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Subject: PennFuture's E-Cubed - Wind Market Power
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/721.
=====================================
Register now for our upcoming events!
*Nov. 9* "Global Warming & Climate Change: The Coming Changes to Pennsylvania's Natural Heritage and Public Health"
Sponsored by PennFuture and the Interfaith Campaign on Climate Change of the Pennsylvania Council of Churches, and cosponsored by Audubon PA.
9:00 a.m.- 4:30 p.m. -- Trinity Lutheran Church in Camp Hill, PA -- $25 General Admission.
*Nov. 15* Second Annual Green Power: Turn It On! Awards Luncheon
Sponsored by PennFuture in cooperation with the U.S. Environmental Protection Agency, the Center for Resource Solutions & the U.S. Department of Energy - Philadelphia Regional Office. Luncheon Program --12 - 2 p.m. -- Omni William Penn Hotel, 530 William Penn Place, Pittsburgh -- $25 General Admission, $15 PennFuture Members.
*Dec. 3* Election 2001: The Calm Before The Storm"
Presentations by Senator Jeffrey Piccola, Senate Majority Whip; Representative Michael Veon, House Minority Whip; Professor G. Terry Madonna, Millersville University. Luncheon Program -- 11:30 a.m. -- Harrisburg Hilton and Towers -- $25 General Admission, $15.00 Members.
See "Events/Campaigns" on our website (www.pennfuture.org <http://www.pennfuture.org>) for more information and to register.
---------------------------------
October 26, 2001
Vol. 3, No. 20
Wind Market Power
As strong winds blew in from the west on October 24th, Community Energy and Exelon Power Team executives announced the five largest retail wind purchases in America's history to a large crowd of excited onlookers gathered for the dedication of two new Pennsylvania wind farms.
Amidst cheers and applause, Mike Freeman of Exelon Power Team and Brent Alderfer of Community Energy announced that the University of Pennsylvania now leads the nation for the largest retail purchase of wind. The Penn Quakers are buying 20 million kilowatt-hours (kWh) - the output of five turbines or the equivalent of 5 percent of its electricity - from the Community Energy-Exelon Power Team's 15 MW and 9 MW wind farms at Mill Run and Somerset Township.
With these turbines only just beginning to turn, multiple conversations were heard about the need to build even more wind farms to meet retail consumer demand for wind energy. All those standing on the reclaimed mine land that is now a dairy farm could see before them the merging of wind power and the power of the retail marketplace.
Not far behind the Quakers in their purchase are the roaring Nittany Lions of Penn State University. Penn State University is purchasing more than 13 million kWh, the production of three turbines, from Community Energy. For a land grant university, it's hard to beat clean energy made on a dairy farm.
In third place is Carnegie Mellon University, which created crucial momentum by becoming the first major wind purchaser, acquiring 4.8 million kWh. Having exercised real leadership and gotten this market moving, Carnegie Mellon is seriously considering increasing its wind energy buy next year.
Rounding out the top five are the Philadelphia Suburban Water Company and Giant Eagle, with purchases of about 4 million and 3 million kWh respectively.
We urge more companies and utilities to follow their examples. If you are interested in buying wind energy, contact Community Energy at www.newwindenergy.com <http://www.newwindenergy.com>.
In fact, if just 660 institutions buy at least the output of one large wind turbine, Pennsylvania's retail consumers can insure that 1,000 MW of new wind energy are built and operating. By harnessing the power of the retail market to wind power development, that goal is very achievable.
Though not in the top five, the Environmental Protection Agency, Western Pennsylvania Conservancy, and the White Dog Cafe in Philadelphia have all also made major purchases. Every one of these purchasers understands the price of wind energy, but more importantly, they understand its environmental, public health, and energy security value, showing that Oscar Wilde wasn't right about everyone when he said "nowadays people know the price of everything and the value of nothing."
Stunningly, 75 percent of the wind power from these two wind farms was sold out as soon as Public Utility Commission Chairman Glen Thomas and Department of Environmental Protection Secretary David Hess flipped the switch of the first of what are sixteen Enron Wind 1.5 MW machines.
These turbines, which make 11-20 full revolutions per minute, are the largest manufactured in the United States, and their blades are longer than previously used to be more efficient in the moderate-but-steady wind at these locations. All told, they will generate enough electricity for 8,000 homes, or about 63 million kWh of electricity - with no soot, mercury, carbon dioxide, nitrogen oxide, or sulfur dioxide. In contrast, typical system power in this region would emit about 75 million pounds of carbon dioxide, 568,000 pounds of sulfur dioxide, and 177,000 pounds per year of nitrogen oxide in order to provide the same amount of electricity.
But aside from the important environmental benefits, the wind projects also reflect substantial economic development in Fayette and Somerset counties. Both the Mill Run and Somerset turbines are on working farms, with the owners receiving $3,000 to $4,000 for each tower erected on their land, which they continue to farm. Several of the Somerset turbines are situated on reclaimed strip and deep mines. Construction of the two wind farms required about 40 labor years of employment and will require about four full-time equivalent workers to maintain and operate the sites. The sites generate local property taxes and, if yesterday's dedication ceremonies and the nearby Green Mountain wind farm in Garrett are any indication, at least a modest tourist industry!
This was all made possible by a great project team and every member deserves a hearty "well done." Although construction only took about 4? months, project development by Atlantic Renewable Energy Corporation began about two years ago. Zilkha Renewable Energy, Atlantic's development partner, provided project financing, as did The Reinvestment Fund's Sustainable Development Fund, with money made available as a result of the PECO Energy and Unicom merger settlement negotiated by PennFuture and others. Exelon Power Team is the wholesaler and Community Energy markets wind energy to retail customers.
On a sad note, Nick Humber, an Enron Wind employee who was instrumental in moving the projects to fruition, died when his hijacked plane crashed into the World Trade Center on Sept. 11. Another plane that crashed in Somerset County was only about 15 miles from the wind farm. Nick's contribution to the project leaves a stunning memorial, reaching into the sky, with clean, affordable, home-grown electricity that supports our communities. We are glad that Nick's brother was able to attend the dedication.
As the tragic events of Sept. 11 spur renewed patriotism and interest in domestic safety, it is important to recognize that the Community Energy-Exelon wind farms will help to increase America's energy independence and security. More wind farms can only do us more good.
"Conservation is a moral issue," said President Teddy Roosevelt, "for it involves the patriotic duty to insure the safety and continuance of the nation."
In these times, conservation of America's environment and protecting the nation's safety cannot be done without an accelerated shift to wind and other renewable energy resources. To all involved with this project, but especially the University of Pennsylvania and the other purchasers who have acted in keeping with Teddy Roosevelt's words, we salute you.
---------------------------------
E-Cubed is available for reprint in newspapers and other publications. Authors are available for print or broadcast.
PennFuture (www.pennfuture.org <http://www.pennfuture.org>), with offices in Harrisburg, Philadelphia and Pittsburgh, is a statewide public interest membership organization, which advances policies to protect and improve the state's environment and economy. PennFuture's activities include litigating cases before regulatory bodies and in local, state and federal courts, advocating and advancing legislative action on a state and federal level, public education and assisting citizens in public advocacy.
To unsubscribe, simply reply to this email with "unsubscribe" in the subject.
=====================================
|
4,786 |
Subject: Leading Edge Technology Conference!!! - Registration Information
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/1429.
=====================================
The MBA Classes of 2001 and 2002
cordially invite you to join us for the 3rd annual
Leading Edge Technology Conference
Friday, Sept. 22nd and Saturday, Sept. 23rd, 2000
Haas School of Business
Ticket Cost: $50 - All Day Saturday
Ticket Cost: $10 - Friday Evening
Keynote Speakers:
* George Shaheen, CEO, WebVan
* Jim Clark, Founder, SGI, Netscape, Healtheon, myCFO, Shutterfly
* Dave Ditzel, Founder and CEO, Transmeta
Participating Speakers include:
* Tony Perkins, Chairman/Editor-in-Chief, Red Herring Communications
* Jim Ryan, President, Grainger.com
* Elan Amir, CTO, OmniSky
* Charlie Finnie, Partner, CMGI@Ventures
* Julie Smith, Senior Director of Production, Entertainment, Yahoo!
* Penelope Finnie, Co-Founder and VP of Ideas, Ask Jeeves, Inc.
* Roger Dorf, Presdident and CEO, Nortel Networks Broadband Access
* Milton Olin, Jr., COO, Napster
* Others from such leading companies as - IBM, Ariba, Commerce One, NBCi;
marchFIRST; campsix; Microsoft; McKenna Group; Cisco; Ventro; Jupiter
Communications; EarthLink, WebMD; Loudcloud, Everypath, OracleMobile,
Tellme, and many more
--- Special Note: Tickets will be by Lottery ---
* In an effort to make our limited ticket distribution more equitable,
tickets will be distributed by lottery.
* You must register between Sept 13th and Sept 18th.
* A lottery will then be conducted and ticket recipients notified by e-mail
and able to purchase tickets.
* For those unable to attend, we will have post-conference videocasting.
For complete information and to register, please see our website:
www.TheLeadingEdge.org
Thanks to Our Feature Sponsors:
* IBM and Microsoft
And Our Other Sponsors:
* Sun, Kana, Business 2.0, Red Herring
* Siebel, The Standard, Nortel, Motorola, GeoWorks, Andersen Consulting,
Angel Engineers
* Visa, Haas Management of Technology, CSC, Strategy Associates
______________________________________________________________________________
______
=====================================
|
4,787 |
Subject: Calif May Be Buying Big Power Supplies At Market's Top
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9773.
=====================================
Calif May Be Buying Big Power Supplies At Market's Top
By Mark Golden
03/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- When market-savvy energy companies like Enron, Calpine
and Dynegy are selling like crazy, that might be a sign it's not a good time
to buy.
Nevertheless, the state of California is signing contracts for $43 billion
worth of power under supply deals stretching up to 20 years. Some industry
experts say these contracts could be overpriced by billions of dollars in a
matter of months. What's more, deliveries for most of the supplies already
signed for won't begin until after this summer, which is likely when the
power will be needed most.
"The state should be involved in portfolio contracts to stabilize costs, but
signing 10-year and 20-year contracts is inappropriate," said Michael Zenker,
director of western energy consulting services at Cambridge Energy Research
Associates. "That could end up locking consumers into higher rates for many
years to come."
The near bankruptcy of California's two largest utilities has forced the
state to step heavily into the power markets. The state's idea behind signing
long-term contracts is to stabilize its power costs by spreading them out,
said Vikram Budhraja, whose company, Electric Power Group, is advising the
state on the contracts.
"What we set out to do is get California out of the spot market, bring
stability to the market and get dependable supplies," Budhraja said. "We
believe we have done that."
But some said California could find cheaper prices for forward power if it
waits. Power prices will continue to be very volatile for the next 12 months
to 24 months, but the price of power for delivery in 2002 and beyond is
likely to begin falling at the end of this summer, said Gerald Keenan, a
senior partner for PricewaterhouseCoopers' utility consulting group. The best
approach now is to sign contracts covering just a few months or years, he
said.
"It's not a good bet that gas prices will stay high for such a long time," he
said. "And very little of that power will be delivered this summer anyway."
This week, California Gov. Gray Davis said the state has nailed down about
7,000 megawatts for the summer - more than half the difference between
generation already controlled by the utilities and the projected peak demand
on a very hot day.
But contract details released by Calpine Corp. (CPN), Dynegy Inc. (DYN), Duke
Energy (DUK) and Williams Companies (WMB) belie the governor's claim.
According to press releases from those generators, only 1,640 MW of the power
they're selling will be available this summer.
Not everyone agrees the state has overpaid. To head off a meltdown,
independent power companies in California are giving the state prices
slightly below the current forward market, said Gary Ackerman, executive
director of the Western Power Trading Forum.
"These are probably good deals," said Ackerman, who added that potential
out-of-state suppliers are seeking higher prices because they don't have the
same political motivation. "Never guess at what prices are going to do. They
can always go higher."
Still, California's inability to find much power for this summer means that
the state's imbalance between supply and demand will have to be solved in the
near term on the demand side, according to one perspective. Once demand falls
- whether through higher prices, voluntary conservation, involuntary
blackouts or even a recession - forward electricity prices in California
could come crashing down.
Davis has proposed conservation plans that he says will reduce electricity
consumption by 10% from expected levels this summer. As part of the
conservation program, Davis wants to install new real-time meters before
summer at 43,000 industrial and commercial customers which will then get some
market prices for their power and would be motivated to reduce consumption
during peak-use hours.
The current forward market reflects a skepticism that the meters and other
conservation efforts will be anywhere near as effective this summer as the
governor says. But some industry experts say the real-time meters alone could
reduce power consumption by 10%, which would slash both spot and forward
supply prices, again reason for the state to wait.
"The state should absolutely install the meters first before signing the
long-term contracts," Zenker said.
The governor agreed, when asked about this in his press conference, that
conservation efforts will weaken forward markets. But he said securing stable
prices now is worth the cost.
"Consumers will know approximately what it will cost them for power. The
first two or three years they will probably pay less than the real cost of
power. In the next five or six years they may pay a little bit more," Davis
said. "I think that is a bargain that Californians can learn to accept."
Moreover, if the state had signed deals for just a couple of years, the
average price would be double the $69/average price of the longer-term
contracts announced this week. Such prices, in turn, would have forced the
state to raise electricity rates, something that is politically unpalatable,
Zenker conceded.
Davis and his staff defended their approach, saying that the problem for this
summer will be so acute that it requires a multipronged attack rather than
pursuing demand reductions first.
"There is no one piece that is going to solve this problem," Budhraja said.
"All have to be pursued simultaneously."
-By Mark Golden, Dow Jones Newswires; 201-938-4604; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
4,790 |
Subject: RE: November Direct Report Meeting Changes
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/inbox/601.
=====================================
I'll play the cheap course.
Jim
-----Original Message-----
From: Dasovich, Jeff
Sent: Monday, October 15, 2001 4:55 PM
To: Steffes, James D.; Kingerski, Harry; Montovano, Steve
Subject: RE: November Direct Report Meeting Changes
I'm still in for golf if you are. I'll bring some knitting in case you decide to bail...
-----Original Message-----
From: Dernehl, Ginger
Sent: Monday, October 15, 2001 4:39 PM
To: Steffes, James D.; Yoho, Lisa; Nord, Sue; Migden, Janine; Montovano, Steve; Hemstock, Robert; Kaufman, Paul; Ryall, Jean; Kingerski, Harry; Ibrahim, Amr; Dasovich, Jeff; Nicolay, Christi L.; Novosel, Sarah; Linnell, Elizabeth; Petrochko, Mona L.
Cc: Dernehl, Ginger; Shapiro, Richard; Noske, Linda J.; Warner, Geriann; Sullivan, Lora; Knight, Laurie; Bellas, Kirsten; Sietzema, Linda; Hunter, Bevin; Buerger, Rubena; Stransky, Joan; Alamo, Joseph; Hawkins, Bernadette; Perez, Carmen
Subject: November Direct Report Meeting Changes
There are several changes to the Direct Report meeting in November.
First, the meeting will now conclude by 12:00 (noon) on Friday, November 9.
Second, the activities portion of the trip will not be sponsored by Enron....each individual will be responsible (personally) for payment of activity of choice. Most individuals either chose golf or horseback riding.....below is an estimate as to how much these activities will cost.
Golf:
Green Fees (East/West Course) $155.00/18 holes (Includes golf cart, use of practice balls, club care & storage)
(East/West Course) $85.00/9 holes (includes - same as above)
(Mountain Course) $95.00/18 holes (includes - same as above)
(Mountain Course) $50.00/9 holes (includes - same as above)
Rentals:
Golf clubs with sleeve of balls $55.00
Golf Shoes $20.00
Horseback riding: 1hour $25.00/person
1hour pkg $35.00/person (pkg includes shuttle ride to stables)
2hour $40.00/person
2hour pkg $50.00/person (pkg includes shuttle ride to stables)
mini ride (group only) $15.00/approximately 20 minutes
If you have an interest in the spa services that are available, please let me know and I will fax the spa list to you.
Please let me know ASAP which activity you choose so I can make the necessary arrangements.
Thanks and please call me if you have any questions.
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
=====================================
|
4,793 |
Subject: November Signature Interactive Events
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/2702.
=====================================
----------------------------------------------------------------
Join us for Signature Interactive Events in November
----------------------------------------------------------------
Our Signature Interactive Events series continues to bring you
direct access to market and industry leaders with these exciting
events in November.
Please note the date and time of each event or get an email
reminder by using the link below:
http://schwab2.m0.net/m/s.asp?H2366002163X871497
----------------------------------------------------------------
U.S. Trust Research LIVE!, Thursday, November 2, 4:30pm ET
----------------------------------------------------------------
Subject: "Pre-Election Forum -- Potential Impact on the Market
and the Economy"
United States Trust Company of New York analysts talk live!
Tim Pettee, Michael Hoover, Alan Szydlowski and Brian Madonick
Energy, education and defense are all significant topics in
this year's presidential election. Join Tim Pettee as he
and U.S. Trust analysts Michael Hoover, Alan Szydlowski
and Brian Madonick discuss the current political and economic
issues surrounding these topics and the presidential candidates'
viewpoints. Find out how the outcome of the election could
potentially impact the stock market and the economy.
----------------------------------------------------------------
MarketPro Talk, Thursday, November 9, 6:00pm ET
----------------------------------------------------------------
Subject: "Post-Venture Capital Investing in the U.S. and Abroad"
Federico D. Laffan and Greg Norton-Kidd,
of the Warburg Pincus Global Post-Venture Capital Fund.
Participate in a dynamic conversation with Federico D. Laffan
and Greg Norton-Kidd, of the Warburg Pincus Global Post-Venture
Capital Fund and find out firsthand how this strategy is used
and what trends this team is observing around the globe.
----------------------------------------------------------------
Argus Roundtable, Wednesday, November 29, 7:00pm ET
Watch it via streaming live video!
----------------------------------------------------------------
Subject: "Special Situations and Contrarian Ideas"
The conventional wisdom in early 2000 was that
the New Economy Technology Sector would continue to
lift the stock market to new heights. So why are
old-economy groups such as Electric Utilities
and Real Estate Investment Trusts the top performers so
far this year? Because they offered great value at a time
of opportunistic change in their industries. Looking ahead
to 2001, John Eade and Argus analysts will preview some
sectors that may offer similar surprises to investors.
----------------------------------------------------------------
CEO Speaker Series, CANCELLED
----------------------------------------------------------------
Speaker: Mr. Millard Drexler, President and CEO, Gap, Inc.
We regret to inform you that Millard Drexler, President
and CEO of Gap, Inc., is unable to participate in the
upcoming November CEO Speaker Series as originally scheduled.
We apologize for any inconvenience this may cause you. Thank You.
Ask the experts
----------------------------------------------------------------
Log on using the link below for instructions on how to
participate in an event, or how to submit questions in advance.
http://schwab2.m0.net/m/s.asp?H2366002163X889322
then click on the specific program link.
Other Online Events
----------------------------------------------------------------
For more information on other Schwab online events, click here:
http://schwab2.m0.net/m/s.asp?H2366002163X889326
Signature Interactive Event Emails Available in HTML
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Schwab? To change your preferences, or find out more, log on
using the link below:
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This information should not be considered an individualized
recommendation. The securities mentioned may not be suitable
for everyone. Each investor needs to review a security
transaction for his or her own particular situation.
To change your email address, click on the link below. Log on,
and you will be taken to the page that will allow you to update
your email address securely. For your protection, we are unable
to accept instructions to change your email address sent in
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We respect your privacy. Schwab will use the information you
provide to open and service your accounts, communicate with you
and provide information about products and services. Read about
Schwab's privacy policy at:
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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.
(c)2000 Charles Schwab & Co., Inc. All rights reserved. Member
SIPC/NYSE. (1000-8080)
=====================================
|
4,798 |
Subject: FW: PG&E and Lodi Gas
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/886.
=====================================
Just confirming that we (ENA) aren't planning to use all of our "chits" on this issue..
Please call if you have any questions.
Regards,
Stephanie
-----Original Message-----
From: Wong, Michael
Sent: Friday, November 16, 2001 2:47 PM
To: Mcdonald, Michael; Calvert, Gray; Miller, Stephanie
Subject: PG&E and Lodi Gas
Importance: High
I spoke with Jeff Dasovich and got an update of discussions with PG&E. He received an email yesterday from Dan Richards (Steve Kean equivalent at PG&E) and he is getting a contact for us to interface with at PG&E on this issue. Dan indicated that he would try and have a name and number to Jeff by early next week, so Jeff will keep us posted. If you have any questions, comments, etc. give me a call and I'll track it down.
Michael Wong
Enron North America
(w) 415-782-7808
(c) 415-297-9664
=====================================
|
4,799 |
Subject: Colorado Springs Meeting
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/179.
=====================================
The meeting is upon us and I will keep everyone posted on the weather. I was
told yesterday that it was in the high 70's during the day and in the low
40's during the night. But we know how that darn weather is. Anyway, our
stay at the hotel is located on the "west" side of the Broadmoor. There are
two main buildings to the Broadmoor so be sure to mention the "west" side
when you arrive. The meetings will take place in the Gaylord Board Room
beginning at 8:00am and concluding by 3:00pm on Thursday and Friday, November
18 & 19.
Transportation:
Airport transportation from the Colorado Springs Airport is available through
the Broadmoor Transportation Service. The number is 719-577-5769.
Fares: $10.50 per person one way
$20.00 per person round trip
The Broadmoor Transportation Desk at the Colorado Springs Airport is staffed
daily from 9:00am-11:30pm. The desk is located at the base of the escalator
in the Baggage Claim area, across from Baggage Terminal #3 (next to theHertz
desk). Airport transportation is by reservation only.
Also, below I have listed everyone's confirmation #'s. Thanks and please
don't hesitate to call me with questions.
gngr
Joe Allen 7112261
Scott Bolton 7112275
Jeff Brown 7112276
Aleck Dadson 7112262
Jeff Dasovich 7112281
Joe Hartsoe 7112268
Paul Kaufman 7112277
Harry Kingerski 7112263
Kathleen Magruder 7112264
Sue Mara 7112278
Janine Migden 7112279
Steve Montovano 7112265
Sue Nord 7112280
Rick Shapiro 7112266
Jim Steffes 7366163
=====================================
|
4,802 |
Subject: FERC Notice on 12/19 conference on fwd contract
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/7804.
=====================================
Sorry if this is a duplicate: The following notice was also posted at FERC
regarding the December 19 conference on forward contracting:
??????????? Information About the Planned Conference Announced
??????????? at the December 15, 2000 Commission Meeting
Date:???? Tuesday, December 19, 2000
Time:???? 10:00 AM
Place:???? Hearing Room 1
??????????? Federal Energy Regulatory Commission
??????????? 888 First Street, NE
??????????? Washington, DC 20426
Purpose:???? To facilitate forward contracting by California Utilities
Scope: The scope is confined to forward contracting only
Participants: Limited to California Investor Owned Utilities, generators who
supply California, marketers, the California ISO, the Office of Governor Gray
Davis, and the California Public Utilities Commission.. It is requested that
all participants have persons present with authority to approve any matters
agreed to.
Other Info: The conference will be convened by the Commission's Chief
Administrative Law Judge
Katie Kaplan wrote: We sent this release out today regarding the FERC order
Contact:? Jean Munoz???? FOR IMMEDIATE RELEASE
????? 916-447-8186????? December 15, 2000
Statement from Jan Smutny-Jones, Executive Director of Independent Energy
Producers, Regarding today's Ruling by the Federal Energy Regulatory
Commission:
"While we have not yet had the opportunity to review the entire FERC order,
we
commend the FERC for encouraging long term fixed price contracts - a
solution
IEP members have been advocating and offering since June.
"We are committed to continuing to be part of the solution and look forward
to
moving toward a truly competitive electricity market that delivers a
reliable
supply of clean and affordable energy to the state's business and
residential
consumers."
#?? #?? #
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
--
Andrew Brown
Sacramento, CA
[email protected]
?
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|
4,805 |
Subject: BAAQMD / Standby Generators
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12576.
=====================================
Energy Committee Members:
Attached is the presentation on emergency standby generators as presented by
Steve Motzko at the energy committee meeting.
<<BAAQMDRegProp010514.ppt>>
Here is a link to the BAAQMD Standby Generator Application Instructions:
http://www.baaqmd.gov/permit/standby.htm
The BAAQMD draft regulation and 34 page staff report can be accessed in PDF
files at:
http://www.baaqmd.gov/ruledev/reg-pmt/r0201ws2.htm
Here is a link to the California Air Resources Board "Statewide Portable
Equipment Registration Program Fact Sheet" for mobile sources:
http://www.arb.ca.gov/perp/factshe3.htm
I think the three links will be of interest to the energy task force as well
as the presentation
...Steve
Stephen Motzko, CSP
Solectron Corporate EHS Manager
Phone: 510-661-3979
Fax: 510-661-3992
email: [email protected]
- BAAQMDRegProp010514.ppt
=====================================
|
4,807 |
Subject: Internet Daily for November 07, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1900.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Wednesday, November 7, 2001
by Frank Barnako CBS MarketWatch.com
Mr. Showbiz takes retirement
Mr. Showbiz, an entertainment news and features Web site, has
ended its six-year run, as owner Walt Disney Co. shuttered the
service. The expected closure of the site occurred as Disney
made more cuts in its Internet staffing. While the company did
not release details, message boards on the Web indicated 26
people were laid off at ABCNews.com and 125 at the Disney
Internet Group. Visitors to Mr. Showbiz.com are now being
redirected to ABCNews.com.
-----------------------------------------------------------------
Web shows XP growth
Microsoft's two-week-old XP Operating system already is being
used by 2.36% of computer users on the Internet, according to
WebSideStory Inc. The company develops software to improve Web
site operations and enable WebSideStory to collect information
about Web users' activities. "If the past is any indication,
Windows XP will be the dominant OS on the Web by this time next
year," said Geoff Johnson, vice president of product marketing.
-----------------------------------------------------------------
Sign-ups slow for online gift registries
Only 7% of online buyers have created an online registry or wish
list for the holiday shopping season, according to researcher
Jupiter Media Metrix. "Registry users are ripe prospects for
retailers," said analyst Rob Leathern. Retailers must give
consumers the ability to access registries in a physical
location as well as online," he said. "Retailers will benefit
from higher sales, with little additional customer acquisition
efforts."
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=====================================
|
4,808 |
Subject: More on California Deregulation Nightmares
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1935.
=====================================
UB Comment
More on California Deregulation Nightmares
Martin Rosenberg
09/30/2000
Utility Business
Copyright 2000 by Intertec Publishing Corporation, a PRIMEDIA Company. All
rights reserved.
What were California utility regulators and state legislators smoking when
they devised California's so-called "pioneering" stab at electric
deregulation? The flaws in the scheme they came up with are profound. They
are also rather easy to identify.
Simply put, California's deregulation gurus required distribution utilities
to shed their generation and buy power ONLY through the California Power
Exchange and predominantly on a spot basis. Generators had total market
power.
The utilities - and the millions of Californians that they serve - were
captive customers. Whatever price the generators could generate, the
utilities had to pay. They could not use the threat of dropping off the Power
Exchange system if prices got too high.
Second, the utilities were stripped of any of the powerful tools available to
deal with risk.
Doug Kline, spokesman for San Diego Gas & Electric, says his company had a
limited ability to hedge - or protect itself against soaring prices - going
into this summer. It could hedge 10 percent of its power needs up to three
months in advance. "We could go into the block forward market if someone
would accept our proposal," Kline said, but "it's thinly traded."
This is where the California scheme borders on being criminally
irresponsible. Why expose utilities to market risks without providing them
with means of protecting their customers against wild swings in market
prices?
The futures market is complex. But there are some easy patterns to discern.
Electric prices in many parts of the country peak in the summer when consumer
demand for air conditioning peaks. They are lowest in the winter. Generally,
futures prices track these seasonal fluctuations. A few years ago, some wags
observed that New York Mercantile Exchange futures traders who felt snow
falling on their necks going to lunch returned to work and bid up the futures
price of natural gas.
As one trading company official says, "It doesn't take a brain surgeon to
know electricity is going to go up in the summer."
This summer it zoomed to 19.3 cents per kilowatt hour, up from 4.2 cents a
year earlier.
Demand for power is not up sharply this summer and supply is about equal,
compared to last year. "It is difficult to explain a five-fold increase in
prices," Kline says.
San Diego Gas & Electric in the winter time - when electricity futures prices
tend to be low - should be able to buy a futures contract for electricity to
be delivered the following summer. Then, if prices soar, the utility's
exposure would be limited.
In their wisdom, however, California policymakers decided to largely deny
utilities access to the futures market.
Furthermore, the utilities could not buy power outside of the California
Power Exchange.
San Diego tried. "We applied more than six months ago for authority to buy
outside the California Power Exchange, and the California Public Utilities
Commission denied it," Kline says.
The rise of trading Large industries in California can strike a deal with
competitive suppliers. However, major traders have stayed away from smaller
users - and consumers - because the margins are too thin. So consumers are
captive of the utilities that in turn are captive of the California Power
Exchange.
Meanwhile, a robust energy trade has been developing in the rest of the
country. A recent study by the Yankee Group in Boston reports that $70
billion in electricity and natural gas will be traded on electronic energy
commodity exchanges this year, up from $25 billion last year. That's a
healthy hunk of the $225 billion worth of electricity and natural gas sold on
wholesale markets.
"As energy-trading firms migrate to these exchanges, over 90 percent of
wholesale natural gas and electricity will trade across commodity exchanges
within three years...An expanding trading market will result in $450 billion
of energy trading by 2005 - virtually all of it electronically," the Yankee
Group's May study states.
So far, marketers are sitting on the sidelines. Al Butkus, a spokesman for
UtiliCorp United, says, "We don't deal in California," Butkus says. "It's not
an important market to us." That is an indictment of efforts to deregulate
the state. UtiliCorp owns Aquila Energy, which last year was the second
largest wholesaler of power and the third largest wholesaler of natural gas
in North America.
The Federal Energy Regulatory Commission in late August announced it would
investigate developments in the California market. The commission will try to
determine if the market rules need fixing, and whether remedial action must
be taken because rates are unjust.
Stephen Baum, head of San Diego's parent, Sempra Energy, says, "We strongly
believe that FERC's investigation opens the door for substantial reforms of
the state's wholesale electricity market, which is not workably competitive,
and will eliminate the extreme wholesale price spikes that we have
experienced this summer."
While announcing the investigation, as part of a national market review,
James J. Hoecker, commission chairman, said, "We do not find finger-pointing
to be helpful at this juncture."
At some point, however, the following conclusions are likely to be drawn:
- In deregulated markets, suppliers cannot be free to raise prices with
impunity while consumers are naked to the howling winds of competition.
Utilities must be able to hedge their risks.
- If free markets are to work, the benefits of competition must flow to
residential consumers and other small users. It is not sufficient to place an
artificial "cap" on rates - since costs are still incurred that must be
recovered at some later date. There should be a profit incentive for
marketers to court consumers. Factors limiting the emergence of a competitive
consumer market should be identified and eliminated.
- California, as large as it is, is not an island. Utilities in the state
should not be required to buy from the California Power Exchange.
- California regulators, who declined several requests for interviews for
this column, and legislators should apologize to traumatized California
consumers. They should admit they were unequal to the task of devising fair,
workable deregulation policies.
=====================================
|
4,809 |
Subject: Daily Agenda
Sender: [email protected]
Recipients: []
File: dasovich-j/all_documents/12243.
=====================================
Daily Agenda
Thursday, May 10, 2001
Today's events...
* Noon, SACRAMENTO Gov. Gray Davis signs energy bond bill, Capitol,
governor's council room. Contact: Steve Maviglio, 916-445-4571.
* Noon, SACRAMENTO Assembly Republicans hold news conference to
discuss end of special session on energy, Capitol, room 125. Contact: James
Fisfis, 916-319-2005.
In the news...
* LA Times, Brooks: 60% rate hikes imposed by OUC.
http://www.latimes.com/news/state/20010510/t000039441.html
* LA Times, Morain: Governor asks generators to compromise on debt.
http://www.latimes.com/news/state/20010510/t000039413.html
* SD Union-Tribune, Haussler:
http://www.uniontrib.com/news/uniontrib/thu/news/news_1n10budget.html
* SF Chronicle, McManis: 15th District hopefuls line up.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2001/05/10/MNC112600.DTL
In committee...
* NATURAL GAS. Energy Costs and Availability Subcommittee on Energy
Oversight. Upon adjournment of Session, room 3162. (Squawk Box 93.1)
* VARIOUS ITEMS. Budget Subcommittee No. 3 on Resources. Upon call
of the Chair, room 127. (Squawk Box 92.1)
* SCHOOL-TO-CAREER. Select Committee on Workforce Investment.
3:00pm, room 126. (Squawk Box 91.5)
Today on the floor...
* Assembly session at 8:30am. (Squawk Box 89.7, Assembly TV, CH. 7)
* Senate session at 8:30am. (Squawk Box 99.1, Senate TV, CH. 5)
The week ahead...
Friday - 5/11/01 Monday - 5/14/01 Tuesday --- 5/15/01
Wednesday - 5/16/01 Thursday - 5/17/01
Last day for policy committees to hear and report to the floor nonfiscal
Assembly bills Session @ 11:00am Senate Session @ 10:00am TBA TBA
Session @ 8:30am Senate Session @ 8:30am
Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005
=====================================
|
4,811 |
Subject: NEWS: montana
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12409.
=====================================
* I saw this in yesterday's business section
Paper: Houston Chronicle
Date: SUN 05/13/01
Section: BUSINESS
Page: 7
Edition: 2 STAR
Montana 's power crisis may be more intense thanCalifornia's
By JIM ROBBINS
New York Times
BUTTE, Mont. - The last large-scale metal mine is silent in this city that
sits astride the Rocky Mountains.
The 170-ton, house-sized ore-hauling trucks, which once rumbled with loads 24
hours a day, have not fired up their engines since last summer. Nor have the
conveyors, the crushers, the concentrators and the grinders. And most of the
320 workers who carved out a living extracting copper, molybdenum and silver
from the 600-foot deep Continental Pit have scattered to other states and
other jobs.
Montana Resources, which owns the mine, has been out of affordable power for
nine months. At the beginning of 2000, the mine was paying $26 a megawatt
hour, up from $19 the year before. Last week, however, a megawatt hour cost
$320.
While California has grabbed most of the national headlines for a power
crisis caused by deregulation gone awry - rolling blackouts resumed there
last week - another power deregulation crisis has been unfolding here in
Montana . And in some ways, it is far more striking in its impact. While
Californians may be somewhat protected from skyrocketing costs, Montanans are
not. Paper companies, mines and other large industrial companies in Montana
have been laying off workers because they cannot afford to pay their electric
bills. Residents are expecting their household electric costs to as much as
double by July 2002.
A growing number of Montanans want to roll back the clock to a time when
their state, blessed with its own sources of cheaply produced power, had some
of the lowest electricity rates in the country. Many residents are directing
their anger at the Legislature, which in their view deregulated the market
for electrical power solely at the behest of the Montana Power Co., once the
state's dominant utility.
Under deregulation that took effect three years ago, Montana Power sold its
hydroelectric and coal-fired generating plants to PPL Corp., the Allentown,
Pa., company that sells power in 42 states and in Canada, Great Britain and
Latin America.
Like other owners of power generation sites, PPL has been profiting immensely
under deregulation by charging rates based on the forces of supply and
demand. Montana Power still distributes electric power around the state, but
soon will be getting out of that business as well.
The change has left large power consumers such as Montana Resources
scrambling to survive. They have scoured the region for affordable
alternatives. They have asked PPL to make at least some cheaper electricity
available but it is unclear if that will happen. And they have lobbied the
Legislature to reregulate electrical power.
"We've got to play all of our cards," said Greg Stricker, president of
Montana Resources, as he gazed over the company's open mining pit and a giant
statue of the Virgin Mary that sits high on a mountain above it. "We're faced
with extinction." PPL, however, says it has no choice but to sell its power
at market prices.
On a national scale, the plight of Montana , which has less than a million
people, is not as visible as that of California, which has 34 million. But
Montana 's experience shows what can happen when power prices spiral out of
control and businesses and consumers are not protected.
Montana 's power crisis is rooted in the history of the Montana Power Co. It
was formed in 1912 by Anaconda Copper Mining to ensure power for Anaconda's
extensive mining, milling and sawmill operations. Montana Power built
hydroelectric dams on 11 rivers across the state, dams that still create
power at low cost.
Anaconda also was accustomed to getting its own way. The company owned most
of the state's daily newspapers until 1959 and wielded tremendous influence
among elected officials. Anaconda, the historian Bernard DeVoto wrote,
"maintained a more thorough-going ownership of Montana 's wealth, government
and inhabitants than any other corporation has ever been able to maintain in
any other state."
The Anaconda era ended in 1977 when the company was bought by Atlantic
Richfield, the oil company that has since been acquired by BP. Arco closed
the mines in 1980 and the smelter in 1983. Montana Power, which had become
the state's regulated utility, outlived its creator.
By the mid-1990s, however, Montana Power was worrying about its own future.
Power deregulation, a national trend, looked inevitable, and the company's
big industrial customers already were shopping for sources of cheaper
electricity .
So, trying to make a virtue of necessity, Montana Power began the process of
getting out of the power business. It diversified, creating an Internet
service provider called Touch America. It also began to push for power
deregulation, saying it would result in lower costs and more customer
choices. The company was hoping that deregulation would make itself
attractive to investors and potential buyers.
A deregulation bill, the Electric Utility Restructuring and Customer Choice
Act, was introduced in March 1997, when the legislative session was nearly
over. Lawmakers, most of them farmers and ranchers and businessmen, approved
it hastily.
