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Subject: Morning Market View for May 21, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12791.
=====================================
Charles Schwab & Co., Inc.
Morning Market View(TM) for Monday, May 21, 2001
as of 11:00AM EDT
Information provided by Standard & Poor's
================================================================
U.S. INDICES
(11:00a.m. EDT)
----------------------------------
Market Value Change
DJIA 11,245.40 - 56.30
Nasdaq Comp. 2,236.59 + 37.71
S&P 500 1,293.51 + 1.55
----------------------------------
NYSE Advancing Issues 1,460
NYSE Declining Issues 1,221
NYSE Trading Volume 274 mln
NASDAQ Advancing Issues 1,989
NASDAQ Declining Issues 1,323
NASDAQ Trading Volume 579 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
1-year bill 3.72% n/a
5-year note 5.00% - 1/32
10-year note 5.41% - 3/32
30-year bond 5.80% - 13/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
U.S. TRADING SUMMARY
Stocks began the first session of the new week quietly as the
three major indices initially hovered around unchanged levels.
From there, the bourses diverged as the NASDAQ rallied while the
Dow slipped into the red. By midmorning, the NASDAQ had pushed a
solid 2.0% into the black on strength in Cisco, Microsoft and
Sun. The industrials have been unable to pull out of the red, as
shares of Procter & Gamble, United Technologies and Home Depot
weigh on the index. A lack of economic data or major events could
keep trading choppy today and through the middle of the week.
Strength in computer software, communication and semiconductors
helped the S&P 500 remain just above the unchanged level.
----------------------------------------------------------------
JAPAN / EUROPE SUMMARY
European bourses are mixed, as the major indexes hold on either
side of unchanged. The London FTSE has held about 0.2% in the
green. However, the French CAC-40 and the German Dax were off
about 0.2%. Shares of oil firms have been the standouts in the
uninspiring session, as rising crude oil prices have convinced
many investors that shares of oil firms represent a good bet.
Elsewhere, Japanese stocks were the beneficiaries of bargain
hunting as the Nikkei-225 rocketed 2.2% higher while the broader
Topix rallied 0.9%. A reshuffling of stocks in a major investment
firm's global stock index, which left Japanese stocks in a better
position in the index than many had feared, fueled the gains.
----------------------------------------------------------------
CURRENCY SUMMARY
The euro just can't get a break, as the common currency has
fallen to around 0.875 dollars this morning. The release of yet
another piece of weak economic data, coupled with diminished
confidence in the European Central Bank, conspired to push the
euro lower. A solid performance in Japanese stocks gave the yen a
lift overnight, helping the yen descend to about the 123 yen per
dollar level from almost 124 yen per dollar overnight.
----------------------------------------------------------------
MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 11:05 a.m. EDT)
** In another sign of the ongoing consolidation of the online
music industry, French conglomerate Vivendi Universal (V: 67.55,
- 0.60) is buying MP3.com (MPPP: 4.87, + 1.86) in a cash and
stock deal valued at roughly $372 million. The deal values
MP3.com at $5 per share, which is a healthy premium over its
Friday closing price of about $3 per share, but well off
MP3.com's highs. Recall that just six months ago, a U.S. judge
ordered MP3.com to pay Vivendi's Universal division about $53
million in damages for violating copyright laws. Vivendi's
strategy seems to follow that of German music giant Bertelsmann
BMG, which announced its alliance with beleaguered Napster late
last year.
** In the latest development in Weyerhaeuser's (WY: 60.54, -
0.51) hostile bid for paper firm Willamette (WLL: 48.99, - 0.49),
Weyerhaeuser is again attempting to circumvent Willamette's board
of directors by directly appealing to shareholders. Weyerhaeuser
stated that it will increase its offer price above the current
$50 per share, if Willamette is willing to negotiate immediately.
Willamette's board has repeatedly rebuffed Weyerhaeuser's
attempts at a takeover, stating that the $50 per share offer is
much too low and undervalues their firm. The company has also
instituted a poison-pill defense against any hostile takeover
attempts, which has kept Weyerhaeuser at bay.
** Lowe's Cos. (LOW: 70.20, + 1.80), the No. 2 home improvement
retailer behind Home Depot (HD: 52.22, - 0.48), reported fiscal
first-quarter earnings on Monday that beat Wall Street forecasts.
Lowe's announced earning $0.58 per share, versus $0.49 per share
in the same quarter last year. Wall Street had been looking for
the company to earn anywhere between $0.51 and $0.57 per share.
The gains were impressive given the headwind Lowe's faced from
the current economic slowdown. Sales for the quarter rose to
$5.28 billion for an 18% gain. The firm expects second-quarter
earnings to meet analysts' expectations.
----------------------------------------------------------------
ECONOMIC NEWS
** No data today.
** TUESDAY - No data.
** WEDNESDAY - No data.
** THURSDAY - Weekly initial jobless claims, April new home
sales.
** FRIDAY - April durable goods orders, Revised first-quarter
U.S. Gross Domestic Product, April existing home sales,
University of Michigan final index of consumer sentiment for
May.
################################################################
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|
4,603 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1645.
=====================================
FYI, in case you haven't see this yet:
PLAYING AN 'UNUSUAL' ROLE, LANGDON PICKS THROUGH EL PASO RECORD
Handed the unusual task of independently assessing the strength of El Paso Corp.'s defense in the
California capacity complaint case, Washington attorney Jim Langdon for weeks has been searching for
relevant issues that may have been ignored or overlooked by the litigants. And he thinks he may have
stumbled onto a critical matter involving substantial volumes of storage gas that sat unused during the
critical months of the California energy crisis.
What Langdon suspects is that the complainant in the case (RP00-241), the California Public Utilities
Commission, may have only itself to blame for some of the pressure that built up in the gas market during
the months of the controversial large-volume capacity contract between El Paso Natural Gas Co. and
affiliate El Paso Merchant Energy Co.
Langdon, a partner in the Washington office of Akin, Gump, Strauss, Hauer & Feld LLP, in late July was
hired by El Paso President and Chief Executive William Wise to conduct a separate legal analysis of the
record in the case (IF, 27 Aug, 1). The idea was "not to second-guess the lawyers litigating the case," but
rather to "think dispassionately about the events of last year" and give Wise "an independent view" of the
behavior of the El Paso companies before and during the 15-month contract for 1.22 Bcf/day of capacity to
California, Langdon explained last week.
Wise's decision to hire Langdon was eye-catching on a few levels. In his many years in law practice,
Langdon had never been retained to conduct the type of assessment Wise has asked for, Langdon told
Inside FERC, acknowledging "this really was a little bit of an unusual request."
Also drawing attention in this highly politicized case are Langdon's substantial administration connec-tions.
He was a major fundraiser for the Bush presidential campaign and his brother is Jerry Langdon, who as
a FERC commissioner in the early 1990s hired Chairman Pat Wood III as an adviser.
Is it fair to suggest that Langdon was brought on board by El Paso simply for name recognition
and the possibility that he may have some positive, collateral impact on the commission's ultimate
decision in this case?
That possibility "didn't escape me" at the time, Langdon admitted. "I'll not pretend to be unaware
that there are these other connections with Wood and the president," he allowed, adding that "that's
something that impacts everything I do. But what can I do? I have to practice law." And, "for the
record, I barely know Pat Wood."
And how can this be considered an independent, third-party assessment if El Paso is paying for
Langdon's services? "I recognize that there are critics and cynics" who would suggest that Langdon is
simply a hired gun, "but at the end of the day, . . . I'll have to stand behind" the report. He vowed to
"call it the way I see it."
His final report to Wise won't be ready for several weeks, but Langdon shared some of his initial
thoughts and findings.
Langdon has been looking hard at the circumstances surrounding the operation of three Southern
California Gas Co. storage facilities - the Montebello and Aliso Canyon fields in Los Angeles County
and the La Goleta field in Santa Barbara County. During the period that roughly coincides with the El
Paso/El Paso Merchant contract, SoCal Gas had been pressing the CPUC to approve the release of large
volumes of storage gas from those fields, said Langdon. The state commission finally granted the requests
in June 2001, the month after termination of the contract, he related.
Release of working and cushion gas from the Montebello field and cushion gas from the Aliso
Canyon and La Goleta fields - an aggregate total of 41 Bcf - would have contributed more than 100,000
Dt/day of deliverability to the California gas market "without adding any intrastate pipeline capacity,"
said Langdon. Characterizing California as a cul-de-sac on the interstate pipeline network, he stressed that
"storage is huge" in moderating the market. When pipeline capacity is constrained, "storage is a way to
take care of . . . these problems."
And yet, the SoCal Gas applications "clearly languished" at the CPUC. "There may be very good reasons"
why the state commission took so long to allow release of the gas, but so far "I don't understand how the CPUC
sits on a storage application like that during this time period when it's as significant as it is."
For its part, the CPUC has argued during the case that El Paso Merchant caused gas prices at the state
border to skyrocket by withholding some of its firm capacity on El Paso and that the pipeline dragged its
feet in developing the Line 2000 conversion project (IF, 14 May, 5). "I'm trying not to sound like an
advocate in this thing," said Langdon, but "I don't understand the CPUC's position in the case, . . . when
right in their own back yard they've got these storage issues."
As for the allegations that El Paso and El Paso Merchant rigged the open season that led to award of the
contract and subsequently "withheld massive amounts of capacity" from the market, "we've reached the
conclusion that we don't see that kind of evidence in what's been presented" so far in the proceeding, said
Langdon. His team of lawyers is looking closely at "the maze of engineering issues" that could hold the
answer to the capacity withholding issue.
Langdon all but dismissed the affiliate-abuse charges as the product of badly outdated regulations
colliding with unreasonable expectations about how integrated companies should operate in the evolving
energy market. Order 497, the marketing-affiliate rule, was first promulgated in 1986, he noted.
In most industries, such conflict-of-interest rules are constantly revised to keep pace. But here, the
gas industry has "been turned on its head more than any industry I can think of, and yet these rules are the
very same ones" that have been in effect largely unchanged for nearly 15 years. "They absolutely need to
be updated, end of sentence, end of paragraph," said Langdon.
Despite statements during the hearing by Chief Administrative Law Judge Curtis Wagner Jr. about
the strength of the El Paso case, Langdon said he was "not at all concerned about the company not
getting a fair shake" at the commission. Much of what Wagner had to say "has been sensationalized to
a degree" in the press, he said, adding that "what happens in the press and what happens at FERC are
two different things."
Langdon admitted that he would be "a little concerned" about Wagner's remarks "if I were litigating
the case." The judge has used some "pretty strong language" to suggest that the El Paso companies were
out of line. But FERC "historically has been a very record-oriented tribunal," and "in this case, the record
looks very sound," he said. - Chris Newkumet
=====================================
|
4,604 |
Subject: Gov Comments Supporting Windfall Profits/More Negative Talk from
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10694.
=====================================
HEADLINE: ?Calif. Governor To Address State
BYLINE: JENNIFER COLEMAN
DATELINE: SACRAMENTO, Calif.
BODY:
???While Gov. Gray Davis prepared to speak to the state Thursday night about
California's energy crisis, economic forecasters predicted the power crunch
would lead to higher taxes and scrapped public projects.
??Davis said Wednesday he hadn't written his five-minute address, but that he
planned to discuss ''the progress that we've made and what we have to get
through.''
??Among other things, he was expected to talk about the more than 40 percent
rate increases approved last week by the Public Utilities Commission for
customers of the state's two largest utilities, Pacific Gas and Electric Co.
and
Southern California Edison Co. He has asked California television stations to
carry his remarks live.
??California has been hit with rolling blackouts and tight power supplies
blamed in part on soaring wholesale electricity costs.
??On Wednesday, the state got more bad economic news: The UCLA Anderson
Business Forecast said Californians would face higher taxes and a tighter
state
budget because of the billions of state dollars being spent on emergency
power.
The blackouts and the state's scrutiny of private power suppliers also
threaten
to scare away new businesses, the report said.
??Facing continued refusal from federal energy regulators to cap high energy
prices, Davis said Wednesday he would be willing to support a windfall-profits
tax on electric generators that have made a fortune selling power to
California
this year.
??A bill to that effect was introduced Wednesday in the state Assembly. It
would tax gross receipts that ''significantly exceed'' the cost of producing
power and tax profits of power marketers who have bought power and later sold
it
at much higher rates.
??''We continue to allow some electricity generators and middlemen to reap
enormous profits on their sales of electricity into the state. This
profiteering
must stop,'' Democratic Assemblywoman Ellen Corbett said.
??Duke Energy spokesman Tom Williams said he doubted a tax on a selected
industry would be legal. He added that such a tax would discourage generators
from building new power plants in California.
??''The governor has made very clear that he is trying to do whatever he can
to
increase the amount of generation in California and reduce the price.
Windfall-profits taxes do neither of these,'' Williams said.
??Davis said he generally opposes treating profitable companies in that
manner,
''but these profits are outrageous and are at our expense. The only things
companies understand is leverage.''
??For the first time, Davis also said the state should let companies buy their
power from generators instead of going through the utilities.
??The Utility Reform Network and the head of the PUC oppose the idea. They
argue residential customers and small businesses unable to contract with
generators would get stuck with the bill for the billions of dollars the state
has and will spend buying electricity for the customers of the cash-strapped
utilities.
HEADLINE: 'Chaos' in state electricity planning
BYLINE: By Rick Jurgens
BODY:
??LOS ANGELES _ Two hundred of the finest economic minds in California
gathered
Wednesday at UCLA's Anderson School of Management to discuss the state's
energy
crisis but, as state Public Utilities Commission President Loretta Lynch
spoke,
the power to her microphone cut out intermittently and unexpectedly.
??"I don't have any control over this," the beleaguered technician operating
the sound system called out after repeated outages.
??"I feel your pain," Lynch replied with a smile.
??No one in the audience doubted that. After two rounds of rolling blackouts
that state officials were powerless to prevent, Lynch last week led the
commission to hike retail power rates 42 percent, sparking protests from
consumer groups.
??But at UCLA Lynch had power and natural gas producers in her sights. She
promised to lead "a war against the sellers who are taking so much value out
of
the California economy and not adding a whit of value."
??Lynch said she favored reinstatement of wholesale price caps that were ended
by the Federal Energy Rate Commission in December but wasn't counting on that.
??Even without those caps, she said she was optimistic that the state had
enough tools to restrain price hikes by wholesalers and avoid another rate
hike.
??Those tools include conservation, purchases of long-term power contracts by
the Department of Water Resources, utility cost cutting and making sure the
small power producers known as qualifying facilities are online, she said.
??Lynch dismissed the state's 1996 deregulation plan as a "failed experiment"
and said she did not accept a questioner's premise that "true deregulation is
our goal." The problem was that "the state stepped back too much" from
management of the power system and that there had been "too much ideology and
theory and not enough practical solutions," she added.
??A panel of experts offered some grim predictions. "We are expecting severe
difficulties for this summer and next summer," said Barry Sedlik, a Southern
California Edison manager.
??Mark Bernstein, an analyst with the Rand Corp. in Santa Monica, said the
electricity problems are spreading. "This may go on for a while and it's not
just California," he said. "In the near term we've got chaos," he added.
??But he offered one macabre ray of hope. He said that federal policymakers
may feel more urgency to step in if, as now appears possible, rolling
blackouts occur in 2002 in Florida where, he didn't need to add, President
Bush's brother is governor.
??Problems with the transmission system there, as well as generation shortage,
could hurt Florida but the state has enough time to avoid a crisis, he said in
an interview.
=====================================
|
4,605 |
Subject: Davis Blames Crisis On State Republicans
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10550.
=====================================
Davis Blames Crisis On State Republicans
But Democratic controller points at governor
Carla Marinucci, John Wildermuth, Chronicle Political Writers
Sunday, April 1, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/01/M
N154353.DTL
Anaheim -- The politics of energy dominated the state Democratic convention
yesterday, as anxious delegates gave a lukewarm reception to embattled Gov.
Gray Davis, who clashed bitterly with party rival, Controller Kathleen
Connell.
Speaking at the Anaheim convention center, where dimmed lights were a
constant reminder of yesterday's Stage 2 alert, Davis blamed California's
energy woes on former Gov. Pete Wilson, Republican lawmakers and the Federal
Energy Regulatory Commission, which, he charged, has failed to regulate
greedy energy firms selling power at "out of control prices."
He insisted that he was not sure rate increases were necessary, refusing to
say whether he would support huge hikes backed by the Public Utilities
Commission last week. He suggested, however, that he favors a system of
tiered electricity pricing.
"These Republicans -- who were so enamored with deregulation just five years
ago -- have become even more enamored with criticizing me as I try to clean
up their mess," the governor said to tepid applause from the 1,900 delegates.
"This deregulation disaster was authored by a Republican legislator,
passed by a Republican Assembly, signed into law by a Republican governor and
implemented with undue haste by a Republican PUC."
But the governor's Republican-bashing was overshadowed politically by an
attack by state Controller Connell, a candidate for Los Angeles mayor -- who
rejected what she called Davis' "finger-pointing" and assailed his handling
of the crisis. The dramatic development demonstrated both deepening rifts
within California's ruling party and the high political stakes of the energy
crisis.
"There will be no excuses for Democrats in this state, because we dominate
state government," Connell said in a convention speech in which she also
outlined proposals to require "power hogs," such as malls, to install their
own microgenerators.
"I spent the past eight years making sure the state had a surplus, and now
I'm seeing it eaten away every day by energy costs. . . . Whatever solution
(the governor) provides must come fast and be shared openly with the people
of California," she said in a dig at Davis, who has been criticized for
moving too cautiously and for resisting disclosure of energy contracts to the
public.
Warning of the costs of "a delay and an incremental approach to an indefinite
problem," she said, "I won't stand by and allow the consumers to pick up the
tab."
DAVIS DEFENDS POLICIES
Asked to respond to Connell's critique, Davis told reporters, "I believe
we've moved at warp speed to address this problem. . . . We've kept the light
on most days."
The governor, who endorsed Connell's opponent, former Assembly Speaker
Antonio Villaraigosa for mayor, then added, "It might be if she's not happy
with that, she can run for governor next time."
Garry South, the governor's senior political adviser, was even more caustic,
lambasting Connell as a party infidel. "This is why Kathleen Connell doesn't
have a friend in all Los Angeles," he said. "She's been picking on the
governor since day one."
"It's all air," he said of her talk. "Not only hot air but a foul wind."
In an interview while campaigning later in the day, Connell toughened her
rhetoric, saying, "The emperor has no more clothes here in California."
"We are well into the fifth month (of the energy crisis) and we have yet to
find any answers from the administration," said Connell, who promised to
release her own detailed solutions to the crisis next week.
Unlike many Democrats at the convention, festooned with "Wilson Did It"
signs, she rejected as "irrelevant" the suggestion by Davis that Republicans
were to blame for California's energy woes.
"Californians are wearying of this finger-pointing and closed-door
negotiations and extended debate," she told The Chronicle. "The public is no
longer going to be patient with us. They're going to hold the governor
accountable when they get the bill."
CONNELL LAGGING IN POLL
Connell, who is forced by term limits to give up her post as controller next
year, has lagged in her campaign to become mayor of Los Angeles. With 10 days
to the election, a recent poll showed her running fourth behind City Attorney
James Hahn, Villaraigosa and businessman Steve Soboroff.
Despite Davis' words and speculation among delegates, Connell denied she was
eyeing the governor's seat for the future. "I'm not looking two or three
years down the line," she said. "But I hope the governor is looking toward an
immediate solution to this problem."
The governor's speech was his first since the PUC announced rate increases of
as much as 46 percent. Davis refused to say whether he would support the
immediate rate increase approved by the PUC but suggested that he would back
a tiered billing system.
"If a rate increase becomes absolutely necessary to keep our lights on and
our economy strong, you can be sure of one thing from this governor," Davis
said. "I'll fight to protect those least able to pay, reward those who
conserve the most and 'motivate' those who are the biggest guzzlers to cut
back."
He later dodged reporters' questions about specifics, repeatedly saying that
within the next two weeks he would release a statement detailing "what, if
any" increases were needed.
"Many advisers from Wall Street are running numbers, and they appear to be
different from the PUC's," he said.
Davis also said he has already done a lot to address the crisis and had "kick
started" construction of new power plants and successfully promoted
conservation programs.
Some of Davis' backers at the convention, watching the squabbling, expressed
concern about some of the governor's tactics.
"People want a leader to lead," said Susan Leal, San Francisco's city
treasurer. "They're looking for someone to come out and take command,
regardless of who started this."
But, she said, Davis is a tough and smart politician, and "people are still
going to be forgiving if (the governor) does something to attack the
problem."
OTHER DEMOCRATS BLAME GOP
Other Democratic Party leaders were also quick to defend Davis and to blame
Republicans.
Terry McAuliffe, chairman of the Democratic National Committee, suggested
that President Bush has ignored California's energy problems because "he's
worried to death about Davis running for president."
California is the world's sixth-biggest economy, McAuliffe noted in an
interview, and Bush "has basically written it off, saying, 'Good luck to you.
You're not getting any help.' "
Art Torres, chairman of the state Democratic Party, said Davis "is attacked
every day by the backbench Republican yahoos in the Legislature" and
predicted that public concern over energy would ebb by next year's election.
"We're looking at issues that are going to transcend the energy issues we see
now," Torres said, such as crime and violence in the schools, economics, the
environment and abortion.
But political analyst Sherry Bebich Jeffee said Connell's criticism was
evidence of a party split and perhaps "the opening salvo in 2002," when Davis
is up for re-election.
Davis's entire party, she said, could be in trouble if voters get fed up with
higher energy bills.
"Do the math," said Jeffee, noting that Democrats hold all but one state
office and control of the both houses of the Legislature. "If you're going to
throw the bums out, the bums in this state are mostly Democrats."
E-mail Carla Marinucci at [email protected] and John Wildermuth at
[email protected].
=====================================
|
4,606 |
Subject: nan
Sender: [email protected]
Recipients: []
File: dasovich-j/all_documents/12947.
=====================================
Daily Agenda
Wednesday, May 23, 2001
Today's Events...
* 10 a.m., SACRAMENTO Sen. Jack O'Connell announces candidacy for
superintendent of public instruction, Department of Education, 721 Capitol
Mall. Contact: Gale Kaufman, 916-443-7817.
* 10:30 a.m., SACRAMENTO Assembly Republicans hold news conference
to propose alternative to Gov. Gray Davis' plan to buy Southern California
Edison's transmission lines, Capitol, room 126. Contact: James Fisfis,
916-319-2005.
* 1 p.m., SACRAMENTO Assemblyman Anthony Pescetti meets with seniors
from Tenth District for A.A.R.P. senior rally, Capitol, room 127. Contact:
Monica Azevedo, 916-362-4161
In the news...
* SJ Mercury News, Nissenbaum: Californians want nuclear power.
http://www0.mercurycenter.com/premium/local/docs/powerpoll23.htm
* SacBee, Walters: Budget bust looms; Burton considers higher reserve.
http://www.capitolalert.com/news/capalert09_20010523.html
* LA Times, Tamaki: Senate slices Davis budget.
http://www.latimes.com/news/state/20010523/t000043211.html
In committee...
* VARIOUS BILLS. Appropriations. 9:30am, room 4202. (Squawk Box
90.3, Assembly TV, CH. 7)
* VARIOUS BILLS. Education. 1:30pm or upon adjournment of
Appropriations, room 4202. (Squawk Box 90.3, Assembly TV, CH. 7)
* VARIOUS BILLS. Local Government. 1:30pm, room 126. (Squawk Box
91.5)
Today on the floor...
* Assembly check-in session.
* Senate check-in session.
Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005
=====================================
|
4,607 |
Subject: FW: Angelides' Memo to Investors 9/ 25/01
Sender: [email protected]
Recipients: ['Manuel', '[email protected]', '[email protected]', "Erica; '[email protected]", '[email protected]']
File: dasovich-j/inbox/331.
=====================================
-----Original Message-----
From: Fairchild, Tracy [mailto:[email protected]]
Sent: Wednesday, September 26, 2001 9:42 AM
To: '[email protected]'; '[email protected]'
Cc: Manuel, Erica; '[email protected]'
Subject: California State Treasurer Philip Angelides' Memo to Investors
9/ 25/01
AReMers:
This memo from Angelides outlines what has happened and what still needs to
happen at the PUC before bonds can be issued. He mentions that no appeals
to the DA suspension have yet been filed but that the deadline has not yet
passed. When are we filing our appeal? I'd like to send out a news release
the morning we file the appeal if AReM agrees.
On another matter, just so we're all on the same page, Norm and I produced
the letter to Davis and legislative leadership which you all received
yesterday for final approval. The Weintraub column handout has also been
mocked up and Norm is going to pick that up this morning from our office.
Tracy
-----Original Message-----
From: Philip Angelides, Calif State Treasurer
To: SARRON, Christina
Sent: 9/25/2001 12:35 PM
Subject: California State Treasurer Philip Angelides' Memo to Investors 9/
25/01
<<STO Investor Memo 92501.pdf>>
<<STO Investor Memo 92501.pdf>>
=====================================
|
4,608 |
Subject: RE: FW: OFOs
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/sent_items/156.
=====================================
Greetings Colleen:
I'm not sure who's still working on this and who's not, but sometime back, we did a very extensive effort with Tim Hamilton and the rest of the EES team to get all information compiled regarding OFOs behind PG&E and SoCalGas. I'm hoping that that information still exists so we can hopefully avoid recreating the wheel. If, for some reason, the information is lost, the good news is that all OFO tariffs are compiled and easily retrievable on the SoCalGas' and PG&E's websites. Please let me know how else we can help.
Best,
Jeff
-----Original Message-----
From: Sullivan, Colleen
Sent: Thursday, September 20, 2001 8:42 AM
To: Boston, Roy; Lawner, Leslie
Cc: Migden, Janine; Dasovich, Jeff
Subject: RE: FW: OFOs
Thank you so much for this information. It is EXTREMELY helpful to our efforts. Thank you so much for the quick response. I'll wait to hear for sure on the Chicago utilities, and hopefully on the California ones as well?? Again, thanks.
Colleen Sullivan
-----Original Message-----
From: Boston, Roy
Sent: Wednesday, September 19, 2001 3:02 PM
To: Lawner, Leslie
Cc: Sullivan, Colleen; Migden, Janine; Dasovich, Jeff; Boston, Roy
Subject: Re: FW: OFOs
Leslie -- Funny you should ask. Columbia of Ohio called 51 OFO/OMO days last winter. Other Columbia companies ( C of Penn., C of VA) did likewise. Attached is a confidential draft complaint from our attorney in Ohio that I believe provides the info you seek. Also attached is the Complaint filed by Hess,et al in Pennsylvania against Columbia there. The facts and allegations are essentially the same: confiscation/interruption of banked gas during OFO; OFO called for economic, not operational reasons; heavy penalties for failure to deliver full MDQ; etc.
My recollection is that Peoples and NorthShore called few, if any OFOs last winter. Ditto for Nicor. I have a call in to those that know first hand about these latter three utilities so I'll forward that answer as soon as I receive it.
Please call if you have any questions or if can be of further assistance.
<< File: COHdftComp.DOC >> << File: HessCompl.pdf >> << File: HessCompl2.pdf >>
Leslie Lawner/ENRON@enronXgate 09/19/2001 02:29 PM To: Janine Migden/ENRON@enronXgate, Jeff Dasovich/ENRON@enronXgate, Roy Boston/HOU/EES@EES cc: Colleen Sullivan/ENRON@enronXgate Subject: FW: OFOs
Can you folks help me get the info on OFOs on the LDCs below to Colleen Sullivan, who is working with EES on this. Thanks.
-----Original Message-----
From: Sullivan, Colleen
Sent: Wednesday, September 19, 2001 11:17 AM
To: Lawner, Leslie
Subject: OFOs
Last week I asked you about OFOs and you requested a list of the LDCs we are most interested in. At this time (and in this order), I need any information you can give us on OFO history (frequency, actual dates, reason for OFO--system long or short?, etc.) on the following LDCs:
PG&E, Socal
NIGAS, Peoples (Chicago), Northshore
Columbia of Ohio
This is a good starting point for now. Just so you know, we need this data as we are trying to verify/set/modify (whatever you want to call it), the price curves being set by the traders reflecting LDC risk. Obviously, the frequency of OFOs will affect our risk of doing business on a particular LDC, so we need to try to compare and access charges associated with each. Any help or direction you can provide on where to get this data would be most appreciated.
=====================================
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4,610 |
Subject: FW: RE:New Unofficial Committee Contacting Decision Makers
Sender: [email protected]
Recipients: ['Mara', 'Susan', '[email protected]']
File: dasovich-j/deleted_items/1746.
=====================================
-----Original Message-----
From: Alvarez, Ray
Sent: Friday, September 07, 2001 8:41 AM
To: Steffes, James D.
Cc: Mara, Susan
Subject: RE: RE:New Unofficial Committee Contacting Decision Makers
Jim, I contacted Doug Nichols of PGE on this, and the matter has to do with "Edison Bailout" bill (SBXX78). Sue Mara is aware of this bill and a recent e-mail from her indicates that the bill was scheduled to be voted on yesterday and that it would suspend direct access as of 8/25. I expect that Sue will report on the outcome of yesterday's vote. In any event, Howard Weg, who represents PGE in the PX and PG&E bankruptcies, was asking if PGE was interested in supporting the legislation, but PGE declined to do so. So... that's where the matter stands- it appears to be a moot issue. Ray
-----Original Message-----
From: Steffes, James D.
Sent: Wednesday, September 05, 2001 11:10 AM
To: Alvarez, Ray
Subject: FW: RE:New Unofficial Committee Contacting Decision Makers
Ray --
I think that this is about the CalPX bankruptcy. Any issues? Can you please get with PGE to make sure we are on the same page?
Jim
-----Original Message-----
From: Kaufman, Paul
Sent: Thursday, August 30, 2001 1:40 PM
To: Dasovich, Jeff; Steffes, James D.; Shapiro, Richard
Subject: FW: RE:New Unofficial Committee Contacting Decision Makers
By the way, who is Al referring to when he sais Doug is working with "Enron Central" and who has he contacted re: "Enron guidance." Sheesh.
-----Original Message-----
From: TOMPKINS, ROBIN
Sent: Wednesday, August 29, 2001 9:12 AM
To: Kaufman, Paul
Subject: Fwd: RE:New Unofficial Committee Contacting Decision Makers
see additional note from Doug Nichols.
-----Original Message-----
Date: 08/29/2001 09:10 am (Wednesday)
From: DOUGLAS NICHOLS
To: TOMPKINS, ROBIN
Subject: Fwd: RE:New Unofficial Committee Contacting Decision Makers
This is the latest status on Howard's effort - PGE is included in the "in favor" group in Howard's message - but both Al and I have since let him know he should not include us as being "in favor" unless and until we've coordinated this with Enron - I'm relying on you to do that. Time is very short - Howard needs to be moving on this now if he has any shot at all of influencing the outcome. While I agree the message ought to be delivered, I'm not optimistic there is time for the legislature to do anything else at this point. If nothing else, it would be good let the decision makers know that their plan may not have the hoped for result, so they can't say no one told them. dn
-----Original Message-----
Date: 08/28/2001 09:59 pm (Tuesday)
From: AL ALEXANDERSON
To: "[email protected]".IXGate.WIZ
CC: DOUGLAS NICHOLS
Subject: RE:New Unofficial Committee Contacting Decision Makers
Doug and I have been debating wether there might be a broader Enron plan to support the legislation even with the 1 billion shortage to sellers. We're still trying to get Enron guidance on this. Possibly we'd rather have an expensive solution instead of no solution. I'm traveling with my cell phone all of tomorrow and Doug is working on Enron Central. Please stand by in terms of adding our name to the agressive list. Sorry for the mixed signals. al
>>> "Howard J. Weg" <[email protected]> 08/28/01 09:35PM >>>
I have not heard back from all members of the Unofficial Committee regarding
my email dated August 27, 2001 with respect to the proposal to contact the
Governor and Legislators regarding the pending legislation on SCE.
Some have suggested that the message needs to be stronger and others have
suggested that the message is too strong. Our Ex Officio members BPA and
WAPA want it to be clear that they are not involved in any way with
addressing the state government on this or other issues. As you know, I
want very much to reach as broad of a consensus on this action as is
possible, and to protect the interests of all members.
Virtually all members agree that a bankruptcy case for or litigation against
SCE would probably not be a good thing and we do not want to advocate for
bankruptcy or litigation. After all, the Unofficial Committee was organized
to provide a different approach generally. The purpose of contacting the
Governor and the Legislature is to let them know that the legislation they
are now considering, which leaves SCE about $1 billion short on the proposed
financing to pay creditors, may cause some other sellers to take precipitous
action in filing an involuntary petitition or initiating litigation or
arbitration that could delay or prevent the financing at even the lower $2.9
billion level, which will adversly affect SCE and all creditors generally.
We should point out that not all sellers are in agreement on what action
will be taken. The message is not intended to threaten anything and it is
not necessarily designed to stop legislation altogether, only legislation
that might actually make the situation worse for all sellers and SCE.
The tone of the presentation, if we make one, will be low key, non
threatening, and in the spirit of helping the legislature and the Governor
design a package that will avoid the bankruptcy, litigation and other
alternatives that others might be forced to consider if the bill is passed,
leaving the energy sellers out in the cold.
If there remain some members of the Committee that are not willing to be
associated with the message outlined above, then I propose that we give such
members the alternative of remaining members of the Unofficial Committee and
allowing us, if asked, to identify any such members that prefer not to be a
part of the message although they want to support an approach that avoids
litigation and bankruptcy for SCE. I understand that the LADWP and Coral
Power would like this approach adopted.
As I explained in my prior email, it has been suggested that the proposed
bill that leaves SCE short by a billion dollars will likely pass after Labor
Day and before the Sept 14 adjournment. That is why timing is important.
Those of you that have not responed, please respond. Those of you that were
concerned that the message was unclear, please review this email and
consider or reconsider your positions, as the case may be.
As of right now, there are only 11 votes: 9 in favor and 2 against. The
polls are still open so please let me know your position.
You should be aware that the City of Glendale notified me that it determined
that actual or potential conflicts of interest with the Unofficial Committee
required it to resign from the Unofficial Committee.
=====================================
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4,611 |
Subject: Morning Market View for November 26, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/2057.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Morning Market View(TM)
for Monday, November 26, 2001
as of 9:30AM EST
Information provided by Schwab Center for Investment Research
NO HOLIDAY HANGOVER FOR U.S. STOCKS
Equity index futures were suggesting a positive open, continuing
the trend from overseas on the heels of the recent upside
momentum in U.S. stocks. Although economic and corporate news
was sparse following the holiday weekend, early
post-Thanksgiving results in the retailing sector, including
record sales at Wal-Mart Stores (WMT,56,f2&f4), hinted that
consumer spending may be more resilient than previously
expected. According to TeleCheck Services Inc., same store sales
in the U.S. rose 2.4% on Friday. Treasuries were virtually
unchanged in the absence of any economic data.
Discount retailing giant Wal-Mart reported a single-day record
for sales of $1.25 billion on Friday after its Holiday Blitz
promotion attracted bargain hunters to its stores. Rival K-Mart
(KM,6.85) also said it saw a strong response as compared to the
year-ago post-Thanksgiving period. However, most of the holiday
buying appeared to be narrow in scope, with shoppers favoring
the deep-discount retailers over department stores. In related
news, Pier One Imports (PIR,13.97) raised its same-store sales
forecast for November to an increase of 6%-8% and increased its
3Q earnings forecast to $0.21-$0.23 per share from the previous
$0.19-$0.21 per share guidance.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
Bonds were virtually unchanged as traders await economic data
scheduled for release later in the week. Treasury Secretary Paul
O'Neill hinted that the U.S. economy was on its way to a
recovery, citing Friday's increase in post-Thanksgiving sales as
compared to a year-ago as a sign that consumer spending remains
intact. Although early reports reflected a strong retailing
picture over the holiday weekend, tomorrow's consumer confidence
report for November, due at 10:00 a.m. EST, should shed more
light on consumer sentiment. Existing home sales are also slated
for a 10:00 a.m. EST release.
----------------------------------------------------------------
WORLD MARKETS
European bourses kicked the week off on a positive note led by
strength in telecom equipment and computer-related stocks. Nokia
(NOK,24,f2) and Ericsson (ERICY,5.55,f1) shares got a boost
after Morgan Stanley increased its forecast for worldwide
wireless phone unit sales by 5.4% to 390 million phones in 2001
and by 3.6% to 435 million phones in 2002. Siemens AG (SI,60)
was also higher after the company broached the subject of a wage
freeze for up to 40,000 of its employees in a cost-cutting move.
The euro advanced against the U.S. dollar, after falling to a 3
1/2 month low last week. The Bloomberg European 500 index was up
0.3% as of 8:52 a.m. EST.
Asian markets were also broadly higher with Japan's Nikkei 225
index closing up 3.4% on the heels of Friday's positive momentum
in U.S. stocks. Export stocks got a boost from Wal-Mart's
favorable post-Thanksgiving sales results and technology stocks
were widely higher. Taiwan Semiconductor (TSM,15.70) upped its
2001 pre-tax profit guidance and sales forecast by 55% and 2.8%
respectively, due to a recent pick-up in demand for its
products. The yen rose against the dollar as Bank of Japan
Governor Masaru Hayami said that the increased purchase of
foreign currency-denominated bonds would have a limited economic
impact, bucking speculation that Japan's central bank may adopt
this particular strategy to weaken the Japanese currency.
----------------------------------------------------------------
FUTURES WATCH
In the December Globex futures contract as of 8:52 a.m. EST, the
S&P 500 index was 0.5 points lower (2 points above fair value),
while the Nasdaq 100 index was up 6.5 points (6 points above
fair value). The December DJIA futures contract was down 12
points (8 points above fair value), and the January crude oil
futures traded on the NYMEX were down $0.21 at $18.75/barrel.
William Johnson, Market Analyst
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4,612 |
Subject: Morning Market View for June 6, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/13401.
=====================================
Charles Schwab & Co., Inc.
Morning Market View(TM) for Wednesday, June 6, 2001
as of 11:00AM EDT
Information provided by Standard & Poor's
================================================================
U.S. INDICES
(11:00a.m. EDT)
----------------------------------
Market Value Change
DJIA 11,145.30 - 30.50
Nasdaq Comp. 2,232.65 - 1.01
S&P 500 1,276.17 - 7.40
----------------------------------
NYSE Advancing Issues 1,043
NYSE Declining Issues 1,620
NYSE Trading Volume 287 mln
NASDAQ Advancing Issues 1,364
NASDAQ Declining Issues 1,805
NASDAQ Trading Volume 574 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
1-year bill 3.57% n/a
5-year note 4.84% - 4/32
10-year note 5.30% - 7/32
30-year bond 5.66% - 3/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
U.S. TRADING SUMMARY
The headline indices have chopped around both sides of unchanged
levels this morning as concerns over upcoming earnings reports
and continued uncertainty over the outlook for the domestic
economy pull traders in many directions. Throw in a bias toward
profit-taking in the wake of the recent gains in the headline
indices and it is not surprising that stocks have been volatile
this morning. Oil, financial and banking stocks are among the
worst-performing sectors. Meanwhile, computer systems, computer
software and household products have managed to make some headway
in today's volatile market.
----------------------------------------------------------------
JAPAN / EUROPE SUMMARY
European stock market indices have moved lower with the U.S.
indexes. The German Dax has fallen 0.5%, while the French CAC-40
dipped 0.3% as both indexes reversed earlier gains. The London
FTSE has managed to hold around unchanged levels. Note that the
Bank of England matched market expectations by announcing that it
left short-term interest rates unchanged at its most recent
policy meeting. Elsewhere, gains in the downtrodden banking
sector were more than offset by weakness in technology issues as
the Nikkei-225 erased its early gains and moved into the red by
the close. For the day, the Nikkei-225 dropped about 0.1% while
the broader Topix remained unchanged.
----------------------------------------------------------------
CURRENCY SUMMARY
Concerns over the Japanese economy, alongside comments from a
Japanese official, have kept the yen under pressure. Of course,
this is to the dollar's advantage, as the greenback is holding
above the 120 yen level. The euro has been slapped lower to below
0.850 dollars per euro, as traders take profits on an early run
higher to 0.855 dollars.
----------------------------------------------------------------
MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 11:05 a.m. EDT)
** The $8 billion merger between DuPont's (DD: 47.15, + 0.45)
pharmaceutical division and Bristol-Myers Squibb (BMY: 57.42, -
0.49) has moved one step closer to reality, according to The Wall
Street Journal. Citing unnamed sources, the Journal reported that
DuPont agreed to exclusive negotiations with Bristol-Myers in
order to quickly move the deal forward. DuPont has authorized the
transaction if both companies can agree to terms, but many
hurdles still remain that could thwart the takeover. DuPont's
pharmaceutical division's main drugs include medicines targeting
blood clots, HIV and Parkinson's disease.
** Advanced Micro Devices (AMD: 29.18, + 0.28) expects to
increase revenues despite the current slowdown in the
semiconductor sector, according to a news conference given by
AMD's Chief Operating Officer Hector Ruiz. Despite sector growth
contraction of 15%, AMD expects to increase its business as it
expands its market share. The COO also stated that signs have
emerged that may signal a pickup in global personal computer
demand in the fourth quarter of this year. However, Ruiz was less
optimistic about semiconductor demand for the beleaguered
communications sector.
** President Bush called for an investigation into the alleged
dumping of foreign-produced steel in the U.S. The move by the
president has the potential to bring about restrictions on
foreign steel producers. Under Section 201 of the 1974 Trade Act,
the president may ask the International Trade Commission to
investigate whether or not imported steel is hurting U.S.
domestic production. The commission has six months to issue
recommendations that the president could accept, reject or
modify. Penalties could include increased tariffs on imports,
quotas limiting the affected imports or a combination of both.
The move, which comes on the heels of the Democratic takeover of
the U.S. Senate, could help the president curry favor with some
in the Democratic Party.
----------------------------------------------------------------
ECONOMIC NEWS
** No data today.
** THURSDAY - Weekly initial jobless claims, wholesale trade for
April, consumer credit for April.
** FRIDAY - No data.
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4,613 |
Subject: California Power-Buying Data Disclosed in Misdirected E-Mail
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28372.
=====================================
California Power-Buying Data Disclosed in Misdirected E-Mail
By Daniel Taub
Sacramento, California, July 6 (Bloomberg) -- California Governor Gray
Davis's office released data on the state's purchases in the spot electricity
market -- information Davis has been trying to keep secret -- through a
misdirected e-mail.
The e-mail, containing data on California's power purchases yesterday, was
intended for members of the governor's staff, said Davis spokesman Steve
Maviglio. It was accidentally sent to some reporters on the office's press
list, he said.
Davis is fighting disclosure of state power purchases, saying it would
compromise negotiations for future contracts. This week, Davis appealed a
state judge's order to release spot-market invoices, purchase orders and
confirmation sheets for power contracts signed through June 27. The state is
buying electricity on behalf of utilities, which are burdened by debt.
``It's an internal document,'' Maviglio said of the e-mail. ``We have a
meeting every morning where we discuss issues of the day.'' The e-mail
contained minutes of today's meeting, he said.
According to the e-mail, the state bought 283,000 megawatt- hours of
electricity for $37.4 million yesterday. One megawatt- hour is enough
electricity to light 750 typical California homes for an hour. Prices ranged
from $25 to $149.99 a megawatt-hour. Maviglio said the information in the
e-mail is accurate.
Power for next-day delivery during peak-use hours averaged $79.67 a
megawatt-hour on the California-Oregon border yesterday, according to
Bloomberg Energy Service. California paid an average of $132 on the spot
market, according to the e-mail. Prices on the spot market tend to be higher
than on the day-ahead market.
The governor has proposed releasing data on spot-market purchases once a
quarter, arguing that the state uses power-buying strategies tailored to each
season. Lawyers for the media and Republican legislators say state law
requires disclosure of contracts within seven days after they are signed.
=====================================
|
4,614 |
Subject: California ISO Deal
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/589.
=====================================
Dax,
A deal just came up with the California ISO (a confederation of utilities
that operate their power grid). I have attached several emails under this
describing it. What I'd like is either Fuzz or Rob to work with you on
enumerating this opportunity. As I see it, the deal hinges on our bid for
their circuits. Dan Minter and his team are evaluating them and will get
back to you so you can get prices from the traders.
Dax: I need you to be the coordinator on this one. Please call Dan first
thing in the morning to discuss the circuit side. Then think about the
financial structure a bit. I'll be in Thursday and we can work on it then.
This is a very well teed up opportunity. The customer has excellent credit,
they told us how much money they need to save from their current agreement,
and they are desperate to deal. This should be priority #1 now. As for
output, we'll need a simple spreadsheet model and four or five slides by
Friday detailing the structure we are proposing. Remember that the
counterparty is not very finance savvy; so we need to make this one simple.
Call me tomorrow morning on my cell phone to discuss.
Brian
Initial Background Stuff
The Network
MCI built the system.
The ISO currently shares its private, dedicated network 50-50 with the
California Power Exchange, though the ISO would like to take control of 100%
of the asset.
Network currently operating at about 1/2 capacity.
The current network consists of 4 OC-12s. (As part of the contract, the ISO
has a call to upgrade to 4 OC-48s.)
This "scalability" was built in to accommodate what California believed would
be a very large and rapidly growing number of users (mostly scheduling
coordinators), but California greatly over-estimated the number. So the ISO
is left with a lot of excess capacity.
About 1/2 the capacity is currently used by the PX, but the ISO would like to
terminate that relationship as quickly as possible (if possible).
It's an ATM switched network with 11 A-PoPs and 4 B-Pops and it runs from
Folsom (Sacramento) to Alhambra (around Pasadena). The B-PoP locations are
Hayward, Sacramento, Long Beach, and Claremont.
The Contract
The ISO pays about $30-35 million/yr under the contract---significantly out
of the money.
The contract ends at the end of 2003.
The contract apparently includes a costless, or very low cost, option to
upgrade from OC-12 to OC-48.
The contract also permits interconnection to the network (by MCI) for $485,
irrespective of distance (for customers interconnecting in order to play in
the ISO, I assume). Access to the network is defined as DS1.
The Goals of the ISO's EVP/CIO
Desperate to reduce costs immediately. Needs to take a plan designed to
mitigate the costs to his Board by the end of June.
Wants to maintain some flexibility in the event usage grows.
"Would like to do a short term deal, for "nonfirm" service and get a high
price," but would do a long-term, firm deal if it reduced his costs
significantly.
Next Steps
Get info we need from the ISO to put together a couple of possible solutions.
Meet with EVP/CIO by end of next week to present the options.
Proposed Questions for the ISO
How much money do they want to save?
In our meeting, the CIO said he wanted to unwind the deal that the PX has for
half of the network capacity. That happened yet? Going to happen soon?
How much would it cost to have MCI upgrade the system to OC-48? How long
would it take?
Do they have a detailed map of the network they could provide us?
Further Details
The woman who manages the MCI contract (Michelle Windmillercalled me
yesterday and told me the following:
The option in the contract is for additional OC-12 circuits.
The cost per circuit is $11,400/circuit---Dan, does this price make sense to
you? (They have NO idea if that price is in the money.)
Takes 22 days to install incremental circuit w/o MCI router.
Takes 30 days w/MCI router.
The contract does not limit the number of incremental circuits that the ISO
can demand from MCI.
The EVP/CIO's target for savings is $5MM/year. (Recall that they are
currently paying $30-35MM/year.)
The are open to us financing a buyout, but prefer to outsource the entire
network to us and share in the savings.
Michelle wants us to help them understand exactly what the nature of the
product is that they're sitting on and if there's a market for it. MCI's
telling them that there ain't no market for what they've got. They want our
view.
Michelle thinks that folks at the ISO are still under the illusion that
they're sitting on a superhighway when they really have a country road. She
wants us to help re-orient their thinking.
They need to meet pronto because the EVP/CIO has to give the ISO Board a
"progress report" next Thursday. On the basis of the meeting that Dan and I
had with them some time back, the EVP apparently went to the last Board
meeting and told the Board that he was actively working on a potential
solution and would report back at the upcoming meeting.
Michelle wants to meet on Monday, but we have conflicts, so I have left her a
message saying that it needs to be on Tuesday morning.
=====================================
|
4,615 |
Subject: Internet Daily for November 19, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1937.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Monday, November 19, 2001
by Frank Barnako CBS MarketWatch.com
AOL, Yahoo start charity Web site
AOL Time Warner, Yahoo and Cisco Systems announced Monday a Web
site they've launched to enable 850,000 charities to solicit
donations, recruit volunteers and collect comments.
The purpose of NetworkforGood.org is to help nonprofit
organizations become more effective and efficient by integrating
the Internet into their fundraising and related activities. "We
will be able to make giving, volunteering and speaking out on
issues as central a part of the Internet as shopping or getting
e-mail," said Steve Case, AOL Time Warner's chairman.
-----------------------------------------------------------------
Olympic-sized sports Web site
General Electric's NBC, Microsoft's MSNBC.com and the MSN
network launched Monday what they said will be the largest event
Web site in sports history. The Olympics-oriented site is
available at http://www.olympics.com/ and
http://www.nbcolympics.com/. During the 2002 Winter Games in
Salt Lake City, the site will feature exclusive live results.
Slide shows of events and athletes will be a focus of the site's
coverage. It also includes a schedule of events and a ticket
auction.
-----------------------------------------------------------------
Investor site to charge for alerts
BestCalls.com will begin charging subscription fees for its
CallTracker service. "The revenues generated by CallTracker
subscriptions will be re-invested into the business to expand
our research, customer service and marketing efforts," said Mark
Coker, BestCalls' founder. Email alerts for conference call
schedules and access information will cost professional
investors and business users $495 a year; individuals will be
charged $49.95 a year. The service currently has 80,000
subscribers receiving its email alerts at no charge.
-----------------------------------------------------------------
Overstock.com expects profitability
Overstock.com's Patrick Byrne said Monday his company has been
profitable this month and he expects more of the same for the
future. "We expect to be unreasoningly profitable in December
and thereafter," the CEO said. He expects the company's sales to
total $100 million this year. Overstock.com has specialized in
making bulk purchases of manufacturers' and retailers' surplus
goods. Now, the company is moving into sales of new items. Byrne
said the company will offer as many as 350 different titles,
included on various best-seller lists and priced 10% below
Amazon's price. Previously, Overstock.com partnered with
Amazon.com to sell PCs. Byrne canceled the deal, complaining of
poor results.
-----------------------------------------------------------------
For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/
================================================================
LOGIN to access your account:
https://investing.schwab.com/trading/start
----------------------------------------------------------------
To unsubscribe or modify your Email Alert customization options,
log in using the link below or copy and paste it into your
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----------------------------------------------------------------
Notice: All email sent to or from the Charles Schwab corporate
email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)
Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,616 |
Subject: EBS Luncheon Discussion Series & Interactive MSHOW Event - Walk in
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11003.
=====================================
----- Forwarded by Lara Leibman/Enron Communications on 04/12/01 08:52 AM
-----
EBS Education Center
Sent by: EBS Announcements
04/11/01 06:12 PM
To: All EBS Employees Worldwide
cc:
Subject: EBS Luncheon Discussion Series & Interactive MSHOW Event - Walk in
Space with Joe Edwards
EBS Luncheon Discussion Series & Interactive MSHOW Event
Walk in Space with Joe Edwards
Join former astronaut, Joe Edwards for a special EBS Luncheon Discussion
Series presentation on his life as a NASA space shuttle astronaut. Joe will
show pictures and video clips from his mission in space, as well as describe
what life is like in low earth orbit.
