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Harry --
I think that we need to talk with EWS Tariff risk to make sure that we are on the same page. I am concerned that some of Gloria's statements may not end up happening with the final tariffs.
Please advise.
Jim
-----Original Message-----
From: Ogenyi, Gloria
Sent: Monday, November 19, 2001 3:27 PM
To: Anderson, Bob; Collins, Patricia
Cc: Rathvon, Richard; Sparling, Jay; Keene, Patrick; Kingerski, Harry; Steffes, James D.; Ryall, Jean
Subject: RE: Rock Tenn CoGen Facility
Bob,
Per Section 25.345 (c) of the Electric rules, if the Cogen facility has a rated capacity of 10MW or less, it qualifies as "eligible generation" under Section 25.345(c)(B). In Section 25.345(i), an end-user whose actual load is lawfully served by eligible generation and who does not receive any electrical service that requires the delivery of power through the facilities of a T & D utility is not responsible for payment of any stranded cost charges.
Also a retail customer whose actual load is lawfully served by eligible generation who also receives electrical service that require the delivery of power through the facilities of a T & D utility, shall be responsible for payment of stranded costs charges based solely on the services that are actually provided by the T & D utility.
The short answers to your questions are:
1. Rock Tenn will not be required to pay CTC charges if its rated output is less than 10MW, and it does not take any T&D services from TXU.
2. If Rock Tenn uses T&D facilities occasionally, it will pay CTC only for the actual services it receives from the T& D utility.
3. If Rock Tenn completely disconnects from the utilities T&D services, it will be in the same position as in 1 above. It will not be required to pay the CTC.
4. At this time, TXU does not have a financing bond issued by the Commission. In an earlier order, the Commission approved $363 MM for TXU, but that order was appealed, and the Supreme Court remanded the case to the Commission for rehearing. With information that is available to it at this time, the Commission does not think that TXU has stranded costs. I believe TXU will disagree. It will be interesting to see how this plays out.
Please call with any questions,
Gloria
-----Original Message-----
From: Anderson, Bob
Sent: Friday, November 16, 2001 3:47 PM
To: Ogenyi, Gloria; Collins, Patricia
Cc: Rathvon, Richard; Sparling, Jay
Subject: RE: Rock Tenn CoGen Facility
Gloria,
Per the information you provided Trish (below) concerning CTC in TX, the cogen design is less than 10MW. Therefore, what are the "DG rules" and how do these rules impact Rock Tenn's requirement to pay CTC? What if they only use the utility's T&D facilities occasionally when the cogen is not running? What if they completely disconnect from the utility's T&D facilities, as if they are no longer in business? Is TXU expected to have significant stranded costs?
Thanks, Bob
-----Original Message-----
From: Sparling, Jay
Sent: Wednesday, November 07, 2001 12:49 PM
To: Anderson, Bob
Cc: Rathvon, Richard
Subject: Rock Tenn - Will pay CTC charges FW: CoGen Facility
---------------------- Forwarded by Jay Sparling/HOU/EES on 11/07/2001 12:47 PM ---------------------------
From: Patricia Collins/ENRON@enronxgate on 11/07/2001 10:34 AM
To: Jay Sparling/HOU/EES@EES
cc:
Subject: FW: CoGen Facility
Here is the information for Rock Tenn.
Thanks,
Trish
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 10:09 AM
To: Collins, Patricia
Subject: FW: CoGen Facility
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 8:43 AM
To: Collins, Patricia
Subject: FW: CoGen Facility
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 8:38 AM
To: COLLINS, PATRICIA
Subject: FW: CoGen Facility
Trish, I sent this to you yesterday, but apparently, it went to the wrong address.
-----Original Message-----
From: Ogenyi, Gloria
Sent: Tuesday, November 06, 2001 5:16 PM
To: COLLINS, PATRICIA
Cc: Hamb, Edward; Kingerski, Harry; Ryall, Jean
Subject: CoGen Facility
Trish,
Per Chapter 39.252(b)(1) of the Texas Utilities Code, recovery of stranded costs by an electric utility shall be from all existing or future retail customers within the utility's certificated territory as it existed on May 1, 1999. A retail customer may not avoid CTC's by switching to a new on-site generation. New on-site generation is defined as an electric generator generating more than 10 MW, capable of being lawfully delivered to the site without use of the utility T & D facilities, and which was not fully operational prior to 12/31/99. (If the self-gen facility's output is 10 MW or less, it will be governed by the DG rules.)
If a customer commences taking energy from a new on-site generation (with output of more than10 MW ) which materially reduces or eliminates the customer's use of energy delivered through the utility's facilities, the customer shall pay an amount each month computed by multiplying the output of the on-site generation by the CTC which is in effect during the month.
Any CTC assessed on such a self -gen facility after it becomes fully operational, shall be included only in those tariffs or charges associated with services actually provided by the T & D utility to the customer after the facility has become fully operational. So if no services actually provided, there should be no payment.
Please call with any questions,
Gloria |
Why is Buxton upset? This is good for consumers? What does he want to change his mind and push this forward? Wouldn't this just lower the prices to his customers?
Also, this is why we need to be constantly pushing the political message in the states.
Jim
-----Original Message-----
From: Barnes, Lynnette
Sent: Tuesday, August 14, 2001 11:19 AM
To: Ferris, Frank; Fromer, Howard; Lawner, Leslie; Memari, Tooran; Miller, Terri; Montovano, Steve; Rishe, Frank; Ross, Derrick; Schoen, Mary; Snyder, Brad; Sullivan, Kathleen; Suttabustya, Buranit; Thome, Jennifer; Truxillo, Wayne; Wininger, James; Ader, Jeff; Anderson, Jonathan; Anderson, Meriwether; Bachmeier, Rick; Bernstein, Eitan; Bernstein, Mark; Bertin, Suzanne; Bolton, Stacey; Chan, Stella; Duda, Geoff; Galow, Gary; Hammond, Pearce; Jackson, Robert; Kazibwe, Julia; Keene, Patrick; Kingerski, Harry; Kosnaski, Andrew; Lopez, Yolanda; Meigs, Mark; Ogenyi, Gloria; Steffes, James D.; Boston, Roy; Bray, Peter; Collins, Joan; Hueter, Barbara A.; Landwehr, Susan M.; Lassere, Donald; Migden, Janine; Stroup, Kerry; Covino, Susan; Magruder, Kathleen; Merola, Becky; Reichelderfer, Thomas; Sandherr, Cynthia
Subject: FERC exceeded jurisdiction w/RTO say consumer groups
FERC Exceeded Jurisdiction With RTO Order - Consumer Grps
Aug. 14, 2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
(This article was originally published Monday) NEW YORK -(Dow Jones)- New England consumer advocates Monday said federal energy regulators overstepped their jurisdiction in ordering the consolidation of the wholesale electricity markets and transmission systems in the northeast U.S.
The Federal Energy Commission in mid-July directed operators of the power grids in New York, New England and the Mid-Atlantic to merge, as part of a sweeping series of orders designed to put control of the country's transmission system in independent hands.
Federal law allows the Federal Energy Regulatory Commission to require transmission systems to connect, but only at the request of a state regulators, according to a filing made by Maine law firm on behalf of consumer groups, nonprofit energy groups and the attorney general of Massachusetts.
"The Commission makes no claim in the New England Order that it is acting at the behest of a state commission or public utility, and is, therefore, without authority to mandate the involuntary combination of the Northeastern RTOs," the groups said in their filing, which asked FERC to reconsider its consolidation decision.
FERC should give the three Northeast grid operators a transition period to evolve into three regional transmission organization, or RTOs, with similar market designs, transmission tariffs and governance structures before requiring them to merge, the filing said.
The commission directed the operators of the wholesale power grid in New England, New York and the Mid-Atlantic to meet with utilities, generators, trade groups, state regulators and a FERC judge in Washington for 45 days beginning July 19 to outline plans for creating one transmission organization from Washington, D.C., to Maine. The regulators also directed Judge Peter Young to submit recommendation to them 10 days after the conclusion of the talks.
The commission ordered the consolidation of the Northeast power grid "at breakneck speed" without studying the technical feasibility of creating one RTO and without analyzing the costs and benefits of merging, the consumer groups said in their filing.
Young has directed meeting participants not to discuss the substance of the negotiations, but sources familiar with the talks said the group is outlining a business model describing how to structure a Northeast RTO without filling in the details. Participants have said, for example, that this regional market should have one transmission tariff and one interconnection standard, but haven't defined what that tariff and standard should be.
"Many people are very discouraged by the ongoing talks," said Anthony Buxton, an attorney with the Maine law firm that submitted Monday's filing.
All 300 meeting participants have been gathering in Washington twice a week and have been working on the issues every day outside of those meetings, Young said. Next week, they will break off into smaller groups and begin meeting every day, according to Young and market participants.
The commission was in turmoil when it issued its RTO decision, as evidenced by Chairman Curt Hebert's resignation last week, and should therefore reconsider its order, Buxton said.
The consumer groups also asked the commission to allow residential electricity users to have a say in how the unified electricity market in the northeast U.S. will run. Market participants, including consumers, will have an advisory capacity only in this new market and won't be allowed to vote on the rules that govern the market, as they do now, Buxton said.
This decision contradicted another one FERC issued in 1996 requiring utilities to open their transmission lines to competitors. In that order, the commission encouraged New England to create an independent system operator to oversee the power grid and to give market participants equal say in determining how this regional transmission system and electricity market would operate
The consumer groups that filed Monday are working to galvanize other organizations representing residential customers in New England, Buxton said.
"Consumers are going to be at the forefront of a massive attack on FERC for what it's done," Buxton said.
-By Kristen McNamara, Dow Jones Newswires; 201-938-2061; kristen.mcna <mailto:[email protected]>
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In This Email:
The Valentine's Day Countdown Has Begun
Great Wines and Gifts
Two Weeks to ZAP Mania
Wine Team Picks
The Valentine's Day Countdown Has Begun
Although you might have gotten the impression the holidays were over,
the most important day of the year for lovers is just around the
corner. At wine.com, we believe that fine wine -- and the surrender
to the senses that it invites -- is love, so in anticipation of the
(more-rapidly-approaching-than-you-think) date of February 14, we've
officially opened our Valentine Shop. In it, you'll find all kinds of
romantic gift packages, suggestive sweets, personalized wine labels,
and ... oh, yes, special wines from all over the world, arranged in
amorous combinations. Browse the shop now, and you'll be sure to
score a hit when V-Day arrives on your doorstep.
To learn more about each item listed below, simply click on its name.
_____________________________________________________________________
Great Wines and Gifts
1998 Ivan Tamas Zinfandel, Livermore Valley, California, $8.95
An outstanding, fruit-filled Zinfandel produced from old-vine grapes
grown in Northern California's historic Livermore Valley. Intense
raspberry and dark cherry fruit flavors with black pepper aromas;
medium-bodied, with nice depth and concentration.
1997 Adella Zinfandel, Napa Valley, California, $14.99
A big mouthful of a Napa Zin that still offers supple smoothness and
easy drinkability. The addition of Sangiovese and Syrah gives the
wine extra body, depth, and flavor. A perfectly targeted Zinfandel
that hits the palate right in the bull's-eye.
Port and Chocolate Cigars, $30.00
This soothing tawny port from Tuke Holdsworth is a great way to take
the chill out of a cool winter evening. Paired with luscious
chocolate cigars, it inspires warm feelings all through the winter.
Packaged on a sparkling silver plated bottle coaster.
Romantic Duet, $35.00
When it comes to attractive matches, this international couple - a
rich, toe-tingling French bubbly (originally blended for Czar
Nicholas II of Russia) and a graceful, supple Napa Valley Merlot - is
not only glamorous, but also harmonious.
1997 Sonora TC Vineyard, 'Old Vine Zinfandel', Sierra
Foothills, $24.00
Big and foward in style with tons of intense fruit and firm tannins.
Classic Sierra Foothills Zinfandel from a 90 year old vineyard. If
Sonora's two Zins were singing in the choir, "TC Vineyard" would be
singing baritone and "Story Vineyard" tenor.
1999 Left Bank Macon-Ige Vieilles Vignes, Burgundy, France, $12.00
Clean and direct, this friendly wine is sure to please anyone tired
of oaky Chardonnay. Sold exclusively at the popular Left Bank
restaurants in the San Francisco Bay Area and through wine.com, it's
made in an easy-to-drink style, perfect for bistro food: big, soft,
pale-straw in color, with aromas of green apple, hay, and lime.
_____________________________________________________________________
Two Weeks to ZAP Mania
Now is a time of year when Zinfandel lovers find themselves
salivating even more profusely than usual. Such Pavlovian symptoms
are observable with the approach of January 27, the date of the
upcoming ZAP tasting in San Francisco.
ZAP (Zinfandel Advocates and Producers) was formed by a group of
impassioned wine producers in 1992 to raise awareness of Zinfandel
and promote it as America's "native" wine. Like other members of the
Vitis vinifera family, Zinfandel's origins lie somewhere in Europe,
but nobody has been able to determine exactly where; DNA testing has
shown the grape to be identical to the Primitivo of southern Italy,
but it's documented in the United States earlier than it can be
traced to Italy. Zinfandel has been grown and vinified in California
since the mid-19th century, establishing it as America's contribution
to the world of fine wine.
While Zinfandel's fortunes have risen and fallen since its arrival in
the New World 150 years ago, it's always been a grape and wine that
inspired feverish loyalty. Now, as the 21st century commences, Zin
seems to have it both ways: It's enjoying an unprecedented level of
popularity and prestige, but its adherents still have the
warm-and-cozy feeling of cult membership.
This phenomenon is on lavish display at the annual ZAP tasting, a
boisterous party that traditionally takes place on the Saturday
before the Super Bowl. Certified in the Guinness Book of World
Records as the world's biggest one-varietal wine tasting, the event
attracted more than 200 wineries and 6,000 wine lovers last year.
This time, for its 10th anniversary, it's being conducted in two
different buildings at San Francisco's Fort Mason Center. Advance
tickets cost $35 for ZAP members and $45 for non-members, with a
limited amount available at the door for $50 on the day of the event.
If you can't make it to the tasting, another easy way to sample the
state of Zin is wine.com's selection of Zinfandel in all its forms
and guises.
_____________________________________________________________________
Wine Team Picks: Lisa Doenecke on Splashy Sparklers and Other
Spritzy Delights
This is probably one of my favorite categories, so my list came
quickly and easily. Sparkling wine and Champagne can be enjoyed on
any occasion, with no other reason than pure and simple pleasure. So
indulge with these special treats!
Meyer-Fonne Cremant d'Alsace Brut Extra, France, $12.00
Dom. Chandon Fleur de Vigne, California, $14.00
Ayala Brut Champagne, France, $28.00
Nicolas Feuillatte 1er Cru Brut Champagne, France, $34.00
Laurent Perrier Ultra-Brut Champagne, France, $54.00
_____________________________________________________________________
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NYT article today.
Gary
-----Original Message-----
From: Willis, Erin
Sent: Wednesday, October 24, 2001 7:22 AM
To: Litton, Todd; Hickerson, Gary; Durst, Philip; Kendall, Heather; Romain, Danielle
Subject: NYT: Enron Tries to Dismiss Finance Doubts
October 24, 2001
Enron Tries to Dismiss Finance Doubts
By FLOYD NORRIS
Enron (news/quote) has ample access to cash, the company's chief executive said yesterday as he assured investors that there was no need for additional write-offs stemming from unusual financing activities.
In a conference call with investors that was hastily scheduled after Enron's stock plunged on Monday, the chief executive, Kenneth W. Lay, strongly defended the company's chief financial officer and said there was no conflict of interest involved in transactions that the Securities and Exchange Commission was looking into.
But he refused to go into detail on the transaction that Enron made with partnerships run by Andrew S. Fastow, the chief financial officer. In addition, Mr. Fastow, while declaring that Enron "expects to continue to have sufficient liquidity to meet normal obligations," declined to answer any questions about it.
The conference call, which began just as trading opened on the New York Stock Exchange, at first seemed to be reassuring investors. Within minutes of the beginning of the call, the share price rallied to $23.25. But it soon began falling, and ended the day down 86 cents, at $19.79. The day's low of $19.62 was the lowest since Jan. 12, 1998, and was down 78 percent from the high set by the stock in the summer of 2000.