To some critics of deregulation, the passage smacked of the era when Anaconda
dictated what the Legislature should do. Few Montana lawmakers understood
what was happening, said Ken Toole, a Democratic state senator and an
opponent of the deregulation. "It was a steamroller with the mantra of free
market," Toole said. "Debate took place in a compressed period of time and it
was not brought before the public."
Montana Power disputed that interpretation. Jack Haffey, its president and
chief operating officer, said, "it was not a bill pulled out of somebody's
pocket and foisted on the public."
Still, Montana Power emerged with marketable power plants and its thriving
Touch America business. The company sold its power plants to PPL, investing
much of the proceeds in Touch America. Montana Power's shares, adjusted for
an August 1999 split, soared to nearly $65 in March 2000 from less than $20
before deregulation. (The shares have since returned to a below-$20 range,
closing on Friday at $16.48) Company insiders cashed in their stock options
at the peak and some became rich.
And, for a while at least, deregulation appeared to be working. Competition
among power suppliers was pushing down the price of electricity . In January
1999, Montana Resources' power costs fell to $19 a megawatt hour from the
regulated price of $30.
But starting in June 2000, Stricker said, "the market started to go nuts."
Rising demand, coupled with a lack of new supply, pushed up prices sharply. A
megawatt hour spiked as high as $680 and then settled back into the
$200-to-$400 range.
The region's power crisis has been aggravated recently by a drought that has
reduced the amount of hydroelectric power generated. Steve Walsh, a Montana
Resources spokesman, said the company's suppliers told it that rates could
reach $1,000 a megawatt hour in the third quarter.
Montana 's labor force, meanwhile, has suffered. Since last summer, according
to the Montana affiliate of the AFL-CIO, more than 1,000 workers have lost
their jobs in layoffs caused by power price inflation.
=====================================
|
4,812 |
Subject: RE: PG&E settlement offer
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/inbox/880.
=====================================
Thanks.
-----Original Message-----
From: Curry, Wanda
Sent: Friday, November 16, 2001 4:37 PM
To: Dasovich, Jeff; Steffes, James D.
Subject: RE: PG&E settlement offer
Jim and Jeff,
The P& L numbers represented below includes a reserve of $40 million attributable to the FERC Refund exposure specific to wholesale.
Thanks,
Wanda
-----Original Message-----
From: Tribolet, Michael
Sent: Friday, November 16, 2001 3:34 PM
To: Dasovich, Jeff; Steffes, James D.; Mellencamp, Lisa; Curry, Wanda
Subject: FW: PG&E settlement offer
Ken Lay called Rick Buy and I up to his office talk about settlement just now. He would like to settle for liquidity/good news. Rick Buy is going to discuss with Whalley.
-----Original Message-----
From: Tribolet, Michael
Sent: Friday, November 16, 2001 3:30 PM
To: Buy, Rick
Subject: PG&E settlement offer
Below are the proposed discounts we discussed with Ken Lay this afternoon:
USD millions:
Cash from 85 P+L with 85 cent
Discount cent sale of claim sale of claim
Enron $ 85.0 (17%) $361.8 +$129.1
PG&E $237.0 (46%) $232.6 -$ 0.1
Midpoint $161.0 (32%) $297.2 +$ 64.5
If the midpoint (value between PG&E and Enron settlement offers) is acceptable from a liquidity and P+L standpoint, propose countering at a discount of $123 million (move half way to midpoint) to provoke a counter offer. Intent is to settle at midpoint discount of $161 million. The Excel file is attached.
<< File: m011116.xls >>
=====================================
|
4,814 |
Subject: SF Gate: Enron's secret bid to save deregulation/PRIVATE MEETING:
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/13102.
=====================================
FYI, the only people who knew who we invited to the meeting (but did not
attend) were Dick Riordan and Kevin Sharer...
Saturday, May 26, 2001 (SF Chronicle)
Enron's secret bid to save deregulation/PRIVATE MEETING: Chairman pitches his
plan to prominent Californians
Christian Berthelsen, Scott Winokur, Chronicle Staff Writers
Energy executive Kenneth Lay, head of powerful Enron Corp., quietly
courted Arnold Schwarzenegger, Richard Riordan, Michael Milken and other
luminaries this week in Beverly Hills to drum up support for his solution
to California's energy crisis.
His prescription called for more rate increases, an end to state and
federal investigations and less rather than more regulation.
Lay, a close friend of President Bush and one of his largest campaign
contributors, hosted a private 90-minute meeting in a conference room at
the Peninsula Hotel in Beverly Hills on Thursday.
Among the participants were Milken, the former head of the Drexel Burnham
Lambert investment banking firm who pleaded guilty to fraud charges in
1990 and who now runs a think tank based in Santa Monica; movie star
Schwarzenegger;
and Riordan, the mayor of Los Angeles. Schwarzenegger and Riordan have
been courted recently as GOP gubernatorial candidates.
One participant, who agreed to speak on the condition he not be
identified, said the meeting appeared to be geared toward getting
participants to support Lay's vision and then champion it to officials who
are trying to solve the state's energy mess.
PLAN TO RESCUE DEREGULATION
The source said the timing and tone of the meeting suggested Lay is
concerned that California will abandon its disastrous experiment with
power markets by either re-regulating the system or creating a government
authority to provide electricity. Gov. Gray Davis signed legislation last
week to create and fund a state power authority that would build, buy and
run power plants in California.
"They're trying to rescue deregulation," the source said of Enron
executives. "They think the whole state power authority is a bad idea."
At the meeting, Enron representatives circulated a four-page position
paper titled "Comprehensive Solution for California," which was obtained
by The Chronicle. It said ratepayers should bear responsibility for the
billions in debt incurred by the state's public utilities and that
investigations of power price manipulation and political rhetoric are
making matters worse.
The paper made no mention of the possibility that much of the runaway
electricity costs in California is due to market manipulation by power
generators and traders -- a possibility given credibility in studies by
regulators and economists.
One of the talking points read: "Get deregulation right this time --
California needs a real electricity market, not government takeovers."
Another point suggested giving consumers monetary rebates for conserving
electricity.
INVOLVED IN EARLY DAYS
Lay has been an aggressive champion of deregulated electricity markets and
was an early advocate in persuading California to begin its experiment
with a competitive power market system.
Lay has created a new kind of company in the process, one that essentially
produces nothing but makes money as a middle-man, buying electricity from
generators and selling it to consumers. During the first quarter of this
year, Enron's revenues increased 281 percent to $50.1 billion.
Asked about the purpose of the meeting, Karen Denne, a spokeswoman for
Enron, said she would "look into that" and then did not return repeated
telephone calls seeking comment. One participant said Denne was present at
the meeting.
D.C. CONNECTIONS
Meanwhile, Lay's power in Washington is reported to have reached
unprecedented heights. According to a story in yesterday's New York Times,
Lay supplied the Bush administration with a list of candidates for jobs
regulating the power industry and even interviewed one of them. The story
also said Lay essentially threatened to seek the removal of the chairman
of the Federal Energy Regulatory Commission, Curt Hebert, if he does not
support Lay's desire to further deregulate the nation's electricity
system. Lay denied the allegation.
Also in attendance at this week's meeting were Bruce Karatz, chief
executive of home builder Kaufman & Broad; Ray Irani, chief executive of
Occidental Petroleum; and Kevin Sharer, chief executive of biotech giant
Amgen.
Among those who were invited but did not attend were former Los Angeles
Lakers star Earvin "Magic" Johnson; supermarket magnate and Bill Clinton
supporter Ron Burkle; and Dennis Tito, recently returned from the world's
first civilian space trip.
Milken, through a spokesman, confirmed that he attended the meeting, but
declined to be interviewed. Schwarzenegger could not be reached for
comment through a publicist, and Sharer did not return a call yesterday
afternoon.
A spokesman for Riordan, Peter Hidalgo, said the Los Angeles mayor
attended,
but was "not intending to formulate any kind of policy position on this
issue.
His intent is to listen to all sides."
Attached to the Enron handout was a two-page open letter, addressed to
Davis and the state Legislature, apparently prepared for those who support
Lay's position and would be willing to sign their names to it. The source
who participated in the meeting said those assembled appeared noncommittal
and asked a number of questions of Lay, but did not agree to champion his
agenda.
E-mail the writers at [email protected] and Scott Winokur at
[email protected].
----------------------------------------------------------------------
Copyright 2001 SF Chronicle
=====================================
|
4,815 |
Subject: California Power Issue Article II
Sender: [email protected]
Recipients: ["nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1308.
=====================================
Business
Rate cap in S.D. stopgap solution PUC action not seen as cure-all for surging
electric bills
VANESSA HUA
?
09/08/2000
San Francisco Examiner
?
The price cap on San Diego's skyrocketing electricity rates mandated by state
regulators Thursday is only a stopgap solution to underlying flaws in energy
deregulation - problems that could plague PG&E customers in the future,
consumer groups and industry watchers say.
The California Public Utilities Commission voted 5-0 to cap electric rates at
6.5 cents per kilowatt hour. They had soared as high as 21 cents per kilowatt
hour this summer.
?
The commission also agreed to investigate whether San Diego Gas & Electric
has been paying too much for the power it supplies to its customers.
The actions, affirming legislation signed Wednesday by Gov. Davis, will
reduce the average customer's electric bill to $68 a month from the current
$120.
SDG&E, which serves San Diego County and southern Orange County, was the
first utility in the state to buy power on the open market - and the first to
pass soaring wholesale power costs to consumers.
Now, SDG&E will be able to charge customers far less than it pays for energy
in high-use months. The company projects that the shortfall between what it
has to pay for power and what it
can charge rate payers could reach $839 million by 2004. Area rate payers may
be asked to make up the difference, but just how that might be done has yet
to be determined, pending the outcome of the PUC investigation.
Likewise, PG&E - which said it has run about $2 billion in fuel expenses -
wants to pass it on to consumers with an extra charge in future power bills.
The San Francisco-based utility said that if SDG&E is allowed to pass its
increased costs to consumers, then it plans to seek the same treatment from
the PUC.
But for now, because of the state's electric restructuring law, PG&E's rates
will remain frozen until no later than March 2002.
San Diego's energy woes stem in part from the high demand for electricity in
a booming economy. The new energy suppliers and generators that were supposed
to foster competition and lower prices just haven't materialized under
deregulation, analysts said.
Now, the price cap on retail prices - lower than wholesale prices on the
power exchange - will further discourage new entrants.
"It's a question of who would be crazy enough to come. The marketplace is too
risky," said George Spencer, editor of Restructuring
Today, a Washington, D.C.-based newsletter about deregulation. "Putting on a
cap is a Band-Aid, not getting (to) the root of the problem."
The rate cap defers payments to the utilities, creating further market
uncertainty.
"Any kind of rate cap means that in the future SDG&E has to get it back. It's
like a big IOU. But I'm not quite sure how it's going to work out," said
Jamey Gessaman, marketing program manager for Wattage Monitor which assists
consumers in finding alternative electricity suppliers.
Truckee-based TenderLand Power Company, which aims to generate and sell
electricity from renewable resources, differentiates itself from SDG&E,
making clear that its prices - 8 cents per kilowatt hour - is not a deferred
payment plan. Their customers won't have to pay more, later, to make up for
the shortfall, a spokeswoman said.
Assemblywoman Susan Davis, D-San Diego, who authored the price cap
legislation, said that measures were a necessary first action in solving
electricity crisis over the long term.
"The most important thing to do was to stop bleeding in San Diego," she said.
Consumer advocates slammed
electricity deregulation as a legislative failure now punishing consumers.
"This is botched legislation. There have been so many screw-ups, in the way
it was set up and administered," said Michael Shames, executive director of
the Utility Consumers' Action Network in San Diego.
Gov. Davis defended deregulation Thursday by calling it "an experiment that
will work if everybody acts responsibly.
"The electrical generators that have bought up the facilities that exist in
California are now selling power back to us at between five and eight times
what it used to cost us," he said. "Utilities, who are now out of the
generation business are basically just in the distribution business, and
consumers - everybody has to accept their role and accept their share of the
short-term pain to make this program work."
In addition to the rate cap, Davis also signed a bill Wednesday that would
speed up the approval process for new power plants. That could ease the
soaring demand for electricity.
However, the governor put off action on a third bill - also passed with much
fanfare by the Legislature - that could provide up to $150 million in state
money to cov
er any future San Diego power debts.
While Gov. Davis said his decision on that measure could wait until later
this month, the timing increased speculation that he may veto the plan. Some
critics have argued that pledging public money to cover private power costs
could set a precedent leading to a far greater drain on taxpayers in the
future.
The PUC was scheduled to hold a hearing in San Diego on Friday to explore the
cause of high summer wholesale prices.
Examiner news services contributed to this report.
=====================================
|
4,817 |
Subject: Western Government Affairs' Schedules for the Week of April 16 -
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11178.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of April 16 =01) 20, 2001
Paul Kaufman
Mon 4/16 Portland OR office
Tue 4/17 Sacramento CA for Extraordinary Session
Wed 4/18 Sacramento CA for Extraordinary Session
Thur 4/19 Sacramento CA for Extraordinary Session or Phoenix or Salt Lake=
=20
City=20
Fri 4/20 TBD
Sue Mara
Mon 4/16 San Francisco CA office
Tue 4/17 WPTF Board meeting at San Francisco CA office
Wed 4/18 Work @ home
Thur 4/19 ISO Meeting, Folsom CA re: Market Issues Forum meeting
Fri 4/20 San Francisco CA office
Jeff Dasovich
Mon 4/16 San Francisco CA office
Tue 4/17 San Francisco CA office
Wed 4/18 San Francisco CA office
Thur 4/19 San Francisco CA office
Fri 4/20 San Francisco CA office
Sandi McCubbin
Mon 4/16 Sacramento CA for Extraordinary Session
Tue 4/17 Sacramento CA for Extraordinary Session
Wed 4/18 Sacramento CA for Extraordinary Session
Thur 4/19 Sacramento CA/San Francisco CA office [TBD]
Fri 4/20 Sacramento CA/San Francisco CA office [TBD]
Alan Comnes
Mon 4/16 Portland OR office
Tue 4/17 Portland OR office
Wed 4/18 Portland OR office
Thur 4/19 Portland OR office
Fri 4/20 Portland OR office
Mona Petrochko
Mon 4/16 San Francisco CA office
Tue 4/17 San Francisco CA office, a.m.; Travel to Houston TX, p.m.
Wed 4/18 Houston TX office
Thur 4/19 Houston TX office; Travel back to SF, p.m.
Fri 4/20 San Francisco CA office
=====================================
|
4,819 |
Subject: First Press Reports on California Reporting Requirements Comments
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28004.
=====================================
NGI's Daily Gas Price Index
published : June 21, 2001
Marketers: FERC Data-Collection Effort in CA a Fishing Expedition
A proposed initiative by FERC to collect an inordinate amount of price and
volume information from transporters and sellers of natural gas into the
California market is nothing more than a fishing expedition by the agency,
marketers charge. The Commission proposed the reporting requirement last
month in response to mounting pressure from Capitol Hill for regulatory
action in the volatile gas market.
The Electric Power Supply Association (EPSA), Occidental Energy Marketing
Inc. and Tractebel Energy Marketing Inc. contend that FERC's effort would
duplicate ongoing state investigations into gas prices, impose an "extremely
burdensome" requirement on pipelines, marketers and local distribution
companies (LDCs) for information, and force companies to turn over
"proprietary and confidential" data that could expose them to "potential
financial harm." They urged the Commission to narrow the scope of its
proposed information-collection effort considerably. Moreover, the marketers
questioned whether FERC had the authority under the Natural Gas Act (NGA) to
demand data from companies over which it lacked jurisdiction, and to
investigate natural gas prices.
But the American Public Gas Association (APGA), which represents municipal
gas distributors, is fully behind the Commission's effort. "In California,
natural gas prices have been consistently and substantially higher than the
national average... The Commission has correctly noted that market forces
have not alleviated the high natural gas prices in California in a timely or
predictable manner. This suggests, among other things, that the fundamental
marketplace principle of supply invariably increasing to meet demand is being
frustrated," the group said [RM01-9].
President Bush has said the California gas market warranted further review,
and designated new Commissioner Pat Wood last month to head up the effort,
the APGA noted. Wood and Commissioner Nora M. Brownell will travel to
California next week to confer with Gov. Gray Davis about the state's gas
market. Wood on at least two occasions has acknowledged that something
doesn't appear to be quite right with the market, and Commissioner William
Massey this week told a Senate committee that FERC needed to do a lot more
work with the California gas market. FERC currently is exploring allegations
that El Paso Natural Gas and its merchant power generation affiliates engaged
in illegal practices to drive up gas prices at the Southern California border
during 2000 (see Daily GPI, June 12).
Occidental Energy Marketing Inc., which markets gas produced by its
affiliates within California, doesn't dispute that a price investigation may
be warranted. Its objection primarily is with the manner in which FERC
proposes to gather information. "Not only does the Commission take a
'shotgun' approach to data gathering, it has admitted that it may not have
the authority to do anything about the information it receives," Occidental
said. Moreover, while "much of the information it may receive under this rule
may provide guidance as to 'what' is happening," it may not give FERC any
clue about "why."
Occidental suggested that the Commission take a "more limited approach" and
focus on examining issues that are subject to its jurisdiction, such as
capacity-release transactions on interstate pipelines that serve the
California market. "Not only would such an inquiry clearly be within the
purview of the Commission's jurisdiction, it would also lend itself to a much
more focused approach." FERC already has proposed re-instituting the rate cap
on capacity-release transportation to the state border (see Daily GPI, May
24). The Commission's decision to remove the cap as part of Order 637 last
year contributed at least in part to the significant runup in gas prices in
California last year, critics claim.
The EPSA, which represents independent energy marketers, also recommended
that FERC limit its actions in California to those that are within its
jurisdiction, such as approving new interstate pipeline projects. "The
addition of new pipeline capacity and improvements in the natural gas
transmission system will often limit or alleviate existing higher
prices...Since these factors are under the jurisdiction of the Commission, a
continued examination of these issues would better prepare the Commission to
respond to any future price volatility."
Also, the group proposed that FERC, rather than initiate its own
information-collection effort, use the data from the California
investigations that are already in progress. If FERC should decide that it
needs to "pursue additional data through a reporting requirement, it should
provide for a more narrowly focused set of data and specify a sunset date for
market participants," the EPSA noted.
Companies are reluctant to turn over such an enormous amount of information
to FERC since it has not provided any "specific guarantees of
confidentiality," the EPSA said. The "politically charged California
environment heightens the potential for abuse of this information by way of
manipulation and misrepresentation."
Tractebel Energy objected to a reporting requirement for marketers that are
unaffiliated with interstate pipelines, as well as other non-jurisdictional
companies. Unaffiliated gas marketers in California "move prices closer to
competitive levels. Moreover, these marketers serve a positive role in
enhancing liquidity and competitiveness through their arbitrage role.
Accordingly, there is no basis on policy or analytical grounds to collect
data from unaffiliated gas marketers," it said.
If FERC should decide otherwise, Tractebel Energy called for it to establish
a volume threshold for reporting, "under which only large sellers would
report."
The reporting requirements, as proposed by FERC in late May, would target all
sellers of natural gas, and interstate pipelines and LDCs that serve the
California market. FERC is seeking to gauge what percentage of the volumes
destined for California is domestically produced gas sold by marketing
affiliates of pipelines and LDCs in sale-for-resale transactions. These are
the only sales over which FERC has jurisdiction under the NGA (see Daily GPI,
May 22).
Although LDCs and other sellers are not directly subject to FERC's NGA
authority, the Commission noted that the law does give it "extensive
authority" to collect information from all parties to determine whether there
has been a violation of the NGA and to serve as a basis for proposing
legislation to Congress.
The Commission proposes to collect the data on a quarterly basis (30 days
after the end of a quarter) in a "standardized format." It then "[will]
aggregate the data submitted and analyze it promptly" to "determine what
action, if any, is warranted" with respect to the California gas prices.
Prices in Southern California have been especially volatile in the last
couple of weeks, falling to below the $4/MMBtu mark in early June from
$15/MMBtu at the start of April. They have since rebounded to more than
$7/MMBtu.
In addition to getting a handle on the level of gas sales by pipe marketing
affiliates and LDCs in California, FERC is seeking to obtain "an accurate
picture of the overall average gas costs being incurred by all purchases of
natural gas moving into the California market," as well as "the extent to
which the cost of interstate transportation...affects the price for the gas
commodity at the California border."
=====================================
|
4,820 |
Subject: AB 60x Follow-up Conf. Call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10211.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 03/20/2001 06:19 PM -----
"Julee Malinowski-Ball" <[email protected]>
03/20/2001 06:08 PM
Please respond to "Julee Malinowski-Ball"
To: "Susan McCabe" <[email protected]>, "Scott Govenar"
<[email protected]>, "Ron Tom" <[email protected]>, "Robert Ross"
<[email protected]>, "Rina Venturini" <[email protected]>, "Phil Isenberg"
<[email protected]>, "Mike Monagan" <[email protected]>, "Maureen OHaren"
<[email protected]>, "Marie Moretti" <[email protected]>,
"Kassandra Gough" <[email protected]>, "Jamie Parker" <[email protected]>,
"Hedy Govenar" <[email protected]>, "DJ Smith"
<[email protected]>, "Delany Hunter" <[email protected]>, "Chuck
Cole" <[email protected]>, "Bev Hansen" <[email protected]>, "Anne
Kelly" <[email protected]>, "Fred Pownall" <[email protected]>
cc: "Sue Mara" <[email protected]>, "Steve Ponder" <[email protected]>,
"Stephanie Newell" <[email protected]>, "Sandi McCubbin"
<[email protected]>, "Roger Pelote" <[email protected]>, "Richard
Hyde" <[email protected]>, "Paula Soos" <[email protected]>,
"Lynn Lednicky" <[email protected]>, "Larrea, John"
<[email protected]>, "kent Palmerton" <[email protected]>,
"Kassandra Gough" <[email protected]>, "John Stout"
<[email protected]>, "Joe Ronan" <[email protected]>, "Jeff
Dasovich" <[email protected]>, "Jean Munoz" <[email protected]>,
"Jack Pigott" <[email protected]>, "Greg Blue" <[email protected]>, "Rachel
King" <[email protected]>, "Jan Smutny Jones" <[email protected]>, "Steven
Kelley" <[email protected]>, "Katie Kaplan" <[email protected]>, "Andy Brown"
<[email protected]>, "Doug Kerner" <[email protected]>, "Chris Ellison"
<[email protected]>, "Karen Baker" <[email protected]>, <[email protected]>
Subject: AB 60x Follow-up Conf. Call
I have scheduled a conference call for tomorrow (Wed.) at 2pm to follow-up
on the draft amendments to AB 60x and Calpine's meeting in the Speaker's
office. In summary, Calpine was not able to convince Rick Simpson to drop
the bill, nor was he interested in moving it in another direction on the
Assembly side. On tomorrow's call we will be discussing what steps IEP and
member companies should take as this bill moves forward.
Please call: 800-403-2004
Pass Code: 753843
Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
[email protected]
=====================================
|
4,821 |
Subject: Midday Market View for January 2, 2002
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1506.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Midday Market View(TM)
for Wednesday, January 2, 2002
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 9,975.01 - 46.49
Nasdaq Comp. 1,940.70 - 9.70
S&P 500 1,148.08 - 12.94
----------------------------------
NYSE Advancing Issues 1,151
NYSE Declining Issues 1,882
NYSE Trading Volume 503 mln
NASDAQ Advancing Issues 1,465
NASDAQ Declining Issues 1,941
NASDAQ Trading Volume 689 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
6-month bill 1.83% n/a
5-year note 4.44% - 16/32
10-year note 5.12% - 21/32
30-year bond 5.52% - 21/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
STOCKS SUFFER NEW YEAR'S HANGOVER
Despite a better-than-expected Manufacturing Institute of Supply
Management's (ISM) Report on Business, which reflected improving
conditions in the manufacturing sector, stocks are trending
lower at midday. Online stocks, including EBay Inc.
(EBAY,65,f1&f4) and AOL Time Warner (AOL,31,f2), are lower
following analyst downgrades while chip stocks are advancing on
the heels of an upbeat Semiconductor Industry Association
report. Memory chip manufacturer Micron Technology (MU,33,f2) is
higher following news that a DRAM rival raised prices by 30%.
Treasuries are lower following the ISM data and European bourses
are lower late in the day.
As of 11:52 a.m. EST, the Dow Jones Industrial Average is down
0.4%, the Nasdaq Composite Index is lower 0.3% and the S&P 500
Index is down 0.5%. Energy-related stocks are among the worst
performers while computer storage, networking, and semiconductor
shares are leading the advancers.
Chip stocks are higher following a Semiconductor Industry
Association (SIA) report that global sales of semiconductors
rose 1.6% in November to $10.6 billion on the heels of October's
2.5% increase to $10.44 billion. SIA also indicated the industry
is on pace to realize 4.7% growth in 4Q sequential sales. Shares
of Micron Technology are higher after South Korea's Hynix
Semiconductor (HXSCF,0.80) raised the price of its memory chips
by 30%, its third increase in a month after two previous 20%
increases in December, suggesting an improving pricing
environment for memory chip makers.
Shares of Schering-Plough Corp. (SGP,35,f2) and Merck & Co.
(MRK,58,f2) are lower after the drug manufacturers reported that
their combined allergy drug didn't prove as effective as hoped
in late-stage clinical trials. The drug, which borrows from the
chemical make-up of both Schering's Claritin and Merck's
Singulair products, "did not demonstrate a statistically
significant improvement in the treatment of seasonal allergic
rhinitis compared to each product administered separately."
Shares of AOL Time Warner are lower after analysts lowered their
revenue and earnings forecasts due to continued advertising
doldrums, even as the Internet and media giant reported that
member retail online purchases rose 67% to over $33 billion in
2001 from the prior year.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
Bonds are under pressure following this morning's release of the
Institute for Supply Management's manufacturing index, which
rose to 48.2 in December from November's 44.5, better than 46.0
forecast per Dow Jones Newswires. A reading below 50 reflects
contraction in the sector while a reading above 42.7 generally
indicates expansion in the overall economy, according to ISM.
The new orders index rose to 54.9 from November's 48.8 and the
employment index rose to 40.5 from 35.7. The prices component
rose to 34.7 from 31.6. While still reflecting contraction, this
latest ISM manufacturing index suggests an improving outlook for
the manufacturing sector, rising for two consecutive months.
----------------------------------------------------------------
WORLD MARKETS
European markets continue to trade lower late in the session
despite the euro-zone manufacturing Purchasing Managers' Index's
rise to 44.1 in December from November's 43.6, reflecting
decelerating contraction in the sector. The Bloomberg European
500 index was down 1.5% as of 11:52 a.m. EST, paced by declines
in energy stocks. Chip shares were higher, led by Infineon
Technologies (IFX,22) following the Hynix Semiconductor news,
suggesting that the sector may be stabilizing. The euro is
higher against the dollar as concerns about a rough transition
to the new currency in the euro-region abated.
William Johnson, Market Analyst
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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.
Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE.
Schwab Capital Markets L.P. is a member of the NASD and SIPC.
Schwab Capital Markets L.P. is also a subsidiary of The Charles
Schwab Corporation and is a market maker in approximately 5000
securities.
Schwab Center for Investment Research ("SCIR") is part of
Charles Schwab & Co., Inc. The information contained herein
is obtained from sources believed to be reliable, but its
accuracy or completeness is not guaranteed. This report is for
informational purposes only and is not a solicitation, or a
recommendation that any particular investor should purchase or
sell any particular security. Schwab does not assess the
suitability or the potential value of any particular investment.
All expressions of opinions are subject to change without
notice. The Charles Schwab Corporation, Schwab, Schwab Capital
Markets L.P. and its officers, directors, employees, consultants
and/or members of their families may have a position in, and may
from time to time, purchase or sell any of the mentioned or
related securities including derivatives in such securities. At
any given time, Schwab specialists, or Schwab Capital Markets
L.P. market makers, may have an inventory position, either
"long" or "short" in any security mentioned in this report as a
result of their specialist/market making functions,
respectively.
(C)2001 Charles Schwab & Co., Inc.
F1 Schwab Capital Markets L.P. makes a market in this
security.
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.
F5 An analyst covering this stock has an investment position.
This service is for personal use only. Commercial use or
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=====================================
|
4,822 |
Subject: Midday Market View for December 26, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1486.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Midday Market View(TM)
for Wednesday, December 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 10,154.49 + 119.15
Nasdaq Comp. 1,979.51 + 35.03
S&P 500 1,157.22 + 12.57
----------------------------------
NYSE Advancing Issues 2,003
NYSE Declining Issues 963
NYSE Trading Volume 384 mln
NASDAQ Advancing Issues 1,995
NASDAQ Declining Issues 1,449
NASDAQ Trading Volume 567 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
6-month bill 1.87% n/a
5-year note 4.53% - 10/32
10-year note 5.19% - 13/32
30-year bond 5.51% - 12/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
SANTA CLAUS RALLY
U.S. equities are higher midday as some upbeat news in the
retail and Internet sectors is giving equities a lift in the
post-holiday session. Wal-Mart (WMT,59,f2&f4) reported it sees
higher-than-expected December same-store sales while Internet
portal Yahoo! (YHOO,18.03,f1) said sales at its shopping site
increased significantly. U.S. Treasuries are trading lower and
European markets are closed.
As of 11:46 a.m. EST, the Dow Jones Industrial Average is up
1.2% while the Nasdaq Composite Index is 1.9% higher. The S&P
500 Index is up 1.2%. Oil-related and semiconductor shares are
pacing the advancers while steel and toy issues are leading the
decliners.
Leading retailer Wal-Mart is higher after the company stated
that it anticipates December same-store sales growth at the high
end of the 4%-6% range, exceeding its previous forecast. For the
Nov. 23 to Dec. 24 period, Wal-Mart said same-store sales growth
was in the mid- to upper- single digit percentage range.
Shares of Internet portal Yahoo! Inc. are higher on news that it
saw an 86% increase in sales at its shopping site during the
holiday season with ACNielsen figures indicating Yahoo customers
spent $10.3 billion in 4Q.
Micron Technology (MU,31,f2) is higher amid continued
speculation that the company is close to agreeing to an alliance
with South Korea's Hynix Semiconductor (HXSCY,$9.90). A month
ago, the two firms reported they were in "exploratory"
discussions regarding strategic options, however, no official
announcement has been made at this point.
Shares of EchoStar Communications (DISH,27,f1) are slightly
higher after The Wall Street Journal reported that it wants to
expand Hughes Electronics Corp.'s (GMH,15.02,f2) satellite
Internet service. If regulators approve Echostar's proposed
acquisition of Hughes, the company's chairman said he plans to
spend $1 billion on Hughes' Spaceway unit and increase ownership
in fixed satellite firm PanAmsat (SPOT,22,f1).
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
U.S. Treasury prices are lower across the curve midday ahead of
tomorrow's planned $23 billion 2-year Treasury sale. In today's
only economic release, the Redbook retail sales index recorded a
4.5% decline for the three weeks ended Dec. 22nd, slightly ahead
of Bloomberg's -4.6% estimate, with year-over-year sales
declining 0.6%. Tomorrow, the Labor department will release
initial jobless claims and on Friday the markets will be
watching for consumer confidence figures, the Chicago Purchasing
Managers' Index, new and existing home sales, and durable goods
orders.
----------------------------------------------------------------
WORLD MARKETS
European markets are closed for the Christmas holiday. In
economic news, the French producer price index fell 0.6% in
November, twice the estimate, with the year-over-year figure
falling a larger than expected 2.3%. The euro is flat versus the
U.S. dollar. Crude oil got a boost following statements from
Saudi oil minister Ali Al-Naimi that OPEC will officially
announce a 1.5 million barrel per day supply cut on Friday.
Jeffrey Reeve, Market Analyst
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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.
Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE.
Schwab Capital Markets L.P. is a member of the NASD and SIPC.
Schwab Capital Markets L.P. is also a subsidiary of The Charles
Schwab Corporation and is a market maker in approximately 5000
securities.
Schwab Center for Investment Research ("SCIR") is part of
Charles Schwab & Co., Inc. The information contained herein
is obtained from sources believed to be reliable, but its
accuracy or completeness is not guaranteed. This report is for
informational purposes only and is not a solicitation, or a
recommendation that any particular investor should purchase or
sell any particular security. Schwab does not assess the
suitability or the potential value of any particular investment.
All expressions of opinions are subject to change without
notice. The Charles Schwab Corporation, Schwab, Schwab Capital
Markets L.P. and its officers, directors, employees, consultants
and/or members of their families may have a position in, and may
from time to time, purchase or sell any of the mentioned or
related securities including derivatives in such securities. At
any given time, Schwab specialists, or Schwab Capital Markets
L.P. market makers, may have an inventory position, either
"long" or "short" in any security mentioned in this report as a
result of their specialist/market making functions,
respectively.
(C)2001 Charles Schwab & Co., Inc.
F1 Schwab Capital Markets L.P. makes a market in this
security.
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.
F5 An analyst covering this stock has an investment position.
This service is for personal use only. Commercial use or
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Distribution by Quris, Inc.
=====================================
|
4,823 |
Subject: Harvey Rosenfield Press Conference Today
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/3989.
=====================================
This came from the PR Firm that our retail coalition, Alliance for Retail
Markets (ARM), hired. In case you haven't seen info on this.
----- Forwarded by Susan J Mara/NA/Enron on 11/29/2000 10:13 AM -----
"Fairchild, Tracy" <[email protected]>
11/28/2000 05:14 PM
To: "Aaron Thomas (E-mail)" <[email protected]>, "Andrea Weller
(E-mail)" <[email protected]>, "andrew Chau (E-mail)" <[email protected]>,
"Bill Chen (E-mail)" <[email protected]>, "Douglas Oglesby (E-mail)"
<[email protected]>, "Jeffrey Hanson (E-mail)" <[email protected]>,
"jennifer Chamberlin (E-mail)" <[email protected]>, "john Barthrop (E-mail)"
<[email protected]>, "John Leslie (E-mail)" <[email protected]>, "Joseph
Alamo (E-mail)" <[email protected]>, "Kathleen Magruder (E-mail)"
<[email protected]>, "Marcie Milner (E-mail)" <[email protected]>,
Michael Nelson <[email protected]>, "Mona Petrochko (E-mail)"
<[email protected]>, "Peter Bray (E-mail)" <[email protected]>, "Rebecca
Schlanert (E-mail)" <[email protected]>, "Richard Counihan (E-mail)"
<[email protected]>, "Robert Morgan (E-mail)"
<[email protected]>, "Sue Mara (E-mail)" <[email protected]>
cc: "Warner, Jami" <[email protected]>, "Allen, Stevan"
<[email protected]>, "Beiser, Megan" <[email protected]>,
"Fairchild, Tracy" <[email protected]>
Subject: Harvey Rosenfield Press Conference Today
As you know, the Foundation for Taxpayer and Consumer Rights held a news
conference today at the Capitol regarding a potential ballot initiative on
electricity dereg. in 2002. Megan Beiser, of Edelman's ARM team, attended
the conference. Below you will find key comments that Megan pulled out of
Rosenfield's statement during the conference, as well as the official
document provided by the foundation during the conference.
<<Rosenfield Press Conference Notes 11-28-00.doc>> <<Statement of Harvey
Rosenfield 112800.doc>>
Tracy Fairchild
Account Supervisor
Edelman Public Relations Worldwide
(916) 442-2331
[email protected]
- Rosenfield Press Conference Notes 11-28-00.doc
- Statement of Harvey Rosenfield 112800.doc
=====================================
|
4,824 |
Subject: Follow up conference call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/11965.
=====================================
I have sent Janet Covington the participant list as requested per her e-mail
below. She has agreed to set up the conference call for Thursday, May 3rd at
3 PM central time. Please reserve this time. I will forward each of you the
spreadsheet we receive from them today. I will let you know if I think we
should get together to review the spreadsheet prior to the call.
Thanks,
Wanda Curry
---------------------- Forwarded by Wanda Curry/HOU/EES on 05/02/2001 09:58
AM ---------------------------
Diann Huddleson
05/02/2001 08:01 AM
To: Wanda Curry/HOU/EES@EES
cc:
Subject: Follow up conference call
Wanda, I spoke with Janet after you forwarded her voice mail. I told her we
would provide the participant list this morning. Let me know if you want me
to do that.
---------------------- Forwarded by Diann Huddleson/HOU/EES on 05/02/2001
08:00 AM ---------------------------
[email protected] on 05/01/2001 03:46:06 PM
To: [email protected]
cc:
Subject: Follow up conference call
Hi Diann,
I just left a phone message for Wanda as I didn't have her email and was
supposed to coordinate the follow up call with her. Anyway, we are still
working on preparing the account examples demonstrating the change in
methodology and should have those to you by tomorrow. In the meantime, I
wanted to go ahead and arrange the follow up call for this Thursday 5/3 at
1pm PST. That would be 3pm your time. Can you please let me know the
email addresses for your participants so I can get a notice out to them.
I had yourself, Wanda Curry, Evan Hughes, Jeff Dodson, Bob Williams, Jim
Doth, and Martin Curtilan? Not sure of the spelling. Please let me know
so I can send out the meeting notice out with the call in details.
Thanks Much.
Janet L. Covington
Account Manager
ESP/AMS Services Division
SSID Administration Bldg., First Floor
7300 Fenwick Lane
Westminster, CA 92683
Phone: 714-895-0198 (54198)
Fax: 714-895-0347 (54347)
[email protected]
=====================================
|
4,826 |
Subject: Fwd: DJ - FERC Chief Pledges Action, If Needed, On Calif Pwr Woes
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1381.
=====================================
You have probably already seen the trade press accounts of the hearing this
week, but I wanted to make sure that you see this one, since it is more
evenhanded and informative, with less rhetoric.
Let me know if you would like me to forward the other articles that I've seen.