Date: April 17th
Time: 11:45
Location: 5C2 or via MSHOW--Click on the link provided
MSHOW link will be provided on Monday, April 16th.
Extra - New Training Dates
Fundamentals of Corporate Finance-- 1 1/2 Days
Dates: May 29-30, 2001 (1 1/2 Days) - Houston - Shepherd
Time: 8:00 am - 5:00 pm
Cost: $600 (charged to your cost center)
Applied Corporate Finance & Transaction Structuring--1 1/2 Days
Dates: May 2-3, 2001 (1 1/2 Days) - Houston - Shepherd
May 12-13, 2001 (1 1/2 Days) - Houston - Shepherd
Time: 8:00 am - 5:00 pm
Cost: $600.00 (charged to your cost center)
Cancellation Policy: Cancellations must be received 48 hours prior to class
date to avoid being charged.
TO REGISTER, CLICK ON THE LINK >>
Introduction To Bandwidth Risk Management Fundamentals
Dates: May 8, 2001 - Houston
May 15, 2001 - Portland
July 9, 2001 - Portland
July 25, 2001 - Houston
September 20, 2001 - Houston
September 25, 2001 - Portland
November 6, 2001 - Houston
Time: 8:00 am - 5:00 pm
Cost: $350 (charged to your cost center)
Advanced Broadband Risk Management
Dates: May 31 - June 1, 2001 - Houston
June 7-8, 2001 - Portland
July 12-13, 2001 - Houston
October 10-11, 2001 - Houston
October 29-30, 2001 - Portland
December 12-13, 2001 - Houston
Time: 8:00 am - 5:00 pm
Cost: $700 (charged to your cost center)
Prerequisite: Introduction to Bandwidth Risk Management
Cancellation Policy: Cancellations must be received 48 hours prior to class
date to avoid being charged.
TO REGISTER, CLICK ON THE LINK >>
=====================================
|
4,618 |
Subject: NEWS: Legislative Status Report Week Ending 4/27
Sender: [email protected]
Recipients: ['[email protected]', 'IEP Board Members']
File: dasovich-j/all_documents/11995.
=====================================
---------------------- Forwarded by Jennifer Rudolph/HOU/EES on 05/03/2001
09:48 AM ---------------------------
From: Jeff Dasovich@ENRON on 04/27/2001 06:17 PM
Date: April 27, 2001
To: Jan Smutny-Jones, Steven Kelly, Katie Kaplan
Cc: IEP Board Members
From: Julee Malinowski-Ball
Re: Legislative Status Report Week Ending 4/27
RECENT EVENTS
-- Rule #1: Never assume an issue is done until the ink is dry from the
Governor's signature (and even then you never know). The Senate Republicans
agreed late this week to oppose SB 28x (Sher), which makes several
IEP-sponsored proposals to the siting process, due to a controversial
provision added in the Assembly Appropriations Committee regarding
unemployment compensation. Assembly Republicans let it slide on process
because CMTA and the Chamber's objections to the egregious language was so
last minute. Senate Republicans had more time to look at the issue and
agreed not to let it go forward. Since they control of the final vote in a
bill requiring two-thirds, their united opposition stopped the bill, one
vote shy. The author was granted reconsideration and discussions will be
on-going over the next week on how to proceed. The best-case scenario at
this point is getting one Republican to drop from the ranks. Worst-case
scenario is the bill dies, and our language gets picked up in another
vehicle starting the whole process all over again. The more likely
scenario, however, lies somewhere in between. Parties will agree to some
compromise language, send the bill back to the Assembly to make the
appropriate changes, then bring it back to the Senate for a clean vote.
-- Long-term contracting was moved to the front burner this week by Asm.
Wright (AB 57) and Senator Morrow (SB 997), both with different results.
Both measures, which are almost identical, set forth a criteria which, if
followed by an IOU when signing a long-term contract with an energy
supplier, would eliminate the need for a reasonableness review by the CPUC.
AB 57 passed out of the Assembly Utilities and Commerce committee with
little discussion and a few technical amendments. SB 997 faced a longer,
more difficult hearing in front of Senator Bowen's Energy Committee. IEP,
along with the three IOUs testified in support of the measure, while TURN
expressed great concerns with the concept of leaving the CPUC out of the
picture. In the end, the Senate committee agreed to put the bill off for
further discussions, passed a motion in support of getting the appropriate
rule waver so the bill can be heard again after Friday's policy committee
deadline, and scheduled a stakeholder meeting for Thursday morning. Senator
Burton announced on the Senate Floor Thursday morning, however, that all
requests for rule wavers would be denied. AB 57 appears to be the only
active vehicle on this issue, and IEP will be at the negotiating table
providing input on the language as it moves forward.
-- AB 60x is scheduled for hearing next week in the Senate Energy Committee.
IEP met with committee staff this week, which revealed some possible
latitude in amending the bill. IEP and other member company lobbyists will
be pushing hard for an opposed position from the rest of the committee
before the hearing Tuesday afternoon. At this time, however, we do not have
any alternative language for the bill. After further review by some IEP
member companies, the previously drafted amendments appear unworkable and
were withdrawn from consideration. We anticipate on waiting to see where
the committee on Tuesday takes the issue before another attempt at drafting
alternative language.
-- SB 1x (Soto/Scott) was amended this week before its hearing in the Senate
Appropriations committee next week. The new language finds a backdoor to
the price cap issue by imposing a 100 percent tax on the sale of electric
power that exceeds a base price of $80 per MW/hr. CMTA, the Chamber and
CalTax will be coordinating strategy for the hearing with IEP and the
generators, but despite the bill's multiple constitutional and legal
problems, most admit the measure will move forward with little trouble. A
new player on the scene will probably provide the most noteworthy testimony.
InterGen North America, which is developing a 900 MW power plant in Palm
Springs, plans on testifying that if this measure is signed by the Governor,
they will absolutely pull the project and go to Oklahoma.
-- Newly amended this week is AB 67x (Cardoza), which now makes it a felony
for a corporation that sells electricity or natural gas at unjust or
unreasonable rates. Sponsored by Lt. Governor Bustamante, the measure
establishes stiff fines and possible jail time, that could be subject to the
state's "three strikes" law. AB 67x has already generated opposition from
Republicans and constitutional questions from legal experts. Although
Cardoza noted that several aspects of the bill are unresolved and could
change, the intent will remain the same, and he insists that energy
companies that take advantage of Californians will still face significant
penalties.
-- SB 6x, (Burton), which establishes a State Power Authority, passed the
Assembly this week by a 48 to 28 vote. The measure needs the Senate to
concur on the Assembly amendments before it heads to the Governor's desk.
-- Attached are the most recent legislative tracking reports for both the
special and regular sessions. Please call if you need copies of any of the
bills.
UPCOMING EVENTS
MONDAY, April 30th
Senate Appropriations Committee
SB 1x (Soto) - excess profits tax
SB 30x (Brulte) - local government incentives
Assembly Energy Costs and Availability Subcommittee on Natural Gas Costs and
Availability
Informational Hearing
TUESDAY, May 1st
Senate Energy Committee
AB 60x (Hertzberg) - California First
MONDAY, May 7th
Senate Appropriations Committee
SB 64x (Costa) - biomass incentive
ON THE SENATE FLOOR
SB 28x (Sher) - siting proposals
SB 6x (Burton) - State Power Authority
--end--
Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
[email protected]
- 2001 Tracking Report.doc
- 2001 Tracking Report.special session.doc
=====================================
|
4,619 |
Subject: RE: Meeting with Perfect Commerce
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/316.
=====================================
babe, if they get back to me with a date that week, i think that you ought to just have the meeting, understanding that the meeting with execs may not have occured yet. nevertheless, you'll have a darned good idea by that time whether its working well or it's a flop, non?
anywho, let's see what response i get back. maybe they'll want to push back.
her hair looked really good (it was pretty all over the place previously). now, with a few professional flourishes, she look even more gorgeous (if that's possible).
best,
Jeff
-----Original Message-----
From: Cameron Sellers [mailto:[email protected]]
Sent: Thursday, September 27, 2001 11:26 AM
To: Dasovich, Jeff
Subject: FW: Meeting with Perfect Commerce
OK, so the oct 15th date is a little too early. The pilot review with execs
at enron is at the end of the month. SO, we should target early November
for this meeting. Can you help facilitate that?
What did you think of PP's hair. I was shocked. It looked really good!
Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
[email protected]
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)
-----Original Message-----
From: Ian Sullivan
Sent: Wednesday, September 26, 2001 6:44 PM
To: Cameron Sellers
Subject: RE: Meeting with Perfect Commerce
We are tentatively scheduled for a Pilot Review with the VP of EES on 10/30
in Houston, so early Nov. for this meeting is probably the best bet.
-----Original Message-----
From: Cameron Sellers
Sent: Wednesday, September 26, 2001 2:09 PM
To: Ian Sullivan
Subject: FW: Meeting with Perfect Commerce
I pushed this date way out. We can easily push it out more. Jeff fully
understands that we want to schedule this meeting after the pilot has been
completed (not get in the way, see the real value of the system
first...etc.). My question to you is when is the pilot scheduled to be
completed so I have a time frame on when these discussions might take place.
Thanks,
Cameron
Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
[email protected]
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)
-----Original Message-----
From: Dasovich, Jeff [mailto:[email protected]]
Sent: Wednesday, September 26, 2001 1:57 PM
To: Greg Piper (Enron); Brad Richter (Enron)
Subject: Meeting with Perfect Commerce
Greg:
Good talking to you. Congratulations on your new role. Sounds exciting
(in addition to exhausting).
Based on our call, I contacted Perfect Commerce. The two folks from
their shop that will be in Houston are:
Ian Sullivan
SVP, Professional Services and all implementation of the product
Cameron Sellers
VP, Business Development
They'd like to meet sometime during the week of October 15th. Let me
know if that works for you and Brad. Or if you'd like to contact them
directly, just let me know and I'll get you their numbers/emails.
I ran across Perfect when I was doing an MBA project-we were required
to find a company that we could consult to on e-commerce strategy.
I've since found out that Perfect's doing a pilot with EES-acting as
the e-procurment platform for products tied to EES' outsourcing deals.
From what I hear it's going well, and EES is enthusiastic.
The technology is very interesting: soup to nuts e-procurement platform
developed by Paul Milgrom (global auction guru and economist at
Stanford). Glad you guys can meet with them. I think it's definitely
worth the time-the technology may fit very well with Networks.
Best,
Jeff
**********************************************************************
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.
**********************************************************************
=====================================
|
4,623 |
Subject: California Power Issues
Sender: [email protected]
Recipients: []
File: dasovich-j/deleted_items/1996.
=====================================
Edison-California Accord Stayed by Appeals Court
Bloomberg
October 31, 2001
Bailout of Edison held up by court
The Sacramento Bee
October 31, 2001
Counties ask for voice in PG&E bankruptcy / Creditors panel has mostly energy traders
Dow Jones Interactive
October 31, 2001
US Energy Regulators To Meet With Western Governors Fri
Dow Jones Interactive
October 31, 2001
Edison-California Accord Stayed by Appeals Court
Los Angeles, Oct. 30 (Bloomberg) -- A plan by Edison International and California regulators to keep the state's No. 2 utility out of bankruptcy was suspended for 14 days by a U.S. appeals court.
The 9th U.S. Circuit Court of Appeals decision came after the Utility Reform Network late Friday asked the court to freeze the plan by Southern California Edison and the Public Utilities Commission. The proposal would use consumer rates to pay $3.3 billion in company debt.
The 9th Circuit ordered a Los Angeles federal judge to consider whether the stay should be extended. TURN will make its arguments before U.S. District Judge Ronald Lew, who approved the settlement Oct. 5.
The San Francisco-based consumer group's stay request may delay Southern California Edison's plans to pay its creditors by March. TURN says the stay is needed because it would be difficult to collect the money to be paid to Edison's creditors should the appeals court end up dissolving the settlement.
The settlement, reached in private, grew out of a lawsuit Southern California Edison filed against regulators to force higher rates. TURN argues that the settlement violates the PUC's own guidelines as well as state law by not allowing the public time to comment.
TURN is one of two interveners in the lawsuit. The other, the County of Los Angeles, will likely decide today whether it plans to challenge the settlement as well.
Rosemead, California-based Edison shares fell 46 cents to $14.53 in late afternoon trading.
Bailout of Edison held up by court
SAN FRANCISCO - A federal appellate court Tuesday put the state's multibillion-dollar Southern California Edison rescue plan on hold for two weeks, telling the Los Angeles judge who approved the deal to consider staying his decision until appeals are concluded.
If U.S. District Judge Ronald Lew decides against a stay, the 9th U.S. Circuit Court of Appeals said it may consider one.
But nothing in the two-paragraph order from the circuit judges, Stephen Reinhardt of Los Angeles and Marcia Berzon of San Francisco, promised a stay or predicted the state Public Utilities Commission's bailout would be struck down.
Under the bailout plan, Edison dropped a lawsuit against the commission in exchange for the right to charge customers $3.3 billion to pay off part of its debt.
Electric rates won't go up under the agreement, but customers also won't see a potential rate decrease that might have come next year.
The plan has been challenged by The Utility Reform Network because of both the secrecy in which Edison and the PUC conceived it and its consequences for regulation of utility rates.
TURN wants to find out what's behind the plan before it goes forward, Executive Director Nettie Hoge said.
The commission and Edison downplayed the importance of the 9th Circuit's order.
"We still think the settlement is the right thing for consumers," said Terrie Prosper, a PUC public information officer.
In a prepared statement, Edison Chairman Stephen Frank called the settlement sound and said TURN's effort to block it had no legal merit.
Counties ask for voice in PG&E bankruptcy / Creditors panel has mostly energy traders
Warning that Pacific Gas and Electric Co.'s financial recovery plan is barreling toward approval with no one to speak for the public, San Francisco and other counties will ask a bankruptcy judge today to grant them powers as a separate creditors committee.
The only committee now representing PG&E's thousands of creditors is dominated by energy traders with no incentive to stand up for communities PG&E serves, according to a motion being filed today by San Francisco City Attorney Louise Renne. She hopes to win approval for a committee of government creditors to draw up an alternative restructuring of PG&E.
Joining San Francisco in the request to bankruptcy Judge Dennis Montali are Alameda, Sonoma, San Luis Obispo and Siskiyou counties, along with the cities of Berkeley and San Jose.
Renne's office claims PG&E has negotiated a reorganization plan that favors energy companies whose soaring wholesale electricity rates drove the utility into Bankruptcy Court.
Under the plan unveiled Sept. 20, PG&E would drop legal challenges against the prices charged by generators, who would receive full payment of about $9 billion.
In return, the cities and counties say, the energy companies will not challenge the past transfer of $4.6 billion from the regulated utility to its holding company, PG&E Corp., nor try to block the unregulated parent company from taking ownership of the utility's power plants, transmission lines and natural gas pipelines.
The 11-member creditors committee endorsed the PG&E plan two weeks after it was filed. Renne's office says the committee, which includes seven energy trading companies, including Enron and Dynegy, has kept the majority of PG&E's creditors in the dark. Attorneys for the committee could not be reached for comment.
PG&E spokesman Ron Low said the utility would oppose formation of a new committee. "The (existing) creditors committee represents the interests of all creditors," he said.
The reorganization plan would pay all creditors in full, Low added.
In May, Montali refused to allow a committee of PG&E customers to represent consumers' interests in the bankruptcy proceedings. But San Francisco and other cities and counties already have standing in the case as creditors who are owed an array of payments for taxes, franchise fees and other debts.
If Montali authorizes a new committee of government creditors, the panel could hire experts at PG&E's expense and gain access to PG&E financial filings. With those resources, Renne's office would draw up an alternative financial recovery plan for PG&E and submit it to the judge.
Gary Cohen, general counsel for the state Public Utilities Commission, agreed with Renne that PG&E had made "a pact with the devil" by agreeing to accept generators' power prices. But rather than drawing up a competing plan, he said, the PUC may try to block PG&E's plan through legal challenges.
US Energy Regulators To Meet With Western Governors Fri
WASHINGTON -(Dow Jones)- Federal energy regulators will meet with Western governors, state regulators and energy industry officials in Seattle, Wash., on Friday to discuss the adequacy of the region's energy infrastructure to meet rising demand.
The U.S. Federal Energy Regulatory Commission technical conference will feature the governors of Washington and Arizona, as well as state regulators from California , Montana and Wyoming.
The agenda also features remarks by utility executives and financial analysts.
"The intent is to identify the adequacy of current energy infrastructure and its implications for the future economic development of the region in light of the anticipated growth in population and energy demand in the West," FERC said in a notice issued Tuesday outlining the conference agenda.
"In making this assessment, the goal is to achieve a better understanding of what the infrastructure needs are for the region in the near term, whether the necessary construction is occurring, and if not, what factors are inhibiting adequate investment in infrastructure development," the notice continued.
"Concrete actions that can be undertaken by the federal and state government decisionmakers will be discussed. The aim is to enhance energy infrastructure development to support well-functioning wholesale energy markets."
In preparation for the conference, which piggybacks on a meeting of the Western Governors Association, FERC last week received briefings on a staff assessment of the region's energy infrastructure.
The staff assessment found the 11-state region's electricity reserve margin was nearly 30% in the early 1990s, but has slipped to 16% since then. With projections for new power plants coming on line, that level is expected to increase to 23% during the next two years, according to the staff assessment.
The assessment projected reserve margins could improve to 31% by 2005. But the FERC staff said that is probably an overly optimistic assessment. Efforts to project reserve margins more than two years in the future are unreliable, they said.
Three states - California , Washington and Arizona - provide nearly 60% of the region's 650 million megawatts of net generation capacity, the staff reported.
From 1996 through 2000, electricity produced from natural gas increased a "whopping" 221% in the region while hydropower capacity decreased 17% and other forms of generation increased only 20%, the FERC staff reported.
Overall, installed generation capacity changed very little, because the increase in gas-fired generation "pick(ed) up the slack" from the decrease in hydropower, the staff found.
The report noted a U.S. Geological Survey assessment that the Western U.S. has "proven and potential" natural gas reserves adequate to meet the region's demand for the next 50 years.
=====================================
|
4,624 |
Subject: FW: FY 2001-2 Energy related Budget Cuts
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1938.
=====================================
> -----Original Message-----
> From: Schultz, Don
> Sent: Monday, November 19, 2001 2:57 PM
> To: Boyd,Kelly; Brown,Jeff; Chinn,Randy; Clark,Woody; Ferrera, Anna;
> Johannesson,Magnus; Kelly,Brian; Lingbloom, Lawrence; Lipper,Kip; Lyons,
> Joseph; Phillips,Guy; Sherriff,Rona; Symonds,Toni; Vargas,Sandra;
> Zeps,Gabrielle
> Cc: Bondonno,Maria; Campbell,Rod; Hartmann,Audra; Julian, Bill
> Subject: FY 2001-2 Energy related Budget Cuts
>
>
>
> [3] Governor Wants to Carve Low-Income Assistance,
> Renewables Help from Budget
> In his quest to shave $2 billion off the state's current budget, Governor
> Gray Davis proposes to cut $380 million in energy-related spending.
> The biggest hit would be on low-income assistance programs supported
> through the California Public Utilities Commission. The budget for
> gath-ering
> data for new integrated resources planning at the California Energy
> Commission would also disappear. At [18], the alternative-energy and
> transportation agency that never was never will be.
>
> [18] Governor Asks for $382 Million Back
> from Energy-Related Budgets (from [3])
> When the energy crisis hit, California's coffers
> were still fat from the economic boom in the late
> 1990s. Spending was authorized to speed new power
> plant construction, expedite efficiency measures and
> help the poor pay their increasing energy bills.
> But with energy prices dropping and state income on
> the skids because of recession, Governor Gray Davis
> recommended on November 14 elimination of
> $382.5 million for energy-related state agencies as well
> as conservation and efficiency programs instituted within
> other state agencies as part of a $2 billion overall cut.
> The largest cut, $83.8 million, would be made in
> the California Public Utilities Commission's Califor-nia
> Alternative Rates for Energy (CARE) budget-
> aimed at helping low-income consumers pay energy
> bills. The governor's budget statement said that the
> money "could be reverted due to a significant drop in
> energy costs." Another hit on the CPUC's budget
> would be $9.6 million for energy-efficiency audits of
> oil and gas facilities, such as refineries. Funding for
> both programs was approved during the Legislature's
> first extraordinary session last spring under SBx1-5 by
> Senator Byron Sher (D-Palo Alto).
> The Department of Community Services and
> Development, under the state Health and Human
> Services Agency, would return $53.7 million to the
> general fund from the $120 million appropriated under
> Sher's bill for the low-income home energy-assistance
> program. The program, intended to operate through
> January 2005, was to provide energy-bill assistance
> and weatherization services to households and small
> foster-care group homes.
> The California Energy Commission would take the
> next-largest cut at $34.6 million. Of $86.3 million
> appropriated by Sher's SBx1-5 for grants to the agri-culture
> industry to install energy-efficient hardware
> and other conservation mechanisms, $29.4 million has
> not been encumbered and would revert to the general
> fund. Sher's other bill, SBx1-28, had budgeted
> $3 million to help local governments with their part of
> speeding power plant review. None of that was spent.
> Another $1.9 million budgeted for data collection and
> $300,000 for hydrogen fuel cell refueling stations
> would disappear.
> Mark Hutchinson, CEC manager of financial serv-ices,
> said a significant loss would be $1.9 million in
> funding to collect much-needed data on customers'
> energy use that would be used in demand-forecast
> modeling. "It is critical information that we have not
> been able to get since deregulation," Hutchinson said,
> adding that pre-AB 1890, the investor-owned utilities
> supplied that information.
> The Technology Trade and Commerce Agency
> would lose $29.9 million for loan guarantees for re-newable
> energy. The governor's statement said that
> there was a technical error in dispersing the funds to
> banks. The governor had already made several line-item
> vetoes to the bill that appropriated that money,
>
> ABx1-29 by Christine Kehoe (D-San Diego). The
> original amount of loan guarantees was $40 million.
> The agency also would return $5.5 million to the
> general fund and cease future funding of the biomass
> grants program.
> The Alternative Energy and Advanced Transporta-tion
> Financing Authority, also proposed by Kehoe's
> bill, would be annulled. The proposed agency would not
> be established, and the $24.9 million remaining in its
> start-up budget would go back into the general fund.
> The Department of Water Resources stands to see
> $14 million cut from its initial budget for power plant
> construction bonuses. Of $20 million appropriated,
> only $6 million was spent, and no more power plants
> are eligible for the money.
> Also eliminated in the budget were funds allo-cated
> to support unanticipated higher natural gas costs
> for the University of California and California State
> University systems-$45 million-and higher utility
> expenses that were expected to burden state agencies
> but have not come to pass-$64.2 million.
> The governor announced he will submit a revised
> 2001-2002 budget incorporating the cuts to the Legis-lature
> during a special session he will call in January.
> This session will run concurrent with the 2002 session
>
=====================================
|
4,625 |
Subject: Legislative status report week ending 1/19
Sender: [email protected]
Recipients: ['[email protected]', 'IEP Board of Directors', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/8383.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 01/20/2001 11:01 PM -----
=09"Julee Malinowski-Ball" <[email protected]>
=0901/19/2001 07:13 PM
=09Please respond to "Julee Malinowski-Ball"
=09=09=20
=09=09 To: "Jan Smutny Jones" <[email protected]>, "Steven Kelley" <steven@ie=
pa.com>,=20
"Katie Kaplan" <[email protected]>
=09=09 cc: "William Hall" <[email protected]>, "Tony Wetzel"=20
<[email protected]>, "Sue Mara" <[email protected]>, "Steven Kelley"=
=20
<[email protected]>, "Steve Ponder" <[email protected]>, "Stephanie Newell=
"=20
<[email protected]>, "Roger Pelote"=20
<[email protected]>, "Robert Lamkin" <[email protected]>,=
=20
"Richard Hyde" <[email protected]>, "Paula Soos"=20
<[email protected]>, "Nam Nguyen" <[email protected]>, "Mar=
ty=20
McFadden" <[email protected]>, "Lynn Lednicky"=20
<[email protected]>, "kent Palmerton" <[email protected]>, "Ken=20
Hoffman" <[email protected]>, "Kassandra Gough"=20
<[email protected]>, "Jonathan Weisgall" <[email protected]>, "John Stout"=
=20
<[email protected]>, "Joe Ronan" <[email protected]>, "Joe Grec=
o"=20
<[email protected]>, "Jim Willey" <[email protected]>, "Jeff=20
Dasovich" <[email protected]>, "Jack Pigott" <[email protected]>, "Ha=
p=20
Boyd" <[email protected]>, "Greg Blue" <[email protected]>, "Frank DeRosa"=20
<[email protected]>, "Ed Tomeo" <[email protected]>, "Duane=
=20
Nelson" <[email protected]>, "David Parquet" <[email protected]>, "Curtis=
=20
Kebler" <[email protected]>, "Carolyn Baker"=20
<[email protected]>, "Bob Escalante" <[email protected]>, "B=
ob=20
Ellery" <[email protected]>, "Bill Woods" <[email protected]>, "Bill=20
Carlson" <[email protected]>, "Craig Chancellor"=20
<[email protected]>, "Eric Eisenman" <[email protected]>, "Kate=20
Castillo" <[email protected]>
=09=09 Subject: Legislative status report week ending 1/19
Date: 1/19/01
To: Jan Smutny-Jones, Steven Kelley, Katie Kaplan
Cc: IEP Board of Directors
From: Julee Malinowski-Ball, Edson + Modisette
RE: Legislative status report week ending 1/19
RECENT EVENTS:
-- The first two special session bills were signed by the Governor this
week: AB 5x (Keeley), relating to reconstituting the ISO and PX governing
boards, and 6x (Pescetti/Dutra), relating to utility retention of assets.
Includes in AB 5x was language requiring the ISO to make a list of
California power plants that are out of service due to either a planned or
unplanned outage available on the Internet on a daily basis.
-- Governor Davis has announced some appointments to the new ISO Board.
They include: Michael Kahn from the EOB as chair, Maria Contreras-Sweet who
is the Secretary of Business Transportation and Housing, Carl Guardino from
the Silicon Valley Manufacturing Group, and Mike Florio from TURN. The
fifth position still remains vacant. It is unclear if FERC will even
approve this new makeup.
-- SB 7x (Burton) caught everyone=01,s attention this week as it was
introduced, maneuvered through the legislative process and also signed by
the Governor within a 24 hour period. SB 7x clarifies the authority of the
Department of Water Resources on a temporary basis to purchase electricity
(in lieu of AB 1x). It gives the agency a 12-day window to purchase
electricity and sell it at cost. The legislation specifies that no contract
may be entered into later than February 15, 2001 and it sunsets on that
date.
-- The next legislative step taken this week was to continue the progress
made in the Assembly last week on AB 1x (Keeley/Migden). AB 1x authorizes
the Department of Water Resources to contract with any person or entity to
purchase electricity for up to 5.5. center per kWh. The Senate Energy
Committee met Friday afternoon to debate the measure. Committee members
themselves brought up a number of concerns, including those previously
articulated by IEP and some member companies. Specifically, IEP opposes th=
e
5.5 cap and language that implies entities that =01&furnish=018 power would=
be
=01&public utilities.=018 Both were highlighted in today=01,s hearing by t=
he Chair
of the committee and the author as provisions that need to be addressed
before the bill moves forward. The committee expects to be drafting
potential amendments over the weekend and will resume deliberations on
Monday at a time to be announced. I am faxing the amendments proposed and
submitted to the committee by Southern for your review which address these
issues and more.
-- Senator Burton also held a press conference this week to introduce SB 6x
which would create a state power authority that has the power to, among
other things, finance the construction of additional generating capacity an=
d
provide financing for older plants to make necessary retrofits for
efficiency improvements. Power generated from this financing will be sold
to the state at cost. The press release is attached.
-- Still sitting on the back burner for the moment (which could change at
any moment) is any legislative play on long-term contracting and siting
changes. IEP has provided comments on both issues and is participating in
any discussions on these issues as they arise.
-- Last but not least, the QF issues has reached the legislative arena this
week. Asm. Keeley has been intent on getting all the parties together to
negotiate the SCE QF contracts. Negotiations will continue through the
weekend.
UPCOMING EVENTS:
-- There will be a Senate Energy Committee hearing on Monday to continue
deliberations on AB 1x (Keeley). So far, I have no other scheduled meeting=
s
or hearings for next week. Stay Tuned.
--end--
Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
[email protected]
=====================================
|
4,626 |
Subject: FW: Demand Bidding Legislation (what used to be AB31X- Wright)
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10425.
=====================================
Alan --
Not sure if the West Desk is interested in Demand Bidding issues with the
ISO, but wanted you to loop around with the commercial people to see if there
are any specific problems with the current ISO programs.
Please communicate any issues with Harry Kingerski.
Jim
----- Forwarded by James D Steffes/NA/Enron on 03/26/2001 08:33 AM -----
Harry Kingerski
03/23/2001 04:00 PM
To: Neil Bresnan/HOU/EES@EES, Jay Ferry/HOU/EES@EES, Fred L
Kelly/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Jubran Whalan/HOU/EES@EES, Dennis
Benevides/HOU/EES@EES
cc: Leslie Lawner/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, James D Steffes/NA/Enron@Enron
Subject: FW: Demand Bidding Legislation (what used to be AB31X- Wright)
We are working to get demand bidding into CA legislation (AB31X). The ISO
wants from us our laundry list of issues of why their existing programs are
inadequate. This is a great opportunity to influence them.
Neil and Jubran, could you give us your specific issues and suggestions? Jay
and Fred, any suggestions would be great from you also.
We will set up a call for Monday at 4 pm CST to discuss and will get phone
number out to you. Thanks.
----- Forwarded by Harry Kingerski/NA/Enron on 03/23/2001 03:50 PM -----
MDay <[email protected]>
03/23/2001 03:37 PM
To: "'Harry Kingerski'" <[email protected]>, "'Jim Steffes, Enron'"
<[email protected]>, "'Leslie Lawner, Enron'" <[email protected]>, "'Sandi
McCubbin Enron SF'" <[email protected]>
cc: "'Jeff Dasovich Enron SF'" <[email protected]>, "'Scott Govenar, Enron
lobbyist'" <[email protected]>, "'Sue Mara at Enron SF'" <[email protected]>,
"'Bev Hansen, Enron lobbyist'" <[email protected]>, "'Hedy Govenar, Enron
Sacto lobbyist'" <[email protected]>
Subject: FW: Demand Bidding Legislation (what used to be AB31X- Wright)
Here is a note from Mike Florio of the ISO Board. This is encouraging, he
wants to talk further about how the ISO programs can be changed to
accomplish what we want. What would be most helpful is an item by item
analysis by EES (read: Harry and his people) as to why the existing or
proposed ISO programs are inadequate (or why we need to have 31X amended to
have the ISO do programs for direct access customers parallel to the utility
programs in 31X.) I need this information soon in order to keep the
dialogue going with Florio. Thanks for your help. Mike Day
-----Original Message-----
From: Mike Florio [mailto:[email protected]]
Sent: Wednesday, March 21, 2001 7:51 PM
To: MDay
Subject: Re: Demand Bidding Legislation (what used to be AB31X- Wright)
Just to show how up to speed I am, I thought that the ISO was already
planning to do this. Their presentation on demand programs at the last
board meeting showed a scheduling coordinator option and a UDC option, with
different billing and settlement provisions for each. But it's hard for me
to judge what is adequate (and user-friendly) and what is not absent some
expert help. I'm definitely interested in the concept and have no great
faith in utility management of programs of this nature. Let's pursue.
MIKE
P.S. In his own inimitable way, Dan Richard "offered" me the ORA job way
back when. I said: "Gee, Dan, I thought we were friends!" When he acted
all surprised and hurt in that way of his, I reminded him that Marty Lyons
and Mark Loy come with the turf. End of discussion.
At 05:05 PM 3/21/2001 -0800, you wrote:
>Mike:
>
>I wanted your reaction to a proposal we were making in response to the
>Wright 31X bill on demand bidding programs. We strongly support these
>programs, and feel that ESPs can bring a lot of benefit to the program by
>aggregaring customers, educating them on the benefits of bidding
"Negawatts"
>and helping to meter and verify their load reductions. We are certain that
>we could help enroll more customers in the program than if the utilities
>alone were in charge. So, we proposed language for 31X which allowed ESPs
>to aggregate customers in the utility day ahead and hour ahead programs,
and
>proposed an additional day ahead program based on economic value, (not
>reliability criteria, like reserve margins).
>
>The utilities and the large customers wanted to clarify that we would not
>include direct access customers in the utility programs, because of the odd
>funding source (reductions from the amounts paid to DWR). We agreed with
>the concept, we don't want to fund demand reduction programs for Direct
>Access customers through DWR payments, but we also feel strongly that there
>should be similar non-discriminatory demand reduction programs for all
types
>of customers, including DA. So we came up with the idea of inserting
>language in the bill to require the ISO to institute demand bidding
programs
>which match the ones mandated in the bill for the IOUs. I gave our
>suggestion to Robin Larson, and I don't imagine you've seen it yet, but
>would you give me your reaction to the basic concept? I looked at the ISO
>website and tried to evaluate the demand bidding programs already in
>place--with a limited amount of understanding, but Enron's business folks
>indicated that they did not consider the existing programs to be the
>equivalent of what the utilities will be implementing. If that is so, how
>about putting similar programs in place so we can actively market and
>encourage all customers to bid their negawatts (especially the economic,
bid
>and contract in advance deals) so that the ISO can count on the demand
>reductions in advance of a day's operations?
>
>I await your response.
>
>I am so sorry you are not the next ORA director, I was certain you would be
>appointed to that, too. (gallows humor)
>
>Mike Day
=====================================
|
4,627 |
Subject: RE: California Republican Party
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/sent_items/786.
=====================================
Oops. It's Shawn, not Sean. And here's what I got.
Shawn Steele
323-951-9000 (law office)
818-841-5210 (Rep. Party HQ)
-----Original Message-----
From: Dernehl, Ginger
Sent: Thursday, October 25, 2001 12:35 PM
To: Dasovich, Jeff; Kaufman, Paul
Subject: RE: California Republican Party
I found it already. Thanks!
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
-----Original Message-----
From: Dasovich, Jeff
Sent: Thursday, October 25, 2001 12:31 PM
To: Kaufman, Paul; Dernehl, Ginger
Subject: RE: California Republican Party
His name is Sean Steele. I'll have his number pronto.
-----Original Message-----
From: Kaufman, Paul
Sent: Thursday, October 25, 2001 12:10 PM
To: Dernehl, Ginger
Cc: Dasovich, Jeff
Subject: RE: California Republican Party
You're guess is as good as mine. Jeff?
-----Original Message-----
From: Dernehl, Ginger
Sent: Thursday, October 25, 2001 9:43 AM
To: Kaufman, Paul
Subject: RE: California Republican Party
Who is the chairman? Maybe I can find the number on their internet site.
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
-----Original Message-----
From: Kaufman, Paul
Sent: Thursday, October 25, 2001 11:20 AM
To: Dernehl, Ginger
Subject: California Republican Party
Rick asked me to send him the phone number for the Chairman of the California Republican Party. I don't have his phone number, but I do have the number of Tiffany A. Gharagozlou (Deputy Finance Director). Her number is 818.841.5210.
=====================================
|
4,630 |
Subject: Utilities, Electric: Deregulation: California Electric Utility
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1927.
=====================================
----- Forwarded by Miyung Buster/ENRON_DEVELOPMENT on 09/29/2000 05:21 PM
-----
[email protected]
09/27/2000 09:50 AM
Please respond to nobody
To: [email protected]
cc:
Subject: Utilities, Electric: Deregulation: California Electric Utility
Seeks to Recoup Costs from ...
California Electric Utility Seeks to Recoup Costs from Customers
Rick Burnham
?
09/27/2000
KRTBN Knight-Ridder Tribune Business News: The Press-Enterprise - Riverside,
California
Copyright (C) 2000 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)
Southern California Edison is asking state regulators for permission to
charge customers for its soaring wholesale electricity costs -- a bill of
nearly $2 billion and growing.
Under the 1996 legislation that deregulated the state's electricity industry,
rates are frozen for the residential and small business customers of Southern
California Edison and Pacific Gas&Electric until March 31, 2002 or until the
utilities pay off their "stranded assets," investments made in nuclear power
plants and other obligations.
That has left the utilities to pay the difference between the frozen rate and
this summer's skyrocketing market rates.
As of Aug. 31, the difference -- known as an undercollection -- amounts to
$1.97 billion for Edison, the company said Tuesday.
Not all details have been worked out, but Edison will file a request later
this week with the state Public Utilities Commission asking for permission to
recoup their unpaid electricity costs after the rate freeze ends, said Jim
Scalacci, its chief financial officer.
Edison officials couldn't say how much the extra cost would add to the
typical Edison residential customer's bill. But if the current $1.97 billion
in undercollections were sought all at once as a rate increase, it would
raise rates more than 20 percent, Scilacci said.
"Of course we would not propose that," Scilacci said. "We would span it over
a period of time."
Instead, the utility will make another filing to regulators later this year
for a "rate stabilization plan" that would include a rate increase and a
mechanism to recover its undercollections over a period of time, Scalacci
said.
The utility said it also would consider other options -- including a lawsuit
-- to recoup the costs.
Sempra Energy, parent of San Diego Gas&Electric, paid off its stranded assets
more than a year ago, allowing it to pass through the full cost of
electricity to its customers.
That resulted in SDGOaverage monthly residential bills skyrocketing from $40
to $68 to $130 in less than three months this summer. After an outcry from
SDGOcustomers, area politicians and consumer groups, the state legislature in
August capped SDGOresidential rates to a maximum of $68 a month.
The deregulated electricity market does not affect customers of municipal
utilities, such as those in the cities of Riverside, Colton, Banning and Los
Angeles.
Under the deregulation law, the investor-owned utilities are able to recover
undercollections from future positive revenues until they recover all
stranded costs or the March 31, 2002 deadline.
Edison believes it already has amassed enough credits through the pending
sale of power plants and the valuation of its hydroelectric properties to
offset its $1.3 billion in stranded assets.
But so far, the PUC has denied requests from the utilities to regain their
uncovered costs after the rate freeze ends. Regulators also have prohibited
the utilities from continuing to collect the charge to offset stranded costs.
Pacific Gas&Electric appealed the PUC's denial, but the Califoria Court of
Appeal denied its petition for review. The case is being appealed to the
state Supreme Court.
Edison believes the PUC -- in refusing to allow the utilities to recoup
undercollections past the 2002 deadline -- is misinterpreting California's
electricity restructuring law.
"That law placed California electric utility companies at risk for recovery
of their stranded costs, but did not place them at risk for recovery of the
costs of procuring electricity for customers," Edison said in a filing with
the Securities and Exchange Commission.
PUC President Loretta Lynch said she recognized that the utilities are
hurting. But Lynch said the ultimate answer isn't to expect consumers to foot
the entire bill.
The action by the utilities also appears to presume that California's
electricity woes will continue, leaving them no way to recoup their costs in
the future, Lynch said.
"The presumption that the market will stay out of whack the next two years is
incorrect," Lynch said. "I would hope the federal government will do
something (about addressing the wholesale electricity market)," she said.
Lynch said regulators will take a look at the total utility picture --
including the revenue utilities continue to make from generating power.
"We'll be asking for the revenue side as well as the expense side," she said.
PUC commissioner Carl Wood, a former Riverside resident, said Tuesday that he
thinks it's unreasonable to assume that just because Edison is making the
request that it will be approved.
Wood said this summer's higher electricity rates have been caused at least in
part by a dysfunctional market and what he calls "unconscionable pricing."
"Edison ought to focus on getting money back from the generators and
suppliers ...," Wood said.
Meanwhile, consumer advocates in San Diego and San Francisco requested that
candidates for state or federal office sign a Ratepayer Protection Pledge to
protect consumers from "unfair and unreasonable electric rates."
The pledge, developed by TURN (The Utility Reform Network), The Foundation
for Taxpayer and Consumer Rights and Consumers Union, was mailed to all
candidates Tuesday.
"Utility-style deregulation has obviously failed, and lawmakers must act now
to prevent the entire state from being thrown into a financial crisis," said
Nettie Hoge, executive director of San Francisco-based TURN.
The consumer groups said that if politicians sign the pledge, they commit to
oppose any legislation or efforts to force ratepayers to pay Edison, PGOor
SDGOretrospectively for this summer's high wholesale energy costs. They also
would agree to "not allow for rate increases for PGOor Edison ratepayers
during the rate freeze period and beyond until such time as rates are just
and reasonable."
TURN and FTCR said they will post a list of all candidates and their position
on the pledge on their Web sites (www.turn.org) and
(www.consumerwatchdog.org).
Folder Name: Utilities, Electric: Deregulation
Relevance Score on Scale of 100: 98
______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClipsor contact Dow
Jones Customer Service by e-mail at [email protected] by phone
at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones &Company, Inc. All Rights Reserved
=====================================
|
4,632 |
Subject: Good EBS Story
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/329.
=====================================
Allison, could you please forward to Terry Banks and the F-H guys? Thanks
___________________________
Category: Enron Broadband Services, Bandwidth Trading
Description: Is Latest Fiber Optic Play Enron?
Detail:
Dow Jones News Service 2/3/00
Investors can't get enough fiber. And we're not talking about a bowl of
Cheerios or Special K.
We're talking about fiber optics.
Telecommunications companies such as Qwest Communications (QWST), Global
Crossing (GBLX) and Level 3 Communications
(LVLT) are racing to build new fiber-optic networks so that high-bandwidth
applications like video can travel faster and be clearer when
they reach the desktop. The huge growth of the Internet has increased the
need for more capacity on old fiber and copper wire
networks. All sorts of new switches, routers, servers and software are being
used to build the new networks and beef up the old ones.
The need for fiber and gadgets that enhance networks prompted Corning (GLW)
- that erstwhile dishmaker - to announce Thursday that
it will spend $750 million to increase its fiber-optics manufacturing
capacity by 50% over the next few years. And the trend has sent
stocks like JDS Uniphase (JDSU), SDL (SDLI) and Sycamore Networks (SCMR)
through the roof.
The excitement over fiber optics and increasing bandwidth is also juicing up
shares of an old natural gas and electric company called
Enron (ENE). True, Enron isn't a typical energy or utility company: The
Houston-based company is known for leading the charge of
wholesale marketing and trading of gas and electricity. But Enron has never
been considered a telecommunications company.
Until now.
After trading between $28.75 and $44.875 last year, Enron shares shot up 65%
to a new high of $73.06 last month, after the company
held its annual analysts' conference where it unveiled its new
communications strategy and a surprising joint venture with Sun
Microsystems (SUNW). Wall Street was smitten. "Although this is still an
energy company, in our view, Enron fits the description of a
'new economy' stock" because it has moved its wholesale trading operations
online and announced a unique broadband strategy, wrote
Donato Eassey, a Wall Street Journal All-Star analyst at Merrill Lynch.
Enron has been building its broadband business since 1997, when it acquired
Portland General Electric, which started building a
fiber-optic network. Enron invited both telecom analysts and the usual
contingent of natural gas analysts to its Jan. 20 meeting. The
company presented its new network, which is based on fiber; servers that are
ramps on and off the network; "pooling points," which are
essentially switches that connect its network to other networks; and
software to control the transmission of data. The company is using
networking gear mostly from Lucent Technology (LU) and Cisco Systems (CSCO).
By the end of 2001, Enron expects to increase its
network to 18,000 miles from about 13,000 miles now - a sizeable slice of
the roughly 200,000 miles of fiber in the U.S.
The company also announced a joint venture with Sun Microsystems to develop
a standard technology for accessing real-time
bandwidth and supply Enron with 18,000 servers. With Sun CEO Scott McNealy
at their side, Enron executives said Sun will purchase
broadband video streaming services from Enron. "All we can say is WOW!"
wrote Edward Tirello Jr. at Deutsche Bank Alex. Brown in
a note after the show. "Just when we began to ponder the potential with a
very healthy skepticism, Enron brilliantly anticipated the
reaction and thrust Sun Microsystems' billionaire CEO Scott McNealy into the
mix."
Fund managers have been intrigued by Enron's transformation, too. Back in
December, the Janus Fund (JANSX) snapped up 15.6
million shares of Enron, bringing its stake to more than 25.5 million shares
and making it by far the largest holder of the stock, according
to the latest monthly data from Morningstar. And Fidelity's huge Magellan
(FMAGX) fund nearly doubled its stake in Enron to 4.6
million shares in December. Says Marion Schultheis, managing director at J.
& W. Seligman, who owns the stock in two growth funds
and is looking to buy more: "Now there are real tech people looking at
Enron."
Analysts think Enron's stock can climb even higher. "In January, it was just
the first step of the market realizing what this company is
doing," says Erik Ruben, an analyst at Janus Capital. "It is such an
extraordinary story." Wall Street Journal All-Star analyst Rick Gross
at Lehman Brothers agrees. The natural gas analyst is quick to point out
that the stock is also reflecting strength in Enron's wholesale gas
and electric business and the company's success in turning its energy
services business profitable for the first time in the fourth quarter.
Enron plans to use its network in two ways. The first business is bandwidth
intermediation, which involves using its own network and
other networks to provide businesses and Internet service providers with
full bandwidth needs. Enron aims to lower the cost of using
networks by charging customers for only the time and space they use on the
network. Right now, customers that need space on a
network have to enter long-term contracts for preset amounts of capacity
with major telecommunications providers such as AT&T (T)
and MCI WorldCom (WCOM). Enron has also developed a standard bandwidth
contract that pools existing contracts or unused
capacity that can be traded in a marketplace (see story for more).
Basically, the company plans to make money on the spread between buying and
selling prices for bandwidth, along with financing
services. The company has already proved it can profitably buy and sell
natural gas and electricity contracts in the same manner. Ronald
Barone at PaineWebber figures that the bandwidth intermediation business
will generate gross operating income of more than $500
million in 2004, from an estimated $9 million this year.
The second business is providing broadband content services such as video
conferencing and streaming. The company is using its own
messaging software (acquired from a company called Modulus), along with
Inktomi (INKT) caching software to control distribution of
content across its network and RealNetworks' (RWNK) video streaming
software. It is also using switch routers that control data flows
made by a privately held company called Avici Systems. The company expects
to generate content revenue of $2.5 billion in 2004, up
from an estimated $45 million this year, according to Barone.
The whole broadband services unit is expected to spend $650 million and lose
$60 million (before interest and taxes) this year, Barone
says. But right now, the stock is hardly reflecting this business, says
Lehman's Gross. "The non-broadband business is valued at $55 to
$60, so there's very little in the stock for its broadband assets," he says.
Many analysts have raised their 12-month stock price targets to
$90 to $100, giving Enron's broadband business a value of $30 to $40 a
share.
Enron's broadband strategy is catching a lot of attention, but some of the
established telecom companies, such as MCI WorldCom
(WCOM), doubt that it will be successful. Still, Global Crossing, which was
the first to sell bandwidth between New York and Los
Angeles to Enron in December, has indicated that it thinks the bandwidth -
trading concept can work. It's just a question of when.
"Enron is going to be a winner in bandwidth trading ," agrees Brad Bradshaw,
senior director at the Yankee Group. "It's going to take
a while, though."
Even if the broadband plans don't work out, Enron has a thriving energy
business to fall back on. The company owns gas pipelines, sells
wholesale gas and electricity in North America both traditionally and online
and manages energy needs for large companies such as
Chase Manhattan (CMB) and Simon Property Group (SPG). Says Janus' Ruben.
"Its energy businesses are equally
paradigm-breaking."
For more information and analysis of companies and mutual funds, visit
SmartMoney.com at http://www.smartmoney.com/
=====================================
|
4,633 |
Subject: Sun Microsystems
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10668.
=====================================
Ken Lay put a call in today to Scott McNealy. His office called back to find
out what specific bill included direct access. When I called back, they put
me in touch with Mavis Toscano, who's in Sun Microsystems' state and local
government affairs office. She's Scott's point person on public policy, and
she's been working on the energy issue. Mavis had done some checking and no
one had heard anything about direct access.
Sun is active in three main trade associations: the Chamber, the American
Electronics Association (AEA) and Technet. None of those organizations said
their members were asking for direct access, but Mavis promised to put calls
in to them and get direct access on the radar screen. Although she said
they're not inclined to send letters, Mavis said she'd make some calls into
the legislators, specifically Bowen.
Contact info:
Mavis Toscano
901 San Antonio Road
MS PAL 01-554
Palo Alto, CA 94303
650-336-7115
650-336-0835 - fax
[email protected]
=====================================
|
4,635 |
Subject: SF Chron Article: "Neighbors In a Power Struggle
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/4711.
=====================================
Neighbors In a Power Struggle
State, Northwest trade blame for energy woes
David Lazarus, Chronicle Staff Writer
Wednesday,?December 13, 2000
,2000 San Francisco Chronicle
California officials have blamed the state's energy woes in part on the
Pacific Northwest's not having enough extra power to share.
But in Oregon and Washington, they're blaming California for not coming
through on a decades-old bargain to supply much-needed electricity in the
winter in return for the Northwest's juice in the summer.
If the current power shortages worsen, consumers throughout the West Coast
face an increasing likelihood of blackouts.
Until now, California and the Pacific Northwest have enjoyed a mutually
beneficial power-sharing arrangement whereby shortfalls in one area are made
up for by surpluses in the other.
"We've had a traditional reliance on California in the winter," said Dulcy
Mahar, a spokeswoman for the Bonneville Power Administration in Portland,
Ore.,
which sells power produced by federal dams in the region. "Without
California's electricity, we've had to take some extraordinary steps."
Chief among those steps is tapping into dam reservoirs that, in a normal
year, would be used to generate power next summer.
As a result, the risk is growing day by day that the Northwest will be unable
to help meet California's surging energy demand in the months ahead, when
millions of air conditioners are added to the state's already strained
electricity system.
"Next summer is going to be twice as bad as last summer," predicted Kellan
Fluckiger, chief operating officer of the California Independent System
Operator, which oversees the state's power network.
"Each summer after that is going to get progressively worse until blackouts
become a normal part of a hot summer afternoon," he said.
The ISO called a Stage 2 power emergency at 5:10 p.m. yesterday as reserves
fell once again to dangerously low levels. Power was cut to some voluntary
users.
Meanwhile, federal regulators agreed to consider a request from the
California Power Exchange, which coordinates the state's wholesale power
market, to restore price caps for electricity rates. A $250-per-megawatt
limit was lifted by state officials last week.
On Monday, wholesale power prices spiked as high as $900 and are expected to
top $1,000 today. Last year at this time, electricity could be bought by
utilities such as San Francisco's Pacific Gas & Electric Co. for a mere $45
per megawatt.
Against this backdrop, California and Pacific Northwest power agencies are
scrambling to meet demand as a previously complementary relationship falls
apart.
"We never saw such a tight demand-supply situation," said John Harrison, a
spokesman for the Northwest Power Planning Council, a four-state body charged
with balancing energy production with environmental concerns. "The timing of
this really caught us by surprise."
California and the Northwest recognized years ago that power needs in the two
regions are completely dissimilar. In California, demand for electricity
soars in the summer, when all those air conditioners add to the state's
already considerable energy load.