Until recently, most investors focused on the company's reported operating earnings, which showed good results as it became a leading player in energy markets. But the focus has shifted to a series of transactions, some involving off-balance- sheet financing. One, involving partnerships controlled by Mr. Fastow, led to a $1.2 billion reduction in shareholder equity that raised concern last week and led to S.E.C. inquiries that the company disclosed on Monday.
One of the company's strongest supporters has been David Fleischer, an analyst at Goldman, Sachs. But he told Mr. Lay on the call yesterday that Enron had to be more forthcoming with information. "There is an appearance that you are hiding something," he said.
After the call, Mr. Fleischer expressed disappointment. "They've engaged in a number of transactions that one wonders about, and that are hard to understand," he said in an interview. "They have not been as forthcoming in explaining them" as is needed, he said. But he said he was still recommending the stock. "I don't think accountants and auditors would have allowed total shenanigans," he said. "In the absence of total shenanigans going on at this company, there is tremendous value here."
Mr. Lay cited the S.E.C. inquiries as a reason for not discussing details on the transactions involving the partnerships that were controlled by Mr. Fastow. But he emphasized that both he and the company's board "continue to have the highest faith and confidence in Andy."
Mr. Lay said that auditors from Arthur Andersen had carefully reviewed Enron's reporting in conjunction with another off-balance-sheet vehicle, called Marlin. That company owns one-third of Azurix (news/quote), an Enron subsidiary that owns Wessex, a British water utility. The auditors "have determined there is no write-down required," he said under questioning by Richard Grubman of Highfields Capital Management, a money management firm.
Mr. Grubman said that Marlin owed almost $1 billion on debt that was guaranteed by Enron but had no assets other than the Azurix stake. Noting that Enron had paid about $300 million to buy a third of Azurix from public shareholders and had since taken write-downs on its investment in Azurix, Mr. Grubman asked why the company was not setting up reserves to cover its exposure on that debt, which under a complicated arrangement could end up being satisfied through the issuance of Enron shares.
Mr. Lay said that no action was needed but declined to address details. Eventually he cut off Mr. Grubman. "I know you're trying to drive the stock price down, and you've done a pretty good job of it," Mr. Lay said. "But let's move on to the next question."
Mr. Fastow said the company was having no problem issuing commercial paper and had $1.85 billion in such debt outstanding. He said it was backed by $3.35 billion in bank lines of credit, of which $1.75 billion will expire next May if it is not renewed.
Mr. Lay said he was sorry about "the misunderstanding" that resulted when his brief mention of the $1.2 billion reduction in shareholder equity in a conference call last week was not noticed by some analysts. That reduction would have been apparent if the company had released its balance sheet with the earnings report, but it did not. He said the company would consider releasing balance sheets with earnings reports in the future, but made no promises.
The large reduction in shareholder equity did not affect reported earnings, and so was not in the earnings release. But it raised concerns that some of the sophisticated financing techniques used by the company might be effectively keeping losses off the earnings statement. The S.E.C. is expected to look into whether the accounting for that transaction was correct.
After one questioner on the call said it would be easier to understand Enron if it released financial statements for the special purpose vehicles that were set up to enter into such transactions as Marlin, Mr. Lay said the company "will look into providing" such statements.
Erin Willis
Financial Trading
Ph: (713) 853-9677
Fx: (713) 646-4810 |
Please see the PG&E and FERC stories below, provided to me by Bob
Weisenmiller.
[ Business | US Market | By Industry | IPO | AP | S&P | International |
PRNews | BizWire | CCN | CNW ]
------------------------------------------------------------------------
Click Here!
Related QuotesPCG 29 3/8 -15/16
delayed 20 mins - disclaimerGet QuotesThursday September 14, 2:04 pm
Eastern Time
PG&E faces borrowing, write-offs for power costs
By Jim Brumm
NEW YORK, Sept 14 (Reuters) - This summer's surge in West Coast power
prices is causing California's largest utility to seek permission for
increased borrowings and consider significant write-offs, its parent
company PG&E Corp. told the Securities and Exchange Commission Thursday.
PG&E Corp.'s (NYSE:PCG - news) 8K filing also included the company's
first disclosure of Monday's talk with New York analysts.
The company's stock reacted with one of the larger losses in a soft
electric utility group, slipping as low as $29-1/8 Thursday morning
before steadying to trade at $29-7/16, off 7/8.
The regulated utility subsidiary -- Pacific Gas & Electric Co. -- paid
$700 million in unexpected power costs in June and incurred similar
charges in July and August, according to spokesman Greg Pruett.
PG&E's 8K filing noted the utility has authority from the California
Public Utility Commission to issue of to $1.7 billion of short-term
financing. Last Friday, the filing continued, it applied to the
commission for the authority to issue an additional $1.4 billion of
short-term financing.
It also said the utility is considering the sale of additional long-term
debt to finance wholesale power purchase costs and its other capital
requirements.
As noted by several security analysts, PG&E chief executive Robert Glynn
told the New York meeting the utility wants to boost power rates as soon
as possible to recover the surging costs the company has been forced to
pay to buy electricity in California's chaotic wholesale power market.
Other analysts also point out the utility is facing the possibility of
significant write-offs for power costs it will be unable to collect.
In the 8K filing, PG&E said ``if the utility determines that its
uncollected wholesale power purchase costs are not probable of recovery,
then the utility would be required to write off the unrecoverable
portion.''
ABN AMRO utility analysts that attended Monday's meeting said PG&E
estimates the summer price surge has created an additional $1.2 billion
of stranded cost on top of the existing yet to be recovered stranded
cost on its balance sheet of $4.4 billion.
The $4.4 billion total includes unrecovered transition costs of $3.0
billion, which the 8K said could also reduce future earnings.
``A worst case scenario,'' according to ABN AMRO, would be ``a $3.2
billion net, or $8.50 per share, write-off of unrecoverable stranded
cost'' if the present high power prices continue to the end California's
transition to a deregulated power market.
Business | US Market | By Industry | IPO | AP | S&P | International |
PRNews | BizWire | CCN | CNW ]
------------------------------------------------------------------------
Click Here!
Related QuotesSRE 20 +0
delayed 20 mins - disclaimerGet QuotesThursday September 14, 5:04 pm
Eastern Time
FERC chairman says deregulation should proceed
WASHINGTON, Sept 14 (Reuters) - U.S. Federal Energy Regulatory
Commission Chairman James Hoecker said Thursday that California's
troubled power markets should force tough changes to make deregulation
work better, not end the movement.
Speaking at the commission's regular meeting, Hoecker and the three
other FERC commissioners reiterated their support for deregulation, but
said the experience in California, where prices spiked considerably for
residents of San Diego and on wholesale markets, must result in new
policies.
``I personally reject the notion that this is the beginning of the end
for deregulation,'' Hoecker said.
FERC conducted a hearing in San Diego on Tuesday, allowing discussion
from utilities, regulators and the public on what has become a
disastrous summer for California's power markets.
Under the terms of the deregulation of California's electric utility
industry, customers of Sempra Energy (NYSE:SRE - news) subsidiary San
Diego Gas and Electric became the first in the nation to pay
market-based rates without a safety net.
Hoecker said now ``was the time to make tough decisions'' on retooling
deregulation laws to make them work better.
FERC Commissioner Curt Hebert said the problem is not just in
California, but also in New York and New England, where structural
problems with deregulation efforts have triggered market power, price,
supply and reliability concerns.
Many California and national lawmakers want FERC to declare that rates
set by suppliers this summer were not ``just and reasonable'' as
required under law.
Such a declaration could be followed by action to impose market
restrictions such as price caps across the western U.S..
Experts say such a move could lead to the demise of the California Power
Exchange, which was set up as part of the deregulationof the state's
power industry.
Twenty-four states and the District of Columbia have enacted laws to
open retail electricity markets to competition.
A report on the California price spikes this summer by FERC
investigative staff is due to be received by the commission by Nov. 1.
Email this story - View most popular stories emailed
Karen Edson
[email protected]
916/552-7070 |
Jim, please see me about this issue. As you can see, Leslie and I have been working extensively with Stephanie Miller for the last few weeks as she is trying to find a way to get rid of our 200,000 MMBtu/day of Block 2 capacity on El Paso. In fact, I provided Stephanie an analysis of the regulatory history as far back as last March, even before we signed up for the capacity. You will probably be getting some questions about it from Barry or maybe even Lavarato before too long since getting rid of this asset is very high on their priority list. I wanted you to be up to speed on our input so far.
-----Original Message-----
From: Lawner, Leslie
Sent: Wednesday, September 05, 2001 12:40 PM
To: Cantrell, Rebecca W.; Miller, Stephanie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
The CPUC was heavily involved in the settlement and their interest is making sure that northern CA has access to the SJ supplies. Their concern is not the same as PG&E's. And to the extent anything is agreed to, reopening the settlement is an enormous can of worms, and I don't think we want to go there. We would have to be able to structure a side deal to where PG&E and SoCal are in agreement that the recall rights they got in the settlement can be waived.
-----Original Message-----
From: Cantrell, Rebecca W.
Sent: Wednesday, September 05, 2001 11:23 AM
To: Miller, Stephanie
Cc: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Steph - Leslie and I were just talking about this, and one thing we need to keep in mind is that any attempt to modify the PG&E recall rights would almost certainly be opposed by the CPUC, especially if it was to benefit Enron.
-----Original Message-----
From: Lawner, Leslie
Sent: Wednesday, September 05, 2001 12:07 PM
To: Miller, Stephanie
Cc: Cantrell, Rebecca W.
Subject: FW: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
I thought you understood from my email and phone call that I was going to track down El Paso's interpretation of the 24 hours recall rights. Regulatory treatment of the 58 million by PG&E is a CPUC issue. I just talked to Becky and I don't have a good response to the question of whether our capacity could replace expansion capacity in light of the dueling recall rights, but I will think about it and talk to Becky some more.
-----Original Message-----
From: Lawner, Leslie
Sent: Tuesday, September 04, 2001 11:04 AM
To: Miller, Stephanie
Cc: Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
As to the 24-hour recall, I can only tell you what the FERC order says, I have no special knowledge of how El Paso and the parties intended the 24 recall to work. The order is fairly terse, and just says "and if it so recalled (by PG&E), that Enron may further recall the capacity for its own use in the PG&E service territory upon 24 hours notice." The language says to me that you can recall it 24 hours before you want to use it. However, I can call El Paso and find out how they interpret it.
As to the "traditional rate making" valuation of the $58 million, I have to confess I don't understand what you mean. PG&E paid the 58 million as part of a negotiated settlement. Typically that is part of a black box settlement, meaning that revenue dollars are not tracked to particular costs. We can pull the settlement and see if it stipulates some sort of treatment, but I would doubt it. If your question relates to how PG&E is tracking that expense in a regulatory sense, perhaps Jeff Dasovich can find out.
-----Original Message-----
From: Miller, Stephanie
Sent: Tuesday, September 04, 2001 8:17 AM
To: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
When is the 24 hour notice on re-recall effective - 24 hours from the day of recall (varies depending on term) or 24 hours before the recall is supposed to start?
How would you value what's left of the $58 million that PG&E paid based upon traditional rate making policies? I believe there are at least 5 years left on the term of the settlement.
Please call if you have any questions,
Regards,
Stephanie
-----Original Message-----
From: Lawner, Leslie
Sent: Thursday, August 30, 2001 1:19 PM
To: Miller, Stephanie; Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Here is a short memo. do you need more?
<< File: Stephaniememo.doc >>
-----Original Message-----
From: Miller, Stephanie
Sent: Thursday, August 30, 2001 11:28 AM
To: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
We you able to pull together a clear, definitive conclusion on how the RE-recall rights work?
I was not able to - hence my mission for greater clarification of specifics....
-----Original Message-----
From: Lawner, Leslie
Sent: Thursday, August 30, 2001 12:26 PM
To: Miller, Stephanie; Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
I looked over all the orders and the contracts and I agree with both of your interpretation of the recall rights of Block II. PG&E did not make a very smart deal for $58 million.
-----Original Message-----
From: Miller, Stephanie
Sent: Friday, August 24, 2001 8:27 AM
To: Cantrell, Rebecca W.; Lawner, Leslie
Subject: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Page 12 talks about Recall rights - good discussion but still short on re-recall rights. |
TODAY'S HEADLINES
The New York Times on the Web
Wednesday, May 9, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com
QUOTE OF THE DAY
=========================
"Classically, the eyewitness is the king of the trial
process. It was very hard for the courts to say scientific
inquiry could call into question a person who has direct
evidence to give."
- PROF. PAUL G. CHEVIGNY, of New York University, on a state ruling about
challenges
to eyewitness testimony.
Full Story:
http://www.nytimes.com/2001/05/09/nyregion/09WITN.html
NATIONAL
=========================
Gains Found for the Poor in Rigorous Preschool
http://www.nytimes.com/2001/05/09/national/09SCHO.html
In Study of Nation's Worst Traffic, New York Must Yield
http://www.nytimes.com/2001/05/09/national/09TRAF.html
Bomb's Effects Linger Along Road to Infamy
http://www.nytimes.com/2001/05/09/national/09ROUT.html
Bargaining Is Under Way in Spying Case of F.B.I. Man
http://www.nytimes.com/2001/05/09/national/09SPY.html
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POLITICS
=========================
Blacks and Hispanics in House Balk on Campaign Finance Bill
http://www.nytimes.com/2001/05/09/politics/09DONA.html
Impeachment Figure in Line for Drug Enforcement Post
http://www.nytimes.com/2001/05/09/politics/09DRUG.html
Bush to Nominate 11 to Judgeships
http://www.nytimes.com/2001/05/09/politics/09JUDG.html
House Threatens to Hold Back U.N. Dues for Loss of Seat
http://www.nytimes.com/2001/05/09/world/09NATI.html
INTERNATIONAL
=========================
House Threatens to Hold Back U.N. Dues for Loss of Seat
http://www.nytimes.com/2001/05/09/world/09NATI.html
Military Analysis: U.S. Weighing Future of Arms Pacts
http://www.nytimes.com/2001/05/09/world/09ARMS.html
Rumsfeld Plan Skirts Call for Stationing Arms in Space
http://www.nytimes.com/2001/05/09/world/09SPAC.html
China Says It Won't Let U.S. Spy Plane Fly Home
http://www.nytimes.com/2001/05/09/world/09PLAN.html
BUSINESS
=========================
Utility Says Prices of Gas Were Inflated
http://www.nytimes.com/2001/05/09/business/09GAS.html
Management: Telecommuting's Big Experiment
http://www.nytimes.com/2001/05/09/technology/09TELE.html
Northrop Grumman Joins Bidding for Shipbuilder
http://www.nytimes.com/2001/05/09/business/09SHIP.html
After 6 Years, First-Quarter Productivity Fell in U.S.
http://www.nytimes.com/2001/05/09/business/09ECON.html
TECHNOLOGY
=========================
Cisco Takes $3 Billion Charge and Posts Its First Loss
http://www.nytimes.com/2001/05/09/technology/09CISC.html
Management: Telecommuting's Big Experiment
http://www.nytimes.com/2001/05/09/technology/09TELE.html
Comcast Shows Profit as Customer Base Surges
http://www.nytimes.com/2001/05/09/technology/09CABL.html
Education: School District Buys 23,000 Laptops
http://www.nytimes.com/2001/05/08/technology/09EDUCATION.html
NEW YORK REGION
=========================
Despite Denial, Torricelli Helped in Donor's Deal
http://www.nytimes.com/2001/05/09/politics/09INQU.html
Court Opens Door to Data on Eyewitness Fallibility
http://www.nytimes.com/2001/05/09/nyregion/09WITN.html
Tales of New York Divorce: Breakups and the Turf Wars
http://www.nytimes.com/2001/05/09/nyregion/09DIVO.html
Sharpton Gives Ferrer a List of Conditions
http://www.nytimes.com/2001/05/09/nyregion/09MAYO.html
SPORTS
=========================
Twins' Milton and Guzman Tame Yankees
http://www.nytimes.com/2001/05/09/sports/09YANK.html
Baseball, Not Revenge, in the Bronx
http://www.nytimes.com/2001/05/09/sports/09VECS.html
Mets' Starters Find It's Not Pretty at Coors Field
http://www.nytimes.com/2001/05/09/sports/09METS.html
Johnson Is Third Pitcher to Strike Out 20
http://www.nytimes.com/aponline/sports/AP-BBN-Reds-Diamondbacks.html
ARTS
=========================
Latin Cinema Is Finding Its Voice
http://www.nytimes.com/2001/05/09/arts/09LATI.html
A New Show at the Apollo Raises Hopes in Harlem
http://www.nytimes.com/2001/05/09/arts/09APOL.html
'About Adam': Adam Romances Eve and Her Sisters
http://www.nytimes.com/2001/05/09/arts/09ADAM.html
'Conquistadors': PBS Examines the Spanish Invasion of the
New World
http://www.nytimes.com/2001/05/09/arts/09GENZ.html
OP-ED COLUMNISTS
=========================
By PAUL KRUGMAN: The Unrefined Truth
A look at the causes of the current gasoline shortage
suggests that conservation ought to be a major element in
our energy strategy.
http://www.nytimes.com/2001/05/09/opinion/09KRUG.html
By MAUREEN DOWD: Donna, Prima Donna
The mayor of New York City and his wife are locked in a
titanic twilight struggle over a house they don't even own.
http://www.nytimes.com/2001/05/09/opinion/09DOWD.html
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Tana/Karen/Kelly:
Credit (Tom Moran) has approved copying the profiles for the following new
product types; US Newsprint Fin Swap, US Packaging Fin Swap, US Recycled
ONP#8 Fin Swap and US Recycled OCC #11 Fin Swap from the following:
US Paper Fin Swap
Credit (Tom Moran) has approved copying the profile for the new product type,
US OSB Fin Swap, from the following:
US Lumber Fin Swap
Please respond by 5 p.m. today, Tuesday, March 27.
