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dasovich-j/inbox/793.
|
FW: CPUC Questions on DA Suspension ,
FYI. Please keep me posted as we hear from clients.
Jim, Sue and Jeff, please distribute any and all updates on this topic to: Angela, Michael, Lamar, David and Greg as they each own clients effected any actions.
Thanks, Jeremy
Sent: Thursday, October 25, 2001 1:35 PM
To: Blachman, Jeremy; Frazier, Lamar; Mara, Susan; Dasovich, Jeff; Sharp, Vicki; Smith, Mike
Cc: Leff, Dan; Dietrich, Janet; Delainey, David
Subject: CPUC Questions on DA Suspension
Jeremy --
To let you know where we stand on the CPUC's Investigation on DA Suspension.
1. Sue Mara is leading the effort to respond to the CPUC for Enron.
2. We knew that the CPUC was at a minimum going to investigate how and/or whether to allow extensions of contracts and the application of other surcharge $$ to DA load given their earlier statements. The issue on retroactivity is open primarily because they can ask these questions and (I believe) as leverage for other issues.
3. We are coordinating with the big customers who recently left. They are marshalling forces to oppose any retroactivity. This is as much their fight as it is ours.
4. At this time, Enron will file as a member of AReM. We intend to oppose the CPUC's request for our contracts and transaction information.
If you want any other info or want to discuss further, let me know.
Jim
| 70,368 |
||
germany-c/_sent_mail/1004.
|
Re: Meeting ,
Hey Jeff, we are meeting tomorrow because Molly is out today. Is that OK?
From: Molly Johnson 06/16/2000 03:23 PM
To: Chris Germany/HOU/ECT@ECT, Jeff W Westover/HOU/ECT@ECT
cc:
Subject: Meeting
Jeff has training on Monday, so he would like to meet at 1:30 on Tuesday at
his desk.
Let me know if anyone has a problem with that.
Thank You,
Molly
| 123,081 |
||
kitchen-l/deleted_items/52.
|
Your Approval is Overdue: Access Request for ,
This request has been pending your approval for 36 days. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000079466&Page=Approval to review and act upon this request.
Request ID : 000000000079466
Request Create Date : 12/17/01 4:09:11 PM
Requested For : [email protected]
Resource Name : eConnect - VPN Tier 2 - Full Access
Resource Type : Applications
| 260,676 |
||
jones-t/all_documents/9183.
|
FYI-NYMEX Training ,
The NYMEX will hold the following classes in Houston in June. Those of you so
inclined might want to reserve a seat now, as they go fast. All the February
classes are already booked. You can call the NYMEX at 713/658-9292 if you
would like to attend.
1. Introduction to NYMEX Products-held June 7
2. Intermediate Hedging-June 14 (Intro a prerequisite)
3. Intermediate Options-June 17 (Intro a prerequisite)
| 187,375 |
||
geaccone-t/deleted_items/172.
|
RE: Mary Cate Love 14 months ,
Hey Tracy,
How are you? It seems like ages since we've seen each other.
Bunco...well, I know Pam Guidry was the October person, but we figured it
wouldn't happen because she hasn't been to the last couple of Buncos. Then
the list ended and I haven't heard from anyone complaining. I'm not sure if
Christi Chickering is still having a Holiday Bunco or not. I'm surprised we
haven't heard from Sandra or Debbie via e-mail. Mary Lynn probably won't
join again, she wants to do a small dinner group with just you, me, Lisa,
Stephanie...the five of us...unless I'm missing someone.
Let me know when you're free for lunch, I'm pretty flexible these days.
Estelle Love
Manager, Multinational Sales & Revenue Programs Planning
Continental Airlines, Inc.
713-324-2643 - phone
713-324-4647 - fax
[email protected]
-----Original Message-----
From: Geaccone, Tracy [mailto:[email protected]]
Sent: Tuesday, October 23, 2001 6:08 PM
To: Love, Estelle
Subject: RE: Mary Cate Love 14 months
Very Cute!!!! How have you been? What has happened to Bunco? We need to go
to lunch.
| 121,773 |
||
skilling-j/inbox/1121.
|
Re: [smu-betas] False alarm for Grumps ,
Dear Doctor Pecker Checker,
All things considered equal, had I the choice between a cardiologist
running a catheter up to my heart via an artery in my upper leg or you
running one of the same up Captain Stubby's drain pipe, I would opt for the
former. What say ye men?
Yours in -kai-,
Drow
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
------------------------ Yahoo! Groups Sponsor ---------------------~-->
Get your FREE credit report with a FREE CreditCheck
Monitoring Service trial
http://us.click.yahoo.com/MDsVHB/bQ8CAA/ySSFAA/Vk9qlB/TM
---------------------------------------------------------------------~->
At Homecoming 2000, the BETA TENT had the biggest crowd by far. Stay connected and consider a future homecoming BETA reunion. It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
| 444,713 |
||
dasovich-j/all_documents/8222.
|
Fw: IEP Forward Contracts Criteria filing for today ,
Attached are the Draft Final Comments of IEP on the CPUC Order Establishing
Prudency Standards for Forward Electricity Contracts. These comments are
due to be filed today. If you have any last second comments, please provide
them no later than 1:00 p.m. today. We will circulate the filed Comments
when available. Thanks.
----- Original Message -----
From: Eric Janssen <[email protected]>
To: <[email protected]>
Sent: Monday, January 08, 2001 10:18 AM
Subject: IEP Forward Contracts Criteria filing for today
> Hello Steven, here it is in word format. I'm cleaning it up, looks-wise,
> but I thought it best to send it to you as is just for substantive review
> asap.
> <<010108_IEP_Cmts_Frwd_Criteria_dkkrev3.doc>>
>
- 010108_IEP_Cmts_Frwd_Criteria_dkkrev3.doc
| 65,360 |
||
beck-s/all_documents/5070.
|
Re: UK Gas late deal input and deal booking errors - o1.1m hit ,
Thanks David,
I am addressing the 'undue influence' issue via the PRC process, but we all
know that this is a partial solution - it's about changing the culture
(Europe isn't any better or worse in this respect) and this is a more
intransigent problem that we need to work at every single day (I have to say
that the Helsinki scare was really helpful in this respect - I think you
would notice a difference).
I'll ask James and Mike to follow up on your specific points.
Regards
Fernley
From: David Port @ ENRON
12/06/2000 19:35
To: Fernley Dyson/LON/ECT@ECT
cc: Steve W Young/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT
Subject: Re: UK Gas late deal input and deal booking errors - o1.1m hit
Sorry to hear about this one.
I have some observations to make from my reading (and re-reading) of the
account:
1 It looks like the old "undue influence" problem again. It seems some
attempts were made by operations to follow up, but nothing happened.
We tell our operations staff they have an obligation to dissent but we don't
have any way to protect them if they do - there is still the fear that if
they upset a trader they can get fired or held back in their career. And that
is because twice a year, at the PRC, that can happen. This incident shows
some of these attributes.
For the operations process to be effective there has to be (and be seen to
be) little significant influence from Commercial Groups over the ranking of
the operations staff.
2 Whoever signed off the new deal lists in the DPR should be asked to confirm
the basis on which they signed it.
3 Why wait for the traders to approve payments to brokers ? Brokerage is in
the P&L and if operations are satisfied the trades are accurate and brokerage
is at the agreed rate, they should simply pay the brokerage.
4 Two weeks to check telephone tapes is unacceptable - it should be done same
day. I would not have waited for the traders to do it, but I would want to
know why it took them so long.
5 Given that these (short) trades were absent from the portfolio during a
highly volatile period of rising prices, I would wonder about motivation in
addressing the position during this time. Essentially, if it had been correct
we would have been reporting losses bigger than the ones we did.
I would pursue explanations to points 2, 4 and 5.
DP
Fernley Dyson@ECT
06/12/2000 02:41 AM
To: James New/LON/ECT@ECT
cc: Richard Lewis/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Robert
Yeo/LON/ECT@ECT, Gail Hill/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT, Steve W
Young/LON/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON, Brent A
Price/HOU/ECT@ECT
Subject: Re: UK Gas late deal input and deal booking errors - o1.1m hit
James,
Thanks for the note. As described, this is an intolerable situation. I agree
your action points, but we need timelines and quantitative measures of
compliance/improvement - please could you provide a weekly update on this
area specifically and until we are satisfied that things are as they should
be.
On a more general note - let's ensure that the 'Global Standards' address the
lapses in timely action/follow-up identified here so that we can monitor
performance across the business.
Fernley
James New
09/06/2000 10:03
To: Richard Lewis/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Mike
Jordan/LON/ECT@ECT
cc: Robert Yeo/LON/ECT@ECT, Gail Hill/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT
Subject: UK Gas late deal input and deal booking errors - o1.1m hit
On the 7th of June Gas Risk Management became aware that two'late' trades had
been entered into the gas trader's 'Blue book' which were both being booked
significantly late and had a material negative P&L impact (negative o1.1m).
The 'late' deals were done on the 3rd of February (Marcello Romano) and the
30th of March (Haakon Olafson) and were both forward starting sells for
periods in 2003-2004.
Background
1) Input errors
For some considerable time we have been concerned with the number of deal
input errors that have been occurring in the Gas area with the most
significant number coming form the UK Gas traders. Numerous errors have been
found by documentation and risk management over the accuracy and timeliness
of entering deals into the 'blue book' (the Gas traders are currently the
only traders in Europe who do not enter their own trades into the valuation
system - there is currently a big push to change this which has the support
of John Sherriff with a deadline date of 31 July).
In the past documentation and gas risk management have repeatedly highlighted
booking errors to the gas traders but the error rate has not fallen. A log of
all deal input errors has been formally maintained since the beginning of May
which highlights an error rate of 12%-15% of non EOL trades. This has been
discussed with Richard Lewis and corrective action is expected.
2) Deal booking and reconciliation process (Non EOL trades)
Deals are initially written into the 'blue book' by the gas traders when the
deal is done. This book is photocopied several times a day and the deals are
the manually input into GasDesk by documentation on the same day.
Faxed broker statements are received (usually) by documentation the next day
and these are reconciled to GasDesk with errors and amendments made by
documentation liasing with the traders as necessary. At this time brokers
were faxing one statement per trade (relevant later).
3) New Deal sign off
As part of the daily DPR process a separate new deal sheet is prepared and is
signed off by the traders to formally agree the new deals done on the day and
the implied origination P&L. For the 3rd of February Marcello signed off the
new deals sheet and for the 30th of March Jonathan Whitehead signed off.
4) Documentation convention
In the gas market the convention is that the seller sends deal documentation.
(relevant later). Documentation aim to get this out within one the day after
trade booking.
5) Brokerage invoices
Brokerage invoices are usually received monthly by settlements who then
reconcile the trades on the invoice to the valuation system to ensure the
deal is valid before passing the reconciled invoice to the traders to
authorise for payment. Any deals which cannot be found are raised with
documentation who then investigate and follow up with the traders.
Specific details of these 'late' trades
1) Summary
For both these trades no evidence can be found of receiving, or can it be
established that we did not receive, a broker statement which is a primary
control in agreeing the existence and accuracy of new OTC deals.
As Enron was the seller in both cases no documentation was received from
either counterparty which would have alerted us to the trade.
The reconciliation of the brokerage invoices was carried out by settlements
in April and was completed by the 20th with the invoices falling due for
payment on the 27th. The work practice at that time was that brokerage
invoices (including those with non reconciling trade queries) were batched
together and passed to the traders. This would have taken place on the 27th
of April. Details on exactly what was said and done in the 3 weeks between
passing these invoices to the traders for approval (although there are claims
that verbal follow up were made on a number of occasions) and when a mailed
follow up was made on the 22nd of May are hazy. What is clear is that on the
22nd of May Morgan Stanley contacted Enron to try to confirm their position
which was when it was realised that an error could well have occurred.
Over the next two weeks tapes were then checked by the traders with the deals
being booked on the 6th of June.
2) Deal specifics
EES Broker - Morgan Stanley trade on 3 Feb 2000
Trader Marcello
EES Invoice date 1 March; Invoice received before 15 March as settlements
started checking it. (Keren Perrott - settlements started on 13 March)
Discrepancies sent to documentation on 23 May (Chris Ware to Emma Thomson)
Traders contacted on 24 May after copy of broker confirm was sent on 22 May
as requested by documentation to prove deal.
Deal entered 6 June after traders checked the tapes.
IEB Broker - NP trade on 30 Mar 2000
Trader Haakon
IEB invoice date 6 April; Invoice received before 27 April as settlements
started checking it. (Keren Perrott)
Discrepancies sent to documentation on 23 May (Chris Ware to Robert Vaughn)
Traders contacted on 24 May after copy of broker confirm was requested.
Deal entered 6 June after traders checked the tapes.
Who was at fault and where did the control break down ?
I do not feel it is constructive to try to attach blame for what happened but
there are lessons to be learned and general observations and conclusions that
can be made and drawn.
Firstly there are major concerns over the Gas trader's accuracy and
prioritisation of booking trades. Despite numerous conversations on the
subject very little improvement has been seen. It has now got to the stage
where documentation are formally recording all errors including what the
error was and who made it. This is now being communicated to Richard Lewis
every two weeks with the aim being not only to reduce the amount of time
trade support spend correcting errors and re running DPRs but also to try to
avoid the incidence of errors such as this. The current error rate is 12% -
15% of non EOL trades. Documentation currently estimate that in 9 times out
of 10 the broker or counterparty are correct.
Secondly around a month ago we contacted brokers and asked for them to
provide us with one statement per day rather than one per deal which will
eliminate any lost statements or missed deals as it will be immediately
obvious when a statement from a broker has not arrived. Most brokers have now
changed but one or two still send one statement per trade. Reconciliation's
of these daily statements to GasDesk are evidenced.
Thirdly it has been impressed on both documentation and settlements to follow
up more vigorously (and by mail) errors and omissions on a more timely basis.
There is however a backlog or broker invoices which have have been checked by
settlements but have nto been checked or approved by the traders. This is
causing concern at the brokers who are chasing payment.
Action Points
Trading
Traders to input their own deals directly into GasDesk
Traders to improve their accuracy of deal booking
Traders to approve invoices on a more timely basis
Trade Support
Settlements to clear backlog of broker invoices
Documentation to chase brokers to send daily deal statements not individual
deal statements
All follow ups to be evidenced with mails used as appropriate
Documentation to check all trades since the beginning of the year versus the
broker records
Documentation to perform a reconciliation with all counterparties to agree
our forward position from July 2000 to September 2006 (the traded part of the
curve)
| 24,294 |
||
shackleton-s/all_documents/4841.
|
Re: Global Finance Deals: year-end, quarter-end, year round ,
Please keep Bill and I in the loop. Thanks.
From: Sara Shackleton on 11/22/2000 05:27 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Global Finance Deals: year-end, quarter-end, year round
Tanya:
This year is no different from any other year and we are always asked to
review the swap component of the Global Finance structured deals. We are
also seeing lots of prepays.
Who is the credit person to be apprised of these transactions? Should we
immediately involve you and Bill?
At the moment, Mary Cook, Angela Davis (legal finance group) and I are
juggling the deals.
Please let me know and I'll alert the swap group. Thanks. Sara
| 417,512 |
||
davis-d/all_documents/466.
|
Fwd: a good laugh or two ,
---------------------- Forwarded by Nicole Mendez/HOU/ECT on 01/10/2001 09:21
AM ---------------------------
Lindsay Long
01/09/2001 05:24 PM
To: Misti Day/HOU/ECT@ECT, Ricardo Guerra/Corp/Enron@ENRON, Paula
Harris/HOU/ECT@ECT, Edie Leschber/HOU/ECT@ECT, Tracey Irvin/HOU/ECT@ECT,
Susan Helton/HOU/ECT@ECT, Tammy R Shepperd/HOU/ECT@ECT, Faith
Killen/HOU/ECT@ECT, Georgeanne Hodges/HOU/ECT@ECT, Toni
Bustamante/HOU/ECT@ECT, Kelly Ellis/Corp/Enron@Enron, Nicole
Mendez/HOU/ECT@ECT, Jody Pierce/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT, Stacey
A Aune/HOU/ECT@ECT, Jeff Smith/HOU/ECT@ECT, Patricia A Lee/HOU/EES@EES, Glenn
Kobes/Corp/Enron@Enron, Shiji Varkey/Corp/Enron@ENRON, Laynie East/HOU/ECT@ECT
cc:
Subject: Fwd: a good laugh or two
This is too good to miss.
Lindsay
---------------------- Forwarded by Lindsay Long/HOU/ECT on 01/09/2001 05:24
PM ---------------------------
"Dorothy Matthews" <[email protected]> on 01/09/2001 03:08:27 PM
To: "Maria A. Rodriguez"<[email protected]>,
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected]
cc:
Subject: Fwd: a good laugh or two
D
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline
Subject: True or not, its good!
Green Garden Grass snakes can be dangerous, Yes, grass snakes, not
rattlesnakes.
A couple in Sweetwater, Texas had a lot of potted plants, and during a
recent cold spell, the wife was bringing in a lot of them indoors to
protect them from a possible freeze.
It turned out that a little green garden grass snake was hidden in one of
the plants and when it had warmed up, it slithered out and the wife saw it
go under the sofa.
She let out a very loud scream. The husband who was taking a shower ran out
into the living room naked to see what the problem was. She told him there
was a snake under the sofa. He got down on the floor on his hands and knees
to look for it.
About that time the family dog came and cold-nosed him in the butt.
He thought the snake had bitten him, so he fainted.
His wife thought he had a heart attack, so she called an ambulance. The
attendants rushed in and loaded him on the stretcher and started carrying
him out. About that time the snake came out from under the sofa and the
Emergency Medical Technician saw it and dropped his end of the stretcher.
That's when the man broke his leg and why he is in the hospital.
The wife still had the problem of the snake in the house, so she called on
a neighbor man. He volunteered to capture the snake.
He armed himself with a rolled-up newspaper and began poking under the
couch. Soon he decided it was gone and told the woman, who sat down on the
sofa in relief. But in relaxing, her hand dangled in between the cushions,
where she felt the snake wriggling around.
She screamed and fainted, the snake rushed back under the sofa, and the
neighbor man seeing her laying there passed out tried to use CPR to revive
her.
The neighbor's wife, who had just returned from shopping at the grocery
store, saw her husband's mouth on the woman's mouth and slammed her husband
in the back of the head with a bag of canned goods, knocking him out and
cutting his scalp to a point where it needed stitches. An ambulance was
again called and it was determined that the injury required hospitalization.
The noise woke the woman from her dead faint and she saw her neighbor lying
on the floor with his wife bending over him, so she assumed that he had
been bitten by the snake. She went to the kitchen, brought back a small
bottle of whiskey, and began pouring it down the man's throat.
By now the police had arrived. They saw the unconscious man, smelled the
whiskey, and assumed that a drunken fight had occurred.
They were about to arrest them all, when the two women tried to explain how
it all happened over a little green snake. They called an ambulance, which
took away the neighbor and his sobbing wife.
Just then the little snake crawled out from under the couch, One of the
policemen drew his gun and fired at it. He missed the snake and hit the leg
of the end table that was on one side of the sofa.
The table fell over and the lamp on it shattered and as the bulb broke, it
started a fire in the drapes. The other policeman tried to beat out the
flames and fell through the window into the yard on top of the family dog,
who startled, jumped up and raced out into the street, where an oncoming
car swerved to avoid it and smashed into the parked police car and set it
on fire.
Meanwhile the burning drapes had spread to the walls and the entire house
was blazing. Neighbors had called the fire department and the arriving
fire-truck had started raising his ladder as they were halfway down the
street. The rising ladder tore out the overhead wires and put out the
electricity and disconnected the telephones in a ten-square city block area.
Time passed -----------------
Both men were discharged from the hospital, the house was re-built,
The police acquired a new car, and all was right with their world
-------
About a year later they were watching TV and the weatherman announced a
cold snap for that night. The husband asked his wife if she thought they
should bring in their plants for the night.
She shot him.
| 84,170 |
||
tholt-j/sent_items/85.
|
RE: Conference Call ,
thank you for handling this
-----Original Message-----
From: Cantrell, Rebecca W.
Sent: Tuesday, August 14, 2001 11:29 AM
To: Tholt, Jane M.
Subject: Conference Call
We're all set for Wednesday. I have reserved a meeting room (EB4746) for Enron people, and the dial in number for outside participants is:
(877) 233-7845
Participant Code: 281132
We have 15 ports. If you get any more people, let me know and I'll ask for an expansion.
| 487,939 |
||
ward-k/_sent_mail/160.
|
Re: CalPeak Power RFP - Shortlist ,
Ann,
I just spoke with Jay Williams from our credit department and he only needs CalPeak's latest audited financial statements with management notes. Any additional information that helps us understand the company and how it is set up will be helpful. Sending this information overnight will probobly be our best bet. My address is as follows:
1400 Smith Street, EB3206a
Houston, TX 77002
Also, Jay's phone number is 713-345-3923. Let me know if you have any questions.
Thanks,
Kim
| 491,399 |
||
williams-j/inbox/18.
|
1 MMBtu/per day cut to Peoples from March 13th through March 15th . ,
Jason,
Irene Isais of our Transportation Services department notified me
that Enron North America was cut 1 MMBtu per day from March 13th through
March 15th. The 1 dekatherm cut occurred on Trunkline.
Peoples will reduce the baseload FOM priced quantity on the 13th and 15th by
1 MMBtu.
It will cut the DIQ amount of 21,973 by 1 dekatherm on gas day March 14th.
The FOM price was greater than Gas Daily on the 13th and 15th while Gas
Daily was the higher price on the 14th.
Jer
----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material. Any review, retransmission,
dissemination or other use of, or taking of any action in reliance
upon, this information by persons or entities other than the
intended recipient is prohibited. If you received this in error,
please contact the sender and delete the material from any computer.
| 508,620 |
||
blair-l/tw___citizens_agreement/2.
|
Citizens Agency Agreement at Griffith ,
Effective August 1, 2001, Enron Asset Management Resources will be acting as agent for the Citizens Communications Company at the Griffith interconnects on both Transwestern and El Paso. I will be the primary scheduler in charge of communicating with the plant regarding its needs, confirming the gas at both interconnects, managing the OBA's, and allocating flows to the owners of the plant.
In order to ensure a smooth transition, I will probably be in close contact with each of you. For the time being, we will use the burn estimates which come from the plant to determine our confirmed volumes on Transwestern and El Paso, as well as daily discussions we have with Duke, PPL, and our gas control. In my absence, the rest of the Transwestern scheduling team will be trained to do the daily confirmations and work with gas control with regard to daily flows.
Thank you for all your cooperation. If you have any questions, please feel free to call me.
Sincerely,
Amy Mulligan
| 36,487 |
||
hernandez-j/all_documents/390.
|
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=09=09 [IMAGE]
=09=09
=09=09
=09=09
=09=09 Our e-greetings aren't turkeys...
=09=09But we have plenty with turkeys on them to celebrate your holiday=20
get-togethers and feasts! Check out our Thanksgiving cards and other great=
=20
Emazing greetings. They're FREE, fun, non-fattening, and won't make you=20
sleepy after sending them. Click here for more details. =20
=09=09
=09=09[IMAGE]
=09=09?
=09=09Advertise - Company Info - Feedback - Help - Jobs - Privacy Policy - =
Terms &=20
Conditions
=09=09Archives - Edit Your Profile -?Unsubscribe
=09=09
=09=09EMAZING.com is a service of EMAZING, INC. Copyright 2000. All Rights =
Reserved.
=09=09EMAZING.com - Whatever you're into, we email it to you. FREE!=20
[IMAGE]
| 166,742 |
||
schoolcraft-d/deleted_items/306.
|
All Tests Were NOT Successfully Executed ,
All testing was completed. We were notified by the HotTap Helpdesk there were problems with external TMS customers. The HotTap support team is working on this issue. We have confirmed with the ENW Resolution Center that the Exchange servers are up.
| 400,626 |
||
blair-l/meetings___general/3.
|
Hotel in San Francisco ,
Lynn,
Here's the Web address for the Marriott hotel. It's called Renaissance Parc 55 Hotel.
TH
http://www.renaissancehotels.com/dpp/PropertyPage.asp?MarshaCode=SFOSR
| 34,301 |
||
cash-m/all_documents/4.
|
Quarterly Business Review ,
Twanda, please take the text of this email and turn it into a document that
is presentable so that I can give it to Mark at our Quarterly Business Review
Meeting at 2:00 Monday -- actually, I will need it by noon so that I can
revise it. Thanks. Michelle
Transactions
Major Events of September - November 2000
Garden State Paper -- closing and transition.
Triple Lutz -- issues surrounding potential divestiture, including internal
discussions, review of data requests and responses, review and comment on
both PSA documents, negotiations with both buyer's representatives, and
discussions with clients. Issues include salaries of employees hired by
buyer (effect of Enron severance plan), other benefits for divested employees
(including unvested stock options, insurance, vacation, etc.), process for
divesture, payment of severance obligations, possible redeployment, etc.
Crane -- monitor due diligence, PSA review and comment, client discussions.
Falcon -- review diligence reports, client discussions.
E2 -- limited involvement in PSA and schedule review, data requests.
Anticipated Issues for December 2000 - February 2001
Triple Lutz -- continued negotiations and document drafting. Transition
issues for divestiture will continue to be significant. Litigation by
persons who lose their jobs as a result of the transaction and who choose not
to sign the waiver for double the severance benefits is possible.
East Coast Power: If we sell our interest in ECP, there will be many
transition issues due to Enron's providing benefits, payroll, etc. for ECP
personnel. Also, there will be transition issues for other services,
including legal services that Enron has been providing for ECP.
Crane/Falcon -- could move forward; Crane is more likely. Issues of labor
unions and Canadian law will require attention on transition issues.
Litigation
Major Events of September - November 2000
No employee-initiated litigation for 2000.
Non-compete litigation: Currently, suit pending against Alonzo Williams in
Sharolyn Wood's court. Suit filed, no TRO sought. Service in process.
Minor litigation: Marentz & Co. v. Enron. Suit for non-payment of placement
fee. Maximum damages $75K. Discovery period ends this week, court-ordered
mediation to follow.
Anticipated Issues for December 2000 - February 2001
I expect that we will be filing non-compete litigation in February and March,
as people leave after they are paid their bonuses.
We should discuss the continued use of Bill Ogden for non-compete litigation.
Documents Generated
Major Events of September - November 2000
New Consulting Services Agreement: I prepared a new form of Consulting
Services Agreement to replace old Master Service Agreement and Project Work
Description for Net Works contract personnel. I received minor comments from
outside counsel as well as client group feedback. I will finalize the
agreement, so that the new document can go into effect on 1/1/01.
Standard Agreements:
I prepared:
___ draft employment agreements.
___ draft consulting services agreements.
___ separation agreement and releases.
___ retention letter agreements.
The number of employment agreements seems low to me, particularly in
trading. My understanding is that Lavorato does not want to put every person
in trading under contract, but wants to wait and see how they perform. There
are potential legal risks with this approach if we want to enforce our
non-compete provisions.
Anticipated Issues for December 2000 - February 2001
I expect that, after bonus amounts are announced, there will be a flurry of
contract activity in efforts to pay people through means other than the bonus
pool.
Investigations
Major Events of September - November 2000
Anonymous Letters Sent to Office of Chairman about Energy Operations: I
directed the investigation and supervised outside consultants once the
company decided to employ them. I and the team reviewed the results with
Sally Beck in early November and proposed methods to address the results of
the consultants' surveys. Sally Beck is contemplating communication to
employees on results of survey. [Other proposals can be discussed verbally.]
Texaco Hacker: We had a situation where one of our employees logged onto the
Texaco computer system using an ID of a former co-worker. He then sent
inappropriate emails to her co-workers, posing as her. The investigation
results led to termination of employment for cause.
Anticipated Issues for December 2000 - February 2001
I expect that there will be some claims that will need to be investigated
following PRC/bonus discussions.
Training
Major Events of September - November 2000
Increased role as trainer. I provided interview training for all Net Works
employees who are involved in the Technology Track (about 10 sessions).
Anticipated Issues for December 2000 - February 2001
EIM: Ray Bowen has asked Julia and I to provide training to the Industrials
Group. The focus will be on labor and employment issues in the acquisition
of assets as well as the integration of assets into the Enron family.
All of Wholesale: The harassment prevention training is going to be repeated
early next year for all persons hired in the last 18 months. Refresher
training is being developed and will be delivered for those who already went
through the first round.
Pre-Hire Testing
Major Events of September - November 2000
Many Wholesale groups are looking at pre-employment testing as a method of
screening out applicants. I am working with the Training and Development
groups to ensure that the tests meet legal standards. I have suggested
experts for HR to use in validation of such tests to ensure that the tests
will result in a successful employee.
Re-Skilling: One aptitude test is being employed in the selection of
potential employees who may be re-skilled to perform IT jobs working under
Beth Perlman.
Anticipated Issues for December 2000 - February 2001
I expect the testing issue to continue to be hot, particularly since John
Lavorato likes the concept for use in the Trading Track rotations for the A&A
program.