In Oregon and Washington, demand climbs in the winter because nearly half of
all homes are heated with electricity, a reflection of the region's
historically dirt-cheap power prices.
More than half of all power in Oregon, Washington, Idaho and western Montana
comes from dams along the Columbia, Snake and other rivers. These include 28
federally owned dams from which the Bonneville Power Administration sells
electricity to customers basically at cost.
For decades, the arrangement worked fine. California helped heat the
Northwest in the winter, and the Northwest helped cool California in the
summer.
This year, however, everything changed. As California stumbled from one
crisis to another amid a bungled effort to deregulate the power market,
demand far outpaced available supply and a threat of blackouts has persisted
since June.
The state is now grappling with an unprecedented winter power shortage,
caused in large part by an unusually high number of plants being down for
scheduled and unscheduled maintenance or because they have exceeded annual
pollution limits.
Whereas California normally would be exporting power to other states at this
time of year, it is now frantically hunting for out-of-state generators that
can come through in a pinch.
And without excess California energy supplies making their way across the
border, power officials in the Northwest are struggling to find enough juice
to keep homes warm as temperatures plunge this week about 10 degrees below
normal.
An arctic cold snap expected to hit last night will only make matters worse.
According to official projections, the Northwest will come up short next
month in meeting its power needs by more than 4,000 megawatts -- roughly the
amount of electricity required to light up four cities the size of Portland.
Exacerbating the situation is the fact that the region has faced an unusually
dry winter so far. This has lowered reservoir levels behind dams and
indicates a smaller-than-normal snowpack in the mountains, which would affect
rivers in the spring.
Mahar also said Bonneville and other power providers already were tapping
into reservoirs to provide additional power through the winter. Unless the
rain and snow arrive in full fury next month, Mahar said, this almost
certainly will reduce the Northwest's ability to help meet California's
energy needs in the summer.
"Our reservoirs are like savings accounts," she said. "When we cash them out,
we don't have enough left in the bank."
Steve Johnson, executive director of the Washington Public Utility District
Association, a Seattle trade group representing 28 regional utilities, said
the shortfall in power from California would force the Northwest to improvise
for weeks to come.
"We're trying to buy energy every place we can find it," he said.
Like many observers north of the border, Johnson is dismayed by California's
efforts to deregulate the state's electricity market. "We think you made a
terrible mess of it," he said.
And now, he pointed out, California's troubles have become a headache for
other states as well -- with no end to the problem in sight.
=====================================
|
4,637 |
Subject: Re: Summary of Proposed Short-term Solution for California's Energy
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/8397.
=====================================
I think there is merit in pursuing this. A couple of comments:
It may be unduly complicated to get customers to provide the funding. =20
Perhaps we should focus on the banks instead. The deal might be further=20
funding in exchange for legislative and regulatory concessions on rates,=20
transmission and generation siting and the rest of the items you outline.
Rubin would be great to have, but having watched Summers in action I'm not=
=20
sure we need another ex-treas. Summers is superb, up-to-speed, and=20
apparently willing to work on this. Linda -- how would Larry feel if we=20
brought in his ex-boss (I know they're buddies but does Summers really need=
=20
the help?).
Need to keep an eye on the ball for large customers-- many of whom are ours=
. =20
they will continue to need some access to better rates. Perhaps the propos=
al=20
could be converted to cash in exchange for demand reductions.
=09Jeff Dasovich
=09Sent by: Jeff Dasovich
=0901/20/2001 10:54 PM
=09=09=20
=09=09 To: [email protected], Richard Shapiro/NA/Enron@Enron, James D=20
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Susan J=20
Mara/NA/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Linda Robertson/NA/Enron@ENR=
ON
=09=09 cc:=20
=09=09 Subject: Summary of Proposed Short-term Solution for California's En=
ergy=20
Crisis
----- Forwarded by Jeff Dasovich/NA/Enron on 01/20/2001 10:52 PM -----
=09Jeff Dasovich
=09Sent by: Jeff Dasovich
=0901/20/2001 10:51 PM
=09=09=20
=09=09 To: [email protected], [email protected]
=09=09 cc:=20
=09=09 Subject: Summary of Proposed Short-term Solution for California's En=
ergy=20
Crisis
Dean Tyson:
It was a pleasure to see you again today. Phil, it was a pleasure to meet y=
ou=20
and I look forward to working together. Since time is of the essence, I=20
wanted to summarize where we left off at today=01,s meeting regarding Calif=
ornia=01,
s energy crisis. That summary is attached. I've also attached three=20
articles from the business section of today's Chronicle that arguably bolst=
er=20
our arguments for adopting the approach that we discussed at today's meetin=
g.
Given the fact that the legislative process is moving rapidly, bankruptcy =
is=20
a daily threat, and Dean Tyson will be attending the meetings in Davos, it=
=20
appears that our window of opportunity is very small. It seems that succes=
s=20
requires a meeting of the principals by the end of the week, if not sooner.=
=20
The chances of success are obviously limited, but I think that we agreed th=
at=20
all concerned have nothing to lose and everything to gain by taking a shot.=
=20
Your offer to help in the effort obviously increases the likelihood of=20
success and is greatly appreciated. =20
My apologies in advance if I have mischaracterized any of the points made a=
t=20
the meeting. It represents a =01&first cut,=018 it will undoubtedly change=
as the=20
details get worked out, and I=01,m sure I=01,ve missed something. So pleas=
e don=01,t=20
hesitate to edit the draft.
Please keep in mind that I have not had a chance to discuss this proposal=
=20
internally. As such, I can=01,t yet commit Enron to the specifics of the=
=20
proposal. But I=01,m confident that the company can support something akin=
to=20
this structure and can let you and Phil know first thing Monday.
In addition, given the political environment in California, Enron has playe=
d=20
a constructive role by providing low-key, behind the scenes advice and=20
analysis to policy makers. That approach seems preferable in this effort a=
s=20
well.
Finally, Dean Tyson, I mentioned that Linda Robertson heads-up our Washingt=
on=20
D.C. office. If she can help in any way, please don=01,t hesitate to let m=
e=20
know. Both of you should feel free to call me at home over the weekend to=
=20
discuss things further. My home phone is 415.621.8317.
Best,
Jeff
=====================================
|
4,638 |
Subject: Keynote Speakers for CMTA Energy Conference
Sender: [email protected]
Recipients: ['CMTA Members']
File: dasovich-j/all_documents/28842.
=====================================
July 17, 2001
To: CMTA Members
From: Jack M. Stewart, President
Date: July 16, 2001
Re: FERC Commissioners to Keynote CMTA Energy Conference
http://www.cmta.net/archive/2001_tahoe_conference.shtml
For all manufacturers who will ultimately pay the price for California's
energy crisis and for all those individuals involved with energy policy,
the only place to be from August 1-3 will be the CMTA Energy Conference
at Harvey's Hotel-Casino in South Lake Tahoe.
Headlining the Conference as Keynote Speakers are two of the five
Federal Energy Regulatory Commissioners (FERC). Commissioner Nora
Brownell will keynote the Thursday, August 2 session and Commissioner
Bill Massey will open the Friday session.
Commissioner Nora Brownell was nominated by President George W. Bush to
serve on the Federal Energy Regulatory Commission (FERC) on April 30,
2001 and was confirmed by the U.S. Senate on May 25. Prior to joining
the Commission, Ms. Brownell served as a member of the Pennsylvania
Public Utility Commission (PUC). During her tenure at the PUC, Ms.
Brownell took an active role in the roll out of electric choice in
Pennsylvania. In addition to her work in establishing the framework for
one of the most successful retail electric markets in the country, Ms.
Brownell was a leader in the administration of Pennsylvania's Electric
Choice Consumer Education Program.
William L. Massey was nominated by President Clinton and was confirmed
by the Senate in 1993. He was renominated and confirmed for a second
five-year term ending June 30, 2003. Commissioner Massey was the only
Clinton-appointed FERC commissioner to support Governor Davis' demand
for electricity price controls in the western states earlier this year.
The CMTA energy Conference agenda will include the latest information on
energy legislation making its way through the state capitol, an update
of pending CPUC decisions as well as a review of the various financial
proposals aimed at returning Edison and PG&E creditworthiness and
restoring direct access to California's electricity consumers.
We have scheduled panels of government and industry experts to discuss
Natural Gas Prices, Supply and Infrastructure; Managing High Prices and
Blackouts; Environmental Impacts and Trade-Offs; and two panel
discussions on present and future energy markets.
Please check our website at
http://www.cmta.net/archive/2001_tahoe_conference.shtml
to learn more about these critical issues and to register for CMTA's
2001 Energy
Conference at Harvey's in South Lake Tahoe.
- groyer.vcf
=====================================
|
4,639 |
Subject: Western Government Affairs' SCHEDULES for the Week of May 14 - 18,
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12569.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of May 14 - 18, 2001
Paul Kaufman
Mon 5/14 Portland OR office/TBD
Tue 5/15 Portland OR office/TBD
Wed 5/16 Portland OR office/TBD
Thur 5/17 Portland OR office/TBD
Fri 5/18 Portland OR office/TBD
Sue Mara
Mon 5/14 San Francisco CA office
Tue 5/15 San Francisco CA office
Wed 5/16 ARM Strategy meeting at Shell =01) San Francisco CA: 9:00 a.m. =
-=20
4:30 p.m.
Thur 5/17 San Francisco CA office
Fri 5/18 San Francisco CA office
Jeff Dasovich
Mon 5/14 San Francisco CA office
Tue 5/15 San Francisco CA office
Wed 5/16 San Francisco CA office
Thur 5/17 San Francisco CA office
Fri 5/18 San Francisco CA office
Sandi McCubbin
Mon 5/14 Sacramento CA=20
Tue 5/15 Sacramento CA
Wed 5/16 Sacramento CA
Thur 5/17 San Francisco CA; travel to Irvine CA
Fri 5/18 Irvine CA for Dunn hearing
Mona Petrochko
Mon 5/14 San Francisco CA office; late pm: Travel to Houston TX
Tue 5/15 Houston TX office
Wed 5/16 Houston TX office
Thur 5/17 Houston TX office
Fri 5/18 Houston TX office; late pm: Travel (return) to San Francisco CA
Alan Comnes
Mon 5/14 Portland OR office
Tue 5/15 Portland OR office
Wed 5/16 Portland OR office
Thur 5/17 Portland OR office
Fri 5/18 Portland OR office
=====================================
|
4,640 |
Subject: FW: MEETING CONFIRMED: Next Steps w/CA Contracts
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/162.
=====================================
Jim is aware of this call. I forwarded same to Harry Kingerski and Sue Mar=
a.
Rick, if you need us to set up an international line, please advise and I w=
ill handle.
-----Original Message-----
From: =09Hinojosa, Esmeralda =20
Sent:=09Thursday, September 13, 2001 10:50 AM
To:=09Blachman, Jeremy; Sharp, Vicki; Steffes, James D.; Frazier, Lamar; De=
lainey, David; Belden, Tim; Hughes, Evan; Holmes, Sean; Williams, Robert C.=
; Leff, Dan; Higgason, Kelly
Cc:=09Dick, Sharon; Dodgen, Kathy; Noske, Linda J.; Davidson, Debra; Botell=
o, Leticia; Smith, Paulett; Cooley, Jan; O'Neal, Patricia; Martinez, Maria
Subject:=09MEETING CONFIRMED: Next Steps w/CA Contracts
The subject meeting is confirmed as follows:
Date:=09Today - Thursday, September 13
Time:=094:30p to 5:30p
Room:=09EB 872
Dial-In:=09800-991-9019
P/C:=097028256
Participants:
Dave Delainey=09=09=09
Dan Leff=09=09=09
Jeremy Blachman (will call-in)
Vicki Sharp=09=09=09
Jim Steffes (will call-in or have Sue Mara/Harry Kingerski represent him)=
=09=09
Lamar Frazier (will call-in)
Tim Belden (will call-in)
Evan Hughes
Sean Holmes
Bob Williams
Kelly Higgason
Thank you.
---------------------- Forwarded by Esmeralda Hinojosa/HOU/EES on 09/13/200=
1 10:28 AM ---------------------------
=20
Dan Leff
09/12/2001 08:03 PM
To:=09Esmeralda Hinojosa/HOU/EES@EES
cc:=09Jeremy Blachman/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, James D Steffes=
/Enron@EnronXGate, Lamar Frazier/HOU/EES@EES, David W Delainey/HOU/EES@EES,=
Tim Belden/Enron@EnronXGate, Evan Hughes/HOU/EES@EES, Sean A Holmes/HOU/EE=
S@EES, Robert C Williams/Enron@EnronXGate=20
Subject:=09RE: ALERT-- CPUC VOTE DELAYED AGAIN!!!
Esmerelda -=20
Please set up a meeting on Thursday, 9/13 with the "cc's" to this memo to d=
iscuss next steps with some of our CA contracts.
If I have missed anyone who should be there, please make sure they are invi=
ted.
Probably need 1 hour.
Thanks - Dan
---------------------- Forwarded by Dan Leff/HOU/EES on 09/12/2001 07:51 PM=
---------------------------
From:=09Jeff Dasovich/ENRON@enronXgate on 09/12/2001 05:22 PM
To:=09Susan J Mara/ENRON@enronXgate, Steven J Kean/ENRON@enronXgate, Harry =
Kingerski/ENRON@enronXgate, Tim Belden/ENRON@enronXgate, Vicki Sharp/HOU/EE=
S@EES, Jeremy Blachman/HOU/EES@EES, Alan Comnes/ENRON@enronXgate, Michael T=
ribolet/ENRON@enronXgate, Kristin Walsh/ENRON@enronXgate, David W Delainey/=
HOU/EES@EES, Dan Leff/HOU/EES@EES, Lamar Frazier/HOU/EES@EES, Kevin Keeney/=
HOU/EES@EES, Jeremy Blachman/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Tim Belde=
n/ENRON@enronXgate, Stephen Swain/ENRON@enronXgate, John J Lavorato/ENRON@e=
nronXgate, Paul Kaufman/ENRON@enronXgate, James D Steffes/ENRON@enronXgate,=
Christopher F Calger/ENRON@enronXgate, Don Black/ENRON@enronXgate, Jeff Ri=
chter/ENRON@enronXgate, Louise Kitchen/ENRON@enronXgate, Janet Dietrich/HOU=
/EES@EES, Linda Robertson/ENRON@enronXgate, Harry Kingerski/ENRON@enronXgat=
e, Karen Denne/ENRON@enronXgate, Mark Palmer/ENRON@enronXgate, Richard Shap=
iro/ENRON@enronXgate, Wanda Curry/ENRON@enronXgate, Lisa Mellencamp/ENRON@e=
nronXgate, Tom Riley/Western Region/The Bentley Company@Exchange
cc:=09=20
Subject:=09RE: ALERT-- CPUC VOTE DELAYED AGAIN!!!
In addition, though we are still attempting to confirm, it appears that no =
windfall profits tax bills will make it through the Legislature. Will repo=
rt back as soon as we know one way or the other.
Best,
Jeff
-----Original Message-----
From: =09Mara, Susan =20
Sent:=09Wednesday, September 12, 2001 5:10 PM
To:=09Kean, Steven J.; Kingerski, Harry; Belden, Tim; Sharp, Vicki; Blachma=
n, Jeremy; Comnes, Alan; Tribolet, Michael; Walsh, Kristin; Delainey, David=
; Leff, Dan; Frazier, Lamar; Keeney, Kevin; Blachman, Jeremy; Gahn, Scott; =
Belden, Tim; Swain, Steve; Lavorato, John; Kaufman, Paul; Steffes, James D.=
; Calger, Christopher F.; Mara, Susan; Black, Don; Richter, Jeff; Kitchen, =
Louise; Dietrich, Janet; Mara, Susan; Robertson, Linda; Kingerski, Harry; D=
enne, Karen; Palmer, Mark A. (PR); Shapiro, Richard; Curry, Wanda; Mellenca=
mp, Lisa; Dasovich, Jeff; Riley, Tom
Subject:=09ALERT-- CPUC VOTE DELAYED AGAIN!!!
=09Our best information is that the CPUC will NOT VOTE on direct access tom=
orrow, but will continue the meeting to another date and time. Will let yo=
u know when we know the new date for the meeting.
<Embedded Picture (Device Independent Bitmap)>
=====================================
|
4,641 |
Subject: =?ANSI_X3.4-1968?Q?Three_strikes=01,_bill_hits_California,_et_al?=
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11541.
=====================================
From today's Gas Daily:
=01+Three strikes=01, bill hits California
California Assemblyman Dennis Cardoza,
a Democrat, will introduce a bill today that will
make it a felony for any energy supplier in California
to engage in a conspiracy to drive up prices
or manipulate the market.
The bill would apply to any company selling
gas or electricity into the state or to any of the
state=01,s utilities, said a spokesman for Cardoza.
Under terms of the proposed legislation,
offenders would be subject to California=01,s "three
strikes" law, which sentences convicted felons
to jail for life after three offenses. Directors, officers
or any other employees associated with
market manipulation of a company would be
subject to this bill, the spokesman said.
Cardoza will introduce the bill at a press
conference today at 2 p.m. Pacific time. CD
______________________________________________________________________
No easy solutions to crisis
The crisis in California is far beyond short-term
fixes parading as potential solutions, and
there is no turning back for deregulation in the
state, according to a report released yesterday
by consulting firm Andersen.
California has no choice but to forge ahead in
repairing the damage that ill-planned deregulation
measures have caused, the Energy Crisis in the
Western U.S.: Lessons for navigating regulatory
and market minefields report says. "There=01,s a common
wisdom that knows you can=01,t unscramble the
egg," said Matt Smith, head of Andersen=01,s North
American energy consulting practice. All that can
be done is correct the mistakes, he added.
In addition, steps must be implemented to
prevent the spread of the California "virus" to
other states=01, electricity marketplaces, Smith said.
"To begin, in our view, the energy crisis in the
western U.S. has produced formidable challenges
for utility industry regulators, state and federal
policymakers, and industry executives," Smith said.
"The virus spawned in California requires new strategies
to contain and reverse the damage.
"The implications for the development of
competitive energy markets go far beyond the
western United States. Unfortunately, California
has taught the nation that regulatory and political
barriers can create and sustain an energy crisis."
The proposed solutions put in motion by
federal and state regulators, as well as California
policymakers, have only led to an increasingly
uncertain market and tension among those
working for a viable resolution, the report says.
"In reaction to the breakdown, many of
California=01,s political leaders now prefer to abandon
deregulation," the report says.
The report concludes that power shortages
and blackouts are inevitable this summer. The
deregulated marketplace, which took a year to
throw off track, will more than likely take a number
of years to put right, the report says. MCM
________________________________________________________
Competing evidence clouds Calif. investigation
Prompted in part by the California Public Utilities Commission, the=20
California Assembly
has been scrutinizing the role that interstate pipelines have played in the=
=20
state=01,s current
energy crisis. In the efforts to find a smoking gun, legislators have leane=
d=20
heavily on a
report prepared by The Brattle Group, a consultancy commissioned by utility=
=20
Southern California
Edison to dig up evidence of market power abuse.
But the state=01,s biggest transporter of gas to California -- El Paso Natu=
ral=20
Gas -- is not
ready to take the rap. The pipeline has commissioned its own study, which i=
t=20
recently presented
as evidence that it has not circumvented any laws or regulation.
As reported in both the trade press and national media, SoCal Ed and the CP=
UC=20
are pointing
the finger of blame at El Paso for alleged manipulation of California borde=
r=20
prices through
affiliate deals and capacity hoarding. And exhibit A in their case against =
El=20
Paso is The Brattle
Group=01,s study of the California market.
Richard Zeiger, a spokesman for Assembly Member Darrell Steinberg, chairman=
=20
of the
California Assembly Judiciary Committee, told Gas Daily that The Brattle=20
Group=01,s market
study proved that the surge in gas prices at the California border was not=
=20
caused by normal
market forces (GD 4/20). His remarks followed an oversight hearing during=
=20
which Assembly
members questioned Dynegy and El Paso officials about their involvement in=
=20
the California
market.
El Paso presented a different version of events to the Assembly. In a repor=
t=20
presented to
legislators, a research group hired by El Paso concluded that a convergence=
=20
of factors, not a
conspiracy, caused the price run-up.
Lukens Consulting Group, a Houston-based consultancy, was retained by El Pa=
so=20
to conduct
work on several fronts. In its study of the California market, Lukens=20
concluded that the
increasing convergence of the gas and electricity businesses was one of the=
=20
main culprits in the
California gas price imbroglio.
Assemblyman John Campbell, a Republican member of the oversight committee,=
=20
said he
"didn=01,t see any smoking gun" in either report.
"We had our committee hearing, and we certainly had a lot on the Brattle=20
Study and a little
on the Lukens study. To some degree, I=01,m not sure that the California=20
legislature is the best
place to adjudicate the differences between these two studies," Campbell=20
said. "I believe FERC
is looking at this situation " and it would seem to me that that=01,s the=
=20
appropriate place."
Campbell said that the CPUC had been prodding the California legislature to=
=20
give support
to its claims of market power abuse by pipelines. "It=01,s being pushed=20
basically by the Public
Utilities Commission here, which believes that there was collusion" by=20
pipeline companies to
push up gas prices in California, he said.
The CPUC, Campbell suggested, sought satisfaction before the California=20
assembly when
it had failed on the federal level: "There=01,s a concerted effort, not jus=
t on=20
natural gas but on other
things here in California, for entities and organizations here to point the=
=20
finger elsewhere for
the problems that we=01,re having in this state and I think you=01,re seein=
g some=20
of that with the
public utilities commission."
Whether either report wins over the public incensed by high natural gas=20
prices is a different
matter entirely. In the meanwhile, the dueling California market studies se=
em=20
to have taken
on a life of their own.
The Brattle Group Study, for instance, has become the center of a heavily=
=20
litigated effort to
force FERC to compel the release of market data by California market=20
participants. Following
on a request by SoCal Ed, which said it needed additional data to round out=
=20
The Brattle Group
report, FERC Chief ALJ Curtis Wagner issued subpoenas to the other three=20
major pipelines that
serve the state as well as to Sempra Energy Trading.
Several parties resisted FERC=01,s call for market information, saying the=
=20
requested data
contained commercially sensitive information. FERC allowed the discovery=20
process to move
forward but only after attaching strict data protection rules restricting=
=20
access to evidence
(GD 4/23).
Critics of the pipeline industry have already suffered one setback in their=
=20
case. The commission
recently dismissed the CPUC=01,s claim that El Paso rigged the auction of a=
=20
large block of
pipeline capacity in favor of affiliate El Paso Merchant Energy. In=20
addressing the California
Assembly, representatives of Dynegy said that FERC=01,s recent ruling on th=
e=20
California border
controversy obviated the need for more investigation.
The controversy, however, is far from over. FERC last month also ordered a=
=20
hearing into
whether El Paso Natural Gas and its affiliates manipulated capacity to driv=
e=20
up the price of gas
delivered into California (GD 3/29). That hearing is likely to take place=
=20
this summer. (RP00-
241, et al.) NH
=====================================
|
4,642 |
Subject: Utilities, Electric: Deregulation: California Governor Contemplates
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2088.
=====================================
----- Forwarded by Miyung Buster/ENRON_DEVELOPMENT on 10/05/2000 01:04 PM
-----
[email protected]
10/02/2000 11:31 AM
Please respond to nobody
To: [email protected]
cc:
Subject: Utilities, Electric: Deregulation: California Governor Contemplates
Bill to Reduce ...
California Governor Contemplates Bill to Reduce Electricity Prices
Janet Lavelle
?
09/29/2000
KRTBN Knight-Ridder Tribune Business News: North County Times - Escondido,
California
Copyright (C) 2000 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)
A bill that could give a $150 million bailout to San Diego Gas & Electric
Co.'s 1.2 million customers if they're hit with high electric bills in a
couple of years is awaiting Gov. Gray Davis' signature.
Davis has until midnight Saturday to decide the fate of Assembly Bill 1156,
the only one of a trio of bills the governor hasn't signed that were designed
to cut electricity rates for SDGOcustomers faced with skyrocketing power
bills in the summer.
SDGOcustomers saw their electric bills double and sometimes triple between
June and August as soaring wholesale electricity rates were passed on to them.
Two years ago, San Diego became the first region in California to fall under
a new electricity deregulation law, and the summer's wildly fluctuating
wholesale power market was an unanticipated outcome.
Three weeks ago, Davis signed Assembly Bill 265, which capped retail electric
rates SDGOcould charge its customers at 6.5 cents per kilowatt hour,
retroactive to June 1 and extending to January 2002.
The rate cap rescues SDGOcustomers, at least temporarily, from paying the
wholesale price that soared as high as 19 cents per kilowatt hour this summer.
Davis also signed Assembly Bill 970, which shortened the construction
permitting process for some new power plants.
The third bill, AB 1156, now on the governor's desk, would set aside $150
million in state funds to protect SDGOcustomers from high electric bills
after the rate cap ends.
The money would be used so ratepayers won't be solely responsible for paying
down any debt SDGOincurs if the company has to buy wholesale power at a
higher rate than the 6.5 cents it can charge its customers.
The three bills were passed in the final hours of the Legislature's chaotic
session and only after long days of deal-making between Democrats and
Republicans.
Davis quickly signed the first two bills but set aside AB 1156, which
Republican lawmakers had demanded in return for their votes in favor of the
rate cap Democrats wanted.
When AB 1156 was written a month ago, the governor told some lawmakers he
wouldn't sign it. Since then, Davis has been tight-lipped on the issue.
Only the governor's veto can kill AB 1156, though. It will become law if
Davis either signs the bill or leaves it unsigned.
"I don't know what he's going to do, but if he were going to sign it, he
would have done it by now because he's signed the other two bills," said Sen.
David Kelley, R-Idyllwild. Kelley co-sponsored the bill in the Senate.
Kelley said he suspected the governor is considering vetoing the bill because
it would set a precedent for 2003, when Pacific Gas&Electric and Southern
California Edison Co. fall under the deregulation law and start charging
their customers market electricity rates.
"I haven't heard anything," said Assemblywoman Denise Ducheny, D-National
City, the author of the bill.
Ducheny said representatives from Pacific Gas&Electric and Southern
California Edison were in the Capitol on Wednesday, and she agreed with
Kelley that the governor is probably weighing whether he wants to set a
precedent.
"I still think it's right to give people a safety net and assure them the
state is willing to help so the rates don't adversely effect the economy,"
Ducheny said.
"I hope the governor does decide to sign the bill," Sempra Energy President
Stephen Baum said Thursday. Sempra Energy is the parent company of SDG&E.
Baum opposes the 6.5-cent cap and said the company will have to borrow money
to pay the difference between retail and wholesale prices.
His company estimates a so-called "balancing account" that tracks the cost
will reach $300 million into the red by the end of November and could be $600
million by January 2002.
Baum blamed the wildly fluctuating wholesale prices on a badly written
electrical deregulation law the Legislature unanimously approved in 1996. He
said it was reasonable to expect the state to share in the resulting costs.
As he has done repeatedly in the past few weeks, Baum said he regretted not
signing long-term contracts with electricity suppliers to lock in lower
prices. He said he expects that the Public Utility Commission may force his
company to absorb some of any debt because of its failure to sign a contract.
"I think he'll veto it; it's a dumb law," consumer advocate Michael Shames
said. "And the only ones who support it are Sempra and the Republicans."
His organization, Utility Consumers' Action Network, considers the bailout
"premature."
No one knows how much money SDGOmay owe once the rate cap is lifted, and
Shames thinks it won't be much.
"I liken (AB 1156) to getting a check from the insurance company before the
estimators come out to calculate the cost of the damage," Shames said.
Shames said SDGOcould end up with little owing in its balancing account
because some of the expenses will be offset by revenues the company makes
selling power from San Onofre Nuclear Generating Station.
Reliant Energy has offered SDGOa two-year contract to buy electricity at 5.6
cents, Shames noted.
"If SDGOsigned the contract, the balancing account wouldn't grow," he said.
Staff writer Dan McSwain contributed to this story.
Folder Name: Utilities, Electric: Deregulation
Relevance Score on Scale of 100: 96
______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClips or contact Dow
Jones Customer Service by e-mail at [email protected] or by phone
at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones &Company, Inc. All Rights Reserved
=====================================
|
4,644 |
Subject: New Admissions Calls
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10774.
=====================================
Comrades:
Attached you will find the call assignments for the
new admits. We all have five or six people to call in
the next 7-10 days. I made a couple of matches where
it seemed there was some kind of similarity in
background or career, but for the most part, the
assignments were essentially random. The list
includes names, phones at home and work, company and
title.
Remember these are newly admitted students who have
not yet accepted our offer of admission. The deadline
to accept this offer is April 27th.
A general outline of the phone call, should you choose
to use it, would be:
1) Congratulations on being admitted to the Haas
School
2) indentify yourself as "involved with the student
government at the Haas School, and the evening office
asked me to give you a call to see if you had any
questions about the program. Then answer the
questions, if you can, or refer them to me or Ken for
further follow-up
3)describe your own experience at school and how it
has worked with your career--timing, advancement,
scheduling, tuition payments, etc.
4)invite them to attend a class so we can show them
around. EMBA office will coordinate.
5)remind them of the "New Students Admit Reception" on
April 19th from 7-9 in the Wells Fargo Room (drinks
and hors d'oeuvres served). (Refer to Diane's recent
email for other particulars.
Some pieces of information you might want to have
handy
-required new student orientation is August 11-12;
classes start on the 13th
-fees will be $1580 per unit; 42 units required,
including the two units for MPAR
-orientation packages will be sent out mid-June
-administration will call each new student in July
with class schedules
-second round of admits come out in early June
Thanks very much for helping. Let me know if there is
anything else you may need or could suggest to help in
this effort.
Joseph Tambornino
__________________________________________________
Do You Yahoo!?
Get email at your own domain with Yahoo! Mail.
http://personal.mail.yahoo.com/
- Applicant Call Assignments.xls
=====================================
|
4,650 |
Subject: Pact With PG&E Eluding Governor
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9469.
=====================================
Pact With PG&E Eluding Governor
Power: Davis says obstacles include a debt that is double Edison's. Others
cite an aggressive corporate culture as an impediment to state purchase of
grid.
By DAN MORAIN, NANCY RIVERA BROOKS, Times Staff Writers
?????WASHINGTON--As he attempts to finalize a settlement with Southern
California Edison, Gov. Gray Davis said Monday that his effort to rescue a
more recalcitrant Pacific Gas & Electric has been short-circuited by issues
far more difficult than those raised by the state's other two ailing
utilities.
?????PG&E's debt could be as much as $8 billion, Davis indicated--twice the
red ink of Edison, which Friday reached a preliminary agreement to sell its
transmission lines to the state for $2.76 billion to pay off some of its
staggering debt. Davis acknowledged that the Edison deal would mean nothing
unless he was able to reach a twin pact with PG&E.
?????Seasoned utility watchers see PG&E's stubborn negotiating posture as
partly a bargaining ploy and partly the result of underlying business issues
at the San Francisco company.
?????Some cite a more aggressive corporate culture at PG&E than at Edison
that has left PG&E alone on a precarious pinnacle, with bankruptcy on one
side and partial dismembering by the state on the other.
?????Brian Youngberg, senior utility analyst with the Edward Jones investment
firm in St. Louis, said PG&E "has historically pushed the envelope more in
certain situations and that probably reflects their corporate culture.
They're just sticking to their guns."
?????While Edison appears to have rejected bankruptcy law protection as an
option, PG&E has not.
?????Although Davis did not specify the size of PG&E's debt, he said it is
"more than twice the size of Southern California Edison's." As part of the
deal between Davis and Edison, both sides agreed that the utility's debt is
about $4 billion, sources close to the talks have said.
?????"We are making progress" with PG&E, said Davis, attending the annual
National Governors Assn. conference in Washington, D.C. "I want people to
understand it is a far more complicated transaction. . . . It is just going
to take a little longer."
?????Officials at PG&E and its parent, PG&E Corp., declined to publicly
discuss the company's stance, citing the sensitivity of the negotiations.
Company spokesman Ron Low said only that "we expect to meet again this week.
There was no time or date set yet."
?????San Francisco lawyer Michael Kahn, one of Davis' energy advisors, said
the parties "had contact over the weekend" but he declined to elaborate.
?????"We in the governor's office would very much like to reach arrangements
with them and don't want to say anything in public that spoils the
negotiations," he said.
?????PG&E's hard-nosed bargaining stance is no surprise to Wall Street
analysts and consumer advocates who have watched the utility's aggressive
moves to shed its hydroelectric system, now blocked by state law, and to
recoup past electricity and other costs.
?????"It could be a negotiating tactic," said Lori Woodland, an analyst with
Fitch Inc., the credit-rating firm that was the first to drop PG&E and
Edison's debt to junk bond status.
?????"PG&E has the largest piece of the pie" in terms of uncollected
electricity costs, Woodland said. "It could also be just the thought of
having to sacrifice their assets to pay for what ended up being flawed public
policy."
?????Consumer advocate Michael Shames contends that PG&E might believe that a
bankruptcy judge would allow the utility to sell some assets and restructure
its debt in ways that would be preferable to anything the state is offering.
?????"On the other hand, if Edison and [San Diego Gas & Electric] do sign on,
then PG&E almost has to or risk the wrath of the governor and the Public
Utilities Commission for the next seven years," said Shames, executive
director of the Utility Consumers' Action Network in San Diego.
?????Edison is more comfortable in the role of regulated utility than is
PG&E, said Mike Florio, a lawyer with the Utility Reform Network in San
Francisco.
?????"PG&E really seems to hate PUC regulation and wants to get as far away
from it as it can, even if it means taking the company into the tank," said
Florio, who is on the governing board of the California Independent System
Operator, which runs the transmission grid owned by the three utilities.
?????The utilities have amassed more than $12 billion in debt as they paid
record sums for wholesale power last year, but were barred by state
regulators from passing those costs on to California consumers of
electricity.
?????The level of debt is a fundamental part of the negotiations between the
Davis administration and the three private utilities. At least part of that
debt ultimately will be passed on to consumers. While Davis says he opposes
rate hikes, his plan would restructure the rate system by propping up rates
in the coming years, even as electricity costs may fall.
?????Davis on Friday announced the outlines of an accord in which the state
would buy Edison's share of the transmission grid for $2.76 billion. He said
he hopes to make the deal final by week's end with Edison and Sempra, the
parent company of San Diego Gas & Electric.
?????Davis, meanwhile, is scheduled to meet today with U.S. Energy Secretary
Spencer Abraham to outline his plan to take over the transmission grid. The
Federal Energy Regulatory Commission must approve the state takeover of the
grid, and FERC Chairman Kurt Hebert has been quoted recently as being
skeptical of the plan.
?????"Some people in Washington see this as more of an ideological
statement," Davis said. "As a governor, I see it as a practical solution. . .
. Clearly, we have to persuade lots of people in Washington that what we're
doing is the right thing."
?????Davis expressed optimism that the Bush administration would approve the
transfer. Davis and other governors attending the conference met with the
president for about 45 minutes at the White House on Monday.
?????In his opening remarks, Bush repeated his desire to give the states more
authority, saying "real change comes from the states up."
?????Davis noted that he and other Western governors are hoping for federal
aid to overhaul the transmission and distribution systems for electricity and
natural gas system.
?????"If we're going to have a strong economy," Davis said, "we have to have
the electricity to power it."
?????Davis, chairman of the Democratic Governors Assn., was scheduled to
attend a $5.5-million fund-raiser Monday night for the Democratic governors
in Washington. He will then leave for New York, where he will hold personal
fund-raisers and confer with Wall Street analysts Wednesday about the state's
energy situation.
?????Meanwhile, Duke Energy North America on Monday suspended a lawsuit it
had filed against Davis. The company said it reached an "interim settlement"
to sell power to the state at the same below-market prices that it originally
had agreed to supply to Edison and PG&E under long-term contracts.
?????Duke sued the governor after he used emergency authority to seize the
Duke contracts and similar contracts signed by other energy companies with
the two utilities. Davis' action prevented the Power Exchange, the state's
now defunct electricity market, from liquidating the contracts after Edison
and PG&E defaulted on multimillion-dollar payments.
?????The agreement reached Monday between Duke and the state expires April
30, a Duke spokesman said, which should give the parties enough time to reach
a more formal settlement.
?????Power Exchange officials, however, are pressing ahead with their
$1-billion claim against the state. Under California law, the state must pay
reasonable value for private property seized under the governor's emergency
authority.
* * *
?????Morain reported from Washington, Rivera Brooks from Los Angeles. Times
staff writers Tim Reiterman in San Francisco and Nancy Vogel in Sacramento
contributed to this story. Copyright 2001 Los Angeles Times
?
??
?
=====================================
|
4,651 |
Subject: RE: Bilas , Proposed Decision SoCal GIR
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/12.
=====================================
Jeff,
Two questions. Any word as to whether or not SoCal has taken a definite position? Secondly, assuming Transwestern files its own comments in support of the PD, could you help us make the filing? Greg Porter, our attorney is drafting the comments today however we may not have it ready until tomorrow. Thanks.
Glen
-----Original Message-----
From: Dasovich, Jeff
Sent: Thursday, October 18, 2001 11:16 AM
To: Hass, Glen
Subject: RE: Bilas , Proposed Decision SoCal GIR
FYI. Latest info is that large customers, some QF cogens, independent storage companies, and perhaps PG&E, will be filing separate comments supporting the Bilas decision to adopt the settlement.
-----Original Message-----
From: Hass, Glen
Sent: Wednesday, October 17, 2001 8:36 AM
To: Watson, Kimberly; Lindberg, Lorraine; Lohman, TK; Donoho, Lindy; Dasovich, Jeff; Pryor, Tony; Lichtenwalter, Blair; Lokey, Teb
Cc: Harris, Steven; Kilmer III, Robert; Miller, Mary Kay
Subject: FW: Bilas , Proposed Decision SoCal GIR
As requested, Mark Baldwin has put together a summary of the Proposed Decision and Comment Points for filing on Friday. Below are his comments which we can use for discussion purposes at the conference call later this morning. Having reviewed the Proposed Decision I would agree with Mark's assessment in that while we may prefer that the Commission not modify the Comprehensive Settlement, overall the modifications made should not negatively impact Transwestern. The Proposed Decision retains two important aspects of the CS for Transwestern: 1) Unbundling of the SoCal backbone transmission system and receipt point capacity and 2) Retention of primary firm RP capacity of 750MM/d at Needles from Transwestern. gh
-----Original Message-----
From: <[email protected]>@ENRON
Sent: Tuesday, October 16, 2001 5:50 PM
To: Hass, Glen
Subject: Bilas , Proposed Decision SoCal GIR
Glen,
I have reviewed the 10/10/01 Revised PD of Comr. Bilas as requested. In view
of the entirety of TW's interest ,I still ascertain that TW can support the
current 10/10 PD. Noted below for your information and review is a summary
of the Modifications to the CSA that Bilas is currently offering :
1)Market concentration limits reduced from 40% to 30 % of available receipt
point capacity. TW has preferred no limits to market concentration
historically. However, as before, I do not believe pushing this issue will
be successful or productive for TW. There are no market concentration limits
in the secondary market. (Although Bilas warns market participants that any
misbehavior will be subject to CPUC investigation) P.44
2)SoCal will be required to make available on a daily basis any unutilized
firm RP capacity. I don't see any negative impact on TW, perhaps positive.
P.45
3)Price Cap for secondary intrastate market set at 120 % of SoCal firm rate.
This is the same cap that applies to SoCal. I don't like the precedent set
in this area, however it assures that the economic value allocation between
SoCal citygate and supply basin will proportionately tend toward the
interstate system providers in any tight transport/supply scenario. P.46
4)Not really a change , but Bilas mentions support for Hector Rd. as a
delivery/receipt at Ferc.
5)PD does not reduce the core's interstate capacity nor their storage
capacities but rather maintains these capacities at current levels. Current
level 1044 MMcfd, proposed 1000 MMcfd on the interstate system and current
storage 70 BCF, 327 MMcfd of injection and 1,935 MMcfd withdrawal Vs
proposed 55 BCF. I see no clear negative impact on TW from this change.P.
52 &54.
6) CTA's (Core Transport Agents) allowed to reject only their prorata share
of non-reliability storage service. No impact on TW interests. P. 58
7) SoCal directed to present(via Advice Ltr.) how the cost of noncore
default balancing will be allocated ONLY to those noncore customer using
this service and not to the Core customers. I see no impact on TW. P.62
8)PD rejects the requirement that SoCal/SDG&E file an application with a
proposal to address core procurement function as the default provider. I
see only positive attributes of this change for TW. P.63
9)Preserves the right for SoCal/SDG&E to seek recovery of expenditures
associated with the transfers of customers from Core to Core Aggregator. NO
impact on TW. P.66
10)PD orders a 10 % cap on ITCS (stranded cost)responsibility borne by
bundled core customers due to unbundled core interstate capacity. No direct
impact upon TW interest, however, likely a touchy point with noncore
interest. P. 75
11) PD orders that the core contribution to noncore ITCS will end effective
the adoption of the PD. Additionally, noncore customers to pay 50% of core
ITCS till the end of the core TW and EPNG agreements. No negative impact on
TW. Noncore customers bear additional expense. The PD estimates an
additional $18 million over next 5 to 6 years. P. 78 The PD provides an
estimate of increased stranded cost for the noncore between 01 and 06 to be
approx. $ 44.4 Million.
12) PD say NO to an increase in the core brokerage fee of $ 0.0039 (to $2.4
cents). No impact on TW interest. P.83.
13) PD treats Core Subscription service differently on an accounting basis.
No impact on TW. P.85-87
14)Generally, the PD makes some administrative changes to the small core/ESP
market rules and SoCal services and consumer protection implementation . NO
impact on TW interest. P 88-100.
15)Lots of tweaking on how SoCal can recover the cost to implement to
services envisioned under the CSA. Owing to the fact that SoCal has already
started to "implement" portions of the CSA and those cost are accruing to a
balancing account etc. Bottomline, not consequential to the approval of the
PD. No direct impact upon TW interest. P. 103-110.
On whole the centerpiece of TW's interest in this proceeding remains intact.
The SoCal receipt points are unbundled along with "SoCal backbone
facilities". TW has primary firm RP of no less than 750 mmfcd. Mojave is
recognized at only 50 mmfcd firm RP. No receipt point complex is given a
preference for capacity expansion. Line 235 appears to remain useful for TW
deliveries into the market load centers. The PD modifications to the CSA do
not impose upon TW any conditions or costs that would be reason not to
support the PD. The parties most affected by the PD are the core aggregators
with additional costs and restrictions to service options and noncore
customers with additional cost allocations.
Points for comments
1) TW agrees with the PD that the centerpiece of positive changes embodied
in the CSA in the creation of firm tradable RP rights. This change in SoCal
market structure provides all market participants with the proper tools to
build long term supply and transportation contracts.
2) Further adoption of the PD substantially reduces unnecessary market
inefficiencies at the California border by providing all market participants
with gas scheduling certainty.
3) The creation of tradable secondary rights on SoCal's intrastate system
will promote competition and generally lead to stable delivered gas prices.
4) The PD correctly observes that the PG&E market structure which relieves
upon an unbundled intrastate backbone system work "relatively well" during
California's challenging energy markets.
5)TW agrees that the time is ripe for approval of the PD. The energy markets
in California have been improving and stabilizing. The Commission promising
options are still valid in today's gas market. Further, SoCal is already
starting to follow the CSA game plan in their attempts to improve the
operating environment on the SoCal system. It is consistent to follow
through and make the structural changes required to make permanent these
improvements.
6)TW supports SoCal and others whom are approving this PD. (ON THIS POINT,
TW SHOULD BE SURE THAT SOCAL IS ON BOARD AS WELL AS OTHER CSA SIGNATORIES,
PRIOR TO FILING THESE TYPE COMMENTS)
I look forward to discussing these matters tomorrow on the conference call.
Mark, IGS.
Mark, IGS.
=====================================
|
4,652 |
Subject: Riverside Press-Enterprise: Power industry feels state's grip tig
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28205.
=====================================
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/28/2001 11:20 AM -----
"Beiser, Megan" <[email protected]>
06/28/2001 10:19 AM
To: "'[email protected]'" <[email protected]>, "Allen, Stevan"
<[email protected]>, [email protected], [email protected],
"[email protected]" <[email protected]>, [email protected],
[email protected], [email protected], Dian Grueneich
<[email protected]>, [email protected], [email protected],
[email protected], "Fairchild, Tracy" <[email protected]>,
[email protected], [email protected], [email protected],
[email protected], James Simonelli <[email protected]>,
"[email protected]" <[email protected]>, [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], "Manuel, Erica"
<[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], "Warner, Jami"
<[email protected]>, [email protected], [email protected],
[email protected]
cc:
Subject: Riverside Press-Enterprise: Power industry feels state's grip tig
htening
Here's another direct access-related from the Riverside Press-Enterprise.
********************************
> Power industry feels state's grip tightening
> Deregulation's hallmark right to choose a new power provider may disappear
> today.
>
> BY ROBERT T. GARRETT
> THE PRESS-ENTERPRISE
> SACRAMENTO
>
> Only a year or two after California lunged to the head of the pack in
> deregulating electricity, the state now seems headed in virtually the
> opposite direction: Government is in the driver's seat.
>
> By summer's end, the state may end up with more control of the electric
> industry than was true for several decades before a flawed deregulation
> plan was passed in 1996.
>
> Today, for example, the state Public Utilities Commission is expected to
> put an end to what was supposed to be a hallmark of the 1996 law -- the
> ability of residential and business customers to shop for a new
> electricity provider.
>
> In August, a new state Consumer Power and Conservation Financing Authority
> comes into being. It will be able to borrow $5 billion to build or
> subsidize new power plants, make old ones cleaner and more efficient, and
> help homeowners and small businesses take energy-saving steps.
>
> At a Senate hearing Wednesday on the future shape of the electricity
> market, Democratic lawmakers, aides to Gov. Davis and consumer advocates
> spoke favorably of a strong state role in planning and coordinating the
> generation and transmission of electricity.
>
> "Never again will we embrace the free market," said David Freeman, Davis'
> leading energy adviser. ". . . We want something of a hybrid, (with)
> government restraints on market forces."
>
> But state Chamber of Commerce lobbyist Dominic DeMare said businesses fear
> policymakers are about to trample innovation and consumer choice.
>
> Also, the chamber's members want "the state out of the business of
> procuring electricity," he said.
>
> In January, the state began buying power for customers of California's
> three investor-owned utilities, which had been caught between soaring
> wholesale prices and capped retail prices. The state has signed $43
> billion in long-term contracts.
>
> But many witnesses at the Senate Energy Committee hearing extolled a
> greater role for the state than simply the buyer of last resort.
>
> Lenny Goldberg, a lobbyist for The Utility Reform Network, a consumer
> group, said the state should work toward permanent price caps on wholesale
> power, public ownership of all transmission lines, and regulation of
> retail prices that shields residents and small businesses from gyrating
> prices.
>
> Freeman, a long-time advocate of public power, said the long-term
> contracts and new state authority will help ensure a comfortable cushion
> of supply. "Then we can permit market forces . . . to play a vigorous
> role," he said.
>
> Sen. Debra Bowen, D-Marina del Rey, suggested the state should make sure
> its electricity supply always exceeds demand by 15 percent or more.
>
> Bowen said the price of building the extra generation could be considered
> insurance against blackouts and be spread across all customers in the
> state.
>
> The chamber's DeMare said he would prefer to leave decisions about new
> generation to the free market.
>
> "But are you willing to live with the results if the market does not come
> up with adequate supply," Bowen asked. "You can't have it both ways."
>
> Stuart Wilson, assistant executive director of the California Municipal
> Utilities Association, warned that the state may bite off more than it can
> handle in trying to be a major power buyer, a regulator and a subsidizer
> of new power plants.
>
> "It's pretty complicated right now, and it's getting more complicated,"
> Wilson said. ". . . We think it's pretty fraught with difficulty."
>
> Robert T. Garrett can be reached at (916) 445-9973 or by e-mail at
> [email protected].
> Published 6/28/2001
>
>
=====================================
|
4,654 |
Subject: ERC Auctions
Sender: [email protected]
Recipients: ['James D Steffes/NA/Enron@Enron', 'West GA', '[email protected]']
File: dasovich-j/all_documents/1763.
=====================================
Several messages were kicked back, so here goes...
---------------------- Forwarded by Mona L Petrochko/SFO/EES on 09/26/2000
09:41 AM ---------------------------
Mona L Petrochko
09/25/2000 05:59 PM
To: Michael McDonald@ECT, Laird Dyer/SF/ECT@ECT, [email protected], David
Parquet@ECT, Samuel Wehn@ECT, [email protected]
cc: West GA, James D Steffes/NA/Enron@Enron
Subject: ERC Auctions
The attached memo from Goodin McBride summarizes the regulatory treatment of
PG&E's emission credits to date.
It is an interesting animal. Basically, PG&E has kept most of the credits,
therefore has not divested the credits with the generating assets. However,
these assets have been acquired for nothing, therefore they have no
"regulatory value". In other words, their costs are not part of PG&E's rate
base and are not being recovered from ratepayers.
PG&E has issued RFPs for sales (auction) of the credits in the past. The
credits have been sold to Duke (Moss Landing) and to Southern and Calpine for
Morro Bay and Oakland facilities. They were price-only bids. The after-tax
proceeds went to benefit ratepayers through reducing the over-all CTC.
All of these sales necessitated an 851 application (transfer of utility
asset), but it appears these transfers went without a hitch. ORA supported
the mechanism. There was no CEQA requirement on the basis that the credits
were associated with an existing facility or that a new or modified facility
would acquire appropriate air emissions permits.
If PG&E were to keep the ERCs, it would need to file a 377 (utility
retention) and show that it is in the public interest for the utility to
retain. Considering that the utility appears to have no real use for the
credits, it would be a difficult showing. The credits do not appear to be
part of PG&E's settlement proposal to transfer the hydro assets to its
affiliate.
So, PG&E has sold the credits in the past. They have been sold to new owners
of PG&E facilities. The big questions is how can we encourage PG&E to
initiate another sale. Their shareholders get no real benefit, as it appears
likely that PG&E can recover all of their CTCs, pending valuation of their
hydro facilities.
I would suggest that we approach PG&E on their willingness to auction a
portion of these credits on a comparable basis to its other auctions. (I've
asked Mike to ascertain the amount of time involved with the previous
auctions.)
If this cooperative approach does not succeed, we can discuss the possibility
of applying some regulatory pressure to the valuation of the remaining
credits. We may also want to look at other agencies that may be anxious for
the release of "hoarded" credits (like CEC), especially if such hoarding
prevents new generation developments from coming on line.
Mona
---------------------- Forwarded by Mona L Petrochko/SFO/EES on 09/25/2000
05:10 PM ---------------------------
AMO <[email protected]> on 09/25/2000 04:57:52 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: ERC Auctions
- X16872.DOC
---------------------- Forwarded by Mona L Petrochko/SFO/EES on 09/26/2000
09:41 AM ---------------------------
Mona L Petrochko
09/25/2000 06:38 PM
To: David Kates/SF/ECT@ECT, David Parquet@ECT, [email protected],
[email protected]
cc: Sandra McCubbin/SFO/EES@EES, [email protected], Susan J
Mara/SFO/EES@EES
Subject: Humboldt-Attorney/Client Privilege
After a conversation today with Dave Kates, he asked me to outline some
process and regulatory avenues as it relates to Humboldt.