Thank you.
Stephanie
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 03/27/2001
02:29 PM ---------------------------
Enron North America Corp.
From: Kevin Meredith @ ENRON 03/23/2001 08:24 AM
To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Bjorn
Hagelmann/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Tom
Moran/HOU/ECT, Shari Mao/HOU/ECT@ECT, Charlie Hoang/HOU/ECT, Laurie
Lee/NA/Enron
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT,
Melba Lozano/HOU/ECT@ECT
Subject: EOL PRODUCT TYPE APPROVAL for 5 Financial product types (Clickpaper
to EOL migration)
Your review and approval of the following 5 product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail). If you have any questions please call
me at ext. 39555.
US Newsprint Fin Swap USD/MT/M
A US Newsprint Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.
US Packaging Fin Swap USD/ST/M
A US Packaging Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.
US Recycled ONP #8 Fin Swap USD/ST/M
A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
US Recycled OCC #11 Fin Swap USD/ST/M
A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
US OSB Fin Swap USD/MSF
A US OSB Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
==============================================================================
=====
STEPS FOR APPROVAL:
click the START button
select PROGRAMS
select TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE: Right mouse click on "Approved" |
Certainly understand the tradition you have with OU/Texas and it would be
hard. I imagine David is starting to feel a little cocky, given we should be
undefeated going into Texas, but he may still need to seek the shelter of
the study, as I know Texas is not going to roll over and play dead.
Sounds like Meagan has a full agenda this Fall and a trip to Norman would
only get in the way. I'm sure David will not let the fire die, if she is
truly interested in OU. FYI, OU's Spring Break is March 17-25 next year. So
you can plan accordingly. Let me know if you decide when you decide to come
up and I can get you lined up with Prospective Student Services for a tour.
Also, I remember you telling me about your concerns about grades. I know
that OU requires a 24 on the ACT, or finish in the top 1/3 of your
graduating class. It is my understanding that will soon be increasing to 26
or top 30% of graduating class. Looks like OU is following UT on tightening
entrance requirements.
I can get you shirts caps, sweatshirts, etc. for OU, UT and Tech. You can go
to Bigtimesports.com and look at the styles. I think they are also in the
school colors. If you see a style you like, let me know the size shape and
school and I can order it. If some of it is for you, let me know, as they
have different styles for women. Also, I can have logo's etc. reduced (like
I did on your Bevo on your shirt) so they are not so big. I always have them
reduce the OU from 1 3/4" to a
1 1/4" size, so I don't look like a "poster boy" for OU. Anyway, let me know
and I will order them for you.
Let me know when you hear back from Lexi about your discussion relative to
summer internship recruiting.
Ted K. Jacobs
Director of Energy Management
The University of Oklahoma
307 West Brooks, Room 218
Norman, OK 73019-4007
(405)325-0758
Fax (405)325-2096
E-mail: [email protected]
Website: www.ou.edu/business/em
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, September 25, 2000 1:23 PM
To: Jacobs, Ted K
Subject: RE: Oklahoma Trip
Thanks for looking into the OU/Texas tickets for us. With the ages of the
kids, I think that we will pass on those single tickets. The kids love our
home tradition for the game, and weren't sure that they wanted to give that
up. (I have cake pans in the shape of the state of Texas and the state of
Oklahoma - one daugther decorates one, and the other decorates the second
cake - add some bean dip and chips and it's our own version of a tailgate
party!)
We were hoping to bring Meagan up to look at OU this fall, with our eye on
that last game of the season. However, Klein High School has started the
football season very strongly, winning all games to date. That means that
we may be headed for high school playoffs again this year. Meagan is on
the drill team and must be at all games. Last year, we played right up to
Thanksgiving in the playoffs. So, we have decided to pick a weekend in the
spring after drill team contest season is over to make that trip with
Meagan.
We are interested in caps, shirts, etc. for UT, OU and Texas Tech. Do you
have a list of what is available for those schools?
"Jacobs, Ted K" <[email protected]> on 09/23/2000 03:07:11 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Oklahoma Trip
Thanks for the nice words. I hope Enron will be able to look at some
students for summer internships, as I am sure they will be gone by Spring.
As far as Texas tickets go, I can come up with 5 singles, but not 5
together
or even 3 and 2. Let me know if interested and I will try to get them.
Might
be able to trade up or something.
Let me know what other schools you are talking about and I can find out for
you.
Again, thank you for taking time out your schedule to come up and be a part
of the OU recruiting effort. It has been your support and efforts that we
have to thank for Enron coming to OU. Keep me posted on what you work out
with HR with regards to summer interns.
"Hook Em"
Ted K. Jacobs
Director of Energy Management
The University of Oklahoma
307 West Brooks, Room 218
Norman, OK 73019-4007
(405)325-0758
Fax (405)325-2096
E-mail: [email protected]
Website: www.ou.edu/business/em
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, September 22, 2000 5:30 PM
To: Jacobs, Ted K
Subject: Oklahoma Trip
It was good to see you in Norman earlier this week. As always, I
appreciated your attendance at the presentation and at Coach's afterwards.
I am sure that it is rewarding for you to see former students such as Jody
and Nate participating on the other side of the recruiting table. You have
done a great job in changing and promoting the program.
I am pushing Lexi to resolve the question around interview dates for summer
interns ASAP. I have also left Mike McConnell a message to make him aware
of the issue. I should be able to get back with you next week, hopefully
with a change in our strategy!
If you do become aware of five OU /Texas tickets, please let me know. We
will certainly purchase them, I just made the assumption that all tickets
may already be sold.
On another note, David has worn his OU shirt to work and has gotten lots of
compliments. He has a number of people that have asked him about school
shirts, caps, etc. Do you have a list of the schools that you can get
merchandise for and the types of merchandise that you can get? Let me know
-- we can probably place a few orders through you! |
FYI -
This is to update you on several CA bills that may have implications for green energy/renewables.
**Bills previously discussed
SBX2 78
Status: Last night the bill was approved by the State Assembly. Will be returned to Senate for reconciliation.
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sbx2_78&sess=CUR&house=B&site=sen>
SB 532
Status: Heard by Assembly Utilities and Commerce Ctte., failed passage
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sb_532&sess=CUR&house=B&site=sen>
**"Windfall profits tax" bills: Generally, these bills impose a tax on electricity sales beyond a specified baseline price (see article below for more detail). Note the exemptions:
SBX2 1
Status: Expected to be heard by Assembly floor on Monday
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sbx2_1&sess=CUR&house=B&site=sen>
Exemptions include: "generators of renewable energy sources, as defined, qualifying small production facilities, or qualifying cogeneration facilities. In addition, this bill would not apply to sales of electricity made by local publicly owned utilties made under specified conditions or to generation units used to serve the electrical load of a generation facility"
ABX2 2
Status: Expected to be considered by State Assembly today. If it passes, it will go back to the Senate.
Link: <http://info.sen.ca.gov/cgi-bin/postquery?bill_number=abx2_2&sess=CUR&house=B&site=sen>
Exemptions include:
"...the tax imposed under this part shall not apply to sales of electricity, sold for consumption in this state, made by qualifying facilities.
(c) For purposes of this section, the term "qualifying facilities"
includes qualifying small power production facilities or qualifying
cogeneration facilities within the meaning of Sections 201 and 210 of
Title II of the federal Public Utility Regulatory Policies Act of
1978 (16 U.S.C. Secs. 796(17), 796(18), 824a-3), and the regulations
adopted pursuant to those sections by the Federal Energy Regulatory
Commission (18 C.F.R. Secs. 292.01 to 292.602, inclusive), and other
generation units installed, operated, and maintained at a customer
site exclusively to serve that facility's load.
******************
2 Elec Profits Tax Bills On The Move In Calif Assembly
By Jessica Berthold
09/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
OF DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--The California Assembly is to consider a bill Friday to place a progressive tax on electricity sales in California , the second windfall profits tax measure to be heard by legislators in a week.
Under Assembly Bill 2XX, introduced by Assemblywoman Ellen Corbett, D-San Leandro, generators wouldn't be taxed on power priced below $60 per megawatt-hour. Prices above $60/MWh would be subject to a gradually increasing tax.
The first $30 charged by suppliers over the $60/MWh baseline would be taxed at a 50% rate. The next $30 would be taxed at 70%. Anything higher would be taxed at 90%.
The tax would be retroactive to Jan. 1, 2001 and effective through 2005. Tax proceeds would be used to fund a state sales tax holiday on the first weekend in December. Alternative energy suppliers, or "qualifying facilities," as well as self-generators, would be exempt from the tax.
Any excess receipts after the sales tax holiday would be used to provide tax credits to companies for building new generation.
"AB 2XX will help Californians recoup and regain financial footing in an economy that is changing very quickly," said Corbett. "This measure is a major step for California 's recovery from this year's disastrous energy crisis."
If the bill passes the Assembly floor, it will move to the Senate for committee and floor votes. The legislature is set to adjourn Sept. 14.
Similar Bill On Assembly Floor Monday
A second windfall profits tax bill is likely to be heard on the Assembly floor Monday, said a spokesman for the bill's sponsor, Sen. Nell Soto, D-Ontario. The bill passed out of the Assembly Appropriations Committee Thursday.
The bill, SB 2XX, would require state regulators to establish a cost-based price for electricity for each plant in the state. Sellers would be taxed 100% on any sales from a plant that exceeded its cost-based price, and the money would be used for taxpayer rebates. The cost-based price would include up to a 20% return on invested capital.
The tax, which would be effective retroactively to Jan. 1, 2001, would apply to the last sale before electricity hits the power grid, and so would include marketers as well as generators. Co-generation facilities and renewable generators would be exempt, as would some state municipal utilities.
The bill has a good chance of passing the Assembly floor, since only a majority vote is required and Democrats dominate the Assembly 50-30, said Soto spokesman Paul Van Dyke. Thus far, the bill has passed the Senate and various committees in the Assembly on strict party lines.
If the bill does pass the Assembly floor, it would go back to the Senate for concurrence, and then to the governor's desk to be signed. Van Dyke said he did not know which windfall profits tax bill was more likely to pass out of both houses before the legislature adjourns, nor whether the two might be cobbled together to form one bill.
"Our bill is two steps from going to the governor; the other bill has a ways to go," Van Dyke said. "Sometimes two bills on the same issue will pass and go all the way to the governor, and it's up to him to choose."
A spokesman for Gov. Gray Davis said last week that he was open to a windfall profits tax bill, but would not indicate which bill he might prefer. |
Robert,
Absolutely. This is a critical situation.
Vince
Robert Johnston
01/16/2001 08:02 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Scott Tholan/Corp/Enron@Enron
Subject: California Power 1/15/01
Vince- Kristin mentioned that you might be interested in receiving our daily
updates on the California situation. Hope that you are doing well and let us
know if you require any additional information.
RJ
---------------------- Forwarded by Robert Johnston/HOU/ECT on 01/16/2001
08:08 AM ---------------------------
Robert Johnston
01/15/2001 09:10 PM
To: Michelle D Cisneros/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Jaime Gualy/NA/Enron@Enron, John Greene/LON/ECT@ECT,
Jeff Kinneman/HOU/ECT@ECT, Kristin Walsh/HOU/ECT@ECT, Scott
Tholan/Corp/Enron@Enron
Subject: California Power 1/15/01
As talks continued toward the Tuesday deadline markets have been focused on
for the California electricity crisis, state officials around Governor Gray
Davis have
toughened up their rhetoric on a couple of fronts even as they confirmed
they would be in the market as early as Tuesday taking bids for energy to be
paid by the
State of California. One problem on that front is still how much producers
want to charge the state for electricity. As we reported last week, Davis and
his aides
want to pay around $50 to $55 dollars per megawatt hour and suppliers want
about $75. Treasury Secretary Summers has suggested an auction as the best
way to
determine the price, but California officials are taking a less free market
approach and still hope to set the price through negotiation over long-term
contracts.
Our sources in Washington, Sacramento, and California are increasingly of the
view that Governor Davis is positioning his government to establish long-term
power contracts with the generators that could be passed through to the
utilities following a bankruptcy in the near term. This week's legislative
activities
in Sacramento will create the vehicle to do so. State credit backing
purchases of power would obviate the need for super-priority borrowing to
finance power
purchases after utility bankruptcy.
1. Audit- Untangling Utility Relationships
California officials have also toughened their rhetoric on the debt repayment
front as they say results from a preliminary audit show that
half of the $9 to $12 billion the utilities say they owe is actually owed to
themselves for power they bought from their corporate relations
This strange situation is due to the fact that one holding company owns both
the power-generating and power-distributing companies under a
holding company umbrella. Of course, that means that some of the power PG&E
and Southern California Edison bought at highly inflated prices
was bought from themselves.
But it was not all bad news in the tense negotiations. Sources confirm that
Davis increasingly understood that the state finance role was a crucial part
of any
potential solution. He told our sources this afternoon that he is willing to
use state credit to eliminate the "risky debt" premium that PG&E
and SCE are being charged by suppliers because of their shaky finances and
that he is willing to extend the current 10% rate increase
utility customers are paying far beyond the initial 90-day deadline. In
return he is demanding that the companies prepare to "share the
burden of debt reduction in return for state help and credit extension."
2. Debt Restructuring- Guarantees, but No Direct State Money
Davis also told the videoconference that he believes the $12 billion in back
debt owed by the utility companies can be cleared up
during a 90-day forbearance period (whether that period has been agreed to by
all creditors is not something we are clear about right now). Davis' idea, as
he laid it out in the meeting, is to use the forbearance period to securitize
the debts and sell them against the utilities' forward rate base or by
establishing a
medium-term repayment plan backed by continued state guarantees.
In both cases the restructured debt would be resolved over a decade without
direct use of taxpayer money as the utilities use their positive margins to
paydown their debt. One of the reasons Davis wants to stay close to the
$50-$55 megawatt charge is that it maximizes the rate at which utilities can
pay
down this debt. There is a strong chance that Davis will agree to use state
guarantees to sweeten the pot at the end of these negotiations, but he remains
opposed to using direct state money. This frustrates both Clinton
administration and utility creditors, but Davis has not yet shown much
flexibility.
3. Eminent Domain/Reregulation
Perhaps most frustrating to the Washington DC free market crowd at Treasury
and the White House was the continued comfort Davis and his group of political
advisers have with "non-market" solutions to the energy crisis. Although
the Governor's aides actually believe the weapon is more a "way to force
eventual
agreement, than an actual solution," the talk returns frequently to these
non-market mechanisms. "We have the ultimate weapon to enforce compliance by
the
Tuesday deadline. If we make no progress. If this thing looks like it will
turn into a genuine crisis, then we will use our powers of condemnation and
we will re-take
the plants and equipment and run them ourselves," a close political aide to
Davis said. "We will absorb the plants, the transmission lines and the
reserved parking
places of the executives. The legislature would agree in a second." |
It looks like the Brazilian tax situation will be even more problematic than
in Argentina.
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on
01/05/99 09:30 AM ---------------------------
Scott Neal
12/30/98 05:02 PM
To: Don Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, William O
Butler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Re: Brazilian Transaction Taxes
FYI.
