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----- Forwarded by Jeff Dasovich/NA/Enron on 01/22/2001 02:08 PM -----
"Katie Kaplan" <[email protected]>
01/22/2001 01:39 PM
Please respond to kaplan
To: <[email protected]>, "Mark Smith" <[email protected]>, "Bill Carlson"
<[email protected]>, "Bill Woods" <[email protected]>, "Bob Escalante"
<[email protected]>, "Carolyn Baker" <[email protected]>,
"Cody Carter" <[email protected]>, "Curt Hatton"
<[email protected]>, "Dean Gosselin" <[email protected]>, "Doug
Fernley" <[email protected]>, "Doug Levitt" <[email protected]>, "Duane
Nelsen" <[email protected]>, "Ed Maddox" <[email protected]>,
"Ed Tomeo" <[email protected]>, "Eric Eisenman"
<[email protected]>, "Frank Misseldine"
<[email protected]>, "Greg Blue" <[email protected]>, "Hap Boyd"
<[email protected]>, "Jack Pigott" <[email protected]>, "Jeff Dasovich"
<[email protected]>, "Joe Greco" <[email protected]>, "Joe Ronan"
<[email protected]>, "Jonathan Weisgall" <[email protected]>, "Ken Hoffman"
<[email protected]>, "Kent Palmerton"
<[email protected]>, "Lucian Fox" <[email protected]>,
"Marty McFadden" <[email protected]>, "Milton Schultz"
<[email protected]>, "Nam Nguyen" <[email protected]>, "Paul Wood"
<[email protected]>, "Paula Soos" <[email protected]>,
"Pete Levitt" <[email protected]>, "Rich Dyer" <[email protected]>,
"Rob Lamkin" <[email protected]>, "Robert Frees" <[email protected]>,
"Roger Pelote" <[email protected]>, "Ross Ain"
<[email protected]>, "Steve Iliff" <[email protected]>, "Steve
Ponder" <[email protected]>, "Sue Mara" <[email protected]>, "Ted
Cortopassi" <[email protected]>, "Tom Heller" <[email protected]>,
"Tony Wetzel" <[email protected]>, "Ward Scobee"
<[email protected]>, "'William Hall'" <[email protected]>,
"John Stout" <[email protected]>, "Theo Pahos"
<[email protected]>, "Andy Brown" <[email protected]>, "B Brown Andy"
<[email protected]>, "Bob Weisenmiller" <[email protected]>, "Curtis
Kebler" <[email protected]>, "Douglas Kerner"
<[email protected]>, "Jan Smutny-Jones" <[email protected]>, "Jean Munoz"
<[email protected]>, "Jeff Dasovich" <[email protected]>, "John
Larrea" <[email protected]>, "Julee Malinowski-Ball"
<[email protected]>, "Kassandra Gough" <[email protected]>, "Kristin Vellandi"
<[email protected]>, "Lynn Lednicky" <[email protected]>, "Marty
Wilson" <[email protected]>, "McNally Ray"
<[email protected]>, "Norton Kelli" <[email protected]>,
"Paula Hall-Collins" <[email protected]>, "Richard Hyde"
<[email protected]>, "Stephanie-Newell"
<[email protected]>, "Sue Mara" <[email protected]>, "Tom
Ross" <[email protected]>
cc:
Subject: ISO/CDWR agreement
Attached please find the ISO/CDWR agreement sent out by the ISO. We will
keep you posted
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
- ISO_CDWR Agreement.doc
|
{
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}
|
<<CALPINE DAILY GAS NOMINATION 1.doc>>
RICKY A. ARCHER
Fuel Supply
700 Louisiana, Suite 2700
Houston, Texas 77002
713-830-8659 direct
713-830-8722 fax
- CALPINE DAILY GAS NOMINATION 1.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Per the terms of the 11/14/01 Master Netting Agreement, the following contracts are terminated effective 12/30/01.
K#96056886, 12/1/00 Enfolio Master Purchase/Sale Firm Agreement
K#96035737, 12/27/99 Power Bilateral Agreement (Master Energy Purchase/Sale Agreement)
K#96038365, 10/20/99 ISDA Master Agreement
Attached are the outstanding (12/1/01 forward) Financial Transactions listed in TAGG for Calpine Energy Services, LP (shortname = CALPINEENESER)
TAGG did not show any outstanding Physical deals for CALPINEENESER
|
{
"pile_set_name": "Enron Emails"
}
|
Steve --
here is another installment on the continuing California story. There is
another cartoon idea here. I am ready to get our cartoonist rolling, but
let me know if you like this or the previous idea.
--
Daniel Casse
White House Writers Group
615-297-5999
615-297-5908 (fax)
- Jan9humor.DOC
|
{
"pile_set_name": "Enron Emails"
}
|
FYI
---------------------- Forwarded by Mahesh Lakhani/LON/ECT on 01/11/2000
12:48 ---------------------------
Mahesh Lakhani
31/10/2000 15:06
To: Cindy Buckley/LON/ECT@ECT
cc: Erica Gut/LON/ECT
Subject: Entities - changes
As discussed, Please change the name of : Enron Investment Services Limited
to - Enron Credit Resources Limited.
Please process this as soon as possible and advise me as soon as possible.
Once the above name change has occurred, please set up a new entity called
Enron Investment Services Limited. The details for the new set up are
exactly the same as before - The only difference is that the parent will be
ECT Investments Inc.
Regards
Mahesh
|
{
"pile_set_name": "Enron Emails"
}
|
changed
Kerri Thompson@ENRON
02/13/2001 02:19 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: apb
521590
broker has 262.50
|
{
"pile_set_name": "Enron Emails"
}
|
-----Original Message-----
To: Joe Deffner
Sent: Nov 28, 2001 2:24p
Subject: NYMEX intraday call
According to one of our brokers, NYMEX raised ENE margins by another 200%. I have not seen any documentation because I am stuck in jury duty but jst wanted to keep you informed.
Sarah Wesner
|
{
"pile_set_name": "Enron Emails"
}
|
No. The GP contribution is enough. I don't want to go to Jeff for another
$2 million.
From: Rod Hayslett/ENRON@enronXgate on 04/27/2001 06:37 AM
To: Stanley Horton/Corp/Enron@Enron
cc:
Subject: FW: NBP Unit Offering
It looks like our GP contribution will be about $2.5 MM. Do you still want
to get another $2 MM on top of that? The second part of his message is the
potential NB unit TOtal Return Swap, or monetization that we have been
working on.
-----Original Message-----
From: Peters, Jerry
Sent: Thursday, April 26, 2001 9:20 AM
To: Hayslett, Rod
Cc: Jesse, John
Subject: NBP Unit Offering
I did get your voice mail on the potential placement of $2 million in units
with Enron and we're working that into things. Our attorneys commented that
the legal fees to accomplish that (when we have a public offering going on)
may "chew up" the benefits. But that is their normal reaction - I don't
think there will be any problem in accomplishing the placement. Most likely
it will need to be priced simultaneously with the offering to avoid any
perceived "insider" pricing benefit. But - do you think that will cause
problems internally on the DASH? The GP contribution will be about $2.5
million. My concern is RAC will require the $2.5 million GP investment to be
combined with the $2 million in LP units, which I believe will trigger
Skilling's sign-off.
On the FAS 125 idea, we have a structure that has been proposed by SunTrust
that I need to review with you and someone in EGF. I was planning on setting
that up after our road show is completed on about 5-17, unless that needs to
be accomplished sooner. Let me know about timing and who you think should be
involved (I was going to raise this with Ben Glisan in the next few weeks at
his staff meeting).
|
{
"pile_set_name": "Enron Emails"
}
|
gngr
713-853-7751
----- Forwarded by Ginger Dernehl/NA/Enron on 03/15/2001 10:27 AM -----
Robert Frank
03/15/2001 09:07 AM
To: Ginger Dernehl/NA/Enron@Enron
cc:
Subject:
Ginger - please forward this to all of GA. Thanks.
This is a request for help from my colleagues in GA. I am preparing Enron's
comments to the Federal Trade Commission concerning the results of different
"regulatory approaches" by states implementing retail electric competition
programs or legislation. The FTC has invited comments on a number of
specific issues, but their goal is to "examine various state retail
competition programs and describe those features that have resulted in
consumer benefits and those that have not yielded consumer benefits."
There are some obvious areas where we'll comment - California - but I'd
appreciate people sending me specific examples of good or bad regulatory
policies in other states. Also, does anyone know of any good reports or
analyses already prepared on these issues? Thanks. -Bob
|
{
"pile_set_name": "Enron Emails"
}
|
-----Original Message-----
From: Marvin L. Carraway [mailto:[email protected]]
Sent: Tuesday, February 27, 2001 12:39 AM
To: Reagan.Rorschach
Subject: [Fwd: Revised Draft of Entergy/MDEA Interconnection Agreement]
Return-Path: [email protected]
Received: from coldscn02.morganlewis.com ([12.104.97.122] verified) by
watervalley.net (Stalker SMTP Server 1.8b8) with SMTP id S.0000039933 for
<[email protected]>; Mon, 26 Feb 2001 09:16:47 -0600
Received: from 131.254.253.172 by coldscn02.morganlewis.com with ESMTP (
WorldSecure Server SMTP Relay(WSS) v4.5); Mon, 26 Feb 2001 10:18:18 -0500
X-Server-Uuid: 76d36b76-3d48-11d4-a2af-00508bc764a5
Subject: RE: Revised Draft of Entergy/MDEA Interconnection Agreement
To: "Blair, Bonnie" <[email protected]>
cc: "Blair, Bonnie" <[email protected]>, [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
X-Mailer: Lotus Notes Release 5.0.3 March 21, 2000
Message-ID: <[email protected]>
From: [email protected]
Date: Mon, 26 Feb 2001 10:16:38 -0500
X-MIMETrack: Serialize by Router on COLDGTW01/SVR/MLBLaw(Release 5.0.3 |March
21, 2000) at 02/26/2001 10:16:40 AM
MIME-Version: 1.0
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boundary="0__=852569FF0053B7468f9e8a93df938690918c852569FF0053B746"
Content-Disposition: inline
X-Mozilla-Status2: 00000000
Sorry about that; some got the attachment but others didn't. Here it is
again. If this one fails too, please let me know and I'll have a copy
messengered over.
Thanks.
Mike Griffen
Morgan Lewis
(202) 467-7257
(See attached file: MDEA_IOA_2-25-01.doc)
"Blair, Bonnie"
<bblair@thompsonc To:
"'[email protected]'"
oburn.com> <[email protected]>,
"Blair, Bonnie"
<[email protected]>,
02/26/01 10:08 AM [email protected],
[email protected],
[email protected]
cc: [email protected],
[email protected],
[email protected]
Subject: RE: Revised Draft
of Entergy/MDEA
Interconnection Agreement
Hi, Mike - - I received your e-mail, but the revised draft agreement was
not
attached, just two versions of your cover note. Please resend. Thanks.
Bonnie
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, February 25, 2001 9:00 PM
To: [email protected]; [email protected];
[email protected]; [email protected]
Cc: [email protected]; [email protected]; [email protected]
Subject: Revised Draft of Entergy/MDEA Interconnection Agreement
**********************************************************************
Please note that the Morgan Lewis e-mail domain has been changed
to "morganlewis.com". In most cases, the person's e-mail address is
their first initial and their full last name plus @morganlewis.com.
To locate the e-mail address of a specific individual at Morgan
Lewis, please refer to the firm's web site, now located at
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Please update your address book and bookmarks accordingly.
If you are experiencing technical problems, please call our toll free
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The information contained in this e-mail message is intended only for
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This message may be an attorney-client communication and as such is
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If you have received this communication in error, please notify us
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**********************************************************************coldsc
n01
**********************************************************************
Please note that the Morgan Lewis e-mail domain has been changed
to "morganlewis.com". In most cases, the person's e-mail address is
their first initial and their full last name plus @morganlewis.com.
To locate the e-mail address of a specific individual at Morgan
Lewis, please refer to the firm's web site, now located at
http://www.morganlewis.com, or send an e-mail to [email protected].
Please update your address book and bookmarks accordingly.
If you are experiencing technical problems, please call our toll free hot
line at 877-963-4652.
The information contained in this e-mail message is intended only for
the personal and confidential use of the recipient(s) named above.
This message may be an attorney-client communication and as such is
privileged and confidential. If the reader of this message is not
the intended recipient or an agent responsible for delivering it to
the intended recipient, you are hereby notified that you have received
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**********************************************************************coldscn0
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- MDEA_IOA_2-25-01.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Alan:
Could you please forward your list of assignments to Don (with a copy to me as well)?
Thanks.
Sara
-----Original Message-----
From: Miller, Don (Asset Mktg)
Sent: Thursday, February 28, 2002 1:51 PM
To: Shackleton, Sara
Subject: Financial Book
Sara,
Will you please send to me the lawyers assigned by counterparty.
Don
|
{
"pile_set_name": "Enron Emails"
}
|
See attached
................................................
ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com
2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077
This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.
If you have received this communication
in error, please notify us immediately
via e-mail at [email protected] or
by telephone at 310-277-1226. Thank you.
...............................................
- NSN521CF.TXT
|
{
"pile_set_name": "Enron Emails"
}
|
This deal discrepancy seems to have a few of us stumped - so I'm referring it
to all of you in hopes that we can solve this today. Following are the terms
of the deal:
Short Term California buys Enron Energy Services
Hours: HE 6-9
Delivery Point: SP-15
Term: 3/29/01
Price: $110
The deal was entered by Bert Meyers, a Real Time trader, on behalf of STCA.
It was extended for HE 9 through 22 at a price of $160. In the spreadsheet
Real Time sends to EES each day, it shows the deal as a sale at a price of
$130, not a buy at a price of $160. My first instinct was to simply modify
the spreadsheet to match the deal in Enpower, but EES claims they see the
price coming across as $130. I'm reluctant to send any more incorrect
information to EES, as we've already dealt with enough confusion over this
matter. Please take a look at the deal and its corresponding documents, and
let me know which is the correct price.
Thanks for your help,
Kate
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/10/2001 10:15
AM ---------------------------
"Boyd J. Springer" <[email protected]> on 01/10/2001 10:14:06 AM
To: [email protected], [email protected]
cc:
Subject: Master Sales
Jerry Fox reports that Peoples has heard informally that the ICC Staff may
oppose the Master Sales proposal on the grounds that : (1) the approval of
transactions with an affiliate (without complete definition of all terms)
raises a potential for abuse; (2) staff perceives that it will be unable to
ensure that abuse does not occur; and (3) because the transactions under
the agreement are in a competitive market, the addition of enovate as one
more participant in the market with have little incremental effect on
Peoples' operation, i.e., enovate is just one more participant among the
many existing players. (Note that Peoples data responses seem to suggest
the view reflected in item 3.) There is a status hearing at 11:00am today
which should cover only scheduling. It is unliokely that any substantive
position will be taken today. The schedule is likely to call for some
additional discovery followed by a filing date for staff's evidence abd
recommendation. Peoples will have an opportunity to file "rebuttal" to
staff's position. I will let you know later what happens at the hearing.
==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information. It
is intended to be conveyed only to the designated recipient(s). If you are
not an intended recipient of this message, please notify the sender by
replying to this message and then delete it from your system. Use,
dissemination, distribution, or reproduction of this message by unintended
recipients is not authorized and may be unlawful.
==========
|
{
"pile_set_name": "Enron Emails"
}
|
----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Monday, January 21, 2002 11:38 AM
Subject: [email protected] would like to get in touch
> (This is an automated message from 1400smith.com. Do not press reply.)
>
> Someone saw your name on 1400smith.com and wanted to get in touch.
> For your privacy your email is no longer published on the site.
>
> Here's the info the person supplied:
>
> Name: Tom Pflug
> Email address: [email protected]
>
> (There is no one in the 1400smith.com database with this email address.)
>
> If you want to get in touch with this person, you should email him/her.
> If you don't, you can discard this email and do nothing else.
>
> We at 1400smith.com cannot take responsibility if this person is not
> who they say they are, or for any consequences arising from
> communicating with this person.
>
> Thanks for being a part of 1400smith.com! Our network is stronger because
of you.
>
>
|
{
"pile_set_name": "Enron Emails"
}
|
Please let me know asap if you are participating in this weekend's Race for
the Cure so that we can have our packets before we leave for the conference.
Thanks, Deb
Deb Korkmas
Enron North America Corp.
ENA Legal Dept.
1400 Smith Street, Room 3819
Houston, TX 77002
Phone: 713-853-5448
Fax: 713-646-3393
----- Forwarded by Deb Korkmas/HOU/ECT on 10/04/2000 10:30 AM -----
Maria LeBeau
10/04/2000 10:27 AM
To: Deb Korkmas/HOU/ECT@ECT
cc:
Subject: Re: Race for the Cure- Update
Deb, we are suppose to get the packets today. Can you please let me know if
there are others in your group participating. I want to make sure we pull
your packets first and give them to you today.
Thank you.
Deb Korkmas
10/03/2000 12:15 PM
To: Maria LeBeau/HOU/ECT@ECT
cc:
Subject: Re: Race for the Cure
Maria, when are the Race for the Cure packages going to be available for
pick-up. Our ENA Legal Conference is this Thursday and Friday at the
Woodlands and I was hoping we could pick up on Thursday morning. Please let
me know. Thanks, Deb
Deb Korkmas
Enron North America Corp.
ENA Legal Dept.
1400 Smith Street, Room 3819
Houston, TX 77002
Phone: 713-853-5448
Fax: 713-646-3393
|
{
"pile_set_name": "Enron Emails"
}
|
Hey there Mr. Real Time. Looks like you did a deal with Pacificorp on 11/28 -
EPMI STCA buys 8 MW @ $60 for hour 2. These eight silly little megawatts have
unbalanced our book and driven the schedulers to near insanity. No, just
kidding. But I think there should be a sale of 8 MW from Nevada to Mead on
hour 2 somewhere in there. I don't know - I'm not the expert, which is why
I'm asking you.
Will you please let Lisa Gang or me know how to fix this. I'm more than happy
to do it, just wanted to double check with the man who created the mess in
the first place. (Kidding again.)
Kate
|
{
"pile_set_name": "Enron Emails"
}
|
The report named: West VaR <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=36&report_name=West+VaR&category_cd=2&category_name=WEST&toc_hide=1&sTV1=2&TV1Exp=Y¤t_efct_date=11/28/2001>, published as of 11/28/2001 is now available for viewing on the website.
|
{
"pile_set_name": "Enron Emails"
}
|
Dear Mysti: Thank you for calling today to request additional information re
the officers of Intratex Gas Company, which is owned by Enron.
The home addresses for the following individuals are as follows:
Brian L. Redmond
17210 Cedar Placid Lane
Houston, TX 77068
Ben F. Glisan, Jr.
4506 Honeywood
Houston, Texas 77059
Stephen H. Douglas
2701 Revere, Apt 308
Houston, Texas 77048
Thank you, and best wishes,
Mary
Mary C. Ogden
Legal Specialist
Enron North America Corp./Legal
1400 Smith Street, EB 3876d
Houston, TX 77002-7361
Phone: 713-853-7796
Fax: 713-646-3490
[email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
In today's Gas Daily, Northern Natural Gas has a help wanted ad - you
probably aren't doing your job!
|
{
"pile_set_name": "Enron Emails"
}
|
Whats up dude? Sorry I didnt respond to your previous email, I was really
busy at work that day and didnt have the time to mail you back. I am doing
okay, the job is going really good. Whats up with you. Things must not be
going too well if you have to live with that asshole McGraw huh? Tell him I
said that too. Anyway, lets grab a beer sometime in the near future. Do you
have a job or a you just lounging around the house all day spanking your
monkey?
|
{
"pile_set_name": "Enron Emails"
}
|
Jana Gionannini, in the recruiting department has received our request for
summer interns, and would like to know if you would like for your intern to
have finance or accounting background. Sally asked me to contact you for
this information. Please respond today if possible.
Beth Apollo 1
Brenda Herod 2
Shona Wilson 2
Sheri Thomas 1
Bob Hall 2
James Scribner 2
Leslie Reeves 2
Total 12
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/12/2000
04:35 PM ---------------------------
Piazze <[email protected]> on 10/10/2000 10:45:39 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Tiger Team application forms
Vince:
The application forms, as promised.
Good talking to you and Christie this morning. The project sounds very
exciting and we look forward to working with Enron.
Let me know if there is further info we can provide.
Thanks,
Donna
- 2001 Field Application Form 1.doc
- 2001 Field Application Form 2.doc
|
{
"pile_set_name": "Enron Emails"
}
|
Daren:
On 9/15/99, the above meter recorded flow of 2,476 Mmbtus. There was Deal
#113050 at the meter for 9/14/99 , but it expired on 9/14/99. Logistics
needs either (1) Deal #113050 extended to cover 9/15/99; (2) a new deal to
record these volumes; or (3) Logistics needs approval to writeoff these
volumes to Unaccounted for Gas. (Please print, sign, and return original to
Clem Cernosek).
____________________________________________
Deal/Deal Ticket #/Customer (Seller/Buyer)
OR
________________________________________________________________
APPROVAL to Writeoff the volumes to Unaccounted for Gas Loss
Thanks, Clem
|
{
"pile_set_name": "Enron Emails"
}
|
I am attaching a list of questions prepared by Sullivan & Cromwell for your
review as we consider our approach on moving forward with comments regarding
Sections 23A and 23B. We have invited Michael Wiseman and Willem Gravett of
Sullivan & Cromwell to participate in our conference call on Thursday at
10:00 a.m.
These questions are designed to solidify our thinking on our approach. As
the memo states, we may choose not to respond to certain questions. It
would be extremely helpful if you would review the questions and be prepared
to offer your thoughts on Thursday about which concepts ISDA should address
in a comment letter. We would also appreciate your thoughts on additional
issues that may not be included in this list.
If you have colleagues in your institution specifically following this
issue, please feel free to have them join Thursday's call - just let us
know who will be participating.
Many thanks. Please call if you have any questions.
<<Section 23A and 23B Questions.doc>>
Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY 10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
[email protected]
- Section 23A and 23B Questions.doc
|
{
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}
|
Did you get this?
---------------------- Forwarded by Eric Bass/HOU/ECT on 03/06/2000 10:11 AM
---------------------------
Barbara Lewis
03/06/2000 09:00 AM
To: Lauri A Allen/HOU/ECT@ECT, William C Falbaum/HOU/ECT@ECT, Daren J
Farmer/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT,
Gary W Lamphier/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Greg
McClendon/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Michael W
Morris/HOU/ECT@ECT, Lee L Papayoti/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT,
Elsa Villarreal/HOU/ECT@ECT, Jennifer Sabine/HOU/ECT@ECT, Janet H
Wallis/HOU/ECT@ECT, Kenneth Seaman/HOU/ECT@ECT, Ami Chokshi/Corp/Enron@ENRON,
Eric Bass/HOU/ECT@ECT
cc:
Subject: Texas Gas Trading Employee Appreciation Night
We are currently attempting to schedule the Texas Gas Trading Employee
Appreciation Night at Sam Houston Race Park.
The proposed date is Thursday, March 23, 2000 and the festivities will begin
at 6:00p.m. It is important that you contact me ASAP with your
availability. I would like to report a definite headcount to Tom by this
afternoon.
Note: Gas Control, Risk Analysis, Management Team, Transport Rate Group and
Logistics will also celebrate with us.
Many thanks,
Barbara Lewis
|
{
"pile_set_name": "Enron Emails"
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|
Gerald, this is just to follow up on the voicemail message I left for you
this afternoon. Can you please provide me with contact information for reps
from both Louisiana Resources and Bridgeline. The transfer of control
applications to be filed with the FCC require signatures from reps from both
parties to the transaction. We will need this info before we can file the
applications. Any help you can provide would be greatly appreciated.
Thanks.
-----Original Message-----
From: Jenkins, Eric
Sent: Wednesday, November 21, 2001 12:33 PM
To: '[email protected]'
Cc: [email protected]; Pisciotta, Aileen
Subject: RE: Louisiana Resource License information
Thanks Gerald, this info is helpful. Do you know who owns the other 60%
equity interest in Bridgeline, and how the LP is structured to give Enron
50% control with only 40% interest?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, November 21, 2001 11:32 AM
To: [email protected]
Cc: [email protected]
Subject: RE: Louisiana Resource License information
Eric, The answers to your questions based on the information I have are:
1. The transaction closed on February 3, 2000.
2. All the licenses that you fowarded for Louisiana Resources are
currently being used by Bridgeline Holdings, L.P.
3. I don't know. I don't think that any of the licenses were new
after the transaction date. Robert, any different info?
4. To the best of my knowledge all of the licenses (that you
forwarded) are operating and were operating at the time of the transaction.
Do you agree, Robert?
To clarify, the assets were not sold to Bridgeline Holdings, L.P. They
were contributed to the formation of the LP in consideration for Enron's
40% equity stake and 50% control. No transfer applications for these
licenses has been filed.
Also, it is not clear from the information you forwarded whether the
licenses were in Louisiana Resources Company's (LRC) name or Louisiana
Resources Pipeline Company Limited Partnership (LRP). LRP was merged into
Bridgeline Holdings, L.P. LRC is still held 100% by Enron North America
Corp.
-----Original Message-----
From: "Jenkins, Eric" <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 7:46 PM
To: Nemec, Gerald
Cc: Pisciotta, Aileen
Subject: RE: Louisiana Resource License information
Gerald, this is just to follow up on our prior phone conversations re:
the
sale of Louisiana Resources' assets (including licenses) to Bridgeline .
As
I mentioned, what is important to our inquiry is whether transfer of
applications were filed prior to the consummation of the above
transaction
whereby the assets of Louisiana Resources' were acquired. I will need
the
following transaction information:
* When did the transaction close? The exact date. 2/?/2000
* Which licenses where part of that transaction?
* Which licenses were obtained by filing a new application after the
transaction date?
* Which stations are constructed/operating?
As a reminder, we are under a deadline to get this information to the
FCC.
To make the deadline I will need the information by tomorrow or Monday
at
the latest. Please call/email with any questions.
Thanks and have a Happy Thanksgiving.
> -----Original Message-----
> From: Jenkins, Eric
> Sent: Thursday, November 15, 2001 5:41 PM
> To: '[email protected]'
> Subject: Louisiana Resource License information
>
>
>
> << File: 162802.doc >>
>
> ________________________________________
> Eric D. Jenkins
> Kelley Drye & Warren LLP
> 1200 19th Street, N.W., Fifth Floor
> Washington, D.C. 20036
> (202) 887-1254
> (202) 955-9792 (facsimile)
> email: [email protected]
>
>
>
The information contained in this E-mail message is privileged,
confidential, and may be protected from disclosure; please be aware that
any
other use, printing, copying, disclosure or dissemination of this
communication may be subject to legal restriction or sanction. If you
think
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sender.
This E-mail message and any attachments have been scanned for viruses
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are believed to be free of any virus or other defect that might affect
any
computer system into which it is received and opened. However, it is the
responsibility of the recipient to ensure that it is virus free and no
responsibility is accepted by Kelley Drye & Warren LLP for any loss or
damage arising in any way from its use.
**********************************************************************
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
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Thank you.
**********************************************************************
The information contained in this E-mail message is privileged,
confidential, and may be protected from disclosure; please be aware that any
other use, printing, copying, disclosure or dissemination of this
communication may be subject to legal restriction or sanction. If you think
that you have received this E-mail message in error, please reply to the
sender.
This E-mail message and any attachments have been scanned for viruses and
are believed to be free of any virus or other defect that might affect any
computer system into which it is received and opened. However, it is the
responsibility of the recipient to ensure that it is virus free and no
responsibility is accepted by Kelley Drye & Warren LLP for any loss or
damage arising in any way from its use.
|
{
"pile_set_name": "Enron Emails"
}
|
Phillip,
I want to thank you for spending so much time with us today; I think we are
getting to a good level of detail and we accomplished a lot today. I left a
message for Ed and asked him to just focus on one or two difficult problems
because we are planning to also include some of your "easy" problems in the
simulation.
We will look forward to getting the outlines for the remaining four
scenarios from you early next week. Please let us know if something comes
up and you don't think you'll be able to work on them.
We'll call Ina with the room for next Friday. Thanks again for all your
help, and have a great weekend.
Mery
This message is for the designated recipient only and may contain
privileged or confidential information. If you have received it in error,
please notify the sender immediately and delete the original. Any other
use of the email by you is prohibited.
|
{
"pile_set_name": "Enron Emails"
}
|
Get ready. Beginning in November, electronic pay stubs will be available to all employees who have their paychecks direct deposited into their bank account. Electronic pay stubs are an easy, fast, and efficient way for you to get your payroll information. They will also help Enron to realize a considerable savings in time and dollars spent over traditional printed pay stubs.
If you prefer to receive a hardcopy of your pay stub, click on the link below to complete a request form. This form must be submitted to Payroll by October 15, 2001. Unless you submit a form your pay stub information will default to electronic viewing.
Please click on the link below.
Name: WALTER LOKEY
Personnel number: P00505815
Phone: 7138536868
If you have questions about electronic pay stubs, please contact Janice Priddy (Payroll) 713-853-7839 or Marie Newhouse (ClickAtHome) at 713-345-4185 or send an email to [email protected] (Enron Payroll in Outlook).
Stay tuned for more details in the coming weeks.
http://etcsurvey.corp.enron.com/wi/p0810709/i.asp?r=20924&s=JUREFTYD&l=9
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/15/2000 02:58
PM ---------------------------
Matthew B Fleming@EES
04/10/2000 07:47 AM
To: Barend VanderHorst/HOU/EES@EES, Larry F Campbell/HOU/EES@EES, Sharon
Hausinger/HOU/EES@EES, James R Barker/HOU/EES@EES, Susan Weison/HOU/EES@EES,
Marde L Driscoll/HOU/EES@EES, Erika Dupre/HOU/EES@EES, La Donna
Finnels-Neal/HOU/EES@EES, Shelia Benke/HOU/EES@EES, Jay Blaine/HOU/EES@EES,
Paul Tate/HOU/EES@EES, Michael H Garred/HOU/EES@EES, Deborah D
Merril/HOU/EES@EES, Mark Reese/HOU/EES@EES, Timothy S Murphy/HOU/EES@EES,
Olenger Pannell/HOU/EES@EES, Adrian Woolcock/HOU/EES@EES, Alain
Diza/HOU/EES@EES, Ray Hamman/HOU/EES@EES, Kirit R Purbhoo/HOU/EES@EES, James
Shirley/HOU/EES@EES, Laura R Arnold/HOU/EES@EES, Monica Roberts/HOU/EES@EES,
Todd W Lambert/HOU/EES@EES, Jesus Guerra/HOU/EES@EES, Timothy J
Hamilton/HOU/EES@EES, Zarin Imam/HOU/EES@EES, Suneet Sharma/HOU/EES@EES,
Mohan Sundaralingam/HOU/EES@EES, Thomas J Donovan/HOU/EES@EES, Roger
Persson/HOU/EES@EES, Jeff Cobb/HOU/EES@EES, Tim Carter/HOU/EES@EES, Scott W
Beilharz/HOU/EES@EES, Christopher L Connolly/HOU/EES@EES, Victor
Lamadrid/HOU/ECT@ECT, Ami Chokshi/Corp/Enron@ENRON, Christopher S
Barnum/DUB/EES@EES, Heidi Griffith/DUB/EES@EES, Chris Germany/HOU/ECT@ECT,
Morgan Babin/HOU/EES@EES
cc:
Subject: 1st annual House Party
Well, now that I am somewhat settled into my new home (I'm still trying to
hunt down a giant slip-n-slide for the backyard), it's time to throw a
party. This Saturday, April 15th at 7:30 pm, I will have my first official
party to put the first beer stains on the new home. Let's keep this pretty
simple and painless, everybody just needs to bring a little something to
drink and I will provide the rest. I will have directions sitting on my desk
to figure out how to get to Pearland, for all you inside the loop people
don't be afraid, it's not that difficult and long of a drive.
If you have any questions let me know and please pass this on to anybody I
may have left off the list.
Hope to see you all Saturday,
Matt
Directions:
Take 288 S to the Pearland exit (CR 518) and take a left off the exit (going
east). You will stay on 518 for 1.2 miles. After you come upon your third
stop light you will make a right, this will be CR 90 ( there will be a strip
mall on your right with a Domino's Pizza on the corner). Travel on 90 for
1.8 miles until you dead end. This will take you to CR 101, which you will
take a left on. Stay on CR 101 for 0.4 miles until you see Kennedy Rd and
take a left. My house is the first house on your left-hand side once you
turn onto Kennedy. 3606 Kennedy Drive 281-692-9255
|
{
"pile_set_name": "Enron Emails"
}
|
----- Forwarded by Sara Shackleton/HOU/ECT on 08/16/2000 01:21 PM -----
Mark Taylor
08/16/2000 10:01 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Yosemite/Delta III
----- Forwarded by Mark Taylor/HOU/ECT on 08/16/2000 10:01 AM -----
[email protected]
08/16/2000 03:23 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]
cc: [email protected], [email protected], [email protected],
[email protected]
Subject: Yosemite/Delta III
Please find attached below the following documents, all in clean form and
marked against the respective Delta II documents:
(1)? Enron/Delta Swap;
(2)? Enron/Citi Swap;
(3)? Enron/Delta Guaranty; and
(4)? Enron/Citi Guaranty.
These documents are based on the Delta II precedent but incorporate the
structural changes of Delta III.? Please note that we are continuing to
review these documents (in particular, the termination provisions of the
Swaps) and, as such, they remain subject to the completion of our internal
review.?
Please do not hesitate to contact the undersigned with any questions or
comments.