1. It appears as though early conversations have the same problems that we
encountered with other projects. There appears to be no internal
coordination on the project. The estimates for the interconnection study are
outrageous. There is no evidence of a commitment from PG&E to work with us
cooperatively.
Sandi and David Parquet had met several weeks ago with Dede Hapner about
various projects and the desire to work more cooperatively on interconnection
issues. David indicated at that meeting that if PG&E is not willing to
cooperate, we will not abandon some of these projects.
After the last meeting, David Parquet contacted Jim Randolph, Sr. V.P. about
the possibility of an MOU between PG&E and Enron. This would go toward the
intent to work with Enron on interconnection isues. It appears as though
there has been a committee formed within PG&E, supposedly to provide internal
coordination. However, it is still not clear whether that committee has been
given the internal direction to cooperate with us.
Obtaining agreement high within PG&E's senior management is key to the
success of this project. I like the idea of an MOU. We should ascertain
soon PG&E's willingness to pursue such an agreement. Assuming we receive
some positive indication from high with PG&E's management, I believe we need
to drive the process and establish time lines by which we need information
with status check points along the way. This will include points by which we
can rightfully stop negotiations if PG&E fails to deliver its obligations in
a meaningful way. (Mike/Jeanne, any legal impediments to PG&E entering into
an MOU with us for purposes of negotiating an interconnection?)
2. Are there regulatory pressures we can leverage? We have not intervened
in the Humboldt application filed by PG&E. I will find out what, if any,
protests have been filed and by whom. My guess is that this will be a low
level proceeding in terms of interested parties, so leverage opportunities
are probably low.
PG&E has determined the value of its existing gas-fired facilities at around
$6 million. Our project is reliant upon PG&E shutting down those
facilities. If PG&E is unwilling to do so, that is essentially the end of
the story. If however PG&E would accept a payment from Enron equal to its
remaining book value in exchange for shutting down its facilities, then our
project has a chance, pending the interconnection study. As there is no
transfer of utility facility, I wouldn't think there would be a necessity for
additional filings (i.e. Section 851 or 377). (Mike/Jeanne?)
PG&E and ratepayers should be neutral. In fact, ratepayers may be better off
in the long-run because the new facilities would be much more efficient than
the existing facilities. I would assume the new facilities' emissions would
be lower. Currently, PG&E's facilities are probably worth more in today's
market, than their filing indicates. However, raising the price would not
benefit PG&E's shareholders, as they are likely to recover all of their CTCs,
subject to hydro valuation. Revenues in excess of net book would go to
ratepayers.
SUMMARY:
We need PG&E's cooperation. I think regulatory leverage is probably low.
Will follow-up with any regulatory impediments that I receive from
Mike/Jeanne relative to PG&E shutting down its existing facilities.
=====================================
|
4,656 |
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/747.
=====================================
I don't understand the netting that you are referring to. Does it mean that they will pay negative ctc's up to some just and reasonable amount and anything above the j&r level will be paid out when all of the other people are paid. How do they define the "ESP's share of the undercollection?"
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 23, 2001 3:02 PM
To: Shapiro, Richard; Steffes, James D.; Mellencamp, Lisa; Tribolet, Michael; Sanders, Richard B.; Kean, Steven J.; Sharp, Vicki; Smith, Mike; Williams, Robert C.; Curry, Wanda; Swain, Steve; Huddleson, Diann; Calger, Christopher F.; Belden, Tim; Dietrich, Janet
Subject: Conversation with Edison re: Getting Negative CTC Paid
I talked to John Fielder (SVP Edison) about setting up a meeting for Barry Tycholiz with Edison's CFO about hedging Edison's QF price risk. Fielder wanted to talk about the negative CTC issue. Here's what he said:
They plan to "settle" with the ESPs and pay them when they pay everyone else, which he re-iterated would be sometime in Q1'02.
Edison is holding firm to the notion that the negative CTC contributed to the utility's undercollection and that the ESP's share of the undercollection has to be netted against the payables attributable to the negative CTC and owed the ESP.
He said that they will propose to net it out in one of two ways: 1) lump sum netting (i.e., if they owe $50MM and the share of the undercollection is $30 MM, then they pay the ESP $20 MM; or 2) future reductions in PX Credit (i.e., they pay the ESP $50 MM, and then reduce the PX going forward until the $30 MM is paid down). The numbers are illustrative only.
In addition, he said that they have the view that a decision is going to have to be made about 1) whether DA customers pay for stranded costs tied to the DWR L-T contracts, and 2) whether DA customers pay going forward for stranded costs tied to the QF contracts. (Edison is clearly lobbying the PUC to get DA customers to pay for these costs.)
I recommended strongly that he de-link issues 1 and 2 above from the issue of paying us ASAP what they owe us for negative CTC. He agreed.
He said that the PUC judge's recently issued pre-hearing conference order requires that Edison "meet and confer" with ESPs prior to the Nov. 7th hearing, and that Edison intends to set something up with ESPs prior to that hearing.
Fielder is also the point person on "getting ESPs paid" and intends to initiate settlement discussions with ESPs week after next.
It was very clear from the conversation that Edison is going to do everything possible (at the expense of creditors) to maximize headroom under the settlement it struck with the PUC a few weeks ago. Edison's stalemate with the QFs is evidence of it. We shouldn't assume anything different with the Negative CTC issue.
If you have any questions, let us know.
Best,
Jeff
=====================================
|
4,663 |
Subject: RE: Memorial Day Update
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12530.
=====================================
You did an absolutely fabulous job on Sunday. It was a great time, the food
was extraordinary, and the wine was better still. Thanks so much for it
all. You're very sweet.
Almost makes any more engagements superfluous, don't you think. (kidding!)
Don't forget to water the tomatoes!
Best,
Jeff
Nancy Sellers <[email protected]>
05/15/2001 11:27 AM
To: Nancy Sellers <[email protected]>, "'Lynne Robertson'"
<[email protected]>, "'Laura Whiting'" <[email protected]>, "'John Whiting'"
<[email protected]>, "'Lisanne and Ken Jensen'"
<[email protected]>, "'Celise'"
<[email protected]>, "'Eldon Sellers'" <[email protected]>,
"'Cristina Greenway Shea'" <[email protected]>, "'Chris Shea'"
<[email protected]>, "'Carter'" <[email protected]>, "'Cameron'"
<[email protected]>, "'Jeff Dasovich'" <[email protected]>,
"'Prentice @ Berkeley'" <[email protected]>, "'Prentice Sellers'"
<[email protected]>, "'Scott Laughlin'" <[email protected]>, "'Colleen
Silva'" <[email protected]>
cc:
Subject: RE: Memorial Day Update
2 more celebratory items I forgot - well actually, I forgot one and did not
know about the other...
#1 - Jeff Dasovitch, Scott Laughlin, Cameron Sellers, Nancy Sellers, and
Prentice Sellers - are all SMOKE FREE!! Now that is something to
celebrate!!
and - - -#2 - drum roll drum roll drum roll DRUM ROLL DRUM ROLL
On Saturday, May 12, Mr. Scott Warner Laughlin asked Ms. Cameron Smith
Sellers to marry him. And she
said............................................YES!!!!! Isn't that just
the most wonderful news!!!!!!! We are all so happy and excited!
OK - now for a wine tasting update. Every "unit" should bring 2 bottles of
each wine (1 won't make it with this large a crowd). It does not have to be
from your designated local area ( LizAnne was making noises about the
Sonoma/Napa/Santa Cruz disparity) - it can just be something you think is
yummy.
Saturday night let's make it Pinot Noir and Sunday Chardonnay, since no one
had any burning favorites!
Chris and Cristina have a family reunion that they have to attend - but
they promise that the THREE of them will be with us next year! We will
really miss you guys!
Anything else?
> -----Original Message-----
> From: Nancy Sellers
> Sent: Saturday, May 05, 2001 10:00 AM
> To: 'Lynne Robertson'; 'Laura Whiting'; 'John Whiting'; 'Lisanne and Ken
> Jensen'; 'Celise'; 'Eldon Sellers'; 'Cristina Greenway Shea'; 'Chris
> Shea'; 'Carter'; Cameron; Jeff Dasovich; Prentice @ Berkeley; Prentice
> Sellers; Scott Laughlin
> Subject: Memorial Day
>
> I hope you are all making plans to meet at the dome - we are so excited to
> see you all and have some fun!
>
> Bring a bottle of bubbly (sparkling cider) because we have some special
> things to celebrate:
> * May 20 - Prentice graduates from Haas with her MBA
> * May 26 - Laura's birthday
> * John's new job
> * and...drum roll...
> * Cristina is going to have a baby!!! (November - good Scorpio
> month!)
>
> Please feel free to submit other celebratory items!!
>
> There is one major problem. Try as we might, we have not been able to get
> the deck finished. Everything is done (I think) except the railing. That
> means there is a definite safety hazard. Eldon is going to keep trying to
> get someone to finish it up but I am not too hopeful. That means that the
> deck is fine for:
>
> * Sleeping
> * Sitting
> * Reading
> * Chatting
> * Eating/Cooking
> * Moderate Alcohol consumption
>
> IT IS NOT FINE FOR:
> * Dancing (Andrew)
> * Running (Scotty)
> * Manhattan Projects (Teddy)
> * Heavy duty alcohol consumption (Chris)
>
> I have a couple of requests:
>
> #1 - I think we should start having an annual blind wine tasting. A white
> on Saturday and a red on Sunday - if anyone has a varietal that they want
> to start with - let me know. Each "family unit" should bring a bottle of
> the white and red varietal and we will hold a blind tasting. What do you
> think? It would be especially fun if the wines were typical of your
> geographical area and we could have a really diverse sampling. If you
> want to use wine glasses you would have to bring your own. I'll have
> plastic ones available.
>
> #2 - I have a special request for the ab hunters. It would be so great
> if we could have the ab feast for dinner on Sunday night instead of as
> appetizers on Saturday. That would save one whole meal of cooking and we
> could do a nice salad, garlic bread, etc. I realize that we would have to
> improvise if -- God forbid -- the ab was not to be found - but we could
> chance it!
>
> Let me know about any other ideas you have out there...
>
> Don't forget your baseball mitts!
>
>
>
>
>
>
>
>
>
>
> Nancy
> (707) 251-4870 (phone)
> (707) 265-5446 (fax)
> "Plus je bois, mieux je chante"
>
>
>
=====================================
|
4,664 |
Subject: Internet Daily for November 27, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/2100.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Tuesday, November 27, 2001
by Frank Barnako CBS MarketWatch.com
Web users surf twice as much at work
Web surfers in Italy, France, Australia and the U.S. who access
the Internet from work spend considerably more time online than
home Internet users. "Work Internet usage adds up to more time
spent online and more Internet sessions, undoubtedly due to
greater connection speeds and better usability," explained
Richard Goosey, chief of measurement science and analytics at
Nielsen/NetRatings. He said marketers should take the work
audience into account. "Applications such as banking, online
trading and industry-specific directory searches are well
targeted to the focused work audience," he said. In the U.S.,
NetRatings reported, male Web users spent an average of 21 hours
44 minutes online at work each month and 11 hours 34 minutes at
home.
-----------------------------------------------------------------
Osama bin Laden, Harry Potter among top searches
Terra Lycos reported that Osama bin Laden continued to be its
most popular search term last week. Dragonball, Christmas,
Thanksgiving and Harry Potter were also among the top 5 searches
the site handled. The most popular cast member of Harry Potter
isn't Harry himself, Daniel Radcliff. According to Web users,
the breakout star is actor Sean Biggerstaff, who portrays
Harry's Quidditch rival, Oliver Wood.
-----------------------------------------------------------------
Palm to end portal services
Palm Inc. said it will close its free MyPalm Web portal Jan.
10. Services such as an online calendar, address book and
personal data will be deleted, the company said in a notice on
its Web site. Services for wireless subscribers to Palm.Net will
continue. A spokeswoman for the company told CNET interest in
Web-based personal information management turned out to be less
than expected. Advertising and subscriptions did not prove to be
sources for adequate revenue.
-----------------------------------------------------------------
Two-thirds of car buyers use Web
Sixty-two percent of all new-vehicle buyers are turning to the
Internet for shopping information. Most go to the Web before
they visit dealers, according to a J.D. Power and Associates
study. Last year, Power reported 54% of vehicle shoppers relied
on the Internet. On average, an automotive Internet user visits
6.8 automotive sites before making a purchase, the research
showed. Most also prefer independent Web sites. Kelley Blue Book
was the most visited site, as it has been for the past three
years. Edmunds.com was said to be the most useful site.
-----------------------------------------------------------------
For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/
================================================================
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email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)
Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,665 |
Subject: CA Probe focuses on Dynegy, Mirant Plants
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12831.
=====================================
Calif Probe Focuses On Dynegy,Mirant Plants-Commissioners ????
Updated: Monday, May 21, 2001 05:28 PM?ET ?????
?
By Jason Leopold and Mark Golden
Of DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--California officials are focusing an investigation
into the state's wholesale electricity markets on two power plants operated
by two of the state's largest merchant power companies, Mirant Corp. (MIR,
news, msgs) and a joint venture between Dynegy Inc. (DYN, news, msgs) and NRG
Energy (NRG, news, msgs), according to two commissioners on the California
Public Utilities Commission.
The CPUC and the state Attorney General are investigating whether output was
withheld in order to maintain high prices over the past seven months at
Mirant's Pittsburg plant in northern California and the Encina power plant,
which is equally owned by Dynegy and NRG, near San Diego.
All power plants in the state are being examined, but investigators have
found that the Encina and Pittsburg plants have reduced power during supply
shortages, causing market prices to rise.
But so far, the commissioners said, investigators have found no activity that
is clearly illegal.
"Is it unethical? Yes," one PUC commissioner said. "But is it illegal? No,
unless there was collusion. This is the system we set up. What the generators
are doing would be the appropriate thing to do if you are going to maximize
your profit to shareholders."
Spokesmen for Mirant and Dynegy flatly denied the charges.
"What we did was both legal and ethical," said Mirant spokesman Chuck
Griffin. "There was a very forthright attempt to keep these plants up and
running. Unequivocally, we have never held anything back."
Some of the turbines at the Encina plant are peaking units, which are
supposed to ramp up and down to meet demand, Dynegy spokesman Steve Stengell
said. The plant is operated by NRG, but Dynegy markets the power from the
plant and tells NRG how much power to generate based on what has been sold.
"We've done absolutely nothing to manipulate prices," Stengell said.
"Electricity demand increases and decreases throughout the day. Our
production increases and decreases to follow changing demand. Ultimately, the
ISO determines the exact amount of dispatch."
A spokesman for Attorney General William Lockyer declined to comment on the
ongoing investigation.
CPUC President Loretta Lynch told California newspapers last week that her
office and that of Lockyer's have enough information to take legal action
against generators next month, though she declined to name the companies
involved and she said that the exact nature of the legal action is still
under review.
"We get really tired of these assertions with no evidence to back them up,"
Griffin said. "This whole idea that any generation was held back at any time
is completely bogus. It is pure political rhetoric."
Mirant's California power plants have run at full power during critical times
except under one of two conditions, Griffin said. Either generating units
were broken and had to be taken off line to be fixed, or they were beginning
to run in a way that violated environmental restrictions and Mirant had to
get permission to run at full power any longer.
"There are no other reasons than those two," said Griffin.
Nevertheless, several employees at the power plants involved have testified
that generating units were ramped down even when the state's Independent
System Operator had warned of tight supplies, according to one commissioner.
And a senior NRG employee at the Encina power plant in Carlsbad told Dow
Jones Newswires that he was told by Dynegy's Houston trading floor to "ramp
down" the large 951-megawatt plant on at least 10 occasions when he knew
power supplies were tight.
"We would be told to ramp down the units even when we knew the state needed
the megawatts," the employee said. "Then the spot price would go up, but we
didn't really pay too much attention to that, because as far as we know
everybody was doing this. We knew how much power other plants were operating
at, and we knew they weren't at full capacity."
NRG spokeswoman Meredith Moore said that the ISO gives instructions to Dynegy
and Dynegy tells NRG what to do. "And there have been conditions when the ISO
told us to ramp down during Stage 2 emergencies," Moore said.
Also, one CPUC commissioner pointed out that the state's deregulation law
doesn't require owners of power plants to bid all of their capacity into the
market.
The state's incumbent utilities, who were forced to sell their power plants
as part of deregulation, also may have contributed to the problem, according
to an ISO study. By not securing nearly enough power in advance to meet their
customers projected needs, the state's three main utilities contributed to 36
Stage 1 and 2 power emergencies last summer and forced the grid operator to
pay a much higher price to keep the lights on.
The utilities argued that they underscheduled their load so they wouldn't
have to pay the generators' high bid prices. The ISO market last year had a
price cap, while other markets did not.
Mirant's Griffin, meanwhile, said all the finger pointing isn't solving the
state's problem.
"If they are going to get to a solution in California, they have to get
beyond silly political rhetoric," Griffin said. "The real solution to the
problem is to get new supply, and if they are going to do that they have to
make this market look attractive to the kind of people who can build power
plants."
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
(Mark Golden in New York contributed to this article.)
=====================================
|
4,666 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/9830.
=====================================
PUC SET TO MAKE KEY RULING ON UTILITY BILLS;
ELECTRICITY: REGULATORS ARE ABOUT TO DECIDE HOW TO SPLIT PAYMENTS BETWEEN THE
STATE AND UTILITIES. THE FORMULA COULD AFFECT FURTHER RATE HIKES.
BYLINE: RONE TEMPEST, TIMES SACRAMENTO BUREAU CHIEF
DATELINE: SACRAMENTO
BODY:
??How much of utility customers' monthly bills will be used to pay for
California's multibillion-dollar entry into the power market?
??That's the question as regulators set out in coming days to determine how to
split ratepayers' bills between the state, which has been buying electricity
at
the rate of $ 45 million a day since late January, and the debt-laden
utilities,
which continue to deliver that power and collect customers' payments.
??The issue has moved center stage as Gov. Gray Davis continues to negotiate a
rescue of the near-bankrupt Pacific Gas & Electric Co. and Southern
California
Edison. The resolution is crucial to Davis' complex plan to pull California
out
of its costly energy crisis.
??When the Legislature put the state in the power-buying business, it needed
to
ensure eventual reimbursement for its purchases. The result was the CPA, for
California Procurement Adjustment, essentially the portion of customers' bills
left over after the utilities subtract their cost of operations.
??After weeks of wrangling in Sacramento, the front lines in the utility
debate
will now shift for a time to San Francisco, where the California Public
Utilities Commission will determine the size of the CPA and the way it is to
be
divvied up.
??How the commission rules will be the main factor in determining if customers
of the three big investor-owned utilities--PG&E, Edison and San Diego Gas &
Electric--will face rate hikes above the 19% already set in motion. It also
will
have a direct bearing on the state's ability to sell the $ 10 billion in bonds
it needs to finance its long-term power buys without having to commit taxpayer
money.
??"What happens at the PUC is fundamental, in terms of our ability to issue
bonds with investment-grade ratings," state Treasurer Phil Angelides said.
"How
they allocate moneys between the state and utilities will be fundamentally
important to how far our $ 10 billion will go. And it will be fundamentally
important if it is not done in the right way, because it will have a direct
and
negative impact on consumer rates."
??Utility executives disagree with the state on how to allocate the CPA but
agree on its importance.
??"One issue is: How do you divide the pie? And an important and related issue
is: Is the pie big enough?" said Ted Craver, chief financial officer of
utility
parent Edison International, during a conference call Friday with debt
holders.
??Before skyrocketing wholesale electricity prices turned PG&E and Edison into
financial basket cases, the money left over after subtracting their costs of
delivering power to customers was called "headroom," and that was where the
utilities paid off past investments, retired debt and took their profits.
??Under Davis' plan, most such money would be reserved by the state to pay off
the $ 10 billion in bonds to buy electricity and reimburse the treasury for
the
billions the state has already spent to buy power.
??Some consider this a gamble and wonder if there will be enough money
available without either dipping into the state general fund or, more likely,
raising customer rates even further.
??Under the January law, AB 1X, that put California in the power-buying
business, the CPA needs to total at least $ 2.5 billion annually from utility
customers. Angelides on Thursday estimated that the state needs $ 1.3 billion
from CPA funds just to service the bonds.
??PG&E and Edison both say they believe the utilities are entitled to be paid
first out of ratepayer bills under AB 1X.
??The Department of Water Resources, the agency empowered by the state to buy
electricity for utility customers, would get whatever is left over after
utility
expenses are covered, the two companies say. If nothing is left, rates would
be
allowed to rise high enough to pay the water agency what it needs to cover its
electricity expenses under an interim order issued Wednesday by the PUC.
??"If that means rate increases, then the commission has affirmed it will pass
through those rate increases," said Ann Cohn, assistant general counsel for
Southern California Edison. "The DWR will have to determine what its own
revenue
requirement is."
??In filings with the commission, PG&E, the state's largest electric utility,
insists that once its obligations are subtracted the CPA would be virtually
penniless. The most financially troubled of the utilities, PG&E is believed
not
to have ruled out filing for bankruptcy as a way out of its $ 8-billion debt.
??What percentage the commission allots PG&E from customer bills could be a
factor in the utility's decision about seeking protection from creditors under
Chapter 11 of the federal bankruptcy code.
??Meanwhile, Davis is faced with a dilemma of his own that is no less
wrenching. For his rescue plan to work, four things must happen:
??* The cost of electricity purchased by the state must be reduced through
long-term contracts.
??* The amount of money paid by the utilities to alternative-energy
suppliers--generators of solar, wind and other forms of power, which
constitute
about one-fourth of the electricity used by utility customers--must be cut in
half.
??* The utilities must agree to sell electricity to the state from their own
generators, including nuclear plants and hydropower facilities, at slightly
above cost.
??* And the state must obtain favorable rates on its massive bond sales.
??Although some progress has been made on all these fronts, none have been
finalized.
??For example, Davis announced a week ago that 40 long-term supply contracts
had been negotiated with major generators at terms favorable to the state. But
by Friday, fewer than a dozen of the contracts had been signed.
??Moreover, because of the secrecy the Davis administration has imposed on
details of the contracts, it is impossible to tell if the prices negotiated by
the state are low enough to be covered by the $ 10 billion in power bonds
beyond
September.
??Several California newspapers, including The Times, have been denied by
Davis
in repeated requests to obtain details under the California Public Records
Act.
On Friday, Assemblyman Tony Strickland (R-Moorpark) said he plans to file a
lawsuit today demanding that contract details be disclosed.
??If any one of the four key fronts blows up on Davis, the governor would then
be faced with either dipping into the state budget surplus or asking the PUC
to
raise rates beyond the level now in motion. The currently programmed average
19%
hike comes from a temporary 9% increase approved by the commission in December
(and generally expected to be made permanent) and a further 10% boost by next
March (when a rate rollback ordered under the state's 1996 deregulation law
expires).
??Davis has publicly opposed using tax funds to bail out the investor-owned
utilities, on grounds that such a move would be unfair to customers of
municipal
utilities, such as the Los Angeles Department of Water and Power, that remain
financially healthy.
??In its action last week, the PUC made clear that if enough money is not
found
in the CPA to repay the Department of Water Resources, then customer rates
would
have to rise.
??While acknowledging that it will be a close call, administration officials
last week repeated their contention that the governor's rescue plan can be
accomplished without raising rates beyond the 19%.
??"Conceptually, I'm confident that the CPA mechanism operates in a manner
that
gets us appropriate bond capacity," state Finance Director Tim Gage said.
??Angelides warned that the state needs to be wary of the utilities' taking
more than their fair share.
??"As the final divisions of the pie are made," Angelides said, "the utilities
should recover no more out of that pie than the actual cost of generation plus
their regulated return, and the state must be accorded the balance."
??*
??Times staff writer Nancy Rivera Brooks contributed to this story.
LOAD-DATE: March 12, 2001
=====================================
|
4,668 |
Subject: Internet Daily for October 23, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/796.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Tuesday, October 23, 2001
by Frank Barnako CBS MarketWatch.com
Yahoo co-opts Explorer
Yahoo introduced Tuesday an application that makes changes to
the settings of Microsoft's Internet Explorer and gives
preference to Yahoo's email, search and other tools.
The free download program, Essentials, can make Yahoo's instant
messaging tool the browser's default choice, as well as add
links to Yahoo services in the Start menu of a PC running
Windows. It can also make Yahoo's site the default home page for
Explorer, and select the online service's email and search
functions as the primary choice. Yahoo is offering Essentials
"in response to user demand," said Henry Sohn, vice president
and general manager of network services.
-----------------------------------------------------------------
AOL, Yahoo, MSN to label sites' content
America Online, Microsoft Corp.'s MSN and Yahoo have adopted a
system to label Web sites to help parents prevent children from
viewing objectionable content. Developed by non-profit trade
group Internet Content Rating Association, the labeling is
included in the Web pages' coding, which can be read by Web
filtering software or browsers.
Content providers including Playboy.com have also labeled their
sites; the ICRA began a campaign Tuesday to encourage others to
do so. "Creating safer places for children to use the Internet
has long been a part of the overall experience Yahoo provides,
and working with the industry to develop the ICRA standard and
labeling protocol is just the next step in our efforts," said
Srinija Srinivasan, vice president and editor-in-chief.
-----------------------------------------------------------------
Net access in airplanes to be delayed
Adding Internet access to airlines' in-flight communications
systems will take a little longer than expected. But it will
happen nonetheless, according to a market analysis by Northern
Sky Research. The Cambridge, Mass.-based consulting firm called
the concept "viable" and predicted airline user fees for the
service would total $804 million in 2005. "Prior to the
terrorist attacks, 12 airlines committed to equipping over 2,100
of their aircraft with Internet service," said Karekin Jelalian,
author of the report. "The service has understandably fallen as
a priority."
-----------------------------------------------------------------
RealOne content providers listed
RealNetworks said 20 media companies have signed up to provide
audio and video content for RealOne, the company's subscription
content service. They include CNet Networks, CNN, and the
Weather Channel, as well as other content companies that also
provide material to RealNetworks' current subscription service,
GoldPass. The RealOne service, set to debut next month, uses new
software that combines a Web browser and streaming media jukebox
player.
-----------------------------------------------------------------
For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/
================================================================
LOGIN to access your account:
https://investing.schwab.com/trading/start
----------------------------------------------------------------
To unsubscribe or modify your Email Alert customization options,
log in using the link below or copy and paste it into your
browser's address window:
https://investing.schwab.com/trading/start?SANC=EAMyAlerts
----------------------------------------------------------------
Notice: All email sent to or from the Charles Schwab corporate
email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)
Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,669 |
Subject: Fwd: DJ - Calif PUC Unlikely To Order Refunds From Pwr Generators
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/3386.
=====================================
FYI. Indicates that the CPUC is unlikely to order refunds, but also
tentative about recouping high costs from ratepayers. Utilities are "upping
the ante" by filing in Federal Court and showing fiscal implications.
---------------------- Forwarded by Mona L Petrochko/NA/Enron on 11/13/2000
11:36 AM ---------------------------
Mary Hain@ECT
11/10/2000 06:00 PM
To: Tim Belden/HOU/ECT@ECT, Greg Wolfe@ECT, Mike Swerzbin/HOU/ECT@ECT,
Christopher F Calger/PDX/ECT@ECT, Dave Parquet, Richard Sanders,
[email protected], [email protected], Christian Yoder/HOU/ECT@ECT,
[email protected], Chris H Foster/HOU/ECT@ECT, Stewart
Rosman/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT, Joe Hartsoe@Enron, Sarah
Novosel/Corp/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Steve
Kean, Richard Shapiro, James D Steffes/NA/Enron@Enron, Donna
Fulton/Corp/Enron@ENRON, Mona L Petrochko/NA/Enron@Enron, James E
Keller/HOU/EES@EES, Mike D Smith/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron,
Dennis Benevides, Jeff Richter/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Tim
Heizenrader/PDX/ECT@ECT, Chris Stokley/HOU/ECT@ECT, Murray P
O'Neil/HOU/ECT@ECT, David Aamodt@Gateway, Jay Dudley, Neil
Bresnan/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Kathryn
Corbally/Corp/Enron@ENRON
cc:
Subject: Fwd: DJ - Calif PUC Unlikely To Order Refunds From Pwr Generators
Please forward this to anyone I have forgotten. Thanks.
DJ Calif PUC Unlikely To Order Refunds From Pwr Generators
Copyright , 2000 Dow Jones & Company, Inc.
(This article was originally published Thursday)
LOS ANGELES (Dow Jones)--The California Public Utilities Commission
likely won't order generators to refund billions of dollars in windfall
profits from last summer's wholesale power price spikes to utilities and
customers, commissioners told Dow Jones Newswires Thursday.
A Republican commissioner said the PUC knows generators are manipulating
the wholesale power market in California but the commission doesn't have the
"expertise in-house to figure out who it is and how it's being done."
"Even if we could force refunds, it would take five to 10 years in court
to decide if generators should refund money," the commissioner said. "I don't
think the state is willing to spend the money or the time."
In addition, the commission is nowhere near deciding whether Edison
International (EIX) unit Southern California Edison and PG&E Corp. (PCG) unit
Pacific Gas & Electric can pass on a combined $5 billion in debt to their
ratepayers, the commissioner said.
A decision won't likely be made until mid-2001, the commissioner added.
Only PUC President Loretta Lynch and Commissioner Carl Wood support
having generators refund windfall profits to utilities and ratepayers. The
commission's investigation, one of two ongoing probes into the state's
troubled wholesale power market, has been unsuccessful in finding evidence
that would force generators to refund billions of dollars, according to
documents obtained Thursday by Dow Jones Newswires.
Last week, federal regulators determined generators didn't manipulate
the market. But they did find flaws in the state's market structure and said
rates were "unjust and unreasonable."
The state's Independent System Operator and Power Exchange have also
concluded they have no evidence to prove generators manipulated the market in
order to drive up wholesale power prices.
The commissioner said the PUC doesn't support the utilities' efforts to
pass on $5 billion in wholesale power costs to ratepayers.
The commissioner said "if it came down to deciding tomorrow, the
utilities would be left holding the bag."
PG&E and SoCal Edison pay about 16 cents a kilowatt-hour for wholesale
power. But the utilities charge their customers far less under a
state-mandated rate freeze.
As reported earlier Thursday, SoCal Edison President and Chief Executive
Officer Stephen Frank said the utility's inability to immediately recover
more than $2 billion in debt from its ratepayers may force the company to lay
off employees and reduce major capital spending.
PG&E filed a lawsuit in federal court Wednesday asking a judge to allow
the utility to pass on $3 billion in debt to its customers.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
mailto:[email protected]
(END) Dow Jones Newswires 10-11-00
=====================================
|
4,672 |
Subject: CAISO cuts refund estimate to $6.1B from $8.9B
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28881.
=====================================
Calif ISO Cuts Power Refund Estimate To $6.1B From $8.9B ????
Updated: Wednesday, July 18, 2001 11:53 AM?ET ????
?
By Mark Golden
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--California's estimate of how much the state was
overcharged by power suppliers dropped to $6.1 billion from $8.9 billion when
an adjustment requested by a Federal Energy Regulatory Commission judge was
taken into account, according to data submitted to FERC last week.
The California Independent System Operator's estimate fell when the grid
operator excluded power bought by utilities not under its purview, and its
estimate could fall again as it works in other recommendations made by the
judge following the conclusion of 15 days of talks between power suppliers
and the state over potential refunds last week.
Even as the ISO continues to recalculate its refund estimate, however, the
state is sticking to the original $8.9 billion figure, which has been called
arbitrary by critics. The $6.1 billion estimate merely establishes "a
potential framework for settlement discussions," Eric Hildebrandt, the ISO's
chief analyst on the matter, told the FERC.
FERC administrative law judge Curtis Wagner, who has dismissed the $8.9
billion figure as baseless and criticized California's delegation for not
negotiating in good faith, estimated in his report on the talks that refunds
due may amount to about $1 billion. Power suppliers offered just over $700
million.
Wagner has recommended FERC hold a 60-day hearing to set the level of refunds
and has told the ISO to revise its estimate of what California is owed.
The ISO's original $8.9 billion figure included electricity sales to
municipal utilities and alternative energy suppliers that didn't go through
the ISO's wholesale markets, the California Power Exchange or the California
Department of Water Resources. Without direct knowledge of the prices of
those purchases, the ISO made estimates.
"We know the volume (of the bilateral deals)," Hildebrandt said. "The refund
amount was based on extrapolation of observed prices in the spot market."
Resetting The Baseline
Wagner told the ISO to recalculate its figure using only sales through the
ISO and CalPX markets - which were set up by the state's deregulation law for
California's three investor-owned utilities to purchase power - in addition
to sales to the California Department of Water Resources.
The DWR has been buying power for the utilities since PG&E Corp. (PCG, news,
msgs) unit Pacific Gas & Electric Co. and Edison International (EIX, news,
msgs) unit Southern California Edison ran out of cash in January. DWR has
also been covering the needs of Sempra Energy (SRE, news, msgs) unit San
Diego Gas & Electric Co.
In arriving at his new estimate, the ISO's Hildebrandt also recalculated fair
prices - the baseline against which refundable amounts are determined - by
retroactively applying the price controls FERC imposed June 19. Those
controls set prices by the operating costs of the least efficient generator
needed to meet demand each hour.
But last week, after Hildebrandt completed his $6.1 billion estimate, Wagner
recommended to FERC commissioners that the June 19 price control formula be
modified when used retroactively to determine refunds.
Those modifications, if applied to the ISO's estimate, would cut refunds much
further. For example, FERC's price limits are now based on a monthly average
of natural gas prices covering supplies throughout the state. Wagner
recommended using power producers' actual gas costs. Since gas is
considerably more expensive in southern California, using actual prices would
cut potential refunds sharply.
Also, Wagner said that refunds should be ordered on sales only as far back as
Oct. 2, which would reduce the total amount claimed by California by about
one-third, according to Hildebrandt's previous monthly breakdown.
ISO staff is again recalculating the refund estimate to reflect some of
Wagner's recommendations, but the ISO will still include sales back to May
2000, said spokeswoman Stephanie McCorkle.
"The reason we're not going back just to Oct. 2 is that all of the
overcharges going back to May should be repaid," McCorkle said. "We just
maintain that position."
FERC Baseline Questioned
In addition, Hildebrandt argues in his recently released estimate that when
fair prices are calculated retroactively using FERC's new formula, the price
cap should be based on the least efficient generator the ISO knows to have
been available, not the least efficient generator actually used to meet
demand.
That's because the FERC's new price controls require all available generators
be made available to the ISO at any time, Hildebrandt said.
Applying that rule would raise the ISO's revised estimate substantially: to
$7.7 billion from $6.1 billion.
One of the ways generators managed to manipulate prices higher, Hildebrandt
said, was to not offer cheaper power from more efficient units. Considering
only the least efficient generator actually used would make permanent the
rewards for such withholding, he said.
"The judge is in error to suggest that the actual (least-efficient) unit used
would have been called on if the must-offer requirement were in effect,"
Hildebrandt said in an interview.
In arriving at his estimate, Hildebrandt determined the difference between
actual sales prices and what prices would have been for every seller and for
every hour since May 1, 2000, had price controls been in effect. The ISO
released only the total potential refund, not the company-specific shares.
Hildebrandt took issue with generating companies that have complained his
numbers aren't justified.
"These are based on very tangible records," he said. "The idea that it's a
black box is misleading."
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
(Jason Leopold in Los Angeles contributed to this article.)
=====================================
|
4,673 |
Subject: IEP/Press Availability Tele-conference 4/26 @ 11 am PST
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11627.
=====================================
Contact: ?Jean Munoz ???????????????????????FOR IMMEDIATE RELEASE
???????????????916-447-8186 ???????????????????April 26, 2001
=20
ENERGY PRODUCERS? POWER UPDATE=20
SACRAMENTO =01. Jan Smutny-Jones, Executive Director of the Independent Ene=
rgy=20
Producers Association, will brief members of the media on the latest=20
developments in California?s rapidly changing electric market during a=20
tele-conference Thursday, April 26 at 11:00 a.m.
What: ???Press Availability Tele-conference
???
When: ???Thursday, April 26, 2001
?????????????11 am PST
Call In #: ??1-800-374-2393
Conference I.D: Independent Energy Producers (IEP)
Who: ???Jan Smutny-Jones, Executive Director of the Independent Energy=20
Producers Association
=20
# ????????# ????????#
=20
- Powerful Ideas(readers).pdf
=====================================
|
4,675 |
Subject: Re: Conference Call Availability - Addendum
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12290.
=====================================
1) if he's got 30 minutes, then he should join for 30 minutes.
2) quite urgent, since the analysis needs to be done pronto.
3) if he can't join, that's ok. we can fill him after the meeting.
Joseph Alamo
05/10/2001 03:11 PM
To: Jeff Dasovich/NA/Enron
cc:
Subject: Conference Call Availability - Addendum
Jeff - I guess Steffes' schedule is pretty tight tomorrow -- Linda wants to
know
1) is 30 minutes going to be enough time for this call?? and
2) how "Urgent" is it that it take place??
Please RSVP,
Thanks,
Joseph
---------------------- Forwarded by Joseph Alamo/NA/Enron on 05/10/2001 01:09
PM ---------------------------
Joseph Alamo
05/10/2001 12:15 PM
To: Jeff Dasovich/NA/Enron
cc:
Subject: Conference Call Availability?
Linda called for Steffes re: your inquiry about a conference call on
Core/non-core -- he *might* be available
@ 8 AM PDT/10 Central......tentatively -- would that work for you??
Let me know ASAP, so I can call her back....
Thanks,
Joseph
=====================================
|
4,676 |
Subject: Re: Follow up with Alpert's Office
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10133.
=====================================
All I asked Eric to do was:
ensure that there was an Enron contact if another complaint came in.
find out from Alpert's office if we could call back a few of those who called
to complain to find out what they perceived, correct the misperception,
apologize.
From: Jeff Dasovich@ENRON on 03/19/2001 04:20 PM
Sent by: Jeff Dasovich@ENRON
To: Scott Govenar <[email protected]>, Eric Letke/DUB/EES@EES, Sandra
McCubbin/NA/Enron@Enron, [email protected], Susan J Mara/NA/Enron@ENRON,
[email protected], Karen Denne/Corp/Enron@ENRON, Janel
Guerrero/Corp/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, [email protected], [email protected], Marty
Sunde/HOU/EES@EES
cc:
Subject: Follow up with Alpert's Office
Thanks, Scott.
Scott/Hedy/Sandi/Bev: Erik Letke heads up the retail marketing effort
underway in San Diego. Marty Sunde wants Alpert to have an EES commercial
contact that she can talk to in the event she has further questions, etc.,
He'd like Erki to be the contact person. Erik could you copy your vitals
(title, contact info) to Scott and Hedy Govenar and Sandi McCubbin so they
can forward along to Alpert?
Erik, seems that it would be useful if the customer letters to Alpert could
make the following points (folks please weigh in and add/subtract/modify if
needed):
The customer's glad to have had the option to take Direct Access service from
Enron because having the opportunity to take advantage of the offer has made
the customer better off.
Direct Access is an extremely important option that customers need, want and
should have going forward.
Any "solution" that the Legislature comes up with must therefore include the
continuation of Direct Access for all customers.
As such, the Legislature should immediately fix AB 1X to make sure that
Direct Access remains a permanent fixture of California's energy strategy.
Direct Access customers should not be forced to pay for DWR's power purchase
costs, since Direct Access customers aren't benefitting from those purchases.
Best,
Jeff
Scott Govenar <[email protected]>
03/19/2001 04:01 PM
To: Jeff Dasovich <[email protected]>
cc:
Subject: Dede
As discussed, customers should send letters to Dede as follows:
The Honrable Dede Alpert
California State Senate
State Capitol, Room 5050
Sacramento, CA 95814
Interested companies should copy: "Honorable Members of the California
State Legislature" and fax or mail me a copy for further distribution.
My fax is (916) 448-0816 and my address is 1127 11th Street, Suite #400,
Sacramento, CA 95814.
Scott
=====================================
|
4,678 |
Subject: Fwd: WRAP: Calif Turns To Lawmakers As Power Bond Deal Stalls
Sender: [email protected]
Recipients: ['Ronald Carroll" <[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11702.
=====================================
Content-Transfer-Encoding: quoted-printable
Date: Thu, 26 Apr 2001 17:24:51 -0500
From: "Tracey Bradley" <[email protected]>
To: "Justin Long" <[email protected]>, "Paul Fox" <[email protected]>
Cc: "Ronald Carroll" <[email protected]>
Subject: WRAP: Calif Turns To Lawmakers As Power Bond Deal Stalls
Mime-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
Content-Disposition: inline
WRAP: Calif Turns To Lawmakers As Power Bond Deal Stalls
Updated: Thursday, April 26, 2001 03:35 PM ET
By Jason Leopold
Of DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--Frustrated by delays in securing regulatory
decisions needed to support a massive issue of bonds to finance power
purchases, California Treasurer Phil Angelides, Gov. Gray Davis and several
lawmakers are working on an end run through the state Legislature.
The group is putting together legislation, aimed to be introduced in the
state Assembly as early as Friday, that will directly authorize the state to
sell $10 billion in revenue bonds - in the process clearing the way for the
state to close on $4.1 billion in interim financing.
But there are pitfalls along that path as well, raising new questions about
when the bonds will be sold. John Hallacy, managing director for municipal
bond research at Merrill Lynch & Associates, said the bond market is still
expecting the sale, but he's concerned that details on marketing of the bonds
haven't been released.
Hallacy said if the bond sale is delayed it will be a problem for the state.
"Where will they get the money to buy power over the summer?" Hallacy said.
T
he state has been working since February to put together a bond deal
authorized by previous legislation, but the effort has been hung up in part
by the California Public Utilities Commission's difficulty carving revenue
out of electricity rates to service the debt. The commission's standing
proposal for calculating the so-called California Procurement Adjustment -
the amount of electricity rate revenue available to the state - has been
appealed by the state's struggling utilities, which argue the plan would
leave them unable to meet their own obligations.
"The utilities effectively blocked the bond sale by appealing the PUC's
action on how they calculated the CPA," an aide to Angelides said. "So now
we're saying, 'Let's sell the bonds by revising the law and go to the
Legislature to get what we need.'"
Legislature No Slam Dunk
Whether the legislative route proves more fruitful remains to be seen. As
reported, Assembly Republicans said Wednesday that they wouldn't vote for the
measure unless the governor releases details of the state's long-term power
contracts, information the governor has thus far refused to divulge.
"Republicans believe it is fiscally irresponsible for the Legislature to ask
ratepayers to shoulder the extraordinary weight of a $10 billion bond before
the governor finally discloses what the ratepayers are getting in return,"
Assembly Republican leader Dave Cox, R-Fair Oaks, said in a press release.
The treasurer needs Republican support if the bill is to win the two-thirds
majority it needs to be implemented immediately.
California has spent about $5 billion since mid-January buying power in place
of the state's cash-strapped utilities, a total that is growing by about $70
million a day. The state needs to move ahead with the bridge financing and
bond deal to repay the state's general fund for power already purchased and
to stretch out future power costs that can't be covered in full by
electricity rates.
The situation is growing more urgent. Citing the "mounting and uncertain"
costs of California's power crisis, ratings agency Standard & Poor's lowered
the rating on California's general obligation bonds to A+ from AA. Further
delays of the bond issue could put the state in a bind, S&P said.
"If the state cannot sell its proposed revenue bond as planned in a timely
manner, the potential effect on the state's general fund could be severe
without large further retail rate hikes beyond the sizable percentage
increases recently implemented," S&P said.
Angelides has said that the state's budget surplus will be depleted if
legislation isn't passed allowing his office to sell the bonds. In addition,
the clock on the state's bridge financing deal is ticking. Commitments from
bankers to fund the loan are due May 8, and the banks have said they won't
sign up if the bond issue that will repay the bridge loan is in doubt,
Angelides has said.
Keely Seen As Backer
Legislation needs to be introduced and passed and in "days" establishing the
bond sale at $10 billion, Angelides said Tuesday. His office said the
treasurer has been in "long meetings" with legislators on the issue, working
with the governor's office to drum up votes.
Assemblyman Fred Keeley, D-Boulder Creek, will likely carry the bill, AB8X,
an aide in his office said Wednesday. The governor's staff is working with
Keeley on draft language, said Davis spokesman Roger Salazar. Keeley didn't
immediately return calls for comment.
Keeley is the author of AB1X, which authorized the state to purchase power on
behalf of its cash-strapped utilities and issue bonds to pay for power going
forward. The authorization for the bonds, however, depends on a complicated
calculation of the CPA, which determines the funds available for debt service
and, ultimately, the size of the issue.
PG&E Corp. (PCG, news, msgs) unit Pacific Gas & Electric, whose appeal is
pending before the PUC, said the Public Utilities Commission's calculations
on the CPA "grossly overstate" the revenue that will be left over after the
utility covers its costs. The utility has since filed for bankruptcy
protection, raising further doubt about the state's ability to tap the
utility's revenue for its own purposes.
The PUC is also waiting for the California Department of Water Resources,
which is handling the state's power purchases, to release details of its
projected power costs, the amount of power needed and how much money the
agency expects to spend in the spot market for power. Again, the state
reluctant to release that information.
The state has set a rough target of June for the bond sale to go forward,
although some have said it could be delayed until July or August. Hallacy, of
Merrill Lynch, said the bond market "could deal" if the sale was conducted
after June 30, because it will give it more time to prepare for the sale.
-
By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
(Jessica Berthold contributed to this article.)
=====================================
|
4,680 |
Subject: California Energy Summit -- March 30
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/10342.
=====================================
I am not interested. I sent to Mark Palmer, who suggested one of you guys.=
=20
Happy Birthday!
----- Forwarded by David Parquet/SF/ECT on 03/22/2001 04:32 PM -----
=09"Neudeck,Randall D" <[email protected]>
=0903/22/2001 09:10 AM
=09=09=20
=09=09 To: "'[email protected]'" <[email protected]>,=20
"'[email protected]'" <[email protected]>
=09=09 cc: "Cole Frates (E-mail)" <[email protected]>
=09=09 Subject: California Energy Summit -- March 30
Cole Frates asked me to drop you a note regarding the upcoming California=
=20
Energy Summit on March 30.??We previously sent a letter to Jeff?Skilling=
=20
inviting Enron to the Summit, hosted by the Valley Industry and Commerce=
=20
Association (VICA).??Confirmed attendance includes CEOs and California=20
legislators (see list below).? News media will be covering the event.? We=
=20
expect approximately 100 attendees.? We believe it is important that Enron=
's=20
views are expressed "by Enron" not by one of your colleagues.? Please let =
me=20
know if you can participate.? The Summit lasts from 7:45 a.m. to 1:30 p.m.=
?=20
You would be on Panel #2 that lasts from 9:45 to 10:30 a.m.? The Energy=20
Summit will be held at the Sheraton Universal Hotel, 333 Universal Terrace=
=20
Parkway, Universal City.? I look forward to hearing from you.???? -- Randa=
ll=20
Neudeck, 213-217-7537, VICA Board of Directors
?
Overall Moderator? -- KCBS Channel 2 News Anchor Paul Dandridge?
Panel #2
?-- Los Angeles Department of Water & Power =01) S. David Freeman, General=
=20
Manager?
?-- Reliant Energy =01) Curtis Kebler, Director of Asset Commercialization=
?
?-- Southern California Edison =01) Stephen E. Frank, Chairman, President =
& CEO
?-- The Gas Company =01) Lee Stewart, President, Energy Transportation Ser=
vice?
?--?Trans-Elect, Inc. =01) Robert Mitchell, Executive Vice President=20
Panel?#3?
?--?Senator Richard Alarc?n, Majority Whip, Chair, Labor & Industrial=20
Relations Committee
?--?Senator Debra Bowen, Chair, Committee on Energy, Utilities &=20
Communications
?--?Assemblymember John Campbell, Assistant Republican Leader for Policy=
=20
Development
?--?Assemblymember Keith S. Richman, Minority Whip
?--?Assemblymember Fred Keeley, Chair, Joint Legislative Audit Committee=
=20
(tentative)
?--?Assemblymember Paul Koretz, Chair, Committee on Labor and Employment
?-- Los?Angeles City Council President Pro Tem, Ruth Galanter, and Chair,=
=20
Commerce, Energy & Natural Resources Committee
Keynote Speaker =01) Speaker of the Assembly Robert Hertzberg=20
?
=====================================
|
4,684 |
Subject: FW: Investor Conference Call 8/2/01
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/29169.
=====================================
Verrry interesting.....
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 07/26/2001 04:29 PM -----
"Manuel, Erica" <[email protected]>
07/26/2001 04:16 PM
To: "Allen, Stevan" <[email protected]>, AReM <[email protected]>,
"Douglas Oglesby (E-mail) (E-mail)" <[email protected]>, "Fairchild, Tracy"
<[email protected]>, Frank <[email protected]>, "Joseph Alamo (E-mail)
(E-mail)" <[email protected]>, "Manuel, Erica" <[email protected]>,
Megan Beiser <[email protected]>, Norm Plotkin <[email protected]>,
"Warner, Jami" <[email protected]>
cc:
Subject: FW: Investor Conference Call 8/2/01
This is something we'll all probably want to listen in on. FYI.
-----Original Message-----
From: Philip Angelides, Calif State Treasurer
[mailto:[email protected]]
Sent: Thursday, July 26, 2001 4:14 PM
To:
Subject: Investor Conference Call 8/2/01
As part of the continuing efforts of the California State Treasurer's Office
to provide information to investors regarding the Department of Water
Resources ("DWR") Power Purchase Program, we will be hosting an investor
conference call in New York. Our East Coast based investors will be able to
attend in person at 270 Park Avenue, between 47th and 48th streets, 49th
Floor in New York on Thursday, August 2 at 2:00 P.M. EST.
This meeting presents an opportunity to update investors on the DWR Power
Purchase Program and respond to your questions. Tim Gage, Director of the
Department of Finance; and Tom Hannigan, Director of the Department of Water
Resources will join me in the presentation which will be followed by a
question and answer session.
If you plan to attend in person, please RSVP to Janis Williams via e-mail at
[email protected] no later than 11:00 A.M. EST, Tuesday, July 31.
For those investors unable to attend, the call-in information is as follows:
Conference Telephone Number: (800) 946-0741
Conference Call Title: California State Treasurer Investor Call
Replay Information
Replay Telephone Number: (888) 203-1112
Replay Access Code: 451552
(Replay is available after 5:00 P.M. (EST) August 2, 2001 through midnight
(PDT) August 12, 2001)
Thank you for your continued interest in the State of California and the DWR
Power Supply Revenue Bond Program.
Philip Angelides
State Treasurer
=====================================
|
4,686 |
Subject: CALIFORNIA UPDATE - 9/4/2001
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1844.
=====================================
EXECUTIVE SUMMARY
? Several procedural scenarios that might play out regarding the Edison MOU.
? A snapshot analysis of the political dynamics that affect the outcome.
Procedural Scenarios
Assembly
The Assembly Appropriations Committee's plan to take up SB 78XX today will likely be a pro forma hearing moving the bill forward to the full Assembly on a party line vote. While the controversial land easements amendments had been removed as of Friday's draft bill, it is rumored that the amendments may have returned over the weekend. If the problematic "Shaver Lake" provisions are removed from the bill, Assembly members may not hear much vocal public opposition from their constituents about rejecting the bill (although consumer groups are opposed and are trying to generate grass roots opposition). If the Shaver Lake amendments remain, several Central Valley legislators may oppose the plan in committee.