---------------------- Forwarded by Scott Neal/ENRON_DEVELOPMENT on 12/30/98
02:01 PM ---------------------------
Beth Rosen
12/30/98 01:07 PM
To: Scott Neal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Jordan Mintz/HOU/ECT@ECT
Subject: Re: Brazilian Transaction Taxes
Scott:
I have provided some comments below in response to your questions regarding
Brazil trading activities. About a year ago, Jordan and I went with Brent and
others to Sao Paulo to do some preliminary due diligence on Brazil trading
issues. At that time there were a number of open issues regarding the legal,
regulatory and commercial aspects of conducting trading activities in Brazil
that would effect our planning. For example, it was not known whether a
Brazil trading office would be considered a financial institution, an
important characterization as financial institutions are subject to a
different tax regime.
In any event, the following should give you a flavor of the regime. I am
also sending you under separate cover some general information regarding
doing business in brazil:
Brazil imposes two gross receipts taxes called Pis and Cofins. The Pis rate
is 0.65% and the Cofins rates has just increased from 2% to 3% effective
February 1, 1999.
Pis/Cofins operate like the Argentine turnover taxes except that Pis/Cofins
are federal taxes as compared to Argentina's turnover taxes which are
assessed at the provincial level.
Strictly speaking, Brazil law considers amounts paid for Pis/Cofins to be
"social contributions" and not taxes as the funds are earmarked for certain
social welfare programs. As a result, the Pis/Cofins are considered
"sacred" and except as outlined below, there are no exemptions or
opportunities to avoid payment of Pis/Cofins.
There are only two exceptions to the payment of Pis/Cofins. First, export
sales by Brazilian companies are not subject to gross receipts taxes. The
second exemption is that charitable foundations are exempt from Pis and
Cofins. Prior to Brazil's recently introduced tax reform package, financial
institutions paid a higher rate of income tax but were exempt from the Cofins
tax (Pis was still due). Now, financial institutions must pay Cofins.
To mitigate the cascading effect of Pis/Cofins in some of our power project
under development, we have looked at, but not implemented, forming
consortiums with some of our suppliers (gas suppliers). Under this scenario,
a portion of the energy payment is allocated to each supplier who is taxable
only on the portion of the tariff to which he contributed. A consortium is a
legal arrangement that applies to a specific transaction and specific
customers. It may not be compatible in the context of a trading office.
Brazil has a value added tax regime which is administered by each state.
There can be mismatches between VAT paid and collected depending on the
particular jurisdiction in which a commodity is bought and resold. The VAT
regimes differs for gas and power trading so we would have to analyze each
specific transaction in order to evaluation whether VAT would represent a
cost to the Brazil tradeco. I am sending to you some information provided
by Arthur Andersen which describes the VAT on sales and re-sales of gas and
electricity under several scenarios,
I am also checking on whether Brazil imposes any energy specific taxes and
will follow up you separately on this issue.
Regards and all the best in 1999.
Beth
To: Beth Rosen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Brazilan Transaction Taxes
Beth: I think we have a pretty good handle on these issues with respect to
the Pis/Cofins--not pretty and, in fact, a worse scenario than we face in
Argentina. Would you communicate to Scott.
Thanks.
Jordan
PS-I must have just missed you today to run-I'm so sorry I couldn't make it,
but it was for a very valid reason.
---------------------- Forwarded by Jordan Mintz/HOU/ECT on 12/16/98 12:15 PM
---------------------------
From: Scott Neal AT ENRON_DEVELOPMENT@CCMAIL on 12/16/98 02:38 PM
To: Jordan Mintz@ECT, Beth Rosen AT ENRON_DEVELOPMENT@CCMAIL
cc: Yao Apasu@ECT, "Don Black/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL,
Scott Porter AT ENRON_DEVELOPMENT@CCMAIL, Brett R Wiggs AT
ENRON_DEVELOPMENT@CCMAIL, "Steve Pearlman/ENRON_DEVELOPMENT" AT
ENRON_DEVELOPMENT@CCMAIL, Randy Young AT ENRON_DEVELOPMENT@CCMAIL, Brent
Hendry AT ENRON_DEVELOPMENT@CCMAIL
Subject: Brazilan Transaction Taxes
Can you give us a briefing on Brazilian transaction taxes? My initial
feeling is that we are going face tax
issues similar to those we are dealing with in Argentina. We have several
deal makers in Sao Paulo that have
begun contact potential customers. I think it is important to start the
education process now for all of us so that we can
1) determine ways to structure deals to limit tax liability and 2) form a
strategy to lobby for changes/reform/exemption.
Some initial questions:
How are marketing/trading companies activities treated?
Are there any energy specific taxes?
If turnover/gross receipt tax are applicable, is there any special treatment
for trading companies?
Are transaction taxes federal, state, or local in nature?
Thanks for your help. |
---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
08/31/2000 01:38 PM ---------------------------
"Michael Gagliardi" <[email protected]> on 08/31/2000 01:10:56 PM
To: [email protected], [email protected],
[email protected]
cc:
Subject: True Orange Fax/E-Mail #81
---------------------- Forwarded by Michael
Gagliardi/Hou-ComOps/EnergyTrading/PEC on 08/31/2000 01:19 PM
---------------------------
[email protected] on 08/31/2000 12:30:43 PM
To: [email protected]
cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC)
Subject: True Orange Fax/E-Mail #81
Several of you sent me e-mails saying you did not get last night's
scrimmage
report e-mail, so here it is again for everybody. If you already have it,
sorry for gumming up your mail box.
Jerry
True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #81, Wednesday, August 30, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536
Horns Have Final Public Scrimmage Before Huge Crowd
Coach Mack Brown put the Longhorns through a short, but spirited scrimmage
Wednesday night in Royal Memorial Stadium before an enthusiastic crowd UT
officials estimated at about 7,500.
With the first-team defense sitting out most of the scrimmage, the offenses
dominated most of the way. Chris Simms hit 5 of 8 passes for 144 yards,
including a 5-yard touchdown pass to freshman sensation Roy Williams, who
had
set up the score with a great catch of a 50-yard Simms' throw, and a
67-yard
TD pass to WR Montrell Flowers off a fake reverse.
The first-team offense also scored on a two-yard run by TB Victor Ike,
after
starting TB Hodges Mitchell set it up with a 50-yard gallop.
But QB Major Applewhite led the second-team offense to two touchdowns,
hitting 10 of 13 for 173 yards, including scoring tosses of 70 yards to the
other sensational freshman WR, B. J. Johnson, and 15 yards to senior
Brandon
Healy. Applewhite's TD pass to Johnson was a short screen up the middle and
Johnson just ran away from all the pursuit. Starting safety Greg Brown
intercepted one of Applewhite's throws on the second-team's first
possession.
Brown still wouldn't give any hint about who will be his starting QB in the
season opener next week, but did say both QBs played well. Brown also said,
"I was really pleased with the wide receivers. I thought they made some
steps
in running better routes and making the tough catches."
He also said Ike is clearly the No. 2 TB behind Mitchell at this point.
Redshirt freshman Ivan Williams had a great spring, but has not been
dominating during the current practices. He also has had some nagging
injuries. Brown said Ike, the fastest of the tailbacks, has been doing well
in practice. "Victor has been doing the best since he's been here," Brown
said. "He is doing much better without the ball (blocking) than he has in
the
past."
* * * *
Defensive coordinator Carl Reese, who has nine starters back, says he is
feeling better about his new defensive ends. "I've got four guys I think
can
play," Reese said. "Cory Redding and Jermain Anderson are the starters, and
Kaelen Thornton has really been doing a good job. He just keeps getting
better, so he'll be the first backup for Anderson, and Cole Pittman has had
three solid scrimmages in a row, so he'll be the guy behind Redding. I
think
all four of them will play a lot, and they're the four main ones right
now."
Thornton, a true freshman, is one of the larger DEs at about 6-3, 270, but
Reese said he is "pretty quick out there. He gets a good rush from the
edge,
and that's what we like. He also is learning to do a better job against the
run."
He said Pittman, who was moved over from tackle to provide better run
support, "has been doing a good job against the run, and he's a pretty good
pass rusher, too. I think we'll be okay with those four guys as soon as
they
get a little more experience."
* * * *
Brown said the team will have one more open practice and it will be
Thursday
at 3:30 at Denius Field. Then he plans to give the team three days off to
try
to let the players recover from the grueling two-a-day workouts. The team
will go back to work Monday to get ready for the Saturday opener at 11:30
a.m. against Louisiana-Lafayette.
* * * *
INJURY UPDATE: Brown said OT Mike Williams suffered a twisted leg in the
scrimmage, but he said he didn't think it was serious.
* * * *
RECRUITING NOTES: The Longhorns still have 13 commitments. DE Eric Hall,
6-3, 225, 4.5, of Clarksville, Tenn., who will take his official visit to
Texas the Sept, 9 weekend, rushed 10 times for 102 yards and completed 5 of
7
passes for 106 yards and two TDs to lead his team to a 34-0 victory over
Springfield Friday in the season opener for both teams. He plays QB and
safety, but said he didn't play any defense after the first half. . . DT
Tommie Harris of Killeen Ellison, says Texas is still his top team, and he
said he will come to the Louisiana-Lafayette game Dec. 9. "I really like
what
Mack Brown has been doing since he came to Texas," Harris said.
* * * *
My next fax will be whenever events warrant.
The True Orange Fax Service includes at least 99 faxes a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail or $99 if you take the faxes and
newsletter
via E-Mail). Send check to address at the top of page. I also update my
900 number
- 1-900-288-8839
- frequently with recruiting news. My E-Mail
address is: [email protected] |
[IMAGE]
GENERATOR/POWER MARKETING FERC Agenda Memo for October 24, 2001
Introduction
RTO Week shedded a new light on the pace and direction that the Commission may go in with respect to RTO development. During discussions with the state commission representatives on Thursday, Chairman Wood said with regards to the hard and fast number of RTOs he desired, "the number 4 is officially gone.. if it ever was essentially here." Chairman Wood was very receptive to the recommendations and pleas of the state commissioners and declared that the FERC would take as much time as it needed and that it was "committed to getting the right outcome." With that being said, 5 of the RTO-related proceedings on the agenda for next week's FERC meeting will probably result in extensive discussions encapsulating this week's RTO Week developments and a retreat from a prescriptive order or rulemaking issuing at this time.
Commission Agenda: http://www.ferc.fed.us/PUBLIC/ISD/Sunshine.htm
If you would like copies of any orders, please do not hesitate to contact us. Below are individual case descriptions.
In addition, the Commission will discuss four new "Administrative" issues:
A-4 AD02-4 Reliability, Security and Market Operations
A-2 AD02-2 Legislative Matters
A-3 AD02-3 Customer Matters
A-1 AD02-1 Agency Administrative Matters
RTO Developments
E-1 Discussion of RTO Developments in the Northeast EX02-1-000; RT01-99 PJM; RT01-98 PJM-West; New York ISO RT01-95; Commission discussion on the FERC's ALJ Northeast RTO Mediation Report and comments filed by industry.
E-2 Discussion of RTO Developments in the Southeast EX02-2; RT01-100 Gridsouth; RT01-34 Southwest Power Pool; RT01-75 Entergy Services; RT01-77 Southern Company Services - Commission discussion on the FERC's ALJ Southeast RTO Mediation Report and comments filed by industry.
E-3 Discussion of RTO Developments In the Midwest EX02-3; RT01-87 Midwest ISO/Alliance; EL01-80 National Grid USA - Commission discussion on RTO developments in the Midwest region. At the last Commission meeting, FERC gave the Midwest ISO a big boost toward the RTO finish line. The discussions with state commissions at this week's RTO week conference may slow down FERC's efforts in mandating RTO structure in the Midwest also.
E-4 Discussion of Western Infrastructure Adequacy Conference AD01-2 - Commission discussion on FERC's agenda and scope of the "Adequacy of Western Infrastructure" conference announced at the September 26 Commission meeting and to be held during the Western Governor's Association's meeting on November 2 in Seattle, WA.
E-5 Electricity Market Design and Structure RM01-12 - Commission action in response to RTO Week developments and comments filed in the "Electricity Market Design Structure" docket.
Market Complaints
E-19 San Diego Gas & Electric Co. v. Sellers of Energy EL00-95-034; EL00-98-038 - Order on the CA ISO's compliance filing proposing a new generator outage and maintenance coordination plan. Dynegy and other protesters allege that the CA ISO is attempting to circumvent FERC and "seize control of the outage monitoring" function that is currently FERC' s responsibility and role.
E-21 Pacificorp Power Marketing ER01-2685-000 - Order on Pacificorp Power Marketing's request to withdraw its filing of a 10-year power Purchasing Agreement contract with the California Department of Water Resources. Attempting to comply with a Commission order in the Southern Case rescinding waiver and requiring that all long-tern power contacts be filed with the Commission in place of submitting quarterly power marketing reports, Pacificorp filed its long-term contract and later realized that the waiver was still in effect at the time it made the power contract filing. As a result, Pacifcorp filed to withdraw its earlier contract filing. The California Public Utilities Commission filed protest to the withdrawal.
E-26 Mirant et al. v. ISO New England, Inc. EL01-93-001 - Order on NSTAR's request for rehearing of the Commission's 8/10/01 order upholding the ISO NE's market rules, which include Market Rule No. 17 affording the ISO NE discretion to negotiate mitigation agreements and enter into market power mitigation contracts with generators. In response to the rehearing request, the ISO NE filed for clarification of this exemption to file mitigation agreements with the FERC, under its discretion granted per the approved market rules.
E-30 Calpine Eastern Corp., Mirant et al. v. ISO New England EL01-124-000 - Order on Calpine's complaint against the ISO NE for excluding external energy contracts from its calculation of the energy clearing price for the ISO's market.
Tonja Wicks
Manager, Energy Supply Policy
Alliance of Energy Suppliers
Edison Electric Institute
Phone: (202) 508-5098
Fax: (202) 508-5600
Fax: (202) 508-5445
______________________________________________
To subscribe to this list, send an e-mail to [email protected] containing the following information: name, company, title, address, phone, fax and e-mail address.
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For more information, please contact the Allaince of Energy Suppliers at [email protected]
P-(202) 508-5098
F-(202) 508-5600
Tonja Wicks
Manager, Energy Supply Policy
Alliance of Energy Suppliers
Edison Electric Institute
Phone: (202) 508-5098
Fax: (202) 508-5600
Fax: (202) 508-5445
- IMAGE.gif
- Tonja Wicks.vcf
**********
Several EEI meetings have been postponed or canceled. For more information about a specific meeting, go to
( http://www.eei.org/resources/meetings/postponements.htm ) |
TODAY'S HEADLINES
The New York Times on the Web
Thursday, May 10, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com
QUOTE OF THE DAY
=========================
"We like living here. It's a beautiful place. The only thing
we don't like, you can't make any money to survive. My son
is getting straight A's. He's not going to be around here."
- FRED PRATT, of Morland, Kan.