Ron
Content-Transfer-Encoding: quoted-printable
Date: Wed, 13 Sep 2000 07:33:40 -0500
From: "Tracey Bradley" <[email protected]>
To: "Deanna King" <[email protected]>, "Jeffrey Watkiss"
<[email protected]>, "Paul Fox" <[email protected]>, "Ronald Carroll"
<[email protected]>
Subject: DJ - FERC Chief Pledges Action, If Needed, On Calif Pwr Woes
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FYI - This article is very informative about the options FERC is considering
to address the California power market situation; no surprises for anyone
following this closely. Please note that Chairman Hoecker felt the need to
emphasize the limitations of FERC's power under the Federal Power Act.
DJ FERC Chief Pledges Action, If Needed, On Calif Pwr Woes
Copyright , 2000 Dow Jones & Company, Inc.
(This article was originally published Monday)
WASHINGTON (Dow Jones)--The Federal Energy Regulatory Commission has
limited authority to address flawed electricity markets in California and
alleged price gouging by power producers, but will act to overhaul the
state's wholesale power markets if necessary, FERC Chairman James Hoecker
told a congressional panel Monday.
The commission was ready to act once the results of an expedited staff
investigation of problems affecting power markets in the U.S. West becomes
available, Hoecker said in testimony presented to a San Diego field hearing
of the House Commerce Committee's energy panel.
"If we need to fix market rules or market structures within our
jurisdiction, we will do so," Hoecker told lawmakers. And if price gouging is
occurring "as some have alleged," he added, "we will respond accordingly, by
revoking market-based rates or otherwise."
However, Hoecker stressed that the commission's authority is limited
under the Federal Power Act.
"The commission has limited ability to relieve the immediate customer
crisis. Important aspects of this problem are a state responsibility, such as
authorizing construction of new generation and transmission facilities,"
Hoecker testified.
The commission can't act to limit prices charged by power providers
"until we have a record supporting such action," he said, referring to the
results of the pending staff investigation.
Further, he said, the law bars FERC from ordering retroactive refunds to
San Diego Gas & Electric Co. for the power it purchased this summer to serve
its retail customer base.
Hoecker testified before the House Commerce Committee's Energy and Power
Subcommittee, which is looking into the supply shortages in California this
summer that have forced San Diego electricity consumers to pay twice as much
for power as they did a year ago.
State Mkt Structure Blamed For Crisis
The hearing comes after much wrangling at FERC, as SDG&E, a unit of
Sempra Energy (SRE), sought an order setting price caps for power bid into
the state-sponsored electricity exchange, and power producers sought an order
allowing cost recovery for lost opportunity sales if the state's independent
grid operator curtailed sales outside California, where price controls don't
apply.
FERC hasn't yet responded to the producers, and deferred action on
SDG&E's bid for price controls until the staff investigation is completed.
But it left in place an order allowing the independent system operator to
limit the price it pays for power, which acts as a de facto cap on prices bid
into the power exchange.
Hoecker, while withholding judgment pending the staff probe, appeared to
place much of the blame for this summer's crisis with the state-mandated
market structure, which left San Diego consumers subject to spot-market
volatility.
And he appeared to suggest that FERC's order directing utilities to
transfer transmission assets to control of large regional transmission
organizations, or RTOs, will offer an opportunity to develop a regional
solution to the power-supply problem.
FERC deferred to California in restructuring the wholesale market in
California because its experience with new market institutions such as power
exchanges and ISOs was limited, Hoecker said.
Other states, such as Pennsylvania, were "less prescriptive than
California in telling the commission how their wholesale markets should
operate," Hoecker noted.
Now, with FERC's Order 2000 encouraging formation of RTOs, "the
commission is in a very different posture with respect to the structure of
wholesale markets," he said.
"Large regional markets can be made to work effectively," Hoecker told
the lawmakers, citing the Pennsylvania restructuring as an example.
Other witnesses were more forceful in criticizing the state-mandated
market structure.
By requiring the state's three investor-owned utilities to purchase all
their electricity from the power exchange and limiting their ability to hedge
price risks by entering into long-term fixed-price contracts, the state left
consumers subject to volatility in the state-mandated spot market, said
officials with Enron Corp. (ENE) and Reliant Energy (REI).
California's market structure "placed no economic incentives on the
default utility providers to look out for the costs that are ultimately
passed on to their consumers," Reliant's John Stout testified.
"San Diego's experience offers the Congress an unparalleled opportunity
to learn from a bungled attempt at deregulation," said Michael Shames,
executive director of Utility Consumer's Action Network.
Shames and other witnesses warned the congressional committee that
California's electricity crisis is likely to occur in other regions of the
country unless steps are taken to free up interstate trade in power and allow
FERC to better police markets.
"California is just the latest problem area in U.S. power markets and,
unless policymakers act quickly, it will not be the last," said Enron Corp.
(ENE) Steven Kean executive vice president.
"Unless Congress and FERC are willing to address the interstate issues
that are beyond the jurisdiction of state legislators and regulators, I
predict that our experience in San Diego is indicative of what others will
encounter in trying to create a competitive electricity market," said Edwin
Guiles, Sempra's president of regulated operations.
"This electricity crisis is not a California-only problem," said Rep.
Brian Bilbray, R-Calif., who represents San Diego and requested Monday's
hearing.
"We will continue to be in this mess if state and federal officials
don't work together to find long-term solutions to the flaws in the
marketplace," Bilbray said.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647,
mailto:[email protected]
(END) Dow Jones Newswires 12-09-00
1215GMT
=====================================
|
4,828 |
Subject: California Update 4/27/01
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11785.
=====================================
The following report contains confidential and sensitive information. Please
treat with discretion.
Executive Summary:
? FERC price cap decision reflects Bush political and economic objectives.
Politically, Bush is determined to let the crisis blame fall on Davis; from
an economic perspective, he is unwilling to create disincentives for new
power generation
? Davis finds four major flaws with FERC plan, most notably its exclusion of
out-of-state generators
? June 1st "kill clause" for FERC order could coincide with new Bush regional
plan
? California facing growing fiscal risk following bond downgrade, expected
$20 billion power bill this summer--economic crisis would force deeper
Administration involvement
? QF bid for advance payments from PG&E likely to fail in bankruptcy court
? New generation delays probable because of State/QF squabbling
? Consumer groups are preparing a constitutional challenge to SoCal bailout
deal
1. FERC Fallout
The FERC decision is a holding move by the Bush administration that looks
like action, but is not. Rather, it allows the situation in California to
continue to develop virtually unabated. The political strategy appears to
allow the situation to deteriorate to the point where Davis cannot escape
shouldering the blame. Once they are politically inoculated, the
Administration can begin to look at regional solutions. Moreover, the
Administration has already made explicit (and will certainly restate in the
forthcoming Cheney commission report) its opposition to stronger price caps
on the grounds that they are unwilling to create disincentives to the
construction of new generation.
It is interesting and ironic to note that electricity generators were
generally happy with the FERC order and that the only FERC commissioner who
favors price caps actually voted against this plan.
2. Something Less than Effective Price Caps
From Davis's point of view, the FERC plan has four major flaws:
? The order applies only to California, not to the rest of the west.
Non-California generators are not required to sell at capped rates to
California.
? As the order is written, it is more of a price floor for emergency power
than a ceiling.
? State officials also believe that energy suppliers will continue to game
the system, because the price mitigation scheme only kicks in after a Stage 2
emergency and does not require any collusion.
? Even when the price caps kick in, they are based on the cost-plus for the
highest cost producer supplying power to California and do not require
wholesalers to abide by the cap. The generators can also charge above the
cap, provided they can subsequently justify the excess charge to FERC.
3. Proposal "Kill Clause" Adds to the Political Dilemma for Davis
The FERC proposal includes a "kill clause" that says the caps will be
withdrawn unless California's ISO agrees by June 1st to become part of the
regional grid now under FERC control. If Davis doesn't sign on to the
regional grid by June 1st, then he will have to live with June 2nd headlines
blaming him for letting the "Bush price caps plan" collapse.
4. Growing Fiscal Risk in California
Sources speculate that California could therefore pay as much as $20 billion
on power this summer - this is more than the combined enterprise value of
PG&E and SCE. These sources believe that, because of the severity of the
situation, the FERC and/or the federal government will be forced to take
further action to control prices for power.
The consensus is that the state of California will run out of money in about
90 days. One of the first projects to be cancelled will be state plans to
finance new power plant construction in exchange for long-term power deals.
The bleak fiscal picture is also causing bank creditors to revisit the bridge
loans they are providing to California.
The Bush Administration and the Fed are only now waking up to the seriousness
of the fiscal picture. The country's largest and most prosperous state will
have gone from large surpluses to serious debt downgrades and devastating
deficits in a matter of months.
5. QFs to Seek Advance Payment from PG&E
Meanwhile, on the bankruptcy front, the QFs reportedly will ask the
bankruptcy judge today to give them advance payment from PGE's accounts,
since their natural gas vendors have likewise demanded advance payment for
gas. It appears very unlikely that the QFs' request will be granted. If the
QFs do not receive advance payment, it is likely that most of the 4,000 mw
of gas-fired QF capacity will remain offline.
6 Delays Likely in New QF Generation
The QF deals made with the state for long-term contracts are being
continually renegotiated, which is likely to mean that the new plants those
contracts are supposed to finance will not be online as early as anticipated.
7. Consumer Groups Ready to Challenge Constitutionality of SCE Bailout Plan
Harvey Rosenfield and his colleagues reportedly have been reviewing an
analysis of the MOU for the SCE bailout plan. The analysis was done by a
utilities analyst, rather than a lawyer, though it appears to raise a number
of good legal points. For example, one of the elements of the MOU is a
"non-bypassable" charge on ratepayers that would require them to pay even
if they disconnect from the grid. This is effectively a tax, since there is
no exchange of value for money, which under the CA constitution cannot be
used to directly benefit a private entity. This makes the bonds that would
be issued are general obligation bonds, rather than revenue bonds. According
to the constitution, the state cannot be put into debt to benefit a private
company. For this and other reasons, even if the Republicans would vote for
the SCE bailout, which remains unlikely, the bailout probably would not
stand a likely constitutional challenge.
8. Governor Hurt by Continued Failure to Disclose Long-Term Power Contracts
The issue of the Governor's failure to disclose the details of the long-term
power contracts continues to distress the other players in the crisis.
Even if he were to disclose everything he and his staff have been
negotiating, it is likely that their actions and negotiations will
challenged, creating an even further delay.
=====================================
|
4,831 |
Subject: RE: ISO Board Meeting
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1287.
=====================================
I have attached the summery of the Congestion Management Votes.? Let me kno=
w=20
if you need anything else=01( Have a nice weekend!
?
?
Katie Kaplan
Manager of Policy
Independent Energy Producers Association
(916) 448-9499
[email protected]
?
-----Original Message-----
From: Katie Kaplan [mailto:[email protected]]
Sent: Friday, September 08, 2000 10:16 AM
Cc: Jan Smutny-Jones; Andy Brown; Steven Kelly
Subject: ISO Board Meeting
?
Good Morning:
?
Yesterday the ISO Board met and approved several items including: Price Cap=
=20
extension, significant parts of Congestion Management Reform, RMR-LARS for=
=20
2001, RMR Pre-Dispatch, and the net vs. gross GMC. As you can imagine, ther=
e=20
were several controversial items in which some favorable results occurred.?=
=20
If you would like to look at the entire set of documents and the materials=
=20
related- please visit:
?
http://www1.caiso.com/pubinfo/BOG/documents/motions/index.cgi?b=3D20000907/=
Board
?
Below is the language from each individual vote as it was approved. The ISO=
=20
will not be posting the Congestion Management Reform motions until later=20
today.? I will forward them as soon as they are released.? Please feel free=
=20
to call me with any questions
?
Governance Committee=20
Amending Articles of Incorporation
?
MOVED, that the Board hereby approves the amendments to Article VI of the=
=20
Articles of Incorporation of California Independent System Operator=20
Corporation as set forth on
Attachment A to this memorandum; and be it further
?
MOVED, that the Board authorized and directs Management to submit these=20
amendments to the California Electricity Oversight Board for approval and t=
o=20
the Federal Energy Regulatory Commission for acceptance and, upon receiving=
=20
such approval and acceptance, to file a certificate of amendment with the=
=20
California Secretary of State.
?
Motion passes: 22-0-0
?
?
Grid Ops Committee=20
Amendments to Transmission Control Agreement - Appendix C (MCC)
?
?
Moved, the Board hereby approves the changes in Sections 1, 4.3, 5.2.1b), a=
nd=20
10 in order to clarify responsibilities in the TCA - Appendix C and=20
authorizes ISO Management to obtain PTO approval for an Amendment to the TC=
A=20
and make necessary FERC Filings to implement these changes.
?
Motion passes: 22-0-0
?
Board of Governors
Extension of Price Cap Authority (1)
?
?
MOVED: The Board authorizes and directs Management to file an amendment to=
=20
the ISO Tariff (substantially in the form attached as Attachment B) to remo=
ve=20
the November 15, 2000 date for the termination of the ISO=01,s authority to=
=20
establish price caps in the ISO=01,s markets.
?
Motion passes: 21-1-0
?
Board of Governors
Extension of Price Cap Authority (A2)
?
?
MOVED: The Board authorizes and directs Management to do the following:
?
1.to continue the price cap provision and other provisions set forth in Boa=
rd=20
Resolution of August 1, 2000 beyond October 15, 2000 until further directed=
=20
by the Board in a subsequent resolution; and
?
2.to provide a report and analysis to the Board by no later than March 31,=
=20
2001 that includes an assessment of market competitiveness for=20
Summer 2001, a timetable for the implementation of Congestion Management=20
Reform and other Comprehensive Market Redesign components that could affect=
=20
the need for price caps, and a recommendation regarding the need for and=20
level of price caps for Summer 2001.
?
Motion passes: 19-2-1
?
?
Finance Committee=20
?Increasing Neutrality Adjustment Price Cap
?
Moved, that the Board of Governors, based on the authority granted under=20
section 11.2.9.1 of the ISO Tariff, approve changing the limit of total=20
charges levied under section 11.2.9 of the ISO Tariff from $0.095/MWh to=20
$0.35/MWh for the period of September 15, 2000 through January 15, 2001. IS=
O=20
management is directed to give seven days notice to Scheduling Coordinators=
=20
of this action and to continue to pursue the following actions and implemen=
t=20
as appropriate: (1) Allocate to Scheduling Coordinators, in proportion to=
=20
their deviations from schedules, the costs that the ISO incurs (when in=20
excess of market costs) to serve these deviations; (2) If determined to be=
=20
feasible, allocate costs incurred to resolve real-time inter-zonal congesti=
on=20
to deviations, regardless of the zonal location of the deviations.=20
Furthermore, management is directed to report back to the Board no later th=
an=20
the first Quarter of 2001 on the progress made to allocate costs to=20
deviations as directed above.
?
Motion passes: 21-1-1
?
Grid Ops Committee=20
ISO Maintenance Procedures (MCC)
?
Moved, the Board hereby approves Procedures #4 and #5 of the ISO Maintenanc=
e=20
Standards in order to meet the requirements of the TCA - Appendix C, approv=
es=20
Procedure #6 to improve the performance of PTO SCADA systems, and authorize=
s=20
ISO Management to implement Procedures #4, #5, and #6 immediately upon thei=
r=20
publication on the CAISO website.
?
Motion passes: 22-0-0
?
Grid Ops Committee Management Recommendations for RMR Designations from LAR=
S=20
2001-2003 Process
?
Moved, that the Board:
?
Approve Management's recommendation for Reliability Must-Run designations f=
or=20
2001 as shown in Attachment A with the exception of two newly designated=20
Humboldt units until more information is forthcoming and regarding the=20
designation of Lodi CT pending opinion of the ISO counsel after discussions=
=20
with PG&E and NCPA and defer the decision on the three newly designated San=
=20
Diego units until the 4-Oct-2000 Board of Governors meeting;=20
???=20
?Approve Management's recommendation to accept transmission projects and lo=
ad=20
reduction programs as shown in Attachment A, and authorize and direct=20
Management to secure letters of commitment from the Respondents to have tho=
se=20
projects in service as specified in their proposals.
?
Motion passes: 22-0-0
?
Grid Ops Committee=20
Recommendations from Pre-Dispatch Enhancement Stakeholder Process
?
Moved, that the Board approval of 1) the revision for the RMR Pre-dispatch=
=20
changes to the tariff in substantially the form shown in Exhibit A of this=
=20
memo dated August 25, 2000, and 2) the associated changes to the ISO's=20
systems.
?
Motion passes: 18-2-2
?
Board Action
Marci Edwards, LADWP, submitted a letter of resignation at the meeting. The=
=20
letter indicated that the muni class will now appoint David Freeman who wil=
l=20
be seated, based on the below motion, at the October 9, 2000 meeting
?
MOVED, that the Board of Governors hereby sets October 9, 2000, as the reco=
rd=20
date for selection of a governor nominee to fill the vacancy in the Municip=
al=20
Utilities class.
?
Motion passes: 14-2-4
?
Audit Committee=20
SC Annual Self-Audit of Meter Data
?
MOVED, that the Board accept the report on the SC Annual Self-Audits of met=
er=20
data for the period from April 1, 1998 through June 30, 1999 prepared by th=
e=20
ISO Data Quality Group.
?
Motion passes: 22-0-0
?
Audit/Finance Committee=20
Tariff for an Unbundled Grid Management Charge (GMC)
?
MOVED, that the Board approve the unbundled GMC tariff in substantially the=
=20
form shown in Exhibit A
?
Motion passes: 15-1-6
?
?
?
Katie Kaplan
Manager of Policy
Independent Energy Producers Association
(916) 448-9499
[email protected]
?
- CONG_VOTES.rtf
=====================================
|
4,835 |
Subject: POSITIONS FOR PAID SUMMER INSTRUCTORS WITH YEAH
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/10937.
=====================================
Young Entrepreneurs at Haas (YEAH)
Young Entrepreneurs (YE) Program
Young Entrepreneurs (YE) is a two-year academic preparation program for Bay=
=20
Area ninth and tenth grade students, based at the Haas campus.? YE introduc=
es=20
students to business and entrepreneurship, the stock market and global=20
economics, and strengthens students=01, college planning and study skills.
Job Openings:
One (1) YE I Summer BUSINESS INSTRUCTOR
One (1) YE II Summer STOCK MARKET INSTRUCTOR
Both positions are paid
BUSINESS INSTRUCTOR July 23-August 6, 2001 (Monday-Friday, 8:00 am -5:00 pm=
)
STOCK MARKET INSTRUCTOR? July 30-August 10, 2001 (Monday-Friday, 8:00 am=20
-5:00 pm)
Position requirements:
????????20-30 hours of planning prior to summer session;=20
????????10 instructional days according to dates outlined;
????????90-minute =01&closeout=018 evaluation meeting after summer intensiv=
e;
Job Description
YE SUMMER INSTRUCTORS-
????????collaborate with YEAH staff to formulate summer curriculum 10-day=
=20
unit plans;
????????teach a ten-day summer workshop to 40 13- to 15-year-olds (supporte=
d=20
by YEAH staff);
????????evaluate student achievement during and after the workshop; -??????=
?
BUSINESS INSTRUCTOR teaches business plan writing, PowerPoint presentation=
=20
creation, presentation skills, and academic planning based on NFTE youth=20
entrepreneurship curriculum; =01)???????STOCK MARKET INSTRUCTOR teaches on =
stock=20
market basics, mock on-line stock trading, global economics, and academic=
=20
planning based on NCEE economic education curriculum;
Instructors must have:
????????Previous exposure to business plan development for small businesses=
=20
(BUSINESS INSTRUCTOR) or stock market/global economics topics (STOCK MARKET=
=20
INSTRUCTOR);
????????General knowledge about business practices, entrepreneurship, and =
=20
economics;
????????Desire to work with diverse, dynamic, energetic group of high schoo=
l=20
students;
Interested applicants should submit resumes to YEAH office, Faculty Wing=20
F410.?? Indicate position for which you are applying.?? Please direct any=
=20
questions to Ajuah Helton, YE Program Manager, by phone (510) 643-0923, or=
=20
email [email protected].
?
Ajuah Helton
Young Entrepreneurs at Haas
A Pre-College Academic Preparation Program for Middle and High School Youth=
=20
Haas School of Business, University of California
Berkeley, California 94720-1900
(510) 643-0923 (office)
(510) 643-1418 (fax)
www.haas.berkeley.edu/ebop/
changing to
www.haas.berkeley.edu/yeah
=====================================
|
4,838 |
Subject: DWR Gas Supply
Sender: [email protected]
Recipients: ['houston <[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1834.
=====================================
Jeff, further to our conversation... this is the list of companies that have entered into contractual agreements with the DWR. I don't know if this means they have transaction but perhaps between Kim Ward and yourself, you can advise.
What I need to know is the legal status/issues ( if any ) of any of the companies listed here today as it relates to the state of California.
Pan Canadian Energy Services, Occidental Energy Marketing, Dynegy Marketing and Trading , Texaco Natural Gas, BP Amoco, and Coast Energy Group.
Can you advise If any of these companies form part of ongoing legal action against the state?
Once I know this, then we can decide on a plan what we should discuss with Mark Baldwin.
Thanks in advance.
BT
=====================================
|
4,839 |
Subject: California Power Issue Article III
Sender: [email protected]
Recipients: ["nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1309.
=====================================
NEWS
PUC Sidesteps On Who Pays Utilities' Costs / Meanwhile, commision OKs rate
cap for San Diego
David Lazarus, Chronicle Staff Writer
?
09/08/2000
The San Francisco Chronicle
FINAL
A1
(Copyright 2000)
?
?
Amid growing confusion over California's energy future, state regulators
yesterday ducked the politically volatile question of whether utilities such
as PG&E can sock customers with billions of dollars in extra electricity
charges.
The Public Utilities Commission did approve a rate cap for San Diego
electricity customers.
?
But frustrated commissioners hinted they may kick the matter of who pays for
utilities' costs back to the state Legislature, which had been hoping the PUC
would solve the thorny question.
For his part, Gov. Gray Davis suggested yesterday that the issue should stay
with the PUC.
"Everyone is passing the buck," said Mike Boyd, president of Californians for
Renewable Energy, a Sunnyvale nonprofit group. "The Legislature doesn't want
to touch it. The PUC doesn't want to touch it. It's a hot potato."
And the stakes are very high.
As The Chronicle reported yesterday, Pacific Gas and Electric Co. hopes to
hit its customers with all the costs it will accrue under a current rate
freeze -- as much as $15 billion -- when the utility's rates are deregulated
in early 2002.
For its part, San Diego Gas & Electric is estimating that its costs could run
as high as $800 million, and it too wants ratepayers to shoulder the full
burden.
Boyd said California lawmakers and energy regulators ultimately may be forced
to call on the Federal Energy Regulatory Commission to weigh in on the
matter.
RELUCTANCE TO PLAY REFEREE
However, the commission's chairman, James Hoecker, said in a telephone
interview from Washington, D.C., that federal authorities would be reluctant
to play referee.
"The recovery of costs could arguably be an issue for us," he said. "But
we're not in the habit of telling states what their laws mean."
That's something state officials themselves are still grappling with.
Amid confusion over whether they even have jurisdiction over such an issue,
the PUC commissioners said their approval of the rate cap in San Diego is
unrelated to whether utilities should be compensated for out-of-pocket
expenses.
The rate cap, as mandated in a bill passed by lawmakers last week, required
the blessing of the commission to take effect.
LAW FUZZY ON COMPENSATION
The governor signed the bill into law on Wednesday. However, the law is fuzzy
about whether the local utility should be compensated for expenses incurred
as a result of the rate cap.
At issue is the difference between what utilities must pay for power in the
turbulent wholesale energy market and the amount they can charge ratepayers.
California's 1996 electricity deregulation bill froze power rates statewide
to stabilize the industry during a transition to a free- market arena.
San Diego was the first city to face the full impact of deregulation when its
rate freeze was lifted last year. Average power bills subsequently doubled,
sparking outrage and protests among ratepayers.
The governor has accused power generators of manipulating prices and gouging
consumers. State and federal authorities are investigating such charges.
By imposing a rate cap yesterday, the PUC effectively brought electricity
deregulation to a halt as lawmakers and regulators struggle to fix the
current system.
"Regulation is coming back because it has to," said Nettie Hoge, executive
director of the Utility Reform Network, a San Francisco consumer group.
RATE CAP RETROACTIVE
In line with the new law, the PUC capped San Diego power rates for
residential customers and small businesses at 6.5 cents per kilowatt- hour,
retroactive to June 1. This means average monthly power bills will be about
$68.
The commission also opened an investigation into the "prudence and
reasonableness" of San Diego Gas & Electric's decision not to secure
long-term wholesale energy contracts. Instead, the utility exposed its
customers to daily swings in energy prices.
"Our basic obligation is to assure the people of California that the rates
they pay for energy are just and fair," said PUC Commissioner Carl Wood.
However, he stressed that yesterday's PUC action did not address the question
of whether utilities should be compensated for deregulation-related expenses
and said the matter should be taken up at a later date.
"We are acting too much in haste," agreed Richard Bilas, a Republican
appointee who seldom sees eye-to-eye with Democratic- appointee Wood on PUC
decisions.
"The most the commission should do is make a recommendation to the
Legislature," Bilas said.
For his part, the governor yesterday moderated the aggressively pro-consumer
stance he has taken in response to the state's energy woes. Asked whether
utilities should be able to place a surcharge on future bills to recover
costs related to deregulation, Davis adopted a more conciliatory tone.
"I do believe utilities should not be left holding the bag for any problems
associated with the 1996 law if they have acted responsibly," he said.
PG&E officials told The Chronicle on Wednesday that the utility is now about
$2 billion in the hole as a result of its rate freeze and that this amount is
rising by nearly $700 million a month.
Sen. Dede Alpert, D-San Diego, one of the authors of the rate-cap
legislation, said that while the question of who should tackle the surcharge
issue remains up in the air, a likely outcome is that both the utilities and
ratepayers will end up shouldering some costs.
"In the end," she said, "consumers are likely to pay some portion of this."
PHOTO; Caption: Gov. Gray Davis said the issue of passing on costs shouldstay
with the state PUC.
=====================================
|
4,843 |
Subject: CSO - Level 3 Communications Corporate Presentation
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1995.
=====================================
See the following note from Level 3 Communications on their presentation
tomorrow for all UC students (Engineers, Operations Research PhD's,
Haas MBA's and undergrads).
The atypical location and time are due to the broader audience.
No sign-ups required for this presentation.
Sorry for the late notice.
Rich
Rich Wong
Account Manager, Technology
Haas Career Center
***************************************************************************=
*
***************************************
Where: University of California, Berkeley, Alumni House, Bechtel Room
When: Tuesday, October 3, 2000, 12:00 pm (Lunch will be provided)
Come find out why Level 3 Communications is one of the fastest growing
"next-generation" data communications providers in the world. It=01,s uniqu=
e
business strategy - to build the world=01,s first continuously upgradeable
all-IP network - is so compelling Wall Street has raised over $13 billion i=
n
debt & equity to support it. Yet our $32 billion market cap is less than 2%
of the estimated $2 trillion market cap attributed to our marketplace - a
marketplace we plan to dominate. Our Outperformance Stock Option plan
rewards us with multiples of value for beating the S&P 500 index. Now THAT=
=01,s
upside.
The Level 3 team has grown from a handful of senior executives to a dynamic
group of recent top tier MBA's, ex-consultants, ex-bankers, ex-telecom
professionals and e-commerce entrepreneurs who share the exuberance and
excitement that comes from building a company from scratch. The difference
is that we are in a market with real revenues, real assets and real
challenges. You won=01,t stand on the sidelines as we make this happen. MBA=
's
serve in key roles and are responsible for projects vital to the company=01=
,s
success. Our headquarters sits on a brand new campus in Broomfield,
Colorado; 20 minutes from Denver and 10 minutes from Boulder. So forget
consulting, investment banking and the latest dot.com "someday we will make
money" business plan. Join the company that is already collecting checks
from most of the dot.com community. They call in "paying for bandwidth," we
call it our bread and butter.
Positions Available: (2nd years)
Manager, Corporate Development (North America, Europe and Asia)
Manager, Corporate Finance (North America)
Manager, Strategic Alliances (North America and Europe)
Manager, Strategic Finance (North America)
Manager, Strategic Marketing and Operations (North America)
Positions are the same for Summer Associates (1st years). Process begins in
January 2001.
Forward all resumes and cover letters to:
Evelyn W. Jones
Manager, College Recruiting
1025 Eldorado Boulevard
Broomfield, CO 80021
(720) 888-2439 direct
(720) 888-5581 fax
=====================================
|
4,845 |
Subject: Internet Daily for October 19, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/858.
=====================================
Charles Schwab & Co., Inc.
Internet Daily for Friday, October 19, 2001
by Frank Barnako CBS MarketWatch.com
-----------------------------------------------------------------
Anthrax anxiety boosts CDC Web site
Traffic to the Web site of the Centers for Disease Control more
than doubled in the past week as terrorist-related concerns
drove Web users to search for information. Nielsen/NetRatings
reported that 515,000 people visited CDC.gov during the week
ending Oct. 14, compared to 236,000 the previous week. More than
59% of the visitors looked at pages containing information on
the symptoms, diagnosis and treatment of anthrax. An even
greater rise was experienced by the Department of Justice Web
site. NetRatings reported 908,000 visitors to the site, almost
five times the number the previous week, many of them looking at
pictures of suspects wanted for terrorism. "The need for
reliable information is critical, especially when facts of
recent events may be inaccurately reported," said Allen Weiner,
principal analyst at NetRatings.
Another Web site experiencing a sharp rise last week was Rush
Limbaugh's rushlimbaugh.com. The talk show host's announcement
of his hearing impairment was followed by his Web site's
garnering an audience of 974,000, triple that of the week ending
Oct. 7, according to Jupiter Media Metrix.
-----------------------------------------------------------------
Cerf sees 2.2 billion Netizens
The man who helped create the Internet Protocol, Vinton Cerf,
expects 2.2 billion people worldwide will be using the Internet
by the end of the decade. In an interview with the Medill News
Service, Cerf also spoke of the possibility of an "intergalactic
Internet." Looking into the future, Cerf predicted scales that
will report your weight not only to your online medical file,
but also to the refrigerator; and "Internet-enabled socks" that
can find their lost mates. He also said the development of
Web-enabled cell phones and pagers, and video games allowing
players to compete even though they are in different cities,
will further expand the market and usefulness of the Web.
-----------------------------------------------------------------
AOL unit testing life with out Explorer
A new version of software for AOL Time Warner's CompuServe
service is being tested, leading to speculation the next version
of the product will not rely on Microsoft's Internet Explorer
as its browser. Explorer has been the service's browser, and is
also used by the America Online software. An AOL spokeswoman
confirmed to CNET that the new Compuserve software utilizes
browser technology from the company's Netscape Communications
unit. However, she said, "no decisions as to what will be in the
final CompuServe client or when that will be," have been made.
-----------------------------------------------------------------
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http://CBS.MarketWatch.com/
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=====================================
|
4,846 |
Subject: October e.Bulletin
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/2315.
=====================================
----------------------------------------------------------------
Schwab e.Bulletin - October 2000
----------------------------------------------------------------
1. A Veteran Value Investor Makes His Case
2. Institutional Investors' Worst Bloopers
3. Productivity: The Growing Economic Surprise
4. Some Things Money Can't Buy
5. Buying Bonds at Schwab has just become easier
6. Direct Access for Active Traders
7. Submit IRA Distribution Requests Online
8. CEO Speaker Series
9. Argus Roundtable
10. MarketPro Talk
Welcome to the October Edition of the Schwab Signature
Services e.Bulletin.
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A Veteran Value Investor Makes His Case
Value investing has been out of favor in recent years,
but Robert Lyon is keeping the faith. The veteren fund manager
tells why he thinks tech stocks are "grossly overpriced" and why
he's buying "franchise" stocks in basic industries, including
a "boring old" railroad and a newly-public, century-old
insurance company.
Read the full article:
http://schwab.ed4.net/go/t3/oct/sigserv/value/
Institutional Investors' Worst Bloopers
Need a dash of humility in your investment recipe? Here's a
description of several of the biggest blunders in business
history - and how groupthink mentality contributed to these
disasters.
Read the full article:
http://schwab.ed4.net/go/t4/oct/sigserv/bloopers/
Productivity: The Growing Economic Surprise
Is there really a linkage between unemployment and the rate of
inflation? This analysis examines the economy's surprisingly
strong productivity, implications for inflation and
the Federal Reserve's policy on interest rates.
Read the full article:
http://schwab.ed4.net/go/t5/oct/sigserv/productivity/
Some Things Money Can't Buy
If you had more money, would you be happier? A business school
professor, Aaron Ahuvia, ponders this ancient question and
responds: not really. "The connection between people's income
and happiness tends to level off at remarkably low levels,
somewhere in the $20,000 range," Ahuvia notes.
Read the full article:
http://schwab.ed4.net/go/t6/oct/sigserv/moneycant/
Buying Bonds at Schwab Has Just Become Easier
Introducing Schwab BondSource on schwab.com - one of the first
fully automated, online bond trading systems. Get access to a
wide range of live, executable bond offerings.
Just go to http://schwab.ed4.net/go/t7/oct/sigserv/bondtrading/
log on, search for the bond that is right for you, and then
choose buy. If you prefer personal assistance from an
experienced Schwab Bond Specialist, please call
1-800-551-1001 between 7:30am and 5:00pm ET.
Direct Access for Active Traders
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direct access broker, online access to ECNs and market makers,
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and NASDAQ Level II quotes - log on to
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or call 1-800-450-0669.
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This new service enables you to submit instructions for both
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pending IRA distributions to your account.
Take control of your IRA distributions today. Log into your IRA
account, go to the Move Money tab, and click on "IRA Distribution
on the web."
CEO Speaker Series
Tuesday, October 31, 2000
4pm ET
Mr. Craig Barrett
President and CEO
Intel Corporation
Intel supplies chips, boards, systems, software, networking,
communications equipment, and services that compose the
"ingredients" of computer architecture and
the Internet. Join Craig Barrett as he discusses the strategy in
making Intel the pre-eminent supplier to the Internet Economy.
To find out how to participate in this live webcast event, click
here:
http://schwab.ed4.net/go/t9/oct/sigserv/service/speaker/
Argus Roundtable
Topic: Outlook for Technology Stocks
Date: Wednesday, October 25, 7pm ET
Technology continues to drive the market and the economy. During
this live video Roundtable, the Argus panel will focus on some
of the highest growth opportunities in technology, including
communications equipment, optical networking and Internet
software.
For more information and instructions on how to participate in
the Argus Roundtable, click here:
http://schwab.ed4.net/go/t10/oct/sigserv/service/argus/
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(c)2000 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC/NYSE (1000-8956).
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|
4,848 |
Subject: Request from Bob Frank
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10001.
=====================================
gngr
713-853-7751
----- Forwarded by Ginger Dernehl/NA/Enron on 03/15/2001 10:27 AM -----
Robert Frank
03/15/2001 09:07 AM
To: Ginger Dernehl/NA/Enron@Enron
cc:
Subject:
Ginger - please forward this to all of GA. Thanks.
This is a request for help from my colleagues in GA. I am preparing Enron's
comments to the Federal Trade Commission concerning the results of different
"regulatory approaches" by states implementing retail electric competition
programs or legislation. The FTC has invited comments on a number of
specific issues, but their goal is to "examine various state retail
competition programs and describe those features that have resulted in
consumer benefits and those that have not yielded consumer benefits."
There are some obvious areas where we'll comment - California - but I'd
appreciate people sending me specific examples of good or bad regulatory
policies in other states. Also, does anyone know of any good reports or
analyses already prepared on these issues? Thanks. -Bob
=====================================
|
4,849 |
Subject: Faculty Alumni Colloquium, Sat., May 5th
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/11423.
=====================================
>2001 Haas School Faculty Alumni Colloquium:
>Saturday, May 5, 2001 - 8:30 am to 2:00 pm
>
>FREE ADMISSION TO ALL HAAS STUDENTS, FACULTY, & STAFF
> **RESERVATIONS REQUIRED** (see details below)
> [DEADLINE: April 27, 2001]
>
>
>KEYNOTE:
>The keynote speaker, Patricia C. Dunn, AB 75, Global Chief Executive
>Officer, Barclays Global Investors (BGI), will discuss "Investment
>Management in an Era of Individual Retirement Planning". Barclays Global
>Investors is the world's largest institutional investment manager and the
>largest institutional investment manager and the largest provider of
>structured investment strategies, including indexing, tactical asset
>allocation and quantitative active strategies. After 30 years, BGI
>continues its history of performance through innovation by focusing on the
>three dimensions of Total Performance Management: return, risk and cost.
>
>Dunn's remarks will be followed by four faculty-led sessions touching on
>Economics, the California electricity crisis, the National and Bay Area
>economic and real estate outlook, and organizing the knowledge worker.
>
>
>AGENDA:
>
>8:30-9:00
>Registration & Coffee
>
>9:00-9:15
>Welcome and Introduction:
>Laura D'Andrea Tyson, Dean
>
>9:15-10:00
>KEYNOTE ADDRESS
>Patricia Dunn, BA 75, Global Chief Executive, Barclays Global Investors
>Investment Management in an Era of Individual Planning
>
>10:00-10:15
>Break
>
>10:15-11:30
>SESSION I
>A. Faculty Speaker: Michael Katz
>Does the New Economy Need a New Antitrust?
>
>B. Faculty Speaker: Ken Rosen
>The National and Bay Area Economic and Real Estate Outlook
>
>11:30-12:45
>Lunch
>
>12:45-2:00
>
>SESSION II
>A. Faculty Speaker: Severin Borenstein
>The California Electricity Crisis: Are Policymakers Learning the Right
>Lessons?
