quality-of-earnings issue," says Tom Linsmeier, an
associate professor of accounting at Michigan State University, who
co-authored the U.S. Securities and Exchange Commission's rules on
market-risk disclosures for financial instruments. "There certainly might be
great volatility that could cause what now looks like a winning, locked-in
gain to not arise sometime in the future."
The companies reject any suggestion that there may be quality problems with
their earnings.
But at the heart of the situation is an accounting technique that allows
companies to include as current earnings those profits they expect to realize
from energy-related contracts and other derivative instruments in future
periods, sometimes stretching over more than 20 years.
So-called mark-to-market accounting is mandated by accounting-rule makers
when companies have outstanding energy-related contracts on their books at
the end of a quarter, such as agreements to sell electricity or buy natural
gas over a period of time at certain prices. Under those rules, companies
estimate the fair market values of those contracts on their balance sheets
each quarter as assets or liabilities. Changes in the value of a contract
from quarter to quarter then are either added to or subtracted from net
earnings.
If, for instance, the market price for natural gas rises above the price
specified in a company's contract to buy gas, generally the company will
record an unrealized gain. That gain is recognized as income and recorded as
an asset on the company's balance sheet. At the end of each quarter, the
contract is revalued. The value of the previously recorded asset is
increased, and any increase in unrealized gain is recorded as additional
income. Conversely, if the market value for gas falls, and the value of the
contract has declined, any change in the contract's value is recorded on the
company's balance sheet, and a loss is recorded on its income statement. e
Yet in their financial reports, the companies only vaguely describe the
methods they use to come up with fair-value estimates on the contracts.
Increasingly, quoted market prices offering independent guidance are becoming
readily available for several years into the future. However, with some
long-term derivative instruments, particularly electricity contracts, future
market prices don't extend far enough to cover the full life of those
contracts. And in those cases, companies are allowed to base valuations on
their own undisclosed estimates, assumptions and pricing models.
"Ultimately they're telling you what they think the answer is, but they're
not telling you how they got to that answer," says Stephen Campbell, an
analyst at Business Valuation Services in Dallas. "That is essentially saying
`trust me.'"
Accounting-rule makers at the Financial Accounting Standards Board have
debated the subject of how to value energy-related contracts extensively in
recent months. "Two companies in similar circumstances might apply different
methods to estimate the fair value of their energy-related contracts and may
arrive at widely different values," an FASB task force studying the issue
wrote in a June report. "Those differences lead to the question of whether
some of the methods in practice yield estimated amounts that are not
representative of fair value."
Despite this concern, FASB isn't inclined to offer any explicit guidance for
how such contracts should be valued. "There are just too many models and too
many different types of instruments for us to have a one-size-fits-all type
of model," explains Timothy Lucas, FASB's director of research in Norwalk,
Conn.
One way to determine the size of a company's unrealized gains is to compare
the change in the values of net assets from risk-management activities from
quarter to quarter. Some companies also disclose how much they're adjusting
their cash-flow statements to reflect unrealized gains that have been booked
as earnings. That's how one can determine the size of the unrealized gains at
Dynegy and Enron, for example, the two companies confirm.
A reporter's examination of Dynegy's financial filings shows the company's
earnings are highly dependent on unrealized gains from risk-management
activities. For its most recent quarter, ended June 30, Dynegy reported
earnings of 38 cents a diluted share -- 71% of which came from unrealized
gains, the company confirms. (The company's per-share earnings would have
been 20 cents higher if not for a one-time stock dividend.) For all of 1999,
Dynegy recorded $115 million in unrealized gains, accounting for 51% of its
earnings.
Enron confirms it booked $747 million in unrealized gains from
risk-management activities during the second quarter, more than the company's
total $609 million in earnings before interest and taxes. Absent unrealized
gains, the company would have reported a quarterly loss. For the quarter, the
company reported earnings of 34 cents a diluted share, up 26% from a year
earlier.
But not all companies disclose enough information for investors to calculate
how large their unrealized gains are. El Paso says that's the case with its
own quarterly reports, which disclose short-term assets and liabilities from
risk-management activities -- but not long-term risk-management assets and
liabilities.
For the second quarter, El Paso reported that its energy marketing and
trading unit earned $152 million before interest and taxes, 24 times what it
earned a year earlier. In an interview, El Paso's chief financial officer,
Brent Austin, says unrealized gains represented about a third of that total.
He says most of the cash from those gains will materialize within a year.
In its financial reports, Dynegy highlights the uncertainties with some
contract valuations. It explains that with some long-term contracts for which
market-price quotes aren't available, "the lack of long-term pricing
liquidity requires the use of mathematical models to value these commitments
. . . [using] historical market data to forecast future elongated pricing
curves." Dynegy cautions that actual cash returns may "vary, either
positively or negatively, from the results estimated."
But like Enron, El Paso and others, Dynegy provides scant details about its
mathematical models -- such as the assumptions they use for market volatility
and long-term price forecasts for natural gas and electricity. Nor is the
company required to disclose more.
"The disclosure mentions risks," says John Cassidy, an analyst who tracks
Dynegy for Moody's Investors Service in New York. "But I don't know that the
disclosure offers enough detail for you to be able to quantify how much risk
there is."
El Paso's filings warn that "because the valuation of these financial
instruments can involve estimates, changes in the assumptions underlying
these estimates can occur, changing our valuation and potentially resulting
in financial losses." Enron cautions that the values it assigns to various
transactions are based on "management's best estimate."
The companies are required to disclose what they think their maximum
potential single-day risk-management losses might be, figures that also are
based on various undisclosed market assumptions. But energy traders cite
competitive reasons for not disclosing more.
"You don't necessarily want to tip off everyone to what you're doing," says
John Harrison, chief financial officer for El Paso's merchant-energy unit.
Echoing remarks by executives at other energy traders, Enron's executive vice
president and chief accounting officer, Richard Causey, says Enron runs a
relatively balanced portfolio and that the estimates factored into his
company's valuations are conservative. In large part, he says, those
estimates are based on quoted market prices where available. Where they're
not available, Mr. Causey says Enron bases its estimates in part on long-term
pricing trends, as well as the company's own trading experience, which dates
to 1990.
Further, Mr. Causey says, Enron's unrealized gains don't depend heavily on
gains from long-term contracts that extend beyond the periods for which
market quotes are available, reducing the potential for significant earnings
revisions. The average length of Enron's risk-management contracts is just
two years, he says. To be sure, though, some of Enron's electricity contracts
extend for 25 years.
"We're getting the cash in quicker than you might think," Mr. Causey says.
"They don't stay unrealized very long."
El Paso says its contracts have an average life of six years, with some
running as long as 20 years. Dynegy says the longest risk-management
contracts for which it uses mark-to-market accounting are 10 years, though it
doesn't disclose an average length. Dynegy's chief financial officer, Robert
Doty, says 96% of the company's gas contracts close out by 2002, while 75% of
its power contracts expire by 2003. "The cash will come in," he says.
As for why the company doesn't disclose the extent of any bias, bullish or
bearish, it has in the market, Dynegy executives say that information, like
the estimates behind its mathematical models, is proprietary. Such
disclosures may be outdated anyway by the time they could be included in
public financial filings, says Michael Mott, a Dynegy vice president. Mr.
Mott further explains that Dynegy could be realizing more cash earnings now
if it wanted to. But "we don't see that would be in the best interests of
shareholders," Mr. Mott says, because the company figures it can earn more
later by leaving much of its gains unrealized for now.
Mr. Linsmeier of Michigan State compares the current situation for energy
traders with the accounting controversies that engulfed subprime automobile
and residential lenders during the late 1990s, though he emphasizes it's too
far early to tell whether the consequences will be similar. Using so-called
gain-on-sale accounting (a form of mark-to-market accounting), those lenders
booked earnings from loans as soon as they were made, rather than having to
wait for them to be paid off, as banks typically do.
But as interest rates fell in 1998, many customers paid off their loans
earlier than expected, slashing lenders' profit margins. Compounding matters,
the market for mortgage-backed securities dried up in the wake of financial
chaos in Russia and other foreign markets, leaving lenders to bear the higher
risks of many new loans.
Many investors complained they were blindsided, in part because these lenders
generally hadn't disclosed their assumptions about prepayment rates and other
variables. After the crash, subprime lenders routinely began disclosing the
key assumptions used to value their mortgage portfolios.
At New York University, accounting professor Baruch Lev says investors would
be better served if energy traders' financial filings explained the effects
of hypothetical commodity-price movements on the values of their
risk-management assets, and disclosed the basic assumptions about future
commodity-price movements ingrained in their mathematical models. Says Mr.
Lev, "I would like to see much more disclosure, particularly given that this
is now becoming a significant component of their earnings."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. | {
"pile_set_name": "Enron Emails"
} |
I know nothing about this. Since neither Research nor EnergyDesk know about
it, all we can do is collect their requirements and provide what they're
looking for as a new project. This will require Vince's input since we'll
essentially be sending Research models to the outside world.
Steve
Sharad Agnihotri
27/02/2001 14:48
To: Steven Leppard/LON/ECT@ECT
cc:
Subject: VAR model - some questions
Steve,
Do you know anything about this?
Sharad
---------------------- Forwarded by Sharad Agnihotri/LON/ECT on 27/02/2001
14:48 ---------------------------
Andreas Lorenz
27/02/2001 14:01
To: Sharad Agnihotri/LON/ECT@ECT
cc:
Subject: VAR model - some questions
Hi Sharad,
Could you please have a look at below VAR model - the dll file should have
been provided by Research (if some time back...)
Can you provide any information re
What and how it does it?
Underlying assumptions?
Shortfalls?
Many thanks for your help!
Cheers, | {
"pile_set_name": "Enron Emails"
} |
Per discussions with Susan Scott, I am on board with the original language
routed on this contract. DF | {
"pile_set_name": "Enron Emails"
} |
FYI: Got a call from a colleague who told me that Loretta Lynch and Rod
Wright, among others, spoke at yesterday's annual meeting of regulation
lawyers. The following sums up what was very briefly relayed to me about
Pres. Lynch's and Rod Wright's remarks:
President Lynch said that 1) de-regulation was founded on ideology, not
facts; 2) she wants to completely re-organize the PUC, top to bottom (in her
image? Amen); 3) she frowns on lobbying---"If you come knocking on my door,
that's a strike against you. One should participate, along with the rest of
the public, through the hearing process."
Rod Wright sounded a more positive tone, stating that businesses (including
Enron) are being frustrated by rules and regs that act as unnecessary
impediments to plant development. He made the point that the rules and regs
need to be made more rationale and streamlined. Apparently, he's still
clinging to the idea of the State getting in to the power plant development
business by signing contracts with providers. | {
"pile_set_name": "Enron Emails"
} |
Joe,
I shall probably ask Tanya to attend. It coincides with Parents'
Weekend at Stanford. Please, send me the slides anyway.
I shall help Tanya to prepare her presentation.
Vince
From: Joseph Hrgovcic/ENRON@enronXgate on 02/12/2001 09:47 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: FW: Invitation to 2001 Energy Finance Conference - The University of
Texas at Austin
Vince,
I understand you'll be speaking at the CEFER conference. Gary Taylor, the
head of marketing in the Weather Deriv. group, would like to know if you plan
on mentioning weather derivatives at all and that if you do, he has numerous
existing slides and presentations that might be useful to you.
Joe
-----Original Message-----
From: Angela Dorsey [mailto:[email protected]]
Sent: Wednesday, January 10, 2001 9:06 PM
To: Angela Dorsey
Cc: Ehud Ronn ; Sheridan Titman (E-mail)
Subject: Invitation to 2001 Energy Finance Conference - The University of
Texas at Austin
Colleagues and Friends of the Center for Energy Finance Education and
Research (CEFER):
Happy New Year! Hope you all had a wonderful holiday season.
On behalf of the University of Texas Finance Department and CEFER, we
would
like to cordially invite you to attend our:
2001 Energy Finance Conference
Austin, Texas
February 22 - 23, 2001
Hosted by the University of Texas Finance Department
Center for Energy Finance Education and Research
Dr. Ehud I. Ronn and Dr. Sheridan Titman are currently in the process of
finalizing the details of the conference agenda. We have listed the
agenda
outline below to assist you in your travel planning. Each conference
session will be composed of a panel discussion between 3 - 4 guest
speakers
on the designated topic.
As supporters of the Center for Energy Finance Education and Research,
representatives of our trustee corporations (Enron, El Paso, Reliant,
Conoco, and Southern) will have the $500 conference fee waived.
The conference package includes Thursday evening's cocktails &
dinner and hotel/UT shuttle service, as well as Friday's conference
meals,
session materials and shuttle service. Travel to Austin and hotel
reservations are each participant's responsibility.
A limited number of hotel rooms are being tentatively held at the
Radisson
Hotel on Town Lake under the group name "University of Texas Finance
Department" for the nights of Thursday, 2/22/01 and Friday, 2/23/01 (the
latter evening for those who choose to stay in Austin after the
Conference's conclusion). To guarantee room reservations, you will need
to
contact the Radisson Hotel at (512) 478-9611 no later than Monday,
January
22nd, and make your reservations with a credit card. Please let me know
when you have made those arrangements so that I can make sure the
Radisson
gives you the special room rate of $129/night.
Please RSVP your interest in attending this conference NO LATER THAN
JANUARY 22nd to [email protected], or (512) 232-7386, as
seating
availability is limited. Please feel free to extend this invitation to
your colleagues who might be interested in attending this Conference.
Center for Energy Finance Education and Research
PROGRAM OF THE 2001 ENERGY FINANCE CONFERENCE
February 22 - 23, 2001
Thursday, Feb 22:
3:00 p.m. Reserved rooms at the Radisson Hotel available for
check-in
5:30 p.m. Bus will pick up guests at the Radisson for transport to
UT Club*
6:00 p.m. Cocktails, UT Club 9th Floor
7:00 p.m. Dinner, UT Club
8:00 p.m. Keynote Speaker
9:00 p.m. Bus will transport guests back to hotel
Friday, Feb 23:
7:45 a.m. Bus will pick up at the Radisson for transport to UT
8:30 a.m. Session 1 - REAL OPTIONS
Panelists: Jim Dyer, UT (Chair)
Sheridan Titman, UT
John McCormack, Stern Stewart & Co.
10:00 a.m. Coffee Break
10:15 a.m. Session 2 - DEREGULATION
Panelists: David Eaton, UT (Chair)
David Spence, UT
Jeff Sandefer, Sandefer Capital
Partners/UT
Peter Nance, Teknecon Energy Risk
Advisors
11:45 a.m. Catered Lunch & Keynote Speaker
1:30 p.m. Guest Tour - EDS Financial Trading & Technology Center
2:00 p.m. Session 3 - RISK MANAGEMENT
Panelists: Keith Brown, UT (Chair)
Vince Kaminski, Enron
Alexander Eydeland, Southern Co.
Ehud I. Ronn, UT
3:30 p.m. Snack Break
3:45 p.m. Session 4 - GLOBALIZATION OF THE ENERGY BUSINESS
Panelists: Laura Starks, UT (Chair)
Bob Goldman, Conoco
Ray Hill, Southern Co.
5:15 p.m. Wrap-Up
5:30 p.m. Bus picks up for transport to airport/dinner
6:30 p.m. Working dinner for senior officers of Energy Finance
Center
Trustees
*We have made arrangements to provide shuttle service between the
Radisson
hotel and UT during the conference. However, if you choose to stay at an
alternative hotel, then transportation to conference events
will become your responsibility.
**************
Angela Dorsey
Assistant Director
Center for Energy Finance Education & Research
The University of Texas at Austin
Department of Finance, CBA 6.222
Austin, TX 78712
[email protected]
************** | {
"pile_set_name": "Enron Emails"
} |
Here is my bracket. I will bring the money down around 10:30. | {
"pile_set_name": "Enron Emails"
} |
Forgot the attachment.
----- Forwarded by James D Steffes/NA/Enron on 11/03/2000 01:55 PM -----
James D Steffes
11/03/2000 01:55 PM
To: Joe Hartsoe/Corp/Enron@ENRON
cc: Steven J Kean/NA/Enron@Enron
Subject: Steve Kean Issues
Joe --
Include these with your opening language and send to FERC.
Jim | {
"pile_set_name": "Enron Emails"
} |
Introducing expertfinder. The expertfinder enables you to identify critical
skills and mobilize Enron's intellectual capital. By utilizing this powerful
intranet search engine, you can locate people within the Enron community by
organization structure, skills, reporting relationships, languages, school
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To access expertfinder go to https:/expertfinder.enron.com on the Enron
intranet. expertfinder is only as good as the data stored in it. Does your
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eHRonline.enron.com or home.enron.co.uk/home.asp (London only) to update your
data today. View changes in expertfinder tomorrow!
Due to the sensitivity of this data, we are initially previewing this tool to
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We want your feedback on how expertfinder can be further enhanced. Try it
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Finally, you will have the opportunity to work with your HR Leaders to review
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Got information? We provide the tool, expertfinder.enron.com, you provide
the data, eHRonline.enron.com.
Theexpertfinderand eHRonline - helping to empower you! | {
"pile_set_name": "Enron Emails"
} |
Richard, Robin and Jean,
I called Charles Dick early this morning to ask him about his
personal availability. I told him that I needed to hear back from him
today. His message indicates as he hold us that he is in a mediation all
day today in Orange County.
Thanks
Gary
=======================================================
This email message is for the sole use of the intended recipient(s) and may
contain confidential and privileged information. Any unauthorized review,
use, disclosure or distribution is prohibited. If you are not the intended
recipient, please contact the sender by reply email and destroy all copies of
the original message.
To reply to our email administrator directly, send an email to
[email protected]
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com | {
"pile_set_name": "Enron Emails"
} |
Dear Sally,
Hope you had a good trip to Dallas, although it was a bit interrupted with
you trip back to Houston for Meagan's Open House. Dad and I would like be
with you all on Friday the 20th of October. I believe that may have been the
game we attended last year too. We have meetings, the other two dates, so if
that still works for you we will plan on that date. It also gives Dad a bit
more time to hopefully get his voice. He returns to "DR" Bob Raley, week
after next for the results of all the testing he did this week.
Glad you will be over on Tuesday-we will look forward to seeing you then and
glad you will have time for a visit after lunch tool.
Love,
Sue | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Rosalee Fleming/Corp/Enron on 09/06/2000
03:23 PM ---------------------------
Rosalee Fleming on 09/06/2000 03:15:09 PM
To: Steven J Kean/HOU/EES@EES, Anthony Duenner/Enron Communications@Enron
Communications, David Cox/Enron Communications@Enron Communications
cc: Nicholas O'Day/AP/Enron@Enron, Steven J Kean/NA/Enron@Enron, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder/LON/ECT@ECT@EES,
Joseph P Hirl/AP/ENRON@ENRON, Mika Watanabe/AP/Enron@Enron, Takashi
Kimura/AP/Enron@Enron, Kristi Kraemer/NA/Enron@Enron, Anna
Harris/HR/Corp/Enron@ENRON, Gary Fitch/HR/Corp/Enron@ENRON, Michael
Hicks/EPSC/HOU/ECT@ECT, Jennifer Adams/Enron Communications@Enron
Communications, Rob Bradley/Corp/Enron@ENRON
Subject: Re: Ken Lay/ Jeff Skilling visits
Ken Lay will be traveling to Japan - departing Guadalajara, Mexico on October
29, arriving late October 30. He will be available for meetings on October
31 and November 1. He can stay over for a time on November 2 and all day if
necessary, but he is trying to get back to Columbia, Missouri for a dinner on
the evening of November 3, so would be good if he could depart by noon on
November 2.
Hope this allows time for all the meetings and the office opening. I look
forward to receiving more information.
Rosie
Steven J Kean@EES
08/31/2000 12:28 PM
Sent by: Steven J Kean@EES
To: Nicholas O'Day/AP/Enron@Enron
cc: Steven J Kean/NA/Enron@Enron, Rosalee Fleming/Corp/Enron@ENRON, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder/LON/ECT@ECT,
Joseph P Hirl/AP/ENRON@ENRON, Mika Watanabe/AP/Enron@Enron, Takashi
Kimura/AP/Enron@Enron
Subject: Re: Ken Lay/ Jeff Skilling visits
I spoke with Jeff and he is not going to be available for the speech on the
26th. Do we pass or is there an alternative? Can we get done what we need
to get done with Ken's visit the following week?
Nicholas O'Day
08/31/2000 06:01 AM
To: Steven J Kean/NA/Enron@Enron, Rosalee Fleming/Corp/Enron@ENRON
cc: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark
Schroeder/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Mika Watanabe/AP/Enron,
Takashi Kimura/AP/Enron@Enron
Subject: Ken Lay/ Jeff Skilling visits
Ken Lay Visit. Following discussions with the Prime Minister's office and a
quick check with venues 31 October is firming up as the preferred date for a
meeting with the Prime Minister and an office opening by the PM.
Jeff Skilling Visit. The Nikkei and the Tokyo University have now made the
decision to invite Mr Skilling to give the key note address at the symposium
on 26 November in Tokyo. As mentioned, the symposium is the most prestigious
conference on IT in Japan.
While the conference itself receives significant media attention, the
President of Nikkei has offered to interview Mr Skilling. This honour is
usually reserved for Heads of State. The interview will be featured on the
front page of the Nikkei and picked up by other major media services.
kind regards
Nicholas O'Day
08/29/2000 07:43 PM
To: Steven J Kean/HOU/EES@EES, Rosalee Fleming/Corp/Enron@ENRON
cc: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark
Schroeder/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Mika Watanabe/AP/Enron,
Takashi Kimura/AP/Enron
Subject: Re: Ken Lay meeting with Japanese Prime Minister
Ken Lay Visit. Balancing the need to push out the arrangement of high level
meetings as far as possible with the desire to have a meeting with Prime
Minister Mori prior to the US Presidential election, the week commencing 30
October would be the optimum time for a visit by Mr Lay. PM Mori is generally
available in that week. We will get a preferred time from the PM's chief
secretary first thing tomorrow morning Tokyo time.
Jeff Skilling Visit. The boards of Nikkei and Tokyo University Institute of
Advanced Studies have yet to make a decision on the key note speaker for the
one day invitation only seminar to be held on 26 October. As mentioned, the
boards will choose between the chairman of Cisco and Jeff Skilling. The
conference is focused on the IT revolution and an invitation only event for
approximately 600 of Japan's corporate leaders.
The speaking panel and topics for discussion will be developed around the key
note speaker. If Mr Skilling were to give the key note speech, it is likely
that key senior Government Ministers would be asked to present at the
seminar.
Following the Prime Minister's commitment at the Okinawa summit of
US$15billion expenditure in the region on IT infrastructure and education,
Japan's focus on e-commerce is almost reaching fever pitch. There will be
significant interest in the conference from senior levels of Government and
the business community. Further, as you would expect with the involvement of
the Nikkei, there is typically significant media coverage associated with the
key note speaker's presentation.
kind regards | {
"pile_set_name": "Enron Emails"
} |
Latest doc's. pls review and comment on wording applicable to regulatory indicator that triggers events.
BT
-----Original Message-----
From: Nemec, Gerald
Sent: Monday, October 15, 2001 7:24 PM
To: Whitt, Mark
Cc: Tycholiz, Barry
Subject: Huber Docs
Attached are the latest based on our discussions. I couldn't redline the Capacity Release Agreement, so I am only sending a clean version. I would still make a general caveat, that we still need to do a final review of the gathering agreement. This could add to the Transaction Agreement. | {
"pile_set_name": "Enron Emails"
} |
Thursday December 20 5:39 AM ET
Bids Open for Enron Trading Unit
By KRISTEN HAYS, Associated Press Writer
HOUSTON (AP) - A U.S. bankruptcy judge has set in motion the bidding process for embattled Enron Corp.'s once-dominant trading operation, which some Wall Streets insiders say could fetch up to $1 billion.
Enron said at a hearing Wednesday before Judge Arthur Gonzalez in New York that it would allow parties to bid for all or part of the wholesale trading unit.
Enron lawyer Martin J. Bienenstock said none of the 14 potential bidders to come forward so far have expressed interest in bidding for Enron's book of contracts, which Enron values at $5 billion to $7 billion.
Bids are due Jan. 7; an auction will be held Jan. 10.
Bienenstock said bidders are wary of the potential liabilities in the contracts and that the short time frame does not allow for a full review of the books. The company, however, wants to complete the auction as soon as possible to avoid losing traders to other financial companies.
In Enron's home base of Houston Wednesday, a federal judge ruled that a state court should decide whether Enron must give rival Dynegy Inc. a key natural gas pipeline.
Dynegy claims Enron signed away its right to Northern Natural Gas Co. pipeline, a prized 16,500-mile system running between Texas and the Midwest, in exchange for $1.5 billion invested in Enron before a proposed merger of the two competitors collapsed in late November.
Enron claims its smaller rival illegally terminated the $8.4 billion deal and therefore has no right to the pipeline. Enron and had argued that Dynegy's claim should be part of Enron's massive bankruptcy case filed in federal court in New York.
U.S. District Judge Melinda Harmon ruled that Dynegy's suit should be heard in state court because the company's claim was not a core element of the bankruptcy. Harmon noted that Dynegy could have sued Enron if the former energy giant didn't seek Chapter 11 protection.
``It's what we predicted,'' said David Burns, a lawyer representing Dynegy in the lawsuit. ``If we don't have Northern Natural Gas turned over to us promptly, we will ask the court to provide an accelerated trial date on this.''
Enron spokeswoman Karen Denne declined comment on the decision.
Dynegy sued Enron in Texas state court in Houston the day after Enron filed one of the largest Chapter 11 bankruptcies in U.S. history Dec. 2 and sued Dynegy for $10 billion for breach of contract in New York.
Dynegy and other creditors also have asked that the bankruptcy case be moved to Houston, where Enron, Dynegy and many of Enron's 800 or so creditors are based. Gonzalez will consider those requests Jan. 7.
Also Wednesday, nearly 40 of some 4,500 Enron employees laid off after the company filed for bankruptcy gathered outside Enron headquarters here to discuss the company's severance policy and sign a complaint to Enron on the lack of information.
Some carried signs that displayed the word ``Moron'' under Enron's logo and said ``What were they thinking?'' Others wore T-shirts that said ``The Execs Who Stole Christmas.''
Gonzalez on Dec. 4 $1.5 billion in short-term financing to keep the company afloat and fund $4,500 severance payments.
Former workers received those checks last week, but revelations that nearly 600 employees deemed critical to Enron's survival received more than $100 million in retention payments upset those entitled to more money under Enron's severance policy, they said.
The company's severance policy says eligible workers are entitled to a week's pay for each full or partial year of employment and another week's pay for each $10,000 they earned in salary, up to a maximum of 26 weeks.
``We would like the company to honor its commitment,'' said Pete Chase, 31, who worked for Enron Energy Services for 18 months.
Denne said the company cannot approve any severance payments above $4,500 for each employee without Gonzalez' approval. Employees can file claims with the judge for more severance pay. Instructions on how to do so are available on Enron's Web site (www.enron.com).
``The next step for Enron is for its creditors to assess its financial condition and assets,'' Denne said. ``Every employee is absolutely free to file a claim.''
Enron, formerly No. 7 on the Fortune 500 with stock trading near $90 a year ago, plummeted into bankruptcy after revelations of hidden debt and overstated earnings in October siphoned investor confidence and prompted traders to flee from what was once the world's largest buyer and seller of natural gas.
Dynegy abandoned a plan to buy Enron for $8.4 billion when it continued to reveal serious financial problems and Enron's credit was downgraded to junk.
Dynegy shares rose $3.08 to close at $23.98 on the New York Stock Exchange. Enron shares were down 6 cents to 44 cents, also on the NYSE. | {
"pile_set_name": "Enron Emails"
} |
In an effort to help you select the "precedent" and "form" documents that you
would like us to add to the EGM Legal Forms Directory, we have printed a hard
copy of your files in "O:\Common\Legal" and delivered it to your in-box this
afternoon. The first page(s) of the index represents a list of all your
subdirectories, the subsequent pages of the report lists all the documents
saved to each of your subdirectories.
Once you have selected the "precedent" and "form" documents please let me
know and I will coordinate with your assistant to get these documents copied
to "O:\Common\Legal\Global Markets\Forms\Drafts" so that we can start the
clean up process.
Many thanks.
Nony
---- Forwarded by Nony Flores/HOU/ECT on 05/17/2001 02:23 PM -----
Alan Aronowitz
04/23/2001 10:45 AM
To: Robert Bruce/NA/Enron@Enron, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wayne Gresham/HOU/ECT@ECT,
Matthias Lee/SIN/ECT@ECT, Jane McBride/AP/Enron@Enron, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Coralina
Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael A Robison/HOU/ECT@ECT,
Randy Young/NA/Enron@Enron, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Viverito/Corp/Enron@Enron,
Robert Quick/LON/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt,
[email protected], Janet Wood/EU/Enron@Enron, Limor
Nissan/NYC/MGUSA@MGUSA, Dominic Carolan/Enron@EnronXGate, Brent
Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT
cc: Martha Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Sarah
Bruck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Nony Flores/HOU/ECT@ECT, Laurie
Mayer/HOU/ECT@ECT, Angeline Poon/SIN/ECT@ECT, Connie
Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nita Garcia/NA/Enron@Enron,
MaryHelen Martinez/NA/Enron@Enron, Becky Spencer/HOU/ECT@ECT
Subject: EGM Legal Group - Legal Forms Directory
We are in the process of restructuring the EGM Legal Forms Directory so that
our forms and precedents can be available to everyone who works full or
part-time in the group. The goal is to centralize all forms and precedents
pertaining to each of the commodities and businesses supported by EGM Legal.
A "precedent" would be a document from a deal you have worked on or otherwise
that you think other members of the group should have access to in order to
get ideas for developing other documents and agreements. Precedents will not
necessarily be converted to forms, and accordingly, would be used without
form reliability. A "form" would be a document already approved as a form
within Enron Legal or EGM Legal. We are going to establish a process for
approval of forms, the details of which will be disseminated at a later
time. In order to facilitate this process, we have set up a special working
folder as indicated below:
A "Drafts" folder for each of the attorneys in our group has been set up in
"O:\Legal\Global Markets\Forms\DRAFTS". We are still working on providing
access to the directory to the Australia and Japan offices. Nony or Martha
will contact David and Jane, respectively, to provide an alternate way to
send the documents from those offices.