Employee Relations/Terminations
Much of my time is spent providing advice on employee relations/termination
issues -- approximately 10-15 per week (total). No two situations are alike,
and they require significant time.
Anticipated Issues for December 2000 - February 2001
After PRC/bonus time, this area of practice will be exceptionally busy. The
company will put persons who received a Needs Improvement or lower rating on
a performance improvement plan. Generally, I review those before they are
put in place. If they are not successful, then terminations are likely
(probably early in the first half of 2001). Those issues are time-consuming
and full of risks.
Work for Portfolio Assets
Major Events of September - November 2000
Ecogas: wind-down issues.
Mariner: Change of Control Agreements.
CGAS: harassment prevention training -- arranged for Littler, Mendelson to
provide training for CGAS personnel.
East Coast Power: Agreements, advice and counselling on various issues.
Anticipated Issues for December 2000 - February 2001
CGAS: Revising employment agreements for key personnel.
Mariner: Employment agreement negotiation.
Conclusions
ENA: ENA has not been able to hire commercial talent at the levels of
manager and above. I expect to see a great emphasis on hiring. Lavorato has
placed processes in place for hiring at that level, including the requirement
of an interview with the OOC before someone can be hired at the level of
manager or above.
Salaries need to be reviewed for equity (by gender as well as by race).
Net Works: Net Works has hired over 800 employees and contractors in 2000.
I expect that a portion of those will be bad hires and will have to be
managed out. Generally, the IT personnel are not the best about counselling
and documentation, so there may be significant work to be done to ensure
that risks are managed in that situation. I have seen improvement in that
group working with HR, and they have invited me to conduct training, so it
may improve over time.
Contractors are another issue at Net Works. A significant portion of the
work force is contract personnel. Microsoft issues could arise if
contractors are allowed to stay on too long.
Misclassification under the FLSA is another issue. Net Works has too many
employees in the "exempt" category who should be classified as "non-exempt."
I have raised this issue with HR, and they are working through it. It will
not be an easy fix.
EIM: The biggest issues facing EIM include the attraction and retention of
talent as well as M&A activity. HR has hired a person from Azurix to handle
diligence for EIM, but only time will tell whether she will be able to handle
the job.
EGM: EGM has the same issues of hiring and retention of talent as other
groups within Wholesale. That, plus the added earnings pressures, will make
retention of key personnel essential. I expect to see continued pressure to
shorten the non-compete duration for this group.
| 48,210 |
||
shankman-j/deleted_items/296.
|
RE: Bloomberg Quote ,
Vance,
I don't mind a comment on Bloomberg, but only a short 1 sentence type of comment. I would like you to sit in the call with him.
Jeff
-----Original Message-----
From: Meyer, Vance
Sent: Monday, October 22, 2001 12:57 PM
To: Shankman, Jeffrey A.
Subject: FW: Bloomberg Quote
Jeff --
As you probably know, we maintain a pretty rigid policy as it relates to providing market perspectives to wire services. Matt has explained to me the commercial reason for his desire to respond, and it seems logical to me. Also seems like a relatively benign response. Problem is, getting Palmer's attention on this given the other urgent issue facing the company today is tough, and I want to be sure you are on board with this before I try to squeeze it into his agenda. I don't feel that I should authorize anyone to talk to the wires today without telling Mark because of what's going on.
Bottom line question: Would you like to see Matt provide this response to Bloomberg?
Thanks
Vance
-----Original Message-----
From: Anderson, Matt
Sent: Monday, October 22, 2001 10:39 AM
To: Meyer, Vance
Subject: Bloomberg Quote
Vance, Thanks for working with us on this one...here is the enclosed letter as I have it saved in my inbox right now...let me know what you think
Matt
Hey Mark
Here's my take on an aspect on one of the fundamental drivers of the API's from last week (the API's lag by a week):
I think that we should see a slight increase in imports due to the fact that LOOP has seen some more activity this last week vs. 2 week's ago. LOOP, the only US site that can receive ULCC and VLCC's without lightering, was down for 3 days 2 week ago due to weather delays. Last week, LOOP experienced delays again, but only for 2 days. Given this fact and the large amount of tonnage that docked at LOOP last week, it looks like imports will increase following unusually large decline of last week. I would tend to mitigate any increase in imports with the understanding that weather was bad again in the gulf, so discharge rates were probably reduced at most terminals.
To sum it all up, I would say that imports should increase in tomorrow's API data to account for the previous week's decline, however I am reluctant to believe that they will catch up fully from last week's precipitous decline. The mitigating factor will be the continuing discharge delays caused by bad weather in the Gulf.
Hope that helps, if you have any questions let me know.
Matt Anderson
Crude and Products Analyst: Enron Commodity Research
Here's the question:
Any early estimates for tomorrow's API inventory numbers would be greatly
appreciated. Thanks.
Mark
| 431,731 |
||
arnold-j/all_documents/14.
|
EBS opp'ty w/BMC ,
Chaz & Steve,
I was able to review our recently completed conference call w/BMC with
Jennifer Medcalf.
During the call, Bernie Goicoechea and Ann(e?) Munson expressed that during
their last few months of interaction with Enron Net Works, they have
attempted to understand the exact issues and concerns which Net Works has
with regard to selection/use of BMC's products. Bernie voiced that he hasn't
been able to get more detail on the problems or nature of concerns that Net
Works has, beyond what you and I know. The BMC account team feels that
without specifics, they cannot address the issues accurately or in a timely
fashion.
The Enron Net Works team has expressed concern that various BMC products are
not Windows 2000 certified (at least, not the ones they are focused on, and
not in writing). Net Works also have some other concerns relative to the
(Net Works) team's feelings that the BMC products (in some areas) "...haven't
kept up with the industry", and that they (Net Works) have some residual
issues with the BMC account support in general. Bottom Line, expressed by
Net Works, is that there is a low probability of their purchasing enough BMC
software product this year to enable EBS to clinch its deal with BMC.
You related Jim Crowder's suggestion related to the use of indemnification
and liquidated damages clauses being implemented. Jennifer and I discussed
this situation, and our meetings with your team, in context. We have a
possible alternative for you to consider: perhaps EBS might provide a hedge
for Net Works in the form of "advance purchase" of BMC product.
For example, EBS is poised to buy about $1 million worth of BMC software, but
needs to show BMC a firm purchase commitment for about $3 million in total
Enron purchases from BMC. A way in which you could reach the $3 million mark
with BMC; while also allowing the relationships between Net Works and BMC
time to "click" might be this: EBS buys all $3 million worth of BMC
software, but $1 million is used to actually take product now, and the other
$2 million is used as a "future purchases" fund, in which EBS buys, but does
not take immediate delivery of, the (remaining $2 million worth of) current
software...
THEN, future Enron Net Works (and any other ENE business unit) purchases of
BMC software would be executed such that EBS is paid, and the software is
delivered from/by BMC. That way, EBS gets its $2 million back, the other
business units aren't spending any of today's dollars for product which they
seem to have some concerns about (but they can get current/certified product
when they need it in the future). In addition, you secure the business with
BMC right now. I'm sure you could also figure out how to account for the
time value of money in this, so that there is further leverage advantage to
you.
If all else fails, you may wish to consider something like this...In the
meantime, we will continue along the current path and keep you posted on
progress.
Thanks,
Jeff
Jeff Youngflesh
Director, Business Development
Global Strategic Sourcing
Enron Corp.
333 Clay Street, 11th Floor
Houston, TX 77002
t: 713-345-5968
f: 713-646-2450
c: 713-410-6716
| 3,950 |
||
stclair-c/all_documents/1123.
|
Harry and David Shipment Acknowledgment ,
Dear CAROL STCLAIR,
Thank you for ordering from Harry and David.
This e-mail is to let you know that the following item(s) shipped on
12/2/2000:
Order Number: 0300216691
CAROL STCLAIR was shipped THINKING OF YOU TOWER OF TREATS via UNITED STATES
POSTAL SERVICE
Please allow 7 business days for delivery.
CAROL STCLAIR was shipped THINKING OF YOU TOWER OF TREATS via UNITED STATES
POSTAL SERVICE
Please allow 7 business days for delivery.
We hope we have the opportunity to help you shop again soon:
www.harryanddavid.com
To e-mail our Customer Service Department: www.harryanddavid.com/orders.html
| 450,334 |
||
mckay-j/sent_items/312.
|
Well???? ,
How is everyone.....mother, child.........father?
I hope everything went smooth. Are you taking this one to hockey practice or dance class?
Include me in the mass e-mail when you get a chance.
Jon
| 332,240 |
||
sanders-r/all_documents/1802.
|
FW: Fact sheet re: Cal ISO study ,
FYI
Thanks
Gary
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, April 13, 2001 1:51 PM
To: [email protected]; [email protected]; [email protected];
[email protected]; [email protected]
Subject: Fw: Fact sheet re: Cal ISO study
From the Bonneville Power Administration:
>
> > This fact sheet addresses statements in a recent L.A. Times article
> > asserting that BPA, among others, manipulated prices on the California
> > electricity market.
> >
> > AEs, CAEs and other BPA staff may distribute the fact sheet to outside
> > parties as you believe appropriate.
> >
> > <<CA_sales_TP3.doc>>
> >
> > For additional information, contact Steve Oliver at (503) 230-3295.
>
(See attached file: CA_sales_TP3.doc)
=======================================================
This email message is for the sole use of the intended recipient(s) and may
contain confidential and privileged information. Any unauthorized review,
use, disclosure or distribution is prohibited. If you are not the intended
recipient, please contact the sender by reply email and destroy all copies of
the original message.
To reply to our email administrator directly, send an email to
[email protected]
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com
- CA_sales_TP3.doc
| 393,300 |
||
mann-k/inbox/335.
|
RE: FW: NorthWestern ,
nope, I'm on 5
-----Original Message-----
From: Mann, Kay
Sent: Tuesday, November 20, 2001 1:12 PM
To: Carnahan, Kathleen
Subject: RE: FW: NorthWestern
I thought you were on 6.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
| 316,501 |
||
lay-k/all_documents/386.
|
Update - Executive Committee List ,
Updates:
Sanjay Bhatnagar - new cell phone
Stacy Guidroz - new cell phone
Diomedes Christodoulou new cell phone
| 268,528 |
||
farmer-d/all_documents/75.
|
Meter 1428 ,
Daren - Meter 1428, Beaumont Methanol is shut-in for December. There has
been flow of 69 and 65 on days 2 and 3. Should a swing ticket be put at the
meter? The last swing deal was 451907 for 11/00. Thanks.
Aimee
| 103,576 |
||
townsend-j/sent_items/12.
|
FW: contact ,
-----Original Message-----
From: Germany, Chris
Sent: Wednesday, December 05, 2001 10:06 AM
To: Townsend, Judy
Cc: Judy Townsend (E-mail)
Subject: FW: contact
Works with Hendrickson
-----Original Message-----
From: [email protected]@ENRON
Sent: Tuesday, December 04, 2001 8:11 PM
To: Germany, Chris
Subject: contact
mark mckee
[email protected]
| 490,065 |
||
zipper-a/broker_client/35.
|
APB Energy - Form of BETA and Fee Agreement ,
fyi
---------------------- Forwarded by Bob Shults/HOU/ECT on 03/06/2001 09:00 AM ---------------------------
From: Tana Jones on 03/05/2001 05:16 PM
To: [email protected]
cc: Bob Shults/HOU/ECT@ECT, Mark Greenberg/NA/Enron@ENRON
Subject: APB Energy - Form of BETA and Fee Agreement
At the request of Bob Shults, I am attaching our proposed forms of Broker Electronic Transaction Agreement and Fee Agreement If you have any comments or questions please call Mark Greenberg, Senior Counsel at (713) 345-8897 or Bob Shults at (713) 853-0397. We look forward to hearing from you.
| 515,386 |
||
blair-l/deleted_items/31.
|
Amarillo Weekly Report ,
See attached:
| 33,529 |
||
hyvl-d/all_documents/1426.
|
RE: Elba ,
Thank you. Phil made me promise to ask.
| 176,205 |
||
taylor-m/inbox/382.
|
Re: Auburn ticket ,
<html><div style='background-color:'><DIV>
<P>no your arkansas ticket went to waste. i am hoping mom and michelle will come to this game. mom can probably use nick's ticket and kerry may be able to use amanda's ticket and id if she doesn't go. i will know for sure by like wed. i don't know if mom will even come or not. anyway i will buy one if someone calls me for you. </P>
<P>love</P>
<P> Kelly<BR><BR></P></DIV>
<DIV></DIV>
<DIV></DIV>>From: "Taylor, Michael E" <[email protected]>
<DIV></DIV>>To: <[email protected]>
<DIV></DIV>>Subject: Auburn ticket
<DIV></DIV>>Date: Mon, 26 Nov 2001 09:13:16 -0600
<DIV></DIV>>
<DIV></DIV>>Kelly,
<DIV></DIV>>
<DIV></DIV>>I am going to use my Auburn ticket this weekend. I am also trying to
<DIV></DIV>>find one for Kerry and an ID. Any tickets? Also, people may be calling
<DIV></DIV>>you to sell a ticket for $10. I e-mailed them off of
<DIV></DIV>>Universitytools.com. Last time I used Mindy's ID which may work
<DIV></DIV>>again.
<DIV></DIV>>
<DIV></DIV>>Did anybody use my Ark ticket?
<DIV></DIV>>
<DIV></DIV>>Mike
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>**********************************************************************
<DIV></DIV>>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.
<DIV></DIV>>**********************************************************************
<DIV></DIV></div><br clear=all><hr>Get your FREE download of MSN Explorer at <a href='http://go.msn.com/bql/hmtag_itl_EN.asp'>http://explorer.msn.com</a><br></html>
| 479,862 |
||
dasovich-j/all_documents/10369.
|
No new plants ,
This may be of some use, I am still looking
C. Discouraging New Power Supplies
California is not an easy state in which to build a power plant. Licensing=
=20
procedures and rules are expensive and time consuming. Environmental=20
regulations are among the most stringent in the nation, and power plants ar=
e=20
unpopular neighbors, often sparking resistance from local residents. In=20
California, plants often take three to five years from concept to operation=
,=20
while in other Western states the process can be as short as one year.
The long delays in adding capacity in California had set the state on the=
=20
road to shortages long before restructuring.
Thanks to these barriers, in 1996, as restructuring was debated, California=
=20
had not seen a new power plant built in a decade. Yet the state still had=
=20
excess energy generation capacity. Indeed, one reason for restructuring was=
=20
to let market incentives determine capacity decisions. The architects of=20
restructuring assumed that competition and profit opportunity would bring n=
ew=20
power plants to keep electricity supply well ahead of demand in spite of th=
e=20
difficulties state regulations present. And, despite restructuring=01,s fai=
lure=20
to allow a competitive market, restructuring did stimulate new capacity=01*
between March 1998 and the end of 2000 the California Energy Commission had=
=20
licensed nine new power plants that will generate over 6,000 MW, about 16=
=20
percent of the state=01,s average daily load.
But these new plants are so slow in coming=01*the first won=01,t be online =
until=20
mid-2001=01*they won=01,t help solve the current shortage. The long delays =
in=20
adding capacity in California had set the state on the road to shortages lo=
ng=20
before restructuring. Since 1988, the state energy commission has been=20
predicting that demand would catch up with and surpass supply. But state=20
leaders did nothing to change the barriers that discouraged new companies=
=20
from building new power plants. At first, discussions of deregulation may=
=20
have discouraged new investment, since private companies did not know what=
=20
kind of law the state would pass. But restructuring ended that uncertainty=
=20
and companies saw an opportunity to make money from growing demand in=20
California. The new plants they are now building will likely assure that th=
e=20
current shortage will not persist.
The current policy debate over what to do about the shortage has focused on=
=20
providing more power plants as soon as possible. Gov. Davis created a "gree=
n=20
team" to streamline regulatory review of some projects, but the new process=
=20
applies to only two of the 13 projects undergoing review. Davis has also=20
proposed a state energy authority to build and operate new power plants, bu=
t=20
state ownership and construction will only speed up projects if the state=
=20
does not follow all permitting and environmental rules, the same result cou=
ld=20
be accomplished by waiving rules for private power generators and without=
=20
consuming tax revenues to pay for the plants.
But waiving the rules is not likely to be politically acceptable and may no=
t=20
even be wise. A better approach would be to change the regulatory approach=
=20
without changing standards. California regulators view their roles as=20
ensuring that standards are not violated=01*they don=01,t care if the power=
plant=20
gets built. Thus they make themselves like the troll under the bridge=01*no=
one=20
gets by without meeting their terms. State leaders could speed up the proce=
ss=20
of adding new power plants by changing the regulator=01,s mission so his go=
al is=20
to make sure that the power plant gets built without violating any standard=
s=01*
a subtle but important change in approach.
Indeed, speeding up the review process by taking a constructive approach to=
=20
solving problems as they arise, rather than just kicking the problem back t=
o=20
the developer, could improve the environmental quality of the state=01,s en=
ergy=20
supply. New generation plants are cleaner and more efficient than older one=
s=20
and will displace some of the dirtiest plants in a competitive market. With=
=20
the right approach, state policy makers can meld the incentives to invest=
=20
that supply constraints and market prices create with a more positive=20
approach to permitting and environmental reviews to speed up completion of=
=20
new plants, shortening the span of the state=01,s electricity shortage and=
=20
helping prevent future shortages
| 55,801 |
||
scott-s/all_documents/281.
|
Prepared Rebuttal Testimony in I.99-07-003 ,
Dear Judge Biren:
Attached is the Prepared Rebuttal Testimony of Jeffery C. Fawcett on Behalf
of Transwestern Pipeline Company in Support of the Comprehensive Settlement
Agreement that has been designated as Exhibit 17. Hard copies of this
document are being delivered to you today. Please contact me if there is any
problem opening the electronic version.
Susan Scott
Transwestern Pipeline Company
(713) 853-0596
[email protected]
| 405,051 |
||
hodge-j/inbox/198.
|
Master Gas Agreement ,
Jeff, this Agreement should replace the GISB and any other gas agreement
between the parties. The collateral language is incorporated into the
document. Also, with respect to the Collateral Agreement for Duke Energy
Merchants LLC ("DEM"), Duke would like to propose assigning all of the
Enron transactions with DEM into one Enron entity and then using the form
of collateral agreement submitted to ENA (with some tweaking to allow for a
Guaranty from Duke Capital Corporation) to cover the transactions between
the Enron counterparty and DEM. Duke can present a list of companies which
it has outstanding transactions with if Enron would like. Please let me
know if you have any questions in this regard. Thanks - Joe
(See attached file: DETM Master 10-29-01.doc)
- DETM Master 10-29-01.doc
| 170,268 |
||
rogers-b/all_documents/765.
|
Deal Invite ,
Dear Benjamin Rogers,
You have been invited to participate in a deal on DealBench, sponsored by
Enron for LV Cogen.
You are about to experience firsthand our secure platform that enables
clients to conduct their business on the web. We provide a collaborative
environment to share documents, conduct auctions, host webcasts, manage deal
information and monitor deal progress - instantly, efficiently and
effectively.
In order to be able to view the deal, you have to update your user profile
with the deal key: 9703517744633713. This will enable you to view the deal
and participate in the process. Please also remember that this deal key is
specific to the above deal.
We are looking forward to working with you.
If you have any questions or are unable to access the system, please email us
at: [email protected] or call us at: +1-713-853-9438.
We encourage your feedback on both the platform and service, either via email
or telephone.
Kind regards,
WebMaster
DealBench
| 377,272 |
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nemec-g/all_documents/555.
|
Transport Contract Process ,
Attached for your review and discussion at the transport review meeting this
Thursday are the following:
1. Revised Goals for Interruptible Contract Revision Process
2. Flow Chart of Current Interruptible Transport documentation Process
These items will be revised as we work through the processs.
| 346,995 |
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lay-k/deleted_items/41.
|
Demand Ken Lay Donate Proceeds from Enron Stock Sales ,
Warwick Young
2089 Key Blvd.
El Cerrito, CA 94530
[email protected]
To Mr. Ken Lay,
I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills. Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.
Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out. And Enron made an astronomical profit during the California energy crisis last year. As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.
The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it. Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.
Sincerely,
Warwick Young
Warwick Young
| 269,694 |
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steffes-j/sent_items/713.
|
RE: Reliability Title on Transmission ,
Agree.
Jim
-----Original Message-----
From: Yeung, Charles
Sent: Friday, August 17, 2001 3:35 PM
To: Steffes, James D.; Novosel, Sarah; Shelk, John
Subject: Reliability Title on Transmission
I don't think the key to effective legislation to continue the opening of the transmission grid is the authority of FERC to order RTOs in itself. It is the end state that the we hope the RTO orders can deliver that is key. It would be a more powerful approach to line up the end state model we want for the grid into legislation - rather than fight for the ability to order formation of RTOs - then fight in settlement over what the RTO structures should be. We should get into legislation the elimination of the fundamental drivers of discrimination that goes on today and what the utlities are trying to continue into the RTO paradigm. We want:
1. Non-discriminatory transmission control operators - translated into real world terms as a single control area and indepdendent Security Coordinators.
2. A single transmission tariff - or comparable access rules and requirements for all generators and loads.
If the jurisdictional entities are held to these key requirements - then NERC or EISB which has the "authority" over the non-jurisdictional entities would begin to work in our favor. TLR rules, tagging rules, ATC calculations, redispatch - would have to be applied in the same fashion for marketers, IPPs, IOUs, Coops, Munis, BPA/TVA, etc.
These are two of the key differences between the gas industry and the electric industry. Pipelines were separated from LDCs and producers, and there is no native load exception to inter-state pipeline access.
I think the reliability arguments some may bring up agianst these two fundamental changes are contestable and "winnable". This should take away the FERC fear of jeopardizing reliability.
| 456,264 |
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cash-m/all_documents/513.
|
SUMMARY OF SPA AND LEASE QUESTIONS ,
Dee, could you please forward to Steve Van Hooser our usual checklist on
employee matters for diligence purposes? That would be helpful. Thanks.
Michelle
---------------------- Forwarded by Michelle Cash/HOU/ECT on 11/03/2000 11:15
AM ---------------------------
From: Steve Van Hooser on 11/02/2000 06:33 PM
To: Glenn Wright/Corp/Enron@ENRON, Ozzie Pagan/HOU/ECT@ECT, Dwight Beach,
David Marshall/HOU/ECT@ECT, [email protected], [email protected]
cc: Michelle Cash
Subject: SUMMARY OF SPA AND LEASE QUESTIONS
Attached is the Summary that Glenn Wright and I used as the basis for
reviewing the Steam Purchase Agreement and the Lease today.
Jay and Clark, please note that there are a couple of drafting follow up
instructions contained in the Summary.
Glenn, please let me know if I misstated the resolution of any issues
discussed.
David, there is at least one follow-up request in the Summary.
Finally, Michelle Cash, ENA's labor and employment attorney informed me that
there are 23 employees currently involved in the operation of the 2 Cogentrix
plants and that employee due diligence will take some time. I am expecting
to receive a checklist of employment related documentation shortly and will
forward it on to you so that you can have Alamac obtain such information from
Cogentrix as soon as possible. Michelle would like to know what plans have
been developed to date as to post-acquisition of the 2 plants. In short, are
we planning to offer all 23 of Cogentrix's employees jobs?
Steve
| 48,337 |
||
lokey-t/sent_items/135.
|
FW: Current Regulatory Regime ,
Kevin - I made changes to the document. I hope they were saved. I am putting a copy in your office also. - Teb
-----Original Message-----
From: Doll, Jeanette
Sent: Friday, February 22, 2002 1:11 PM
To: Kilmer III, Robert; Lokey, Teb
Cc: Doll, Jeanette
Subject: Current Regulatory Regime
| 291,311 |
||
parks-j/deleted_items/1339.
|
RE: Possible new lease member ,
Yeah and rattle in some unhunted area and kill 10 point's like Chad did!!!!
-----Original Message-----
From: chad knipe [mailto:[email protected]]
Sent: Tuesday, March 12, 2002 8:10 AM
To: Chris McComb; Keith McComb; Brian Constantine; EriK Wollam; Joe Parks
Subject: Re: Possible new lease member
That means it's time to hunt outside the boxes.
----- Original Message -----
From: Chris McComb
Sent: Tuesday, March 12, 2002 7:55 AM
To: 'chad knipe'; 'Keith McComb'; 'Brian Constantine'; 'EriK Wollam'; 'Chris McComb'; 'Joe Parks'
Subject: RE: Possible new lease member
I agree, we started out with 3, went to 1, no we are going in the wrong direction again. By the way, wasn't Mertz supposed to add more acreage to this ranch? I think we have hunted everything we can on ol' Autry.
Chris McComb, P.E.
McComb Construction Co., Inc.
V.P., Business Development
512-385-5555
-----Original Message-----
From: chad knipe [mailto:[email protected]]
Sent: Tuesday, March 12, 2002 7:22 AM
To: Keith McComb; Brian Constantine; EriK Wollam; Chris McComb; Joe Parks
Subject: Re: Possible new lease member
Wait a minute, lets think about this. We already have one attorney on the lease, can we handle another?? We're gonna need a bigger ranch!
----- Original Message -----
From: Keith McComb
Sent: Tuesday, March 12, 2002 7:16 AM
To: 'Brian Constantine'; 'Erik Wollam'; [email protected]; [email protected]; [email protected]; [email protected]
Subject: RE: Possible new lease member
If he buys the first keg, he's in!
-----Original Message-----
From: Brian Constantine [mailto:[email protected]]
Sent: Monday, March 11, 2002 11:12 AM
To: Erik Wollam; [email protected]; [email protected];
[email protected]; [email protected]
Subject: RE: Possible new lease member
Think this a great idea...he is just the ideal person to have on the lease
and as standup and nice of a guy you would ever want to know. I'd give him a
bid right away!!!
BC
-----Original Message-----
From: Erik Wollam [mailto:[email protected]]
Sent: Monday, March 11, 2002 11:04 AM
To: [email protected]; [email protected]; [email protected];
[email protected]; Brian Constantine
Subject: Possible new lease member
Deer All:
I have a person that might fit what we are looking for in the 8th spot or to
fill a gap left by Joe (who is currently unable to provide a firm response).
B.J. Johnson. Played football with Chad and I at Jesuit. Was a year a head
of us. Met Zander at UH in College and hung with he and Brian while they
were rooming together. Went to lawschool a few years after me. Is out and
doing well with at a well known plaintiff's lawfirm.
Nice guy. He mentioned a year or so ago to call him if we ever had a spot.
His dad used to take him hunting and BJ wants to return the favor. Looking
for a place he could take his dad once or twice a year, just to get out
there not to shoot deer. He has two small girls, is busier than I am and
would go no more than the rest of the Houston boys.
He is a good guy. Don't know much about his deer hunting experience, but I
don't care about that.
Chad and Brian give him the stamp of approval. My thought is we could
proceed as set with Chris and I splitting the 8th spot, but if Joe winds up
taking a job out of state (which is a possibility) we would be left with two
spots to fill and less time to do it. I think it might be best to offer this
spot to BJ and fill up all 8 spots, then if we lose Joe, Chris and I can be
the fall back plan.
Thoughts and comments from the McComb guys please.
Erik.
_________________________________________________________________
Send and receive Hotmail on your mobile device: http://mobile.msn.com
| 355,358 |
||
schoolcraft-d/tw/tw_map/1.
|
,
i'm having the prints made.
they will be on 11x17 in color
100 of them.
maria
5.1790
| 402,244 |
||
lewis-a/deleted_items/1320.
|
Time for a high tech career? ,
[IMAGE]
NCI Marketing Web Alert
[IMAGE]
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You are receiving this special offer because you have provided permission to receive third party email communications regarding special online promotions or offers. If you do not wish to receive any further messages from Network Commerce, please click here to unsubscribe. Any third-party offers contained in this email are the sole responsibility of the offer originator. Copyright ? 2001 Network Commerce Inc.
| 280,259 |
||
taylor-m/sent_items/286.
|
Return from London ,
I asked for a return date for you of September 12 which is the day I'm coming back. But since I will be going to Houston and you will be going to NYC we won't be traveling together anyway. Would you rather stay an extra day or two?
|
legal <[email protected]>
| 483,780 |
|
farmer-d/deleted_items/53.
|
Best Church/Religious Web Sites and Best Practices ,
BammelYoungFamilies
--------------------------- ListBot Sponsor --------------------------
Start Your Own FREE Email List at http://www.listbot.com/links/joinlb
----------------------------------------------------------------------
Would you please send me links to the best church/religion web sites you've
encountered?
Also please send why you were impressed with the site(s).
Thank you for your help and effort,
-Ram.
-----Original Message-----
From: KR McKee [mailto:[email protected]]
Sent: Monday, June 04, 2001 8:07 AM
To: 'Huff, Pat'; 'Brooks, Jim'; 'Tackett, Ram'; 'McGown, Doug'
Subject: Best Church Web Sites and Best Practices
I have taken the assignment of gathering information about best practices
for church web sites for the Communications Task Force at Bammel. I am
interested in hearing from each of you regarding your all-time favorite
church web sites. These sites do not have to be published by churches of
Christ.