Eric Moser
(212) 530-5388
<<E-C Guaranty (clean).doc>> <<E-C Guaranty (marked).doc>> <<E-C Swap
(clean).doc>> <<E-C Swap (marked).doc>> <<E-D Guaranty (clean).doc>> <<E-D
Guaranty (marked).doc>> <<E-D Swap (clean).doc>> <<E-D Swap (marked).doc>>
This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.
- E-C Guaranty (clean).doc
- E-C Guaranty (marked).doc
- E-C Swap (clean).doc
- E-C Swap (marked).doc
- E-D Guaranty (clean).doc
- E-D Guaranty (marked).doc
- E-D Swap (clean).doc
- E-D Swap (marked).doc
|
{
"pile_set_name": "Enron Emails"
}
|
The card that you sent to Scottie McKeogh ([email protected])
on Oct 19, 2001 has just been picked up! View Card
You are welcome to create another card at http://www.bluemountain.com .
********************************************************************************
Create your own Halloween eCard with Blue Mountain's Halloween CardMaker .
********************************************************************************
If you are unable to see the greeting you sent by clicking on the View Card
link, then copy and paste the full URL below into your browser:
http://www2.bluemountain.com/cards/boxb226968g1/h8afz3w7ky8ii3s.html
|
{
"pile_set_name": "Enron Emails"
}
|
Great weekend overall. Thanks for inviting us, Jeff, we had a really good
time and thouroughly enjoyed oursleves the entire time.
Hopefully we'll get a chance to reciprocate soon.
Best-
Mike
|
{
"pile_set_name": "Enron Emails"
}
|
Mark --
This looks fine to me. I believe that Henry Bonner of SunGard is travelling tonight and will be in Houston tomorrow. He left a message saying that he will call with the hotel fax number when he gets to his destination. I will forward that information as soon as I receive it so that we can get the NDA and signed letter to him. Henry's cell phone number is 917 373 5844 (Cell). Thanks.
-- Rex
-----Original Message-----
From: Greenberg, Mark
Sent: Wednesday, October 31, 2001 3:58 PM
To: Shelby, Rex; Palmer, Mark S. (ENW)
Cc: Koehler, Anne C.; Jones, Tana
Subject: SunGard
Importance: High
Rex/Mark -
As we discussed, I am not confident that the Automated Securities Clearance NDA sufficiently covers us in this new matter. I have called Henry Bonner at SunGard to verify the legal structure to see if we can or cannot use it; however, he has yet to return my call.
I have prepared the attached based upon a belief that we should have in place an NDA specifically with SunGard Trading & Risk Systems. Because we also want to move this matter forward, I have attached to the agreement a "Schedule A" in which I have outlined the work that SunGard will be performing for us - at least at the onset. If we go beyond the first five days of this work, we should definitely have a formal consulting agreement signed to ensure we have a clear path forward on the work to be done and deliverables to be provided.
In the meantime, please take a look at the attached and let me know if this works.
Thanks.
mark
<< File: nda - sungardtrading&risksystems(10-31-01).doc >>
|
{
"pile_set_name": "Enron Emails"
}
|
Please note that your employees have suggested the following people to
complete a feedback form on their behalf. You will need to access the
Performance Management System (PEP) to either approve or decline these
suggested reviewers. Once you have approved the suggested reviewers they
will be notified and can begin completing the feedback form.
Your list of employees that have suggested reviewers are listed below:
Date suggested: May 25, 2000
Feedback Due Date: Jun 16, 2000
Employee Name: JACKSON, CHARLENE R
|
{
"pile_set_name": "Enron Emails"
}
|
changed
Kerri Thompson@ENRON
02/13/2001 02:19 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: apb
521590
broker has 262.50
|
{
"pile_set_name": "Enron Emails"
}
|
- 181_187PIP_Language.zip
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/21/2000
04:49 PM ---------------------------
"Chris Strickland" <[email protected]> on 04/20/2000 04:32:32 AM
Please respond to "Chris Strickland" <[email protected]>
To: "VinceJKaminski" <[email protected]>
cc: "Julie" <[email protected]>
Subject: Book and EPRM articles
Hi Vince,
?
I was wondering how the chapter of the book is coming along??! Do you want
me to make 'noise' tomorrow or to leave you until after Easter?
?
Until then, I wanted to discuss with you an idea that Les and I have been
throwing around concerning writing a series of articles for Risk's 'Energy
and Power Risk Management'. We would like to propose to them?that we would
write an article a month, covering practical issues dealing with energy
modelling and energy derivative pricing and risk management. The articles
would be based upon sections of the book so as to promote the book, and to
reduce the effort/time involved by using?already produced material. We would
like to cover some very practical topics, but we?won't be giving too much
away as the articles are only 1 or 2 pages long.
?
Each article would be of?the form;
?
- introduce?the concept
- give an example using real data
- discuss the problem with a case study?
- provide a discussion
- sum up
?
I've included a list of potential articles at the end of this e-mail. For
example, for the first one, "Estimation of mean reversion in spot energy
prices", we would introduce the concept of mean reversion,?show a graph of
an equity index and an energy price?for illustration of our point, estimate
the parameter for a series of energies over a number of seasons, and
finally, discuss the results.
?
We?are wondering if you would like to be involved in this project? Your
involvement needn't take much time (although it is up to you). The kind of
input we are hoping for (again, this is up to you) is that you?would?review
the list of articles and provide?suggestions of additions or deletions,
suggest reasonable data sets or case studies to work with on each article,
and then to run your eye over "near finished" articles, which?we would
supply to you for your?practical experience?input.? Would something like
this interest you? If it did, we would try to sell Risk on making it a
regular monthly "feature" of EPRM, authored by all three of us.
?
We are hoping to present our proposal to Risk in the next few weeks, so
please let us know if you are interested.
?
Best regards.
?
Chris.
?
?
Potental EPRM articles;
?
1- Estimation of mean reversion in spot energy prices (with parameters
estimated for oil, gas, and electricity data over different seasons)
?
2- Estimation of jumps in spot energy prices (with parameters estimated for
oil, gas, and electricity data over different seasons)
?
3- Simulating a mean reverting spot price process for pricing energy
derivatives (with case study applied to an Asian option on oil)
?
4- Simulating a jump / diffusion spot price process for pricing energy
derivatives (with case study applied to a Swaption on natural gas)
?
5- Simulating a mean reverting jump / diffusion spot price process for
pricing energy derivatives (with case study applied to hourly caps on spot
electricity)
?
6- An analytical pricing formula for pricing caps in a mean reverting spot
price model (with example applied to a cap on natural gas fitting the
Forward curve and volatlity structure)
?
7- using a tree consistent with the forward curve and vols for pricing swing
options
?
8- implying a single?factor vol function from market Futures option prices
and variation of parameters thru time
?
9- adding jump volatility to the tree
?
10- An analytical pricing formula for pricing caps in a multi-factor forward
curve model(with example applied to the same cap on natural gas and a
discussion on the differences between the two approaches)
?
11- Estimating volatility functions for multi-factor forward curve models
(with estimates of oil data over different periods)
?
12- Estimating volatility functions for multi-factor forward curve model
from market option prices
?
13- pricing swing option in multi factor model using tree for exercise
strategy
?
14- comparison of VaR methodoligies applied to the same energy derivativ
portfolio.
?
|
{
"pile_set_name": "Enron Emails"
}
|
From: "Chetan Daulat" <[email protected]>
To: [email protected]
CC: [email protected], [email protected], [email protected],
[email protected], [email protected]
Subject: Fwd: FW: FW: Seminoles
Date: Tue, 17 Oct 2000 14:51:01 EDT
>From: "Chris Liang" <[email protected]>
>To: "Jorge Matos" <[email protected]>, "Shane Black"
><[email protected]>, "Nathaniel Scripture"
><[email protected]>, "Luis Torres" <[email protected]>, "David
>Hummel" <[email protected]>, "Daniel Ma" <[email protected]>,
>"David Ingram" <[email protected]>, "Chet Daulat"
><[email protected]>, "Brian Liang" <[email protected]>,
>"Larry Chen" <[email protected]>, "Brian Carter"
><[email protected]>
>Subject: FW: FW: Seminoles
>Date: Tue, 17 Oct 2000 00:12:35 -0400
>
>
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
Share information about yourself, create your own public profile at
http://profiles.msn.com.
- 'nole cheerleader.jpg
|
{
"pile_set_name": "Enron Emails"
}
|
The pre-pay balance we will need to maintain going forward.
-----Original Message-----
From: Miller, Don (Asset Mktg)
Sent: Wednesday, December 26, 2001 1:34 PM
To: Reeves, Leslie; Nettelton, Marcus; Nicolay, Christi L.; Steffes, James D.
Subject: RE: Revised Daily Notice
What does Standstill Financial Assurance Amount mean?
-----Original Message-----
From: Reeves, Leslie
Sent: Wednesday, December 26, 2001 1:11 PM
To: Miller, Don (Asset Mktg)
Subject: FW: Revised Daily Notice
FYI
-----Original Message-----
From: "Francoeur, Ellen" <[email protected]>@ENRON
Sent: Wednesday, December 26, 2001 12:56 PM
To: Reeves, Leslie; Nettelton, Marcus
Cc: Nicolay, Christi L.; Steffes, James D.; Arnold, Cheryl; McDonough, Linda; [email protected]
Subject: Revised Daily Notice
- Daily Notice - 12_26_01 EPMI.doc << File: Daily Notice - 12_26_01 EPMI.doc >>
|
{
"pile_set_name": "Enron Emails"
}
|
Attached is a forecast for the rest of the summer for the X (NWP and PGT).
We should try to have a conference call with the west desk to discuss as soon
as we can.
Chris
|
{
"pile_set_name": "Enron Emails"
}
|
Bookout purchase deal 551053 with sales deal 547583
---------------------- Forwarded by Chris Germany/HOU/ECT on 12/29/2000 02:32
PM ---------------------------
Chris Germany
12/29/2000 02:26 PM
To: Alvin Thompson/Corp/Enron@Enron, Joann Collins/Corp/Enron@ENRON, Scott
Loving/NA/Enron@ENRON
cc:
Subject: Jan 01 bookouts, New Power
Please match the purchase deal 551027 with sales deals 376880, 380492, and
551007 on CGAS.
On CGLF, bookout deal 551042 with 380571 at Mainline.
|
{
"pile_set_name": "Enron Emails"
}
|
FYI
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/29/2000
08:27 AM ---------------------------
[email protected] on 11/28/2000 11:23:52 PM
To: [email protected]
cc: [email protected], [email protected], [email protected]
Subject: Interesting
CBS News | CAMPAIGN 2000 | Gore Gets Gonged| 250
|
{
"pile_set_name": "Enron Emails"
}
|
Start Date: 4/30/01; HourAhead hour: 16; No ancillary schedules awarded. No
variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043016.txt
Error: Invalid variant type conversion
---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
Details:
TRANS_TYPE: FINAL
SC_ID: ECTstCA
MKT_TYPE: 2
TRANS_DATE: 4/30/01
TIE_POINT: PVERDE_5_DEVERS
INTERCHG_ID: EPMI_CISO_5001
ENGY_TYPE: FIRM
|
{
"pile_set_name": "Enron Emails"
}
|
CALENDAR ENTRY: INVITATION
Description:
Do Not Delete - Repeat parent for Ava-35842/Weekly Mtg.
Date: 11/16/2000
Time: 10:30 AM - 12:00 PM (Central Standard Time)
Meeting Dates:
11/16/2000, 11/23/2000, 11/30/2000, 12/7/2000, 12/14/2000, 12/21/2000, 12/28/2000, 1/4/2001, 1/11/2001, 1/18/2001, 1/25/2001, 2/1/2001, 2/8/2001, 2/15/2001, 2/22/2001, 3/1/2001, 3/8/2001, 3/15/2001, 3/22/2001, 3/29/2001, 4/5/2001, 4/12/2001, 4/19/2001, 4/26/2001, 5/3/2001, 5/10/2001, 5/17/2001, 5/24/2001, 5/31/2001, 6/7/2001, 6/14/2001, 6/21/2001, 6/28/2001, 7/5/2001, 7/12/2001, 7/19/2001, 7/26/2001, 8/2/2001, 8/9/2001, 8/16/2001, 8/23/2001, 8/30/2001, 9/6/2001, 9/13/2001, 9/20/2001, 9/27/2001, 10/4/2001, 10/11/2001, 10/18/2001, 10/25/2001, 11/1/2001, 11/8/2001, 11/15/2001, 11/22/2001, 11/29/2001, 12/6/2001, 12/13/2001, 12/20/2001, 12/27/2001
Detailed Description:
|
{
"pile_set_name": "Enron Emails"
}
|
Hello Dutch,
We have sent to you this evening a copy of our confirmation for the Nymex natural gas transaction. We have
amended the original transaction confirmation dated 21-Nov-00 to include this new transaction (we are only authorized to amend the existing transaction, not enter into a new one). Attached is a blacklined version of the new confirmation so that you may see the additions made to the final sent by fax. We appreciate you review and return of a signed confirmation tomorrow so that we may consider this deal closed.
Our contact numbers are as follows should you have have any questions:
Greg McElwee
H (201) 653-4348
M (201) 637-6283
Guillame Malle
H (212) 996-5177
M (212) 680-5715
Please fax the signed confirmation to the following numbers:
(212) 743-4639
(917) 326-7899
Again, thank you for your patience and understanding in this matter.
Best Regards,
Greg McElwee
-----Original Message-----
From: Quigley, Dutch [mailto:[email protected]]
Sent: Friday, November 30, 2001 8:29 PM
To: [email protected]
Subject:
**********************************************************************
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.
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This message is for the named person's use only. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each legal entity in the CREDIT SUISSE FIRST BOSTON or CREDIT SUISSE ASSET MANAGEMENT business units of CREDIT SUISSE FIRST BOSTON reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorized to state them to be the views of any such entity. Unless otherwise stated, any pricing information give!
n !
in this message is indicative o
nly, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation.
- 5849170 Amended Enron Natural Gas Swap.doc
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{
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Anthony,
Attached is the proposed confidential settlement letter agreement. I am
still trying to get confirmed that we have the correct Enron Metals entity
named, so you will see blanks. I am also sending this to others in ENA legal
for their input (if they wish to give any). I understand that you needed
this draft today, so I am sending it to you now, despite the blanks.
Please let me know what changes you need me to make. I will be in the rest
of the day today, tomorrow until 3:30 p.m., and all day Wednesday.
Britt
|
{
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|
Jeff,
The files are in DesertSkyCurtail in your transfer dirtectory. Check the sums
of the KWH.LOST columns with the values you were provided. These all seem to
have been created the same day.
Mark
|
{
"pile_set_name": "Enron Emails"
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Content-Transfer-Encoding: quoted-printable
Date: Tue, 22 May 2001 10:46:45 -0500
From: "Tracey Bradley" <[email protected]>
To: "Aryeh Fishman" <[email protected]>, "Andrea Settanni"
<[email protected]>, "Deanna King" <[email protected]>, "Dan Watkiss"
<[email protected]>, "Jacqueline Java" <[email protected]>, "Kimberly
Curry" <[email protected]>, "Paul Fox" <[email protected]>, "Ronald
Carroll" <[email protected]>
Subject: DJ - Siting Of Transmission Lines May Be Tied With FERC RTOs
Mime-Version: 1.0
Content-Type: text/plain; charset=ISO-8859-1
Content-Disposition: inline
FYI
DJ Siting Of Transmission Lines May Be Tied With FERC RTOs
Copyright , 2001 Dow Jones & Company, Inc.
WASHINGTON (Dow Jones)--The White House energy-policy blueprint's call for
federal eminent domain authority to site power transmission lines appears to
be garnering cautious support from Western-state lawmakers who typically
support private property rights.
They indicated the administration's policy call will win their support as
long as states continue to have a say in the siting process and the rights of
private property owners are respected.
The report of the National Energy Policy Development Group, a White House
task force spearheaded by Vice President Dick Cheney, called for the Energy
Department, in consultation with federal agencies and state and local
government officials, to develop legislation granting authority to obtain
rights-of way for electricity transmission lines.
The proposed legislative effort should advance "the goal of creating a
reliable national transmission grid," the White House policy blueprint
recommends, noting that similar siting authority already rests at the federal
level for natural gas pipelines.
"The siting process must be changed to reflect the interstate nature of the
transmission system," the White House report said.
Senate Energy Committee Chairman Frank Murkowski, R-Alaska, sponsored
legislation in the last Congress to establish federal eminent domain
authority for transmission lines.
The White House report cited instances when states vetoed transmission lines
despite the benefits the proposed facilities would provide for the interstate
power grid. For example, Connecticut recently scuttled an underwater power
line designed to supply power-hungry Long Island, N.Y.
"The states ought to have the maturity to deal with this themselves,"
Murkowski said.
But pro-states' rights lawmakers said the traditional transmission-siting
role of states must be preserved, but be backed up by federal oversight.
The siting of transmission lines is the "prerogative" of state and local
governments, said Sen. Pete Domenici, R-N.M., who nevertheless suggested he
could support some form of federal authority as a "backstop" to state and
local authority.
"I have been a critic of this and I remain so," Sen. Larry Craig, R-Idaho,
said of the administration's policy recommendation, citing the potential
impact on the "rights of private property owners."
Nevertheless, Craig suggested the administration's recommendation could be
accommodated as part of the U.S. Federal Energy Regulatory Commission's push
to turn control of power grid assets over to independent regional
transmission organizations, or RTOs.
"Out of that (RTO) concept, it may be possible to address what the president
has asked for," Craig said.
Tying such eminent domain authority to the RTO process is an approach FERC
likely would take.
FERC Chairman Curt Hebert suggested the White House's policy recommendation
could be delegated to RTOs.
"America has to decide: Is electricity going to be an interstate commodity?
If so, we have to treat it like one," Hebert said last week in support of the
administration's policy recommendation.
Linking transmission siting with RTOs also was espoused by Pat Wood, chairman
of the Texas Public Utility Commission and one of President Bush's nominees
to fill two vacancies at FERC.
Having RTOs oversee expansion of the U.S. interstate transmission system is
"probably a good way to go," Wood said at his confirmation hearing last week.
Wood said the market should identify transmission expansion needs. But if the
market doesn't produce the needed results, then there should be "a fallback
role for FERC to assure there isn't a train crash," he said.
Such a regional planning approach within FERC's RTO scheme likely will win
support from state regulators, said Charles Gray, executive director of the
National Association of Regulatory Utility Commissioners.
The administration's call for framing legislation in consultation with the
states likely will blunt potential opposition from state utility regulators,
Gray said.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647,
mailto:[email protected]
(END) Dow Jones Newswires 21-05-01
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{
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CALENDAR ENTRY: APPOINTMENT
Description:
interview Andrea Dahlke
Date: 8/14/2000
Time: 10:30 AM - 11:30 AM (Central Standard Time)
Chairperson: Outlook Migration Team
Detailed Description:
|
{
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Rent as many DVDs as you want for 20 bucks a month. Get a FREE TRIAL TODAY! When you rent from Netflix, you'll never pay a late fee again!
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OfferID=JLNHNML61201568
|
{
"pile_set_name": "Enron Emails"
}
|
It is becoming increasingly clear that the development of eCommerce will have
a significant and continuing impact on the conduct of business in a broad
array of industries. Through EnronOnLine, Enron has quickly become a major
catalyst for the transition to the web in the gas and electric industries.
EnronOnLine has been an enormous success since its launch. Since launch, we
have completed 67,043 transactions on line, with a total dollar value of over
$25 billion. EnronOnLine is now the largest eCommerce site in the world.
We believe that the competitive success of EnronOnLine is due to one very
specific reason. In addition to providing a web-based platform for
transactions, Enron acts as principal to provide direct liquidity to the
site. We stand ready at all times, in any market conditions, to buy and sell
at the posted price. This converts a &bulletin board8 (the more typical
eCommerce concept) into a true market. There are very few, if any,
competitors that can provide this capability.
We are increasingly convinced that this competitive advantage can be
dramatically expanded to other products and other geographies. If we are
correct, this could provide an enormous new opportunity for growth for Enron.
Accordingly, we are initiating a major new effort to capture this
opportunity. Effective today we are creating a new business, Enron Net
Works, to pursue new market development opportunities in eCommerce across a
broad range of industries. It is likely that this business will ultimately
be our fifth business segment, joining transmission & distribution,
wholesale, retail and broadband services.
Included in this business will be our entire IT and technology group along
with significant talent and resources in market making and finance.
Initially, North America will provide primary direct support for staff
services and back office, however, over time we will be requesting support
services from virtually all Enron units to ensure continued growth and
success. To facilitate the combining of commercial capabilities with these
new eCommerce platforms, Enron Net Works will work closely with the merchant
functions of North America, Europe, South America, CALME, Asia and Broadband.
Enron Net Works will be headed by Greg Whalley, Chief Executive Officer; Mike
McConnell, Chief Operating Officer; and Jeff McMahon, Chief Commercial
Officer. These individuals will comprise the Office of the Chairman for
Enron Net Works and remain on the Executive Committee of Enron Corp.
Replacing Greg Whalley as President and Chief Operating Officer of Enron
North America is Dave Delainey, who will also join Enron,s Executive
Committee.
Global Technology will remain intact but will now be a part of Enron Net
Works. It will maintain all of the same businesses and services as it did as
an Enron global function. Philippe Bibi will remain the Chief Technology
Officer for all of Enron Corp. and continues to be responsible for the
development of worldwide technology standards and platforms.
EnronOnLine, headed by Louise Kitchen, will also remain intact and will now
be a part of Enron Net Works. The success of EnronOnLine enables us to
utilize this site as a model as we explore other markets. In addition, the
following individuals are included in Enron Net Works along with their
current eCommerce initiatives: Harry Arora, Public Financial Securities; Jay
Fitzgerald, New Markets Identification; Bruce Garner, Metals; and Greg Piper,
Pulp and Paper.
Over the next several weeks we will complete staffing and organizational
design and will provide full details on this exciting new business
opportunity.
|
{
"pile_set_name": "Enron Emails"
}
|
Attached is the final letter version. I am OK with the wiring instructions.
-----Original Message-----
From: Mrha, Jean
Sent: Friday, November 16, 2001 3:13 PM
To: Nemec, Gerald
Subject: Need Final Blessing - Can you please change header on post closing etc
Importance: High
<< File: Wiring Instructions.doc >> << File: Post closing Survey Price Adjustment.doc >>
|
{
"pile_set_name": "Enron Emails"
}
|
Sara and Marie,
Attached is the Executing Broker agreement with Monument and Credit Lyonnais for ECT Investments Inc.
Please do not hesitate to call if you have any questions.
Thanks. Sheila
-----Original Message-----
From: Jacqueline Tokley <[email protected]>@ENRON [mailto:IMCEANOTES-Jacqueline+20Tokley+20+3Cjtokley+40monumentderivatives+2Ecom+3E+40ENRON@ENRON.com]
Sent: Monday, September 17, 2001 10:58 AM
To: Glover, Sheila
Subject: Terms of Business
Further to our conversation we are pleased to attach an E Mail copy of the
Terms of Business in the name of the new entity.
Copies together with a covering letter will be forwarded to you shortly
Regards
Jacqui Tokley <<201543.doc>> <<201544.doc>>
*************************************************************************
The information in this internet E-mail is confidential and is intended
solely for the addressee. Access, copying or re-use of information in it
by anyone else is unauthorized. Any views or opinions presented are
solely those of the author and do not necessarily represent those of
Monument Derivatives or any of its affiliates. If you are not the
intended recipient please contact [email protected]
*************************************************************************
- 201543.doc
- 201544.doc
|
{
"pile_set_name": "Enron Emails"
}
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Michael,
Please provide the Lucent information to Richard Ring as requested in the attached email.
Thanks,
Bob
---------------------- Forwarded by Robert M Sutter/HOU/EES on 07/30/2001 09:55 AM ---------------------------
Enron Energy Services From: Robert Hurt 07/30/2001 08:01 AM Phone No: 713-853-0952
To: Direct Reports
cc:
Subject: Customer Account #'s
Another reminder for todays meeting.
Bob
---------------------- Forwarded by Robert Hurt/HOU/EES on 07/30/2001 07:56 AM ---------------------------
Victor Gonzalez
07/27/2001 10:42 AM
To: Robert Hurt/HOU/EES@EES, Ben Smith/HOU/EES@EES
cc: Debra Blake/HOU/EES@EES, Whitney Fox/HOU/EES@EES, Robert Deshazo/HOU/EES@EES, John Nanof/HOU/EES@EES, Rhonda Short/HOU/EES@EES, Vinay Adenwala/HOU/EES@EES, Richard Ring/HOU/EES@EES
Subject: Customer Account #'s
Bob, Ben -
Richard Ring with the Power desk is needing information on accounts under your management, see email below. Can you please forward this request to the appropriate person(s) to respond to the request.
thanks,
Victor
---------------------- Forwarded by Victor Gonzalez/HOU/EES on 07/27/2001 10:36 AM ---------------------------
Vinay Adenwala
07/26/2001 05:53 PM
To: Victor Gonzalez/HOU/EES@EES
cc: Richard Ring/HOU/EES@EES
Subject: Customer Account #'s
Hello Victor,
My name is Vini Adenwala, I'm doing some research for Narsimha Misra and Richard Ring for the East Power Risk Mgmt. Dept., and I wanted to ask you for some information regarding our customers in Massachusetts. I have a list of contracts here:
1. Polaroid Corporation
2. Quebecor Printing USA Corp.
3. Simon Property Corp.
4. Sonoco Products Co.
5. Lucent Technologies Inc.
6. Haverhill Police Station
7. BICC General Cable Industries, Inc.
What I need to get from you is a customer list along w/ their account #'s for each of these contracts, and Richard told me you were the person I should talk to. If you could provide me with a list of the individuals responsible for billing each account, or even the customer acct. #'s themselves, I would greatly appreciate it. Thank you for your time and cooperation.
Regards,
Vinay Adenwala
|
{
"pile_set_name": "Enron Emails"
}
|
Dear Team Members:
Greetings!
I appreciate your participation this week and feel like our recruiting effort
at the MPA Orientation events was quite a success! Thanks to each of you for
your time and energy!!!
Attached you will find a list of MPA students with their contact information
and education track. This list should help to refresh your memory and it
will give us a great tool by which to target our next group of Enron
SUPERSTARS!
I would appreciate hearing your feedback as well. Please let me know which
students you have a particular interest in and we will begin delegating the
cultivation efforts.
Have a safe and happy weekend!
Sincerely,
Lexi Elliott
3-4585
|
{
"pile_set_name": "Enron Emails"
}
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Hey, I need to buy a new computer - how much would current top of line cost
w/ cd burner?
|
{
"pile_set_name": "Enron Emails"
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Still not sure about the actual volumes for items 1 and 3 below but we did confirm that Sonat did not pay us for the volumes delivered in Jan 2002.
-----Original Message-----
From: Germany, Chris
Sent: Thursday, March 14, 2002 1:19 PM
To: McMichael Jr., Ed; Concannon, Ruth; '[email protected]'
Cc: Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret; Wynne, Rita; Sanchez, Christina; Apollo, Beth
Subject: RE: Sonat Park & Loan
Mark, I assume you are the person Sonat will be contacting. Here are some items to consider,
1. Park balance on deal #1222 188,949 dth ( + or - 10,000 dth)
2. Loan balance on deal #1424 (96,000) dth
3. ENA sold Sonat 496,000 dth at $2.885 for Jan 2002 and did not deliver 418,708 dth (+ or - 10,000 dth, related to Item #1)
4. ENA sold Sonat 310,000 dth at $2.955 for May 2002, I don't know if this deal has been terminated or not.
Rita, Maria and I are looking for the Sonat pipeline statements for Jan 2002. We have Dec 2001. Would you see if you have those and let one of us know please? Sonat may have stopped sending us statements, but this would answer my volume questions on items 1 and 3.
Margaret, could you see if Sonat paid us for 77,292 dth x $2.885 = $222,987.42 for the sale in Jan 2002? I would be very surprised if they did.
-----Original Message-----
From: Sanchez, Christina
Sent: Thursday, March 14, 2002 10:32 AM
To: Germany, Chris; McMichael Jr., Ed; Concannon, Ruth; '[email protected]'
Cc: Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject: RE: Sonat Park & Loan
3/14/02
10:25 am
Barbara Gilbert, my scheduling rep. at Sonat, informed me that the attorneys in Sonat's Houston office will be contacting Enron's attorneys to set up a meeting to address the PAL issue. .
Christina Sanchez
-----Original Message-----
From: Germany, Chris
Sent: Thursday, March 14, 2002 10:08 AM
To: McMichael Jr., Ed; Concannon, Ruth; '[email protected]'
Cc: Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject: RE: Sonat Park & Loan
3/14/02
9:50 AM Per Tammi Depaolis (832-397-1728) at Sequent. Tammi spoke to Lisa Guthrie (205-325-3816) at Sonat to find out what flexibility Sequent would have taking out the parked gas. Lisa said she didn't know if Enron could sell the gas.
-----Original Message-----
From: McMichael Jr., Ed
Sent: Wednesday, March 13, 2002 7:29 PM
To: Germany, Chris; Concannon, Ruth; '[email protected]'
Cc: Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject: RE: Sonat Park & Loan
Thanks for the information. Sell, Sell, Sell! Sell it all to Sequent for March if you can get a good bid and have them agree to pay the moment we/they get confirmation on the nomination. Try to get other bids to validate as best you can. Do not talk to Sonat unless you have to - - asking permission is not advisable.
-----Original Message-----
From: Germany, Chris
Sent: Wednesday, March 13, 2002 4:38 PM
To: McMichael Jr., Ed; Concannon, Ruth; '[email protected]'
Cc: Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; Shemin V. Proctor (E-mail); Dhont, Margaret
Subject: Sonat Park & Loan
Ruth Concannon told me we want to try and sell the parked gas on Sonat. This is what we have found out over the last 2 days.
ENA no longer has the ability to do nominations on Sonat's scheduling Christina Sanchez (ENA Scheduler) believes that under normal conditions, we can sell the parked gas on Sonat without doing any nominations. The party we sell the gas to would nominate the gas away from a specific PAL meter and reference our PAL contract as the upstream contract. Today I spoke with Tammi Depaolis at Sequent - she is interested in buying the gas and she might prepay for it. I need to know;
1. What volume to sell, I assume we are talking about 188,949 dth on deal #1222, which means we ignore the loaned volume of 96,000 dth on deal #1424.
2. What period do I sell the gas for? All out by March 31st subject to the operational conditions on the pipeline? Or base load in April? I prefer all out by March 31st but I would like to ask the pipeline if that's ok?
3. How many bids do I need to get? I called Sequent because I know they are active on Sonat.
4. This may not matter but did Sonat ever pay us for the gas ENA sold them in January 2002 (see items in red down below).
Tammi will probably check with the pipeline to see if its ok to take our gas. I don't want to sell gas to someone then find out the pipeline will not let them take it.
All of my previous notes are shown below in blue.
Summary: Sonat has netted our Parked Gas Balance with our Loaned Gas Balance and filed a motion with the courts to retain the remaining Parked Gas Balance, 92,949 dth per my conversation with Sonat, to offset $879,030.42 ENA owes Sonat for the purchase of gas in October 2001. According to Sonat, the payment was due November 26, 2001 but ENA did not pay. Sonat's motion is set to be reviewed by the court on March 6th.
2/19/02 History - Per Dave Dyer (205-326-2007) at Sonat
ENA has 2 Park & Loan (PAL) contracts with Sonat. All PAL's with Sonat are under master contract PAL1001. Sonat assigns a deal number to each deal under this contract.
Deal #1424 - ENA borrowed a total of 96,000 dth from Nov 3rd-5th and has not paid this back. ENA still owes Sonat 96,000 dth. The terms of the deal were to payback Sonat anytime with 3 days notice on any 3 days on 2002, SONAT ONLY CHARGED ENA $96.00 FOR THIS DEAL, because Sonat needed to get gas off the system.
Deal #1222 - ENA parked 309,192 dth in August to come out in Jan 2002. Sonat let ENA withdraw 42,951 on 11/29/01 leaving a balance of 266,241 dth. In Jan 2002, ENA withdrew 8,588 dth per day for the 1st-9th. That left a balance of 188,949 dth. On Jan 8th, 2002, Sonat sent a letter stating that Sonat will hold on to the remaining to balance to offset 1) the Loaned gas on deal #1424 (96,000 dth) and 2) to offset dollars ENA has not paid Sonat for gas Sonat sold to ENA in October 2001. According to Sonat, the remaining balance on this deal is 92,949 dth = [309,192 parked in Aug - 42,951 w/d in Nov - 77,292 w/d in Jan - 92,000 balance on #1424]. According to Sonat's letter, Sonat has filed the appropriate motion for court approval for the offsets. According to Dave, ENA is being billed $.00305 x daily balance in this account. ENA should have paid some bigger amount when the gas was parked in August.
Other items;
ENA purchased system supply from Sonat in October 2001. ENA purchased 286,998 at an average price of $3.063 = $879,030.42. According to Sonat, ENA did not pay for this before Enron declared bankruptcy. ENA also sold Sonat gas - 16,000 dth day at $2.885 (sitara #1172076) in January 2002 and 10,000 dth day at $2.955 in May 2002 (sitara #1172087). ENA used 77,292 dth of the parked gas on deal #1222 to supply the 16,000 dth before Sonat stopped ENA from withdrawing from the park. ENA defaulted on 418,708 dth of the Sonat deal in January.
Sonat's in house legal counsel is Patti Frances (205-325-7696). I left a message for Patti to call me.
2/20/02
Patti Frances returned my call. Patti said the motion is currently set to be reviewed by the court on March 6th. I asked Patti if there were any penalties for not performing on the Jan 2002 sale to Sonat and if Sonat was going to pay for the 77,292 dth (8,588 dth per day for Jan 1st - 9th) that ENA did supply. Patti said she didn't think there were penalties but she would verify that and see if they were going to pay. I also asked her if Sonat is still honoring the ENA sale to Sonat in May 2002 and if Sonat would pay ENA if ENA performed. She will check on it and call me back.