Please select the documents that you would like to add to the Forms Directory
for EGM Legal and have your assistant copy these documents into the
respective folder for clean up. When copying them into the folder, they
should be "saved as" or renamed with "YOUR INITIALS" (e.g., "DRR" for Dan
Rogers, etc.). This way we will know whom the forms belong to for questions
during the clean up process. Once finalized, the initials will be dropped
from the document name; howeverthey would be included in the document
footer. Nony and Martha are available to assist you with this step in the
process.
Please send an e-mail to Martha and Nony with the name and number of files
you have placed into the folder.
So that we can have a good database from which to develop our forms directory
for the benefit of all of us, please complete the above process by Tuesday,
May 15.
Please feel free to contact Martha Braddy, Nony Flores, or me with any
comments/questions you may have. Thank you in advance for your cooperation in
this important effort.
Regards, Alan | {
"pile_set_name": "Enron Emails"
} |
Phone and fax number in Mexico is 011 - 52 - 415 - 20 - 347 | {
"pile_set_name": "Enron Emails"
} |
SENT ON BEHALF OF PETER KEOHANE:
Please see attached letter from outside counsel to the Alberta Power Pool
regarding recent proposed rule changes.
---------------------- Forwarded by Sharon Crawford/CAL/ECT on 11/14/2000
05:24 PM ---------------------------
"MICHELLE LOMBARDO" <[email protected]> on 11/14/2000 05:11:07 PM
To: <[email protected]>, <[email protected]>
cc:
Subject: LT M. Parsons (Power Pool of Alberta).DOC
- LTMParso.DOC | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/01/2000
04:13 PM ---------------------------
[email protected] on 09/01/2000 03:49:56 PM
To: [email protected]
cc: [email protected]
Subject: Software license
Dear Ms.Feldman,
Please receive all my apologies for not having
answered earlier your 2 emails,but I was in the
States for 6 weeks and could not access my
Dauphine email.In any case,the time was
fruitfully used by my associates and myself to
improve the "robustness" of the product,from
a computer and mathematical standpoint.
Regarding your 3 points
1.We agree on the price of 90,000 USD
2.D-G will provide system support:we can do so
by emailing anther version of the software,being
available on the phone and by email but we
cannot promise unlimited support of all kinds
without risking bankruptcy right away.
Moreover,the $ 90,000 may be paid in 3 fractions
and your risk would be quite minimal
3.Regarding the escrow,we have been using so
far a small law firm with 5 partners(none of my
family) in Amherst:Hart,Reed,Brown,Golowich
and Kaplan.But we are not closed to anther
solution you would strongly prefer.
Best regards
Helyette Geman,PhD,PhD
D-G Energy Systems | {
"pile_set_name": "Enron Emails"
} |
I. Market Design
A. Delete the clause beginning "at a minimum ...." from the title.
Paragraph 7 beginning "If the Commission insists . . . ."
add "As discussed by Mr. Comnes," at the beginning of the sentence
delete the "at minimum, $250 per MWh - and"
delete the rest of the paragraph (except footnote 4) beginning with "This is
so for several reasons . . . " I would put footnote 4 in as text. | {
"pile_set_name": "Enron Emails"
} |
This one was gas only.
-----Original Message-----
From: Storey, Geoff
Sent: Tuesday, November 06, 2001 3:04 PM
To: Gossett, Jeffrey C.
Subject: RE: ENA GAS COMMODITY CASHFLOWS FOR 10/30/01
was this just gas? or gas and power?
-----Original Message-----
From: Gossett, Jeffrey C.
Sent: Wednesday, October 31, 2001 1:21 PM
To: Storey, Geoff
Subject: FW: ENA GAS COMMODITY CASHFLOWS FOR 10/30/01
-----Original Message-----
From: Carrington, Clara
Sent: Wednesday, October 31, 2001 1:21 PM
To: Gossett, Jeffrey C.
Cc: Glover, Sheila
Subject: ENA GAS COMMODITY CASHFLOWS FOR 10/30/01
<< File: 103001_ENAGAS_COMMODITY_NOTIONAL_CASHFLOWS.xls >>
Clara Carrington
Financial Trading
Manager - Rate and Currency Risk Mgmt
Direct Tel: (713) 853-9224
Email: [email protected] | {
"pile_set_name": "Enron Emails"
} |
They left behind big piles of money
Houston Chronicle, 11/18/01
Economic News Helps Stocks, Not Bonds
The New York Times, 11/18/01
Bullish, and Patient, on Energy Stocks
The New York Times, 11/18/01
Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says
Bloomberg, 11/18/01
A tale of greed and hubris
Sarasota Herald-Tribune, 11/18/01
Counting Blessings Along With the Losses
Los Angeles Times, 11/18/01
Don't Be A Pudd'n'head, Diversify
The Washington Post, 11/18/01
Wessex Water `to be sold'
The Independent - London, 11/18/01
UK PRESS: WestLB Makes Grab For GBP1B Wessex Water
Dow Jones International News, 11/18/01
Quanta steels itself against takeover bid
Houston Chronicle, 11/17/01
Business briefs / Houston & Texas
Houston Chronicle, 11/17/01
AT ENRON, THE BIG DOGS ATE FIRST
Portland Oregonian, 11/17/01
FINANCE WEEK - From dealing to reeling.
Financial Times, 11/17/01
WORLD STOCK MARKETS - Bears take upper hand on Wall St.
Financial Times, 11/17/01
IN BRIEF / ENERGY Pension Funds Consider Action Against Enron
Los Angeles Times, 11/17/01
Enron Investors Hope Filing Will Shed More Light on Finances
Bloomberg, 11/17/01
UK: Trade, bank buyers circle Enron's Wessex Water-reports.
Reuters English News Service, 11/17/01
A user's guide to living in Calgary: People moving from Houston find the cities much alike
National Post, 11/17/01
WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says
Bloomberg, 11/17/01
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
Bloomberg, 11/16/01
BUSINESS
Jim Barlow
They left behind big piles of money
JIM BARLOW
Staff
11/18/2001
Houston Chronicle
2 STAR
1
(Copyright 2001)
WILL wonders never cease? Last week a couple of heavy hitters left money on the table.
Mark McGwire, the home-run-hitting baseball player for St. Louis, retired. And he let it be known that he never signed a two-year, $30 million contract his agent negotiated last spring. Why? Because he wanted to find out if his injured right knee would allow him to play as well as he had before. It didn't, and he decided he wasn't worth that kind of money.
Then Ken Lay, chairman of Enron Corp., said he won't take the $60.6 million he had coming to him in a severance agreement that comes into play when Enron is sold to Dynegy Corp.
Of course, neither McGwire nor Lay will ever have to consider my fallback retirement plan - sacking groceries at the supermarket, carrying them to the car and hoping for a big tip. Still, it was a class act on both their parts. McGwire only hit .187 last season, well below his lifetime average. And Lay? Well, let's say that rarely in the history of American capitalism has a company sunk as fast as Enron.
Remember that earlier this year its stock hit a top of $82 a share. Now it's hovering in the single-digit level, and Enron is being forced to sell itself to a smaller rival.
The stock price incentive
How did Enron get into this position? Put the blame on the company's relentless drive to push up its stock price. And a big reason for that push comes from the way American companies compensate top executives.
In the last couple of decades, executive compensation has soared. The average chief executive officer today makes 531 times as much in salary, bonuses and stock options as the average factory worker.
Apologists for executive pay say these kinds of figures really aren't relevant. Most of the money top executives receive doesn't come from base pay or bonuses but from stock options.
Such options usually work this way. Executives are given hundreds or thousands of shares of stock that they can only buy from the company at a future date. The sales price can be anything from 10 cents to the price of the stock on the date the options were granted. If the stock increases past the exercise price in the option, the executive can buy the stock and then sell it, making big bucks. It the stock has dropped below the option price - it's underwater, in the jargon - then those options are worthless.
Granting options aligns the interests of the top executives with the shareholders, those who favor this sort of incentive say. And that's true, if you talking about in-and-out traders. But it's not true if we're looking out for the interests of the majority who hold stocks for the long term.
Keeping the debt hidden
Keeping its stock price soaring was what brought down Enron.
To hype the stock, Enron's execs were hiding the debt it took on to fuel its amazing growth and some of its dicier investments, in partnerships. Enron was supposedly only a minority partner in these deals. That way it could move a large portion of its debt off its books in that partnership. That, in turn, made the company's earnings look better.
When Enron's executives finally fessed up, they had to write down their profits over the past few years by 20 percent. But the real irony here is that 80 percent is still a heck of a lot of money. But by that time, the majority of shareholders simply had no faith in Enron's bookkeeping.
Now look at Lay's compensation. In 1999 he exercised stock options and made $44 million on them. In 2000, sales of options brought him $123 million, and this year about $26 million, according to a study published by Bloomberg News.
Was Lay deliberating deceiving investors to keep his stock options profitable? I don't think so. He was simply following the latest fad in corporate governance. He was aligning himself with the interests of the shareholders.
The shareholders were happy with that high stock price. Nobody - besides some stock analysts - complained about Enron's often- impenetrable bookkeeping until that stock price started to fall.
Would Enron's bookkeeping have been different if top executives received fewer stock options? Maybe.
Fewer stock options would mean lower pay for the top guys. And no one would want that job if he were only going to make $10 million a year instead of $100 million.
Just kidding.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Money and Business/Financial Desk; Section 3
DataBank
Economic News Helps Stocks, Not Bonds
By JONATHAN FUERBRINGER
11/18/2001
The New York Times
Page 17, Column 3
c. 2001 New York Times Company
Stocks rallied and bonds plunged last week as investors digested some positive reports about the economy. Inflation at the consumer level declined last month, retail sales surged after falling in September, and weekly initial unemployment claims slowed.
All this news led some investors to conclude that the economy might not be as troubled as it appeared to be in the aftermath of the terrorist attacks. That was good for the stock market, but very bad for the many bond investors who had been assuming the worst.
For the week, the Nasdaq composite index rose 70.10 points, or 3.8 percent, to 1,898.58, while the Dow Jones industrial average climbed 258.99 points, or 2.7 percent, to 9,866.99. The Standard & Poor's 500-stock index gained 18.33 points, or 1.6 percent, to 1,138.65.
But bond prices tumbled while yields, which move in the opposite direction, soared. The yield on the Treasury's 10-year note rose to 4.85 percent, from 4.31 percent a week ago, the biggest weekly move in percentage terms since the note was first regularly issued 25 years ago. The jump in rates also showed that many investors no longer expect Federal Reserve policy makers to cut short-term interest rates when they meet next month. JONATHAN FUERBRINGER
Chart: ''STOCKS IN THE NEWS'' AMR NYSE: AMR The stock of the parent company of American Airlines, along with other airline companies, rebounded on factors including lower oil prices and passage of the aviation security bill. Friday's Close: $20.06 Week's Change: +10.65% EST. '01 P/E: -- Dynegy NYSE: DYN As part of its planned $9 billion acquisition of Enron, Dynegy will receive the right to acquire Northern Natural Gas, a potentially lucrative pipeline system, even if the larger deal is not completed. Friday's Close: $42.47 Week's Change: +9.57% EST. '01 P/E: 20.29 Home Depot NYSE: HD The nation's largest home-improvement chain said its third-quarter profit rose 20 percent over the year-earlier period. Friday's Close: $45.80 Week's Change: +8.76% EST. '01 P/E: 36.03 Dell Computer NNM: DELL Rebounding from a loss in the second quarter, Dell reported a third-quarter profit of $429 mil lion. The company also predict d that PC sales would increase later this year. Friday's Close: $26.60 Week's Change: +3.30% EST. '01 P/E: 41.05 SunGard Data Systems NYSE: SDS An appeals court rejected the government's effort to stop SunGard from buying a unit of Comdisco, which filed for bankruptcy protection in July, while an antitrust investigation proceeds. Friday's Close: $28.64 Week's Change: +9.56% EST. '01 P/E: 32.11 Yahoo NNM: YHOO Wall Street analysts expressed confidence in the turnaround prospects of the company after it outlined plans to increase fee-based revenue and to reduce its work force. Friday's Close: $15.47 Week's Change: +12.76% EST. '01 P/E: 309.40 Philip Morris NYSE: MO Philip Morris says it plans to change its name to the Altria Group, pending approval by shareholders. Friday's Close: $48.13 Week's Change: +2.78% EST. '01 P/E: 11.90 CV Therapeutics NNM: CVTX The biotechnology company said clinical trials of ranolazine showed that the drug, which it developed, was effective in treating the chest pain of angina. Friday's Close: $51.67 Week's Change: +48.97% EST. '01 P/E: -- (Source: Bloomberg Financial Markets)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Money and Business/Financial Desk; Section 3
Investing
Bullish, and Patient, on Energy Stocks
By JAN M. ROSEN
11/18/2001
The New York Times
Page 8, Column 2
c. 2001 New York Times Company
DESPITE last week's plunge in the price of crude oil and in shares of big oil companies, some Wall Street analysts remain upbeat about the long-term prospects for energy stocks.
''These very dramatic downturns are great buying opportunities,'' said Tina Vital, an oil and gas analyst at Standard & Poor's, who recommends a broad group of integrated oil companies, including Exxon Mobil, ChevronTexaco, Royal Dutch/Shell, BP and TotalFinaElf. ''They have excellent management, a top dividend yield and are a safe haven for investors,'' she said, provided that investors are patient and can bear short-term swings.
Last week's price declines were set off by Russian oil companies' refusal to accept demands by the Organization of the Petroleum Exporting Countries for big production cuts. They were a reminder that the sector is extremely volatile. ''Oil could go to $10 a barrel short term,'' she said, but there is no certainty of that. The oil producers could reach an agreement by January, sending prices upward. Over the long term, she expects to see production cuts.
Demand for energy has grown only 0.5 percent this year, and prices have been declining for some time for both crude oil and gasoline -- as drivers have seen at the gas pump. West Texas intermediate crude closed Friday at $18.03 on the New York Mercantile Exchange, up 58 cents from its Thursday close, the lowest since June 1999. But an economic recovery, expected by late 2002, could cause demand to pick up, analysts say.
As oil prices have dropped, so have the prices of most oil stocks, but not as much as the overall market since the beginning of 2000. Over that period, the S.& P. energy index has lost 8 percent, while the S.& P. 500-stock index is down 23 percent.
A report issued last week by the Energy Department said that while the Sept. 11 terrorist attacks had intensified the country's economic slowdown, ''they are not expected to result in any long-term volatility in energy markets.'' The report estimated that commercial energy demand would rise 1.7 percent a year through 2020, instead of the 1.2 percent predicted only a year ago. Its predictions assume increased use of computers and office equipment, and slower increases in fuel efficiency for cars and trucks.
WHILE they warn of the possibility of wild price shifts in the months ahead, other analysts are similarly bullish for the long term. L. Bruce Lanni, senior oil analyst at A. G. Edwards & Sons in New York, said that any potential price war was likely to be fairly short-lived, because neither OPEC nor non-OPEC countries could ''withstand low oil prices for a prolonged period of time,'' and prices should rebound sharply as a result, ''back up in the lower to mid-$20 range.''
Low prices could be painful for most of the oil companies in the short term, but Mr. Lanni, too, sees value in the stocks.
His top pick is Conoco, now trading at $24.30; his 12-month target is $34. ''We remain confident,'' he said, ''that the company's annual oil and gas production should grow by about 4 percent, on average, over the next several years.''
Conoco's debt, at 55 percent of capital, is relatively high, but he expects the company's strong cash flow -- it equaled $5.33 a share last year -- to reduce the debt level to 46 percent next year and to 38 percent in 2003. The company's after-tax interest cost is only 3.5 percent, he said.
Mr. Lanni also favors Kerr-McGee, a natural gas exploration and production company, and BP, calling both undervalued. He regards Exxon Mobil, Royal Dutch/Shell and ChevronTexaco as fully priced, so he is not recommending buying them now. ''If you own them, hold them,'' he said.
William Featherston, executive director and an oil and gas exploration analyst at UBS Warburg, said he felt ''near-term caution but medium-term optimism for sustainably higher'' natural gas prices. He said he would encourage investors to consider buying shares of exploration and production companies over the next two months. His top picks are Apache, Kerr-McGee and EOG Resources.
Such stocks are highly volatile, he said. They are ''trading-oriented vehicles, and short-term volatility in commodity prices generally provides the most attractive entry and exit points,'' he said. ''While natural gas prices declined throughout most of this year, prices rose at a startling pace, from $1.75 per million cubic feet at the end of September to over $3 per million cubic feet within weeks.''
He cited three reasons for the price rally: a decline in gas surpluses, predictions of a colder-than-normal winter and what he has called ''pathetic third-quarter natural gas production,'' despite record drilling activity.
The tangled finances of the Enron Corporation were also a factor in the recent price increase for natural gas futures, he said. Enron, which marketed 25 billion cubic feet a day of natural gas, or more than 40 percent of the nation's demand, is under investigation by the Securities and Exchange Commission and announced a $1.2 billion reduction in shareholder equity from deals with partnerships involving its former chief financial officer. It also reported a third-quarter loss and restated earlier earnings. Enron has agreed to be taken over by Dynegy, a smaller rival, for about $9 billion in stock. Dynegy is also assuming about $13 billion in debt.
Anxiety over whether the Enron investigation would disrupt deliveries or have other market repercussions led to an increase in prices. While it is ''difficult to quantify the Enron factor,'' Mr. Featherston said, the short-term effects on natural gas prices seem to be over.
OTHER factors, of course, could also mean a bumpy ride for energy investors over the next several months. The status of the war against terrorism, President Bush's decision to fill the Strategic Petroleum Reserve, thus helping OPEC in reducing excess global capacity, and a United Nations review of the food-for-oil deal with Iraq expected in December could each have a significant impact on battered oil prices.
Nevertheless, Ms. Vital said, for the long term, energy will probably be in short supply, and new sources must be developed. So she also likes the prospects of two drilling companies, Noble Drilling and Nabors Industries. Both took a beating last week, along with the oil companies, so again she sees buying opportunities.
Bern Fleming, portfolio manager of the AXP Utilities Income fund in Minneapolis, who has stakes in Dynegy, Duke Energy and Dominion Resources, said all three had good prospects for growth, thanks to a mix of assets, ''management I respect and solid business plans.''
Photo: Workers at an oil well near Lafayette, La. Although oil prices have plunged, analysts say there is still good long-term potential for the stocks of energy companies. (Marty Katz for The New York Times) Chart: ''Power Play'' Energy stocks have generally outperformed the overall market since the beginning of 2000. Graph shows CONOCO SHARES, S. & P. ENERGY COMPOSITE, and the S.& P. 500 INDEX since January 2000. (Source: Bloomberg Financial Markets)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says
2001-11-18 19:52 (New York)
Houston, Nov. 19 (Bloomberg) -- Aquila Energy Corp. is one of
several energy traders limiting its trading with Enron Corp. in
case Dynegy Inc. pulls out of its bid for the company, the
Financial Times said, citing Aquila.
Aquila said it began making contingency plans in case Dynegy
withdrew from its $24 billion takeover of Enron, the paper
reported.
Enron, the largest energy trader, decided to sell after its
shares plunged this year and a federal investigation of accounting
irregularities limited its ability to finance operations. Enron's
collapse would have caused upheaval in energy markets, where the
company does one-quarter of all gas and power trades.
Dynegy's agreement to buy Enron allows it to withdraw from
the transaction under certain circumstances, the FT said.
PERSPECTIVES
A tale of greed and hubris
Waldo Proffitt
11/18/2001
Sarasota Herald-Tribune
All
F2
(Copyright 2001)
For anyone not already disenchanted with the idea of total deregulation of public utilities, the most recent installment of the miserable Enron story as it unfolded last week should serve as a convincing example of the folly of relying on unregulated profit- driven enterprises to supply our energy.
A year ago Enron was the darling of Wall Street, the poster boy for the utility industry, its stock selling for about $85 a share. Last week its stock was worth about 10 percent of that and the company had agreed to be bought by a competitor. There was fear the company's bond rating might fall to the "junk" level.
What happened? It will take months, if not years, to untangle the details, but it is clear that the main culprit was greed, closely followed by hubris.
Not too many years ago Enron was a small, struggling, gas pipeline company in Houston. As deregulation spread to more and more states, Enron began acquiring pipelines, gas producers and utilities.
It also acquired friends in high places, especially the Bush family and their key political advisers. And, it discovered it could make money faster by selling and trading energy than by producing it. Enron sold many of its generating plants and became the biggest "power broker" in the nation.
Though it was by no means the largest winner in the con game that bilked California consumers of tens of billions of dollars, Enron was one of the first power barons to take advantage of California's flawed deregulation law -- virtually written by in-state and out-of- state utility companies.
The California fiasco soured (probably) most Americans on utility deregulation, but Enron was not singled out for calumny, and management saw no reason to examine its business ethics.
Contrarywise. management had visions of even greater profits, which it felt no obligation to share with ordinary stockholders. The chief financial officer and other high-ranking executives set up affiliated or subsidiary partnerships which made deals with Enron. I do not understand the details of these arrangements, but neither do independent accountants, the Securities and Exchange Commission or congressional investigators. It does seem clear that the Enron insiders made millions for themselves.
Enron acknowledges, without explaining, that stockholder equity dropped $1.2 billion in the last quarter and that it had for the last five years overstated profits by some $600 million. Whether this was by design or by mistake is in dispute, but it is the sort of thing which tends to undermine the confidence of investors.
So much for greed. Back to hubris. It seems not unlikely that Enron's leaders felt they might not be punished for a modest amount of corner-cutting because they had friends in high places.
The chief executive, Kenneth L. Lay, was and is a personal friend of George W. Bush and has easy access to the White House. For many months after the new administration took office, Karl Rove, Bush's top political strategist, owned Enron stock valued at $100,000 to $250,000, and sold it only after he had been able to secure a ruling that he did not have to pay capital gains tax immediately because he sold to avoid a conflict of interest. Lawrence Lindsey, the president's chief economic coordinator, and I. Lewis Libby, Vice President Cheney's chief of staff, owned stock in Enron, and Lindsey was paid $50,000 last year as a consultant for Enron.
Enron and its employees gave more than anyone else to Bush's four political campaigns -- one (unsuccessful) for Congress, two for governor and one for president. In 2000, Enron and its employees gave $113,000 to Bush's campaign, $250,000 to the Republican National Committee, and $300,000 to the Presidential Inauguration Committee.
Cabinet appointments affecting energy policy, key sub-Cabinet appointments, administration action or inaction in the California energy mess, and the overall energy policy of the administration could hardly have been more favorable to the interests of Enron.
And now a couple of questions: Is it possible the unusual financial maneuvers by Enron went unnoticed or even unsuspected by all the savvy Texas oilmen in the Bush administration? Were those of them with heavy investments in Enron unconcerned about the conduct of the company? Was Enron right in thinking its friends in government would not be in a hurry to investigate or to reprimand?
Or, in light of our preoccupation with terrorism, will the Enron case get much attention from the federal government? Or from voters?
Waldo Proffitt is the former editor of the Herald-Tribune.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business; Financial Desk
MARKET BEAT
Counting Blessings Along With the Losses
TOM PETRUNO
TIMES STAFF WRITER
11/18/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company
Try finishing this sentence: "The best thing about my experience as an investor in 2001 was ... "
Many Americans, contemplating the losses they've suffered this year in the stock market, might say there was nothing "best" about what happened to them--in fact, nothing good at all, perhaps other than that it might have been worse.
With share prices on the rise again, the damage to portfolios has been lessened. Even so, stocks will have to post strong gains in the next six weeks to keep this from being the market's worst calendar year since 1977.
The blue-chip Standard & Poor's 500 index rose 1.6% last week, but it's still down 13.8% year to date.
Yet those losses, while certainly not trivial (especially when they're yours), can obscure what arguably are some very positive aspects of this year's experiences.
With investing, adversity can be a more important teacher than success. If you're having trouble this Thanksgiving week finding reasons to be thankful about anything investment-related, try these on for size:
* "Asset allocation" is no longer just a quaint theory. The paramount investing rule has always been to spread your money around to reduce risk. But it took the worst stock bear market in 25 years to bring this lesson home for many people who thought equities only rose in value.
Now, millions of investors have a far better appreciation for just how much they can lose in stocks--and how bonds and short-term cash savings can offset market losses and preserve capital.
It has been a hard lesson, to be sure. But investors who take asset allocation to heart will be laying a much more solid foundation for their money in the long run. And don't underestimate what that can mean for your peace of mind long term.
* The wisdom of saving money on a regular basis has been relearned. In the late 1990s, many economists lamented how the U.S. savings rate continued to shrink. Some people felt there was little need to put significant new sums into savings when the stocks or stock mutual funds they owned seemed to be rising nonstop.
In other words, many Americans were letting the stock market do their saving for them when share prices were rising 20% or more each year.
Now, with shares down and with the likelihood of much more moderate returns on stocks in this decade, it's clear that many people will have to find a way to save regularly if they're going to meet their long-term financial goals, especially retirement.
This may not be a pleasant reality, but it's better for most people to have faced this fact sooner rather than later, while there may be time to make up lost ground.
* A healthy skepticism has replaced mindless euphoria about stocks and those who tout them. The market's slide has discredited a legion of Wall Street analysts, money managers and others whose knowledge, understanding and judgment were clearly lacking, in retrospect.
Investors have come to see that having blind faith in those who present themselves as "experts" is a highly dangerous strategy, if it can be called a strategy at all.
Sure, it may have been more fun when technology stocks were shooting the moon and nobody had much use for reviewing a company's fundamentals. But that wasn't investing--it was speculating, and on a massive, and ultimately ruinous, scale.
People have learned to be less trusting about what others say about the market, and that is more likely to be beneficial than detrimental to their portfolios in the long run.
Just ask anyone who shifted their entire 401(k) retirement savings sum into aggressive-growth mutual funds in the first quarter of 2000--right before the market peaked--because of the bullish comments of some 25-year-old tech stock analyst. Those investors aren't likely to make a move like that again.
* Free-market forces are weeding out the weak players and the phonies. Capitalism may be harsh, but it's efficient when the good times end and it's time to find out which companies truly have talent and staying power--and deserve more capital.
Hundreds of dot-coms have failed, but who really misses them? Is it any harder to find what you want on the Internet? It probably would have been much worse for all concerned if those companies had sucked up investors' funds for another year instead of failing when they did.
But the market isn't just eliminating small companies that never had much of a future. The financial near-collapse of energy giant Enron Corp. exposed a business that twisted accounting rules to its own benefit--to the point that the company now concedes that financial statements all the way back to 1997 "should not be relied upon."
Also to be weeded out, though over a longer time period, will be mutual fund managers whose performance running other peoples' money has been a nightmare for those investors--meaning, the returns produced have been far worse than what the investors would have achieved in the average fund in that particular sector.
These managers know who they are--and, hopefully, their shareholders know by now as well, and will vote with their feet.
The free market also is reminding cartels just how tough it is to control prices.
Once again, the Organization of Petroleum Exporting Countries has lost its ability to prop up crude oil prices, which have sunk to two-year lows amid the weak global economy. That's lousy for OPEC, but it's great for every energy consumer.
* The market's woes have altered many investors' priorities for the better. The wild bull market of the late 1990s demanded peoples' attention, and got it.
For some, stocks became an obsession. Their portfolios dominated their lives, especially if they were actively trading shares. They believed they were going to be rich, or richer, and that it was all because of how smart they were.
Now, most people have been humbled by the market. In the process, some have realized that they don't want their mood determined by their portfolio's day-to-date price changes.
The Sept. 11 terrorist attacks, of course, also changed many peoples' view of what truly matters to them.
Money is important, but you aren't your stocks, and they aren't you. Life is more than a daily stock quote.
*
Tom Petruno can be reached at [email protected]. For recent columns on the Web, go to www.latimes.com/petruno.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Financial
INVESTING James K. Glassman
Don't Be A Pudd'n'head, Diversify
James K. Glassman
11/18/2001
The Washington Post
FINAL
H01
Copyright 2001, The Washington Post Co. All Rights Reserved
Warren Buffett, who was probably the greatest investor of the 20th century, is fond of quoting the salacious actress Mae West as saying, "Too much of a good thing can be wonderful." In the market, such a motto would lead you to avoid diversification and instead concentrate your portfolio in stocks you really, really like.
Peter Lynch, who was probably the best mutual fund manager of the 20th century, calls spreading yourself too thin "diworseification."
Smart, witty and brilliant at picking stocks, Buffett and Lynch may not need diversification, but the rest of us do. When you own one stock, you're out on a limb. For example, very few analysts -- with or without a conflict of interest -- predicted that shares of Enron, the energy and trading company, would tumble by 90 percent in a year. Put all your eggs in a basket like that and you end up with a gooey mess. The more stocks you own -- as long as they are in different industries -- the more the overall riskiness of your portfolio is modulated.
The reason you don't want a super-risky portfolio is simple: While Warren Buffett may be calm and prescient enough to ride out severe dips in the value of his holdings, most investors are not. A portfolio that increases in price by 10 percent each and every year is worth exactly the same at the end of three years as a portfolio that falls by half the first year, rises by three-quarters the second and rises by 52 percent the third. But reasonable investors prefer the consistent ride. It prevents them from doing something stupid, such as selling all their stocks after losing half their money during that first disastrous year.
Consider the sad case of James D. McCall, who earlier this month resigned as manager of the Merrill Lynch Focus Twenty mutual fund. Two years ago, Merrill wanted McCall's services so desperately that the firm went to court to pry McCall away from his previous employer, Pilgrim Baxter, where he rang up impressive gains in the late 1990s. (His big success was called PBHG Large Cap 20.) And when they got McCall, Merrill's brokers raised more than $1.5 billion from their clients for him to invest. While the average growth-stock mutual fund owns about 100 stocks, with the top 10 holdings representing about one-fourth of the portfolio's total value, McCall specialized in what are called "concentrated portfolios." In the case of Merrill Lynch Focus Twenty, he owned, as the name implies, just 20 stocks. At last report, his top 10 holdings accounted for a whopping two-thirds of the fund's assets.
If McCall had spread his 20 stocks among, say, a dozen different industries, he might have smoothed his ride. Instead, 69 percent of his assets went to technology firms. The Focus fund and a smaller one that McCall ran called Premier Growth were launched in March 2000. Within just 17 months, all but $650 million of the clients' original $1.5 billion had vanished.