"Best practices" is a phrase that kept recurring in the first Task Force
meeting on Saturday, June 2. This would seem to include:
"Essential" content (i.e.., maps, service times, etc.)
Privacy concerns (How do we provide great information without compromising
the privacy of our members?)
What sort of content would make Bammel stand out as a superior site? (I am
not talking about look and feel, just information.)
Your own pet peeves about church web sites. I figure that you are
representative of what others will think and probably more critical than
most.
Feel free to recruit opinions from other sources. Send me links. Express
yourself, but please respond as quickly as possible. The time is very short
for gathering this information; it must be collected, analyzed and condensed
into notes for the elders by the end of June! This means that I really need
to hear from you this week, if possible, and the sooner the better.
Thank you for your help in this effort. Our hope is that we will dream
God-sized dreams so that He will be glorified.
Kathrese McKee
[email protected]
281-370-6072
______________________________________________________________________
To unsubscribe, write to [email protected]
| 104,609 |
||
taylor-m/all_documents/3803.
|
Special offer from TRIP.com and Hawaiian Airlines ,
** TRIP.COM WEEKLY TRAVEL NEWSLETTER **
www.trip.com
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SPONSORED BY Norwegian Cruise Line
----------------------------------------
November 21, 2000
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TRIP.com and Hawaiian Airlines are excited to offer you savings
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After selecting your flights, click on "Price My Itinerary" -
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In our columns this week, read all about St. Lucia and Budapest.
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http://www.TRIP.com/news/completetraveler.cgi?a=3D22
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| 475,497 |
||
shackleton-s/sent_items/99.
|
CSFB (head office) ,
Mary: FYI , just spoke with Anita Khosla. The ENA ISDA with CSFB will be with the head banking office in Zurich and we will identify the branches with which we anticipate business, including at the moment, NY, London, Cayman Islands. I have received comments to our Schedule and CSA.
Sara
Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX 77002
Ph: (713) 853-5620
Fax: (713) 646-3490
| 426,600 |
||
causholli-m/deleted_items/235.
|
RE: Moore & Standard reister ,
Do you want me to correlate these with NBSK? When is the deadline?
-----Original Message-----
From: Stapley, Cecil
Sent: Monday, August 27, 2001 2:24 PM
To: Causholli, Monika
Cc: Allan, David
Subject: Moore & Standard reister
<< File: Historical Quotes moore aug 27.htm >> << File: Historical Quotes SR aug 27.htm >> Monika I will be calling these 2 companies in the near future to discuss structured opportunities. both are having a tough time can you correlate their stock to NBSKP if they have no stock price due to a dividend then blank out that month
| 51,011 |
||
beck-s/_sent_mail/632.
|
Re: I am officially in a bit of a panic! ,
I believe that we may have a potentially good fit for Avril, but my direct
report who would have to add her to his staff is on vacationing out of town
until Monday. I will talk with him on Monday morning and I will have him
visit with Jeff Sorenson, who previously interviewed Avril (he liked her and
was favorably impressed, but had no position for her). We may then want to
be able to talk with Avril by phone, since a face-to-face interview will not
be possible. We should have a decision then very early in the week. Since
you will be in Houston I can update you in person. I would not panic!
| 21,210 |
||
davis-d/vargas_becton_lamb/15.
|
Business Analysis & Reporting Promotions ,
Please join me in congratulating the following individuals on their promotions (effective 08/01/01):
Manager to Director
Jody Pierce
Sr. Specialist to Manager
Tracy Irvin
Edie Leschber
Brian Schwertner
Specialist to Sr. Specialist
Stephen Wolfe
Shannon McPearson
Tracy Greene
Clerk to Sr. Clerk
Ana (Julie) Garcia
| 85,839 |
||
scott-s/all_documents/925.
|
RE: Tom Beach may have sent you a virus ,
same here.
Roth
-----Original Message-----
From: Gloistein, Robert [mailto:[email protected]]
Sent: Tuesday, December 12, 2000 11:08 AM
To: 'Cinderella'; [email protected]; [email protected];
[email protected]; John Jimison; [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];
[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]; [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];
Gloistein, Robert; [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]
Subject: RE: Tom Beach may have sent you a virus
I received the navidad.exe virus through four e-mails from Gwen Soong this
morning. My firewall rejected the attachments and so advised me.
Bob Gloistein.
Orrick, Herrington & Sutcliffe.
-----Original Message-----
From: Cinderella [mailto:[email protected]]
Sent: Tuesday, December 12, 2000 10:46 AM
To: [email protected]; [email protected]; [email protected];
John Jimison; [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];
[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]; [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];
[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]
Subject: Tom Beach may have sent you a virus
Tom Beach received the navidad virus in e-mail yesterday, and it replicated
itself and went out to many (maybe all) of the people who had sent him
e-mail that he had not yet opened (i.e., unopened mail in his Outlook
Express in-box).
Because the OII and peaking rate filings were yesterday, you probably sent
Tom e-mail that he didn't have a chance to look at. If you have a firewall
system that rejects any e-mail with executable files attached, you're safe.
If you don't, here is the URL with the virus cure:
http://www.fsecure.com/v-descs/navidad.htm
<http://www.fsecure.com/v-descs/navidad.htm>
In Tom's system, I was able to ignore the error message about the machine
not being able to find "winsvrc.exe," open his Internet browser, and
download the virus repair file from this Web site. It's a relatively easy
fix once that's done.
I'm terribly sorry about this. Let me know if I can be of further
assistance.
Christa Goldblatt
Office Manager
Crossborder Energy
[email protected] <mailto:[email protected]>
510-649-9790
Every revolution evaporates and leaves behind only the slime of a new
bureaucracy. -- Franz Kafka
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT
OF THE TRANSMISSION, AND MAY BE A COMMUNICATION PRIVILEGED BY LAW. IF YOU
RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION,
OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US
IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS MESSAGE
FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility. Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission. Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.
| 405,789 |
||
shapiro-r/deleted_items/254.
|
follow up ,
Please respond to Rick,
I have not hear from you, I am also aware of Max Izaguirre's change, so let
me know if you would like me to follow up with someone else about my
interest to help Enron.
Regards,
Carlos Lara
Lara & Associates LLC
832 251 8813 Office
832 251 8973 Fax
713 822 5862 Mobile
[email protected]
- Carlos Lara Bio.doc
- Laranew 01.doc
| 436,723 |
||
carson-m/koch/39.
|
Entergy-Koch Trading Deadline ,
Entergy-Koch has put a requirement on doing transactions with us, which requires that wires from EPMI must be received by 11 am CST on the day of purchase. In order to facilitate the 11 am deadline, Treasury needs the full approval packet by no later than 9 am. The physical packet paperwork will need to be to Don Miller (give to me ECS 05579 and I'll run it through) by 8 am. We will need the wire request and Cash Use Approval Request form from Evelyn Aucoin's group and the price justification spreadsheet from Corry Bentley. I'm working with Treasury to get notification of the Fed Reference number by 10:30. Thanks for your help.
Doug
| 47,564 |
||
symes-k/all_documents/1394.
|
Deal 506633 ,
Hi Kate,
FYI Carla is backdating deal 506633 from 1/27 to 1/26 for confirmation
purposes per Chris Mallory.
Thanks
| 463,280 |
||
kitchen-l/_americas/mrha/ooc/80.
|
Asset Sales Chart ,
Please see the attached file that reflects the multiple for each asset sale. As you can see for assets that had losses, we show no multiple. Additionally, there are some assets that have no EBITDA at all (that we are aware of), thus we show no multiple. Please let me know if this is what you expected. Thanks!
| 259,035 |
||
farmer-d/all_documents/1305.
|
Re: Meter 1459, 6/00 ,
Yep, you're right, except it's out there for June 1999. Please let me know.
I'll be out tomorrow, if you get this done then, let Carlos know and he can
get it set up in POPS.
Aimee
Daren J Farmer
07/13/2000 01:16 PM
To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: Re: Meter 1459, 6/00
Deal 77352 is already out there for June.
D
Aimee Lannou 07/12/2000 02:00 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 1459, 6/00
Daren - I need a deal set up for meter 1459 for June '00. It flowed 34/day
6/1-6/6. The last deal number used was 77352 for ENA. Please let me know
when this is set up.
Thanks,
Aimee
| 100,479 |
||
mann-k/florida/64.
|
Fla projects ,
I'm on a 2 hour conference call, so it seems like a good time to write up some of what I know.
I started working on these projects in late May, when Ann Elizabeth went on vacation, so I don't have much history.
Here are the projects which have some activity.
Broward County projects:
These are politically sensitive projects, with what I consider to be a relatively high burn rate on outside legal fees.
I've worked on two of these projects.
The current active one is called Deerfield Beach. Steve Krimsky is the developer. We have a land option (Mancini) and a development agreement with the City. The DEP has indicated an indication of its intent to issue an air permit. Neighboring communities are protesting (quite literally), and the matter has been referred to an administrative law judge, and a hearing is expected in October. In addition, the communities have sued the City of Deerfield Beach for permitting the development. We are at the decision point of whether to intervene, which I expect we will. Richard Sanders is up-to-speed on this, but is not following this.
In late September a sizable payment will be due to the City. Ben is evaluating whether to drop this one. If the decision is to continue, he expects to DASH (or I think DASH LITE) the project. I'm getting estimates on the legal fees to get this and Pompano over the goal line. I estimate the legal fees burn rate to be around $300k per month, with the potential to escalate. Greenberg Traurig is our outside counsel, and as best I can tell they've been "managed" by Steve. I believe he maintains an office in their office. The bills have been going to Barbara, so I just interjected myself in the process. of invoices.
I recently learned that the county is suing to condemn part of the property. The price they are offering is less than our purchase price, and getting this settled quickly is critical to getting the plat issues so that we can move forward. Commercially, we are willing to make up the difference, the question being how. We want to extend the option past its current May 01 expiration. Steve says he thinks that doing a lease would serve commercial purposes better (less initial outlay).
The water contract will be up on the radar screen shortly. We want to use reclaimed water from the county wastewater treatment facility. That contract will be negotiated with the developer friendly part of the County, but it will need to be approved by the county commissioners.
Speaking of the county, Broward County has enacted a moratorium on power plant development until May 02 (I think that dates right). Our local lawyers say "they can't do that" (that cost us $80k), but they did.
I have requested that GT prepare an explanation of the steps necessary to get all the approvals, with the overlapping timeframes. This is in connection with the fee estimate request.
Pompano Beach
This project has been announced as cancelled, but there are rumblings of a revival.
Certosa Holdings
This project was cancelled, but ITS BACK. We will let the balance sheet unfriendly option expire, and will enter into a balance sheet friendly option. The land owner is a single asset company owned by a Cuban national living in Venezuela. It was formerly a land fill, and needs to be reclaimed, the cost of which exceeds the value of the land.
There are outstanding zoning issues on this one. We tried to get around the local zoning board with a technical argument, but now they are enacting an ordinance which will require it. Ben's current plans are to get the new option and get this in shape to mothball until the tide turns.
Greg Krause is the developer. He is fine to work with.
Homestead.
I think this is new. We are negotiating an option. Very young project as best I can tell.
Midway
This one is fairly far along, and I'm not aware of any significant permitting/approval issues. We are finishing up a property owner's association agreement, and working on an interconnect agreement. We will need a water supply agreement in the near future. Another Greg Krause deal.
I'm also working with Ben on the sell of the project to TECO (same lawyer as the last TECO deal I worked on). We have a LOI and draft purchase contract which is going out to TECO this week. I expect that I can still support this one since it is getting to the end.
This gives an overview of what I've been working on in the past couple of weeks.
Kay
| 315,858 |
||
weldon-c/sent_items/99.
|
FYI - FW: ENA Trading Track ,
-----Original Message-----
From: Engler, Adrianne
Sent: Friday, May 18, 2001 10:58 AM
To: Weldon, V. Charles
Subject: ENA TRading Track
Dear Charles-
Thank you for forwarding your resume with regard to the ENA Trading Track. We will be scheduling interviews for May 30th (Wednesday) from 1.00 pm to c. 4 pm whereby you will be interviewed by approximately 4/5 Traders.
I would be grateful if you would enter this time in your calendar. Full-details of Location/Interviewers/confirmed times etc will follow shortly.
If there are any questions with regard to the Trading Track itself , please call Karen on x 54667.
Kind regards,
Adrianne
Karen
HR - EWS
x 54667
| 498,230 |
||
mann-k/_sent_mail/1247.
|
RE: The Lion King ,
You're on. He's getting to be such a good age for theater.
ckm
"Brashear, Charlotte" <[email protected]> on 03/16/2001 03:18:56 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: The Lion King
I would love to. He is going to flip over it!
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, March 16, 2001 3:17 PM
To: Brashear, Charlotte
Cc: Mann Neil (E-mail)
Subject: Re: The Lion King
My guess would be the week of the 4th of July, then again sometime in
August. I agree that he really should see it. If you want to take him,
that's great, or we will be glad to take him.
Kay
"Brashear, Charlotte" <[email protected]> on 03/16/2001 03:12:14 PM
To: "Mann Kay (E-mail)" <[email protected]>
cc: "Mann Neil (E-mail)" <[email protected]>
Subject: The Lion King
I keep forgetting to discuss this with you. The Lion King will
be
here for the entire month of July, and Michael MUST see it. I don't care
whether you two take him or me, but it's an absolute. This will be my
third
time to see it. The tickets go on sale around June 1. Do you know yet
when
you will be on vacation?
++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged. This
email is intended to be reviewed by only the individual or organization
named above. If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited. If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system. Thank You
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The information in this email may be confidential and/or privileged. This
email is intended to be reviewed by only the individual or organization
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review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited. If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system. Thank You
| 299,654 |
||
skilling-j/all_documents/1545.
|
The Sunshine Kids and Enron ,
Please Read the attached letter.
- Enron Corp..doc
| 442,962 |
||
nemec-g/all_documents/5376.
|
Clause 6 ,
If X is not able to permanently assign or release the Capacity to ENA
hereunder due to no fault of either Party, X shall maximize the value of the
Capacity awarded to it and shall mitigate the demand charges associated with
the Capacity or any unused portion of same, acting reasonably (the "Mitigated
Recovery"), and in such case ENA shall make a compensating payment to X,
within 30 days after the end of the Term, equal to the positive difference
between the Tariff Rate less the amount of the Mitigated Recovery.
| 346,813 |
||
weldon-c/all_documents/13.
|
Chicago Temps ,
Loftus,
Here's the file. If you break the date column up into three separate columns
for month, day, and year then you can use subtotals and/or pivot tables to
analyze the data a little more quickly and dynamically. For example, you
might want to look at the extremes or averages for any particular month or
year or whatever. I c an help you do this if you want. Remember that this
is a very limited data set statistically speaking, especially considering
that the last 3 winters were far above normal. If you want to investigate
what the possible extreme scenarios are based on past history then I can get
you the data for many decades further back if wish. Just let mw know.
Thanks,
Charlie
| 497,010 |
||
beck-s/_sent_mail/926.
|
Re: Congrats ,
Thanks for your nice note. --Sally
From: Stephen H Douglas 01/19/2001 12:00 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Congrats
Wonderful news of your well deserved recognition. Congratulations! Steve.
| 21,536 |
||
williams-j/inbox/159.
|
RE: Cut on ANR to Peoples Gas Contract 104684 ,
I just got the End of Day numbers from Teresa McOmber for cuts at Northern Border Will County and I am showing that PGLC was cut as follows:
Contract R0255F (1,131)
Contract T1061F (3,725)
Total Cut (4,856)
Let me know what you find out from ANR. Thanks!
Cora
-----Original Message-----
From: [email protected]@ENRON [mailto:[email protected]]
Sent: Thursday, May 31, 2001 10:44 AM
To: Williams, Jason (Trading)
Cc: [email protected]; Pendergrass, Cora; Mixon, Mark; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]
Subject: Cut on ANR to Peoples Gas Contract 104684
Jason,
I verbally confirmed the cut that occurred for gas day May 30th with
Irene Isais of our Gas Transportation Services department. Peoples ANR
contract 104684 was cut by 6,599 MMBtu throughout the May 30th gas day.
The supply was cut because PGL Gas Supply was not told by Enron North
America that the Northern Border supply @ Will County had been reallocated
on different contracts. All four GISB cycles were exercised in an attempt
to receive the entire 40,000 but since the contract mismatch was not
corrected until the final cycle, Peoples lost 6,599 MMBtu for the day.
Peoples reduced its SIQ purchase from 125,000 to 118,401 for gas day May
30th.
Jer
----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material. Any review, retransmission,
dissemination or other use of, or taking of any action in reliance
upon, this information by persons or entities other than the
intended recipient is prohibited. If you received this in error,
please contact the sender and delete the material from any computer.
<Embedded Picture (Device Independent Bitmap)>
|
trading <[email protected]>
| 508,597 |
|
jones-t/all_documents/4767.
|
Re: Merger - New Name E.on Kraftwerke GmbH ,
I'm not sending this out. I'm trying to get off this list too.
Dan Masters
10/25/2000 01:06 PM
To: Paul de Canha/LON/ECT@ECT
cc: Daniela de Lisi/LON/ECT@ECT, Enron Europe Global CounterParty, Enron
Europe CP Name Changes, Sanjeev Gupta/NA/Enron@ENRON, Oscar
Rivera/NA/Enron@Enron
Subject: Re: Merger - New Name E.on Kraftwerke GmbH
Please take me off of this distribution.
Dan Masters
Paul de Canha
10/25/2000 12:10 PM
To: Daniela de Lisi/LON/ECT@ECT
cc: Enron Europe Global CounterParty, Enron Europe CP Name Changes, Sanjeev
Gupta/NA/Enron@ENRON, Oscar Rivera/NA/Enron@Enron
Subject: Merger - New Name E.on Kraftwerke GmbH
Bayernwerk Konventionelle Warmekraftwerke AG and PreussenElectra Kraftwerke
AG and Co. KG are now inactive on GCP system .
They have now merged and Formed E.on Kraftwerke GmbH .
Attached below is a fax confirming This . This has also been confirmed by
Neil Anderson and Anna Reich in Credit .
Regards
Paul
35593
Paul de Canha
25/10/2000 11:41
To: Stephen Furter/LON/ECT@ECT
cc:
Subject: E.on Kraftwerke GmbH - Merger
London Fax System
23/10/2000 17:53
To: ECT MAILIN LON UK EU GlobalCP DB ECTLONLN3@ECT
cc:
Subject: New fax received (Likely sender: 020 7783 8029).
You have received a new fax from 020 7783 8029
The image contains 1 page(s).
| 185,454 |
||
sager-e/all_documents/342.
|
please print asap ,
----- Forwarded by Elizabeth Sager/HOU/ECT on 01/19/2001 04:00 PM -----
Steve C Hall
01/19/2001 02:37 PM
To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Christian
Yoder/HOU/ECT@ECT
cc:
Subject: PX Defaults
Please forward to anyone else who needs to see this.
---------------------- Forwarded by Steve C Hall/PDX/ECT on 01/19/2001 12:40
PM ---------------------------
D Brett Hunsucker
01/19/2001 10:59 AM
To: Volume_Management_Portland, Tim Belden/HOU/ECT@ECT, Murray P
O'Neil/HOU/ECT@ECT, Chris Stokley/HOU/ECT, Steve C Hall/PDX/ECT@ECT, Tracy
Ngo/PDX/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT
cc:
Subject: PX Defaults
FYI
| 385,384 |
||
kitchen-l/_americas/portland/202.
|
,
Enron Wind CEO is Jim Noles at 66349.
Calger and Belden probably have a good ide as to wheter this will be big the next year or not.
We will help them few to many on EOL.
GP
| 259,714 |
||
shapiro-r/all_documents/1808.
|
Alliance order ,
At yesterday's FERC meeting the Commission voted out an order in the Alliance
RTO proceeding. This is another example how the new Commission, changed with
two new members, can put more teeth in the RTO process. The order requires
Alliance to establish an independent board to make all the business decisions
for the RTO until final approval for the RTO is granted. Further, the order
directs that a stakeholder advisory committee should advise the independent
board. FERC is concerned that business decisions prior to implementation of
the Alliance RTO are made solely by the Alliance Companies. The order
directs Alliance Companies to decide which alternative business plans they
intend to implement and file with the FERC within 45 days.
Commissioner Massey issued a concurrence with the order in which he argues
for the establishment of a mediation proceeding (like Northeast and
Southeast) to direct the two RTOs - Alliance and MISO - to work to develop a
single Midwest RTO. Though Massey did not get any other votes for this
process now, Commissioners Wood, Brownell and Hebert, seemed to support the
objective of single regional RTOs in the four main regions of the country,
including NE, SE, MW and West.
Although no commitments were made, it is quite possible that FERC will order
a mediation-type proceeding (as in NE and SE) if the Alliance RTO does not
expand its scope in the near future.
Attached is a summary of the order.
| 434,768 |
||
taylor-m/all_documents/482.
|
Re: Proposed FX and Interest Rate Desk in India ,
Shari,
A few things:
1. Apologies for not answering your message sooner but I have just returned
this week after a few weeks of vacation - and your e-mail (together with
about 300 others ) have only just arrived on my PC today owing to a glitch
which occurred with my machine whilst I was away.
2. I have finished the due diligence on this - the first round was completed
some months ago and preliminary results were given to Mark Haedicke and Harry
Arora - not to Gary as I never knew that he was involved. Out of that first
round of due diligence several questions arose which required to be bottomed
out and despite instructing Indian counsel in April on those additional
questions, they never actuallly finalised their advice on this aspect until a
few days before I went on vacation. Anyway, that has now been done.
3. I'm starting my secondment in Houston for two months from next Monday.
As I am trying to sort out things here today and tomorrow in preparation for
my absence from London, would you mind if I gave you the full low-down on
this one early next week, face-to face??
Kind regards
Mark
Shari Stack
07/09/99 12:11 AM
To: Mark Elliott/LON/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: Proposed FX and Interest Rate Desk in India
Have you spoken with Gary Hickerson about your findings re: India? He was
asking me today about the status of our due diligence review and asked if I
could be his point person with respect to this exercise. Could you pls
email/mail me any further correspondence re: India? Also maybe we could have
a quick chat tomorrow as to what your conclusions are at this point regarding
trading in India.
Many thanks,
Shari
---------------------- Forwarded by Shari Stack/HOU/ECT on 07/08/99 06:07 PM
---------------------------
From: Mark - ECT Legal Taylor 07/08/99 03:15 PM
To: Shari Stack/HOU/ECT@ECT
cc:
Subject: Proposed FX and Interest Rate Desk in India
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
07/08/99 03:15 PM ---------------------------
Mark Elliott
02/23/99 10:03 AM
To: Mark E Haedicke/HOU/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Alan B Aronowitz/HOU/ECT@ECT, Scott
Sefton/LON/ECT@ECT
Subject: Proposed FX and Interest Rate Desk in India
Mark,
Further to my e-mail to you of last week on the above subject, I have now
reviewed the due diligence which was undertaken by Enron Houston with local
Indian Counsel (Crawford Bailey & Co.) on the above topic in January 1997.
That due diligence reveals the following:
Prior Reserve Bank of India ("RBI") approval required to do business in
India: If Enron is considered to be "doing business in India" (which it
would, for example, if we had a branch or entity there) we shall require the
prior consent of the RBI under Section 29 (1) (a) Foreign Exchange
Regulation Act 1973 ("FERA") e.g. to set up the branch or entity. Please
note that at the date of the opinion from Indian counsel (14th January,
1997), Indian counsel opined that no guidelines had been set down as to any
conditions necessary to be satisfied by a foreign company in order to obtain
approval from the RBI to do business in India. This needs to be revisited as
to the requirements.
Repatriation of proceeds / Exchange Control: Please note that in the
approval which would need to be obtained from the RBI, such approval would
state whether the revenues generated in India could be repatriated e.g., to
the USA, or not. I assume that we would require such ability to repatriate
and so we shall have to ensure that the RBI approval covered it. We also
need to check if there are now any limits to such repatriation.
FX / Interest Rate dealings:
A. It would appear that if we open a desk in India for FX and Interest Rate
Products for the Enron Group (i.e., an internal Treasury Desk) to trade with
dealers in India then dealings would be required to be in accordance with
either the Rules framed by the RBI or otherwise specifically approved by the
RBI.
B. FX Products could be entered into with authorised dealers in India and
would be subject to limitations on dealings in foreign exchange imposed by
the FERA. Please note that if transactions are outside the scope of the
general rules framed by the RBI and which are not otherwise specifically
approved by the RBI this may result in a contravention of FERA. It is not
clear what are the exact ramifications of dealings in contravention of FERA;
this needs to be investigated.
C. What are the Rules of FERA (see A above)? It appears that the RBI
requires authorised dealers in India to ensure that their customers are
actually exposed to exchange risk in respect of a genuine underlying
transaction before entering into rate protection transactions to hedge their
exposure to movements in currency rates or interest rates, and authorised
dealers are required to satisfy themselves that underlying commitments are
firm and that forward cover is not being provided for merely anticipated
deals. The opinion does not state how this verification is obtained by the
dealer. It appears, however, that there was a relaxation of the Rules
shortly before the 1997 due diligence was undertaken whereby authorised
dealers could offer certain derivative products in certain circumstances to
corporates either by booking a transaction overseas or on a back-to-back
basis without seeking the approval of the RBI. These transactions are the
following:
1. Interest Rate Swaps.
2. Currency Swaps.
3. Coupon Swaps.
4. Purchase of Interest Rate CAPS/Collars.
5. Forward rate agreements.
In order to take advantage of that relaxation however the authorised dealers
are required to ensure that:
(i) The RBI has given final approval for the conclusion of the underlying
loan transactions.
(ii) The notional principal amount of the hedge does not exceed the
outstanding amount of the loan.
(iii) The maturity of the hedge does not exceed the remaining life to
maturity of the underlying loan
(iv) The Board of Directors of the corporate to have approved (a once and
for all basis is sufficient) the relevant financial limits and the authorised
designated officials who can conclude the hedge transactions.
Please note that the derivatives mentioned above concern the hedging of
underlying "loan" transactions. Hence query, e.g., whether a simple currency
swap just to hedge exposure in one currency where there is no actual
underlying loan has the benefit of any exemption - and if not, query how one
obtains the prior approval of the RBI to do this. This needs to be
investigated. If transactions cannot take advantage of an exemption we shall
need to investigate how one obtains the specific approval of the RBI to a
transaction.
Speculative transactions are void: Please note that transactions entered
into for purely speculative reasons would be void pursuant to Section 30 of
the Indian Contract Act 1872. Indian counsel opines that provided the rate
or currency derivative transaction is entered into in respect of hedging or
protection against an actual underlying then the transaction would be valid.
Capacity and Authority: It appears that Enron would also have to ensure that
the transactions were covered by its objects' clause and similarly that our
counterparties' objects' clauses covered the products in which we wish to
deal - there is no third party protection against entities dealing outside
their capacity. Furthermore, in relation to authority to enter into
transactions, it would appear that we would need to authorise certain Enron
officials to enter into specific transactions through Board Resolutions or
Powers of Attorney and that we would need to check our counterparties'
documentation in this regard.
Derivatives and Borrowings: If we were to establish a company in India, we
would be subject to the Companies Act 1956 in relation to limitation on the
quantum of monies which it could borrow. Any borrowing in excess of
stipulated limits would be required to be sanctioned by the members in the
company in general meeting. Accordingly, in relation to derivatives'
transactions incidental to the borrowing of monies in foreign currency, one
would need to ensure that the underlying borrowing itself was sanctioned by
the members of the company in general meeting. The power to borrow itself,
must be exercised by a full meeting of the board of directors.
Collateral: It would appear that charges taken over collateral provided /
received, for example, in relation to obligations under an ISDA Master
Agreement where the cash charged was situated outside India, would be legal,
valid and binding, as against the liquidator of an Indian counterparty in its
insolvency; however, the approval of the RBI to the creation of the charge,
pledge or mortgage would be necessary in the first instance. The due
diligence does not state how such approval would be gained nor does the due
diligence consider outright transfers of collateral (e.g., under English law)
rather than charges over the collateral nor does it deal with collateral
situated locally in India; these issues need to be checked.
Choice of Law and Arbitration: It would appear that Indian entities may
enter into agreements (e.g., ISDA Masters) governed by New York or US law and
it would appear that provisions for arbitration would work.
Insurance business: Indian counsel opined that interest rate/FX derivative
transactions would not be categorised as insurance business in India.
Income Tax: Please note that if an Enron entity, or a branch of an Enron
entity, was set up in India or if Enron appointed an agent there to undertake
such business, then any income arising to the Enron entity / branch in India
from a derivative transaction would be subject to Indian Income Tax. Please
note however that there are Double Taxation Agreements with USA, UK and
Singapore with India. However, no details of rates of taxation or further
explanation of the mechanics of the Double Taxation Agreements are given in
the opinion.
