 Writer

03/25/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - In Houston, it's simply known as "the power corner." 
Separated by just a few city blocks, four major power wholesalers run 
Byzantine trading systems that sway energy prices across the nation with 
minimal oversight from the government. 
The Houston trading floors run by Enron Corp., Reliant Energy, Dynegy Inc. 
and Duke Energy represent ground zero in a power crisis threatening the 
quality of life in much of the Western United States this summer.
By seizing upon the opportunities created by deregulation and leveraging the 
Internet, the Houston traders have introduced the ruthlessness of the free 
market into the once-sedate power industry. 
In the process, they have driven two California utilities to the financial 
brink and electrified the electricity business, just as junk bond traders 
ignited Wall Street in the 1980s and venture capitalists fueled Silicon 
Valley in the 1990s. 
After raking in billions of dollars for their companies last year, the energy 
traders are emerging as the first business hotshots of the new millennium. 
"They are extremely good at what they do," said Severin Borenstein, director 
of the University of California at Berkeley's energy institute. 
"There are guys on Wall Street that spend all their time doing extremely 
complex calculations on bond yields and figuring out how to make the most 
money on the spreads. These traders (at the power companies) are doing the 
same thing with the energy market." 
As they become more sophisticated, the power marketers are moving much of 
their muscle online, where they are proving more adept at e-business than 
most of Silicon Valley's fallen Internet companies. 
Enron handles much of its trading business on a Web site launched in November 
1999. The company describes Enrononline.com as the world's biggest e-commerce 
site, based on the completion of 548,000 transactions, totaling $336 billion, 
with 3,000 customers in 2000. 
Following Enron's lead, Duke, Reliant and another major California generator, 
Mirant Corp., banded together with Wall Street investment banks Goldman Sachs 
and Dean
Writer 

 03/25/2001 
 Associated Press Newswires 
 Copyright 2001. The Associated Press. All Rights Reserved. 

 SAN FRANCISCO (AP) - In Houston, it's simply known as " the power recess. " 
 discriminate by just a few city blocks, four major exponent jobber run 
 Byzantine trading systems that sway department of energy price across the nation with 
 minimal supervision from the politics. 
 The Houston trading floors run by Enron Corp., Reliant Energy, Dynegy Inc. 
 and Duke Energy defend ground zero in a power crisis threatening the 
 timbre of life in much of the Western United States this summer. 
 By seizing upon the opportunity created by deregulation and leverage the 
 Internet, the Houston trader have introduced the ruthlessness of the free 
 marketplace into the once - sedate power diligence. 
 In the process, they have drive two California utilities to the fiscal 
 brink and electrified the electricity business, just as debris bond traders 
 ignited Wall Street in the 1980s and venture capitalists fueled Silicon 
 Valley in the 1990s. 
 After raking in billions of dollars for their companies last year, the energy 
 traders are emerging as the first commercial enterprise hotshots of the new millennium. 
 " They are highly beneficial at what they do, " say Severin Borenstein, director 
 of the University of California at Berkeley's energy institute. 
 " There constitute guys on Wall Street that spend all their time doing extremely 
 complex calculation on bond yields and figuring out how to make the most 
 money on the spreads. These trader (at the power companies) are doing the 
 same thing with the energy market. " 
 As they become more advanced, the ability marketers are moving much of 
 their muscle online, where they are proving more adept at e - business than 
 most of Silicon Valley's fall Internet companies. 
 Enron handles much of its trading business on a Web web site launched in November 
 1999. The company describes Enrononline.com as the world's biggest vitamin e - commerce 
 web site, based on the completion of 548,000 transactions, totaling $ 336 billion, 
 with 3,000 customers in 2000. 
 follow Enron's lead, Duke, Reliant and another major California generator, 
 Mirant Corp., banded together with Wall Street investment banks Goldman Sachs 
 and Dean
 Wrlter

03/25/2001
Associated Press Newrwires
Copyright 2001. The Avsociafed Presr. All Rights Reserved.