>
>B. Faculty Speaker: Homa Bahrami
>Organizing Knowledge Workers: Perspectives from Silicon Valley
>
>2:00
>Conclusion
>
>
>REGISTRATION:
>
>Name:
>Degree Class Year:
>Job Title:
>Company:
>Day Time Phone Number:
>Fax Number:
>Preferred Email Address:
>
>*Confirmation sent by email and fax only*
>
>Preferred Mailing Address:
>Street Address:
>City/ State / Zip Code:
>
>Guest Name(s) & Job Title/Company (if applicable):
> YOUR GUESTS MUST PAY REGISTRATION FEE:
>$35 (if register by April 27); $40 (late / on-site registration)
>
>
>~Please note which section you will attend in each session~
>Session 1:
>[ ] Section A - Does the New Economy Need a New Antitrust? (Katz)
>[ ] Section B - The National and Bay Area Economic and Real Estate
>Outlook (Rosen)
>
>Session 2:
>[ ] Section A - The California Electricity Crisis: Are Policymakers
>Learning the Right Lessons? (Borenstein)
>[ ] Section B - Organizing Knowledge Workers: Perspectives from Silicon
>Valley (Bahrami)
>
>
> **Includes session materials, networking roster, and boxed lunch**
>
> Reservations accepted by:
> FAX (510/643-0531) or via
> EMAIL at [email protected].
>
>You may also mail your registration form below to:
>Haas School Alumni Relations Office,
>520 Student Services Bldg. #1904,
>Berkeley, CA 94720-1904.
>If you have any questions please contact the Haas School Alumni Relations
>Office: 510/ 642-7790 or email [email protected].
=====================================
|
4,851 |
Subject: Fwd: Duke Energy Proposes to Manage All of SDG&E's Electricity
Sender: [email protected]
Recipients: ['Ronald Carroll" <[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/3902.
=====================================
Content-Transfer-Encoding: quoted-printable
Date: Tue, 28 Nov 2000 08:08:30 -0600
From: "Tracey Bradley" <[email protected]>
To: "Deanna King" <[email protected]>, "Paul Fox" <[email protected]>
Cc: "Ronald Carroll" <[email protected]>
Subject: Duke Energy Proposes to Manage All of SDG&E's Electricity Needs For
Next Five Years at Low Fixed Price
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline
Monday November 27, 2:19 pm Eastern Time
Press Release
SOURCE: Duke Energy Corporation
Duke Energy Proposes to Manage All of SDG&E's Electricity Needs For Next Five
Years at Low Fixed Price
MORRO BAY, Calif., Nov. 27 /PRNewswire/ -- Duke Energy (NYSE: DUK - news),
through its business unit Duke Energy North America (DENA), has put forth
another bold solution to California's electricity crisis by proposing to
manage San Diego Gas & Electric's (SDG&E) 3,300-megawatt electricity load at
a fixed price of 6 cents per kilowatt-hour for the next five years. This
proposal is based on market prices for electricity and natural gas as of Nov.
17, 2000.
DENA's proposal, which takes into account SDG&E's seasonal and hourly load
requirements and has a 3-percent annual adjustment for inflation, was
included in comments DENA submitted to the Federal Energy Regulatory
Commission last week in response to the commission's proposed remedies for
California's electricity market.
Under DENA's proposal, SDG&E's business and residential customers no longer
would be exposed to the electricity price spikes they experienced this past
summer when their retail electricity prices often exceeded 18 cents per
kilowatt-hour.
``The 3,300 megawatts represent the full electricity load SDG&E needs to
serve its retail customer base during the hottest summer day,'' said Jeff
Stokes, DENA executive vice president for the Western region. ``We again have
stepped up with tangible, market-based solutions that can be implemented to
address the San Diego area's electricity price spikes. In addition to
stabilizing customers' power bills, our proposal would also eliminate SDG&E's
exposure to high wholesale electricity prices and the financial uncertainty
that goes along with that exposure.''
California is facing high wholesale electricity prices largely because of
supply and demand imbalance, which has caused the California Independent
System Operator (Cal-ISO) to call an unprecedented 20 ``Stage Two Electrical
Emergencies'' thus far in 2000 when available electricity supplies have
fallen below 5 percent. The primary causes for the electricity supply
shortfall are the state's economic growth, the lack of new power plants being
built in California over the past decade, an aging generation fleet that
requires more maintenance and electricity imports being less available due to
economic growth throughout the West. California's electricity supply and
demand imbalance is expected to worsen or show little improvement until the
summers of 2002 and 2003, which is the earliest a substantial amount of new,
more efficient and cleaner power plants can be brought on line.
``This is another key market-based solution to California's electricity
crisis made by Duke Energy over the past four months and we hope that it is
given serious consideration,'' said Bill Hall, DENA vice president of asset
management for the Western region. ``The competitive wholesale electricity
markets did not cause this electricity crisis; but with patience, wisdom and
bold behavior by all market participants, we can fix the crisis and not
burden the state's electricity ratepayers or taxpayers.''
DENA has taken the following steps recently to address California's
electricity shortfall and high prices:
* On Nov. 16, DENA broke ground on its $525-million modernization of Moss
Landing Power Plant in Monterey County to upgrade the existing plant and
add 1,060 megawatts of new capacity to the site's current 1,500
megawatts. When the modernization is completed, the plant will be
California's largest. The project represents a substantial portion of
the new generation scheduled to come on line in California during summer
2002.
* On Nov. 15, DENA signed a wholesale electricity contract with Southern
California Edison to help manage price volatility and prevent price
spikes for their retail customers. This followed a similar contract
that was signed with Pacific Gas & Electric on Oct. 30. The specific
prices of the contracts are proprietary.
* On Oct. 23, DENA refiled with the California Energy Commission its
2,500-page application for certification to modernize the 1,000-megawatt
Morro Bay Power Plant. The new 1,200-megawatt facility represents a
$600-million investment. If the certification is received, DENA expects
to bring the new plant on line by summer 2003 and demolish the existing
plant by 2007.
* Finally, DENA has begun to work with City of Chula Vista officials to
accelerate the schedule for replacing the South Bay Power Plant with a
cleaner and more efficient facility. Existing plans call for the plant
to be replaced in 2009.
For more information about DENA's California operations, power plant
modernization plans and position on California's electricity crisis, see the
Web site www.duke-energy.com/California.
DENA is a leading wholesale energy services company. DENA and its affiliates
including Duke Energy Trading and Marketing provide natural gas and power
supply and services and risk management products to wholesale energy
producers and users. DENA also develops, owns and manages a portfolio of
merchant generation facilities. DENA is a wholly owned subsidiary of Duke
Energy.
Duke Energy, a diversified multinational energy company, creates value for
customers and shareholders through an integrated network of energy assets and
expertise. Duke Energy manages a dynamic portfolio of natural gas and
electric supply, delivery and trading businesses -- generating revenues of
nearly $22 billion in 1999. Duke Energy, headquartered in Charlotte, N.C., is
a Fortune 100 company traded on the New York Stock Exchange under the symbol
DUK. More information about the company is available on the Internet at:
www.duke-energy.com.
CONTACT: Tom Williams of Duke Energy Corporation, 805-595-4270, or
pager, 877-364-5170
SOURCE: Duke Energy Corporation
=====================================
|
4,853 |
Subject: Fwd: Portland Consultant's Investigation Finds California Has
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2441.
=====================================
FYI
Content-Transfer-Encoding: quoted-printable
Date: Tue, 17 Oct 2000 08:53:16 -0500
From: "Tracey Bradley" <[email protected]>
To: "Deanna King" <[email protected]>, "Paul Fox" <[email protected]>,
"Ronald Carroll" <[email protected]>
Subject: Portland Consultant's Investigation Finds California Has Capacity
for Electricity Needs
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline
FYI - It sounds like this consultant's findings are being questioned by many
in the industry, including by the CAISO.
Portland, Ore.-Based Firm Says California Has Capacity for Electricity Needs
Dan McSwain , North County Times, Escondido, Calif.
( October 17, 2000 )
Oct. 13--PORTLAND, Ore.--A private investigation of state power markets has
come to the conclusion that California had plenty of electricity generating
capacity this summer.
The state enjoyed a 32 percent reserve margin even as wholesale prices soared
and the state's power manager declared 36 separate "power emergencies"
because California was thought to be in the grips of a critical shortage,
according to the investigation.
The author of the investigation's preliminary report, Portland-based
economist and utility industry consultant Robert McCullough, said at a
conference of analysts, power traders and electricity industry regulators
Thursday that he has found evidence that generators and trading companies
manipulated the production of power from June through August to create a
false shortage and push up prices.
The Encina power plant in Carlsbad provides a stark example: it ran at well
below its full capacity for much of June, even though wholesale power prices
---- and consumer electricity bills ---- shot to well above the generating
plant's cost of production.
The actual production of electricity by the plants was determined by an
analysis of data from the Environmental Protection Agency, which monitors
emissions.
"We are seeing a lot of under-generation," McCullough said. "This is market
power in action."
Market power is a term used by economists to describe the ability of market
participants -- in this case suppliers -- to influence prices.
Many of the industry experts present at the conference Thursday reaffirmed
their belief that supply shortages were very real this summer, and
contributed to high prices, but several participants said deregulation has
reduced the amount of market information that is available to analysts.
Mainstream economists have questioned the accuracy of data from federal
agencies, including the EPA.
Conventional explanations for the low energy production observed in San Diego
County are scant.
Encina's operators, a joint venture of energy giants Dynegy Inc. and NRG
Energy Inc. called Cabrillo Power, confirmed that the power plant had no
abnormal maintenance problems. The San Diego Regional Air Quality Board said
Wednesday that the power plant was well within its state-mandated pollution
limits.
But David Lloyd, the corporate secretary of Cabrillo, denied that the Encina
plant has been used to game the San Diego County power markets.
"That can't possibly be right," Lloyd said of McCullough's analysis. "In
North County, we were right on the ragged edge of being off (an emergency
shutdown because of heavy output).
"Without knowing the specific details of time and which units were on or off,
I can't comment," Lloyd said.
"We certainly don't want to be accused of anything wrongful," he said. "We
don't have that much power in California, and for us to be shutting down in
California to push up the price somewhere else doesn't make sense for us. We
want to run all we can when the prices are high."
Electricity prices have soared to record levels since May, resulting in a
doubling and tripling of power bills this summer for the 1.2 million
customers of San Diego Gas & Electric Co. and causing an estimated $5 billion
in losses for Southern California Edison and Pacific Gas & Electric.
State lawmakers have intervened on behalf of San Diego County consumers with
a retail rate cap, but the law in turn created a looming IOU that could grow
beyond $300 million if high wholesale prices persist.
No fewer than five private, state and federal investigations are under way to
assess the competitiveness of power markets in the interconnected Western
states. The investigations also seek to answer charges that the companies
which produce and trade electricity have either figured out how to exploit
deregulated markets to outmaneuver regulators or have engaged in outright
manipulation in order to increase profits.
Inquiries by the California Public Utilities Commission, Electricity
Oversight Board and attorney general, along with a Federal Energy Regulatory
Commission investigation, were launched in July and August. Staff
investigators of the state and federal commissions said this week that they
are still in the process of issuing subpoenas and gathering market data.
McCullough was hired in late May by the Seattle city utility and a consortium
of large industrial power consumers in the Pacific Northwest to investigate
the price spikes. His effort is thought to be the first to complete an
exhaustive analysis of state and federal information that tracks the amount
of electricity that was available and compares it to the amount of power that
was actually used.
Chief among McCullough's findings was that demand for power was lower this
summer than what was forecasted by the Western Systems Coordinating Council,
a federal agency that is charged with ensuring the stability of the vast web
of power transmission lines that connect California to 13 other Western
states, British Columbia and northern Mexico.
McCullough provided a copy of his preliminary findings Tuesday to the North
County Times, and the initial reaction of the state's energy community was
one of deep skepticism.
"EPA data is notoriously unreliable," said Frank Wolak, a Stanford professor
and the chairman of the market surveillance committee of the California
Independent System Operator, the agency that manages the state grid and which
has paid enormous sums for emergency power this summer. To gauge the actual
output of power plants that burn fossil fuel, McCullough used emissions data
from the EPA.
"Greed would get the best of anybody," Wolak said. "I found a lot of hours
where in-state generators were exceeding nameplate capacity. These guys were
cranking it out."
Wolak, in a study of power markets for the system operator, did conclude,
however, that exercise of market power by power generators and traders was
the major cause of higher prices this summer.
At the conference in Portland, most of the panelists did not openly criticize
McCullough's analysis, but implicitly disputed his conclusions by attributing
higher prices and the presumed exercise of market power to a very real
shortage of electricity generating capacity among the Western states.
Low hydroelectric production in the Pacific Northwest and high temperatures
in the Southwest were blamed for limiting California's ability to import
electricity.
Others said state and federal regulators, along with market participants
themselves, won't really know what happened until more experts look at hard
market information that is in short supply.
Ron Eachus, the chairman of the Oregon Public Utilities Commission, said
market information is routinely withheld from regulators, the public and
buyers of electricity, but is shared among power generators and trading
companies.
"If the market is sharing it with themselves, but not us, I don't buy that,"
Eachus said.
Tim Belden is the vice president of West Trading for Enron North America, the
largest marketer and trader of electricity in the world. Enron takes the
unique stand that more information which has been labeled "proprietary" by
companies, such as when a plant is being run and how much the electricity is
selling for, should be made available instantly to the markets.
"Is there a smoking gun out there or are market participants behaving
rationally?" Belden said.
"California is characterized by secret, black box market models that nobody
understands," he said. "If you've got nothing to hide, release the data."
-----
To see more of the North County Times, or to subscribe to the newspaper, go
to http://www.nctimes.com
(c) 2000, North County Times, Escondido, Calif. Distributed by Knight
Ridder/Tribune Business News.
SRE, SCE.Q, PCG,
=====================================
|
4,855 |
Subject: FERC Judge Urges Dismissal Of Calif Complaint Vs El Paso
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/sent_items/512.
=====================================
Another defeat for Davis. Tough break. Is the judge's proposed decision available?
Best,
Jeff
FERC Judge Urges Dismissal Of Calif Complaint Vs El Paso
WASHINGTON -(Dow Jones)- An administrative law judge has recommended the U.S. Federal Energy Regulatory Commission dismiss a complaint alleging El Paso Corp. (EPG) manipulated the market for natural gas sales into California .
The ruling in the high-profile, politically charged case was a setback for California , which had sought to hold El Paso financially accountable not only for higher natural gas prices, but also for the resulting higher electricity prices in a state heavily dependent upon gas-fired power plants.
"While ... El Paso Pipeline and El Paso Merchant had the ability to exercise market power, the record in this case isn't at all clear that they in fact exercised market power," Curtis Wagner, FERC's chief administrative law judge, concluded in an initial decision forwarded to the commission late Tuesday.
The California Public Utilities Commission, which filed the complaint against El Paso, said later Tuesday that it would appeal Wagner's decision on market manipulation.
In a small victory for the state, Wagner did find that El Paso officials violated FERC's "standards of conduct" rules barring the sharing of market-sensitive information between pipeline companies and their natural-gas marketing affiliates.
"El Paso Corp., El Paso Pipeline, and El Paso Merchant are guilty of affiliate abuse," Wagner concluded.
"There was a dialogue between the pipeline affiliates and the marketing affiliate that gave an unfair advantage to the bidding" by the marketing unit for El Paso pipeline capacity into California , Wagner said.
FERC had dismissed the issue of affiliate abuse on March 28 without a hearing. At Wagner's request, the commission later agreed to reopen the issue during a hearing into the market-manipulation complaint.
The proceeding, which began April 4 and concluded August 6, resulted in a hearing record of 32 volumes and totaled 5,573 pages, while 515 exhibits were entered into evidence, Wagner reported.
"The briefs measured approximately one linear foot," he said.
Contracting With Affiliates
At issue are contracts worth $38.5 million that El Paso's marketing unit entered into with its pipeline affiliate to secure 1.2 billion cubic feet per day of firm transportation capacity into California from March 2000 through June 2001.
California argued El Paso had used its control of pipeline space to limit the supply of gas into the state and boost prices.
The contract period coincided with an unprecedented period of power-market volatility, in which skyrocketing natural gas costs contributed to extreme spikes in electricity prices that ultimately rendered the state's utilities insolvent.
The judge found that the contracts gave El Paso Merchant more than a 35% market share, the market-power threshold under FERC's merger guidelines, based on his interpretation of the relevant market. El Paso had argued for the higher antitrust-law threshold of 50%, but Wagner ruled that the lower standard should apply.
But while that market share gave El Paso the "ability to exercise market power," Wagner said, "it is not at all clear from the record in the proceeding that El Paso Merchant and El Paso Pipeline exercised market power."
The record offers only mixed support for allegations by the CPUC and utilities in the state that El Paso withheld gas supplies to drive up prices, Wagner said.
From March through October 2000, El Paso's capacity utilization rate was about half the rate of other shippers, while for the remainder of the contract, the full capacity was used.
Wagner concluded that El Paso's compliance with FERC rules requiring companies that control pipeline capacity to offer unused capacity to other shippers constituted an effective check against market power.
Improper Communications Seen
Where the state scored a win was in the second phase of the hearing, where Wagner heard evidence on allegations of affiliate abuse.
Wagner cited telephone records and correspondence to conclude that El Paso violated FERC rules requiring pipelines and affiliated marketers to operate independently of one another. The rules also restrict communications between pipeline operating personnel and affiliated marketers.
Transcripts of telephone conversations between pipeline and marketing employees of El Paso "demonstrate blatant collusion ... to keep secret a discount for service" on El Paso's Mojave system until the open season was over in which Merchant was bidding for the pipeline capacity on the sister pipeline, Wagner said, including the transcripts in his opinion.
Wagner determined that the transcript offered a "prima facie" case of affiliate abuse, and urged El Paso to present witnesses to rebut his finding. But El Paso declined to present the witnesses, the opinion noted.
Wagner also cited a confidential memorandum to William Wise, El Paso's chief executive, from the head of El Paso Merchant as contributing to his conclusion that El Paso and its pipeline and marketing affiliates "were in clear violation" of FERC's affiliate-abuse rules.
El Paso replied in a statement that the commission had considered the same evidence and found no abuse in its March 28 ruling. The commission would commit a "legal error" if it adopted the judge's views, the company said.
The parties have 30 days to file briefs taking exception to the judge's findings. The commission can either accept or reject the judge's findings.
However the commission ultimately rules in the case, it is expected to end up appealed before a federal appeals court.
=====================================
|
4,861 |
Subject: Legislators' "Plan B" to "Enhance" Governor's MOU w/Edison and
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12570.
=====================================
"Plan B"
As folks know, there's a group of moderate Democrats in the CA Assembly that
has been working on a "Plan B."
They've been working on it because they're not satisfied with the Governor's
MOU with Edison.
The Plan B group has been talking to a broad array of stakeholders, including
Republicans, to get input into how "Plan B" can improve upon the MOU.
First the good news about Plan B: a fairly bright group of legislators is
rolling up its sleeves and attempting to come up with a centrist solution to
the problem, and they're at least creating the appearance of trying to be
bi-partison about it. (There is at least one idea in Plan B that is
attributable to a Republican--Keith Richman--that Ken Lay met with a couple
of weeks ago.) So the beginnings of a process to resolve California's crisis
may be emerging.
Now the bad news: because they are trying to build a consensus, Plan B is a
mish-mash, isn't focused, includes some pretty bad ideas, excludes some good
ideas (like re-establishing Direct Access immediately), and is going to
require a lot more work to get right.
Update on Efforts to Achieve a Settlement
In the meeting with the suppliers that Steve Kean and I participated in
yesterday, one of the financial consultants hired by the Governor criticized
several of the Plan B proposals as unworkable.
On today's call with the Governor's staff and suppliers it became somewhat
apparent that the Governor isn't going drive a resolution, but will leave it
to the Legislature to take the lead role.
The staff emphasized repeatedly that the lawsuits, investigations, etc. were
not on the table for discussion in any global settlement talks, and that
attempting to bring them in to the negotiations was a nonstarter.
Instead, the Governor's staff said that the group should focus on the size of
the discount that suppliers would be willing to take.
The suppliers pushed back, stating that including haircuts in the talks while
excluding the lawsuits, investigations, etc. is one-sided and unworkable.
The staff urged the group to begin negotiations with the Legislature, but
made it fairly clear that the Governor would not be the one to pull the
necessary principals together in a room to hammer out a solution; his staff
implied instead that it's up to others, i.e., the suppliers, to get the
process of negotiations underway.
Next Steps
If the Governor's financial consultants are prepared by Friday, they will
brief suppliers on the ways in which the administration is attempting to
resolve the State's creditworthiness issue to encourage suppliers to do power
deals with CDWR. It they are not ready by Friday, the suppliers will meet
separately to discuss next steps.
Finally, there's been some confusion. My apologies.
Sandi faxed to Jim and Harry yesterday a copy of "Plan B." Sandi mentioned
that the Governor gave the Plan B group an analysis of the Plan. For those
that have a copy of Plan B, see the 10-page memo dated May 12th, attached to
the back of the Plan. The memo is from Joe Fichera to John Dutra, Fred
Keeley and Joe Nation (3 of the Plan B Democratic legislators). Joe Fichera
is the head of Saber Partners, a financial consulting group that the Governor
hired to advise him on the crisis.
If anyone has not yet received a copy of Plan B, please let me know and I'll
get it to you.
Best,
Jeff
=====================================
|
4,862 |
Subject: FW: EPSA report
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/29038.
=====================================
Jeff -- FYI.
Cheers,
Susan
-----Original Message-----
From: Scott, Susan
Sent: Tuesday, July 24, 2001 9:04 AM
To: Nicolay, Christi; Steffes, James D.; Novosel, Sarah; Dadson, Aleck;
Allegretti, Daniel; Fromer, Howard; Fulton, Donna; Hoatson, Tom; Montovano,
Steve; Ryall, Jean; Migden, Janine; Mangskau, Dave; Staines, Dan; Roan,
Michael; Connor, Joe; Perrino, Dave; Walton, Steve; Alvarez, Ray; Comnes,
Alan; Mara, Susan; Twiggs, Thane; Rodriquez, Andy; [email protected]; Yeung,
Charles; Stroup, Kerry; Canovas, Guillermo; Maurer, Luiz; Bestard, Jose;
Shapiro, Richard
Subject: RE:
The report appears at http://www.bostonpacific.com/powerprices/.
-----Original Message-----
From: Nicolay, Christi
Sent: Monday, July 23, 2001 4:58 PM
To: Steffes, James D.; Novosel, Sarah; Dadson, Aleck; Allegretti, Daniel;
Fromer, Howard; Fulton, Donna; Hoatson, Tom; Montovano, Steve; Ryall, Jean;
Migden, Janine; Mangskau, Dave; Staines, Dan; Roan, Michael; Connor, Joe;
Perrino, Dave; Walton, Steve; Alvarez, Ray; Comnes, Alan; Mara, Susan;
Twiggs, Thane; Rodriquez, Andy; [email protected]; Nicolay, Christi; Yeung,
Charles; Stroup, Kerry; Canovas, Guillermo; Maurer, Luiz; Bestard, Jose;
Shapiro, Richard
Subject:
Today's Elec Power Daily says that EPSA is coming out with a study on the
reduced prices to endusers from open access. Will whoever gets it send it to
this group?
Also, couple other items that may be of interest. The RTO West order (p. 23)
states that the Commission does not require a cost/benefit analysis for RTOs,
but does not preclude one. Maybe the EPSA doc will be helpful for this.
Also, the Commission in the RTO West order states that an RTO needs to
reflect "least cost planning" and recognize how planning and expansion will
consider both wires and non-wires solutions in the decisionmaking process (p.
14). Mike Roan gives a good discussion of how he has walked TOs through why
the RTO operator needs information and control to do a good job and make the
best decision (and this order requires the "least cost", ie, that control
area black boxes won't get us there.) MIKE, can you respond to this group
with your argument? THANKS
=====================================
|
4,863 |
Subject: TR's State NewsWire 2/1/01 A.M. Edition
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8764.
=====================================
Telecommunications Reports presents . . . . . TR's State NewsWire
February 1, 2001 A.M. Edition
STATES
MISSOURI -- PSC declines to support SW Bell's market-entry bid
IDAHO -- Senate confirms nomination of Hansen to PUC
ILLINOIS -- Ameritech says business market is becoming more competitive
WYOMING -- Senate to examine bill requiring PSC to regulate directory
assistance
MINN. -- Bill would authorize placement of commercial equipment on state
property
GEORGIA -- BellSouth and IDS Telcom dispute interconnection agreement
UTAH -- Legislators take a look at using mobile phones while driving
LONG DISTANCE
MISSOURI
PSC declines to support SW Bell's market-entry bid
The Public Service Commission yesterday decided against supporting
Southwestern Bell Telephone Co.'s efforts to obtain FCC permission
provide in-region interLATA (local access and transport area) service in
Missouri at this time, Commissioner Kelvin Simmons told TR. But the
application could be supported if SW Bell addresses the PSC's concerns,
he said. The PSC plans to deliberate on the request again as early as
Feb. 6, although a final decision won't be issued at that time, Simmons
said.
The PSC's concerns with SW Bell's request include pricing,
interconnection agreements, access to network elements, unbundled local
loops, and unbundled local transport. SW Bell intends to make changes
in those areas, taking the PSC's concerns into consideration, and is
confident that the PSC ultimately will approve the request, a SW Bell
representative told TR. (Docket no. TO-99-227)
STATE & LOCAL GOVERNMENT
IDAHO
Senate confirms nomination of Hansen to PUC
The Senate unanimously has approved Gov. Dirk Kempthorne's (R.)
nomination of Dennis S. Hansen (R.) to a second six-year term on the
Public Utilities Commission. (1/17/01 a.m.) Hansen, who was first
appointed to the commission by Gov. Phil Batt (R.), is also the PUC's
president.
Before appointment to the commission, Hansen was an accountant with
Monsanto Co. of Soda Springs and served in the state Senate from 1987 to
1995.
COMPETITIVE LOCAL ENTRY
ILLINOIS
Ameritech says business market is becoming more competitive
Ameritech-Illinois has asked the state Commerce Commission to reopen a
1998 case to allow the company to present additional information that
demonstrates the growth of competition for business customers. In the
1998 case, Ameritech sought competitive classification of its business
rates throughout the state and residential rates for 19 exchanges. In
1999 the ICC denied Ameritech's request, citing a lack of genuine
competition.
Ameritech says the ICC should reopen the case's record because the
company's total number of business lines in service has continued to
decline in absolute numbers. Overall, Ameritech says, its total number
of business lines in service has declined by about 7% in the last two
years.
Ameritech says its new evidence relates only to the business services
classification. The company notes that the growth in residential
service competition in the 19 downstate exchanges has been "less
robust."
An ICC spokesman noted that Ameritech holds 93% of all access lines in
its Illinois service territory. (Docket no. 98-0860 - Illinois Commerce
Commission vs. Illinois Bell Telephone Co., Investigation into specified
competitive tariffs to determine proper classification of the tariffs
and to determine whether refunds are appropriate)
FUTURE OF REGULATION
WYOMING
Senate to examine bill requiring PSC to regulate directory assistance
The Senate Corporations, Elections, and Political Subdivisions Committee
has received a bill that would require the Public Service Commission to
regulate directory assistance services under certain circumstances. HB
51 would authorize the commission to require local exchange carriers to
make their listing information available to other directory service
providers.
The Joint Corporations, Elections, and Political Subdivisions Committee
drafted the bill during the interim session. The legislative staff
explained to TR that the measure was prompted by an incident in which a
local company was unable to reach an agreement with Qwest Corp. over
directory assistance rates.
Because of the dispute between the companies, customers' names weren't
included in the Qwest phone book, the staff said. The PSC has no
authority to regulate directory assistance service, which was
deregulated by the Wyoming Telecommunications Act of 1995. (10/16/00
a.m.)
The legislative staff said the bill could be discussed Feb. 6, at the
earliest.
WIRELESS
MINNESOTA
Bill would authorize placement of commercial equipment on state property
The House Governmental Operations and Veterans Affairs Policy Committee
is considering a bill to allow commercial wireless equipment to be
placed on state-owned lands, buildings, and other structures.
State agencies either would have to (1) charge a site use fee for the
value of the property or structure on which the equipment were placed or
(2) accept improvements to state-owned communications system facilities
or services provided by a commercial wireless service provider.
Rep. Thomas Bakk (D., District 6A) introduced HF 429.
SECTION 251/252
GEORGIA
BellSouth and IDS Telcom dispute interconnection agreement
BellSouth Telecommunications, Inc., and IDS Telcom LLC are clashing over
several issues as they shape their new interconnection agreement. IDS
recently asked the Public Service Commission to arbitrate the agreement.
One contentious issue is whether BellSouth should be permitted to use
the interconnection agreement to restrict its liability for negligent
acts and to require indemnification from IDS for negligence on
BellSouth's part that damages IDS customers. BellSouth maintains that
liability for both companies should be restricted to a credit covering
the expense of the services or functions performed improperly.
Meanwhile, IDS argues that no restrictions should exist on liability or
indemnification. BellSouth has agreed to exceptions for gross
negligence, fraudulent misrepresentation, and willful or wanton
misconduct, but the company won't concede to IDS' proposed exceptions
for negligence or negligent misrepresentation.
BellSouth and IDS also are disputing the issue of whether BellSouth must
offer combined network elements if the elements typically are combined
in BellSouth's network but aren't combined already at the location
requested by IDS. BellSouth says it will offer IDS combined network
elements in accordance with the guidelines laid out in the federal
Telecommunications Act of 1996 and other applicable rules. IDS argues
that BellSouth should be required to provide IDS with combined network
elements if those elements ordinarily are combined in BellSouth's
network, regardless of whether the elements already are combined at the
location in question. (Docket no. 13318-U, In the Matter of Petition
for Arbitration of IDS Telcom, LLC, Pursuant to Section 252(B) of the
Communications Act of 1934)
WIRELESS
UTAH
Legislators take a look at using mobile phones while driving
Rep. Kory Holdaway (R., District 34) has introduced HB 182 to ban
drivers from using a telephone, computer, or fax machine while driving
on a highway. The measure wouldn't apply to emergency and law
enforcement personnel acting in their official capacity, any person
during a medical emergency, or any person reporting a safety hazard.
Violators would be guilty of an infraction. HB 182 awaits consideration
by the House Transportation Committee.
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]
=====================================
|
4,867 |
Subject: Consumer Groups, Calif PUC Question Pwr Contract Validity
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/sent_items/391.
=====================================
Consumer Groups, Calif PUC Question Pwr Contract Validity
LOS ANGELES (Dow Jones)--Two California consumer groups have asked California Attorney General Bill Lockyer to investigate whether some state electricity contracts should be nullified because of a possible conflict of interest held by one of the state's negotiations, according to a press release Monday.
The Utility Reform Network and Consumers Union asked Lockyer to examine whether income earned from energy companies by consultant Vikram Budhraja presented a conflict of interest, because he may have been involved in contract negotiations with those companies
We believe there is ample evidence for the Attorney General to investigate whether some of the state's electricity contracts were made in violation of California's conflict of interest laws," said Bill Ahern, senior policy analyst with Consumers Union West Coast Regional Office. "If the Attorney General finds that a contract was made in violation of the law, it must be set aside as void."
Three weeks after Budhraja's January hire date, Williams Companies (WMB <http://quicken.excite.com/investments/quotes/?symbol=WMB>, news <http://quicken.excite.com/investments/news/?symbol=WMB>, msgs <http://quicken.excite.com/investments/discuss/?symbol=WMB>) won a $3.4 billion contract to provide power to the state over 10 1/2 years. Budhraja disclosed in mid-August that his company, the Electric Power Group, was paid more than $10,000 by Williams during the previous 12 months. Budhraja was hired by the California Department of Water Resources to negotiate power contracts, but hasn't said which generators he dealt with in the weeks before the Williams contract was signed.
"It is reasonable to assume that Budhraja may have been involved in the negotiations that led to the Williams contract," Ahern said. "It is also likely that there are more detailed records and evidence in existence, which only a subpoena or search warrant may uncover."
The groups also are concerned that Budhraja may have held a conflict of interest due to his potential involvement in negotiating a $3.9 billion contract with Allegheny Energy Inc. (AYE <http://quicken.excite.com/investments/quotes/?symbol=AYE>, news <http://quicken.excite.com/investments/news/?symbol=AYE>, msgs <http://quicken.excite.com/investments/discuss/?symbol=AYE>) while he owned stocks in energy companies, according to the release.
The Attorney General's office recently said it doesn't plan to investigate conflicts of interest involving energy contract negotiations. No one at the office could be reached for comment Monday.
The California Public Utilities Commission is also petitioning federal regulators to throw out some of the state's $43 billion in long-term energy contracts, the San Francisco Chronicle reported Monday.
The CPUC has argued in filings with the Federal Energy Regulatory Commission over the past three months that energy companies took advantage of the state's energy crisis to negotiate high-priced contracts, according to the report. The average price of power under the contracts is $69 a megawatt-hour, more than double peak electricity prices last week.
CPUC lawyers have filed challenges before the FERC on deals negotiated with Scottish Power (SPI <http://quicken.excite.com/investments/quotes/?symbol=SPI>, news <http://quicken.excite.com/investments/news/?symbol=SPI>, msgs <http://quicken.excite.com/investments/discuss/?symbol=SPI>) unit PacifiCorp, Alliance Colton LLC, Sempra Energy (SRE <http://quicken.excite.com/investments/quotes/?symbol=SRE>, news <http://quicken.excite.com/investments/news/?symbol=SRE>, msgs <http://quicken.excite.com/investments/discuss/?symbol=SRE>) and Calpine Corp. (CPN <http://quicken.excite.com/investments/quotes/?symbol=CPN>, news <http://quicken.excite.com/investments/news/?symbol=CPN>, msgs <http://quicken.excite.com/investments/discuss/?symbol=CPN>), according to the report.
Budhraja disclosed in August that he owned as much as $10,000 in Scottish Power stock while a $1 billion long-term contract with subsidiary PacifiCorp was being hammered out. The state signed the 10-year contract July 6. Budraha sold his stock July 30. State officials say Budhraja had nothing to do with the deal, according to the report.
=====================================
|
4,873 |
Subject: "Power brokering: Loretta Lynch has landed in the energy spotlight
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/10599.
=====================================
Yikes! Check this out:
---------------------- Forwarded by Joseph Alamo/NA/Enron on 04/03/2001 11:39
AM ---------------------------
Joseph Alamo
04/03/2001 11:39 AM
To: Miyung Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: "Power brokering: Loretta Lynch has landed in the energy spotlight
as the firm hand at PUC's helm"
April 3, 2001 - The Orange County Register
Power brokering
Loretta Lynch has landed in the energy spotlight as the firm hand at PUC's
helm.
April 3, 2001
By JOHN HOWARD
The Orange County Register
SACRAMENTO At the eye of California's darkening electricity storm is Loretta
Lynch, the self-described small-town girl who became the top utility
regulator in the nation's largest state.
Her decision last week to push through a double-digit rate increase affecting
25 million people shocked many in the state and drew fire from powerful
interests, including consumer groups, the public, the utilities, Wall Street
- and Gov. Gray Davis.
The Yale-trained lawyer says she acted independently of the governor, who
appointed her president of the Public Utilities Commission.
"I go my way and decide the issues based on the best evidence, period," Lynch
said last week in a lunchtime interview in a coffee shop across the street
from the Capitol. "All the scenarios, every set of assumptions pointed to the
fact that we needed to increase rates. There was absolute evidence and strong
analyses, and we went forward."
Absent a rate increase, she said, there might not be enough revenue to back
an upcoming bond issue the state desperately needs to steady the energy
market.
As much as Davis himself, the 39-year-old Lynch is fast becoming a target for
Republicans who see in California's energy crisis an opportunity to make
gains in the 2002 elections.
In a report to the Republicans in the Assembly, veteran political consultant
Sal Russo described Lynch as a formidable foe, a "master of damage control, a
hard-nosed political warrior experienced in scapegoat politics."
'Most capable' in 20 years
She acknowledges she's in a political pressure cooker.
"I accept that, I deal with that. I don't go to the gym as often as I used to
because the days are so long, but I still go and I deal with the tension. I
love hiking, and that helps."
Longtime consumer advocate Michael Shames agrees Lynch is on the hot seat.
"The president of the PUC is always a voodoo doll that people stick with pins
intended to hurt other people," said Shames, who has been involved in utility
issues in San Diego for two decades. "I think she's being stuck with pins
right now. The question is whether she can stand the pain.
"She is probably the most capable commissioner to head the agency in 20
years, but she's got a thankless task and she's finding it a tough job."
'Small-town girl'
Scrappy and voluble, Lynch proudly describes herself as a "small-town girl
from Independence, Mo. I come from a big family, an Irish-Catholic family. I
have five sisters, and the only way you went to college where I grew up was
on a scholarship."
She says her family is tight- knit, and she speaks frequently by phone with
her sisters, including Cecelia Lynch, a political science professor at the
University of California, Irvine.
A debater in high school, Loretta Lynch left Independence - "we lived about a
mile from Harry Truman" - and went to the University of Southern California.
From there she went to Yale Law School. She returned to Los Angeles and
worked as a lawyer at the Legal Aid Foundation, which provides legal help for
the poor.
She then served eight years as a staff attorney handling civil litigation in
the San Francisco law firm of Keker & Van Nest.
In between, she found time to clerk for a federal appellate justice and work
on four major political campaigns, including Bill Clinton's 1992 presidential
race, Dianne Feinstein's first U.S. Senate bid and John Van de Kamp's failed
gubernatorial campaign. A Democrat from a family of Democrats, Lynch stayed
with her roots.
What did she learn in the political wars?
"Don't take anything personally and think before you speak," she said.