Gross-Up Clauses: Contractual gross-up clauses re withholdings (e.g., the
standard gross-up clause in the ISDA Master) would need to be approved by the
RBI. Indian counsel does not state how this is achieved.
Close-out netting: Whilst it appears that the netting concept of an ISDA
Master Agreement would work according to Indian counsel, the existing due
diligence is slightly ambiguous in that it states that an official liquidator
or official assignee of an Indian entity would be able to disclaim
unprofitable contracts which Indian counsel opines would mean the net sum
(e.g., if our Indian counterparty owed us a balance on a close-out against
them in their insolvency). This needs to be revisited with Indian counsel.
Oral Contracts: Please note that in relation to oral contracts, whilst it is
possible to sue upon an oral contract in India, it is not possible to take
any steps for the purpose of enforcing any judgement obtained except with the
permission of the RBI under section 47 of FERA. Indian counsel does not
state how such approval this would be obtained and how long it would take to
obtain.
Mark, I suggest that we should have a brief discussion concerning the above
before I take any further action on the above.
Kind regards
Mark
Apart from obtaining the consent from the RBI to set up a branch or a
subsidiary in India, and then to obtain the permission to repatriate to the
US any proceeds of such business, there did not appear to be any other trade
control or other laws which would inhibit Enron's ability to do business in
India.
| 475,842 |
||
beck-s/all_documents/792.
|
Request Submitted: Access Request for [email protected] ,
You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000008858&Page=
Approval to review and act upon this request.
Request ID : 000000000008858
Request Create Date : 12/1/00 10:12:27 AM
Requested For : [email protected]
Resource Name : EOL US Backoffice Reports
Resource Type : Applications
| 24,571 |
||
bass-e/_sent_mail/619.
|
your 2nd round pick ,
what do you want for it?
| 10,967 |
||
campbell-l/all_documents/450.
|
ETS Remediation Projects - Current Estimate ,
file attached
| 41,309 |
||
keavey-p/inbox/340.
|
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| 254,233 |
||
hayslett-r/sent_items/506.
|
RE: Due Diligence Request List ,
Do you have anyone from Accounting? Saunders?
-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, November 27, 2001 10:37 AM
To: Hayslett, Rod
Subject: RE: Due Diligence Request List
I have included Paul Cherry, Gary Smith, Jim Bouillion, Greek Rice, Phil Lowry and three from MKM's team. I went through the list and I think we should have everything covered. We are meeting at 4 to go over the requests, timing and responsible parties. I have also asked Kyle Kettler for some materiality threshold (if we hope to get this due diligence done by 2010).
All but Phil Lowry are confirmed.
-----Original Message-----
From: Hayslett, Rod
Sent: Tuesday, November 27, 2001 10:33 AM
To: Howard, Kevin A.; Fossum, Drew; Corman, Shelley
Subject: RE: Due Diligence Request List
We probably need to get this stuff in the hands of a few more people to make this work smoothly.
-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, November 27, 2001 8:46 AM
To: Hayslett, Rod; Fossum, Drew; Corman, Shelley
Subject: Fw: Due Diligence Request List
Fyi. I will circle back with everyone later today.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
-----Original Message-----
From: [email protected] <[email protected]>
To: Howard, Kevin A. <[email protected]>
CC: John.O'[email protected] <John.O'[email protected]>
Sent: Tue Nov 27 08:42:24 2001
Subject: Due Diligence Request List
Kevin,
Attached is our detailed due diligence request list for Northern Natural.
The list is not 100% complete. I am awaiting input from our operations
personnel, but I am forwarding it to you now in the interest of time.
Please call if you have any questions (713/767-4764).
Regards,
Kyle
(See attached file: DD Request List.doc)
| 163,565 |
||
parks-j/deleted_items/331.
|
Delivery Status Notification (Delay) ,
This is an automatically generated Delivery Status Notification.
THIS IS A WARNING MESSAGE ONLY.
YOU DO NOT NEED TO RESEND YOUR MESSAGE.
Delivery to the following recipients has been delayed.
[email protected]
--------- Inline attachment follows ---------
From: </O=3DENRON/OU=3DNA/CN=3DRECIPIENTS/CN=3DJPARKS>
To: [email protected]
Date: Monday, April 1, 2002 6:21:40 GMT
Subject:=20
=20
-----Original Message-----
From: T FEDER [mailto:[email protected]]
Sent: Wednesday, March 27, 2002 3:37 PM
To: [email protected]; [email protected]; CFletcher@sms=
legal.com; [email protected]; [email protected]; [email protected]; dhg=
[email protected]; [email protected]; [email protected]; erwollam@h=
otmail.com; [email protected]; [email protected]; josalinger@aol=
.com; [email protected]; [email protected]; jhitt=
@HittandPatterson.com; [email protected]; [email protected]; Parks, Joe; joh=
[email protected]; [email protected]; [email protected]; kn=
[email protected]; [email protected]; [email protected]; [email protected]; b=
[email protected]; [email protected]; [email protected]=
.us; [email protected]; [email protected]; woodslaw@swbell=
.net; [email protected]; [email protected]; [email protected]; =
[email protected]; [email protected]; [email protected]; sstrehli@hotmail.=
com; [email protected]; [email protected]; [email protected]; go=
[email protected]; [email protected]; [email protected]
Subject: New Feder Address
We have moved into our new offices at the address below. The phone/fax num=
bers remain the same.
Todd C. Feder=20
Kelly, Jeremiah, & Feder, L.L.P.=20
5900 Memorial Drive, Suite 350=20
Houston, Texas 77007=20
(713) 839-8131=20
[email protected]=20
_____ =20
Send and receive Hotmail on your mobile device: Click Here <http://g.msn.co=
m/1HM305401/14>
| 355,606 |
||
germany-c/sent_items/1196.
|
FW: NFUL for Oct ,
-----Original Message-----
From: Germany, Chris
Sent: Wednesday, September 26, 2001 9:06 AM
To: Singla, Kimat; Thibaut, Dan
Cc: Hodge, John
Subject: NFUL for Oct
These are the mid values for the following deals.
Deal Book Mid Value
1065846 TP3 selling to TP1 NX1 + .13
1065497 TCO selling to TP3 NX1 + .08
241639 TCO purch from AEc NX1 + .08
219618 TCO sell to AEC NX1 + .08
Kimat, would you enter deal 1065846 and 1065497 in Tagg please?
| 132,018 |
||
maggi-m/deleted_items/1211.
|
RE: ,
im not, that was very cute,youre killing me
-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 19, 2001 3:20 PM
To: Maggi, Mike
Subject:
quit ignoring me!
| 297,683 |
||
kitchen-l/sent_items/388.
|
RE: NY office ,
We didn't manage to touch base. Let's try again next week
-----Original Message-----
From: Abramo, Caroline
Sent: Thursday, December 27, 2001 8:14 AM
To: Kitchen, Louise
Subject: NY office
Louise-
I'd like to talk to about my past and future efforts in NY in relation to NETCO. I will give you a call today.
Kind Regards,
Caroline
| 261,349 |
||
kaminski-v/_sent_mail/2552.
|
Expense checks ,
$1456.24
$3541.60
Vince
| 200,610 |
||
kitchen-l/_americas/asset_marketing/82.
|
Stuart Zisman ,
Louise,
Let me know when you want to talk about Stuart.
Don
| 256,547 |
||
ring-r/deleted_items/33.
|
WARNING: Your mailbox is approaching the size limit ,
This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit.
Your mailbox size is currently 92178 KB.
Mailbox size limits:
When your mailbox reaches 75000 KB you will receive this message.To check the size of your mailbox:
Right-click the mailbox (Outlook Today),
Select Properties and click the Folder Size button.
This method can be used on individual folders as well.
To make more space available, delete any items that are no longer needed such as Sent Items and Journal entries.
You must empty the Deleted Items folder after deleting items or the space will not be freed.
To turn Journaling off,
click Tools | Options | Journaling Options and de-select all items.
See client Help for more information.
| 371,010 |
||
germany-c/sent_items/714.
|
FW: gas purchases for mcv ,
FYI, I'm sure these are not in the system yet but will be soon.
-----Original Message-----
From: Barbe, Robin
Sent: Monday, February 25, 2002 3:41 PM
To: Dhont, Margaret
Cc: Germany, Chris; Boyt, Eric; Polsky, Phil; Sewell, Doug
Subject: gas purchases for mcv
Margaret,
I have bought the gas from Mario Silva at Anadarko. His number is 832-636-7164. Listed below are the volumes and prices.
Trunkline ELA 12,800 MMbtu@$2.28 $904,704
PEPL 5,000 MMbtuf@$2.25 348,750
ANR SE 4,000 MMbtu@$2.28 282,720
Total $1,536,174
I verbally confirmed the wiring information with Mario. The wire needs to go out on Feb. 27. I have requested that Mario email me
all the pertinent information just to doublecheck. I will forward you the email when I receive it. I will do the cash request next.
Thanks
Robin
| 132,836 |
||
shackleton-s/all_documents/1211.
|
Re: short conference call ,
Great! I'll call you at 1pm Houston time. SS
Brent Hendry@ENRON_DEVELOPMENT
02/01/2000 04:52 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: short conference call
How about 1pm your time?
Sara Shackleton@ECT
31/01/2000 11:24 PM
To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: short conference call
Can we schedule a short call on Tuesday to discuss the local Argentine
derivatives issue? I am not free at 10 - 11 am or after 2:30 pm. Houston.
Also, have you been able to confirm whether Don is the man in charge in
Brazil? Sara
| 413,520 |
||
dasovich-j/all_documents/13348.
|
VentureWire, Monday, June 4, 2001 ,
=09=09?=09
?=09VentureWire
=09Monday, June 04, 2001=09=09?
?=09CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND=09VentureW=
ire Index
=09=09'VentureWire
=09=09today: 684.6 ? +0.07%=09?
? =09=09
=09=09
=09=09top stories
=09=09
=09=09 =01=07 Matrix Partners Raises $1 Billion Fund
=09=09 =01=07 Atom Shockwave Says 'Game Over' to Some Staff
=09=09 =01=07 Sevin Rosen Teaming Up With N. Va. Firm=20
=09=09=01=07 Imaging Tech Firm NuCORE Raises $20 Million Series C
=09=09=20
=09=09
=09=09TODAY'S FEATURES=20
=09=09Week in Review: VC Fallout Continues, Bertelsmann Stays in Tune
=09=09By Daniel Boylan
=09=09With venture capital returns plummeting, LaunchCenter39 (LC39) Ventur=
e Group=20
has decided its investors will be better off with their money back rather=
=20
than risking losing it all. more>>
=09=09UPCOMING EVENTS
=09=09June 26-27: San Francisco
=09=09Enterprise Outlook 2001
=09=09Investment remains strong in enterprise software with over 250 deals =
so far=20
this year! Listen to Dick Shaffer's interview with ON24 discussing analysis=
=20
of this industry and previewing the upcoming Enterprise Outlook. Only 3 wee=
ks=20
until Enterprise Outlook, so register today!=20
=09=09
=09=09
=09=09Outlook for the Venture Capital Market
=09=09* 20th Univ. of Michigan Growth Capital Symposium, June 19-20
=09=09* Meet with LPs and GPs of successful funds. Interact with
=09=09execs from life sciences, MEMS, Telematics & IT firms
=09=09* Outlooks include Kleiner Perkins Caufield & Byers,
=09=09Draper Fisher Jurvetson, State of Michigan Pension Fund.
=09=09* Connect with the Center for Venture Capital and Private
=09=09Equity Finance at the University of Michigan --- serving
=09=09the institutional VC community for 20 years.
=09=09* Call 734-936-3528 or view the Center's website for=20
details:http://www.umich.edu/~cvpumbs
=09=09
=09=09
=09=09
=09=09
=09=09
=09=09
=09=09new money
=09=09
=09=09 =01=07 Clearswift, Formerly Net-Tel, Raises $9.6 Million A Round
=09=09 =01=07 SPS Commerce Raises $10 Million in Round Four
=09=09 =01=07 Transportation App. Firm Kizoom Gets $2.1 Million Round One
=09=09 =01=07 Power Technology Firm Cheng Power Raises $3 Million
=09=09 =01=07 Records Management Software Firm iWitness Has $11M Round Two
=09=09 =01=07 Micro-Electro Mechanical System Firm PHS MEMS Raises $26.3 M
=09=09 =01=07 Johnson & Johnson Backs Nanoparticles, Polymer Firm Alnis=20
=09=09=01=07 Wireless LAN Firm Service Factory Closes Second Round=20
=09=09=01=07 Biotech Firm Vasca Raises $19.6M in Series F Financing
=09=09 =01=07 CML-ATC Technologies Picks Up $2M in Round Two
=09=09 =01=07 German Venture Firm bmp Increases Stake in indecom By 25%
=09=09 =01=07 IBT Technologies Raises $4.8M Series C, Appoints President
=09=09 =01=07 Cadant Announces Funding, New CEO, and 15% Layoffs
=09=09
=09=09
=09=09bad news
=09=09
=09=09 =01=07 B2B Commerce Platform for Media Ads, eMadison.com, Closes
=09=09
=09=09
=09=09new deals
=09=09
=09=09 =01=07 Venture Frogs Sells drugs.com Domain Name=20
=09=09
=09=09
=09=09new products
=09=09
=09=09 =01=07 Professional Services Automation Firm PrimeActive Launches
=09=09 =01=07 With Cenetec Funds, Brokerage Renamed Innovation Capital =20
=09=09=01=07 Enterprise Software Firm Bodha Launches First Product
=09=09
=09=09
=09=09m&a
=09=09
=09=09 =01=07 Barclays Private Equity Backs MBO of Recruitment Solutions
=09=09
=09=09
=09=09new people
=09=09
=09=09 =01=07 Optical Access Firm Native Networks Appoints CEO
=09=09 =01=07 Media Tech Firm EnterTec Group Names Dror Chevion President
=09=09 =01=07 Comprehensive Software Systems Names New President & CEO
=09=09
=09=09
=09=09vc fund news
=09=09
=09=09 =01=07 New Zealand Gov't. Launches $40.9M Early-Stage Fund=20
=09=09=01=07 Silicon Valley Bank Forms New Seed Capital Practice
=09=09
=09=09
=09=09vw corrections
=09=09
=09=09 =01=07 Accumedia
=09=09
=09=09 TOP STORIES... NEW MONEY... BAD NEWS... NEW DEALS... NEW PRODUCTS...=
M&A...=20
NEW PEOPLE... VC FUND NEWS... VW CORRECTIONS
=09=09
=09=09
=09=09top
=09=09
=09=09
=09=09When it comes to money, it's evolutionary.
=09=09
=09=09Financial Services Outlook will host up to 50 innovative,
=09=09technology-driven companies, who are altering the landscape
=09=09from global markets to reinsurance, trade credit to risk
=09=09management.
=09=09
=09=09Financial Services Outlook
=09=09July 31
=09=09The Marriott World Trade Center
=09=09
=09=09Check out the latest industry updates and hear the
=09=09best of the best give their views on market opportunities.
=09=09Register before June 19 and SAVE=20
$100:http://www.financialservicesoutlook.com/register.asp
=09=09
=09=09
=09=09
=09=09 top stories=20
=09=09?
=09=09Matrix Partners Raises $1 Billion Fund
=09=09 mail? top
=09=09
=09=09 WALTHAM, Mass. (VENTUREWIRE) -- Matrix Partners, a Waltham, Mass.-ba=
sed=20
early-stage venture capital firm, has closed on a fund of $1 billion,=20
VentureWire has learned. The new fund is the firm's seventh. The firm=20
confirmed that it has raised the new fund but declined to make further=20
comment until making a formal announcement, which it plans to do this summe=
r.=20
Matrix closed its last fund in 2000, Matrix Partners VI with $530 million.=
=20
The firm, which has nine partners and a satellite office in Palo Alto,=20
Calif., was founded in 1982. Matrix Partners backs companies in the=20
computing, Internet, networking equipment, semiconductor, software, and=20
storage sectors. The firm invests between $100,000 and $300,000 in seed=20
deals and invests up to $10 million in early-stage rounds. According to=20
VentureWire data, Matrix is the twelfth venture capital firm to close a fun=
d=20
this year with at least $1 billion. Apax Partners raised a fund of about $4=
=20
billion to target Israeli and European companies, while ten other firms,=20
including Austin Ventures, Charles River Ventures, Greylock, and U.S. Ventu=
re=20
Partners, closed funds closer to the $1 billion mark. Atlas Venture came in=
=20
just short with its $950 million Fund VI in April. In all of last year,=20
eighteen VC firms closed $1 billion funds. Matrix Partners portfolio=20
companies include Appian Communications, a Boxborough, Mass.-based develope=
r=20
of optical networking technologies for communications carriers; Blue Dolphi=
n=20
Group, a Wayland, Mass. e-mail-based subscription agent that recently cut 2=
0%=20
of its staff; Lexra, a San Jose, Calif.-based microprocessor developer; and=
=20
Sunnyvale, Calif.-based RealChip Communications, which provides custom and=
=20
standard chips for communications applications.=20
=09=09http://www.matrixpartners.com
=09=09
=09=09
=09=09Atom Shockwave Says 'Game Over' to Some Staff
=09=09 mail? top
=09=09
=09=09 SAN FRANCISCO (VENTUREWIRE) -- AtomShockwave, an online entertainmen=
t and=20
content distribution company, said it was restructuring the company and has=
=20
terminated some of its staff. The company said an undisclosed number of=20
employees were let go on Friday. The company, which was formed by the=20
December 2000 merger of Atom Films and Shockwave, would not comment on=20
whether employees received severance packages. AtomShockwave said the cuts=
=20
were part of an effort to help the company reach profitability sooner but d=
id=20
not say when profits were expected. The company, which raised $22.9 million=
=20
in March, said it will now focus more on sydication, advertising,=20
sponsorship, and e-content, and less on content creation and development.=
=20
AtomShockwave's backers include Allen & Co., Arts Alliance, Chase Capital=
=20
Partners, Intel Capital, J.P. Morgan Entertainment Partners, Macromedia=20
Ventures, Sequoia Capital, Trans Cosmos USA, Warner Bros. Online, WaterView=
=20
Advisors, and individuals.
=09=09http://www.atomfilms.com
=09=09http://www.shockwave.com
=09=09
=09=09
=09=09Sevin Rosen Teaming Up With N. Va. Firm=20
=09=09mail? top
=09=09
=09=09 PALO ALTO, Calif. (VENTUREWIRE) -- To get a heads-up on new deals, e=
arly=20
stage venture firm Sevin Rosen Funds is setting up a formal relationship wi=
th=20
a venture firm in Northern Virginia. Steve Dow, a general partner at Sevin=
=20
Rosen, declined to name the firm but said the relationship is likely to=20
resemble one his firm recently established with Silicon Valley Seed=20
Investors, a fledgling New York City venture capital firm. According to Mr.=
=20
Dow, Sevin Rosen has been on the lookout for areas that "have the potential=
=20
to be more interesting over time." In the last year, Mr. Dow's firm, which=
=20
has offices in Dallas and Palo Alto, Calif., has opened two new satellite=
=20
offices in Austin, Texas and San Diego. The firm has one partner in the=20
Austin office, while another splits his time between Palo Alto and San Dieg=
o.=20
The deal with the Virginia firm will likely be the end of Sevin Rosen's=20
expansion. "I would be shocked if you see us opening anymore [offices]," sa=
id=20
Mr. Dow. He said the firm, which has ten partners, wants to make sure they=
=20
have the ability to bounce ideas off one another. "Unlike with law firms,=
=20
it's not always clear how you should scale an early stage venture capital=
=20
firm," he said. Founded in January, Silicon Valley Seed Investors, which=20
focuses on early stage high tech companies in the New York metro area, rais=
ed=20
$30 million from three venture firms: Canaan Partners, based in Rowayton,=
=20
Conn., Rho Management, based in New York, and Sevin Rosen. Each firm=20
contributed $10 million to the firm's first fund. As part of the deal, Sevi=
n=20
Rosen Funds gets an early look at Silicon Valley Seed Investors deals. Shou=
ld=20
all three of the investing firms want to take part in the same deal, Mr. Do=
w=20
said they would each receive equal shares of the company. While expanding i=
ts=20
early stage relationships, Mr. Dow said Sevin Rosen is also considering=20
making later stage investments outside its portfolio. He said lower=20
valuations have moved the firm to think about making some later stage deals=
,=20
though no are pending. The firm has made five investments this year, all of=
=20
which were either in existing portfolio companies or new early stage startu=
ps.
=09=09http://www.srfunds.com
=09=09
=09=09
=09=09Imaging Tech Firm NuCORE Raises $20 Million Series C
=09=09 mail? top
=09=09
=09=09 SANTA CLARA, Calif. (VENTUREWIRE) -- NuCORE Technology, which develo=
ps=20
digital imaging chips for still and video cameras, said that it raised $20=
=20
million in its Series C financing from Sigma Partners, Horizon Ventures,=20
JAFCO, J.P. Morgan Partners, and Techfund. This round was co-led by new=20
investors Sigma Partners and JAFCO. NuCORE plans to dedicate the new funds =
to=20
staff expansion, as well as to technology and product development. As a=20
result of this financing, the company has granted seats to Lawrence G. Finc=
h=20
of Sigma Partners and Jack Carsten of Horizon Ventures on its five-member=
=20
board of directors. Also sitting on the board are Chairman Gordon Cambpell =
of=20
Techfarm and Melissa Crane of VantagePoint. Although Joe Raffa, NuCORE's CE=
O,=20
declined to disclose the company's monthly burn rate, he said he expects th=
e=20
new funds to carry the company for "at least twelve months, or until=20
profitability." The company, which maintains offices here and in Japan, has=
a=20
team of 60 full-time employees and is actively hiring engineers in the fiel=
ds=20
of integrated circuit design, firmware, software, and marketing, as well as=
=20
at all levels of management. Headcount is expected to reach 90 by year's en=
d.=20
In addition NuCORE is seeking strategic partners in the areas of image=20
sensors, compression, display technologies, and microprocessor technology. =
In=20
July 1998, NuCORE raised $3 million in Series A funding led by TechFund, wi=
th=20
J.P. Morgan Capital Partners and NTT Lease Ventures participating. In March=
=20
2000, the company closed an $8.7 million Series B led by VantagePoint=20
Ventures, with Horizon Ventures, J.P. Morgan Capital Partners, and TechFund=
.=20
=09=09http://www.nucoretech.com
=09=09
=09=09
=09=09 new money=20
=09=09?
=09=09Clearswift, Formerly Net-Tel, Raises $9.6 Million A Round
=09=09 mail? top
=09=09
=09=09 HERTFORDSHIRE, England (VENTUREWIRE) -- Clearswift, a provider of e-=
mail and=20
content security services formerly known as Net-Tel, said it launched with =
a=20
Series A GBP 6.75 million ($9.6 million) from investors including U.S.-base=
d=20
investment firm 4C Ventures, the British investor Amadeus Capital, and the=
=20
Italian venture capital fund Pino Ventures. Amadeus led the round, which=20
gives Clearswift a post-money valuation of $15 million, according to=20
Clearswift spokesman, Paul Rutherford. The company will use the funding to=
=20
support the restructuring of Net-Tel into Clearswift and the launch of=20
Clearswift's services in France, Germany, and the U.S. Richard Anton, a=20
director with Amadeus Capital, will take a seat on the company's board of=
=20
directors as a result of the funding. With the help of Amadeus, Clearswift=
=20
has assembled a new management team to head the development of its=20
international operations. Andy De Mari, the founder of the security service=
s=20
firm ISOCOR that was acquired by Critical Path in 1999, will serve as the=
=20
company's chairman, while Don Taylor, former international vice president o=
f=20
Tumbleweed Communications, will assume the post of chief executive. Two of=
=20
the four original founders of Net-Tel, Steven Nokes and John Horton, will=
=20
remain with the company in finance and business development, respectively.=
=20
Mr. Anton said that salaries represented the company's biggest expense and=
=20
that Clearswift expects to raise its Series B round next year. With product=
s=20
already in the market, Clearswift had been generating revenues prior to the=
=20
Series A funding. The company's clients include English retailer Marks &=20
Spencer, Virgin Group, and departments within the British government.=20
Clearstream will be launching offices in Boston, Paris, and a German locati=
on=20
still to be determined. The company intends to roll out a new version of it=
s=20
Mailguard product in July. According to Mr. Anton, Ivan O.Sullivan will hea=
d=20
the Boston office. There were no outside agents involved in the transaction=
.=20
=09=09http://www.clearswift.com
=09=09
=09=09
=09=09SPS Commerce Raises $10 Million in Round Four
=09=09 mail? top
=09=09
=09=09 ST. PAUL, Minn. (VENTUREWIRE) -- SPS Commerce, a supply integration =
service=20
provider, said it has secured $10 million in fourth round financing. Adams=
=20
Street Partners, Axiom Venture Partners, CID Equity Partners, Damac Al Bure=
ka=20
Investments, Granite Private Equity, and St. Paul Venture Capital=20
participated in this round. The financing came from existing investors and=
=20
was led by CID Equity Partners; post-money valuation decreased since the la=
st=20
round. New money will be used for building the company's hosted Internet=20
service infrastructure, expanding strategic partnerships, product=20
development, and technology purchases. Chief strategy officer, Jim Frome,=
=20
said the company expects revenues of between $5 million and $10 million and=
=20
anticipates becoming cash-flow positive by early 2002. Next year the compan=
y=20
will begin to consider a public offering or being acquired. To date, SPS=20
Commerce has raised $43 million.
=09=09http://www.spscommerce.com
=09=09
=09=09
=09=09Transportation App. Firm Kizoom Gets $2.1 Million Round One
=09=09 mail? top
=09=09
=09=09 LONDON (VENTUREWIRE) -- Kizoom, a developer of wireless applications=
for use=20
in transportation systems, said that it raised $2.1 million in a first rou=
nd=20
from Dawnay Day Lander. The company plans to dedicate the new funds to=20
product development. Post-money, the company is valued at approximately $5.=
6=20
million. CEO Damian Bown expects that the new funds will carry the company=
=20
through to profitability within the next three months. As a result of this=
=20
financing, Nick Lander of Dawnay Day Lander has been granted a seat on the=
=20
six-member Kizoom board of directors. Kizoom, which was founded in April=20
1999, derives revenues by licensing its platform to mobile portal operators=
=20
and transport companies. Prior to this round the company was backed by=20
individuals.=20
=09=09http://www.kizoom.com
=09=09
=09=09
=09=09Power Technology Firm Cheng Power Raises $3 Million
=09=09 mail? top
=09=09
=09=09 ATLANTA (VENTUREWIRE) -- Mirant, a publicly traded energy company, s=
aid it=20
has invested $3 million in Cheng Power, which provides technology designed =
to=20
improve output, efficiency, and environmental performance of power generati=
ng=20
systems. The $3 million investment, which was part of a $9 million round of=
=20
funding led by previous investor Saw Mill Capital, is Mirant's first since =
it=20
launched its venture capital group in January. Cheng Power said it intends =
to=20
use the funding to develop and commercialize its products. As part of the=
=20
agreement, Bill Harper will join Cheng Power's board of directors. In April=
,=20
Cheng raised $3.5 million from Saw Mill Capital in a Series A round.=20
=09=09http://www.chengpower.com
=09=09http://www.mirant.com
=09=09
=09=09
=09=09Records Management Software Firm iWitness Has $11M Round Two
=09=09 mail? top
=09=09
=09=09 BOULDER, Colo. (VENTUREWIRE) -- iWitness, which provides digital bus=
iness=20
records management software, said it has raised $11 million in a second=20
round. Sequel Venture Partners led the round, with participation from 75 Wa=
ll=20
Street Technology Partners, Geneva Venture Partners, Telesoft Partners, and=
=20
World Ventures. As a result of the round, Tim Conner and Victoria Katsov of=
=20
new investor 75 Wall Street join CEO Mike Donaldson, Telesoft CEO Arjun=20
Gupta, and founder and CTO, Frank Lambert, on the board. iWitness also=20
expects to add two outside directors from the enterprise software industry.=
=20
With this second round of funding, iWitness now has a total of $15 million =
in=20
investments. In December 1999 the company closed a first round led by=20
Telesoft, with participation from Geneva and World Ventures. The company=20
expects funds from this round will last into 2002, and will be used for=20
research, development, and marketing and sales, as well as for adding to th=
e=20
executive team. iWitness will focus on e-mail, instant messaging, and Web=
=20
transactions records management. CEO Mike Donaldson said the company expect=
s=20
to break even in the middle of next year. The company employs 40 and expect=
s=20
to add 10 to 15 more positions, most in sales and marketing, by the end of=
=20
the year.