It is hard to imagine losing as much as Focus Twenty did even if you tried. As of Nov. 9, the week McCall resigned, the fund was down 72 percent for the year, compared with a loss of 14 percent for the Standard & Poor's 500-stock index, the benchmark for fund managers. According to the latest report from Morningstar Mutual Funds, 19 of McCall's 20 stocks had declined during 2001, the only exception being Harley-Davidson. More amazing, 16 of the 19 losers had fallen by at least half. (By the way, Enron was McCall's seventh-largest holding.)
"This fund has had a wretched existence," wrote Morningstar analyst Kunal Kapoor, who did admit a grudging admiration for McCall's perseverance. McCall's "faith may turn out to be well placed over time," Kapoor said. Unfortunately, time ran out.
My point here is not to pick on McCall but to reveal the perils of concentration. Buying Focus Twenty as a technology fund, and consigning it to no more than one-fifth of your holdings (with the rest of your assets in diversified, conventional stocks or funds) might have made sense, but Focus Twenty was touted as a "long-term capital appreciation" fund, not a sector fund. Here, it failed, but maybe it didn't have to.
The manager who made the concentrated fund popular, Tom Marsico, who ran Janus Twenty, took care to spread his holdings around. His successor, Scott Schoelzel, has suffered losses lately (he is down 28 percent year-to-date, but that's after a total gain of 546 percent in the preceding five years), but they have not been nearly so catastrophic -- and for good reason. Schoelzel's last report lists among his top 10 holdings three tech stocks, two financials, one drug company, one energy firm (whoops, Enron again), one industrial, one consumer-durables company and one services firm.
For investors in individual stocks, the important question is this: How much diversification is enough? Some risk is inherent in even the broadest portfolio. This is called market, or "systematic," risk. Over the past 75 years, market risk, as measured in standard deviation, has been about 20 percent. In other words, in two-thirds of the years the annual return of the S&P has fallen into a band ranging from 20 points lower to 20 points higher than its average return of 11 percent; that is, between a loss of 9 percent and a gain of 31 percent. That's still volatile, but if you invest in stocks you have to live with it.
What you don't have to live with is anything more volatile. So your objective in building a portfolio is to try to approximate systematic risk and avoid what is called "idiosyncratic," or extra, risk. A portfolio with just a few stocks, or one like McCall's, that is overloaded in a single sector, has lots of idiosyncratic risk. In 1977, an influential study found that investors could nearly eliminate that extra risk by owning just 20 stocks in a wide variety of sectors; in fact, owning eight or 10 stocks depressed risk sharply.
Recently, however, the market has appeared to be far more volatile, and a new study by a group of economists headed by John Campbell of Harvard found that many more stocks were needed -- around 50 -- to bring a portfolio down to the same level of riskiness as the broad market. What Campbell's group found was that neither the market itself nor individual sectors had become more volatile in the 1990s, but that stocks within those sectors had, so you need to own more of them.
But owning 50 stocks is a pain in the neck -- and it brings up the Buffett-Lynch admonitions about too much diversification. It is hard just to take the time to make the selections, but even buy-and-hold investors need to keep track of the companies they own to spot adverse changes in management, product failures or new competition (not to mention Enron-style accounting shenanigans) -- signs that it's time to sell.
One good answer is to achieve balance by owning a combination of mutual funds and stocks. For example, you might want to put 50 percent of the money you have allotted for stocks into a fund that mimics the S&P itself, like Vanguard Index 500, which charges rock-bottom expenses and guarantees that risk won't exceed systematic levels. You could also consider a broad fund that's managed by human beings, such as Meridian Value or Baron Growth, which are recommended by Sheldon Jacobs, editor of the No-Load Fund Investor newsletter. Then another 25 percent of your holdings can go into a few sector funds that specialize in technology, real estate, energy and small-caps, and the final 25 percent into a portfolio of 10 to 20 individual stocks. (I own 16, at last count.)
There are many valid variations. Just don't emulate Mark Twain.
In a letter to clients recently, Anthony M. Maramarco of David L. Babson & Co., the Cambridge, Mass., investment firm, recalled the aphorism of Twain's Pudd'n'head Wilson: "Put all your eggs in the one basket -- and watch that basket!" Unfortunately, such a philosophy emphatically does not work in stock investing -- as Twain himself learned when he sank nearly all his fortune into the Paige Linotype, a machine that flopped.
We all make mistakes. (It was Twain, after all, who pointed out that "human beings are the only animals that blush -- or need to.") But smart diversification helps investors avoid some of the worst of them.
James K. Glassman invites comments at [email protected], but he cannot answer all queries.
http://www.washingtonpost.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Wessex Water `to be sold'
Heather Tomlinson
11/18/2001
The Independent - London
FOREIGN
1
(Copyright 2001 Independent Newspapers (UK) Limited)
Wessex Water, the water and sewage company, is understood to be up for sale following an offer to take over its owner, Enron, by Dynegy, the US energy group.
Three years ago, Enron spent pounds 1.4bn on Wessex Water. But Dynegy is understood to want to concentrate on US and European energy assets and is not interested in non-core assets.
Any hope to regain the same amount of money could be derailed as the industry is put off by regulatory problems, and the company's results have worsened due to imposed price cuts over the past year.
"It is not that there is going to be a fire sale but most of [the international assets] are not core to the businesses we will continue to pursue," said an Enron spokesperson. "At the right price we will sell."
Scottish & Southern Energy and United Utilities have been touted as potential buyers, yet industry insiders believe that the UK regulator, Ofwat, will take a dim view of bids by UK water companies, as they are too large to buy it.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
UK PRESS: WestLB Makes Grab For GBP1B Wessex Water
11/18/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- German state-owned bank WestLB Panmure is in talks to buy Wessex Water from its troubled U.S. parent Enron (ENE), reports the Sunday Telegraph.
WestLB is said to have made a formal approach within the last few days. It is thought to be one of a number of companies that have approached Enron to buy the British water utility valued at GBP1 billion.
Newspaper Web site: http://www.telegraph.co.uk
London Bureau, Dow Jones Newswires; 44-207-842-9289
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
BUSINESS
Quanta steels itself against takeover bid
NELSON ANTOSH
Staff
11/17/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)
Quanta Services, which builds and maintains power and communications lines, said Friday it is fighting a "creeping takeover" by UtiliCorp United, one of the nation's largest utility holding companies.
On Thursday Quanta board members changed the Houston company's shareholder rights agreement - called a "poison pill" defense against takeovers - to deter UtiliCorp from acquiring a controlling stake.
The action was taken after negotiations with UtiliCorp fell apart and the Kansas City, Mo.-based company announced its intention to resume purchases of Quanta stock.
A spokesman told Bloomberg News on Oct. 4 that UtiliCorp wanted to increase its stake to the mid-40s percentage range, which would give it effective control, with a vote on management.
UtiliCorp invested $320 million in Quanta from September of 1999 through February of 2000, said UtiliCorp spokesman Ethan Hirsh, bringing its ownership up to 28 percent, and has been adding stock since then. It owned about 38 percent when a standstill agreement stopped further purchases in early October.
Part of the shareholder rights amendment limits further purchases by Quanta by reducing the trigger point for the poison pill to 39 percent of Quanta's outstanding shares, instead of the 49.9 percent that has been in effect just for UtiliCorp.
In addition to saying that UtiliCorp is no longer "an exempt" person under the 39 percent trigger, the amendments changed the kind of securities to be issued in the event the pill is triggered and how they could be exercised.
UtiliCorp had a higher trigger point that other potential acquirers because it already was a significant shareholder when the plan was initially drafted.
Hirsch didn't think the amendments would prevent his company from buying more.
UtiliCorp's interest in Houston acquisitions is not limited to Quanta. Its also said this week it would like to buy Enron's share of a United Kingdom power station that provides electricity sufficient to light 1.88 million homes.
It will soon get a 27 percent share in the station near London, known as the Teeside power station,through the purchase of a utility there. It would like the 42.5 percent that Enron owns, UtiliCorp President Robert Green said in a conference call.
Green said he understood that stake was on Enron's for-sale list.
UtiliCorp revealed in a Securities and Exchange Commission filing that it bought 1.538 million shares of Quanta's common stock on the open market, at a cost of more than $24 million, between Sept. 28 and Oct. 3.
Quanta's stock declined 27 cents to close Friday at $15.69, while UtiliCorp rose 10 cents to close at $27.50. Quanta's stock is down 51 percent for the year to date, and hit a 52-week low of $9.94 on Sept. 21.
"After many weeks of negotiations with UtiliCorp, we could not reach agreement upon a strategy that would allow UtiliCorp to consolidate our financial results for accounting purposes on terms acceptable to Quanta," John Colson, Quanta's chief executive officer, said in a written statement.
"In the face of UtiliCorp's communications last evening breaking off negotiations and stating its intent to resume open market purchases of Quanta stock, the board acted to protect the best interests of all Quanta stockholders against a change of control transaction which did not provide an appropriate benefit to all shareholders," he said.
Quanta has a mutually beneficial relationship with UtiliCorp and hopes negotiations can resume, Colson said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
BUSINESS
Business briefs
Business briefs / Houston & Texas
Staff, Bloomberg News, Reuters, Associated Press
11/17/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)
Offer still on table for Canadian Hunter
Burlington Resources on Friday extended a $1.96 billion offer for Canadian Hunter Exploration Ltd. until Dec. 3 while Canadian regulators study the bid.
The cash offer was to expire Tuesday. Investment Canada, which oversees foreign ownership of Canadian companies, won't complete its review by then, Burlington said.
Houston-based Burlington agreed to buy Calgary-based Canadian Hunter on Oct. 9.
Azurix settles suit over Dynegy buyback
Azurix Corp., a wastewater-services management company, won a judge's approval Friday in Wilmington, Del., to settle shareholders' lawsuits over parent Enron Corp.'s $329 million stock buyback in March.
Houston-based Enron, soon to be bought by Dynegy, said in October 2000 it would pay $7 for each of Azurix's outstanding shares, or $275 million, to take the company private. Seven Azurix stock owners sued in Delaware Chancery Court seeking more money.
Enron eventually agreed to pay $8.375 per share, adding about $54 million to the offer, and stockholders agreed to settle the lawsuit, lawyers said.
SBC adds 2 states to long-distance rolls
San Antonio-based SBC Communications received permission Friday from the Federal Communications Commission to begin offering long- distance service to customers in Missouri and Arkansas.
The decision allows SBC to offer the service in the five states served by its SBC Southwestern Bell subsidiary. SBC has already received permission to compete in the long-distance market in Texas, Kansas and Oklahoma.
While the FCC's decision was unanimous, there was discussion on whether SBC has made its DSL high-speed Internet access service available for resale and if the federal law requires such resale. The commission will address the issue in another proceeding.
Airline canceling 200 layoffs of pilots
FORT WORTH - American Airlines Friday canceled the planned Dec. 2 layoffs of 200 pilots because military duty was extended for pilots called up on reserve and other employees took leaves.
American laid off 386 American pilots Sept. 28 and 200 more Nov. 1, as well as 120 at TWA Airlines. Those were among 20,000 jobs AMR eliminated as passenger demand fell. The company said it will bring employees back as demand improves.
Southwest drops suit against Orbitz site
DALLAS - Southwest Airlines Co. has agreed to drop a lawsuit that claimed Orbitz, an Internet travel site owned by five rival airlines, displayed incorrect information about Southwest's flights and fares.
"It gives Southwest Airlines the right to restart the litigation at its current point if Southwest fares are ever displayed on Orbitz again," said Linda Rutherford, a spokeswoman for the Dallas-based airline.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
EDITORIAL
AT ENRON, THE BIG DOGS ATE FIRST
11/17/2001
Portland Oregonian
SUNRISE
D06
(Copyright (c) The Oregonian 2001)
Summary: Workers' ire over 401(k) plans is understandable
Watching Enron's bigwigs lose their jobs after inflating profits may offer some satisfaction to retirees and employees at the troubled energy marketer. But don't bank on it.
When corporate insiders can sell the company and stroll away with millions while workers and other stockholders are left with peanuts, it would be hard not to be bitter.
As Oregonian business writer Jeff Manning reported Friday, local employees of Portland General Electric, an Enron subsidiary, watched their retirement savings sink after Enron announced on Oct. 16 that it would lose $618 million in the fourth quarter. This came after Enron officers made more than $136 million selling stocks earlier in the year.
Then on Nov. 8, Enron dropped the other shoe: It admitted it had overstated earnings for four years by $586 million, or 20 percent. Over those few weeks, Enron shares plunged from $33.84 to its $9 close on Friday.
The four-year overstatement developed through some novel accounting methods. Enron and its auditor, Arthur Anderson, insist that its financial reports were all within proper standards, but the mechanics in this case included obscuring debt by placing it on the ledgers of other entities so that the parent company's profit picture appeared rosier than it actually was.
The weeks from mid-October to early November were wrenching for employees. Because the company was changing its fund manager, they were powerless to make any changes in their 401(k) plans. PGE chief executive Peggy Fowler points out that the change in 401(k) plan managers was announced last summer. And although employees could have gotten out of Enron stocks over the history of the plan, Enron seemed to be an attractive investment.
Company executives, though, were selling. Jeffrey Skilling, who was promoted to Enron chief executive early in the year but resigned in August, sold more than $5 million in company shares according to transaction records covering the first half of the year.
Former chief financial officer, Andrew Fastow, who was fired last month in an action related to the financial mess, made $14 million in stock sales betweeen March and November of last year. Kenneth Lay, Enron's chief executive, who returned after his protege Skilling left, made at least $20 million in stock sales from late last year. He has announced that he would decline his severance package.
Dynegy, another Texas energy marketing company, has made a bid to buy Enron. That probably means the best Enron and PGE employees can hope for now is that Dynegy will be a better corporate owner, or they can try their luck with one of the many shareholder lawsuits being filed.
The Securities and Exchange Commission is investigating Enron's activities. If its behavior was illegal, there will be consequences for company officers.
That's still not much to offer to workers who have seen their retirement savings dissolve. But for now it's all there is.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
FINANCE WEEK - From dealing to reeling.
By BARRY RILEY.
11/17/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
FINANCE WEEK - From dealing to reeling - The legacy of the late 1990s stock market bubble remains with us, as does irrationality THE LONG VIEW - BARRY RILEY.
Optimism is back. Stock markets around the globe have typically rallied by 20 per cent since rock bottom was reached on September 21. Only 9 per cent of global fund managers believe equities will be lower in 12 months, according to a Merrill Lynch survey published this week.
But the legacy of the late 1990s stock market bubble remains with us. The challenge is how to minimise the level of irrationality. Two of the UK's biggest losers from crazy prices reported on Tuesday. Vodafone suffered #11.45bn of write-downs - but curiously, made no provisions against the sky-high #13.1bn it paid for third-generation mobile phone licences in 2000.
Such payments, argued Sir Christopher Gent, Voda-fone's chief executive, were merely what the market demanded at the time. It is interesting to note, too, that Paul Klemperer, the Oxford professor who is an expert in "auction theory" and advised the British government, has defended the disastrous outcome by arguing that the prices reflected the capital market's view of 3G's prospects. The common theme here is that it is nobody's fault if crazy prices are paid, because they are legitimised by the stock market.
Marconi, which is financially in a much worse state than the mobile phone giant, has written off most of the #4.1bn paid for US internet hardware companies in 1999. There has also been a great deal of controversy in the US during the past few weeks over the near-collapse of Enron, the power group being rescued by a takeover bid from its smaller rival Dynegy. There was an obvious failure by investors - and by stock market analysts - to assess the true risks at Enron.
Smart businessmen will sellat mad prices, but why on earth should they buy? The trouble is, too many academics have developed theories of value based on rational expectations. The real world is unfortunately very different.
Some of the distortions had obvious technical origins. The Vodafone bubble of 1999 reflected the cross-border takeover of Mannesmann and the artificial weighting shortages that developed from that transaction as Vodafone ballooned in market capitalisation to reach, at one stage, 16 per cent of the FTSE 100 Index. The market price was driven not by normal corporate fundamentals, but by the desire of most fund managers to reach a market weighting, at which point they were "safe" in terms of risk against the index benchmark.
That was the period when investment banks exploited the idea of low free-float new issues: internet companies, especially, were floated off with only 15 per cent of the stock made available, although anything up to 100 per cent went into the indices, creating serious shortages and bubble valuations. Changes now being made to the main stock market indices have reduced the problem, but there remains a basic irrationality in the concept that investment risk resides in an index rather than in the underlying stocks.
Takeovers have always been plagued by irrationality, and indeed this is an area where academics recognise the problem; over many years they have pointed out that all the benefits of deals, and often more than all, accrue to the shareholders of the companies taken over, while investors in the bidding companies suffer dilution. Investors know this, and in normal market conditions news of a takeover will depress the bidder's share price. But in a bubble market these prudent attitudes can be overwhelmed by euphoria, as well as technical factors relating to demand by fund managers so that they can maintain their weightings when a bidder is spraying around large quantities of new equity.
Also, it is irrational that many more deals are done when the stock market is high than when it is low. Two years ago, companies such as Marconi were engaged in buying sprees at daft prices. Now, when prices are much lower, hardly any acquisitions are being made (and investment banks are dismissing thousands of employees). An exception to the deal famine is gold mining, which just happens to have been one of the stock market's strongest sectors this year.
Another important source of irrationality has been the domination of stock market analysis by the stockbroking offshoots of the investment banks. Over recent years their earnings-per-share forecasts for the next calendar year have been on average 8 per cent too high. This has not just been a mistake; they have been paid to be over-optimistic. Admittedly, attempts are being made to restructure the incentives here, as the embarrassed investment banks come under pressure from the regulators and the courts for their errors of judgment during the bull market, but it remains to be seen whether much will really change.
The mystery is why anybody would take notice of these forecasts, and indeed many professional investors do not. That Merrill survey, incidentally, shows that fund managers on average expect no more than 4 per cent earnings per share growth over the next year, while the stockbrokers' analysts are still clinging to the hope that it will be 15 per cent.
A final source of distortion is the tendency of companies to offer their executives the wrong sort of incentives. The ruin of Marconi may appear irrational, when multi-billion-pound acquisitions are being declared worthless after only two years. But executives with lucrative stock option plans, which pay off if their gambles go right, combined with golden goodbye and pension packages that are triggered if things go wrong, may well consider it perfectly rational, from their viewpoint, to take much bigger risks than other shareholders, or employees, would consider acceptable.
Moreover, Sir Christopher Gent, shareholders of Vodafone will remember, received a controversial #10m personal bonus last year for clinching the Mannesmann takeover, a deal that requires #10bn of write-offs.
In normal market conditions the valuation of equities may be tolerably rational, but in a bubble market the rules are thrown out of the window. Many investors certainly like the idea of getting rich quickly. That is why many people subscribe so keenly to national lotteries in which the chance of winning is so small as to be not worth rational consideration.
[email protected].
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
WORLD STOCK MARKETS - Bears take upper hand on Wall St.
By MARY CHUNG.
11/17/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
After an early game of tug-of-war, the bears took the upper hand as the Dow Jones Industrial Average closed 5.40 lower at 9,866.99. The S&P 500 index gave up 3.59 at 1,138.65 and the Nasdaq Composite slipped 1.98 at 1,898.59. Volume was fairly heavy with 1.34bn trades in the NYSE.
The indices were earlier bolstered by news that some of the leaders of the Taliban and the al-Qaeda terrorist network had been killed in bombing raids on Kabul and Kandahar this week.
However, the momentum faded as investors found little reason to keep sending stocks higher following a sharp decline in the US consumer price index. The index saw its steepest monthly drop since April 1986. Separately, the Federal Reserve reported another drop in industrial output last month.
Investors appeared more hesitant to step into the market and buy stocks after several weeks of sharp gains. However, the corporate picture looked to be improving for some companies such as Dell. The computer maker reported third-quarter results that beat analysts' estimates by a penny and predicted a small rise in sales for the current quarter. Shares, however, fell 4 per cent at $26.60.
Rivals Hewlett-Packard shed 2.7 per cent at $21.50 and Compaq gave up 3.7 per cent at $10.30. Yahoo!, the world's largest internet portal, jumped 4.3 per cent at $15.47 after it announced a restructuring and job cuts, but reaffirmed its guidance for the fourth quarter.
Shares in Starbucks fell 9 per cent at $17.50 in spite of the coffee company reporting a 22 per cent rise in earnings for the fourth quarter.
Energy prices rose in spite of the continuing dispute over oil production between Opec and Russia. Amerada Hess put on 2.5 per cent at $54.59 and Exxon Mobil added 1 per cent at $37.54. Enron, the embattled energy trading company, however, slid 5 per cent at $9. Most Dow components were lower as Alcoa slipped 1 per cent at $37.12, American Express shed 3.7 per cent to $33.13 and Wal-Mart fell 1.6 per cent at $55.10.
Toronto was little changed in morning trade in spite of a rally in technology and cyclical shares, the first sectors expected to respond to an improving economy.
However, at the close the S&P TSE-300 composite index was up 0.72 per cent at 7,315.30 as tech issues continued to strengthen.
Overall, 11 of the market's 14 sub-indexes were higher but safe-haven gold stocks suffered as hopes grew for a swift conclusion to the war in Afghanistan. The tech-heavy industrials sector enjoyed a 1.61 per cent gain. Electronics manufacturer Celestica charged ahead, rising 3.3 per cent to C$64.80.
Telecoms equipment heavyweight Nortel Networks jumped to C$12.69 as several investment firms raised targets.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business; Financial Desk
IN BRIEF / ENERGY Pension Funds Consider Action Against Enron
Reuters
11/17/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
Some big pension funds that invested in Enron Corp. said they are considering legal options in the wake of the energy giant's stock collapse and a regulatory probe of its dealings.
Spokesmen for the New York state and city comptrollers and an official from Amalgamated Bank, a trustee of workers' retirement funds, said they were looking into lawsuits stemming from Enron's murky financial dealings and stock plunge.
Pension funds and mutual funds have been big holders of Enron, once a Wall Street darling whose stock has plunged 89% this year.
Five New York City pension funds hold about 2.9 million Enron shares, said David Neustadt, a spokesman for the New York City Comptroller's Office. The funds serve teachers, police and other city workers.
Enron shares fell 48 cents to $9 on the New York Stock Exchange.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Investors Hope Filing Will Shed More Light on Finances
2001-11-17 11:06 (New York)
Enron Investors Hope Filing Will Shed More Light on Finances
Houston, Nov. 17 (Bloomberg) -- Enron Corp. investors hope
the energy trader's third-quarter report to the U.S. Securities
and Exchange Commission will answer some of the questions that
sent its shares tumbling and led to a proposed sale to rival
Dynegy Inc.
Enron, which has been criticized for failing to clearly
explain how it makes money, may disclose in Monday's filing more
on how much is owed by the company and affiliated partnerships, as
well as any planned job cuts and other cost-saving moves related
to Dynegy's $24 billion buyout.
``Investors will be looking for anything that affects the
likelihood of the (Dynegy) deal going through and the timing of
such a deal,'' said Edward Paik, who helps manage the Liberty
Utilities Fund, which owns 1.6 million in Enron shares.
Enron agreed to sell after its stock plunged 67 percent in
three weeks amid an SEC investigation into partnerships run by
Enron executives. Investors worry that new disclosures, such as
previously unreported debt, might threaten Enron's credit rating
and scuttle the merger, possibly pushing Enron into bankruptcy.
``There's been so much skepticism about what Enron's
liabilities are with these partnerships, I'm looking to quantify
this,'' said Glen Hilton, a fund manager at Montgomery Asset
Management LP, which holds Dynegy shares.
Enron Chairman Kenneth Lay admitted last week that failed
investments and a loss of investor confidence forced the sale to
Dynegy, and he and other executives pledged to be more open with
investors. Lay, 59, said last week he won't accept a severance
package of more than $60 million that he could have collected
following the takeover.
Enron shares fell 48 cents yesterday to $9. Dynegy fell
$1.53, or 3.5 percent, to $42.47.
Balance Sheet
Enron's third-quarter report, which had been expected last
week, was delayed by the Dynegy talks and a restatement of
earnings, Chief Financial Officer Jeffrey McMahon said. Enron
reduced net income for four years by a combined $586 million to
include losses from affiliated partnerships.
Monday's filing, called a 10-Q, will include a balance sheet
summarizing assets and debts. Enron for years has omitted balance
sheets, which the SEC requires as part of the 10-Q, from its press
releases announcing earnings.
Investors renewed their criticisms of the practice after Lay
mentioned during a conference call last month that dealings with
two partnerships had reduced Enron's shareholder equity, or its
assets minus liabilities, by $1.2 billion. The disclosure led to
the ouster of Chief Financial Officer Andrew Fastow.
``Everyone is trying to make their own assessment of what
(Enron's) ultimate liability will need to be,'' said Commerzbank
Securities analyst Andre Meade, who rates the shares ``hold'' and
doesn't own them.
Monday's report probably won't give a complete answer, said
Louis Gagliardi, an analyst at John S. Herold Inc. While the
balance sheet will list liabilities for the partnerships, which
were set up to buy Enron assets and get debt off the company's
books, it won't spell out Enron's share, he said.
``What is the net liability off the balance sheet?''
Gagliardi said. ``We really don't know what that number is.''
Credit Rating
Dynegy has said it can back out of the acquisition if Enron's
legal liabilities exceed $3.5 billion. The balance sheet ``will
help us see how good a deal this is for Dynegy,'' said Kathleen
Vuchetich, co-manager of the $1.4 billion Strong American
Utilities Fund, which owns 284,000 Dynegy shares.
Both companies are based in Houston.
The filing also might offer details on the SEC probe. ``It
may say what the SEC is looking for, and what the rating agencies
have told them,'' said Christopher Ellinghaus, an analyst at
Williams Capital Group. He added, though, ``I don't expect much.''
Enron's stock drop led Moody's Investors Service to cut the
company's debt rating to the lowest investment grade. Dynegy held
off on a purchase agreement out of concern that the rating would
be cut to junk, jeopardizing Enron's ability to raise cash needed
to settle its daily power and natural-gas trades.
Enron may reveal where it expects to cut jobs and how much it
will pay to departing employees, Paik said. Chief Operating
Officer Greg Whalley said last week that fourth-quarter profit
will be hurt by severance payments and reorganization costs. He
didn't give details.
Jobs likely will be eliminated in businesses the company
plans to sell, including its money-losing telecommunications unit
and operations in Europe, analysts said.
Enron has about 21,000 employees, two-thirds in the U.S. and
about a fifth in the U.K. Its 600 traders are divided between
London and Houston, where Enron employs about 7,500.
Many Enron workers are already preparing for layoffs, said
Lyndon Taylor, a Houston-based recruiter for Heidrick & Struggles
International Inc., an executive placement firm.
``I got 56 resumes last week from Enron,'' Taylor said.
``That's equal to the number I got in the past year.''
--Margot Habiby in Dallas and Jim Polson in Princeton
UK: Trade, bank buyers circle Enron's Wessex Water-reports.
11/17/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Nov 17 (Reuters) - Both financial and trade buyers are considering bids for Wessex Water, the UK utility owned by crisis-hit U.S. energy group Enron , weekend press reports said.
According to the UK trade magazine Utility Week, Enron's rescue buyer Dynegy wants to offload Wessex as soon as possible, and focus on integrating Enron's core energy businesses.
A report in the Sunday Telegraph newspaper named German bank WestLB as a possible buyer at a price of 1 billion pounds ($1.4 billion). WestLB is the financial backer of the management buyout team that owns another southern England regional utility, Mid Kent Water.
Utility Week raised the possibility that UK power utility Scottish & Southern might be interested.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Financial Post: Canada
A user's guide to living in Calgary: People moving from Houston find the cities much alike
Claudia Cattaneo
Financial Post
11/17/2001
National Post
National
FP7
(c) National Post 2001. All Rights Reserved.
U.S. oil companies are setting up shop all over downtown, usually picking high-quality office space with lots of open space. Anadarko Petroleum Corp. is located at Fifth Avenue Place, Burlington Resources Inc. is in Bow Valley Square and Devon Energy Corp. is in Canterra Tower. Some end up in the offices of the companies they acquire. Conoco Inc. has moved into Gulf Canada Square.
The big takeover wave has led to a reshuffling of downtown space. Today, there is a shortage of large spaces and an increase in small ones available for sublease.
Some would like to get the towers they occupy named after them but landlords resist this because naming a building after one tenant can be a disincentive for others.
Oilmen's favourite hangout is the Calgary Petroleum Club, founded by U.S. and Canadian oilmen in 1948 in the Palliser Hotel. Members have reciprocal membership at the Petroleum Club of Houston. But Calgary's Pete Club is a bargain compared to its Texas counterpart. The initiation fee in Calgary is $2,000, monthly dues are $65 and the minimum amount members must spend in a year is $600. The initiation fee for full membership at the Petroleum Club of Houston is US$3,500, monthly dues are US$110 and the minimum house account is US$75 per quarter.
U.S. executives running Canadian oil and gas operations earn substantially more than their Canadian counterparts because their compensation is competitive with the U.S. market.
When U.S. oil companies purchase Canadian operations, they like to keep as much of the Canadian staff as possible, since they are even more aware than their Canadian rivals of the "war for talent."
When recruiting locally, U.S. firms pay competitively but of course will pay what they must to get the best candidate. They also offer competitive benefits and stock-option plans. U.S. employers gulp at the generous holidays enjoyed by Canadian oilpatch employees.
There's no American neighbourhood in Calgary, although many recent arrivals are buying homes close to the city's core, particularly in such high-end neighbourhoods as Mount Royal, Elbow Park and Britannia, where homes sell for $500,000 to $2-million.
Some U.S. companies purchase condominiums in such areas as Eau Claire on the Bow River to house U.S. executives in transit.
Ted Zaharko, a broker-owner with Royal LePage, says Americans are driven by lifestyle choices and the fact that they can afford to buy expensive homes. Living near other Americans isn't important.
The cost of living is lower in Calgary than in many comparable U.S. cities. However, U.S. cities become more competitive for high-income earners because personal income taxes in Canada are higher than in the U.S. at the higher income levels. Offsetting factors include access to health care, clean air, a short commute to work and the nearby mountain playground, which tend to be important to affluent people.