Full Story:
http://www.nytimes.com/2001/05/10/national/10TOWN.html
NATIONAL
=========================
Bit by Bit, Tiny Morland, Kan., Fades Away
http://www.nytimes.com/2001/05/10/national/10TOWN.html
U. of Virginia Hit by Scandal Over Cheating
http://www.nytimes.com/2001/05/10/national/10CHEA.html
Smithsonian Is Promised $38 Million, With Strings
http://www.nytimes.com/2001/05/10/national/10SMIT.html
Western Governors Turn Focus to Need for More Power Lines
http://www.nytimes.com/2001/05/10/national/10GRID.html
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POLITICS
=========================
In Show of Unity, House Republicans Pass Budget Bill
http://www.nytimes.com/2001/05/10/politics/10HOUS.html
Price of Gasoline May Pose Problem for White House
http://www.nytimes.com/2001/05/10/politics/10POLI.html
White House Asks Unions to Meet on Energy Policy
http://www.nytimes.com/2001/05/10/politics/10ENER.html
Bush Appeals for Peace on His Picks for the Bench
http://www.nytimes.com/2001/05/10/politics/10JUDG.html
INTERNATIONAL
=========================
Families of Chechnya's Disappeared Seek Answers
http://www.nytimes.com/2001/05/10/world/10CHEC.html
Mexico's Leader Is Finding the Democratic Road Bumpy
http://www.nytimes.com/2001/05/10/world/10FOX.html
Death Toll Thought to Top 100 in a Soccer Stampede in Ghana
http://www.nytimes.com/2001/05/10/world/10GHAN.html
2 Jewish Teenagers Are Beaten to Death in the West Bank
http://www.nytimes.com/2001/05/10/world/10ISRA.html
BUSINESS
=========================
Suits Accuse Drug Makers of Keeping Generics Off Market
http://www.nytimes.com/2001/05/10/business/10DRUG.html
Public Ventures Do Private Deals but Sometimes Are Left
Bloodied
http://www.nytimes.com/2001/05/10/business/10PIPE.html
Firm Auditing MicroStrategy Settles Lawsuit
http://www.nytimes.com/2001/05/10/business/10AUDI.html
Black Sales Agents File Discrimination Suit Against Xerox
http://www.nytimes.com/2001/05/10/business/10BIAS.html
TECHNOLOGY
=========================
Looking Back at My First PC
http://www.nytimes.com/2001/05/10/technology/10BLUE.html
Hackers Report a Truce
http://www.nytimes.com/2001/05/10/technology/10HACK.html
Nintendo Grows Up and Goes for the Gross-Out
http://www.nytimes.com/2001/05/10/technology/10CONK.html
How It Works: Fuel Cells Provide Clean, Reliable (and
Pricey) Electricity
http://www.nytimes.com/2001/05/10/technology/10HOWW.html
NEW YORK REGION
=========================
Yellow Cabs Battle Invasion of Their Turf
http://www.nytimes.com/2001/05/10/nyregion/10CABS.html
Friends Mourn Slain Bronx Girl as Police Investigate
http://www.nytimes.com/2001/05/10/nyregion/10GIRL.html
Board Allows Rent Increases of 3% and 5%
http://www.nytimes.com/2001/05/10/nyregion/10RENT.html
Ferrer Refuses Endorsement Linked to Race
http://www.nytimes.com/2001/05/10/nyregion/10MAYO.html
SPORTS
=========================
Devils Beat Toronto to Advance
http://www.nytimes.com/2001/05/10/sports/10DEVI.html
Niedermayer Shouldn't Have Played in Devils Game, and He
Didn't
http://www.nytimes.com/2001/05/10/sports/10ANDE.html
A Masterful Clemens Nibbles at a No-Hitter
http://www.nytimes.com/2001/05/10/sports/10YANK.html
This Time, It's Iverson's Turn to Light the Fire
http://www.nytimes.com/2001/05/10/sports/10SIXE.html
ARTS
=========================
Christopher Wheeldon, City Ballet's Meteor, Lights Up the
Mirror
http://www.nytimes.com/2001/05/10/arts/10WHEE.html
Ken Kesey, Checking In on His Famous Nest
http://www.nytimes.com/2001/05/10/arts/10KESE.html
A Supermodel of a Hotel Sashays to Astor Place
http://www.nytimes.com/2001/05/10/arts/10NOTE.html
'Wingspan': Home Movies Starring the Cute Beatle
http://www.nytimes.com/2001/05/10/arts/10GATE.html
OP-ED COLUMNISTS
=========================
By BOB HERBERT: Mr. Ferrer's Dilemma
Bronx borough president Fernando Ferrer's courting of the
Rev. Al Sharpton's support has provided a bumpy start to a
New York City mayoral campaign.
http://www.nytimes.com/2001/05/10/opinion/10HERB.html
By WILLIAM SAFIRE: Battle of the Blue Slips
Senate Democrats prepare for war over President Bush's
judicial nominations.
http://www.nytimes.com/2001/05/10/opinion/10SAFI.html
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---------------------- Forwarded by Juan Hernandez/Corp/Enron on 05/21/2001
08:53 AM ---------------------------
Rudy Acevedo@ECT
05/16/2001 12:05 PM
To: Juan Hernandez/Corp/Enron@ENRON
cc:
Subject: Fwd: A SERIOUS MEXICAN BIRTHDAY PARTY!
---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 05/16/2001 12:04
PM ---------------------------
"Brenda A. Salinas" <[email protected]> on 05/16/2001 11:59:11 AM
To: [email protected]
cc:
Subject: Fwd: A SERIOUS MEXICAN BIRTHDAY PARTY!
THIS IS TOO FUNNY !!!!
? ENJOY !!!
B-
>Subject: Fwd: A SERIOUS MEXICAN BIRTHDAY PARTY!
>Date: Wed, 16 May 2001 11:54:52 EDT
>
>
Get your FREE download of MSN Explorer at http://explorer.msn.com
Return-path: <[email protected]>
From: [email protected]
Full-name: JRiceprod
Message-ID: <[email protected]>
Date: Tue, 15 May 2001 22:54:46 EDT
Subject: Fwd: A SERIOUS MEXICAN BIRTHDAY PARTY!
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]
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Message-ID: <[email protected]>
From: <[email protected]>
To: "Quintal, Joe" <[email protected]>
Cc: "Nancy Villarreal" <[email protected]>, "Tessa Diaz"
<[email protected]>, "Miguel Diaz"
<[email protected]>, "Martha Sainz" <[email protected]>,
"Mary Francis Perez" <[email protected]>, "Cindi Garcia"
<[email protected]>, "Pat Garcia" <[email protected]>,
"Judy Jozwiak" <[email protected]>, "Laura Rice"
<[email protected]>, "Pam Banks" <[email protected]>, "Neila
Fernandes" <[email protected]>, "Hamilton, Erin"
<[email protected]>, "Jaramillo, Angelica"
<[email protected]>
Subject: RE: A SERIOUS MEXICAN BIRTHDAY PARTY!
Date: Mon, 14 May 2001 09:15:36 -0500
MIME-Version: 1.0
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boundary="----=_NextPart_000_002D_01C0DC56.6FD67E00"
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FW:? A SERIOUS MEXICAN BIRTHDAY PARTY!
?
You know you are at a SERIOUS MEXICAN BIRTHDAY PARTY IF:
?
1.??? Some of the guests didn't bring a gift, but brought extra uninvited
kids.
2.??? When the cake says "Happy Birthday Mijo" instead of the child's real
name.
3.??? The party is at Chuck E. Cheese, but they brought their own food,
cake, and a pinata.
4.??? It's a party, but there are more grown-ups than children.
5.??? It's "Mijo's" 1st Birthday and the party food is carne asada, arroz
con frijoles puercos, y 10 cases of beer.
6.??? For entertainment, instead of playing pin the tail on the donkey,
there is usually a televised baseball, football game, or a live fight.
7.??? They don't sing Happy Birthday, instead everyone is salsa dancing.
8.??? The party was over at 5:00, it's 10:00 and the party is just starting.
9.??? You find out from Abuela that Abuelo is taking viagra.
10.??? The host calls someone who's on their way and tells them to stop and
get some tortillas and ice.
11.??? The guests start arriving and the hostess disappears to get ready.
12.??? You hear someone go up to the birthday child and say "Mira, tan cute!"
13.??? Someone else says? "I'm going to have to get you something next week
when I get paid.
14.??? The party is Saturday, and you get a call from the hostess Friday
night saying, "I'm giving Mijo a birthday party tomorrow at 3:00."
15.??? Some guests bring gifts that are still in the store bag unwrapped.
16.??? There always seems to be more family than friends at the party.
17.??? You have the party over at your's brother's because he bought a new
house and he has a pool.
18.??? The cake didn't come from the store; it came from the mother of the
comadre of your friend's sister who makes really good cakes.
19.??? You are told you have to save your plate and fork you ate your food
with, so you can eat you cake.
20.??? Someone calls and says they can't make it, but asks that you save
them some cake.
21.??? Guests are wrapping up cake to take to Madre, Tio, Abuela, Chata y el
Junior.
22.??? The party music is coming from a small boom box.
23.??? The birthday child is dressed from head to toe in Tommy.
24.??? The birthday baby's Daddy comes to the party and brings the kid he
had before and after the Birthday Baby.
25.??? It's "Mijo's" party, but since his cousin Madonna is there and her
birthday is in a few days, it becomes Mijo's and Madonna's party.
?
Power to la Raza
?
I thought this was?something to share with all you REAL Mexicans and those
who are still trying to get to know us..........
? |
Good points. But you'll be happy to know that I bought 100 shares of enron
yesterday. Now I own your ass!
>From: [email protected]
>To: "Scott Laughlin" <[email protected]>
>CC: [email protected], [email protected], [email protected],
>[email protected], [email protected],
>[email protected]
>Subject: Re: letter
>Date: Fri, 6 Apr 2001 15:50:01 -0500
>
>
>This thing's been floating around the web for a while. Show's what's wrong
>with good ol' California. To wit:
>
> We want federal water subsidies so we can kill the fish and grow rice
> and grapefruit in the desert ("and we'll keep it all for us?").
> Let's drive our freakin' gas-guzzlin' SUVs all over, but hey, who needs
> to invest in roads; and somebody else come quick and clean up our air
> from all those emissions.
> And we're 49th in the nation for spending on education. Great stuff.
> Now, we've decided we want other state's with less sophisticated people
> (in places like Nevada, Montana, Oregon, Washington, New Mexico) to
> build power plants (and pollution) in their states to feed electricity,
> and dam their rivers and kill their salmon so that we can heat our hot
> tubs and STILL pay 3 cents a kilowatt hour.
> And oh, by the way, it's federal taxes and the military industrial
> complex which has funded CA's weapons industry and communications
> industry. As no big fan of the military industrial comples, I'm just
> crying crocodile tears.
>
>Generally the kind of self-righteous doo-doo that turns people off to what
>is an otherwise great place to be.
>
>Yours in tender diatribes,
>Jeff
>
>PS Scott, I think that you're absolutely right: drilling in the Arctic
>Refuge in good for America....
>
>
>
> "Scott
> Laughlin" To: [email protected],
>[email protected],
> <scottwl@hotm [email protected],
>[email protected],
> ail.com> [email protected],
> [email protected]
> 04/06/2001 cc:
> 03:12 PM Subject: letter
>
>
>
>
>
>Hope this doesn't piss Jeff off too much...
>
>
>America has engaged in some finger wagging lately because California
>doesn't have enough electricity to meet its needs. The rest of the
>country (including George W. Bush's energy secretary Spencer Abraham,
>who wants Californians to suffer through blackouts as justification for
>drilling for oil in Alaska's Arctic National Wildlife Refuge) seems to
>be just fine with letting Californians dangle in the breeze without
>enough power to meet their needs. They laugh at Californians'
>frivolity.
>
>Well, everybody. Here's how it really is: California ranks 48th in the
>nation in power consumed per person. California grows more than half the
>nation's fruit, nuts and vegetables. We're keeping them. We need something
>to eat when the power goes out. We grow 99 percent or more of the nation's
>almonds, artichokes, dates, figs, kiwi fruit, olives, persimmons,
>pistachios, prunes, raisins and walnuts. Hope you won't miss them.
>
>California is the nation's number one dairy state. We're keeping our
>dairy products. We'll need plenty of fresh ones since our refrigerators
>can't be relied upon. Got milk?
>
>We Californians are gonna keep all our high-tech software in state.
>Silicon Valley is ours, after all. Without enough electricity, which
>you're apparently keeping for yourselves, we just plain don't have
>enough software to spare.
>
>We're keeping all our airplanes. California builds a good percentage of
>the commercial airliners available to fly you people to where you want
>to go. When yours wear out, you'd better hope Boeing's Washington plant
>can keep you supplied. There isn't enough electricity here to allow us
>to export any more planes than we need ourselves.
>
>And while we're at it, we're keeping all our high-tech aerospace stuff,
>too, like the sophisticated weapons systems that let you sleep at
>night, not worried you might wake up under the rule of some foreign
>kook. [As opposed to some domestic kook]
>
>Oh, yeah, and if you want to make a long-distance call, remember where
>the satellite components and tracking systems come from. Maybe you
>could get back in the habit of writing letters.
>
>Want to see a blockbuster movie this weekend? Come to California. We
>make them here. Since we'll now have to make them with our own
>electricity, we're keeping them. Even if we shot them somewhere else,
>the labs, printing facilities, editing facilities, and sound facilities
>are all here.
>
>Want some nice domestic wine? We produce over 17 million gallons per
>year. We'll need all of it to drown our sorrows when we think about the
>fact that no matter how many California products we export to make the
>rest of America's lives better, America can't see its way clear to help
>us out with a little electricity. You can no longer have any of our
>wine.
>
>You all complain that we don't build enough power plants. Well, you
>don't grow enough food, write enough software, make enough movies,
>build enough airplanes and defense systems or make enough wine.
>
>This is your last warning, America. Lighten (us) up before it's too late.
>
>Love,
>
>The Californians
>
>_________________________________________________________________
>Get your FREE download of MSN Explorer at http://explorer.msn.com
>
>
>
>
>
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com |
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We will need the "organizational ID" number for the Delaware, Maryland and
Texas entities. If you wish, we can obtain this information from CT Corp.
or a similar service provider for a charge of $12 per entity.
Also, for UCC filing purposes, we need to know whether any counterparty is
a "transmitting utility", i.e., entity primarily engaged in transmitting or
producing electricity or transmitting goods by pipeline.
Finally, I assume you will consult with local counsel regarding the
Canadian counterparties.
Thank you.
Lech Kalembka
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, NY 10038
Tel.: (212) 504-6918
Fax: (212) 504-6666
E-mail: [email protected]
"Heard,
Marie" To: [email protected]
<Marie.Heard@ cc:
ENRON.com> Subject: FW: Enron Canada
Office: Corp
11/06/2001
02:04 PM
Is there anything else you need for BP Amoco?
Marie
> -----Original Message-----
> From: "Dixon, Billy D" <[email protected]>@ENRON
> Sent: Tuesday, November 06, 2001 1:00 PM
> To: Heard, Marie
> Subject: RE: Enron Canada Corp
>
> Principal Operating Offices:
>
> BP Corporation North America Inc.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> BP Energy Company
> 501 West Lake Park Boulevard
> Houston, Texas 77079
>
> Vastar Resources, Inc.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> BP Canada Energy Company
> 240 - 4th Avenue S.W.
> Calgary, Alberta T2P 4H4
>
> BP Canada Energy Marketing Corp.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> Cibola Energy Services Corporation
> 350 N. St. Paul Street
> Dallas, TX 75201
>
> IGI Resources, Inc.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> BP Oil Supply Company
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> BP Products North America Inc.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> BP Amoco Chemical Company
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
> Atlantic Richfield Company
> 333 S. Hope Street
> Los Angeles, CA 90071
>
> Amoco Production Company
> 501 WestLake Park Boulevard
> Houston, Texas 77079
>
> BP Chemicals Inc.
> 200 East Randolph Drive
> Chicago, Illinois 60601
>
>
> -----Original Message-----
> From: Heard, Marie [mailto:[email protected]]
> Sent: Tuesday, November 06, 2001 8:54 AM
> To: [email protected]
> Subject: RE: Enron Canada Corp
>
>
> I sure will if you will tell me the principal place of business of all
> your entities party to the Master Netting Agreement.
>
> Enron Canada Corp.
> 3500, 400 - 3rd Avenue S.W.
> Calgary, Alberta T2P 4H2
>
> > -----Original Message-----
> > From: "Dixon, Billy D" <[email protected]>@ENRON
> > Sent: Tuesday, November 06, 2001 7:47 AM
> > To: Heard, Marie
> > Subject: Enron Canada Corp
> >
> > Would you please tell me where Enron Canada Corp.'s principal place
> of
> > business in Canada is located?
> >
> > Very truly yours,
> >
> > BILLY
> > Billy D. Dixon
> > Attorney
> > BP America Inc.
> > 501 Westlake Park Blvd., Rm 16.166
> > Houston, Texas 77079
> > Direct 281/366-4745
> > Fax 281/366-5901
> > [email protected]
> >
> > ***IMPORTANT -- THIS EMAIL AND ANY ATTACHMENTS HERETO ARE
> > ATTORNEY-CLIENT
> > AND/OR ATTORNEY WORK-PRODUCT PRIVILEGED AND CONFIDENTIAL. If you
> have
> > received this email in error, do not under any circumstances read,
> > forward,
> > copy, disseminate or save this email or any of its attachments. If
> > you have
> > received this email in error, take the following actions: (1) reply
> to
> > this
> > email indicating that you received this email in error, and (2)
> delete
> > and
> > completely erase this email and its attachments from your computer
> and
> > any
> > backup systems or "Deleted Items" folders.
> >
>
>
> **********************************************************************
> 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.
> **********************************************************************
==============================================================================
NOTE: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, you must not read, use or disseminate the information. Although this email and any attachments are believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.