=09=09http://www.iwitness.com
=09=09
=09=09
=09=09Micro-Electro Mechanical System Firm PHS MEMS Raises $26.3 M
=09=09 mail? top
=09=09
=09=09 PARIS (VENTUREWIRE) -- PHS MEMS, a French micro-electro mechanical s=
ystems=20
designer, raised EUR 31 million ($26.3 million) in its third round of fundi=
ng=20
from an investment group including AXA Private Equity, IDI Group, Thales CS=
F=20
Ventures, Finov, and Innovafrance. The company said it will use the funding=
=20
to expand its operations in the U.S. and Europe, and to support the=20
development of new products through increased staffing in the research and=
=20
development areas. Vincent Gombaut, from new investor AXA Group Private=20
Equity, will join Maurice Khawam, managing director for ETF Group France, o=
n=20
the company's board of directors. The investment gives ETF Group a 17% stak=
e=20
in the company, and the total investment group over 50% of PHS MEMS. The=20
company is managed by Alberto Martorell, president and CEO, who previously=
=20
served with ETF Group Investments and worked in Sun Microsystems' =20
microelectronic division. There was no placement agent for the funding.=20
=09=09http://www.phsmems.com
=09=09
=09=09
=09=09Johnson & Johnson Backs Nanoparticles, Polymer Firm Alnis=20
=09=09mail? top
=09=09
=09=09 EMERYVILLE, Calif. (VENTUREWIRE) -- Alnis Biosciences, which is deve=
loping=20
nanoparticles and polymer materials for biotechnology applications, said it=
=20
has secured an undisclosed amount of funding from Johnson & Johnson=20
Development Corp. The company said it will use the funding to continue to=
=20
develop its technology, which focuses on oncology and infectious diseases.=
=20
Prior to this investment Alnis was primarily funded by a three-year grant=
=20
from the Defense Advanced Research Project Agency (DARPA). Alnis said it ha=
d=20
also received funding from Dow Chemical and Global Venture Capital. The=20
company was founded in 1997 by David Soane, who is also founder of Nano-Tex=
=20
and Aclara Biosciences.=20
=09=09http://www.alnis.com
=09=09
=09=09
=09=09Wireless LAN Firm Service Factory Closes Second Round=20
=09=09mail? top
=09=09
=09=09 STOCKHOLM, Sweden (VENTUREWIRE) -- Service Factory, which provides I=
nternet=20
access through services a wireless local area network (LAN), said it closed=
=20
its second round with an undisclosed amount of funding with BrainHeart=20
Capital. Service Factory said BrainHeart now holds a 10% equity stake in th=
e=20
company. Magnus Melander, an investment manager at BrainHeart, will take th=
e=20
sixth seat on Service Factory's board of directors. Service Factory said it=
=20
will use the funding to expand its services into Germany, France, Spain, an=
d=20
Italy, and it further said it already has test sites in some of these=20
countries. The company also said it plans on entering the U.S. market. The=
=20
funding is expected to last until the end of the year. Service Factory was=
=20
founded in December 1999 and reached profitability at the end of 2000. The=
=20
company had $10.5 million in revenue last year, with $1.1 million as profit=
.=20
Outside investors hold a 40% equity stake in the firm. Service Factory also=
=20
said it plans on raising a new round later this year or early next year wit=
h=20
a U.S. venture capital firm. The company received $1.4 million in first-rou=
nd=20
funding from Telia Business Innovation and Telia.=20
=09=09http://www.servicefactory.se
=09=09
=09=09
=09=09Biotech Firm Vasca Raises $19.6M in Series F Financing
=09=09 mail? top
=09=09
=09=09 TEWKSBURY, Mass. (VENTUREWIRE) -- Vasca, a developer of an access de=
vice for=20
hemodialysis, said it has raised $19.6 million in a Series F round from Atl=
as=20
Venture, Bedrock Capital, Crossroads, MVM Limited, Pacific Ventures, Weiss=
=20
Peck and Greer, The Sprout Group, and Tailwind Capital Partners. The compan=
y=20
plans to dedicate the new funds to further research and development, as wel=
l=20
as for sales. MVM Limited, a new investor, led this financing. The Crossroa=
ds=20
Group and Tailwind Capital Partners are also new to the round. As a result =
of=20
this investment, Dr. Stephen Reeders, who is chief executive officer of MVM=
=20
and a nephrologist, has been granted a seat on the 11-member Vasca board of=
=20
directors. The board includes Philippe Chambon and Jeani Delagardelle of Th=
e=20
Sprout Group and Paul Brown of Bedrock Capital. While a company spokesperso=
n=20
declined to reveal a post-money valuation on the round, the spokesperson=20
indicated that the recent funds should carry the company through to=20
profitability, which is anticipated by the fourth quarter of 2002. Includin=
g=20
this round, Vasca has raised approximately $62 million in venture capital t=
o=20
date.=20
=09=09http://www.vasca.com
=09=09
=09=09
=09=09CML-ATC Technologies Picks Up $2M in Round Two
=09=09 mail? top
=09=09
=09=09 HULL, Quebec (VENTUREWIRE) -- CML-ATC Technologies, which designed a=
nd=20
manufactured voice communications systems composed of hardware and embedded=
=20
software for aviation control systems, has closed CAD 3 million ($2 million=
)=20
in second-round funding from Innovatech of Montreal and The Solidarity Fund=
,=20
said CEO Franz Plangger. New investor Solidarity Fund contributed $1 millio=
n=20
in this round, while the balance came from existing investor Innovatech.=20
Quebec-based venture capital firm SDEO, which participated in the first=20
round, did not reinvest. Post-money, Mr. Plangger said the company has a=20
valuation of $10.4 million, an increase from $3.9 million. Edith Gaudet,=20
investment advisor at Solidarity Fund, joins the board of directors, which =
is=20
full at six seats. CML-ATC, which has a burn rate of $195,000 per month, wi=
ll=20
use the new money for research and development, and marketing. The company=
=20
will add approximately 10 manufacturing employees to the current staff of 4=
0.=20
The communications systems manufacturer is also expecting to add a vice=20
president of marketing and sales and a vice president of research and desig=
n=20
to its management team. Mr. Plangger said CML-ATC will likely raise another=
=20
round late this year or early next year. The company expects $6.5 million i=
n=20
revenues this year. The company raised $780,000 in a first round from=20
Innovatech and SDEO.=20
=09=09http://www.cmlatc.com
=09=09
=09=09
=09=09German Venture Firm bmp Increases Stake in indecom By 25%
=09=09 mail? top
=09=09
=09=09 BERLIN (VENTUREWIRE) -- bmp, a venture capital firm focusing on e-bu=
siness=20
and life sciences investments, said it increased its equity stake in the=20
application service provider, independent computing (indecom), from 20% to=
=20
45%. bmp did not provide financial details of the investment, but did say=
=20
that no other institutions participated in the round. bmp said the financin=
g=20
would be used for indecom's expansion plans.=20
=09=09http://www.bmp.com
=09=09http://www.indecom.de
=09=09
=09=09
=09=09IBT Technologies Raises $4.8M Series C, Appoints President
=09=09 mail? top
=09=09
=09=09 AUSTIN, Texas (VENTUREWIRE) -- IBT Technologies, an application serv=
ice=20
provider focused on the corporate training market, said that it received $4=
.8=20
million in Series C financing from Counsel Corp. and Techxas Ventures. The=
=20
company plans to use the new funding for product development and sales. Thi=
s=20
round was co-led by Counsel Corp. and Techxas Ventures, both return=20
investors. Although a company spokesperson would not cite a burn rate, she=
=20
said the funds should take the company to profitability within twelve month=
s.=20
In addition, IBT announced the appointment of Cynthia Sheridan as president=
=20
of the company. Prior to joining IBT, she served as president and CEO of=20
WebIQ, a provider of collaborative decision-support tools. The company's CE=
O=20
and chairman, William H. Cunningham, who is the former chancellor of the=20
University of Texas System, has headed the company since December 2000. In=
=20
March 2000, IBT Technologies raised $6.4 million in its Series B financing=
=20
led by Counsel, with participation from Q Investments, Techxas Ventures,=20
Thomas Weisel Partners, and unnamed individuals.=20
=09=09http://www.ibt-technologies.com
=09=09
=09=09
=09=09Cadant Announces Funding, New CEO, and 15% Layoffs
=09=09 mail? top
=09=09
=09=09 LISLE, Ill. (VENTUREWIRE) -- Cadant, a provider of high-speed cable=
=20
networking products, said it has closed a new round of funding from World=
=20
Associates and other investors. The amount was not disclosed. Charlie Walke=
r,=20
founder of Access Technology Partners, joins the company as CEO. The compan=
y=20
also said it reduced its staff by 15%. New investor World Associates joined=
=20
Cadant's existing investors in this round, which will be used for product=
=20
development and launch in the fall. Staff reductions were made in marketing=
,=20
sales, operations, and finance. The company said its engineering team has=
=20
remained intact. Prior to this round Cadant raised $23 million in funding.=
=20
Investors included Access Technology Partners, Chase Capital, and Venrock=
=20
Associates.=20
=09=09http://www.cadant.com
=09=09
=09=09
=09=09 bad news=20
=09=09?
=09=09B2B Commerce Platform for Media Ads, eMadison.com, Closes
=09=09 mail? top
=09=09
=09=09 FREMONT, Calif. (VENTUREWIRE) -- eMadison, a business-to-business el=
ectronic=20
commerce company that provides a platform for the buying and selling of=20
traditional media advertising, has shut down. A source close to the company=
=20
confirmed that eMadison ceased all operations about two weeks ago and laid=
=20
off its entire staff. The source said the company is currently looking to=
=20
sell its assets. eMadison, which had been in operation for barely a year,=
=20
launched in June 2000 with $12.9 million in funding from Sequoia Capital an=
d=20
Sandler Capital.=20
=09=09http://www.emadison.com
=09=09
=09=09
=09=09 new deals=20
=09=09?
=09=09Venture Frogs Sells drugs.com Domain Name=20
=09=09mail? top
=09=09
=09=09 SAN FRANCISCO (VENTUREWIRE) -- Venture Frogs, a technology incubator=
and=20
venture firm, said it sold the domain name of drugs.com, an online health=
=20
portal, to an unidentified buyer in an all-cash deal of undisclosed value.=
=20
Venture Frogs said the rest of drugs.com, an incubated portfolio company,=
=20
would cease to exist by the end of the year. Venture Frogs also said it was=
=20
concentrating its efforts in its other portfolio company Zappos.com, an=20
e-retailer of shoes.To date, Zappos.com has raised $3.5 million in three=20
rounds from Venture Frogs and individuals.
=09=09http://www.drugs.com
=09=09http://www.vfrogs.com
=09=09
=09=09
=09=09 new products=20
=09=09?
=09=09Professional Services Automation Firm PrimeActive Launches
=09=09 mail? top
=09=09
=09=09 COLUMBUS, Ohio (VENTUREWIRE) -- PrimeActive Technologies, which offe=
rs=20
browser-based professional services automation (PSA) tools for mid-market=
=20
professional services organizations, said it has launched. The company's=20
technology is provided as either licensed software for an organization's=20
intranet, or as a hosted application. The company was founded by CEO Brian=
=20
Delphia, the president of Delphia Consulting, and Benjamin Drake, its=20
president, who was formerly with the consulting division of Arthur Andersen=
.=20
PrimeActive lists among its clients Delphia Consulting, R.Dorsey&Co., and t=
he=20
professional services division of Best Software of Reston, Va. PrimeActive =
is=20
privately funded by individual investors and hopes to close its first round=
=20
of funding between $1.8 million and $3 million within six months.=20
=09=09http://www.primeactivepsa.com
=09=09
=09=09
=09=09With Cenetec Funds, Brokerage Renamed Innovation Capital =20
=09=09mail? top
=09=09
=09=09 BOCA RATON, Fla. (VENTUREWIRE) -- Cenetec, a technology accelerator,=
=20
announced the formation of brokerage firm Innovation Capital, to be=20
headquartered at Cenetec's headquarters in Boca Raton, Fla. Innovation=20
Capital was formerly known as the brokerage CB Capital and was located in=
=20
West Palm Beach, Fla. The company changed its name in April to reflect=20
Centec's investment in the firm and the company's technology focus.=20
Innovation Capital will provide placement services to private companies=20
seeking to raise $1 million to $10 million. Innovation Capital said it is=
=20
currently raising funding for four companies in Florida. The firm also said=
=20
it is currently focusing on providing its services in the southeastern U.S.=
=20
Michael Yasi, formerly of CB Capital, is the president of Innovation Capita=
l=20
and Rob Picard is the other principal. Cenetec, which owns one-third of=20
Innovation Capital, has raised $11 million for equity investments in=20
startups.=20
=09=09http://www.innovation-capital.com
=09=09
=09=09
=09=09Enterprise Software Firm Bodha Launches First Product
=09=09 mail? top
=09=09
=09=09 MOUNTAIN VIEW, Calif. (VENTUREWIRE) -- Bodha, an enterprise software=
and=20
services company, announced its first product, Bodha Rapid IntEgration=20
Framework, an integration system that enables companies to connect with the=
=20
Web interfaces of their partners. The company is raising $10 million in its=
=20
first institutional round, which it expects to close by fall. Funds from th=
at=20
round will be used for product development and business development. CEO=20
Vishal Sikka founded Bodha in 1999. Prior to Bodha, Mr. Sikka had founded=
=20
iBrain, an integration software company servicing the pharmaceutical indust=
ry=20
that was eventually acquired by PlanetRx. He had also held positions at Xer=
ox=20
Research Labs. Bodha employs 18 and has raised $1 million from individual=
=20
investors.
=09=09http://www.bodha.com
=09=09
=09=09
=09=09 m&a=20
=09=09?
=09=09Barclays Private Equity Backs MBO of Recruitment Solutions
=09=09 mail? top
=09=09
=09=09 LONDON (VENTUREWIRE) -- Barclays Private Equity has invested GBP 9 m=
illion=20
($12.8 million) as part of a $25.6 million funding package to back the=20
management buyout of Recruitment Solutions Group (RSG). RSG operates Medics=
=20
and Social Work Solutions, subsidiaries that provide temporary professional=
=20
staffing to public- and private-sector clients. The management team is led =
by=20
managing director, Jeff Downey; finance director, Mac Robertson; and=20
marketing director, Mike Adams. Mark Aldridge, formerly a director of Hayes=
=20
plc, joins the team as a non-executive chairman. The company is considering=
=20
growth through acquisition, Mr. Downey said in a statement. Barclays Privat=
e=20
Equity holds a substantial majority stake. Barclays Acquisition Finance=20
provided senior debt and working capital. DHD Corporate Finance advised the=
=20
purchase side of the transaction, while Capital Strategies Corporate Financ=
e=20
advised the vendor.
=09=09http://www.recruitmentsolutions.co.uk
=09=09
=09=09
=09=09 new people=20
=09=09?
=09=09Optical Access Firm Native Networks Appoints CEO
=09=09 mail? top
=09=09
=09=09 LONDON (VENTUREWIRE) -- Native Networks, a developer of technology f=
or=20
optical access networks, said that it has appointed Stephen Harbour, former=
ly=20
marketing director for Cisco Photonics, as its chief executive officer. Mr.=
=20
Harbour replaces co-founder and former CEO Gilad Goren, who will continue=
=20
with Native Networks as president. Prior to joining Native Networks, Mr.=20
Harbour was marketing director for Cisco Photonics, a division of Cisco tha=
t=20
was formed after the acquisition of Pirelli's WDM systems business in=20
February 2000. In September 2000, Native Networks completed a private=20
placement of $18.2 million from investors including Anschutz Investment,=20
Jerusalem Venture Partners, and Soros Private Equity Partners.=20
=09=09http://www.nativenetworks.com
=09=09
=09=09
=09=09Media Tech Firm EnterTec Group Names Dror Chevion President
=09=09 mail? top
=09=09
=09=09 HERZELIYA, Israel (VENTUREWIRE) -- EnterTec Group, a provider of=20
entertainment and media technologies, said it has named Dror Chevion as the=
=20
company's president. Mr. Chevion is the first person to hold this position.=
=20
Prior to his appointment the company was headed by founding chairman and CE=
O,=20
David Chissick. Most recently Mr. Chevion served as vice president of=20
business development at Ness Technologies. In addition he has served as=20
director of government information technology and budget director for the=
=20
Israeli government. To date, EnterTec has raised $1.5 million in first-roun=
d=20
financing from Israeli Theaters and unnamed individuals. The company is=20
currently seeking $2 million in additional financing, which it hopes to rai=
se=20
in the next few months.
=09=09http://www.enterteclab.com
=09=09
=09=09
=09=09Comprehensive Software Systems Names New President & CEO
=09=09 mail? top
=09=09
=09=09 GOLDEN, Colo. (VENTUREWIRE) -- Comprehensive Software Systems, a dev=
eloper=20
of financial services software, announced the appointment of Chris Poelma a=
s=20
president and CEO. Prior to joining CSS, Mr. Poelma served as executive vic=
e=20
president, chief technology officer and board director for ASP provider =20
USinternetworking, which he co-founded. Mr. Poelma replaces acting-presiden=
t=20
William B. McClure, who will continue with the company as senior vice=20
president of client services. He also joins as the eleventh member of the=
=20
company's board, which includes David Glatstein and Don A. Buchholz of=20
Southwest Securities Group; Thomas A. James of Raymond James Financial;=20
Robert H. Beriault of Fiserv; Warren A. Stephens and Mark C. Doramus of=20
Stephens; Robert T. Clutterbuck and David J. Schafer of McDonald Investment=
s;=20
James Ditmore of Ameritrade Holding; and Bob Gartland of Morgan Stanley. CS=
S=20
has backing from ADP Brokerage Services Group, Ameritrade Holding, Fiserv=
=20
Securities, McDonald Investments, Morgan Stanley Dean Witter, Raymond James=
=20
Financial, Southwest Securities Group, and Stephens.=20
=09=09http://www.csssoftware.com
=09=09
=09=09
=09=09 vc fund news=20
=09=09?
=09=09New Zealand Gov't. Launches $40.9M Early-Stage Fund=20
=09=09mail? top
=09=09
=09=09 WELLINGTON, New Zealand (VENTUREWIRE) -- New Zealand's Ministry of R=
esearch,=20
Science & Technology announced the launch of the New Zealand Venture=20
Investment Fund (VIF), a NZD 100 million ($40.9 million) fund. It will inve=
st=20
in funds that back seed and early-stage technology companies in New Zealand=
.=20
VIF said the initial fund will be split into ten funds over a two- to=20
three-year period. Each fund will range in size from $12.3 million to $20.4=
=20
million and VIF will invest up to one third of this amount. VIF said each=
=20
fund would invest in between 15 to 20 companies over a seven- to ten-year=
=20
period. VIF will invest in funds that will invest in New Zealand companies=
=20
and no more than 10% of a fund may be invested in any one company. VIF also=
=20
said it would give co-investors a chance to buy out VIF's investment after=
=20
the third year of the fund. VIF also said it expects to finalize the=20
selection of fund managers from the private sector by the end of the year.=
=20
=09=09http://www.morst.govt.nz
=09=09
=09=09
=09=09Silicon Valley Bank Forms New Seed Capital Practice
=09=09 mail? top
=09=09
=09=09 SANTA CLARA, Calif. (VENTUREWIRE) -- Silicon Valley Bank, a wholly-o=
wned=20
subsidiary of Silicon Valley Bancshares, announced it has established a see=
d=20
capital practice. The practice will provide funding to seed-stage companies=
=20
as well as a variety of services to both startups and early-stage investors=
.=20
John P. Flinn, who will serve as a director of the practice, said the group=
=20
will co-invest with other leading early-stage investment firms. It will als=
o=20
invest directly in companies and in seed funds. Mr. Flinn said a typical=20
direct investment will range from $100,000 to $5 million, depending on the=
=20
nature of the deal. Mr. Flinn said the seed group, just like Silicon Valley=
=20
Bank's venture capital group, will use funds from the company's $100 millio=
n=20
fund, which closed last year. In addition, the group plans to create=20
networking opportunities between early-stage investors and startups, to=20
provide assistance with syndications as well as market intelligence and=20
research, and to offer credit facilities to angel investors and general=20
partners. Silicon Valley Bank vice chairman Harry W. Kellogg and profession=
al=20
services division manager Steve Empey will oversee the practice.=20
=09=09http://www.svbank.com
=09=09
=09=09
=09=09 vw corrections=20
=09=09?
=09=09Accumedia
=09=09 mail? top
=09=09
=09=09 NEW YORK (VENTUREWIRE) -- An item in last Tuesday's VentureWire abou=
t=20
Accumedia contained an incorrect description of the company's services.=20
According to CEO Ed Williams, Accumedia can cut a large media firm's cost o=
f=20
running a Web site with 3 million page views a month from $1.75 million to=
=20
$625,000 over the course of three years, not annually.=20
=09=09
=09=09
=09=09company index
=09=09top
=09=09
=09=09Alnis Biosciences, AtomShockwave, bmp, Bodha, Cadant, Cheng Power Sys=
tems,=20
Clearswift, CML-ATC Technologies, drugs.com, eMadison, EnterTec Group, IBT=
=20
Technologies, Indecom, Innovation Capital, iWitness, Kizoom, Matrix Partner=
s,=20
Ministry of Research, Science & Technology, Mirant, Native Networks, NuCore=
=20
Technology, PHS MEMS, PrimeActive Technologies, Recruitment Solutions Group=
,=20
Service Factory, Sevin Rosen Funds, shockwave.com, Silicon Valley Bank, SPS=
=20
Commerce, Vasca, Venture Frogs=20
=09=09
=09=09
=09=09Time is money and time can be saved through
=09=09effortless, streamlined Web-based enterprise
=09=09services.
=09=09
=09=09As IBM preps to launch Web-based software
=09=09allowing for smoother enterprise-application-
=09=09integration, it will face competition from the
=09=09likes of Hewlett-Packard, Microsoft, Oracle and Sun.
=09=09Which will attract the greatest number of
=09=09developers and customers in the Web-services
=09=09arena?
=09=09
=09=09Hear what Steven Mills, Senior VP & Group
=09=09Executive of IBM Software, has to say about
=09=09IBM's latest at Enterprise Outlook, June 26 & 27.
=09=09
=09=09Register today:http://www.enterpriseoutlook.com/register.asp
=09=09
=09=09
=09=09
=09=09investor index
=09=09top
=09=09
=09=094C Ventures, Adams Street Partners, Amadeus Capital Partners, AXA Pri=
vate=20
Equity, Axiom Venture Partners, bmp, BrainHeart Capital, CID Equity Partner=
s,=20
Damac Al Baraka Investment Co., Dawnay Day Lander, Finov, Granite Ventures,=
=20
IDI Group, InnovaFrance, Innovatech Grand Montr,al, Johnson & Johnson=20
Development, Pino Ventures, Solidarity Fund QFL, St. Paul Venture Capital,=
=20
Thales CSF Ventures, World Associates
=09=09
=09=09
=09=09your account
=09=09
=09=09click on the following links to:
=09=09=01=07 Switch to the plain-text version
=09=09=01=07 Change your e-mail address
=09=09=01=07 Cancel your subscription
=09=09=01=07 Thoughts, suggestions, commentary
=09=09=01=07 This newsletter was mailed to you at: [email protected]
=09=09
=09=09contact
=09=09
=09=09Send news items to [email protected]
=09=09Send questions, complaints, or service queries to venturewire@venture=
wire.com
=09=09Send advertising inquiries to [email protected]
=09=09
=09=09
=09=09legal
=09=09
=09=09This copy of VentureWire and the information within it may not be rep=
roduced,=20
saved, or otherwise copied into a database without the prior written consen=
t=20
of Technologic Partners.
=09=09
=09=09VentureWire is a service mark of Technologic Partners
=09=09,2001 Technologic Partners
=09=09=09?
| 59,046 |
||
taylor-m/all_documents/8293.
|
Informal FSA Feedback ,
Hi Guys
The following matters were discussed with Gay Wisbey, Paul Richardson and Ted
Morris of the Markets & Exchanges Division of the FSA.
FSA's view is that as more and more trading activity is moving from
traditional exchanges to proprietary electronic platforms the distinction
between the two is becoming blurred. Currently, FSA has regulatory oversight
over both exchanges and firms which conduct regulated activity via their own
electronic platforms but the regulatory regime applicable to each differs.
In the light of this FSA is considering implementation of a dedicated
regulatory regime for alternative trading platforms (ATSs) so that regardless
of whether business is conducted via an exchange or an electronic platform,
FSA would be able to monitor price transparency, transaction transparency,
market depth and robustness of systems supporting the platform. As far as
the current situation is concerned FSA mentioned that even before
implementation of a specific ATS regime they would like electronic platform
operators such as Enron to keep FSA informed of any squeezes in the market
which become apparent to our traders - this seemed to be related to
EnronOnline activity vs offline activity. This is clearly not something we
do now for offline deals.
Regulation of the EnronOnline platform could result in:
a) monitoring of the platform and activity on it particularly in terms of
operational robustness with no additional regulation of products quoted on
EnronOnline;
b) regulation of the trading of financial products (currently regulated
through EEFT arranging deals for ECTRIC) and physical products (currently
unregulated). This could result in an anomolous situation where Enron's
offline physical trading is unregulated while online physical trading is
regulated.
c) increased concern as to the systemic risk which increased trading activity
via EnronOnline poses and therefore greater attention being paid to the
management of counterparty credit risk and capitalisation.
I suggest that we issue a guest user id to the FSA to enable them to monitor
prices on an ongoing basis.
FSA is releasing a discussion document re ATSs in late May. Jonathan Marsh
is monitoring developments in this area and will liaise with Justin Boyd and
me as soon as the paper is published. This should provide further insight
into their intentions.
Please let me know if you need any further information at this stage.
Regards
Amita
| 477,190 |
||
sanders-r/all_documents/1962.
|
Re: NIPSCO ,
Kevin McGowan/ENRON@enronXgate
05/05/2001 11:30 AM
To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: NIPSCO
Richard,
Wanted to drop a line to see if you had any word/guidance on the
termination/dispute language. Can you call me early next week?
KJM
| 393,476 |
||
symes-k/_sent_mail/41.
|
Re: Trade date on 592751.01 No Bro/Swerzbin ,
Mike's in a meeting right now, but I'll check with him when he gets out. I
don't see this trade anywhere in his trade log.
Kate
Stephanie Piwetz 04/30/2001 12:26 PM
To: Kate Symes/PDX/ECT@ECT
cc:
Subject: Trade date on 592751.01 No Bro/Swerzbin
Kate, verballed trade with Powerex, they show trade date as 4/26 as opposed
to our 4/25. Please check with Mike. Thanks
| 462,255 |
||
ybarbo-p/enron_lng/31.
|
Revised: Weekly LNG Staff Meeting - 8/6/01 at 7:30am ,
This is a reminder that the next weekly LNG meeting will be on Monday, August 6 at 7:30 a.m. Houston time (4:30 p.m. Dubai time) in EB30C2. The dial-in numbers remain the same:
Domestic: 1-800-991-9019
International: 1-847-619-8039
Passcode: 7210354#
Thanks,
Kathleen - 52713
-----Original Message-----
From: McPherson, Kathleen
Sent: Friday, August 03, 2001 12:32 PM
To: Arnell, Doug; Chandra, Rajesh; Curran, Greg; Dyar, Teresa; Galt, Tony; Gerstandt, Neal; Gerych, Zdenek; Glessner, David; Gonzales, Eric; Groves, Eric; Harris, Clay; Janichen, Marc; Kaiser, Jared; McMillan, James; Nash, Tim; Rao, V; Rogers, Daniel R.; Sierra, Rick; Snyder, Larry; Vicens, Emilio; Webber, Les; Weekley, Alice; Whitehead, Jonathan; Y'Barbo, Paul; Yener, Sertac
Subject:
This is a reminder that the next weekly LNG meeting will be on Monday, July 30 at 7:30 a.m. Houston time (4:30 p.m. Dubai time) in EB30C2. The dial-in numbers remain the same:
Domestic: 1-800-991-9019
International: 1-847-619-8039
Passcode: 7210354#
Please let me know if you have any questions.
Thanks,
Kathleen
713-345-2713
| 514,428 |
||
mann-k/all_documents/1268.
|
RE: GE CONFERENCE CALL ,
Folks,
Here is some language for discussion this afternoon. Please note that this
is being submitted for discussion without full management approval; we're
getting so close to the bone that we'll probably need to take the final
package as a whole through our vetting process
I'm looking through the warranty section now, so perhaps we can discuss that
as well.
Ciao,
Mike
g _____________
Michael C. Barnas
Counsel, Power Plants Commercial Operations
GE Power Systems
One River Road - Building 37, Room 307
Schenectady, NY 12345 USA
Phone 8*235-7602 (518) 385 7602
Fax 8*235 5466 (518) 385 5466
Mobile 518 369 9538
- WorldHungerModsOct2.DOC
| 303,900 |
||
kitchen-l/sent_items/844.
|
Re: FW: Questions ,
Make the move
--------------------------
Sent from my BlackBerry Wireless Handheld
| 261,840 |
||
mcconnell-m/all_documents/422.
|
Fw: Enron - public collections ,
Mike,
As discussed, attached please find the list of museums and coporate/public
collections in which Jeff Koons is represented.
Given the conservative nature of many of the corporate/public collections as
well as the prestigious nature of the museums, I think there should be no
issue with regard to the controversy of Koons' work. I look forward to
hearing from you as soon as you talk to Skilling and am available to chat
before that even if you would like. You should also feel comfortable
calling Ned on this topic. His number at work is: 713-525-9401.