She served briefly as Gov. Gray Davis' research and policy director, and
since May 2000 she has headed the PUC, an enormously powerful agency with 900
employees, sweeping authority over telecommunications and electricity and a
direct effect on the wallets of millions of Californians.
She had little or no experience in energy regulation before her appointment
to the $117,081-a-year job.
"Where I come from, there aren't a lot of people making six-figure salaries,"
she notes.
Obscure no longer
Once scarcely known, the PUC is at the center of California's electricity
crisis. And Lynch is at the center of the PUC.
The PUC "was ... one of those little agencies with enormous power that nobody
watches," she said.
But it now faces the glare of daily media attention and the suspicion, and
sometimes anger, of the public. Its decisions are watched across the nation,
and a major action - such as its unanimous decision to approve an as-much- as
36 percent boost in electricity bills can rock Wall Street.
Lynch, who is single, says she tries to conserve electricity. And she says
she has not suffered through blackouts, although several friends have.
"I hear from them every time it happens. I hear from people who want me to
know they've had a bad experience. Real people experiencing real burdens, and
it's important to remember that."
Davis influence
Despite Davis' well-deserved reputation as a micromanager and his
oft-repeated statements that his appointees are there to represent his
thinking, Lynch avers that her actions are independent of the governor, and
declined to say whether she consulted him in advance.
Davis, for his part, says Lynch did not consult him before she pushed for the
rate increase, despite strong suspicions among Democrats and Republicans
alike, including many who have known Davis for years, that she deliberately
took the political heat for the governor.
Lynch believes three things led to California's electricity crisis - an
earlier deregulation decision by a Republican-dominated PUC, a poorly drafted
deregulation law and, most of all, outright "gouging and gaming" by
electricity wholesalers. "It all comes back to those wholesalers," she said.
As she waits to order a sandwich, a woman smiles, approaches and gives her
hug. "Hang in there, Loretta. Hang in there," the woman says, suspiciously
eyeing a nearby reporter with a notebook.
"Not a problem," Lynch says.
=====================================
|
4,874 |
Subject: RE: Thanks
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/9695.
=====================================
Thanks for email. will listen to the whole of it later today. running
between meetings. sorry! mckinsey to be calling you.
attached is bio.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, March 02, 2001 4:07 PM
To: [email protected]
Subject: Thanks
Thanks again for taking the time to meet. We're very interested in
following up on the demand buy-down/energy efficiency issues and are glad
to assist if we can--and we think we can.
As I mentioned, I've attached the final version of the document we've been
distributing in Sacramento describing our proposed solution to California's
energy crisis. If you have any questions about it, or want to discuss it
further, just let me know.
Also attached is the letter we sent to the PUC supporting Comm'r Bilas'
alternative decision designed to 1) make CDWR a creditworthy entity and 2)
permit the Legislature to continue its work on a "Direct Access" fix
without interference from the PUC. It's critical that the PUC adopt the
Bilas decision as soon as possible.
In addition, I'm including a story regarding the EOB/ISO filing at FERC
alleging price gouging and demanding refunds. As we discussed, it's
creating a good deal of consternation in the market.
Finally, we'd be very interested meeting with you and the folks from
McKinsey on our reverse-auction for demand reductions.
Have a nice weekend. Look forward to talking again very soon.
Best,
Jeff
(See attached file: Hertzberg final.doc) (See attached file: Comments on
Bilas Alternate.DOC)
POWER POINTS: How To Raise Electricity Prices, ISO-Style
By Mark Golden
A Dow Jones Newswires Column
NEW YORK (Dow Jones)--There they go again. The California Independent
System Operator has initiated another attempt to suppress wholesale
electricity
prices rather than deal with the fundamental reasons of why prices are
high.
Like past anti-market moves, Thursday's request that the Federal Energy
Regulatory Commission slash suppliers' unpaid invoices for December and
January power will fail in its stated aim. Also as with past attempts, the
ISO's
action this week will likely result in higher costs for Edison
International (EIX)
unit Southern California Edison, PG&E Corp. (PCG) unit Pacific Gas &
Electric,
Sempra Energy (SRE) unit San Diego Gas & Electric Co. and the state's
Department of
Water Resources.
The ISO, which is responsible for maintaining the balance of power supply
and demand on most of the state's power grid, has suffered the unintended
consequences of its actions many times before. When the ISO passed a
$250/MWh price cap in the summer, the cap became a target and caused prices
to rise,
just as the ISO had been warned it would. When the ISO exercised its
ability to
buy power above its cap only from out-of-state utilities, California
generators
sold power to the out-of-state utilities, which in turn sold the power back
to
California at a markup.
The latest attempt to suppress the market is mind-numbingly stupid. The
ISO wants the FERC to order retroactive discounts for power it says was
sold at
unreasonably high prices. Merchant generators, other western utilities and
power marketers sold about $3 billion worth of bulk power to the ISO in
December
and January. The ISO says overcharging accounts for $560 million of that
total.
Suppliers' prices, which the ISO agreed to pay at the time, exceeded
hypothetical generating costs by more than 10% and are therefore
unreasonable,the grid manager says.
Actual refunds might greatly exceed $560 million, according to the ISO,
once the FERC looks at the suppliers' actual costs. Power from a generating
company that bought natural gas before the spot market ran up, for example,
should
be discounted the most. Generators that waited and paid the most for gas
would
make the bigger profit per megawatt hour. What a great idea: punish the
smart and
reward the stupid.
Staffers lead by Anjali Sheffrin, the ISO's director of market analysis,
and Eric Hildebrandt, manager of market monitoring, spent a fair amount of
time
and money to establish this shocker: In a supply-short commodity market,
prices
exceed producers' costs.
Where they vary from well-established economic principles is that they
find this "unreasonable."
Sheffrin and Hildebrandt want the FERC to obtain extensive cost data from
all suppliers - including government-owned utilities Los Angeles Department
of
Water & Power and Canada's BC Hydro - and begin hearings on refunds. This
would
cover the vast majority of sales to the ISO during December and January
because
almost every seller to the ISO exceeded the $150 per megawatt-hour "soft"
price
cap, above which transactions must be reported to the FERC for possible
review.
There is no question the ISO has been paying prices that exceed even the
already high market prices. On Tuesday, for example, the ISO paid an
average
price of $337/MWh for power that other western utilities had bought and
sold
for $175-$200/MWh. On that one day, the ISO paid almost $25 million for
power
that was worth about $14 million.
The reason: The ISO has had to pay a premium to the rest of the market
since the middle of December, when suppliers correctly figured out that the
utilities were running out of cash and wouldn't be able to pay their ISO
bills. Once
northwestern utilities stopped selling to the ISO at any price, the ISO
asked some of the in-state generating companies like Williams Cos. (WMB) to
step
into the middle on its behalf. Williams did so for what it has called a
reasonable profit.
Let's say that Williams bought from some other generator at $450/MWh and
sold to the ISO at $500/MWh. That would be reasonable based on Williams'
costs,
according to the ISO's view.
But if the generator sold directly to the ISO in the first place at
$450/MWh,it would be ordered to provide a refund, because its generating
costs are
assuredly nowhere near $450/MWh.
So, according to the ISO, $500/MWh is reasonable, but $450/MWh is too
high.
If the FERC were to order refunds as the ISO has requested, no company
that generates power would ever again sell to the ISO. It would always sell
to
some third party, which in turn would sell the electricity to the ISO at a
markup.
Does the ISO ever stop and think through the impact of what it tries to
do?
"We certainly recognize that's a problem, and it's something FERC needs
to
grapple with," Hildebrandt said in an interview.
What the FERC will do is save the ISO from itself. "We reject proposals
to
return to cost-based regulation," the FERC said in its Dec. 15 California
ruling.
The FERC will review some of the high prices, as required. But refunds
will be ordered only if the FERC finds that a particular seller to
California - or a
colluding group of sellers - withheld supplies in order to increase prices,
according to the FERC ruling.
But collusion won't likely be found. There have been many investigations
into whether sellers have created a "false scarcity." None have found it.
In December, Republican FERC Commissioner Curt Hebert, now chairman,
applauded the commission's decision to "reserve 'price mitigation' for real
exercises
of market power rather than focusing on the price level itself."
The issue of the ISO and utilities having to pay a credit-risk premium
arose after the FERC had decided what it would do about California. But,
according
to a source knowledgeable about FERC operations under Hebert's leadership,
the
commission will recognize the credit-risk premium as reasonable.
In the meantime, however, the specter of retroactive price controls and
the increased hassle of dealing with the ISO makes suppliers even more
reluctant
to sell to the ISO. The ISO will have to overcome that reluctance by
offering
to pay an even higher premium.
Good move.
-By Mark Golden, Dow Jones Newswires; 201-938-4604;
[email protected]
(END) Dow Jones Newswires 02-03-01
1844GMT(AP-DJ-03-02-01 1844GMT)
- Kari's bio.doc
=====================================
|
4,875 |
Subject: 29 Oct 01 FERC Conference on Westwide Mitigation
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/684.
=====================================
EPMI's request to participate in the 29 Oct 01 FERC conference was granted. I will be on one of two panels and I will be given 5 minutes to give a statement.
Please review the attached draft statement / talking points for EPMI and PGE and get me comments by COB Monday. One question is whether we need to change what PGE is proposing to say in light of our position (rule certainty, make any changes to caps consistently accross the WSCC).
I will be meeting with the West Desk folks on Tuesday morning (schedules permitting). Please let me know if you want to participate in that meeting.
Here is who I think will be on these panels thusfar:
California Rep. Anna Eshoo (D Atherton)
Pacificorp
Allegheny Supply (anybody know who might be speaking for them?)
Powerex/TGF Richard Tabors (note that Enron is a member of TGF but has made it clear it is not funding this effort)
PGE Mike Naeve
EMPI Alan Comnes
CAISO
Puget Energy - Kimberly Harris
and 5 other parties
BPA and WPTF will not be speaking.
I was told Commissioners "may" be present.
Alan Comnes
=====================================
|
4,876 |
Subject: California Update 09.03.01--Debate Over Direct Access Heats Up
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/sent_items/3.
=====================================
This story reflects fairly well the debate underway regarding the DA suspension date.
The Treasurer, Angelides, is taking a hard line. We are working with others to get the date pushed back.
California PUC staff has started calling around trying to estimate how many customers have very recently switched or are trying to. They have made inquiries to our customers, including UC/CSU.
Best,
Jeff
State fights 6,000 firms' energy deals
Discount power contracts deemed unfair to consumers
Bernadette Tansey, Chronicle Staff Writer <mailto:[email protected]>
Sunday, September 2, 2001
?2001 San Francisco Chronicle </chronicle/info/copyright>
URL: <http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/02/MN155174.DTL>
Thousands of California businesses may reap cost breaks on electricity while other utility customers live with record rate hikes if the state lets stand a spurt of last-minute contracts with private power suppliers.
More than 6,000 firms, including big retail chains and industrial plants, signed discounted power contracts in July and August as market prices dropped.
State officials are incensed, saying the private "direct access" contracts with electricity providers could shift the burden for millions of dollars in state power purchases onto households and small businesses.
State Treasurer Phil Angelides said the same companies that benefited as the state depleted its budget surplus to keep the lights on now want to escape paying their share of the billions spent to ensure power supplies for California.
"I think it's wrong and it's immoral," Angelides said.
State officials argue that the summer contracts can still be canceled retroactively because California businesses were on notice that their option to shop around for better deals on electricity was about to be suspended by the state Public Utilities Commission. The PUC is set to consider the retroactive ban Thursday. But energy firms say the summer deals were perfectly legal because the PUC had not yet taken action and made a series of draft decisions that put off the effective date of the direct access ban until as late as yesterday.
"The drafts were not consistent," said Tracy Fairchild, a spokeswoman for Alliance for Retail Energy Markets, a consortium of generators and energy suppliers. "Which one were we supposed to take seriously?"
The energy trade group is threatening to sue to protect the summer contracts. Angelides fears that a prolonged court fight could block a $12.5 billion state bond sale to reimburse the treasury for California's emergency power purchases.
The burgeoning conflict is part of a continuing fight by energy firms and some of their business customers to preserve direct access -- a core provision of the state's 1996 deregulation law.
Deregulation supporters predicted energy consumers would enjoy lower prices if private generators were allowed to compete with the utilities as power suppliers. But the direct access program was thrown into disarray last year when wholesale electricity prices skyrocketed and the state stepped in to buy power.
To make sure the state's outlay would be paid back by all ratepayers, the Legislature in January directed the PUC to suspend direct access. By that time,
most direct access customers were fleeing back to the utilities to benefit from a rate cap that protected them from the soaring market power prices.
The PUC postponed action on the direct access ban while some legislators were sponsoring bills that would have allowed the program to continue under certain conditions.
But by July, market prices had come down, and energy providers like Enron Energy Services, AES New Energy and Strategic Energy were again offering direct access contracts.
Businesses were looking for relief from the record rate hikes imposed on utility customers in June, said Phoenix energy consultant Gina Coleman. Coleman said she helped five retail chains with "a significant number" of stores in California negotiate contracts with Strategic Energy this summer.
"Business is business, and if you can get a better price for something, you should," said Coleman, who declined to name her clients. She said the lower costs will help the stores keep doing business in California and hold their prices down.
Daniel Douglass, an attorney for the Alliance for Retail Energy Markets, said any attempt by the state to cancel contracts retroactively would violate the constitutional law. He said energy firms have purchased power to serve their customers under the contracts and would suffer losses if they were canceled.
Angelides said the same firms that ran to the state for protection when their market contracts became too expensive now want to take advantage of lower power prices he attributes to the stabilizing effect of the state's long- term power contracts.
"You can't take advantage of the state's stabilizing the rates, then say, 'Thank you very much,' and stick everyone else with the bill," Angelides said.
State officials have not tallied the total number of customers who signed up in July and August, nor have they estimated the revenue loss that would have to be covered by remaining utility ratepayers.
Figures compiled by the PUC show that commercial and industrial firms signed more than 6,000 new direct access contracts in July alone. A rough calculation suggests that, as a result, the firms might contribute as much as $64 million less annually to the repayment of state costs.
The loss might not be significant enough to risk a court fight that would delay the bond sale, state officials said.
Bu Angelides said the same power firms that helped create the energy crisis by charging exorbitant rates are now threatening a bond issue desperately needed to restore funds needed for education, health care and children's services.
"What they're talking about doing," he said, "is holding us hostage until they get what they want."
E-mail Bernadette Tansey at [email protected] <mailto:[email protected]>.
?2001 San Francisco Chronicle </chronicle/info/copyright> Page A - 21
=====================================
|
4,877 |
Subject: Sac Bee, Tues 2/13 Editorial: "Lawmakers failed to respond to
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9149.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 08:15 AM -----
Joseph Alamo
02/14/2001 11:50 AM
To: Paul Kaufman/PDX/ECT@ECT, Susan J Mara/NA/Enron, Sandra
McCubbin/NA/Enron, Jeff Dasovich/NA/Enron
cc: Lysa Akin/PDX/ECT@ECT
Subject: Sac Bee, Tues 2/13 Editorial: "Lawmakers failed to respond to
energy alarm"
---------------------- Forwarded by Joseph Alamo/NA/Enron on 02/14/2001 09:48
AM ---------------------------
Joseph Alamo
02/13/2001 04:57 PM
To: Miyung Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Sac Bee, Tues 2/13 Editorial: "Lawmakers failed to respond to energy
alarm"
Lawmakers failed to respond to energy alarm
(Published Feb. 13, 2001)
Now that state lawmakers have begun an inquiry to determine what caused
California's energy crisis, they might want to take a look in the mirror.
Not at the infamous 1996 vote that triggered the partial deregulation of the
electricity industry. The remains of that law have been picked over enough.
Besides, most of the people who voted for it have already left the
Legislature, thanks to term limits.
But there was another vote last June, far less heralded and still little
known. It came just as warning bells were starting to signal the onset of
what has since become a crippling crisis. The Legislature not only ignored
those alarms, it stood in the way of the people who were trying to respond.
Why it did so remains something of a mystery. How it did so says a lot about
the way the Legislature works.
At issue was the now-defunct California Power Exchange. This was a
state-mandated auction, until recently the only place that utilities were
allowed to shop for the electricity that lights our homes and businesses. By
last June there were ominous signs that the power exchange, known as the PX,
wasn't working right. Prices were higher than anyone expected. The supply of
energy seemed thinner than was reasonable. There were enormous overhead
costs.
The power exchange was a bit like having a single automobile auction where
everyone who wanted to buy or sell a car had to do business. In times of
surplus this might work, because the sellers would underbid each other to
unload their cars to reluctant buyers. But in a shortage, the opposite would
be true. Buyers, with no place else to go, would pay ever-higher prices to
get what they needed. That's what was happening with electricity.
A majority of the Public Utilities Commission decided to do something about
it. The PUC voted 3-2 to allow privately formed exchanges to compete with the
state-sanctioned auction. At least two private exchanges were promising to
deliver more power at lower prices with fewer administrative costs. The
commission wanted to let them give it a try.
But before the PUC could even implement the change, the Legislature
intervened. Acting with unusual speed, lawmakers overturned the commission's
decision.
Assembly Bill 2866 was a classic legislative bill, in the worst sense. A
cobbled-together collection of 28 unrelated items, it was drafted in a hurry
as a companion to the new state budget. One of the bill's many parts was a
provision to subsidize California's film industry. That got a lot of
attention. The paragraph overturning the PUC's attempt to head off the energy
crisis got next to none. The bill was amended in the Senate on June 15 and
approved later that day. The Assembly passed it the next day, and Gov. Gray
Davis signed it.
The analysis of the bill that members saw in the Assembly was cryptic and
misleading. It said the bill would authorize the PUC to study the idea of
allowing competition for the state-mandated exchange. That was true as far as
it went. But the analysis omitted the fact that the bill's real intent was
just the opposite: to reverse a PUC decision and prohibit competing exchanges
for at least a year.
"California had made a big investment in the power exchange," said Sen. Jim
Brulte, R-Rancho Cucamonga, who was one of probably just a handful of
legislators who knew about the provision before it became law. "The PUC
decision would have put that investment at risk." Which is another way of
saying that the power exchange wasn't working and had to be protected from
competition.
Richard Bilas, the PUC commissioner who was pushing the hardest for the
reform the Legislature overturned, said he never liked the idea of mandating
a single exchange in which the utilities would have to buy all their power.
Bilas wasn't a member of the commission when the PUC restructured
California's electricity industry. But he said the result reminded him of the
former Soviet Union, where leaders declared that they were going to move to a
market economy and then appointed a group of central planners to figure out
how those markets should function.
"Markets are not based on fictitious or created exchanges," he said. "Markets
are based on buyers and sellers coming face to face to negotiate a deal. You
don't establish beforehand something that may not be necessary."
It's still not clear whether opening up the markets would have prevented the
price spikes that have since nearly bankrupted the utilities, forcing the
state to step in and buy electricity to keep the lights on. It might be a
stretch to suggest that any single policy change could have prevented the
crisis. But we will never know.
The Legislature, acting in haste and with little information, kept us from
finding out. The California Power Exchange, which the Legislature was so
eager to protect from competition, collapsed of its own weight anyway, and is
now out of business.
The law preventing other exchanges from entering the market was quietly
repealed two weeks ago, seven very long months after it was adopted.
=====================================
|
4,878 |
Subject: meeting?
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11230.
=====================================
Hi, all---
You may already know this, but I wanted to keep you updated. All new
commodity (power) business in California has been put on hold. Yesterday,
Eric Letke announced to the team of originators that we would be suspending
new efforts until the regulatory/legislative environment is more solid in
California.
With that news, all of our team meetings and conference calls have been
cancelled.
However, I want to maintain a weekly call (30 min max) on our own....just to
keep-in-touch.
I will defer to your schedules.
Please tell me what day and hour looks best for you.
OR
Is there an existing call that we could join?
I just don't want to lose focus.
Participants:
Regulatory Affairs (Harry, Jeff, Sue, Robert)
Market Development (Marcus Dotson, Jennifer Rudolph, Ed Hamb)
Thank you!
---Jennifer
713-345-8206
=====================================
|
4,880 |
Subject: Summary- Judge's Recommendation re Retroactive Refunds
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28690.
=====================================
Commenting on his general perception of the settlement conference, the Chie=
f=20
Judge, in his down home manner, did not miss the opportunity to say that =
=01&you=20
can take a horse to water but you can't make him drink.=018 Below is a Cli=
ff=20
Notes version of the Judge=01,s report and recommendation issued at 4:49 PM=
=20
today. Attached is the complete work. =20
The Judge opined that very large refunds would be due- =01&While the amount=
of=20
such refunds is not $8.9 billion as claimed by the State of California, the=
y=20
do amount to hundreds of millions of dollars, probably more than a billion=
=20
dollars in an aggregate sum. =01(At the same time, while there are vast su=
ms=20
due for overcharges, there are even larger amounts owed to energy sellers b=
y=20
the CAISO, the investor owned utilities, and the State of California. Can =
a=20
cash refund be required where a much larger amount is due the seller? The=
=20
Chief Judge thinks not.=018 Another notable quote: =01&=01(it is the opin=
ion of the=20
Chief Judge that the amount claimed by the State of California has not and=
=20
cannot be substantiated.=018 =20
The Judge noted that he submitted a proposal of his own on July 5, which wa=
s=20
summarily rejected by the State of California, and that the five separate=
=20
offers of the various industry groups to settle with California were also=
=20
rejected.=20
=20
Refund Effective Date- Refund effective date of October 2, 2000, for sales =
in=20
the spot markets of the CAISO and the Cal PX. The Chief Judge=01,s=20
recommendations do not go beyond that date. "Spot market" sales are "sales=
=20
that are 24 hours or less and that are entered into the day of or day prior=
=20
to delivery."=20
Evidentiary Hearing- =01&The differences between what the State of Californ=
ia=20
believes the buyers in the California markets are owed in refunds and what=
=20
the sellers in the California market believe should be refunded raise=20
material issues of fact. The appropriate numbers to calculate potential=20
refunds involve factual disputes. Thus, the Chief Judge recommends that a=
=20
trial-type, evidentiary hearing be ordered limited to a factual record to=
=20
apply to the methodology set forth below. Because of the urgent need for a=
n=20
answer to the refund issues that hearing should be on a 60-day fast track=
=20
schedule. It is important that a single methodology be adopted for=20
calculating potential refunds in this proceeding. However, such a=20
methodology may not be appropriate for all sellers in the CAISO's and Cal=
=20
PX's spot markets in an after-the-fact refund calculation. In any event,=
=20
sellers not using the methodology should bear the burden of demonstrating=
=20
that their costs exceeded the results of the methodology recommended herein=
=20
over the entire refund period.=018
Methodology- The Chief Judge recommends that the methodology set forth in t=
he=20
June 19th Order be used with the modifications discussed below in order to=
=20
calculate any potential refunds that may be due to customers in the CAISO's=
=20
and Cal PX's spot energy and ancillary service markets for the period Octob=
er=20
2, 2000 through May 28, 2001. =20
Heat Rate- The actual heat rates, rather than hypothetical heat rates=20
(associated with recreating the must-bid requirement of the June 19th Order=
)=20
provide the first step in calculating the cost of the marginal unit.
Gas Cost- The gas costs associated with the marginal unit should be based=
=20
upon a daily spot gas price. =01&In the event that the marginal unit is lo=
cated=20
in NP15 (North of Path 15), the daily spot gas price for PG&E Citygate and=
=20
Malin should be averaged with the resulting gas price multiplied by the=20
marginal unit's heat rate to calculate a clearing price for that hour. If=
=20
the marginal unit is located in SP15 (South of Path 15), the daily spot gas=
=20
price for Southern California Gas large packages should be multiplied by th=
e=20
marginal unit's heat rate to calculate a clearing price for that hour. The=
=20
daily spot gas prices should be for the "midpoint" as published in Financia=
l=20
Times Energy's "Gas Daily" publication for the aforementioned delivery=20
points. The last published gas prices should be used in calculating the=20
refund price for the days that Gas Daily is not published (weekends and=20
holidays).=018=20
O&M Adder- An adder of $6/MWh for O&M should also be included with the=20
calculated market clearing price. =20
Emissions Costs- Demonstrable emission costs should be excluded from the=20
market clearing price and treated as an additional expense that sellers may=
=20
subtract from their respective refund calculation.
Credit Adder- The 10 percent adder should be included in the market clearin=
g=20
price for all transactions that occurred after January 5, 2001 when PG&E an=
d=20
SoCal Edison were deemed no longer creditworthy.
Ancillary Services- Consistent with the June 19th Order, ancillary service=
=20
prices would be capped at the market clearing price established in the=20
real-time imbalance energy market. Adjustment bids would also be treated t=
he=20
same as set forth in the June 19th Order.=20
Maximum Price for Non-Emergency Hours- Somewhat unclear. The Chief Judge=
=20
recommends that for purposes of recreating a competitive market for=20
calculating refunds, the refund methodology should deviate from the 85%=20
non-emergency requirement of the June 19th Order. To measure the amount th=
at=20
actual prices may have exceeded the refund price, every hour should be=20
recalculated.
Offsets- =01&Recalculating the hourly competitive price for purposes of a=
=20
refund calculation would also permit the Cal PX and CAISO to resettle all=
=20
charges for the refund period. Amounts owed to sellers and outstanding=20
amounts due from buyers would be recalculated. Any refunds could then be=
=20
offset against accurate amounts receivable without sellers netting out any =
of=20
their purchases from the CAISO and Cal PX during the refund period.=018
Interest- Interest should not be charged against any refund amounts unless=
=20
the refund amount exceeds the amounts that are past due to the seller.
=====================================
|
4,881 |
Subject: San Diego witnesses
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1252.
=====================================
Steve: here's the witness list as discussed for Monday, September 11th's San
Diego hearing.
---------------------- Forwarded by Cynthia Sandherr/Corp/Enron on 09/08/2000
01:30 PM ---------------------------
"Black, Andy" <[email protected]> on 09/08/2000 12:33:54 PM
To: Cynthia Sandherr <[email protected]>
cc:
Subject: San Diego witnesses
We have not finalized who is on what panels. Following are the 16
witnesses:
4 FERC Commissioners
Cal PUC Chair
Cal Energy Commission Chair
Cal ISO CEO
Cal PX
SDG&E
Reliant
Enron
Solar Turbines
Oracle
Jan Smutny-Jones as head of Cal Independent Energy Producers
restauranter Roy Tyler of Tyler's Taste of Texas (no, we didn't plan that)
Utility Consumers Action Network
=====================================
|
4,884 |
Subject: RE: DWR - Gas Daily
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/749.
=====================================
you are up early....
This Friday, Monday a.m. or Tues will be fine. Mark is in San Fransisco... who were we going to see in Sacremento.
BT
[Tycholiz, Barry] -----Original Message-----
From: Dasovich, Jeff
Sent: Wednesday, October 24, 2001 8:51 AM
To: Tycholiz, Barry
Subject: RE: DWR - Gas Daily
It's Baldwin. Let me know what dates you want to meet and I'll set it up.
Best,
Jeff
-----Original Message-----
From: Tycholiz, Barry
Sent: Wed 10/24/2001 8:50 AM
To: Dasovich, Jeff
Cc:
Subject: DWR - Gas Daily
Jeff, Gas Daily has an article on DWR activities for purchasing gas.... do you know Pete Garris and is he the guy we want to get together with... or is Balwin's co. going to carry the ball. I remain unclear as to who actually is doing the gas buying..
Further to our conversation of last week... let's meet with these guys soonest.
BT
=====================================
|
4,887 |
Subject: Energy Legislation - SVMG Positions
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/10321.
=====================================
Dear SVMG Members:
As you know, the State Legislature and Governor are working almost solely o=
n
Energy Legislation during this special session of the State Legislature. A=
s
an organization, SVMG is working to provide feedback on the more relevant
bills to ensure that Silicon Valley's voice is heard in this critical
debate.
Since the process is moving so quickly, with bills being voted on daily, th=
e
SVMG Working Council and Operations Committee approved a mechanism so that
we could provide a timely response to key pieces of legislation. A special
Task Force of Energy Experts from Member Companies, and several of our
seasoned policy professionals from member firms, are meeting weekly to
review bills and respond. With that in mind, SVMG's actions to date on key
bills appear below.
I would like to offer my special thanks to Derek Naten of Roche for Chairin=
g
our Energy Legislation Task Force, and each member of his team for the
significant amount of time they are investing in this effort.
If you have any questions or comments on the bills referenced below, or
SVMG's positions to date, please let me know.
This information also appears on our web site at www.svmg.org
Sincerely,
Carl
SVMG Positions on Key Energy Legislation
Energy Legislative Subcommittee
March 22, 2001
State Legislation
There are more than 170 bills in the extraordinary session focused on energ=
y
reform. The legislative subcommittee recognizes that there are very few
that are viable in the current climate. Furthermore, of the principle
vehicles for fundamental change (SBX 27, ABX 18 et. al.), there is usually
so much flux in the process as to make it difficult to respond except in
principle (e.g. oppose bills where the state takes over transmission lines
as it commits the state as utility for many years and impedes market
restoration). For that reason, the LS has recommended SVMG jointly draft a
letter expressing principles and criteria for assessing and responding to
legislation, primarily focused on the goal for the state to develop a visio=
n
for it=01,s energy future (i.e. total reregulation or deregulation with dir=
ect
access and customer choice; incentivize private money to primarily fuel
infrastructure improvements) and a step-by-step blueprint to carry out the
vision. We also want to recommend a consolidated or omnibus approach to
streamline legislative resolution and eliminate duplication and confusion.
However, there are some key bills on which we have taken a position:
ABX 48 (Migden) --Community Aggregation -- Position: Oppose "pro rata
share" language
AB 48X authorizes any municipality to aggregate the electrical load of
interested electricity customers within its borders. The bill also include=
s
a provision, however, [section 4(i), p. 10, line 19] that entitles every
municipality to "a pro rata share" of the energy efficiency and renewable
energy funds contributed by its customers to California's "public benefits
programs" (at least $360 million annually, funded through a small surcharge
on utility bills). Provides shared administration of EE programs between
municipality and utility and provides for sale of street lighting at book
value.
ABX 18 (Hertzberg) -- Solvency of Utilities, State -- Position: Watch
This is the vehicle for the Governor=01,s plan to address the utility=01,s
insolvency. Waiting for major text changes. SVMG is very concerned about
approaches floated for this bill, particularly state purchase of the
Transmission grid and the risk to politicize electricity delivery. Our
message is that we prefer paying for the undercollection through rates
shared by all customers rather than through the tax base. But if the State
is determined to own the grid SVMG recommends that California become a
member of a Regional Transmission Organization (RTO)
ABX 31 (Wright) --Interruptibles Program ---Position: Support
Requires the CPUC to adopt by April 30, 2001 regulations to permit demand
metered customers to participate in energy and ancillary services markets o=
f
the PX and ISO; allows for the continued operation of interruptible program=
s
with heavy industrial customers until 12/31/03 and provides for an opt-out
in the event rate increases above the system-wide average are imposed; and
requires the CPUC to implement a Bridge Interruptible Program for customers
who have met their annual cap hours or events of curtailment.
SBX 47 (Batten/Keeley) -- Restructure Q F Contracts--Position: Support
Restructures QF contracts to long-term from approximately 17 cents per
kilowatt/hour to approximately 9 cents/kwh and additionally enables. Many
QF facilities are off-line because of the high price of natural gas. This
allows QF facilities to sell power onto the market to defray high natural
gas costs.
The following Sher bills are conjoined
SBX 5 (Sher)) -- Conservation Programs -- Position: Support
Appropriates $1,026,500,000 from the General Fund to implement various
energy efficiency programs, CARE and LIHEAP funding and new generation
initiatives.
SBX 28 (Sher) Facilitates siting of Power Generation Facilities -
Position: Support
Requires the Air Resources Board (ARB) to implement an expedited retrofit
program for generation facilities; requires the ARB to implement a program
to identify emission reduction credits; expedited siting process for standb=
y
facilities and distributed generation as well as air pollution retrofit of
existing plants. Final report of CEC is to include discussion of any publi=
c
benefits from new facility including economic, environmental and reliabilit=
y
benefits from repowering of facility.
ABX 32 (Nation) -- Tiered Residential Rates/Proportional -- Position:
Support
Requires the CPUC to establish a 3-tier rate structure (3rd tier at 200% of
baseline). Also provides CPUC to ensure installation of time of use meters
for at least 20% of non-residential customers. Establishes proportional
burden of rate increases between residential and non-residential customers
(no cross-subsidization of rates).
SBX 18 (Escutia) --Core/Non-Core customers for State Power -- Position:
Oppose
Dedicates retained generation to serve core customers: limit core at 500kW
svc. Concerned that non-core (larger employers) will be left to fend for
themselves to buy on the spot market. This bill would hurt job providers
and their workers throughout California, which, in turn, could severely
undermine the California economy.
ABX 44 (Cohn) -- Demand Management Programs -- Position: Support
Provides additional $25 M for peak electricity demand programs called for i=
n
AB 970 of last year as modeled on the Blackout Busters approach.
=====================================
|
4,891 |
Subject: Reuters -- FERC told Calif natgas to reach limit this summer
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/13078.
=====================================
FYI.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 05/25/2001
09:46 AM ---------------------------
"Tracey Bradley" <[email protected]> on 05/25/2001 08:36:47 AM
To: <[email protected]>, "Aryeh Fishman" <[email protected]>,
"Andrea Settanni" <[email protected]>, "Charles Ingebretson"
<[email protected]>, "Charles Shoneman" <[email protected]>,
"Deanna King" <[email protected]>, "Dan Watkiss" <[email protected]>,
"Gene Godley" <[email protected]>, "Kimberly Curry"
<[email protected]>, "Michael Pate" <[email protected]>, "Marc F.
Racicot" <[email protected]>, "Neil Giles" <[email protected]>, "Paul
Fox" <[email protected]>, "Ronald Carroll" <[email protected]>,
"Randall Rich" <[email protected]>, "Scott Segal" <[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: Reuters -- FERC told Calif natgas to reach limit this summer
FYI
Thursday May 24, 4:11 pm Eastern Time
FERC told Calif natgas to reach limit this summer
By Julie Vorman
WASHINGTON, May 24 (Reuters) - Natural gas supplies will be stretched to the
limit this summer in California, but demand will ease during the next four
years as utilities become more efficient and hydropower supplies resume, a
state regulator told the Federal Energy Regulatory Commission Thursday.
FERC staff held a technical conference to gather information about
California's natural gas demand outlook from state officials, intrastate
pipelines, interstate pipelines, marketers and others.
A spike in wholesale electricity prices in the nation's most populous state
has been blamed partly on a bottleneck in natural gas pipelines. Many of
California's electricity generation plants are fueled with natural gas.
Bill Wood, the chief natural gas forecaster for the California Energy
Commission, said demand would be about 6.9 billion cubic feet (bcf) per day
this year. That compares with 6.7 bcf per day last year and 5.5 bcf in 1995,
he said.
The state's thirst for natural gas will fall slightly in 2002 and remain flat
for four years as utilities become more efficient at squeezing electricity
out of gas, he said. Hydropower imported from the Pacific Northwest should
also return to normal levels after this year's drought and displace some of
the gas now being used, Wood told the conference.
NATGAS STRANDED AT BORDER
Forecast demand of 6.9 bcf this year means interstate pipelines bringing
natural gas supplies into California will be pushed to their limit.
The interstate pipelines feeding the state with gas from the Rocky Mountains,
New Mexico and other out-of-state fields have a capacity of 7 bcf per day,
Wood said.
But California's intrastate pipelines that pick up the gas can receive a
maximum of 6.7 bcf per day, leaving 3 million cubic feet of gas ``stranded at
the border,'' he said.
Wood and other officials said Sempra Energy's (NYSE:SRE - news) Southern
California Gas Co, which serves San Diego and the southern portion of the
state, had especially tight supplies.
Lad Lorenz, director of SoCal Gas capacity and operations, told the FERC
conference the company had ``adequate'' transmission capacity for its
customers. Although the lack of hydropower imports from the Northwest has
increased gas demand by 600 million cubic feet per day on SoCal Gas' system,
the firm still has enough capacity to handle it, he said.
``We don't anticipate any problems meeting electricity generation demand this
summer,'' Lorenz said. ``We don't project any curtailments.''
To help cope with this summer's tightness, SoCal Gas is awaiting state
approval of its plan to add capacity of more than 50 million cubic feet per
day by salvaging its Montebellow storage field, Lorenz said. It also plans to
convert about 14 bcf of ``cushion'' gas -- which is used to maintain adequate
pressure in a storage facility -- into working gas.
The company also has up to 200 million cubic feet per day of interruptible
capacity, he said.
SoCal Gas is spending $55 million on four projects to expand capacity by a
total of 475 million cubic feet of firm backbone transmission capacity to its
system, he said. The projects should be completed by year-end, if they
received quick environmental approvals.
INTERSTATE PIPELINES HURRY TO EXPAND
Interstate pipelines said they were planning ways to get more natural gas to
the California border, through upgraded compression equipment and brand-new
pipelines.
El Paso Pipeline is planning to convert the All-America oil pipeline to
natural gas, said Patricia Shelton, president of El Paso's western pipeline
group.
That line, which was recently approved by FERC, will ship about 230 million
cubic feet per day of natural gas from Texas to the California border by
autumn.
``We're doing this on our dime to loosen up our system,'' Shelton said.
A major new interstate line, the Sonoran Pipeline, has been proposed in a
joint venture by Calpine Corp and Kinder Morgan. The 1,000-mile pipeline
would ship 1.5 billion cubic feet of gas each day from Blanco, New Mexico to
the San Francisco Bay area.
The companies are trying to get 20-year contract commitments from customers
to determine if the nearly $2 billion pipeline is economically feasible, said
Craig Chancellor of Calpine.