2/25/02
Per Kay Mann - Mark Ellenberg is the legal counsel assigned to this contract.
1:10 PM. Left a follow-up message for Patti Frances regarding our conversation on 2/20/02.
3/11/02
Per Ruth - Mark Ellenberg wants us to try and pull the gas out of the Sonat Pal. Christina Sanchez (ENA Scheduler) will find out 1) if we still have access to Sonat's EBB and 2) if we can nominate the gas out of the PAL's.
3/13/02
Per Christina - ENA's ID's and passwords have been cancelled. Christina called Barbara Gilbert (205-325-7310), ENA's account rep at Sonat - Barbara said she would talk about this issue with Sonat's legal counsel and see if its ok to set up ENA with an ID. Christina also believes we could sell the gas without doing any nominations. The party we sell the gas to would use a specific PAL's meter and reference our PAL contract as the upstream.
3:30 PM Tammi Depaolis (832-397-1728) at Sequent is interested in buying this gas and she might prepay to get it. She will see if they can take the gas without ENA doing a nomination. I need to verify the volume parked and when I want Sonat to take it out.
3:40 PM Barbara is waiting to hear from Sonat's legal department.
|
{
"pile_set_name": "Enron Emails"
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Start Date: 12/14/01; HourAhead hour: 16; HourAhead schedule download failed. Manual intervention required.
|
{
"pile_set_name": "Enron Emails"
}
|
Start Date: 10/10/01; HourAhead hour: 11; No ancillary schedules awarded. No variances detected.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101011.txt
Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
Details:
TRANS_TYPE: FINAL
SC_ID: ECTRT
MKT_TYPE: 2
TRANS_DATE: 10/10/01
TIE_POINT: PVERDE_5_DEVERS
INTERCHG_ID: CISO_EPMI_EPE
ENGY_TYPE: NFRM
|
{
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---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/05/2001
01:16 PM ---------------------------
From: Jason R Williams/ENRON@enronXgate on 03/05/2001 01:13 PM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Patricia
Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT,
William S Bradford/ENRON@enronXgate, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Kevin
Meredith/Corp/Enron@ENRON, Tom Moran/ENRON@enronXgate, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron, Jean Bell/HOU/ECT@ECT
cc:
Subject: Credit Report - 3/5/01
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{
"pile_set_name": "Enron Emails"
}
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I changed the end term date on cglf k#50250 from 10/31/2000 to 7/31/2001.
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{
"pile_set_name": "Enron Emails"
}
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The eThink Team
Do you know what's included in Enron's Code of Ethics? Do you know what policies affect corporate conduct? Ask Sharon Butcher, Assistant General Counsel of Corporate Legal, all your questions about our corporate policies today (June 5) on eSpeak at 10 a.m. Houston time.
Can't make the live event? No worries. Go to eSpeak (http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your question. Sharon will try to answer it during her event and you can read the transcript later.
Stop what you're doing! Go to the Thinkbank (http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage) now! Notice anything different?
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{
"pile_set_name": "Enron Emails"
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Premiums Stay High on Enron's Near Options, And `Doubling Up' Date Looms for Tax Losses
The Wall Street Journal, 11/23/01
Dynegy Deal To Buy Enron Hits Crossroads
The Wall Street Journal, 11/23/01
Enron Faces Suits by 401(k) Plan Participants
The Wall Street Journal, 11/23/01
From Sunbeam to Enron, Andersen's Reputation Suffers
The New York Times, 11/23/01
Chase and J. P. Morgan's Paper Anniversary
A Year After the Merger, Rosy Plans Meet Reality
The New York Times, 11/23/01
COMPANIES & FINANCE THE AMERICAS - Enron 'awaiting' capital injections, say officials.
Financial Times, 11/23/01
USA: UPDATE 2-Enron bleeds again as Dynegy deal doubts grow.
Reuters English News Service, 11/23/01
USA: Enron avoids junk status, but observers wonder how.
Reuters English News Service, 11/23/01
USA: US Corp Bonds-Enron slips again in quiet market.
Reuters English News Service, 11/23/01
USA: Enron shares seesaw on concerns over Dynegy deal.
Reuters English News Service, 11/23/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/23/01
U.S. Energy Exhange May Scrap Online Platform Plans
Dow Jones Energy Service, 11/23/01
Enron Woes May Endanger Plans For Mozambique Steel Proj
Dow Jones International News, 11/23/01
STOCKWATCH Enron down, Dynegy up on lingering merger uncertainty
AFX News, 11/23/01
USA: Houston economy seen weathering major layoffs.
Reuters English News Service, 11/23/01
Dabhol Pwr Confirms Arbitrator Panel Mtg In Singapore Sat
Dow Jones International News, 11/23/01
Enron SEC filing contained information Dynegy was unaware of - report
AFX News, 11/23/01
Dynegy's Decision to Buy Enron Hits Crossroads Amid Rising Financial Woes
Dow Jones Business News, 11/23/01
Employees' Lawuit Says Enron Hurt Retirement Funds Courts: The suit claims the energy firm urged workers to invest in company stock just before it plunged.
Los Angeles Times, 11/23/01
Portland utility's fate tied to Enron's future
The Seattle Times, 11/23/01
Enron Shares and Bonds Fall on Concern About Takeover (Update5)
Bloomberg, 11/23/01
KKR, Blackstone Are Among Likely Enron Investors, Analyst Says
Bloomberg, 11/23/01
Microsoft MSN Fast Web Access Expansion Slowed by Enron Suit
Bloomberg, 11/23/01
Options Report
Premiums Stay High on Enron's Near Options, And `Doubling Up' Date Looms for Tax Losses
By Kopin Tan
Dow Jones Newswires
11/23/2001
The Wall Street Journal
C11
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- Volatility and premiums on Enron's near-month options remain extremely high. It is a sign that investors are willing to pay a rich price for option protection and expect the stock to be unsettled as the Houston company sorts through its credit and debt problems and seeks to calm frazzled investors.
Enron near-month defensive puts traded heavily in an otherwise quiet session Wednesday, as investors bought them to hedge. The December 5 puts traded more than 10,000 contracts and jumped 45 cents to $1.10 at the Chicago Board Options Exchange. The stock closed down $1.98, or 28%, to $5.01, as of 4 p.m. in New York Stock Exchange composite trading.
Enron's calls traded actively as some investors sold them to generate income. Traders noted some call buying -- especially after Enron procured a three-week extension on a $690 million note -- as some hopeful investors bet on Enron pulling through its troubles and proceeding with its merger with Dynegy Inc. Enron's December 5 calls traded more than 14,500 contracts, compared with open interest of 710, as they fell $1.45 to $1.15 at the CBOE.
For investors who want to book a tax loss on beaten-down stocks, the "wash sale" rule can be a hurdle, because it essentially prevents taxpayers from selling stock or securities at a loss and then reacquiring "substantially identical" securities within a 30-day period before or after that loss. This poses a problem for those who want to book a loss yet own stocks whose prices now make them attractive "buy" candidates.
In addition, the Internal Revenue Service has taken the position that the wash-sale rule will disallow a loss if the investor sells an in-the-money put, because there is a strong likelihood that stock will be put to or acquired by the investor.
So investors typically get around the wash-sale rule by "doubling up": buying additional stock or options, waiting at least 31 days, and then selling the original stock to book the loss. Investors double up by buying calls, which locks a price to buy stock and achieves the same effect as buying additional stock.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Deal To Buy Enron Hits Crossroads
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal
11/23/2001
The Wall Street Journal
A3
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Even as it reiterated its intention to purchase Enron Corp., Dynegy Inc. is coming under increasing pressure to renegotiate or walk away from the multibillion-dollar deal.
The pressure is stemming from the continuing slide in the price of Enron shares and the mounting financial problems at the Houston energy-trading company, the nation's biggest marketer of electricity and natural gas. During the past month, Enron has taken a $1 billion write-off of assets, revised downward the earnings of the past several years and taken a $1.2 billion reduction in shareholder equity.
The problems have been due largely to dealings Enron had with private partnerships, run by some of its own executives, under investigation by the Securities and Exchange Commission. In an SEC filing Monday, Enron disclosed hundreds of millions of potential additional write-offs as well as the possibility that its weakening financial condition could force it to repay more than $2 billion in loans by the end of the year.
As of 4 p.m. Wednesday in New York Stock Exchange composite trading, Enron shares fell $1.98, or 28%, to $5.01 each after having dropped 23% Tuesday. In excess of 115 million shares traded Wednesday, more than four times the volume of any other Big Board stock. Enron's bonds also again traded sharply lower, market observers said.
The turmoil spilled over to Dynegy's stock, which also was among the most actively traded on the New York Stock Exchange. As of 4 p.m. Wednesday, Dynegy shares fell $1.94 to $39.76 each.
On Wednesday, Dynegy issued a statement in which Chairman and Chief Executive Chuck Watson said his company was working "to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement" though it continued to perform "due diligence" on Enron.
Under the merger agreement, Dynegy has opportunities to renegotiate or walk away from the deal if Enron's financial and legal problems become severe enough. However, some observers said it can be difficult to invoke these so-called material adverse change clauses. They point to a decision earlier this year by a Delaware Chancery Court judge who forced Tyson Foods Inc. to complete a planned purchase of IBP Inc. even though Tyson, a Springdale, Ark., food-products company, had wanted to cancel the transaction because of a drop in IBP's earnings and accounting problems at an IBP unit.
Dynegy officials didn't return calls seeking comment. To complete the deal, two-thirds of Dynegy shareholders and a majority of Enron shareholders would have to give their approval. No dates for those votes have been set.
One person familiar with the merger plans said the SEC filing Monday by Enron contained information Dynegy hadn't known about. Dynegy representatives planned to work through the weekend evaluating the importance of this new information as part of the company's due diligence, this person said. It couldn't be determined what the new information was.
The merger agreement, announced Nov. 9, calls for Dynegy to exchange 0.2685 share for each of Enron's roughly 850 million fully diluted shares, giving the purchase a value of about $9 billion at Dynegy's current stock price. However, from a price standpoint, the deal is appearing less attractive to Dynegy.
On the day of the merger announcement, Enron shares were trading at about $8.63 each, or about 83% of the purchase price under the exchange ratio. As of Wednesday, Enron's market price was only about 47% of the merger-formula price. Such a sharp deterioration is unusual following a merger announcement, when the stock price of the company being acquired generally begins trading relatively close to the offering price.
Sentiment among Wall Street analysts also is turning against the merger. Initially, many analysts lauded the merger as a move that would rescue Enron and provide a major boost to Houston-based Dynegy. Dynegy and Enron officials have predicted that the merger, supposed to be completed late next year, would significantly and immediately increase Dynegy's earnings.
Now analysts are challenging that assumption. Ron Barone, managing director at UBS Warburg LLC, said he believes that because of Enron's financial problems, a combined company would actually have lower earnings next year than Dynegy would have by itself. Mr. Barone said he thinks a "likely scenario" is that the merger formula will be renegotiated sharply down to about 0.15 Dynegy share for each Enron share.
Such a ratcheting down wouldn't be without precedent in the deal. According to one person familiar with the merger negotiations, Dynegy reduced the exchange formula at least once prior to the Nov. 9 announcement because of Enron's rapidly sinking stock price, which at the beginning of this year was above $80 a share.
In perhaps the most significant sign of the turning tide on Wall Street, Goldman Sachs analyst David Fleischer lowered his ratings on Enron and Dynegy. A longtime Enron fan, Mr. Fleischer issued a report expressing doubts that the merger would help Dynegy's earnings and whether Enron could "recover the significant business that has been lost" in its giant energy-trading operations. "The Enron machine continues to sputter," Mr. Fleischer wrote.
Some observers say that if Dynegy walked away from the deal or tried to renegotiate the terms significantly, Enron might be pushed into a bankruptcy-law filing. Without the Dynegy acquisition and continued support from its bankers and customers, an Enron bankruptcy-court filing "is highly possible," said Ralph Pellecchia, a senior director at Fitch, a credit-ratings agency. On Wednesday, Fitch maintained its credit rating on Enron at just one notch above noninvestment-grade, or "junk," status. But Fitch also said it believed Enron's trading partners had made "significant cash collateral calls" in recent days that are "well in excess of previous expectations," contributing to "liquidity pressures."
Among the advisers Enron has hired during its current crisis is the law firm of Weil, Gotshal & Manges, which specializes in bankruptcy and corporate-workout situations. Asked about a possible bankruptcy filing, an Enron spokeswoman said the company expects the Dynegy deal to go through and therefore doesn't expect to have to look at alternatives to the merger. Since the merger announcement, Enron Chairman Kenneth Lay has said his company had alternatives to the Dynegy deal but he has declined to identify them. Enron said it made some progress improving its financial position. The company said it reached a final agreement with units of J.P. Morgan Chase & Co. and Citigroup Inc. on the remaining $450 million of a previously announced $1 billion in secured credit lines. Enron said lenders had agreed to extend repayment of an existing $690 million note to mid-December from next week. The spokeswoman said a restructuring of that obligation is expected to be completed next month so that repayment wouldn't be required this year.
---
Thaddeus Herrick and Robin Sidel contributed to this article.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Faces Suits by 401(k) Plan Participants
By Theo Francis and Ellen Schultz
Staff Reporters of The Wall Street Journal
11/23/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp., the embattled Houston energy and trading company, has been sued by members of its employee-retirement plan, which has suffered losses because of Enron's plummeting stock price.
Two separate lawsuits, filed in federal court in Houston, allege Enron misled participants in its 401(k) retirement plan about the risks of investing in the company's shares and note that the company forced the employees to remain invested in its stock even as the shares fell. Amid growing disclosures of financial problems in recent weeks, the company "locked down" the retirement plan from Oct. 17 to Nov. 19 to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed.
Enron, which recently agreed to be acquired by Dynegy Inc., Houston, because of mounting financial problems, has seen its stock price fall to $5.01 on Wednesday from a peak of nearly $90 a share last year. The decline has been costly to participants in Enron's retirement plan because more than 60% of the 401(k) assets were invested in Enron shares at the end of last year, according to one of the suits.
The first suit was filed Nov. 13 on behalf of plan participants by Campbell Harrison & Wright LLP, a Houston law firm, and the second was filed Tuesday by Seattle-based Hagens Berman LLP. Both seek class-action certification.
Enron said its corporate policy is not to comment on pending lawsuits. A spokeswoman also said the company's 401(k) plan offers participants 18 investment choices, one of which is company stock.
The company's stock has fallen amid mounting losses and disclosures that it had extensive off-balance-sheet dealings with a web of partnerships headed by former company officials. The Securities and Exchange Commission has launched a formal investigation into the company's accounting, and Enron has said it will restate years of financial information.
The suits against Enron are the latest of a series of suits filed against companies over losses in the company-stock portion of their 401(k) plans. The suits allege the plan trustees breached their fiduciary duties by continuing to offer company stock, even after they became aware of serious business problems that would hurt the stock price. All the suits are pending.
As with most of these companies, Enron matches employee contributions to the 401(k) with shares of Enron stock, and also offers Enron stock as an investment choice, in addition to a variety of mutual funds. About $1.3 billion of the plan's $2.1 billion in assets was invested in Enron shares at the end of 2000, according to the suit filed by Campbell Harrison.
Pamela Tittle, a participant in the 401(k) plan who worked in the finance department and a named plaintiff in the Enron suit filed by Campbell Harrison & Wright, had roughly 2,000 shares of Enron stock in her retirement account and has suffered losses of about $140,000 as a result of the stock's decline. The suit alleges that the trustees of the Enron 401(k) plan violated their fiduciary duties by not informing plan participants that the company stock was in peril.
The suit filed by Hagens Berman, also alleges that the company failed to warn participants about risks of remaining invested in Enron stock. In addition, it accuses Enron of systematically misrepresenting its financial results since 1998 in connection with the partnerships under investigation by the SEC.
Roy E. Rinard, a lineman for Enron in Oregon who is a named plaintiff in the suit filed by Hagens Berman, has seen the value of his retirement plan fall to $70,000 from $470,000, largely as a result of the decline in Enron's stock. "I feel like I have been betrayed," Mr. Rinard said in press release issued by his lawyers. "I lost my savings, my plans for the future, everything."
Under federal pension law, companies are allowed to offer their own stock in retirement plans, and are allowed to force employees to hold onto the stock. Enron doesn't let employees diversify out of shares they receive as matching contributions to the 401(k) plan until age 50.
However, plan trustees are supposed to operate the plan in the best interests of the participants, which includes choosing prudent investments. Generally, to prove that the plan's administrators breached their fiduciary duties, employees must show that the trustees knew the stock was a bad investment. This presents a high hurdle, so it is not surprising that prior lawsuits over losses in company stock in 401(k) plans have generally come in the wake of allegations of accounting irregularities.
Lynn Sarko, one of Ms. Tittle's attorneys with Seattle's Keller Rohrback LLP, is also co-lead counsel in a similar lawsuit against Lucent Technologies Inc., Murray Hill, N.J. Another firm representing Ms. Tittle is Dalton Gotto Samson & Kilgard PLC, which is lead counsel in a similar suit against Ikon Office Solutions Inc., Malvern, Pa. The two law firms are representing Ms. Tittle with Campbell Harrison & Wright.
The suits against Lucent and Ikon, like the suit against Enron, allege that then-current plan trustees kept offering company stock in the plan despite knowing of serious business problems that would hurt the stock price. Representatives for Ikon and Lucent say their companies didn't require employees to invest in the company stock, and educated employees about the need for diversification.
The suit in which Mr. Rinard is plaintiff notes that on Oct. 17, a day after Enron announced the company was taking a nonrecurring charge totaling $1.01 billion in the third quarter, Enron "locked down" the 401(k) plan's assets, preventing participants from selling Enron shares. (A "lock-down" occurs when a retirement plan is transferred from one administrator to another, and generally lasts several weeks, during which time participants can't make changes in their investment choices).
The lock-down was lifted on Nov. 19. In the interim, on Nov. 8, Enron announced it would be forced to restate downward its reported financial results from 1997 through 2000. By the time the lock-down was lifted, as a result of all the negative news the shares had fallen to below $9 a share from $32.20 on Oct. 17, when the lockup started, Hagens Berman attorney Karl Barth said.
"They were locked into it right when Enron knew it was going to be announcing some really bad news," Mr. Barth said. "Mr. Rinard's looking at having no retirement savings now. It's a horrible thing to have to start over in your 50s."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
From Sunbeam to Enron, Andersen's Reputation Suffers
By FLOYD NORRIS
11/23/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
THIS has been the worst year ever for Arthur Andersen, the accounting firm that once deserved the title of conscience of the industry. The Securities and Exchange Commission filed civil fraud complaints against the Andersen partner who audited Sunbeam and against the firm itself in the Waste Management case.
Now Enron has repudiated the financial statements that were certified by Arthur Andersen, in the process shaving more than half a billion dollars from the company's reported profits in recent years.
All of which raises the question: Has Arthur Andersen become the black sheep of the accounting industry?
It is not an easy question to answer, and not everyone is willing to rush to judgment. ''If you want to attack Andersen for Enron, you need to know more than we know,'' Arthur Levitt, the former chairman of the Securities and Exchange Commission, said this week.
But if there is a thread connecting what is known about the three cases, it is materiality. In all three cases, Andersen auditors spotted bad accounting but were persuaded it was immaterial and therefore allowed it to go ahead.
Materiality is one of those flexible concepts that can get accountants into trouble. The idea is that it doesn't much matter if a few little things were gotten wrong. But they can add up.
At Enron, however, they did not add up to that much -- a total of $93 million over four years. The biggest restatement of Enron profits concerns a related party that Enron now says should have been consolidated. It is not clear if Andersen had the facts needed to make that decision at the time.
To those who treasure the role of auditors, the humiliation of Andersen is painful. Back in the 1950's, it was Leonard Spacek, Andersen's managing partner, who warned that ''the profession's existence is in peril'' because it was not showing enough independence. His public prodding was crucial in making the industry do a better job. Two decades ago, when the issue on the table was pension accounting, Andersen was the only major accounting firm to break with clients and push for good rules.
Now Andersen's backbone is open to question. It was evidence that senior people at Andersen repeatedly gave in to pressure from Waste Management that led the S.E.C. to bring that suit, which the firm chose to settle without admitting it had done anything wrong. The partner that the S.E.C. says looked the other way at Sunbeam is fighting the accusations, and Andersen says he acted properly.
Lynn Turner, who was chief accountant of the S.E.C. at the time and is now director of the Center for Quality Financial Reporting at Colorado State University, says what is happening to Andersen now is reminiscent of what happened to Coopers & Lybrand when he was a partner there and the firm had a series of highly publicized blown audits.
''We got bludgeoned to death in the press,'' he said. ''People did not even want to see us at their doorsteps. It was brutal, but we deserved it. We had gotten into this mentality in the firm of making business judgment calls.'' By that he meant that the firm paid too much attention to not offending clients and not enough to good accounting.
For Andersen to avoid that fate, its relatively new chief executive, Joseph Berardino, who declined to be interviewed for this column, will need to set a tone inside the firm making clear that he expects auditors to show the backbone that Mr. Spacek epitomized. And then he will have to convince the public of that.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
Chase and J. P. Morgan's Paper Anniversary
A Year After the Merger, Rosy Plans Meet Reality
By RIVA D. ATLAS
11/23/2001
The New York Times
Page 1, Column 5
c. 2001 New York Times Company
When William B. Harrison Jr. speaks of last year's $31 billion merger of J. P. Morgan and the Chase Manhattan Corporation, he speaks proudly of a deal that he considers to be a capstone to his 34-year career of helping build a giant of the banking business.
''This is the first merger I've been part of,'' said Mr. Harrison, the chief executive of the combined bank, ''where I feel our core business is complete.''
The Chase-J. P. Morgan combination helped advance the bank into the investment banking elite, just as Mr. Harrison intended. But with Wall Street and the economy in far different places today than they were when the deal was put together, the many mergers, stock sales and other money-making opportunities that were supposed to justify the high-priced acquisition have largely dried up for now.
Consequently, deal makers and analysts who follow the bank are already speculating that Mr. Harrison, 58, may ultimately be compelled to do yet another large deal, this time to diversify his business away from its heavy emphasis on Wall Street.
J. P. Morgan Chase has won some prominent assignments, like handling the revampings of troubled giants like Lucent and, more recently, Enron, the beleaguered energy trading company.
But while J. P. Morgan Chase is proud of serving alongside Citigroup as both lead lender and adviser to Enron on its acquisition by Dynegy, the dual role it has worked to achieve sometimes proves complicated for the bank. With Enron's shares in free fall as more information comes out about its hidden debts, J. P. Morgan Chase has been scrambling to maintain the support of other banks while simultaneously keeping the merger with Dynegy on track.
Thanks largely to the slump on Wall Street, J. P. Morgan Chase's profits fell by two-thirds in the third quarter, to $449 million from $1.4 billion in the period a year ago. Its stock has dropped 15 percent this year, more than other banks' shares. The bank's stock is ahead of investment banks like Goldman Sachs, with which J. P. Morgan Chase increasingly competes.
''The jury is still out in many respects on this merger,'' said Judah Kraushaar, an analyst at Merrill Lynch. Nevertheless, he likes J. P. Morgan Chase's stock, he said, because ''expectations are very low.''
All J. P. Morgan Chase's competitors are suffering from the slowdown on Wall Street. But some, like Citigroup, are better diversified and have greater involvement in old-fashioned consumer banking, which is proving to be a strong moneymaker this year.
Nearly a third of J. P. Morgan Chase's revenues are consumer-oriented. By contrast, its chief New York rival, Citigroup, gets half its revenues from consumer businesses.
''The timing of the merger was bad,'' said Steven Wharton, a banking analyst at Loomis, Sayles & Company, which owns about a million J. P. Morgan Chase shares. ''There's no disputing that.''
Actually, Mr. Harrison disputes it. ''I can't tell you how happy I am about having done this merger,'' he said in a recent interview. ''While there are pluses and minuses to operating in a weak economic environment, we have a much stronger platform to manage with during this difficult time.''
In Mr. Harrison's favor is his battle-tested team of top executives who have worked together for a decade or more. Few executives remain in the top spots from the old J. P. Morgan. Instead, most major posts are filled by managers who have worked with Mr. Harrison since his days at Chemical Bank, where he spent most of his career. Mr. Harrison's team successfully gobbled up Manufacturers Hanover Bank in 1991, then followed that with Chemical's merger with Chase Manhattan in 1996 before incorporating Morgan into the fold last year.
The group of Chemical veterans includes Marc J. Shapiro, who oversees finance and risk management at J. P. Morgan Chase; Donald H. Layton, one of two leaders of investment banking; and James B. Lee Jr., the bank's senior deal maker. The team also includes Dina Dublon, the bank's chief financial officer.
Two other senior executives have also lived through big deals. Geoffrey T. Boisi, the other investment banking leader, was the one-time investment banking chief at Goldman, Sachs. David A. Coulter, in charge of Chase's retail bank, had been chief executive of Bank of America before it was bought by NationsBank.
''There aren't many teams that have gone through as many mergers as Bill Harrison and his team,'' said Mark G. Solow, managing principal at GarMark Advisors, an investment firm, and a former senior executive at Chemical.
Still, Ms. Dublon acknowledged that the tough economy was making the J. P. Morgan takeover more difficult than the earlier combinations.
''In general, mergers are very hard on morale,'' she said. ''There is no question that this one has a tougher emotional toll.''
The bank's executives are making the best of a bad situation. They have taken advantage of the slowdown to cut around 8 percent of the combined banks' staff, or about 2,500 more employees than anticipated at the time the merger was announced.
Many of these job cuts were aimed at high-cost investment bankers: J. P. Morgan Chase expects that 6,000 jobs in its investment banking division will have been eliminated by the end of the year.
''We have focused on the tougher jobs to cut,'' Ms. Dublon said.
In some ways the overall market turmoil has made it easier for J. P. Morgan Chase to overhaul its staff. With fewer jobs available on Wall Street, Mr. Shapiro said, the employees who are left behind are less apt to complain about changes in their jobs. ''People have fewer options,'' he said, ''so you have a little more control over the process.''
Thanks partly to these cuts, the bank estimates the saving from cost cutting will be $3.6 billion annually, compared with an original projection of $2 billion at the time of the merger.
The cost cutting has helped compensate somewhat for a sharp drop in profits in the bank's core businesses. ''What we can control and are managing very aggressively is the expenses of the company,'' Ms. Dublon said in a conference call with reporters on Oct. 17, the day earnings were announced.
Aside from cost cuts, the weakness on Wall Street makes it hard for the bank's executives to point to tangible gains in investment banking, where fees were down 24 percent in the third quarter. But Mr. Harrison points to market-share gains the bank has achieved at the expense of competitors on Wall Street. He hopes that when the investment banking business revives, J. P. Morgan Chase will hold on to these gains.
The bank is particularly proud of its standing in two areas: mergers and acquisitions, and the underwriting of large investment-grade bond deals.
The bank ranked 5th worldwide in the highly profitable category of advising on mergers during the first nine months of 2001, up from Chase's 12th-place finish and J. P. Morgan's 10th-place standing during the same period last year, according to Thomson Financial Securities data.
The merger and acquisitions business, which Chase had been slowly building for years, is stronger following the merger with J. P. Morgan, said Mr. Lee, a vice chairman at the bank. As a result, the bank is able to win assignments providing advice to customers who dealt with the old Chase only for loans.
Mr. Lee remains proud of the bank's work with Enron, the energy company, despite its troubles. J. P. Morgan Chase, along with Citigroup, raised $1 billion in bank financing for Enron earlier this month. It was also hired to advise the company, which hopes to be saved from collapse by being taken over by Dynegy.
The old Chase, long a lending powerhouse, would have had a good shot at leading the bank financing, but an advisory role would have been less certain. Mr. Lee said the investment banker advising Enron came from the old J. P. Morgan. But with merger activity slow, there are few such deals to go around.
The bank is also proud of its strength in long-term investment-grade bonds, another area that business executives say has been enhanced by the merger. It moved up to second place in that area so far this year, compared with sixth place a year ago.
The bank has taken advantage of a boom in large corporate bond offerings, a surge driven by today's low interest rates. In May J. P. Morgan Chase raised $12 billion in bonds for WorldCom, the telecommunications company, in the largest corporate debt deal in the United States on record.
Unfortunately for J. P. Morgan Chase, the fees for underwriting investment-grade debt are small compared with the money to be earned coordinating offerings of stock, where J. P. Morgan Chase remains a second-tier competitor.
The bank actually lost market share in the rankings for underwriters of stock, falling to 9th place this year, compared with the old J. P. Morgan's 6th-place finish a year ago. (Chase was 11th.)
Mr. Harrison said the bank was taking advantage of the slowdown in stock offerings to build momentum slowly in that business. ''We think we have a chance in the second half of this year to be in the top five,'' he said.
Given the slowdown, some bankers predict that Mr. Harrison will ultimately do another deal, either to expand his consumer banking business or to bolster weak areas in investment banking, like the equity division.
''The general view is that the combination with J. P. Morgan didn't do enough,'' one investment banker said.
Mr. Harrison disagrees: ''I don't feel,'' he said, ''we need to do another large deal to be successful.''
Photo: William B. Harrison Jr., the chief executive, says he has no doubts about the wisdom of forming J. P. Morgan Chase, even though the the economy has slowed since then. ''I can't tell you how happy I am about having done this merger,'' he said. (Associated Press) Chart: ''Still Looking for the Right Mix'' When J. P. Morgan and Chase announced their merger in September 2000, the combination's strength in investment banking seemed sure to be successful. But the bank's stock has suffered with Wall Street's slump, and its more consumer-oriented and better-diversified rival, Citigroup, has fared better. Graph tracks the daily closing prices of Citigroup and J. P. Morgan Chase shares from September 2000 through November 2001. A DIFFERENT BLEND OF BANKING Based on revenue, before overhead expenses (first nine months of 2001). J. P. MORGAN CHASE* Consumer and small business: 32% Investment management and private: 9% Corporate and investment: 58% CITIGROUP Consumer and small business: 54% Investment management and private: 4% Corporate and investment: 42% *Does not add to 100 because of rounding. (Sources: Bloomberg Financial Markets; company reports)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE THE AMERICAS - Enron 'awaiting' capital injections, say officials.
By ROBERT CLOW.
11/23/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Officials working to shore up Enron's balance sheet yesterday said the struggling energy trader hoped to receive capital injections of more than $1.5bn as early as next week.
Enron is in talks about $250m investments with JP Morgan Chase and Citigroup and is also hoping to raise at least $1bn from private equity investors.
People close to Enron declined to comment on which buyout firms might wish to invest in Enron. However, the Blackstone Group, which was reported to be talking to the company before Dynegy made its $9bn rescue bid, is understood no longer to be doing so.
Members of the 20-strong bank lending group, led by JP Morgan Chase and Citigroup, are being asked to defer the maturities of their upcoming debt until after the completion of the merger.
The moves comes as reports from Goldman Sachs and Fitch, the credit rating agency, raised questions about the company's cash flow and its medium-term viability.
David Fleischer, a Goldman Sachs analyst, argued that cash balances were inadequate to meet $2.8bn of debt obligations falling due before the end of the year.
People close to Enron say that nearly $1bn of that debt has already been restructured.
The Fitch report said that if the Dynegy deal was not completed, Enron would struggle to meet $9bn of obligations due before the end of next year.
People close to Enron insisted that Dynegy remained committed to the merger and played down talk of renegotiation.
Dynegy would shortly issue a statement reasserting its commitment to the deal, they predicted.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 2-Enron bleeds again as Dynegy deal doubts grow.
11/23/2001
Reuters English News Service
(C) Reuters Limited 2001.
(dateline previous NEW YORK, changes byline, updates with bond prices, details throughout)
By C. Bryson Hull
HOUSTON, Nov 23 (Reuters) - A long weekend of work faced Dynegy Inc. and proposed acquisition Enron Corp.,, whose worsening stock woes on Friday whipped up fear that the deal could be renegotiated or collapse entirely.
Houston-based Dynegy and its advisers were expected to spend the long holiday weekend reviewing larger cross-town rival Enron's complex books, as both parties race against the decline in Enron's stock to complete the thorough financial examinations a merger requires.
Enron shares ended down more than 5 percent, or 27 cents, to $4.74 at the close of abbreviated Friday trading on the New York Stock Exchange. Dynegy shares closed up 64 cents, or 1.61 percent, to $40.40.
Dynegy on Nov. 9 agreed to pay about $9 billion in stock for Enron. But, after falling 45 percent by Friday's close amid fears it could run out of cash before the deal closes, Enron's market capitalization is only about $4.03 billion.
At Dynegy's current stock price, its offer for Enron is worth about $10.85 a share - more than twice Enron's current share price.
Executives and advisers from both companies are in the final stages of the review, known as due diligence, sources familiar with the matter told Reuters. The sources said renegotiations had not been discussed as of Friday afternoon, and that such discussions could not occur until the due diligence review is finished.
But should it turn up any more unpleasant surprises that qualify as a "material adverse change" in Enron's business, the likelihood increases of Dynegy invoking escape clauses or renegotiating, analysts and observers say.
"You've got to believe there is that possibility. There is a 90 percent spread on the deal," said one analyst. "There's unquestionably continued malaise in Enron's core business and Dynegy has left itself open to renegotiate with Enron."
UBS Warburg analyst Ron Barone on Wednesday wrote in a research report that the likelihood was "soaring" that Dynegy might discover a material adverse change.
Enron spokeswoman Karen Denne said that, to her knowledge, Dynegy was not renegotiating the terms of the acquisition.
She repeated that Enron was working on obtaining an additional $500 million to $1 billion in private equity funding to help shore up the balance sheet.