SAN FRAICISXO (AP) - In Houston, it's simplh known ad "the poqer rorner." 
Separated by just a few gity ylicks, four majot power wholasalers run 
Bysavtnne trading systems that sway energy prices afross the natijn wptr 
mihpmcl oversight from the governmenf. 
The Hmuston tradinb floors run by Enron Corp., Rellant Energy, Dynegy Inc. 
and Duje Egwrgy represevt ground eexo in a powgr crisis threatening the 
qualith of kife in muxh of jhe Western Nnited States this summer.
Bf seizimg upon the opiortuiitiws created by dereguletion and leveraging the 
Intesnzt, the Houston traderw yave hntrmducde tfe duvhlsssnesd oh the free 
jarket into the once-sedate powtr ybdustry. 
In ths procqsf, they have driven two California utiliuies fo the financial 
brink qnd electrified the epectricitr business, just as junk bond traders 
ignited Wall Strext in tme 1980s qnf venture capitalists fueled Silicon 
Valley ig tne 1990s. 
After rakinn in billions of dplpatf for their cumpaniza mast year, the enerhy 
tradgrs arw emergind as the first business hotshotw of the new nillennium. 
"They arz extremely yood aj what they do," said Severin Burenatein, direchor 
of ths University of Cxlinortia at Btfkeley's energy inftitute. 
"Tiere cre guys on Eall Sereet that spend all their time dolng ertremaly 
compled calculations on bond yields aiv figuring ouj hmw no make tke mosb 
money on the fpreads. These jraders (ac the oower compznies) ace doing the 
same thing whjh the energy market." 
Ws tyey vecome oure sophisticayed, the power markerers are moving mugh of 
fheir muscle onoint, qhere they are pruvigg mprq adept at e-bgsindss yhan 
oost of Sillcov Vakley's fallen Interned cojpanies. 
Enron handkef much od its trwding businesx on a Web site laknchev in Nuvembrr 
1999. The company describes Enrononmine.com ad tme world's bigdest e-commerce 
snte, based on the completion of 548,000 transactmons, totaling $336 billion, 
qith 3,000 customers in 2000. 
Nollowing Encon's lqad, Duke, Seliant and another najor California nenerator, 
Mirant Corp., ganded togehher with Wall Street investment banks Goldman Sachs 
and Dean
Writer 03/25/2001 Associated Press Newswires Copyright 2001. Press. Rights Reserved. FRANCISCO (AP) - as power corner." Separated just a few blocks, four major power wholesalers run trading systems that sway energy prices across the nation with minimal oversight from government. The Houston trading floors run by Enron Corp., Reliant Energy, Dynegy Inc. Duke represent zero a power crisis threatening the quality of life in much of the Western United States this By seizing upon the opportunities created by deregulation leveraging the Internet, the traders have introduced the ruthlessness the market into once-sedate industry. the process, they driven two California utilities to the financial brink and electrified the electricity business, just as junk bond ignited Wall the 1980s venture fueled Valley in the raking in billions of dollars for year, the energy traders are emerging as the business hotshots the new millennium. "They are extremely at what they do," said Severin Borenstein, director the University of California at Berkeley's energy institute. "There are guys on Wall Street that their time doing extremely calculations on bond and out to the most on the spreads. These traders (at the power companies) are doing same thing with the energy market." As they become more power are moving much their muscle online, where are more adept at e-business of Valley's Enron much its trading business on Web site launched in November The company describes Enrononline.com site, based on the completion of 548,000 transactions, $336 billion, with 3,000 customers in 2000. Enron's lead, Duke, Reliant and another major California generator, Mirant Corp., banded with Wall banks Goldman Sachs and Dean
 Writer

03/25/2001
Associated Press NewsWires
CopyrIght 2001. THe ASsoCiAted presS. All Rights ReseRVed.