U.S. oil types may have strange accents -- many come from the southern states -- but oilpatch jargon is pretty much the same. Calgarians and Americans understand one another when they talk of dry holes (no discovery), wildcat wells (exploration wells) or roughnecks (rig workers). The language of money is also the same: barrels and U.S. dollars.
Oilpatch humour is also borderless. One of the latest jokes circulating by e-mail, courtesy of oilpatch investment dealer Peters & Co., is called "Understanding Enron." The U.S. energy giant is in trouble over its use of off-balance-sheet transactions to keep debt off its books:
FEUDALISM You have two cows. Your lord takes some of the milk.
FASCISM You have two cows. The government takes both, hires you to take care of them and sells you the milk.
PURE COMMUNISM You have two cows. Your neighbours help take care of them and you all share the milk.
APPLIED COMMUNISM You have two cows. You must take care of them, but the government takes all the milk.
TOTALITARIANISM You have two cows. The government takes them both and denies they ever existed. Milk is banned.
MEXICAN DEMOCRACY You have two cows. The government takes both and drafts you into the army.
EUROPEAN DEMOCRACY You have two cows. The EU commission decides which regulations for feeding and milking apply. If there aren't any, they invent some. They pay you not to milk the cows. They take both cows, shoot one, milk the other and pour the milk down the drain. They then require you to fill out forms accounting for the missing cows.
AMERICAN DEMOCRACY The government promises to give you two cows if you vote for it. After the election, the President is impeached for speculating in cow futures. The press dubs the affair "cowgate," but supports the President. The cows sue you for breach of contract. Your legal bills exceed your annual income. You settle out of court and declare bankruptcy.
CAPITALISM You have two cows. You sell one and buy a bull. Your herd multiplies and the economy grows. You sell them and retire on the income.
ENRON VENTURE CAPITALISM You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so you get all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company. The annual report says the company owns eight cows, with an option on one more.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says
2001-11-17 20:01 (New York)
London, Nov. 18 (Bloomberg) -- Westdeutsche Landesbank
Girozentrale, Germany's largest state-owned bank, is one of
several suitors talking to Enron Corp. about its Wessex Water
unit, which is valued at more than 1 billion pounds ($1.4
billion), the Sunday Telegraph said without citing sources.
Dynegy Inc. of the U.S. is looking to buy Enron for $24
billion, and will sell some of its assets, including Wessex.
WestLB made a formal offer to Enron in the past few days in hopes
of striking a quick deal because Dynegy may want to avoid the
regulatory risk in such a sale; any bid for a water company in the
U.K. worth at least 30 million pounds must be referred to the
Competition Commission, the newspaper said.
Enron bought Wessex for 1.4 billion pounds in 1998. RWE AG of
Germany, Europe's fourth-biggest power company, is also interested
in Wessex, but Enron thinks U.K. regulators won't approve an RWE
bid because the company already owns Thames Water, a large U.K.
water company.
WestLB has also been reported to be preparing a buyout for
Railtrack Group Plc, the insolvent owner of the U.K.'s train
tracks and stations, the paper said.
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
2001-11-16 17:36 (New York)
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
Houston, Nov. 16 (Bloomberg) -- Enron Corp. closed Wednesday
on a $550 million loan from J.P. Morgan Chase & Co. and Salomon
Smith Barney Inc. that was secured with assets of its Transwestern
Pipeline Co., spokesman Vance Meyer said.
Enron, the largest energy trader, said Nov. 1 that it had
received a commitment for $1 billion in loans from the investment
banks that would be used for debt payments and to supplement cash
reserves.
Enron secured the loans with the assets of Transwestern and
the Northern Natural Gas Co. The two pipeline systems combined are
about 19,000 miles long and can deliver as much as 6 billion cubic
feet of gas a day. The remaining $450 million loan, secured with
the Northern Natural Gas assets, is in the documentation stage and
is expected to close next week, Meyer said.
Enron agreed a week ago to be acquired by Dynegy Inc. in a
transaction now valued at $24.7 billion in stock and assumed debt.
The move followed a loss in investor confidence -- the company's
shares had fallen 90 percent this year -- and amid a federal
investigation of accounting irregularities that limited its
ability to finance operations.
ChevronTexaco Corp., the second-biggest U.S. oil company and
Dynegy's largest shareholder with 26 percent, provided Enron,
through Dynegy, with a $1.5 billion cash infusion on Tuesday as
part of the buyout agreement.
In return, Dynegy acquired preferred stock and other rights
in the Enron unit that owns Northern Natural Gas. If the merger
isn't completed, Dynegy will have the right to acquire Northern
Natural Gas, Enron said in regulatory filing Wednesday.
ChevronTexaco will provide Dynegy with another $1 billion after
the merger closes to maintain its equity stake.
The shares of Enron fell 48 cents to $9, while shares of
Dynegy fell $1.53 to $42.47. Both companies are based in Houston.
Shares of San Francisco-based ChevronTexaco fell 35 cents to
$83.45.
--Margot Habiby in the Dallas newsroom (214) 954-9452 | {
"pile_set_name": "Enron Emails"
} |
Please pass this onto the individuals in your groups:
Tomorrow's simulation and Friday's desk to desk trading will provide an excellent opportunity for us to double check the online deals in tagg and sitara. Please pay special attention to these deals and let me know of any bridging issues. Even though we have been testing and having various people check the deals in the underlying systems, I am afraid of any logic that may be hardcoded in the bridge.
Notify me immediately of any deals that are bridging incorrectly and I will try to resolve as soon as possible. I will also be watching the bridge to research any failed deals.
Thanks for your help. Let's hope for a smooth transition!
Dawn
3-9353 | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Jeff Dasovich/NA/Enron on 03/07/2001 11:28 AM -----
"Daniel Douglass" <[email protected]>
03/07/2001 11:27 AM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: GAO Investigation
On Monday, 2 March 200, U.S. Representatives Jay Inslee and Peter Defazio
(OR-04) requested that the investigative arm of Congress research whether
energy producers have been "gaming the market" and unfairly jacking up energy
prices in the Western United States. "My constituents have seen huge
increases in their energy prices, and I have seen some reports suggesting
that energy producers have deliberately withheld energy from the market in
order to drive prices even higher. I am requesting that the GAO investigate
this possible market manipulation, and determine whether these reports are
accurate," said Inslee.
Following is text of the Congressmen's letter to the General Accounting
Office:
March 5, 2001
David Walker
Comptroller General of the United States
General Accounting Office
441 G Street NW
Washington, DC 20548
Dear Mr. Walker:
We are writing to request that the General Accounting Office (GAO)
investigate whether power shortages and the subsequent skyrocketing energy
prices in California, which has had serious ripple effects throughout the
Western United States, was due to market manipulation by energy producers.
We are concerned about allegations that energy producers have been
manipulating the market by pulling generators offline for no justifiable
reason, thus creating an artificial scarcity of energy in order to drive up
prices.
The apparent energy shortages in the Western United States will undoubtedly
raise issues as to whether we as a nation change our policies toward
developing our energy resources and whether we change the manner in which we
currently operate Federal hydroelectric facilities. For example, many
elected officials have used the energy crisis as an argument to drill for oil
in the Arctic National Wildlife Refuge, and to open for oil and gas
exploration millions of recently protected National Forest lands. To answer
these important policy questions which will be considered in the House
Committee on Resource, a committee on which we both sit, we believe that we
must have an accurate understanding of the causes of the current energy
crisis.
We recognize there are many contributing factors to the current energy
crisis, including high natural gas prices, a lack of generation and
transmission capacity, and California's failed effort to deregulate its
energy market.
While the economics of supply and demand lead to the conclusion that the
scarcity of generation in California has contributed to the high energy
prices, it is not clear why there is such a scarcity. Many analysts point to
such variables as inadequate water supplies and the need for increased
maintenance as the cause for so much generation unexpectedly being taken
offline in California. According to information we have seen, however, these
factors do not come close to fully explaining the scarcity of energy supplies
in California.
For example, it is our understanding that in an absolute low water year,
California has more than 45,000 mW of generating capacity available.
According to the Western Systems Coordinating Council (WSCC), the entity to
which all power generators in the West are required to report their power
availability, California has been importing more than 2,000 mW of power,
while recent peak demand in California on those same days has hovered around
only 30,000 mW. While almost 10,000 mW of this 17,000 mW difference is duly
accounted for as being offline either through planned or unplanned
maintenance, there is apparently about 4,000 to 8,000 mW of potential
generation in California which is not online for reasons that remain
unexplained.
Meanwhile, prices for wholesale electricity have been going through the roof,
with some generators and marketers of energy in California earning record
high profits. These energy companies have insisted they are operating their
generators at maximum capacity and are not manipulating the market by pulling
generation offline. We have read evidence to the contrary. For your
reference, we have enclosed a report by the private consulting company
McCullough Research Group, and a research paper by Massachusetts Institute of
Technology economics professor, Mr. Paul Joskow.
The Federal Energy Regulatory Commission (FERC), the federal agency
responsible for ensuring that energy costs are "just and reasonable," has
studied the energy crisis in the West. As you may know, while FERC concluded
that energy prices in California are not "just and reasonable," based on a
preliminary inquiry, they determined there is insufficient evidence of market
manipulation as a contributing factor to the high prices.
Given independent reports that are at odds with FERC's conclusions, we are
concerned FERC has not done an adequate job in its investigation of possible
market manipulation. Therefore, we request that you:
Compare the methodology used by FERC with that of Professor Joskow.
Determine whether or not the FERC methodology and investigation were thorough
enough to determine whether generating capacity has been withheld without
legitimate reason.
Analyze whether California's deregulation of its electric utility market
created a regulatory environment in which a small number of energy generators
or marketers are more easily able to manipulate power prices by withholding
generation.
Thank you for investigating this matter. Due to the time critical nature of
this issue, it is our hope that your office can make this investigation a
high priority.
Sincerely,
JAY INSLEE
Member of Congress
PETER DEFAZIO
Member of Congress | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Jeff Dasovich/NA/Enron on 11/15/2000 04:24 PM -----
Sarah Novosel
11/10/2000 02:24 PM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Susan J Mara/NA/Enron@Enron,
Jeff Dasovich/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON, [email protected],
Alan Comnes/PDX/ECT@ECT, Tom Briggs/NA/Enron@Enron, Cynthia
Sandherr/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, David
Parquet/SF/ECT@ECT, Christopher F Calger/PDX/ECT@ECT
cc: Christi L Nicolay/HOU/ECT@ECT
Subject: FERC Staff Investigation Report
In Staff's report on its investigation of the bulk power markets in the east,
the Midwest report notes on page 2-15, Additions to Capacity, that new
generation has been added in the Midwest region, and that some market
participants believe that developers sited new generation in the Midwest
because there were no price caps.
Steve Kean suggested that we refer to this finding in our November 20
comments on the California order and specifically draw the conclusion that no
price caps leads to more generation development.
The Midwest report is attached. Please let me know if you have any questions.
Sarah | {
"pile_set_name": "Enron Emails"
} |
Start Date: 3/8/01; HourAhead hour: 9; No ancillary schedules awarded. No
variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030809.txt | {
"pile_set_name": "Enron Emails"
} |
Happy New Year! NESA is kicking off our 2002 calendar of events with a
mixer on Thursday, January 31 from 5:00 p.m. until 8:00 p.m. downtown at the
Boaka Bar! The Boaka Bar is located at 1010 Prairie, right next to the
Mercury Room. Make plans now to join us - there's no cover and your first
drink is FREE!
Take this opportunity to renew your dues, and encourage your colleagues to
join as well! Everyone who sponsors new members between today and January
31 will be entered into a special drawing for HOUSTON TEXAN tickets (must be
present to win!) You can bring those new members with you and they can
register at Boaka Bar, so mark your calendar for Thursday, January 31 and
meet us downtown!
You can RSVP to this email just to let us know you're coming and include the
name of your guest if you're bringing one!
TERESA A. KNIGHT
Vice President, Member Services
[email protected]
(713) 856-6525
Fax (713)856-6199 | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Judy Townsend/HOU/ECT on 11/15/2000 10:47
AM ---------------------------
"[email protected]"<perfmgmt on 11/14/2000 09:18:38 PM
To: [email protected]
cc:
Subject: Year End 2000 Performance Feedback
NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.
To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services. You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.
If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:
Houston: 1.713.853.4777, Option 4
London: 44.207.783.4040, Option 4
Email: [email protected]
Thank you for your participation in this important process.
The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN." Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.
Review Group: ENRON
Feedback Due Date: Nov 17, 2000
Employee Name Supervisor Name Date Selected
------------- --------------- -------------
BARBE, ROBIN S SCOTT M NEAL Nov 12, 2000
BEATY, BEVERLY B VICTOR LAMADRID Nov 06, 2000
FLETCHER, BRENDA H WILLIAM A KELLY Oct 30, 2000
FRANKLIN, CYNTHIA H VICTOR LAMADRID Nov 14, 2000
GARCIA, CLARISSA VICTOR LAMADRID Nov 06, 2000
GERMANY, CHRIS L SCOTT M NEAL Nov 03, 2000
GOODELL, SCOTT E SCOTT M NEAL Nov 01, 2000
JUNEK, DANIEL R SCOTT M NEAL Nov 03, 2000
LAMADRID, VICTOR ROBERT A SUPERTY Nov 01, 2000
MITCHELL, MEREDITH L VICTOR LAMADRID Nov 14, 2000
PANDYA, BHAVNA N COLLEEN SULLIVAN-SHAKLOVITZ Oct 30, 2000
PEREIRA, SUSAN W SCOTT M NEAL Nov 12, 2000
RING, ANDREA K SCOTT M NEAL Nov 12, 2000
VERSEN, VICTORIA L SCOTT M NEAL Nov 12, 2000 | {
"pile_set_name": "Enron Emails"
} |
Please get available dates. I need to be there for this.
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/07/2001
10:56 AM ---------------------------
From: Mark Palmer on 05/04/2001 10:40 AM
Sent by: Cindy Derecskey
To: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Karen
Denne/Corp/Enron@ENRON, Christie Patrick/HOU/ECT@ECT, Dennis
Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Kimberly/Enron
Communications@Enron Communications, Peggy Mahoney/HOU/EES@EES, Eric
Thode/Corp/Enron@ENRON, Jackie Gentle/LON/ECT@ECT, Gina
Taylor/Enron@EnronXGate, Elyse Kalmans/Enron@EnronXGate, Steven J
Kean/NA/Enron@Enron
cc: Carla Galvan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pat
Radford/HOU/ECT@ECT, Melinda McCarty/Corp/Enron@Enron, Mireya
Olsen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Stacy Walker/Enron
Communications@Enron Communications, Cindy Cicchetti/HOU/EES@EES, Renee
Anderson/NA/Enron@Enron, Alma Martinez/Enron@EnronXGate, Zulie
Flores/Enron@EnronXGate, Maureen McVicker/NA/Enron@Enron
Subject: HIGH PRIORITY - PR's PRC Meeting
It's that time again...
We would like to schedule PR's PRC meeting prior to Steve Kean's FINAL PRC
meeting which is scheduled for June 27th. Please let me know your
availability during the FIRST HALF of June - excluding the following dates:
June 6,7, 11,12,13. The meeting would begin at noon and last until all
topics are covered and resolved.
Please respond at your earliest convience. | {
"pile_set_name": "Enron Emails"
} |
The report named: Violation/Notification Memo <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=60&report_name=Violation/Notification+Memo&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y¤t_efct_date=11/13/2001>, published as of 11/13/2001 is now available for viewing on the website. | {
"pile_set_name": "Enron Emails"
} |
Hi,
I saw your posting concerning the kayak. Do you still have it? Where is it
located? I may be interested.
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
AAI Presentation:
(See attached file: DRT2753.jdnmu.PPT)
News weather ......
Thanks for agreeing to speak Steve.
- DRT2753.jdnmu.PPT
- South Texas Pres Aug 13 2000.pges.alledits.ppt | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 08:06 AM -----
Scott Govenar <[email protected]>
02/14/2001 03:37 PM
To: Hedy Govenar <[email protected]>, Mike Day <[email protected]>, Bev
Hansen <[email protected]>, Jeff Dasovich <[email protected]>, Susan J Mara
<[email protected]>, Joseph Alamo <[email protected]>, Paul Kaufman
<[email protected]>, Michael McDonald <[email protected]>,
David Parquet <[email protected]>, Rick Johnson
<[email protected]>, Marcie Milner <[email protected]>, Sandra McCubbin
<[email protected]>, Tim Belden <[email protected]>, Rick Shapiro
<[email protected]>, Jim Steffes <[email protected]>, Alan Comnes
<[email protected]>, Chris Calger <[email protected]>, Mary Hain
<[email protected]>, Joe Hartsoe <[email protected]>, Donna Fulton
<[email protected]>, Steven Kean <[email protected]>, Karen Denne
<[email protected]>, Beverly Aden <[email protected]>, Bill Votaw
<[email protected]>, Carol Moffett <[email protected]>, Debora
Whitehead <[email protected]>, Dennis Benevides
<[email protected]>, Don Black <[email protected]>, Dorothy
Youngblood <[email protected]>, "[email protected]"
<[email protected]>, "[email protected]" <[email protected]>,
"[email protected]" <[email protected]>, "[email protected]"
<[email protected]>, "[email protected]" <[email protected]>,
"[email protected]" <[email protected]>, "[email protected]"
<[email protected]>, Mike D Smith <[email protected]>, "[email protected]"
<[email protected]>, "[email protected]" <[email protected]>, "[email protected]"
<[email protected]>, "[email protected]" <[email protected]>,
"[email protected]" <[email protected]>
cc:
Subject: DA Coalition
Attached, please find message points from the direct access coalition.
- dacoalition.summary.doc | {
"pile_set_name": "Enron Emails"
} |
This just came and seems a little light on content and details. Also I was
under the impression that there was meant to be points for World Records and
Olympic Records (can we use the word "Olympic" in the "how to play" section?).
Before I respond please revue and provide feedback/thoughts.
Cheers
Victor
---------------------- Forwarded by Victor Browner/HOU/ECT on 08/29/2000
03:44 PM ---------------------------
Craig Johnson <[email protected]> on 08/29/2000 07:39:10 AM
To: [email protected]
cc:
Subject: how to play
Victor,
Just missed your call. I will follow up with you later today on prizing
covering North America. Attached below is a basic game overview on how to
enter and play. Let me know if you need more details.
Thanks,
Craig
<<how to play overview.doc>>
- how to play overview.doc | {
"pile_set_name": "Enron Emails"
} |
Honey, I have talked to maritza and she will come clean Thursday
Also - if you could follow up on the insurance claim I filed for the tree info is:
Allstate's South TX claim office ph#1-888-250-6605
The claim number is 8202536549 filed 8/31 on our homeowner's policy#216939226
I don't think they assigned an adjustor yet - they said someone from that claims
office would call us..
ily
kq | {
"pile_set_name": "Enron Emails"
} |
[IMAGE]
Get the Best of the Las Vegas Strip for Pennies on the Dollar! 100 Vegas Vacations up for auction with bids starting at $1. Get in on this ultimate gamblers package today. Spend 4 Days in Vegas at Your Choice of one of the following resorts: Bally's Resort & Casino, Flamingo Resort & Casino, Stardust Hotel & Casino, Riviera Hotel & Casino. Here's the best part: Get your bid in early and win a free upgrade to the Aladdin Resort & Casino + $500 in chips! Click here to learn more. Say Goodbye to your travel agent forever: With over 1,000,000 products up for auction daily, top-level customer support, bids starting at $9, manufacturer warranties on the name brands you know and trust, uBid is the Online Auction buyers Supersite of choice. Check out some other recent WINNING travel auctions... 3 Days in St. Maarten for $69, American Tourister Carry-On Luggage Set for $99 Carnival 7-Night Triumph Cruise for $499. Sign-up and Bid Today HOT DEALS THIS WEEK Celebrity Cruises 7 Nt Western Caribbean Cruise -- Starting at $9 Targus, Samsonite and American Tourister Luggage -- Starting at $9 Orlando/Disney 3,4 and 7 Vacations -- Starting at $9 About uBid: Trust, as they say, is earned. Since 1997 uBid has been the number one Auction site for major brand name products from leading manufacturers like Compaq, Dell, Hewlett Packard, JVC and Sony. If you have a problem or question, our customer service team is available via email around-the-clock, 24 hours a day, 7 days a week. The majority of items are inventoried and shipped from uBid's own warehouse. uBid carries the BBB Online seal, and is also an AOL Certified Merchant. So, start shopping at uBid.com and never pay retail again! Note: Some auctions listed may have closed as inventory levels change daily You received this e-mail because you registered on CBS SportsLine.com. If you do not want to receive these special e-mail offers you can unsubscribe by clicking this link: http://www.sportsline.com/u/newsletters/[email protected] or by replying to this message with "unsubscribe" in the subject line. You are subscribed as [email protected]. Although we are sending this e-mail to you, SportsLine.com is not responsible for the advertisers' content and makes no warranties or guarantees about the products or services advertised. SportsLine.com takes your privacy seriously. To learn more about SportsLine.com's use of personal information, please read our Privacy Statement.
[IMAGE] | {
"pile_set_name": "Enron Emails"
} |
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
- 10-26 1400 Report.xls | {
"pile_set_name": "Enron Emails"
} |
Got a question about the Building Guy? Ask Beth Stier! Join Beth, owner of
Innovision Communications and the brains behind the Building Guy, on eSpeak
this Wednesday, May 23 at 10 a.m. Houston time. Beth's company manages most
of the video production for Enron; find out how!
Can't make the live event? No worries. Go to eSpeak (
http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your
question. Beth will answer it during her event and you can read the
transcript later.
What's new in the Thinkbank (
http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage)
this week? Check out the Idea Vault and the latest ideas: lift peakers,
password thumbprints, an anti-money laundering game, administrative assistant
computer-based training and even coffee trading!
What will it take to make Enron the World's Leading Company? Share your
thoughts today in eMeet http://nahou-lnapp01.corp.enron.com/eThink/eMeet.nsf. | {
"pile_set_name": "Enron Emails"
} |
As a result of feedback from employee surveys, and a desire to create
informal opportunities for Q&A and discussions around our business, over the
next few weeks the EWS Executives will be hosting floor discussions.
Please join
John Lavorato
Chief Operating Officer Enron Americas
on
Wednesday, 6th December
2.30-3pm
on the 31st floor (EB3112c)
Format: 1. "This Was The Month That Was"
2. The Month ahead
3. Q&A - Please think of any questions you would like to ask John during
the Q&A session.
If you would prefer to pre-submit your question, please send to Nicki Daw
via email. | {
"pile_set_name": "Enron Emails"
} |
Louise,
Thanks.
Vince
Louise Kitchen
07/27/2000 02:00 PM
To: Frank L Davis/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Energycast
Please could you sort out an guest id for one month.
---------------------- Forwarded by Louise Kitchen/HOU/ECT on 27/07/2000
13:59 ---------------------------
Vince J Kaminski
26/07/2000 09:05
To: Louise Kitchen/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Energycast
Louise,
Can we grant him guest access to EOL again? He is he same
person who requested it a few weeks ago. Evidently he was busy
working on another project.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/26/2000
09:06 AM ---------------------------
"Edward Krapels" <[email protected]> on 07/25/2000 11:09:47 AM
Please respond to [email protected]
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Energycast
Dear Vince,
I hope your trip to Australia was successful. It's one of my favorite places
to go.
I've copied you on the email to Mike initiating Enron's trial service to
Energycast. Thanks for helping to set this up.
Would you ask the authorities in Enron to refresh my access to Enrononline?
My Guest User ID as ENA61296 and my guest password was TR84BY13. They no
longer work, probably because I haven't visited the site in months as we
were in full development mode on Energycast.
Vince, you will note in our website references to forward prices of power in
Nepool, NYPP, and PJM. We use Reuters as a reference -- not satisfactory. If
your traders like Energycast and Enron became a client, would Enron consider
linking its prices to our site? We have to improve over the Reuters quotes
and regard Enrononline or Bloomberg as the best candidates. Over time, as
our service spreads I believe this could help generate deal flow for your
traders.
Let me know what you think.
Ed | {
"pile_set_name": "Enron Emails"
} |
Per kevin at Goldston they will be doing a plant turnaround on the 19, 20,
21, and will be flowing 0 at the point (989603) for those days. Just wanted
to give you a heads up in advance. | {
"pile_set_name": "Enron Emails"
} |
Molly,
Do you know who has posted this ad: SPEC SR PUBLIC RELATIONS, Job Code #0000109017.
I have a friend who is looking for a position who seems to have the perfect skills for this job.
Vince | {
"pile_set_name": "Enron Emails"
} |
correction on first goal - should say "2001", not "2002"
James D Steffes
01/19/2001 05:52 PM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
cc: Harry Kingerski/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, Susan J Mara/NA/Enron, Alan Comnes/PDX/ECT@ECT,
Mary Hain/HOU/ECT@ECT
Subject: CA Reg / Policy Goals
Here are some regulatory take-aways from our meeting with ENA and EES. I
don't think that these are overwhelmingly changed from our current position,
but
may be some small issues.
We will run these by EES to confirm we are on track.
Jim
----- Forwarded by James D Steffes/NA/Enron on 01/19/2001 05:27 PM -----
Harry Kingerski
01/19/2001 04:20 PM
To: Susan J Mara/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron
cc:
Subject: CA reg goals
for our discussions this afternoon | {
"pile_set_name": "Enron Emails"
} |
?
- 05_08_01ON.xls | {
"pile_set_name": "Enron Emails"
} |
attached | {
"pile_set_name": "Enron Emails"
} |
Sorry, have no idea.
From: Ann M Schmidt@ENRON on 03/14/2001 08:43 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Question
Hi John,
I work in Corp. PR and Eric Thode recommended that I drop you and email with
respect to a question I have about specific trade types that no one seems to
know the answer to. I wanted to know if you knew what ST and MLT trades are
and just so you know, in case it makes a difference, these are in context to
French power trading. I know you are extremely busy but if you get a chance
I would greatly appreciate your comments.
Thanks, Ann
x54694 | {
"pile_set_name": "Enron Emails"
} |
FYI. Andrea look at the clipping on CGC.
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on
01/03/2000 07:46 AM ---------------------------
Alexandre Bueno
29/02/2000 06:00 PM
To: Michael Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pablo
Acevedo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bernardo
Andrews/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Diego
Hollweck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John J
Shoobridge/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriela
Aguilar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rodolfo
Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Julian
Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cristian
Folgar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Calo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marta
Ortiz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luis
Juarros/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Guillermo
Canovas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Clipping 02/29/2000
BRAZIL: MEETING OF MAE ON FEBRUARY 29TH
Gazeta Mercantil, 29 Feb 2000, p. A-15:-
Companies which are part of the MAE (Electricity Wholesale Market) will hold
a general meeting on February 29th 2000 with the intention to discuss the new
rules for the operations of the sector.
The companies will discuss, for example, one resolution taken on February
25th which concedes credits for the companies and other which increases the
number of available plants to operate in peak periods.
BRAZIL: RURAL ELECTRIFICATION IN RIO DE JANEIRO
Gazeta Mercantil, 29 Feb 2000, p. a-13:-
According to the president of the Brazilian electricity company Cerj,
Alejandro Danus, the company has already informed the Brazilian Ministry of
Mining and Energy that it will join the rural electrification program 'Luz no
Campo' of the ministry, expecting to sign the contract in 15 days.
The two other electricity concessionaires which operate in the state of Rio
de Janeiro had already agreed to join the program, but Cerj took longer to
reach the same decision because it was analysing which technology should be
used in its concession area. Cerj is expected to invest R$ 60mn in the area,
mainly in the north of the state, benefiting 30,000 families which still do
not have access to electricity.
BRAZIL ANGRA-2 TO START OPERATIONS
Folha de S.Paulo, 27 Feb 2000, p. 1-14:-
The Brazilian National Nuclear Energy Commission (Cnen) established the
deadline of March 15th 2000 to release an authorisation for the operation of
the nuclear power station Angra 2 of the Brazilian state-owned nuclear
electricity company Eletronuclear in the Brazilian city of Angra dos Reis
(state of Rio de Janeiro).
With the authorisation, Angra 2 can begin to charge its reactor, testing and
inspecting safety after that. If everything is successful, the power station
ill begin to generate electricity in the end of April 2000 and generating
1,245 MW 3 months after that. But this time may be much longer, considering
that the previous nuclear power station Angra 1 took more than 3 years to
operate commercially after the charging.
BRAZIL: ELETROSUL IN POWER TRANSMISSION LINE
Gazeta Mercantil, 29 Feb 2000, p. a-13:-
Groups which want to compete in the tender for the construction of a power
transmission line between the Brazilian cities of Campos Novos and Blumenau
(state of Santa Catarina) must be qualified until March 15th 2000.
The company Eletrosul, a subsidiary of the Brazilian state-owned electricity
company Eletrobras, will compete in the tender alone (not participating in
any consortium).
Eletrosul signed pre-contracts with the companies ABB (Asea Brown Boveri) and
Siemens which will conduct works and supply equipment (Eletrosul will operate
the lines).
ARGENTINA: IMPACT OF POWERGEN'S ACQUISITION
El Cronista Comercial, 29 Feb 2000, p. 15:-
With the acquisition of US-based LG&E Energy for US$ 5.4bn, UK-based
PowerGen will become the owner of stakes in Argentina's gas distribution
companies Gas Natural BAN, Distribuidora de Gas del Centro and Cuyana. LG&E
has 1mn clients in Kentucky, Virginia, Spain and Argentina.
BRAZIL: FREE IMPORT OF FUEL POSTPONEMENT
O Estado de S.Paulo, 26 Feb 2000, p. b-1:-
The Brazilian executive-secretary of the Ministry of Treasury, Amaury Bier,
declared on February 25th 2000 that the Brazilian market of oil and
derivatives will be opened only in January 2001, and not in August 2000, as
predicted in the Oil Law.
The federal government will propose the change of this date to the Congress
through a draft law.
The reason for this measure, according to Bier, is that the oil sector is
currently too confused. He also informed that the government did not create a
substitute for the Specific Price Parcel (PPE) yet. The PPE is the part of
the fuel price which maintains the oil account.