Dynegy spokesman John Sousa said due diligence was continuing and said the company remains optimistic about the merger.
TRADERS FEARING RENEGOTIATION
Enron's recent admission that lower volumes at its trading business - the crown jewel of Enron that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued losses there would remove a key attraction for Dynegy.
Electricity traders said the latest developments are making it seem more likely that Dynegy will renegotiate the deal or back out entirely, a move they said would leave Enron vulnerable to creditors and a possible bankruptcy.
This week rating agency Fitch Investors said that if Dynegy stepped away from the merger, Enron's credit situation seemed untenable and a bankruptcy filing was highly possible.
Traders, speaking on condition on anonymity, said they expected Dynegy to scramble over the weekend to narrow the growing share price gap. Enron's depleted market value and the shrinking volume in its EnronOnline trading system makes it more likely Dynegy could pull out, traders said.
Meanwhile, energy traders reiterated that they would shy away from long-term deals with Enron unless they received substantial assurances the company's credit rating would soon improve.
Enron's bonds on Friday were again talked at junk-bond levels, but even lower than before.
Enron's 6.4 percent notes maturing in 2006 and its 6.75 percent notes were bid Friday at 57 cents on the dollar, down from a respective 62 and 60 cents on Wednesday, according to a trader. The notes yield to maturity a respective 21.5 percent and 17 percent. Its 20-year zero-coupon convertible bonds fell about 1 cent on the dollar to just over 33 cents.
Enron is hovering at the edge of investment-grade as the three main credit trading agencies consider whether to cut them again, and some observers wonder how Enron has avoided it.
"A bond trading in the 50s has nothing to do with an investment-grade security," said Scott Smith, a principal at Wells Capital Management in San Francisco, where he invests $6 billion in debt and does not own Enron.
(Additional reporting by Jim Jelter in San Francisco, Andrew Kelly in Houston and Carolyn Koo, Arindam Nag, David Howard Sinkman and Jonathan Stempel in New York)).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron avoids junk status, but observers wonder how.
By Jonathan Stempel
11/23/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 23 (Reuters) - It is rare that holding onto investment-grade credit ratings means as much to a company as it does now to beleaguered energy trader Enron Corp. , and some observers are wondering why a cut to junk status is taking so long.
"The sum of all knowledge is in the valuation of the stock and the bonds," said Scott Smith, a principal at Wells Capital Management in San Francisco, where he invests $6 billion in debt, and does not own Enron. "A bond trading in the 50s has nothing to do with an investment-grade security."
Enron's 6.4 percent notes maturing in 2006 and 6.75 percent notes were bid Friday at 57 cents on the dollar, down from a respective 62 and 60 cents on Wednesday, a trader said. The notes yield to maturity 21.5 percent and 17 percent.
Meanwhile, Enron's shares have sunk 94 percent this year. Since October 16, when it released third-quarter results, which it has since revised downward, its shares have fallen 86 percent, and its bonds by nearly half.
Houston-based Enron, which is trying to merge with smaller cross-town rival Dynegy Inc. , has been rocked this year by accounting problems, earnings restatements, a federal investigation and a top management shuffle.
Its advisers were expected this weekend to pore over the company's books, which could lead to a renegotiation of the merger, sources familiar with the matter said.
Moody's Investors Service and Standard & Poor's have cut its senior unsecured debt ratings twice in the last month to their current "Baa3" and "BBB-minus," their lowest investment grades. Fitch has cut its equivalent rating to "BBB-minus," and all three agencies have warned of more possible cuts.
The stakes could hardly be higher.
CASH CRUNCH
A downgrade to "junk" status could imperil Enron's trading business, force it to pay off as much as $3.9 billion of debt issued mostly by two trusts, and possibly force it to seek bankruptcy protection, analysts said.
Enron said in a securities filing it recently had less than $2 billion of available cash and credit lines.
S&P said on Tuesday that Enron faces "liquidity issues," but enjoys an "alignment of interests" with its banks and a near-term financial position that "is expected to be sufficient" to allow the Dynegy merger.
Fitch, meanwhile, said on Wednesday that "our present 'BBB-minus' rating rests on the merger possibility and continued support of the lending banks."
If Dynegy walks away, it said, "Enron's credit situation seems untenable with a bankruptcy filing highly possible."
Enron said on Monday it had $9.15 billion of obligations due through next year, and a $690 million note that could come due next Tuesday. It later said it got a three-week reprieve.
INVESTMENT BANKS
Sean Egan, managing director of Egan-Jones Ratings Co. in Philadelphia, likened Enron's ratings situation to those of California's two largest utilities, Pacific Gas & Electric Co. and Southern California Edison .
Despite investor unease, those utilities kept their investment-grade ratings only until they defaulted on debt in January, as California's power crisis worsened.
On November 8, a day before the Dynegy merger was announced, senior officials from Enron's lead banks - William Harrison, chief executive of J.P. Morgan Chase & Co. , and Michael Carpenter, who runs Citigroup Inc.'s investment banking arm - met with Moody's to help allay that agency's concerns, a person familiar with the meeting said.
A day later, Moody's, which issued no statement on Enron this week, downgraded the company's senior unsecured debt rating, but only to its current "Baa3."
"Pressure is coming from the investment banks, which have a vested interest in seeing the Dynegy deal go through," said Egan, whose agency rates Enron's debt "BB," its second-highest junk grade. "Investment banking fees will be substantial."
Companies pay for Moody's and S&P ratings, which they need to obtain financing. Egan said his agency receives no such payments.
Citigroup and J.P. Morgan declined to comment. Moody's and S&P did not immediately return phone calls. Fitch was not immediately available for comment. Dynegy and Enron on Wednesday, however, reaffirmed their commitment to the merger.
Wells Capital's Smith isn't sure what to expect.
"Enron will remain definitively investment grade if the merger as billed goes through, ... but there are half a dozen things that could go wrong," he said. "Obviously, the equity markets are telling you it's very skeptical the merger will go through, and the bond market is following its lead."
(Additional reporting by Carolyn Koo and Arindam Nag.).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Enron slips again in quiet market.
By Jonathan Stempel
11/23/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 23 (Reuters) - The U.S. corporate bond market saw very little activity on Friday, with many traders leaving even in advance of the early close, though Enron Corp.'s bonds weakened for a third straight session amid concern over the energy trader's liquidity, and whether its merger with Dynegy Inc. can go through.
"Deadly" was how one trader described activity. Spreads, the yield difference between investment-grade bonds and comparable maturity U.S. Treasuries, finished unchanged on balance, as did junk bond prices, traders said.
Enron's 6.4 percent notes maturing in 2006 and its 6.75 percent notes were bid at 57 cents on the dollar, down from a respective 62 and 60 cents on Wednesday, according to a trader. The notes yield to maturity a respective 21.5 percent and 17 percent. Its 20-year zero-coupon convertible bonds fell about 1 cent on the dollar to just over 33 cents.
Meanwhile, Enron's shares fell 5.4 percent, as its advisers prepared this weekend to pore over the company's books, sources familiar with the matter said. Analysts said there could be a renegotiation of the Dynegy merger.
"The sum of all knowledge is in the valuation of the stock and the bonds," said Scott Smith, a principal at Wells Capital Management in San Francisco, where he invests $6 billion of debt, none from Enron. "A bond trading in the 50s has nothing to do with an investment-grade security."
Ten-year Treasuries closed down 12/32, as their yields rose to 5.011 percent.
JUNK BOND FUNDS ENJOY INFLOWS
Separately, investors poured cash into U.S. junk bond mutual funds for a second straight week amid a newfound tolerance for riskier assets.
Investors added a net $628.5 million of cash to the funds in the week ending Tuesday, on top of $816.3 million in the prior week, according to AMG Data Services.
The two-week inflow is the largest since the second and third week of January. The bonds rose more than 6 percent that month, according to Merrill Lynch & Co.
"Financial markets have rallied on hopes that the economy will get better in the not-too-distant future," said Jan Hatzius, senior economist at Goldman Sachs & Co. "A lot of the optimism right now is hope rather than reality, but we should see signs of improvement in a month or two."
Through Thursday, junk bonds have returned 2.93 percent in November alone, beating all other bonds, and are up 4.71 percent this year, Merrill Lynch data show. The bonds still yield 7.98 percentage points more than Treasuries, but that's down from 9.29 percentage points at the start of the month.
Companies this week sold about $3.83 billion of investment-grade, $533 million of junk, and $3.3 billion of convertible debt. Investors expect about three more weeks of overall active issuance before the usual year-end slowdown.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares seesaw on concerns over Dynegy deal.
11/23/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 23 (Reuters) - Shares of Enron Corp. fluctuated wildly on Friday morning, as concerns grew over rival Dynegy Inc.'s $9 billion acquisition of the beleaguered energy trader.
Enron shares were down 8 cents, or 1.6 percent, to $4.93 in Friday morning trading on the New York Stock Exchange, after diving more than 8 percent earlier.
The shares are down because of talk that the terms of Dynegy's deal with Enron could be changed or that the deal could collapse.
Dynegy originally agreed to pay about $9 billion in stock for Enron. But, after falling 42 percent since then by Wednesday's close, Enron now sports a market capitalization of only about $4.26 billion.
In a report on Wednesday, Ronald Barone, an analyst at UBS Warburg, suggested that the deal's current exchange ratio of 0.2685 share of Dynegy for each share of Enron could well be readjusted.
He suggested that a much lower exchange ratio of 0.15 was more realistic.
"You've got to believe there is that possibility. There is a 90 percent spread on the deal," said one analyst, referring to a potential renegotiation.
"There's unquestionably continued malaise in Enron's core business and Dynegy has left itself open to renegotiate with Enron," he continued.
Some of Enron's trading partners have scaled back their activity, causing that "malaise." Lower volumes at its trading business, which is the largest and most coveted portion of its operation, could cause fourth-quarter earnings to come in below expectations, Enron has said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar
Of DOW JONES NEWSWIRES
11/23/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors
Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
U.S. Energy Exhange May Scrap Online Platform Plans
By Stephen Parker
Of DOW JONES NEWSWIRES
11/23/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- The world's largest energy futures exchange is taking a second look at plans to launch a major new electronic trading platform known as eNymex, and may decide to scrap them.
Management changes at the New York Mercantile Exchange, along with the success of Access, an online platform the exchange expanded in September, have prompted the move.
Nymex may decide to combine parts of eNymex with Access, according to sources close to the matter. It is also exploring the idea of alliances with other exchanges, and considering developing "e-mini" contracts - smaller energy contracts for Internet-based trade by retail investors.
"There's new management in place at the exchange," said Nymex spokeswoman Nachamah Jacobovits. "They're rethinking all of our business strategies, and one very massive strategy was the idea of this major eNymex B2B (business-to-business) system launch with a whole new slate of products."
Nymex and GlobalView Software Inc., a company that initially worked on building the eNymex trading system, have sued each other in a dispute over work on the project.
Kiodex, an electronic-trading technology firm that has developed the back end of the eNymex system, took on added development work for the project after GlobalView departed. The trade engine Kiodex was asked to build is "substantially complete, but the company can't speak to Nymex's overall electronic-trading strategy," a Kiodex source said.
The eNymex platform was conceived as a forum for trading over-the-counter energy products, but Nymex has already moved ahead with plans for trading some of them on Access, initially an overnight trading system that was expanded in September. It hopes, for example, to launch gas swaps based on delivery at the Henry Hub within the next six weeks on Access, Jacobovits said.
"We've expedited plans for a Henry Hub natural gas swap contract," Jacobovits said. "Traders could be looking for OTC clearing on a neutral-based platform, which is a factor in that decision."
Before Sept. 14, Access was used only to trade energy futures at night, after the day's Nymex session had ended. Use was limited to Nymex members with dedicated phone systems.
The exchange had been planning to expand use of Access, but ended up doing so sooner than it had expected. On Sept. 14, it started offering Access trading over the Internet, a move that will eventually allow Nymex to open up trade to more users.
The move was intended to help keep futures markets liquid after the Sept. 11 attack on the World Trade Center. Nymex's building, located near where the trade towers stood, was shut down for several days after the attacks. Expanding its already existent Access system to the Internet helped ease potential liquidity problems that could have arisen from shortened floor trading hours after Nymex reopened.
Development of the eNymex system began last year under the direction of former Nymex Chairman Daniel Rappaport. In August, Nymex said it would launch the eNymex platform within four to eight months. New Nymex President J. Robert "Bo" Collins Jr. said then that vendor problems had slowed development of the system's front-end technology and caused the delays. But he still expected eNymex to launch without any meaningful changes to its original product line.
If Nymex combines parts or all of the platform originally intended as eNymex with Access, the new system may end up being known as eNymex.
"eNymex right now is looking for a new mission," said an industry source close to Nymex. "You know how politics works. We don't scrap it, we just rename it. Anything we do electronically is now going to be called eNymex. But the original deal and concept that Rappaport initiated is done."
Nymex's reconsideration comes as the energy-trading world undergoes rapid change. The two most successful online energy trading platforms -- Enron Corp.'s (ENE) EnronOnline, and IntercontinentalExchange, or ICE -- have seen their luck turn - in opposite directions.
Enron Corp. (ENE), which accounts for about 25% of the trade in U.S. power and gas markets, faces questions about its creditworthiness as the Securities and Exchange Commission investigates complicated financial dealings. Enron's possible merger with Dynegy Inc. (DYN), now appears to be in doubt, and energy trading companies are pulling back their exposure to the company.
Enron executes about 60% of its power and gas trades on EnronOnline. When Enron's troubles surfaced last month, Nymex quickly moved to extend its clearing services to over-the-counter natural gas derivatives, a move the trading community saw as an attempt to grab market share.
ICE, on the other hand, is moving ahead with plans to capture more energy trade on its electronic format. ICE closed a deal this summer to acquire the London-based International Petroleum Exchange - Nymex's chief competitor and Europe's largest traditional energy exchange. It plans to move all IPE energy contracts to its Internet-based system and offer clearing services for some over-the-counter contracts.
Nymex is exploring alliances that could give it a better footing in the new competitive landscape. One idea under review is a joint venture with the Chicago Mercantile Exchange to offer e-mini contracts for Nymex products on CME's Globex electronic-trading system, the person close to Nymex said.
Nymex officials wouldn't confirm whether they're talking with the CME, but they said the relationship between the exchanges is a warm one.
"Nymex is always open to strategic alliances," Jacobovits said. "There's nothing we've agreed to at this point, but we have open dialogue with a number of exchanges concerning strategic alliances. We have a good relationship with the Chicago Merc, and we certainly would be open to working with them."
Shortly after the Sept. 11 terrorist attacks in New York shut down the Nymex trading floor, the CME said it would be willing to offer Nymex products on its Globex system until Nymex resumed operations, Jacobovits said.
-By Stephen Parker, Dow Jones Newswires; 201-938-4426; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Woes May Endanger Plans For Mozambique Steel Proj
11/23/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
MAPUTO, Mozambique (AP)--The recent downturn in fortunes for U.S. energy company Enron Corp. (ENE) may quash hopes for the construction of a natural gas-fueled factory to produce steel slabs for export in Mozambique, officials said Friday.
One of the largest companies in the U.S., Enron is struggling amid potentially new cash-flow and earnings problems. The Houston-based company was to invest $1.1 billion in the Maputo Iron and Steel Project, a factory that once built, was expected to produce two million tons of steel slabs a year.
But Mozambican Prime Minister Pacoal Mocumbi said that the government hoped that, "Enron's current difficulties will not lead to the cancellation of the project."
"My government wants to know from Enron what is going on so that we are not held hostage to a lack of information," Mocumbi said.
No immediate comment was available from Enron officials in Mozambique.
The planned project is part of long-standing efforts to exploit vast natural gas reserves in Mozambique and transport and sell the product into the industrial heartland of South Africa.
Mozambique has two massive gas fields: Temane is operated by the U.S.'s Atlantic Richfield Co., Sasol of South Africa, and Zarara Petroleum of Dubai, while Pande is operated by Enron.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron down, Dynegy up on lingering merger uncertainty
11/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Enron Corp shares were lower, while Dynegy Inc was slightly higher in late morning trade on lingering uncertainty about their proposed merger following a news report that Enron's SEC filing last Monday contained details that were not known to acquirer Dynegy, dealers said.
At 11.15 am, Enron shares were trading down 17 cents at 4.84, a decline of 3.3 pct. Dynegy was up 44 cents at 40.20.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99
Earlier, the Wall Street Journal quoted an unnamed source as saying Monday's SEC filing contained information on the company which was unknown to proposed buyer Dynegy.
Dynegy representatives are planning to work through the weekend evaluating the significance of this information as part of their due diligence on Enron, the paper said. It did not specify the nature of the information.
In the filing, Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
On Wednesday, the company said it had received an extension on the repayment until mid-December, which it said was enough time to restructure the debt.
The company also said it was in active talks with its creditors and expected to be able to restructure other debt and remain solvent long enough for the merger with Dynegy to be completed.
Dynegy welcomed the news and said it will push ahead in seeking regulatory approval for the merger. But investors are concerned that the constant surprises in restated earnings and revelations of liquidity problems at Enron may cause Dynegy to walk away from the deal.
UBS Warburg analyst Ronald Barone lowered Enron's fourth-quarter earnings per share estimate to a loss of 25 cents from earnings of 25 cents, arguing that its business will suffer until its liquidity problems are resolved.
The analyst cut his full year estimate to 1.10 usd from 1.60 usd and 2002 estimate to 75 cents from 1.65 cents.
If his figures prove to be correct, they would make Dynegy's current merger exchange terms -- of 0.2685 Dynegy shares for each Enron share owned -- moderately dilutive.
"We reiterate that if the merger with Dynegy were to run into obstacles (or fall through entirely) Enron shares could come under severe pressure as investors may question its ability to sustain liquidity (and normal business activities) for an extended period of time," Barone said in a note. "Under such a scenario, bankruptcy would not be out of the question."
Credit Suisse First Boston analyst Curt Launer was more upbeat, and said the share's decline in recent sessions has been overdone.
"Our industry contacts and discussions with traders indicate that while trading with Enron has slowed, it certainly has not stopped," said Launer.
For Dynegy, the merger with Enron still "represents a dramatic plus," he said.
cl/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Houston economy seen weathering major layoffs.
By Ellen Chang
11/23/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 23 (Reuters) - Houston's economy, buffered by a broad and diverse tax base, should be able to weather thousands of layoffs from some of the city's major corporations, including energy powerhouse Enron Corp., economists and analysts said.
Financially ailing Enron Corp. , which has 21,000 employees worldwide and is in talks to be bought by Houston-based rival Dynegy Inc. , is the third major employer in the city to announce severe financial problems in recent months. Analysts expect layoffs if the merger occurs.
Continental announced a layoff of 3,000 employees after the Sept. 11 attacks and Hewlett-Packard Co.'s plan to buy Compaq Computer Corp. will, if finalized, result in 15,000 layoffs at the two companies. Compaq also announced 8,000 layoffs worldwide in July.
"It's fair to say that the potential layoffs at Enron and the layoffs at Continental, taken alone, are negative factors, although probably small in the grand scope of the Houston economy," said Phil Scheps, director of Houston's finance and administration department.
Since last month when Enron became a target of a Securities and Exchange Commission investigation into financial dealings with partnerships, the energy giant's market share has steadily eroded.
While neither Enron nor Dynegy have given any indication of the number of layoffs that could hit Houston, Barton Smith, director of the Institute for Regional Forecasting at the University of Houston, said the layoffs "will be spread out over a long period of time and will not be excessive."
Robin Kapiloff, an analyst at Moody's Investors Service, said the city's efforts to diversify its economy over the past decade will protect its revenue collections, even as some of the city's biggest employers suffer. "We're watching to see where things go now," she said.
Alex Fraser, a director at Standard & Poor's, said the ratings agency isn't concerned about Houston's credit position at this point. "While Enron is certainly a large player and prominent corporation, we're unclear on what the impact would be."
While the fourth largest city in the country experienced a bit of a slowdown since the Sept. 11 attacks, Houston has outperformed the rest of the nation.
With a tax base of $87.3 billion in 2001, Houston is also buffered by the Texas Medical Center, the city's largest employer. Next year the city's tax base is estimated to grow to $95 billion.
Still, the national recession, energy price weakness in general, and the initial loss of consumer confidence related to the attacks has caused the city to reduce its estimate of sales tax growth to 1.5 percent from 5 percent. That revised estimate equals a $13 million reduction in the city's $1.4 billion budget.
But the city's property tax revenue has not been affected. Only a small change in property tax collections is expected in 2002 because valuations are based on Jan. 1 data and for most of 2001, real estate growth was very large, Scheps said.
While recent economic indicators appear positive, and consumer confidence has quickly rebounded, a better read on the strength of Houston's tax revenue collections will be available in February when the city receives data for the December holiday season, Scheps said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dabhol Pwr Confirms Arbitrator Panel Mtg In Singapore Sat
11/23/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- An official from India's Dabhol Power Co. confirmed Friday that a panel of arbitrators will meet in Singapore Saturday to discuss international arbitration proceedings initiated by DPC against Maharashtra state government.
Dabhol, a 2,184 megawatt power project in the western Indian state of Maharashtra, is a unit of the U.S.-based energy company Enron Corp. (ENE).
Dabhol Power Co. initiated the arbitration against the state government for not honoring its guarantees on power bills due for December 2000 and January, following Maharashtra State Electricity Board's failure to meet payments.
The Singapore meeting is likely to be followed by the actual arbitration process in the London court, according to a Friday report in the Hindu Business Line daily.
The panel, which has been appointed by DPC and the Maharashtra state government, includes an independent observer.
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron SEC filing contained information Dynegy was unaware of - report
11/23/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Monday's SEC filing by Enron's Corp contained information that proposed buyer Dynegy Inc had not known about, the Wall Street Journal quoted a person familiar with the merger plans as saying.
Dynegy representatives plan to work through the weekend evaluating the importance of this new information as part of the company's due diligence on Enron, the source said, without specifying what the new information was.
In the filing, Enron disclosed hundreds of millions of dollars of potential additional write-offs as well as the possibility that its weakening financial condition could force it to repay more than 2 bln usd in loans by the end of the year.
Dynegy announced Wednesday that it is working to accelerate regulatory approvals required to complete the acquisition in accordance with the previously announced agreement.
The Journal quoted analysts as saying Dynegy is coming under increasing pressure to renegotiate or walk away from the deal.
It also cited Fitch director Ralph Pellecchia as saying that, without the Dynegy acquisition and continued support from its bankers and customers, an Enron bankruptcy-court filing "is highly possible".
jms For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy's Decision to Buy Enron Hits Crossroads Amid Rising Financial Woes
11/23/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Even as it reiterated its intention to purchase Enron Corp., Dynegy Inc. is coming under increasing pressure to renegotiate or walk away from the multibillion-dollar deal, Friday's Wall Street Journal reported.
The pressure is stemming from the continuing slide in the price of Enron (ENE) shares and the mounting financial problems at the Houston energy-trading company, the nation's biggest marketer of electricity and natural gas. During the past month, Enron has taken a $1 billion write-off of assets, revised downward the earnings of the past several years and taken a $1.2 billion reduction in shareholder equity.
The problems have been due largely to dealings Enron had with private partnerships, run by some of its own executives, under investigation by the Securities and Exchange Commission. In an SEC filing Monday, Enron disclosed hundreds of millions of potential additional write-offs as well as the possibility that its weakening financial condition could force it to repay more than $2 billion in loans by the end of the year.
As of 4 p.m. Wednesday in New York Stock Exchange composite trading, Enron shares fell $1.98, or 28%, to $5.01 each after having dropped 23% Tuesday. In excess of 115 million shares traded Wednesday, more than four times the volume of any other Big Board stock. Enron's bonds also again traded sharply lower, market observers said.
The turmoil spilled over to Dynegy's stock, which also was among the most actively traded on the New York Stock Exchange. As of 4 p.m. Wednesday, Dynegy (DYN) shares fell $1.94 to $39.76 each.
On Wednesday, Dynegy issued a statement in which Chairman and Chief Executive Chuck Watson said his company was working "to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement" though it continued to perform "due diligence" on Enron.
Under the merger agreement, Dynegy has opportunities to renegotiate or walk away from the deal if Enron's financial and legal problems become severe enough. However, some observers said it can be difficult to invoke these so-called material adverse change clauses. They point to a decision earlier this year by a Delaware Chancery Court judge who forced Tyson Foods Inc. to complete a planned purchase of IBP Inc. even though Tyson, a Springdale, Ark., food-products company, had wanted to cancel the transaction because of a drop in IBP's earnings and accounting problems at an IBP unit.
Dynegy officials didn't return calls seeking comment. To complete the deal, two-thirds of Dynegy shareholders and a majority of Enron shareholders would have to give their approval. No dates for those votes have been set.
One person familiar with the merger plans said the SEC filing Monday by Enron contained information Dynegy hadn't known about. Dynegy representatives planned to work through the weekend evaluating the importance of this new information as part of the company's due diligence, this person said. It couldn't be determined what the new information was.
The merger agreement, announced Nov. 9, calls for Dynegy to exchange 0.2685 share for each of Enron's roughly 850 million fully diluted shares, giving the purchase a value of about $9 billion at Dynegy's current stock price. However, from a price standpoint, the deal is appearing less attractive to Dynegy.
On the day of the merger announcement, Enron shares were trading at about $8.63 each, or about 83% of the purchase price under the exchange ratio. As of Wednesday, Enron's market price was only about 47% of the merger-formula price. Such a sharp deterioration is unusual following a merger announcement, when the stock price of the company being acquired generally begins trading relatively close to the offering price.
Sentiment among Wall Street analysts also is turning against the merger. Initially, many analysts lauded the merger as a move that would rescue Enron and provide a major boost to Houston-based Dynegy. Dynegy and Enron officials have predicted that the merger, supposed to be completed late next year, would significantly and immediately increase Dynegy's earnings.
Now analysts are challenging that assumption. Ron Barone, managing director at UBS Warburg LLC, said he believes that because of Enron's financial problems, a combined company would actually have lower earnings next year than Dynegy would have by itself. Mr. Barone said he thinks a "likely scenario" is that the merger formula will be renegotiated sharply down to about 0.15 Dynegy share for each Enron share.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business; Financial Desk
Employees' Lawuit Says Enron Hurt Retirement Funds Courts: The suit claims the energy firm urged workers to invest in company stock just before it plunged.
From Associated Press
11/23/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
HOUSTON -- Two Enron Corp. workers are suing the company, claiming it endangered their retirement funds.
The lawsuit, filed in federal court in Houston under the Employee Retirement Income Security Act, asserts that Enron encouraged the employees to invest more heavily in company stock just before the stock tanked. The lawsuit was filed by Portland, Ore., utility lineman Roy Rinard and co-worker Steve Lacey.
Enron shares have plunged more than 90% over the last several months since the departure of the company's chief executive and an accounting controversy that prompted the firm to restate its earnings since 1997, eliminating more than $580 million of reported income.
Steve Berman, managing partner for the law firm of Hagens Berman in Seattle, said Enron touted the value of its shares and encouraged employees to put their entire portfolio into Enron stock.
Enron officials didn't emphasize the risk and instead painted the situation as positive, especially when the company's stock began to slide, said Berman, who is hoping to get the suit certified as a class action.
Berman wants to prove that the company's 401(k) plan executives failed to act responsibly when they knew about serious business problems. He's also hoping to break new legal ground with his case.
The lawsuit is patterned after a case against Lucent Technologies in which Lucent employees sued their employer this summer for matching their 401(k) contributions with company stock that tanked. That case is still in litigation.
Earlier this year, Rinard, 54, had $472,000 in his Enron 401(k) plan, which had been growing for 21 years.
Today, his plan is worth about $40,000. Enron gives its employees their 401(k) match in company stock.
In January, Enron was trading for $84.87. Wednesday it closed at $5.01 a share on the New York Stock Exchange.
The problem was compounded when many employees, including Rinard, saw Enron's stock doing so well that they decided to put their entire account into Enron stock.
Enron executives had talked about how the stock price was poised to climb above $100 a share, Rinard told the Houston Chronicle.
In addition, Enron employees were not allowed to make trades in the 401(k) plan for about a month, starting Oct. 17. That was the day after Enron surprised the market with the news it was taking a $1.01-billion after-tax third-quarter charge to get out of bad investments.
Enron officials, who could not be reached, have said they had planned the lockdown for several months because the company was changing plan administrators.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Portland utility's fate tied to Enron's future
Nigel Hunt
Reuters
11/23/2001
The Seattle Times
Fourth
C2
(Copyright 2001)
LOS ANGELES -- Oregon's largest utility, Portland General Electric, faces an uncertain future as its parent Enron fights for its life amid a deepening financial crisis, industry experts said Wednesday.
Another Oregon utility, Northwest Natural Gas, is due to file next week with state regulators for approval to take over Portland General. Those same regulators could soon be faced with a similar application from Dynegy as part of a still-pending deal to acquire cash-strapped Enron.
If Enron were to file for bankruptcy before Portland General has been sold, its future could be thrown into the hands of a Texas bankruptcy court, experts said.
Northwest Natural Gas agreed Oct. 8 to acquire Portland General for around $1.8 billion, plus about $1.1 billion in assumed debt and preferred stock. A month later, Enron announced it had agreed to be acquired by Houston-based Dynegy.
"We've been watching this from afar to see how it could impact that sale (Portland General's acquisition by Northwest Natural Gas)," said Roy Hemmingway, chairman of the Oregon Public Utility Commission.
"We have authority if that sale doesn't go through to rule on whether Dynegy can take over Enron," he said.
Ratings agency Fitch last week cut Portland General's debt ratings due to "uncertainty at its parent Enron." Wednesday, the same agency said a bankruptcy filing by Enron was "highly possible" if the proposed rescue by Dynegy collapses.
"We haven't seen any credit problems so far, and Portland General isn't in the market (buying power for its customers) right now in a big way," Hemmingway said.
However, he noted that, "If they really were unable to conduct their business because they were not creditworthy we would have to use whatever instruments are available" to make sure service to customers is maintained. Earlier this year, California was forced to take over buying power for the PG&E unit of Pacific Gas & Electric and Edison International subsidiary Southern California Edison after the two utilities saw their credit ratings cut to junk status.
Federal regulators have insisted the sellers of wholesale power have the right to sell to a creditworthy buyer.
California's largest utility, Pacific Gas & Electric, chose to file for bankruptcy because of its mounting debt. In a parallel, consumer advocates fear the fate of the biggest utility in neighboring Oregon could end up in the hands of a bankruptcy judge.
Hemmingway said the Oregon Public Utility Commission recently had granted Portland General a rate increase and the utility has "plenty of cash flow currently to handle its obligations."
"This is nothing like California where that was not the case," he said.
Northwest Natural Gas, which is also based in Portland, has set a target of filing next Wednesday with the Oregon commission to take over the utility, spokesman Steve Sechrist said.
"We have no concerns whatsoever at this point. The deal is moving forward and there is no reason we can see why it should not" he said, noting the delay to the filing was the result of the complexities of the acquisition.
Jason Eisdorfer, a lawyer for the Citizens' Utility Board of Oregon, said major questions would be raised if Enron went under before the deal were completed.
"Would the (bankruptcy) judge let the terms of the agreement go forward. I don't know. There is a risk that Portland General will become an asset to be disposed of under bankruptcy," Eisdorfer said.
Copyright [copyright] Seattle Times Company, All Rights Reserved. You must get permission before you reproduce any part of this material.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Shares and Bonds Fall on Concern About Takeover (Update5)
2001-11-23 15:55 (New York)
Enron Shares and Bonds Fall on Concern About Takeover (Update5)
(Updates with Dynegy comment in fifth paragraph.)
Houston, Nov. 23 (Bloomberg) -- Enron Corp. shares and bonds
fell for a third day on concern the company's weakened financial
condition and plunging stock price may lead Dynegy Inc. to try to
cancel or rework a takeover of the biggest energy trader.
Shares of Enron, the most-active U.S. stock, dropped
30 cents, or 6 percent, to $4.71. They fell 45 percent Tuesday and
Wednesday after Enron said it may have to pay more than $9 billion
in debt due by 2003. Enron 6.4 percent bonds due in July 2006 were
bid at 55 cents on the dollar, down from 62 cents on Wednesday,
traders said.
Enron shares are trading at less than half the value of
Dynegy's offer, which shows investors are questioning whether the
buyout will be completed on the terms agreed to two weeks ago.
Enron's financial woes may prove to be a drag on Dynegy's earnings
next year if the transaction is completed, analysts said.
``There are continued doubts about the deal,'' said UBS
Warburg analyst Ronald Barone, who rates Dynegy a ``strong buy''
and doesn't own shares in either company. ``Enron's earnings
aren't what they used to be because they've lost trading business.
Given that, Dynegy has an opportunity to renegotiate the price.''
Dynegy spokesman John Sousa said the company ``remains
optimistic for the potential of the merger.'' Enron agreed Nov. 9
to the takeover, now valued at about $23 billion in stock and
assumed debt, after a financial crisis threatened it with
bankruptcy.
On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due next week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the purchase.
More than 40 million Enron shares changed hands today, almost
twice their three-month daily average, in a session shortened
because of the Thanksgiving holiday. Enron was the most-active
U.S. stock on Wednesday, with 116 million shares traded. Dynegy
shares rose 64 cents to $40.40 today.
Less Than $2 Billion
In a Securities & Exchange Commission filing Monday, Enron
said it has less than $2 billion in cash and credit lines left. If
the company's cash reserves run too low, Enron is in danger of
seeing its credit rating cut below investment grade. That would
trigger $3.9 billion in debt repayments for two affiliated
partnerships.
Enron's bankers have met with unidentified investors,
including leveraged buyout firms and two industrial companies, in
a bid to shore up the energy trader's finances with an injection
of as much as $2 billion, the New York Times reported yesterday,
citing unidentified executives close to the companies.