============================================================================== |
---------------------- Forwarded by Richard Shapiro/NA/Enron on 02/07/2001
08:54 AM ---------------------------
Ray Alvarez@TRANSREDES
02/07/2001 07:42 AM
To: Richard Shapiro@Enron
cc:
Subject: Dave Barry's thoughts on CA's electrical storage
Rick, thought you might enjoy this alternative theory on the root cause of
Cal's problem. Ray
---------------------- Forwarded by Ray Alvarez/TRANSREDES on 02/07/2001
09:39 AM ---------------------------
Steve Hopper
02/07/2001 08:47 AM
To: Ricky Lynn Waddell/SA/Enron@Enron, John Novak/SA/Enron@Enron, Laine A
Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E Weidler/NA/Enron@Enron,
Ray Alvarez/TRANSREDES@TRANSREDES, Doug Farmer/TRANSREDES@TRANSREDES
cc:
Subject: Dave Barry's thoughts on CA's electrical storage
Feb. 2, 2001, 8:06PM
The rest of us should tell California to go fly a kite
By DAVE BARRY
When we consider the serious electricity shortage in California, our
reaction, as concerned Americans, is: Ha ha!
No, seriously, we are alarmed. Because history teaches us that whatever
happens to California -- smog, road rage, tofu, coffee that is mainly air,
cell phones, the belief that abdominal muscles are attractive, Shirley
MacLaine, people taking in-line skating seriously, grandmothers sporting new
and flagrantly inappropriate bosoms -- eventually happens to the rest of the
nation. Thus it is vital that we analyze the California electricity shortage
and see if we can develop a workable solution before we become bored and
change the subject.
Our first question is: What, exactly, is electricity? When we look in our
Microsoft Encarta encyclopedia, we see that "electricity" is defined as a
"class of physical phenomena resulting from the existence of charge and from
the interaction of charges." What does this mean, in lay-person's terms?
It means that whoever wrote the Microsoft Encarta encyclopedia is a big, fat
dope. Because we know from our junior-high-school science training that
electricity is actually a fast-moving herd of electrons, which are tiny
one-celled animals that can survive in almost any environment except inside
a double-A battery, where they die within minutes.
Electrons are formed when clouds rub together and become excited. This was
proved in the famous experiment wherein Benjamin Franklin flew a kite during
a thunderstorm and was almost killed. Encouraged by this success, Franklin
went on to conduct many more electrical experiments, including rolling a
hoop in a thunderstorm, playing hopscotch in a thunderstorm and doing
somersaults in a thunderstorm.
Finally one night he was caught wearing only a bonnet and playing Mister
Pooter Rides the Pony in a thunderstorm, leaving the authorities with no
choice but to arrest him and make him ambassador to France. Nevertheless,
Franklin had proved an important scientific point, which is that electricity
originates inside clouds. There it forms into lightning, which is attracted
to the earth by golfers.
After entering the ground, the electricity hardens into coal, which, when
dug up by power companies and burned in big ovens called "generators,"
turns back into electricity, which is sent in the form of "volts" (also
known as "watts," or "rpm" for short) through special wires with birds
sitting on them to consumers' homes, where it is transformed by TV sets into
commercials for beer, which passes through the consumers and back into the
ground, thus completing what is known as a "circuit."
But enough technical talk. The problem is that California is running out of
electricity. The situation is so bad that in some hospitals, they don't have
enough electricity to power those electric-shock paddles that get people's
hearts started again; instead, the doctors and nurses have to hold hands,
scuff their feet across the carpet in unison, then shout "CLEAR!" as they
touch the patient's chest.
Who is responsible for California's electricity shortage? You could blame
the power companies; or you could blame environmental wackos; or you could
blame the entertainment industry, which uses more than 750 billion watts of
electricity per day just to blow-dry the hair of the cast of Dawson's Creek;
or you could blame (why not?) the Firestone tire company. But you would be
wrong. Because obviously the real cause of the California electricity
shortage is: college students.
I base this statement on widespread observation of my son, who is a college
student, and who personally consumes more electricity than Belgium. If my son
is in a room, then every electrical device within 200 yards of that room --
every light, computer, television, stereo, video game, microwave oven, etc.
-- will be running. My son doesn't even have to turn the devices on; they
activate themselves spontaneously in response to his presence.
Now take my son and multiply him by the number of college students in
California, which according to my research is (EDITOR: Please insert number
of college students in California) and you see my point, which is (EDITOR:
Please insert my point).
The question is: What can the rest of us do to help our fellow
countrypersons in California? The answer is that we can send them our spare
electricity. Just imagine what would happen if all the households in this
great and generous nation got out their extension cords and connected them
together, forming a giant electrical "chain of helping" across the fruited
plain to the Golden State! Millions of people would be turned into generous
smoking lumps of carbon, that's what. So maybe we should go with Plan B.
This involves building a really, really, really big kite.
Knight-Ridder Tribune |
OK, it seems like everyone is making up for lost time tonight. Go home!
Kimzey, let's go drink!
-----Original Message-----
From: Andrew Slocum [mailto:[email protected]]
Sent: Monday, June 05, 2000 10:49 PM
To: 'Kimzey, Bryan'; 'Mark A. Junell'; Andrew Slocum; 'Nicholas
Johnston-Advisory'; [email protected];
[email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; Ben Rogers (E-mail)
Subject: RE: Many thanks to Miquel
Kimzey, you did alright my man!
-----Original Message-----
From: Kimzey, Bryan [mailto:[email protected]]
Sent: Monday, June 05, 2000 9:38 PM
To: 'Mark A. Junell'; Andrew Slocum; 'Nicholas Johnston-Advisory';
[email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected];
[email protected]; [email protected]; [email protected]; Ben
Rogers (E-mail)
Subject: RE: Many thanks to Miquel
What the hell happened this weekend? All I can say right now is thank you
to everybody who showed up and made this weekend one of the most fun
memories ever. And thanks to Miguel and Blake again for organizing
everything; I couldn't have done it without y'all. Once I can put more full
sentences together, I'll write more. Thanks again.
- Bryan
ps If anybody has seen my Carolina shirt, my cell phone charger, my
American Express card and/or my voice, please bring them to my wedding, too.
> -----Original Message-----
> From: Mark A. Junell [SMTP:[email protected]]
> Sent: Monday, June 05, 2000 10:22 PM
> To: Andrew Slocum; 'Nicholas Johnston-Advisory'; [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]
> Subject: RE: Many thanks to Miquel
>
> Yea thanks Miguel. I feel like dog sh*t.
>
> -----Original Message-----
> From: Andrew Slocum [mailto:[email protected]]
> Sent: Monday, June 05, 2000 7:13 AM
> To: 'Nicholas Johnston-Advisory'; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; Andrew Slocum; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected]
> Subject: RE: Many thanks to Miquel
>
>
> If you remember, please bring the elvis sunglasses to Kimzey's wedding. I
> second the motion to Miguel. Wexler did a remarkable show yesterday
> evening, which included a lot of big easy chatter.
>
> Out
>
> -----Original Message-----
> From: Nicholas Johnston-Advisory [mailto:[email protected]]
> Sent: Monday, June 05, 2000 6:46 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]
> Subject: Many thanks to Miquel
>
>
> Great weekend - thanks to Miquel for getting us all there and hopefully
> Kimzey
> will now not miss the wonders of bachelorhood too much.
>
> Found a camera - digital one in 317 - also have the elvis sun glasses - if
> the
> rightful owner would like to step forward - and yes we know who you are.
>
> Cheers
> Nick
>
>
>
> This communication is for informational purposes only. It is not intended
> as
> an offer or solicitation for the purchase or sale of any financial
> instrument
> or as an official confirmation of any transaction. All market prices, data
> and other information are not warranted as to completeness or accuracy and
> are subject to change without notice. Any comments or statements made
> herein
> do not necessarily reflect those of J.P. Morgan & Co. Incorporated, its
> subsidiaries and affiliates.
>
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----- Forwarded by James D Steffes/NA/Enron on 03/15/2001 03:58 PM -----
Linda Robertson
03/15/2001 02:53 PM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron
cc:
Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Response to the Western Energy Crisis
Bad development. We are trying to get Steve an appointment with Smith next
Tuesday.
----- Forwarded by Linda Robertson/NA/Enron on 03/15/2001 03:51 PM -----
Allison Navin
03/15/2001 03:46 PM
To: Linda Robertson/NA/Enron@ENRON
cc:
Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Response to the Western Energy Crisis
Senators Dianne Feinstein and Gordon Smith
Announce Partnership in Response to the Western Energy Crisis
March 15, 2001
Washington, DC - Senators Dianne Feinstein (D-CA) and Gordon Smith (R-OR)
today announced an agreement to introduce bipartisan legislation to restore
stability and reliability to the Western energy market by directing the
Federal Energy Regulatory Commission (FERC) to impose a temporary &just and
reasonable8 wholesale rate cap or cost-of-service based rates.
The legislation will also require the states involved in this effort to pass
on the cost of the electricity to retail customers. However, the states would
be able to determine how and when this would be done. In other words,
California could choose to use tiered-pricing, real-time pricing or set a
baseline rate above which prices would be passed through.
&We now have a piece of legislation that can fix the broken electricity
market and provide a period of reliability and stability in wholesale energy
costs,8 Senator Feinstein said.
&FERC has found the wholesale prices being charged in California to be unjust
and unreasonable. This legislation essentially will mandate that once FERC
makes such a finding, the agency will carry out its regulatory role. This is
a $175 million a year agency. It is there to regulate the energy marketplace,
and it should. What the Federal government can do is to provide a period of
reliability and stability at a time of crisis. Unfortunately FERC has refused
to do so.8
&California,s broken electricity market is a result of a flawed 1996
California law that deregulated wholesale costs, but left in place caps on
retail prices. This was coupled with a requirement that the utilities divest
themselves of their generating capacity and buy most of their electricity on
the spot market, where prices have escalated dramatically. In hindsight all
of this came together in a catastrophic scenario, so that today, California
buys electricity at astronomical prices. We believe that FERC needs to act to
help restore reasonable costs and stability to this marketplace.8
&Additionally, this agreement addresses the escalation of natural gas
transportation costs. Last February, FERC began a two-year experiment to lift
the cap on these costs and since that time we have seen the price of natural
gas climb 400 percent higher in Southern California.8 Senator Feinstein
added.
Specifically, the compromise legislation would accomplish the following goals:
Directs FERC to impose a just and reasonable wholesale rate cap, which can be
load-differentiated based on supply and demand, or cost-of-service-based
rates in the Western energy market (Western Systems Coordinating Council,
including Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico,
Oregon, Utah, Washington, and Wyoming.)
Addresses the issue of high natural gas transmission costs by reimposing FERC
tariffs for natural gas transportation into California (FERC Order 637) and
requiring natural gas sellers to declare separately the transportation and
commodity components of the bundled rate for gray market transactions.
Stipulates that the wholesale price cap or cost-of-service based rate will
not apply to wholesale sales for delivery in a state that imposes a price
limit on the sale of electric energy at retail that: precludes a regulated
utility from recovering costs under the price cap or on a cost-of service
based rate; or precludes a regulated utility from paying its bills.
Establishes that the rate-making body of a state can determine how and when
the wholesale rates will be passed on to ratepayers, including the setting of
tiered pricing, real time pricing, and baseline rates. (With respect to the
Bonneville Power Administration, BPA will be encouraged to seek to reduce
rate spikes to economically distressed communities, while ensuring costs are
recovered by the end of the next contract period in 2006.)
Directs that after the date of enactment, utilities cannot be ordered to sell
electricity or natural gas into a state without a determination by the
Federal Energy Regulatory Commission that the seller will be paid.
Directs that in the event that a state in the Western energy market does not
meet the criteria described in this agreement, state public utilities
commissions in the Western energy market can ensure that regulated utilities
within their jurisdiction meet demand for electric energy in the utility,s
service area before making sales into any such state.
Establishes that the wholesale rate cap or cost-of-service based rates shall
remain in effect until such time as the market for electric energy in the
western energy market reflects just and reasonable rates, as determined by
the Commission or until March 1, 2003, whichever is earlier. |
Here is CERA's latest near term analysis.
---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 10/27/2000
02:40 PM ---------------------------
[email protected] on 10/26/2000 06:05:45 PM
To: [email protected]
cc:
Subject: Temporary Slack - CERA Alert
**********************************************************************
CERA Alert: Sent Thu, October 26, 2000
**********************************************************************
Title: Temporary Slack
Author: N. American Gas Team
E-Mail Category: Alert
Product Line: North American Gas ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1402 ,
Alternative URL:
http://www.cera.com/client/nag/alt/102600_15/nag_alt_102600_15_ab.html
*********************************************************
Warm weather and strong storage injections have temporarily shifted the focus
in the
gas market away from a potential supply shortage this winter toward a growing
sense
that supplies might just prove adequate. The result has been a steady and
steep
decline in the November NYMEX price from $5.63 per MMBtu on October 12 into
the $4.60s as of October 25. Cash prices have followed suit, falling from the
mid-
$5.50s to the $4.60s at the Henry Hub, and gas is now pricing below residual
fuel oil
in the Gulf Coast and especially on the East Coast. Although gas storage
inventories
will begin the winter at levels higher than expected, in CERA,s view adequate
supply for the winter is not yet assured, and the market remains subject to a
quick
return to prices well above $5.00 with the first cold snap.
Storage injections of 71 billion cubic feet (Bcf) for the week ended October
20
accompanied by broad-based and continuing warm weather have driven the shift
in
market psychology. Last week,s injection rate was 26.5 Bcf, or approximately
3.8
Bcf per day, above the previous five-year average for those seven days and 58
Bcf
above the 13 Bcf of injections recorded last year for the week ending October
22.
With warm weather this week and the return of more normal temperatures
expected
next week, CERA now expects storage to reach a maximum level of 2,784 Bcf on
October 31--still an all-time low entering the winter, by 26 Bcf (see Table
1).
Is this inventory level "enough"? Not yet. Storage inventories this winter
under 15-
year normal weather conditions would fall to approximately 780 Bcf, 22 Bcf
above
the previous all-time low. This end-of-March minimum implies total
withdrawals in
the United States this winter of 2.0 trillion cubic feet (Tcf), 128 Bcf above
last year,s
withdrawals. But holding withdrawals this winter down to 2.0 Tcf in the face
of a
return to normal weather--and the demand rebound of 3.0 Bcf per day it would
bring--will be difficult. Although the beginning of a US supply rebound and
growing imports will add approximately 1.0 Bcf per day to supplies this
winter,
holding withdrawals down requires both of the following:
* Industrial markets--mainly ammonia and methanol
producers--that are now shut down because of high gas prices
must remain shut down. These markets represent
approximately 0.5 Bcf per day of demand that could return,
should gas prices moderate relative to ammonia and methanol.
* The nearly 1.5 Bcf per day of switchable load now burning
residual fuel oil must remain off of gas.
In CERA,s view, for gas prices to fall below resid on a sustained basis,
particularly
as power loads increase this winter, it must become apparent that winter
demand can
be met, the current resid load can return to gas, and storage inventories can
be held
reasonably near the previous record low. That low, 758 Bcf, occurred in March
1996
and was accompanied by a February average price of $4.41 and a March average
of
$3.00 at the Henry Hub. That spring, however, US productive capability was
nearly
4.0 Bcf per day greater than it is today, winter power generation demand was
lower,
and there were about 4.5 million fewer residential and commercial gas
customers in
the United States.
Market fundamentals in CERA,s view still support gas prices above those of
resid,
which as of this writing is pricing in the $4.75-$5.00 per MMBtu range. Warm
weather throughout November and into December could reverse this
relationship, but
a warm October alone is insufficient, and any cold weather within the next few
weeks will quickly tighten the slack that has temporarily come into the
market.
CERA,s price outlook for November--an average of $5.50 at the Henry Hub--
stands for now.
**end**
Follow URL for PDF version of this Alert with associated table.
*********************************************************
CERA's Autumn 2000 Roundtable event dates and agendas are now available at
http://www.cera.com/event
*********************************************************
**********************************************************************
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Terms of Use: http://www.cera.com/tos.html
Questions/Comments: [email protected]
Copyright 2000. Cambridge Energy Research Associates |
TODAY'S HEADLINES
The New York Times on the Web
Tuesday, May 8, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com
QUOTE OF THE DAY
=========================
"If you are H.I.V.-positive now, it doesn't mean you are
dying. If you want to go to school, you should go to school.