BRAZIL: INCREASE OF FUELS PRICES
O Estado de S.Paulo, 26 Feb 2000, p. B-1:-
The executive-secretary of the Brazilian Ministry of Treasury, Amaury Bier,
announced on February 25th 2000 that the following fuels will have their
prices increased on March 1st 2000:
- gasoline and diesel oil by 7% in the refineries and
- kerosene for aircraft by 23%.
According to government estimations, this increase of gasoline prices in
refineries will result in an increase by 5% in gas stations, for final
consumers. The increase of the kerosene will result in an increase by 3% in
flights tickets prices.
BRAZIL: OIL SPILLAGE IN PARA
Folha de S.Paulo, 29 Feb 2000, p. 3-8:-
The Brazilian subsidiary of the American oil company Texaco will keep
cleaning the river Para probably by the first weekend of March 2000.
The company already removed 25% of the total 1.9 tonnes of fuel BPF spilled
in the river.
ARGENTINA: LOWERING TAXES, IMPOSSIBLE FOR NOW
El Cronista Comercial, 29 Feb 2000, p.2:-
Officials at the Argentine Revenue Service warn that it would be impossible
to lower taxes for now. Many are requesting that fuel and value added taxes
be lowered but this would mean US$ 2bn less in government revenues. When
considering the government fiscal deficit, it is easy to understand why the
government must look toward solutions that would increase tax collection and
not reduce it.
ECUADOR: EDC PLANS TO EXPLOIT GAS
El Comercio (Ecuador), 29 Feb 2000, p. 1:-
The firm, Energy Development Corporation (EDC) announced that it will invest
some US$ 100mn in a project to exploit natural gas in the coastal zone of
Ecuador. Drilling is scheduled to begin in May 2000 with production entering
the first phase in the 3rd quarter of 2001 with 32mn cubic feet daily, enough
to generate 204 megawatts of electrical energy.
SPAIN: REPSOL YPF'S STRATEGIC PLANS
Cinco Dias, 29 Feb 2000, p.5:-
Spanish oil operator Respsol YPF, which has broken its agreement with
Spanish electricity operator Iberdrola, intends to operate in the electricity
market in countries where it is active in gas business, particularly
Argentina, Brazil and Spain.
On the other hand, negotiations between Repsol YPF and Italian oil operator
ENI (Ente Nazionale d'Idrocarburi) are taking place. In any case, eventual
agreements will be implemented when ENI's privatisation process will conclude.
Additionally, the Spanish group expects to reduce nearly Euro 520mn costs by
2002, mainly through workforce reduction.
ARGENTINA: SALE OF CGC
La Nacion (Argentina), 29 Feb 2000, p. 2/1:-
The investment banks Dresdner Kleinwort Benson and Dresdner Bank are close
to a contract to take charge of the sale of a 51% stake in the Argentine oil
company Compania General de Combustibles (CGC), owned by Sociedad Comercial
del Plata (Soldati group).
BOLIVIA: CHACO SEEKS NEW CLIENTS
Los Tiempos (Bolivia), 29 Feb 2000, p. on line:-
Bolivia's oil and gas firm Chaco announced it is concentrating its efforts
on gaining new clients for the gas it plans to trade from Bolivia to Brazil.
The firm will place in Brazil 30mn cubic metres of gas per day during a
20-year term, according to the contract it signed with the Brazilian
government. Early in 1999, Chaco was negotiating a contract with Pan American
Energy which failed due to the opposition of YPF, the Argentine oil company.
BOLIVIA/BRAZIL: COMPANIES TO TRADE GAS
El Diario (Bolivia), 29 Feb 2000, p. on line:-
Bolivia's oil and gas company YPFB informed eight firms will export some
9.1mn cubic metres of gas per day from Bolivia to Brazil during the year
2000, according to the terms fixed in the contract signed between both
countries. The amount to be traded per company is as follows:
Firm Cubic metres per day
Andina 1.86mn
Chaco 1.52mn
Tesoro (British Gas) 1.43mn
Vintage 1.36mn
Perez Companc 1.21mn
Petrobras 0.8mn
Maxus 0.67mn
Dong Won 0.25mn
TOTAL 9.1mn | {
"pile_set_name": "Enron Emails"
} |
Thanks, Kay - Your e-mail solved the mystery, I think. I have checked the
signature block in our pleadings, and they list a fax number which is not
our firm's main fax number (I assume it is a satellite fax machine somewhere
near Kerri's or Paul's office). I'm sure that your fax went to that machine
and no one on this end got it to me. I don't know where the satellite
machine is located, but will follow up on Monday.
In any event, I served the answers sans signature (so that our objections
have been preserved), and will send out a version including the signature
once the hard copy arrives.
Ryan
-----Original Message-----
From: Mann, Kay [mailto:[email protected]]
Sent: Saturday, November 17, 2001 8:37 AM
To: [email protected]
Subject: RE: Enron DOAH proceedings
Ryan,
I asked my assistant to fax and fed ex the signature page. The fax
address I gave her was the one on the pleadings (as was the address).
Was that the correct office? I gave it to her at 345 CST, and it would
be very unusual for her to not send it fairly soon after that. I've
left her a voice mail to see what's up.
Thanks,
Kay
-----_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information. It is intended only
for the use of the person(s) named above. If you are not the
intended recipient, you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.
To reply to our email administrator directly, please send an
email to [email protected].
**********************************************************************
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.
**********************************************************************
_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information. It is intended only
for the use of the person(s) named above. If you are not the
intended recipient, you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.
To reply to our email administrator directly, please send an
email to [email protected]. | {
"pile_set_name": "Enron Emails"
} |
Tomorrow from 11-11:30 we will meet in 5112 to discuss the setup of our rolls for Netco. | {
"pile_set_name": "Enron Emails"
} |
FYI. Bob Williams should be touching base with you; or it would be useful
for you to touch base with him. Edison appears to be staking out it's
negotiating position with us through their filing.
In short, they "recalculate" the PX credit post-Jan. 19 (when DWR took over
procurement). That recalculation turns our $125 MM dollar PX credit claim
into $63MM. So we're pretty far apart.
We agreed at this point to oppose the filing and say:
1) through the end of the rate freeze, or end of 3.31.02, the status quo
remains--"PX credit" based on market price (Dow Jones index).
2) however, if you want to go "utility purchase" price as the basis for the
credit, then it must be the utility's full cost of power (retained
gen+QFs+DWR+ISO real time).
3) negative credit during the transition can still occur.
3) Edison's proposal should be rejected.
Best,
Jeff | {
"pile_set_name": "Enron Emails"
} |
Steve -- that's great. I think the Net Works commercial team is becoming
enthusiastic about the entire concept of patent protection. Quick question
-- we want to indicate "patent pending" on the websites -- is there a
convention as to how that is indicated -- such as an abbreviation ("U.S.
Patent Pending"?) or rule on where that indication is placed on the site or
in proximity or relation to the company's name?
Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone: (713) 853-1575
Fax: (713) 646-3490 | {
"pile_set_name": "Enron Emails"
} |
Steve,
It's really Houston part of the group only.
We have to figure out how to close the gap caused by Grant's departure.
Vince
Steven Leppard
01/10/2001 04:38 AM
To: Shirley Crenshaw/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Continuation of Project Meeting
Thanks for the invite Shirley, but 9pm is pushing it a bit, especially on a
Friday night!
Shirley Crenshaw
09/01/2001 20:28
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT,
Tanya Tamarchenko/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Steven
Leppard/LON/ECT@ECT
cc:
Subject: Continuation of Project Meeting
Hello everyone:
Vince would like to continue his "project meeting" that was cut short this
morning. The area to be discussed is the Researh reorganization. We
would like to have schedule this meeting for this Friday, January 12th at
3:00 PM in EB19C2.
Please let me know if you have a problem with this. Osman will be in
California, but he will join you via conference call.
Thanks!
Shirley
Osman: The number for the conference room EB19C2 is: 713/853-6336. | {
"pile_set_name": "Enron Emails"
} |
Hello all!
We thought we would clarify the Parking & Mass Transit options:
1) Three options are available:
2WTC/Outside parking lots
- Those who park at 2WTC will continue to be set up with monthly parking deductions
- Those who park in outside lots pay out-of-pocket and submit reimbursement for up to $89.00 per month
Tri-Met
- No out-of-pocket expense or paycheck deduction.
Daily Validations
- Employees may park at any location and submit reimbursement for up to $89.00 per month.
2) You may choose only ONE of these available options.
- If you selected the mass transit option, you must pay out-of-pocket (with no reimbursement) for parking fees incurred on days you choose to drive into the office.
3) If you would like to change your parking/mass transit option, please contact Grace or Julie.
If you have any questions, please let us know.
Thanks!
Your HR Team
------------------
Grace, x8321
Julie, x7404
-----Original Message-----
From: Kearney, Julie
Sent: Wednesday, December 19, 2001 2:00 PM
To: DL-Portland World Trade Center
Subject: Parking & Mass Transit Resolution
We have reached resolution regarding the parking and mass transit issue. Until notified otherwise, the parking and mass transit subsidy will continue as an employee benefit.
For those who have a payroll parking deduction, your deduction has been stopped. No deduction should occur on 12/31/01 payroll. In addition, you should receive a credit for the deduction taken for the 12/15 payroll.
For those who incurred any out-of-pocket parking costs during the month of December, you may expense up to $89 for reimbursement.
Beginning 1/1/02, parking and mass transit will continue as follows:
WTC Parking: You should receive your parking pass in the mail. Payroll deductions will begin on the 1/15/02 paycheck. (No Action Req'd)
Outside Parking Lots: Park at lot of your choice and pay out of pocket. Request reimbursement of up to $89 per month. (No payroll parking deduction will occur)
Tri-Met and MAX employees: Passes are available for January. If you would like to pick up your pass, please see Debra Davidson.
NOTE: Extra Tri-Met passes are available. If you would like to select mass transit as your parking option, please notify either Grace or myself before Friday, 12/21/01 EOB and we will insure a monthly pass is available.
Validations: We will no longer validate parking passes, however, you are able to reimburse up to $89 per month for daily parking.
If you have any questions, please let us know!
ENA Human Resources
Julie Kearney
503) 464-7404
Grace Rodriguez
503) 464-8321 | {
"pile_set_name": "Enron Emails"
} |
Due to the larger than normal volume of activity this month, the preliminary
report was distributed early, on 02/09/01. This is the FINAL report for
February. Please note that the changes, since the preliminary report, are
on the "February 01 Changes" tab, and the detail is on the "Feb 2001" tab.
You have received notification on the name changes as they have occurred.
Please find attached the Name Change/Merger Notification Report for
February. To launch the report, double click on the attachment and select
Enable Macros and Read Only.
Please note that:
ERMS short names will be changed in GCP and ERMS each Friday at 10am Central
Time, and
Inactivations will be made on Mar 1
Please adjust paper size to fit your needs
We have made a few changes to our Name Change/Merger Notification Report - it
now has a new look and a couple of features we hope will assist you. For
more information, please click below:
Each month now has two sheets, a summary sheet (eg Jan 01 Changes) and a
detailed sheet (eg Jan 01).
Click below for more information:
The summary sheet can be used to view all changes after a certain date. If
you're aware of all changes up to, say, January 15th enter 01/16/2001 in cell
C6 of the Summary Sheet and click the Sort button in cell H6. All changes
made to the report on or after January 16th will be listed automatically.
The Summary sheet may also be sorted for certain criteria - use the drop down
arrows alongside the column headers to make your selection.
This sheet contains all the information you are used to seeing, but slightly
reformatted. Key points are:
In the case of an Inactivation, the cause of the Inactivation (eg Merger) is
listed in the Comments section
As with the previous format,
all months' reports will be sent cumulatively throughout the year
the report will be sent out twice each month, on the 15th and at the end of
the month.
It is our aim to publish the report in Livelink and to send out only the
summary sheet and a URL for the detailed report each month. This will save a
lot of space in Lotus Notes and we hope it will streamline your monitoring
process.
We'd be very happy to receive any comments you may have.
As always, please contact me at x33103 with any questions or concerns.
Cheryl | {
"pile_set_name": "Enron Emails"
} |
Please review. Is there a value proposition for us?
-----Original Message-----
From: Kaminski, Vince J
Sent: Tuesday, August 07, 2001 8:25 AM
To: Presto, Kevin M.
Subject: FW: Neptune
Kevin,
Ed is running a consulting firm in Boston that often tries to act as a boutique merchant bank.
He inquired if Enron could provide transmission hedges for the Neptune project.
Any interest. Please, feel free to contact Ed directly and let me know.
Vince
-----Original Message-----
From: "Ed Krapels" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Ed+20Krapels+22+20+3Cekrapels+40esaibos+2Ecom+3E+40ENRON@ENRON.com]
Sent: Tuesday, August 07, 2001 5:28 AM
To: Vincent Kaminski \(E-mail\)
Subject: Neptune
Dear Vince,
As you may know, FERC approved the Neptune transmission proposal on July 26
and the organizers (me among them) are now preparing to hold on open season
starting September 10 to sell 80 percent of the capacity on a firm basis. A
diagram of the system legs is on www.NeptuneRTS.com.
Some of the bidders in that open season will be gencos with little or no
experience in trading, some will be load-serving entities, some will be
power marketers.
There is likely to be interest in a Neptune hedge, and I wondered how we
could engage Enron in an exploration of its willingness to provide such
hedges. Essentially, bidders will be going long the various spreads (Nova
Scotia - New York, New Brunswick - Boston, PSE&G - Zone J, etc etc) and we
would like to encourage someone like Enron (I know there is no one quite
like Enron but you know what I mean) to be willing to offer transmission
hedges.
It may also interest you that FERC gave Neptune approval to hold 20 percent
of the capacity for sale in the short-term markets. We (the development
group) see that as a desirable exposure to these spreads for Neptune's
equity investors and are in the equity markets now securing a second tranche
of development capital, and will return in early 2002 for a sizeable amount
of permanent equity assuming the bids received in September - October yield
sufficient interest to finance the majority of the project in the debt
market.
That's the plan, the primary virtue of which is that the authorities have
allowed us to put it to a market test this fall. Let me know if you'd like
to pursue this. I will make similar initiatives to several other entities
later this week.
Ed
Edward N. Krapels, PhD
Director, Gas and Power Services
ESAI
www.esai.com
tel 781 245 2036
- Notice.pdf | {
"pile_set_name": "Enron Emails"
} |
I would like to sign up for the new garage, please.
Thanks,
Kay | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Tana Jones/HOU/ECT on 11/15/2000 01:18 PM -----
Stephanie Sever
11/15/2000 11:35 AM
To: Tana Jones/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
cc: Sheri Thomas/HOU/ECT@ECT
Subject: Re: Dynegydirect ETA Documents
Tana,
I have already set Sara up. I spoke with Sheri about the deadline and our
traders are anxious to start trading - so as soon as possible.
Brent Hendry
User ID: BHENDRY
Password: enron7
Please note these are case sensitive.
Let me know if you have any questions.
Thank you,
Stephanie x33465
From: Tana Jones on 11/15/2000 11:15 AM
To: Stephanie Sever/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
Subject: Re: Dynegydirect ETA Documents
At the request of Mark Taylor, can you get Sara Shackleton and Brent Hendry
passwords too so they can review the Dynegydirect GTC's. P.S. Do we have
any particular deadline for getting them approved?
Thanks!
Stephanie Sever
11/15/2000 10:02 AM
To: Leslie Hansen/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT
cc: Sheri Thomas/HOU/ECT@ECT
Subject: Re: Dynegydirect ETA Documents
I have set up the following Users with Read Only Access for Dynegydirect.
Dan Hyvl
User ID: DHYVL1
Password: enron2
Leslie Hansen
User ID: LHANSEN
Password: enron1
Tana Jones
User ID: TJONES
Password: enron3
Please note the above are case sensitive.
Let me know if you have any questions.
Thanks,
Stephanie
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 11/15/2000
09:55 AM ---------------------------
From: Sheri Thomas
11/14/2000 06:04 PM
To: Stephanie Sever/HOU/ECT@ECT
cc:
Subject: Re: Dynegydirect ETA Documents
Stephanie - can you please set this up and forward the ids on?
Thanks
Sheri
Leslie Hansen
11/13/2000 02:15 PM
To: Sheri Thomas/HOU/ECT@ECT
cc:
Subject: Re: Dynegydirect ETA Documents
Sheri:
I deleted the passwords you sent me -- I don't want to have them since they
grant execution status. Instead, can you please set me, Dan Hyvl, and Tana
Jones up as a sub-user with read-only access to all products.
Thanks,
Leslie | {
"pile_set_name": "Enron Emails"
} |
Hi Debbie:
Thanks for your note - it's always nice to hear from MC friends!
I'm living in Houston and working in the legal department of a large energy
company (Enron). I have two main areas of focus: derivatives trading (swaps,
options, etc.) which I've been doing for over 6 years now and e-commerce
which is relatively new. The most fun work project I've had was being the
lead lawyer in designing and launching our internet commodity trading
platform about a year ago. It has been tremendously successful. While few
people have ever heard of it, it is the largest (by dollar volume) website in
the world!
I keep in touch with Mark Kopinski who is managing a couple of international
mutual funds in New York. My work takes me there several times a year and I
usually try to see him if I have some free time. The college is thinking
about another capital campaign and he and I were on a preliminary planning
committee (to see if a campaign makes sense). Ralph V. was there - whom I
hadn't seen in years! - and of course I keep in touch with Doc, too. I was
on campus for my 20th reunion a couple of years ago. There were only 2 of us
from '78 so it wasn't as much fun as I'd hoped but it was still good to see
familiar faculty faces. With luck the 25th will draw a bigger crowd.
My Midwest geography isn't what it once was but it sounds like you've got a
terrible commute. I hope you're liking your work to justify the drive. I
rarely make it back to Chicago but let's keep in touch and definitely let me
know if you ever make it down this way.
Mark | {
"pile_set_name": "Enron Emails"
} |
This is the VEPCO contact list, as far as I know. Do we have another one?
(opps!) This is the one Gloria did while you were on holiday in the West.
(Doesn't that sound good?)
Kay
From: Suzanne Adams@ECT on 09/12/2000 10:52 AM
To: Kay Mann/Corp/Enron@ENRON
cc:
Subject: Re: VEPCO contact list
Is this to be added to the VEPCO contact list? New list?
Kay Mann@ENRON
09/12/2000 10:45 AM
To: Ozzie Pagan/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Jeffrey
Keenan/HOU/ECT@ECT, Reagan Rorschach/NA/Enron@Enron, Tom Chapman/HOU/ECT@ECT,
Christi L Nicolay/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Larry
Soderquist/HOU/ECT@ECT, Brian Kerrigan/HOU/ECT@ECT, Matthew F
Gockerman/HOU/ECT@ECT, John Moore/Corp/Enron@Enron, [email protected],
Brian Kerrigan/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron, Lisa
Bills/Corp/Enron@ENRON, Chris Herron/Corp/Enron@Enron
cc: Suzanne Adams/HOU/ECT@ECT
Subject: VEPCO contact list
Here's a draft. More names are being added, so feel free to suggest more
that we forgot/overlooked, including those external to Enron.
Please send the info directly to Suzanne Adams.
Lisa, Mitch and Chris, you will be on the next draft. Sorry for the
oversight this time around.
Thank you,
Kay | {
"pile_set_name": "Enron Emails"
} |
Start Date: 4/29/01; HourAhead hour: 13; HourAhead schedule download failed.
Manual intervention required. | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/16/02; HourAhead hour: 2; HourAhead schedule download failed. Manual intervention required.
LOG MESSAGES:
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Error: dbCaps97Data: Cannot perform this operation on a closed database | {
"pile_set_name": "Enron Emails"
} |
I will be out of the office from Monday 3/5/01 to Friday 3/9/01. I will be
back on Monday 3/12/01. If you need immediate assistance, please contact
Laurie Lee at 713-345-3618. Thanks. | {
"pile_set_name": "Enron Emails"
} |
SICK LEAVE POLICY
Policy
To keep the business and each department running smoothly and efficiently, it is important that every employee be on the job on time regularly. For this reason, careful attention is given to promptness, absence record and overall dependability.
Enron recognizes, however, that an employee may occasionally be unable to come to work due to injury or illness. As a result, the Sick Leave policy is designed to provide protection to employees against loss of income during pregnancy, illness or injury.
Eligible employees who are unable to perform their jobs due to pregnancy, illness or injury are eligible to receive sick leave pay for up to 1,040 hours (6 months) in a twelve month period, assuming certain procedures are followed. Effective January 1, 2002, the Family Medical Leave Act (FMLA) runs concurrently with Enron's Sick Leave policy. An employee who is still disabled after using the 1,040 hours of sick leave pay ends may qualify for long term disability insurance. Sick days cannot be carried over from one calendar year to the next and employees are not paid for sick days either at the end of the calendar year or upon termination.
Proposed Policy Link
Procedures -
To be eligible for sick leave pay, employees unable to report to work must telephone their supervisor directly, each day of their absence, as far in advance as possible. If their supervisor is not available, the employee's human resources representative should be contacted. If an employee is unable to make the call personally, a family member or a friend should contact the supervisor. The supervisor or human resources representative must be contacted each day of absence. An employee who fails to contact his/her immediate supervisor or human resources representative may forfeit the sick leave pay and may be considered as having voluntarily resigned. This policy must be followed unless an exception has been made for a particular absence, and a written memo to this effect has been sent to the employees' human resources representative.
On the fifth day of continued absence due to injury or illness, in addition to notifying the employee's supervisor or human resources representative, the employee must also attain a doctor's certification indicating the estimated date in which the employee will be able to return to work. Any absences exceeding 2 weeks will require a doctor's certification indicating that the employee is able to return to work. | {
"pile_set_name": "Enron Emails"
} |
I'm great except for you know who...god we fight every day...it is so funny...what's going on with you? you don't want to come back here do you? i wish you would have stayed...apparently, they hired another consultant, remember Susie..she is going to work part time...we are not busy here at all..we terminated NEVP and SPP so i'm usually done by 11:00...talk with Murray...hows everything else going? i miss you...i'm thinking about going to law school...crazy, huh but i figure this is my only opportunity to go back to school..i hope all's well...hang in there...its tough times but things always happens for a reason...let me know whats up...
[Gang, Lisa]
-----Original Message-----
From: Serena Bishop [mailto:[email protected]]
Sent: Friday, May 17, 2002 10:24 AM
To: Gang, Lisa
Subject:
Lisa - How the heck are you?? Need a scheduler?? Serena
Serena Bishop
Financial Analyst
Merant
503.617.2815 | {
"pile_set_name": "Enron Emails"
} |
Dear Mr. Braun:
As I mentioned, I have recently been reassigned here at Enron. Although I am
still in the Enron Transportation Services group, I am no longer the most
appropriate contact for consideration of the Altos gas model. I would
suggest you contact Kim Watson at 713-853-3098 or of course, Vince Kaminski,
who will remain very much a part of the decision process.
Regards,
John Goodpasture | {
"pile_set_name": "Enron Emails"
} |
Can you circulate the link to Cal TV again?
"Scott Govenar" <[email protected]> on 07/16/2001 01:58:41 PM
Please respond to <[email protected]>
To: "Ban Sharma" <[email protected]>, "David Leboe"
<[email protected]>, "Eric Letke" <[email protected]>, "Jennifer Thome"
<[email protected]>, "Ken Smith" <[email protected]>, "Bev
Hansen" <[email protected]>, "Hedy Govenar" <[email protected]>, "Miyung
Buster" <[email protected]>, "Janel Guerrero"
<[email protected]>, "Robert Frank" <[email protected]>, "Mike Day"
<[email protected]>, "Leslie Lawner" <[email protected]>, "Harry.
Kingerski@enron. com" <[email protected]>, "Karen Denne"
<[email protected]>, "Steven Kean" <[email protected]>, "Alan Comnes"
<[email protected]>, "Susan J Mara" <[email protected]>, "Paul Kaufman"
<[email protected]>, "Jeff Dasovich" <[email protected]>, "Jim Steffes"
<[email protected]>, "Rick Shapiro" <[email protected]>
cc:
Subject: Senator Dunn Hearing
THE SELECT COMMITTEE TO INVESTIGATE PRICE MANIPULATION OF THE WHOLESALE
ENERGY MARKET WILL MEET ON WEDNESDAY, JULY 18 AT 9:30 A.M. IN ROOM 3191 TO
REVIEW COMPLIANCE WITH SUBPOENAS FOR DUKE, DYNEGY, RELIANT, AES, NRG AND
WILLIAMS. | {
"pile_set_name": "Enron Emails"
} |
This week we have two exciting eSpeak events.
Tuesday, September 26 at 10:00 am Houston time, come to eSpeak for a
discussion about Enron's corporate responsibility program with Kelly
Kimberly, senior vice president of Corporate Responsibility and Mike Terraso,
vice president of Environmental Health and Safety.
Thursday, September 28 at 10:00 am Houston time, we have two special guests
from Merck-Medco joining us for eSpeak. Brenda Bassett, senior national
account executive and Edward Luskey, account manager will be here to answer
your questions about Enron's prescription drug plan.
If you can't make these events, remember to pre-submit your questions on the
eSpeak site. There is no time like the present, so do it today!
Enron Edge: Got intelligence? Do your due diligence. Add it to Enron Edge
today. | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/21/02; HourAhead hour: 5; HourAhead schedule download failed. Manual intervention required.
LOG MESSAGES:
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Error: dbCaps97Data: Cannot perform this operation on a closed database | {
"pile_set_name": "Enron Emails"
} |
Michael and Deepak: Michael Moulton (the ENA paper and pulp trader) is
extremely interested in SITA updates as often as possible. Please make every
effort to email Michael with updates at least weekly. Thanks. Sara | {
"pile_set_name": "Enron Emails"
} |
*************************************************************************************************************************************************
You are invited to attend the following presentation:
PSIM: A Power Simulation Tool
PSIM is a proprietary model developed by Enron Research Group.
? It takes Power, Gas, Weather and demand information into consideration and
uses Monte-Carlo simulation to assess the expected deal value and risk distribution.
? It evaluates complex electricity related contracts such
as Full Requirement and load following contract.
? It also provides a valuation tool for power assets and asset management deals.
? It works for both deal specific or portfolio issues.
In this presentation we will show how the model can be used to deal with various types
of contracts, explain the model structure and point out further applications.
Date: October 30, 2001
Time: 4:00 pm
Location: EB5C2
Presenter: Alex Huang
Registration is required for a head count.
Please call Shirley Crenshaw at 3-5290 to register.
Pizza and soft drinks will be served. | {
"pile_set_name": "Enron Emails"
} |
Sorry I didn't get to you today - I have kept a slot on my calendar at 9:00
Houston time tomorrow if that works for you. | {
"pile_set_name": "Enron Emails"
} |
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Welcome to the Norm Thompson Email Update!
December 13, 2001
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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http://r.4at1.com/c/e/r/r.jsp?rid=143.1672.8663.33132.3897.262.34790653 | {
"pile_set_name": "Enron Emails"
} |
Robert, would you put these deals on the morning sheet please. Thanks. We
will not be using the CPR storage deal ticket any more.
---------------------- Forwarded by Chris Germany/HOU/ECT on 05/15/2000 08:52
AM ---------------------------
Chris Germany
05/15/2000 08:51 AM
To: Molly Johnson/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON, Joann
Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Elizabeth L
Hernandez/HOU/ECT@ECT, Jeff W Westover/HOU/ECT@ECT, Mark Feldman/HOU/ECT@ECT,
Alicia Perkins/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON, David Oliver/HOU/ECT@ECT, Crystal
Hyde/HOU/ECT@ECT (bcc: Chris Germany/HOU/ECT)
Subject: CES Storage
Molly set up the following tickets to capture our CGAS storage transactions.
This is how it will work,
Deal # Comment
268093 CES Exchange Buy - use when storage injections are less than the
proxy volume
268090 CES Exchange Sell - use when storage injections are greater than the
proxy volume
268094 CES Sell - this is the proxy storage injection ticket. The volume
should not change.
The daily proxy volume for the month of May is 35,133. When we inject
35,133, the transport we use to fill storage will be the supply for deal
268094. When we overinject like we did for the 1st - 4th, 35,133 of the
transport will be matched with deal 268094 and the balance of the transport
will be matched against deal 268090. When we underinject, we will use deal
268093 as the supply for deal 268094.
This may seem a little confusing. Please call me if you still have questions.
Thanks | {
"pile_set_name": "Enron Emails"
} |
Sorry it took so long.
Robin
Ryan Watt
06/08/2000 06:49 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: How's it looking? | {
"pile_set_name": "Enron Emails"
} |
Looks fine to me. SS
Dale Rasmussen
06/01/99 02:45 PM
To: Christopher Smith/HOU/ECT@ECT
cc: Sandra McDonald/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Re: Chase Confimation
Thanks, Christopher. The change is reflected in the attached. Now, if we
can get the remaining data for the table, the letter should be pretty much
ready to send out. | {
"pile_set_name": "Enron Emails"
} |
_________________________________________________________________
I N V E S T I N G B A S I C S
Wednesday, December 13, 2000
[email protected]
_________________________________________________________________
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This shows what the company is doing with its money. If much of
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Pharmaceutical companies, for example manufacture products that
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Firms like Ben & Jerry's and Starbucks offer consumers things
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*Consistent, reliable earnings and sales growth -- and robust
margins.* Track how sales and earnings have increased over past
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planning and executing well, encountering few surprises. Stack
your company's gross, operating and net profit margins up
against its competitors to see which one is wringing the most
value out of each dollar of sales.
*Lots of potential.* See what the company's growth prospects
are. Is it expanding abroad? Is it coming out with exciting new
products or services? Are its offerings taking the country by
storm? Is it trouncing its competition?
A final consideration when qualifying companies for further
research is how well you know the company and industry, and how
much you'd enjoy keeping up with its developments. A company
might have enormous potential, but if reading about it puts you
to sleep, it might not be the best addition to your portfolio.
_________________________________________________________________
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MsgId:
msg-13776-2000-12-13_14-24-24-5186495_5_Plain_MessageAddress.msg-14:25:09(12-1
3-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: [email protected] | {
"pile_set_name": "Enron Emails"
} |
Start Date: 1/4/02; HourAhead hour: 4; No ancillary schedules awarded. Variances detected.
Variances detected in Load schedule.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010404.txt
---- Load Schedule ----
$$$ Variance found in table tblLoads.