Enron spokeswoman Karen Denne said the company is seeking
$500 million to $1 billion. Enron needs to raise $1 billion to
$1.5 billion in cash within the next 45 days, said Sean Egan,
managing director of Egan-Jones Rating Co.
``Their trading operation has burned through cash faster than
the market had expected,'' Egan said.
Trading Business
Traders including Mirant Corp. and Aquila Inc. have said they
shifted transactions away from Enron after its plunging stock
price prompted concerns about creditworthiness. Enron has said
fourth-quarter earnings would be reduced partly by a drop in its
energy-trading business.
Watson said after the Enron buyout was announced he expected
it to increase 2002 earnings by 35 percent. Analysts said that
can't happen unless Enron recovers lost trading business. Several
have cut their 2002 estimates for Enron. The average estimate of
analysts polled by Thomson Financial/First Call for next year is
now $1.68 a share, down from $2.14 a month ago.
Dynegy can cancel or renegotiate if Enron can't meet debt
payments, its trading market collapses, banks demand more
collateral or raise the interest rate for loans, Enron's credit
rating is cut to junk, the SEC cites Enron for securities fraud,
or if Enron's legal liabilities including shareholder suits exceed
$3.5 billion, Egan said.
Will Dynegy Renegotiate?
Dynegy officials were considering whether to try and
renegotiate terms of its agreement with Enron, according to the
New York Times report. Dynegy and Enron are both based in Houston.
``Dynegy investors would like to see the company negotiate a
lower price for Enron,'' said Credit Lyonnais securities analyst
Gordon Howald, who rates Dynegy ``buy'' and owns no shares.
Under the Nov. 9 terms, Enron investors would receive 0.2685
Dynegy share for each share held. At today's closing price, that
values Enron stock at $10.85. A year ago, Enron traded at almost
$80.
Investors worry that a cancellation of the merger would push
Enron into bankruptcy.
``The market is saying there seems to be no obvious Plan B
for Enron and that is what has investors concerned,'' said Eric
Bergson, who helps manage $9 billion of fixed-income assets at
Northern Trust Co. in Chicago. ``The lower bond prices go, what
the market is saying is that there's less chance of this deal
going through.''
--Jim Polson in Princeton, (609) 750-4658 or [email protected]
KKR, Blackstone Are Among Likely Enron Investors, Analyst Says
2001-11-23 16:20 (New York)
KKR, Blackstone Are Among Likely Enron Investors, Analyst Says
Houston, Nov. 23 (Bloomberg) -- Kohlberg, Kravis Roberts &
Co., the Blackstone Group and the Carlyle Group are among the
likely candidates to be approached by Enron Corp. for a private
equity investment to shore up the company's balance sheet, said
industry analyst David Snow of PrivateEquityCentral.Net.
The firms have cash on hand and have invested in energy
companies in the past. An investment in Enron may look attractive
now that its shares have plunged by 94 percent this year.
``Many of the larger, more traditional buyout firms would
find this deal attractive,'' said Snow. ``This is a company that
has real assets that is down in the dumps and has need of capital
when capital is scarce.''
Enron's bankers met recently with leveraged buyout firms and
two industrial companies to seek an investment, the New York Times
reported, citing executives close to the companies. Enron's stock
fell for a fifth day in six on concern the company's weakened
financial condition may lead Dynegy Inc. to try to cancel or
rework its planned purchase of the rival Houston company.
Investors may inject as much as $2 billion under arrangements
that would protect them from further declines in Enron's stock,
the Times said. The new investments would be in Enron's
Transwestern Pipeline, which connects natural-gas fields in Texas
to the California market, the newspaper said.
J.P. Morgan Chase & Co. and Citigroup Inc. agreed to terms
that give each of them a $250 million equity stake as part of a
transaction to be completed Monday, officials told the newspaper.
Buyout firms sometimes make collective bids, pooling their
money and distributing the risk. The firms also like to invest in
industries that are out of favor with public investors and to do
so in partnership with corporate investors, like Dynegy, said
Snow.
``You need to know enough about the (energy) business to know
whether it's a good deal, and then you need to be confident in the
Dynegy team,'' he said.
KKR
KKR, the second-biggest private equity firm with $24 billion
in assets, declined comment on Enron through spokeswoman Molly
Morse of Kekst & Co.
The New York-based firm invested more than $1.3 billion in
DPL Inc., a utility in Dayton, Ohio, and will receive $550 million
of that back from the company after DPL sold $700 million of bonds
in August.
``KKR very much gets involved in deals where there's a
corporate partner and they don't have a majority stake,'' Snow
said. ``They would possibly hold it for years, because they like
slow exits.'' KKR is also a possible candidate because it recently
raised a new $5 billion buyout fund.
Any LBO firm would need assurance about how it will get its
money back on an Enron investment, said Snow.
``The thing they have to be cautious about is the exit,'' he
said. ``If there's a chance Dynegy would agree to buy out (the LBO
firms') stake over time, that would give some confidence. But if
the only exit is the public market, that's a little bit dicier.''
Any private investment also must be large enough to make a
meaningful difference: Enron's market value is $3.7 billion and
Dynegy has proposed paying $23 billion in stock and assumption of
debt. That means the private equity portion would have to approach
$1 billion or more.
The 20 largest private equity firms have assets of more than
$5 billion under management each, according to Asset Alternatives,
a Wellesley, Massachusetts industry research firm. Still, many of
those firms don't have enough free capital to undertake an
investment of $500 million or more.
An announcement of an investment may come soon, analysts say.
Energy trading firms such as Mirant Corp. and Aquila Inc. are
doing fewer trades with Enron because of concern that the company
won't be able to finance its business. Enron shares have fallen by
almost half in the past three sessions.
``They're going to need this investment within 30 to 45
days,'' said Sean Egan of Egan-Jones Ratings Co. ``They're
spiraling downward and they're going to need some more beyond the
$1.5 billion contributed by'' ChevronTexaco Corp., which owns 26
percent of Dynegy.
Other LBOs
Here's a rundown of the other most likely private equity
partners for Enron:
--The Carlyle Group could invest through a $1 billion energy
fund it's raising, as well as its general U.S. buyout fund, said
Snow. Carlyle's vice president for corporate communications, Chris
Ullman, declined to comment.
--Blackstone, which has a history of investing alongside
other corporate partners, recently closed on a $4 billion buyout
fund. Blackstone spokesman John Ford declined to comment on
whether Enron had approached the firm.
--Hicks, Muse, Tate & Furst, which is based in Texas like
Dynegy and Enron. Hicks Muse counts Triton Energy Ltd., an energy
exploration company, among its best investments. The firm recently
raised about $1.5 billion for new investments, about one-third of
what it had hoped to raise, and has said it will focus on ``back-
to-basics'' investments in food, manufacturing and media. Mark
Semer, a spokesman for Hicks Muse who also works for Kekst,
declined comment on Enron.
Spokesmen for two other firms, Warburg Pincus & Co. and
Credit Suisse First Boston's private equity arm, didn't return
calls seeking comment.
--Randy Whitestone in the New York newsroom (212) 940-1805
Microsoft MSN Fast Web Access Expansion Slowed by Enron Suit
2001-11-23 11:59 (New York)
Microsoft MSN Fast Web Access Expansion Slowed by Enron Suit
Redmond, Washington Nov. 23 (Bloomberg) -- Microsoft Corp.'s
plans to expand its MSN high-speed Internet service have been
delayed by a lawsuit from Enron Corp., which could cost the
company customers during the holiday season, analysts said.
MSN had planned to have fast Internet access over telephone
lines available, with help from energy trader Enron, in 45 markets
starting Oct. 25. Instead, the service is now on sale in about 30
markets, said MSN Product Manager Lisa Gurry.
The latest delay follows a string of apparent bad luck that
has delayed the rollout of Microsoft's fast Internet access
service over the last year. The holidays are typically a popular
time for customers to buy so-called broadband access, often along
with new personal computers purchased or received as gifts.
``They have a track record of picking broadband partners that
don't quite work out,'' said Joe Laszlo, senior analyst at market
researcher Jupiter Media Metrix Inc. ``It definitely hurts them
with customers who want broadband right now.''
Subscribers to fast Internet access services are expected to
grow fourfold by 2006, according to estimates by Jupiter Media
Metrix, while sales of slower Internet access plans decline. Fast
Internet service over phone lines uses digital subscriber line, or
DSL, technology.
On Track
Gurry said Redmond, Washington-based Microsoft is still on
track to have fast access for sale by the end of March to 90
percent of the 45 million to 50 million households that have DSL
available in their neighborhoods.
``There is very little growth left in the dial-up access
space for Microsoft or anybody, which leaves them with broadband
as the only potential growth area for the MSN access business,''
said Youssef Squali, an analyst at FAC/Equities, who rates
Microsoft Internet competitor AOL Time Warner Inc. a ``buy.''
Microsoft also wants to deliver consumer services like music
and video and software updates, which require fast Internet access
for smooth downloads.
The company originally began a service with NorthPoint
Communications Group Inc., a now-bankrupt provider of fast Web
access. Microsoft has also had difficulty finding partners among
cable companies who use their networks for high-speed service.
Now Houston-based Enron, which agreed in June to provide the
backbone for a nationwide expansion of MSN's service, is suing.
Enron claimed in its lawsuit that it isn't required to deliver
broadband services if Microsoft hasn't first provided a billing
and ordering system that the biggest software company agreed to
build.
Enron, which is being acquired by rival Dynegy Inc., recently
disclosed debts of $9.15 billion due by 2003 and restated earnings
for four years.
Slower Expansion
MSN has been selling high-speed access in 14 states under
partnership with Qwest Communications International Inc. for the
last few months. MSN has begun the planned service expansion
outside of those states by working with Enron competitors that MSN
Marketing Director Bob Visse declined to name. The company is also
talking to Enron, he said. Enron didn't return calls for comment.
Because of the Enron suit the expansion is moving slower than
expected, Visse said. Since Oct. 25, MSN has added service in Los
Angeles, San Francisco, San Diego and Sacramento, California, and
Houston, Dallas, San Antonio and Austin, Texas, giving Microsoft a
total of about 30 markets rather than 45. Plans to expand
marketing are also on hold, Visse said.
``It is very unfortunate that we are in the position we are
in,'' said Microsoft Chief Executive Steve Ballmer.
Top U.S. Internet service provider America Online, owned by
AOL Time Warner Inc., has also been slow to get into the high-
speed market, analysts said.
That doesn't mean Microsoft is in the clear. Laszlo said both
MSN and AOL might pay for their sluggishness with tougher
competition from third-place EarthLink Inc. and from cable and
telephone companies that have more experience selling high-speed
Internet access.
America Online has more than 31 million subscribers to MSN's
7 million. EarthLink Inc. has 4.77 million subscribers. Laszlo
doesn't think MSN or America Online can build the kind of lead in
the high-speed market that America Online has in the slower dial-
up access market.
`Not a Permanent Blow'
Not that anyone need worry about Microsoft. MSN will be able
to expand its fast Internet access business even with the delays,
Laszlo said.
``They are already late in the broadband market so this means
they get a little later,'' he said. ``But broadband will continue
to grow over the next few years and this is definitely not a
permanent blow.''
Analysts also say Microsoft still needs to find a cable
partner that will let MSN use its network to sell fast access over
cable lines. Cable is more popular than DSL with customers looking
for fast Web service. The five largest cable providers control 51
percent of the U.S. high-speed Internet market. The five largest
sellers of access via phone lines and DSL technology account for
about 33 percent, according to market researcher ARS Inc.
Microsoft MSN Vice President Yusuf Mehdi said last month the
company may be interested in an investment in AT&T Corp.'s cable-
television unit, which AT&T is considering selling. Ballmer
declined to comment on Microsoft's plans.
--Dina Bass in Seattle (206) 521-5981, or [email protected]
Metropolitan Desk; Section A
Corrections
11/22/2001
The New York Times
Page 2, Column 4
c. 2001 New York Times Company
Because of an editing error, an article in World Business yesterday about the Enron Corporation's prospects for selling its interest in the Dabhol Power project in India misstated the size of its stake. It is 65 percent, not 70.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
|
{
"pile_set_name": "Enron Emails"
}
|
Below is the link that will allow you to get into the Financial Trading
Agreement Database. Please forward this link to any members of your team
that might find it helpful.
----- Forwarded by Tana Jones/HOU/ECT on 02/13/2001 08:53 AM -----
Michael Neves
05/10/2000 01:12 PM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Financial Trading Agreements - db link
Click on the following link to add the 'Financial Trading Agreements'
database to your Notes Workspace:
Link -->
|
{
"pile_set_name": "Enron Emails"
}
|
That was too weird...great minds think alike I guess. I think our emails
must have crossed in the server.
|
{
"pile_set_name": "Enron Emails"
}
|
I'm flying to somewhere (probably DC) tonight, returning on Friday. Ozzie is
making the travel arrangements, so you don't need to do anything. I'll let
you know what else I find out.
Thanks,
Kay
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{
"pile_set_name": "Enron Emails"
}
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Attached are my comments on the Bliley amendment to the Largent amendment.
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{
"pile_set_name": "Enron Emails"
}
|
------------------------------------------------------------------------------------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
June 8, 2001 5:00pm through June 11, 2001 12:00am
------------------------------------------------------------------------------------------------------
ECS to ECN Network Interconnection, June 9th 2001 POSTPONED
This is a notification that the Enron Corp. I/T Networks team will be connecting the new building network infrastructure located in Enron Center South (ECS) to the existing Enron Center North (ECN) backbone network. While this activity is not expected to produce a disruption to network services, this notice is designed to alert the organization to our activities. No network hardware or systems are anticipated to be shutdown. The actual physical interconnection of the networks will be performed in the EB 34th floor Data Center.
Interconnection activities are scheduled to occur the evening of June 9th 2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT). Application testing activities will begin at 11:00 p.m. (CT) once all network testing has completed.
If you have any further questions, please contact Pete Castrejana at 713-410-0642 for more information.
SCHEDULED SYSTEM OUTAGES:
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS:
Impact: ENS
Time: Fri 6/8/2001 at 10:30:00 PM CT thru Fri 6/8/2001 at 11:30:00 PM CT
Fri 6/8/2001 at 8:30:00 PM PT thru Fri 6/8/2001 at 9:30:00 PM PT
Sat 6/9/2001 at 4:30:00 AM London thru Sat 6/9/2001 at 5:30:00 AM London
Outage: Upgrade code on Ardmore routers
Environments Impacted: Ardmore
Purpose: There is a bug with the version of code that we are using that causes the switches to crash.
Backout:
Contact(s): Scott Shishido 713-853-9780
Impact: CORP
Time: Fri 6/8/2001 at 5:30:00 PM CT thru Fri 6/8/2001 at 8:30:00 PM CT
Fri 6/8/2001 at 3:30:00 PM PT thru Fri 6/8/2001 at 6:30:00 PM PT
Fri 6/8/2001 at 11:30:00 PM London thru Sat 6/9/2001 at 2:30:00 AM London
Outage: Split VLAN 468 into a /27 network
Environments Impacted: Corp
Purpose: Separate the load and traffic between AEXT, AEIN, & AX environments
Backout:
Contact(s): Morgan Gothard 713-345-7387
Impact: CORP
Time: Fri 6/8/2001 at 5:30:00 PM CT thru Fri 6/8/2001 at 6:30:00 PM CT
Fri 6/8/2001 at 3:30:00 PM PT thru Fri 6/8/2001 at 4:30:00 PM PT
Fri 6/8/2001 at 11:30:00 PM London thru Sat 6/9/2001 at 12:30:00 AM London
Outage: AEINFW swap
Environments Impacted: Corp
Purpose: Eminent growth and related stability issues.
Backout: Reinstall original units
Contact(s): Morgan Gothard 713-345-7387
FIELD SERVICES: No Scheduled Outages.
INTERNET: No Scheduled Outages.
MESSAGING:
Impact: Exchange
Time: Sat 6/9/2001 at 12:00:00 PM CT thru Sat 6/9/2001 at 2:00:00 PM CT
Sat 6/9/2001 at 10:00:00 AM PT thru Sat 6/9/2001 at 12:00:00 PM PT
Sat 6/9/2001 at 6:00:00 PM London thru Sat 6/9/2001 at 8:00:00 PM London
Outage: Apply latest hotfixes to Nahou-msmbx03v & Nahou-msmbx05v
Environments Impacted: Exchange Users on Nahou-msmbx03v & 05v
Purpose: Ensure backups and data integrity
Backout: Uninstall Hotfixes
Contact(s): Scott Albright 713-345-9381
Tim Hudson 713-853-9289
MARKET DATA:
Impact: CORP
Time: Fri 6/8/2001 at 5:00:00 PM CT thru Fri 6/8/2001 at 7:00:00 PM CT
Fri 6/8/2001 at 3:00:00 PM PT thru Fri 6/8/2001 at 5:00:00 PM PT
Fri 6/8/2001 at 11:00:00 PM London thru Sat 6/9/2001 at 1:00:00 AM London
Outage: Market Data TV systems upgrades
Environments Impacted: Trading Floors
Purpose: Increase system reliability and systems management, also allow presentation of new infrastructure content to the trading floor plasma screens
Backout: re-install original systems
Contact(s): John Sieckman 713-345-7862
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER SYSTEMS: ALSO SEE ORIGINAL REPORT
Impact: CORP
Time: Fri 6/8/2001 at 7:30:00 PM CT thru Fri 6/8/2001 at 9:30:00 PM CT
Fri 6/8/2001 at 5:30:00 PM PT thru Fri 6/8/2001 at 7:30:00 PM PT
Sat 6/9/2001 at 1:30:00 AM London thru Sat 6/9/2001 at 3:30:00 AM London
Outage: NAMEX-LN1 and NAMTY-LN1- Needs Rebooting
Environments Impacted: Local Office
Purpose: Need to reload NETIQ Agents for NAMTY-LN1 and NAMEX-LN1
Backout:
Contact(s): Wilma Bleshman 713-853-1562
Impact:
Time: Sat 6/9/2001 at 10:00:00 PM CT thru Sun 6/10/2001 at 1:30:00 AM CT
Sat 6/9/2001 at 8:00:00 PM PT thru Sat 6/9/2001 at 11:30:00 PM PT
Sun 6/10/2001 at 4:00:00 AM London thru Sun 6/10/2001 at 7:30:00 AM London
Outage: Upgrade for E10K SSP tremor requires downtime on server moe.
Environments Impacted: Global
Purpose: An SSP is the controlling server for an E10K platform. Moe is a domain on the E10K platform named aftershock. In order to complete the upgrade of moe, we must first upgrade the SSP. The first phase will entail upgrading the SSP to Solaris 8 and the SSP software.
Backout: The SSP is really a new server that needs to be configured. The old SSP will be there if we need to back out.
Contact(s): Malcolm Wells 713-345-3716
SITARA: No Scheduled Outages.
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY: SEE ORIGINAL REPORT
TERMINAL SERVER: No Scheduled Outages.
UNIFY: SEE ORIGINAL REPORT
-------------------------------------------------------------------------------------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC (713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call (713) 327-6032 [Pager]
|
{
"pile_set_name": "Enron Emails"
}
|
---------------------- Forwarded by Judy Hernandez/HOU/ECT on 05/04/2000
11:06 AM ---------------------------
Regina Blackshear@ENRON
05/04/2000 09:51 AM
To: [email protected], [email protected],
[email protected], Yolanda Clay<[email protected]>,
[email protected], Loneta Edison<[email protected]>, Tammy Green
<[email protected]>, [email protected], "R Jordan"<[email protected]>,
[email protected], "WhiteBL(Barbara)"<[email protected]>,
Eve Puckett/Corp/Enron@ENRON, Christopher Hargett/HOU/ECT@ECT, Amber
Limas/HOU/EES@EES, Deborah Darnell/Corp/Enron@ENRON, Leslie
Smith/HOU/ECT@ECT, Tharsilla Broussard/HR/Corp/Enron@ENRON, John
Whiting/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Judy Walters/HOU/ECT@ECT,
Pamela Mitchell/HOU/ECT@ECT, Sandra R McNichols/HOU/ECT@ECT, Shirlet
Williams/HOU/EES@EES
cc:
Subject: Fwd: Let's Pray Together . .
Say this prayer before you start your day. I Love You. God Bless You
---------------------- Forwarded by Regina Blackshear/Corp/Enron on
05/04/2000 09:43 AM ---------------------------
Shelly Peters <[email protected]> on 05/01/2000 07:41:22 PM
To: [email protected]
cc:
Subject: Fwd: Let's Pray Together . .
Note: forwarded message attached.
__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/
X-Apparently-To: [email protected] via web6005.mail.yahoo.com
X-Track2: 2
X-Track: -50
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Received: (qmail 344 invoked by uid 60001); 14 Apr 2000 18:01:43 -0000
Message-ID: <[email protected]>
Received: from [198.215.15.177] by web1104.mail.yahoo.com; Fri, 14 Apr 2000
11:01:43 PDT
Date: Fri, 14 Apr 2000 11:01:43 -0700 (PDT)
From: shelley mc <[email protected]>
Subject: Fwd: Let's Pray Together . .
To: [email protected]
MIME-Version: 1.0
Content-Type: multipart/mixed; boundary="0-1804289383-955735303=:29812"
Content-Length: 4281
Note: forwarded message attached.
__________________________________________________
Do You Yahoo!?
Send online invitations with Yahoo! Invites.
http://invites.yahoo.com
X-Apparently-To: [email protected] via web1103.mail.yahoo.com
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Message-ID: <[email protected]>
Received: from [198.215.15.124] by web508.mail.yahoo.com; Fri, 07 Apr 2000
09:21:48 PDT
Date: Fri, 7 Apr 2000 09:21:48 -0700 (PDT)
From: Taryna Nedd <[email protected]>
Subject: Fwd: Let's Pray Together . .
To: [email protected], [email protected]
MIME-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Length: 3235
> >>>>> >> > > > Those who that Pray together, stay
> together. Let us
> >>>>> >> > > > > pray...
> >>>>> >> > > > >
> >>>>> >> > > > >
> >>>>> >> > > > > Dear Lord,
> >>>>> >> > > > > I thank You for this day.
> >>>>> >> > > > >
> >>>>> >> > > > > I thank You for my being able to
> see and to hear this
> >>>>> >> > > > > morning.
> >>>>> >> > > > > I'm blessed because You are a
> forgiving God and an
> >>>>> >> > > > > understanding God. You have done
> so much for me and
> >>>>> >> > > > > You keep on blessing me.
> >>>>> >> > > > > Forgive me this day for I have
> sinned. I ask now for
> >>>>> >> > > > > Your forgiveness.
> >>>>> >> > > > > Keep me safe from all danger and
> harm. Let me start
> >>>>> >> > > > > this day with a new attitude and
> plenty of gratitude.
> >>>>> >> > > > > Let me make the best of each and
> every day and give my
> >>>>> >> > > > > best in all that is put before me.
> Clear my mind so
> >>>>> >> > > > > that I can hear from You. Broaden
> my mind that I can
> >>>>> >> > > > > accept all things.
> >>>>> >> > > > > Let me not whine and whimper over
> things I have no
> >>>>> >> > > > > control over. Let me continue to
> see sin through God's
> >>>>> >> > > > > eyes and acknowledge it as evil.
> And when I sin, let
> >>>>> >> > > > > me repent, and confess my wrong
> doing, and receive the
> >>>>> >> > > > > forgiveness of You, God. And when
> this world closes in
> >>>>> >> > > > > on me, let me remember Jesus'
> example -- to slip away
> >>>>> >> > > > > and find a quiet place to pray.
> It's the best
> >>>>> >> > > > > response
> >>>>> >> > > > > when I'm pushed beyond my limits.
> >>>>> >> > > > >
> >>>>> >> > > > > I know that when I can't pray, You
> listen to my heart.
> >>>>> >> > > > > Continue to use me to do your
> Will. Continue to
> >>>>> >> > > > > bless me that I may be a blessing
> to others. Keep me
> >>>>> >> > > > > strong so that I may help the weak.
> Keep me uplifted
> >>>>> >> > > > > so that I may have words of
> encouragement for others.
> >>>>> >> > > > > I pray for those that are lost and
> can't find their
> >>>>> >> > > > > way. I pray for those that are
> misjudged and
> >>>>> >> > > > > misunderstood. I pray for those
> who refuse to share a
> >>>>> >> > > > > word from You.
> >>>>> >> > > > > I pray for those that will read
> this and not use this
> >>>>> >> > > > > in their lives.
> >>>>> >> > > > >
> >>>>> >> > > > > I pray for those that will delete
> this without sharing
> >>>>> >> > > > > it with others.
> >>>>> >> > > > >
> >>>>> >> > > > > I pray for those that don't
> believe.
> >>>>> >> > > > > But I believe. I believe. I
> believe that God has the
> >>>>> >> > > > > "power" to change people and
> things.
> >>>>> >> > > > >
> >>>>> >> > > > > I pray for all my sisters and
> brothers. This is my
> >>>>> >> > > > > prayer; I pray in Jesus' name.
> >>>>> >> > > > >
> >>>>> >> > > > > Amen.
> >>>>> >> > > > > HAVE A BLESSED DAY!!!
> >>>>> >> > > > >
> >>>>> >> > > > > Work for the Lord.... the
> retirement benefits are out
> >>>>> >> > > > > of this world!
__________________________________________________
Do You Yahoo!?
Talk to your friends online with Yahoo! Messenger.
http://im.yahoo.com
|
{
"pile_set_name": "Enron Emails"
}
|
Michael Loveless
3875 Ashton Court
Columbus, OH 43227
[email protected]
To Mr. Ken Lay,
I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills. Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.
Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out. And Enron made an astronomical profit during the California energy crisis last year. As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.
The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it. Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.
Sincerely,
Michael Loveless
|
{
"pile_set_name": "Enron Emails"
}
|
I wanted to update you on my conversation this morning with Mark Lindsay
regarding next week,s budget meeting.
The format will be similar to last year,s. We,ll be receiving from Mark,s
group a consolidated spreadsheet of all of our budgets, grouping them by
functionality and illustrating 2000 plan, 2000 estimate, and 2001 plan, and
the variances between. We will be covering the EPSC and Aviation budgets
during the same meeting. Billie and I will get together on Friday to compare
what the two of us have so far, and then we have a meeting set up for Monday
morning with you, Bill, Billie and me to go over everything in advance of
Tuesday,s meeting.
Points that Mark made (no surprises here):
- Jeff has mentioned that he wants to see reductions in all corporate cost
centers since our international activities look like they,re going away. (We
have made significant reductions year to year on our international gov,t
affairs and PR budgets, and I think we can justify that the other cost
centers are primarily focused on domestic activities while the individual
business units budget much of those activities themselves.)
- Even though we,re allocating more overall to the business units this year,
Jeff will be interested in the gross budget numbers, before any allocations.
- We need to be able to explain any significant budget changes year to year
- Mark particularly emphasized the increase in the PR budget, most of which
is retained at Corp anyway
- We need to be able to explain anything that we,ve inherited from the
business units that is now staying at Corp. This applies to the headcount
that we,ve picked up from ENA and from Int,l (Dennis, group).
Lindsay mentioned that there,s a possibility that Causey may, in advance of
our Tuesday meeting, meet by himself with Skilling to get a general idea of
where Jeff stands on the corporate budgets as they,ve been submitted so far,
and then come back to us with instructions on any changes that need to be
made. If this is the case, we may have to make cuts before we get to present
our case.
I'm working on our presentation based on that conversation and will forward
it to you as it progresses.
|
{
"pile_set_name": "Enron Emails"
}
|
did you get a stripper?
|
{
"pile_set_name": "Enron Emails"
}
|
Hi Katie, Remember me. Not sure if this is still your email address, but
thought I would check and see. Hope you are doing well and school is going
well. If you are still out there drop me a line!
|
{
"pile_set_name": "Enron Emails"
}
|
Daren,
Deal 93481 expired 12/31/99, is there a new deal to replace it.
---------------------- Forwarded by Sherlyn Schumack/HOU/ECT on 02/16/2000
04:48 PM ---------------------------
Fred Boas
02/16/2000 04:46 PM
To: Sherlyn Schumack/HOU/ECT@ECT
cc:
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
To: Fred Boas/HOU/ECT@ECT
cc: Howard B Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Done.
Thanks, Stella
Fred Boas
08/20/99 06:53 PM
To: Stella L Morris/HOU/ECT@ECT
cc: Howard B Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Stella:
I set up the accounting arrangement on the HPLR transport contract
012-64610-02-052 for January through June per Daren's instructions below.
The tracking ID for all 6 months is 34500.
I also set up accounting arrangement on the HPLC transport contract
012-41500-02-015 for July per Daren's instructions below. The tracking ID
for July is 34501. If you would, please put the transport contract in POPS
on Monday morning and call me when your done so that I can reallocate the
meters. I need to call Copano to tell them that their payment is on the way.
I need the transport contracts, HPLR and HPLC put in for all 31 days of each
of the respective months.
As always thanks in advance for your help,
Fred
Daren J Farmer
08/20/99 04:50 PM
To: Fred Boas/HOU/ECT@ECT
cc:
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Fred,
I had the typed the deal numbers incorrectly. July forward is on 93481.
January-June is on 69176.
Daren
Fred Boas
08/20/99 12:56 PM
To: Daren J Farmer/HOU/ECT@ECT, Stella L Morris/HOU/ECT@ECT
cc: Robert E Lloyd/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Charlene
Richmond/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310
Daren:
I looked in Path Manager and I see two deals - 93480 and 93481, but I don't
see deal 69176 for July forward that you mentioned below. Also, please
verify that the deal for January through June is 93481 and if the 69176 deal
is correct for July forward.
Stella:
I will need to set up accounting arrangements for these deals from January
forward. From Daren's note below it appears that for January through June I
will need an HPLR transportation contract put in POPS. When Daren and I get
the deal number issue resolved for July forward I will need an HPLC contract
put into POPS. Also for July forward, I will need the HPLC contract in POPS
every month through December to allocate Copano line gain to if it occurs.
Thanks to both of you,
Fred
Daren J Farmer
08/19/99 11:16 AM
To: Fred Boas/HOU/ECT@ECT
cc: Stella L Morris/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT, Charlene Richmond/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Fred,
I have pathed the purchase from Copano for 1999 in MOPS. Jan-Jun is under
HPLR (Sitara 93481). July forward is under HPLC (Sitara 69176). I
understand that I cannot renom this to the pipe for prior months, because the
callout allocations will be affected. So, you will need to set up accounting
arrangements to get the nom into POPS.
Let me know if you have any questions.
Daren
Fred Boas
08/19/99 08:01 AM
To: Stella L Morris/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
cc: Robert E Lloyd/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Charlene
Richmond/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Stella/Daren:
What is the status of this request? Please let me know when I can reallocate
this meter, the customer has not been paid for 3 months and is complaining.
Fred
To: Robert E Lloyd/HOU/ECT@ECT
cc: Fred Boas/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310
Thanks for your help Robert.
Thanks again, Stella
From: Robert E Lloyd 08/12/99 04:29 PM
To: Stella L Morris/HOU/ECT@ECT
cc:
Subject: Copano Line Gain Contract Needed at Meter 5310
fyi
---------------------- Forwarded by Robert E Lloyd/HOU/ECT on 08/12/99 04:29
PM ---------------------------
Lauri A Allen
08/12/99 04:02 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Fred Boas/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310
Daren- FYI. There are deal tickets in Sitara to cover this transaction-
#69176 for HPLR and #93481 for HPLC- but they have zero volume and were not
pathed in Unify. Could you get someone in your group to set these up for
Fred, please? Let me know if you have any questions. Thanks.
---------------------- Forwarded by Lauri A Allen/HOU/ECT on 08/12/99 03:59
PM ---------------------------
Fred Boas
08/12/99 11:19 AM
To: Stella L Morris/HOU/ECT@ECT
cc: Lauri A Allen/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310
Stella:
I need the above referenced contract put into POPS for January, May, June ,
July, and August 1999 forward. I need the contract in POPS for August
forward because I never know when Copano will allocate line gain to itself.
In 1998 a spot contract was set up between HPLR and Copano Pipeline/South
Texas, L. P. with a Synergi contract number 078-62210-101 and a Global number
of 96016880 by Karen Lambert. Per Karen this old agreement was terminated by
Dan Hyvl due to HPLR business change to ECT. In 1999, when Copano began
allocating line gain to themselves again I contacted Lauri, Karen, and
yourself to see if I could get the contract in POPS. Karen sent me an e-mail
indicating that she set-up a new contract for this HPLC line gain purchase -
Global # 96022367 (I don't have a "Synergi" contract number). I know that in
3/99 Lauri contacted Bernard Widacki at Copano to discuss this issue.
I need Lauri to review this and then I need the contract to be put in POPS so
that I can correctly allocate the gas at this meter. I have not allocated
any line gain in 1999 and the volumes are small. Karen is the most
knowledgeable about this contract, so I suggest that any questions be
directed to her regarding contract issues. Karen worked with Bernard Widacki
at Copano to set up the contract originally.
Thanks,
Fred
|
{
"pile_set_name": "Enron Emails"
}
|
Dear Errol,
I'm sorry for the delay. As mentioned in my previous email, your prize was
requested to be
delivered out late December. However, it seems that there was a confusion on
our vendor's side
regarding the shipment. I'm checking on it at the moment and will work my
best to resolve the
problem asap. We seek you kind understanding and patience on this matter and
will let you know
once the problem has been resolved.
Thanks and though it's already 10days past.. Happy New Year!
Regards,
|
{
"pile_set_name": "Enron Emails"
}
|
Samantha: could you please set Josh up to talk wityh me ASAP? Thanks. Randy
---------------------- Forwarded by Randall L Gay/HOU/ECT on 12/22/99 01:08
PM ---------------------------
"Chapa, Josh" <[email protected]> on 12/22/99 11:46:19 AM
To: Randall L Gay/HOU/ECT@ECT
cc:
Subject:
Hey Ray,
I was hoping we could probably get together after the holiday's.