Assembly Speaker Bob Hertzberg supports this Edison deal, and the business community supports some recent amendments. This likely mitigates concerns from other pro-business Democrats. With or without the Shaver Lake provisions, Hertzberg should get at least 41 Democratic members (and probably a few more), but no more than 2 Republicans (if any) to vote Aye on the bill. Hertzberg has more than enough votes to spare from his caucus - he needs 41 votes for the bill to pass, and there are 50 Democrats in his caucus. If the vote is close, a personal plea from him and/or the Governor should enable him to get to 41.
Senate
The bill would next move to the Senate for approval of the Assembly's amendments. This is where the prognosticating gets difficult. Senate President pro Tem John Burton has said he does not support any amendments to SB 78xx. Gov. Davis and Speaker Hertzberg will likely meet several times with Burton to try to cut a deal, but relations between Davis and Burton are currently frayed (due to a variety of factors), and Burton is not one to back down from a position unless there is something in it for him to change his position.
This would lead to one of four scenarios:
? Burton refuses to have the bill heard in the Senate, and no Edison MOU bill is approved before Sept. 15th,
? Burton agrees to let the bill be heard despite his opposition (this option is unlikely),
? Burton comes to a deal with Davis and Hertzberg and brings the bill (as it is passed by the Assembly) for a vote in the full Senate with his support,
? Burton comes to a deal with Davis and Hertzberg, but as part of the deal, he insists on changes in the bill - thereby sending it back to the Assembly for more amendments, and another vote in the Assembly - before a vote in the Senate.
John Burton is considered one of the smartest, and certainly the cleverest politician in California state government today, so it is problematic to guess his next move. Additionally, external factors play into the determination of which of these options will result. For instance, the Governor may be willing to cut a deal with Burton on an unrelated issue that Burton cares more about resolving his way (e.g. workers compensation benefits, drug courts, reapportionment). Foretelling what will happen in the Senate is extremely difficult. But Davis and Hertzberg will try to cut a deal with him, and given Burton's past actions, he may string them along, holding out for several days (maybe even until Sept. 14th) before he agrees to anything.
Governor
Assuming the bill escapes the Senate (and more deals may need to be cut to get enough votes) the Governor will almost certainly sign it, regardless of Edison's public position. The bill will go into effect 90 days after the Governor signs it.
Consumer groups have vowed to undo any "Edison bailout" enacted into law by way of the ballot box. That could be either (1) an initiative to pass another bill overturning SB 78xx and replacing it with other provisions, or (2) a referendum to repeal SB 78xx, making it as if the bill was never passed at all.
Initiative
Once drafted and submitted to the Attorney General, it takes 15 days to receive an official title and summary, and another 25 days if the AG determines that a fiscal estimate is necessary. After either the 15 or 40 days, the Attorney General sends it to the proponents, the Senate, the Assembly, and the Secretary of State. The day it is mailed is called the Summary Date. That is the day upon which all calculations are made.
The proponents are allowed a maximum of 150 days to circulate petitions and collect signatures. However, the initiative measure must qualify at least 131 days before the statewide election in which it is to be submitted to the voters. Therefore it is past the deadline to qualify for the next statewide election, on March 5, 2002 (statewide primaries), and so, could not qualify until the statewide general election on November 5, 2002. However the window is tight for that election, as well, and a proposal would need to be submitted to the Attorney General by the end of September 2001 to qualify for November 2002.
The legislature may conduct public hearings on the proposed initiative, but cannot amend it. So whatever is submitted is what goes on the ballot. An initiative requires the gathering of signatures equal to five percent of the total votes cast for Governor in the preceding gubernatorial election (419,260 signatures). The ability to collect signature is heavily dependent on the amount of money the proponents have to pay signature gatherers. It seems unlikely that the consumer groups will be able to raise that kind of money quickly, but Harvey Rosenfield of the Foundation for Taxpayer & Consumer Rights has been successful at placing pro-consumer initiatives on the ballot before, including Prop. 9 in 1998, which sought to undo AB 1890 before the public understood its ramifications.
Referendum
Referenda on the ballot are fairly rare in comparison to initiatives, although a successful referendum was on the March 7, 2000 ballot. Prior to that, the last four questions placed before the voters appeared on the June 1982 primary election ballot. All four were defeated. Since 1912, there have been approximately 50 attempts to qualify referenda for the ballot. Of the 50 attempts, 39 qualified for the ballot, 26 of which prevented legislative statutes from taking effect. The circulation calendar, verification, timing, and the form of petition have different requirements than initiatives. For example, the California Constitution requires that the process must be completed within ninety days of the enactment of the bill that is being referred. The signature requirements are the same for a referendum as an initiative statute, though.
Political Dynamics
Notwithstanding the Governor's and Assembly Speaker's desire to enact an Edison rescue package, Senate President pro tem John Burton is in the driver's seat. In fact, as noted above, there is a perception among some that it is the Governor who needs Burton and not the other way around. One business source close to the negotiations believes Burton is not inclined to ask his members to make a second vote for an Edison bailout. In fact, members of both houses are worried about being perceived as bailing out the hobbled utility, their reluctance fed by generators' lobbyists who are sharing survey data that indicates voters blame the utilities for the energy mess and oppose any bailout.
Currently, due largely to this dynamic and others such as the Shaver Lake issue, there are not 41 votes for an Edison rescue in the Assembly. We believe this will change as the Governor and the Speaker exert their influence, and the bill will pass the Assembly. As difficult as it is to make predictions regarding the Assembly, the state Senate presents an even larger challenge. However, at this point it is our opinion that the odds of an Edison rescue package being approved by the state Senate are less than 50 percent.
=====================================
|
4,689 |
Subject: NEWS: Davis meetings with Sec. Abraham, Ken Lay, others
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12094.
=====================================
* from Friday's LA Times
* in separate meetings, Gov Davis met with Energy Secretary Spencer Abraham
then with Ken Lay
* Lay met with Davis and democratic legislators Hertzberg and Burton
* meetings occurred on Thursday
Metro Desk
California and the West Secretary of Energy, Davis Meet on U.S. Plan to Boost
Conservation Crisis: Federal buildings and military bases, accounting for
1.5% of state's usage, will cut back.
RICHARD SIMON; DAN MORAIN
TIMES STAFF WRITERS
05/04/2001
Los Angeles Times
Home Edition
A-3
Copyright 2001 / The Times Mirror Company
SACRAMENTO -- In a visit meant to underscore the Bush administration's
heightened concern about the California electricity crisis, Secretary of
Energy Spencer Abraham met Thursday with Gov. Gray Davis in Sacramento to
discuss federal energy conservation plans.
"I think we have an approach that can result in significant savings," Abraham
told Davis. The energy secretary said he was in California "to gauge what we
can do to add to what California is already doing."
The trip came after President Bush revealed plans for a series of
conservation measures for federal buildings and military bases nationwide.
Those facilities in California account for 1.5% of the state's total energy
use. Today, Abraham is scheduled to meet with federal officials in San
Francisco to work out details of the nationwide program for more than 500,000
federal buildings.
After meeting with Abraham at the White House earlier Thursday, Bush said:
"We're worried about blackouts that may occur this summer, and we want to be
a part of any solutions. This administration is deeply concerned about
California and its citizens."
Defending his response to the California crisis, Bush said, "As I said from
the very beginning of my administration, we'll work to help California in any
way we can."
Also Thursday, Davis met with alternative energy producers in an attempt to
persuade them to continue operations, despite being owed more than $1 billion
by California's private utilities.
Alternative energy producers, including oil companies that generate
electricity as a byproduct of their operations, account for about 27% of the
electricity consumed in California. Several have stopped producing after the
utilities could no long afford to pay soaring prices for their power.
Davis assigned S. David Freeman and former Assemblyman Richard Katz, a Davis
appointee to a state water board, to be in charge of negotiations. Davis said
he hoped that the talks could be completed within a week.
And in a sign that major energy companies may get more involved in the
California crisis, Kenneth Lay, CEO of the Houston-based energy giant Enron
Corp., met Thursday with Davis, Assembly Speaker Bob Hertzberg (D-Sherman
Oaks) and Senate President Pro Tem John Burton (D-San Francisco).
Meanwhile, Bush on Thursday directed federal agencies to "take appropriate
actions to conserve energy use at their facilities."
In California, such measures could include setting thermostats to 78 degrees,
lowering lighting and turning off escalators during Stage 2 and Stage 3 power
emergencies, administration officials said. Those occur when the state's
electricity reserves fall below 5% and 1.5%, respectively, and can trigger
interruptions in service.
Bush did not set an energy-saving target. But the Defense Department, one of
the state's single largest energy consumers--using about 1% of peak
demand--pledged to reduce peak use by 10% this summer and an additional 5% by
summer 2002. That would make available 200 megawatts, officials said, enough
to provide electricity to about 150,000 homes during the summer.
The federal government accounts for about 1.5% of total energy use across the
country, making it one of the nation's largest energy consumers, according to
the Energy Department.
Bush also offered to make available to the state power-generating units owned
by the federal government.
But his efforts failed to mollify Democratic critics, who renewed calls for
the administration to impose price controls on wholesale electricity.
"The generating companies are gouging California consumers while the
president turns his back on us," Sen. Barbara Boxer (D-Calif.) said in a
statement.
Rep. Sam Farr (D-Carmel), leader of the California Democratic congressional
delegation, sent a letter to Vice President Dick Cheney protesting Democrats'
exclusion from Cheney's meeting this week with California GOP lawmakers.
"As we head into the high summer demand months, it is unfortunate that you
have decided to keep Democrats in the dark about the administration's plans
to deal with the crisis," Farr said.
Bush's conservation initiative comes after Cheney, who is heading a task
force on national energy policy, was assailed by some critics for emphasizing
production over conservation.
"Conservation has got to be an integral part of making sure we've got a
reasonable energy policy," Bush said Thursday. "But what the vice president
was saying is we can't conserve our way to energy independence, nor can we
conserve our way to having enough energy available. We've got to do both. We
must conserve, but we've also got to find new sources of energy."
David M. Nemtzow, president of the Alliance to Save Energy, called the
directive an "emergency answer to a long-term problem."
"We need to fix the underlying problem by investing in energy-efficient
lighting, cooling and controls," he said. "We hope that this crisis will
encourage the president to increase the budget for energy management rather
than cut it by 48% as previously proposed."
Political analysts said the effort was driven by concerns for not only
electrons but also elections.
"It's all about political conservation," said Marshall Wittmann, senior
fellow at the conservative Hudson Institute.
Thomas E. Mann, senior fellow at the nonpartisan Brookings Institution,
agreed: "The administration has come to the view that just because they can't
win California in a presidential election doesn't mean the Republican Party
can afford to kiss off the largest state in the Union."
Analysts speculated that the administration came under pressure from
California Republicans in Congress who worried about perceptions that the
White House was not being aggressive enough in responding to the crisis.
As federal officials search for ways that California can avoid blackouts this
summer, a Woodland Hills-based advocacy group, More Power to You, has
suggested that the Navy hook its nuclear-powered ships to the state power
grid to provide energy while in port.
The Navy has nuclear-powered aircraft carriers and submarines in San Diego
and Washington state.
But Navy officials said it is not technologically feasible to use the nuclear
reactors aboard the ships to provide power for the grid because most of that
power goes directly to the propulsion systems.
Even to "capture" power not used for propulsion would require extensive
construction on shore and retrofitting aboard ship, officials said. Also,
using ships to provide onshore power could disrupt training and deployment
schedules, they said.
*
Times staff writer Tony Perry contributed to this report.
PHOTO: Gov. Gray Davis and U.S. Energy Secretary Spencer Abraham confer about
federal plans to assist California in the energy crisis.; ; PHOTOGRAPHER: BOB
CAREY / Los Angeles Times
=====================================
|
4,692 |
Subject: Legislative Status Report Week Ending 1/26
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/8682.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 01/26/2001 07:35 PM -----
=09"Julee Malinowski-Ball" <[email protected]>
=0901/26/2001 07:30 PM
=09Please respond to "Julee Malinowski-Ball"
=09=09=20
=09=09 To: "Jan Smutny Jones" <[email protected]>, "Steven Kelley" <steven@ie=
pa.com>,=20
"Katie Kaplan" <[email protected]>
=09=09 cc: "William Hall" <[email protected]>, "Tony Wetzel"=20
<[email protected]>, "Sue Mara" <[email protected]>, "Steven Kelley"=
=20
<[email protected]>, "Steve Ponder" <[email protected]>, "Stephanie Newell=
"=20
<[email protected]>, "Roger Pelote"=20
<[email protected]>, "Robert Lamkin" <[email protected]>,=
=20
"Richard Hyde" <[email protected]>, "Paula Soos"=20
<[email protected]>, "Nam Nguyen" <[email protected]>, "Mar=
ty=20
McFadden" <[email protected]>, "Lynn Lednicky"=20
<[email protected]>, "kent Palmerton" <[email protected]>, "Ken=20
Hoffman" <[email protected]>, "Kassandra Gough"=20
<[email protected]>, "Jonathan Weisgall" <[email protected]>, "John Stout"=
=20
<[email protected]>, "Joe Ronan" <[email protected]>, "Joe Grec=
o"=20
<[email protected]>, "Jim Willey" <[email protected]>, "Jeff=20
Dasovich" <[email protected]>, "Jack Pigott" <[email protected]>, "Ha=
p=20
Boyd" <[email protected]>, "Greg Blue" <[email protected]>, "Frank DeRosa"=20
<[email protected]>, "Ed Tomeo" <[email protected]>, "Duane=
=20
Nelson" <[email protected]>, "David Parquet" <[email protected]>, "Curtis=
=20
Kebler" <[email protected]>, "Carolyn Baker"=20
<[email protected]>, "Bob Escalante" <[email protected]>, "B=
ob=20
Ellery" <[email protected]>, "Bill Woods" <[email protected]>, "Bill=20
Carlson" <[email protected]>, "Craig Chancellor"=20
<[email protected]>, "Eric Eisenman" <[email protected]>, "Kate=20
Castillo" <[email protected]>, "Andy Brown" <[email protected]>,=20
"Doug Kerner" <[email protected]>, "Chris Ellison" <[email protected]>,=20
<[email protected]>
=09=09 Subject: Legislative Status Report Week Ending 1/26
Date: 1/26/01
To: Jan Smutny-Jones, Steven Kelly, Katie Kaplan
From: Julee Malinowski-Ball, Edson + Modisette
RE: Legislative Status Report Week Ending 1/26
RECENT EVENTS:
-- AB 1x (Keeley), which would authorize DWR to procure power for Californi=
a
utilities and consumers, passed out of the Senate Energy Committee this
week. The language which stated that any entity supplying power to DWR
would be considered a public utility was deleted from the bill. After the
bibding information came in from the DWR RFP, the 5.5 cent cap was also
deleted from the bill. In its place was inserted language stating the goal
of DWR was to procure power at the lowest price possible per kWh. The
author and committee chair agreed this bill would not address any broader
issues associated with undercollections and stranded costs. The measure wa=
s
heard in the Senate Appropriations today, but will not be voted on until
Monday when the committee meets again at 10 am. The amended version is
still not in print.
-- AB 18x (Hertzberg) was introduced this week that would take the issues
addressed in AB 1x further. This measure would also authorize DWR to enter
into contracts for the purchase or sale of electricity for California
utilities and consumers. Additionally, however, the measure addresses
undercollections and going-forward costs. Much of the debate in today=01,s
Assembly Energy Cost and Availability Committee was focused on whether or
not the utility has reasonable costs that should be recovered. The
committee agreed after a lengthy debate that this bill may want to sent up =
a
mechanism for answering this question. The most shocking statement made
during the debate was when PG&E estimated their =01&net=018 undercollection=
s was
$8.2 billion.
IEP member company generators have drafted comments and amendments on AB 18=
x
and have submitted them to the committee for consideration. The crux of
these comments is the concern that the bill explicitly excludes amounts owe=
d
by SCE and PG&E to suppliers. Committee staff assures us they intend to
address that issue in future amendments. I will have these comments
available electronically for your information on Monday.
-- In question still at this time is whether AB 18x or AB 1x would be the
vehicle for the product of negotiations between the QFs and the utilities;
or, if another bill all together would carry the water.
-- Asm. Rod Wright has been holding nightly forums with energy stakeholders=
,
primarily generators, marketers and the utilities, as a general data dump t=
o
keep these groups abreast of what the ECA committee and legislative
leadership is doing and planning on doing. Edson + Modisette has been
participating in these meetings as has many of the IEP members companies an=
d
their lobbyists.
-- Asm. Wright=01,s office is continuing to collect siting proposals. They
have indicated that they intend to keep repower, peakers and new generation
issues separate, in separate bills. Their immediate interest at this time
is on proposals that benefit repowers. There is no indication what the
timeframe is on any bill, but proposals should get into his office as soon
as possible. IEP members that have proposals separate from the IEP package
should also provide IEP a copy.
-- Attached is the most recent tracking report which includes all the
special session bills introduced to date.
UPCOMING EVENTS:
-- The Assembly ECA committee will continue debate on AB 18x on Monday and
Tuesday, hopefully concluding on Wednesday for a vote on the final package.
Time, TBA.
-- The Senate Appropriations Committee will meet and vote on AB 1x on Monda=
y
at 10 am.
--end--
Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
[email protected]
- 2001 Tracking Report.doc
=====================================
|
4,693 |
Subject: Analysis of Joskow / Hogan Papers
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/4320.
=====================================
Alan --
Before we bring in Seabron Adamson to do some analysis, I'd like your read of
the Joskow and Hogan papers. When we have our understanding straight, let's
talk.
Jim
----- Forwarded by James D Steffes/NA/Enron on 12/05/2000 07:20 PM -----
Jeff Dasovich
Sent by: Jeff Dasovich
11/30/2000 11:49 AM
To: [email protected], Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Karen
Denne/Corp/Enron@ENRON, [email protected], Susan J Mara/NA/Enron@ENRON, Alan
Comnes/PDX/ECT@ECT
cc:
Subject: From Today's Electricity Daily
FYI. In bizarre times, help can sometimes come from bizarre places. Granted,
we're likely to disagree strongly with Hogan's continued obsession with
Poolco, but the discussion in his paper regarding market power may be
helpful---I've read the Joskow paper, but haven't yet had a chance to review
the Hogan piece.
Steve and I discussed the need to do a focused assessment of the Joskow/Kahn
"analysis" (remember it's Ed Kahn, not Alfred Kahn). Seems that it would be
very useful to fold into that analysis any useful stuff on market power
included in the paper done by Hogan & Co. If, in the end, there ain't
nothing useful, so be it. But seems like there's little downside to
exploring it.
Jim, my understanding is that Alan is already working with the fundamentals
folks on the Portland desk to deconstruct the Joskow paper. Might want to
include the Hogan paper in those discussions and might also be useful to pull
Seabron Adamson into the thinking, too. Ultimately, may be preferable to
have any assessment of Joskow and/or Hogan to come from economists, rather
than directly from us.
Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 11/30/2000 11:38 AM -----
"Daniel Douglass" <[email protected]>
11/30/2000 11:29 AM
To: <[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: From Today's Electricity Daily
Has FERC Gone Far Enough in California?
The Federal Energy Regulatory Commission isn't going far enough in its
attempt to reform the California wholesale electric market, according to a
paper by three prominent economists done for San Diego Gas and Electric. The
paper by John D. Chandley, Scott M. Harvey, and William W. Hogan argues that
FERC should first end the artificial separation that divides the California
Power Exchange and the California Independent System Operator, rather than
worrying about the governance of the two institutions.
"The change in governance may help," says the paper - "Electricity Market
Reform in California" - "but it is not likely to be decisive in the near
term. Explicit guidance from the commission regarding the nature and
trajectory of reforms will be essential if market reform is to be
accomplished within an acceptable time frame." Hogan, of the Kennedy School
of Government, has been writing since 1995 in opposition to California's
market separation.
Also, argues the paper, freeing the California utilities to engage in forward
contracting is no panacea. "The expectation that merely allowing utilities to
participate in forward contracting necessarily would be the solution to high
prices is problematic and not supported by the commission's staff report,"
says the analysis, adding that "putting pressure on buyers to sign contracts
in the present environment may make things worse." If the underlying problem
in California is high cost and low capacity, requiring forward contracting
could harm not only California but also the entire Western U.S. electric
system.
FERC's $150 so-called "soft cap" is a wild card that has the three economists
scratching their heads. "It does not appear in the staff report and there is
little critical analysis of their implications, other than the discussion of
Commissioner [Curt] Hebert." If the intent of the soft cap is to move toward
cost justification for bids above $150/MWh, then FERC is headed into an
administrative morass "that would rival those under wellhead price controls
in the natural gas industry."
If, on the other hand, the soft cap is "truly soft" and would only require
some paper work at FERC and the possibility of a refund if the price is
eventually deemed not just and reasonable, "there might be little impact on
consumer prices (particularly if the principal sources of those high prices
are high costs and regional capacity shortages rather than the exercise of
market power). Even so, the proposal might serve to deter entry and new
investments, thus combining the worst of both worlds, high consumer prices
and little or no new investment."
FERC's proposed order in California also demonstrates confusion about just
what constitutes market power. The paper cites the proposed order's lawyerly,
obfuscatory conclusion that "while this record does not support findings of
specific exercises of market power, and while we are not able to reach
definite conclusions about the actions of individual sellers, there is clear
evidence that in California market structure and rules provide the
opportunity for sellers to exercise market power when supply is tight and can
result in unjust and unreasonable rates under the [Federal Power Act]." The
economists note, "In this regard, the debate is confused because we are
dancing around the words where the truth may be hard to face."
In the case of California, say the economists, there is no evidence of market
power. Even the practice of generators avoiding the day-ahead market in favor
of the real-time market "is a response to bad market design and pricing
incentives (including price caps), but does not demonstrate the exercise of
market power." Nor is bidding above marginal cost necessarily an exercise of
market power, they add. "The distinction between direct marginal cost and
opportunity cost is sometimes lost in the discussion. Hence, a competitive
bidder whose direct cost of generation is $40 but who could sell the same
energy outside California for $100 should bid no less than $100. This would
not be an exercise of market power."
=====================================
|
4,697 |
Subject: TR's State NewsWire 1/31/01 A.M Edition
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8746.
=====================================
Telecommunications Reports presents . . . . . TR's State NewsWire
January 31, 2001 A.M. Edition
STATES
WASHINGTON -- Bill could erase price list requirement for competitive
carriers
MICHIGAN -- Parties discuss municipal rights-of-way fee structures
OREGON -- Committee OKs digital signature bill
ARKANSAS -- Bill would outline implementation of federal mobile telecom
law
WASHINGTON -- Lawmaker would give citizens tool against unwanted
telemarketers
MISSOURI -- Bill would create e-commerce advisory committee
VIRGINIA -- Verizon South to implement second phase of expanded local
calling
FUTURE OF REGULATION
WASHINGTON
Bill could erase price list requirement for competitive carriers
The Utilities and Transportation Commission has forwarded a bill (HB
5380) to the Legislature that would give the commission the ability to
waive the requirement that competitive carriers file a price list with
the WUTC. The commission staff explained to TR that under current law,
competitive carriers must file either a tariff or a price list. This
bill would give the commission the discretion to determine whether a
price list should be filed.
The staff said that if the bill is passed, the commission would follow
up with a rulemaking proceeding, which would allow the industry to weigh
in on whether to modify or eliminate the price list requirement.
The staff said HB 5380 stems from issues relating to competitive
carriers and their pricing. The staff explained that certain carriers
have quoted customers one price but charged them a different one. When
questioned by the customers, the carriers said the prices being charged
were included in a price list on file with the WUTC.
HB 5380 also would ensure that competitive carriers and competitive
services are treated equally. Under current law they are treated
separately, although both have minimal regulation. For competitive
companies, the commission may waive any regulation, but that's not the
case for competitive carriers, the staff said. This bill would strike
the statutory language governing both competitive carriers and services
and would write new language treating the two the same.
HB 5380, which was sponsored by Sen. Betti Sheldon (D., District 23),
awaits consideration by the House Economic Development and
Transportation Committee.
STATE & LOCAL GOVERNMENT
MICHIGAN
Parties discuss municipal rights-of-way fee structures
The Public Service Commission is hosting meetings with company and
municipal officials to discuss model regulations and fee structures for
franchise agreements with city governments. The group held its first
meeting Jan. 18, during which it accomplished several organizational
tasks. The second meeting tentatively is scheduled for sometime during
the second week of January, a Michigan Telecommunications Association
representative told TR.
In October 2000 the PSC fined the city of Birmingham $10,000 for its
practices regulating use of the municipal rights-of-way. The PSC fined
the city of Rochester $20,000 for similar violations in December 2000.
(12/21/00 a.m.)
INTERNET
OREGON
Committee OKs digital signature bill
The House Advancing E-Government Committee has approved HB 2040 to
require the Department of Administrative Services to adopt rules for
digital signature use by state agencies. The Joint Legislative
Committee on Information Management and Technology requested HB 2040 on
behalf of the Oregon Internet Commission.
HB 2040 awaits consideration on the House floor.
TAXATION
ARKANSAS
Bill would outline implementation of federal mobile telecom law
Sen. Jim Hill (D., District 5) has introduced SB 309 to allow the
director of the Department of Finance and Administration to decide how
to implement the federal Mobile Telecommunications Sourcing Act, which
was enacted last year. The Act allows only local tax authorities in a
customer's "place of primary use" to tax mobile services provided by the
customer's home service provider.
SB 309 would help implement the Act by requiring the director of the
Department of Finance and Administration to determine how to assign the
place of primary use. The director either could provide vendors with a
database linking taxing jurisdictions to addresses or ask vendors to use
an extended zip code at least nine digits long.
SB 309 also would amend an existing state law pertaining to the levy of
gross receipts tax on telecom services. The bill would extend the list
of taxable long distance services by adding long distance messages that
originate and terminate outside Arkansas made by wireless phone services
that are billed to a place of primary use in the state.
SB 309 has been referred to the Senate Committee on Revenue and Tax.
Its text is available at
http://www.arkleg.state.ar.us/ftproot/bills/2001/htm/SB309.pdf.
CUSTOMER-AFFECTING
WASHINGTON
Lawmaker would give citizens tool against unwanted telemarketers
Rep. Cheryl Pflug (R., District 5) has introduced a bill to create a
no-call list for citizens that don't want to receive telemarketing
telephone calls. The state Utilities and Transportation Commission
would set up the list. Registration would be free.
HB 1402 awaits consideration by the House Technology,
Telecommunications, and Energy Committee.
FUTURE OF REGULATION
MISSOURI
Bill would create e-commerce advisory committee
Sen. Sarah Steelman (R., District 16) has introduced SB 293 to establish
a committee that would advise state agencies on electronic commerce
issues. The Advisory Committee for Electronic Commerce would operate
within the Department of Economic Development (DED). The director of
the DED would chair the new committee and appoint 10 other members.
Each member would serve a two-year term.
SB 293 has been referred to the Senate Commerce and Environment
Committee. Its full text is available at
http://www.senate.state.mo.us/01info/billtext/intro/SB293.htm.
Rep. Bill Luetkenhaus (D., District 12) has introduced a similar bill,
HB 447, in the House. (1/22/01 2 p.m.) Its text is available at
http://www.house.state.mo.us/bills01/biltxt01/intro01/HB0447I.htm.
INTERCOMPANY COMPENSATION -- EAS
VIRGINIA
Verizon South to implement second phase of expanded local calling
The State Corporation Commission has approved the second phase of a plan
to expand local calling in several Verizon South, Inc. (formerly GTE
South, Inc.) exchanges in the Norfolk area. The exchanges include
Boykins, Chuckatuck, Courtland, Crittenden, Dendron, Franklin, Holland,
Ivor, Smithfield, Surry, Wakefield, and Windsor.
In August 2000 the SCC approved the first phase of the expanded calling
plan for exchanges in several local access and transport areas served by
Verizon South and Verizon Virginia, Inc. (formerly Bell Atlantic
Virginia, Inc.). The companies' expanded calling plan implements a
condition included in the SCC's order approving the Bell Atlantic
Corp.-GTE Corp. merger, which created Verizon. (11/30/99 a.m.)
The commission received nearly 50 comments from customers in the
affected exchanges, most of them supporting the plan. Because
implementation will result in "substantial rate increases" for many
customers, the commission ordered Verizon South to issue a notice at
explaining "applicable local exchange service options" customers can use
to mitigate higher basic service rates. (PUC000204, Joint application
of Verizon Virginia Inc., f/k/a Bell Atlantic-Virginia, Inc., and
Verizon South Inc., f/k/a GTE South Inc. to expand local calling between
various exchanges)
Federal law prohibits duplication in any form, including electronic,
without permission of the publisher.
TR's State NewsWire Copyright 1998, 1999, 2000 Telecommunications
Reports International, Inc. (ISSN 1082-9350) is transmitted each
business day at 8 a.m. and 2 p.m., except holidays.
Telecommunications Reports International, Inc.
1333 H St. NW, Suite 100-E
Washington, DC 20005-4707
Associate Editor for Online Publications: Jennifer Erschen, E-mail:
[email protected]
Senior Legislative & Regulatory Analyst: Gayle Kansagor, E-mail:
[email protected]
Senior Research Analyst: Steve Arlowe, E-mail: [email protected]
Senior Analyst: Barney McManigal, E-mail: [email protected]
Senior Research Analyst: Brandi Kerns, E-mail: [email protected]
Account Services: Eileen Callahan (202) 312-6116, (202) 842-3023 (fax)
E-mail: [email protected]
=====================================
|
4,701 |
Subject: Fwd: RE: CPUC Testimony in Phase 2 in Docket No. RP00-241-000
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28709.
=====================================
FYI
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Message-ID: <2AFE4270DD2AD511B89400005A42A7B039AA7A@EXCHSERVER2>
From: "Morris, Harvey Y." <[email protected]>
To: "'Curtis Wagner'" <[email protected]>, [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], "Morris,
Harvey Y." <[email protected]>, "Bromson, Jonathan" <[email protected]>,
[email protected], [email protected],
[email protected], [email protected],
[email protected], Edith Gilmore
<[email protected]>, Marcia Hooks
<[email protected]>, Martha Altamar
<[email protected]>, Ruby Meek <[email protected]>,
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
Cc: "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "Pocta, Robert
M." <[email protected]>
Subject: RE: CPUC Testimony in Phase 2 in Docket No. RP00-241-000
Date: Thu, 12 Jul 2001 17:09:34 -0700
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_000_01C10B30.19004B70"
?Attached is the CPUC's prepared direct testimony (without hard copy
exhibits)?for the supplemental hearing concerning the affiliate abuse issues
involving El Paso Merchant Energy's bidding for and acquisition of the 1,220
MMcf/d El Paso Natural Gas Co. firm capacity to California.? The CPUC
testimony (with accompanying hard copy exhibits)?is being sent via overnight
courier to all active parties and regular mail to all parties on the FERC's
most recent service list in this case. This testimony and the accompanying
exhibits do not contain any Protected Materials.
?
Harvey Y. Morris?
- CPUC01-#101926-v1-Mark_Pocta_testimony_.doc
=====================================
|
4,703 |
Subject: Re: FW: Enron Demo Recap
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/13396.
=====================================
Hi. I am completely buried. This is is blown. I'll be in town tonite and=
=20
tomorrow nite and we can discuss more then if you like. Just let me know.
Best,
Jeff
=09Cameron Sellers <[email protected]>
=0906/04/2001 02:56 PM
=09=09=20
=09=09 To: "'[email protected]'" <[email protected]>
=09=09 cc:=20
=09=09 Subject: FW: Enron Demo Recap
Hope you guys had a wonderful weekend at the dome.? Is the deck completely=
=20
finished now??? Vegas was awesome, of course.? I ended up a couple hundred =
or=20
so.? Craps was king.
?
On the business side=01(WE MUST CLOSE THIS DEAL WITH ENRON.? This is SO=20
important for us.? It looks like things really went well and they have our=
=20
pilot proposal.? Is there ANYTHING you can do??? Anything to get to someone=
=20
who is a part of this group and just say random great things about us or he=
lp=20
move it forward.? We have to close two deals before the next board meeting =
(4=20
weeks out) or we have to downsize again.? It won=01,t be pretty.? Is there=
=20
anyone you know or who might know someone to help this out?? Maybe you get=
=20
Lay to put a little pressure on.? Ha!
?
Back to the personal=01(PP wanted to have a steak dinner to try out the kni=
ves=20
early this week.? How about tomorrow night?? I=01,ll make a nice mushroom s=
auce??
?
Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
[email protected]
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)
?
-----Original Message-----
From: Ian Sullivan=20
Sent: Friday, June 01, 2001 8:48 AM
To: Cameron Sellers
Subject: FW: Enron Demo Recap
?
FYI on the Enron mtg...? I'll catch up with Jeff early next week, talk to h=
im=20
about the mtg, and strategize on next steps.? I think we have a legitimate=
=20
chance to do something with this group at Enron, and need to assess where=
=20
Jeff can help without complicating the decision-making process in the=20
near-term.
?
-----Original Message-----
From: David Young=20
Subject: Enron Demo Recap
Here's a recap of our demo meeting with Enron's Global Strategic Sourcing=
=20
group on Tuesday...
?
Demo went well.? In attendance for Perfect were Ian, James M and David Y.?=
=20
Enron's attendees were:
- John Gillespie - Sr Director GSS - Platforms & Processes (decision maker)
- Pam Tragesser - GSS Operations Mgr (asst to Derryl C - Sr Dir GSS -=20
Operations)
- John Will - Director Sourcing - Pipe Valves & Fittings
- Craig Brown - Director Sourcing - Chemicals, Oils & Lubricants
- Shirley Jo Dickens-Wilson - Enron Transportation Services Procurement Mgr
- Eugene Ribaudo - Enron Energy Services Procurement Mgr - ibuyit.com team=
=20
lead
- Ken Sommers - Enron Energy Services Procurement Mgr
?
Despite only having 1 hour to present, Ian competently ran through a compan=
y=20
and feature overview, then blasted through a demo of PS2 and PPD.? We did n=
ot=20
get to show PI.? They all bought in that this was a sophisticated sourcing=
=20
tool, that it followed their processes and would help streamline their=20
operation.? Only negatives we heard was that the $1M price tag was a show=
=20
stopper, and that they were trying to minimize RFQs and focus on release=20
against agreements.? With 2000 revs at over $100B, and a spend to match tha=
t,=20
their ROI would be tremendous.?=20
?
Shirley Jo said that her primary use of this system would be for any purcha=
se=20
over $50k, which requires 3 bids.? She does not feel that she has enough of=
=20
these events to justify implementation in her ETS group.?=20
?
Their current processes are basically pen, paper, phone and fax.? They do u=
se=20
RFQ templates and Excel spreadsheets.? They also model Total Cost of=20
Ownership - evaluating the total lifecycle of materials.
?
They are using their homegrown auction platform, DealBench, and were trying=
=20
to compare this against our system.? Their transaction fees for using the=
=20
DealBench system are minor, so our pricing looks high, but that would be=20
comparing apples against oranges.? I will address this in the cover letter =
on=20
the pilot proposal we will send.
?
Questions that came up included:
- What is the difference between maverick spend in Procurement vs Sourcing?=
?=20
Ian responded Perfect reduces maverick spend during the sourcing cycle by=
=20
standardizing company best practices and providing visibility/accountabilit=
y=20
of vendor selection criteria.
- How does the optimization calculation work?? Ian gave basic explanation o=
f=20
input variables and ranking/scoring.? Don't feel we need to elaborate on th=
is=20
at this point, possibly in future.
- Can we utilize a hands-on demo to play with the system?? We suggested a=
=20
pilot, but also said that it might be possible to work something out over=
=20
Webex just to test drive a little more before moving into a pilot.
?
We agreed that the next step is for us to send a pilot proposal and they wi=
ll=20
get together either Friday or sometime next week to review the proposal,=20
discuss their opinions and determine the next step.
?
-----------------------
?
I sent the Pilot Proposal and cover letter out today by email after final=
=20
approval by Ian.? I will followup on Monday to find out what their evaluati=
on=20
gameplan is and to suggest meetings so that we can get ROI inputs to allow=
=20
James to workup an ROI proposal.?=20
?
David M. Young
Manager- Enterprise Sales
Perfect Commerce, Inc.
1860 Embarcadero Rd., Suite 210
Palo Alto CA? 94303
Tel:? 650-798-3356
Email:? [email protected]
"Sourcing - the identification, evaluation, negotiation, and configuration =
of=20
supply partners - is the single largest opportunity for an organization to=
=20
impact the cost, structure, and overall efficiency of its supply chain."?? =
--=20
Aberdeen Group, Inc.
?
- image001.jpg
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|
4,704 |
Subject: Governor wants to cut costs of power
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/sent_items/826.
=====================================
Governor wants to cut costs of power
Tough sell for Davis as suppliers balk
By Steve Geissinger
SACRAMENTO BUREAU
SACRAMENTO -- With an economic "perfect storm" and an election looming, Gov. Gray Davis wants to renegotiate several of the state's expensive long-term power contracts -- a move that could translate into a big break for Californians.
But the generators who signed the multibillion-dollar contracts to supply the state will be a tough sell on the notion, even though many have indicated they will at least listen to the state.
"If the politicians were to make all these contracts go away, ... who the hell is going to meet with the state and negotiate any (new) contracts?" asked Peter Cartwright, president of San Jose-based Calpine Corp., a major supplier of California power.
And many experts and analysts are skeptical about Davis' chances of getting generators to substantially lower the price of power they sell to the state, which, in turn, supplies California customers through various utilities.
"Good luck!" former Republican Gov. Pete Wilson sarcastically declared upon hearing of the Democratic governor's plan.
Davis, however, has suddenly thrust the idea of renegotiating some of the costly power-supply contracts to the center of a wildly complex tangle of fiscal, political and legal issues tied to the energy crisis, the ailing economy and their impact on the growing state budget deficit.
The outcome could affect the pocketbooks of energy consumers and taxpayers alike for years, perhaps decades.
"This could save billions of dollars," said Doug Heller of the Foundation for Taxpayer and Consumer Rights, one of the consumer groups that has embraced Davis' power contract renegotiation plan.
Barry Goode, Davis' legal affairs secretary, said the administration is "not targeting every contract" because the pacts have been "extremely valuable in keeping the market stable."
The governor's aides refused to reveal which generators they will approach or the arguments they intend to use on the companies, whose contracts don't require them to reopen negotiations with the state.
The governor signed more than 50 long-term contracts -- worth more than $40 billion -- with about two dozen generators at the height of the energy crisis earlier this year.
The state made short-term purchases to supply California after soaring wholesale prices shattered utilities, then entered the longer-term pacts that provide about a third of the state's power demands. The contracts range in duration from a few months to 20 years.
Though the contracts provide power at an average $69 per megawatt-hour over the next decade, the current market has dropped to less than half that rate. And the contracts provide more electricity than the state needs at times, forcing California to sell the excess at multimillion-dollar losses.
The long-term contracts, harshly criticized by Republicans seeking the GOP gubernatorial nomination, have become a political liability for Davis as he heads into a re-election bid next year.
The liability is compounded due to the pacts' potential role in what experts at a recent economic summit at Stanford University termed a brewing "perfect storm" of fiscal calamities.
The state Public Utilities Commission, principally citing a desire for less costly power, has refused to allocate a revenue stream -- generated from recent electricity rate hikes and anticipated bond proceeds -- to finance the long-term contracts.
The standoff has pitted Davis and Democratic state Treasurer Phil Angelides against another of the state's most powerful Democrats, Senate leader John Burton of San Francisco, who sided with the Democratic-controlled PUC.
Burton has called "for Californians to be freed from egregious, unreasonable and expensive provisions contained in these contracts."
The deadlock is holding up a $12.5 billion bond sale intended not only to help fund California's future power costs but repay state coffers for the billions of dollars spent earlier this year on emergency, short-term electricity purchases. It would be the largest municipal debt sale in U.S. history.
Without the bond issue, a projected general fund deficit of up to $14 billion next year could grow to a staggering $20 billion-plus, forcing Draconian cuts in essential government services, according to state finance officials.
The projected deficit of up to $14 billion in California's annual budget of about $100 billion stems from lagging tax revenue in a cooling economy, further chilled by the Sept. 11 terrorist attacks on the East Coast.
Against the backdrop of fiscal woes, analysts said successful renegotiation of some long-term power contracts could conceivably wind up sparing Californians electricity rate hikes, tax increases or both.
But some analysts are pessimistic, like Wilson. The former governor is widely blamed for legislation that triggered the energy crisis, and yet he in turn blames Davis for not acting quickly enough to head off power woes.
The Western Power Trading Forum, a group representing suppliers and brokers, has made it clear generators will expect the state to give them something substantial in return for any changes in the pacts. Such incentives might include settling disputes over power buys or the state dropping lawsuits against suppliers.
"We're not going to say no. We'd certainly sit down at the table with them and say, 'Let's see, maybe we can do this, maybe we can do that,'" said Calpine's Cartwright.
If state officials simply broke some of their contracts, not only would penalties be "very, very severe," but also "they would have completely blown their credibility, and no one would negotiate with them," Cartwright said.
His comments coincided with reports that Calpine's third-quarter profits more than doubled, despite a sharp drop in short-term electricity prices in California, one of its main markets. Analysts said Calpine's performance can be largely attributed to its long-term contracts with the state.
Heller, one of the state's most vocal consumer advocates, said Davis "is right to look back at the environment in which these contracts were signed and demand that the power companies come to the table and renegotiate, or even throw out many of the contracts."
"Last spring," Heller said, "power companies had a gun to the governor's head and, with staff that already had conflicts of interest, the administration signed some terrible deals."
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4,706 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2801.
=====================================
Greetings:
IEP will be hosting a dinner for California Governor Gray Davis on Thursday,
December 7, 2000 at the historic Julia Morgan House in Sacramento. We will
be targeting to raise at least $100,000 so company contributions will range
from $10,000-$20,000 per person ($10k minimum per person) depending on the
number of respondents. We have already received firm commitments from 3
companies.
If you are interested in attending please e-mail me as soon as possible. A
formal invitation will follow to those who respond.
We need responses or direction by no later than COB on Monday, October 30,
2000.
Please contact me with any questions.
Thank you,
Katie Kaplan
Manager of Policy
IEP
(916) 448-9499
=====================================
|
4,707 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/973.
=====================================
Despite Its Depressed Stock, Commerce One Prepares for Blastoff
By Joe Bousquin
Staff Reporter
8/31/00 1:15 PM ET
URL: http://www.thestreet.com/tech/internet/1062174.html
Poor Commerce One (CMRC:Nasdaq). Despite its best efforts, including
Wednesday's 21% gain, it's still less than half the stock it used to be.
Trading at about $63 a share, it's well off its split-adjusted high of
$165.50, reached near the end of last year. Meanwhile, archrival Ariba (ARBA
:Nasdaq), at about $150 a share, has steadily been marching back toward its
all-time high of $183.31. It has jumped 47% since reporting its earnings on
July 12.
But as Wednesday's move may indicate, it may be Commerce One's turn. People
are beginning to pay attention to the strength of its partnership with
Germany's SAP (SAP:NYSE ADR). An exchange that Commerce One is helping build
for the big automakers is about to crank up. And perhaps more importantly,
some observers are beginning to see some value in Commerce One's focus on
so-called direct B2B, which involves buying and selling major supplies like
steel for cars instead of office supplies.
Issues Aplenty
Of course, there are still plenty of issues facing Commerce One, the same
issues that have held its stock down. For instance, it carries the stigma of
being a concept stock because no one knows whether those same big industry
exchanges actually will work. Its sluggish stock also puts it at a
disadvantage to chief competitor Ariba when it comes to making acquisitions
to grow.
But for now, there are signs that sentiment is shifting in Commerce One's
favor.
Gavin Mlinar, an analyst at Sands Brothers, sees three short-term positives
for Commerce One. (He's the analyst who had the gall to downgrade Ariba on
valuation concerns. His firm hasn't done underwriting for either company.)
Mlinar says the word on Wall Street is that Commerce One, along with its new
best friend SAP, will announce two new online exchanges in the coming weeks.
(TSC's Adam Lashinsky recently wrote a column about the partnership between
Commerce One and SAP.) While those sorts of announcements no longer guarantee
a moon shot for a company's stock, they could show that the partnership is
working. Two weeks ago, they announced new exchanges in the mining and energy
industries.
Commerce One declined to comment about the possible exchanges.
Blastoff
On top of that, Covisint, the mega-exchange that Commerce One is helping
build for the auto industry, is slated to begin operations at the end of
September, which could give the first indication of whether these exchanges
actually work.
Then there's the coming completion of Commerce One's acquisition of
consulting firm AppNet (APNT:Nasdaq). Investors initially reacted negatively
to that deal. But since then, it's become clear that there aren't enough
consultants in B2B to go around, so the deal will give Commerce One its own
army of geeks to plug in its software.
"There's no doubt that investors are in a good position with" either Commerce
One or Ariba, Mlinar says. "But it's a matter now of who has the near-term
operational catalysts. I think there, it's Commerce One."
Beyond those short-term catalysts, others say Commerce One has been
positioning itself smartly for the long term, especially with its focus on
the direct business.
"We think the big play here is in direct," says John Biestman, director of
investor relations for Commerce One. "While we will continue to service the
indirect procurement side, we are hitting at the heart of where we think B2B
will be, which is direct goods. We want to be the best-of-breed player
there."
Ariba has also made headway there, but its focus has primarily been on the
indirect business, in part because it's easier to get companies to buy things
like paper and pencils online than material that actually goes into the
manufacturing process. But with companies becoming more comfortable about
buying and selling online, they're now looking to the direct business as a
way to save more money. With big customers like GM (GM:NYSE) and Boeing (BA
:NYSE) and its partnership with SAP, Commerce One could be ready to exploit
this growing comfort.
Direct vs. Indirect
"What's happening is the marketplace is beginning to understand the
difference between direct and indirect," says Ben Smith, a consultant for
A.T. Kearney. (His firm hasn't done consulting for Commerce One.) "Picking a
[software] solution for one doesn't necessarily include the other."
Smith points back to Commerce One's partnership with SAP. For years, the
German software maker has been concentrating on the complex kind of software
that helps businesses build things. If a firm can successfully plug that in
to software designed to buy the building blocks -- like Commerce One's
software -- it could have a winning combination.
"The SAP partnership legitimizes Commerce One in the direct materials space,"
Smith says. "It gives them much more depth from the product standpoint than
they can possibly build on their own."
Of course, Ariba isn't letting this business just slide by. It's working with
partners i2 Technologies (ITWO:Nasdaq) and IBM(IBM:Nasdaq).
But this is Commerce One's focus. So if companies do begin to use direct B2B,
Commerce One will be ready and waiting.
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4,710 |
Subject: Sen. Dunn
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/29340.
=====================================
Here's the official firm profile on Sen. Dunn, followed by a profile on th=
e=20
firm. I'll see what other background I can find.
?
Ken
?
=09
?=09
?=09Joseph L. Dunn, Partner, Robinson, Calcagnie & Robinson, Newport Beach,=
=20
CASenator Joseph L. Dunn, a partner with Robinson, Calcagnie & Robinson, i=
s=20
a member of the California State Senate. He received his Bachelor of Arts=
=20
degree Magna Cum Laude from the College of St. Thomas (Minnesota) and=20
graduated cum laude from the University of Minnesota Law School.
=09
=09Senator Dunn=01,s practice is focused on product liability, mass tort a=
nd=20
complex litigation. He has served as plaintiffs=01, liaison counsel in the=
=20
California Coordinated Breast Implant Cases, the Coordinated UCI Fertility=
=20
Litigation, the Consolidated Texaco Refinery Litigation and the California =
=20
Coordinated Diet Drug (Fen-Phen) cases. He has also served as co-lead =20
counsel in the consolidated Shiley Heart Valve cases and the Hanford =20
Washington Downwinders=01, Litigation (nuclear facility radiation exposure)=
. =20
Senator Dunn has participated in numerous other mass tort and complex =20
litigation cases involving medical devices, pharmaceutical products, toxic =
=20
contamination, business and insurance matters, including private attorney =
=20
general actions against the tobacco industry brought by Gray Davis and the =
=20
County of Los Angeles.
=09
=09Senator Dunn was a long time board member for the Consumer Attorneys of=
=20
California, including service as vice-president and many years as Educatio=
n=20
Chair. He served several years on the Executive Board of the Orange County=
=20
Trial Lawyers Association, as state coordinator for the national=20
organization, Trial Lawyers for Public Justice and on the Education=20
Committee for the Orange County Bar Association. He has worked extensively=
=20
in the legislative arena, including drafting and editing legislation and=
=20
testifying before various legislative committees, and has been an ongoing=
=20
advocate of consumer issues.=20
=09
=09He is a frequent lecturer and author and served as an instructor of bot=
h=20
intermediate and advanced litigation procedures for the UCI paralegal=20
program. Since his election in 1998, Senator Dunn continues to be a member=
=20
of the firm and serves as co-liaison counsel for the California Coordinate=
d=20
Diet Drug (Fen-Phen) cases.
=09
=09?
=09
=09
=09Headquartered in Newport Beach, California, the law firm of Robinson,=
=20
Calcagnie & Robinson specializes in representing plaintiffs in cases=20
involving catastrophic injury or wrongful death, as well as litigation=20
arising from conduct causing substantial economic losses and damages.=20
Although known as one of the leading product liability firms in the countr=
y,=20
the firm=01,s attorneys have built a reputation for success in all areas o=
f=20
civil litigation, including numerous high profile cases. In 1978, Mark P.=
=20
Robinson, Jr., as co-counsel with Art Hews for the plaintiff in the landma=
rk=20
Ford Pinto fire case of Grimshaw v. Ford Motor Company, won an unprecedent=
ed=20
$128 million award, which at that time was the largest jury verdict ever i=
n=20
a personal injury case.
=09
=09Since then Robinson, Calcagnie & Robinson have become known for providi=
ng=20
the highest quality legal representation, and for obtaining substantial ju=
ry=20
verdicts, judgments and settlements for their clients in hundreds of major=
=20
cases. The firm has been based in Orange County for over two decades, but=
=20
their commitment to their clients and their record of achievement has=20
evolved into a practice handling a broad spectrum of cases venued=20
nationwide. The firm=01,s attorneys have been associated as co-counsel or=
=20
admitted pro hac vice in over thirty states, and have tried cases in sever=
al=20
more.
=09
=09[IMAGE]The firm has an extraordinary track record in litigation which is=
=20
well known in the legal community. The firm has received the highest ratin=
gs=20
by Martindale-Hubbell=01,s National Law Directory, as have each of its=20
partners. They have been successful in difficult and complex cases against=
=20
some of the world=01,s largest corporations, manufacturers and insurance=
=20
companies, as well as government entities. While the firm=01,s practice is=
=20
primarily consumer-oriented, they have represented not only private=20
individuals but businesses, corporations and government entities seeking=
=20
damages for losses resulting from negligence, breach of contract and other=
=20
tortious or wrongful conduct. The firm was co-counsel for the County of Lo=
s=20
Angeles in its unfair business practices lawsuit against the tobacco=20
industry.=20
=09
=09In cases involving unique and complex issues or significant injuries an=
d=20
damages, such as automotive crashworthiness litigation, the ultimate resul=
t=20
is often dependent upon the amount of time and money a law firm can expend=
=20
on case work-up. Investigation, discovery and trial preparation require=20
substantial financial expenditures, not to mention demands on the time of=
=20
legal personnel. Robinson, Calcagnie & Robinson has a reputation for both=
=20
the willingness and the ability to invest the resources required in case=
=20
preparation. Utilizing a team approach, the work of several lawyers,=20
paralegals and support personnel may be devoted to a single case if needed=
.