Kern River Gas Transmission, a unit of the Williams Cos (NYSE:WMB - news) ,
is planning an expansion of its interstate pipeline to add 906 million cubic
feet per day of gas. The project, due to be completed by May 2003, will cost
more than $1 billion, said Kirk Morgan, director of business development for
Kern River Gas Transmission.
Kern River also plans a temporary expansion of its pipeline to add 135
million cubic feet of capacity. The extra capacity will be available in July
through next year, due to air quality restrictions.
FERC's three commissioners, who are wrestling with other California power
issues, did not attend the technical conference.
=====================================
|
4,894 |
Subject: POWER Conference Sponsorship by Enron
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/3999.
=====================================
Dear Jeff:
I am writing to ask Enron to become a sponsor of the annual POWER research
conference on electricity restructuring, which will take place this year
on March 16, 2001 in Berkeley. This will be POWER's sixth annual
electricity research conference. Last year's conference was quite
successful, with attendance of nearly 150 and a number of papers that were
discussed widely and were influential in electricity policy. Information
on past programs and the plans for this year at our website:
http://www.ucei.org/power_conf.html . We already have received submissions
from top researchers for this year's conference. We anticipate another
very strong program of active electricity restructuring researchers and
practitioners.
As in the past, we plan to include about 8 papers on the program. The
presentations will be organized by topic and the papers will be discussed
by both researchers and practitioner. Past programs have been very
successful in stimulating discussion that included both researchers and
practitioners.
The cost to Enron to become a sponsor would be $10,000. As a sponsor,
Enron would be listed on the front of the conference program and in the
pre-conference mailing. In addition, Enron could send up to 5 people to
the conference at no additional cost.
The annual POWER conferences on electricity restructuring have been very
well received by industry, policy, and academic participants. With the
broad and growing interest in deregulation of electricity markets, we have
every reason to anticipate that this year's conference will be just as
successful. We hope that Enron will decide to become a sponsor of the
conference.
I can be contacted by phone at 510-642-5145, by fax at 510-643-5180, or by
e-mail at [email protected]. I look forward to talking with you
soon about this.
Sincerely,
Severin
_________________________________________________________________
Severin Borenstein
Co-Director, Program on Workable Energy Regulation
E.T. Grether Professor of Business
Administration and Public Policy Director
Haas School of Business U.C. Energy Institute
University of California 2539 Channing Way
Berkeley, CA 94720-1900 Berkeley, CA 94720-5180
(p) 510-642-3689 (p) 510-642-5145
(f) 707-885-2508 http://www.ucei.berkeley.edu/ucei
Email: [email protected]
WWW: http://haas.berkeley.edu/~borenste
=====================================
|
4,896 |
Subject: State PUC Takes On High Cost Of Energy Regulators foresee more rate
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9825.
=====================================
State PUC Takes On High Cost Of Energy
Regulators foresee more rate increases
Robert Salladay, Lynda Gledhill, Chronicle Sacramento Bureau
Monday, March 12, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/12/M
N227831.DTL
Sacramento -- Starting this week, state regulators will begin debating how
much is enough when it comes to asking Californians to shoulder the
electricity crisis by paying higher utility rates.
Right now, there doesn't appear to be enough money to go around. The state
government and the utilities have racked up monumental bills because of
California's flawed deregulation system. And even with recent rate increases,
not enough cash is coming in to pay off the debts and buy power.
Over the next three weeks, deciding how that money gets divvied up to pay the
state's debt will be one of the toughest jobs of the year. State Treasurer
Philip Angelides said the state Public Utilities Commission would be
essentially filling a shoe box with debts and commitments during a series of
meetings and workshops this month, and it's going to be a tight fit without
raising power bills even more.
"The rubber hits the road in the next few weeks at the PUC," Angelides said.
"There is a box that has to be filled up, and a no-rate-increase scenario is
putting all of these things into this box. It'll be tough work."
Under the law, the PUC has the power to essentially determine how much profit
the utilities can make. It's a set formula, designed to give the power
companies a comfortable margin and to keep power bills reasonable for
consumers.
But with the 1996 deregulation an utter failure in California, there are many
more demands on that money. The utilities claim to be $14 billion in debt.
The state of California is spending $45 million a day to buy power. Taxpayers
have spent $3.2 billion so far, and the PUC recently said utility customers
would be required to pay that money back.
Then there is the $10 billion in bonds the state is selling to buy long- term
contracts for power. Angelides said the PUC also must guarantee him an
estimated $1.3 billion a year from consumers to pay off the bonds, which his
office expects to begin selling by the end of May.
That money could end up running out by September, or June 2002 under the most
optimistic prediction, Angelides said. That could mean California would have
to borrow even more money beyond the $10 billion -- money that consumers will
most likely have to pay back through their bills.
Gov. Gray Davis has said repeatedly that it is his "hope and expectation"
that rates will not increase. But he has been criticized for seeming to say
that a temporary rate increase approved in January will be made permanent and
that a 10 percent rate decrease imposed when deregulation was implemented
will be lifted next year.
"If I wanted to raise rates, I could have solved this in 20 minutes," Davis
said last month.
But others are convinced now that rates will go up even more than the 19
percent. And PUC Commissioner Richard Bilas said he thinks the rates should
go up before the summer to encourage conservation.
'FUNDAMENTALS DON'T CHANGE'
"It doesn't matter what is done in terms of rhetoric, legislation, ideas or
proposals at the commission -- the fundamentals don't change," said Bilas, a
Republican. "There is not enough supply and too much demand. The only
function on the demand side is a rate increase. Otherwise, people won't stop
using electricity."
Since the state is buying roughly 30 percent of the power used by the
utilities -- and at the highest prices so far -- the state should be entitled
to an equivalent share of the money coming in from consumers.
"If we're going to issue bonds, we must have first (crack at) that money,"
Angelides said. His office believes that "a failure to (issue bonds) in the
appropriate manner will directly and negatively impact consumer rates."
Angelides also needs a commitment from the PUC over how the state will get
repaid for the money it's spending to buy emergency power the utilities
cannot afford to purchase.
Bilas said the PUC, which will take up some of these issues at their meeting
on Thursday, would have to face reality soon.
'IT'S A BAND-AID'
"It's the direction we have been moving in," he said. "We're having to face
up to fact that there needs to be rate increase. What is being done isn't a
solution to the problem -- it's a Band-Aid."
The utilities, among others, are eyeing the money as well for their
significant costs. They have accumulated massive debts that need to be
repaid, and have investors to satisfy.
Also looking for a slice of the pie are the alternative energy producers --
including wind and solar producers -- who depend on payments from the
utilities to buy the natural gas they need to operate.
These facilities account for nearly a third of the energy produced in
California, and any scenario that has the state getting through the summer
without significant blackouts requires full operation.
"What everybody has told me is this summer is going to be murder, because we
don't have enough," state Senate President pro tem John Burton, D-San
Francisco, said recently.
Three things are occurring that are designed to make sure the money going out
to pay for debts and power is slightly less than the money coming in from
consumers:
Small alternative energy providers are expected to start getting lower
payments.
Utilities, as part of a state rescue plan still being negotiated, will be
required to sell the electricity they generate themselves at cost.
The state is signing long-term contracts for its share of power, which
reduces demands on ratepayers.
The idea is to leave enough headroom that will pay back the state for what it
is spending over a long period of time.
Angelides said the difference -- that headroom -- should be returned to the
state to pay off the debts it incurred from the long-term contracts financed
with the bond money and to buy emergency power.
STATE WANTS ITS SHARE
"We stepped into the breach here," Angelides said. "We're entitled to a fair
slice of the pie."
Angelides said the new rate schedule, which the PUC is determining this
month, should not be used to pay back utilities for any of their debts from
before Jan. 17. That's when the state started buying power for the utilities.
So far, the utilities are not asking for their past debts to be repaid. Some
other financing for those must be developed, such as selling thousands of
miles of electrical transmission lines to raise billions of dollars.
But there may not be much headroom left to pay off all the other debts.
Chris Danforth with the Office of Ratepayer Advocates, which is designed to
make sure consumers get a good deal out of the PUC, said the future payments
to the alternative facilities and contracts signed by the state were going to
cost more than originally planned.
That eats up some of the headroom and "is indicative of a rate increase,"
Danforth said.
Paying the Bill
Most of what PG&E customers pay for electricity is spoken for but the demands
are about to get a lot bigger. .
Breakdown of contributors to electricity production
PG&E generated power -- What the utility produces at its own plants.
Alternative energy -- Electricity generated by solar, wind and biomass
companies.
Independent generators -- Power produced at non-PG&E plants in California and
elsewhere. .
PG&E customers currently pay 6.5 cents per kilowatt hour
Combined sources of electricity cost 6.134 cents per kilowatt hour
This portion represents 0.366 cents of leftover money .
Claims on leftover money
-- Money owed to the Independent System Operator, which has been forced to
buy electricity at very high prices in recent months.
-- Money owed to the alternative energy providers. Many of these small units
have stopped operating because they have not been paid.
-- Emergency power purchases likely to be necessary this summer, since the
state has not secured enough long-term contracts to provide all the power it
needs. That could drain either the state's coffers, or be paid for by
consumers. .
Source: Chronicle research Chronicle Graphic
E-mail the reporters at [email protected] and
[email protected].
,2001 San Francisco Chronicle ? Page?A - 1
=====================================
|
4,900 |
Subject: Morning Market View for January 2, 2002
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1488.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Morning Market View(TM)
for Wednesday, January 2, 2002
as of 9:30AM EST
Information provided by Schwab Center for Investment Research
STOCKS SLIGHTLY HIGHER TO KICK OFF NEW YEAR
Against the backdrop of little corporate or economic news,
stocks are poised to open slightly higher, with technology
leading the way following an upbeat Semiconductor Industry
Association report. Chipmaker Micron Technology (MU,31,f2) is
higher in premarket activity following news that a potential
partner raised DRAM prices by 30%. Treasuries are slightly
lower, while global markets are mixed as today marks the
official transition to the euro currency in the euro-region.
Chipmakers could get a boost this morning after the
Semiconductor Industry Association (SIA) reported that global
sales of semiconductors rose 1.6% in November to $10.6 billion,
the second consecutive monthly increase after October's sales
rose 2.5% to $10.44 billion. SIA also indicated the industry is
on pace to realize 4.7% growth in 4Q sequential sales.
Continuing the improving theme, shares of Micron Technology are
higher in the premarket session after South Korea's Hynix
Semiconductor (HXSCF,0.80) raised the price of its memory chips
by 30%, its third increase in a month. Separately, Hynix
indicated this morning that it will wrap up merger talks with
Micron this month.
Media conglomerate Walt Disney Co. (DIS,21,f2) was granted a
temporary restraining order prohibiting satellite-TV operator
EchoStar Communications (DISH,27,f1) from dropping the Dow
component's ABC Family channel from its listings. EchoStar
claims Disney's purchase of ABC Family from News Corp. (NWS,32)
in October voided the network's contract.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
Bonds are lower across the curve in front of today's Institute
for Supply Management's manufacturing index, scheduled for a
10:00 a.m. EST release. Formerly known as the National
Association of Purchasing Management survey, the ISM
manufacturing index is expected to rise to 46.0 in December from
November's 44.5, according to a Dow Jones Newswires survey,
indicating contraction at a decelerating pace in the sector.
----------------------------------------------------------------
WORLD MARKETS
European bourses are lower amid a report that the euro-zone
manufacturing PMI rose to 44.1 in December from November's 43.6,
reflecting continued contraction in the sector at a slightly
slower pace. The Bloomberg European 500 index was down 1.2% as
of 8:52 a.m. EST, paced by declines in telecom equipment and
energy stocks. Banking stocks, including Spanish outfit
Santander Bancorp (SBP,19.41), were also lower after Argentina's
new president indicated that he would remove the Argentinean
peso's peg to the U.S. dollar, raising devaluation concerns. The
euro is higher against the dollar following a smooth, official
transition to the new currency in the euro-region.
Asian stocks were generally higher, led by semiconductor stocks
following Hynix Semiconductor's 30% increase in the price of its
DRAM chips. Japan's Nikkei 225 index remains closed for a
national holiday, while the yen is trading slightly lower
against the dollar.
----------------------------------------------------------------
FUTURES WATCH
In the March Globex futures contract as of 8:52 a.m. EST, the
S&P 500 index was unchanged while the Nasdaq 100 index was 9
points higher (10 points above fair value). The March DJIA
futures contract was up 49 points (1 point below fair value),
and the February crude oil futures traded on the NYMEX were up
$0.20 at $20.04/barrel.
William Johnson, Market Analyst
================================================================
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4,905 |
Subject: RE: Memorial Day Update
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12540.
=====================================
Cameron and Scott -- that's great!!!
And Congratulations also to all you non-smokers!
Ken and I are looking forward to seeing all of you but we aren't sure
exactly when or how long we'll be dropping by. On a total whim, we bought a
cute (although a bit funky) little house up in Ft. Bragg last October. Our
main goal over Memorial Weekend is going to be to build a new staircase for
that house, but we're hoping to make it down to the dome Sunday early
evening. If not that, then we'll definitely show up for the softball game on
Monday. My Dad, the sweetheart, is coming out to help with this project on
his way up to the San Juan Islands and I know he's excited about getting to
experience a piece of 'The Dome' as well. Sarabeth is going to Greece for a
couple of weeks, so she's going to miss all the fun, poor thing. Anyway,
we'll be sure to bring champagne for all the celebratory causes and
See you all soon!
Celise
>From: Nancy Sellers <[email protected]>
>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]>
>Subject: RE: Memorial Day Update
>Date: Tue, 15 May 2001 09:27:02 -0700
>
>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"
> >
> >
> >
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com
=====================================
|
4,906 |
Subject: RE: Do you know Laura Doll?
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/inbox/533.
=====================================
Dasovich this is in your court.
Jim
-----Original Message-----
From: Ryall, Jean
Sent: Monday, October 08, 2001 11:46 PM
To: Steffes, James D.
Cc: Dasovich, Jeff
Subject: RE: Do you know Laura Doll?
Yes, I have known her for quite some time. She is the one who recommended me to Korn Ferry for the job that I have at Enron. I will be happy to make the introduction. Shall I make arrangements for a meeting in Pebble Beach???
I'll give her a call when you say the word...Jean
-----Original Message-----
From: Steffes, James D.
Sent: Sun 10/7/2001 9:48 AM
To: Ryall, Jean
Cc: Dasovich, Jeff
Subject: Do you know Laura Doll?
Jean --
Laura Doll has been appointed head of the CA Power Authority. Do you know her? It would be good to have an introduction for Jeff Dasovich.
Jim
=====================================
|
4,913 |
Subject: CalPX Requests Exclusive Right To ISO Forward Pwr Trades
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2147.
=====================================
CalPX Requests Exclusive Right To ISO Forward Pwr Trades
10/04/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)
LOS ANGELES -(Dow Jones)- The California Power Exchange requested Monday that
if the state Independent System Operator is given the ability to purchase
forward power, it make its trades only through the CalPX.
The ISO filed with the Federal Energy Regulatory Commission last month for
approval to buy forward power because it said utilities underscheduled
supply, forcing the ISO to buy expensive emergency power last summer.
"We are generally supportive of (the ISO's) procuring power in the forward
markets, but we want to make sure the ISO does that procurement through us
because it should be done in the market with the most liquidity," said CalPX
spokesman Jesus Arredondo.
In its filing with the FERC, CalPX said that experimentation with "fledgling"
forward markets would place customers at risk for higher transactional costs
and might discourage the development of forward markets in California.
The ISO controls most of the state's power grid and real-time market, and the
CalPX is the spot market where electricity is bought and sold in the state.
By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
[email protected]
=====================================
|
4,914 |
Subject: Fw: Cal-Tax e-Alert: Windfall Profits Tax
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12167.
=====================================
For those who have not seen this yet -
?
----- Original Message ----- =20
From: Lisa Martin=20
To: [email protected]=20
Sent: Tuesday, May 08, 2001 11:48 AM
Subject: Cal-Tax e-Alert: Windfall Profits Tax=20
[IMAGE]
Cal-Tax e-Alerts keep you informed on key tax and public policy=20
issues?related to your industry as they develop.? We invite you to visit=
=20
Cal-Tax Online (http://www.caltax.org) for more information on this and=20
other Cal-Tax activities.? If you wish more information about Cal-Tax's=20
e-Alerts or Cal-Tax Online, please contact Greg Turner at [email protected]?=
=20
If you wish not to be included on future Cal-Tax e-Alerts, please contact=
=20
Betty Rickard at [email protected] and your address will be removed from o=
ur=20
distribution list.=20
May 8, 2001?
To:????????????Cal-Tax?Board of Directors and?Interested?Parties???
From:????????Ron Roach, Communications Director??
Subject:????Update of Windfall Profits Tax Legislation?
The following is advance Caltaxletter coverage of the May 7 California=20
Legislature's actions on two bills that would impose "windfall profits"=20
taxes on producers of electricity:??
?
SENATE APPROVES =01&WINDFALL PROFITS=018 TAX AS ROLLING BLACKOUTS HIT?????=
?
Nearly coinciding with rolling blackouts plaguing California for the first=
=20
time since mid-March, the Senate on Monday approved a =01&windfall profits=
=018 tax=20
on energy producers (SB 1X, Soto). Critics said the measure establishes a=
=20
perverse tax incentive not to sell power in California and will reduce=20
electricity supply even further, increasing prospects of future blackouts.=
??
Twenty-five Democrats voted =01&aye=018 on SB 1X, while 12 Republicans vot=
ed=20
against it. Because the bill did not pass with 27 votes, or two-thirds of=
=20
the Senate as required by Proposition 13, there will likely be a court=20
challenge on this point.
Meanwhile, just hours earlier, the Assembly Revenue and Taxation Committee=
=20
approved a slightly different version of a =01&windfall profits=018 tax (A=
B 128X, =20
Corbett), despite the fact that the bill was substantially amended at the =
=20
hearing.
SB 1X imposes a 100 percent excise tax on sales of electricity at a price=
=20
above $80 per megawatt-hour. It also establishes a refundable tax credit=
=20
equal to the amount of revenue generated by the tax.
AB 128X establishes a retroactive (to January 1, 2001) sliding-scale tax o=
f=20
50 percent of gross receipts on electricity sales over $60 per=20
megawatt-hour; 70 percent of the gross receipts of sales over $90 per=20
megawatt-hour, and 90 percent of gross receipts of sales over $120 per =20
megawatt-hour. The rate of tax can be changed =01&from time to time=018 by =
the =20
California Public Utilities Commission. ?The bill will likely tax sales not=
=20
made in California, because it defines =01&sales of electricity to a retail=
er=018=20
in California to be the higher of the ratio of sales in California to the=
=20
total sales or percentage of total electricity sales everywhere, using a=
=20
ratio of total sales everywhere in the year 2000 to sales in California in=
=20
the year 2000.?
Debate in the Senate was hotter than the 95-degree temperature outside.=20
Democrat Senator Steve Peace, who is generally given credit for pushing th=
e=20
electricity deregulation bill through the Legislature in 1996, became high=
ly=20
emotional in denouncing energy producers.?
Continuing to blame the California crisis on the Federal Energy Regulation=
=20
Commission (FERC), as well as Harvey Rosenfield=01,s Proposition 9, which=
=20
sought to unravel deregulation in 1998 and caused a two-year delay in=20
construction of additional power plants, Senator Peace called SB 1X the=20
=01&only reasonable alternative.=018? He said it will bring competition to =
the =20
market with rules and =01&a referee who will blow the whistle.=018 He descr=
ibed=20
FERC as =01&the proverbial cop in the donut shop who refuses to enforce th=
e=20
law=018 and limit what wholesalers can charge.?
Republican Senator Ray Haynes said the tax would not bring additional=20
electricity to Californians. =01&We are going to make sure by passing this=
bill=20
that the lights will go out,=018 he said.??
Democrat Senator Debra Bowen said the prospect of taxing excess profits=20
=01&will grab (energy producers) by the horns and their hearts and minds w=
ill=20
follow.=018?
Republican Senator Tom McClintock said the tax would cut supplies of=20
electricity, noting that other states, such as Texas and Nevada, are=20
building, or will build, power plants to serve California with investments =
=20
that benefit those states=01, economies, not California=01,s. =01&To make e=
lectricity =20
cheap, we have to make it plentiful. This is a very wrong step in a very=20
wrong direction,=018 he said.?
At the Assembly committee hearing, numerous speakers sought to testify for=
=20
and against the bill. However, Democrat Assembly Member Helen Thomson=20
(chosen by Committee Chair Ellen Corbett to preside instead of the =20
Republican vice-chair, which in itself was unusual) limited testimony to tw=
o =20
witnesses on each side.?
Speaking for the tax were Jean Ross, executive director of the California=
=20
Budget Project, and Lenny Goldberg, of the California Tax Reform=20
Association, organizations funded largely by public employee unions or=20
liberal-leaning foundations that generally oppose tax relief and support =
=20
increased government spending. Ms. Ross urged immediate action, saying=20
consumers will be paying 1.5 percent of their income on power purchases in=
=20
the next year. Mr. Goldberg called the proposal a viable and realistic=20
solution, which he said he hopes is constitutional.??
Providing opposition testimony were Carrie-Lee Coke, representing the=20
California Manufacturers and Technology Association, and Steven Kelly of t=
he=20
Independent Energy Producers.? Ms. Coke said the bill is a disincentive to=
=20
more supply and will make the current crisis worse. She said it also appli=
es=20
to the cogeneration operations of California manufacturers. Mr. Kelly told=
=20
the committee that the bill jeopardizes plans for as much as $10 billion i=
n=20
private capital investment in new California power plants.??
A number of others were allowed to state their affiliations and their=20
positions on the bill. Among supporters were the California Labor Federati=
on=20
and the California Public Interest Research Group. Opposition included the=
=20
California Chamber of Commerce, InterGen, and BP?Amoco.?
Committee Member Elaine Alquist asked to be a co-author of the bill, sayin=
g=20
it is about time =01&we did something.=018??AB 128X was approved by a 5-0 =
vote,=20
with Republicans abstaining. Assembly Member Mark Wyland said he abstained=
=20
because he believes that while California is being gouged by high energy=
=20
prices, the bill is anti-free market and incentives are needed to develop=
=20
more power to avoid blackouts.?
Meanwhile, Governor Gray Davis =01&is open to the idea=018 of such a tax, =
but has=20
not endorsed either bill, said his press secretary, Steve Maviglio. =01&It=
just=20
depends on the bill.=018??????
?
- e-alert3.gif
=====================================
|
4,915 |
Subject: Midday Market View for June 6, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/13418.
=====================================
Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, June 6, 2001
as of 1:00PM EDT
Information provided by Standard & Poor's
================================================================
U.S. INDICES
(1:00p.m. EDT)
----------------------------------
Market Value Change
DJIA 11,106.60 - 69.20
Nasdaq Comp. 2,224.52 - 9.14
S&P 500 1,274.18 - 9.39
----------------------------------
NYSE Advancing Issues 1,158
NYSE Declining Issues 1,756
NYSE Trading Volume 567 mln
NASDAQ Advancing Issues 1,406
NASDAQ Declining Issues 2,134
NASDAQ Trading Volume 1.05 bln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
1-year bill 3.55% n/a
5-year note 4.83% - 3/32
10-year note 5.27% unch
30-year bond 5.65% + 3/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
U.S. TRADING SUMMARY
Stocks vacillated this morning around unchanged levels before
falling into negative territory. An earnings warning from
Hewlett-Packard took the wind out of buyers' sails as the NASDAQ
quickly headed south. Both the Dow and S&P 500, weak from the
start of the session, erased almost all of their gains from
Tuesday as they extended their losses. Traders continued to worry
about the health of the economy and decided that taking profits
after the recent stock market run-up was the better choice.
----------------------------------------------------------------
U.S. TREASURY SUMMARY
Almost all maturities of Treasuries were lower at midday.
However, stock market weakness has provided some support. The
profit-taking began in the overnight session in Asia and
continued through this morning's open in the U.S. Economic data
remained nonexistent, so traders were forced to rely on
vacillations in the equity market and technical analysts to help
guide them through the illiquid session. By midday, shorter- and
middle-dated issues were in the red while longer-dated issues
managed to climb out of negative territory.
----------------------------------------------------------------
CURRENCY SUMMARY
The British pound sterling has led the way to across-the-board
dollar gains. Worries that a re-elected Labour government would
make an early push for European Monetary Union entry has provided
the catalyst for sterling selling. A report in the U.K.
Independent that Labour would push for an early referendum, later
denied by Prime Minister Tony Blair, helped fuel the panic
sterling selling, which spilled over into other European
currencies. Moreover, worries over upcoming European data and
ongoing European Central Bank policy credibility issues have also
weighed on the euro, pushing the common currency to session lows
versus the dollar. Meanwhile, the dollar is holding firm just
above 120 yen.
----------------------------------------------------------------
MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 1:05 p.m. EDT)
** Hewlett-Packard (HWP: 28.97, - 1.08) announced that sales in
its latest fiscal quarter may be weaker than the company
anticipated. Hewlett-Packard stated that slow corporate spending
had spread beyond the United States and Europe and now is a
threat to the firm's sales in Latin America and Asia. Further
cost-cutting measures will be put into effect, but the tech giant
did not give details.
** British Airways (BAB: 53.00, - 1.05) and AMR Corp.'s (AMR:
38.15, - 0.01) American Airlines have restarted talks in order to
revive their previous discussions about a joint venture,
according to the Financial Times. To determine what conditions
could be imposed on the duo, the two have begun speaking with
regulators in Brussels, London and Washington. Both airlines are
looking to gain approval for the venture in order to share
revenues and profits on transatlantic services. Original talks
began five years ago for the same type of venture, but the plans
were shelved when both airlines were unwilling to give up 300
highly prized takeoff and landing spots at London's Heathrow
airport.
** Newport News Shipbuilding (NNS: 64.00, - 0.34) announced that
it has reaffirmed its backing of General Dynamics' (GD: 78.13, -
1.99) takeover bid. General Dynamics and Newport News officials
are expected to meet with the Justice Department and Pentagon
officials today in order to discuss details of the potential
merger. Newport News said that General Dynamics' bid offers
better value than the unsolicited bid by Northrop Grumman (NOC:
89.59, - 0.65).
** Circuit City Stores (CC: 15.54, - 0.27) now expects a profit
instead of a loss in the fiscal first quarter due to strong
revenues from its CarMax Auto Group (KMX: 15.19, - 1.26). The
electronics chain stated that it should post a profit of $0.04
per share, which is a welcome deviation from the $0.03 per share
loss most analysts had expected.
----------------------------------------------------------------
RESEARCH SPOTLIGHTS
** Lehman Brothers upgraded shares of Procter & Gamble (PG:
65.44, + 1.36) from a market performer to a buy rating.
** Wells Fargo Van Kasper upgraded shares of Sycamore Networks
(SCMR: 11.30, - 0.25) from a buy to a strong buy rating.
** Goldman Sachs upgraded USX-U.S. Steel Group (X: 21.00, - 0.74)
from a market under-performer to a market performer rating.
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|
4,916 |
Subject: Internet Daily for May 16, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12648.
=====================================
Charles Schwab & Co., Inc.
Internet Daily for Wednesday, May 16, 2001
by Frank Barnako CBS MarketWatch.com
-----------------------------------------------------------------
Sony teaming with RealNetworks
Sony said Wednesday its PlayStation 2 video-game system will be
able to access streaming audio and video over the Internet
through the inclusion of software supplied by RealNetworks .
Under the deal, the parties envision video-game programmers
making use of bundled RealPlayer 8 software to include video
clips and studios shipping online movie previews. Sony plans to
offer a hard drive for the upgraded game system to store video
and music. Sony also said current PlayStation game console owners
will be able to upgrade their units to enable digital downloads.
The RealNetworks deal comes a day after Sony and AOL Time Warner
said the Internet-connected device would permit users to gain
access to AOL's Instant Messenger and e-mail.
-----------------------------------------------------------------
MusicNet service demo set
The chairman of RealNetworks is expected to make the first public
demonstration of the company's music subscription service on
Thursday, The Wall Street Journal reported. MusicNet's debut will
take place on Capitol Hill in Washington, where Chairman Rob
Glaser is scheduled to testify at a House Judiciary subcommittee
hearing involving music on the Internet. The session will be
Webcast.
-----------------------------------------------------------------
David vs. Goliaths
IBM has selected Norway's Opera Software to provide the Web
browser for its Linux-based NetVista Internet appliances.
"Signing with IBM is a major breakthrough," said Jon S. von
Tetzchner, chief executive of the Oslo-based company. "This
announcement is the first in a series that will show that Opera
has taken the lead in the Internet appliance market." The
announcement may be significant for both AOL Time Warner and
Microsoft, whose browsers were not selected. The deal "is
certainly something that the AOL folks would have liked to have,"
David Smith, an analyst with research firm Gartner Group, told
CNet News. "It sounds like Opera is muscling in."
-----------------------------------------------------------------
Online sales rise
Total spending on online sales increased from $3.5 billion in
March to $4.3 billion in April, according to a monthly survey
reported by Forrester Research, which said the number of
households shopping online stood at 15.6 million last month.
Consumers spent an average of $273 per person in April, compared
with $263 in March. Furniture and small-appliance category sales
rose by almost 250% from March levels, while sporting goods,
major appliances, toys and video games showed the biggest
declines.
-----------------------------------------------------------------
Yahoo puts sex chats in back room
Yahoo has made it more difficult for Web visitors to find its
sexually explicit chat rooms and clubs. A spokesman for Yahoo
denied a claim by some that the entire adult section had been
removed. Thousands of users have signed a petition protesting the
move by the company, according to The New York Times. "We haven't
made a decision one way or another," spokesman Jackson Holtz told
the Times. "This is an evaluation process," he said. About a
month ago, Yahoo backed away from agreements with sellers of
X-rated videos and adult-oriented products.
-----------------------------------------------------------------
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4,917 |
Subject: Internet Daily for June 4, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/13364.
=====================================
Charles Schwab & Co., Inc.
Internet Daily for Monday, June 4, 2001
by Frank Barnako CBS MarketWatch.com
-----------------------------------------------------------------
Four sites attract 50.4% of Web usage
Web properties operated by AOL Time Warner, Microsoft, Yahoo and
Napster accounted for half of the time spent online by U.S. Web
users in March, according to a report issued Monday by Jupiter
Media Metrix . The data "show an irrefutable trend toward online
media consolidation and indicate that the playing field is
anything but even," said Aram Sinnreich, senior analyst with
Jupiter Media Metrix. Sinnreich added that the results dispel
any myth that "severe market dominance is impossible on the
Internet."
Two years ago, 11 companies held half of all Web use. AOL's sites
garnered 32% of minutes spent online, with two-thirds made up of
such communications services as e-mail and Instant Messaging,
followed by Microsoft at 7.5%, Yahoo at 7.2%, and renegade online
music site Napster at 3.6%. Meanwhile, U.S. Web usage continued
to grow for the latest month, reaching 107 billion online minutes
from 73 billion in March 2000 and 50 billion in March 1999,
Jupiter reported.
-----------------------------------------------------------------
Inside Inside.com
Inside.com's efforts to sell subscriptions didn't even come close
to making money, writes Ken Auletta in the latest issue of The
New Yorker. The media-beat journalist, profiling Inside.com, said
a company insider told him only 1,200 people subscribed to the
Web-based content service. A partner later told Auletta the
number "was closer to 5,000." Inside.com founder Kurt Andersen
will soon leave the venture, recently purchased by Brill Media
Holdings, but is reluctant to conclude the project was a failure,
telling Auletta: "There are no precedents, and no comparables.
People are making it up as they go along."
-----------------------------------------------------------------
No sale for online billing
Internet users are showing little appetite for receiving and
paying bills online. An estimated 3 million Web users, or about
2%, use the Internet for such transactions, technology consulting
firm Gartner Group said in a New York Times report. "It may be
rather bleak for companies looking to make a business out of
this," Gartner Research Director Susan Landry told the
newspaper.
-----------------------------------------------------------------
Satellite-based Web services get static
Lockheed Martin Corp. and Hughes Electronics Corp. reportedly are
scaling back plans to provide Internet service from space.
Industry sources quoted by The Wall Street Journal say both firms
are having trouble finding partners to help finance the projects.
They "are having difficulty accessing money," and the "lack of
financing [options] is very badly impacting" start-ups as well as
established players, said Jean-Francois Gambart, a vice president
in the space unit of France's Alcatel .
-----------------------------------------------------------------
AOL plans JV in China
America Online and China's biggest PC maker, Legend, will become
partners to provide Internet access services, according to The
Asian Wall Street Journal. However, an executive at Legend said,
"It's not convenient to disclose anything before the contract is
signed." China's Ministry of Information Industry estimates there
are 30 million Internet users in the country.
-----------------------------------------------------------------
Deal of the day
Consumer Reports said its auto-buying guides will be offered
through Yahoo's shopping area, marking the first time the data
will be available outside the publication's ConsumerReports.org
site. CR's product rating content will be sold through Yahoo on a
per-view basis, with the Web portal receiving a share of the
revenue.
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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.
=====================================
|
4,918 |
Subject: DWR rate component at the CPUC
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/10224.
=====================================
Some more info on the issue from Jeanne.
----- Forwarded by Jeff Dasovich/NA/Enron on 03/20/2001 07:33 PM -----
Susan J Mara
03/20/2001 06:52 PM
To: Michael Tribolet/ENRON@enronXgate, Janel Guerrero/Corp/Enron@Enron,
Harry Kingerski/NA/Enron@Enron, Gordon Savage/HOU/EES@EES, Scott
Stoness/HOU/EES@EES, Tamara Johnson/HOU/EES@EES, James D
Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
cc: Jeff Dasovich/NA/Enron@Enron
Subject: FW: A.00-11-038 et al. ruling of 3/19/2001
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/20/2001 04:51 PM -----
JBennett <[email protected]>
03/20/2001 04:45 PM
To: "Bob Frank (E-mail)" <[email protected]>, "Christian Yoder
(E-mail)" <[email protected]>, "Harry Kingerski (E-mail)"
<[email protected]>, "Jeff Dasovich (Business Fax)"
<[email protected]>, "Sue Mara
(E-mail)" <[email protected]>, "Tamara Johnson (E-mail)" <[email protected]>
cc: "'[email protected]'" <[email protected]>
Subject: FW: A.00-11-038 et al. ruling of 3/19/2001
Attached is a ruling by ALJ DeUlloa issued yesterday pertaining to the
calculation of the California Procurement Adjustment. A draft decision was
suppose to be release on such on Friday, March 16th. It was not, and now we
know why. On March 14th, the Department of Water Resources wrote to the
Commission to give the commission its views on how the CPA should be
calculated. In his ruling of yesterday DeUlloa stated that he would wait to
issue the PD so as to take into account DWR's submission. He also provided
parties until tomorrow to file comments on the DWR letter (which is attached
to the ruling).
Not surprising, DWR has a different view of the world than the UDCs do when
it comes to calculating the CPA. The UDCs view the CPA as residual amount
left over from the generation component of their bundled rate on 1/5/01
after the cost of their retained generation (including QFs and bilateral
contracts) are subtracted out. DWR views the CPA as a rate (i.e., a cent per
kWh) which would be paid to DWR by the UDCs every month. It is DWR's view
that a Total Generation Related Rate must be calculated which is a blended
average of the cost of the UDC retained generation and the cost of the "net
short" power. From this total rate (e.g.., 5 cent) the cost of the UDC
retained generation (e.g., 2 cent) would be subtracted and the remainder
(i.e., 3 cent per kwh) would be the CPA. This CPA would be subject to
further allocation by the Commission to determine the Fixed Department of
Water Resources Set-Aside. DWR is not asking that such allocation be done
now.
DWR's view of the world would place it in a sounder financial position,
making it a more viable purchaser of electricity for California, but would
place the UDCs in more dire straights.
Please let me know by tomorrow at noon if you want to comment on the DWR
proposal.
Jeanne Bennett
> -----Original Message-----
> <<CPUC01-#93188-v1-A0011038_et_al__DeUlloa_Ruling_.doc>>
- CPUC01-#93188-v1-A0011038_et_al__DeUlloa_Ruling_.doc
=====================================
|
4,919 |
Subject: Governors Press Conference
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10718.
=====================================
Greetings:
As many of you know the Governor held a press conference tonight- below is
the Summery. Jan had a live Satellite feed-broadcast state wide-outside the
governors office at the end of the press conference in which NBC, ABC, CBS,
CNN, Fox, and several of their local, LA, Bay Area affiliates as well as
most of the Capitol Press Core including the Wall Street Journal, Sacramento
BEE. LA Times, Bloomberg, SF Chronicle, SJ Mercury News, AP and others. WE
will keep you posted of others. Just a reminder we will also be holding a
press availability tomorrow at 11:30 a.m. in which we will be discussing
further IEP's reaction to the Governors Press Conference and other events in
the Legislature this week.
As always we will keep you posted...
Katie Kaplan
FOR IMMEDIATE RELEASE
04/05/2001
GOVERNOR GRAY DAVIS DELIVERS
ADDRESS TO CALIFORNIANS ON
ENERGY
SACRAMENTO
Governor Gray Davis today delivered
an important live address on energy from his office in
Sacramento. The following are his
remarks as prepared for delivery:
"Good evening. I'm speaking to you
tonight from Sacramento on the most difficult issue facing
California: our energy crisis.
"Simply stated, we have two problems:
supply is too low and costs are too high. Both result from the
flawed deregulation scheme created in
1996. But no matter how we got into this mess, you hired me to
solve problems. And that's what I'm
doing.
"The only long-term solution is to
build more power plants. We must also cut back on consumption and
stabilize the utilities. But prices
won't fall and supply won't be truly reliable until we generate more
power than we consume.
"Yet in the 12 years before I took
office, not a single major power plant was built in California. Not one.