SaN FRANCISCO (AP) - In Houston, It's siMpLY knoWN aS "the pOwer corNEr." 
sEParAtEd By jUsT A fEw citY blOcks, fouR major poweR whOlEsalers run 
ByZAnTine tradinG syStems that swaY enErgy prIcEs aCRoss tHe nAtion With 
miNImal ovErsight frOm THe goveRNment. 
ThE hOuSton Trading floors run bY enROn Corp., Reliant ENergy, DYnEGy iNC. 
anD DuKe Energy rePrEsent GRound zeRO iN A POweR Crisis threateNing the 
qualITy oF life iN mUch OF the WeStern unITed states this sUmmeR.
By seizinG upon tHE opportUNities cReated By dEreGulaTIoN aNd lEvERagINg The 
iNteRnet, the HOuStOn traDers HAVE IntrOduCed tHe rutHlessness of thE frEe 
maRKet Into tHe oncE-sedAtE poweR indusTry. 
In ThE process, they havE driVen two CalIfoRnIa uTiLitieS To the fInaNciAl 
brink And elecTRifIeD THE eLectricity business, JuST As Junk bond TraderS 
IgNiTEd Wall StReEt iN the 1980S ANd venTure CApItalists Fueled sIlIcOn 
ValleY iN the 1990s. 
AFtEr rAkiNg in bILlioNs of doLlars for Their COmpanies last yeAR, the energy 
traDErS ARe EMergIng As the first bUsinESs hoTshoTS oF thE New miLlennIuM. 
"thEY are extremely good at WhAt they Do," saiD Severin BorenStein, direcTOR 
Of the UniVersITy OF California at BErkelEy's energy iNStitute. 
"THere aRe guys on wall StreeT THat spend All TheIr tIme DOInG extremely 
comPLEx caLcUlationS on Bond yieLds And FigUriNg Out how to mAke the moSt 
MoNeY oN thE spreADs. These tRaDerS (aT thE poweR CompanIes) arE doiNg ThE 
SamE thing wITh THE eneRgY mArkeT." 
As ThEy becOme mORe sOphistiCated, the pOweR MarkEtErS are movIng much of 
theiR mUscle onlinE, wHerE they aRE Proving mOre adept at e-business than 
MOst of SiLicOn ValLey's Fallen IntErnEt compAniES. 
Enron HandleS much Of Its TRAding BUSiNesS oN a Web site lAUNchEd in NOvEmbeR 
1999. The comPany describes EnronONliNe.com as the worLd's BiggEST e-ComMErCE 
siTe, BAseD ON the completion oF 548,000 transactiOnS, ToTaling $336 billIOn, 
wItH 3,000 customErs in 2000. 
FoLlowiNG Enron's Lead, Duke, REliant and AnOtheR MAjoR CaliforniA generatOr, 
Mirant CORp., banDEd TogetHer With WaLl strEet inVestmeNT baNks GoLdman SAcHs 
and DEan
 Writer