Details: (Hour: 4 / Preferred: 13.87 / Final: 13.84)
TRANS_TYPE: FINAL
LOAD_ID: PGE4
MKT_TYPE: 2
TRANS_DATE: 1/4/02
SC_ID: ENRJ | {
"pile_set_name": "Enron Emails"
} |
Dear Greg:
I met you briefly about six weeks ago in Cliff's office - I was leaving as
you were coming in.
I am an executive recruiter with Management and Capital Partners. I have
done a great deal of work in the energy industry - I will send you some
information on me and my company via FedEx .
I will be in Houston May 30 - June 1 and would love the opportunity to sit
down with you for a few minutes. I will call your office later in the week
to set up an appointment.
Cheers,
Barbara
Barbara Eustis
Principal
Management and Capital Partners
805 Third Avenue
New York, NY 10022
office: 646-735-8872
fax: 646-735-8888
cell: 914-419-6590
[email protected]
- Barbara Eustis.vcf | {
"pile_set_name": "Enron Emails"
} |
Yan,
Based on my review conducted the morning of February 6th, here is a list of
items that need to be addressed in the next version of the West Desk's Flow
Summary sheet:
PGT - These numbers appear to be one day off. The numbers in the Test Sheet
for February 6th are identical to those used by the West Desk yesterday for
February 5th. I verified that they are the Cycle 2 numbers posted on PGT's
website for the 5th. Generally, we use the Cycle 2 numbers, however,
sometimes only Cycle one is available for our morning meeting.
Northwest - None of these numbers match our flow sheet. It appears the Test
Sheet pulls Cycle 3 nominations, whereas we use Cycle 6. However, the
website we use to pull the flows is generally not available to use until as
late as 7 am (we are not sure why). I understand you may pull the numbers
from a different place, so we should find out whether you can get the numbers
earlier.
TW - TW numbers appear to be correct, except for the IB Link number. We pull
the IB link number from the El Paso Blanco I/C point reported by TW. It
looks like your sheet pulls the number from the El Paso INWPLBLA point. They
differ by about 5,000, but I don't know if one is more correct than the
other. To be consistent, though, we should probably change the Test Sheet.
PGE - The numbers also appear to be one day off. The numbers for February
6th are identical to our Feb. 5th numbers. Is this a reporting or a
scrubbing problem? It is possible you are pulling the data from the website
before they update it with the next day's data. We manually type these
numbers in. If you pull from our spreadsheet, then the latest numbers would
not be in when this report is run.
El Paso - Most of the numbers appear to be correct, except for the plant
receipts. The numbers are close, but we should compare our formulas because
I don't think this is a cycle problem.
General - The "Difference" column of the Test Sheet compares the latest cycle
for the current with the final cycle of the previous day. This can cause
intraday fluxuations in scheduled quantities to appear as day to day
fluxuations. Any "Difference" column should compare identical cycles. I
suggest that we add additional cycles to the Test Sheet for the current day
and the previous day. This way we can compare identical cycles as well as
pick up any intraday fluxuations.
As we discussed, you'll let me know when you're ready to revise this report.
These notes should give us a great place to start. I look forward to getting
this report ready to use.
Mat | {
"pile_set_name": "Enron Emails"
} |
i am going to hell for that one
-----Original Message-----
From: "Rincon, Jaime" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Rincon+2C+20Jaime+22+20+3CJARx+40pge+2Ecom+3E+40ENRON@ENRON.com]
Sent: Thursday, May 24, 2001 12:32 PM
To: Lenhart, Matthew
Subject: RE: this is mean but funny
my stomach hurts from laughing so hard...
you should be ashamed of yourself...
Jaime | {
"pile_set_name": "Enron Emails"
} |
For Crucial California Trip, Bush Calibrates How Best to Handle State's
Energy Crisis
The New York Times, 05/29/01
In Billing Spat, Enron Project Rejects Payment By Indian State
The Wall Street Journal, 05/29/01
El Paso Corp. a villain or scapegoat in Calif. crisis?
Houston Chronicle, 05/29/01
Enron India: No Comment On Power Tariff Cut Reports
Dow Jones International News, 05/29/01
India's Gokak on Talks With Enron on Dabhol: Comment (Correct)
Bloomberg, 05/29/01
Enron Rejects Govt-run Power Buyer's Legal Notice, Paper Says
Bloomberg, 05/29/01
Enron Unit's Cline on Discussions With Indian Panel: Comment
Bloomberg, 05/29/01
INDIA: UPDATE 2-Enron, India panel make no progress on power row.
Reuters English News Service, 05/29/01
SWITZERLAND: Swiss Prime New Energy has bourse debut.
Reuters English News Service, 05/29/01
INDIAN GOVT REJECTS PROPOSAL TO BUY POWER FROM DABHOL PROJECT
Asia Pulse, 05/29/01
Enron's India Unit Willing To Cut Tariffs By 10% - Report
Dow Jones International News, 05/29/01
INDIA'S DABHOL POWER SET TO SLASH TARIFF BY 10%, SAYS IDBI CHIEF
Asia Pulse, 05/29/01
ENRON'S DABHOL POWER CO REJECTS STATE BOARD'S LEGAL NOTICE
Asia Pulse, 05/29/01
GEB to issue bonds against old debts
The Economic Times, 05/29/01
INDIA: Enron's Dabhol to meet key govt panel on Tuesday.
Reuters English News Service, 05/28/01
QATAR: Qatar says Dolphin deal not set back by Enron exit.
Reuters English News Service, 05/28/01
India: Dabhol project: Politics of power
Business Line (The Hindu), 05/28/01
French power plays trample Mediterranean sensitivities
South China Morning Post, 05/28/01
Feeling the heat over energy, Bush to visit California
Houston Chronicle, 05/28/01
Los Angeles Volts, Quotes and Votes From the Elect Among Us
Los Angeles Times, 05/28/01
2003 mayoral race casting a shadow
Houston Chronicle, 05/28/01
THE NATION Bush Comes Calling to an Edgy California Politics: President hopes
to make amends with Davis, voters. Outcome could color future ties.
Los Angeles Times, 05/28/01
Commentary It Takes 2 to Tangle Our Energy Future
Los Angeles Times, 05/28/01
National Desk; Section A
For Crucial California Trip, Bush Calibrates How Best to Handle State's
Energy Crisis
By DAVID E. SANGER
05/29/2001
The New York Times
Page 12, Column 1
c. 2001 New York Times Company
LOS ANGELES, May 28 -- Days after he suffered the biggest political setback
of his four-month-old presidency and then won the tax cut that he staked his
campaign upon, President Bush traveled tonight to California, carefully
calibrating how to deal with the state's energy crisis.
After Memorial Day celebrations in Washington and Mesa, Ariz., Mr. Bush began
his first visit as president to the most populous state, which he lost by
roughly 12 percentage points in November's election. The visit seems likely
to showcase the clash between two very different energy strategies and
political strategies.
Mr. Bush will meet briefly on Tuesday with Gov. Gray Davis, who will insist,
as he did again today, that the federal government impose price caps on
wholesale electric power.
The White House says Mr. Bush will refuse, again. He will argue that such
caps would only discourage increased production of electric power. ''We think
that's a mistake,'' Vice President Dick Cheney said on Friday, talking about
why he rejected those options when he prepared the energy policy the
administration made public 10 days ago.
But Mr. Bush knows that how he handles the California energy crisis could
prove critical to his political fortunes, especially now that his party's
loss of control in the Senate seems bound to slow or derail passage of major
elements of his energy plan.
Moreover, the president can no longer argue that the best cure for high
energy prices is a tax cut, because that is now legislative history. As one
of his aides said this weekend, after Congress approved the $1.35 trillion
tax cut that will be phased in over the next 10 years, ''we will have to turn
now to the other arguments.''
Most of those arguments involve urging the rest of the country not to follow
California in a partial deregulation of the market, with disastrous results.
Repeatedly Mr. Bush has chastised California's politicians, and by
implication Mr. Davis himself, for ignoring politically unpalatable choices
to avert the state's power-generating crisis. Ten days ago, standing in front
of a hydroelectric plant in Pennsylvania, Mr. Bush used the state as Exhibit
A for his argument about what happens when population rises, when
over-regulation freezes the construction of new power plants and the
stringing of new transmission lines, and when politicians fail to plan for
the long term.
''The problems in California shows that you cannot conserve your way to
energy independence,'' Mr. Bush said then.
At the same time, his aides were pointing to polls showing Mr. Davis's
approval ratings plunging. They did not mention that Mr. Bush's ratings in
the state were hardly any better. A series of recent polls show that roughly
two-thirds of Californians believe Mr. Bush should be doing far more to help
the state, though it is unclear exactly what kind of help they have in mind.
So Mr. Bush's aides have been struggling for days to choreograph the two-day
visit here, trying to find ways to differ with Mr. Davis without seeming
callous about the problem or in conflict with the state.
The betting is that Mr. Bush will focus on long-term solutions, in contrast
to Mr. Davis's call for the quicker fix of price caps.
The effort started today. Energy Secretary Spencer Abraham issued an order of
chiefly symbolic importance, saying his department would move quickly to
determine whether investors were interested in financing and co-owning a new
transmission line that could bring more power to the state.
''The level of interest will be a factor in the decision to build the line
later this year,'' the Energy Department said. It said that it would proceed
with studies of how the land could be acquired, by eminent domain if
necessary, and that it would speed ahead with environmental reviews.
But Mr. Abraham left wide open the question of whether Washington would go
ahead with the project even if no private financing was available.
''The Bush administration is taking a leadership role in addressing a
long-neglected problem in California's electricity transmission system,'' Mr.
Abraham said. ''California's electricity problems developed over a period of
years and cannot be solved overnight. However, we can move now on actions
that will help avert the same types of problems from recurring year after
year.''
The statement was clearly intended as a prelude to the meeting with Mr.
Davis, which will be closed to the press. So will a meeting with energy
entrepreneurs. (Mr. Bush passed on Mr. Davis's suggestion of a forum with
small-business owners and residents who have seen the lights go out.)
Few expect Mr. Bush or Mr. Davis to change his mind about energy caps after
their meeting.
But for Mr. Bush it will not all be tough love. On Tuesday morning Mr. Bush
is scheduled to travel to Camp Pendleton to repeat his call for the military
and other federal users of power in California to flip off their switches
whenever possible. But given his own comments, and Mr. Cheney's, about the
limited utility of conservation, that order could strike some Californians as
a little hollow.
Later he will give a trade speech in Los Angeles, underscoring the message
that if California hopes to remain the world's greatest exporter of high
technology -- if it were a nation, California would be the world's
sixth-largest economy -- it must find new ways to produce and deliver
electricity.
Already, leading Silicon Valley companies are threatening to build their
next-generation chip fabrication plants elsewhere, probably in Texas, which
has a surplus of generating capacity, a move that would further undermine Mr.
Davis's stewardship.
In fact, Mr. Bush's Texas roots will never be far from the political
battlefield here. Mr. Davis has accused Texas energy companies of
profiteering at California's expense. To press the case, he has hired two
political operatives from the Clinton White House, Marc D. Fabiani and Chris
Lehane, who are being paid tens of thousands of dollars a month to make the
case for price caps.
California's attorney general, Bill Lockyer, also a Democrat, suggested to
The Wall Street Journal last week that some time in jail would be the best
way to deal with one of Mr. Bush's biggest supporters -- Kenneth Lay, who
heads the Enron Corporation and has sought to influence the selection of
members of the Federal Energy Regulatory Commission.
The comments may have been partly facetious, but they were not interpreted
that way here.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
International
In Billing Spat, Enron Project Rejects Payment By Indian State
By Jesse Pesta
Staff Reporter of The Wall Street Journal
05/29/2001
The Wall Street Journal
A14
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -- In an unusual twist in their quarrel over unpaid bills, Enron
Corp.'s Indian power project, Dabhol Power Corp., has rejected a check valued
at $29.1 million from its only customer, the Maharashtra State Electricity
Board, to make a legal point.
Dabhol also delivered a sharply worded four-page letter to the MSEB,
responding to the electricity board's decision last week to rescind its
power-purchasing contract based on a claim that Dabhol misrepresented its
"ramp-up" speed -- the time the plant takes to go from a cold start to full
power. "We deny that DPC have practiced any misrepresentation," Dabhol's
letter says. "Furthermore, we do not think that the MSEB entertains any
honest belief" in its own allegation, it says.
It's the latest in a series of rancorous exchanges as both sides try to gain
an edge in a fight over Dabhol's power tariffs. The $3 billion power plant is
the largest foreign investment in India, and the dispute is closely watched
as an indicator of India's hospitality to investors from abroad. India needs
electricity badly, but many of its state electricity boards are cash-strapped
due to widespread power theft and lax metering. The Dabhol dispute started
about six months ago, when the MSEB defaulted on monthly bills totaling $48
million.
Dabhol's critics claim its tariffs are unreasonably high, which Dabhol
denies. Among other things, Dabhol says MSEB draws only about 15% of the
plant's capacity, down from an average 60% or so before the dispute; the
reduced usage boosts the per-unit price because the pricing formula includes
some capital costs.
In its letter, Dabhol says it rejected the 1.369-billion-rupee check because
it came with a note saying it was submitted "under protest," a reference to
the MSEB's decision last week to rescind the contract. "The MSEB cannot have
it both ways," says the letter, signed by Enron executive K. Wade Cline.
Either it's rescinding the contract, or "it is affirming the validity of the
[contract]" by making payments.
However, MSEB Chairman Vinay Bansal said that after the check was rejected,
the MSEB went ahead and direct-deposited a payment to a Dabhol account,
unaware of the letter's contents. Mr. Bansal said that he hadn't read the
letter yet, so he wouldn't comment on it.
He said the MSEB is eager to pay because the April bill was due on Friday. A
Dabhol official, while unable to confirm whether payment was received, said
it would mark "the first time in history" that the MSEB has paid on time. Mr.
Bansal disputed that, saying he believes the two previous bills were also
paid on time.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
May 29, 2001
Houston Chronicle
El Paso Corp. a villain or scapegoat in Calif. crisis?
Californians' ire grows as case resumes
By DAVID IVANOVICH
Copyright 2001 Houston Chronicle Washington Bureau
WASHINGTON -- The lights keep going out in California, and people there want
someone to blame.
California is pointing the finger at Texas' energy companies. And first up is
Houston's El Paso Corp.
The California Public Utilities Commission has accused El Paso of using its
power in the natural gas market to drive up gas prices in California.
That behavior, Californians say, has cost the state's consumers more than
$3.7 billion in higher energy bills and exacerbated California's dire power
woes.
And they want the federal agency that regulates natural gas pipelines to
force El Paso to hand over the profits from this deal.
At issue is whether El Paso, the nation's largest gas pipeline company,
violated federal law by purposely withholding capacity on the biggest gas
pipeline serving Southern California during a crucial period when gas demand
was on the rise last year.
By refusing to make that space available, the state agency alleges, El Paso
was exercising its "market power" to artificially hike prices and keep them
high.
El Paso counters that the run-up in gas prices was caused, not by its
actions, but by an unanticipated -- and unprecedented -- surge in demand.
And they argue the real problem is pipeline capacity constraints within
California, not on the supply of gas moving in pipelines bringing gas to the
state.
When filed more than a year ago, the state's allegations went all but
unnoticed by the public.
But with blackouts expected to roll across California repeatedly this summer,
the El Paso case has morphed from an esoteric regulatory dispute into the
test case for the legal battles spawned by the state's power debacle.
As they wait in darkened elevators and struggle to pay soaring utility bills,
Californians discern a pattern, argues Bruce Cain, director of the Institute
of Governmental Studies at the University of California at Berkeley.
"It's the same story with slightly different details," Cain said. "And people
in California are getting very, very irritable."
Gov. Gray Davis and other Democratic leaders have repeatedly blamed
"out-of-state" energy firms for the state's energy woes. And they have
excoriated the Federal Energy Commission for failing to take decisive action
to give Californians relief.
As President Bush visits California today, Democrats are pointing to the El
Paso case to show how companies from Texas are ravaging California.
Whether El Paso is an appropriate target for their anger remains an open
question.
El Paso operates a major pipeline system that transports natural gas from
producing basins in areas such as West Texas and Oklahoma to Southern
California and other parts of the Southwest.
For years, the state's two cash-strapped utilities, Pacific Gas & Electric
and Southern California Edison, and a local gas distribution company,
Southern California Gas, owned the rights to transport gas along the Edison
pipeline system.
But as California moved to deregulate its electric industry and encourage
competition, the California Public Utilities Commission prodded the utilities
to give up their capacity on the El Paso line.
That made room for other gas marketing firms to move in.
Houston-based Dynegy held the rights to the pipeline capacity for a while.
Then an Enron affiliate took a brief turn.
In February 2000, El Paso's pipeline arm, El Paso Natural Gas Co., opened the
bidding again for about 1.2 billion cubic feet of pipeline capacity.
That space accounted for about one-third of the capacity of the El Paso line
and about one-sixth of the total pipeline capacity running into California.
An El Paso affiliate, El Paso Merchant Energy Co., won the rights to that
capacity for 15 months with a $38.5 million bid.
The California Public Utilities Commission cried foul and asked the Federal
Energy Regulatory Commission to force El Paso Merchant to "disgorge" its
profits earned under the contract.
(El Paso has earned $184 million in pre-tax profits since the contract began,
Ralph Eads, president of El Paso Merchant, testified last week.)
The case was turned over to Curtis L. Wagner Jr., an administrative law judge
at the Federal Energy Regulatory Commission, who acknowledged it would be a
bellwether case.
This much was clear. Gas prices skyrocketed at the California border last
year, rising from an average of $2.84 a thousand cubic feet in March 2000 to
as high as $25.08 in December, according to Southern California Edison.
That was no small issue for California's troubled power market because nearly
one-quarter of electric generators in California are fired by natural gas.
In making their case, California officials pointed to the difference between
gas prices in the gas fields in the San Juan and Permian producing basins and
in California at the other end of the El Paso line.
Those price differentials began to widen while Dynegy held the capacity,
state officials said, only to expand dramatically after El Paso Merchant took
control.
El Paso Merchant admits significant portions of its capacity went unused. And
the company acknowledges it was not successful at finding other players to
take the space, despite the interest of several potential bidders.
California officials insist the company only went through the motions of
trying to find other shippers to take the pipeline capacity because it wanted
to limit supplies.
Perhaps the most tantalizing evidence in the case surrounds a Valentine's Day
2000 presentation made by El Paso Merchant officials to El Paso chief
executive William Wise.
The El Paso Merchant documents are still largely held under wraps by the
court, although portions have been revealed and others were obtained by the
New York Times.
In those documents, El Paso officials acknowledged the deal for the pipeline
capacity would give the company "more control" over gas markets, including
"the ability to influence the physical market," the Times reported.
Lawyers for the plaintiff tried to argue that El Paso officials had crossed
over the invisible line that is supposed to separate the operations of the
regulated gas pipeline business and the unregulated gas trading arm.
Wagner grew irritated with Eads last week when the El Paso Merchant executive
appeared to equivocate when asked whether Wise approved Merchant Energy's
plans
"I feel you're trying to pull something over my eyes, which I don't
appreciate," Wagner said, adding: "You have to get my blood pressure up to
get the truth out of you."
Wagner responded by ordering Wise to fly to Washington for an unscheduled
appearance on the witness stand.
Wise conceded he had, indeed, approved El Paso Merchant's plan to make a bid
for the pipeline capacity, although he said he left it up to El Paso Merchant
managers to decide the specifics of that bid.
For El Paso's part, Harvard University professor Joseph Kalt argues that the
real problem is a lack of capacity on the systems inside the state of
California.
In other words, even if El Paso had delivered more gas along the pipeline,
the intrastate pipeline network would not have had the capacity to take that
gas to users there.
Eads also argued that if El Paso officials had been trying to push up gas
prices, they would not have used a risk management technique known as
"hedging."
Hedging allows a company to protect itself against a major drop in prices,
but it also keeps it from reaping the full benefits of a jump in prices.
El Paso Merchant had suffered $691 million in hedging losses through March
31, including $429 million in the first quarter of this year.
"If we had thought that we could drive up prices ... we certainly would not
have hedged," Eads said.
And as for the infamous Valentine's Day, El Paso officials insist the
comments were misconstrued, although they still want those documents to be
kept secret.
Testimony in the case will resume today. Wagner plans to issue his opinion by
June 30.
Enron India: No Comment On Power Tariff Cut Reports
05/29/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
BOMBAY -(Dow Jones)- Enron Corp.'s (ENE) Indian unit, Dabhol Power Co.,
Tuesday declined to comment on whether it would cut its power tariffs after a
second round of talks with a top panel set up to try and resolve an ongoing
power supply dispute.
After a 90-minute meeting between officials from the state and central
governments, Maharashtra State Electricity Board and Dabhol executives, an
Enron spokesperson said he wouldn't comment on newspaper reports Tuesday that
Dabhol Power Chief Operating Officer K. Wade Cline had told domestic lenders
the company is ready to cut power tariffs by 10%.
Power tariffs, deemed "unaffordable" by the state government, are at the core
of this simmering dispute. The $3.0-billion Dabhol power plant in western
India will generate 2,184 megawatts of power when the second phase is
completed later this year.
After the meeting, Cline said Dabhol Power "submitted no proposals before the
committee." Dabhol Power has consistently maintained it won't renegotiate the
power purchase agreement between the company and the MSEB, which sets tariffs
for consumers.
Industry analysts say Enron may be willing to reduce the power tariffs if it
can find other buyers for its electricity. At the moment, the state
electricity utility is the only buyer and has defaulted on $48.0 million of
power payments.
Earlier in the day, an Enron spokesperson also declined to comment on a
report New Delhi has turned down a Maharashtra state proposal that seeks the
National Thermal Power Corp. or the Power Trading Corp. to buy and distribute
Dabhol's power.
Indian state officials said another meeting of the panel will be scheduled
for later but no date has been fixed yet.
Indian financial institutions with more than 50% loan exposure to Dabhol
Power will meet Wednesday to devise a strategy prior to their meeting with
foreign lenders in early June in a bid to save the power project, senior
officials at the Industrial Development Bank of India said Monday.
-By Steve Percy, Dow Jones Newswires, 91 22 2884211; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India's Gokak on Talks With Enron on Dabhol: Comment (Correct)
2001-05-29 04:26 (New York)
(Corrects typographical error in first paragraph.)
Mumbai, May 29 (Bloomberg) -- A.V. Gokak, the Indian
government's nominee in discussions with Enron Corp.'s Dabhol
Power Co. in a dispute with the western province of Maharashtra,
speaks after a meeting between the power utility and the
Maharashtra State Electricity Board. This is the first time Gokak
has attended a meeting to resolve the stand-off over payments by
the board to Dabhol.
``India is very keen for a resolution of this issue.
``We will play an active role,'' in solving the payment
dispute, he said.
``We will take into account interests of all sides.''
He declined to comment on newspaper reports that the
government has rejected a proposal that Dabhol may be allowed to
sell power to other state-run utilities.
Enron Rejects Govt-run Power Buyer's Legal Notice, Paper Says
2001-05-28 23:26 (New York)
New Delhi, May 29 (Bloomberg) -- Enron Corp.-promoted Dabhol
Power Company has rejected the government-run Maharashtra State
Electricity Board's legal notice terminating their power purchase
agreement, Business Standard reported, citing Managing Director K.
Wade Cline's written reply.
In the reply, Enron said ``the legal notice is not acceptable
to us, as according to the PPA (power purchase agreement), the
MSEB does not have the right to rescind the agreement,'' the paper
reported.
The Maharashtra electricity board Thursday told Dabhol Power
it was canceling the contract, six days after the company served
the board notice it was set to pull out of the project, India's
largest single foreign investment, in six months.
Meanwhile, Indian lenders to Dabhol will meet Wednesday to
discuss ways to convince overseas counterparts to salvage the $3
billion power project, which is caught up in a payment dispute.
Dabhol is owed 3 billion rupees ($63.9 million) for power
supplied in December and January. The board has refused to pay the
bills saying they're too high. It has imposed a 4 billion rupee
penalty on Dabhol for failing to supply power at full capacity on
Jan. 28.
Enron Unit's Cline on Discussions With Indian Panel: Comment
2001-05-29 03:25 (New York)
Mumbai, May 29 (Bloomberg) -- Wade Cline, managing director
of Enron Corp.'s Dabhol Power Co., comments on a meeting between
Dabhol and a committee that was set up to resolve a stand-off over
payments by Maharashtra State Electricity Board. MSEB owes Dabhol
3 billion rupees ($63 million) for power supply in December and
January.
``We had a good meeting. We discussed a lot of things.
Discussions are ongoing and we'll meet again.''
On Dabhol's plans to cut power tariffs by 10 percent:
``No proposals were submitted before the committee.''
INDIA: UPDATE 2-Enron, India panel make no progress on power row.
By Sriram Ramakrishnan
05/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
BOMBAY, May 29 (Reuters) - Talks between U.S. energy giant Enron Corp's
Indian unit and a government panel ended on Tuesday without resolving a
contentious dispute over a giant $2.9 billion power project, officials said.
But they said the talks will continue.
Participants at the meeting, which lasted an hour, discussed the issue of a
reduction in tariff rates charged by Enron's unit for the power it sells to
Indian state utility the Maharashtra State Electricity Board (MSEB),
government and company officials said.
Also discussed was the option of a third entity, apart from the sole buyer
MSEB, purchasing the power from the second phase of the project.
"We had a good meeting. We discussed a lot of issues. But no proposals were
submitted," K. Wade Kline, chief operating officer, Enron India Pvt Ltd, told
reporters.
V.M. Lal, principal secretary to the Maharashtra government, said the
discussions will continue with Dabhol Power Company, which is 65 percent
owned by Houston-based Enron .
"We are negotiating on the various issues that are coming in the way of the
project," he told reporters, adding that no date has been fixed for the next
meeting.
Enron and MSEB have been sparring for over six months on the 2,184 MW
project, which was originally slated to sell its entire output to MSEB at a
fixed price.
The row is seen as a test case of India's ability to attract foreign
investment in the power sector, which needs 100,000 MW over the next 10 years
to meet growing demand.
MSEB began buying the 740 MW of power produced by the the project's first
phase in May 1999, but late last year, it started to default on payments
saying the tariffs were too high.
It also decided against buying the 1,444 MW of power produced by the
project's second phase, which is expected to be delayed from its scheduled
completion next month.
Dabhol issued a notice this month to cancel its power purchase deal over this
issue and said the cost of power will drop when the second phase is completed
and the plant switches over to a cheaper natural gas fuel.
RENEGOTIATE TARIFFS
To resolve the dispute, the Maharashtra government formed a panel last month
to renegotiate the tariffs, headed by former bureaucrat Madhav Godbole who
had earlier chaired a committee which recommended a series of steps to bring
down the project tariff.
Dabhol had said before Tuesday's meeting, that it does not agree with the
committee's recommendations and hence does not believe the new panel would
find a solution.
The meeting was attended by key executives of Dabhol, the Maharashtra State
Electricity Board (MSEB) and representatives of the federal and state
governments.
Indian lenders to Dabhol will meet in Bombay on Wednesday to try and find a
way to protect their interests in the project, a lender said on Monday.
The meeting's top priority will be the adoption of a common strategy to
convince foreign lenders not to invoke guarantees issued by local financial
institutions and banks.
The project, which is being built at a total cost of $2.9 billion, is being
funded through $2 billion of loans. Of this amount, local lenders have
contributed $1.4 billion and foreign lenders have provided the rest.
Foreign lenders are protected by guarantees issued by domestic banks and
financial institutions. They have called a meeting on June 5 and 6 in
Singapore to discuss invoking guarantees on their loans in the project.
At stake is not just the investment in the project, but also India's efforts
to reform the power sector. Indian lenders would also take a hit on their
books if their foreign counterparts insist on payments. (Additional reporting
by Maria Abraham)
($1 = 46.98 Indian rupees).
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
SWITZERLAND: Swiss Prime New Energy has bourse debut.
05/29/2001
Reuters English News Service
(C) Reuters Limited 2001.
ZURICH, May 29 (Reuters) - Shares in Swiss investment company Prime New
Energy AG, which invests in sustainable energy technology, start trading on
the Swiss SWX stock market on Tuesday, lead manager Credit Suisse Asset
Management said.
CSAM, part of Credit Suisse Group , said in a statement the company completed
a placement of 700,000 bearer shares at 93 Swiss francs on April 12.
The listed shares will be included in the investment company segment of the
SWX and its index.
The company was founded in October 2000 and targets long-term capital growth
by investing in the future-oriented domain on the energy sector in North
America and Europe.
The founding shareholders include the pension funds of the canton of
Baselland, Credit Suisse Group, SBB Swiss railways and the Siemens companies
in Switzerland.
Prime New Energy is headed by Stefan Maechler, managing director of Credit
Suisse Asset Management, which is also responsible for managing the
portfolio.
Prime New Energy (www.prime-new-energy.com) said net asset value per share
stood at 105.59 Swiss francs on May 25, having set a year high of 106.66 on
May 22. The year low was 81.39 on April 4.
Investments include stakes in listed companies Calpine Corp , Mirant ,
Aixtron , Enron Corp , Ballard Power Systems , Capstone Turbine Corp and
Gamesa .
The total investment volume was 187 million francs on April 30.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIAN GOVT REJECTS PROPOSAL TO BUY POWER FROM DABHOL PROJECT
05/29/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
NEW DELHI, May 29 Asia Pulse - The Indian federal government has refused a
proposal by the Maharashtra state government that it purchase electricity
from the Enron-promoted Dabhol Power Company, which is currently embroiled in
a legal battle with the state.
"How can Central utilities buy power from DPC and sell it elsewhere when it
is not possible for the Maharashtra government to buy it," the federal Power
Minister, Suresh Prabhu, told PTI in an interview.
"A solution has to be found out which will have to be both in the national
interest as well as acceptable to the investors... by asking National Thermal
Power Corporation to buy power we can't have a solution," he said.
Stating that he had made his stand clear to the Maharashtra Chief Minister,
Vilasrao Deshmukh, when he came with the proposal to meet him and the Finance
Minister, Yashwant Sinha, Prabhu said "what appears a solution can prove to
be a precursor to a problem later."