If you want to buy a car, you should buy a car."
- DR. DAVID MARUMO, in Botswana, where the promise of access to AIDS drugs has
brought new hope.
Full Story:
http://www.nytimes.com/2001/05/08/world/08BOTS.html
NATIONAL
=========================
Statewide Blackouts Ordered in California
http://www.nytimes.com/2001/05/08/national/08CALI.html
Officer Charged in Killing That Roiled Cincinnati
http://www.nytimes.com/2001/05/08/national/08CINC.html
Drug Spending Grows Nearly 19%
http://www.nytimes.com/2001/05/08/national/08DRUG.html
Forensic Expert Under Scrutiny as DNA Test Frees 'Rapist'
http://www.nytimes.com/2001/05/08/national/08LAB.html
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http://www.audible.com/nyt/feboffer3
\---------------------------------------------------------/
POLITICS
=========================
White House Selects Corporate Lawyer as Chairman of S.E.C.
http://www.nytimes.com/2001/05/08/politics/08SEC.html
Rumsfeld Plans to Seek a Military Strategy Using Outer Space
http://www.nytimes.com/2001/05/08/world/08SPAC.html
Bush Chides Critics and Declares Freer Trade a Moral Issue
http://www.nytimes.com/2001/05/08/world/08PREX.html
White House Says No 'Magic Wand' to Cut Gasoline Prices
http://www.nytimes.com/aponline/national/AP-Bush-Gas.html
INTERNATIONAL
=========================
Rumsfeld Plans to Seek a Military Strategy Using Outer Space
http://www.nytimes.com/2001/05/08/world/08SPAC.html
Free AIDS Care Brings Hope to Botswana
http://www.nytimes.com/2001/05/08/world/08BOTS.html
U.S. Resumes Its Spy Flights Close to China
http://www.nytimes.com/2001/05/08/world/08PLAN.html
Bush Chides Critics and Declares Freer Trade a Moral Issue
http://www.nytimes.com/2001/05/08/world/08PREX.html
BUSINESS
=========================
White House Selects Corporate Lawyer as Chairman of S.E.C.
http://www.nytimes.com/2001/05/08/politics/08SEC.html
Market Place: A Prayer for Tech Stocks
http://www.nytimes.com/2001/05/08/technology/08PLAC.html
Dell to Cut 10% of Work Force
http://www.nytimes.com/2001/05/08/technology/08DELL.html
Priceline Fires Chief and Shuffles Officials
http://www.nytimes.com/2001/05/08/technology/08PRIC.html
TECHNOLOGY
=========================
Dell to Cut 10% of Work Force
http://www.nytimes.com/2001/05/08/technology/08DELL.html
Market Place: A Prayer for Tech Stocks
http://www.nytimes.com/2001/05/08/technology/08PLAC.html
In a Shift in Strategy, Apple Is Making Plans to Open Its
First Stores
http://www.nytimes.com/2001/05/08/technology/08APPL.html
Priceline Fires Chief and Shuffles Officials
http://www.nytimes.com/2001/05/08/technology/08PRIC.html
NEW YORK REGION
=========================
Mayor's Wife Wants His Friend Kept From Mansion
http://www.nytimes.com/2001/05/08/nyregion/08GIUL.html
Facing Scrutiny, President of Hale House Will Resign
http://www.nytimes.com/2001/05/08/nyregion/08HALE.html
Tempers Flare Near Deadline for Welfare
http://www.nytimes.com/2001/05/08/nyregion/08WELF.html
New Districts Imperil G.O.P. in New Jersey
http://www.nytimes.com/2001/05/08/nyregion/08DIST.html
SPORTS
=========================
Fighting Devils Live to Play Another Day
http://www.nytimes.com/2001/05/08/sports/08DEVI.html
Rookie Wins as Mets Shut Down Late Rally
http://www.nytimes.com/2001/05/08/sports/08METS-LATE.html
Yankees Causing Havoc on the Bases
http://www.nytimes.com/2001/05/08/sports/08YANK.html
Yankees Bulk Up on Plankton
http://www.nytimes.com/2001/05/08/sports/08BASE.html
ARTS
=========================
Court Considers Ownership of Seized 'Hitler' Paintings
http://www.nytimes.com/2001/05/08/arts/08HITL.html
MTV Gives 'Carmen' a Hip-Hop Update
http://www.nytimes.com/2001/05/08/arts/08NOTE.html
Spring Art Auctions Open at Phillips's New Home
http://www.nytimes.com/2001/05/08/arts/08AUCT.html
Museums as Walk-In Closets
http://www.nytimes.com/2001/05/08/arts/08VISI.html
OP-ED COLUMNISTS
=========================
By GAIL COLLINS: Beam Me Up, Rummy
Don't settle for a lousy missile shield. Romulan cloaking
devices and transporter beams are obviously the way to go.
http://www.nytimes.com/2001/05/08/opinion/08COLL.html
By THOMAS L. FRIEDMAN: It Takes a Satellite
The information revolution has offered young techies in
Ghana a real chance to leap forward.
http://www.nytimes.com/2001/05/08/opinion/08FRIE.html
HOW TO CHANGE YOUR SUBSCRIPTION
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Calif May Be Buying Big Power Supplies At Market's Top
By Mark Golden
03/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- When market-savvy energy companies like Enron, Calpine
and Dynegy are selling like crazy, that might be a sign it's not a good time
to buy.
Nevertheless, the state of California is signing contracts for $43 billion
worth of power under supply deals stretching up to 20 years. Some industry
experts say these contracts could be overpriced by billions of dollars in a
matter of months. What's more, deliveries for most of the supplies already
signed for won't begin until after this summer, which is likely when the
power will be needed most.
"The state should be involved in portfolio contracts to stabilize costs, but
signing 10-year and 20-year contracts is inappropriate," said Michael Zenker,
director of western energy consulting services at Cambridge Energy Research
Associates. "That could end up locking consumers into higher rates for many
years to come."
The near bankruptcy of California's two largest utilities has forced the
state to step heavily into the power markets. The state's idea behind signing
long-term contracts is to stabilize its power costs by spreading them out,
said Vikram Budhraja, whose company, Electric Power Group, is advising the
state on the contracts.
"What we set out to do is get California out of the spot market, bring
stability to the market and get dependable supplies," Budhraja said. "We
believe we have done that."
But some said California could find cheaper prices for forward power if it
waits. Power prices will continue to be very volatile for the next 12 months
to 24 months, but the price of power for delivery in 2002 and beyond is
likely to begin falling at the end of this summer, said Gerald Keenan, a
senior partner for PricewaterhouseCoopers' utility consulting group. The best
approach now is to sign contracts covering just a few months or years, he
said.
"It's not a good bet that gas prices will stay high for such a long time," he
said. "And very little of that power will be delivered this summer anyway."
This week, California Gov. Gray Davis said the state has nailed down about
7,000 megawatts for the summer - more than half the difference between
generation already controlled by the utilities and the projected peak demand
on a very hot day.
But contract details released by Calpine Corp. (CPN), Dynegy Inc. (DYN), Duke
Energy (DUK) and Williams Companies (WMB) belie the governor's claim.
According to press releases from those generators, only 1,640 MW of the power
they're selling will be available this summer.
Not everyone agrees the state has overpaid. To head off a meltdown,
independent power companies in California are giving the state prices
slightly below the current forward market, said Gary Ackerman, executive
director of the Western Power Trading Forum.
"These are probably good deals," said Ackerman, who added that potential
out-of-state suppliers are seeking higher prices because they don't have the
same political motivation. "Never guess at what prices are going to do. They
can always go higher."
Still, California's inability to find much power for this summer means that
the state's imbalance between supply and demand will have to be solved in the
near term on the demand side, according to one perspective. Once demand falls
- whether through higher prices, voluntary conservation, involuntary
blackouts or even a recession - forward electricity prices in California
could come crashing down.
Davis has proposed conservation plans that he says will reduce electricity
consumption by 10% from expected levels this summer. As part of the
conservation program, Davis wants to install new real-time meters before
summer at 43,000 industrial and commercial customers which will then get some
market prices for their power and would be motivated to reduce consumption
during peak-use hours.
The current forward market reflects a skepticism that the meters and other
conservation efforts will be anywhere near as effective this summer as the
governor says. But some industry experts say the real-time meters alone could
reduce power consumption by 10%, which would slash both spot and forward
supply prices, again reason for the state to wait.
"The state should absolutely install the meters first before signing the
long-term contracts," Zenker said.
The governor agreed, when asked about this in his press conference, that
conservation efforts will weaken forward markets. But he said securing stable
prices now is worth the cost.
"Consumers will know approximately what it will cost them for power. The
first two or three years they will probably pay less than the real cost of
power. In the next five or six years they may pay a little bit more," Davis
said. "I think that is a bargain that Californians can learn to accept."
Moreover, if the state had signed deals for just a couple of years, the
average price would be double the $69/average price of the longer-term
contracts announced this week. Such prices, in turn, would have forced the
state to raise electricity rates, something that is politically unpalatable,
Zenker conceded.
Davis and his staff defended their approach, saying that the problem for this
summer will be so acute that it requires a multipronged attack rather than
pursuing demand reductions first.
"There is no one piece that is going to solve this problem," Budhraja said.
"All have to be pursued simultaneously."
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. |
Platts Energy Bulletin
Welcome to Platts Energy Bulletin, a showcase of the top headlines posted on
platts.com (http://www.platts.com) over the past 24 hours. To view this file in
html, open the attachment at the bottom of this email.
For Platts Premium customers go to www.einsight.com (http://www.einsight.com )
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If you no longer wish to receive this email, instructions for unsubscribing can
be found at the bottom of each issue. We welcome your feedback - send your
comments to [email protected]
Jan 25, 2002
What's New on platts.com?
Platts Enron Report: Read about the implications of Enron's bankruptcy on the
financial and energy communities.
(http://www.platts.com/features/enron/index.shtml)
Bandwidth Update: Ambient and Southern Telecom to develop and test power line
communications system. (http://www.platts.com/bandwidth/index.shtml)
Futures Round-up
NYMEX: Crude to open higher despite lack of news
NYMEX March crude oil is called to open 15 cts higher at $19.85/bbl Friday.
March Brent is called to open 17 cts higher at $19.31/bbl. February heating oil
is called to open 11 pts higher at 53.50 cts/gal and February unleaded gasoline
is called to open 40 pts higher at 57.25 cts/gal.
IPE Brent Focus: Technical buying pushes IPE Brent crude higher Friday
Front-month March gapped higher in ETS electronic trading early on, opening at
$19.35/bbl, up from Thursday's high of $19.25/bbl. Gains were consolidated in
open outcry business and at 1100 GMT the contract stood at $19.49/bbl, 36 cts
higher than the previous day's close. April Brent had climbed 32 cts to trade at
$19.61/bbl at the same time.
News Round-up
Click on the headlines below or paste the URLs provided in your internet browser
to see the full story.
ADVERTISEMENT:
Platts Global Energy Jobs Board and Resume Bank: Created in partnership with the
Energy Jobs Network, the Jobs Board gives you access to a pool of job seekers
and open positions across the energy industry. It's free for all job seekers,
and there is a range of packages for employers posting jobs.
(http://www.energyjobsnetwork.com/home.asp?code=platts)
ENERGY INSIGHT:
(For Premium Customers)
Liquefied natural gas proponents remain bullish
In the 1970s-early 1980s, soaring natural gas prices and the faulty belief the
United States would run out of natural gas within a decade led to the
construction of four liquefied natural gas terminals. (http://www.einsight.com)
OIL:
Devon Energy completes $3.15-bil acquisition of Mitchell
Devon Energy Jan 24 said it had completed its $3.15-bil acquisition of Mitchell
Energy & Development after shareholders of both companies approved the deal in
separate meetings earlier in the day.
(http://www.platts.com/archives.shtml#58130)
NATURAL GAS:
Philippines mulls sale of PNOC's stake in Malampaya gas
Enron late Jan 24 said it would continue to pursue a lawsuit against Dynegy
seeking $10-bil in damages arising out of Dynegy's termination of its merger
agreement with Enron, and amend that complaint to add an additional damage claim
alleging that Dynegy's exercise of the Northern Natural Gas Pipeline option was
wrongful. (http://www.platts.com/archives.shtml#57291)
PETROCHEMICALS:
ExxonMobil opens $2-bil chemical complex in Singapore
ExxonMobil Chemical officially opened its $2-bil petrochemical complex in
Singapore, known as the Singapore Chemical Plant on Friday.
(http://www.platts.com/archives.shtml#58153)
ADVERTISEMENT:
Platts Buyers' Guide: One online place for the electric power industry to
search, compare and find the products and services you need. Click to add your
listing. (http://www.mediabrains.com/client/platts/bg1/search.asp)
ELECTRIC POWER:
Sempra reviewing Enron assets for possible purchase
Sempra Energy has been looking at "hard assets" owned by bankrupt Enron,
including its natural gas pipelines, energy services contracts and trading
operations, but has yet to make any final decision, Stephen Baum, Sempra
chairman, president and chief executive officer, said Jan 24.
(http://www.platts.com/archives.shtml#57305)
NUCLEAR:
Las Vegas, county ask court to stop Yucca Mt project
Las Vegas and Clark County, Nevada asked a federal court for help Jan 24 in
stopping DOE's repository project at Yucca Mountain, 90 miles outside Las Vegas.
(http://www.platts.com/archives.shtml#58133)
COAL:
Egyptian firm seeks US Coal
Egyptian company Al Nasr Co for Coke & Chemicals is asking US producers to
prequalify to supply metallurgical coal to the company over a four-year period.
(http://www.platts.com/archives.shtml#58141)
To see the past five day's headlines posted on platts.com go to Platts archives
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- 250102.html |
---------------------- Forwarded by Susan M Scott/HOU/ECT on 03/28/2000 12:06
PM ---------------------------
Enron Capital & Trade Resources Corp.
From: [email protected] 03/28/2000 11:22 AM
To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected]
cc:
Subject: Hit the Floor - True Story
Hit The Floor' A True Story...
> >
> > On a recent weekend in Atlantic City, a woman won a
> > bucketful of quarters at a slot machine. She took a
> > break from the slots for dinner with her husband in
> > the hotel dining room. But first she wanted to stash
> > the quarters in her room.
> >"I'll be right back and we'll go eat," she told her
husband
> >and she carried the coin-laden bucket to the elevator.
> >
> > As she was about to walk into the elevator she
> >noticed two men already aboard. Both were black.
> >One of them was big ... very big ...an intimidating
> >figure. The woman froze. Her first thought was:
> >These two are going to rob me.
> >Her next thought was:
> >Don't be a bigot, they look like perfectly nice
gentlemen.
> >
> >But racial stereotypes are powerful, and fear immobilized
her.
> >She stood and stared at the two men.
> >She felt anxious, flustered, and ashamed.
> >
> >She hoped they didn't read her mind, but knew they
> >surely did; her hesitation about joining them on the
> >elevator was all too obvious. Her face was flushed.
> >She couldn't just stand there, so with a mighty effort of
will
> >she picked up one foot and stepped forward and followed
> >with the other foot and was on the elevator.
> >
> >Avoiding eye contact, she turned around stiffly and
> >faced the elevator doors as they closed. A second
> >passed, and then another second, and then another.
> >Her fear increased The elevator didn't move. Panic
> >consumed her. My God, she thought, I'm trapped and
> >about to be robbed. Her heart plummeted.
> >Perspiration poured from every pore. Then ... one
> >of the men said, "Hit the floor."
> >Instinct told her: Do what they tell you.
> >
> >The bucket of quarters flew upwards as she
> >threw out her arms and collapsed
> >on the elevator carpet.
> >
> > A shower of coins rained down on her. Take my money
> >and spare me, she prayed. More seconds passed.
> >
> >She heard one of the men say politely, 'Ma'am, if
> >you'll just tell us what floor you're going to,
> >we'll push the button.' The one who said it had a
> >little trouble getting the words out. He was trying
> >mightily to hold in a belly laugh.
> >
> >She lifted her head and looked up at the two men.
> >They reached down to help her up.
> >Confused, she struggled to her feet.
> >
> >"When I told my man here to hit the floor," said the
> >average sized one, "I meant that he should hit the
> >elevator button for our floor. I didn't mean for
> >you to hit the floor, ma'am." He spoke genially.
> >He bit his lip.
> >It was obvious he was having a hard time not laughing.