With Regards,
Lea
713-526-6833
P.S.
Jeff Shankman and I are planning on going to the big art show in New York
City February 21-22. All of the world's major dealers will likely be
represented there. In conjunction, there is a show of up-and-coming artists
as well. Would you like to join us? It would be very valuable for our
project, not to mention lots of fun.
----- Original Message -----
From: "Lora Reynolds" <[email protected]>
To: "Lea Fastow" <[email protected]>
Sent: Wednesday, January 31, 2001 4:51 PM
Subject: Fw: Enron - public collections
> Dear Lea,
>
> It was great to talk with you yesterday. I hope you and Andy had a great
> time in Vegas!
>
> Attached is a list of museum/public/corporate collections which include
work
> by Jeff Koons.
>
> Please let me know if there are any other materials we can provide. I
will
> get you images of Balloon Dog and Tulips shortly.
>
> With best wishes,
>
> Lora
>
>
>
- collections_museums=public=corp.doc
| 327,494 |
||
jones-t/inbox/245.
|
RE: NYMEX Compliance Contacts at Enron North America ,
Tana Jones,
Re: yours of October 2, 2001
Thank you for your email.
I have included you and Mark Taylor as carbon copy contacts for position
limit matters.
As per our procedures, our "initial" contact will continue to be the person
who signed and certified the Application for Exemptions for Enron North
America Corp.. We will, however, send copies to you at the same time the
original letter is sent.
Anthony V. Densieski
-----Original Message-----
From: Jones, Tana [mailto:[email protected]]
Sent: Tuesday, October 02, 2001 4:48 PM
To: [email protected]
Subject: FW: NYMEX Compliance Contacts at Enron North America
> -----Original Message-----
> From: Jones, Tana
> Sent: Tuesday, October 02, 2001 2:31 PM
> To: '[email protected]'
> Cc: Taylor, Mark E (Legal)
> Subject: NYMEX Compliance Contacts at Enron North America
>
> Per our conversation last week, please ensure that Mark Taylor and I
> are your initial point of contact with respect to compliance with
> and/or violations by Enron North America Corp. with respect to NYMEX
> position limits. Please fax Mark Taylor a copy of any correspondence
> with respect to our position limits. Your assistance with this will
> help us monitor and maintain Enron's compliance with NYMEX rules. In
> addition, if you are able to give us a call when you see an issue
> ahead, we may well be able to resolve it before it becomes a problem.
>
> As you requested, below is the contact information for Mark and
> myself:
>
> Mark E. Taylor
> Vice President and General Counsel
> Telephone: (713) 853-7459
> Fax: (713) 646-3490
> email: [email protected]
>
> Tana L. Jones
> Sr. Legal Specialist
> Telephone: (713) 853-3399
> Fax: (713) 646-3490
> email: [email protected]
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
| 188,555 |
||
stokley-c/chris_stokley/projects/ees_/ercot/3.
|
ERCOT settlements protocol ,
as promised.
once you've had time to digest, let me know what you think our IT requirements will be to set up the Access database
| 458,171 |
||
scott-s/all_documents/1202.
|
Re: A Christmas Tasters ,
Could we change the date to Tuesday, December 12th? So far, I have two votes
for a girls party with a gift exchange. Email me back about the new date and
your opinion on restaurant choices and type of party.
Thanks!! Happy early Thanksgiving!
---------------------- Forwarded by Lisa A. Meador/CHASE on 11/20/2000 09:07
AM
---------------------------
"Sarah Buck" <[email protected]> on 11/19/2000 12:20:29 AM
To: Lisa A. Meador/CHASE@CHASE, [email protected],
[email protected],
[email protected],
[email protected], [email protected]
cc:
Subject: Re: A Christmas Tasters
Lisa-You are so cute!!! I love both of your fun ideas. Either one is great
with me. Considering my man in a million miles away I may have to come
stag!!!! As far as the date (calendar date)I am actually leaving town on
the 13th. I know I am probably cause trouble, but if we could do it maybe
earlier that week. I know you working folks have office parties etc. so
this might not be possible and it might be hard to get people to go out on a
Mon or Tues. These are just my thougths!!!!!! Can't wait to see everyone!
Sarah
>From: <[email protected]>
>To: [email protected], [email protected],
>[email protected], [email protected],
>[email protected], [email protected]
>Subject: A Christmas Tasters
>Date: Fri, 17 Nov 2000 14:55:23 -0600
>
>
>
>Hey guys!
>
>It is that time of year when everything gets SO crazy, so I am
>thinking.........
>we need to plan our Taster's Finale ahead of time so we can all mark our
>calendars and so we can find a place!
>
>Here are some thoughts: we could do a boy/girl Taster's where we all
>invite
>some of our friends, guys and girls to join us and we rent out a room at a
>restaurant. Or we could have just girls and have a really nice Christmas
>celebration at a cool restaurant and do "Secret Santa". Either way, it
>would be
>a blast.
>
>How does Thursday, Dec 14th sound?
>
>So, here is what I need: your vote on............... the type of party,
>then
>what restaurant that goes with that idea, then affirmation of the date.
>
>Get excited girls! This is going to be fun!
>
>Love you guys,
>Lisa
>
>
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
Share information about yourself, create your own public profile at
http://profiles.msn.com.
| 404,198 |
||
shackleton-s/all_documents/2863.
|
BuySideDirect Subscriber Agreement ,
----- Forwarded by Sara Shackleton/HOU/ECT on 08/04/2000 03:04 PM -----
Madhur Dayal
07/17/2000 12:29 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: BuySideDirect Subscriber Agreement
Sara,
here is online (web based) convertible trading site hat I could use - kindof
like an online broker where they match up buyers and sellers. I take it that
before we enter to any agreement with them you need to approve it all.
I have not looked at this document yet, so please feel free to make any
comments you may have.
Madhur
---------------------- Forwarded by Madhur Dayal/HOU/ECT on 07/17/2000 01:13
PM ---------------------------
"Lisa O'Connor" <[email protected]> on 06/29/2000 01:49:50 PM
To: "Madhur Dayal" <[email protected]>
cc:
Subject: BuySideDirect Subscriber Agreement
Dear Madhur,
It was a pleasure to speak to you this afternoon. Enclosed are the
subscriber agreements that I mentioned. Please let me know if you have any
questions about our system or our documentation. Thanks and I look forward
to hearing from you.
Regards,
Lisa O'Connor
Lisa Mears O'Connor, CFA
BuySide Direct LLC
a subsidiary of Intelligent Markets, Inc.
415-369-5020 Phone
415-369-5021 Fax
- Agreement Dated April 7 2000.doc
- Application Dated April 7 2000.doc
| 415,340 |
||
giron-d/_sent_mail/106.
|
Credit Report 3/29/2001 ,
---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/29/2001
01:53 PM ---------------------------
From: Darren Vanek/ENRON@enronXgate on 03/29/2001 12:44 PM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report 3/29/2001
| 136,096 |
||
hain-m/_sent_mail/76.
|
Re: Project Requires RCR ,
I think we should do this but should include some comments praising FERC for
taking some positive actions and really looking for solutions instead of
simply ways to reregulate (thank you again Dan Yergin).
From: Joe Hartsoe@ENRON on 03/16/2001 08:03 AM CST
To: James D Steffes/NA/Enron@Enron
cc: Alan Comnes/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT
Subject: Re: Project Requires RCR
Jim -- Assuming we agree with what WPTF will say, this is superb. Joe
James D Steffes
03/16/2001 07:10 AM
To: Joe Hartsoe/Corp/Enron@ENRON, Alan Comnes/PDX/ECT@ECT, Mary
Hain/HOU/ECT@ECT
cc:
Subject: Project Requires RCR
I think that this makes sense. I'd appreciate your thoughts?
Jim
----- Forwarded by James D Steffes/NA/Enron on 03/16/2001 07:14 AM -----
Susan J Mara
03/15/2001 06:20 PM
To: Ginger Dernehl/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, Eric Benson/NA/Enron@ENRON
cc: Susan J Mara/NA/Enron@ENRON
Subject: Project Requires RCR
The following project requires RCR:
Project Lead: Susan J Mara
Project Name: WPTF Comments on FERC Market Mitigation Plan for CA
RCR Title: WPTF Comments on FERC Market Mitigation Plan for CA
Proposed Expenditure: $2,300.00
To see more detail on this project, click on the following link >>>
| 157,152 |
||
ybarbo-p/procaribe/2.
|
LPG - Puerto Rico - Revised Analysis ,
---------------------- Forwarded by Paul Y'Barbo/NA/Enron on 05/04/2001 11:47 AM ---------------------------
Paul Y'Barbo
02/08/2001 03:21 PM
To: Suzanne B Clapp/HOU/ECT@ECT
cc:
Subject: LPG - Puerto Rico - Revised Analysis
See Attached 2 pages
|
paul.y'[email protected]
| 515,099 |
|
dasovich-j/all_documents/9204.
|
Enron Mentions - 02/16/2001 ,
Power Politics: Energy Crisis Offers Clues to the Workings Of Bush=20
Administration --- Cheney Does Heavy Lifting And Bush Rides Agenda; Taste f=
or=20
Horse-Trading --- `A Lot of Pain in the West'
The Wall Street Journal, 02/16/2001
Generators: No Plans To Build Peaking-Power Plants In Calif
Dow Jones, 02/16/2001
Developments in California's Electricity Crisis
Associated Press Newswires, 02/16/2001
Bush Pushes Energy Plan in Mexico Trade: President Wants to Cut Hemispheric=
=20
Barriers for Oil, Gas and Electricity But it May Be a Hard Sell South of th=
e=20
Border
Los Angeles Times, 02/16/2001
Enron Corp. to Increase Investment in Argentina, Cronista Says
Bloomberg News, 02/16/2001
Petrobras, Repsol Plan $300-Mln Bolivian Pipeline, Valor Says
Bloomberg News, 02/16/2001=20
Governor of Buenos Aires Shoots for the Presidency, the People's Discontent=
=20
His Ammunition
The Wall Street Journal, 02/16/2001
`Terms of Reference of Godbole Panel Must Include DPC Review'
The Times of India, 02/16/2001
Indian Trade Unions Urge Government to Take Over Enron Project
Asia Pulse, 02/16/2001
India: Enough is Enough for Enron Corp?
Business Line (The Hindu), 02/16/2001
MSEB Tightening Screws on Power Thefts, Defaulters
The Times of India, 02/16/2001
India State Pays Bills to Enron, But Electricity Crunch Persists=20
International Herald Tribune, 02/16/2001
Universal Signs Video-on-Demand Deal=20
The Industry Standard, 02/16/2001
California Questions Dominate Industry Conference
Reuters, 02/15/2001
Judge in Court Challenge to Gov. Gray Davis Steps Down=20
Associated Press, 02/15/2001=20
Calpine Says California Must Address Debt to Traders=20
Bloomberg News, 02/15/2001
Enron Saga Spills Over Into Cyberspace
Hindustan Times, 02/15/2001
Williams' EnergyNewsLive.com Features Top Energy Newsmakers=20
PR Newswire, 02/15/2001=20
Electric Deregulation Trial Run Begins
Associated Press Newswires, 02/15/2001
---------------------------------------------------------------------------=
---
-----------------------------------------------
Power Politics: Energy Crisis Offers Clues to the Workings Of Bush=20
Administration --- Cheney Does Heavy Lifting And Bush Rides Agenda; Taste f=
or=20
Horse-Trading --- `A Lot of Pain in the West'
By Jeanne Cummings
Staff Reporter of The Wall Street Journal
02/16/2001
The Wall Street Journal=20
A1
(Copyright (c) 2001, Dow Jones & Company, Inc.)=20
WASHINGTON -- George W. Bush had barely celebrated his belated presidential=
=20
victory when he was hit by the energy crisis in the West.=20
In a series of telephone calls to Mr. Bush's Texas ranch before Christmas,=
=20
Utah Gov. Michael Leavitt spent hours raising the alarm with the=20
president-elect's top aides. A supply squeeze had sent utility bills soarin=
g=20
not just in California but in neighboring states as well, with the prospect=
=20
of bigger spikes in the months ahead.
How Mr. Bush went on to handle the crisis, the first big challenge of his=
=20
presidency, offers some early clues to how his White House will function. H=
e=20
has leaned heavily on Vice President Dick Cheney to handle the details. Tha=
t=20
allowed Mr. Bush to stick doggedly to his chosen public message -- and=20
shielded the president from some difficult policy choices. Even Mr. Leavitt=
=20
never insisted on speaking directly to the new president, who was busy nami=
ng=20
his cabinet.=20
Mr. Bush bent his free-market, limited-government principles to accommodate=
a=20
crisis, but so far by only a little: He offered a single two-week extension=
=20
of Mr. Clinton's executive order directing suppliers to sell power to nearl=
y=20
bankrupt California utilities. While turning to national issues, Mr. Bush=
=20
remained open to a state-level problem, offering his former gubernatorial=
=20
colleagues a sensitive ear.=20
And he worked hard to use unexpected events to help buttress his arguments=
=20
for his policy agenda. Just as he has used the economic slowdown to garner=
=20
support for his tax-cut agenda, he hopes to use the Western energy crisis t=
o=20
win political support in Congress for his controversial agenda of expanding=
=20
exploration into environmentally sensitive areas in Alaska and the Rocky=20
Mountains.=20
Such exploration might not yield energy for years, or yield much power at=
=20
all, especially of the sort California needs. But it's a pet project of a=
=20
White House where the president and vice president are both veterans of the=
=20
oil industry. Winning the necessary support for exploration is part of the=
=20
challenge of drafting a comprehensive energy bill, which a team of top aide=
s,=20
led by Mr. Cheney, is working to produce within 45 to 60 days.=20
The energy problem has shadowed Mr. Bush throughout the first month of his=
=20
presidency. It commanded his private attention every day of his first week =
in=20
office, even as he was publicly unveiling education-reform proposals. More=
=20
recently, he has received regular briefings from Mr. Cheney, who is=20
consulting key members of Congress and energy experts. The matter will move=
=20
front and center today when the president makes his first foreign visit, to=
=20
Mexico, where he is expected to discuss expanded natural-gas exploration an=
d=20
trade with Mexican President Vicente Fox Quesada. At the same time, Mr.=20
Cheney will be back in Washington convening the first working meeting of th=
e=20
various cabinet secretaries whose departments will be affected by a nationa=
l=20
energy bill.=20
Some top Republicans believe the energy crisis could cast an even larger=20
cloud over Mr. Bush's first year than the softening economy -- especially i=
f=20
the continuing supply squeeze leaves Western consumers facing new price=20
increases this summer, as widely predicted. "We recognize that this is a=20
challenge we will be faced with at least through the summer. We're obviousl=
y=20
monitoring it very closely," says Energy Secretary Spencer Abraham.=20
The problem has its roots in California's 1996 energy-deregulation bill,=20
signed by former GOP Gov. Pete Wilson. As part of the negotiations over the=
=20
bill, the state's utilities agreed to buy power on short-term contracts,=20
making them vulnerable to wholesale-price swings. The law also capped=20
consumer bills, which meant rising fuel costs couldn't be passed along to t=
he=20
users.=20
The situation became critical last year when natural-gas prices spiked upwa=
rd=20
at the same time that hot summer weather and a booming economy increased=20
usage and low rainfall depleted the region's hydroelectric power. Californi=
a=20
soon began gobbling up any available power in the Western region's electric=
=20
grid, which drove wholesale rates sky-high and wound up increasing the=20
utility bills of consumers in neighboring states. Idaho residents, for=20
instance, saw their bills rise by 25%, while California users still benefit=
ed=20
from retail-price caps.=20
So Gov. Leavitt wasn't the only Western governor trying to get the new=20
president to focus on the issue. Wyoming Gov. Jim Geringer raised it on Jan=
.=20
9, when he and Mr. Bush were standing together in the pasture parking lot o=
f=20
the Bush ranch, awaiting the arrival of other Republican governors invited =
to=20
a Bush-sponsored barbecue. The issue was also discussed later among all the=
=20
governors, but only in broad terms, participants say.=20
Three days later, Clinton administration officials convened the first meeti=
ng=20
of all the parties involved in the California crisis. To provide a voice fo=
r=20
Mr. Bush's team, Clinton aides invited the president-elect's friend and=20
fellow Texan Kenneth Lay, head of Houston-based Enron Corp. As the largest=
=20
trader of gas and electricity in North America, Enron has profited from the=
=20
energy crisis. During the 2000 campaign, Mr. Lay donated more than $300,000=
=20
to the GOP, according to the Center for Responsive Politics.=20
A second meeting was held four days later and the rough outlines of a=20
solution began to emerge, but time had run out on the Clinton team. The onl=
y=20
question left was how to handle an executive order to keep the lights on in=
=20
California.=20
On the Wednesday before Inauguration Day, Gene Sperling, Mr. Clinton's top=
=20
economic adviser, and his Bush counterpart, Lawrence Lindsey, sat down for =
a=20
final discussion in a second-floor office at the White House. They agreed t=
o=20
one last Clinton order that would reach, by three days, into the Bush term.=
=20
The goal was to give the Bush team some breathing room.=20
The next day, Mr. Bush and his top advisers settled into the Blair House in=
=20
Washington to put the finishing touches on his inaugural speech. But their=
=20
work was at times interrupted by discussions about the energy crisis. That=
=20
night, Mr. Lindsey arrived and briefed the president on his meeting with Mr=
.=20
Sperling.=20
On Inauguration Day, Mr. Bush received a congratulatory call from Californi=
a=20
Gov. Gray Davis, who had stayed in Sacramento because of the crisis. In tha=
t=20
call, Davis aides say, the Democratic governor made his first direct pitch =
to=20
Mr. Bush for an extension of the Clinton executive order forcing energy sal=
es=20
to California utilities. While the two men diverge politically, they had=20
worked together on issues affecting border states. Last June, Mr. Bush was=
=20
one of three U.S. governors who joined six Mexican governors at a dinner=20
hosted by Mr. Davis in Sacramento's Crocker Art Museum. Their shared=20
experiences as state leaders made Mr. Bush sympathetic to Mr. Davis's reque=
st=20
for extra time to get a recovery bill through the state legislature.=20
On Sunday night, Mr. Abraham, the new energy secretary, called Mr. Davis to=
=20
hear another pitch, and the two men spoke again on Monday, the first offici=
al=20
working day of the Bush administration. While Mr. Davis was sounding out Mr=
.=20
Abraham, Mr. Lindsey met with Mr. Bush in the Oval Office and recommended=
=20
that he grant the extension. The strongest argument in favor of issuing the=
=20
order, Mr. Lindsey says, was Mr. Bush's belief that the federal government=
=20
should help states solve their own problems. Later that day, while Mr. Bush=
=20
was highlighting education reform, Mr. Lindsey, Mr. Abraham, Commerce=20
Secretary Donald Evans, Treasury Secretary Paul O'Neill, and Christine Todd=
=20
Whitman, director of the Environmental Protection Agency, began sorting out=
=20
the administration's short-term and long-term responses to the crisis.=20
On Tuesday, Mr. Bush discussed energy with his economic policy team, which=
=20
included Messrs. Cheney and Lindsey, Chief of Staff Andrew Card, Deputy Chi=
ef=20
of Staff Josh Bolten, and top aides Karen Hughes and Karl Rove. Mr. Bush to=
ok=20
a seat in front of the Oval Office fireplace while his aides settled in on=
=20
small couches. The energy crisis had to be managed on two fronts, Mr. Bush=
=20
told the group. Short-term, they had to do what they could for California.=
=20
But an equally important objective needed to be development of a=20
comprehensive policy for the country because of the broad economic=20
implications of the crisis, he said.=20
They weighed setting up a cabinet-level task force, an idea that Messrs. Bu=
sh=20
and Cheney appeared to have already discussed privately. The two men often=
=20
confer each morning, before or after the regularly scheduled=20
national-security briefing. They also chat throughout the day as they come=
=20
and go from meetings. As the group hammered out the details of which agenci=
es=20
needed to be represented on the task force, it was not lost on anyone that=
=20
the energy crisis in the West may also be an opportunity to build support a=
nd=20
a sense of urgency for their national energy agenda.=20
Mr. Bush tested the political waters the next day in the Cabinet Room durin=
g=20
a meeting with bipartisan leaders from Capitol Hill, according to Nevada=20
Democrat Sen. Harry Reid. This time, it was the president who raised the=20
subject, and Western lawmakers jumped at the call for stronger leadership a=
nd=20
action on the issue. The conversation didn't go into specifics though,=20
because "we would have gotten into an argument" over Mr. Bush's support for=
=20
drilling in Arctic National Wildlife Reserve, recalls Mr. Reid, an ardent=
=20
opponent of that proposal and a staunch supporter of expansion of renewable=
=20
energy.=20
On Friday, the White House was teeming with educators, lawmakers, governors=
=20
and citizens who had come to witness the transition to a new administration=
.=20
After a public event hosted by Mr. Bush to highlight education, four=20
governors -- Messrs. Leavitt and Geringer, Arizona's Jane Dee Hull, and=20
Idaho's Dirk Kempthorne -- slipped into Mr. Cheney's tiny West Wing office =
to=20
talk about energy. The room smelled of fresh paint, and the glasses were so=
=20
new that they lacked the presidential seal. For nearly an hour, Mr. Cheney=
=20
probed the governors about how the crisis was affecting their states and=20
constituents. None of the governors brought the issue up with Mr. Bush.=20
The governors decision to seek out Mr. Cheney rather than intrude on Mr.=20
Bush's choreographed agenda created an awkward moment the following Monday=
=20
when Mr. Bush announced the creation of the Cheney-led energy policy group.=
=20
"Can't think of a better man to run it than the vice president," Mr. Bush=
=20
said. "We're very aware in this administration that this situation in=20
California is beginning to affect neighboring states. Western governors cam=
e=20
to see the vice president," he said, and then rushed to add -- "and they ca=
me=20
to see me, as well."=20
Since that announcement, Mr. Cheney has taken over the job of creating an=
=20
energy-policy bill and Mr. Bush receives regular updates from Mr. Lindsey,=
=20
including a session held last night just before the president's trip to=20
Mexico. But the potential political and economic ramifications of the energ=
y=20
crunch on the new administration are as layered as the problem itself. And =
as=20
consumers face the full cost of the crisis, pressure will become enormous o=
n=20
Mr. Bush to wade deeper into it.=20
Administration officials worry that high energy costs could prompt consumer=
s=20
to cut household budgets and persuade factories to begin layoffs. The "soft=
=20
landing" that the Bush administration is counting on could become a hard on=
e=20
and threaten the government surpluses Mr. Bush must have to sustain his tax=
=20
cut and other domestic initiatives. As Mr. Bush himself warned when he=20
unveiled his national energy policy during a September campaign stop in=20
Saginaw, Mich.: "Our nation has had three recessions in the last generation=
,=20
and each one was tied to an energy shock."=20
The Western energy crisis also will continue to test the balance between Mr=
.=20
Bush's commitment to open markets and his sympathy for the plight of a fell=
ow=20
governor. The decision to extend the Clinton forced-sales order was "a very=
=20
difficult call," Mr. Lindsey says, in part because the help provided to=20
California came at the expense of the utility customers in other Western=20
states, several of which are governed by Mr. Bush's close Republican=20
colleagues. "This was not a costless extension," Mr. Lindsey says. "There's=
a=20
lot of pain in the West for having done the two-week extension."=20
But the supply crunch that drove up wholesale costs this winter may only ge=
t=20
worse as temperatures warm in the West and residents from California to New=
=20
Mexico turn on their air conditioners. Republican officeholders, wary of th=
e=20
sort of political backlash that helped cost one California Congressman his=
=20
seat last November, are pressing for further federal intervention. Alaska=
=20
Sen. Frank H. Murkowski, the powerful chairman of the Senate Energy and=20
National Resources Committee, says a market-based cap on wholesale prices m=
ay=20
be needed for a transitional period.=20
But Mr. Bush is flatly rejecting the idea of price caps. "A short-term dela=
y=20
of a needed solution," he says. The idea is also anathema to Mr. Cheney,=20
whose first White House tour during the Ford administration was dominated b=
y=20
an energy crisis made more complex by President Nixon's policy of price=20
controls. Nasdaq Chairman Frank Zarb, who served as Mr. Ford's energy czar=
=20
and worked with Mr. Cheney and other aides while crafting an energy policy,=
=20
says the price controls were "just a dumb idea." In a recent interview, Mr.=
=20
Lindsey said even a temporary cap on natural gas or electricity is not=20
something he'd recommend. "Anyone who looks at the history of price caps=20
would have to suspect one that was so-called temporary," he says.=20
But adhering to free-market principles could yet become a drag on Mr. Bush'=
s=20
popularity, warns former U.S. Sen. Bennett Johnston, a Democrat Mr. Bush on=
ce=20
considered for energy secretary. If the administration takes no action and=
=20
prices remain high, he says, "people will start trying to find somebody to=
=20
blame."=20
---=20
John Fialka contributed to this article.
Generators: No Plans To Build Peaking-Pwr Plants In Calif
02/16/2001
Dow Jones Energy Service=20
(Copyright (c) 2001, Dow Jones & Company, Inc.)=20
(This article was originally published Thursday)=20
By Jessica Berthold=20
OF DOW JONES NEWSWIRES=20
LOS ANGELES -(Dow Jones)- Major electricity suppliers with experience=20
building power plants in California said Thursday they have no plans to=20
construct new peaking units in the state for operation by summer 2001.