=09
=09The firm prides itself on knowledge of the law, attention to detail, an=
d=20
thorough analysis. Using the latest computer software and case management=
=20
systems, as well as document scanning and coding, the firm has the=20
capability of handling even the most complex cases involving hundreds of=
=20
thousands, or even millions of documents.
=09
=09Robinson, Calcagnie & Robinson has its own warehouse for evidence =20
preservation and inspection, including indoor vehicle storage. The firm =20
regularly retains expert consultants and witnesses from around the country =
=20
in a variety of fields such as mechanical engineering, biomechanics, =20
accident reconstruction, design safety, human factors, metallurgy and =20
materials analysis. Depending upon the case, the firm=01,s experts may be =
=20
called upon to conduct testing and examination utilizing a wide range of =
=20
cutting-edge scientific techniques, including everything from fiberoptic =
=20
videography to scanning electron microscopy and energy disbursing x-ray =20
analysis, to full-scale vehicular crash testing with instrumented =20
anthropomorphic dummies. =20
=09
- jld.jpg
- view.jpg
=====================================
|
4,714 |
Subject: Midday Market View for November 26, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/2061.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Midday Market View(TM)
for Monday, November 26, 2001
as of 12:30PM EST
Information provided by Schwab Center for Investment Research
and Bridge
U.S. INDICES
(12:30 p.m. EST)
----------------------------------
Market Value Change
DJIA 9,932.10 - 27.61
Nasdaq Comp. 1,918.53 + 15.33
S&P 500 1,150.86 + 0.52
----------------------------------
NYSE Advancing Issues 1,382
NYSE Declining Issues 1,607
NYSE Trading Volume 511 mln
NASDAQ Advancing Issues 1,671
NASDAQ Declining Issues 1,741
NASDAQ Trading Volume 837 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
6-month bill 2.03% n/a
5-year note 4.30% + 7/32
10-year note 4.92% + 15/32
30-year bond 5.31% + 21/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
STOCKS SHED EARLIER GAINS
U.S. stocks are mixed but generally lower following a report by
the National Bureau of Economic Research indicating that the
U.S. officially fell into a recession in March of this year,
citing a plethora of economic indicators. Although economic and
corporate news was sparse following the holiday weekend, early
post-Thanksgiving results in the retailing sector, including
record sales at Wal-Mart Stores (WMT,55,f2&f4), hinted that
consumer spending may be more resilient than previously
expected. Lucent Technologies (LU,7.93,f2) is suffering from
analyst downgrades. Treasuries were higher as bottom-fishers
stepped up in the absence of any salient economic data and
European markets are mixed late in the day.
As of 11:55 a.m. EST, the Dow Jones Industrial Average is down
0.4%, while the Nasdaq is up 0.7%. The S&P 500 index is down
0.1%. Energy-related and communication equipment stocks are
leading the decliners, while semiconductor, wireless and auto
issues are among the best performers.
Shares of Wal-Mart were lower even as the discount retailing
giant reported a single-day record for sales of $1.25 billion on
Friday after its Holiday Blitz promotion attracted
bargain-hunters to its stores. Most of the holiday buying
appeared to be narrow in scope, with shoppers favoring the
deep-discount retailers over department stores. According to
TeleCheck Services Inc., same store sales in the U.S. rose 2.4%
on Friday. In related news, Pier One Imports (PIR,14.41) got a
boost after it raised its same-store sales forecast for November
to an increase of 6%-8% and increased its 3Q earnings forecast
to $0.21-$0.23 per share from the previous $0.19-$0.21 per share
guidance.
Shares of Lucent Technologies were under pressure after the
communication networking company was downgraded by analysts at
two major brokerage houses. An ABN AMRO analyst lowered his 2002
earnings forecast to a loss of $0.53 per share from the previous
$0.39 per share loss estimate, while an analyst at Morgan
Stanley cited capital spending cuts and regulatory issues as
concerns.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
Bonds are higher across the curve as bargain-hunters stepped in
following the recent declines in Treasuries. Earlier, NBER said
that the 10-year U.S. economic expansion officially ended in
March of this year and a recession has officially ensued.
Uplifting comments from St. Louis Federal Reserve Bank President
William Poole that the U.S. is starting to display signs of a
recovery did little to stem the upward momentum in Treasuries,
despite Poole's reference to rising equity prices, a firming
housing market, and stronger retail sales.
----------------------------------------------------------------
WORLD MARKETS
European markets are mixed late in the session, shedding earlier
gains as U.S. markets meandered in and out of positive
territory. The Bloomberg European 500 index is down 0.07% as of
11:55 a.m. EST. Telecom equipment and mining stocks are the
best-performing issues, while energy stocks are pacing the
decliners. Nokia (NOK,25,f2) and Ericsson (ERICY,5.74,f1) shares
were higher after Morgan Stanley increased its forecast for
worldwide wireless phone unit sales by 5.4% to 390 million
phones in 2001 and by 3.6% to 435 million phones in 2002. In
other equity news, Deutsche Lufthansa AG's (DLAKY,14.00) CEO
said that he sees "no signs of recovery" in passenger traffic,
though he does anticipate an eventual pick up in demand. The
euro remained in positive territory against the dollar but
retreated from earlier highs. Crude oil is trading lower as
Russia continues to act defiant toward any meaningful production
cut, choosing to wait until Dec. 10 instead to plan production
for 2002.
William Johnson, Market Analyst
================================================================
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log in using the link below or copy and paste it into your
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Notice: All email sent to or from the Charles Schwab corporate
email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)
Information provided by Bridge Information Systems.
Copyright 2001 Bridge Information Systems.
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Schwab Center for Investment Research ("SCIR") is part of
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(C)2001 Charles Schwab & Co., Inc.
F1 Schwab Capital Markets L.P. makes a market in this
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F2 Schwab is a specialist in this security.
F3 Schwab has managed or co-managed a public offering
in this security within the last three years.
F4 An employee of Schwab is a Director of this company.
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This service is for personal use only. Commercial use or
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Distribution by Quris, Inc.
=====================================
|
4,716 |
Subject: Enron Mentions
Sender: [email protected]
Recipients: []
File: dasovich-j/deleted_items/30.
=====================================
Enron cuts shareholder equity by 1.2 bln usd due to partnership deal
AFX News, 10/18/01
Calif Energy Panel OKs First Step For 1160MW In Projects
Dow Jones Energy Service, 10/18/01
USA: Enron's stock slides as equity reduction digested.
Reuters English News Service, 10/18/01
Brazil's Copene, Elektro Plan to Sell 820 Mln Reais of Bonds
Bloomberg, 10/18/01
Enron cuts shareholder equity by 1.2 bln usd due to partnership deal
10/18/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
LONDON (AFX) - Enron Corp said it has reduced its shareholder equity by 1.2 bln usd as the company decided to repurchase 55 mln of its shares that it had issued as part of a series of complex transactions with an investment vehicle connected to its chief financial officer, Andrew Fastow, the Wall Street Journal reported in its online edition.
Enron did not disclose the big equity reduction in its earnings release issued on Tuesday, when the Houston-based energy giant announced a 1.01 bln usd charge to third-quarter earnings that produced a 618 mln usd loss.
However, the company briefly mentioned it in a subsequent call with security analysts and confirmed it in response to questions yesterday. As a result of the reduction, Enron's shareholder equity dropped to 9.5 bln usd, the company said.
In an interview, Enron Chairman Kenneth Lay said about 35 mln usd of the 1.01 bln usd charge to earnings was related to transactions with LJM2 Co-Investment LP, a limited partnership created and run by Fastow.
In a conference call yesterday with investors, Lay said 55 mln shares had been repurchased by Enron, as the company "unwound" its participation in the transactions. In the third quarter, the company's average number of shares outstanding was 913 mln.
According to Rick Causey, Enron's chief accounting officer, these shares were contributed to a "structured finance vehicle" set up about two years ago in which Enron and LJM2 were the only investors. In exchange for the stock, the entity provided Enron with a note.
The aim of the transaction was to provide hedges against fluctuating values in some of Enron's broadband telecommunications and other technology investments. Causey did not elaborate on what form those hedges took.
Subsequently, both the value of Enron's stock and the value of the broadband investments hedged by the entity dropped sharply, the report said. As a result, Enron decided essentially to dissolve the financing vehicle and reacquire the shares. When Enron reacquired the shares, it also canceled the note it had received from the entity.
Given all the complexities of the LJM-related financing vehicle and the questions it raised outside the company, "the confusion factor wasn't worth the trouble of trying to continue this," Causey said.
Mark Palmer, an Enron spokesman, described the capital reduction "as just a balance-sheet issue" and therefore was not deemed "material" for disclosure purposes.
gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Calif Energy Panel OKs First Step For 1160MW In Projects
10/18/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- The California Energy Commission has accepted as "data adequate" applications to build a 900-megawatt power plant and two peaker plants totaling 260 megawatts, a press release said.
The data adequacy vote means an application has been accepted as having sufficient information to proceed with the commission's approval process.
Enron Corp.'s (ENE) Roseville Energy Facility LLC unit has proposed building a 900-MW natural gas-fired plant in Sacramento, Calif., to be online by the fourth quarter of 2004. The construction cost will be $350-$450 million for the combined-cycle project, which will undergo a 12-month review process by the commission.
GWF Energy LLC has applied to build the 169-MW Tracy Peaker Project, a simple cycle plant in the San Joaquin Valley, Calif., that would be online by July 2002. Peaker plants operate during times of high electricity demand.
The company also applied to build the 91-MW Henrietta Peaker Project, 20 miles south of Hanford, Calif., which would consist of two turbine generators and come on line by June 2002.
Electricity generated from the two peaker projects will be sold to the state's Department of Water Resources under a 10-year contract.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron's stock slides as equity reduction digested.
10/18/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Oct 18 (Reuters) - Enron Corp. stock fell sharply on Thursday as investors digested news of a $1.2 billion reduction in the energy giant's shareholder equity that attracted little attention when it was first disclosed earlier this week.
In afternoon trading Enron's stock was off $2.96 or, 9.2 percent at $29.24 per share.
Enron reported its first quarterly loss in over four years on Tuesday after taking charges of $1.01 billion against earnings to cover expenses and writedowns on investments that fall outside its core wholesale energy operations.
The reduction in shareholder equity was not mentioned in the company's earnings statement but was discussed by Chairman and Chief Executive Ken Lay in an earnings conference call with analysts and investors on Tuesday.
"Confidence has been shaken by the incremental disclosure. This is an extremely widely held stock and to assume that everybody listened to the conference call is probably asking too much," said one analyst who asked not to be identified.
The reduction in equity was prominently reported in the Wall Street journal on Thursday, bringing it to the attention of a wider audience, analysts said.
Lay said the equity writedown and a corresponding reduction in the number of Enron shares outstanding were related to the early termination of structured finance arrangements which had drawn criticism from some Wall Street analysts.
As a result of the operation, Enron's debt to total capitalization ratio will rise to about 50 percent, but the company expects the proceeds of asset sales to reduce the ratio to around 40 percent by the end of next year, Lay said.
Moody's Investor Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade because writedowns and charges had substantially reduced valuations for several Enron businesses.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Brazil's Copene, Elektro Plan to Sell 820 Mln Reais of Bonds
2001-10-18 13:53 (New York)
Rio de Janeiro, Oct. 18 (Bloomberg) -- Two Brazilian
companies have asked securities regulators for permission to sell
820 million reais ($279 million) of bonds, raising the amount of
pending local market bond sales to 7.5 billion reais.
Brazil's Copene-Petroquemica do Nordeste SA, a Petrochemical
company, has asked Brazil's government for permission to sell 625
million reais of bonds according to the country's security and
exchange regulator, the CVM. Banco Citibank SA, the Brazilian unit
of Citigroup Inc., will manage the sale.
Elektro Eletricidade e Servicos SA, an electricity utility
controlled by U.S.-based Enron Corp. that distributes electricity
in Sao Paulo state, has asked for permission to sell 195 million
reais of bonds, according to a CVM filing.
No further details about the sales was immediately available.
Brazilian companies have scrambled to sell debt at home as
the local currency, the real, plunges against the dollar, making
dollar-denominated debt expensive and causing losses to mount as
the local currency value of dollar debts soars.
So far this year, about 9.1 billion reais of local market
debt has been sold. Meanwhile corporate bond sales in euros or
dollars has slipped by almost two thirds to $1.7 billion in the
third quarter from $4.5 billion in the second, not including sales
through offshore subsidiaries, according to Bloomberg data.
=====================================
|
4,718 |
Subject: CMTA Tax: Meeting Thursday to discuss Windfall Profits Tax bills
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11867.
=====================================
TO:????????? Kassandra Gough--Calpine
??????????????? Chris Micheli--Carpenter Snodgrass
??????????????? Carolyn Baker--Duke Energy
??????????????? Anne Kelly--Duke Energy
??????????????? David Parquet--Enron
??????????????? Jeff Dasovitch--Enron
??????????????? Tom Allen--Mirant
??????????????? John Stout--Reliant Energy
??????????????? Scott Sadler--Reliant Energy
??????????????? Fred Pownal--Kahl/Pownall Advocates
??????????????? Fred Main--California Chamber of Commerce
??????????????? Greg Turner--Cal Tax
??????????????? Katie Kaplan--IEP
??????????????? Matt Sutton--AEA
??????????????? CMTA Energy Committee
??????????????? CMTA Tax Committee
FROM:?? Carrie-Lee Coke/Pam Ross
RE:???????? Thursday, May 3 meeting at 2:00 pm in the CMTA conference room to
discuss Windfall Profits Tax bills
We are scheduling another meeting to discuss the Windfall Profits Tax
bills--SBX1 1 (Soto) and ABX1 128 (Corbett)???????? --for Thursday, May 3 at
2:00 pm here in the CMTA conference rooms.
The purpose of the meeting is for all of us to decide how to coordinate our
lobbying effort.
Please RSVP your attendance to Pam Ross at 916-498-3320 or [email protected].?
There is a call in number as follows:
Access number:? 1-888-727-8686
Conference ID:?? 900 1325#
?
=====================================
|
4,719 |
Subject: Re: Davis' solutions may be in trouble: New plants built in
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10647.
=====================================
California is just figuring this out? As any second-year law student could=
=20
tell you, the problem with conditioning fast-track permitting on selling=20
electricity to California is that it violates the holding in the 1994 U.S.=
=20
Supreme Court case Dolan v. City of Tigard (city could not require hardward=
=20
store to "donate" land for a bike-path as a condition to granting a permit =
to=20
expand the hardware's parking lot). =20
Steve
Alan Comnes
04/04/2001 10:52 AM
To: [email protected], Tim Belden/HOU/ECT@ECT, Steve C Hall/PDX/ECT@EC=
T,=20
Sean Crandall/PDX/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Jeff=20
Dasovich/NA/Enron@Enron, Steve Walton/HOU/ECT@ECT, Christi L=20
Nicolay/HOU/ECT@ECT
cc: =20
Subject: Davis' solutions may be in trouble: New plants built in California=
=20
don't have to sell electricity here, state lawyers conclude
At least one state agency says you cannot cut exports. We should probably=
=20
cite this in our Reliant complaints response.
Davis' solutions may be in trouble: New plants built in California don't ha=
ve=20
to sell electricity here, state lawyers conclude
By Carrie Peyton
Bee Staff Writer
(Published April 4, 2001)
California can't require builders of new power plants to sell electricity=
=20
here, even as a trade-off for super-fast environmental review, lawyers at t=
he=20
state Energy Commission have concluded.
Their position, reached despite Gov. Gray Davis' vow that new megawatts "wi=
ll=20
stay in California," emerged as part of a fast-track approval for expanding=
a=20
south state power plant.
It comes as the agency that oversees plant licensing is whittling away at t=
he=20
presumption that emergency "peaking" plants installed this summer will be=
=20
temporary. Some of the peaking plants - to be used only at times of highest=
=20
energy demand - are now proposed to stay in place 30 to 40 years.
Both issues have bubbled up quietly during California Energy Commission=20
reviews, sometimes addressed only indirectly in staff reports.
"This is a major public policy issue for all of California. If we're buildi=
ng=20
these plants on an expedited basis and we're not getting any electricity ou=
t=20
of it, why are we doing it?" asked William Workman, Huntington Beach=20
assistant city administrator.
The answer, according to the Governor's Office and the Energy Commission, i=
s=20
twofold. First, the plants are needed no matter what, because the entire We=
st=20
is power poor. And second, it looks like a California sales clause would=20
violate federal interstate commerce law.
"We're not supposed to take protectionist action against our fellow states,=
"=20
said Bill Chamberlain, chief counsel to the Energy Commission. He said=20
numerous Supreme Court decisions have held that a state can't use its=20
regulatory powers - such as permitting processes - to give its residents an=
=20
economic advantage.
Although there is no guarantee, the Governor's Office, power plant builders=
=20
and the state Environmental Protection Agency say most of the plants being=
=20
rushed to life will probably end up selling to the state Department of Wate=
r=20
Resources.
"The people who are building these power plants know very well that we expe=
ct=20
it to be used in California, and we're confident that it will be," Davis=20
spokesman Roger Salazar said.
Cal-EPA Secretary Winston Hickox said the "preponderance" of new peaking=20
plants will devote their electricity to California.
"We will do everything that we can to encourage that the energy produced as=
a=20
result of our bending over backward to be accommodating is sold to=20
California. We're not there yet, but I believe we'll get there," Hickox sai=
d.
He also said the three-week reviews of peaking plants have cut no corners i=
n=20
terms of fundamental environmental standards.
Two of those plants scheduled for Energy Commission votes today were praise=
d=20
by environmentalists as having relatively low emissions of smog-forming=20
compounds, but they still were concerned by the 21-day review.
"If you're having a quick review, a plant shouldn't be allowed to continue=
=20
for more than the summer," said Gail Ruderman Feuer of the Natural Resource=
s=20
Defense Counsel.
The first peaking plant approved by the commission, the United Golden Gate=
=20
Project in San Mateo County, was given permission to run for three years.
But the next two, in San Diego and Palm Springs, are being recommended for=
=20
indefinite approval, and their builder, InterGen North America, said it=20
intends to keep them running for 30 to 40 years.
"There's no way affected communities can know what's going on with the=20
processes that are so short," said Sandra Spelliscy, general counsel of the=
=20
Planning and Conservation League. "I don't want to say negative things abou=
t=20
that particular peaker (but) =01( I think we're going to wake up in six to =
12=20
months and realize we did a lot of stuff that we regret."
In Huntington Beach, city officials say they are largely pleased with the=
=20
fast-track process that protected most of their major concerns over a=20
proposal by AES to quickly revive two mothballed steam turbines at its=20
seaside plant.
But a slower review process would have offered even more, Workman said. It=
=20
would have delayed the plant for results of studies on sea life injured or=
=20
killed by cooling water intakes and potential increases in ocean pollution.
He worries that his city's residents gave up those protections without any=
=20
certainty that California will benefit from the extra 450 megawatts AES wil=
l=20
be able to crank out.
Huntington Beach sought a California buyer clause in the AES permit, which =
is=20
scheduled for an Energy Commission vote next week, but it was rejected in a=
=20
cryptic report that only notes the commission staff has taken no stand on t=
he=20
issue.
AES would have opposed such a provision, because it believes the Energy=20
Commission has no authority to tell it where to sell, said Aaron Thomas, a=
=20
manager at AES Pacific.
"In our case, there is no need to have a shotgun to our head," he said. AES=
=20
is negotiating to sell all 450 megawatts to the state.
Meanwhile, the governor acknowledged what an Energy Commission report=20
outlined last week - that his goal of 5,000 more megawatts online by July=
=20
will not be met.
"We have a real challenge in the early part of the summer," Davis said=20
Tuesday. "We do have more than 4,000 megawatts coming online by late summer=
.=20
Usually, the challenge is in August and September. This year, the challenge=
=20
may well be in May and June."
The Bee's Carrie Peyton can be reached at (916) 321-1086, [email protected]=
m.=20
Emily Bazar of The Bee Capitol Bureau contributed to this report.=20
=20
=20
=20
NEWS SEARCH
Search local and national political news.
=20
anyall of the search words.=20
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=====================================
|
4,720 |
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/708.
=====================================
Great question. If you think it would be useful, I can back channel to Loretta and find out. I'm of the view that this letter is more to refute Angelides, so that his wild assertions don't go unanswered in the court of public opinion. Perhaps the letter should be addressed to Angelides, instead.
On the other hand, I think it is also useful to make it known to the press and the public that the PUC has the regulatory tools, processes, etc. necessary to permit customers broad latitude to manage their own energy needs on the one hand, and ensure that there's not the sort of massive cost-shifting to which Angelides refers on the other. In the public's view this has been painted as an either/or issue. Either we end direct access, or granny faces death and destruction. And that's just not the case. In fact, I think it can be argued that the scenario Angelides paints just isn't in the cards, period.
But I may be missing the mark with all this and am open to other views. Let me know if you'd like me to find out if Loretta thinks the letter would help her. Could find that out in pretty short order.
Best,
Jeff
-----Original Message-----
From: Evelyn Kahl [mailto:[email protected]]
Sent: Monday, October 22, 2001 3:46 PM
To: Dasovich, Jeff
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date
Has anyone ever stopped to ask Loretta whether the letters are helpful or not? Two things occur to me. First, it is not becoming for a commissioner to be taking actions consistent with the urgings of industry -- particularly if you're a Democrat. Second, it has always struck me that what she needs is some form of record support, not political pats on the back in one-page letters. I am asking you these questions not judging the proposal to send a letter .... but I've never understood what they're supposed to do for her and I honestly would like to understand.
E
-----Original Message-----
From: Dasovich, Jeff [mailto:[email protected]]
Sent: Monday, October 22, 2001 11:33 AM
To: Dasovich, Jeff; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date
FYI. Note below that even the mighty and powerful Power Authority's own
crackerjack analysis asserts that there is still a net short (despite
DWR contracts and DA "stampede"), which should leave one to believe
that, contrary to Angelides' letter, the more the DA the better. Which
further supports Loretta Lynch's response to the Angelides' letter that
DA reduces the amount of spot power DWR has to buy.
Best,
Jeff
CONSUMER POWER AND CONSERVATION FINANCING AUTHORITY
Pace of Power Authority Renewable Portfolio Agenda is Slowed
Quite possibly the most significant action taken at the October 19
Consumer Power and Conservation Financing Authority (Power Authority)
was its inaction on contracts proposed for approval. The Power Authority
has aggressively pursued a broad renewable portfolio, with the intent to
approve contracts as soon as possible.
Instead of approving a number of contracts on its October 19 agenda, the
Power Authority deferred calendared decisions on request for bids until
its November 2 meeting, acknowledging that no action can be taken until
the Department of Water Resources (DWR) rate agreement stalemate has
been resolved.
Chairman Freeman stated that the Public Utility Commission's rejection
of the rate agreement has created an obstacle for the Power Authority to
exercise renewable contracts, to contract for peaker generation and/or
to implement demand side programs. The Power Authority relies upon DWR's
credit to fund these programs, and until a rate agreement is finalized
the Power Authority cannot sign contracts.
Freeman indicated that the Power Authority has signed letters of intent
to purchase output from 14 biomass facilities in the Central Valley, as
well as 400 MW generated by wind.
With the Current Glut of Contracts, Why Do We Need Additional Reserves?
Kellan Flukinger, Senior Advisor to Chairman Freeman and Laura Doll,
provided a detailed presentation explaining why he believes the Power
Authority must contract for additional renewable and peaking generation.
Flukinger believes that despite direct access and the current glut of
electricity supplied in long-term contracts, there still appears to be a
net short of a few thousand megawatts within the State.
Flukinger concluded that the State still is at the mercy of electric
generators who are not subject to PUC regulatory authority and who have
no real obligation to build and maintain new facilities or to serve
customers within the State. He believes that the short-term contracts
and spot purchases leave the state vulnerable to price-spikes and supply
shortages. He believes that the reserve can be managed through
Time-of-Use and Real-Time-Pricing, conservation, interruptibles, demand
side management, renewables and peakers.
Power Authority Names William Barry as Chief Financial Officer
William Barry was approved as Chief Financial Officer of the Power
Authority at its October 19 Board meeting in Sacramento. Mr. Barry
currently works for the City of San Francisco, and has worked in the
past for the New York Power Authority.
**********************************************************************
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.
**********************************************************************
=====================================
|
4,721 |
Subject: Re: Draft Redlines
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27821.
=====================================
Attached are my edits to the outline.
Evelyn Kahl wrote:
> Good evening:
>
> At this point, I have received only two redline edits (from Mike Florio
> and Ann Cohn) of the issues draft I circulated last evening. I have
> attached them for your reference, but will not merge comments until we
> have a "complete" set.
>
> Please let me know if you plan to provide redline comments prior to
> Thursday's meeting or whether we should merge comments without you.
>
> Evie
>
> ------------------------------------------------------------------------
> Name: SCE comments draft
issues outline 061101.doc
> SCE comments draft issues outline 061101.doc Type: Microsoft Word
Document (application/msword)
> Encoding: base64
>
> Name: draft issues
outline 061101 florio edits.doc
> draft issues outline 061101 florio edits.doc Type: Microsoft Word
Document (application/msword)
> Encoding: base64
- draft issues outline 061101-Joseph edits.doc
=====================================
|
4,722 |
Subject: Re: Article on AB47X
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/9389.
=====================================
The guy negotiating the bill on behalf of IEP told me that there's a 35-40%
chance that it will make it out of the Senate by the end of next week, which
means that it still has quite a ways to go.
Best,
Jeff
Michael Etringer@ECT
02/23/2001 04:39 PM
To: Jeff Dasovich/NA/Enron@Enron
cc:
Subject: Article on AB47X
Jeff,
Do you know how this bill is progressing. I was on an IEP call last night
where they seem to be rallying the troops to respond in very short order on
this bill . During the call they where working towards a Tuesday deadline.
It sounded as if there would be some consideration of the bill on Tuesday?
If you have any insight it would be greatly appreciated.
Mike
---------------------- Forwarded by Michael Etringer/HOU/ECT on 02/23/2001
02:44 PM ---------------------------
Steve C Hall
02/23/2001 10:41 AM
To: Michael Etringer/HOU/ECT@ECT
cc:
Subject: Article on AB47X
Mike,
Here is an article on the QF bill.
Small electric producers OK big
price cut
By Ed Mendel
STAFF WRITER
February 23, 2001
SACRAMENTO -- Legislators said yesterday that small generators who
produce about 30 percent of the state's power have agreed to cut their power
prices in half, an important step toward easing the electricity crisis.
Negotiations continued on what Gov. Gray Davis has called the final step: the
state purchase of the transmission systems of the three investor-owned
utilities
in exchange for paying off their huge debt.
Meanwhile, the amount that the state is spending to buy power for the
customers of the utilities grows. Officials gave notice that an additional
$500
million will be needed in 10 days, bringing the total to $2.6 billion.
But for the first time in nearly six weeks the state did not declare an alert
yesterday due to power shortages. More power was available from other
states, and some power plants that had been shut down for maintenance
resumed operation.
Two legislators, Sen. Jim Battin, R-Palm Desert, and Assemblyman Fred
Keeley, D-Boulder Creek, said they introduced legislation that sharply
reduces the prices paid to small generators after weeks of difficult
negotiations.
"Ultimately, this bill will reduce the cost of energy to the state and its
ratepayers by billions of dollars," said Battin, who represents eastern San
Diego County.
About half of the small generators use "renewable" technologies such as
solar,
wind, geothermal and biomass. The rest is "co-generation," when fuel is used
for industrial purposes and electricity is generated as a by-product.
The small generators have grown to produce nearly a third of California's
power under a two-decade-old federal "qualifying facilities" program, which
requires utilities to buy their power.
Battin and Keeley said that under the bill, SB 47X, the average price for
these
QF contracts could drop from the current 17 cents per kilowatt-hour to about
8 to 8.5 cents per kilowatt-hour.
"We believe that the rates are at least that low, if not lower," said Jan
Smutny-Jones, executive director of the Independent Energy Producers,
which represents small and large generators.
The small generators support the bill because it will give them a stable
price
for five years, avoiding ups and downs and the possibility that state
regulators
might make a more unfavorable price cut.
Much of the current price formula is based on the price of natural gas at the
California border, which has soared this winter. The legislation spreads the
price bench mark over a five-year period.
"We encourage the Legislature to take quick action to approve SB 47X as
quickly as possible to help stabilize the electricity crisis," Smutny-Jones
said.
He said one of the side agreements to the legislation is the creation of a
portfolio of long-term contracts to purchase natural gas for some
co-generators, lowering their production costs.
The legislation was applauded as "a major step forward" by a group of small
generators who formed a creditors committee last week and threatened to
take the utilities into bankruptcy.
"We call on the Legislature and the governor to act on it immediately," said
Chris Thompson, a spokesman for the group.
Thompson said Southern California Edison continues to collect money from
ratepayers, as the state buys power for its customers, but is not paying
anything to the small non-polluting generators.
A spokesman for a geothermal generator in El Centro, which filed a lawsuit
seeking $45 million from Edison for power provided since November,
welcomed the legislation for giving generators stability and ratepayers
cheaper
power.
But Vince Signorotti, a spokesman for CalEnergy, said it would be
"premature" to consider dropping the lawsuit.
Battin and Keeley said that payment of the small generators depends on the
governor's attempt to negotiate the purchase of the transmission systems of
Edison, Pacific Gas and Electric, and San Diego Gas and Electric in exchange
for payment of their debt.
As part of the governor's plan, the utilities would agree to provide low-cost
power for five to 10 years from their generators, which provide about a third
of the state's power.
Davis aides are attempting to negotiate long-term contracts with generators
for the remaining third of the power required by the state, sharply reducing
the
cost of buying power on the expensive spot market.
But the governor said this week that many generators are reluctant to sign
long-term contracts until they know how the utilities will pay their debt for
previous power purchases.
The state called off all power alerts yesterday for the first time since
mid-January, rescinding a Stage 1 alert declared Wednesday. Grid operators
made the change after increased power supplies became available.
"The supply situation this week has gradually been improving," said Lorie
O'Donley, a spokeswoman with the California Independent System Operator,
which manages most of the state's power supplies.
However, she said the improvements shouldn't deter consumers from
conservation.
"It is good news to be out of electrical emergencies but we just want to
remind everybody that we are looking at a long-term power supply situation
here," she said. "And the high-demand summer is just around the corner. So
we would ask that people continue with their conservation efforts."
In San Francisco yesterday, state power regulators decided unanimously that
the Department of Water Resources is responsible for buying any power that
cash-strapped utilities are unable to generate or buy on their own -- no
matter
what price wholesalers are charging.
But the PUC voted 3-2 against taking action that would have allowed the
DWR to receive a portion of ratepayer revenues from the utilities to help
cover the cost of buying electricity.
The state, through the DWR, was authorized by a recent law to buy power
for the utilities. Edison and PG&E have such low credit ratings that no power
companies will sell to them. SDG&E's rating is much better, but its debt also
was mounting.
The DWR purchases that portion of electricity beyond what the utilities
provide through their own generating plants and through existing long-term
contracts. But the DWR has refused to buy power beyond a certain price.
That means more last-minute power purchases on the expensive spot market.
The utilities and the state had disagreed over how the DWR will be
reimbursed -- whether through state bonds or ratepayer dollars -- and the
extent of its power-buying role.
The author of the bill authorizing the long-term contracts, Assemblyman
Keeley, said the legislation's intent was to fully cover the one-third of the
power that utilities purchased on the spot market, either through extended
contracts or through the state ISO.
Staff writer Karen Kucher and The Associated Press contributed to this
report.
=====================================
|
4,723 |
Subject: RE: Pac Tel - CPUC Customer Switch Complaint
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/945.
=====================================
Thanks Geoff for following up.
I do have a few questions before getting back to my contact at the CPUC.
1.You said that we "inadvertently" DASRd this account. Not sure if this is viewed as a slam. Did PacTel give EES the account number? Why shouldn't this account be on our switch list? Does he have the right to override "headquarters"? Before we de-DASR the account, let's make sure that he has the authority to say "no".
2.If SBC gave us the wrong account number, how do we know that there are not more wrong account numbers? Can we ask PacTel to confirm that all accounts are authorized to be switched?
I don't think this is a big problem, but in the earlier situation with UC/CSU, the "local" customer was wrong - he did not have the authority to override central. I just want to make sure. Also, do we have evidence that the switch request for this account came from PacTel? I may need this when I call the CPUC.
Jim
-----Original Message-----
From: Dasovich, Jeff
Sent: Tue 11/27/2001 6:40 PM
To: Pollard, Geoff; Frazier, Lamar; Steffes, James D.
Cc: Mara, Susan; Smith, Mike B; Huddleson, Diann; Hughes, Evan; Fite, Rebecca; Riley, Tom
Subject: RE: Pac Tel - CPUC Customer Switch Complaint
Thanks, Geoff. May make sense to loop back with the woman at the PUC who contacted Jim originally about this account. Jim's been in contact with her before about some confusion with a UC account. Jim was out yesterday and today, but I think that he'll be in tomorrow. He may want to make the contact. Jim, thoughts?
Best,
Jeff
-----Original Message-----
From: Pollard, Geoff
Sent: Tuesday, November 27, 2001 6:36 PM
To: Dasovich, Jeff; Frazier, Lamar; Steffes, James D.
Cc: Mara, Susan; Smith, Mike B; Huddleson, Diann; Hughes, Evan; Fite, Rebecca; Riley, Tom
Subject: RE: Pac Tel - CPUC Customer Switch Complaint
All,
I spoke with the customer, Mike Benson. He is not angry, but he would like his accounts returned to bundled service. He understands that we are implementing a large contract with SBC Corp Real Estate, and that it is possible more of his accounts are inadvertantly on the list. He knows to contact me directly with future issues. I submitted the deal sheet to de-DASR the 2 accounts he identified to Samantha Fite a few moments ago.
I have also notified the SBC contracts manager of the situation.
Let me know if there are any questions or concerns.
Geoff
Geoff Pollard
Service Manager
Enron Energy Services
925-543-3763
-----Original Message-----
From: Pollard, Geoff
Sent: Monday, November 26, 2001 10:02 AM
To: 'Jeff Dasovich/ENRON@enronXgate@ENRON@EES'; Frazier,Lamar; James D Steffes/ENRON@enronXgate
Cc: Susan J Mara/ENRON@enronXgate; Smith,Mike B; Huddleson,Diann; Evan Hughes/ENRON@enronxgate; Rebecca Fite/ENRON@enronxgate; Riley, Tom
Subject: RE: Pac Tel - CPUC Customer Switch Complaint
Yes, I will keep you all posted. I placed a call to the customer at 7:30 this morning, but have not heard back from them yet.
Geoff
-----Original Message-----
From: Jeff Dasovich/ENRON@enronXgate@ENRON@EES
Sent: Monday, November 26, 2001 10:00 AM
To: Frazier,Lamar; James D Steffes/ENRON@enronXgate; Pollard, Geoff
Cc: Susan J Mara/ENRON@enronXgate; Smith,Mike B; Huddleson,Diann; Evan Hughes/ENRON@enronxgate; Rebecca Fite/ENRON@enronxgate; Riley, Tom
Subject: RE: Pac Tel - CPUC Customer Switch Complaint
Thanks, Lamar. Geoff, could you let us know how it goes with the customer and if this a mix-up on the customer's end. Thanks very much.
Best,
Jeff
-----Original Message-----
From: Frazier, Lamar
Sent: Monday, November 26, 2001 9:32 AM
To: Steffes, James D.; Pollard, Geoff
Cc: Dasovich, Jeff; Mara, Susan; Smith, Mike B; Huddleson, Diann; Hughes, Evan; Fite, Rebecca; Riley, Tom
Subject: Re: Pac Tel - CPUC Customer Switch Complaint
Geoff Pollard is the SM for Pac Tel.
From: James D Steffes/ENRON@enronXgate on 11/21/2001 04:01 PM
To: Lamar Frazier/HOU/EES@EES
cc: Jeff Dasovich/ENRON@enronXgate, Susan J Mara/ENRON@enronXgate, Mike B Smith/ENRON@enronXgate, Diann Huddleson/HOU/EES@EES, Evan Hughes/ENRON@enronxgate, Rebecca Fite/ENRON@enronxgate
Subject: Pac Tel - CPUC Customer Switch Complaint
I received a call late today from the CPUC (Joyce @ 415-703-2199). Someone from Pac Tel called and said that his service was switched without authorization - Mike Benson with Payphone group @707-253-8892 or 707-292-1766.
Lamar -- who is the client rep for Pac Tel? Can they get into Pac Tel and try and find out if we have done something inappropriate? We need to call this guy back by Monday EOB. Please let Jeff Dasovich know so he can call Joyce back - I'll be out on vacation next week.
Jim
=====================================
|
4,730 |
Subject: Dow Jones Story w/ Overcharge Amounts
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/28516.
=====================================
Much Calif Power Price Gouging Beyond FERC's Reach -ISO
By Jason Leopold
Of DOW JONES NEWSWIRES
06/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- Federal energy regulators only have the authority
to order refunds for about a third of the $9 billion California Gov. Gray
Davis claims energy companies have overcharged the state in the 12 months to
May 2001, documents from the state's wholesale market operator show.
Of the total, $2.9 billion came from the May-September period the Federal
Energy Regulatory Commission has said it can't act on, and $2.8 billion from
the October-May period is attributable to municipal utilities over which FERC
lacks jurisdiction, according to documents from the California Independent
System Operator.
That leaves just $3.3 billion in alleged overcharges that FERC could
potentially order refunded - far less than the $9 billion Davis seeks.
Talks between generators and state officials to settle billions of dollars in
unpaid bills and issues of overcharging began Monday. Curtis Wagner, the FERC
administrative law judge presiding over the talks, has said California will
likely see refunds from generators, but far less than the $9 billion Davis
expects.
Davis said Sunday California is going to Washington, D.C., "with one goal,
and that is to bring back $9 billion."
Nearly half that amount is attributable to municipal utilities, the ISO
documents show. The ISO said the Los Angeles Department of Water and Power,
for example, overcharged California $75 million between May and October.
David Freeman, the governor's chief energy adviser and the former general
manager of the LADWP, said the agency didn't overcharge the state, but
conceded it profited by selling spare power to the ISO.
Davis adviser Nancy McFadden said the state needs FERC to lay the groundwork
for the state to seek refunds from public utilities by ordering refunds from
corporate energy suppliers.
But during a conference call Sunday with reporters, McFadden and Davis press
secretary Steve Maviglio couldn't explain how the governor would go about
getting refunds from companies whose wholesale power prices aren't regulated
by FERC.
Davis testified before the U.S. Congress last week that generators
overcharged the state $9 billion and that FERC should order the refunds.
State Sen. Jim Brulte, R-Rancho Cucamonga, has asked for an investigation
into Davis's testimony, saying the figures were based on "shaky
calculations."
To come up with its conclusions, the ISO compared hourly market prices
received by sellers to an estimate of market prices that could have been
expected under competitive market conditions.
The ISO established a benchmark for what it determined was competitive - at
times about $125 per megawatt-hour to $200/MWh, a fraction of actual prices
in the market - based on the cost of natural gas and compliance with
air-quality rules.
The ISO, however, typically used the price of gas at California's northern
border, according to the documents. Generators paid a higher price for the
fuel in Southern California, raising the cost of making electricity.
The ISO also used reports of earnings by the state's "Big Five" power
suppliers during 2000 - earnings that for some quadrupled - to draw the
conclusion that generators overcharged the state, according to the documents.
The ISO attributed high power prices in part to the state's three largest
utilities' failure to buy the power they needed in advance, leaving the grid
operator to pick up the shortfall at the last minute, according to the
documents.
The ISO alleges the following companies overcharged the state by the listed
amounts between May 2000 and February: American Electric Power Service Corp.
(AEP): $22.9 million
Arizona Public Service Co. (PNW): $24.6 million
Aquila Power Corp. (ILA): $28 million
Avista Energy Inc. (AVA): $48 million
Automated Power Exchange: $16 million
British Columbia Power Exchange Corp: $439 million
Calpine Corp. (CPN): $236 million
Constellation Power Source Inc. (CEG): $7.8 million
Cargill-Alliant LLC: $1.4 million
Citizens Power Sales: $557,000
Coral Power, LLC,. a unit of Shell Oil (RD): $27 million
Duke Energy Corp. (DUK): $804 million
Dynegy Inc. (DYN): $530 million
Enron Corp. (ENE): $39 million
El Paso Corp. (EPG): $29 million
El Paso Power Electric Co. (EE): $24,475
Hafslund Energy Trading LLC: $712,528
Idaho Power (IDA): $28 million
Koch Energy Trading: $2.5 million
Los Angeles Department of Water and Power: $75 million
MDSC: $24 million
Mieco Inc.:$1.6 million
Morgan Stanley Capital Group (MWD): $124,644
NewEnergy Inc.: $1.5 million
Nevada Power Co. (SRP): $9.1 million
PacifiCorp: $65 million
PECO Energy Co. (EXC): $4.2 million
Portland General Electric (ENE): $44 million
Public Service Co. of Colorado: $14.1 million
Public Service Co. of New Mexico (PNM): $15.5 million
Puget Sound Energy: $24 million
Reliant Energy Inc. (REI) $750 million
Mirant Corp. (MIR), formerly Southern Co., $753 million
*Sempra Energy Trading Corp. (SRE): $82 million (this number has been
wiped out by the ISO)
Sierra Pacific Power Co. (SRP): $23 million
TEK: $11 million
Tuscon Electric Power: $1.1 million
UPA: $131,715
Winston and Strawn: $11,917
Williams Cos. (WMB) $860 million
Total FERC jurisdictional sellers: $4.7 billion
*Total without SETC/SDG&E: $4.6 billion
Total FERC and Non-FERC sellers: $6.7 billion
*Total without SETC/SDG&E: $6.6 billiion
Total March-May overcharges: $2.3 billion
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
4,731 |
Subject: State Senate OKs bailing out Edison from bankruptcy
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28987.
=====================================
FYI. Fairly accurate account of the activities in California. Assembly
released new version of Hertzberg's bill late last night. Another update to
follow shortly.
Best,
Jeff
********************************************
State Senate OKs bailing out Edison from bankruptcy
Assembly plans own version for utility
Lynda Gledhill and Robert Salladay, Chronicle Sacramento Bureau
Saturday, July 21, 2001
,2001 San Francisco Chronicle
URL: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2001/07/21/MN133267.DTL
Sacramento -- The state Senate approved a plan yesterday to keep Southern
California Edison from falling into bankruptcy, but the bill crafted as an
alternative to the pact between the utility and Gov. Gray Davis faces an
uncertain future.
The bill by Democratic Sens. Richard Polanco of Los Angeles and Byron Sher of
Palo Alto would give the state a five-year option to buy the utility's
transmission lines and would have the state guarantee no more than $2.5
billion of the utility's debt. Edison amassed an estimated $3.5 billion in
debt as wholesale electricity prices increased but retail rates remained
frozen.
The Assembly was also attempting to craft its own version of a deal last
night, but political maneuvering and fears of repeating the same kind of
mistakes that led to California's botched 1996 deregulation legislation
haunted lawmakers.
Davis continued to apply pressure on lawmakers to put a bill on his desk
before Aug. 15, a date set in the original agreement between Davis and
Edison.
Lawmakers were scheduled to start their monthlong summer recess last night,
but failure to pass the state budget meant no one was leaving town.
"It's a firm deadline, which means this issue has to be fully resolved prior
to the end of the legislative recess," Davis said of the Aug. 15 date.
Davis suggested that a conference committee or working group could be used to
iron out differences between the two bills, but it is unclear whether that
could be accomplished in the next few days.
"I have problems with both bills," Davis said. "I am heartened by the fact
that there's a bill moving in each house."
Both houses struggled to garner enough votes to get their respective bills to
a floor vote, and many lawmakers indicated that they were not happy with the
process.
In the Senate, 22 Democrats voted for the Edison plan, while four Democrats
and all 13 Republicans voted no.
Sen. Jackie Speier, D-Hillsborough, said she would vote for the bill in its
current form, but not if any substantial changes are made.
"The Legislature is ill-equipped to try to craft a deal," she said. "This
particular measure -- and only this one -- has the intent and clarity to
protect ratepayers. I'm leery of the bill going to the Assembly and being
cannibalized."
The Senate bill authorizes Edison to issue $2.5 billion in bonds to pay off
alternative energy producers and their banks. The bonds would be paid off
through increased rates charged Edison's largest customers and would not
cover the $1 billion Edison owes out-of-state generators.
Edison maintains that the Senate bill will not make the company creditworthy,
which would put it back in the position of buying power.
The state has been spending upward of $50 million a day on power since
January, and Davis and lawmakers want the rescue plan in place so that the
utility can once again begin buying power. There is also hope that any deal
would be used as a way to get Pacific Gas & Electric Co. out of bankruptcy.
In the Assembly, two competing measures put pressure on leaders to change
their bill. The rescue plan by Assembly Speaker Robert Hertzberg of Sherman
Oaks and Assemblyman Fred Keeley, D-Boulder Creek, was undergoing changes to
garner more support.
Some of the changes included eliminating the purchase of transmission lines
and taking municipal utilities out of the deal.
Assemblywoman Elaine Alquist, D-San Jose, one of the undecided members on the
Edison agreement, said the original bill was too complex.
"It's a cleaner bill," Alquist said. "I think it comes down to whether this
does not affect our constituents and there is not a link to PG&E. I would say
I'm tentatively satisfied."
Alquist and other Democrats said they were concerned about the rushed nature
of the Edison negotiations. Only a few members of the Assembly -- all former
state senators now in the lower house -- voted to approve the 1996
legislation, AB1890, that brought deregulation to California.
Assemblyman Joseph Simitian, D-Palo Alto, said he gave a courtesy vote to the
Hertzberg-Keeley plan in the Appropriations Committee, in order to get the
measure to the Assembly floor and continue debate.
"As we've learned from the experience of AB1890, the devil is in the details.
I have a lot of questions," Simitian said. "The difficulty is that very
little gets done here until there is a deadline, and then once there is a
deadline, too much gets done."
Hertzberg acknowledged that some Assembly members were afraid the bill was
getting rushed, but he said lawmakers are well-informed about the energy
crisis and its details. He said they have had 200 hours of caucus meetings
and countless hearings on the crisis.
A wild card in the Assembly's plan was a bill by Assemblyman Rod Wright, D-
Los Angeles, that garnered Republican support. The so-called "straight
bailout" would give Edison its $3.5 billion through a $2-a-month fee levied
on utility ratepayers. It was stuck in the Assembly Appropriations Committee.
E-mail the reporters at [email protected] and
[email protected].
,2001 San Francisco Chronicle ? Page?A - 3
=====================================
|
4,736 |
Subject: RE: [Fwd: Fwd: FW: My New Venture]
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/176.
=====================================
Is there an attachment?
-----Original Message-----
From: Hedy Govenar [mailto:[email protected]]
Sent: Thursday, September 20, 2001 1:28 PM
To: Andrew Govenar; Ron Tom; Cliff Berg; Monica Miller; Scott Govenar;
Jerry Zanelli; Melissa Cortez; Kara Franco; Kaufman, Paul; Sue Mara;
Rick Shaprio; Bev Hansen; Jeff Dasovich; Karen Denne; Steffes, James D.;
Scott Govenar; Ken Smith; Mike Day; Mcdonald, Michael; Alan Comnes;
Kean, Steven J.; Kingerski, Harry; Lawner, Leslie; Robert Frank;
Guerrero, Janel; Buster, Miyung; Thome, Jennifer; Eric Letke; Schoen,
Mary
Subject: [Fwd: Fwd: FW: My New Venture]
This is very cute.
=====================================
|
4,737 |
Subject: Internet Daily for May 18, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12760.
=====================================
Charles Schwab & Co., Inc.
Internet Daily for Friday, May 18, 2001
by Frank Barnako CBS MarketWatch.com
-----------------------------------------------------------------
Amazon goes to the movies
Years after acquiring one of the Internet's richest entertainment
database sites, Amazon.com has begun promoting movies. A new tab
on the Amazon site called In Theaters takes visitors to a page
promoting three new releases, including "Pearl Harbor," the
much-touted Memorial Day release from Walt Disney Co.'s
Touchstone Pictures. Movie trailers are available. Amazon.com
also is offering a customized e-mail alerting registrants to what
films are playing, and when, in their zip-code each weekend. The
company's Internet Movie Database is linked to the promotion
page, providing additional detailed information and reviews.
The first In Theaters advertiser is Disney Co.'s Buena Vista
Pictures Marketing. This is believed to be the initial instance
of Amazon.com taking money for running advertisements. Amazon.com
says its existing database of customers' purchases and interests
will also prove to be a valuable resource for films. Just as the
site does with books and music, it intends to make
recommendations of films and alert users to similar films that
may be of interest.
-----------------------------------------------------------------
KB Toys in new EToys.com pact
KB Toys said Friday it has bid approximately $3.35 million to buy
intellectual property assets and services of bankrupt online
retailer EToys. The deal covers trade names, logos, URLs and
trademarks. EToys also has agreed to contact customers and tell
them they can continue to make purchases online via the
KBkids.com Web site. Last month, KB Toys bought inventory assets
of EToys. Besides its online presence, KB Toys operates more than
1,300 stores in shopping malls.
-----------------------------------------------------------------
Munder's Net fund said to reopen
Munder Capital Management, a unit of Comerica Inc., is reported
to be planning to reopen its NetNet Fund after closing it a year
ago. The fund, with $2.4 billion in assets, is down 26% in the
year to date, after losing 54% last year, according to
Morningstar. The fund's board approved the reopening to new
investments this week, according to The Wall Street Journal. Fund
manager Paul Cook reports that investor redemptions are slowing
and that some existing owners are making new investments. "Almost
all the stocks in the technology universe are easier to buy these
days," he told the Journal.
-----------------------------------------------------------------
MusicNet shown to Congress
RealNetworks briefly showed members of the House Internet and
Intellectual Property Subcommittee an initial version of
MusicNet, a digital subscription service that it co-owns with AOL
Time Warner, Bertelsmann and EMI Group. As part of testimony on
copyright and publishers' rights as they are affected by music
distribution on the Internet, RealNetworks Chairman Rob Glaser
accessed the service. Operating in a manner similar to Napster,
keyword searches returned music files, which were then
downloaded. Glaser said users most likely will subscribe on a
monthly basis, securing a renewable license to use the music for
an established period of time.
During the hearing, witnesses -- including Vivendi Universal's
Edgar Bronfman as well as Glaser -- were advised to settle
licensing and royalty payment issues behind the scenes. "I'm
suggesting to you that you continue your negotiations, in a
woodshed or around a dining room table," said Rep. Howard Coble,
R-N.C., the panel's chairman, according to the Hollywood
Reporter. In what's been a particularly sticky issue for the
entertainment industry, music labels have been unable to reach
agreement on additional compensation due artists and publishers
for digital distribution.