Please give me a call when you would like to meet again.
My number is 713-371-7500.
Thanks!
<<Current Resume 1998.doc>>
PG&E Energy Trading and any other company referenced herein which uses the
PG&E name or logo are not the same company as Pacific Gas and Electric
Company, the California utility. These companies are not regulated by the
California Public Utilities Commission, and customers do not have to buy
products from these companies in order to continue to receive quality
regulated services from the utility.
- Current Resume 1998.doc
|
{
"pile_set_name": "Enron Emails"
}
|
I can never tell from these things what they are asking to be approved.
Since Gregory's address looks as if he is at Corp., just let me know who he
is and what I am being asked to approve. Please reply with history
attached. Thanks. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/26/2000 06:35 PM
---------------------------
Information Risk Management
09/26/2000 03:44 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Your approval please
Below you will find a copy of a request that is awaiting your approval.
Please advise us as to your approval or rejection of this request by way of
email.
I thank you in advance for your cooperation in this matter.
Leola Barnett
IRM
x3-7965
---------------------- Forwarded by Information Risk Management/HOU/ECT on
09/26/2000 03:44 PM ---------------------------
Security Resource Request System Pending VP Approval
Resource Request How to find the status of this request...
General Information Initials:
Requestor: Rebecca Ford/HOU/ECT Phone: 3-7723
Requested For: Gregory Carraway/Corp/Enron
Request Type: Update Access
RC #: 105613 WO #:
Company #: 0413 Priority: High
Manager: Rebecca Ford VP: Sally Beck
Location: Houston
In the Request Processing section, see the status column for each requested
resource.
Look at the overall status of the request in the title bar above. The status
will display Closed when your request is complete.
Click the "Status" button below.
Comments:
Request #: RFOD-4NVM7P
Submitted: 09/05/2000 11:34:29 AM
Name Cost Status Implementation Comments
Application/Database
Terminal Server 1-800 Number
Terminal Server 4.0
Not Started
Not Started
Request Processing Path
Processed By Status When Comments
Manager Approved 09/05 11:34 AM
VP
Security
Implementation
Editing History (Only the last five (5) are shown)
Edit # Past Authors Edit Dates
1
2
3
4 Rebecca Ford
Rebecca Ford
Rebecca Ford
Rebecca Ford 09/05/2000 11:22:22 AM
09/05/2000 11:34:07 AM
09/05/2000 11:34:27 AM
09/05/2000 11:34:29 AM
|
{
"pile_set_name": "Enron Emails"
}
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missing deals for mike:
buy morgan
210.00
25 mw
Q3 02
mid c
peak
sell el paso
380.00
50 mw
Q3 01
mid c
peak
sell mirant
310.00
25 mw
march
mid c
peak
buy morgan
315.00
25 mw
april
mid c
peak
thanks
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{
"pile_set_name": "Enron Emails"
}
|
FYI.
-----Original Message-----
From: Williams, Robert C.
Sent: Wednesday, September 19, 2001 10:01 AM
To: Steffes, James D.
Subject: RE: Attorney General Investigation
no. beth t and peggy came up with alternative; i don't know if it was sent. glad you made it back safely.
-----Original Message-----
From: Steffes, James D.
Sent: Wednesday, September 19, 2001 9:02 AM
To: Williams, Robert C.
Subject: FW: Attorney General Investigation
Bob --
Did we send this?
Jim
-----Original Message-----
From: Cooley, Jan
Sent: Wednesday, September 12, 2001 10:30 AM
To: Leff, Dan; Sharp, Vicki; Gahn, Scott; Dietrich, Janet; Blachman, Jeremy; Hughes, Evan; Frazier, Lamar; Steffes, James D.; Mahoney, Peggy
Cc: Williams, Robert C.
Subject: Attorney General Investigation
For your comments.
<< File: Attorney General Invest 9_12_01.doc >>
|
{
"pile_set_name": "Enron Emails"
}
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Please see the following articles:
Houston Chron, Sun, 4/1: "Corporate greed isn't to blame for energy crisis
in California"
Sac Bee, Mon, 4/2: "Report: Potential rate hike included in California power
talks"
San Diego Union, Sun, 4/1: "Davis softens on rate hikes; Democrats fear
backlash"
San Diego Union, Sun, 4/1: "Some question value of transmission lines"
LA Times, Mon, 4/2: "This Summer, Power-Hungry U.S. May Feel West's Pain"
LA Times, Mon, 4/2: "State, Edison Discussed Pact to Pay off Firm's Huge
Debt"
LA Times, Mon, 4/2: "Vegas lights Undimmed"
SF Chron, Mon, 4/2: "Power Crisis Batters Budget
Stock slide, rate increases erode state's revenue "
SF Chron, Sun, 4/1: "Davis Blames Crisis On State Republicans
But Democratic controller points at governor "
SF Chron, Sun, 4/1: "Rate Increases May Be Just Beginning
Unanswered questions now may mean higher bills soon "
SF Chron, Sun, 4/1: "Energy Department Rethinking Clinton Appliance
Efficiency Rules "
SF Chron, Mon, 4/2: "Hydrogen Powers Energy Hopes
Experts say it may be the fuel of the future "
Mercury News, Sun, 4/1: "Consumers bemoan formula for power-rate hikes"
Mercury News, Mon, 4/2: "High energy prices place firms higher in Fortune
500 ranks"
Mercury News, Mon, 4/2: "As energy policy lurches, is Gov. Davis in charge?"
(Editorial)
Orange County, Mon, 4/2: "Businesses battle the blackouts" (Commentary)
Individual.com, Mon, 4/2: "California ISO Declares Stage Two Electrical
Emergency;
Continued Conservation Urged as Power Supplies Remain Limited"
Individual.com, Mon, 4/2: "[B] PG&E says it will take $4.1 bln charge on
uncollected
power costs (Wrap)"
------------------------------------------------------------------------------
---------------------------------------------------
OUTLOOK
Outlook
Corporate greed isn't to blame for energy crisis in California
JERRY TAYLOR, PETER VANDOREN
04/01/2001
Houston Chronicle
4 STAR
4
(Copyright 2001)
TO hear California's politicians tell it, heartless power- generating firms
are the cause of the high price of West Coast electricity.
Deregulation, the populists claim, allowed them to sell electricity at
astronomical prices in an utterly dysfunctional wholesale market. The Federal
Energy Regulatory Commission has now joined the witch hunt, ordering power
generators to refund the state of California $124 million for "overcharges"
during the power emergencies in January and February. The only problem with
price controls, we're told, is that they're not more aggressively applied.
Have we learned nothing from economic history?
The commission maintains that it cost 27 cents on average to produce a
kilowatt hour of electricity during peak demand periods last January.
California regulators, however, report that they paid an average of 28 cents
for that power on the daily spot market. During February, wholesale natural
gas prices exploded, resulting in production costs of 43 cents per kilowatt
hour. Unfortunately, no published data exist to discern what that power
actually sold for. But given the size of the commission-ordered rebates and
the extent of the markups observed in previous months, it's unlikely that
wholesale prices were more than a few cents higher on average than production
costs. Nonetheless, because the commission's mission is to prohibit "unjust
and unreasonable" wholesale prices, the commission wants the generators to
give back the difference charged during the power emergencies earlier this
year.
The economic populists have seized on those commission orders as proof that
they're being robbed blind. But hold on a minute: The commission's data
clearly show that high wholesale electricity prices (which hovered around 3
cents per kilowatt hour before the crisis hit last year) are primarily the
result of higher production costs, not corporate greed. To be sure, industry
analysts believe that actual production costs during power emergencies are
far higher than the commission believes, but at least the commission has
recognized that input prices explain most of the spike. The upshot is that
higher production costs would have sent wholesale electricity prices through
the roof even if the Legislature had not "deregulated" its electricity market
in 1996.
The commission also implicitly concedes - rightly - that the highest cost
source of supply needed to meet demand is the legitimate price for all power
sold in the state. For instance, the cost of producing a kilowatt hour of
nuclear, coal, or renewable-fired electricity ranges from 2 cents to 6 cents,
but the commission does not propose to require those generators to price at
cost.
Given the overall shortage of electricity in the Western region, the
commission grants those power generators the right to charge what the market
will bear.
But wait: Why is it OK with the commission if some generators charge what the
market will bear, but not OK for other generators to do likewise? Top
electricity economists spanning the ideological spectrum agree that power
supplies are so tight in the West that most natural gas-fired generators can
charge more than their costs and still find willing buyers. Not only is this
not a crime were it to occur in any other market, it's necessary if
electricity is to be allocated to those who need it the most.
For the sake of argument, let's assume that about a nickel out of each
kilowatt hour sold during the peak demand periods in January represents
"profiteering." If so, don't blame the free market . . . it doesn't exist. In
California, generators can charge whatever they want during a crisis without
fear that the prices they name will reduce sales because the state insists
upon maintaining retail price controls. This is called a "dream scenario."
Without those rate caps, generators would find that high prices reduce sales,
providing a disincentive against charging the moon. The upshot is that retail
price controls are themselves primarily responsible for whatever mischief
exists.
Still, we're arguing about a nickel out of a bill of 28-45 cents per kilowatt
hour. That's a lot of to-do about relatively nothing. Drum all those alleged
excess profits out of the market and we're still in a world in which
California ratepayers are getting one heck of a free ride. Even with the 40
percent rate hike passed last week, California ratepayers are still paying
only one-third to one-fifth the cost of the power they are consuming.
You don't need a Ph.D. in economics to understand that subsidies like that
will inevitably result in excessive consumption, scarcity and blackouts.
Those who think that denying the laws of supply and demand are the best way
out of this mess will soon be pondering such thoughts in the dark.
Drawing: (p. 1)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
------------------------------------------------------------------------------
-------------------------------------------------------------------
Report: Potential rate hike included in California power talks
LOS ANGELES (AP) -- The state's negotiations to buy power lines from ailing
Southern California Edison included a draft proposal that could mean another
rate hike for customers, the Los Angeles Times reported Monday.
The newspaper said it obtained a 40-page draft memorandum of understanding,
dated last week, that among other things could obligate Edison customers to
help pay the utility's massive debt through a "dedicated rate component" --
potentially a rate hike -- even if no power line deal is reached.
The component, which wasn't specified, wouldn't show up in bills for two
years, according to the draft.
The document was dated Tuesday -- the same day that the state Public
Utilities Commission approved record rate increases of up to 42 percent for
Edison and 46 percent for PG&E.
The PUC was scheduled to meet Monday to determine how best to hear from as
many different groups as possible before implementing the increase.
A spokesman for Gov. Gray Davis said Sunday that the draft memorandum -- one
of several floated in the state's ongoing, nearly two-month-old talks with
Edison -- already is obsolete.
"This draft is ancient history," Steve Maviglio said. "We have moved beyond
that, and continue to make progress and hope to be able to make an
announcement shortly." He did not provide other details.
On Friday, Edison officials described as "very active" talks with the
governor's office over the sale of its transmission lines to give the
struggling utility a cash infusion. But SCE chief financial officer Ted
Craver said a deal was not imminent.
In addition to Edison, Davis wants to buy electrical lines from Pacific Gas &
Electric Co. and San Diego Gas & Electric Co. for a combined total of about
$7 billion.
Edison and PG&E say they've lost nearly $14 billion since June to high
wholesale prices.
Talks between the state and PG&E are awaiting the outcome of the Edison deal,
PG&E spokesman John Nelson said Sunday.
Meanwhile, the Bush administration on Sunday reiterated its opposition to
price controls as a method of halting soaring energy costs, including
California's.
"Our view is that price caps on energy create shortages. They created the gas
lines of the 1970s," U.S. Energy Secretary Spencer Abraham said on ABC's
"This Week."
"If we did them in California, for instance, where this call has gone out,
we'd have more blackouts this summer, they'd last longer, and they'd go on
into the future," Abraham said.
As for helping the state, "we're doing the most that we can," Abraham said.
"But as I've said, we don't have a generator in the basement of the
Department of Energy where I can automatically send electricity, whether it's
to California or another part of the country."
------------------------------------------------------------------------------
----
Davis softens on rate hikes; Democrats fear backlash
By John Marelius?
UNION-TRIBUNE STAFF WRITER
April 1, 2001
ANAHEIM -- Gov. Gray Davis all but abandoned his once-adamant opposition to
electricity rate increases yesterday as angst over the potential political
fallout from the energy crisis dominated what had been planned as a weekend
of celebrating Democratic electoral gains in California.
In a speech to the California Democratic Party Convention, the governor
sketched the outlines of an alternative he is expected to propose to the rate
increases of up to 46 percent approved last week by the state Public
Utilities Commission.
"If a rate increase becomes absolutely necessary to keep our lights on and
keep our economy strong, you can be sure of one thing from this governor:
I'll fight to protect those least able to pay, reward those who conserve the
most and motivate those who are the biggest guzzlers to cut back," Davis
said.
Some question value of transmission lines
?
Meanwhile, state Controller Kathleen Connell pointedly decried a "delaying
and incremental" approach to the energy crisis and warned of a voter backlash
against Democrats in next year's elections.
"Just ask President Jimmy Carter what happens when you stall and you don't
solve the gas-line problem," Connell said. "We don't want to have that happen
to California Democrats."
Davis, who has a history of animosity with Connell, shrugged off the unstated
but obvious critique of his handling of the crisis.
"Everyone's entitled to their point of view, but I believe that we've moved
at warp speed to address this problem," he said. "I'm pleased that we've been
able to keep the lights on most days. .?.?. Maybe if she's not happy with
that, she can run for governor next time."
One analyst speculated that may be exactly what Connell has in mind. She is
running for mayor of Los Angeles but is not expected to be a major factor,
and term limits prevent her from seeking a third term as controller next
year.
"It's the opening salvo in the 2002 Democratic primary campaign," said Sherry
Bebitch Jeffe, a political scientist at the University of Southern
California. "I don't know how else to interpret it."
With the election of President Bush and Republicans in control of Congress,
the Democratic Party finds itself in its weakest position nationally since
the Eisenhower administration. Yet in California, Democrats are in their
strongest position in decades as they hold all but one statewide office and
wide majorities in the state congressional delegation and both houses of the
Legislature.
A succession of convention speakers -- U.S. Sen. Barbara Boxer, House
Minority Leader Dick Gephardt of Missouri and Democratic National Committee
Chairman Terry McAuliffe -- excoriated Bush's assault on Democratic
environmental and worker safety regulations and held up the California
Democratic Party as a national model for Democratic electoral success.
"If every Democratic Party in the country did what California did for House
Democrats, I would have the (House speaker's) gavel today," Gephardt said.
For the first time, Democrats are holding their state convention in Orange
County, a Republican stronghold where Democrats have been making solid
inroads because of the steady influx of immigrants from Asia and Latin
America.
"This ain't your grandfather's Orange County," Davis crowed. "You know,
Orange County has a Republican past, but it has a Democratic future."
Such self-congratulation was tempered by the awareness that because Democrats
hold such a position of dominance in California, voters will expect them to
solve the electricity problem even as Democrats continue to blame it on the
deregulation policies of former Republican Gov. Pete Wilson.
"There will be no excuses for Democrats in this state because we dominate
state government," Connell said.
She warned that continued "finger-pointing" would not solve the problem.
Other speakers continued to hammer away at Wilson as some of the walls in the
Anaheim Convention Center bore posters reading, "Wilson did it." And then
there was the message inside the fortune cookies: "Energy fiasco. DNA proves
Wilson at crime scene."
"What the voters have to understand is that we inherited this crisis," said
California Democratic Party Chairman Art Torres, who was elected to a second
four-year term yesterday. "Now we've got to deal with it, and we should be
held accountable on how we deal with it."
Davis remains a strong favorite to win re-election next year, but his
once-robust popularity apparently has taken a major hit in recent weeks,
especially when blackouts began rolling across the state.
"There are people polling and they show enormous deterioration in Davis'
numbers, and it looks like he's got some real political problems," said
Democratic strategist Bill Carrick. "But ultimately, he's going to be judged
on how he manages the crisis and can he get a solution on this before next
year that makes some sense to people."
For months Davis said electricity rate increases were out of the question and
recently claimed he could have solved the problem in 20 minutes if he had
been willing to entertain them.
When the PUC voted its increase for Pacific Gas and Electric Co. and Southern
California Edison Co. on Tuesday, Davis called the action premature, but did
not offer an alternative. Yesterday, he said he was consulting with financial
analysts and would propose a rate plan before the end of the 30-day period
before the action of the independent commission becomes final.
"I will have a fuller statement within the next two weeks, at which time I
will speak to what if any rate hike I think is appropriate and how tiered
pricing should be implemented," the governor said.
Davis lashed back at Republican legislators who have escalated their
criticism of his handling of the crisis. He blamed the GOP for the ill-fated
1996 deregulation without mentioning that the plan cleared the Legislature
with unanimous Democratic support.
"The Republicans who were so enamored with deregulation just five years ago
have become even more enamored with criticizing me as I try to clean up their
mess," Davis said. "May I remind our Republican friends that this
deregulation disaster was authored by a Republican legislator, passed by a
Republican Assembly, signed into law by a Republican governor and implemented
with undue haste by a Republican PUC."
------------------------------------------------------------------------------
----
Some question value of transmission lines
By Jeff McDonald?
UNION-TRIBUNE STAFF WRITER
April 1, 2001
Transmission lines have been upgraded. Poles are taller and sturdier.
Electricity is shuttled farther and faster than ever before.
But like internal combustion engines or indoor plumbing, not much has changed
over the past 100 years in the fundamental design of the distribution network
that pushes power across North America.
The electric grid, a vast collection of wires and switches, has served
millions of homes and businesses since the late 19th century. The grid has
been expanded again and again, decade after decade.
Now, with Gov. Gray Davis negotiating to buy huge sections of the grid owned
by three cash-hungry California utilities, questions are being raised about
the long-term value of such a dated delivery system.
Is the web of power lines a key link in the supply chain whose worth will
climb higher and higher as demand for electricity grows? Or will looming
technology render the grid obsolete even before the state can pay off the
bonds it issues to buy the system?
"The usefulness of the grid is still intact -- it does work," said Mark
McLaughlin, a researcher with the Alternative Energy Institute, a Tahoe
City-based group that promotes renewable power sources.
But "it will become less important over time -- 10, 15 years," he said. "As
for being completely reliant on it, that is changing now and will continue to
change at an ever-increasing pace."
Technological advances already are redefining traditional electricity
delivery.
With blackouts crippling businesses across the state -- and additional
outages forecast for this summer -- more and more companies are investing in
so-called distributed generation, a broad term applied to any number of
devices that can make power on-site.
Increasingly popular products such as microturbines, cogeneration plants,
photovoltaic systems and residential fuel cells allow consumers to limit
their reliance on utility companies such as San Diego Gas and Electric.
"This (power) crisis has generated a huge amount of interest in the product,"
said Mark Kuntz of Capstone, a San Fernando Valley-based company that markets
30-and 60-kilowatt microturbines.
"We're in the process of responding to that interest and turning it into
orders."
The abundance of alternatives for businesses and homeowners has propelled a
new debate: what to do with the surplus power produced by distributed
generation systems.
Investors are banking that the electric grid will remain hugely valuable
because it can move energy in any direction.
"We are building a company around our bullishness on the grid," said Fred
Buckman, chairman of Trans-Elect Inc., a private Washington, D.C.-based
company that plans to spend $15 billion acquiring transmission lines.
"The deployment of smaller distributed generation systems will reduce the
rate at which we have to grow the transmission system, but we don't believe
it will replace the grid."
Trans-Elect bid up to $5 billion for the lines owned by Southern California
Edison, Pacific Gas and Electric, and SDG&E. But that offer was pushed aside
by utility company executives when it became clear that Davis wanted the grid
for the state of California.
More important to utilities, however, may be the eventual sales price.
Edison agreed in principle to sell its share of transmission lines to the
state for $2.76 billion. But details of that proposed deal -- announced in
February -- remain to be worked out.
In the meantime, lawmakers are growing anxious about continuing delays. Some
legislators say Davis should rethink buying the grid and instead consider
acquiring the utilities' hydroelectric networks.
The $2.76 billion price tag for the Edison lines is about 2.3 times the their
book value -- the base worth used by regulators to set rates of return.
If PG&E and SDG&E reach similar deals with the governor, the cost of
acquiring some 32,000 miles of transmission lines could reach $7.4 billion --
too much, some consumer advocates worry, to make the transaction a good deal
for ratepayers.
Public ownership of the grid would give the state a powerful hand in dealing
with federal energy regulators, who so far have refused to rein in power
generators, consumer groups say.
The acquisition also would curtail unnecessary additions to the system,
investments that provide guaranteed profits to the current owners, activists
say.
"The state isn't looking to make money expanding the system," said Michael
Shames of the Utility Consumers' Action Network. "The state can establish a
policy that says no new grid will be built where distributed generation can
substitute."
But many experts believe that even as microturbines, fuel cells, windmills,
solar power and more cogeneration plants take root in coming years, the grid
will be needed to deliver surplus power to other places that can use it.
Without having ways to move power from place to place, a major benefit of
distributed generation would fall by the wayside.
"The only way small assets are useful is if they can be shared when some
power isn't needed, and you can't do that without a grid," said Mark P.
Mills, an energy consultant and co-editor of the Digital Power Report.
"The grid becomes more important the more you distribute things."
Nancy Floyd is a co-founder of Nth Power, a San Francisco venture capital
group that seeks investment opportunities in utility innovations --
particularly the transmission and distribution of electricity.
Five years ago, the firm had $50 million to spend. By 1999, the investment
pool had climbed to $350 million. Last year, the company portfolio soared to
$1 billion.
"This is an area that's attracting a lot of capital, which means you're going
to have a steady stream of new products and services," Floyd said. "That is
the bright side of deregulation."
Pure Energy Corp. of Syracuse, N.Y., has operated the Iceoplex cogeneration
plant in Escondido since 1994. It sells its 50 or so megawatts to SDG&E,
which transmits the power over the grid for use by its customers.
The firm has been floating plans to double capacity at the plant just east of
Interstate 15, but company executive Jack Wolf said a ruling by California
regulators last week has him rethinking expansion plans.
Adding new turbines or cogeneration plants can rub neighbors the wrong way.
Smokestacks billow out steam, which some residents say is unsightly even if
the plume of white is only harmless water vapors.
Wolf said his company met several times with Escondido residents to iron out
concerns about boosting capacity at the Iceoplex.
"If you're doing something like (expanding), you've got to meet with the
communities, understand what their concerns are and work with them," Wolf
said.
Taxpayer advocates, meanwhile, do not worry whether the grid will remain
viable over the next decade or two. Instead, they fear the government
takeover of an aging network of poles and wires.
"You're going to be socializing a massive infrastructure," said Jonathan
Coupal, director of legal affairs for the Howard Jarvis Taxpayers
Association.
"The state of California can't even maintain the damn roads," he said. "Now
we're going to be taking on not only the purchase but the ongoing maintenance
of a huge infrastructure?"
At the National Renewable Energy Laboratory in Golden, Colo., researchers
work to improve the efficiency of alternative energy programs and promote
their use among mainstream consumers.
But even as workplaces and neighborhoods across the country move toward
supplying their own power, the transmission system will remain a vital part
of the network that delivers electricity from place to place, experts say.
"Will the grid be obsolete in 20 years? Absolutely not. Things don't move
that fast," said George Douglas of the National Renewable Energy Laboratory.
"But we need to be forward-looking.
"If each office park and subdivision has its own power source, that doesn't
mean you don't want them linked, because things do fail."
Stanford S. Penner, director of the UCSD Center for Energy Research, is
convinced that the power grid will remain critical for decades to come.
History has shown that implementing new technology takes far longer than
inventing it, he said.
"The turnover by a new technology has usually taken 40 to 50 years," he said.
"Twenty years from now, they will still be relying on the transmission lines.
Forty years from now, they may be starting to phase them out."
------------------------------------------------------------------------------
--
This Summer, Power-Hungry U.S. May Feel West's Pain
By ERIC SLATER, Times Staff Writer
?????CHICAGO--California's electricity meltdown has been so spectacular that,
until recently, much of the rest of the country was sitting back, feet up,
watching the rolling-blackout show on television.
?????No longer. As summer approaches, utility operators across the nation are
scrambling to shore up their own systems, many of which are themselves in the
murky middle of deregulation and in varying states of neglect and disrepair.
?????In Chicago, the recently overwhelmed power provider actually advises
competitors on where to build power plants. In New York City, officials say
the difference between light and dark this summer may be 11 mini-generators.
And in states from Arkansas to North Carolina, legislators are watching
California's deregulation fiasco and slamming the brakes on their own plans.
?????The West is bound to suffer the most this summer, experts agree, but
it's going to feel long and hot across much of the rest of the country,
whether it really is or not. And with the economy already sputtering, the
largest power shortage since the Arab oil embargo of 1973 could be nudging
the country toward recession.
?????"Pray for continuous clouds," advised San Francisco-based energy
consultant Edward Kahn.
?????A good word for cheaper gasoline in the Midwest, strong backs for coal
miners in the South and lower natural gas prices from coast to coast might be
in order as well.
?????In the U.S., electricity flows a bit like water in that the two largest
grids separate roughly along the Continental Divide. Power generated in the
West stays there, for the most part, and likewise the juice in the East.
(Texas has its own grid.)
?????With California, the world's sixth-largest economy, continuing to
founder after its steady diet of deregulation mistakes, the other 10 mostly
rural states in the Western grid are likely to suffer as well. As Rep. Jay
Inslee (D-Wash.) put it: "You can, today, see blackouts coming, big as life,
and an energy crisis going into the fall."
?????The Eastern Interconnect, however, is larger than its Western sibling,
more diverse in its sources and more complex in its physical structure, and
thereby protected from some Western-style utility woes. But, from a serious
transmission-line bottleneck near Eau Claire, Wis., to a 28-year-old Florida
law that some say is stifling much-needed growth, the Eastern grid has its
own kinks, soft spots and weaknesses.
?????If things start getting out of hand on this side of the Rockies, the
first fissure is likely to appear in the last place a fissure is needed: New
York.
?????When rates for many California customers shot up by as much as 46% last
week, New Yorkers could commiserate. They have seen their rates rise 40%
since 1999. A sweltering July or August could send prices up an additional
50%, some analysts predict. As in California, New York has deregulated its
power industry, so the market, not the state, sets the price. And as in
California, New York is heavily dependent on natural gas to fire its
generators--a commodity whose price has skyrocketed recently.
?????New York, again like California, also fell behind in the construction of
new plants--the last one going up in 1995--even as demand was growing
dramatically.
?????Now the city's power provider, Consolidated Edison, figures it has a
thin insulation of extra kilowatts to get it through the summer--unless it's
a bad one. Just in case, Con Ed wants to sprinkle the 11 mini-generators
throughout the city. Environmentalists, concerned about the air pollutants
the generators will kick out, have already filed suit to stop the plan.
?????Upstate New York has electricity surpluses ready to sell to the Big
Apple. So does the nearby PJM (Pennsylvania, New Jersey, Maryland)
Interconnection, which serves more than 22 million customers along the
Eastern Seaboard and has deregulated cautiously and effectively.
?????But "New York City--even assuming those generators come on line--is
going to be nip-and-tuck," said Bill Brier, vice president of Edison Electric
Institute, which represents private utilities.
?????The reason: Transmission bottlenecks make it all but impossible for the
city to import power on especially bad days. The Eastern grid is a much more
intricate web than that in the West, a mesh of more and smaller lines
ferrying electricity to a more evenly distributed population. But
deregulation has fundamentally changed how the grid is used without preparing
it for its new free-market role.
?????Constructed as a heavily regulated series of channels for efficiently
floating power from one utility with extra power to another in need, the grid
is now open to private electricity merchants who sell to the highest bidder.
In 1996, 25,000 transactions took place on the grid, according to the Edison
institute. By 1999, that figure had rocketed to 2 million.
?????"That," said Brier, "is why you're having more and more bottlenecks in
the system."
?????While deregulation has forced utilities to open up their transmission
lines to competitors, it has also allowed the marketplace--rather than
need--to dictate where new lines are strung.
?????In Minnesota, state officials would like new lines to come in from the
west and north, bringing cheap power from the Dakotas and Canada. But
Minnesota utilities would rather build lines in the opposite direction,
enabling them to sell power to Chicago and Milwaukee for perhaps twice the
price they're getting from Minnesota customers.
?????Of course, the utilities are running into the problem that always
accompanies proposed construction of 13-story metal towers buzzing with
megawatts: massive public opposition. In Wisconsin, a powerful grass-roots
group called Save Our Unique Lands calls one proposed line a "250-mile scar"
and points out that the line would go primarily to benefit not Wisconsinites
but their oft-derided urban neighbors, Chicagoans.
?????Just two years ago, Chicago, not California, was the daytime nightmare
of the electrical world. A summer of blackouts large and small began in July,
when more than 100,000 customers lost power on a 104-degree day, and
continued on and off for weeks, with 30 blocks of the central business
district going black for hours one Thursday afternoon.
?????Mayor Richard M. Daley went ballistic when Commonwealth Edison revealed
it couldn't warn of rolling blackouts because it wasn't sure how its
byzantine cable system works. After hundreds of millions of dollars in
upgrades, Chicago will still be vulnerable to blackouts this summer. But the
outages will be isolated problems of overload or mechanical breakdown, not
the systemic failures likely in the West.
?????In Illinois, restructuring that began in 1997 has gone relatively
smoothly, and the state and much of the Midwest has benefited from solid
policy and a decent amount of luck.
?????Just over half of Illinois' power comes from coal-fired plants, which
are cranking it out at a fraction of the cost of natural gas-driven
generators. An additional 42% comes from Illinois' 11 nuclear power
plants--more than any other state.
?????Only recently the ultimate utility albatross, nuclear reactors are
gaining some favor in the Bush administration. Operated by ComEd, which is
still working hard to burnish its image after the 1999 blackouts, every
reactor in Illinois is not only up and running but at record output,
according to David Helwig, ComEd vice president for operations.
?????In a brilliant public relations move, ComEd also printed maps of the
best sites for new generators and handed them out to competitors. With less
stringent environmental laws than in California, which hasn't built a major
plant in a decade, Illinois has continued to build.
?????More than 3,000 megawatts went online last year--about 10% of the
state's total load--and 10,000 more are planned for this year. "If we have a
problem in the Midwest, it's not going to be with generation, it's going to
be with the transmission grid," said Terry Harvill of the Illinois Commerce
Commission.
?????When the Eau Claire-Arpin line in Wisconsin overloaded at the same time
as a transformer in southeastern Ohio in June 1998, the Midwest became all
but isolated from the rest of the Eastern grid. And the incident demonstrated
dramatically another problem of deregulation that could still haunt the
system this summer. As operators scrambled to stave off blackouts, prices on
the spot market skyrocketed from $25 per megawatt hour to $7,500 per megawatt
hour.
?????Tom Overbye, an electrical and computer engineer at the University of
Illinois at Urbana-Champaign, wrote about the incident in a paper on
deregulation's effect on the power grid. "Imagine your consternation," he
wrote in American Scientist, "if one day you pulled into a gas station and
discovered the price had increased three-hundredfold, from $1.50 per gallon
to $450 per gallon."
?????The South, with its massive coal reserves, slow population growth and,
for the most part, a go-slow approach to deregulation, is likely to weather
its typical summer swelter, with one possible exception: Florida.
?????With a fast-growing population and a huge predicted shortfall of 11,000
megawatts over the next eight years, Florida had been a key target of
merchant operators looking to build. "Everyone saw Florida as the place to
go," said Rick Rhodes of Duke Energy, a major private supplier.
?????But when Duke prepared to build a 514-megawatt plant in New Smyrna, the
state's three investor-owned utilities filed suit under a nearly 3-decade-old
law restricting the entry of power wholesalers into the state. The Florida
Supreme Court ruled for the utilities, and Duke and other merchants planning
to build certain types of plants have, for the time, shelved their plans.
?????When it comes to transmission, Florida has another problem. Out-of-state
power can come from but one direction: north.
?????Supporters of deregulation are swift to point out that tinkering with a
$218-billion industry is bound to be painful at first and that while
California's debacle will take years to solve, other states will learn from
its experience.
?????As spring settles in, the Great Lakes thaw and half a dozen legislatures
begin tinkering anew with deregulation plans, a less optimistic school of
thought appears to be developing. "The California situation is so bad that it
confuses people," said Harvard University energy economist William H. Hogan.
"It scares people. It paralyzes people. . . . They learn the wrong lessons
and do the wrong things to fix it."
Copyright 2001 Los Angeles Times
------------------------------------------------------------------------------
----
State, Edison Discussed Pact to Pay Off Firm's Huge Debt
Proposed deal would commit customers to aiding utility even if that meant
another rate hike. Davis spokesman says memo has been changed significantly.
By DAN MORAIN, Times Staff Writer
?????SACRAMENTO--A draft agreement between the Davis administration and
Southern California Edison would seek to return the utility to financial
stability by committing ratepayers to help pay off its multibillion-dollar
debt in future years even if the state's proposed purchase of Edison's
transmission system falls through. ?????The proposal, which could translate
into yet another electricity rate hike on top of the record increase approved
last week, contains provisions that would assure investors and creditors of
Edison's ability to dodge bankruptcy. Yet those elements appear certain, if
they remain in the final version, to anger some consumer advocates and
lawmakers.
?????As negotiations continue between Edison and the administration, a
spokesman for the governor cautioned that the draft, dated last Tuesday and
obtained by The Times, has been updated and changed significantly.