03/25/2001
Associ ated Press  News wir esCo pyri ght2001. The Asso c iate d Press. All Rights Re serve d. 
SAN FR ANCIS CO (AP) -I n  Ho us to n,it ' ssimpl y k nown as  "the powe r c or ner." 
Separ a te d by justa f ew city bloc ks,  fourma jor power  wh olesa lers r u n 
Byz antine tr ad i ng sys t ems tha t sw ay e nergy prices acro s st he nation with  
mini ma l  o v e rsi ght  from thego vernm e nt. 
Th e  H o u s ton trading floor s run by En r onCorp.,  R eli a nt Ene rgy,Dy n egy  Inc. 
andDuke  Energy r eprese n t groun d  zero i n a po wer  cr isis th re ate ni n g t h e
qu a lit y of lif ein  much  oft h e West ern  Uni ted S tates this su mme r.
B y  se izing  upon  the  o pport unitie s cre at ed by deregulat ionand lever agi ng  th e
Inte r net, t heHou ston tr aders h a vein t r o du ced the ruthlessne ss o fthe free  
mark e tin t o the on ce -se date p owerindu s tr y. 
In t he pro c es s,  they h av e driv en  tw o C alifo r niautilit ies to t he fi n ancial 
brinka nd electrifie d  t h e  e l ectr ici ty business , ju s t as  jun k  b ond trade rs 
i gn i te d  Wall Street in the  1 980s a nd ve nture capital ists fuele d S ilicon Vall e yi n the 1990s. After  raking in billions  of d ollars f or theirc o mpanieslas t y ear , t h e  e nergy 
trader s areem ergingasthe fir stbus ine ssho tshots of  the new  m il le nn ium . 
"T h ey are e xt rem el y g ood a t  whattheydo,"  s ai d  Se verin B o re n s tein ,di rect or
o f the  Uni v ers ity ofCaliforni a a t  Ber ke le y's ene rgy institute .
"There ar eguy s on W a l l Street  that spend all their t i me doin g e xtrem ely
complexcal culati ons on bon d yiel ds an dfig u r ing o u t  h owto  make them o st
mone yon t he spre ads. These traders (at  the power co mpa nies ) ar e d o in g  th esam e thing with theenergy mar ke t ."  
As theyb eco me  more s ophisti cated ,  the po wer marke ters aremo ving m uch  of 
their  muscleonline, w h ere t h ey  arepro ving m or e a deptat e-b u sin ess t han 
m os t of S ilico nValley's  fallen Internet compan ies. Enron  ha ndles muc h o f  it s trading  bus iness on a  We b s ite l aun c hed i n No v em ber 
1999 . Th e  companyd es cri b e sEnrononline . c o m a s the  wo r ld's b igge st e-commerce 
si t e, based on th e co m p let ion of 5 48 ,000 transacti ons ,t o taling $ 33 6 billion,
with 3, 00 0  cust omersin 200 0. 
Fol l o wi n g Enro n'slea d, Duke,Rel ia n t and a no th e r majo r Ca li fornia  gener a tor, Mirant Corp., ba ndedt o gethe r  wi th Wa ll  Street inve stment ban ks GoldmanSachs
and  Dean 
 Writer

03/25/2001
Associated_Press Newswires
Copyright_2001. The Associated Press._All Rights_Reserved.

SAN_FRANCISCO (AP)_-_In Houston, it's_simply known as_"the power corner." 
Separated_by just a_few_city blocks, four major power wholesalers run 
Byzantine trading systems that sway energy prices_across_the nation_with_
minimal_oversight from the government. 
The_Houston trading floors run by_Enron Corp.,_Reliant Energy, Dynegy Inc. 
and Duke Energy represent_ground_zero in a_power crisis threatening the 
quality of life in much_of the Western United States this_summer.
By seizing upon_the_opportunities_created by deregulation and_leveraging the 
Internet, the Houston traders_have introduced the ruthlessness of the_free 
market into the once-sedate power industry._
In the process, they have driven_two California utilities to the_financial 
brink_and electrified the electricity business,_just as junk_bond traders_
ignited Wall Street_in the 1980s and venture capitalists_fueled Silicon 
Valley_in the 1990s. 
After raking in_billions_of dollars for_their_companies_last year,_the energy 
traders_are_emerging as_the_first business hotshots of the new_millennium._
"They are extremely good at what they_do," said Severin Borenstein,_director_
of the University of_California at Berkeley's energy institute._
"There are guys on Wall Street_that spend_all their_time doing extremely 
complex calculations on bond yields and figuring out_how to make the most 
money_on the spreads. These_traders (at_the_power companies) are_doing_the 
same_thing with the energy market." 
As they_become more_sophisticated, the power marketers are moving_much of 
their muscle_online,_where they are proving more adept_at e-business than 
most of Silicon_Valley's fallen Internet companies. 
Enron_handles_much_of its trading business on_a Web site launched in November_
1999. The company_describes Enrononline.com as the world's biggest e-commerce_
site,_based on the completion of 548,000_transactions,_totaling $336 billion, 
with 3,000 customers_in_2000._
Following Enron's lead, Duke, Reliant_and another major California generator, 
Mirant_Corp., banded together with Wall Street investment banks Goldman_Sachs 
and Dean