-----------------------------------------------------------------
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|
4,738 |
Subject: Here's my changes-- DASOVICH ADDITION NEEDED
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/12976.
=====================================
Jim,
Here are my proposed changes to what you have said -- in color.
Here is the language keeping DA alive -- the decision is attached (it's short)
D01-03-009, page 6 , March 7, 2001
"Finally, due to pending legislation which would alter Section 80110, we
shall stay action on implementation of the suspension of direct access under
Water Code Section 80110 until further order."
Jeff,
Please fill in the discussion of the MOU below (bullet 5).
------------------------------------------------------------------------------
------------------------------------------------------------------------------
--------
The term "Surcharge" is only applicable until the end of the AB1890 rate
freeze (which will end no later than March.31.02 and may end earlier if (a)
federal court finds in PG&E/SCE favor or (b) California legislature mandates
an earlier end-date or (c) the CPUC decides to actually complete its
proceeding to value the retained assets and calculate an end to the rate
freeze, which would take months. Surcharge is a "term of art" to get around
the problems of the AB1890 rate freeze.
At the end of the AB1890 rate freeze, it is my understanding that the CPUC
will modify fully the rate structure and level to ensure full cost recovery
on a going forward basis (therefore Utility Retained Generation, QF expense,
CDWR current expenses (both energy purchase and financing costs will be
included). Some members of the CPUC signaled in the May 5 decision (noted
below) that they intended to investigate "bottoms up" rate making -- this is
preferred by AReM and many others. Theoretically, it would clearly separate
generation-procurement-retail sales functions from other charges, such as T
and D. DA sustomers would only be charged for T & D etc. -- not the other.
If done correctly, even charges included now in T & D, such as some
ISO-related functions, would be moved out to make the T&D charges pure wires
charges. This approach would be preferred. Any "bottoms up" proceeding would
take months and unlikely to be concluded before the end of this year.
Other outstanding costs will include (1) Utility Undercollection from May.00
until when no additional CA-ISO costs are applied or until rates cover costs
and (2) CDWR costs beginning Jan.17.01 until the end of AB1890 rate freeze or
the end of DWR's purchasing activities.
Understanding how all these costs will be recovered and by whom will most
likely (80% probability) be decided by the Legislature with some
decision-making by the CPUC. If theLegislature does not take this up, it will
be decided by the bankruptcy court or federal court.
Utility Undercollection Bypass - 25% So far, the Legislature has done nothing
to address the utility undercollection (except for San Diego, which has a
balancing account but no way to cfollect it yet). SCE's MOU does address
this by (INSERT BY JEFF). The MOU has received bad reviews by the Legislature
but Enron has been supporting it with some changes and a bi-partisan group of
Legislators has been analyzing it and intends to propose amendments.
Probablility that utility undercollection is dealt with by the Legislature --
50%
Various bills in the Legislature have been introduced to delete the language
in AB1X 1that gave the CPUC the right to terminate DA. A diverse group of
business interests called the Direct Access Coalition has been pushing for
this and for a bill that takes care of DWR's potential stranded cost problem
but provides flexibility for direct access.
Our current assessment is as follows: Bypass allowed for payment of DWR
costs Jan.17.01 thru rate freeze end - 80% probability for people who never
were on Utility Service, 50% for people who used Utility Service post
Jan.17.01 but build self-gen or incorporate energy efficiency/load
management; also, 50% chance for 60-90 day amnesty period for people to
select direct access and 50% chance for free direct access (without surcharge
or exit fee) for those who switch while DWR has a "net short" position.
CDWR Net Unavoidable Bypass - 10% for people who used Utility Service post
Jan.17.01, 80% for others.
LEGISLATION IMPACTING THIS DECISION
There are three key direct access bills being considered (the Bowen bill -
SB2x27, the Kelley bill - AB2x42, and the Battin bill - SB2x??).
The Bowen bill would remove the DA suspension authority granted in AB1x1 and
replace it with the following (1) if a customer has not bought from an
electric utility on or after Jan.17.01 there are no charges [except there may
be an entrance fee to use the electric utility going forward] and (2) if a
customer wants to switch from an electric utility to an ESP they must pay "to
the department any uncollected amounts equivalent to the department's net
unavoidable cost of power procurement, including any financing costs,
attributable to that customer" to ensure the satisfaction of any power
purchase obligation or bond obligation to serve "that customer". The
recovery period shall be coincident with the terms of bonds issued to finance
the purchases. The CPUC has 90 days from the effective date to notify
customers of their obligations.
The Kelley bill would remove the DA suspension authority granted in AB1x1 and
replace it with the following (1) if a customer has not bought from an
electric utility on or after Jan.17.01 there are no charges, (2) every
customer is allowed to buy from an ESP a % of their load equal to the amount
served by Utility Retained Generation (not CDWR purchases) with no charges,
(3) after the effective date, any customer that buys from the electric
utility and wants to switch must pay "to ensure satisfaction of any power
purchase obligation or bond obligation incurred by the department" with the
following constraints - (a) for res and small commercial customers, if DA
load is less than load growth or (b) to self gen customers, if the customer
has given 180 days prior notification or (c) if the customer has given DWR 12
months' advance written notice (then only a fee equal to 12 months
unavoidable costs). The CPUC has 30 days from the effective date to notify
customers of their obligations.
The Battin bill would ... still reviewing
Keep in mind that all of these bills are in flux. As described above, the DA
Coaltion is pushing hard for a "good" direct access bill that provides some
flexibility and has its own language that it is floating. Even with exit
fees, the Coalition's proposed language would require DWR to base the fee on
a calculation of its actual costs from losing the load. Enron is also
pushing to make direct access part of any compromise settlement and the
Republicans have taken the same approach.
CPUC DECISIONS IMPACTING THIS
March 7 Decision Implementing ABX 1 -- decided not begin the process to
terminate direct access
May 5 Order - DA doesn't pay DWR expenses going forward and the 3 cent
surcharge does not apply to DA customers.Good for bypass of these costs. We
expect the utilities to file Petitions to Modify the decision to argue that
they cannot implement it -- they will likely seek to have the charge appply
to DA Customers and then put the same amount in the credit. Given the
problems we all have with the negative credit and the utilities' notion of a
zero bill, there will be much opposition to the utilities' proposal. The
utilities chance of success on this is less than 50%.
Proposed action -- Alliance for Retail Energy Markets (AReM) will begin
pushing to stop charging the current 1 cent surcharge to DA customers (to be
consistent with the May 5 decision). Chance of success is 60%.
.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
=====================================
|
4,739 |
Subject: Special: Calif ISO Inflates Outage Figures
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10671.
=====================================
Julie, could you post on the outage tracking Web page?
GAC
POWER POINTS Special: Calif ISO Inflates Outage Figures
By Mark Golden
04/04/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column
NEW YORK -(Dow Jones)- The California Independent System Operator on Monday
published on its Web site its list of off-line generators, as it has done
every day since Jan. 25, as a way of showing why it is having such a hard
time keeping the lights on.
Monday's bottom line - 15,501 megawatts of generating capacity out of service
- was stunning since electricity usage within the ISO's area peaked that day
at 28,632 MW.
But on Monday, as it has every day since Jan. 25, the ISO padded the list. It
included power that isn't in any way considered resources of the ISO;
qualifying facilities that the ISO counts twice; and generators that returned
to service hours before the list was published.
When those are eliminated, Monday's listed outage total falls to 8,905 MW
from 15,501.
The ISO list, for example, added 1,221 MW to the total of its "California
Generation Curtailments" because the 1,221-MW Palo Verde nuclear unit 1 was
taken off line over the weekend for scheduled refueling. But only one of the
three investor-owned utilities that the ISO represents, Edison
International's (EIX) Southern California Edison, owns any of the electricity
from the Palo Verde plant, which is in Arizona. Edison's take from the
generator is just 201 MW.
The same could be said for Four Corners unit 4, which contributes 355 MW to
the ISO when its running, but 740 MW to Monday's ISO outage list.
The ISO list also includes dozens of generators owned by California municipal
utilities that aren't part of the ISO's system. The ISO is responsible for
managing the combined electricity load of Southern California Edison and
California's other two investor-owned utilities: PG&E Corp.'s (PCG) Pacific
Gas & Electric Co. and Sempra Energy's (SRE) San Diego Gas & Electric Co.
Power plants owned by the three utilities are considered to be ISO resources,
as are the big power plants that the utilities sold to merchant power
companies like Dynegy (DYN) and Reliant (REI), and smaller, alternative power
plants - or "qualifying facilities" - that provide juice to utilities under
long-term contracts.
On Monday, the ISO included 2,726 MW of off-line generation that isn't
considered by anybody to be ISO resources in the first place.
The ISO agrees it shouldn't be counting the entire output from generators
that the utilities only partially own.
"It's a flaw in the calculation by the software. We're trying to get that
fixed, and it should be within a week or two," said Tracy Bibb, the ISO's
managing director of engineering and maintenance.
As for counting generators owned by municipal utilities in Pasadena and
Sacramento that the ISO doesn't serve, Bibb said the ISO has no choice but to
include them.
"The governor issued an emergency order that the ISO shall publish a list of
all unit outages in California. We contacted all the utilities and said that,
even though you're not part of the ISO, you are required to report outages to
us, and we're required to post them," Bibb said.
The inflated daily outage list hurts the reputation of the state's merchant
power companies. One of the primary uses of the list is to imply that
"out-of-state generators," as they are often called, are keeping massive
amounts of power off line to maintain false scarcity and pump up the
wholesale power market.
"California once again was threatened with blackouts Friday, which put
Reliant Energy on the spot when it announced it had taken one of its units
out of service at its second-largest power plant in the state," the Houston
Chronicle reported last week. "California critics have called power producers
pirates, saying practices like taking plants out of service at key times push
up prices."
The ISO includes every little difference between maximum output and actual
output, however small or temporary. Of the 73 large in-state generating units
owned by merchant power companies Reliant, Dynegy, AES Corp. (AES), Duke
Energy (DUK) and Mirant (MIR), 51 units were on the ISO's list. Many are off
line for scheduled spring maintenance, but most are on the list because at
some point in the day they weren't generating at full capacity. Duke's 171-MW
Morro bay unit 1, for example, appeared on Monday's list because at some
point in the day it was generating just 155 MW.
"We hardly ever bring that 44-year-old unit to full load. It will stay on
longer that way. The 171-MW maximum is running it flat out under perfect
weather conditions," said Duke spokesman Tom Williams.
And many units are run at partial capacity due to annual limits on emissions
of nitrogen oxide, which became far more strict this year, Williams and
others said.
The ISO doesn't want to hear the excuses.
"A lot of them have been certified to a certain maximum capacity. Any derate
at all off of that does get picked up. The unit is supposed to be good for
that maximum," Bibb said.
As for NOx limits, Bibb agreed the limits are being reached because the units
are running more than ever before. But he said there are ways around the
limits, such as obtaining variances.
AES had to shut down several plants when it exhausted its emissions last
year, and this spring and fall AES is installing NOx reduction equipment at
eight of its big generators. But that raises another problem the merchant
power companies have with the way the ISO breaks down its outages. Of the
15,501 MW shortfall listed Monday, 8,035 is listed as "unplanned." The
merchant companies said most of these "unplanned" outages were coordinated
with, and approved by, the ISO months ago.
"The ISO has coordinated the schedule for all 17 units in the L.A. basin that
are going to be off line for SCR (selective catalytic reduction)
installations this year. The schedule was finalized in early March," said AES
spokesman Aaron Thomas.
Nevertheless, three AES units out for SCR installation contributed 672 MW to
Monday's unplanned outage total.
It's the unplanned total that is often used to imply that merchant power
companies are creating a false scarcity in order to drive up prices.
Weirdly, if a unit is generating less than its maximum by different amounts
at different times of the day, the two curtailments are added together for
the ISO list, though Bibb says this will also be fixed in the new software
program.
Also on Monday, the ISO listed 1,580 MW off line at Southern California
Edison's Mohave plant, even though the generators involved had returned to
full operation hours before the ISO put its list out at 11:45 a.m. PDT. The
return of any capacity before the list is published is ignored, but if a unit
trips off line just before the list is published, that gets included, the
ISO's Bibb said.
The grid operator double-dips when it cites the state's smaller qualifying
facilities. The ISO's chief operator and spokesman have said repeatedly in
press conferences, interviews and press releases that the qualifying
facilities that have been turned off due to lack of payment from utilities
are separate from the ISO outage list. And daily newspaper reports give both
the outage total and the qualifying facility total separately.
But the outage list includes QFs every day. On Monday, for example, 1,726 MW
of QF generation contributed to the outage total.
In the meantime, it's the list's inflated total that grabs attention.
"We don't get that many questions on it from the media. People pretty much
take what they need from it - the bottom line," said ISO spokeswoman
Stephanie McCorkle.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
4,743 |
Subject: Sue's Valuation
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1508.
=====================================
Here's what I have: I'm sure I'm on time in some time zone somewhere. Tim
Belden is due back from vacation on Monday. The West desk would not give me
any valuation estimates until Tim returned.
EES
PTR, Phase I
Enron was the only party that raised the issue of the UDCs imposing an
artificial cap on the PX credit for direct customers (RAP '98). The CPUC
shined us on. Later, we ensured that it became part of ARM's case in PTR
Phase I. The way the "cap" worked, the UDCs would not pay ESPs the full PX
credit when prices were high -- they would pay a credit that, when added to
the other bill components, did not exceed the frozen rate for the direct
access customer, thereby costing ESPs potentially a lot of money. It was
clear in the previous CPUC direct access decisions that UDCs had no right to
cap direct access credits. Because of our good case and the fact that the
UDCs believed the chance of such high PX prices was LOW, the UDCs settled
with ARM on this issue in 1999.
2000 NPV estimated by Dennis Benevides: $30 - 40 million
% Attributed to Enron's Efforts: 90%
Green Credit Legislation
Enron and other green suppliers began work in 1998 to extend the credit given
for sales of green power. The credit was scheduled to end by 2002. In 1999,
the money specified in AB 1890 was being depleted rapidly and Green Mountain
took the lead in pressing for legislation. We actively supported Green
Mountain by lobbying legislators and other interest groups, working with
envrionmental organizations, and spearheading legislative amendments.
Although this bill became wrapped up in the San Diego crisis and ISO/PX
issues, the green credit portion of the bill remained intact. We had also
decided jointly to propose a ten-year credit and were very pleased and
surprised that it survived into the final bill. Governor Davis is expected
to sign the bill.
2000 NPV estimated by Dennis Benevides: $50 million
% Attributed to Enron's Efforts: 25%
RAP '99
Enron, through ARM, has successfully made its case that retail procurement
and retail sales costs should be removed from the Distribution Charge that
all customers pay. Direct Access customers would receive a credit on their
bills in addition to the PX credit. Enron was the first party to raise these
issues as part of RAP '98 and got a Commission decision in that case to
determine the credit in RAP '99. In RAP '99, Enron chose to use ARM to
litigate the case as a cheaper alternative. Hearings were completed in the
Spring of 2000. ARM has negotiated settlement rates with certain parties and
has convinced the Assigned Commissioner to draft his own decision to
counteract the unfavorable ALJ decision. An additional credit of from $0.25
to $0.30/MWh is expected. The decision will be voted out within the next two
months.
2000 NPV estimted by Dennis Benevides: $1 - 5 million
% Attributed to Enron's Efforts: 75%
ECT
FTR Release April 1, 2000
I have spearheaded the release of firm transmission rights in CA since I
joined the Company in 11/96. Our long and painful fight with creeping
nodalism culminated with the release of some, but not all, FTRs in April of
this year. ENA actively participated in the auction and became the largest
single purchaser of FTRs. The new congestion management approach, which
Enron also spearheaded, will require 100% release of FTRs, but will not take
effect until next year. This valuation looks only at the FTR release in 2000.
2000 NPV estimated by Tim Belden: To be determined 9/17/00
% Attributed to Enron's Efforts: 90%
ISO Price Caps
ENA was long in the market in the West and had millions at risk when lower
price caps began to be discussed in CA in mid June. Government Affairs,
working with Dave Parquet and others, was instrumental in significantly
delaying the movement to lower price caps, thereby giving ENA time to move
out of those positions. The following events happened in 2000. We entered
the year with a price cap of $750, having fought to raise it to that level in
1999. In March 2000, the ISO considered lowering the price cap to $500 but
voted to leave it at $500, because they believed at the time that market
power had been adequately mitigated. After the four very high-priced days in
June, the ISO considered lowering the price cap to $250 with a vote on June
22, but the vote failed by ONE VOTE. Instead, the Board lowered the price cap
to $500. The Board voted again on July 1 to lower the cap and again the vote
failed by ONE VOTE. Finally, on August 1, the Board approved the $250 price
cap, effective August 7. In June, Government Affairs intitiated an all-out
lobbying effort to convince Board members and their constituents to oppose
lower price caps. We also lobbied interest groups, banks, venture
capitalists, NYMEX and others to weigh in on this issue with individual Board
Members and the Board itself, going so far as to set up a special arrangement
with the ISO staff to allow interested parties to address the Board
telephonically.
2000 NPV estimated by Tim Belden: To be determined 9/17/00
% Attributed to Enron's Efforts: 80%
New Market-Oriented Board Member
The ISO recently held Board elections for the first time. Government Affairs
actively sought market-oriented individuals to run for the Board and replace
those that do not support competitive markets. Enron was successful in
getting about five to run. The Members selected or confrmed by the EOB have
been held up and we do not yet know the outcome of those Board seats.
However, one seat of interest has been decided. Dave Parquet suggested a
potential municipal representative who was extremely market-oriented (Michael
Wood, City Attorney for the City of Pittsburgh). Government Affairs worked
with him closely to decide which seat to run for, help him prepare his
application, suggest lobbying tactics, assist in lobbying and support him
with other Board Members. He won the election and became a Board Member in
early September. This effort is significant, because the munis voted nearly
100% in support of lower price caps. The position he took was one of those
votes. All other things being equal, we have now added a vote on our side
that could be instrumental in defeating further efforts to impose lower or
additional price caps, given the close votes that have taken place thus far.
2000 NPV estimated based on Tim Belden's Pice Cap Assessment: To be
determined 9/17/00
% Attibuted to Enron's Efforts: 100%
=====================================
|
4,748 |
Subject: LV valley endures blackouts
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28263.
=====================================
Now here's an "unintended" consequence: price caps cause less supply to be
available (marketers cannot sell above cap and generators must be subject to
cost filings if they do) and the result is black outs.
Alan
Tuesday, July 03, 2001
Copyright , Las Vegas Review-Journal
POWER SHORTAGES: LV valley endures blackouts
Utility officials expect supplies to stay tight as hot weather continues this
week
By JOHN G. EDWARDS
REVIEW-JOURNAL
The first rolling blackouts in Southern Nevada history hit the Las Vegas
Valley on Monday with a speed that surprised even Nevada Power Co.
The utility company declared a red alert and initiated rolling blackouts that
left an estimated 10,000 customers without power. It had reported 70,000
customers were affected but later revised the number of customers who lost
electricity.
The blackouts started at 4:10 p.m. and ended at 4:55 p.m., the utility said.
Nevada Power attributed the power shortages to several factors: unusually
high temperatures for this time of year, three generation unit outages, the
area's rapid growth, power shortages in California and, possibly, the
wholesale power price caps that federal regulators imposed last month.
"What killed us was the temperature was unbelievable," said Paul Heagan, vice
president of Sierra Pacific Resources, the holding company for Nevada Power.
The Las Vegas temperature soared to a near-record 114 degrees.
As for the rest of the week, "power (supply) is going to be tight," Heagan
said. "The prospects this week are kind of tough to call."
The company logged record demand for power: 4,421 megawatts at 5:05 p.m.
Monday. The previous all-time high was 4,325 megawatts on Aug. 1. A megawatt
is roughly the amount of power needed to supply 750 houses.
By contrast, on July 2 last year, the utility hit 3,300 megawatts when the
temperature was 107 degrees, Heagan said.
The company targeted nonemergency areas for Monday's rolling blackouts, which
affected mostly residential customers.
Nevada Power spokesmen declined to identify the affected areas even after the
emergency was over. Witnesses said power went out in one area of the
Northwest and one area of the east valley.
Electricity customers in the affected areas said the blackouts lasted between
20 and 45 minutes.
Several traffic signals went out, including those at the intersections of
Buffalo Drive and Lake Mead Boulevard, Tenaya Way and Lake Mead, and Boulder
Highway at U.S. Highway 95. Las Vegas Police Department officials reported
few traffic problems because of the blackouts.
For the most part, people reported few problems.
"We only had a few customers, and we couldn't do Western Union transactions
without a computer, but with the other customers we just winged it," said
Michelle Hitt, a customer service representative at Mail Boxes Etc., 7500 W.
Lake Mead Blvd. Hitt said power at his store was out about 45 minutes.
Across the street, an assistant manager for the Vons supermarket at 7530 W.
Lake Mead Blvd. said customers could not check out when the store's power
turned off.
The Roadhouse Grill at Lake Mead Boulevard and Tenaya Way was shut down for
about 25 minutes shortly after 4 p.m., restaurant manager Kim Tuerk said.
"We had to evacuate the building because of health department and fire codes,
but it was no big deal," he said.
Heagan said Nevada Power will start its rolling blackouts in other areas of
the valley if it needs to cut power again this week.
The utility's policy calls for no notification to areas that will lose power,
unlike California, where a minimum of 24 hours notice is required.
Nevada Power fears that notification would be used by burglars to locate
unoccupied houses during the emergency.
Tim Hay, state consumer advocate, said he thinks customers in affected areas
should be notified of possible outages. "They need to provide notice to
affected areas, at least in general areas" to help people prepare, Hay said.
Elsewhere in the valley, consumers and businesses continued operating
normally during the emergency.
Meadows mall General Manager Frank Wheat said power was not affected at the
shopping center.
"We know rolling blackouts can occur," he said. "We do have backup generators
for emergency lighting during hours of darkness, but not for all the stores."
Spokespeople at University Medical Center and Sunrise Hospital also said they
were not affected by Monday's blackouts and have their own backup power
supplies.
Minta Albietz, vice president of maternal-child services at Sunrise:
"We have our own little power plant in the back. We can generate our own
power for 30 days, longer as long as we have fuel."
The company said its power woes began Friday when it internally declared a
yellow alert and warned employees that it was running short of power, Heagan
said.
On Friday, Nevada Power customers were pulling down 4,300 megawatts, the
second- or third-highest peak in the company history, he said.
Meanwhile, one of Nevada Power's electrical generation units at the Reid
Gardner site 50 miles north of Las Vegas has been down since Friday because
of a leaking boiler, he said. Also, Southern California Edison, which
operates the Mohave Generating Station at Laughlin for several utilities,
notified the company Friday that two of Nevada Power's units were down.
Nevada Power said it was able to obtain additional power on the spot market
and avoid blackouts last week and did not need to seek any power use
curtailment by major users.
The yellow alert continued through the weekend, a period when electric
consumption usually declines because businesses are closed and many people
are driving around.
The company made arrangements to buy another 250 megawatts of electricity
Monday when most businesses reopened. "That got eaten up by early afternoon,"
Heagan said.
The utility said casinos reduced about 50 megawatts by switching to backup
generators and starting conservation measures. But several Strip casino
operators said they received no requests to conserve power or to turn on
their backup generation units.
"Nevada Power hasn't asked us to shed (power) load," said Debbie Munch, Park
Place Entertainment spokeswoman. "They asked us to cut our power usage a
couple of times last summer, and we did so. If they do ask us, we'll do what
we can to help the community."
Mandalay Resort Group and MGM Mirage executives said they were not asked to
cut their power use Monday.
"Our facilities guys said nobody's asked us for anything, and we haven't done
anything," said Fred Lewis, Aladdin spokesman.
"At first glance, it appears the problem was handled very well," said Don
Soderberg, chairman of the Public Utilities Commission, which regulates
Nevada Power.
"It's always hard to predict when we're going to have abnormal temperatures,
and power plants are going to go off-line," Soderberg said. The situation, he
added, "underlines the need to build more power plants."
Monday's 114-degree high was one degree shy of the record for the date. The
heat follows the warmest May on record, said Joe Nemeth, a senior forecaster
with the National Weather Service. Temperatures are expected to stay warm but
tapering off as the week progresses and the risk for thunderstorms increases,
meteorologists reported.
Highs will stay in the triple-digit range, but drop to 110 degrees today, 105
on Wednesday, 106 on Thursday and 103 on Friday. A less than 20 percent
chance for rain exists today, a chance that increases to 30 percent
Wednesday.
Forecasters expect a 40 to 50 percent chance of rain the rest of the week.
This story is located at:
http://www.lvrj.com/lvrj_home/2001/Jul-03-Tue-2001/news/16458159.html
=====================================
|
4,749 |
Subject: Re: Bandwidth Trading Structure Meeting
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/2734.
=====================================
Calling in on the 2nd should be fine. Sorry that it doesn't work for you to
be there in person.
I'm going to be out of the office from about 3:00 this afternoon until 11:00
tomorrow morning, EST. If your meeting happens after 11:00 EST tomorrow, I
would like to join by phone. (But don't worry about scheduling around me if
it's a problem). Donald is on his way back from South America, and probably
isn't available. Scott may be available by phone and probably would be
interested in participating.
Maybe the next person we hire should be a full-time schedule coordinator.
Thanks for your enduring patience.
Jeff Dasovich
Sent by: Jeff Dasovich
10/26/2000 08:21 AM
To: Sue Nord/NA/Enron@Enron
cc:
Subject: Re: Bandwidth Trading Structure Meeting
So it is the 2nd after all? Thought it might be the first, which I could
have made. The 2nd doesn't work---have set up a meeting with ENA to meet
with Sempra execs to see if a deal can be done (yeah, right). But since it's
that early on the 2nd, I can call in by conference call and attend the first
90 minutes, or so. Will that work?
In other exciting news, going to meet with the lawyers and Bowen either this
afternoon or first thing in the morning tomorrow. You want to join? And
should I see if Scott and/or Donald want to attend? Just let me know.
Best,
Jeff
Sue Nord
10/25/2000 02:15 PM
To: Jeff Dasovich/NA/Enron@Enron
cc:
Subject: Bandwidth Trading Structure Meeting
I hope this works for you.
----- Forwarded by Sue Nord/NA/Enron on 10/25/2000 02:15 PM -----
Wayne Gardner@ENRON COMMUNICATIONS
10/25/2000 01:15 PM
To: Alisa Christensen/Enron Communications@Enron Communications, Sue
Nord/NA/Enron@Enron, Donald Lassere/Enron Communications@Enron
Communications, Lara Leibman/Enron Communications@Enron Communications,
Michelle Hicks/Enron Communications@Enron Communications, Robbi Rossi/Enron
Communications@Enron Communications
cc: James Ginty/Enron Communications@Enron Communications
Subject: Bandwidth Trading Structure Meeting
The Bandwidth Trading Structure meeting witll take place at 8:30 am on
November 2, 2000, in conference room 4434. I will circulate a meeting agenda
no later than October 30.
W. Wayne Gardner
Enron Broadband Services
1400 Smith Street
Houston, TX 77002-7361
Phone: 713 853 3547
Fax: 713 646 2532
=====================================
|
4,750 |
Subject: WGA WEEKLY SCHEDULES for the Week of July 9 - 13
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28444.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of July 9 =01) 13, 2001
Paul Kaufman
Mon 7/9 Vacation
Tue 7/10 Vacation
Wed 7/11 Vacation=20
Thu 7/12 Vacation=20
Fri 7/13 Vacation
Sue Mara
Mon 7/9 San Francisco CA office
Tue 7/10 San Francisco CA office
WPTF Board Meeting - Morro Bay [via phone]: 9:30 AM - 3:00 PM;
Kid duty, PM [tent.]
Wed 7/11 San Francisco CA office; Kid duty, PM [tent.]
Thu 7/12 San Francisco CA office
Fri 7/13 San Francisco CA office
Jeff Dasovich
Mon 7/9 Sacramento CA
Tue 7/10 Sacramento/San Francisco CA office [TBD]
Wed 7/11 Sacramento/San Francisco CA office [TBD]
Thu 7/12 Sacramento/San Francisco CA office [TBD]
Fri 7/13 Sacramento/San Francisco CA office [TBD]
Mona Petrochko
Mon 7/9 San Francisco CA office
Tue 7/10 San Francisco CA office
Wed 7/11 San Francisco CA office
Thu 7/12 San Francisco CA office=20
Fri 7/13 San Francisco CA office
Alan Comnes
Mon 7/9 Portland OR office
Tue 7/10 Portland OR office
Wed 7/11 Portland OR office
Thu 7/12 Portland OR office
Fri 7/13 Portland OR office
=====================================
|
4,753 |
Subject: Additional FERC Actions Likely On MONDAY
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27755.
=====================================
FERC has set a meeting for Monday18 June 10 am PDT wherein it has noticed its
California and WSCC-wide dockets. The meeting has been timed in advance of
congressional hearings (by Senator Joseph Lieberman) that were set for later
in the week.
Expect FERC to respond to intense political pressure to expand its current
price mitigation measures, possibly to a WSCC-wide scope or to all hours, or
both.
As far as I know Hebert is still President of the FERC, which would speak to
less intervention rather than more.
We will forward information as we learn it.
Alan Comnes
US FERC To Meet June 18 On Western US Electricity Prices
06/11/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
WASHINGTON -(Dow Jones)- The U.S. Federal Energy Regulatory Commission has
scheduled a special meeting June 18 to address pending matters involving
electricity markets in California and neighboring Western states.
The commission's meeting notice provides no details, except to list for
discussion four cases involving price mitigation in, and the structure of,
volatile power markets in California and 10 other Western states.
The meeting comes as members of Congress are placing enormous political
pressure on the commission to take more drastic action to contain runaway
electricity prices in the region.
Last week, House Minority Leader Dick Gephardt, D-Mo., joined 21
Western-state congressional lawmakers to request an opportunity to appear
before the commission to argue their case for cost-based price controls in
the region's electricity markets.
"At least twice, FERC has determined that the Western electricity market is
'dysfunctional' and that prices are 'unjust and unreasonable' under the
Federal Power Act. Despite these findings, and contrary to the law, the
commission has failed to bring these rates to just and reasonable levels,"
the lawmakers said in a letter to FERC Chairman Curt Hebert.
By Bryan Lee, Dow Jones Newswires, 202-862-6647, [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
4,754 |
Subject: The 2nd edition of the Retail Energy Deregulation (RED) Index is
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8995.
=====================================
The Center for the Advancement of Energy Markets (CAEM) has just issued the
2nd edition of the Retail Energy Deregulation Index 2001 (RED Index). Due
to the California Crisis, the RED Index has recently been featured on CNN,
Time Magazine, NPR, and USA Today.
The latest version of the RED Index, first issued in February 2000 by CAEM,
showed three states-Pennsylvania, New York and Maine-with scores of 60 or
more out of 100. The states had scores of 66, 64 and 62, respectively.
The report said six states and the District of Columbia made significant
progress by scoring increases of more than 25 points between Jan. 1, 2000
and Jan. 1, 2001: Maryland (49-point increase), the District of Columbia
(47), Illinois (34), Texas (33), Ohio (33), Michigan (26) and Virginia (26).
The RED Index report also showed that:
* From 1999 to 2000, the RED Index National Score, the average of the scores
of the 50 states plus the District of Columbia, increased from 11 to 17.
* The median score was 6 and the mode (the score achieved by the greatest
number of states) was zero, indicating that the high scores of a limited
number of states skewed the national average.
* Pennsylvania, the state with the best RED Index scores from 1997 to 2000,
also had a significant decrease in electricity cost (revenue per kilowatt
hour)-17 percent. California, despite recent developments, also had a
decrease of almost 24 percent for the three-year period.
The Center for the Advancement of Energy Markets (CAEM) is an independent,
nonprofit think tank specializing in the impact of competition and
technology on transforming energy markets.
.
The response to the 1st edition of the RED Index from both the public and
private sector has far exceeded our expectation for a first-time study by
the new kid on the block. The Governor of Pennsylvania and the New York
Public Service Commission issued press releases touting its ranking in the
RED Index and the Vermont Department on Public Utilities requested
permission to distribute the RED Index in its retail competition docket
(Docket 6330) as a straw man of the key attributes for retail restructuring.
The Secretary of Revenue of Pennsylvania cited us in his report on the
impact of electric restructuring on Pennsylvania's economy. The Alabama
Attorney General asked CAEM to testify on his behalf before the Alabama PSC
using the RED Index methodology. The World Bank called it "the most
sophisticated scorecard for measuring power sector reform."
The following are several of the companies that purchased last year's index:
BG&E, Duke, PSE&G Energy Services, Enron, Allegheny Power, Dynegy,
Pricewaterhouse Coopers, DLJ, Constellation, Deutsche Banc, ConEd, NRECA,
Excelergy, Green Mountain, FPL, GPU, Marubeni Power International, McKinsey,
Niagara Mohawk, PECO, PG&E, Shell, Anderson Consulting, and SoCal Edison, to
name a few of the more recognizable names.
CAEM provides the RED Index at no fee to 1,600 government policy
organizations, including public utility commissions and state legislatures,
and nonprofit, public-interest organizations. CAEM funds the study by
charging a modest fee to private sector organizations.
The report also lists the following CAEM awards, as well as others:
* The CAEM RED Carpet Award goes to the person, organization or event that
most furthers the cause of an effective transition from the monopoly model
to the choice model. The CAEM RED Carpet Award for 2000 goes to the State
of Pennsylvania.
* The CAEM RED China Award goes to the person, organization or event that
expresses the least confidence in market forces. The CAEM RED China Award
goes to Governor Gray Davis of California.
RED Index 2001 is a 200-page study that measures the progress states have
made in moving from the monopoly model of public utility regulation to the
competitive model. A RED Index score of 0 represents the monopoly model and
a score of 100 represents complete and effective implementation of the
competitive model. The index focuses on retail competition and currently
only covers electric restructuring, and will be updated once a year in July.
CAEM developed the RED Index by identifying 22 key attributes that are the
foundation for an effective transition to competition. These attributes were
weighted and scores were assigned to the different options that states have
regarding that attribute. CAEM then conducted research to determine the
option chosen by each state on each of the 22 attributes. Over 45 state
commissions assisted CAEM by commenting on our characterizations of their
policies. The index scores were then calculated based on the methodology and
research.
Changes from last year's report include
* A new methodology developed in conjunction with an 11 member advisory
committee representing all sectors interested in restructuring;
* Expansion to 22 attributes and refinement of many commission options;
* RED Index scores extended to 1997 and 1998 to develop a four year
perspective
* Includes State Profiles on customer and retail market demographics
* More analysis of key events and impact of energy restructuring-California
and business practices
A RED Index for electric restructuring in Canada will be issued in March, an
update for both the US and Canada will be issued in July, and a natural gas
version for both Canada and the US will be issued in July. The Annual
Project Fee includes all reports.
Private sector organizations can order a copy from [email protected]
<mailto:[email protected]> through the CAEM website at www.caem.org.
If you have any questions please contact Nancy Etkin, Project Director of
the RED Index, at [email protected] <mailto:[email protected]> or by calling
703-532-6887.
If you do not wish to receive information from CAEM, please reply and put
"remove" in the subject line.
- winmail.dat
=====================================
|
4,755 |
Subject: Fwd: Washington Post - FERC Taken to Task Over Calif. Energy Crisis
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/11778.
=====================================
Content-Transfer-Encoding: quoted-printable
Date: Fri, 27 Apr 2001 10:12:51 -0500
From: "Tracey Bradley" <[email protected]>
To: "Aryeh Fishman" <[email protected]>, "Andrea Settanni"
<[email protected]>, "Deanna King" <[email protected]>, "Dan Watkiss"
<[email protected]>, "Justin Long" <[email protected]>, "Kimberly
Curry" <[email protected]>, "Paul Fox" <[email protected]>, "Ronald
Carroll" <[email protected]>
Subject: Washington Post - FERC Taken to Task Over Calif. Energy Crisis
Mime-Version: 1.0
Content-Type: text/plain; charset=ISO-8859-1
Content-Disposition: inline
FYI
FERC Taken to Task Over Calif. Energy Crisis
By Peter Behr
Washington Post Staff Writer
Friday, April 27, 2001; Page E01
Even before President Bush took office, he and his staff were trying keep
California's energy crisis a long arm's length away, saying it was primarily
California's problem to solve.
But the Bush White House inherited an unavoidable link to California: the
Federal Energy Regulatory Commission, a relatively small Washington agency
with a large mandate to see that wholesale electricity rates remain "just and
reasonable."
California's calamity is defined in part by a battle between FERC and state
officials over what "just and reasonable" means.
On Wednesday, FERC made a new effort to hold down California's electricity
prices without forsaking its commitment to energy deregulation, earning
another round of sharp criticism from California officials. "FERC had a
chance to bring meaningful relief to California's outrageous wholesale prices
and they blew it," California Gov. Gray Davis (D) said yesterday.
The spotlight is bright and unsought for an agency with a modest $175 million
budget, born in 1920 as the Federal Power Commission -- a weak, understaffed
agency that promoted and supervised hydropower dams.
Fifteen year later, during President Franklin D. Roosevelt's New Deal battle
against powerful utility holding companies, the commission was armed with the
authority to regulate rates for wholesale electricity bought by utilities,
and for power transmission. States regulate retail rates.
Today FERC makes rules for the nation's transition away from regulated
utility electric service to a market-based hybrid. In California and many
major states, powerful generating companies compete to sell electricity to
utilities, which act as distributors.
The responsibilities have taxed FERC's staff of 1,200, which is about 10
percent less than peak levels during the mid-1990s.
A backlog of 2,000 pending cases includes not just conflicts over power
prices, but also critical issues of reorganizing the nation's power
transmission network into large regional pools strong enough to make urgently
needed investments in new lines.
When Congress set electricity deregulation in motion in 1992, FERC's goal
became seeing that it succeeded. Gradually, it redefined the "just and
reasonable" standard, saying that as long as electricity markets were
competitive, the prices negotiated by generators and distributors met the
standard.
In hewing to that doctrine, the agency turned down an increasingly angry
flood of demands from Davis and a host of California officials to clamp down
on the state's wholesale electricity prices when they suddenly shot upward
last summer.
Although FERC concluded in November that California's power market was badly
flawed and that the potential for unfair and unjust pricing existed, it did
not impose hard price restraints, opting for a "soft" partial price ceiling.
FERC ordered California to try to fix its broken power purchasing system by
buying the bulk of its electricity through long-term supply contracts with
generators, rather than through last-minute purchases that forced the state
to pay generators' and marketers' top prices. But FERC's plan was not
implemented.
"They have the ability to resolve it and they are not following through with
what we asked them to," FERC Chairman Curt Hebert Jr. said three months ago,
just after being named chairman by Bush.
But under growing political pressure to restrain California's extraordinary
wholesale electricity charges and respond to complaints of overcharging, FERC
has moved deeper into the morass.
Since March, it has ordered power suppliers to refund $124.5 million or prove
that their charges were justified. The generators say their prices have been
based on high costs of natural gas and air pollution permits.
"We're very confident that FERC . . . will see that these issues and
transactions were just and reasonable," said Randy Harrison, chief executive
for western operations of Mirant, a major California generator.
On Wednesday, the commission went further, directing California to establish
maximum rates that generators could charge during power shortage emergencies
through a formula linked to plant operating costs. All generators would be
entitled to get the highest approved price, but suppliers that exceeded the
price benchmark would have to justify their prices or face refund orders.
The decision, on a 2 to 1 vote, reflects a compromise between the agency's
desire to defend the troubled experiment with deregulation while protecting
consumers against overcharging, said energy consultant Peter Fox-Penner of
the Brattle Group.
"They're searching for middle ground here. It's not what we think of as price
caps," he said. "It's flexible. It's related to costs, and that's very
innovative."
But FERC's many critics in California rebuked the agency again yesterday,
saying its actions were too little and too late.
Because the new FERC rules would apply only during power emergencies, there
would be no price restraint at other times, some said.
And by pegging approved rates to the costs of plants burning costly natural
gas, FERC's order would confront California with continuing costs of $300 per
megawatt-hour for large quantities of electricity this summer, eight to 10
times what the state was paying before the crisis, critics said.
"What they did do is virtually irrelevant," said Harvey Rosenfield of the
Foundation for Taxpayer & Consumer Rights. "It's like offering someone who's
been hit by a car an aspirin."
"FERC has failed its responsibilities at every point in the crisis," said
Adam Goldberg, a policy analyst with Consumers Union.
Hebert responds that slapping hard price regulations on California's energy
market is the wrong course for at least three reasons: It does not encourage
generators to build more plants, it doesn't prompt consumers to conserve
energy and it will prompt power suppliers to sell electricity to neighboring
states where prices aren't controlled -- unless California blocks power
exports.
What lessons the public will draw from California's plight this summer and
the deregulation debate remains to be seen, but FERC -- and perhaps the Bush
administration too -- has been pulled more closely than ever into that drama.
Special correspondent Jeff Adler contributed to this article.
, 2001 The Washington Post Company
=====================================
|
4,756 |
Subject: WGA's WEEKLY SCHEDULES for the Week of April 2 - 6, 2001
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10545.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of April 2 - 6, 2001
Paul Kaufman
Mon 4/2 Portland OR office
Tue 4/3 Portland OR office
Wed 4/4 Portland OR office
Thur 4/5 Portland OR office
Fri 4/6 Portland OR office
Sue Mara
Mon 4/2 San Francisco CA office; 11 AM: IEP Regulatory Meeting (via phon=
e)
Tue 4/3 San Francisco CA office=20
Wed 4/4 San Francisco CA office
Thur 4/5 10 AM - 12 Noon: Oversight Board meeting (may not attend);
6 - 8 PM: ISO Board Teleconference
Fri 4/6 San Francisco CA office; 9 - 11 AM: ARM Meeting (via phone)
Jeff Dasovich
Mon 4/2 San Francisco CA office
Tue 4/3 San Francisco CA office
Wed 4/4 San Francisco CA office
Thur 4/5 San Francisco CA office
Fri 4/6 San Francisco CA office
Sandi McCubbin
Mon 4/2 Sacramento CA
Tue 4/3 Sacramento CA
Wed 4/4 Sacramento CA
Thur 4/5 Sacramento CA or San Francisco CA office (TBD)
Fri 4/6 Sacramento CA or San Francisco CA office (TBD)
Mona Petrochko
Mon 4/2 Travel to Denver CO
Tue 4/3 Meet w/Holland & Hart =01) Denver CO
Wed 4/4 San Francisco CA office
Thur 4/5 San Francisco CA office
Fri 4/6 San Francisco CA office
=====================================
|
4,757 |
Subject: Dunn hearing link?
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/28599.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 07/11/2001 11:53 AM -----
Joseph Alamo
07/11/2001 11:47 AM
To: Jeff Dasovich/NA/Enron
cc:
Subject: Dunn hearing link?
Note: you click on the link:
Senate Committee Room 3191
for the "location" of the hearing...and that should start the audio download!
Joseph
---------------------- Forwarded by Joseph Alamo/NA/Enron on 07/11/2001 09:46
AM ---------------------------
Joseph Alamo 07/11/2001 09:45 AM
To: Jeff Dasovich/NA/Enron
cc:
Subject: Dunn hearing link?
this is where I found it on the Senate website --
http://www.sen.ca.gov/ftp/sen/committee/NEW_3191.htm
...then you click "audio" and it should load!
=====================================
|
4,758 |
Subject: [Fwd: SF Greater Bay Area Planning Standard]
Sender: [email protected]
Recipients: ['Elena Schmid" <[email protected]', 'Clyde Loutan" <[email protected]', '[email protected]']
File: dasovich-j/all_documents/10819.
=====================================
Energy Committee and Blackout Busters Participants...please find attached
the draft ISO Board memo for a proposed new planning standard for the San
Francisco Greater Bay Area. This was forwarded to me by Barbara Barkovich.
You may want to review and provide feedback. I will be happy to forward
your feedback to Carl and other contacts on the matter. Thanks. Laura
From: "Miller, Jeff (ISO)" <[email protected]>
To: "Al McCuen" <[email protected]>, "Ali Yari" <[email protected]>,
"Barbara Barkovich" <[email protected]>, "Barry Flynn"
<[email protected]>, "Bud Wegner" <[email protected]>, "Carolyn Kehrein"
<[email protected]>, "Chi Doan" <[email protected]>, "Cliff Rochlin"
<[email protected]>, "Dan Wood" <[email protected]>, "Dave Korinek"
<[email protected]>, "David Marcus" <[email protected]>, "Ed Lucero"
<[email protected]>, "Eric Woychik" <[email protected]>, "Frank
Rierson" <[email protected]>, "Gayatri Schilberg" <[email protected]>,
"JA Savage" <[email protected]>, "James A. Ross" <[email protected]>,
"James Leigh-Kendall" <[email protected]>, "Jim Filippi"
<[email protected]>, "Jim McCluskey" <[email protected]>,
"Karen Griffin" <[email protected]>, "Karen Lindh"
<[email protected]>, "Karen Shea" <[email protected]>, "Kelly Lee"
<[email protected]>, "Kishone Patel" <[email protected]>, "Les Pereira"
<[email protected]>, "Lyle Hill" <[email protected]>, "Mark Ziering"
<[email protected]>, "Martin Bauer" <[email protected]>, "Michael
Yeo" <[email protected]>, "Michele Wynne" <[email protected]>, "Mo Beshir"
<[email protected]>, "Morteza Sabet" <[email protected]>, "Patricia Mayfield"
<[email protected]>, "Paul Scheuerman" <[email protected]>, "Ramchandani, Ramesh"
<[email protected]>, "Rebecca Berdahl" <[email protected]>, "Rick Buckingham"
<[email protected]>, "Robert Jenkins" <[email protected]>, "Sean
Gallagher" <[email protected]>, "Steven Kelly" <[email protected]>, "Tim Wu"
<[email protected]>, "Tom Flynn" <[email protected]>, "Tony Lam"
<[email protected]>, "Tony Velarde" <[email protected]>
Cc: "Clyde Loutan" <[email protected]>, "Elena Schmid" <[email protected]>,
"ISO Grid Planning"
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISOGRIDPLNG@caiso.co
m>, "Kevin Graves" <[email protected]>, "Philip Pettingill"
<[email protected]>, "Ron Calvert" <[email protected]>, "Ron Daschmans"
<[email protected]>, "Stephanie McCorkle" <[email protected]>, "Steve
Greenleaf" <[email protected]>, "Tracy Bibb" <[email protected]>, "Ty
Larson" <[email protected]>, "Vicken Kasarjian" <[email protected]>
Subject: SF Greater Bay Area Planning Standard
Date: Fri, 6 Apr 2001 15:55:03 -0700
Message-ID: <[email protected]>
MIME-Version: 1.0
Content-Type: multipart/mixed;
boundary="----=_NextPart_000_0041_01C0C0EB.9F7582E0"
X-Mailer: Internet Mail Service (5.5.2650.21)
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To: ISO Grid Planning Standards Committee
Attached for your review and comment is the draft ISO Board memo for our
proposed new planning standard for the San Francisco Greater Bay Area. This
issue is scheduled to go to the ISO Board in late April or early May. Please
review this memo and provide me with your comments via e-mail by April 16.
Thanks for all of you help on this.
Also attached is a draft agenda for our next meeting which will be on May
3rd at the Sacramento Airport Host Hotel from 10:00 to 3:00. Additional
meeting materials will be sent out prior to the meeting. Hope to see you
then.
Jeff Miller
<<4-2001 SF Generation Outage Standard #3.doc>> <<Agenda 5-3-01.doc>>
Jeff Miller
Regional Transmission Manager
California ISO
Phone: 916-351-4464
Fax: 916-351-2272
E-Mail [email protected]
- 4-2001 SF Generation Outage Standard #3.doc
- Agenda 5-3-01.doc
=====================================
|
4,759 |
Subject: Possible rotating blackouts beginning at 2:30 today
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/13274.
=====================================
Possible Rotating Blackouts Beginning at 2:30 P.m. Today; Outages Required
Due to Supply Limitations
FOLSOM, Calif.--(BUSINESS WIRE)--May 31, 2001--The California Independent
System Operator (California ISO) is notifying the public of the possibility
of rotating customer outages beginning around 2:30 p.m. today, Thursday, May
31, 2001.
Conservation efforts will help lessen the severity and duration of possible
outages. All Californians are urged to rededicate their efforts to save as
much energy as possible during this emergency situation. Please monitor the
ISO website at www.caiso.com under System Conditions for updates.
Specific information about the location and timing of the outages must be
obtained from the local utilities. California ISO anticipates reaching a peak
load of 37,882 megawatts at approximately 4:00 p.m. this evening. Stage One
and Stage Two Emergencies remain in effect all day, until 12 midnight.
???????ISO TELECONFERENCE CALL
???????Time: ??????????????????3:00 p.m.
???????Phone: ?????????????????1-800-374-1387
???????Passcode: ??????????????ISO News
Stage Three of the state's Electrical Emergency Plan (EEP) is required when
operating reserves fall below one-and-a-half percent. The California ISO's
EEP is part of the state's enhanced reliability standards created by landmark
legislation Assembly Bill 1890, which restructured California's electricity
industry.
California ISO is charged with managing the flow of electricity along the
long-distance, high-voltage power lines that make up the bulk of California's
transmission system. The not-for-profit public-benefit corporation assumed
the responsibility in March, 1998, when California opened its energy markets
to competition and the state's investor-owned utilities turned their private
transmission power lines over to the California ISO to manage. The mission of
the California ISO is to safeguard the reliable delivery of electricity,
facilitate markets and ensure equal access to a 12,500 circuit mile "electron
highway."
Other helpful contacts:
Pacific Gas and Electric, 415/973-5930 Southern California Edison,
626/302-2255 San Diego Gas and Electric, 877/866-2066
???CONTACT: California ISO, Folsom
????????????Stephanie McCorkle, 888/516-NEWS
????????????Director of Communications
=====================================
|
4,761 |
Subject: [Fwd: Hydro solution]
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/634.
=====================================
Just in case you haven't seen this.
gba
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From: "Phillip Muller" <[email protected]>
To: "Gary Ackerman" <[email protected]>
Subject: Hydro solution
Date: Wed, 9 Aug 2000 14:09:37 -0700
Message-ID: <[email protected]>
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Here's the latest press release from PG&E
Proposal Uses Hydroelectric Power to Help Stabilize Energy Prices
Business Editors and Energy Writers
EDITORS: Please do not use ``Pacific Gas and Electric'' or ``PG&E'' when
referring to PG&E Corporation or its National Energy Group. The PG&E
National Energy Group is not the same company as Pacific Gas and Electric
Company, the utility, and is not regulated by the California Public
Utilities Commission. Customers of Pacific Gas and Electric Company do not
have to buy products or services from the National Energy Group in order to
continue to receive quality regulated services from Pacific Gas and Electric
Company.
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 9, 2000--
As state swelters through long hot summers, cheap
hydroelectric power will ensure consumers pay less for electricity
Citing broad support from a coalition representing consumer advocates,
business, labor, agriculture and water interests, Pacific Gas and Electric
Company jointly filed an agreement with the California Public Utilities
Commission (CPUC) today to commit the utility's hydroelectric generating
plants to the effort to help provide needed stability in California's
fragile electricity market.