Their position raises questions about whether Gov. Gray Davis will be able =
to=20
get 5,000 megawatts of new power on California's grid by July, a target he=
=20
announced last week.=20
Davis' plan offers incentives to generators, but it also leaves key issues=
=20
unsettled, creating uncertainty in the market. And time is short. If the ne=
w=20
plants are to come on line, construction will have to begin by mid-March.=
=20
"We're not going to be able to have any peakers this summer," said Mark=20
Palmer, spokesman for Enron Corp (ENE). "It's not possible physically, and=
=20
there's no market that would allow plants to be profitable."=20
Davis' plan calls for 5,000 megawatts of additional generation to come on=
=20
line in the state by July 2001. Roughly half of that power will come from=
=20
large plants now under construction and from easing environmental=20
restrictions, thus allowing plants currently off line to run as long as=20
operators buy emission credits.=20
The other half will come from peaking generation units - typically small=20
units designed to run only during periods of high demand. The state=20
Independent System Operator has contracts for construction of 1,279 MW wort=
h=20
of peakers. The governor hopes to get 1,000 MW more through an emergency=20
order cutting the permit process from four months to 21 days.=20
But generators say cutting permit time is not enough of an incentive for=20
generators to build in the state.=20
"While the governor's announcement about streamlining the approval process=
=20
appears attractive on the face of it, there are still problems of=20
creditworthiness and regulatory uncertainty," said Richard Wheatley,=20
spokesman for Reliant Energy (REI). "We have to allocate our equipment for=
=20
projects which will have the greatest potential to succeed. We don't have a=
ny=20
projects that could be on the ground in California this summer."=20
Generators Fear They Won't Recover Investment=20
Generators say they are wary of investing more capital, in part because the=
=20
state Department of Resources would likely be signing the contracts for the=
=20
1,000 MW of emergency power, and they've been burned once already by the DW=
R.=20
Generators thought the DWR was covering the state's entire "net short"=20
electricity needs in recent weeks. But last week, the agency said it has no=
t=20
been paying for power it deemed unreasonably priced. That means the bills g=
ot=20
passed to the state's two investor-owned utilities, which haven't paid thei=
r=20
power bills in weeks due to cash and credit problems.=20
Another problem, say generators, is that they don't know what rate of retur=
n=20
they can expect from the peakers. The governor's order says the peaker powe=
r=20
must be sold only to the DWR and at a "reasonable rate" - but that rate has=
=20
not been defined.=20
"Exactly how the state determines reasonableness is the key question," said=
=20
Tom Williams, spokesman for Duke Energy (DUK).=20
Williams added that Duke wouldn't build peakers for the summer, because the=
=20
company "already has enough risk in that market right now."=20
If the state could guarantee a workable market for power this summer,=20
generators would rush to build in the state, because they'd know they could=
=20
recover their costs, said Enron's Palmer. But with the state's history of=
=20
price caps, generators simply see to much uncertainty, he added.=20
A Mirant Corp. (MIR) spokeswoman said the company had not announced any pla=
ns=20
to build new peakers. Calpine Corp. (CPN) said it was still considering its=
=20
options, but planned to concentrate this summer on larger generation projec=
ts=20
already under way in California.=20
ISO Peaker Program Also In Jeopardy=20
The ISO peaker program, which has 1,279 MW of projects due on line by summe=
r=20
and currently in various stages of completion, is also in jeopardy due to=
=20
generators' concerns they won't be paid enough to cover their investment,=
=20
said an ISO spokesman who helps manage the peaker program.=20
"Credit concerns are a real issue among generators at this point," said Bob=
=20
Theaker, ISO manager of reliability contracts. "The way our tariff authoriz=
es=20
us to pay generators, we would levy an uplift on people who serve load=20
through the ISO grid - in essence, it comes down to the utilities."=20
Theaker said the governor is still looking into ways that generators would =
be=20
paid for their peaker contracts, given that the utilities are unable to pay=
.=20
"A lot of projects are in suspended animation right now as people wait to s=
ee=20
how they will get paid,"=20
Theaker said. "We don't know how far (the governor's) discussions have=20
progressed, but it's got to be resolved soon because the development and=20
building of these projects requires a 3-4 month lead time."=20
Theaker added that mid-March would be the latest that construction could=20
begin or resume if the state expected to see any power from peakers by June=
=20
15.=20
-By Jessica Berthold; Dow Jones Newswires; 323-658-3872;=20
[email protected]
Developments in California's electricity crisis
By The Associated Press
02/16/2001
Associated Press Newswires=20
Copyright 2001. The Associated Press. All Rights Reserved.=20
A look at developments in California's electricity crisis:=20
THURSDAY:
- California power regulators extend a Stage 3 alert for the 31st straight=
=20
day, scrambling to find enough power to avert rolling blackouts.=20
- Gov. Gray Davis says he is convinced the state acquisition of Southern=20
California Edison and Pacific Gas and Electric Co.'s transmission systems=
=20
would make the utilities financially viable again. He gives Democratic=20
legislative leaders his utility debt-relief plan, but swears them to secrec=
y=20
and declines to release details himself.=20
- The California Energy Commission's plant siting committee recommends that=
=20
the commission license a 500-megawatt plant in western Kern County. The=20
Western Midway Sunset Cogeneration Project would be located near Derby Acre=
s=20
and be the fifth power plant approved for the county since April 1999. It=
=20
would produce enough electricity for about a half-million households.=20
- The state Public Utilities Commission extends an order to help PG&E suppl=
y=20
its customers with natural gas. The PUC votes unanimously to let the utilit=
y=20
use its revenue to pay off natural gas bills first for at least 90 more day=
s.=20
- Eight "renewable energy" suppliers, including wind-, solar-and geothermal=
=20
electricity generators, among others, form a creditors committee to decide=
=20
how to deal with Edison's failure to pay about $210 million in bills from=
=20
them since November.=20
- Electricity wholesalers and state power grid officials disagree on the=20
meaning of a key Federal Energy Regulatory Commission ruling.=20
FERC says the ISO can't waive a requirement that PG&E and Edison be=20
creditworthy. Suppliers say that backs up their argument that the state,=20
already buying a third of the power the strapped utilities' customers use,=
=20
must take responsibility for last-minute power buys the Independent System=
=20
Operator makes to fill gaps in Edison's and PG&E's supplies. The ISO conten=
ds=20
the ruling backs up their argument that they can keep billing Edison and PG=
&E=20
for the emergency power they buy from the wholesalers, regardless of the=20
utilities' ability to pay for it.=20
- The chairman of the House energy panel says California's power problems=
=20
should not signal the demise of electricity deregulation. Rep. Billy Tauzin=
,=20
R-La., holding a hearing on deregulation, says problems similar to=20
California's could develop in other states if competition in the electricit=
y=20
markets is handled unwisely.=20
- Assemblyman John Dutra, D-Fremont, proposes legislation that would make o=
il=20
refineries, pipelines and fuel production plants among the last hit if ther=
e=20
are rolling blackouts.=20
- A hearing on a lawsuit by Duke Energy against Davis is delayed after U.S.=
=20
District Judge Matthew Byrne in Los Angeles recuses himself, saying he owns=
=20
500 shares of Edison International stock and is a friend of John Bryson, he=
ad=20
of Southern California Edison's parent company.=20
Duke is challenging Davis' authority to seize long-term energy contracts=20
owned by Edison and PG&E. Davis commandeered the contracts rather than see=
=20
them sold by the California Power Exchange to pay utility debts.=20
- In another federal court case in Los Angeles, a group of energy wholesale=
rs=20
and the exchange agree to delay their legal battle while federal regulators=
=20
consider the underlying issues. The exchange has tried to charge power=20
generators to cover payments owed to it by Edison and PG&E. Enron, Avista a=
nd=20
other generators oppose the so-called charge backs. The exchange argues it=
=20
had no choice after Davis commandeered the utilities' contracts, which had=
=20
served as collateral for their debts.=20
- PG&E's stock closes at $12.84 per share, up .34 cents. The stock of Ediso=
n=20
International, the utility's parent, rises .06 cents a share to close at=20
$12.31.=20
- Talks continue on an attempt by AES Corp. owner of a Huntington Beach pow=
er=20
plant that has agreed to pay $17 million to settle air pollution claims, to=
=20
crank up two dormant generators to feed the state's ailing power grid. The=
=20
proposed retrofitting is the subject of a workshop in Sacramento to discuss=
=20
how AES would account for its environmental impacts. The move requires stat=
e=20
permission; consumer groups and local leaders oppose it.=20
WHAT'S NEXT:=20
- U.S. District Judge Frank Damrell Jr. holds a hearing Friday in Sacrament=
o=20
on the ISO's attempt to continue requiring three major wholesalers to sell =
it=20
power. He is weighing whether to replace his temporary restraining order=20
against the three companies with a preliminary injunction, the next step=20
before a permanent injunction.=20
- The governor plans Friday afternoon to announce his proposal to help Edis=
on=20
and PG&E pay off their debts.=20
- A judge in Los Angeles holds a hearing Friday on Duke Energy's challenge =
of=20
Davis' authority to seize long-term electricity contracts owned by Edison a=
nd=20
PG&E.=20
- State power regulators anticipate a Stage 3 power alert will remain in=20
effect at least through Friday.=20
- A federal judge in Los Angeles holds a hearing Tuesday on energy=20
wholesalers' challenge of the state Power Exchange's attempt to make them=
=20
cover payments owed it by Edison and PG&E.=20
- An order from Davis requiring businesses to substantially reduce outdoor=
=20
lighting after business hours takes effect in mid-March. Businesses that fa=
il=20
to comply face a potential fine of $1,000 a day.=20
THE PROBLEM:=20
- High wholesale power costs, high demand, transmission glitches and a tigh=
t=20
supply worsened by scarce hydroelectric power in the Northwest and=20
maintenance at aging California power plants are all factors in California'=
s=20
power crisis.=20
Much of the problem is blamed on the state's deregulation of the power=20
industry. The state Public Utilities Commission ordered Edison and PG&E to=
=20
sell their power plants and buy wholesale electricity. Meanwhile, the state=
's=20
1996 utility deregulation law froze the rates the state's investor-owned=20
utilities could charge their customers.=20
Edison and PG&E say they've lost nearly $13 billion since June to high=20
wholesale prices they are barred from passing onto ratepayers, and are clos=
e=20
to bankruptcy. Electricity and natural gas suppliers, alarmed by the two=20
companies' poor credit ratings, are refusing to sell to them, leading the=
=20
state to start buying power for the utilities' nearly 9 million residential=
=20
and business customers.
Business; Financial Desk
Bush Pushes Energy Plan in Mexico Trade: President wants to cut hemispheric=
=20
barriers for oil, gas and electricity. But it may be a hard sell south of t=
he=20
border
EVELYN IRITANI
TIMES STAFF WRITER
02/16/2001
Los Angeles Times=20
Home Edition
C-1
Copyright 2001 / The Times Mirror Company=20
When President Bush meets today in Mexico with President Vicente Fox, he wi=
ll=20
deliver the same message he did to Canadian Prime Minister Jean Chretien la=
st=20
week in Washington: Let's share energy.=20
Bush wants a "hemispheric energy policy" that, although only vaguely define=
d=20
so far, would foster the seamless flow of oil, natural gas and electricity=
=20
among the three nations and reduce barriers that limit foreign access to=20
energy resources.
It is a goal that Chretien embraces but that presents Fox with big practica=
l=20
and constitutional problems.=20
And the White House initiative faces opposition from other quarters as a=20
result of California's power debacle, which is now drawing blame for soarin=
g=20
energy prices in Canada and Mexico, as well as the United States. It has=20
sparked a global reassessment of energy deregulation and could turn America=
's=20
energy industry into the latest target for anti-globalization forces.=20
"The energy companies could easily become a poster industry for the message=
=20
that, if globalization means a market economy, then that's bad news," said=
=20
Gary Hufbauer, a trade analyst at the Institute for International Economics=
=20
in Washington.=20
As the world's biggest single consumer of energy, the U.S. has a point of=
=20
view that to some outsiders--especially in energy-producing countries such =
as=20
Mexico and Canada--is purely one of self-interest. Critics liken the U.S.-l=
ed=20
deregulation effort to economic imperialism disguised as free trade, where=
=20
the U.S. forces other countries to open their energy markets to powerful=20
American firms that then siphon off the energy for SUV-driving,=20
electricity-gobbling Americans.=20
"We now have a continental energy market largely run by American corporatio=
ns=20
that is based on a model of increased consumption and the premise that we'l=
l=20
never run out [of energy]," said Maude Barlow, chairwoman of the Ottawa-bas=
ed=20
Council of Canadians, that country's largest public-interest group.=20
In his first few weeks in office, Bush has used California's electricity=20
shortage as ammunition to promote the need for a long-term energy policy=20
centered on greater development of oil and natural gas. One element would=
=20
have oil, gas and electricity flow more freely within North America.=20
So far, the former Texas oilman's plans for a continental energy market hav=
e=20
been long on rhetoric and short on details. U.S.-Canada trade in energy is=
=20
already largely unfettered, with Canada sending $27.6 billion in energy=20
products south in 1999. And U.S. energy firms are major players in Canada.=
=20
"We are in the business of selling them oil and gas and electricity,"=20
Chretien said after meeting with Bush.=20
But as its own energy reserves dwindle and its appetite grows, the United=
=20
States has a lot to gain from reducing barriers everywhere to trade in oil,=
=20
gas and electric power, an economic enterprise valued at between $600 billi=
on=20
and $1 trillion worldwide.=20
That is why Washington over the years has sought to open up energy markets=
=20
through pacts such as the North American Free Trade Agreement and the World=
=20
Trade Organization.=20
Previously, energy services such as oil production and electricity=20
transmission were not part of trade agreements because those areas were=20
largely controlled by government-owned monopolies. But today, at least 100=
=20
countries are in some stage of energy deregulation or privatization,=20
according to Robert Michaels, a deregulation expert at Cal State Fullerton.=
=20
Deregulation advocates argue that tearing down these barriers will foster=
=20
investment in infrastructure in energy-rich but undeveloped countries,=20
speeding the construction of power systems. They point out that nearly 2=20
billion people around the world don't even have access to electricity or=20
other forms of commercial energy.=20
But the California experience has changed attitudes everywhere. Energy=20
analyst Lawrence Makovich of Cambridge Energy Research Associates in=20
Cambridge, Mass., has been traveling the globe urging anxious governments n=
ot=20
to turn their backs on energy deregulation because of California's failed=
=20
deregulation scheme.=20
"We are at a very critical point here," Makovich said. "Are we going to=20
continue and fix this market and get things right, or retreat back toward=
=20
government control and regulation?"=20
Trade agreements such as the WTO establish rules on how markets should be=
=20
liberalized and the proper role of government. A U.S. proposal to add energ=
y=20
services to the WTO trade pact, for example, would require countries to do=
=20
away with excessive tariffs on drilling equipment and prohibit preferential=
=20
treatment for domestic firms in bidding for oil concessions or getting acce=
ss=20
to electrical grids.=20
"There are reasons why historically these [energy markets] were set up as=
=20
integrated monopolies, because they knew security of supply was essential t=
o=20
any modern economy," said Ellen Gould, an economist in Vancouver, Canada, w=
ho=20
served on the board of BC Hydro, British Columbia's publicly owned utility.=
=20
"You can't have the lights go out. [But] you can't introduce market forces=
=20
unless you're prepared to see a little blood."=20
Political and economic tensions over energy in the NAFTA region, especially=
=20
in Canada, illustrate the obstacles facing the Bush initiative.=20
Under NAFTA, Canada agreed to reduce government intervention and ensure a=
=20
more stable flow of energy across the border in exchange for increased acce=
ss=20
to the much larger U.S. market. That included a pledge not to give Canadian=
=20
customers preferential treatment by charging them less than foreigners and =
to=20
maintain exports at a certain level, even if Canada was experiencing a=20
shortfall or price surges at home.=20
Since then, Canada's exports to the United States have jumped dramatically.=
=20
Canada's share of the U.S. natural gas market has tripled to 15%.=20
Throughout California's energy crisis, Canadian producers and governments i=
n=20
resource-rich provinces have enjoyed a windfall because of the resulting=20
price run-ups.=20
But in Alberta, which in January became the first Canadian province to=20
deregulate electricity, a sharp spike in gas and electricity prices has=20
triggered a consumer and business backlash. Energy has become a hot issue i=
n=20
an upcoming provincial election, and the government has provided hundreds o=
f=20
millions of dollars in energy rebates to unhappy customers. Even the=20
province's largest manufacturers have pronounced electricity deregulation a=
=20
mistake.=20
Steven Shrybman, a trade attorney in Ottawa, believes Canada signed onto a=
=20
pact that undermined its sovereignty while allowing the United States, by=
=20
getting more oil and gas from Canada, to reduce its dependence on oil from=
=20
the Middle East and lessen the likelihood of going to war to keep its cars=
=20
and heaters fueled.=20
From the American point of view, Shrybman says, "I regard these provisions =
of=20
NAFTA as an alternative to the Iraq war."=20
In Mexico, the constitution requires that natural resources remain under=20
domestic control. The country was exempted from most of NAFTA's energy=20
market-opening provisions. That has made foreign firms wary of investing in=
=20
Mexico's energy sector.=20
"You can't have any foreign ownership, and yet they want investment and=20
joint-venture partners," said Enron's Hillings. "There's an awful lot of ga=
s=20
right around the Texas-Mexico border that's never been developed."=20
Meanwhile, Mexico can't even meet its own burgeoning demand for gasoline or=
=20
electricity. By some estimates, Mexico needs to invest $30 billion in energ=
y,=20
including natural gas to feed new power plants, money that Fox has said wil=
l=20
have to come from outside investors. U.S. energy firms are already building=
=20
power plants in Baja California and other parts of Mexico, but nearly all t=
he=20
output is needed in Mexico itself.=20
Sergio Rivas, an economist at Primer Enfoque, an energy consulting firm in=
=20
Mexico City, predicted that Fox will have trouble persuading Mexicans=20
suffering brownouts themselves that they should provide energy to their=20
wealthier northern neighbors.=20
"People would ask, 'How is it possible we are thinking to supply electricit=
y=20
to the United States when we don't have enough for our own consumption?' "=
=20
Rivas said.=20
"In the political sense, this issue is very, very complicated."=20
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)=20
Oil, Gas and Power=20
Energy imports from Canada and Mexico soared in the 1990s, but President Bu=
sh=20
wants more.
GRAPHIC: Oil, Gas and Power, Los Angeles Times;=20
Enron Corp. to Increase Investment in Argentina, Cronista Says
Bloomberg News, 2/16/1 8:18 (New York)
Buenos Aires, Feb. 16 (Bloomberg) -- Azurix Corp., a unit of the world's=20
largest energy trader Enron Corp., will boost investment in an Argentine=20
water concession by 50 percent this year under an accord that ends months o=
f=20
wrangling, the daily Cronista reported.
Azurix will spend an additional $44 million this year to improve drinking=
=20
water services under its concession to deliver potable water and other=20
services to Buenos Aires province, the paper said.
The agreement brings to a close a conflict in which Buenos Aires Governor=
=20
Carlos Ruckauf threatened to revoke Azurix's contract by convening a specia=
l=20
legislative sessions after residents complained of poor service.
Houston-based Azurix has invested $94 million of the $439 million it promis=
ed=20
to win a 30-year water concession with Argentina's most populous province.=
=20
Residents of Bahia Blanca, a port and petrochemical center, complained in M=
ay=20
of foul smelling water.
(El Cronista, 2/16, p. 11) {ELCR <GO>}
--John Lyons in Buenos Aires (5411) 4321-7738 or [email protected]=20
through the New York newsroom at (212) 318-2300/lm
Petrobras, Repsol Plan $300-Mln Bolivian Pipeline, Valor Says
Bloomberg News, 2/16/1 7:59 (New York)
Rio de Janeiro, Feb. 16 (Bloomberg) -- Petroleo Brasileiro SA, the=20
state-control oil company, and Repsol YPF SA plan to build a $300 million=
=20
Bolivian pipeline to transport natural gas, avoiding a pipeline in which=20
competitor Enron Corp. has a stake, Valor newspaper reported.
Petrobras, Repsol-controlled Petrolera Andina SA and France's TotalFinaElf =
SA=20
plan to build the 420-kilometer (260 miles) pipeline to link gas reserves a=
t=20
Bolivia's San Antonio and San Alberto fields to the $2 billion,=20
Petrobras-controlled GasBol pipeline that carries the gas to Brazil's most=
=20
industrialized regions. Construction will take about 20 months, Valor said.
The 24 million cubic meters a day pipeline will allow the companies to avoi=
d=20
paying high tolls to Houston-based Enron, which shares with Bolivia's=20
government control of a competing pipeline, known as Yabog, the daily said.
Petrobras, which only recently lost its monopoly rights to supply Brazil wi=
th=20
gas, is battling Enron and companies such as U.K.-based BG Plc for gas supp=
ly=20
contracts in Brazil, hoping its recently constructed 30 million cubic meter=
a=20
day GasBol pipeline will allow it to undermine competitors. Brazil's petrol=
eum
regulator ANP recently dealt Petrobras a blow, allowing Enron and BG to=20
transport gas through GasBol while Petrobras fails to use its full capacity=
.
<Valor B3 2/16 http://www.valoronline.com.br>
--Joshua Schneyer in Rio de Janeiro (5521) 516-1552 through the Sao Paulo=
=20
newsroom (5511) 3048-4530/bh
=20
International
Governor of Buenos Aires Shoots for the Presidency, the People's Discontent=
=20
His Ammunition
By Pamela Druckerman
Staff Reporter of The Wall Street Journal
02/16/2001
The Wall Street Journal
A9
(Copyright (c) 2001, Dow Jones & Company, Inc.)
BUENOS AIRES -- While many Argentines were still nursing hangovers on New=
=20
Year's Day, Buenos Aires Gov. Carlos Ruckauf was holding a news conference.=
=20
His urgent message to the nation: "I'm going to be the next president."
Never mind that Argentina's sitting president, Fernando de la Rua, was just=
a=20
year into his four-year term. Mr. Ruckauf was once again reveling in his ro=
le=20
as the self-appointed spokesman for victims of a painful recession widely=
=20
blamed on Mr. de la Rua.=20
Governor of a state comprising more than a third of the country's populatio=
n=20
and total output, Mr. Ruckauf has struck a chord with beleaguered Argentine=
s=20
by sounding off about surging crime and stubbornly high unemployment. He ha=
s=20
also sided with local businesses against foreign competitors and free-trade=
=20
deals and with consumers against aspects of the country's sweeping=20
privatization program.=20
The strategy has paid big dividends for the 56-year-old governor. In recent=
=20
opinion polls, he ranked twice as popular as Mr. de la Rua and had a higher=
=20
positive rating than any other politician on the national scene.=20
But certain positions have increasingly put Mr. Ruckauf at odds with=20
multinational companies operating in Buenos Aires state. Last month, his=20
administration ordered the state legislature to review a $439 million=20
water-distribution contract held by Azurix Corp., which is majority-owned b=
y=20
Houston's Enron Corp., following a contract dispute. Mr. Ruckauf crossed=20
swords with Wal-Mart Stores Inc. of Bentonville, Ark., recently, when his=
=20
government backed a law that greatly restricts the size of new hypermarkets=
,=20
a move seen as an effort to protect local retailers.=20
Observers tend to view Mr. Ruckauf's more-populist platforms as a vehicle f=
or=20
the governor's political ambitions, rather than the product of deeply held=
=20
beliefs. Before becoming a firebrand governor, Mr. Ruckauf was a low-profil=
e=20
sidekick as vice president to former President Carlos Menem, who was a=20
confirmed believer in free markets. Analysts note that Mr. Ruckauf regularl=
y=20
courts foreign investors to buy the state's global bonds and appointed a=20
former Argentine ambassador to the U.S., Diego Guelar, to nurture high-leve=
l=20
contacts with U.S. officials. "He's a total pragmatist," says political=20
analyst Rosendo Fraga. In terms of Mr. Ruckauf making major policy changes,=
=20
he says, "there's a low probability that he'll do it."=20
Mr. Ruckauf has also drawn the ire of some within his own Peronist party,=
=20
which ceded the presidency to Mr. de la Rua's Alliance party in December=20
1999. Party chief Mr. Menem, along with several other Peronist governors, a=
re=20
believed to have their eyes on the 2003 presidential race. And many were=20
jarred when Mr. Ruckauf attacked his opponent in the gubernatorial race for=
=20
being pro-abortion in an appeal to the party's ultraconservative wing.=20
Abortion is generally outlawed in the largely Catholic country and typicall=
y=20
isn't raised as an issue in political campaigns.=20
But the governor's no-holds-barred message is resonating strongly with=20
ordinary Argentines, who quickly soured on their new president when he fail=
ed=20
to bring fast economic relief. In almost daily declarations, Mr. Ruckauf ha=
s=20
called for a crackdown on youth violence, sweeping tax cuts and increased=
=20
funding for small and medium-sized businesses. He has attacked Brazil,=20
Argentina's partner in the regional trade pact Mercosur, for robbing jobs=
=20
from Argentina. And he recently led an appeal to the national government fo=
r=20
a "social aid package" to accompany the nearly $40 billion financial packag=
e=20
led by the International Monetary Fund in December. "I make proposals that=
=20
are absolutely clear," Mr. Ruckauf said recently.=20
Opponents say Mr. Ruckauf's popularity surge is just a blip on the screen=
=20
that will disappear when the economy bounces back, as it shows some signs o=
f=20
doing.=20
So far, though, enthusiasm for Mr. Ruckauf hasn't been mitigated by the fac=
t=20
that he hasn't actually managed to cut crime and that unemployment has stuc=
k=20
close to 15%. He also hasn't taken the fall for his state's worsening=20
finances: Late last year, Standard & Poor's downgraded the province's forei=
gn=20
and local-currency debt. S&P analyst Diana Mondino says current expenses ha=
ve=20
increased "dramatically" under Mr. Ruckauf's administration.=20
"Ruckauf's strong image has more to do with his personal attributes than hi=
s=20
performance," explains pollster Graciela Romer. According to her surveys on=
=20
unemployment and security issues, "People don't think the facts have change=
d."
`Terms of Reference of Godbole Panel Must Include DPC Review'
The Times of India News Service
02/16/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)
MUMBAI: N.D. Patil, chairperson of the coordination committee of the=20
Democratic Front coalition, has categorically told chief minister Vilasrao=
=20
Deshmukh that the terms of reference for the Godbole committee must include=
a=20
review of the Dabhol power project.=20
Mr Patil told The Times of India News Service that the terms should also=20
provide for reviewing all clearances given to the project and examining all=
=20
the relevant laws and notifications.
Mr Patil, a former minister of the Peasants and Workers party and a respect=
ed=20
politician, is a staunch opponent of the project. He has demanded the=20
scrapping of phase II of the project saying that it is exploitative and wou=
ld=20
imposes a severe burden on the state's finances and the consumers.=20
Mr Patil is of the view that the second phase can be scrapped as the=20
agreement with Enron violates several provisions of the Contracts Act. Some=
=20
experts feel that phase II would be so deleterious to the state and the=20
consumers that it would be more acceptable to bear the costs of scrapping i=
t.=20
The Godbole committee will make recommendations not only on the Dabhol powe=
r=20
project but also on two other major proposed private sector projects of=20
Reliance at Patalganga and Ispat group at Bhadrawati.=20
The Maharashtra state electricity board had signed power purchase agreement=
s=20
for both the projects during the Shiv Sena-BJP administration. However, the=
=20
MSEB told the government that it would find it difficult to absorb the high=
=20
volume of additional power. The Ispat project has a capacity of 1082 MW and=
=20
Reliance 447 MW.=20
Besides, if the proposed 500 MW plant of BSES comes up at Saphale near=20
Palghar, it would further create problems w.r.t cost of purchasing power fo=
r=20
the MSEB, sources said. Ideally, BSES should be ready to give a cross-subsi=
dy=20
to MSEB, sources said. Sources said the BSES was making a lot of profit sin=
ce=20
it catered to a large number of affluent consumers in Mumbai. ``While they=
=20
take away the cream, we are forced to cater to the rural areas at a low pri=
ce=20
and suffer losses,' the sources said. A senior official said the state=20
electricity board should also benefit from Mumbai's affluence.=20
The board has protested to the government against the proposed BSES plant a=
t=20
Saphale. BSES must compensate MSEB, the sources said. BSES has submitted=20
another proposal for a 500 MW coal-based unit at Nandgaon near Amravati. ``=
It=20
should not even be discussed until BSES meets its obligations by paying=20
stand-by charges for the Dahanu plant,'' the sources said.=20
Meanwhile, MSEB has launched a major drive to disconnect power supply to=20
those defaulting on bills. The daily number of disconnections has gone up=
=20
from nearly 12,000 to 20,000, the sources said on Saturday. Staff members w=
ho=20
take stern action against defaulters are being rewarded.=20
MSEB chairperson Vinay Bansal has assured honest officials that they will n=
ot=20
be penalised in any way in their drive against power thefts and defaulters.=
=20
Nearly 150,000 meters are being installed in the next few months as part of=
=20
the energy audit exercise. Power thefts will be monitored and guilty=20
employees will be suspended. So far 185 employees have been suspended=20
including one superintending engineer and 12 class I officers.=20
Oil mills in Gondia and Bhandara district of Vidarbha are opposing the=20
introduction of electronic meters as these cannot be tampered with, sources=
=20
said.
Indian Trade Unions Urge Government to Take Over Enron Project
02/16/2001
Asia Pulse=20
(c) Copyright 2001 Asia Pulse PTE Ltd.=20
MUMBAI, Feb 16 Asia Pulse - The government of India's Maharashtra state has=
=20
been urged by the Trade Unions Joint Action Committee (TUJAC) to take over=
=20
phase I of Enron's gas project and cancel phase II, saying that "whatever=
=20
compensation" necessary could be made by the government and the people of=
=20
Maharashtra.=20
Addressing a rally organised by 30 employees trade unions under the TUJAC=
=20
banner yesterday at Shivaji Park in the central Mumbai, the State Governmen=
t=20
Employees Confederation leader R G Karnik said, the TUJAC would organise a=
=20
protest march on March 15, to protest the proposed changes in the Maharasht=
ra=20
labour laws.
The TUJAC will go ahead with the march if both the federal and the state=20
governments did not change their decision which goes against the interests =
of=20
workers and the people of the state, Karnik claimed.=20
Any kind of revision of phase II is not going to help the people of=20
Maharashtra in the long run, TUJAC leaders said.=20
On the country' economic policies, "The federal government has to adopt a=
=20
rethinking on the new economic policies as it has affected the public,=20
economically and mentally," the TUJAC Deputy Convenor, A D Golandas, said.=
=20
The employees from the satellite towns of Mumbai Thane, Nashik and Pune=20
participated in large numbers in the rally, the leaders added.=20
(PTI) 16-02 2122
India: Enough is enough for Enron Corp?
02/16/2001
Business Line (The Hindu)=20
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -=
=20
Asia Intelligence Wire=20
MUMBAI, Feb. 15. IN its quest for higher returns, Enron Corp would sell=20
assets, such as its stake in Dabhol Power Company (DPC), if the price is=20
right, says an article in BusinessWeek, quoting Enron executives.=20
The February 12 story on Enron's activities worldwide, also talked about ho=
w=20
Enron had faced a barrage of criticism in many Third World countries.
Not only has the Dabhol project been a draining experience, but it is no=20
longer seen as a wise investment, says the article. It quoted the Enron=20
President, Mr. Jeffrey K. Skilling: "We shouldn't be in there building=20
$2-billion power plants. ... Our cost of capital is too high to do that."=
=20
A spokesperson for Enron India, however, said the reference in the article =
to=20
the selling of its stake did not mean it intended to sell out of DPC=20
altogether.=20
"It is with reference to what we have already announced. We are looking for=
=20
someone to buy the additional 15 per cent we have in the company following=
=20
the Maharashtra State Electricity Board acquiring only half of the 30 per=
=20
cent stake it was to take. We have already appointed Credit Suisse First=20
Boston for the same, we want to revert to the earlier equity stake we had,"=
=20
said a spokesperson for Enron India.=20
On Mr Skilling's comment that Enron should not be "in there building=20
$2-billion power plants," Enron India spokesperson said the reference was t=
o=20
building new plants in India. "We have no further plans to build more plant=
s=20
here."=20
Kripa Raman
MSEB tightening screws on power thefts, defaulters
The Times of India News Service
02/16/2001
The Times of India=20
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)=20
MUMBAI: The Maharashtra State Electricity Board (MSEB) has started tighteni=
ng=20
its grip on defaulters and power theft in the wake of the Enron crisis. The=
=20
drive has already borne fruit with revenue collections rising and cases of=
=20
power theft in the wane.=20
Making this claim, a top MSEB official said that the government would have =
to=20
decide the fate of the DPC project at the political level and not depend on=
=20
the Godbole committee for solutions.