In the wake of the ongoing fight between DPC and the Maharashtra State
Electricity Board over the payment issue and legalities of power purchase
agreement, Deshmukh had asked the federal government to bail out the state by
instructing the NTPC and the Power Trading Corporation (PTC) to buy power
from the second phase of DPC, to be commissioned later this year.
Prabhu said states were the users of the electricity and not the federal
government, which was only playing the role of a facilitator by generating
and supplying power.
(PTI) 29-05 2002
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's India Unit Willing To Cut Tariffs By 10% - Report
05/29/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- Dabhol Power Co., the Indian unit of Enron Corp.
(ENE), has told its domestic lenders that it's willing to cut tariffs by at
least 10% in an attempt to resolve a dispute with Indian authorities.
"The DPC (Dabhol Power) managing director met me recently. He is agreeable to
cutting tariff by 10%. I am sure it can even be reduced further," S.K.
Chakrabarti, chairman and managing director of the Industrial Development
Bank of India, was quoted by the Business Standard newspaper as saying
Tuesday.
IDBI has a total loan exposure of 21.58 billion rupees ($1=INR46.9750) to
Dabhol Power.
The $3 billion Dabhol Power project, India's biggest foreign investment
project, is situated in the western Indian state of Maharashtra.
The project, which will generate 1,444 megawatts of electricity when the
second phase is completed later this year, is at the center of a dispute
between the state government and Dabhol Power over what the government claims
are "unaffordable" power tariffs.
The statement government hasn't been paying its dues to Dabhol Power and the
company on May 19 issued a preliminary termination notice to the Maharashtra
State Electricity Board, or MSEB.
Indian financial institutions with outstanding loans to Dabhol, including
IDBI, will meet Wednesday to agree on a common stance prior to their meeting
with foreign lenders in early June. The lenders are hoping to save the power
project, which is facing severe cash flow difficulties because of nonpayment
by the state electricity body.
Separately, a negotiating panel that includes officials from the state and
central government and MSEB will meet senior executives of Dabhol Power later
Tuesday in a bid to resolve their differences.
In a separate report Tuesday, the Financial Express newspaper said the Indian
government had rejected a proposal by the Maharashtra government that
National Thermal Power Corp. or Power Trading Corp. be asked to buy and
distribute power from Dabhol Power.
The report quoted unnamed government officials as saying that the
consequences of commercial decisions taken by the state government or the
MSEB won't be passed on to consumers across the country.
-By Muneeza Arjuman, Dow Jones Newswires; 91-11-461-9427;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA'S DABHOL POWER SET TO SLASH TARIFF BY 10%, SAYS IDBI CHIEF
05/29/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
MUMBAI, May 29 Asia Pulse - Enron promoted Dabhol Power Company (DPC) is
ready to slash its tariff by 10 per cent after the second phase of the 2,184
mw project is functional in June first week, the leading financial
institution Industrial Development Bank of India (IDBI) acting chairman and
managing director S K Chakrabarti said here.
"DPC has assured its Indian lenders that it was willing to reduce the tariff
after firing of the 1,444 MW second phase. The per unit price would also
reduce by another 10 per cent when the plant switches to Liquified Natural
Gas as fuel", Chakrabarti said.
He said there was hope that DPC's tariff would come down at Rs 3.50 per unit
after LNG use.
Meanwhile, Indian lenders would meet on May 30 to chalk out a strategy for
pressurising their foreign counterparts not to escalate the crisis by
withdrawing from the USD three billion project.
"There is a rift between domestic and foreign lenders, but the forthcoming
meeting will formulate our future course of action to convince the latter not
to precipitate the crisis any further in the June 4-6 Singapore meet", he
said.
"IDBI's exposure to DPC project is to the tune of Rs 21.58 billion (US$459
million) including guarantees worth Rs 15.28 billion and rupee loans of Rs
6.30 billion," Chakrabarti said.
For the first time, the Indian lenders today disclosed their exact exposure
to DPC, which stood at Rs 66 billion. Chakrabarti said adding other domestic
lenders were ICICI, State Bank of India and Canara Bank.
(PTI) 29-05 1609
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
ENRON'S DABHOL POWER CO REJECTS STATE BOARD'S LEGAL NOTICE
05/29/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
MUMBAI, May 29 Asia Pulse - Enron's Dabhol Power Company (DPC) has rejected
the Maharashtra State Electricity Board's (MSEB) legal notice for
"rescinding" the PPA, saying "it did not have the right to do so," as the two
partners get ready to plead their case before the state Electricity
Regulatory Commission (MERC) tomorrow.
In a three-page response to the MSEB's May 24 legal notice, Enron India
managing director K Wade Cline has said "The legal notice is not acceptable
to us, as according to the PPA, MSEB does not have the right to rescind the
agreement," the state government sources told PTI here today.
In its notice, the MSEB has questioned the legal validity of the entire PPA
as per the Indian Contracts' Act (ICA) 1872 and later also went a step
further by filing a petition in MERC.
"Other than non-acceptance of our legal notice, the DPC has continued its
demand for an escrow account, knowing fully well that MSEB has filed a caveat
in the Mumbai high court for not activating the sam," sources said.
The DPC has also demanded an increase in LC (letter of credit) amount in line
with the PPA, as the MSEB was supposed to do 21 days before the firing of its
second phase on June six, they said.
(PTI) 29-05 1143
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
GEB to issue bonds against old debts
Kamlesh Trivedi
05/29/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)
WHEN the dispute over past outstanding has turned relations between Enron and
Maharashtra state Electricity Board sour, Gujarat state Electricity Board has
come out with a trend setting concept to retire past debt of independent
power projects.
GEB has decided to issue bonds worth Rs 650 crore to two of the three
independent power projects in the state, Gujarat Powergen Eenergy Corporation
and Gujarat Industries Power Company Limited against their old debts.
Bonds will be issued by GEB during the first week of June. GPEC will be
issued bonds worth Rs 400 crore, while GIPCO will be issued bonds worth Rs
250 crores to settle the past dues according to sources in the state energy
department.
GPEC will be issued bonds with option of four, five and six years of maturity
period. While GIPCO, which will be issued bonds worth Rs 250 crore, will have
maturity period options of six, seven and eight years.
With a fluid situation in the market, GEB is still indecisive about the
coupon rates to be offered on bonds to IPPs. A similar offer for the third
independent power project Essar power, is believed to be in the process.
GEB, which has been facing severe financial crunch for the past few years,
will now be worried only about current power purchase bills raised by IPPs.
Thanks to subsidy payment arrangement in cash on monthly basis facilitated by
Gujarat Electricity Regulatory Commission, GEB now has some liquidity to pay
current bills of IPPs and so IPPs are worried only about the past dues, said
sources.
Past accumulated outstanding of the independent power projects was a major
headache for GEB. Infact, two of the three IPPs, GPEC and Essar power had
brought in pressure on the state government to settle down the past dues.
Outstanding had become such a serious issue, that at one point of time, Essar
power, in its wisdom, had also considered dragging the state government to
the court.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: Enron's Dabhol to meet key govt panel on Tuesday.
05/28/2001
Reuters English News Service
(C) Reuters Limited 2001.
BOMBAY, May 29 (Reuters) - Officials at U.S. energy giant Enron Corp's Indian
unit are scheduled to meet with a state government panel on Tuesday to
discuss the fate of a controversial $2.9 billion power project.
But analysts said the meeting is unlikely to yield any result as Dabhol Power
Company, owned 65 percent by Houston-based Enron , has already announced that
it regards the meeting as a courtesy call only.
The panel was formed last month by the Maharashtra state government to
renegotiate the tariffs charged by the 2,184 MW power project.
Maharashtra State Electricity Board (MSEB), which agreed in 1995 to buy the
plant's entire output, says the power is too costly and has defaulted on $48
million of power payments.
Dabhol issued a notice this month to cancel its power purchase deal.
The Maharashtra government has asked the panel to renegotiate the project
with Dabhol and bring down the tariff.
The panel is headed by Madhav Godbole, a former bureaucrat, who earlier
headed a committee which recommended a series of steps to bring down the
project tariff.
Dabhol has said that it does not agree with the committee's recommendations
and hence does not believe the new panel would find a solution.
LENDERS MEET
Indian lenders to Dabhol will meet in Bombay on Wednesday to try and find a
way to protect their interests in the project, a lender said on Monday.
The meeting's top priority will be the adoption of a common strategy to
convince foreign lenders not to invoke guarantees issued by local financial
institutions and banks.
The project is being built at a total cost of $2.9 billion, of which $2
billion has been funded through loans. Of this amount, the local lenders have
contributed $1.4 billion and foreign lenders have provided the rest.
Foreign lenders are protected by guarantees issued by domestic banks and
financial institutions. They have called a meeting on June 5 and 6 in
Singapore to discuss invoking guarantees on their loans in the project.
At stake is not just the investment in the project, but also India's efforts
to reform the power sector. Indian lenders would also take a hit on their
books if their foreign counterparts insist on payments.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
QATAR: Qatar says Dolphin deal not set back by Enron exit.
05/28/2001
Reuters English News Service
(C) Reuters Limited 2001.
DOHA, May 28 (Reuters) - Qatari Oil Minister Abdullah bin Hamad al-Attiyah
said momentum had not slowed on a $3.5 billion project to route Qatari gas to
the United Arab Emirates after Enron Corp bowed out of Dolphin Energy Ltd
(DEL).
"Actually it is the opposite, for there are seven international firms each
larger than Enron that are competing for its stake," Attiyah was quoted by
the official Qatari news agency QNA as saying late on Sunday.
Enron last week sold its 24.5 percent stake in DEL to the UAE Offsets Group
(UOG) for an undisclosed amount, raising the UAE firm's stake to 75.5
percent.
DEL has said several companies, including its other partner in the project,
France's TotalFinaElf , were interested in acquiring Enron's stake.
In March, Qatar and DEL signed a "commmercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited
project.
The two sides aim to sign a production sharing agreement before the end of
the third quarter 2001.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Dabhol project: Politics of power
05/28/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
IT ALWAYS looked as if the Maharashtra Government had a definite plan while
renegotiating with Dabhol Power Company (read Enron). The plan perhaps was to
get some cosmetic changes in tariff and give DPC large benefits such as sales
tax exemption for naphtha; reduction in interest rates of loans; and third
party sales in the hope of getting the Centre to make NTPC and other Central
utilities buy the costly power. This would look as if the contract has been
renegotiated to ease the burden on Maharashtra when in fact the burden would
have been distributed among several States and the Centre. The ultimate
beneficiary would be Enron which would continue to keep a contract executed
so blatantly against public interest. The real objective of the Maharashtra
Government and perhaps the Centre is to give the controversy a decent burial.
The party was spoilt by a statement by the Nationalist Congress Party
President, Mr Sharad Pawar, criticising the re- negotiating Committee
Chairman, Mr Madhav Godbole. The latter resigned, but was convinced to
retract it. But it cannot be forgotten that it was Mr Pawar as Chief Minister
of Maharashtra, who had bypassed a lot of objections to give the project to
Enron.
Now it has become convenient for the Maharashtra Government to say that the
State is suffering because of the decisions of the BJP-Shiv Sena Government.
While the role of the BJP-Shiv Sena Government in reopening and permitting
Phase II and integration of the LNG terminal, by which means Enron can
recover the capital costs many times over, is utterly deplorable, it can not
be lost sight of that it was Mr Pawar's government that brought in Enron.
As Mr Praful Patel rightly said in STAR News' Newshour, the project had the
blessings also of the then Prime Minister, Mr P. V. Narasimha Rao, and his
Finance Minister, Dr Manmohan Singh. All of them, pushing for reforms, wanted
a project in double-quick time and they ignored the several layers of
approval process.
The real story is described in a civil suit filed in 1995 by the then
BJP-Shiv Sena Government in the Bombay High Court. It is another matter that
this civil suit was mysteriously withdrawn after the Enron head, Ms Rebecca
Mark, met the powers that be in Maharashtra, including the Shiv Sena chief.
The suit - drafted by such eminent lawyers as, Prashant Bhushan, Nitin
Pradhan, C. J. Sawant, the then Advocate General, and F. S. Nariman - tells
the interesting story of how the Pawar government went out of its way to
favour Enron by giving approvals even after the elections were announced and
conducted in the State - a gross violation of the election code. To this day,
neither the Congress nor the BJP-Shiv Sena nor the NCP governments has had
the courage to speak the truth -perhaps because all of them were
beneficiaries. Here are a few passages from the suit to judge the actions of
the Pawar government: A After the calling of elections for the Maharashtra
State Assembly, after expiry of its full term, the following documents came
to be executed namely (i) Amendment to PPA dated 2/2/1995, (ii) Consent
Agreement dated 23/24.2.1995, and (iii) Fuel Management Agreement dated
25.2.1995. As mentioned above, all the aforesaid documents were in aid of and
supportive of the PPA dated 8.12.1993 (later amended as mentioned above).
Elections were called for by a press note dated 8.12.94 and a notification
date 10.1.95 and were held from 9-12 February, 1995, but announcement of
results was deferred in order to complete election process in other States
which were to take place. It was this deferment of results which was taken
advantage of and the letters/agreements were executed and/or exchanged during
this period.
A By reason of Clause 2 of PPA, the status of the PPA was that of an
agreement not enforceable by law until all conditions precedents had been
fully satisfied and/or bona fide waived as provided in the PPA itself.
However, by a letter dated 25.2.1995 these conditions precedents were waived.
The so-called waiver was not bona fide but was deceptive and fraudulent.
* The unholy haste with which the purported financial closure was sought to
be achieved was clearly in order to reap the benefit of the huge sum of $20
million admittedly already spent by the principal shareholder of the First
Defendant (Enron) described by them euphemistically as 'educational
expenses'; (the testimony of Ms Linda Powers specifically states that:
"Moreover, our company spent an enormous amount of its own money
approximately $20 million on this education and project development process
alone not including any project costs... Why do we, and other developers
include such things in our project? To win local support and support of the
authorities, and contribute to the general improvement of conditions, and
contribute to the general improvement of conditions in the area". In the
purported refutation also enclosed in the letter dated 18.8.1995 of the First
Defendant, it is stated that $20 million included "engineering, financing,
legal, travel and administrative costs actually totalling a sum in excess of
$20 million as of 29.3.1995.") * 20.6.1992 - (within five days of arrival in
India and within three days of arrival in Bombay) The Enron team arrived in
India on June 15 and spent two days visiting various sites in addition to
meeting people in Delhi and Bombay. A memorandum of understanding was signed
between the Second Defendant (represented by Mr Ajit M. Nimbalkar), then
Chairman of the Second Defendant, Ms Rebecca Mark of Enron, and Mr Douglas
Mcfadden of General Electric Corporation.
The term sheet annexed to the MoU opens with the following: "Electrical Power
Purchase Contract" - Contract for 20 years term between Power Venture and
MSEB to be structured to achieve an all in price of US$ 0.073/kWh, comprised
a fixed monthly capacity payment calculating at the Indian rate of inflation
each year and a per-kWh energy payment equal to the per-kWh operating cost
(as defined below).
(ii) Thus, the purported decision to set up a huge power generation project
in the private sector with a foreclosed obligation on a statutory corporation
to buy power from the private sector at a predetermined unprecedentedly high
rate was taken in a great hurry without there being any public debate on the
said issue apart from there being any detailed consideration of the matter.
A Before the PPA was executed in December 1993, the following events
occurred:
(a) The World Bank expressed its opposition to the project and advised that
it was not viable, not in the interest of Maharashtra in particular and the
country, the public and the consumers, in general. This objection was brushed
aside by Enron which said, in a letter, that "the World Bank opinion can be
changed", that "we (Enron) will engage a PR firm and hopefully manage the
media from here on" (June 1993).
A The Central Electricity Authority had drawn attention to several aspects of
the MoU including:
(i) The all-in price is a departure from the existing norms and parameters
notified by the Government under Section 43 A(2) of the Electricity (Supply)
Act, 1948.
(ii) Denominating the price in US dollars is also a departure from the
existing norms.
(iii) We take it that the price of 0.073 kWh will be applicable from 1996
when power would be available.
* The PPA violates the tariff guidelines in force issued on December 8, 1993.
The tariff guidelines permitted only a return of 16 per cent on equity but
the PPA allows a return much in excess of 25 per cent.
Second, the tariff notification puts a cap on Operation and Maintenance (O&M)
charges at 2.5 per cent of the capital cost. In the case of the PPA the O&M
changes were over Rs 90 crore annually which is over three per cent of the
capital cost. The PPA was not even structured in accordance with the said
notification.
The tariff notification allows payments only for the actual fuel consumed and
not for deemed consumption. In the present case the heat rate guaranteed by
the Dabhol Power Company to the MSEB is 7605 BTU per unit while the heat rate
guaranteed by GEC to DPC is considerably lower. Under the PPA about 25 per
cent of this difference and deemed consumption and actual consumption is
allowed to be retained by DPC, contrary to the tariff notification.
All these are but a few paragraphs of the 600-page civil suit. Perhaps had
the then Maharashtra Government persisted with the arbitration the
compensation would have been far less than what could be anticipated now.
However, for reasons best known to the BJP-Shiv Sena combine, the suit was
withdrawn and its government appointed a review committee which integrated
the LNG plant with the power plant and gave the green signal for the second
phase. The net result was a higher tariff than what was negotiated by the
Pawar Government.
The project has come a full circle now. Now the effort is on to distribute
the burden across the country. This is evident by the Maharashtra Government
turning to the Centre and its representative A. V. Gokak, and stating that
the Centre is evaluating various options including of the Power Trading
Corporation to buy the power from DPC and distribute it to all the States.
But at what price? Not lower than negotiated under the PPA of course with
cosmetic concessions by Enron and a lot of sacrifices by the State and the
Centre. But is this what we want?
- S. Padmanabhan
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
French power plays trample Mediterranean sensitivities
05/28/2001
South China Morning Post
8
(c) Copyright 2001 South China Morning Post Publishers. All Rights Reserved.
An electric storm is raging over the western Mediterranean. French power
plays have become a charged issue in Italy and Spain. French state monopoly
power company Electricite de France (EdF) caused a furore in Rome last week
by grabbing 20.1 per cent of Italian industrial group Montedison.
Montedison has majority holdings in energy producers Edison and Sondel.
Together, these two modern and thrusting companies, soon to be merged, have
6,000 megawatts of generation capacity - 12 per cent of Italy's active
production capacity. Projects coming on stream will take that share to about
22 per cent within three years.
Italy's shocked response was to rush through a decree limiting voting rights
of foreign companies buying into its generation industry to 2 per cent -
unless Italian companies are allowed reciprocal access to the buyer's
domestic energy markets.
It is a response learned from the Spanish Government, which has suspended the
voting rights of the foreign companies that recently acquired its
fourth-largest power company, Hidrocantabrico. One of those is Electricidade
de Portugal (EdP), 30 per cent owned by the Portuguese Government. The other
is Germany's third-largest producer, Energie Baden Wuerttemberg (EnBW), 34.5
per cent owned by the French monopoly EdF.
Spain is acting under a new "EdF Law" intended to keep state-owned foreign
groups from controlling its utilities. The thinking behind it is similar to
Madrid's restrictions on shareholdings by foreign telecommuications companies
in which governments still hold a "golden share". The golden-share law, used
to scupper a deal between Spanish phone company Telefonica and Holland's KPN,
has been challenged by the European Commission.
This is not what the European Union's single market is supposed to be about.
The idea is to foster free movement of capital and investment between member
nations, not to give governments the excuse for nationalistic grandstanding
and protectionism.
Nor is EdF is the kind of investor the single market was designed to
encourage. France is liberalising its electricity market more slowly than
many other EU countries, permitting only the minimum outside competition
allowed under EU rules. It also bans companies from taking a stake in EdF. In
a sense, EdF is doing what state monopolies facing eventual privatisation
always do - moving into markets where liberalisation is further advanced and
barriers to entry are lower.
It has a war chest overflowing from a high domestic-price policy and can snap
up newly privatised shares of other former monopolies abroad or buy stakes in
struggling newcomers.
That is what it has been doing in Italy, where the former state monopoly Enel
is being forced to sell off capacity. Much would have gone to Montedison, but
it may go elsewhere if EdF is seen to be in control.
Eventually, EU pressure to liberalise will mean EdF will have to face serious
competition on its domestic market. Some market opening has already been
forced on it, despite the best efforts of the French Government.
The company says it has already "lost 48 clients, representing roughly 3 per
cent of sales, to the benefit of the German companies RWE and E.On, America's
Enron, Spain's Endesa, the Franco-Belgian company Electrabel and [upstart
French rival] Suez," reports the Paris daily Le Monde . It will also have to
put a further 6,000 megawatts, or 6 per cent of production, up for sale later
this year as a condition for EU approval of the EnBW purchase.
But that is not enough to satisfy its neighbours, who want EdF tamed, at
least for as long as it remains under state protection. The EU's commission
would dearly like to be able to agree.
Commission President Romano Prodi, a former Italian prime minister,
uncomfortably admits Brussels needs to study what can be done about companies
which can buy but cannot be bought. Commissioner for Energy Loyola de
Palacio, who happens to be Spanish, has argued fiercely there is no point in
privatising state companies only to have them re-nationalised by someone
else's government.
Nonetheless, the commission has taken Spain to court over the golden-shares
law and is investigating the decision against EnBW and EdP. Mr Prodi has also
signalled he will also "look very closely" at the Italian law.
Fearing the battle could reverse years of painful effort to liberalise the
utilities market, the commission argues it is better to pressure Paris to
open the French market than to let Rome and Madrid close theirs. That is
correct in principle. Market liberalisation is a fundamental pillar of
European integration and national barriers cannot simply be re-erected at the
first sign of cross-border investment.
In practice, however, the Italian and Spanish reactions may be rather more
effective at concentrating French minds than lectures from Brussels.
If EdF finds its foreign forays thwarted, it may decide for itself that some
domestic liberalisation is necessary.
After all, a little competition at home may be a relatively small price to
pay for the success of an international expansion programme intended to
ensure half the company's sales are generated outside France by 2005. That is
double the proportion achieved in 2000.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A
Feeling the heat over energy, Bush to visit California
BENNETT ROTH, Houston Chronicle Washington Bureau
Staff
05/28/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)
WASHINGTON - After keeping his distance from California for months, President
Bush finally will travel to the Golden State today to confront an energy
crisis that threatens to darken the futures of politicians on both coasts.
The trip comes at a time when the White House and California's Democratic
Gov. Gray Davis have been engaged in a cross-country war of words, each
blaming the other for the state's rolling blackouts and escalating energy
prices.
Prodded by nervous state Republicans who fear voters are coming to see the
White House as indifferent to the crisis, Bush will focus on energy problems
during the two-day swing.
The trip tentatively includes a tour of Camp Pendleton Marine Corps Base, a
speech to the Los Angeles World Affairs Council and a trip to Sequoia
National Park.
Perhaps most significant, Bush has agreed to meet with Davis - at the
governor's request - to discuss their differences over how to resolve the
energy crunch.
The stakes are high for both. Although Bush and Davis are of different
parties, political experts say voters in the nation's most populous state
could hold both of them responsible for a summer of inconvenience and high
utility bills.
"Voters don't look at the energy crisis in an ideological mode," said Allan
Hoffenblum, a Los Angeles-based Republican consultant. "It is, `Why can't I
turn on my lights?' and, `Why are my electric rates so high?' "
A recent poll by the Public Policy Institute of California found that voters
statewide gave both Bush and Davis low marks in the way they have dealt with
the energy crisis. The survey found 56 percent of Californians disapproved of
Bush's handling of the matter. Davis fared even worse, with 62 percent of
respondents saying they are unhappy with his performance.
For many Republicans, Bush's visit is not a moment too soon.
Having lost all but one statewide elected position in their increasingly
Democratic state, they have been eager to get a high- profile Republican
there to rally the troops.
Furthermore, some political observers say Davis' latest strategy - linking
Bush to the Texas-based energy companies the governor charges are responsible
for high prices - is beginning to resonate with voters.
"He is pointing his fingers at (energy-price) gougers in Texas and gougers in
Houston," said Sherry Bebitch Jeffe, a senior scholar at the University of
Southern California.
She was referring to recent attacks by Davis and other Democrats against
Houston-based Reliant Energy and Enron Corp., which have supplied energy to
California.
Until recently, Bush has been reluctant to return to a state where voters
rejected him by a 12-percentage-point margin last November. The big loss came
despite the fact that Bush campaigned hard there and pumped millions of
dollars into a statewide effort.
Since assuming office, Bush has traveled to more than half of the states
before scheduling a trip to California.
And he has waited longer than any president in the last three decades to make
his first visit to the Golden State.
Bill Clinton, who cruised to two California victories, headed to the West
Coast after his first month in office and returned frequently.
Critics say Bush has been trying to avoid the energy mess, which is the No. 1
topic from San Diego to San Francisco.
Initially, White House advisers dismissed the state's energy crunch as a
self-inflicted crisis caused by a flawed deregulation plan.
When administration officials suggested that state officials solve their own
problems, Democrats responded that the message from Washington was "Bush to
California: Drop dead."
But more recently, the administration has sought to be more attentive to the
energy shortage after California Republicans warned of a possible voter
backlash in the 2002 midterm elections.
Bush ordered federal facilities, including the sprawling military bases in
the state, to reduce energy consumption by 10 percent.
And he has directed the federal government to expedite permits for new power
plants that the state desperately needs.
But the president's long-term energy strategy unveiled this month did not
address the state's short-term problems.
And the administration has adamantly rejected Davis' pleas to have the
federal government cap the price of wholesale electricity in the state.
White House officials say price caps distort the market and would not solve
the major problem facing California, which they argue is not generating
enough electricity to meet demand.
Furthermore, they contend, price caps would even harm the state in the long
run.
Nevertheless, Davis spokesman Steve Maviglio said the governor will use his
meeting with Bush to once again request that the president approve a ceiling
on electricity costs.
"The governor wants to ensure there is some short-term price relief by the
administration," said Maviglio. "I think the longer the president stays in
California, he will hear at every meeting and at every turn about energy and
price gougers. So, hopefully, he will be compelled to do something about it
instead of being AWOL about it."
White House spokesman Ari Fleischer disputed California Democrats' contention
that the president has ignored the crisis.
"The president's focus is going to be on solving problems," Fleischer said.
"He is not interested in finger-pointing. And that's what the president has
done on energy policy in this country, whether people agree or disagree with
the specifics of his energy plan."
However, even the president's long-term energy strategy, which emphasizes
more oil drilling and nuclear power plants, may be in peril now that
Democrats have regained control of the Senate following Vermont Sen. James
Jeffords' defection last week from the GOP.
Democrats already have said they are unlikely to approve some of Bush's more
controversial proposals, such as drilling in the environmentally sensitive
Arctic National Wildlife Refuge in Alaska. The scuttling of such oil-drilling
plans is likely to be well- received in environmentally conscious California,
said political expert Jeffe.
She added that Jeffords' move also will benefit California because the
state's two Democratic senators, Dianne Feinstein and Barbara Boxer, are
likely to gain clout in the Senate. The senators have complained that the
Bush administration has not consulted them on energy policy.
Recently, the state's Democratic Attorney General Bill Lockyer sharpened his
attacks on Enron's top executive, Ken Lay. Lockyer said his office would like
to file civil and criminal charges against the energy supplier.
According to a Wall Street Journal article Tuesday, Lockyer said, "I would
love to personally escort Lay to an 8-by-10 cell that he would share with a
tattooed dude who says, `Hi, my name is Spike, honey.' "
Enron spokeswoman Karen Denne responded that Lockyer's comments do "not even
dignify a response."
But Denne said the scheduled meeting between Bush and Davis "is certainly a
step in the right direction."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
California; Metro Desk
INSIDE POLITICS
Los Angeles Volts, Quotes and Votes From the Elect Among Us
PATT MORRISON
TIMES STAFF WRITER
05/28/2001
Los Angeles Times
Home Edition
B-2
Copyright 2001 / The Times Mirror Company
The Other Spike in Energy Rates Vivid political rhetoric is a moribund art,
and California Atty. Gen. Bill Lockyer's effort to revive it with a humdinger
of a quote has brought shocked, shocked responses.
Lockyer, who is investigating possible manipulation of wholesale electricity
prices by energy firms trading in California, told the Wall Street Journal,
"I would love to personally escort [Enron Corp. chairman Kenneth] Lay to an 8
[-by-] 10 cell that he could share with a tattooed dude who says, 'Hi, my
name is Spike, honey.' "
A GOP group calling itself The Loyal Opposition noted primly that Lockyer's
suggested act would expose the state to "civil and possibly criminal
liability."
And Gary Ackerman, executive director of a generators' and marketers' trade
group called the Western Power Trading Forum, said state Controller Kathleen
Connell rang him up to apologize for Lockyer.
She called "to express her regrets over comments made by an elected official,
a colleague of hers," Ackerman said. "She wanted to distance herself from
those kinds of comments." (Top Democrats in the Capitol will tell you that
the contrary-minded Connell has already been distancing herself from them for
a long time.)
Lockyer was a known phrasemaker back in his Legislature days. When Doris
Allen--the Orange County Republican who was briefly the state's first woman
Assembly speaker--was driven out by fellow Republicans for cutting a deal
with Democrats to get the job, she characterized her enemies as
"power-mongering men with small penises." That prompted Lockyer to declare,
apropos of male legislators, "I guess that makes us the Congress of Vienna
Sausages."
Lockyer's office says with a sigh that "those focusing on the colorful
language are missing the point--that we're not afraid of energy companies and
we are serious about going after them for any wrongdoing."
Putting Teeth in That Comb
It's been the law for years, but who knows from his-and-her prices? In 1995,
it became illegal for merchants to use gender alone to charge women more than
men for the same services, from haircuts and dry cleaning to car repairs.
Yet when Hannah-Beth Jackson, the Assembly Democrat representing parts of
Ventura and Santa Barbara counties, went to her Santa Barbara dry cleaners,
she found that she was being charged $1.25 each for her husband's shirts, and
$3 each for her blouses of comparable fabric and style. The cleaner said the
blouses were too petite for the presses and needed hand ironing.
She was steamed, and when you get a legislator steamed, you feel the heat.
Jackson has pushed through a bill putting bite in the 1995 law, and requiring
that prices for such services be posted.
She did, however, pass on more aggressive requirements, like forcing barbers
to charge less to tend the sparse, see-through hair of older men than for the
jungle-dense coiffures of younger men. Consider her husband's thinning
thatch, she said: "That's precision work. They've got to make every hair
count."