If approved by the CPUC, this settlement agreement creates a compact between
customer groups and Pacific Gas and Electric Company that would enhance the
economic and environmental benefits of the hydroelectric system for the
public. The agreement would supersede current plans for auctioning the
hydroelectric plants to third parties which were filed late last year. The
agreement calls for PG&E Corporation to retain the hydroelectric generation
system within a California-based affiliate. The other signatories to the
agreement include The Utility Reform Network (TURN), the Coalition of
California Utility Employees (CUE), Agricultural Energy Consumers
Association (AECA), California Retailers Association, Sonoma County Water
Agency, and Tuolumne Utility District.
``Parties came together to develop this proposal that will moderate prices,
and combined with the strong leadership steps taken by Governor Davis last
week, will help ensure consumers are protected from the volatility of the
market.'' said Gordon Smith, President and CEO of Pacific Gas and Electric
Company. ``We are gratified to have the support of large and small consumer
groups for this settlement.''
The power produced by these hydroelectric facilities will now be committed
to the market during the periods when the market needs it the most, thereby
reducing price volatility caused by supply shortages. Additionally, the
agreement returns 90 percent of any profits from hydroelectric operations to
customers. This sharing of revenues will act as a natural ``hedge'' for
customers against rising energy prices since, as market prices increase, so
will payments back to customers under the agreement.
``A key component of the settlement is a proposed agreement with the
California Independent System Operator (CAISO) that assures that power from
the hydroelectric assets will not be bid into the energy market in a way
that can raise power prices.'' said Nettie Hoge, executive director of TURN,
and strong supporter of the proposal.
The agreement's key components:
* Provides a revenue-sharing mechanism that returns 90 percent of profits
from the hydroelectric operations to customers
* Establishes a market value of $2.8 billion for the hydroelectric system
that can be used immediately to pay down ratepayer cost obligations
* Commits PG&E Corporation to establish a $70 million fund to enhance
environmental quality, water quality, and recreational opportunities
* Commits PG&E Corporation to donate or protect through conservation
easements approximately 140,000 acres of watershed lands for public use
* Honors all existing water agreements with downstream users
* Protects agricultural uses of the water
* Ensures the facilities will continue to be operated by a highly qualified
union workforce
``This settlement benefits both California consumers and PG&E's employees,''
said Jack McNally, Business Manager of IBEW 1245. ``Consumers will be
assured that hydroelectric plants will continue to be operated by the same
dedicated employees, will continue to provide low cost reliable energy to
California consumers, and will continue to be owned by a California company.
IBEW 1245 represents the union members who operate and maintain the
hydroelectric system.
``This agreement represents a fair valuation of the hydroelectric system,''
said Michael Boccadoro, director, Agricultural Energy Consumers Association,
``this agreement also protects the long-standing beneficial relationship
between the hydro operations and the agricultural users in the state.''
The settlement agreement filed at the CPUC will be subject to public
hearings and review under the California Environmental Quality Act (CEQA).
Interested parties will be able to provide comment prior to any CPUC
decision. Also, the hydroelectric system transfer requires approval from the
Federal Energy Regulatory Commission (FERC).
``The CEQA review process itself will ensure that there are no significant
environmental impacts as a result of this transfer,'' said Gordon Smith.
``In addition, keeping the hydroelectric facilities and associated watershed
lands together protects the public interest in these assets.''
The system includes 174 dams, 68 powerhouses, 360 miles of canals, tunnels,
and flumes, and approximately 140,000 acres of watershed land. The
hydroelectric system has a capacity of 3,896 megawatts, and provides a
clean, renewable, low-cost source of electricity particularly during periods
of high demand. The system currently delivers about 5 percent of
California's yearly electricity needs, and up to 10% of the State's
electricity demand during hot, summer days.
``We have enjoyed a positive working relationship with the folks at PG&E for
many years,'' said Tim McCullough, manager of the Tuolumne Utilities
District. ``This agreement ensures the water resource will continue to be
managed in a way that protects the interests of Tuolumne County residents.''
This agreement differs substantially from the transfer contemplated through
legislation at the end of August last year. The 1999 Legislative proposal
did not include the price stabilizing revenue sharing mechanism. Although
the 1999 legislative package ultimately failed to achieve consensus because
of the immense complexities of balancing interests through legislative
compromise, this year's regulatory filing fulfills the directives of the
1996 restructuring legislation and provides the kind of public and state
environmental review that will forge consensus.
PG&E Corporation, with 1999 operating revenues of almost $21 billion and
operations in 21 states, markets energy services and products throughout
North America through its National Energy Group. PG&E Corporation's
businesses also include Pacific Gas and Electric Company, the Northern and
Central California utility that delivers natural gas and electricity to one
in every 20 Americans.
=====================================
|
4,762 |
Subject: Sacramento Bee
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/918.
=====================================
Attached, please find an article from today's Sacramento Bee regarding the SCE MOU, as well as a terrific editorial from Daniel Weintraub regarding direct access.
Californians oppose Edison deal, poll finds
By Amy Chance
Bee Political Editor
(Published Sept. 25, 2001)
Californians by large margins oppose Gov. Gray Davis' proposal to use state-backed bonds to prevent Southern California Edison from slipping into bankruptcy, according to a Field Poll released Monday.
Overall, the new poll found that Californians' concern about the electricity shortage has eased considerably. They give themselves credit for proving power blackout predictions wrong with strong conservation efforts.
But they are in no mood as taxpayers or ratepayers to help bolster the finances of a key investor-owned utility.
The poll noted that Edison "is in danger of declaring bankruptcy" and asked those surveyed whether "to avoid this possibility" they supported a proposal in which Edison would issue $2.9 billion in state-backed bonds to be repaid by its customers over time.
Adults statewide opposed the idea 66 percent to 23 percent; registered voters were against it 68 percent to 21 percent.
Pollster Mark DiCamillo noted that a large majority of Southern California Edison's own customers -- 70 percent -- were opposed to the plan.
One factor, he said, may be the public's view of bankruptcy.
"With PG&E in bankruptcy, nothing has really changed for PG&E customers," he said. "That may have some influence on their attitudes."
The Democratic governor has sought for months to gain legislative support for a plan to prevent Edison from following Pacific Gas and Electric Co. into bankruptcy court, arguing that the state's ability to get out of the power-buying business depends on the effort.
But the Legislature adjourned Sept. 15 without taking final action on a plan. Consumer groups argued vigorously against what they termed a "bailout," and some lawmakers said they didn't see the proposal as a better alternative than bankruptcy.
Davis threatened to call lawmakers back to the Capitol to address the issue within two weeks, angering Senate President Pro Tem John Burton. Both the governor and Burton have since said they intend to negotiate before asking legislators to return.
DiCamillo said the numbers indicate that Davis is pursuing an unpopular path that could affect his own re-election effort.
"If he continues to pursue it -- and all indications are that he's going to -- he's expending more of his own political capital on an issue that is clearly not very popular," DiCamillo said. "He may wish to do that. Some people say that's how you define leadership -- when you take your own personal stances because you think they are in the public interest, (not) what people think at the time.
"But some of the medicine he's prescribing is unpalatable. And some of the Democrats in the Legislature have called him on it and said, 'We're not going to go for this. We're running for re-election, too.' "
A Davis adviser said the findings were "no surprise."
"Utilities aren't popular. That's the reality," said Davis political consultant Garry South.
In May, amid predictions that the state would spend the summer suffering through blackouts, 75 percent of Californians saw the situation as "very serious." That number dropped in the latest poll to 44 percent.
Asked to rate the efforts of various groups and officials to improve California's energy outlook, residential energy consumers put themselves at the top of the list, with 55 percent saying they have done a very good or good job.
Californians also saw industry and business as willing to pitch in, as 40 percent described their efforts as good or very good.
They gave higher "poor" marks, meanwhile, to a long list of others -- Davis, the Legislature, President Bush, the state Public Utilities Commission, the state's private utilities, out-of-state energy providers and the Federal Energy Regulatory Commission.
And about half said they continue to see rate increases that hit earlier this year as "very" or "somewhat" serious, and expect rates in their area to rise even more in the next 12 months.
"If you asked them to rate how they got out of this situation, they'd say we got ourselves out of it by cutting back -- the politicians didn't help much, the regulatory agencies didn't help much," DiCamillo said. "But they're still irritated because rates have gone up, and they expect them to go up further.
Daniel Weintraub: Now it's illegal to purchase your own electricity
(Published Sept. 25, 2001)
Buying your own has been banned in California. Electricity on the open market is now officially contraband. Like prescription drugs, which you can get only from a licensed pharmacy, electricity is something you can buy from your local utility, which can make its own or buy it from the state. Beyond that, it's an illegal substance.
It was the grand hope of a deregulated electricity industry that you and I and the factory down the street would be able to buy our own juice from the lowest bidder. It might have been a pain -- kind of like shopping for telephone service. But just as breaking up Ma Bell spawned great leaps in mobile phone technology, busting the utility monopoly was supposed to usher in a new era for electricity.
Not that there were mobs of shopkeepers and apartment dwellers lobbying the Legislature for consumer choice. It was the biggest users who really wanted to cut their own deals. Under the old, regulated system, the huge factories that make steel and cement and computers, and gobble up electricity by the megawatt, were paying 50 percent more than their competitors in other states. They wanted the right to shop around.
The Legislature agreed, but only to a point. Lawmakers permitted choice, but they rigged the new system in its early years to favor the utilities that were a powerful force in the Capitol. They made it nearly impossible for the private generators to undercut the utilities' pricing, and they put roadblocks in the way of cities that might have gathered their small customers together and used their market clout to negotiate for lower rates.
The government spent millions on an advertising campaign trying to persuade us of the wisdom of buying our own energy. But there weren't really many deals to be had. Now there are none.
Consumer choice died a quiet death last week at the hands of the Public Utility Commission. Its demise was collateral damage from the mess that was California's experiment in electricity deregulation.
Choice couldn't survive because the state, which now controls the energy business, can't cope with the competition. If Californians were allowed to buy their own electricity, pretty soon most of us would figure out that we are getting a rotten deal from the state. As more people left the state system, the few that remained would have to pay higher and higher rates to keep the books balanced. Eventually, the whole thing would collapse of its own weight.
We're in this fix because Gov. Gray Davis, when he stepped in to buy electricity on behalf of the failing utilities in January, went too far. Craving stability at any price, Davis bought almost all the energy the state will need for the next few years and much of what we'll need for a decade. And he bought that electricity at the top of the market, paying prices that had never been so high, and might never be again.
As those prices were passed along to consumers, suddenly choosing your own electricity supplier got more attractive than ever. Thousands of businesses jumped at the opportunity. Among them were the big steel factories in the Inland Empire region east of Los Angeles.
Tamco Steel of Rancho Cucamonga, which makes rebar, realized its annual electricity bill was going to climb from $12 million to $26 million if it stayed with the local utility, Southern California Edison, according to a report in the Riverside Press-Enterprise. The company, which just laid off 70 people, one-fourth of its workers, desperately started searching for cheaper energy. It signed a deal with a private supplier on Sept. 1, just days before the state slammed the door shut on such opportunities.
That's a scenario that was repeated up and down the state all summer, and it illustrates why, in the twisted world of electricity regulation, the Public Utilities Commission had to step in and just say no. Without the ban there would have been a "jailbreak," in the words of one commissioner, leaving small customers or the taxpayers holding the bag.
That decision might have been unavoidable, given the circumstances. But it didn't have to be this way. Davis could have swallowed hard and ridden out the storm earlier this year. He could have signed electricity contracts for shorter terms at higher prices. That would have been painful, financially and politically, but once the crisis passed, Californians would have been free again to set their own course. Instead, we are imprisoned in a high-priced, state-run system, and will be for years to come.
California, in fact, is worse off than it was in 1995, when companies stuck with high utility rates first asked for the freedom to buy their own electricity. This does not seem like an unreasonable request, an act that should be against the law. Yet now it is. The real crime, though, is the state bungling that destroyed the electricity industry.
=====================================
|
4,763 |
Subject: IEP Press Call Friday, 1pm PST
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10358.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 03/23/2001 10:38 AM -----
=09Jean Munoz <[email protected]>
=0903/22/2001 06:46 PM
=09=09=20
=09=09 To: Katie Kaplan <[email protected]>, "'Andy Brown (E-mail)'"=20
<[email protected]>, "'B Brown Andy (E-mail)'" <[email protected]>,=20
"'Baker Carolyn (E-mail)'" <[email protected]>, "'Bob Escalante=20
(E-mail)'" <[email protected]>, "'Bob Weisenmiller (E-mail)'"=20
<[email protected]>, "'Curtis Kebler (E-mail)'"=20
<[email protected]>, "'Douglas Kerner (E-mail)'"=20
<[email protected]>, "'Greg Blue (E-mail)'" <[email protected]>, "'Jan=20
Smutny-Jones (E-mail)'" <[email protected]>, "'Jeff Dasovich (E-mail)'"=20
<[email protected]>, "'Joe Ronan (E-mail)'" <[email protected]>, "'Joh=
n=20
Larrea (E-mail)'" <[email protected]>, "'John Stout (E-mail)'"=20
<[email protected]>, "'Julee Malinowski-Ball (E-mail)'"=20
<[email protected]>, "'Kassandra Gough (E-mail)'" <[email protected]>, "'kent=
=20
Palmerton (E-mail)'" <[email protected]>, "'Kristin Vellandi=20
(E-mail)'" <[email protected]>, "'Lynn Lednicky (E-mail)'"=20
<[email protected]>, "'Marty Wilson (E-mail)'" <[email protected]>,=20
"'McNally Ray (E-mail)'" <[email protected]>, "''Nam Nguyen'=20
(E-mail)'" <[email protected]>, "'Norton Kelli (E-mail)'"=20
<[email protected]>, "'Paula Hall-Collins (E-mail)'"=20
<[email protected]>, "'Pigott Jack (E-mail)'"=20
<[email protected]>, "'Richard Hyde (E-mail)'" <[email protected]>,=20
"'Rob Lamkin (E-mail)'" <[email protected]>, "'Roger Pelote=20
(E-mail)'" <[email protected]>, "'Stephanie-Newell (E-mail)'"=20
<[email protected]>, "'Sue Mara (E-mail)'"=20
<[email protected]>, "'Theo Pahos (E-mail)'" <[email protected]>, "'Tom Ross=
=20
(E-mail)'" <[email protected]>, "Carol H Hudson (E-mail)"=20
<[email protected]>, steven kelly <[email protected]>, "'Anne Kelly (E-mail)'"=
=20
<[email protected]>, "'Chuck Cole (E-mail)'" <[email protected]>,=20
"'Delany Hunter (E-mail)'" <[email protected]>, "'DJ Smith=20
(E-mail)'" <[email protected]>, "'Hedy Govenar (E-mail)'"=20
<[email protected]>, <[email protected]>, "'Maureen OHaren=20
(E-mail)'" <[email protected]>, "'Mike Monagan (E-mail)'" <[email protected]>=
,=20
"'Phil Isenberg (E-mail)'" <[email protected]>, "'Robert Ross (E-mail)'"=20
<[email protected]>, "'Ron Tom (E-mail)'" <[email protected]>, "'Scott Govenar=
=20
(E-mail)'" <[email protected]>, "'Susan Mccabe (E-mail)'"=20
<[email protected]>, <[email protected]>,=20
<[email protected]>, <[email protected]>,=20
<[email protected]>, <[email protected]>, <[email protected]=
>,=20
<[email protected]>, <[email protected]>
=09=09 cc:=20
=09=09 Subject: IEP Press Call Friday, 1pm PST
IEP will conduct a press call Friday March 23 @ 1pm. Feel free to listen i=
n!
Thanks,
Jean
--=20
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)
___________________________________________________________________________=
___
______________________
Contact: Jean=20
Munoz =
=20
FOR IMMEDIATE RELEASE
=20
916-447-8186 =
=20
March 22, 2001
WEEKLY POWER UPDATE
SACRAMENTO =01. Jan Smutny-Jones, Executive Director of the Independent Ene=
rgy=20
Producers Association, will brief members of the media on California?s=20
rapidly changing electric market during a teleconference Friday, March 23 a=
t=20
1:00 p.m.
What: Press Availability Teleconference
=20
When: Friday, March 23, 2001
1:00 p.m. PST
Call In #: 1-800-374-2393
Conference I.D: Independent Energy Producers (IEP)
Who: Jan Smutny-Jones, Executive Director of the Independent Energy=
=20
Producers Association
# # #
=====================================
|
4,765 |
Subject: Internet Daily for November 16, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1528.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Friday, November 16, 2001
by Frank Barnako CBS MarketWatch.com
NetLibrary's unhappy ending
Net Library Inc., founded to share university library resources
and costs, filed for bankruptcy. The Online Computer Library
Center has made an offer to buy the 4-year-old Dublin, Ohio,
company's assets including 40,000 digitized versions of books
for $10 million. "Ebooks complement our growing ejournal
collection and provide exciting new synergies for our
cataloging, resource sharing, reference and digital preservation
services," said OCLC President Jay Jordan.
-----------------------------------------------------------------
President gets Net tax ban bill
Legislation exempting the Internet from state and local taxes is
awaiting a signature from President Bush for it to become law.
The U.S. Senate OK'd the bill yesterday. It protects the Web
from levies until November 1, 2003. One study suggests states
lose $13.3 billion in uncollected sales taxes on Web commerce.
-----------------------------------------------------------------
GM to park ebusiness inside
General Motors will move its ebusiness division under the
company's corporate wing, according to The Wall Street Journal.
Mark Hogan, head of the 100-person eGM unit, said "We're on a
migration path to weave it into the organization." Hogan expects
to find another position within GM, he said. GM is still
interested in exploiting the Web, but "people are doing a lot
less arm-waving about it" with the end of the Internet bubble.
-----------------------------------------------------------------
AOL.com redesigned
AOL Time Warner's AOL.com Web site has been reworked to make its
member services, including Instant Messenger and email, more
easily accessible on the Net. The page is substantially less
complicated or busy than its previous form, offering links to
categories of information, but not highlighting numerous content
items.
-----------------------------------------------------------------
For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/
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Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,766 |
Subject: RE: Aleck Dadson
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/225.
=====================================
Centrica's gain. Enron's loss. The very best of luck to you. It certainl=
y has been a pleasure and I hope our paths cross again soon.
All the best,
Jeff
-----Original Message-----
From: =09Dernehl, Ginger On Behalf Of Shapiro, Richard
Sent:=09Monday, September 24, 2001 10:50 AM
To:=09Alamo, Joseph; Allegretti, Daniel; Allen, Joe; Alvarez, Ramon; Arefie=
va, Maria; Assaf, Lisa; Bellas, Kirsten; Benson, Eric; Bolton, Scott; Bosto=
n, Roy; Briggs, Tom; Buerger, Rubena; Burns, Stephen; Canovas, Guillermo; C=
antrell, Rebecca W.; Comnes, Alan; Connor, Joe; Cooney, Carolyn; Dadson, Al=
eck; Dasovich, Jeff; Decker, Larry; Dernehl, Ginger; Dressler, Jean; Floris=
, Vinio; Frank, Robert; Fromer, Howard; Fulton, Donna; Guerrero, Janel; Ham=
ilton, Allison; Hardy Jr, John; Hawkins, Bernadette; Hemstock, Robert; Hetr=
ick, Nancy; Hoatson, Tom; Huang, Karen; Hueter, Barbara A.; Hunter, Bevin; =
Huson, Margaret; Ibrahim, Amr; Kaufman, Paul; Kean, Steven J.; Keene, Patri=
ck; Kingerski, Harry; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.=
; Lassere, Donald; Lawner, Leslie; Leibman, Lara; Leonardo, Sam; Levy, Albe=
rto; Lindberg, Susan; Linnell, Elizabeth; Mara, Susan; Maurer, Luiz; McVick=
er, Maureen; Migden, Janine; Miller, Terri; Montovano, Steve; Moore, Bill; =
Nersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Nosk=
e, Linda J.; Novosel, Sarah; Ogenyi, Gloria; Palmer, Germain; Perez, Carmen=
; Perrino, Dave; Petrochko, Mona L.; Pharms, Melinda; Rishe, Frank; Rizzo, =
Helen; Roan, Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, Andy=
; Ryall, Jean; Shapiro, Richard; Shelk, John; Shortridge, Pat; Staines, Dan=
; Steffes, James D.; Stransky, Joan; Stroup, Kerry; Sullivan, Kathleen; Sul=
livan, Lora; Thome, Jennifer; Tiberi, Fino; Twiggs, Thane; Walton, Steve; W=
arner, Geriann; Yeung, Charles; Yoho, Lisa
Subject:=09FW: Aleck Dadson
I am sorry to inform the group that Aleck has resigned, effective immediate=
ly, from Enron to accept a positon with Centrica(formerly British Gas) as S=
enior V.P. of Regulatory Affairs for North America( based in Toronto). Alec=
k has done an outstanding job in his 4 1/2 years with the company and will =
be missed very much professionally. Personally, Aleck has been a pleasure t=
o work with and defines the word gentleman- I will miss Aleck, but look for=
ward to working with him in his new capacity. I'm sure I speak for the enti=
re group in wishing him the very best in all his future endeavors.
=====================================
|
4,767 |
Subject: RE: Global Government Affairs Weekly Conference Call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/957.
=====================================
Reminder!!!!!!!
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
-----Original Message-----
From: =09Dernehl, Ginger =20
Sent:=09Monday, November 12, 2001 11:58 AM
To:=09Hill, Jo Ann; Bolton, Stacey; Keeler, Jeff; Alamo, Joseph; Allegretti=
, Daniel; Allen, Joe; Alvarez, Ray; Assad, Sergio; Assaf, Lisa; Ausenhus, K=
ara; Barnes, Lynnette; Bellas, Kirsten; Bestard, Jose; Binns, Darran; Bolto=
n, Scott; Boston, Roy; Braz, Gisele; Buerger, Rubena; Burns, Stephen; Canov=
as, Guillermo; Cantrell, Rebecca W.; Comnes, Alan; Connor, Joe; Cooney, Car=
olyn; Cooper, Adam N; Crowther, Mark; Dasovich, Jeff; Davies, Philip; Dawso=
n, Paul; Decker, Larry; Dernehl, Ginger; Dressler, Jean; Elms, Nick; Fitzgi=
bbon, Tom; Floris, Vinio; Frank, Robert; Fromer, Howard; Fulton, Donna; Got=
tfredson, Bryan; Grimes, Michael; Guerrero, Janel; Haizmann, Jan; Hamilton,=
Allison; Hardy Jr, John; Hartfield, Rita; Hawkins, Bernadette; Hemstock, R=
obert; Hennemeyer, Paul; Hetrick, Nancy; Hoatson, Tom; Huertas, Alfredo; Hu=
eter, Barbara A.; Hughes, Llewelyn; Hunter, Bevin; Huson, Margaret; Ibrahim=
, Amr; Imai, Makiko; Kaufman, Paul; Kean, Steven J.; Keenan, Amber; Keene, =
Patrick; Kimura, Takashi; Kingerski, Harry; Kishigami, Kikumi; Knight, Laur=
ie; Landwehr, Susan M.; Lassere, Donald; Lawner, Leslie; Lawrence, Linda L.=
; Leibman, Lara; Leonardo, Sam; Levy, Alberto; Lindberg, Susan; Linnell, El=
izabeth; Long, Chris; Mara, Susan; Maurer, Luiz; McVicker, Maureen; Migden,=
Janine; Milano, Pamela; Miller, Terri; Montovano, Steve; Nersesian, Carin;=
Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Noske, Linda J.; Novo=
sel, Sarah; O'connell, Earlene; Ogenyi, Gloria; Palmer, Germain; Perez, Car=
men; Perez, Gus; Perrino, Dave; Petrochko, Mona L.; Pharms, Melinda; Reis, =
Jose Lucio; Reyna, Margo; Rishe, Frank; Rizzo, Helen; Roan, Michael; Robert=
son, Linda; Robinson, Marchris; Rodriquez, Andy; Ryall, Jean; Sampaio, Fred=
; Shapiro, Richard; Shelk, John; Shortridge, Pat; Staines, Dan; Steffes, Ja=
mes D.; Stephens, Sharonda; Stransky, Joan; Stroup, Kerry; Stubbings, Randy=
; Styles, Peter; Sullivan, Kathleen; Sullivan, Lora; Thome, Jennifer; Tiber=
i, Fino; Twiggs, Thane; Van Biert, Teun; Walton, Steve; Warner, Geriann; Wa=
tanabe, Mika; Wood, Doug; Yeung, Charles; Yoho, Lisa
Subject:=09FW: Global Government Affairs Weekly Conference Call
My apologies, there has been a slight change in the dial information that i=
s listed below. Please note changed items in red:
Date:=09=09Weekly on Friday's
Time:=09=0910:30 AM (CST)
Number:=091-800-745-1000 (domestic#)
=09=09801-977-0648 (int'l)
=09=098533407 (participant passcode)
=09=09
Thanks!
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
-----Original Message-----
From: =09Dernehl, Ginger =20
Sent:=09Monday, November 12, 2001 9:58 AM
To:=09Alamo, Joseph; Allegretti, Daniel; Allen, Joe; Alvarez, Ray; Assad, S=
ergio; Assaf, Lisa; Ausenhus, Kara; Barnes, Lynnette; Bellas, Kirsten; Best=
ard, Jose; Binns, Darran; Bolton, Scott; Boston, Roy; Braz, Gisele; Buerger=
, Rubena; Burns, Stephen; Canovas, Guillermo; Cantrell, Rebecca W.; Comnes,=
Alan; Connor, Joe; Cooney, Carolyn; Cooper, Adam N; Crowther, Mark; Dasovi=
ch, Jeff; Davies, Philip; Dawson, Paul; Decker, Larry; Dernehl, Ginger; Dre=
ssler, Jean; Elms, Nick; Fitzgibbon, Tom; Floris, Vinio; Frank, Robert; Fro=
mer, Howard; Fulton, Donna; Gottfredson, Bryan; Grimes, Michael; Guerrero, =
Janel; Haizmann, Jan; Hamilton, Allison; Hardy Jr, John; Hartfield, Rita; H=
awkins, Bernadette; Hemstock, Robert; Hennemeyer, Paul; Hetrick, Nancy; Hoa=
tson, Tom; Huertas, Alfredo; Hueter, Barbara A.; Hughes, Llewelyn; Hunter, =
Bevin; Huson, Margaret; Ibrahim, Amr; Imai, Makiko; Kaufman, Paul; Kean, St=
even J.; Keenan, Amber; Keene, Patrick; Kimura, Takashi; Kingerski, Harry; =
Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Lassere, Donald; Law=
ner, Leslie; Lawrence, Linda L.; Leibman, Lara; Leonardo, Sam; Levy, Albert=
o; Lindberg, Susan; Linnell, Elizabeth; Long, Chris; Mara, Susan; Maurer, L=
uiz; McVicker, Maureen; Migden, Janine; Milano, Pamela; Miller, Terri; Mont=
ovano, Steve; Nersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; N=
ord, Sue; Noske, Linda J.; Novosel, Sarah; O'connell, Earlene; Ogenyi, Glor=
ia; Palmer, Germain; Perez, Carmen; Perez, Gus; Perrino, Dave; Petrochko, M=
ona L.; Pharms, Melinda; Reis, Jose Lucio; Reyna, Margo; Rishe, Frank; Rizz=
o, Helen; Roan, Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, A=
ndy; Ryall, Jean; Sampaio, Fred; Shapiro, Richard; Shelk, John; Shortridge,=
Pat; Staines, Dan; Steffes, James D.; Stephens, Sharonda; Stransky, Joan; =
Stroup, Kerry; Stubbings, Randy; Styles, Peter; Sullivan, Kathleen; Sulliva=
n, Lora; Thome, Jennifer; Tiberi, Fino; Twiggs, Thane; Van Biert, Teun; Wal=
ton, Steve; Warner, Geriann; Watanabe, Mika; Wood, Doug; Yeung, Charles; Yo=
ho, Lisa
Subject:=09Global Government Affairs Weekly Conference Call
Global Government Affairs will have a weekly call that will take place as f=
ollows:
Date:=09=09Weekly on Friday's
Time:=09=0910:30 AM (CST)
Number:=091-800-745-1000 (domestic#)
=09=09614-410-1515 (int'l)
=09=098533407 (participant passcode)
=09=097751 (host code - Rick only)
Thanks!=09=09
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
=====================================
|
4,770 |
Subject: IEP Response to SJ Mayor Gonzales Support of Metcalf Plant
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/13226.
=====================================
IEP issued the following response to San Jose Mayor Gonzales' support of th=
e=20
Metcalf Energy Center. ??Below is also a copy of Calpine's release.
Thanks,
Jean=20
Independent Energy Producers Respond to ?
San Jose Mayor Gonzales? Support of Metcalf Energy Center
=20
???Metcalf power plant developers, Calpine Corporation and Bechtel=20
Enterprises, reached an agreement earlier today with San Jose Mayor Ron=20
Gonzales =01. a decision that could help bring 600-megawatts of critically=
=20
needed clean, efficient electricity to the San Jose region and California =
=01.=20
enough power to light 600,000 homes.
???In response, Jan Smutny-Jones, Executive Director of the Independent=20
Energy Producers, said:
???"We commend Mayor Gonzales? leadership in advocating a real solution to=
=20
help solve California?s current electricity crisis =01. a decision that wil=
l=20
help bring desperately needed power on-line to serve the citizens of the=20
South Bay.
???"This crisis can only be resolved if we all work together to find real=
=20
solutions, instead of pointing fingers =01. which only creates an unstable=
=20
political and regulatory environment which will further complicate the supp=
ly=20
problem in California.
???"Mayor Gonzales is clearly taking a step in the right direction. ?We hop=
e=20
others follow his lead."
# ????????# ????????#
Calpine/Bechtel's Metcalf Energy Center Receives Support From San Jose Mayo=
r=20
Gonzales
PR Newswire
05/30/01, 5:15p
(Copyright , 2001, PR Newswire)
SAN JOSE, Calif., May 30 /PRNewswire/ -- Calpine Corporation (NYSE: CPN), t=
he=20
San Jose, Calif.-based independent power company, and San Francisco=20
based-Bechtel Enterprises Holdings, Inc. announced an agreement with San Jo=
se=20
Mayor Ron Gonzales that would help advance development of the proposed=20
600-megawatt Metcalf Energy Center (MEC), currently before the California=
=20
Energy Commission for licensing. Under the terms of the agreement, the City=
=20
of San Jose would support and provide municipal services for construction a=
nd=20
operations of MEC in the Coyote Valley of San Jose. The city would provide=
=20
all requested municipal services in a timely manner at standard rates and=
=20
terms applicable to similar users, and it would process annexation of the=
=20
portion of the site not already within the city limits. The agreement also=
=20
allows for MEC to provide additional benefits for the community and local=
=20
businesses. The San Jose City Council will consider the agreement at its=20
regular meeting scheduled June 5.
"This agreement provides resolution of the remaining concerns we have heard=
=20
from local officials, developers and the community-at-large," said Curt=20
Hildebrand, Calpine Vice President, General Manager, Calpine/Bechtel Joint=
=20
Development. "We are pleased to have forged this lasting partnership with t=
he=20
City of San Jose and the community by more widely sharing the benefits of t=
he=20
Metcalf Energy Center."
The 600-megawatt, natural gas-fueled Metcalf Energy Center will significant=
ly=20
benefit electricity consumers by adding clean, efficient and urgently neede=
d=20
power generation directly into the South Bay energy market.
The Metcalf Energy Center is a development of San Jose-based Calpine=20
Corporation, one of the nation's leading independent providers of electric=
=20
power, and Bechtel Enterprises Holdings, Inc., the development, financing a=
nd=20
ownership affiliate of the Bechtel organization, one of the world's premier=
=20
engineering and construction companies.=20
About Calpine
Calpine Corporation, based in San Jose, Calif., is dedicated to providing=
=20
customers with reliable and competitively priced electricity. Calpine is=20
focused on clean, efficient, natural gas-fired generation and is the world'=
s=20
largest producer of renewable geothermal energy. Calpine has launched the=
=20
largest power development program in North America. To date, the company ha=
s=20
approximately 32,200 megawatts of base load capacity and 7,200 megawatts of=
=20
peaking capacity in operation, under construction, pending acquisitions and=
=20
in announced development in 29 states and Canada. The company was founded i=
n=20
1984 and is publicly traded on the New York Stock Exchange under the symbol=
=20
CPN. For more information about Calpine, visit its Website at www.calpine.c=
om.
This news release discusses certain matters that may be considered=20
"forward-looking" statements within the meaning of Section 27A of the=20
Securities Act of 1933, as amended, and Section 21E of the Securities=20
Exchange Act of 1934, as amended, including statements regarding the intent=
,=20
belief or current expectations of Calpine Corporation ("the Company") and i=
ts=20
management. Prospective investors are cautioned that any such forward-looki=
ng=20
statements are not guarantees of future performance and involve a number of=
=20
risks and uncertainties that could materially affect actual results such as=
,=20
but not limited to, (i) changes in government regulations, including pendin=
g=20
changes in California, and anticipated deregulation of the electric energy=
=20
industry, (ii) commercial operations of new plants that may be delayed or=
=20
prevented because of various development and construction risks, such as a=
=20
failure to obtain financing and the necessary permits to operate or the=20
failure of third-party contractors to perform their contractual obligations=
,=20
(iii) cost estimates that are preliminary and which actual cost may be high=
er=20
than estimated, (iv) the assurance that the Company will develop additional=
=20
plants, (v) a competitor's development of a lower-cost gas-fired power plan=
t,=20
(vi) receipt of regulatory approvals or (vii) the risks associated with=20
marketing and selling power from power plants in the newly competitive ener=
gy=20
market. Prospective investors are also referred to the other risks identifi=
ed=20
from time to time in the Company's reports and registration statements file=
d=20
with the Securities and Exchange Commission.=20
=====================================
|
4,771 |
Subject: California Update 4/23/01
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11418.
=====================================
Executive Summary
? FERC Considers Price Caps in the West
? Davis/SoCal Ed MOU subject to legislative revisions (we still stand by our
early reports that the SoCal/Davis transmission deal will most likely fail
and that SoCal will follow PG&E into bankruptcy court)
FERC mitigates price spikes in the West
FERC Chairman Hebert has placed a RTO West proposal onto the agenda for this
week's meeting. The proposal would "mitigate" price surges by requiring
generating companies to sell power into California and other western states
during Stage 3 emergencies (when there is less than 1% surplus electricity in
the grid) and cap the price generators could charge during these highest
states of emergency.
1) The FERC proposal would not set price caps for any other time than Stage
3 emergencies
2) It would expire after a year
3) It would set the top reference rate at "cost plus" based on the cost to
produce electricity by the most inefficient producer
FERC is also looking at initiatives that would encourage the agriculture
industry to possibly sell their power and natural gas contracts instead of
using them to produce their products. Although this proposal has not been
formally approved or voted on at this time, the Chairman's control over
FERC's agenda is absolute and nothing gets on the agenda he does not want to
consider. Thus, if it stays on the agenda through meeting time, the odds of
it passing are quite high if the meeting avoids total breakdown into
hard-headed chaos. The key has been Commissioner Breathitt. The two recently
nominated Commissioners have not yet been approved by the Senate and so
cannot vote this week. Thus any change in Breathitt's position definitively
tips the balance of power in FERC.
Davis & SoCal. MOU not a Done Deal
According to sources, the first legislative alteration to the Davis/SoCal MOU
will involve removing the dedicated rate component necessary to repay SoCal's
creditors. This point only highlights the Senates' indecision on how to deal
with paying off generators. Solutions currently range from seizing assets to
seeking legal relief for corporate price gouging and sources indicate that
the QFs are still likely to file involuntary bankruptcy against SoCal upon
the Senate's first official sign of unwillingness to work with creditors.
=====================================
|
4,775 |
Subject: Re: Recommend Oppose of SB 78xx
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28984.
=====================================
I realize that this note is likely stale, but, FYI, Ms Kassandra's is
mistaken. SB 78 ain't silent on DA. It kills it, period.
I sure hope that ARM is seriously opposed to the bill.
Best,
Jeff
Susan J Mara
07/20/2001 02:14 PM
To: [email protected]
cc: Jeff Dasovich/NA/Enron@Enron
Subject: Recommend Oppose of SB 78xx
Aren't we opposing ABXX 78?
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 07/20/2001 12:12 PM -----
Kassandra Gough <[email protected]>
07/20/2001 12:09 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Recommend Oppose of SB 78xx
Hi everyone,
I know that AReM is not opposing SB 78xx (Polanco/Sher) because it is silent
on direct access; however, I want to recommend that the position be changed
to oppose. I have spoken with Norm and he asked that I send this out to for
comment.
Please look at the bill and specifically Section 13, on Page 35 (see below).
I believe that if this bill were to become law direct access in SCE's,
PG&E's and SDG&E territories (I believe the section stands alone so it
wouldn't matter if PG&E accepted the same deal or not) would be dead. In
summary, the bill would essentially allow any IOU to go back into the
generation business and require the CPUC to approve rates that are
sufficient to cover their reasonable cost of operation, investment and
provide for a reasonable rate of return (I don't believe this is cost-based
rates). The CPUC is given broad latitude over conducting proceedings,
issuing orders or anything else that may be necessary to accomplish the goal
of assuring that service provided by IOU's is adequate. Section 13 will
kill competition, eliminate direct access and create new stranded costs.
And, to add insult to injury the State Power Authority may be their partners
in crime.
As to the politics of the bill it was just amended to be a majority vote
bill. Burton has said it is this bill or nothing. SCE is opposing the bill
but there are several lobbyist who think this is all an ambush and SCE would
love this bill.
Please comment on my above analysis. I would love to be wrong on this one.
Kasssandra Gough
Government and Legislative Manager
Calpine
SEC. 13. Section 454.10 is added to the Public Utilities Code, to read:
454.10. (a) In order to assure that the service provided by electrical
corporations is adequate, the commission may require each electrical
corporation that provides distribution service to make direct investments in
electric generation facilities whose output is dedicated to serve the
customers connected to its distribution grid. (b) After a hearing, the
commission shall approve rates sufficient to enable the electrical
corporation to recover its reasonable costs of operation, its reasonable
investment in the electric generation facilities and a reasonable return on
its investment, in accordance with Section 451. (c) An electric corporation
may meet the obligation described in this section by entering into projects
for electric generation facilities jointly with the California Consumer
Power and Conservation Financing Authority. (d) The commission may conduct
proceedings, enter orders and undertake such actions as it considers
necessary or appropriate to carry out the provisions of this section.
<<sb 78xx -Polanco.pdf>>
- sb 78xx -Polanco.pdf
=====================================
|
4,776 |
Subject: Upcoming case Teltronica
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/2821.
=====================================
Hey there team,
Now that the mid term is over, I actually read Chapter 20 - confusing
stuff. Just to clarify, the SF group will take the first three questions
and the east bay group will take the last two?
Also, we need to make a correction to the original assignments, some of
these have dates and some refer to the case chapters, please see
clarification below:
I will do my best to have something coherent for the SF group by Thursday
or Friday for the Ch 20 case.
>
> Christine--11.6--Teltronica
Case 20-1, due 11/6
> Dylan--11.13--Nutra
Case 22-1, due 11/13
> Kim--11.1--Agro Feed
Case 11-1, due 11/20
> Jeff--11.27--Global Industries
Case 26-1, due 11/27
> Jimmie--12.4--Daimler-Benz
Case27-1, due 12/4
Kimberly Kupiecki
Director, Infrastructure Business Unit
A&R Partners
[email protected]
(650) 762 2800 main
(650) 762 2825 direct
fax (650) 762 2801
=====================================
|
4,778 |
Subject: State Department FACT SHEET - CHEMICAL - BIOLOGICAL AGENTS
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/661.
=====================================
Dear Haas Community,
Please find below a State Department Fact Sheet on Chemical and Biological
agents. In light of yesterday's event at Haas I thought it might be useful
for you to have this information. Please note the intended audience is
Americans living overseas.
Sebastian
==============================
U.S. Department of State
Washington, D.C.
FACT SHEET
CHEMICAL - BIOLOGICAL AGENTS
The recent terrorist threats and confirmed cases of exposure to anthrax have
caused an increase in anxiety over the possibility of chemical and
biological attacks (CBA). Currently, the method of delivery of anthrax has
been by letter or package. While the risk of such attacks is limited, it
cannot be excluded. As always, the Department will promptly share with
American citizens overseas any credible information about threats to their
safety. Americans should stay informed and be prepared for any eventuality.
In 1999, the Department of Defense announced its intention to commence the
Family and Force Protection Initiative (FFPI) in order to provide enhanced
protection to the dependents of U.S. military service members and to
civilian Department of Defense (DOD) employees and their families. This
program was first implemented for U.S. Forces Korea.
The Department of State has had a chemical and biological countermeasure
program since 1998, when it began to deploy chemical antidotes and
antibiotics to selected posts abroad. While we have no information to
indicate there is an imminent threat from use of anthrax or other biological
agents as a weapon against our overseas missions at this time, the
Department is expanding its countermeasure program. As a precaution, the
Department requested our missions overseas to stock a three-day supply of
the antibiotic ciprofloxacin for all individuals who work in or frequent the
missions.
This small supply of ciprofloxacin is being pre-positioned to ensure rapid
access to this protective antibiotic for our employees in case of an Anthrax
exposure in an overseas USG facility and would allow the mission sufficient
time to provide access to care for all individuals exposed while securing
additional supplies of antibiotics. Once an exposure is suspected, all
individuals who had been exposed in our workplace would be provided
antibiotics pending a full investigation of the exposure. This would include
any private American citizen present in the facility at the time of
exposure.
Again, if the Department becomes aware of any specific and credible threat
to the safety and security of American citizens abroad, that information
will be provided to them promptly.
Exposures to CBA that occur outside USG facilities would require the
involvement of local public health authorities who would provide information
and if necessary, protective antibiotics to the general public.
Ciprofloxacin and other antibiotics effective against Anthrax, including
doxycycline and amoxicillin are available with a prescription in most
pharmacies throughout the world.
The Centers for Disease Control and Prevention (CDC) is the lead government
agency on infectious diseases, including chemical/biological agents (CBA).
For detailed information on CBA, including Anthrax, inquirers are referred
to the CDC Internet home page at http://www.cdc.gov. The CDC's international
travelers hotline telephone number is 1-877-FYI-TRIP (1-877-394-8747);
fax: 1-888-CDC-FAXX (1-888-232-3299).
As always, American citizens should review their own personal security
situations and take those precautions they deem appropriate to ensure their
well-being.
Some general information on chemical-biological agents (CBA) follows:
A. Biological agents can be dispersed by an aerosol spray that must be
inhaled. However, these agents can also be used to contaminate food, water
and other products. Attention to basic food hygiene when traveling abroad is
very important.
A. Some chemical agents may be volatile--evaporating rapidly to form
clouds of agent. Others may be persistent. These agents may act directly on
the skin, lungs, eyes, respiratory tract or be absorbed through your skin
and lungs causing injury. Choking and nerve agents damage the soft tissue
in these organs.
A. When properly used, appropriate masks are effective protection to
prevent the inhalation of either biological or chemical agents; however this
assumes an adequate warning. Gas masks alone do not protect against agents
that act through skin absorption. Those who wish to acquire protective
equipment for personal use should contact commercial vendors.
A. There is an incubation period after exposure to biological agents.
It is essential that you seek appropriate care for illnesses acquired while
traveling abroad to assure prompt diagnosis and treatment.
A. One of the biological warfare agents is the spore-forming bacterium
that causes Anthrax, an acute infectious disease. It should be noted,
however, that effective dispersal of the Anthrax bacteria is difficult.
* Anthrax is treatable if that treatment is initiated promptly after
exposure. The post-exposure treatment consists of certain antibiotics
administered in combination with the vaccine.
* An anthrax vaccine that confers protective immunity does exist, but
is not readily available to private parties. Efficacy and safety of use of
this vaccine for persons under 18 or over 65 and pregnant women have not
been determined.
*
* The anthrax vaccine is produced exclusively by Bioport under
contract to the Department of Defense. Virtually all vaccine produced in
the United States is under Defense Department contract primarily for
military use and a small number of other official government uses.
* For additional information, please consult your health care provider
or local health authority.
October 2001
***********************************************************
See http://travel.state.gov/travel_warnings.html for
State Department Travel Warnings
************************************************************
To change your subscription, go to http://www.state.gov/www/listservs_cms.html
<>
===============================
Sebastian Teunissen
Executive Director
Clausen Center for International Business and Policy
Haas School of Business
University of California, Berkeley
Berkeley, California 94720-1900 USA
Tel: (510) 643-4999
Fax: (510) 642-8228
http://www.haas.berkeley.edu/HaasGlobal
=====================================
|
4,779 |
Subject: RE: Mark to Market of DWR Contracts
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/458.
=====================================
Mo, please speak up if I got this wrong.
These are all power deals, some of which are gas indexed. The gas deals are above market because they include capacity payments and/or have heat rates that are above current maket levels.
GAC
-----Original Message-----
From: Dasovich, Jeff
Sent: Wednesday, October 03, 2001 12:58 PM
To: Comnes, Alan
Subject: RE: Mark to Market of DWR Contracts
Importance: High
Am I reading this right? The gas contracts are $5B out of the money (from CA's perspective)? Are they straight gas deals?
-----Original Message-----
From: Comnes, Alan
Sent: Wednesday, October 03, 2001 12:47 PM
To: Alonso, Tom; Alvarez, Ray; Badeer, Robert; Belden, Tim; Blair, Kit; Calger, Christopher F.; Choi, Paul; Dasovich, Jeff; Driscoll, Michael M.; Fischer, Mark; Foster, Chris H.; Gang, Lisa; Guzman, Mark; Hall, Steve C. (Legal); Heizenrader, Tim; Kaufman, Paul; Mainzer, Elliot; Mallory, Chris; Malowney, John; Mara, Susan; Motley, Matt; Perrino, Dave; Platter, Phillip; Rance, Susan; Rawson, Lester; Richter, Jeff; Rosman, Stewart; Savage, Gordon; Scholtes, Diana; Semperger, Cara; Stokley, Chris; Swain, Steve; Swerzbin, Mike; Symes, Kate; Walton, Steve; Williams III, Bill
Subject: Mark to Market of DWR Contracts
Tim asked me to forward this to West Desk traders. Prepared by Mo Elafandi and Heather Dunton, it showsw who's in the money with DWR at this point, based on executed contracts
Alan Comnes
<< File: Stranded Cost Analysis Structuring Confidential3.xls >>
=====================================
|
4,780 |
Subject: RE: DWR Stranded Cost Update--CONFIDENTIAL
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28975.
=====================================
All:
The DWR contract analysis has now been updated to include the gas-indexed
deals. The total out-of-market for executed contracts stands at $12
billion. As you can see 7 counterparties hold contracts in excess of values
indicated by recent curves by $500 million or more.
Thanks goes to Mo Elafandi for pushing this analysis through the structuring
group.
GAC
Mark-to-Market of
DWR Contracts By Counter Party
($s, negative number means contract is above market)
Calpine -$4,479,764,629
Coral -$1,493,874,018
Williams -$1,056,234,556
Dynegy -$987,044,991
Allegheny -$958,949,529
High Desert -$674,251,353
Sunrise -$551,894,408
Dynegy -$471,117,317
GWF -$432,339,191
Mirant -$265,644,251
Constellation -$165,463,637
El Paso -$128,334,382
Morgan Stanley -$82,462,946
Alliance -$75,169,854
PG&E Gen -$63,165,408
Clearwood -$41,423,566
IID -$13,035,452
Duke Energy -$2,052,733
Total Overmarket PV -$11,942,222,221
-----Original Message-----
From: Comnes, Alan
Sent: Friday, July 13, 2001 9:23 AM
To: Comnes, Alan; Dasovich, Jeff; Thome, Jennifer; Shapiro, Richard; Steffes,
James; Mara, Susan; Perrino, Dave; Sharma, Ban; Belden, Tim; Alvarez, Ray;
Palmer, B. Scott; Palmer, Mark; Calger, Christopher F.; Calvert, Gray;
Etringer, Michael; Fillinger, Mark; Page, Jonalan
Subject: RE: DWR Stranded Cost Update
I am resending the same file as before (although to a larger group) and need
to make a correction regarding one assumption. I am told the analysis does
not yet include the gas indexed contracts. We're working on getting them
included and when they are, the overmarket value will likely increase.
-----Original Message-----
From: Comnes, Alan
Sent: Wednesday, July 11, 2001 3:04 PM
To: Dasovich, Jeff; Thome, Jennifer; Shapiro, Richard; Steffes, James; Mara,
Susan; Perrino, Dave; Sharma, Ban; Belden, Tim; Alvarez, Ray
Subject: DWR Stranded Cost Update
Using information pulled together by Jennifer and BAN, I requested West
Tradings Risk/Structuring Group do a more careful analysis of the
above-market costs associated with the DWR contracts. Attached is their
analysis.
In this analysis we examined only the executed contracts and NOT the
agreements-in principle. (Only executed contracts were released by the state
in the last few weeks.) Also, gas-indexed contracts were examined on their
nongas costs only. Since gas costs are a pass through on some contracts, we
excluded them as a conservatism; i.e., we did not ascribe costs to the gas
portion of the contracts since they will float with market costs over time.
These contracts were marked to market using current, applicable curves.
Finally we discounted at the LIBOR rate, which is around 4%/year.
The stranded cost under these assumptions is approximately $10 billion. The
spreadsheet shows the overmarket costs by contract. Note: a negative
"mark-to-market" equals a positive stranded cost.
As before, this analysis is based upon Enron's confidential forward curves.
Approval from Tim Belden is needed before this analysis can be released.
Alan Comnes
<< File: Stranded Cost Analysis Structuring Confidential.xls >>
<< File: Stranded Cost Analysis Structuring Confidential.xls >>
=====================================
|
4,784 |
Subject: Job candidates for Enron
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/inbox/916.
=====================================
Hi Jeff:
I'm not sure if hiring is an issue these days for you, but I wanted to let
you know that Jim Bushnell and I will be again teaching a course at
Berkeley this spring called "Energy Market Strategies and Policies." The
course is cross-listed between the Haas School of Business and the Energy
& Resources Group (ERG) at UC Berkeley.
The course is currently limited to 42 students, but it is already
over-subscribed, so we are trying to move it to a larger classroom. We'll
have mostly MBA students from Haas, but also about a dozen masters
students from ERG. There are also usually at least a few PhD students.
The students in the class are were very smart -- many of them
already have experience in the energy industries -- and we believe the
course puts them in a position to immediately contribute to any
energy-related organization that they would join. You can see a copy of
last year's course syllabus at
http://www.haas.berkeley.edu/~borenste/EnergyMarketsSyllabus.pdf
Many of these students are interested in either summer or permanent
employment starting as early as May. If you have openings that you would
like to advertise to these students, please let me know. We will be
setting up a webpage with job announcements in energy-related
organizations. If you send me a job description (or the URL for it), I
can add it to the webpage.
Talk to you soon,
Severin
_________________________________________________________________
Severin Borenstein
E.T. Grether Professor of Business Director
Administration and Public Policy U.C. Energy Institute
Economic Analysis & Policy Group 2539 Channing Way
Haas School of Business Berkeley, CA 94720-5180
University of California (p) 510-642-5145
Berkeley, CA 94720-1900 (main line) 510-642-9588
(p) 510-642-3689 http://www.ucei.org
(f) 707-885-2508
Email: [email protected]
WWW: http://haas.berkeley.edu/~borenste
=====================================
|
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