Speaking to TOINS on the condition of anonymity, he said that over the past=
=20
few months MSEB had shown better recovery; the collection in January was Rs=
=20
911 crore against Rs 795 crore in December. It is expected to be around Rs=
=20
875 crore in February. Also, electricity lines of more than 20,000 defaulte=
rs=20
were being disconnected on a daily basis.=20
Generation, too, has shown considerable improvement. Plant load factor (PLF=
)=20
of MSEB's generation plants has achieved a peak capacity of 71 per cent,=20
which is a national record, he stated.=20
The main problem was MSEB's tariff structure, he said. The official pointed=
=20
out that 1.18 crore of MSEB's 1.30 consumers were subsidised, i.e. nine out=
=20
of every ten enjoy receive power at concessional rates. He, however, pointe=
d=20
out that despite these shortcomings, MSEB continued to be one of the most=
=20
efficiently run SEBs in the country.=20
The official conceded that power thefts continued to be a major cause of th=
e=20
losses and also accepted the fact that there existed a nexus between power=
=20
pilferers and some MSEB personnel. He revealed that nearly 200 MSEB officer=
s=20
had been punished for turning a blind eye on power thefts.=20
The official said the Rajadhyaksha committee, appointed some of years ago b=
y=20
the former Shiv Sena-BJP government to review Maharashtra's power situation=
,=20
had strongly recommended metered power supply all over the state. Neither=
=20
this recommendation nor other important recommendations have been=20
implemented. Describing agriculturists' demand for power as a=20
`subsidy-induced demand', the official said it had been observed that=20
electric motors were left running even after the required amount of water w=
as=20
drawn. This was happening simply because power was cheap, he said.
India State Pays Bills to Enron, But Electricity Crunch Persists =20
John Elliott - Special to the International Herald Tribune=20
Friday, February 16, 2001=20
BOMBAY - The Indian state of Maharashtra has paid Enron Corp. $17 million i=
n=20
overdue bills from a troubled power project,
temporarily easing tensions with the U.S. company.
But the payment of the bill came only after Enron intensified the standoff=
=20
with the state, calling in the federal government, and it resolves none of=
=20
the issues that prompted the dispute. Meanwhile, a severe energy shortage i=
n=20
India continues to worsen.
The confrontation was prompted by increases last year in the price of power=
=20
from the Enron plant, which was begun in 1995 amid a backlash of nationalis=
t=20
sentiment against the big outside investor. The state government called in=
=20
December for Enron's entire $3 billion, 2,184-megawatt project in Dabhol to=
=20
be renegotiated for a second time and stopped paying its bills.
That provoked the company last month to demand payment of overdue bills. It=
=20
invoked a central government guarantee intended to reassure skittish foreig=
n=20
investors.
The power minister, Suresh Prabhu, who comes from Maharashtra, stepped in a=
nd=20
on Monday the state government paid the $17 million due. "We spoke to the=
=20
state government and they have made their payment," Mr. Prabhu said. "Now=
=20
both sides need to talk and we need to solve this situation."
While the $17 million November payment was finally made, Enron says it is=
=20
still owed additional payments from the project.
The Enron project is part of a much wider problem. There is a national=20
shortage of power amounting to about 20 percent at peak periods, but=20
virtually bankrupt state electricity distribution boards throughout the=20
country can neither pay their bills nor provide financial guarantees for=20
builders of new power projects.
"Given the financial health of the state electricity boards, we shall very=
=20
soon reach a state of no return if we do not take corrective measures," Mr.=
=20
Prabhu said, adding that new generation, transmission and distribution=20
projects costing more than $200 billion would be needed in the next 10 year=
s.
Mr. Prabhu has two immediate aims. One is to solve the Enron dispute and=20
salvage what is left of India's reputation as a destination for foreign=20
investment. At the same time, he is pushing the state electricity boards to=
=20
revise their finances. For example, 90 percent of the Maharashtra board's=
=20
power is sold below cost - some of it is virtually free - and one-third of=
=20
its revenues disappear in theft and other distribution losses.
Analysts suggest Enron and its bankers might be willing to discuss revising=
=20
some of the Dabhol deal if they believed that the board, which is both its=
=20
customer and a partner in the project, had sufficient revenues to be able t=
o=20
pay its bills on time. For that to happen, the state government would have =
to=20
introduce changes that reduce subsidies, implement a tougher rate structure=
=20
and strengthen bill collection. The state government, however, is riven wit=
h=20
political divisions, and some leftist parties plan state-wide demonstration=
s=20
next month where they will call for the project to be scrapped.
The problem is urgent because Dabhol's second phase is due to be commission=
ed=20
in two stages in July and August, adding at least $40 million a month to th=
e=20
bills that Enron sends to the board. Then, in January, liquefied natural ga=
s=20
will begin to flow from Abu Dhabi and Oman under contracts that have alread=
y=20
been finalized.
The state will find it difficult to meet these deadliness on its own. One=
=20
solution being discussed is for the state to call off its dispute with Enro=
n=20
over the existing phase of the project and pay all outstanding bills. At th=
e=20
same time it would demand renegotiation of phase two, with the aim of=20
reducing Enron's rates and off-loading some of the project to the central=
=20
government.
The project's bankers, which include Citibank, Bank of America, ANZ Grindla=
ys=20
and ABN-AMRO, would then come under pressure to reduce financing charges,=
=20
possibly by reducing interest payments and rescheduling debt in U.S. dollar=
s=20
to Indian rupees. Enron would also be asked to reduce standing charges, whi=
ch=20
are imposed irrespective of how much electricity the company produces and=
=20
currently cost $20 million a month.
Meanwhile Enron, which is refocusing on more developed economies, is=20
reviewing its other projects in India. It has canceled a 50-50 joint ventur=
e=20
with Calcutta-based Ispat Industries for a gas-based power project at an=20
Ispat steelworks. A plan to build a telecommunications and Internet backbon=
e=20
across Maharashtra, in a joint venture with the state electricity board, is=
=20
also being reviewed.=20
Universal signs video-on-demand deal=20
By LAURA RICH=20
The Industry Standard, February 16, 2001
Universal Studios has announced it will distribute new releases and extensi=
ve=20
film archives through video-on-demand service Intertainer.=20
Subscribers to the digital cable channel will be able to choose among 300=
=20
movies from eight major movie studios at any time. The addition of Universa=
l=20
gives Intertainer the broadest selection of major motion pictures among=20
video-on-demand players, which include Blockbuster, CinemaNow and SightSoun=
d.=20
Intertainer is rolling out a service in partnership with Enron Broadband.=
=20
``Intertainer is a terrific partner for our ongoing VOD efforts because of=
=20
its experience in the category,'' Holly Leff-Pressman of Universal Televisi=
on=20
& Networks Group said in a statement.=20
Intertainer is a relatively small competitor from an audience standpoint. T=
he=20
company was formed in 1997 and just launched its VOD service last spring. T=
he=20
service is currently available in Cincinnati and Willow Grove, Pa., and wil=
l=20
be rolled out in seven more cities by the end of summer. Currently, there a=
re=20
fewer than 10,000 subscribers to Intertainer.=20
Intertainer's deal with Universal comes as Hollywood mulls the digital futu=
re=20
for film. Most studios are digitizing their films and drawing up plans to=
=20
deliver their libraries over the Internet to consumers and movie theaters.=
=20
Sony's Web-based MovieFly system is gearing up for a spring launch, and=20
Disney also is said to have a VOD system in the works. The rest of the=20
studios are said to be in varying stages of talks with Sony or Disney.=20
Intertainer continues to make strides even though studios have a history of=
=20
despising the middleman. Blockbuster has long locked horns with the studios=
,=20
which have complained that the chain was reaping ancillary film revenues th=
ey=20
should have controlled.=20
By aligning with Intertainer, the studios are supporting a new middleman by=
=20
bolstering it with a larger selection of movies than their own services=20
likely will have. Antitrust concerns prevent the studios from grouping all=
=20
their content in a single jointly owned channel. But they also are better o=
ff=20
distributing their films to as many outlets as possible.=20
California Questions Dominate Industry Conference
Reuters, February 15, 6:41 pm Eastern Time=20
By Janet McGurty=20
NEW YORK, Feb 15 (Reuters) - Hundreds of Wall Street investors gathered her=
e=20
on Thursday hoping to hear just how much risk top U.S. energy companies fac=
e=20
from California's power crisis, which has already brought the state's two=
=20
largest utilities close to bankruptcy.=20
As California moved into its 31st consecutive day of top-level power alerts=
=20
-- and lawmakers worked to piece together a rescue package designed to save=
=20
the state's cash-strapped utilities -- industry executives here tried to=20
downplay their exposure to the crisis.=20
``I am very comfortable with where we are in California,'' Ken Lay, the=20
outgoing chairman of Enron Corp. (NYSE:ENE - news), the nation's largest=20
buyer and seller of electricity, told the UBS Warburg Energy Conference.=20
Tom Mason, of California-based independent power producer Calpine Corp.=20
(NYSE:CPN - news), said his company's position was ``not precarious'' and=
=20
that he thought the problem would be settled through legislation next week.=
=20
``But the fuse is very short,'' Mason said.=20
Indeed, California's two investor owned utilities, subsidiaries of San=20
Francisco-based PG&E Corp. (NYSE:PCG - news) and Edison International=20
(NYSE:EIX - news), have run up more than $12 billion in combined debt buyin=
g=20
electricity in the wholesale market, costs they have been unable to pass on=
=20
to consumers under the state's 1996 partial deregulation law.=20
How and when the utilities will pay those bills remains to be seen -- leavi=
ng=20
a dark cloud over any company that has sold power to the state.=20
Steve Bergstrom, President and Chief Executive of Dynegy Inc. (NYSE:DYN -=
=20
news), one of the three companies which recently filed suit against the=20
state, said he had confidence the situation would be reasonably resolved.=
=20
``Our purpose is to get back 100 cents on the dollar,'' he said, adding the=
=20
suit was not meant to drive the utilities into bankruptcy.=20
Along with Dynegy, Mirant Corp. (NYSE:MIR - news) and Reliant Energy Inc.=
=20
(NYSE:REI - news) -- which in total own power plants with the capacity to=
=20
provide one-fifth of California's peak power needs -- filed the suit, seeki=
ng=20
assurance they will be paid the $400 million they are owed by the utilities=
.=20
For its part, El Paso Corp. (NYSE:EPG - news) admitted to having about $100=
=20
million in exposure for selling electricity and natural gas to California.=
=20
This is about double to what the compan Gu??? their their exposure.=20
And James Donnell, president of Duke Energy North America (NYSE:DUK - news)=
,=20
reiterated that Duke is owed a total of about $400 million, adding that it=
=20
has $110 million in reserve.=20
Other executives at the conference were more circumspect in front of the Wa=
ll=20
Street audience. AES Corp. (NYSE:AES - news) senior vice president Kenneth=
=20
Woodcock said his company had less than $20 million in receivables due to=
=20
them from their operations in California. The largest chunk of that is the=
=20
$8.5 million owed by PG&E for buying out a long-term contract.=20
AES had purchased some old generating plants, some built as far back as 194=
9,=20
which they thought would be used as back-up.=20
But most were pushed up to running at 25 percent capacity because of=20
electricity demand, after running at just two percent of capacity for years=
.=20
``You can't put a Model T out on the Interstate and run it without it=20
breaking down,'' said Woodcock, answering criticism that outages at some of=
=20
the power plants which feed the state were calculated to raise wholesale=20
power prices.=20
Judge in Court Challenge to Gov. Gray Davis Steps Down=20
GARY GENTILE, AP Business Writer
Thursday, February 15, 2001=20
,2001 Associated Press=20
(02-15) 19:38 PST LOS ANGELES (AP) -- A federal judge who owns 500 shares o=
f=20
Edison International stock recused himself Thursday from a lawsuit filed by=
=20
another energy company against Gov. Gray Davis.=20
U.S. District Court Judge Matthew Byrne said he felt obligated to step down=
=20
because Edison is a company ``that clearly could be, if not will be, affect=
ed=20
by the outcome of this litigation.''=20
``Better now than later,'' Byrne said.=20
Based on Thursday's closing price of $12.31, Byrne's stake in Edison would =
be=20
valued at approximately $6,155. Byrne said he has owned the shares since=20
1991.=20
In addition, the judge said he is a longtime friendship with John Bryson,=
=20
president and chief executive officer of Edison International, Southern=20
California Edison's parent company.=20
Edison is not a party to the suit filed by Duke Energy, but an Edison lawye=
r=20
was in the courtroom and said the utility was interested in the outcome.=20
The case was transferred to Judge Terry Hatter and the hearing rescheduled=
=20
for Friday afternoon.=20
Duke is challenging Davis' authority to seize long-term energy contracts th=
at=20
were owned by Edison and Pacific Gas & Electric. Davis commandeered the=20
contracts under his emergency authority rather than see them sold by the=20
California Power Exchange to pay debts owed by the utilities for power boug=
ht=20
on the exchange.=20
Duke argues that the governor exceeded his authority because the contracts=
=20
are regulated under federal law.=20
In a related case, a group of energy wholesalers and the power exchange=20
agreed to delay their legal battle while federal regulators consider the=20
underlying issues.=20
The exchange has tried to charge power generators to cover payments owed by=
=20
Edison and PG&E.=20
Enron, Avista and other generators have balked at the so-called ``charge=20
backs.'' The exchange argues it had no choice after the governor commandeer=
ed=20
the utilities' contracts, which had served as collateral for their debts.=
=20
The court hearing was continued to Feb. 20. But both sides may agree to=20
further delays while the Federal Energy Regulatory Commission rules on the=
=20
issue.=20
,2001 Associated Press
Calpine Says California Must Address Debt to Traders=20
Bloomberg News, 2/15/1 17:19 (New York)
(Updates with Mirant comment on generators balking on power sales to=20
California ISO in sixth paragraph.)
New York, Feb. 15 (Bloomberg) -- Calpine Corp. Executive Vice President=20
Thomas Mason said power generators may force California utilities into=20
bankruptcy within a week if concerns about unpaid electricity bills aren't=
=20
addressed by the state legislature.
Calpine, a power-plant owner and developer, won't push Edison International=
=20
and PG&E Corp., owners of California's two biggest utilities, into=20
bankruptcy, Mason said. He declined to say which companies might.
San Jose, California-based generator Calpine has been in talks with the sta=
te=20
and Dynegy Inc., Mirant Corp. and Reliant Energy Inc. on credit and payment=
=20
issues, Mason said.
``The fuse is short,'' Mason said. ``The legislature cannot let the credito=
rs=20
sit out and stew much longer.''
Mason declined to say how much Calpine is owed by the utilities. Calpine=20
recently has sold most of its power to cities in California or to power=20
traders.
Generators are balking at the state's request to continue selling some powe=
r=20
to the California Independent System Operator, which runs the state power=
=20
grid, Mirant Chief Financial Officer Raymond Hill said in an interview. ``T=
he=20
real issue is whether generators will have to sell to an uncreditworthy=20
buyer,'' he said.
The state had proposed establishing the Department of Water Resources as it=
s=20
buying agent.
On previous sales to the California utilities, ``we are optimistic for an=
=20
outcome that will make us all whole,'' Hill said. ``It pays us to have=20
patience on an eventual political solution to this.''
Mirant, previously called Southern Energy Inc., is based in Atlanta. It's t=
he=20
power-plant development and energy-trading arm of Southern Co., the largest=
=20
U.S. power producer and owner of Atlanta's electric utility.
Dynegy
``I don't believe that (utility) bankruptcy is in the cards still,'' Dynegy=
=20
President Stephen Bergstrom said.
=20
Dynegy, based in Houston, is a U.S. electricity and natural-gas trader.
''My interest isn't in driving anyone to bankruptcy,'' Bergstrom said. ``My=
=20
interest is getting paid, 100 cents on the dollar, what Dynegy is owed, and=
=20
that's really what's driving us.''
Duke Energy Corp., the biggest U.S. utility owner and an energy trading=20
company, has power plants in California. It took a $68 million charge in th=
e=20
fourth quarter to write off bills it might not be able to collect from=20
California utilities.
``So long as we believe that general progress is being made toward a=20
solution, and that we get a chance to shape that solution, then we're willi=
ng=20
to continue to forbear'' on credit, Duke Energy North America Chief Executi=
ve=20
James Donnell said.
Legislation
Legislation will be needed to resolve generators' concerns that they won't =
be=20
paid for sales to utilities, Calpine's Mason said.
``I thought back in January surely it would be resolved by February, and no=
w=20
in February, I think, surely it will be resolved by March,'' Enron Corp.=20
Chairman Ken Lay said. Houston-based Enron is the world's biggest energy=20
trader.
The executives spoke in interviews at the UBS Warburg Energy Conference in=
=20
New York.
Shares of Calpine fell $1.01 to $45.99. Rosemead, California-based Edison=
=20
rose 6 cents to $12.31, and San Francisco-based PG&E rose 34 cents to $12.8=
4.=20
Enron fell $2.10 to $77.90, Charlotte-based Duke fell $1 to $40.10, and=20
Dynegy rose 78 cents to $52.01. Mirant fell 5 cents to $25.60.
--Jim Polson in New York, (609) 279-4106 or [email protected], and Jim=
=20
Kennett, (713) 335-5595 or [email protected], through the Princeton=20
newsroom, (609) 279-4000/pjm
Enron Saga Spills Over Into Cyberspace
Hindustan Times - India, Feb 15, 2001
BY SIDDHARTH ZARABI
THE ENRON imbroglio, after having hogged headlines in the print and=20
television media recently, has now spilled over into cyberspace.=20
A number of US-based non-resident Indian (NRI) academics and professionals=
=20
have come together and formed a group =01* Enron Action =01* that runs a we=
bsite=20
www.altindia.net/enron.=20
The site carries an emotional call =01&for transparency, for accountability=
, for=20
that lost promise called a democracy=018. And as the name suggests, it has=
=20
extensive information on the chronology of events, legal suits filed in the=
=20
past and, most interestingly, a section that suggests =01&a way out=018 fro=
m the=20
current mess that Maharashtra and the central government find themselves in=
.=20
The crux of the NRIs' argument: scrap the project, as according to their=20
estimates, Maharashtra will end up paying a whopping $30 billion (Rs 1,40,0=
00=20
crore) to Dabhol Power Company (DPC).=20
The NRIs say that under international law, the Maharashtra State Electricit=
y=20
Board (MSEB) can bypass its 'insane' obligations to the DPC, only if an=20
Indian court rules that the DPC agreement (the Power Purchase Agreement (PP=
A)=20
and the agreements surrounding it) was in violation of Indian law.=20
=01&Indeed a court case to this effect, filed by Prayas, an NGO, has been=
=20
rejected by the Maharashtra High Court; an appeal against this dismissal=20
(filed by CITU and A. Mehta) is pending before the Supreme Court=018, says =
the=20
group.=20
Explaining the background of the imbroglio, the NRIs' group says that under=
=20
the laws in force when the PPA was signed, the agreement required mandatory=
=20
economic and technical clearance from a statutory body (the Central=20
Electricity Authority =01* CEA) constituted for this very purpose. The grou=
p=20
says that the CEA did issue a technical clearance to the DPC power plant,=
=20
but, explicitly refused to issue the economic clearance. Instead, the=20
regulatory body observed that the economic issues had been looked into by t=
he=20
Ministry of Finance, which found them satisfactory.=20
The website further claims that petitioners in this court case have contend=
ed=20
that the DPC deal never received the mandatory economic CEA clearance. =01&=
A=20
mandatory CEA clearance was the legal safeguard against signing PPAs at=20
exorbitant rates. As this clearance was never received, the petitioners=20
conclude that the Dabhol PPA has no force in law=018. The group believes th=
at=20
this argument is persuasive, and has hoped that the Supreme Court will as=
=20
well. And, the NRIs are putting their money in what they believe is the=20
truth. A week ago they ran an advertisement in an Indian daily on the=20
controversy. Headlined =01&each of you owes Rs 4 lakh to Enron=018, the ins=
ert=20
claims that the Maharashtra government has been unable to pay DPC Rs 1.59=
=20
billion. But, it has entered into a contract which obligates it to pay Rs 4=
=20
trillion over the next 20 years.=20
Predicting a collapse in the states finances, the NRIs believes that=20
Maharashtra will have no money for roads, drinking water projects,=20
irrigation, education or primary healthcare.=20
Juicy tidbits from www.altindia.net/enron:=20
-Enron deal signed without competitive bidding.=20
-Project supplies electricity at twice the cost of MSEB.=20
-World Bank refused to fund the project.=20
-A Cabinet sub-committee recommended cancellation.=20
-Aug 1995: Maharashtra CM says the project would be scrapped.=20
-Nov 3, 1995: Enron CEO met Bal Thackeray. 11 days later, contract=20
reinstated.=20
Williams' EnergyNewsLive.com Features Top Energy Newsmakers=20
=20
2/15/1 FROM PR NEWSWIRE DALLAS 888-776-3971/=20
TO BUSINESS AND ENERGY EDITORS:=20
=20
Williams' EnergyNewsLive.com Features Top Energy Newsmakers=20
=20
OPEC President, U.S. Senate Energy Committee Chairman, Industry CEOs Among=
=20
Those Interviewed=20
=20
HOUSTON, Feb. 15 /PRNewswire/ -- Williams' EnergyNewsLive.com, the world's=
=20
only real-time energy news and information network, this week has featured=
=20
live interviews with newsmakers ranging from the president of OPEC to=20
chairmen=20
of the U.S. Senate Energy Committee, the California Independent System=20
Operator, Williams and Enron during its coverage of events during Cambridge=
=20
Energy Research Associates' CERA Week 2001 conference here.=20
EnergyNewsLive.com's exclusive live, online coverage of CERA Week, an=20
international gathering of energy-industry executives, is scheduled to=20
conclude tomorrow with its 45th live newscast of the week from the conferen=
ce=20
site at the Westin Galleria.=20
EnergyNewsLive.com delivers energy news and information around the clock=20
via the Internet. The site features a live, broadcast-quality,=20
streaming-video, energy-focused newscast at the top of every hour during th=
e=20
business day. EnergyNewsLive.com's home studio is located on the energy=20
trading floor at the Williams (NYSE: WMB) Tulsa, Okla., headquarters.=20
Among newsmakers EnergyNewsLive.com has interviewed this week are:=20
=20
-- Chakib Khelil, president, OPEC=20
-- Sen. Frank Murkowski, chairman, U.S. Senate Energy Committee=20
-- Gerald Doucet, secretary general, World Energy Council=20
-- James Hoecker, former chairman, Federal Energy Regulatory Commissio=
n=20
-- Keith Bailey, president and CEO, Williams=20
-- Daniel Yergin, chairman, Cambridge Energy Research Associates=20
-- Jeff Skilling, president and CEO, Enron=20
-- Robert Mosbacher, former U.S. Secretary of Energy=20
-- Terry Winter, president, California Independent System Operator=20
-- Mikhail Khodorkovsky, CEO, Yukos Oil Company=20
-- Tony Knowles, governor, Alaska=20
-- Steve Malcolm, president -- Energy Services, Williams=20
-- Alberto Calderon Zuleta, president, ECOPETROL (Columbian Petroleum=
=20
Company)=20
-- Steve Letbetter, chairman, president and CEO, Reliant Energy=20
-- Ria Kemper, secretary general, The Energy Charter Secretariat=20
-- Jeroen van der Veer, managing director, Royal Dutch Petroleum=20
Company,=20
and group managing director, Royal Dutch/Shell Group=20
-- Richard Bilas, commissioner, California Public Utilities Commission=
=20
-- Joseph Stanislaw president, Cambridge Energy Research Associates=20
-- David Lemmon, president and CEO, Colonial Pipeline Company.=20
=20
Many of the EnergyNewsLive.com programs are available for replay in the=20
site's video library.=20
Among those scheduled to appear on EnergyNewsLive.com newscasts on Friday,=
=20
Feb. 16, are Leonard Hymen, Salomon Smith Barney; Kevin Best, Real Energy=
=20
Inc.; John Egan, director of strategic and marketing issues, E Source and=
=20
Financial Times Energy; Kevin Cooney, vice president -- research, Financial=
=20
Times Energy; and Steven Taub, associate director, Cambridge Energy Researc=
h=20
Associates.=20
The CERA Week coverage coincides with EnergyNewsLive.com's opening of a=20
Houston news bureau and studio. In addition to the new Houston operation,=
=20
EnergyNewsLive.com operates bureaus in Washington and New York City.=20
EnergyNewsLive.com has a registered user base of more than 9,000,=20
comprised primarily of energy executives, legislators, regulators and=20
institutional energy consumers. The service is free.=20
Besides live video newscasts, EnergyNewsLive.com also features=20
sophisticated, proprietary models that present weather -- which influences =
an=20
estimated 80 percent of energy market fluctuations -- in the context of=20
energy=20
markets; commodity market analysis and commentary; links to energy-commodit=
y=20
trading exchanges; and a new, real-time, cross-commodity spot and future=20
pricing index called the Williams uE, or universal energy unit.=20
The site is designed to operate optimally at Internet connection speeds=20
that are common in corporate networks or high-speed home connections.=20
EnergyNewsLive.com is powered and distributed by Williams end-to-end.=20
Through its Vyvx Broadband Media offering, Williams Communications (NYSE:=
=20
WCG)=20
provides transmission and distribution services.=20
=20
/CONTACT: Kerry Malone of Williams, 918-573-2110,=20
[email protected];=20
or Lisa DeMatteo of Mercury Group, 703-299-9470, [email protected]=
m,=20
for Williams/=20
Electric Deregulation Trial Run Begins
By DAVID KOENIG
AP Business Writer
02/15/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
With cost savings - and maybe a bit of revenge - on their minds, Texas=20
businesses and consumers began signing up Thursday for the right to shop=20
around for their electric-power company.=20
Deregulation is expected to attract close to 20 power companies - including=
=20
newcomers from outside Texas - who will compete for a slice of the=20
residential, commercial and industrial market.
Customers can sign up for the trial program by contacting one of the=20
companies and requesting service. Service will begin June 1 and serve as a=
=20
test for the broader electricity deregulation that begins next year.=20
Supporters say deregulation say it will provide more competition and lower=
=20
prices for consumers. Utilities are already jostling for position and=20
consumers' attention.=20
An official with New Power Co. - a joint venture of Enron, IBM and America=
=20
Online - said the company might offer one or two months free to some=20
residential customers.=20
Houston-based Shell Energy, a unit of Royal Dutch/Shell Group, said it woul=
d=20
give a year's worth of electricity free to Don Gallagher of Houston, the=20
first residential customer to sign up for its service.=20
"I've only won piddling things - I had a close miss on the Texas Lottery=20
once. This is pretty neat," said Gallagher, a self-employed contractor who=
=20
spent $3,337 on electricity for his 2,900-square-foot house last year.=20
Gallagher said the money he'll save might go for a car for one of his=20
teen-age daughters or for new carpeting. "It'll get spent."=20
Most analysts expect the utilities will be most aggressive in courting larg=
e=20
business customers.=20
"Because a commercial customer is higher volume, there's more potential=20
revenue than going after a lot of residential customers," said Terry Hadley=
,=20
a spokesman for the Public Utility Commission. "And if you're a business,=
=20
paying a lot more than a residential customer for power, you're going to be=
=20
more active" in shopping around.=20
The state deregulation law will allow big investor-owned utilities such as=
=20
TXU Corp. the ability to compete for customers beyond their traditional hom=
e=20
territories - but they also must cut their home-turf rates by 6 percent.=20
State officials expect Dallas-based TXU Electric to eventually lose 40=20
percent of its North Texas customer base. Spokesman Chris Schein said the=
=20
company expects to more than offset its losses by adding customers in Houst=
on=20
- home of rival Reliant Energy - and other Texas cities.=20
The pilot program will be open to 5 percent of the state's electricity user=
s.=20
Residential customers can sign up on a first-come, first-served basis. If=
=20
demand among business users exceeds 5 percent, as is expected, participatio=
n=20
will be determined by a lottery.=20
The trial run is designed to test the electric grid and computer systems th=
at=20
will be used to link power producers and customers who have never before be=
en=20
connected.=20
To help confused customers sort through the implications of deregulation,=
=20
which was approved by the Legislature in 1999, the PUC hired the=20
Burson-Marsteller public relations firm to explain the arcana of deregulati=
on=20
on a special Web site called Texas Electric Choice.=20
---=20
On the Net:=20
Texas Electric Choice site: www.powertochoose.org
| 66,433 |
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keavey-p/inbox/481.
|
10/15/2001 P&L ,
G-DAILY-EST
$513,410
LT-TRANSPORT
($59,462)
Luchas
| 254,381 |
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