?????Nevertheless, the 40-page memorandum of understanding lays out the most
detailed framework yet of the administration's attempt to avert the utility's
bankruptcy. Gov. Gray Davis has made a state rescue of debt-ridden Edison and
Pacific Gas & Electric Co. a key part of efforts to tame California's energy
crisis. Negotiations with PG&E have lagged, but officials believe a deal with
Edison could set the stage for similar agreements with the other utilities.
?????"This draft is ancient history," Davis spokesman Steve Maviglio said
Sunday of the document dated six days ago. "We have moved beyond that, and
continue to make progress and hope to be able to make an announcement
shortly."
?????Executives of Rosemead-based Edison could not be reached for comment.
?????There is at least one more recent draft, officials said. But the
document from Tuesday reflects the direction of negotiations. Internal memos
dating back weeks describe similar elements in the discussions.
?????The talks have been going on behind closed doors for almost two months.
Even legislative leaders, including Davis' fellow Democrats, have learned
little about details of the talks--to their dismay.
?????"I have no idea what's in the memorandum of understanding," Senate
President Pro Tem John Burton (D-San Francisco) said Sunday. "But the
Legislature is going to hold very comprehensive public hearings, so we know
what we're getting into. . . . Whatever the deals are, we're going to have
very full and open hearings: What is it we're getting? What is it we're
giving? And what is the price?"
?????The draft shows, as previously announced, that Davis is offering to buy
Edison's portion of the 32,000-mile-long statewide system of high-voltage
transmission lines for $2.76 billion, or 2.3 times its listed book value. For
the transaction to work, Davis hopes as well to buy the portions of the grid
owned by PG&E and San Diego Gas & Electric Co., for a total price of about $7
billion.
?????The document says the state would buy the transmission grid "as is,
where is, and with all faults" and would contract with Edison to operate its
portion at a price to be negotiated. If the state decides to sell the grid at
some later date, Edison, like other businesses, would have the right to bid
to buy it back.
?????Edison would use cash from the purchase to help pay off its massive
debt--the gap between skyrocketing wholesale electricity prices and what the
utility was allowed to charge ratepayers. In federal filings, Edison has
estimated that debt at $5.5 billion; barring regulatory or legislative
relief, the utility's parent company said in its most recent filing, it may
take a $2.7-billion charge against earnings for the fourth quarter of 2000.
?????But the state takeover could fail for a variety of reasons; the Federal
Energy Regulatory Commission could, for example, block the state effort.
?????The document gives no specifics about a backup plan for the state to
acquire other assets if it fails in its efforts to take over the entire
transmission system. However, the draft does contain provisions that would
allow Edison to again become financially viable.
?????In particular, the draft agreement says consumers could be obligated to
pay a so-called dedicated rate component to help the utility restructure its
debt, even if the grid sale is not completed. The memorandum further states
that the charge would not appear in rates for two years, and that the debt
would be repaid over 12 years.
?????The charge, at an amount not specified in the draft agreement,
presumably would be on top of electricity rate hikes approved last week that
could be as high as 46% for some users. As such, the charge would face
certain opposition from Republican lawmakers, who have criticized the rate
hikes, and from some Democratic legislators, who are increasingly skeptical
about Davis' handling of the crisis.
?????Consumer advocate Mike Florio of the Utility Reform Network explained
the provision by saying it may simply authorize Edison to begin restructuring
its debt, pending final approval of the highly complex transmission grid
sale, which could take a year or more to consummate.
?????"This is a huge transaction," Florio said. "They can't wait until the
deal is signed, sealed and delivered."
?????But V. John White, of the Center for Energy Efficiency and Renewable
Technology, among the first lobbyists to float the idea of a state takeover
of the utilities' transmission systems, said some terms outlined in the
tentative agreement are causing him to rethink his position.
?????"I don't see where the public benefits are," White said of the overall
deal. "The price of the transmission sale is a complete capitulation to
Edison."
?????The tentative agreement contemplates that the California Public
Utilities Commission, which has the responsibility to regulate the state's
investor-owned utilities, would lose the ability to make at least some
decisions.
?????The agreement says, for example, that Edison's credit-worthiness and
ability to finance improvements to its remaining holdings would require
"greater certainty in respect of [Edison's] ability to earn a fair return on
invested capital."
?????Toward that end, the tentative agreement would limit the PUC's ability
to pare back the utility's current 11.6% authorized rate of return on
investment, the document says.
?????"Nothing like this has ever been done anywhere in the country," White
said. "This would be a regulatory jailbreak."
?????Among other provisions, the memorandum says Edison would drop its
lawsuit against the PUC seeking the right to pass on its wholesale
electricity costs to consumers.
?????The draft is dated the same day that the PUC approved a rate hike of
about 40% to cover the state's costs of buying electricity from independent
power producers. The state started buying electricity, at an average daily
cost of more than $50 million, after Edison and PG&E fell so deeply into debt
that they no longer were credit-worthy.
?????Executives at PG&E, the state's largest electric utility, have agreed to
consider parting with its portion of the transmission grid. But details
remain to be decided. PG&E spokesman John Nelson said Sunday that talks
between Davis and his company await the outcome of the Edison deal.
?????"It's not because there is any breakdown," Nelson said. "It is just that
they've concentrated their efforts on Edison."
Copyright 2001 Los Angeles Times
------------------------------------------------------------------------------
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Vegas Lights Undimmed
Despite soaring prices for electricity, the big hotel-casinos don't plan to
reduce their dazzling wattage outside. But they are cutting energy use
indoors.
By TOM GORMAN, Times Staff Writer
?????LAS VEGAS--The newspaper stories about California's electricity woes can
be read easily at night on the Strip, bathed in the brilliance of miles of
neon and a gazillion lightbulbs.
?????And Nevada utility officials expect it to stay that way through the
summer--when air conditioners work day and night to make the desert heat
tolerable--avoiding the power problems that have brought California to its
knees.
?????But that confidence is coming at a price: increased electricity rates,
to the consternation of the Strip's monster hotel-casinos. Between September
and April, rates will have increased by about 46%, driven by forces that are
pushing up energy costs nationwide.
?????The typical Strip hotel-casino uses about the same amount of electricity
as 10,000 homes, according to utility estimates. Like anxious homeowners,
hotel-casino operators are scouring their properties, looking for ways to
conserve electricity and--more important perhaps to Wall Street--save money.
?????At the MGM Grand, maintenance crews are working their way through the
5,005 rooms, changing lightbulbs to dimmer ones, reducing each room's
consumption to 500 watts from 750.
?????At the MGM and other hotels, incandescent bulbs are being changed for
more efficient fluorescent lights in many cases. Thermostats are being
installed to reduce air conditioning in unused convention rooms, and motion
sensors are being installed to keep the lights off in empty offices.
?????Even slot machines are part of the trend: The newest models consume
about 160 watts of electricity, 25% less than older models, said a spokesman
for the world's largest slots maker, International Game Technology.
?????But one thing won't change: blazing signs and extensive use of exterior
lighting to illuminate the resorts.
?????"Las Vegas has an image and a certain cachet it has to live up to, and
that includes the exterior lighting and the neon and the marquees," said John
Marz, a vice president of Mandalay Resort Group, which owns four big Strip
casino-hotels and operates a fifth.
?????"It's what people come here to see," he said. "And reducing those would
be the last thing we do."
?????Even as casinos look for places to cut corners, they're also fighting a
bigger battle in the state capital of Carson City to reverse the state Public
Utilities Commission's approval of a single, whopping 25% rate hike for
casinos, which took effect March 1. At the same time, residential rates
increased by nearly 15%.
?????The rate increases were sought by Nevada Power Co., which serves Las
Vegas and surrounding areas, and its sister utility in northern Nevada,
Sierra Pacific Power Co., to pay for electricity they already have contracted
to buy this summer. That one-time increase is in addition to rate hikes
approved earlier that are raising rates more than 1% a month, starting last
September and continuing until September 2003.
?????By the end of that three-year period, residential electricity rates will
have increased about 75%, and the rates charged casinos will have increased
by about 65%, said utility spokesman Karl Walquist.
?????The issue is simple, Nevada Power says: Customers must pay more for
electricity so the utility can remain solvent and buy power on the open
market. Otherwise, Walquist said, the state's two utilities will face the
same dire consequences that are playing out in California.
?????Through its own four power plants, Nevada Power generates about 2,000
megawatts. It buys another 300 megawatts from small, private generators in
Nevada, and another 230 from the federal hydroelectric plant at Hoover Dam.
?????Though the dam was built to create the Lake Mead reservoir, it was also
equipped to generate 2,000 megawatts of hydroelectric power, for sale to
agencies in California, Arizona and Nevada. However, it operates at only
about 30% capacity, based on the amount of water released through the
turbines for purchase by various California and Arizona agencies downstream.
?????Come summer, southern Nevada will need about 4,600 megawatts, nearly
double its winter demand. To meet the 2,100-megawatt shortfall, Nevada Power
has contracted for electricity generated in Utah, Arizona and Colorado.
?????The most jarring rate increase, yielding $311 million statewide in
higher revenue to pay for those advance purchases, was approved by the
state's PUC in February without public hearings.
?????That decision triggered an angry response from the state attorney
general's consumer advocate, as well as from the gambling and mining
industries.
?????They complained that the utilities had failed to publicly prove the need
for more money, and that the rate increase violated agreements between the
utilities and the PUC--with the casino industry's blessing--calling for the
small, measured rate increases every month.
?????A PUC hearing officer on March 23 heard testimony from the utilities and
a consumer group on the need for rate increases, and a PUC decision is
pending.
?????Nevada legislators and Gov. Kenny Guinn are immersed in the electricity
issue. The state began moving toward deregulation four years ago, but
reversed itself after watching California's problems unfold. Deregulation is
no longer on the state's radar screen.
?????Legislators also are attempting to block plans by the state's utilities
to sell their power plants so they can focus on transmission and
distribution. The lawmakers fear that if the utilities lose control of power
generators, Nevada will be even more at the mercy of private power companies.
?????In the meantime, the Strip's lights continue to shine brightly, and
utility officials say skeptics should not look too critically at them as
power hogs.
?????"They're very efficient, especially in terms of cooling as many people
as they do," said Mike Smart, vice president of resource management for both
Nevada Power and Sierra Pacific.
Copyright 2001 Los Angeles Times
------------------------------------------------------------------------------
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Power Crisis Batters Budget
Stock slide, rate increases erode state's revenue
Greg Lucas, Sacramento Bureau Chief
Monday, April 2, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/02/M
N218239.DTL
Sacramento -- Billions of dollars in electricity purchases, rate increases
that will drain money from the economy and a crumbled stock market are
shriveling California's state budget.
Even the modest estimates of revenue growth on which Gov. Gray Davis' budget
was based are being erased by the power crisis and the stock slide.
"The assumption we had in January is no longer a prudent assumption," said
Ted Gibson, chief economist at Davis' Department of Finance.
Although the flat economy is already pinching the state's cash intake, the
biggest hit will come at tax time 2002 -- 10 months into the budget Davis and
lawmakers are trying to put together before the new fiscal year starts on
July 1.
Next April there won't be the bonanza of capital gains and cashed-out stock
options the state has reveled in over the past two years.
Hard times in the dot-com world mean hard decisions for the Democratic
governor and lawmakers as they put together a spending plan.
On the Senate floor last week, President Pro Tem John Burton, D-San
Francisco, warned his colleagues not to expect too much from the budget
because the state was tapped out.
Everything from pork barrel projects to public schools could feel the pain.
A raft of one-time spending items are at risk: $250 million in aid to cities
and counties, $100 million to clean up beaches, $100 million to replace
higher-polluting diesel engines, $40 million in library improvements at state
universities.
The Senate has already cut $1.9 billion from the $102 billion spending plan
sent to them by Davis.
Davis' January budget expected the fiscal year to end with $5.8 billion in
reserve. Some $3.7 billion in electricity purchases have cut that reserve to
$2.1 billion with another $1 billion in energy buys authorized just for this
month.
That has led the legislative analyst to recommend that lawmakers take no
action on $2.3 billion in one-time spending proposed by the Democratic
governor.
"We're being very cautious because of the number of uncertainties," said Brad
Williams, chief economist at the legislative analyst's office.
There are several reasons for the worsening cash drain, which will hit
hardest next year but is already taking a toll on revenue collections.
One-fifth of the state's general fund revenue comes from capital gains and
stock options.
That won't be happening next April.
In January, Davis predicted state taxes paid on capital gains and stock
option income would be 10 percent less next year. And projections now are
that it will be even less.
As more companies use stock options as compensation for employees, the more
tightly the state budget is chained to the whims of Wall Street.
Last year, the state estimated that $84 billion in stock option income was
generated in California. Of that, just seven high-tech companies created half
of the income. Cisco Systems alone represented nearly 10 percent of the $84
billion.
Since November, the Nasdaq has lost 45.5 percent of its value, a huge hit for
California, the center of the dot-com high-tech universe.
For example, Cisco has fallen from roughly $55 a share to $16 a share, making
it unlikely any holders of stock options will cash out unless they have to.
Similar drops have occurred in other big technology companies like Sun
Microsystems, Intel and Oracle.
"The phase we saw the last several years will not return," said Tom Lieser
senior economist at UCLA's Anderson Business Forecast. "The days of the dot-
com millionaires are over."
"The technology sector will come back, but this year is going to be a tough
one, and next year may be transitional," Lieser said.
Income from investors realizing capital gains was originally expected to
reach nearly $94 billion this year and fall to $84.5 billion next year, but
budget analysts now say that next year's projections may be too optimistic.
If the stock market soars over the next eight months, the budget picture
could brighten.
Another budget plus could be the taxes collected this month. Stronger than
expected revenue would stanch some of next year's losses.
The economy's fade is already being felt. A slow holiday spending season last
year has led to less-than-expected sales tax collections for the state.
Sales tax revenue for February came in $165 million under estimates.
And withholding taxes, which are carved out of an employee's paycheck and
sent to the state, are expected to continue to grow, but not nearly at the
brisk rate as last year.
Then there's the energy crisis.
The state is tearing through $50 million a day to buy power for the cash-
poor utilities, with authorization for $4.7 billion in purchases.
"Even Bill Gates would feel that after a while," said Lieser.
So far, the agencies that decide California's credit rating aren't worried
because Davis and lawmakers plan to make the state whole by issuing bonds in
May or June.
That was one reason for the Public Utilities Commission's average 40 percent
electricity rate increase: to create a big enough revenue stream to make
investors more comfortable about buying the bonds.
The rate increase is going to take $4.8 billion from businesses and
consumers, money that might otherwise be spent in other parts of the economy.
Although total income in California last year was nearly $1.2 trillion, $4. 8
billion is still a chunk of change.
"It will be a factor depressing growth somewhat over the next year," said
Williams.
The economic effect of the energy mess is longer-term. How much will
blackouts hurt productivity? Will businesses expand in California or
somewhere else with a more reliable supply of energy?
Gibson says businesses are going to give the state 18 months to sort out its
energy problems which Gibson thinks the state will do.
"The silver lining is that the 2-by-4 has been applied to the donkey's head,
" Gibson said. "We've learned we have a problem with energy supply, and three
or four years down the road this will settle out, and we may even have a
surplus."
Grumbles Lieser: "The thing about this is it should have been foreseen.
People were warning us."
E-mail Greg Lucas at [email protected].
,2001 San Francisco Chronicle ? Page?A - 1
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Davis Blames Crisis On State Republicans
But Democratic controller points at governor
Carla Marinucci, John Wildermuth, Chronicle Political Writers
Sunday, April 1, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/01/M
N154353.DTL
Anaheim -- The politics of energy dominated the state Democratic convention
yesterday, as anxious delegates gave a lukewarm reception to embattled Gov.
Gray Davis, who clashed bitterly with party rival, Controller Kathleen
Connell.
Speaking at the Anaheim convention center, where dimmed lights were a
constant reminder of yesterday's Stage 2 alert, Davis blamed California's
energy woes on former Gov. Pete Wilson, Republican lawmakers and the Federal
Energy Regulatory Commission, which, he charged, has failed to regulate
greedy energy firms selling power at "out of control prices."
He insisted that he was not sure rate increases were necessary, refusing to
say whether he would support huge hikes backed by the Public Utilities
Commission last week. He suggested, however, that he favors a system of
tiered electricity pricing.
"These Republicans -- who were so enamored with deregulation just five years
ago -- have become even more enamored with criticizing me as I try to clean
up their mess," the governor said to tepid applause from the 1,900 delegates.
"This deregulation disaster was authored by a Republican legislator,
passed by a Republican Assembly, signed into law by a Republican governor and
implemented with undue haste by a Republican PUC."
But the governor's Republican-bashing was overshadowed politically by an
attack by state Controller Connell, a candidate for Los Angeles mayor -- who
rejected what she called Davis' "finger-pointing" and assailed his handling
of the crisis. The dramatic development demonstrated both deepening rifts
within California's ruling party and the high political stakes of the energy
crisis.
"There will be no excuses for Democrats in this state, because we dominate
state government," Connell said in a convention speech in which she also
outlined proposals to require "power hogs," such as malls, to install their
own microgenerators.
"I spent the past eight years making sure the state had a surplus, and now
I'm seeing it eaten away every day by energy costs. . . . Whatever solution
(the governor) provides must come fast and be shared openly with the people
of California," she said in a dig at Davis, who has been criticized for
moving too cautiously and for resisting disclosure of energy contracts to the
public.
Warning of the costs of "a delay and an incremental approach to an indefinite
problem," she said, "I won't stand by and allow the consumers to pick up the
tab."
DAVIS DEFENDS POLICIES
Asked to respond to Connell's critique, Davis told reporters, "I believe
we've moved at warp speed to address this problem. . . . We've kept the light
on most days."
The governor, who endorsed Connell's opponent, former Assembly Speaker
Antonio Villaraigosa for mayor, then added, "It might be if she's not happy
with that, she can run for governor next time."
Garry South, the governor's senior political adviser, was even more caustic,
lambasting Connell as a party infidel. "This is why Kathleen Connell doesn't
have a friend in all Los Angeles," he said. "She's been picking on the
governor since day one."
"It's all air," he said of her talk. "Not only hot air but a foul wind."
In an interview while campaigning later in the day, Connell toughened her
rhetoric, saying, "The emperor has no more clothes here in California."
"We are well into the fifth month (of the energy crisis) and we have yet to
find any answers from the administration," said Connell, who promised to
release her own detailed solutions to the crisis next week.
Unlike many Democrats at the convention, festooned with "Wilson Did It"
signs, she rejected as "irrelevant" the suggestion by Davis that Republicans
were to blame for California's energy woes.
"Californians are wearying of this finger-pointing and closed-door
negotiations and extended debate," she told The Chronicle. "The public is no
longer going to be patient with us. They're going to hold the governor
accountable when they get the bill."
CONNELL LAGGING IN POLL
Connell, who is forced by term limits to give up her post as controller next
year, has lagged in her campaign to become mayor of Los Angeles. With 10 days
to the election, a recent poll showed her running fourth behind City Attorney
James Hahn, Villaraigosa and businessman Steve Soboroff.
Despite Davis' words and speculation among delegates, Connell denied she was
eyeing the governor's seat for the future. "I'm not looking two or three
years down the line," she said. "But I hope the governor is looking toward an
immediate solution to this problem."
The governor's speech was his first since the PUC announced rate increases of
as much as 46 percent. Davis refused to say whether he would support the
immediate rate increase approved by the PUC but suggested that he would back
a tiered billing system.
"If a rate increase becomes absolutely necessary to keep our lights on and
our economy strong, you can be sure of one thing from this governor," Davis
said. "I'll fight to protect those least able to pay, reward those who
conserve the most and 'motivate' those who are the biggest guzzlers to cut
back."
He later dodged reporters' questions about specifics, repeatedly saying that
within the next two weeks he would release a statement detailing "what, if
any" increases were needed.
"Many advisers from Wall Street are running numbers, and they appear to be
different from the PUC's," he said.
Davis also said he has already done a lot to address the crisis and had "kick
started" construction of new power plants and successfully promoted
conservation programs.
Some of Davis' backers at the convention, watching the squabbling, expressed
concern about some of the governor's tactics.
"People want a leader to lead," said Susan Leal, San Francisco's city
treasurer. "They're looking for someone to come out and take command,
regardless of who started this."
But, she said, Davis is a tough and smart politician, and "people are still
going to be forgiving if (the governor) does something to attack the
problem."
OTHER DEMOCRATS BLAME GOP
Other Democratic Party leaders were also quick to defend Davis and to blame
Republicans.
Terry McAuliffe, chairman of the Democratic National Committee, suggested
that President Bush has ignored California's energy problems because "he's
worried to death about Davis running for president."
California is the world's sixth-biggest economy, McAuliffe noted in an
interview, and Bush "has basically written it off, saying, 'Good luck to you.
You're not getting any help.' "
Art Torres, chairman of the state Democratic Party, said Davis "is attacked
every day by the backbench Republican yahoos in the Legislature" and
predicted that public concern over energy would ebb by next year's election.
"We're looking at issues that are going to transcend the energy issues we see
now," Torres said, such as crime and violence in the schools, economics, the
environment and abortion.
But political analyst Sherry Bebich Jeffee said Connell's criticism was
evidence of a party split and perhaps "the opening salvo in 2002," when Davis
is up for re-election.
Davis's entire party, she said, could be in trouble if voters get fed up with
higher energy bills.
"Do the math," said Jeffee, noting that Democrats hold all but one state
office and control of the both houses of the Legislature. "If you're going to
throw the bums out, the bums in this state are mostly Democrats."
E-mail Carla Marinucci at [email protected] and John Wildermuth at
[email protected].
,2001 San Francisco Chronicle ? Page?A - 1
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NEWS ANALYSIS
Rate Increases May Be Just Beginning
Unanswered questions now may mean higher bills soon
David Lazarus, Chronicle Staff Writer
Sunday, April 1, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/01/M
N162185.DTL
When regulators passed an average 40 percent electricity rate increase last
week, they insisted this was the last time the state would be reaching into
consumers' pockets to pay for California's energy mess.
Don't bet on it.
Numerous questions remain about the costly bailout of the state's two largest
utilities and the billions of dollars in taxpayer money being spent to keep
California's juice flowing.
And a growing consensus has emerged: Rates almost certainly will go up again
before the worst is over.
"Based on what the state and utilities have been paying for electricity, 40
percent doesn't come close to covering it," said Linda Sherry, a spokeswoman
for Consumer Action in San Francisco. "It's going to be a nightmare this
summer."
Indeed, Gov. Gray Davis admitted last week that there are "a lot of moving
parts" to California's energy equation, and that it is too soon to say
whether additional rate hikes will be required.
More tellingly, the governor, after doing his best to distance himself from
the latest rate increase, opened the door to supporting future increases that
are "absolutely necessary for the good of the state."
MIXED MESSAGES
State leaders have yet to get their story straight. Earlier in the week,
Loretta Lynch, president of the Public Utilities Commission and a Davis
appointee, told The Chronicle that there probably would be no more rate hikes
this year.
"We think this will cover everything," she said of the PUC's decision to
approve a new 30 percent rate increase and make permanent an average 10
percent "temporary" increase adopted in January.
The move will allow utilities to raise an extra $4.8 billion a year from
customers -- although it remains up in the air where the bulk of the money
will go.
Consumer advocates say state officials are kidding themselves if they think
California has solved its energy troubles.
"This summer is when the energy companies will make the most mischief and
drive energy prices through the roof," said Harvey Rosenfield, head of the
Foundation for Taxpayer and Consumer Rights in Santa Monica.
Based on his group's calculations, and the fact that the state is burning
through about $50 million a day buying power on behalf of cash-poor
utilities, he said it is not out of the question to believe power bills will
go as much as 100 percent higher.
"There is no end in sight," Rosenfield said. "We are at the mercy of economic
terrorists, and you can't bargain with terrorists."
State Controller Kathleen Connell estimated the state faces a $7.4 billion
shortfall if it keeps spending money hand over fist on the volatile
electricity "spot" market.
She predicted that the state will shell out nearly $27 billion over the next
18 months to keep the lights on -- more than twice the amount in bonds that
California is authorized to sell to cover its payments.
Connell said she was "troubled by the fact that consumers already are being
rocked by a substantial rate increase, and I don't want them assuming that's
the total exposure."
For example, state officials have yet to address the roughly $14 billion in
debt hanging over Pacific Gas and Electric Co. and Southern California
Edison. Last week's rate increase will not be applied to that thorny problem.
Moreover, despite a PUC ruling that the utilities must repay the state
Department of Water Resources for more than $4 billion in recent power
purchases, that too remains a question mark.
Still to be determined: How will the limited revenues collected from
ratepayers be disbursed among the state, the utilities and smaller power
companies that have had to shut down recently because they are owed millions
of dollars.
"The state is at the front of the line," insisted Steve Maviglio, a spokesman
for the governor.
If so, this could leave the utilities and alternative energy providers with
nothing to cover their own expenses. The threat of bankruptcy, which has
hovered in the background for weeks, suddenly has become a more serious
concern.
NO GUARANTEE OF RELIEF
PG&E's chief executive, Gordon Smith, warned that even with higher rates, the
PUC's decisions to force payments to the state and change how the utility's
debt will be tabulated could exacerbate the situation.
"The actions do not offer a comprehensive solution, fail to resolve the
uncertainty of the crisis and may even create more instability," he said.
On Friday, PG&E's parent company, PG&E Corp., said it may have to write off
more than $4 billion in debt because of the changes. The company also said it
would delay release of its annual report, which was due to be unveiled
tomorrow.
"Every day, we calculate how this picture looks in Chapter 11 and out of
Chapter 11," PG&E's chief financial officer, Peter Darbee, told financial
analysts in a subsequent conference call. "Thus far, we have concluded that
shareholders are better off out of Chapter 11."
That "thus far" rang out loud and clear among listeners. Without more cash,
many came away thinking, the likelihood of PG&E declaring bankruptcy is now
substantially higher.
"The chance of further rate increases is certainly within the realm of
possibility," said Herbert Hart, research director at Redwood Securities
Group in San Francisco. "Somewhere down the line, the PUC will have to act
again."
E-mail David Lazarus at [email protected].
,2001 San Francisco Chronicle ? Page?A - 3
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Energy Department Rethinking Clinton Appliance Efficiency Rules
New York Times
Sunday, April 1, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/01/M
N178838.DTL
Washington -- The Energy Department is reviewing efficiency standards, issued
in the last weeks of the Clinton administration, that would require new
clothes washers, water heaters and central air-conditioners to use less
electricity and natural gas.
A spokesman for the department, Joseph H. Davis, confirmed that the new
standards were under review, as part of an effort ordered by the White House
to look at all regulations published in the last 60 days of the Clinton
administration.
People involved in the review said the standard under closest scrutiny was
the one governing air-conditioners. The rule requires that beginning in 2006,
new central air-conditioners run on 30 percent less electricity than under
current minimum standards of efficiency.
The new standards were adopted to meet the requirements of a federal law.
That legislation was adopted by Congress 14 years ago, but, as the Energy
Department sat down to work out the details in the mid-1990s, Congress
blocked the proposals.
,2001 San Francisco Chronicle ? Page?A - 3
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Hydrogen Powers Energy Hopes
Experts say it may be the fuel of the future
Carl T. Hall, Chronicle Science Writer
Monday, April 2, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/02/M
N107106.DTL
Hydrogen, the simplest atom, is everywhere. So perhaps it's not surprising
that the most abundant element in the universe would worm its way into the
midst of California's deepening energy crisis.
Rolling blackouts and skyrocketing utility rates are focusing new attention
on the risks of relying solely on the public power grid for electricity.
"The California situation is enlightening a lot of businesses and individuals
about the need for an alternative energy source for backup or primary power,"
said Jim Kirsch, a vice president and head of a power generation unit at
Ballard Power Systems in Vancouver, British Columbia.
Many energy experts have long championed hydrogen's potential as a power
source - the key ingredient in hydrogen fuel cells that offer a
pollution-free alternative to batteries.
There's an emerging consensus that "hydrogen will be the fuel of the future,
" said Robert Stempel, the former chief executive of General Motors, now
chairman of Energy Conversion Devices Inc. in Troy, Mich.
New Respect for New Ideas
His company, a pioneer in portable electricity storage, formed a joint
venture with Texaco to develop solid-state, metal-hydride hydrogen storage
systems for powering clean-running vehicles. There are other methods, too,
but the real take-home lesson from the joint venture, according to Texaco CEO
Peter I. Bijur, is that oil companies now are embracing technologies "that
just 20 years ago we brushed off as a weak threat to our industry."
Ultimately, the idea is to move away from fossil fuels and other traditional
energy sources toward what's known as a "hydrogen economy," in which
renewable solar and wind generators might be used to produce pure hydrogen
fuel out of water.
If a practical hydrogen storage system can be perfected, and if fuel cells
can ever be mass-produced cheaply enough, today's utility customers would
have electricity in a stable, portable form capable of being used whenever
needed.
Imagine city streets full of fuel-cell powered vehicles, neighborhood-size
power plants using hydrogen, and homes and businesses with stacks of fuel
cells in the back yard or basement. These could augment and sometimes
supplant electricity supplied through the public grid and might even be wired
into a computer-guided "distributed generation" scheme via links to the
Internet.
No Quick Fix
All of that is clearly a distant vision. Fuel cells are not quite ready for
prime time. They are still expensive to make and the flammable hydrogen fuel
is difficult to handle.
But while nobody expects fuel cells to be California's power savior right
away, a few pieces of the "hydrogen economy" are already starting to take
shape.
The most widely touted fuel-cell technology to have emerged from the
laboratory stage so far uses what's known as a PEM - for proton or polymer
exchange membrane - situated between two electrodes, each coated with a
catalyst such as platinum or palladium.
When sandwiched together in this way, hydrogen fuel can be made to separate
at one electrode into its constituent free electrons and positively charged
hydrogen ions, also called protons.
The electrons can then be siphoned off as usable direct current electricity,
or converted to alternating current. The protons drift through the PEM,
combining with oxygen at the second electrode to produce ordinary water and
heat.
The individual fuel cells can be arranged in "stacks" of virtually any size.
There's no pollution, and no moving parts to wear out or break down.
Clean Chemistry
"It's very clean and elegant chemistry," said Bill Smith, vice president of
business development at Proton Energy Systems in Connecticut.
The process is basically electrolysis in reverse. Similarly, hydrogen to
supply the fuel cells can be produced with electricity by cracking water
molecules in a device known as an electrolyzer.
"Hydrogen represents stored energy," said chemist Peter Lehman, director of
the Schatz Energy Research Center at Humboldt State University. "Energy
storage is not easy and it's not cheap."
Regular batteries are good for short-term storage, but they require too much
lead to manufacture and generate far too much pollution when discarded to be
practical for large-scale use. Other strategies - pumping water uphill, for
example, to run a turbine at a hydro station - work well only if
circumstances are ideal.
By contrast, the portable hydrogen fuel cell seems to represent the ideal
energy "carrier" in a natural cycle, Lehman said.
"It's completely sustainable. If the input is solar energy, you end up with a
clean and dispatchable energy source," he said.
Driven partly by government clean-air standards and the need to reduce
hydrocarbon emissions, corporate America has embarked on a crash program to
turn fuel cells into practical products.
"We don't consider it a fringe technology at all," said William M. Wicker,
senior vice president for global businesses at Texaco. "Although the
traditional oil and gas business is not going away any time soon, hydrogen is
going to be a part of our energy future."
A hydrogen-based commercial backup power system is due out this year from
Ballard Power, ranked among the leaders in the nascent fuel-cell industry.
The new system is billed as a clean, noiseless alternative to portable diesel
generators. Rather than using water to produce hydrogen fuel, however, the
system produces its own hydrogen by breaking down an ordinary hydrocarbon
fuel, such as propane or natural gas, which the user has to supply.
Big Step Forward
It's clearly not the ideal hydrogen technology, and price and other details,
which have not been revealed, could put it out of reach of average consumers.
But Kirsch said the new portable backup system should still rank as an
important commercial breakthrough.
"As far as we know, this will be the first hydrogen energy product a consumer
can walk in and purchase off the shelf," he said.
For many businesses, the disruptions in the California energy supply system
are only the latest reasons to embrace the idea of energy self-reliance. Many
are talking not in terms of the usual 99.9 percent reliability standard, but
rather a new "six-nines standard" of 99.9999 percent.
That's more than most utilities can deliver even in best of times. Hydrogen
advocates claim they have at least part of the answer, particularly when the
need to reduce energy pollution is taken into the equation.
"The troubles in California really have shined a bright light on the hydrogen
story. People are looking for alternatives, and now they are going to be
seeing just how close we are to this technology," Kirsch said.
Just how close is arguable beyond a few niche markets.
"The cost of manufacturing the fuel cell itself and the cost of fuel
processing are the two big problems we have to solve," Wicker said. "They
aren't insurmountable problems at all but the solutions are pretty far in the
future."
Pure hydrogen has some ideal characteristics as an energy container, but
those same characteristics make it difficult to handle.
"Hydrogen definitely has hazards," said Jeff Rinker, general manager of
hydrogen at BP, the international oil company, and chairman of the National
Hydrogen Association, a trade group. "It would be good if someone came up
with an elegant method of storing hydrogen."
Even staunch wind and solar proponents say there's little practical need to
worry about fancy storage methods for intermittent supplies, because the
public grid has plenty of room for more electrons - even when the sun is
shining and the wind is blowing.
"There is a great potential for hydrogen storage in the future, but today the
grid itself is capable of effectively being used as storage," said Alan
Nogee, director of clean energy programs at the Union of Concerned Scientists
in Washington, D.C.
"Not until we start getting at least 15 percent of our energy from
intermittent sources is there any concern about reliability. Some regions in
Europe are getting over 20 percent and are still doing fine."
Hawaii in the Vanguard
Hydrogen's first large-scale commercial use is expected to be not in
California but rather in such locations as Iceland and Hawaii, where
renewables are much higher on the political radar.