> >
> >She thought: my goodness, what a spectacle I've made
> >of myself. She was too humiliated to speak. She
> >wanted to blurt out an apology, but words failed her.
> >
> >How do you apologize to two perfectly respectable
> >gentlemen for behaving as though they were going to
> >rob you? She didn't know what to say.
> >
> >The 3 of them gathered up the strewn quarters and
refilled her bucket.
> >When the elevator arrived at her floor, they
> >insisted on walking her to her room. She seemed a
> >little unsteady on her feet, and they were afraid she
> >might not make it down the corridor. At her door
> >they bid her a good evening.
> >
> >As she slipped into her room she could hear them
> >roaring with laughter while they walked back to the
> >elevator. The woman brushed herself off.
> >She pulled herself together and went downstairs for
> >dinner with her husband.
> >
> >The next morning flowers were delivered to her
> >room-a dozen roses. Attached to EACH rose was a
> >crisp one hundred-dollar bill. The card said:
> >
> >Thanks for the best laugh we've had in years'
> >It was signed,
> >
> > Eddie Murphy
> > Michael Jordan
> >
> |
Start Date: 4/22/01; HourAhead hour: 20; HourAhead schedule download failed.
Manual intervention required.
LOG MESSAGES:
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042220.txt
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FROM: ORGANIZATION OF AFRICAN HEALTH AND ECONOMIC
DEVELOPMENT
(OAHED)Under Auspice of UNIPH Foundation:
Reg N0:85/2000
c/o N0:9 Long Street
Banjul The Gambia; Telefax:220-390969
SUBJECT; RE:INTRODUCTION OF (OAHED)AND REQUEST FOR
FINANCIAL/TECHNICAL ASSISTANCE FOR EFFECTIVE TAKE-OFF
OF ESTABLISHING A LIAISON OFFICE IN THE GAMBIA.
ATTN:KENNETH
INTRODUCTION
*Organization of African Health and Economic
Development (OAHED), was created with a vision to
coordinates efforts to combat diseases and promote
physical and mental health. Contribute significantly
to eradicate communicable diseases and promoting
improved sanitation and health condition in Africa and
promote economic development.
*OAHED based on a common vision on economic
stabilization strategies and shared conviction , that
(OAHED) have a pressing duty to eradicate poverty
and diseases and to place Africa countries both
individually and collectively on the path of
sustainable growth development at the same time
participate actively in the world economy.
*The programmme of (OAHED) is anchored on the
determination of Africans to extricate themselves and
the continent from the malaise of underdevelopment and
exclusion in the world globalization.
*Poverty and backwardness of African stand in stark
contrast to the prosperity of the developed world.The
continued imagination of Africa from the globalisaton
process and the social exclusion of the vast majority
of its people constitute a serious threat to global
stability.
*In Africa, 365 million peoples or half of the
population live on less than $1.00 per day.The
mortality rate of children under 5years of age is 140
per 1000 and life expectancy at birth is only 54
years. Only 41 percent of the population have access
to safe water, medical care, education etc. The high
rate of illiteracy for people over 15 is 54 percent.
*OAHED calls for the reversal of this abnormal
situation by changing the relationship that underpins
it.African are appealing neither for the further
entrenchment of dependency through aid, nor for
margical concession.
*We are convinced that an historical opportunity
present itself to end the scourge of underdevelopment
that afflicts Africa. The resources, including
capital, technology and human skills that are required
to launch a global war on poverty and underdevelopment
exist in abundance.What is required to mobilize these
resource and use them properly, is bold and
imaginative leadership that is genuinely committed to
a sustained effort of human upliftment and poverty
eradication as well as a new global partnership based
on shared responsibility and mutual interest.
*In the circumstance, Organization of African Health
and Economic Development(OAHED) hereby declare that we
will no longer allow ourselves/African countries to be
conditioned by circumstances. We determine our own
destiny and call on the rest of the world to help and
complement our efforts. There are already signs of
progress and hopes. Democratic regimes that are
committed to the protection of human rights, peoples
centered development and market oriented economies are
on the increase. African people have begun to
demonstrate their refusal to accept poor economic and
political leadership.These development are, however
uneven and inadequate and head to be further
expedited.
OAHED is about consolidating and accelerating these
gains. It is a call for a new relationship of
partnership between African and the international
community, especially the highly industrialised
countries, to overcome the development chasm that has
of course widened over centuries of unequal relations.
*Our perfect knowledge in respect of the high level of
your commitment and goodness in the vineyard of
humanity impressed and impelled us to seek for your
kind assistance to establish the (OAHED) liaison
office in the Gambia.
The materials and funds needed for the effective
take-off are as follow:
1.Cost of renting /furnishing
office??????????.USD$38,000.00
2.Logistics, ie, vehicles???????????????USD$325,000.00
3.Staff emolument, mobility and communication
etc????USD$57,000.00
4.Contingency (5%)
Grand Total ???????????????????USD$420,000.00
In the light of this, we are now on board in a
situation not to be described caused by financial
difficulty. We have no facilities neither have we any
money to purchase those materials that are absolutely
necessary in this issue.Your goodness to humanity has
ever been such as leaves not the smallest doubt you
will not suffer us to starve in the situation you
have been pleased to place us, and which is such as
will ever tend to make us the most grateful/happy and
to ensure success as well as accomplish the set-up
goals.You will be induced to take this issue into
consideration an urgent intervention in this
impediment, and by a little pecuniary aid, please
save us from this impasse.It will be an act worthy of
your self, and that imprint upon our heart which will
never be erased.
*OAHED will welcome any assistance you render to
enable us put in place the relevant infrastructures
that would enhance the effective and the presence of
Organization of African Health and Economic
Development in the Gambia. Any assistance given should
be considered a worthwhile service to God and Humanity
.If you require any further information or
clarification in any point, please do not hesitate to
ask.
Looking Forward to The Pleasure of your Compliance.
Yours Faithfully
Rev. Emmanuel . E. Awuruh
CEO/PRESIDENT
ORGANIZATION OF AFRICAN HEALTH AND ECONOMIC
DEVELOPMENT(OAHED)
THE GAMBIA, WEST AFRICA.
__________________________________________________
Do You Yahoo!?
Buy the perfect holiday gifts at Yahoo! Shopping.
http://shopping.yahoo.com |
---------------------- Forwarded by Scott Neal/HOU/ECT on 10/17/2000 12:11 PM
---------------------------
Margaret Carson@ENRON
10/13/2000 01:43 PM
To: Julie A Gomez/HOU/ECT@ECT, Stephanie Miller/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron,
Daniel Allegretti/HOU/EES@EES, Mike McGowan/ET&S/Enron@ENRON, Lorna
Brennan/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON, Mark
Schroeder/LON/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Kathryn
Corbally/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron
cc:
Subject: CAMBRIDGE ENERGY UPDATES ON GAS AND POWER
The CERA executive roundtable meeting summary results are as follows:
If you are interested in a complete set of the graphs from the
presentations please let me know.
ELECTRIC POWER PART ONE
PEAK TRENDS
It is noteworthy how rapidly volatility can change geographically in the
electric markets. Last year the U.S. Midwest/South areas were the
peakiest, but it reversed this year with the West being highest at
the peaks and in New England -- but only in early May 2000 were hgih
peaks apparent there.
Demand can vary from half the peak max to the max. Peakers can be on the
margin on the upper half of the supply mix in many markets. We need to
watch gas prices this winter as they can effect winter peak power
prices--not just a summer phenomenon.
Where are the most gas plants now on the margin? Ercot, FRCC, Neepool,
NYPP, SERC, WSCC
A DISCONNECT
There is a disconnect in the on-peak forward market price for power in
Texas now; with the added 5 GW Texas forward markets do not seem to
take this into account yet. (Note: Vince Kaminski) The Texas forward
market should be very soft next summer unless we return to 105 degree
F temperatures. New England is just one year behind Texas in its
overbuild.
One main reason for the spikes in Calif is power plants did not get
built in Calif due to a lack of a capacity charge ..and this is not a
panacea...as Calif also has many enviro/siting hurdles that challenge
developers who want to site as well.
.
TSUNAMI OF MERCHANT CAPACITY PLANNED?
CERA sees over 240,000 MW of planned capacity over the 2000-2005
period; with 25,000 MW being completed in 2000; 35 MW under
construction for 2001 and 15 000 MW under construction for 2002-- but
the market only needing 13 000 to 15 000 MW a year. This shall
lead to many and large deferrals and delays, especially in 2001 and
2002. What has been the recent history? US wide over the
past 3 years just 11 percent of the planned capacity was actually
finished and 18 percent of that planned was actually under
construction. They assume a 24 month construction completion time.
FOR PROFIT TRANSMISSION
Cera sees Allegheny Energy in PJM West; Entergy in SPP; Southern in
SERC and Alliant in MAPP as all for profit transcos.
TYPICAL O&M COSTS IN U.S. TRANSCOS
Why do O&M costs differ widely among transcos? Some costs are 3
to 8 times higher than the norm at
$5000 in O&M expense per 5000 system miles in size. Regulatory
overhang allows this...this is weather adjusted to remove high costs
from big freezes etc.
USING REAL OPTION MODEL VS POWER PLANT NPV
You want to try to have the base value of an asset going forward when
you expect volatility and include historical spreads and fuel/power
price swing assumptions.
CALIFORNIA MARKET IS BROKEN
This market starts to work only after it gets into a reliability
crisis. No incentives to add power plant capacity and
huge hurdles against siting even when the market signals the need is
there. Will the regulator's post 2000 fix make it worse?
PEAK POWER DEMAND FORECAST
As percent per year change vs 2000 Cera sees 2001 as follows:
New Eng / New York 6.3 / 6.2 percent
PJM / ECAR 7.7 / 4.4 percent
MAIN / MAPP 3.0 / -0.1
SERC / FRCC 1.3 / 2.3 percent
SPP / ERCOT 4.0 / 2.3
NWPP / Rockies -6.8 / -0.6
AZNM / Calif-SoNV -0.9 / 4.0
USA avg up 2.6 percent It looks like Calif. in in for a touch
summer in 2001 as well.
NATURAL GAS PART TWO
SUPPLY SHORT
Year 2001 supply rebound could be 800mmcfd to 1.0 bcfd; Canada in
2001 up only 400 a day; in the US we need 2 bcfd more supply for
2001 demand. alone let alone storage refill.... yet a
cold winter now could add 3 to 4 bcfd to demand and slash
storages. The fall in drilling in 1999 and early 2000 took 3.5 bcfd
productive capacity out of the supply pool. It will take till 2005
for US production to reach a 4.1 bcfd gain versus today's production.
ADDED GAS FOR POWER PLANTS
Right now Cera expects an incremental need for 1 bcfd next year for
these plants..this will keep prices high
MUCH MORE POWER SWING
1990 to 1992 we needed 5 bcfd for power plant swings; now we need
10 bcfd; offpeak use is even up 5 bcfd vs 10 years ago.
RESI USE IS UP
The AGA disco members adds 750 000 new gas homes each year and
this builds demand year round.
INDUSTRIAL NUG DEMAND
Of the 24 bcfd ( 8.77 Tcf) industrials gas use in the US; 8.6
bcfd ( 3.1 Tcf) of this is for power plant and non-mfg use.
HOW FAST CAN CANADA ADD?
Canada can add 3.6 bcfd by 2005 versus now; adding each year
from 2001 to 2005 as follows: 500/800/900/700/700 mcfd annually.
IS ARCTIC GAS ON THE HORIZON?
Its is far away; maybe 4 or 5 bcfd by 2015.. This means up to
2.7 bcfd to flow to Midwest by 2015 and up to 2.4 bcfd to
Calif./PNW on expansions by 2015. |
I agree with Mark's points. While we have advocated our merger with PGE
(which did not concentrate market power) we have intervened in opposition to
most others. Moreover, there is some hope that the German government will
take the opportunity to use the proposed utility merger to force greater open
access. We will likely encourage that action and may oppose the merger
otherwise. Most mergers in this industry are defensive, not procompetitive,
and, in my view, deserve no credit for convergence, innovation, or
liberlization.
---------------------- Forwarded by Steven J Kean/HOU/EES on 09/10/99 01:17
PM ---------------------------
Mark Schroeder@ECT
09/10/99 05:26 AM
To: Margaret Carson/Corp/Enron@Enron
cc: Joan Wasylik/LON/ECT@ECT, Danny McCarty/LON/ECT@ECT, Steven J
Kean/HOU/EES@EES
Subject: Speech to the British Institute of Energy Economists
Margaret - apologies for the delay in getting comments to you on your
speech. Due to press of other matters I will be brief.
First, your speech caption, refernecing "mergers" is somewhat different than
the topic shown in the agenda, i.e., "Industry Structure and Competitive
Behaviour", but I trust you are wroking that out with the BIEE.
Second, in your first paragraph, you note that developments in the energy
sector over the last decade are due to the mergers of the last five years (a
point I will retrun to later), but in any event, not entirely consistent in
terms of timeframes.
Third, I am surprised that the Enron Corp. view is that gas and electricity
markets grew as they did over the decade due to mergers. In the past, things
like unbundling and non-discriminatory third-party access have featured
prominently in our advocacy. Indeed, though it was not my role at Enron, I
would have thought that in many of the recent electricity mergers pre-dating
Order No. 888 we would have joined the chorus of voices arguing that these
mergers concentrated market power, and that such market power could only be
mitigated with the provision of non-discriminatory third-party access (an
argument we will be repeating in, e.g., Germany, as noted below). Finally, I
would note that in the past, I thought we had questioned the value of mergers
as an impediment to competitive markets, as I recall Ken Rice gave an
infamous address/speech, in which he described "good" mergers and "bad"
mergers, i.e., defensive mergers like Houston Industries and NorAm. I
actually borrowed heavily from that speech two years ago, in paris, but if we
have changed our tune, that is good to know. Even the "good" mergers
identified in his/my speech, e.g., Enron/Portland, have had the "goods"
thwarted, in part, by regulators, who would not let us do all we wanted to do
that was pro-competitive. Also, in the past, we have used as a good example
of "convergence" the arbitrage we have done at Sithe's facility in NY,
pointing out that we are in an "energy" or "BTU"market, not gas alone, or
electricity alone. Not clear to me that mergers in the US demonstrate this.
Fourth, accepting that it is the Enron Corp. view that mergers are symbolic
of the convergence of gas and electricity, and are what yield the many
beneifts of competition that you dsicuss elsewhere in your speech (I do, of
course, agree with all the platitueds that competition yilds more service
offerings, innovation, etc.), you should be aware, coming over to this
market, that a number of mergers are taking place that we have expressed
concerns about in comments to the regulators, and will do so in the future.
here are some you should be aware of: Veical integration in the UK
electricity industry (not clear yet that this will result in better/more
service, but definitely loss of counter-parties, re-bundling of business
before retail unbundling/competition has taken hold); Exxon/Mobil
(consolidation in the upstream sector in Continental Europe, which is already
concentrated), VEBA/VIAG in Germany (probalby okay, assuming thrid-party
access is allowed/enhanced to the wires). Just FYI, any objections we have
are usually communicated confidentially.
Fifth, if you are ging to emphasise mergers, as per your title and opening
paragraph, I question the inclusion of all the discussion on privatisation,
which is good, but does not seem to demonstrate the benefits of merger
activity, which I read is the premise of your speech, per paragraph one. In
addition, recitation of ownership of miles of gathering lines and
transmission lines does demonstrate change in aggregate ownership, but not
clear it is all due to mergers (e.g., I thin NNG is just capital expansion),
nor does the connection get made that this has lead to innovative or enhanced
service offerings. I do think excellent points can be made about the
deregulation/divestment of gathering, and getting it out of federal
regualtroy purview, but that is not in the speech at this point.
Sixth, you describe "network industries" well, but in the broader context of
your speech, I think your listeners will assume you are referring to the
physical network, rather than the Enron vision, which you capture accurately,
nor is it easily understood how this demonstrates or adds to your point about
convergence.
Seventh, in your table of converged companies, you could be asked about the
fact that Duke has already disposed of the pipeline assets it acquired in the
PanEnergy deal (since sold to CMS), apparently keeping only the trading
business. Also, our pieeline assets to do not serve our cogen facilites in
NJ, so not clear to me that thisdemonstrate convergence in the East Coast.
Hope this helps. I will be travelling today and Monday, but if you have
questions, please leave me voice mails, and I will return your calls.
P.S. at p. 7 you describe "secular" change. I assme that this should read
"sectoral" change.
Mark |
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