Since I became Governor, we've
licensed 12 major power plants. Ten more are in the pipeline. And
we're doing this without weakening
our commitment to clean air and clean water.
"Deregulation required the utilities
to sell off many of their power plants to independent generating
companies. The generators are free to
charge whatever they want because they're governed only by
federal regulators who refuse to
control wholesale energy prices.
"This past winter, the prices charged
by the generators shot through the roof, driving the utilities to the
brink of bankruptcy.
"In January, with the feds still
refusing to do their job, California stepped in to purchase the power the
utilities could no longer afford to
buy. We didn't take over to save the utilities. We took over to keep the
power on and the economy strong.
That's not all:
We also negotiated long-term
contracts for electricity at vastly lower prices.
I used my emergency powers to
seize control of low-cost power contracts the utilities were
about to forfeit to the
generators.
We began negotiations to buy the
utilities' transmission system.
We cut red tape and offered cash
incentives to speed up construction of power plants.
We're launching an $800 million
conservation program.
We're moving to establish a
public power authority to build more power. If the private sector fails
to build all the plants
California needs, we'll build them ourselves.
And because I share your concern
that the generators are ripping us off, we're using every legal
remedy to root out and punish
illegal conduct.
"We can't fix 12 years of inaction
overnight. But we're making real progress.
"Now, as you know, I have fought
tooth and nail against raising rates. It's become increasingly clear,
however, that with rising natural gas
prices, the feds' failure to control costs, and the state's lack of
supply, that some rate increases are
needed to keep our lights on and our economy strong.
"But I remain committed to protecting
average Californians from massive rate hikes. So I'm urging the
Public Utilities Commission to adopt
a plan that will protect average consumers, reward those who
conserve and motivate the biggest
users to cut back.
"Under my proposal, more than half of
you won't pay a penny more. For the rest, the average increase
will be 26 and a half percent. For
many of that group, rates will rise only about 10 percent. The heaviest
users will see their rates rise 34
and a half percent on average. That includes business paying their
share. This is in addition to the 9
percent surcharge we've all been paying since last winter.
"But all Californians can reduce
their bills through conservation.
"Here's the point: The more you use,
the more you pay. The more you conserve, the more you save.
Conservation is our best short-term
weapon against blackouts and price-gouging. By flexing your
power, you'll help secure our energy
future.
"Unlike the PUC, my plan includes
funds to restore the utilities to financial stability -- If they agree to
three main conditions:
"They must provide low-cost regulated
power to the state for 10 years. Agree to sell us their
transmission system. And dismiss
their lawsuits seeking to double your electricity rates.
"My proposal raises rates fairly,
assures us of long-term power, stabilizes the utilities and promotes
conservation.
"Our emphasis on conservation is
critical. In order to make it through the summer, we must cut
demand by at least 10 percent.
"Already we've launched programs to
cut back commercial lighting, and reduce consumption in office
buildings, schools and government
facilities.
"Friends, we have a power shortage
but we are far from powerless. We are 34 million strong and if
each of us does our part, we can
minimize disruptions and get through the summer. We are
Californians. We've withstood
earthquakes, floods, fires, and droughts.
"Yes, this mess is man-made, but with
your help and God's blessing, we'll get through this as well.
"Thank you and good night."
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
=====================================
|
4,921 |
Subject: Energy Fortnight in review July 2-15 (any comments before I send
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/28785.
=====================================
SILICON VALLEY =01&ENERGY (fortnight) IN REVIEW=018
JULY 2-15
Justin Bradley, SVMG
ENERGY POLICY ACTIVITIES
Met with strategic partners CMTA/CLECA in Sacramento regarding Direct Acces=
s
and the Hertzberg/Edison negotiation which led to joint policy white paper
(draft) of desired policy objectives. See attached.
Submittal of Real Time Pricing (RTP) support letter to Loretta Lynch and th=
e
Public Utilities Commission - Participated in PUC RTP workshop on July 8 at
10 am. SVMG was well represented with Energy Committee members from HP,
Infotility, Cargill Salt, Oracle and myself. Our partnership with the CEC
has been very fruitful on this issue with John Wilson and the Commission
responding positively to each of our major concerns. We are seeking PUC
approval of this CEC proposed tariff. See attached letter.
Projections 2001 Conference - On September 28, SVMG and ABAG host a
conference and present a document that provides the forward analysis
foundation for our policy vectors. With the help of a subcommittee of the
Energy Committee and Energy coordinator Alex Leupp we submitted an outline
and information package to Kathleen Cha of ABAG for the energy section.
Some excellent analysis from Peter Evans is attached.
Annual Bar-be-que - Last Thursday evening SVMG CEOs and over 50 members of
the State Legislature were in attendance the annual SVMG Board BBQ includin=
g
Governor Davis, Speaker pro tem Sen. John Burton, Assembly Minority leader
Dave Cox, Majority Speaker of the Assembly Robert Hertzberg, and Secretary
of State Bill Jones. We were fortunate to be able to have a 90-minute
pre-meeting with Speaker Hertzberg and Speaker Pro Tem Keeley with a select
group of leaders focusing on several topics including energy. Dr. Woody
ably represented SVMG on the topic. Had discussion with many of our
representatives on the energy topic including Sen. John Vasconcellos (who
related that Sen. Bowen wants to meet again with our leadership on SB27XX
Direct Access on Friday the 20th), Sen. Bruce McPherson, Speaker Hertzberg,
and Assy. Elaine Alquist to name a few.
Deregulation Restructuring - Legislation is being written that attempts to
integrate all of the energy issues (direct access, distributed generation,
securitize 13.4 billion in energy bonds, proportional distribution of
financial burden, purchase of Edison transmission lines in order to prevent
Southern California Edison bankruptcy). I am working with our team (Derek
Naten of Roche, John Redding of GE, Joe Desmond of Infotility, and the
addition of our lobbying firm Noteware and Shannon) to make sure Silicon
valley employers and employees are strongly represented.
Telephone conversations with Sen. Bowen on Direct Access- Thanks to Joe
Desmond of Infotility and with John Redding of GE, we had the opportunity t=
o
have speak with Senate Energy and Utilities Committee chair Sen. Debra Bowe=
n
to focus on Direct Access so that energy customers have a choice in the
future and vital market with services that meet the diversity of our needs
from lowest cost to highest reliability and quality of power. We have a
follow up meeting with Senator Bowen on the 20th, time to be determined.
CONSERVATION/DEMAND MANAGEMENT
SVMG/NRDC partnership - Planned demand management conference in Cupertino o=
n
August 24 (with Ralph Cavanagh of NRDC, Leslie Hummel Silicon Energy and
Mayor Sandy James of Cupertino) to help us "Lock In" our energy conservatio=
n
gains. Commissioner Art Rosenfeld and Sen. Byron Sher are featured. See
attached SAVE THE DATE. We are very honored to have Adrian Ionel, former
President and CEO of eOnline now on personal sabbatical, who has agreed to
coordinate this effort on SVMG's team.
In partnership with Deloitte & Touche and Infotility, submitted to CEC a
propsal entitled "Customer Decision and Risk Models for Demand Response
Strategies - Phase I Economic Risk Model for Real Time Pricing. The
partnership is attempting to create an interactive decision tool to help as
many companies decide based on objective financial gain.
ENERGY INFRASTRUCTURE REVIEW
Working Council approved a streamlined approach for Energy Infrastructure
project review. Thanks to Leslie O'Rourke Garrett of Incite Genomics for a
persuasive presentation and for strategic planning to come up with a more
efficient way to reach conclusions on potential project. We are working on
two more potential projects, one in San Jose, one in Milpitas brough to us
by Jason Danapoli and Spartan Energy.
ENERGY COMMITTEE
On July 9 at EPRI - Welcomed a Japanese delegation of energy experts seekin=
g
our input to help them avoid the pitfalls California has experienced.
Special thanks to Don Hall of PG&E and Peter Evans for their willingness to
share our wisdom. Continued thanks to Paul Radcliff and EPRI for their
generosity in hosting SVMG meetings.
Our Energy Expert Barbara Barkovich - had served us with great skill and
distinction over the past 6 months. With the first phase of our contract
up, it is crucial for us to have her on our side to finish well on our majo=
r
issues, particularly the restructuring legislation. Please review the
attached Return on Investment and call or email your companies renewed
financial support.
LEGISLATIVE SUBCOMMITTEE
Took oppose position on SB85XX which would sunset the 10% rate discount fo=
r
small customers granted under AB 1890. The 10% discount represents nearly
$400 million in revenue for each of Pacific Gas and Electric (PG&E) and
Southern California Edison (SCE). Given the current financial distress of
both utilities, removal of this sunset would greatly exacerbate the current
undercollection of the IOUs and would have to be backfilled by other
customer groups.
SPEECHES
Spoke to about 30 members of the Livermore Rotary Club from a Silicon Valle=
y
perspective (filling in for Carl due to illness).
MEDIA RELATIONS
Direct Access - Was interviewed by Channel 2 about black-out notification
that must occur prior to any rolling black-out in the future. Kudos, once
again, to our Energy Committee for their leadership in developing this
policy.
- SB85xx.doc
- Energy Infrastructure SWAT Team slides WC.doc
- Save the Date Energy Conference in Cupertino 1.doc
- Industrial White Paper 7-5-011(dot commentsCLEAN).doc
- RTP support letter to PUC Lynch.doc
- Projections 2001- Evans.doc
- Activities Return on Investment of Dr Barkovich 1st half of 2001.doc
=====================================
|
4,922 |
Subject: San Jose Mercury News - California Officials Investigate Electric
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2850.
=====================================
California Officials Investigate Electric 'Megawatt Laundering'
Steve Johnson , San Jose Mercury News, Calif.
( October 31, 2000 )
Oct. 30--While investigating this summer's stunning spike in electricity
prices, state authorities have heard stories about a curious phenomenon:
On days when the weather is hot, batches of power generated in California are
sold to other states. A little later in the day, similar amounts of power are
sold back to California -- but at much higher prices.
The question is, is it the same power? If so, that could be "megawatt
laundering" -- a multi-company conspiracy to evade California's wholesale
price cap, which covers power generated in California but not power sold into
California from elsewhere.
Worried that such transactions could be costing consumers millions of
dollars, several energy specialists raised concerns about megawatt laundering
during a Federal Energy Regulatory Commission hearing a month ago in San
Diego. And earlier this month, state Sen. Steve Peace, D-La Mesa -- who
helped lead the push to deregulate electricity sales in California --
formally asked the commission to investigate the practice, which he termed
"potentially illegal market coordination."
But an unconfirmed news report last week said the federal agency had
concluded that generators had not abused the market. And others say concerns
about megawatt laundering are exaggerated.
Among them is Jan Smutny-Jones, executive director of the Independent Energy
Producers Association, a power-firm trade group, and chairman of the
Independent System Operator, which oversees most of California's power grid.
While acknowledging that such laundering is possible, Smutny-Jones said there
is no evidence it is actually occurring or is widespread.
"This is one of those things that's turning into an urban legend," he said.
"I don't want to characterize this as a significant problem."
Even some critics of the way power is purchased in California concede that
most of what has been labeled megawatt laundering probably reflects nothing
more sinister than the ability of some entrepreneurs to take advantage of a
good deal when they see one.
Nonetheless, they see evidence that at least some California-produced power
is being sold out of and back into the state at a higher price. And they
blame that on loopholes in the system that they say ought to be closed
because the transactions are helping to drive up the cost of power.
The Independent System Operator "invites this type of activity," said Frank
Wolak, a Stanford economist who chairs the non-profit corporation's market
surveillance committee, which has warned of the potential for megawatt
laundering in at least two reports this year. "The thing that makes all these
problems go is the fact that the ISO has said, `We'll pay whatever it takes
to keep the lights on,' and that's screwing consumers big time."
In 1998, when the state's energy markets were deregulated, it was generally
assumed that opening up the sale of electricity to competition would make
power less expensive. As a precaution, however, officials at the Independent
System Operator instituted wholesale price caps, which they lowered twice
this summer to help keep a lid on costs. On July 1 this year, they reduced
the cap from $750 per megawatt per hour to $500, one megawatt being
sufficient power for 1,000 homes. Then, on Aug. 7, they cut it to $250.
Unfortunately, things haven't worked out the way officials had hoped.
Wholesale prices rose dramatically this year. And while a freeze on retail
utility rates has temporarily shielded Pacific Gas & Electric Co. customers
from those soaring costs, home electricity prices have tripled in San Diego,
where a similar freeze already has come off.
In the process, some generators learned that all it takes to get around the
state's wholesale price caps is a basic understanding of how the market
works. One of the best ways to get top dollar, they learned, was to hold off
selling their electricity until the Independent System Operator issues what
is known as an out-of-market call for energy, which amounts to an emergency
request for electricity.
From May through September this year, the overall price of power in the state
averaged less than $125 per megawatt hour, according to authorities. But over
the same period, power sold in response to out-of-market calls averaged more
than $430.
During the summer, when energy use is at a maximum, California typically
imports about one-fourth of the power it uses from other states. Since power
generated by firms in other states isn't limited by California's price cap,
those companies generally are in a better position than California firms to
make a killing on out-of-market sales. But by cutting a deal with a
collaborator in another state, energy specialists say, California generators
also can profit handsomely -- despite the cap.
Here's how:
Say a California generator has 100 megawatts. Instead of selling it in
California, where the firm can receive no more than $250 per megawatt hour
under the current cap, it finds a utility, an electricity broker or a
corporate affiliate with an equal amount of power in another state, such as
Arizona. Then -- just before an expected heat wave in California, which is
likely to result in an out-of-market call for power here -- it convinces the
other firm to do a trade.
Under the deal, the California generator sends its 100 megawatts for one hour
to the company in Arizona, where there is no price cap, and earns $300 or
more per megawatt -- for a total of $300,000. In return, the Arizona firm
ships its 100 megawatts for one hour here. Since that power isn't subject to
California's cap, it earns perhaps $400 per megawatt -- for a total of
$400,000.
Presumably, energy specialists say, the two firms then split the $100,000
difference.
The potential profit from such deals is considerable. Generators in and out
of California received more than $110 million from out-of-market sales this
summer, according to the Independent System Operator. But determining if
megawatt laundering is really happening, how often and who might be
benefiting, is difficult.
One California investigator said authorities first suspected that megawatt
laundering was occurring when they noticed that precisely the same amount of
power was being sold to another state and then sold back into California
minutes later. But other experts said the evidence has rarely been that
clear. While hundreds of megawatts is sold into and out of the state on any
given day, they said, the suspicion that firms were conspiring to sell the
same power back and forth has stemmed largely from unfounded speculation.
One big problem for investigators trying to learn if the system has been
abused is that confidentiality rules keep many of the details about these
electricity transactions private.
"Entities like us and others who may be suffering from the consequences of
this laundering don't necessarily have the documents" to prove it, said Gary
Stern, director of market monitoring for Southern California Edison, one of
the state's three main utilities. "We can only speculate based on things
we've heard from others about the practice....It's our hope that's one of the
things that's being examined" by the various federal and state agencies
investigating this summer's extraordinary rise in California power prices.
Indeed, while some people say megawatt laundering can be substantially
limited by ending the practice of paying more than the wholesale cap for
out-of-state power, others argue that it's just as important to eliminate the
secrecy surrounding electricity transactions.
"I'd like to see more information" made public, said Jim Bushnell, a
researcher at the University of California Energy Institute in Berkeley, who
specializes in analyzing the state's energy markets. "There are a lot of
rumors circulating around this," he said of megawatt laundering, "and it
would help clarify if this is a serious problem."
-----
To see more of the San Jose Mercury News, or to subscribe to the newspaper,
go to http://www.sjmercury.com
=====================================
|
4,923 |
Subject: FW: Global Government Affairs Weekly Conference Call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1948.
=====================================
Just a 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 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
=====================================
|
4,926 |
Subject: trying to locate PX Credit information
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28776.
=====================================
PG&E has changed the method of calculating the PX Credit recently. Prior to
June they appeared to be using a market based price for power, but in June
the credit dropped to about $40/MWh which looks like utility-owned gen.
We want to make sure we are not missing a utility-levied charge in our
forward curves ( e.g. CTC charge that will be applied to DA) so we're trying
to verify the utilities' method of calculating PX credits.
I talked to the PG&E accounting person who said that their Regulatory group
has sent Enron's regulatory group information on the way the PX Credit is
calculated. Can someone locate this information and forward it to me as soon
as possible? Given that our customers are all switching to DA we don't want
to discover there's a charge we don't know about.
Thanks,
Tamara.
=====================================
|
4,931 |
Subject: Morning Market View for December 24, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1482.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Morning Market View(TM)
for Monday, December 24, 2001
as of 9:30AM EST
Information provided by Schwab Center for Investment Research
STOCKS FLAT IN PRE-HOLIDAY SESSION
Stocks are poised to open flat to slightly higher in the absence
of any market-moving earnings news or economic data on this
pre-holiday, abbreviated session. In equity news, Schering
Plough (SGP,36,f2) won FDA approval in the U.S. for a
potentially blockbuster drug. Treasuries are flat while European
markets are generally higher, despite Argentina's debt default
announcement. The U.S. equities market is scheduled for a 1:00
p.m. EST close.
Shares of Schering-Plough were higher in premarket activity
after the pharmaceutical giant received FDA approval late Friday
for Clarinex, the successor to Schering's flagship allergy drug,
Claritin, the patent on which expires in December 2002. Schering
also said that it was close to resolving manufacturing plant
problems previously cited by the FDA, which could include paying
up to $500 million in fines. The company's CEO said he expects
4Q earnings of $0.36 per share, $0.05 per share below the
previous First Call consensus estimate, primarily due to the
negative impact of its manufacturing difficulties on sales. He
also said that full year 2002 earnings growth would be in the
"low double-digits."
Brewing giant Adolph Coors Co. (RKY,59,f2) has agreed to
purchase Belgian Interbrew SA's (IBRWF,26) U.K. Carling unit for
$1.7 billion in cash, providing Coors with one of Britain's
leading beer brands. The move comes as Interbrew was ordered to
sell Carling by British regulators as a result of its purchase
of Bass Brewers and Whitbread Plc's brewing unit last year.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
Bonds were virtually unchanged across the curve in thin
pre-holiday trading with no economic data slated for release
until Wednesday's consumer confidence and existing home sales
data. The Bond Market Association has recommended a 2:00 p.m.
EST close for the U.S. government debt market today.
----------------------------------------------------------------
WORLD MARKETS
European bourses were mixed but generally higher, with the
Bloomberg European 500 index up 0.4% as of 8:57 a.m. EST.
Telecom service and banking stocks were higher, while travel and
leisure stocks were lower following a thwarted attempt by a
passenger to ignite an explosive aboard flight 63 from Paris to
Miami on Saturday. The euro was trending lower against the
dollar after Argentina's interim President Adolfo Rodriguez Saa
suspended payment on up to $132 billion of government debt,
saying instead that he would divert the payments toward creating
jobs and assisting the poor. Though he maintained that the
Argentinian peso would remain pegged to the U.S. dollar, he
suggested printing new notes that provincial governments could
utilize to meet obligations, a move that could potentially
undermine the peg.
Asian markets were mixed with Japan's Nikkei 225 index closed
for a national holiday. The dollar hit a fresh 3-year high
against the yen, approaching the 130 yen per dollar level,
despite comments from Japan's trade minister hinting that it
wouldn't be prudent to let the yen weaken any further. In other
news, Japan's government approved a budget bill for its next
fiscal year that will cut policy-related spending by 2.3%, a
move that was advocated by the country's finance minister to
expedite structural reforms.
----------------------------------------------------------------
FUTURES WATCH
In the March Globex futures contract as of 8:57 a.m. EST, the
S&P 500 index was down 2 points while the Nasdaq 100 index was 3
points lower (6 points above fair value). The March DJIA futures
contract was down 10 points (2 points above fair value), while
Nymex crude oil futures trading is closed in observance of the
holiday.
William Johnson, Market Analyst
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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)
Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE.
Schwab Capital Markets L.P. is a member of the NASD and SIPC.
Schwab Capital Markets L.P. is also a subsidiary of The Charles
Schwab Corporation and is a market maker in approximately 5000
securities.
Schwab Center for Investment Research ("SCIR") is part of
Charles Schwab & Co., Inc. The information contained herein
is obtained from sources believed to be reliable, but its
accuracy or completeness is not guaranteed. This report is for
informational purposes only and is not a solicitation, or a
recommendation that any particular investor should purchase or
sell any particular security. Schwab does not assess the
suitability or the potential value of any particular investment.
All expressions of opinions are subject to change without
notice. The Charles Schwab Corporation, Schwab, Schwab Capital
Markets L.P. and its officers, directors, employees, consultants
and/or members of their families may have a position in, and may
from time to time, purchase or sell any of the mentioned or
related securities including derivatives in such securities. At
any given time, Schwab specialists, or Schwab Capital Markets
L.P. market makers, may have an inventory position, either
"long" or "short" in any security mentioned in this report as a
result of their specialist/market making functions,
respectively.
(C)2001 Charles Schwab & Co., Inc.
F1 Schwab Capital Markets L.P. makes a market in this
security.
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.
F5 An analyst covering this stock has an investment position.
This service is for personal use only. Commercial use or
redistribution in any form, print or electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,932 |
Subject: Morning Market View for December 26, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1485.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Morning Market View(TM)
for Wednesday, December 26, 2001
as of 9:30AM EST
Information provided by Schwab Center for Investment Research
MERRY CHRISTMAS!
U.S. equity index futures are pointing to a slightly lower open
in the post-Christmas session as economic and equity news is
sparse. Wal-Mart (WMT,57,f2&f4) and Echostar Communications
(DISH,27,f1) were among the few U.S. companies in the headlines
this morning while U.S. Treasuries are lower and Japanese
markets rose slightly.
Leading retailer Wal-Mart stated that it anticipates December
same-store sales at the high end of the 4%-6% range, exceeding
its previous forecasts. For the Nov. 23 to Dec. 24 period, the
company said same-store sales were in the mid-to-upper single
digit percentage range.
According to The Wall Street Journal, EchoStar Communications
Chairman Charlie Ergen wants to expand Hughes Electronics
Corp.'s (GMH,15.02,f2) satellite Internet service. If regulators
approve Echostar's proposed acquisition of Hughes, the Journal
reported, Ergen plans to postpone a "full-scale deployment" of
the Internet service until 2004, opting to spend $1 billion in
order to design and launch a "new generation" of satellites.
Pharmaceutical giant Pfizer Inc. (PFE,40.77,f2) received a
favorable court ruling related to its antidepressant drug
Zoloft. A federal judge ruled the company is not liable in the
case of a man who committed suicide while on the drug, despite
allegations by the widow that Pfizer failed to disclose possible
side effects.
----------------------------------------------------------------
TREASURY AND ECONOMIC SUMMARY
U.S. Treasury prices were a bit lower across the curve in the
post-Christmas session. The Redbook retail sales index recorded
a 4.5% drop for the three weeks ended Dec. 22, with
year-over-year sales declining 0.6%. Tomorrow, the Labor
department will release initial jobless claims and on Friday the
markets will be watching for consumer confidence figures, as
well as the Chicago Purchasing Managers' Index, home sales
figures and durable goods orders.
----------------------------------------------------------------
WORLD MARKETS
European markets were closed for the holiday. In economic news,
the French Producer Price Index fell 0.6% in November, twice the
estimate, with the year-over-year figure falling a
larger-than-expected 2.3%. On the corporate front, equity
stories were expectedly sparse given the market closure. The
euro is trading slightly lower versus the U.S. dollar.
Asian markets finished marginally higher as the Nikkei 225 index
advanced 0.6%, with finance and construction issues leading the
way. Mitsubishi Heavy Industries Ltd. (MHVYF,2.55) announced it
plans to cut another 5,000 jobs, or 7.6% of its work force, and
said it would not meet its goal of a 170 billion yen ($1.3
billion) profit until 2006, two years behind schedule. The yen
is higher versus the U.S. dollar, bucking a nine-day trend.
----------------------------------------------------------------
FUTURES WATCH
In the March Globex futures contract as of 8:53 a.m. EST, the
S&P 500 Index was down 2.5 points (a point below fair value)
while the Nasdaq 100 index was 3 points higher (5 points above
fair value). The March DJIA futures contract was down 25 points
(17 points below fair value), and the February crude oil futures
traded on the NYMEX were up $0.08 at $19.70/barrel.
Jeffrey Reeve, Market Analyst
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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)
Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE.
Schwab Capital Markets L.P. is a member of the NASD and SIPC.
Schwab Capital Markets L.P. is also a subsidiary of The Charles
Schwab Corporation and is a market maker in approximately 5000
securities.
Schwab Center for Investment Research ("SCIR") is part of
Charles Schwab & Co., Inc. The information contained herein
is obtained from sources believed to be reliable, but its
accuracy or completeness is not guaranteed. This report is for
informational purposes only and is not a solicitation, or a
recommendation that any particular investor should purchase or
sell any particular security. Schwab does not assess the
suitability or the potential value of any particular investment.
All expressions of opinions are subject to change without
notice. The Charles Schwab Corporation, Schwab, Schwab Capital
Markets L.P. and its officers, directors, employees, consultants
and/or members of their families may have a position in, and may
from time to time, purchase or sell any of the mentioned or
related securities including derivatives in such securities. At
any given time, Schwab specialists, or Schwab Capital Markets
L.P. market makers, may have an inventory position, either
"long" or "short" in any security mentioned in this report as a
result of their specialist/market making functions,
respectively.
(C)2001 Charles Schwab & Co., Inc.
F1 Schwab Capital Markets L.P. makes a market in this
security.
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.
F5 An analyst covering this stock has an investment position.
This service is for personal use only. Commercial use or
redistribution in any form, print or electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
4,935 |
Subject: RE: My Thoughts
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/2347.
=====================================
Thanks, and ditto, my friend. You're a rare individual at the company. An=
d it shows. Please be sure to spend a little time looking after yourself a=
nd your loved ones, since you've been doing a great job spending so much ti=
me caring and looking out for the rest of us.
Best,
Jeff
-----Original Message-----
From: =09Dernehl, Ginger On Behalf Of Shapiro, Richard
Sent:=09Friday, November 30, 2001 4:51 PM
To:=09Bolton, Stacey; Keeler, Jeff; Jacobson, Lisa; Hill, Jo Ann; Alamo, Jo=
seph; Allegretti, Daniel; Allen, Joe; Alvarez, Ray; Assad, Sergio; Assaf, L=
isa; Ausenhus, Kara; Barnes, Lynnette; Bellas, Kirsten; Bestard, Jose; Binn=
s, 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; Dasovich, Jeff; Davie=
s, Philip; Dawson, Paul; Decker, Larry; Dernehl, Ginger; Dressler, Jean; El=
ms, Nick; Fitzgibbon, Tom; Floris, Vinio; Frank, Robert; Fromer, Howard; Fu=
lton, Donna; Gottfredson, Bryan; Grimes, Michael; Guerrero, Janel; Haizmann=
, Jan; Hamilton, Allison; Hardy Jr, John; Hartfield, Rita; Hawkins, Bernade=
tte; Hemstock, Robert; Hennemeyer, Paul; Hetrick, Nancy; Hoatson, Tom; Huer=
tas, Alfredo; Hueter, Barbara A.; Hughes, Llewelyn; Hunter, Bevin; Huson, M=
aggy; Ibrahim, Amr; Imai, Makiko; Kaufman, Paul; Kean, Steven J.; Keenan, A=
mber; Keene, Patrick; Kimura, Takashi; Kingerski, Harry; Kishigami, Kikumi;=
Knight, Laurie; Landwehr, Susan M.; Lassere, Donald; Lawner, Leslie; Lawre=
nce, Linda L.; Leibman, Lara; Leonardo, Samuel; Levy, Alberto; Lindberg, Su=
san; Linnell, Elizabeth; Long, Chris; Mara, Susan; Maurer, Luiz; McVicker, =
Maureen; Migden, Janine; Milano, Pamela; Miller, Terri; Montovano, Steve; N=
ersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Noske=
, Linda J.; Novosel, Sarah; O'connell, Earlene; Ogenyi, Gloria; Palmer, Ger=
main; Perez, Carmen; Perez, Gus; Perrino, Dave; Petrochko, Mona L.; Pharms,=
Melinda; Reis, Jose Lucio; Reyna, Margo; Rishe, Frank; Rizzo, Helen; Roan,=
Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, Andy; Ryall, Jea=
n; 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; Sullivan, Lora; Thome,=
Jennifer; Tiberi, Fino; Twiggs, Thane; Van Biert, Teun; Walton, Steve; War=
ner, Geriann; Watanabe, Mika; Wood, Doug; Yeung, Charles; Yoho, Lisa
Subject:=09My Thoughts
I am not sure, that in any of the calls that we have had during the crisis =
surrounding Enron, that I have been able to fully express the depth of my g=
ratitude to each of you. I am as grateful as one can be. Like many of you=
, I loved this place and feel an immense sense of loss at what is occurring=
. My heart also aches for the financial losses that so many have suffered,=
not only in our group, but also throughout the company, particularly given=
how much all of us have given to this place, some for many years. I have =
been searching for a way to capture what we've done here and was reading a =
book the other day about Teddy Roosevelt, former President of the United St=
ates, and saw a quote that I thought was appropriate to our group and circu=
mstances?the quote is,=20
"the credit belongs to the person who is actually in the arena?who strives =
valiantly, who knows the great enthusiasms, the great devotions and spends =
himself in worthy causes. Who, at best, knows the triumph of high achievem=
ent and who, at worst, if he fails, fails while daring greatly so that his =
place shall never be with those cold and timid souls, who knew neither vict=
ory nor defeat."
The work that we did here was great. The way we did it, I believe, sets an=
example for those who will attempt to fill our shoes?and we fought for the=
right cause, i.e., competitive markets around the world. Our victories we=
re many and often directly due to our presence and leadership?the failure t=
hat we are experiencing as a company, however, that is so deep and so thoro=
ugh, was not of our making. I don't know exactly what the days and weeks a=
head hold for any of us, but I am quite confident that the good work that w=
e do and the way that we do it, and the sense of community that we were abl=
e to create in this group, will show up in new places and new companies all=
around the world over the next months and years. I hope to speak to many,=
if not all of you, on a one to one basis over the next several weeks to ex=
press my thanks and gratitude for having had the opportunity to work with y=
ou, but I also want to take this opportunity to wish each of you the best i=
n the future and during this holiday season.
Thank you
=====================================
|
4,936 |
Subject: FW: Government Affairs Meeting
Sender: [email protected]
Recipients: ['Karen; Hood', '[email protected]', 'Chauncey; Miller', 'Terri; Bellas', 'Kirsten; Knight', 'Huang']
File: dasovich-j/all_documents/11480.
=====================================
Are you going to this?
-----Original Message-----
From: Dernehl, Ginger
Sent: Tuesday, April 24, 2001 11:45 AM
To: Nord, Sue; Bolton, Scott; Lassere, Donald; Leibman, Lara; Petrochko,
Mona; Neslage, John; Benson, Eric; Montovano, Steve; Allegretti, Daniel;
Fromer, Howard; Hoatson, Tom; Staines, Dan; Rishe, Frank; Robinson, Marchris;
Sullivan, Kathleen; Chapman, Tom; Migden, Janine; Boston, Roy; Hueter,
Barbara; Landwehr, Susan; Moore, Bill; Stroup, Kerry; Kaufman, Paul;
Dasovich, Jeff; Comnes, Alan; Mara, Susan; McCubbin, Sandra; Ryall, Jean;
Allen, Joe; Landry, Chad; Dadson, Aleck; Hemstock, Robert; Steffes, James;
Brown, Jeff; Cantrell, Rebecca; Mangskau, Dave; Nicolay, Christi; McNamara,
Ron; Roan, Michael; Twiggs, Thane; Walton, Steve; Levy, Alberto; Pharms,
Melinda; Kingerski, Harry; Chan, Stella; Floris, Vinio; Frank, Robert;
Hetrick, Nancy; Keene, Patrick; Lawner, Leslie; Ogenyi, Gloria; Neustaedter,
Robert; Robertson, Linda; Briggs, Tom; Long, Chris; Burns, Stephen; Navin,
Allison; Cooney, Carolyn; Hardy, John; Reblitz, Scott; Alvarez, Ray; Novosel,
Sarah; Fulton, Donna; Yeung, Charles; Ibrahim, Amr; Connor, Joe; Charvel,
Ricardo; Kishigami, Kikumi; Guerrero, Janel; Thome, Jennifer; Yoho, Lisa;
Arefieva, Maria; Huson, Margaret; Assad, Sergio; Maurer, Luiz; Canovas,
Guillermo; Reis, Jose Lucio; Sampaio, Fred; Perrino, Dave; Shelk, John;
O'Day, Nicholas; Scott, Susan; Canedo, Alfonso; Bestard, Jose
Cc: Huang, Karen; Hood, Chauncey; Miller, Terri; Bellas, Kirsten; Knight,
Laurie; Dressler, Jean; Alamo, Joseph; Warner, Geriann; Hunter, Bevin; Assaf,
Lisa; Linton, Marcia; Noske, Linda; Meade, Lindsay; Buerger, Rubena; Rizzo,
Helen; McVicker, Maureen; Dernehl, Ginger; Hawkins, Bernadette; Akin, Lysa;
Sullivan, Lora; Nersesian, Carin; Shapiro, Richard; Braz, Gisele; Decker,
Larry; Imai, Makiko; Dernehl, Ginger
Subject: Government Affairs Meeting
Well, the time has arrived for me to let you know what is in store for
everyone at the next Government Affairs department meeting on Thursday, June
14. The meeting will take place at:
The Omni Interlocken
500 Interlocken Blvd.
Broomfield, Colorado 80021
Phone# 303-438-6600
Fax# 303-464-3252
Check-in time 3:00 p.m.
Check-out time 12:00 p.m. (Noon)
The Government Affairs meeting will take place on Thursday, June 14 and will
begin at 8:00 am and will conclude by 11:30 am. I have arranged for box
lunches to be served after the meeting. After the meeting, we will have the
remainder of the day for some fun activities, along with a buffet dinner
served that evening to complete the day (on-site dinner location TBD).
Block of Rooms - A block of rooms have been reserved for Government Affairs.
I will be turning in a rooming list to the hotel next week so, I would like
to know by Friday, April 27 your plans to attend the meeting.
Shuttle Service - See attachment for shuttle times. Please note, a return
reservation from the hotel to the airport is required. Please contact the
Concierge to arrange for shuttle service.
Colorado Weather - For the month of June, you can expect the
following:
High's - 80.............Low's - 52
Flights from Houston - I have checked with TAP for roundtrip flights from
Houston - Denver, Denver - Houston and an exceptionally great
(non-refundable) fare of $190.94 is available. However, fares are not
guaranteed until actually booked. Let's book early!!!!!
The activities to choose from are as follows: Please let me know by May 4
your choice of activity!!!!!!
Whitewater Rafting - A bus will leave the Omni Interlocken Resort at 2:00pm
to head for an afternoon of exciting adventure on Colorado's Clear Creek.
The Arkansas River is one of the most popular whitewater adventures anywhere,
combining spectacular scenery and action packed rapids. Teamwork is the name
of the game as your team paddles down these tumbling cascades. Continuous
class III and IV rapids will thrill guests throughout the run. Drop over
Nomad, surge through the Phoenix Holes and take on the class IV climax, the
Outer Limits. Good physical condition and the ability to swim are
recommended. The group will have three thrilling hours on the river and will
return to the Omni by 6:15pm.
Chautauqua Park Hiking Adventure - One of the most popular access points for
mountain hiking trails in Boulder is Chautauqua Park. The focal point is the
100-year-old dining hall. The Colorado Chautauqua is one of only four of the
original Chautauquas still operating in America, as opposed to when thousands
dotted the nation and culturally enriched rural people in the early 1900s.
The tour includes: transportation, professional guide service, two hours of
guided hiking - total time for excursion is 4 hours. (Dress code: Shorts or
hiking attire, appropriate footwear, sunglasses, sunscreen and hats).
Departure time and return will be relayed at a later date.
Spa Services - The Spa at Omni Interlocken Resort offers a number of spa
services (massages, facial & skin care treatments, body treatments or nail
services, to name a few). If you are interested in this as an activity,
please let me know and I will fax a detailed list of their services. You
will need to call the spa and schedule your own appointment if this is the
activity you choose.
Golf - For the golf enthusiasts, an afternoon of golf at the Omni
Interlocken 27-hole championship golf course which stretches out over 300
acres of verdant fairways is another activity to select from. Spectacular
panoramic views from three 9-hole courses, which feature more than 400 feet
in elevation changes. If this is the activity of choice please respond via
e:mail and I will add you to the list. The game of choice will be "best
ball" play.
Biking - Scenic bike paths are located near the hotel for those with
interest. If this is your choice of activity, please let me know and I will
reserve a bike and map for you enjoyment.
After reviewing the choices above, please select an activity you prefer to
take part in. Due to the fact that our group is so large, (which makes it
more difficult to coordinate activities) once you select an activity, we ask
that you not change your selection. So, please talk to your colleagues ahead
of time before making your choice.
Thanks and don't hesitate to call me if you have any questions.
Gngr
- SuperShuttle.doc
- Directions from DIA with map.doc
=====================================
|
4,938 |
Subject: Re: Investigation
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12014.
=====================================
Scott -- What kind of attendance did they get from the press?