Hawaii state Rep. Hermina Morita, a Democrat who chairs a legislative energy
committee, is leading the push to reduce her state's need for imported oil,
partly by encouraging alternatives and hydrogen fuel cells.
She described it as a "market-based approach" that includes demonstration
projects and economic incentives for utility investment. Eventually, she
added,
California could be part of the picture.
Rather than importing energy, she said, "ultimately what we want in Hawaii is
to be capable of producing more hydrogen than we need, so we can send the
excess to California."
E-mail Carl T. Hall at [email protected].
,2001 San Francisco Chronicle ? Page?A - 6
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Consumers bemoan formula for power-rate hikes
Posted at 9:53 p.m. PDT Sunday, April 1, 2001
BY JOHN WOOLFOLK
AMD STEVE JOHNSON
Mercury News
As state regulators prepare to decide in coming weeks who will bear the
burden of a massive new electricity-rate hike, a long line is beginning to
form of residents, business operators and others seeking a break.
The tiered plan proposed by Public Utilities Commission President Loretta
Lynch exempts those who use no more than 130 percent of their ``baseline''
allotment. But other residents could see increases up to 36 percent, while
commercial customers could pay even more.
Homeowners say there's no way they can save that much. Advocates for the poor
and elderly are crying foul. Businesses say they're already unfairly
burdened.
Residents now poring over their bills and baselines -- which are supposed to
represent average usage -- are puzzled and frustrated. While regulators say
almost half of households use no more than 130 percent of their baseline,
many energy misers wonder just who those people could be.
``This just blows me away,'' said Ellen Finch of San Jose. ``I'm out of ways
to save, short of turning everything off. How on earth does an average
household function on the baseline rates? How many people does an average
household have -- zero?''
The 45-year-old technical writer has cut down dishwashing to once a week and
laundry to twice a week. She's pushed the thermostat down to 67 and put
blankets on every chair.
She's turned off lights and limited her computer, TV and stereo. Still, Finch
says she's using up to twice her baseline amount and expects her bill to go
up at least 9 percent, or about $12.
Utilities haven't yet calculated just how many residents would fall within
the 130 percent. Estimates range from 30 to nearly 50 percent.
Many residents still are trying to figure how their baselines work. Studying
past bills, they see different figures.
That's because the baselines are daily figures, and the number of days in
monthly billing cycles varies. In addition, the baselines change in May and
November to account for differences in summer and winter use.
``It's very difficult for me to understand what this means to me
financially,'' said Bruce Capron, 69, of Cupertino.
Baselines were established in the early 1980s to promote conservation by
allowing utilities to charge higher rates for above-average consumption. It's
based on 50 percent to 60 percent of average usage within each of 19 climatic
``territories'' in the state.
Baselines take into account the various energy needs caused by regional and
seasonal climatic differences. Also considered are whether a home has all
electric appliances or some powered by gas, as well as whether it is an
apartment or detached house. Customers with medical needs can apply for
additional baseline credits.
But baselines don't take into account the size of the home or number of
occupants. Some argue that unfairly punishes the poor, who often have to
share housing with large numbers of family and friends to make rent.
``One of the things we do see as an issue is that a lot of low-income
families tend to have multiple families in a unit or larger families,'' said
Julia Macias, project director for energy issues at the Latino Issues Forum.
``They tend to go over the baseline, not just because they are `energy hogs,'
as Lynch calls them, but just because they have more people in the units,''
Macias said.
Because of language differences, many Latinos aren't aware of the exemptions
and other programs for low-income residents and don't apply for them, Macias
said. In addition, they tend to live in older and less efficient housing. And
for economic reasons, they're already doing what they can to save.
``Low-income families tend to conserve as it is and so further conservation
tends to be really hard,'' Macias said. ``We would like to see something done
to make exceptions for people in those situations.''
Others have similar worries about the elderly, who tend to live on fixed
incomes in older and less-efficient housing, and face greater health risks
from extreme temperatures.
``Seniors are going to be disproportionately affected by this,'' said Hoyt
Minkoff, program director with the Consumer Federation of California and
consultant to the Congress of California Seniors. ``Seniors typically are
going to be more vulnerable to the elements, and the hot weather is going to
affect them more than others. So they're going to need to run their air
conditioning and their fans more than others.''
Some argue the baseline system should take into account all the new
electronic gizmos, from computers to DVD players, that have become
commonplace in many modern homes.
But Pacific Gas & Electric Co. spokesman John Nelson says that's accounted
for because the baselines are recalculated regularly. Because it's based on
average usage within an area, if most people use more power, the baseline
will go up.
In fact, the baseline for the zone that includes Silicon Valley increased
slightly in the last 10 years, while the neighboring zone including San
Francisco hasn't changed, he said.
Commercial customers, who pay lower rates but would see a proportionately
greater increase, also are crying foul.
Grocers are upset because they had cut energy consumption 10 percent at the
request of Gov. Gray Davis last year, which means it will be that much harder
for them to further lower their electricity bills.
``We had hoped it would be spread out more evenly, not so much focused on the
real heavy users,'' said Dave Heylen, spokesman for the California Grocers
Association. ``Unfortunately, it takes a lot of electricity to ensure a safe
food supply. The bulk of our energy use is geared toward cooler cases,
freezer cases, those types of things.''
Nursing homes argue they cannot afford the higher rates.
``When they raise the electricity rates, we don't have any way of absorbing
the costs'' immediately, said Nancy Armentrout of the California Association
of Health Facilities. ``The government hasn't given us any money to
compensate for the increased cost of energy.''
But some consumer advocates argue that exempting various groups will only
cripple efforts to reward conservation.
``It's a crude and blunt tool,'' said Nettie Hoge of The Utility Reform
Network.
Contact John Woolfolk at [email protected] or (408) 278-3410
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High energy prices place firms higher in Fortune 500 ranks
Published Monday, April 2, 2001, in the San Jose Mercury News
BY MATT MOORE
Associated Press
NEW YORK -- Surging U.S. energy prices gave oil, gas and power companies new
fuel in their climb through the ranks of the annual Fortune 500 list of the
largest public corporations, released Sunday.
Oil giant Exxon Mobil Corp. posted its highest-ever revenue of $210 billion
in 2000, boosting it to No. 1 on the list from its 1999 ranking as No. 3.
Automaker General Motors Corp. had revenue of $184.6 billion and fell from
No. 1 to No. 3.
Other energy companies also fared well in 2000, with Enron Corp. rising to
No. 7 from No. 18. Duke Energy Corp. shot up to No. 17 from 69, and Reliant
Energy Inc. made it up to No. 55 from 114.
The list of the largest public companies, ranked by fiscal year revenues, has
been compiled annually since 1955 by the editors of Fortune. GM, which had
held the top spot on the list for 15 years, now trails No. 2 Wal-Mart Stores
Inc.
Energy companies benefited from a surge in revenue brought about by falling
supplies, utility deregulation, soaring natural gas prices and OPEC's
maneuvering to keep oil prices high.
Other energy firms advancing included Texaco Inc., which went from No. 28 to
No. 16; San Francisco-based Chevron Corp., which was ranked No. 20, up from
No. 35; and Dynegy Inc., which rose to No. 54 from No. 112.
The Internet slowdown and uncertainty about the economy hurt a number of
companies, particularly telecommunications firms. AT&T Corp. fell from No. 8
to No. 9.
America Online Inc., which became the first purely Internet company to break
into the list last year at No. 337, rose to No. 271. Since then, it has
become AOL Time Warner Inc. with its acquisition of Time Warner. The combined
company's revenue of $36.2 billion would have made it No. 39 on the year 2000
list, but the deal didn't close until early this year.
Computer companies were led by International Business Machines Corp., which
stayed in the top 10 but fell from sixth last year to No. 8.
Microsoft Corp. rose to 79 from 84, and San Jose-based Cisco Systems Inc.
advanced to 107 from 146, despite the dot-com crash.
Total profits for the 500 corporations grew 8.4 percent for the year, down
from 1999's level of 28.7 percent, to $444 billion. Revenue grew by more than
13 percent to a combined $7.2 trillion for 2000. They employed more than 24
million workers.
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---------------------------------------------
As energy policy lurches, is Gov. Davis in charge?
Published Monday, April 2, 2001, in the San Jose Mercury News
BY PHIL YOST
OH SURE, there's progress in Sacramento on the electricity mess, says one
senator. ``There's less denial than there has been.''
This ends the ``Indisputably Good News'' portion of our column. The rest is
like an electrical circuit: Every positive is connected to a negative.
Three months after Gov. Gray Davis convened an extraordinary session of the
Legislature to jump on the energy crisis, the Capitol is full of trepidation
about the summer. Only the governor's office keeps pumping out optimism.
In January electricity was running short, prices fluctuated wildly on the
spot market, and the utilities were faced with bankruptcy unless consumers
started getting huge bills. Davis and the Legislature set out to find more
electricity, stabilize the market, establish the lowest possible prices, and
put the utilities back on their feet.
Some progress has been made on all those fronts. But in terms of what's
needed for this summer, things are not going all that well.
On finding more electricity, Davis has been trying to get peaker plants in
place for the summer. He thinks he'll have enough; hardly anyone else does.
Other events are conspiring against him. The forecasts for hydro power are
grim and grimmer.
Demand reduction, or conservation, is the flip side of supply. The behavior
of consumers this summer is a huge unknown. The behavior of the Legislature,
alas, is known. Only now is a bill to fund programs such as rebates for
energy efficient appliances nearing passage. It's a month late.
To rescue the utilities, stabilize the market and try to lower prices, the
state took over the utilities' job of buying electricity. How much it has
spent is Davis's big, dark secret. About a third of the state's electricity
must be bought on the open market. Davis's aides say the state has covered 75
percent of this need for the next 10 years. But for this summer, they've
found less than half of it.
Buying the transmission system from Pacific Gas & Electric and Southern
California Edison is the heart of the plan to put them back on their feet.
The utilities would get money; the state, an asset.
The main backer, John Burton, the Democratic president pro tem of the Senate,
wanted to do the deal ``willing buyer, willing seller.'' He's the most
willing buyer. Other key players, Davis included, are reluctant buyers. PG&E
is a grudging seller. The deal is amazingly complicated. It could fall apart.
On rates to consumers, Davis has been a pillar of jelly. Last week, the
Public Utilities Commission stepped up, as they say every 30 seconds on
sports broadcasts, and took rates to the next level.
While justified, the PUC decision left the impression that energy policy is
lurching in no particular direction. After weeks of hearing Davis reject rate
hikes, consumers learned of a potential increase on Monday -- if they were
attentive to the news -- and saw it enacted on Tuesday.
What is most critically lacking, after three months, is a sense that the
crisis is being managed from a central command post, with a coherent
strategy. Davis has not been the general the battle requires.
Some of his ideas have been off-point, like making businesses cut outside
lighting late at night.
Some of the successes are quickly reversed. He held a press conference to
announce an agreement on alternative power generators, some of which have not
been producing because they haven't been paid. The bill stalled the next day.
He seems oddly absent at times. When the PUC's intention to raise rates hit
the news Monday, Davis's press office issued a short release, in which he
said he hoped they wouldn't. After the PUC followed through, Davis, after
delaying all day, issued a brief statement wishing they hadn't.
Davis keeps asserting, against all evidence, that rate hikes might not be
necessary.
He said he couldn't determine whether the rate hikes were justified because
he didn't have enough data. Granted, the potential power supply and consumer
behavior, which will affect electricity prices, are uncertain. But
rate-setting involves assumptions about weather and conservation, among other
variables. Wrong rates can be adjusted later.
When the governor says that he doesn't know how much customers should be
charged for electricity, he's admitting he doesn't know where we are on the
path to getting through the summer.
Maybe Davis can pull a rabbit out of the hat before summer starts. If so,
give him credit for mastering the magician's technique of heightening the
suspense. Because right now, it's sure looking like all hat and no rabbit.
Phil Yost is chief editorial writer of the Mercury News.
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Businesses battle the blackouts
Monday, April 2, 2001
To suggest workable and market-oriented solutions to the California
electricity crisis
Local businesses are suffering badly from the electricity crisis - and expect
even worse in the months ahead. That was the message the Register editorial
board received from a Thursday meeting with local business executives who
represent some of Orange County's larger electricity users.
It became apparent from our conversation that there is little if nothing
happening in the way of coordinated planning among state, utility and
business representatives as the summer fast approaches.
This could be extremely harmful to the California business climate. A truism
about business, so dependent on timely fulfillment of obligations to
customers, meeting tight manufacturing times, keeping equipment and inventory
at optimum use, is that business hates uncertainty.
And the likelihood of shortages and blackouts for summer portends nothing
but. On the other hand, businesses are good at crisis management and recovery
planning, if given the chance. In the case of the power crisis, however,
where so much is out of control, they can't plan without collaboration from
the state and the utilities.
Here's how alarming the situation is shaping up for business owners, two of
whom told us they are building their plans around the potential for as many
as 30 blackouts in months ahead - a guess, they admit, but planning has to
start somewhere.
"Last year we spent $800,000 on electricity and expect to spend another
$490,000 this year," for a combined cost of $1.29 million, Richard J. Collins
told us; he's president and CEO of Astech Inc. in Santa Ana, which
manufactures exhaust systems for Boeing and Airbus aircraft. The higher cost
stems from the March 27 announcement by the California Public Utilities
Commission that rates will rise as much as 46 percent across the state.
The increase will consume "a quarter of my total operating profit" for the
year, Mr. Collins lamented. "We have long-term agreements and no flexibility
to raise prices."
Blackouts will wreak the worst harm, given that they come without warning and
prompt immediate hard shutdown of equipment, in Mr. Collins' case, furnaces
used in a 30-hour manufacturing process. "If there's a blackout, there's
damage to the furnace," he said.
Furthermore, because he doesn't know when the blackouts come, "I don't know
when to bring my people into work. There's no basis to plan my business."
The problem will become most acute this summer when rolling blackouts are
expected to be severe across the state. Astech is conserving power as best it
can. It participates in the interruptible power program with Edison, by which
businesses agree to do cut power to an agreed-upon level during peak periods
in exchange for lower rates.
And, the company is "investing $250,000 in generating equipment" to produce
some of its own power, especially during blackouts. He has no plans to leave
Orange County. "It's ideal being where we are. We like where we are," he
maintained.
We asked what might happen if the price doubled. "But there comes a point
where we'll have to go somewhere else," he said.
"You need reliability and you need predictability," Andrew De Cicco, vice
president and general counsel for ITT Cannon in Santa Ana, told us. His
company spent about $2 million on electricity last year but will spend about
$3.2 million this year because of the PUC price increase. His company has
acquired a diesel generator on a one-year lease - and is even weighing the
idea of building a power plant.
"Cannon has a long history in California, dating back to 1915," he said, and
plans to continue here. "The question is the future, the appropriate level of
investment. For that you do need reliability and predictability in the
business climate."
Government officials, regulators and electricity industry executives need to
understand that, although these and other business are tenacious about
staying in California and expanding operations here, their resources are not
unlimited. In addition to the obvious - building more generating plants -
three major policy changes and one clarification of policy are needed to keep
businesses producing and creating jobs:
* Give companies an hour's notice before any blackout to give them some time
to power down computers and machines in an orderly way. We understand there
are concerns about security - preventing hoodlums from using the blackout
notification time to loot homes with shut-down security systems - but there
are successful ways to give advance notice. Something needs to be done, such
as rotating blackout groups.
* Plan ahead. Businesses are expressing a willingness to voluntarily shut
down operations for a given period, say, a specified week or two during the
summer, if they can be guaranteed uninterrupted power during the remainder of
the worst months. "We can organize around that," Mr. Collins said. "Somebody
could organize that to shed load" from the statewide system. "Sign people
like us up for a two-week period."
* Extend the maximum period companies can use small generators to 1,000 hours
from 200 hours a year. The AQMD limit of 200 exists because portable
generators, usually diesel, cause more pollution. But this summer power needs
clearly will be at emergency levels.
* Make clearer permit conditions from the Air Resources Board regarding use
of alternate power sources, such as diesel generators. Anything that can be
done to allow alternate sources of energy to go on line and stay on line
would help restore some reliability and predictability to business planning.
California industry is going to have major electricity problems no matter
what. But these changes could make the difference between success and
failure, not only for these companies but for our state's economy.
--------------------------------------------------------------------------
California ISO Declares Stage Two Electrical Emergency; Continued
Conservation Urged as Power Supplies Remain Limited
FOLSOM, Calif.--(BUSINESS WIRE)--March 30, 1001 via NewsEdge Corporation -
At 9:00 a.m.
today, Friday, March 30, 2001 the California Independent System
Operator (California ISO) called a Stage Two Emergency as operating
reserves dipped below five percent. This emergency status is
attributable to the loss of more than 700 megawatts of wind generation
that was helping to keep the Electrical Grid balanced while supply
limitations continued throughout the state:
-- A total of 11,500 megawatts worth of generation remains
unavailable today with power plants off-line because of
preventative repairs and plant malfunctions
-- An additional 3,000 megawatts of generation from the state's
qualifying facilities (QFs) remain unavailable due to
continuing financial concerns
With operating reserves hovering at critical levels, the
California ISO requests that customers voluntarily reduce their use of
electricity to prevent more severe curtailment measures. Peak demand
on the transmission system is expected to reach 28,661 megawatts
around 6:00 p.m. today. Today's Stage Two declaration, expected to be
in effect until midnight, enables the California ISO to access
emergency resources to help maintain operating reserves.
If an operating reserve shortfall of less than one-and-a-half
percent is unavoidable, Stage Three is initiated. Involuntary
curtailments of service to customers including "rotating blackouts"
are possible during this emergency declaration. The California ISO's
Electrical Emergency Plan (EEP) is part of the state's enhanced
reliability standards enacted by landmark legislation Assembly Bill
1890 that led to the restructuring of California's electricity
industry.
The California ISO is charged with managing the flow of
electricity along the long-distance, high-voltage power lines that
make up the bulk of California's transmission system. The
not-for-profit public-benefit corporation assumed the responsibility
in March, 1998, when California opened its energy markets to
competition and the state's investor-owned utilities turned their
private transmission power lines over to the California ISO to manage.
The mission of the California ISO is to safeguard the reliable
delivery of electricity, facilitate markets and ensure equal access to
a 25,526 circuit mile "electron highway."
Continuously updated information about the California ISO control
area's electricity supply and the current demand on the power grid is
available on the web at www.caiso.com.
--------------------------------------------------------------------------
[B] PG&E says it will take $4.1 bln charge on uncollected power costs (Wrap)
By Christine Cordner
San Francisco, March 30 (BridgeNews) - Pacific Gas & Electric said Friday
that it will take a $4.1 billion after tax charge in the fourth quarter of
2000, tied to uncollected power costs, without a regulatory or legislative
solution that provides for the full recovery of such costs.
On Tuesday, the California Public Utilities Commission approved a rate
increase that would provide the state's near-bankrupt utilities with much
needed extra revenue.
However, PG&E said they would not be able to use revenues from the rate
hike to pay off existing debt and do not have the authority to recover
power purchase costs incurred above revenue from retail rates. Gains generated
from the hike are to be used only for the costs incurred after March 27.
PG&E
estimated that, as of Feb. 28, it had undercollected for wholesale power
purchases by $8.9 billion.
PG&E Corp., the parent company of California's largest utility, said it
would not file its annual report as expected on April 2 due to Tuesday's
ruling
from the California PUC. It now expects to file the earnings report by April
17, after taking the new ruling into account.
The utility's cash reserves are only $2.6 billion, while it expects to add
an additional $1.5 billion in obligations due and payable through April 30 on
top of the $4.4 billion in debt it currently has on its books. The new debt
includes $550 million payable to the California Independent System Operator
(CAISO), $340 million to small power producers and $470 million to natural gas
suppliers.
PG&E said that the $8.9 billion undercollection reflects estimated charges
from the Independent Systems Operator for power purchased through February
2001
to meet the amount of its net open position not met through the state
Department of Water Resource's purchases.
The utilities have lost billions of dollars because the retail rates
they're allowed to charge customers have been frozen at 1996 levels and the
wholesale prices they must pay for power have jumped as much as 60-fold.
The higher wholesale prices have sent PG&E to the brink of bankruptcy.
Shares of its parent PG&E Corp. fell 6% to $11.84 on Friday. End
[slug: PG&E-Q4-CHARGE]
?
|
{
"pile_set_name": "Enron Emails"
}
|
Jeff,
In response to your request for a new option valuation model for P+, I have
talked with Spencer about his needs for managing the options and have done
some analysis of historical posting prices and their relationship to moves in
the Nymex.
Although you specifically mentioned building a Monte-Carlo type of model,
this should probably be avoided if possible because of the substantial
recalculation time which would burden both the trader and book
administrator. We can accomplish the same goal by extending the current
spread option model to the case where one of the legs of the spread is a
basket of commodities. For P+, one leg of the spread is a combination of
the Nymex Swap and the Posting Basis (which added, gives the Posting Price).
The valuation function itself is ready, so all that remains is to incorporate
this new function into a test version of the book so we can calculate the P&L
impact. We will need to work with Spencer and Mark on this to be sure that
we are using the correct inputs and positions. Based on some initial
experiments, I don't think that this model will lead to a large change in the
value of these options.
Regards,
Stinson
|
{
"pile_set_name": "Enron Emails"
}
|
Captain Bentzr?d-
Please leave a heel of LNG on board the vessel sufficient to reach the next loading in Qalhat on July 5 in load ready condition. Please estimate the volume you will require and revert, keeping in mind that we would like to unload as much as possible on June 9 at Lake Charles within the parameters outlined above.
Thanks and regards,
Dan Masters
|
{
"pile_set_name": "Enron Emails"
}
|
TEXAS A&M UNIVERSITY/
THE LOWRY MAYS COLLEGE AND GRADUATE SCHOOL OF BUSINESS/
EXECUTIVE MBA PROGRAM
The Lowry Mays College and Graduate School of Business in conjunction with
Texas A&M University are offering their Executive MBA Program at The
University Center in The Woodlands. This innovative program provides the
path for working professionals to obtain the MBA degree from Texas A&M
University while maintaining full-time employment.
The Mays Executive MBA Program is an 18-month program with classes meeting
from 9:00 a.m. to 4:30 p.m. on Friday and Saturday of alternate weekends.
There are no class meetings during the summer months. The program is
designed for professionals with significant work and managerial experience.
Full time faculty from the Mays Graduate School of Business, with outstanding
academic and industry experience, travel to The University Center to deliver
the program.
The Mays Executive MBA Program is based on an innovative and exciting
curriculum. The content of the MBA degree is delivered through a series of
integrated modules that have as a central theme &The Value Creation
Process.8 The modules focus on current business issues from various
functional perspectives and stress the development of competencies needed by
successful managers now and into the future.
The Mays Executive MBA Program provides organizations and employees an
immediate return on their investments while preparing for issues of the
future. The learning environment stresses the understanding of the basic
principles that underlie the complexities of today's business environment.
Teamwork and discussions with the other participants in the program provide
insights and new ideas that can be taken back to the work place.
Organizations benefit as the participants bring new perspectives to their
daily responsibilities.
A new class begins each August. Applications are now being accepted for the
August 2000 class.
For more information, please contact:
The Mays Executive MBA Program
Phone: 888-551-9998
Email: [email protected]
For additional information about Enron,s Policy on Educational Assistance:
Web: http://hrweb.enron.com/
Click on &Policies and Guides8 and then &Education Assistance8
For additional information about Enron Corp's Organizational Development and
Training offerings, contact:
Suzanne Gruber, Senior Director
713-345-8314
Email: [email protected]
Web: http://home.enron.com:84/training
|
{
"pile_set_name": "Enron Emails"
}
|
FYI
----- Forwarded by Gerald Nemec/HOU/ECT on 04/10/2001 05:10 PM -----
Eric Gillaspie
04/10/2001 04:51 PM
To: [email protected], [email protected],
[email protected], [email protected]
cc: [email protected], Gerald Nemec/HOU/ECT@ECT,
[email protected]
Subject: China Itinerary
Mom & Dad,
First off, what day do you guys fly out to Shanghai? Is it the 5th or the
6th? (i.e. send me your flight info!)
Attached is Jenn and I's flight itinerary for the China Trip (see forwarded
msg below). Gerald & Barbara, Dan, Gayle & Heather are also on the same
flight going over. We changed from the original Shanghai round-trip plan to
save some money and avoided some logistic issues.....we are now flying into
Shanghai a little earlier and leaving from Beijing instead of
Shanghai............this allows us to avoid any domestic airline flights (a
good thing) as that can be expensive and makes the trip a little less hectic
in the beginning...so here's the tentative plan:
June 4th - Depart for China
June 5th - Arrive in Shanghai (Jon can you meet us in Shanghai on this day?)
June 6 & 7 sightseeing in Shanghai, June 7th Evening - take night train to
Chingdao (if there is one)
- Meet up with Rodger & Sandy, et al., either in Shanghai or in Chingdao.
June 8th - Depart/Arrive in Chingdao
June 9th - Wedding Bliss & related activities.
June 10th - Sightseeing in Chingdao
June 11th - Depart for Beijing on Train
(tentative departure date, we may want to stay around/see stuff in the
area/or something else on the way there, etc.?)
June 12th - June 15th: Beijing (Sightseeing, day trips, etc.)
June 16th - Depart from Beijing to Houston (Eric & Jenn, Gerald & Barbara.)
Dan, Gayle & Heather are staying for another week in China, and I believe my
parents are staying another 3 or 4 days as well?
Jeff and Cathy are possibly going to switch their flight as well in order to
do this schedule. This is of course a tentative/rough draft itinerary, &
nothing is set but our plane tickets.
Jon & Dan: I believe we are all looking to you guys to help us determine
exactly what we should look at and more importantly what we should and should
not eat.
Tiger penis soup anyone?!.........Looking forward to it,
Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 04/10/2001 04:03 PM -----
[email protected]
04/10/2001 02:34 PM
To: [email protected], [email protected],
[email protected]
cc: [email protected], [email protected], [email protected]
Subject: China Itinerary
China Itinerary:
June 4
7:15 a.m. depart Houston to Detroit
Northwest flight 1888
11:17 arrive Detroit
12:30 depart Detroit to Shanghai
Northwest flight 89
3:10 p.m. on June 5 arrive Shanghai
June 16
9:40 a.m. depart Beijing to Tokyo
Northwest flight 12
2:20 p.m. arrive Tokyo
3:50 p.m. depart Tokyo to Houston
Continental flight 6
2 p.m. on June 16 arrive Houston
|
{
"pile_set_name": "Enron Emails"
}
|
Kate I will have to submit a code change to our Enpower guys to reflect the
$15.00 flat fee change for 1 or 2 days deals. Currently this can't be coded
based on the duration of these deals because we currently have a code for
daily deals(meaning 1 day only) and a code for short term deals ( meaning
anything 1 day or more but less than 1 month) and a code for long term deals
(meaning anything more than 1 month). If the fee was per mw, I could simply
go and edit the broker table fee but since this is a flat fee, the codes have
to be adjusted to reflect such.
I have submitted a request and I am waiting on a response. I will keep you
updated.
Evelyn
|
{
"pile_set_name": "Enron Emails"
}
|
Joann, just do this on the baseload ticket if you can. I do like to see the
incremental stuff though.
Thanks
From: Joann Collins @ ENRON 02/18/2000 09:10 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: CMD8 19-32
---------------------- Forwarded by Joann Collins/Corp/Enron on 02/18/2000
09:09 AM ---------------------------
[email protected] on 02/18/2000 07:51:53 AM
To: " - *[email protected]" <[email protected]>
cc:
Subject: CMD8 19-32
I need an additional 400 dth for the month @ meter #19-32. (If we start it
on
the 20th it divides evenly, your choice). Please let me know k# when it is
available.
|
{
"pile_set_name": "Enron Emails"
}
|
Something EVERY business needs, a Merchant Account!
A Merchant Account is the hardware and software which gives
you the ability to allow customers to pay using any credit
card such as Visa, Master Card, American Express, Discover
etc., and other forms of payment such as e-Checks, Debit
Cards and secure Internet based payment.
We offer several different packages, any of which can be
custom tailored to your needs. Services are currently
provided to the United States only.
To make a purchase or ask questions regarding our services,
please reply to this email with your full name, phone
number (with area code) and if possible a good time to
have us contact you. You are under no obligations. A sales
rep will contact you and will be able to address any of
your questions or needs.
Thank You
*****
To be removed from our mailing list, reply to this email
with the word 'Remove' in the subject line.
*****
|
{
"pile_set_name": "Enron Emails"
}
|
HOTEL DISCOUNTS TRAVEL NEWSLETTER
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? CITY ON SALE
Chicago is on Sale With Rates As Low As $99.95 with its City-Of-The-Week
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For happenings and activities in Orlando - click here -
? SUBSCRIBE AND UNSUBSCRIBE
To Subscribe to the Hot Deals Travel Newsletter, send a message to
[email protected] If you want to unsubscribe please see
the footer at the bottom of this page.
---
You are currently subscribed to specials1 as: [email protected]
To unsubscribe send a blank email to
[email protected]
|
{
"pile_set_name": "Enron Emails"
}
|
where are you at???
|
{
"pile_set_name": "Enron Emails"
}
|
Jill: Please call me TODAY at 713-853-5620.
If you can Fed EX to an address in Kansas TODAY, I can solve the problem.
Thanks.
Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX 77002
Ph: (713) 853-5620
Fax: (713) 646-3490
|
{
"pile_set_name": "Enron Emails"
}
|
do you have time to talk at 4:00est (3:00cst) ??
i have a couple questions of you
thanks
heff
|
{
"pile_set_name": "Enron Emails"
}
|
Tana:
Thank you for the phone call. I have spoken with Curtis Smith; and it seems
the Limits Contract Report has likely been reflecting the wrong positions for
quite some time. I apologize for this problem--as I was unaware. I will
remain in contact with you, Curtis and Mark in the next few days as we work
to find a more efficient and reliable way of reporting our positions. Please
do not hesitate to contact me with any questions, concerns or (ideally)
solutions.
Regards.
Tobin
|
{
"pile_set_name": "Enron Emails"
}
|
Hi Anne:
Attached is an updated Research org chart (with the exception of Stinson
Gibner's group).
As soon as I get his update I will send it.
Thanks!
Shirley
|
{
"pile_set_name": "Enron Emails"
}
|
Thanks
-----Original Message-----
From: "Emery, Henry" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebber+2Ecom+3E+40ENRON@ENRON.com]
Sent: Thursday, June 07, 2001 1:46 PM
To: Presto, Kevin M.
Subject: RE: Portfolio
Mr. Presto,
I just changed it for you. I went to the menu to the left of the page where
it says "Edit Portfolio". I then Changed the name at the top of the Edit
Portfolio page. At the bottom of the Edit Portfolio Page, I hit the "Submit"
button. Whenever you make a change, you then have to exit out of the
portfolio tracker(ie: go to home page) and then go back in.
Thanks,
Hank Emery
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, June 07, 2001 1:41 PM
To: [email protected]
Subject: RE: Portfolio
I am trying to change name to "Presto - Enron" and it won't let me. How
do I change name?
-----Original Message-----
From: "Emery, Henry" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe
[email protected]]
Sent: Thursday, June 07, 2001 1:24 PM
To: Presto, Kevin M.
Subject: RE: Portfolio
It's done!
-----Original Message-----
From: Presto, Kevin M. [mailto:[email protected]]
Sent: Thursday, June 07, 2001 1:24 PM
To: [email protected]
Subject: Portfolio
Portfolio looks good. Is it valuing options properly? Can you rename
the portfolio "Enron"
Thanks.
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
UBS PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by UBS PaineWebber and
UBS PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
UBS PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
UBS PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by UBS PaineWebber and
UBS PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
UBS PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
|
{
"pile_set_name": "Enron Emails"
}
|
I am getting several phone calls from Alpine Resources demanding to be paid
for meter 5892 and there is nothing there to be paid.
The person name doing the requesting is John Childers and he said that he
spoke to Daren Farmer. He is looking for 859 mmbtu's for December, 2000 and
3,251 mmbtu's for January 2001 . This is on the Katy Gas Unit. If anyone
would like to talk to John his phone number is 281-646-0232
Charlene
X31539
|
{
"pile_set_name": "Enron Emails"
}
|
Hi Nancy,
Lisa Mellencamp's time is being consumed by a special project, so I'm working
on this PPA. Could you give me a call at your convenience?
Thanks,
Kay Mann
713 345 7566
|
{
"pile_set_name": "Enron Emails"
}
|
REVISION FOR THE 8TH GAS DAY.
JEAN
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, January 08, 2002 9:11 AM
To: [email protected]; Spraggins, Gary; Adams, Jean; Linhart, Joe;
[email protected]; Janzen, Randy; [email protected];
[email protected]
Cc: Forbish, Sherry; Greaney, Chris; Linhart, Joe
Subject: Lamar Nomination
Revised hourly burn hours. The plant will not be burning hours 23, 24 and
1. I have indicated the hours that changed with **.
__________________
Weekend Nominations....
Attached is the NNG Lamar burn schedule for January 8, 2002. At this time
we plan on 60,000.
Thanks
Jamie Schnorf - FPL
561-625-7032
(See attached file: NNG LAMAR NOMNATION.xls)
|
{
"pile_set_name": "Enron Emails"
}
|
Teco Tap 100.000 / HPL Gas Daily
|
{
"pile_set_name": "Enron Emails"
}
|
This time I mean it:
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/08/2001 11:09
AM ---------------------------
Kay Mann
03/08/2001 11:08 AM
To: Chris Booth/NA/Enron@Enron, Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Blue Dog LLC agreement
Attached is the Blue Dog LLC agreement:
|
{
"pile_set_name": "Enron Emails"
}
|
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