Political Hustle Meets Real Muscle
Give credit where credit is due: Some of his party's leaders rail against
popular culture, but Dana Rohrabacher, the Republican congressman from
Huntington Beach, has been a fearless practitioner. He hung out with Van
Halen singer Sammy Hagar, and took up surfing (though he passed on a
challenge by surfer Sally Alexander, his 82-year-old Democratic opponent, to
a "surf-off" in 1996). He even got his chin liposuctioned a while back.
Now he's bucking anti-Hollywood rhetoric by enlisting one star the GOP dotes
on, so much so that his name was bruited about as governor material: Arnold
Schwarzenegger.
The Austrian-born actor is turning star power into $tar power at a
$1,000-a-plate fund-raiser for Rohrabacher June 9 in Newport Beach.
Rohrabacher met the actor through an ex-bodybuilder turned chiropractor who
treated Rohrabacher's bad back, back when it was.
For the congressman's money, Schwarzenegger is "not only a draw with the
voters but with the financial supporters." And why would a man in a district
as safe as his need to raise money? "We have redistricting coming up. It's
always prudent to have some money in your bank account."
Here Lies . . .
There's no marker on the runway at LAX to commemorate President Bill
Clinton's notorious $200 haircut, but Los Angeles' Rancho Park Golf Course
now has a bronze plaque set in a boulder to memorialize Clinton's golf game
there last August.
The marker reads "President of the United States William Jefferson Clinton
played golf at Rancho Park Golf Course August 12, 2000," and beneath it the
names of three officials, one of whom was in the First Foursome--L.A. Mayor
Richard Riordan.
Clinton didn't turn in a scorecard, but his game was said to be "around 85."
Former Clinton White House aide Ben Austin, now deputy mayor to Riordan, says
that in spite of reports to the contrary, "presidents don't cheat at golf.
Presidents' opponents cheat for them," a statement bolstered by former
President George Bush, who marveled after he left the White House, "It's
amazing how many people beat you at golf now that you're no longer
president."
The Thrilla on Capitol Hill-a
Nancy Pelosi, the San Francisco Democrat, has spent some recent time of her
14 years in Congress angling to get California back into the House
leadership, with herself as majority whip, the person who keeps party members
in line and counts noses before big votes.
Alas for Pelosi, the GOP kept its majority in the November elections, and
there was no room at the top. Even if there had been, fellow Demo Steny H.
Hoyer of Maryland was already jockeying for the same job.
But wait! The consolation prize of minority whip may be opening up. Michigan
Rep. David E. Bonior might soon quit as whip to campaign if he decides to run
for governor in 2002.
Get cracking!
Quick Hits
The Legislature, which voted unanimously in 1996 to adopt energy
deregulation, voted unanimously again last week--this time to adopt an
official state tartan, that of the family of pioneering naturalist John Muir.
. . . The chads will stay in Kern County for now, since the county found that
buying new optical scanners would cost more than its entire annual elections
budget. . . . For brevity, there's no beating the retirement memo of Ron
Reina, longtime aide to San Diego County Sheriff Bill Kolender: "And to all,
'Good Night.' "
Word Perfect
"He never really apologized. . . . Holding no one accountable only sanctions
these kind of dirty tricks."
Los Angeles County supervisor Gloria Molina, contesting just what constitutes
an apology. After learning that his campaign used an imitation of Molina's
voice and name to dis his mayoral primary opponent Antonio Villaraigosa, Rep.
Xavier Becerra said in a long press release that he had telephoned both
Villaraigosa and Molina and "offered an apology on behalf of my campaign." No
way, said Molina; what she heard from Becerra was a "long-winded" narrative
devoid of mea culpas.
*
Columnist Patt Morrison's e-mail address is [email protected]. This
week's contributors include Nick Anderson, Steve Chawkins, Jean O. Pasco,
Nicholas Riccardi and Nancy Vogel.
PHOTO: Former Recreation and Parks Commissioner Steve Soboroff and department
General Manager Ellen Oppenheim unveil plaque marking President Clinton's
game last summer at Rancho Park Golf Course.; ; PHOTOGRAPHER: RON CAMPISE /
For The Times
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A
Politics
2003 mayoral race casting a shadow
JOHN WILLIAMS
Staff
05/28/2001
Houston Chronicle
3 STAR
29
(Copyright 2001)
THE 2001 MAYORAL race has barely started. No television commercials have
aired; no debates have blared. Incumbent Lee Brown has yet to formally
announce.
But already, some are laying groundwork for 2003.
Three prominent businessmen - Ned Holmes, Ken Lay and Marc J. Shapiro - are
talking with politicos and others about running for mayor in two years. There
are others, including developer Ed Wulfe, Brown's confidant.
And while these powerhouse names provide colorful speculation about the
political scene two years hence, they also cast long shadows on this year's
landscape because each now prefers Brown to serve a final term.
The concern atop the glittering towers of commerce is that Houston needs
another businessman at the helm, someone with the can-do abilities of the
past mayor, Bob Lanier.
But not yet.
The increasingly image-conscious business leadership does not want Houston
portrayed nationally as the city that booted its first black mayor. It's
important for the power elite, still mostly white, to be seen as coexisting
with minorities.
And there is political reality. It's hard to win citywide without support
from a black community that tends to vote as a bloc and was a significant
factor in electing four of the last five mayors.
Supporting the term-limited Brown for his final two years could pay dividends
later.
Taking stock of their futures
Working behind the scenes, Holmes, Lay and Shapiro are taking stock of their
political futures. It is unlikely that they would would run against each
other. But each wants to know where he stands and who might make the best
candidate.
Holmes already has taken a step. Though he chaired fund-raising for Rob
Mosbacher, who lost to Brown in the 1997 runoff that put Brown in office,
Holmes now raises money for the mayor.
That allows Holmes to freeze money that might go to other candidates while
earning political points from Brown's black supporters.
Lay, the chairman of Enron Corp, is testing the water with various community
leaders. While many view Lay, with his strong ties to the Bush White House,
as being above local politics, there is a growing trend of business titans
running for mayor.
Shapiro is being quieter. As vice chairman of finance, risk management and
administration for Manhattan Chase Bank, he lives in New York City, though he
has a house in the enclave city of Hunters Creek inside west Houston. He
would need to establish formal residency in Houston to run.
None of the three cared to talk about 2003 ambitions, though Holmes joked, "I
encourage the other two to run all the time."
But their specter presents problems for Brown's two major opponents this year
- City Councilmen Chris Bell and Orlando Sanchez. Besides the incumbent, they
face a formidable shadow candidacy from one of the three.
Success will require balance
A subliminal message to voters, especially those in predominantly white west
Houston, is to wait for two years.
If Bell or Sanchez wins, defeating either could prove difficult after one
term, when problems can still be blamed on the predecessor.
For Brown, the challenge may be to convince these same voters he's doing his
job well enough that they can afford to wait before replacing him.
Everyone involved will be keeping a keen eye on the polls.
Brown has maintained a strong, though not insurmountable, lead. But in recent
weeks he's whirled in a vortex of bad news that could drain his lead.
Should Brown's support drop this summer, it is not unimaginable that a
business leader might jump in. Remember, Lanier didn't enter the race that
eventually unseated Kathy Whitmire until August 1991.
And in two years, it now seems likely that Houston's traditional white
business establishment will offer up one of its own for mayor.
In either case, political success will require a delicate balance of power,
money and subtlety, lest the run appear as heavy-handed manipulation by lords
of political largesse.
It assumes that a white male can be the next mayor in a city where minority
voting often controls at-large elections. And many voters might view such
posturing as presumptuous.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
National Desk
THE NATION Bush Comes Calling to an Edgy California Politics: President hopes
to make amends with Davis, voters. Outcome could color future ties.
RICHARD SIMON; DAN MORAIN
TIMES STAFF WRITERS
05/28/2001
Los Angeles Times
Home Edition
A-1
Copyright 2001 / The Times Mirror Company
WASHINGTON -- When President Bush arrives in California today for the first
time since taking office, he will engage Gov. Gray Davis in a private
discussion that could become the domestic equivalent of a peace summit.
Davis plans to press his case for caps on wholesale electricity prices,
something Bush insists would worsen the state's power crisis. Bush wants to
show Californians that he cares about their plight, and he plans to highlight
his administration's efforts to promote conservation.
As tends to be the case with summits, solutions are likely to be elusive,
progress incremental.
Bush's California tour begins Tuesday morning at Camp Pendleton, where he
will tout his efforts to reduce electricity use at military bases. After
that, he speaks to the Los Angeles World Affairs Council. On Wednesday, he
visits Sequoia National Park.
The Bush-Davis meeting, to be held sometime Tuesday in Los Angeles, will
certainly address the state's electricity turmoil, and it comes amid an
escalating war between Democrats and Republicans over national energy policy.
But there's more at stake than price caps. Davis and his administration want
other things from Washington, from increased federal aid to help fight an
insect threatening the wine industry to an exemption from a rule that could
increase gasoline prices in California.
On a grander scale, the meeting could determine what kind of relationship the
Republican president and Democratic governor will have from this point on,
and what kind of support Davis can expect from the White House on other
important state matters.
Also in play are the images of both men.
"Politically," said Democratic strategist Darry Sragow, "both the president
and the governor have been wounded. Their goal is to get the crisis off their
back. . . . Substantively, we have a real crisis, and it requires the
involvement of the state and federal government."
Davis was elected governor in a 1998 landslide. But he heads into his 2002
reelection campaign with plummeting poll numbers. A Field Poll released last
week showed only 42% of registered voters in California approve of the job
he's doing as governor, while 49% disapprove--a sharp drop from January, when
60% supported Davis' performance.
Bush is faring badly in California too. A private poll taken earlier this
month on behalf of Public Strategies, a consulting firm that represents
independent power generators, showed that 71% of the state's likely voters
thought the president should be doing more to solve the energy crisis; only
23% thought he was doing enough.
Sragow assumes that advisors to Davis and Bush are debating among themselves
over whether it serves their interests best to emerge from the talks
appearing to be allies, or adversaries. "The public dislikes conflict and
wants the problem of rising prices and threatened blackouts solved," he said.
However, as Bush and Davis were preparing for the meeting, their aides could
not even agree on who requested it first.
Karen Hughes, counselor to the president, said Bush would listen to Davis'
argument in support of price controls. However, she said the president still
felt strongly that price caps would discourage investment in new power
plants.
Hughes disputed suggestions that the administration has neglected the state,
which Bush lost to Democrat Al Gore by more than 1 million votes.
"He came up short in the vote on election day in California, but he will not
let that deter him from doing what is right for California," she said. "He is
the president of all of the people of the United States."
Bush was thought by some political analysts to be reluctant to visit
California until he had an energy proposal he could point to as a response to
the state's problems. But White House officials say the president's travel
agenda during his first four months in office has been designed around
legislative geography: He spent most of his time on the road visiting states
where senators might be persuaded to support his tax cut.
Dan Bartlett, one of Bush's communications advisors, said the White House
always has regarded California as an important destination for Bush, even if
he will have visited 29 other states before he arrives here. The state "has
difficult times ahead of it [and] it's important the president and federal
government help them through these difficult times," Bartlett said.
Still, meetings between presidents and governors, particularly ones of
opposing parties, invariably become studies in one-upmanship. That's
particularly true when the governor is seen as a future presidential
candidate.
When President Clinton came to California, the White House rarely if ever
deigned to inform Republican Gov. Pete Wilson. On rare occasions when they
would meet--generally at out-of-the-way airports--White House officials took
pains to show who was in charge, by changing meeting locations at the last
minute, for example, or making sure that the president's chair was taller
than the governor's.
Wilson's relationship with Clinton was more strained than Davis' is with
Bush. The combative Wilson repeatedly sued the federal government on issues
ranging from voter registration requirements to demands for reimbursements
for costs associated with illegal immigration.
"It is smart of the Bush White House to hold a meeting with Gov. Davis," said
Sean Walsh, a former Wilson spokesman. "One need only look at Davis'
background. If the president didn't come, Davis likely would show up on the
street with a milk carton with George Bush's face plastered on the side."
So far, Davis has not sued over the energy crisis, although Democratic
leaders of the Legislature have gone to court to compel federal regulators to
make sure interstate electricity rates are "just and reasonable."
But the governor has been amping up his rhetoric. He has retained consultants
Chris Lehane and Mark D. Fabiani, veteran operatives from the Clinton
administration, under a contract that will pay them $30,000 a month. Both are
known for their attack-oriented tactics.
On Thursday, Davis called Bush "practical" and "well-intentioned." At the
same time, he threatened to sue the administration if his meeting with the
president fails to produce desired results.
"Give us relief. Find a way to give us relief," Davis implored. And if the
president continues to refuse to impose price caps? "We're going to court
then. The law says we're entitled to relief, and it hasn't been coming. We
have a whole bunch of contingency plans."
Even if the meeting produces no tangible results, it will be an opportunity
to "tone down the rhetoric," said Assembly Speaker Bob Hertzberg (D-Sherman
Oaks).
"You can't engage in a war with the president," the speaker added, because
there are too many issues on which the state needs federal aid.
But Bill Whalen, research fellow at Stanford University's Hoover Institution
and a former Wilson aide, demurred. "You can't tell me that with the
Clinton-Gore spin machine now running [Davis'] communications that we're
going to see a kinder, gentler governor," he said. "The big question for the
White House is: Will they tailor their agenda to conform to California, or
conclude that California doesn't fit into the national mainstream as they see
it?"
Bush is visiting a state that has become ground zero in a
Democratic-Republican battle for public opinion over energy.
With Democrats hoping to use the energy issue to gain control of the House in
the 2002 elections, House Democratic Leader Richard A. Gephardt of Missouri
will be in Oakland on Tuesday and Torrance on Wednesday to turn up the heat
on Republicans. On Friday, Democrats began running radio ads in five GOP
lawmakers' districts in five states, assailing them and the administration
for not doing more to bring down energy prices.
Before the trip was announced, GOP lawmakers from California appealed to Bush
to visit the state and counter Democratic criticism of the administration.
The exchanges reached a new level of intensity when California's Democratic
attorney general, Bill Lockyer, suggested in an interview published by the
Wall Street Journal on Tuesday that Ken Lay, chairman of the Texas-based
energy company Enron Corp. and a close friend of Bush, should be locked in a
prison cell with a tattooed inmate named "Spike."
One political analyst said that perhaps it was time for Sacramento and
Washington to exchange ambassadors.
Some observers see little downside to Davis' attacks--and the possibility of
political gains for a governor whose popularity has declined significantly.
"Which do you think Gray Davis cares more about--his dealings with Washington
or his reelection chances?" Whalen asked.
Because of its Democratic tilt, California was never going to be on the
administration's "A list" for federal goodies, said one Washington lobbyist
who works on California issues.
Others, however, insist that the White House will not take actions designed
only to punish California, no matter how estranged Bush and Davis become.
"Bush is going to do what's right for California regardless of the governor's
remarks," asserted Rep. George P. Radanovich (R-Mariposa).
"Ultimately, the safety net for the state is the Republican delegation in
Congress," said Marshall Wittmann, a senior fellow at the conservative Hudson
Institute. "They have the vested interest in ensuring that California gets
its fair share."
Even if Bush and Davis emerge from their summit shaking hands, the public
shouldn't assume they have become partners in peace.
In fact, Davis may have more to gain by aligning himself with another
Washington figure whose influence expanded dramatically last week when Sen.
James M. Jeffords of Vermont quit the Republican Party, tipping control of
the Senate to the Democrats.
"Davis does have a new friend in Washington," Whalen said, "but it's Tom
Daschle," the South Dakota Democrat who is about to become Senate majority
leader.
*
Simon reported from Washington and Morain from Sacramento. Times staff writer
James Gerstenzang in Washington contributed to this story.
PHOTO: President Bush is visiting a state that has become ground zero in a
Democratic-Republican battle for public opinion over energy.; ; PHOTOGRAPHER:
Reuters
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
California; Opinion Desk
Commentary It Takes 2 to Tangle Our Energy Future
PETER NAVARRO
Peter Navarro is a business professor at UC Irvine's Graduate School of
Management. E-mail: [email protected]
05/28/2001
Los Angeles Times
Home Edition
B-13
Copyright 2001 / The Times Mirror Company
If political heat were light, California wouldn't have any more rolling
blackouts. Unfortunately, Gov. Gray Davis and President Bush are fighting to
a draw, leaving California and the broader national economy caught in the
bickering middle.
As Davis correctly argues, Bush could end California's crisis tomorrow by
imposing firm and reasonable price controls on the Western region's wholesale
electricity market. Bush says that such price controls would discourage new
power plant construction and make our problems worse.
Let's take Bush's argument first: A small handful of large energy companies
are manipulating the market from Seattle to San Diego--and laughing all the
way to the bank. These energy conglomerates--Dynergy, Reliant, Enron,
Williams and others--produce power for as little as a nickel or a dime per
kilowatt hour and sell it into the Western states for prices spiking as high
as a dollar during rolling blackouts.
The result is not only the transfer of tens of billions of dollars of wealth
from consumers and businesses to the energy companies, it is also a massive
energy price shock that now threatens to pull the entire West Coast, and
eventually the rest of the country, into a recession.
Bush could easily short-circuit this recessionary shock by imposing a firm,
regionwide price cap of 15 to 20 cents. This would end the profiteering and
still provide ample incentives for generators to supply power and build
additional power plants. Moreover, a regionwide price cap, as opposed to a
California-specific one, would prevent generators from playing one state
against another.
This does not mean, however, that Davis is doing any better for California
than Bush. Nothing illustrates Davis' incompetence better than his botching
of the state's transmission grid purchase.
This option had a dual purpose: provide cash to the near-bankrupt utilities
to pay off creditors and get the system working again, and wrestle back
jurisdiction over the wholesale electricity market from intransigent federal
regulators.
Davis failed miserably in closing that deal, with disastrous consequences:
California remains dependent on the feds; Pacific Gas & Electric is in a
bankruptcy court, and Southern California Edison continues to hover on the
brink of receivership.
Worst of all, the aborted transmission grid deal has left the utilities
without adequate funds to pay off the state's small generators, and many are
no longer willing or able to produce. This is perhaps the most important but
least understood aspect of the current crisis. About 700 small generators
provide roughly a fourth of the state's power. Davis' bungling has led to the
loss of more than 3,000 megawatts of that supply.
That means that when the lights go out and wholesale prices skyrocket, it is
not necessarily because of a physical shortage of electricity but because of
an artificially induced financial shortage.
In hindsight, it is clear that Davis' worst mistake was not seizing the
plants of the merchant generators who were ripping off California months ago.
These generators bought the plants from the state's utilities after
deregulation for a mere $3.2 billion. Since then, they have used the plants
to "game" the market by withholding supply. Partly through such scurrilous
methods, the generators have stuck Californians with an electricity bill that
may eventually reach $100 billion.
Adding insult to injury, Davis is now using taxpayer money on several
high-priced "spin doctors" and the Democratic Party is using millions on a
media campaign to redirect the public's anger toward the Bush administration
and the Republicans.
Let's give the public credit: It understands that it takes two politicians
and two political parties to do the blackout tango.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by Jason Williams/HOU/ECT on 08/24/2000
07:59 AM ---------------------------
Charles T Muzzy
08/10/2000 03:58 PM
To: Charles T Muzzy/HOU/ECT@ECT, George Smith/HOU/ECT@ECT, Lisa
Kinsey/HOU/ECT@ECT, Margie Straight/HOU/ECT@ECT, Cora
Pendergrass/Corp/Enron@ENRON, Darren Espey/Corp/Enron@ENRON, Mark L
Schrab/HOU/ECT@ECT, Jason Williams/HOU/ECT@ECT, Wes Dempsey/NA/Enron@Enron
cc:
Subject: FW: Bike Road Rage!
---------------------- Forwarded by Charles T Muzzy/HOU/ECT on 08/10/2000
03:58 PM ---------------------------
"Webb, David" <[email protected]> on 08/10/2000 02:56:35 PM
To:
cc:
Subject: FW: Bike Road Rage!
>
>
> <<sportszeru biciklis.mpg>>
******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************
- sportszeru biciklis.mpg | {
"pile_set_name": "Enron Emails"
} |
-----Original Message-----
From: Meg and Jerril [mailto:[email protected]]
Sent: Saturday, October 20, 2001 9:55 AM
To: Jay and Jenn
Subject: Christmas stuff
Hi:
Hope you are all doing well. I liked the pictures you sent Mom of the girls at the zoo. She is amazed by the digital camera technology.
I found some nice sleeping bags for Reagan and Madison at JC Penney. They have animals on them and the pillows are the animal on the bag. They have a dog, bear, dolphin, frog and monkey. Which animals do you think each girl would like? I'll also get each of them some "Little House" books. What does Lauren need? What do the two of you want? Do you want a gift certificate for a restaurant so you can go have a nice evening together or something for the new house?
Mom is apparently telling both of us the same thing for Dad. Are you planning to get the clippers or shall we? I know he also wants some chairs for the patio. Let me know what you decide, and I'll get the other.
It's 284 days until my partner starts, not that I'm counting. I'm firing one of my nurses--actually we're transferring her to another department because she hasn't screwed up enough to fire but she is just not giving me the help I need to run a busy practice. My front office staff is finally catching on to things. So overall I think I'm calmer. We're going to Fredericksburg next week for a 3 day weekend.
Take care,
Meg
Meg Reitmeyer and Jerril Burnette
[email protected] <mailto:[email protected]> | {
"pile_set_name": "Enron Emails"
} |
Any practice area preference?
ckm | {
"pile_set_name": "Enron Emails"
} |
As a general proposition, I need to be advised of the activity on Gary's
desk. Please let me know if you have responded to Sheila. I think the
request is about two weeks old. Sara
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 01/12/2001 08:20 AM -----
Sheila Glover
01/11/2001 12:47 PM
To: Sara Shackleton/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
cc: John Greene/LON/ECT@ECT, Israel Estrada/Corp/Enron@ENRON, Aneela
Charania/HOU/ECT@ECT
Subject: Authorized Signers
Sara and Samantha,
When will ECT Investments be signed so we can send an updated copy to our
Prime brokers?
Thanks. Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 01/11/2001 12:41
PM ---------------------------
From: Sheila Glover 01/03/2001 10:17 AM
To: William Patrick Lewis/HOU/ECT@ECT, Michelle D Cisneros/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT, Theresa T
Brogan/HOU/ECT@ECT
Subject: Authorized Signers
Patrick and Michelle,
We added both of you to the list for Authorized Signers for ECT Investments,
Inc. for transfer of funds. Authorization requires one commercial and one
commercial support signature.
Thanks. Sheila
Current Authorized Signers for transfer of funds for ECT Investments, Inc.
are M. Bradley, J. Greene, G. Hickerson, P. Lewis and M. Ruch. | {
"pile_set_name": "Enron Emails"
} |
Migrated | {
"pile_set_name": "Enron Emails"
} |
Start Date: 10/10/01; HourAhead hour: 7; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101007.txt
Error retrieving HourAhead price data - process continuing... | {
"pile_set_name": "Enron Emails"
} |
MD Anderson has approximately 500 job openings, some of which may be suitable for former Enron employees. The jobs vary but include a number of IT and administrative positions.
MD Anderson's potential interest in employing laid off Enron employees came to our attention via Anne Marie Giltrop of MD Anderson who spoke with Angela Davis. This morning, I spoke with Ms. Giltrop. In light of our policy of only providing neutral references and other liability considerations, I stated that I did not believe we would provide MD Anderson a list of employees who were laid off, but that I would try to find an approved vehicle for getting information regarding job openings at MD Anderson to our former employees. The MD Anderson web site does not reflect all current open positions, so I suggested that, if approved on both ends, MD Anderson could provide a list of openings with job descriptions that could be made available to former Enron employees. Ms. Giltrop is attempting to obtain appropriate approval from MD Anderson. She later phoned to inform me that I should expect to hear more from Deborah Manning, Jim Dorn, or Martha Jones.
On our end, I have contacted David Oxley who put me in touch with Cindy Olson. Sarah Davis will now handle coordinating relations with MD Anderson. This is an important opportunity for former employees, and for Enron and MD Anderson as good Houston citizens. Please let me know if I can be of any further assistance.
--Lizzette | {
"pile_set_name": "Enron Emails"
} |
Gregg,
As we discussed... I would add the following provision at the end of the
second sentence in Section VIII A. (3):
;provided however, in the event that Seller's invoice to Buyer is delayed due
to Buyer not providing Seller the ANR information in the time period
specified in Section V (2), the due date for payment of the Demand Charge
shall be the twenty fifth (25th) day following the service month.
Stacy | {
"pile_set_name": "Enron Emails"
} |
FYI.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 04/04/2001
01:20 PM ---------------------------
Tom Chapman
04/04/2001 01:15 PM
To: Christi L Nicolay/HOU/ECT@ECT
cc:
Subject: Re: PA wholesale vs. retail prices
The short answer is yes. Both Duquesne and GPU have divested their
generation assets, and both have already suffered problems with their POLR
service.
The implicit reason for the GPU-First Energy merger is that GPU has lost
hundreds of millions over the last two years (and promises to do so
indefinitely without help) providing POLR service. First Energy can offer
both hedging help, but generation in off-peak times (only off-peak because of
system congestion in PJM). Enron has an opportunity here to do some good
things. However, from a credit perspective, we should be aware that GPU is
in a risky position.
Duquesne divested of their generation selling their assets to
Orion/Constellation. In turn, Duquesne contracted with Orion to provide
energy to meet their load. As part of this contract, Duquesne did two things
that are questionable from a business perspective. When turning over their
assets to Orion, they also transferred the FTRs to Orion. Thus, Duquesne's
load no longer holds the FTRs making it difficult to hedge transmission
risk. Second, Duquesne did not contract for capacity. For this reason, they
are having problems joing an RTO because they have no capacity resources, and
Orion is holding them hostage over this issue--expecting a large capcity
payment. Without some rectification, Duquesne is in conflict with both PJM's
rules and PJM West's proposed rules.
For this reason, there is an opportunity in this effort.
Tom Chapman | {
"pile_set_name": "Enron Emails"
} |
----- Forwarded by Richard B Sanders/HOU/ECT on 12/15/2000 03:36 PM -----
"JOHN G KLAUBERG" <[email protected]>
12/15/2000 03:07 PM
To: [email protected], [email protected],
[email protected], [email protected]
cc:
Subject: Request to DOJ Investigation to Undertake CA Investigation
FYI re: DOJ/CA Situation. I'm not sure what to make of this in light of the
upcoming change in the Administration, but I thought you would want to be
aware of it. Also, although the focus appears to be generators, I would
assume that if DOJ elected to go forward andy investigation would be likely
to expand to include major marketers. John
Friday December 15, 1:03 pm Eastern Time
Justice Dept Asked to Probe Power Crisis
WASHINGTON (Reuters) - U.S. Attorney General Janet Reno has been asked to
investigate whether possible collusion and other illegal activities among
power generators are behind the huge jump in California's electricity and
natural gas prices.
``We are concerned that market power is being abused by generators in the
electricity market to inflate prices and gouge consumers,'' California
Democratic U.S. Sen. Barbara Boxer and California State Senate President Pro
Tempore John Burton said in a letter to Reno late on Thursday.
``We request that the Department of Justice investigate potential collusion
and any other unlawful acts by generators in the electricity market,'' they
added.
They noted in the letter that one-fourth of the state's generating plants --
representing 11,000 megawatts of power -- were shut down last weekend,
allegedly for repairs or routine maintenance, when California citizens faced
rolling blackouts.
``Some have suggested that one reason for plant shutdowns is that in some
cases companies are selling natural gas they would otherwise use to operate
their plants at exorbitant prices on the natural gas market,'' they said.
If true, Boxer and Burton said it would explain some of the electricity
shortage problems and raise concern about irregular activity in the natural
gas market.
In a related action, they sent letters to power company executives asking
them to explain why their firms shut down generators while California faced
power shortages.
Wholesale electricity prices in the state have soared as high as $1,400 per
megawatt hour.
Boxer and Burton admitted time is running out for Reno to take action since a
new attorney general will take the helm of the Justice Department when
Republican George W. Bush assumes the presidency in late January.
``However, this crisis in upon us now,'' they said. ``I hope you will take
immediate steps to address this matter, thereby setting a strong example of
leadership for the new attorney general to follow.''
"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges. This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s). If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
424-8125. The unauthorized use, dissemination, distribution or reproduction
of the e-mail, including attachments, is prohibited and may be unlawful.
John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
[email protected] | {
"pile_set_name": "Enron Emails"
} |
---------------------- Forwarded by John J Lavorato/CAL/ECT on 02/13/2000
11:43 AM ---------------------------
Michael Etringer
01/25/2000 09:03 AM
To: John J Lavorato/CAL/ECT@ECT, Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Web Site Update
Sorry If you tried to look at the web site:
http://ecthou-lndev1.nt.ect.enron.com/westpowernet.nsf/
The IT development group was working on it so it was out of commission. It
is available now. However, like I indicated it is only a template.
Mike | {
"pile_set_name": "Enron Emails"
} |
Just FYI -- big Flap between IT and RAC on this -- but it is affecting the
accuracy of what is reported in our DPR
note that Louise and Lavorato were copied on this
B
-----Original Message-----
From: Port, David
Sent: Friday, April 20, 2001 8:48 AM
To: Stock, Stephen; Ramesh, Ganapathy
Cc: Kitchen, Louise; Lavorato, John; Murphy, Ted; Gorny, Vladimir; Hagelmann,
Bjorn; Hayden, Frank; Andrews, Naveen; Zipter, Rudi; Apollo, Beth
Subject: Factor Loadings for VAR
Importance: High
Please explain why factor loadings were put into production yesterday without
approval.
Please roll back last night's changes immediately.
We intend to sign off the factors today and if acceptable they should be
loaded today.
In future if you don't have my signature on a piece of paper, no new factors
go in.
What I require to make the decision is as follows:
1 The new correlations per the numerical method
2 The old correlations
3 A summary of primary curves
4 A summary of major positions
5 The resulting incremental change in VAR, by commodity, desk and/or major
position
6 Evidence of a discourse with the appropriate desk heads/book admins about
the change
Beth, lets add this to the list of tasks for the Global Middle Office and
agree transition.
Rgds
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