Ken
----- Original Message -----
From: "Scott Govenar" <[email protected]>
To: "Hedy Govenar" <[email protected]>; "Mike Day" <[email protected]>; "Bev
Hansen" <[email protected]>; "Jeff Dasovich" <[email protected]>; "Susan J
Mara" <[email protected]>; "Joseph Alamo" <[email protected]>; "Paul Kaufman"
<[email protected]>; "Michael McDonald" <[email protected]>;
"Sandra McCubbin" <[email protected]>; "Rick Shapiro"
<[email protected]>; "Jim Steffes" <[email protected]>; "Alan
Comnes" <[email protected]>; "Steven Kean" <[email protected]>; "Karen
Denne" <[email protected]>; <[email protected]>; "Mike D Smith"
<[email protected]>; "Leslie Lawner" <[email protected]>; "Robert
Frank" <[email protected]>; "Ken Smith" <[email protected]>; "Janel
Guerrero" <[email protected]>; "Miyung Buster"
<[email protected]>; "Jennifer Thome" <[email protected]>;
"Eric Letke" <[email protected]>; "Mary Schoen" <[email protected]>
Sent: Thursday, May 03, 2001 2:02 PM
Subject: Investigation
> Today's hearing of the Select Committee to Investigation Price
> Manipulation of the Wholesale Energy Market was canceled. In it's
> place, Senator Dunn held a press conference where he announced the
> following:
>
> The next hearing will take place on May 18 at 9:00 a.m. at the Irvine
> City Council Chambers in Southern California. There will be three
> witnesses; Elaine Howle - Bureau of State Audits, Loretta Lynch - CPUC
> and Bob Pease - Legal Director - FERC. The hearing is expected to last
> all day.
>
> The following hearing will take place in Sacramento on May 24. That
> hearing will feature witnesses from the PX.
>
> The Committee has retained Larry Drivon as Special Counsel. Mr. Drivon
> is a civil practitioner from Stockton.
>
> The Committee is expanding its investigation in conjunction with local
> district attorneys. Their goal is to create a statewide task force.
> The Committee may not be able to enlist the aid of the Attorney General
> as there are certain prohibitions in law which apparently stand in their
> way. To date, the only DA conducting an investigation is from San
> Jouqin County. The basis for their investigation is price fixing, theft
> of public funds and anti-trust violations. The DA is offering immunity
> in exchange for testimony.
>
> The Committee has distributed data requests to the top five generators
> and Enron. They intend to issue more data requests to marketers in the
> coming weeks. The Committee is meeting with generators at 2:30 p.m.
> today to review the data request and determine what data the generators
> may be willing to submit. The Committee intends to issue subpoenas to
> obtain certain documents which the generators may not willingly
> provide. The Committee has subpoenaed the ISO who is expected to
> release documents on May 7. Some generators have expressed concern that
> the ISO documents are protected under confidentiality agreements.
>
> According to the Committee, upon cursory review of the public documents
> they have already obtained, it does appear as if suspicious, if not
> illegal, activity has occurred on the part of the generators and
> marketers.
>
>
>
=====================================
|
4,940 |
Subject: Electric Restructuring: E Source Teleconference Examines Ways to
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1718.
=====================================
E Source Teleconference Examines Ways to Solve California Power Crisis
09/25/2000
PR Newswire
(Copyright (c) 2000, PR Newswire)
BOULDER, Colo., Sept. 25 /PRNewswire/ -- In a teleconference held Friday
afternoon, September 22, 2000, by E Source(TM), industry analysts proposed
several solutions to remedy the imperfections in California's electric market
and discussed ways that those lessons could be applied in other states that
are considering restructuring their electric markets.
No single "silver bullet" solution emerged from the panelists. Rather, they
said that solving the California power situation would require a combination
of supply, demand, pricing, and regulatory solutions.
"It is important that we mend, not end, electric restructuring," said Ralph
Cavanagh, co-director of the energy program at the Natural Resources Defense
Council (NRDC). "Restructuring is a process, not an event," added Becky
Kilbourne, director of market development for the California Power Exchange
(CalPX).
Bill LeBlanc, vice president of retail consulting at E Source, made this
point: "It is very difficult to have an open market and a regulated market at
the same time. And now, as additional regulations are being added to
California's still-opening electric market, new and unpredictable market
distortions are likely. Price volatility -- both upward and downward --
characterizes open markets. In a world of price volatility, customers need to
have access to a rich portfolio of creative pricing options. Those who want
price stability can pay a premium for it. Those willing to play in the
dynamic, real-time pricing market will need load management capabilities that
allow them to shed load quickly when prices spike."
Specific solutions discussed by the panelists included:
Supply Solutions
Chris Seiple, director of supply-side consulting for RDI(TM), opined that
this summer's price spikes were principally the result of insufficient power
plant construction in California as its electric demand grew during the
1990s. "The electricity market requires quick responses to changes in
conditions and therefore it is a policy imperative that permitting of power
plants be achieved more swiftly in California," said Seiple. He noted that
electric demand in the western United States has grown by 14 percent during
the second half of the 1990s, but generating capacity has grown by only 2
percent. Roughly 3,600 megawatts (MW) of new generation is currently under
construction and is scheduled to come online next year. An additional 800 MW
of capacity now under construction is slated to come online in 2002, while
another 6,000 MW of capacity is in the advanced development stage, with
varying in-service dates. A further 20,000 MW of capacity is in
early-development stage, he added. However, Seiple cautioned that delays in
construction, a possible shortfall of turbines, and the power-development
process itself could cause a recurrence of this summer's price spikes by
2002.
Not all supply solutions should be fossil-based, said NRDC's Cavanagh, who
pointed out that the state of California is adding additional cost-effective
renewables that will come online in the near future. These new resources will
add to the thousands of megawatts of non-fossil generation capacity that have
been installed over the past 20 years.
Distributed Solutions
In addition to wider use of renewable generation, several panelists agreed
that increased deployment of cost-effective energy efficiency measures would
serve to dampen future electric price spikes. Consumers also need to be
reminded on a regular basis about the importance of wise energy use.
"What California and the West need most urgently now is more of what has
worked best to relieve strained power grids in recent years: investments in
energy efficiency and renewable energy resources, which together have
delivered more than 15,000 megawatts to California alone over the past two
decades," Cavanagh added.
"We need more distributed energy resources and energy efficiency measures to
cut future price spikes," said Michael Shames, executive director of the
Utility Consumers' Action Network (UCAN). He added that many large commercial
customers in California are now considering self-generating their
electricity, because they cannot tolerate sharp price swings and they are
dissatisfied with the risk-management options they have today.
Regulatory and Legal Solutions
Kilbourne of the CalPX advocated limited wholesale price caps and an improved
interface between wholesale and retail electric markets. She also echoed
other panelists when she noted that regulatory disincentives in California
caused many energy service providers (ESPs) to exit that market, leaving
customers with little or no alternative when prices began rising. Having a
larger number of ESPs and a broader range of retail offerings in the market
could help avert future price spikes, she said.
Ron Davis, director of the E Source Strategic Distribution Management Series,
remarked: "The still-regulated distribution companies in California are being
held responsible for protecting their retail consumers against the high
prices in the state's wholesale power market. But by design, they lack the
tools and incentives necessary to keep the power prices they pass on to
consumers low and stable. And now, SDG&E is subject to another rate cap.
Extending SDG&E's performance-based ratemaking (PBR) to the commodity side of
the business, much like was done to allow natural gas services to share in
the savings from securing lower cost supplies, is a better solution to help
insulate customers from price volatility in the future."
Looking Forward
UCAN's Shames concluded that "San Diego's experience is a sobering and
instructive harbinger of deregulatory turmoil that will hit other regions
throughout the country."
E Source believes that price volatility will be part of life in retail
electric and gas markets that are going through restructuring. Retailers and
consumers alike need to protect themselves with hedging investments, load
management capabilities, energy efficiency upgrades, and other measures. E
Source believes that regulators, lawmakers, ESPs, consumers, commercial
customers, and other participants in the restructuring of retail electric and
gas markets should closely follow and implement the lessons from the still-
evolving California market.
E Source and RDI are trademarks of Financial Times Energy, Inc., which is
headquartered in Boulder, Colorado. FT Energy is a leading provider of
objective information and analysis on restructuring electric and gas markets,
wholesale power trends, fuel prices and projections, and other vital
knowledge about the electric and gas businesses. If you would like to speak
with any of the people quoted in this release, please contact Jim Keener at
720-548-5624.
/CONTACT: Jim Keener of E Source, 720-548-5624, [email protected]/ 14:00
EDT
Folder Name: Electric Restructuring
Relevance Score on Scale of 100: 79
______________________________________________________________________
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
=====================================
|
4,941 |
Subject: Fwd: One More News Story on Tuesday's CA Meeting From Calif.
Sender: [email protected]
Recipients: ['[email protected]', 'Carol Bashara" <[email protected]']
File: dasovich-j/all_documents/1385.
=====================================
Content-Transfer-Encoding: quoted-printable
Date: Wed, 13 Sep 2000 07:56:09 -0500
From: "Tracey Bradley" <[email protected]>
To: "Deanna King" <[email protected]>, "Jeffrey Watkiss"
<[email protected]>, "Paul Fox" <[email protected]>, "Ronald Carroll"
<[email protected]>
Cc: "Carol Bashara" <[email protected]>
Subject: One More News Story on Tuesday's CA Meeting From Calif. Newpaper
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline
FYI - Lots of rhetoric from the politicians about price gouging. However,
the article gives the impression that the FERC commissioners are leaning
toward market structure reforms.
Lawmakers, Advocates Call for Repair of California'S Electricity Deregulation
Kate Berry , The Orange County Register, Calif.
( September 13, 2000 )
Sep. 13--Outraged politicians and consumer advocates demanded at a public
hearing Tuesday that federal energy regulators fix California's flawed
experiment with deregulation by cutting electricity prices and refunding
consumers in San Diego and south Orange County for the high cost of power
this summer.
Federal authorities on a day-long fact-finding mission said they plan to act
quickly without backing away from the long-term goal of a competitive
free-market for electricity.
"There are flaws in the existing power structure that I think must be
repaired," said Linda K. Braithitt, one of four commissioners at the Federal
Energy Regulatory Commission, which launched a formal investigation last
month into the politically disastrous rise in electricity prices in
California.
More than 30 major players in California's electricity market, from utilities
to power producers to state-run agencies that manage the electric grid and
market exchange, offered various solutions to the crisis. The only consensus:
Customers are paying exorbitant prices.
"We must roll back wholesale prices retroactively and refund consumers," said
Rep. Bob Filner, D-San Diego, who accused power producers of manipulating the
power market and pushing retail prices higher.
He also called power producers "criminals," reiterating a statement he made
Sunday at a House commerce subcommittee hearing in San Diego.
"We know these prices are unlawful. I believe these prices are criminal."
Under the Federal Powers Act, regulators can intervene to limit the prices
power generators charge if they determine the market is not workably
competitive. FERC also has the authority to retroactively declare that
market-based rates this summer were not "just and reasonable." If it does so,
the PUC can act to require utilities to refund customers. The utilities then
would likely go to the courts on the matter, Wood said.
The FERC investigation comes as electric bills for 1.2 million customers of
San Diego Gas & Electric have more than doubled or quadrupled in some cases
leading to hardship particularly for low-income residents and the elderly.
Currently, the two biggest utilities, Pacific Gas & Electric and Southern
California Edison, have absorbed $2 billion in costs that they want to pass
on to their consumers when a rate freeze ends in April 2002.
State regulators, which gave up control of wholesale prices when the market
was deregulated in 1998, told their federal equivalents that the system is
broken.
"It's time to reset the starting point back to protecting consumers until we
can get it right," said Loretta Lynch, president of the California Public
Utilities Commission. "We have not collectively, on the state and federal
level, demonstrated a path that works." Carl Wood, a commissioner at the
California Public Utilities Commission, implored FERC to return, in the
short-term, to a cost-based rate structure known to consumers before the
utilities sold their power plants and had to purchase electricity on the
power exchange. "No competitive market exists," he said. "The market isn't
functioning in California right now." William Massey, a FERC commissioner,
admitted that California's market is flawed. He also said a return to a
cost-based rate structure remained "on the table." But Curtis R. Hebert,
another FERC commissioner, said the agency had to be cautious about further
regulation. He advocates lifting price caps, changing rules on how suppliers
buy and sell into the Power Exchange and adopting market-based approaches,
such as having the utilities hedge with long-term contracts.
"You can't just say go back to cost-based," he said. "It's not that simple."
The most heated discussion came when Michael Shames, executive director of
UCAN, Utility Consumers Action Network, said FERC was "on trial" and could
lose its case for deregulation.
FERC Chairman James J. Hoecker, said it was natural to look for blame on the
part of power generators. But he added that "making a lot of money gets a bad
rap when individual electricity consumers are hurting." He also asked a panel
of power producers directly to ask why they were "gaming the system." "We
feel we've conducted business not only legally, but ethically," said Bill
Hall, managing director of commercial affairs at Duke Energy, which owns 4
percent of power generation in the state. "We don't anticipate to make
profits like this as soon as supply keeps up with demand." John Stout, vice
president of the Southwest region for Reliant Energy, said he was certainly
in business "to make a profit." "The fact that we had a good year in
California, in terms of revenue, is a fact, I don't deny that at all," he
said.
Across the street from the government building where the hearing was held,
San Diego residents at a hair salon talked about the electricity crisis, with
some residents in a retirement home paying $100 a month for electricity.
Pat Benites, manager of the C Street Salon, said the high-rise building she
works in has seen its rates rise $116,000 a month this summer. "They're just
bilking us," she said.
"They told the whole building to turn computers off at night and turn
electricity off," she said. It's dark in the lobby but we have to leave some
lights on for protection, just so no one breaks in."
-----
To see more of The Orange County Register, or to subscribe to the newspaper,
go to http://www.ocregister.com
(c) 2000, The Orange County Register, Calif. Distributed by Knight
Ridder/Tribune Business News.
=====================================
|
4,951 |
Subject: Holiday SOS
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/4371.
=====================================
In This Email:
Share Our Strength
Great Wine and Gifts
Wine Team Gift Picks
Heidrun Mead Adds Traditional Sparkle to the Holidays
Special Holiday Offer
Share Our Strength
At wine.com, not only do we have thousands of wines and gift ideas --
we also have a way to make them go further during the holidays. For a
limited time, every bottle of SOS Handley Cellars Pinot Noir
purchased at wine.com will result in a donation of $1 to Share Our
Strength, the national hunger-fighting organization. During this time
of celebration, we want to share some of the bounty with people truly
in need.
To learn more about each item listed below, simply click on its name!
Please check our homepage to view holiday shipping deadlines
at wine.com.
_____________________________________________________________________
Great Wine and Gifts
Handley Cellars Pinot Noir SOS Cuvee, Anderson Valley,
California, $15.00
One dollar from each bottle sold goes directly to Share Our Strength,
a nonprofit organization working to alleviate and prevent hunger and
poverty around the world. Light to medium in body with red berry
fruit, mellow tannins, and a peppery finish.
Wine-Filled Chocolate, $15.00
A dozen rich chocolates encase crisp Chardonnay, luscious Merlot, and
creamy port, boxed for holiday giving. Sweets for the sweet -- or not
so sweet -- on your list.
Christmas Dinner Wines, $59.00
A comprehensive, can't-miss three-pack to accompany Christmas dinner:
a delicious French bubbly, a lush and creamy Australian Chardonnay,
and an elegant red Bordeaux, packaged in a handsome wine.com
gift box.
A Century of Wine, $40.00
Covering 100 years of wine history and lore, 16 of the world's finest
wine writers and experts explore topics in politics, economics,
geography, science, technology, and lifestyle. Full of stories,
facts, and visuals, this richly illustrated book will appeal to all.
Bubbly Duet, $28.00
A deliciously dry and creamy bubbly from the south of France and an
impressive, elegant sparkler from Italy made by the traditional
Champagne method. Comes in a handsome wine.com gift box.
Dom. J. Laurens Cremant de Limoux Brut Blanc de Blancs,
France, $11.00
Whether you're looking for a bubbly for a crowd or are simply
hankering after a dry sparkling wine that won't break the bank,
Domaine Laurens Blanc de Blancs Brut -- owned by Michel Dervin, a
young, dynamic Champagne winemaker -- is a perfect choice.
_____________________________________________________________________
Wine Team Gift Picks
We count on our crack Wine Team for expert advice all year long, so
it's only natural that, during the holidays, we also tap their
expertise for wine-related gifts. Following are some of their
suggestions of highly useful accessories available from wine.com,
symbiotically paired with wines that underscore their value
(and vice versa).
Burke Owens:
As a sommelier, I've worked with a wide variety of corkscrews, from a
Swiss Army knife to the oh-so-refined French Laguiole. My favorite
for general home and party use is the Screwpull LX Leverpull. And
since this indomitable tool is affectionately known as the T2 in
honor of Arnold Schwarzenegger's Terminator, what better wine to open
with it than another magnificent Austrian, the lush, floral, vibrant
1999 Nigl Gruner Veltliner Siri Senftenberg.
Peter Marks:
You can never have too many Champagne flutes, especially during the
holidays, when flinging them into the fireplace becomes second
nature. The practical and affordable Riedel Cuvee/Prestige flutes
First, though, make sure you drain them of the A.R. Lenoble Blanc de
Blancs Grand Cru, Champagne you poured.
Jeff Prather:
For people eager to learn about wine, Andrea Immer has just come out
with an excellent primer: Great Wine Made Simple. Andrea is my kinda
gal -- she just wants to have fun with wine, but her credentials are
impeccable. She covers all the basics in a readable, easily
understandable, down-to-earth style, and -- since the only real way
to learn about wines is to taste a wide range of them -- she suggests
illustrative wines at the end of each chapter. As it happens,
wine.com has created special wine packs from Andrea's
recommendations, the first of which is entitled The Big Six Wine
Grapes. This way you can give the whole thoughtful package in one
fell swoop, and your recipient will find out exactly how appetizing
education can be.
Diana Jacklich:
Another great way to learn about wine is our Wines of the World Club,
which delivers a new set of wines for tasting every month. Then,
after you've hooked up your newbie connoisseur with the fabulous gift
of wine, they'll need a way to open it -- and fast! The Rabbit
Corkscrew will have them making a toast to you in the blink of
an eye.
Bo Thompson:
What to do if you find yourself shopping for the special wine
collector who has every new wine under the sun? How about the kind of
pedigree that only age can provide? In the 1970s, Spring Mountain
Vineyards, under the directorship of Charlie Ortman, made truly
distinctive Cabernet Sauvignons that speak strongly of "Old Napa
Valley." Venerable wines like these need special care, for which I
recommend Riedel decanters: Handmade by crystal artisans in Germany,
these beautiful vessels are the very best in the world, with both
Single-Bottle and magnum sizes available.
Julian Davies:
As is so often the case with state-of-the-art stuff, our High-tech
Stopper and Stand represent a near-perfect union of function and
form, creating something you don't really need but really ought to
own. It's meant to be used in an opened but unfinished bottle of
wine; I would personally employ it with the 1998 Lolonis Fume Blanc.
Lolonis uses ladybugs instead of pesticides, so what better way to
keep those darn bugs out of the bottle?
Finally, when in doubt, check out the Wine Team's 12 Days of
Christmas holiday case -- an all-purpose, international selection of
stellar wines.
_____________________________________________________________________
Heidrun Mead Adds Traditional Sparkle to the Holidays
If you're looking for something stimulating and different for the
holidays, consider a bottle of sparkling mead from the Heidrun
Meadery. Using honey rather than grapes, meadmaking is an ancient
craft that this Northern California company has elevated to an art.
Fermented from different blends of nectars -- apple, blackberry,
clover, fennel, sunflower, morning glory, alfalfa -- Heidrun
sparklers are refreshingly clean and delicate, suggestive of honey
yet undeniably dry; each varietal offers a range of floral, herbal,
and fruity notes, along with a woodsy, earthy undercurrent. Served
chilled in flutes, like fine Champagne, it's a wonderful aperitif or
accompaniment to a meal (and an especially attractive one to
sensitive wine drinkers, as no sulfites are used in the process). Try
a bottle during the holidays and discover a delightfully new old
perspective on wine.
_____________________________________________________________________
Special Holiday Offer: An Extra Month in the Discovery Club
For friends, family, and business associates, the wine.com Discovery
Club can constitute a monthly surprise delivered to their doorstep: a
package of hand-selected wines with detailed tasting notes, recipes,
educational materials, and other stimulating stuff. This week, if you
send in a gift subscription to the three-month program, the recipient
will get an additional free month in the club (four months total).
Memberships start at $27.50 per month.
_____________________________________________________________________
TO UNSUBSCRIBE FROM THIS NEWSLETTER, go to:
http://wine1.m0.net/m/u/vin/vv.asp?e=jdasovic%40enron.com
=====================================
|
4,953 |
Subject: PANC Workshop on May 15
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12191.
=====================================
fyi...
----- Forwarded by Janel Guerrero/Corp/Enron on 05/09/2001 08:42 AM -----
=09Stacey Bolton
=0905/08/2001 02:53 PM
=09=09=20
=09=09 To: Janel Guerrero/Corp/Enron@Enron
=09=09 cc:=20
=09=09 Subject: PANC Workshop on May 15
Thought you might want to circulate to the appropriate CA folks.
----- Forwarded by Stacey Bolton/NA/Enron on 05/08/2001 02:51 PM -----
=09Jan Pepper <[email protected]>
=0905/08/2001 01:22 PM
=09=09=20
=09=09 To: Chuck Whitaker <[email protected]>, Dan Kirshner <[email protected]>=
, Drake=20
Johnson <[email protected]>, George Wiltsee=20
<[email protected]>, Heather Raitt <[email protected]>,=
=20
Jan Hamrin <[email protected]>, Jan Smutney-Jones=20
<[email protected]>, Joe Paul <[email protected]>, Kirk Brown=20
<[email protected]>, Marwan Masri <[email protected]=
>,=20
Mauri Miller <[email protected]>, Meredith Wingate=20
<[email protected]>, Rick Kohl <[email protected]>, Robert Grow=
=20
<[email protected]>, Sharon Goldstein <[email protected]>,=
=20
Stacey Bolton <[email protected]>, Tim Tutt <[email protected]>, Ton=
y=20
Goncalves <[email protected]>, Warren Byrne <[email protected]=
>,=20
Marianne Walpert <[email protected]>
=09=09 cc:=20
=09=09 Subject: PANC Workshop on May 15
Hi energy associates,
I thought you might find this of interest. There's still room to attend!
Jan Pepper
[email protected] wrote:
> If you have already registered, thank you; if not, please read on:
>
> Power Association of Northern California
> May Workshop and Luncheon
>
> Tuesday, May 15, 2001
>
> PG&E Conference Rooms A&B
> 245 Market Street
> San Francisco
>
> 8:00 a.m. Registration
> 8:30 a.m. Workshop
> 12:15 noon Lunch
> 1:00 p.m. Presentation
>
>
> PANC Member
> Workshop & Luncheon =3D $125.00 Luncheon Only =3D $35.00
> Non-Member
> Workshop & Luncheon =3D $145.00 Luncheon Only =3D $42.00
> $5 Additional after May 4, not prepaid, at the door
>
> PG&E Co. AND PG&E Corporation
> Don't miss out on PANC's Annual Workshop on the Real Time Pricing as a
> Current Solution to Our Market Problems. Join in on a robust discussion,
> which will include key panelists on the topics: Major Market Problems and
> Their Resolution, New Power Technologies and Distributed Generation, and
> Demand Side Management. Plus lunch and our Keynote Speaker. We look=20
forward
> to seeing you there.
> Real Time Pricing As A Current Solution To Our Market Problems
>
> Sponsored by
>
> Cheng Power Systems, Inc.
> AND
> Morrison & Foerster LLP
>
> Agenda
> 8:00 a.m. - 1:30 p.m.
>
> 8:00 Registration (Coffee and Pastries)
>
> 8:30 Welcome and Introduction
>
> Elizabeth Lowe, Onsite Energy Corporation
>
> 8:35 Real-time Pricing as a Current Solution to Our Market Problems
>
> Severin Borenstein, U.C. Energy Institute
>
> 8:50 Panel 1: Demand Side Management
>
> Moderator: Anne Selting, Plurimi, Inc.
>
> ?=14 ?? Creating Markets for Megawatts
>
> Don Fuller, Vice President of Client Relations
> Cal ISO
>
> ?=14 ?? Role For Energy Efficiency in a Constrained Energy Market: Succ=
ess
> Stories in Industry
>
> Rich Sperberg, CEO
> Onsite Energy Corporation
>
> 10:00 Coffee Break
>
> 10:15 Panel 2: New Power Technologies and Distributed Generation
>
> Moderator: Jan Pepper, Enertron Consultants
>
> ?=14 ?? Current Status of Distributed Generation Activities
>
> Joe Ianucci, Principal
> Consultant
>
> ?=14 ?? Distributed Generation and New Power Technologies
>
> Mike Tingus, President
> Capstone California
>
> ?=14 ?? A Muni's Perspective on Managing Reliability, Both in The Short=
and
> Longer Terms Through Distributed Gen
>
> Junona Jonas, General Manager
> Alameda Power and Telecom
>
> 11:15 Panel 3: Major Market Problems and Their Resolution
>
> Moderator: Stephen St. Marie, Electricity Oversight Board
>
> ?=14 ?? The ESP Perspective on California's Market
>
> Julie Blunden, formerly Regional President
> Green Mountain Energy
>
> ?=14 ?? A View from Former ISO CEO on Supply and Demand Issues
>
> Kellan Fluckiger
> DWR Consulting
>
> ?=14 ?? The Independent Generator's Perspective on California's Market
>
> Gary Ackerman, Executive Director
> Western Power Trading Forum
>
> 12:15 Lunch
>
> 1:00 Keynote: PG&E and The Energy Crisis
>
> Introduction: Val Fong, Pacific Gas and Electric Co.
>
> ?=14 ?? Guest Speaker:
>
> Dan Richard, Senior Vice President
> Pacific Gas and Electric Co. AND PG&E Corporation
>
> 1:30 Closing Remarks and Upcoming Events
>
> Elizabeth Lowe, Onsite Energy Corporation
>
> YES! PLEASE REGISTER ME FOR THE POWER ASSOCIATION OF NORTHERN CALIFORN=
IA
>
> Name:
>
> Title:
> Company:
>
> Address
>
> City: Zip:
> Phone:
>
> Fax:
>
>
> Payment will be by: Check Cash Credit Card
>
> _________________________________________________ ________/________
> Visa or MasterCard ONLY
> Expiration Date
>
> Authorized Signature for Credit Card
>
>
> Fax this form to (408) 997-6487 or call (408) 323-2255 and/or Send your
> prepayment (Payable to PANC) to:
>
> PANC, 6155 Almaden Expwy, #310, San Jose, CA 95120
> E-mail to: [email protected]
=====================================
|
4,956 |
Subject: Fw: FERC & California markets
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2538.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 10/20/2000 10:54 AM -----
"Steven Kelly" <[email protected]>
10/20/2000 10:34 AM
Please respond to "Steven Kelly"
To: "Nam Nguyen" <[email protected]>, "Bill Carlson"
<[email protected]>, "Bill Woods" <[email protected]>, "Bob Escalante"
<[email protected]>, "Carolyn Baker" <[email protected]>,
"Cody Carter" <[email protected]>, "Curt Hatton"
<[email protected]>, "Dean Gosselin" <[email protected]>, "Doug
Levitt" <[email protected]>, "Duane Nelsen" <[email protected]>, "Ed Maddox"
<[email protected]>, "Ed Tomeo" <[email protected]>, "Frank
Misseldine" <[email protected]>, "Hap Boyd" <[email protected]>,
"Jack Pigott" <[email protected]>, "Jeff Dasovich" <[email protected]>, "Joe
Greco" <[email protected]>, "Joe Ronan" <[email protected]>, "Jonathan
Weisgall" <[email protected]>, "Ken Hoffman" <[email protected]>,
"Marty McFadden" <[email protected]>, "Milton Schultz"
<[email protected]>, "Paula Soos" <[email protected]>, "Pete Levitt"
<[email protected]>, "Robert Frees" <[email protected]>, "Roger Pelote"
<[email protected]>, "Steve Iliff" <[email protected]>, "Steve
Ponder" <[email protected]>, "Ted Cortopassi"
<[email protected]>, "Tom Heller" <[email protected]>, "Tony
Wetzel" <[email protected]>, "Ward Scobee"
<[email protected]>, "William Hall" <[email protected]>,
"Trond Aschehoug" <[email protected]>, "Susan J Mara"
<[email protected]>, "Scott Noll" <[email protected]>, "Rob Lamkin"
<[email protected]>, "Randy Hickok" <[email protected]>, "Lynn
Lednicky" <[email protected]>, "Kent Fickett" <[email protected]>, "Jim
Willey" <[email protected]>, "Greg Blue" <[email protected]>, "Frank
DeRosa" <[email protected]>, "Eileen Koch" <[email protected]>,
"Dave Parquet" <[email protected]>, "Curtis Kebler"
<[email protected]>
cc: "Jan Smutny-Jones" <[email protected]>, "Katie Kaplan" <[email protected]>
Subject: Fw: FERC & California markets
FYI>
----- Original Message -----
From: andy brown
To: [email protected] ; [email protected] ; [email protected] ; dkk ; runwithmee ;
Andy Brown ; Eric Janssen ; cte ; Gregory Maxim ; [email protected] ;
[email protected]
Sent: Friday, October 20, 2000 7:53 AM
Subject: FERC & California markets
Article noting that FERC will have special meeting on Nov 1 re California
markets, also Article that Terry Winter is having a press conference today
(Friday) about how the market will be fixed:
FERC To Meet Nov 9 To Propose Remedies To Calif
Pwr Mkt
Friday, October 20, 2000 08:17 AM
LOS ANGELES (Dow Jones)--In an unusual move, the Federal
Energy Regulatory Commission said Thursday it will meet
Nov. 1 to discuss remedies to California's troubled
wholesale power market.
Details of a probe into California's wholesale
electricity market will also be released at the Nov. 1
meeting. As reported, state and federal regulators launched the probe over
the summer, saying the market wasn't workably competitive.
FERC also said it expects to hold a public hearing Nov. 9
to discuss possible solutions to California's power
crisis.
The place and time of both meetings haven't been decided
yet.
Regarding Thursday's announcement, FERC Commissioner Curt
Hebert said "rather than waiting for Nov. 1 to release
the findings of our staff's investigation, I urge the
chairman to release the completed report now...it can only help heal the raw
emotions rampant in the state of California."
FERC said it was rare that it would announce details of
its procedures. The commission said its own rules don't
allow it to normally announce its procedures.
"Because of the need for expeditious action to address
the serious issues affecting California electric power
markets and California consumers...the commission is taking
the unusual step of announcing in advance the procedures it expects to
follow over the coming weeks to move forward in these
proceedings," the FERC order said.
The commission said it will give a three-week deadline
for parties to intervene and to comment on the possible
solutions presented by the commission.
FERC said it anticipates issuing an order by the end of
the year "adopting and directing remedies to promptly
address to the extent possible the identified problems
adversely affecting competitive power markets in California."
If necessary, FERC said it would hold additional meetings
to develop solutions "to other identified problems."
California's wholesale power prices soared this past
summer. Customers of San Diego Gas & Electric Co., a unit
of Sempra Energy Corp. (SRE, news, msgs), paid
market-based rates for power, which resulted in triple-digit utility bills
for its customers. The state's three investor-owned
utilities also racked up billions of dollars in debt due
to high wholesale costs.
SDG&E customers are currently paying a fixed rate for
their power, while customers of the state's other two
utilities are still bound by a rate-freeze.
Generators have been accused of gouging customers and
manipulating the market, although no evidence has been
offered up yet. However, the FERC investigation may
address that.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
Cal-ISO CEO To Announce Remedy To Lower Power
Cost
Friday, October 20, 2000 08:16 AM
(This article was originally published Thursday)
LOS ANGELES (Dow Jones)--California Independent System
Operator Chairman and Chief Executive Terry Winter will
hold a news conference Friday morning to announce a
possible solution to reduce the state's electricity costs.
An ISO spokesman wouldn't comment on the details of the
news conference.
According to a news release, Winter will speak about
"potential vehicles for containing costs, while
maintaining the ISO's high standards of reliability."
The ISO controls about 75% of California's power grid and
real-time market. As already reported, the grid operator
has come under fire this summer for failing to
immediately reduce a price cap in its real-time market.
Currently, state Sen. Steve Peace, D-Chula Vista, is
drafting legislation to merge the ISO and the state's
Power Exchange.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
[email protected]
Quote for referenced ticker symbols: EIX, PCG, SRE
, 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
4,960 |
Subject: IEP News Update
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11487.
=====================================
IEP NEWS UPDATE:
US Lawmaker: Revoke 6 Pwr Cos Mkt-Based Selling To Calif ????
???????Updated: Tuesday, April 24, 2001 08:16 AM?ET ???
Calif Gov Forms Team To Speed Power Plant Construction ????
???????Updated: Tuesday, April 24, 2001 03:34 PM?ET ???
US Sens Unveil Bipartisan Bill To Cap Western Pwr Prices ????
???????Updated: Tuesday, April 24, 2001 12:17 PM?ET ?????
?
________________________________________________________________
US Lawmaker: Revoke 6 Pwr Cos Mkt-Based Selling To Calif ????
Updated: Tuesday, April 24, 2001 08:16 AM?ET ?????
?
(This article was originally published Monday)
LOS ANGELES (Dow Jones)--A U.S. Congressman from California asked federal
regulators Monday to revoke the authority of six generators to sell power at
market-based rates in the state because they abused that authority in the
past, according to a letter seen by Dow Jones Newswires.
Congressman Bob Filner of San Diego accused the following companies of
controlling power prices in California: AES Corp (AES, news, msgs), Duke
Energy Corp (DUK, news, msgs), Dynegy Inc (DYN, news, msgs), Mirant Corp (MIR
, news, msgs), Reliant Energy, Inc (REI, news, msgs), and The Williams
Companies, Inc (WMB, news, msgs).
"Each of the companies was required, as a condition for the authority to sell
at market-based rates, to demonstrate that they did not possess market power
in the California generation market," Filner said in a letter to Federal
Energy Regulatory Commission Chairman Curt Hebert. "It is clear that these
firms, do, in fact, have market power and therefore do not satisfy the
prerequisite for authority to sell at market-based rates under FERC rules."
FERC granted the generators market-based rate authority in 1998 for three
years, and is in the process of determining whether to renew that authority.
Filner's letter comes on the heels of a meeting Thursday between California
Gov. Gray Davis and 22 federal lawmakers from the state, where all agreed
that FERC needs to take more action to curb skyrocketing wholesale power
prices in California.
The lawmakers have not, however, reached a consensus on how the FERC should
keep prices in check. At least one other Congressperson, Democrat Jane
Harman, said Thursday that she favored revoking generators' market-based rate
authority.
The state's grid operator filed a letter to FERC in March claiming generators
overcharged the state $6.2 billion for electricity they sold in the state's
power market between May 2000 and February 2001. FERC has ordered refunds for
overcharges totalling $124.5 million for January through March, 2001.
-By Jessica Berthold; Dow Jones Newswires; 323-658-3872;
[email protected]
Calif Gov Forms Team To Speed Power Plant Construction ????
Updated: Tuesday, April 24, 2001 03:34 PM?ET ?????
?
LOS ANGELES (Dow Jones)--California Gov. Gray Davis said Tuesday he has
formed a task force to help speed the construction of new power plants in the
state, according to a press release.
The team will examine construction schedules and shorten the startup time for
power plants to be built and develop methods to overcome potential delays
during construction, the release said.
The task force will comprise members of engineering and construction firms,
and will be led by Ambassador Richard Sklar, who recently completed service
as the U.S. President's Special Representative for Economic Reform and
Reconstruction in Southeast Europe.
Sklar is the former owner of a construction machinery manufacturing firm and
former president of a project management firm as well as former general
manager of San Francisco's Public Utilities Commission, the release said.
Other members of the task force include project management executives from
Bechtel Group Inc, URS Corp. ????????(URS, news, msgs), and Fluor Corp. (FLR,
news, msgs) unit Fluor Daniel.
"To keep up the momentum and ensure we have 15% more supply online than
demand by 2004, this project management team will work to expedite all phases
of the power plant construction process," Davis said.
Davis also said Tuesday his energy advisor and staff director, John Stevens,
is leaving the administration, but will continue to work with the governor on
energy-related issues.
-By Jessica Berthold; Dow Jones Newswires; 323-658-3872;
[email protected]
US Sens Unveil Bipartisan Bill To Cap Western Pwr Prices ????
Updated: Tuesday, April 24, 2001 12:17 PM?ET ?????
?
WASHINGTON (Dow Jones)--U.S. senators Dianne Feinstein, D-Calif, and Gordon
Smith, R-Ore., Tuesday unveiled bipartisan legislation to require federal
regulators to impose cost-based electicity price controls throughout the
western U.S..
The bill was unveiled at a press conference designed to ratchet up pressure
on the Bush administration to relent in its opposition to price controls in
response to a pending electricity supply crisis in the region this summer.
The measure would require the U.S. Federal Energy Regulatory Commission to
limit the prices power suppliers can obtain to their cost of production plus
a reasonable rate of return. The bill would allow FERC to determine what rate
of return power providers could obtain. The cost-based price controls would
remain in effect until March 1, 2003.
The bill also targets a FERC decision deemed to be exacerbating California's
electricity crisis by driving up natural gas costs in the state. It would
require FERC to end a temporary suspension of a natural gas transportation
rate cap for sales into California. The bill would mandate that natural gas
providers disclose to FERC commodity and transportation prices for sales into
California.
=====================================
|
4,964 |
Subject: First email re. Macroeconomics
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/76.
=====================================
Dear Macro class,
This message concerns the first macroeconomics class, which will be held next
week October 21, 22 in C210. Please read in the textbook "The Science of
Macroeconomics" and "The Data of Macroeconomics," Mankiw Chapters 1 and 2.
You should start receiving the Financial Times a few days before class begins.
If you do not receive your first copy before class begins, please contact
Shawn
Allison (allison@haas).
Homework zero. Please do before first class, but do not hand in:
1. List three ways in which GDP over- or understates a nation's typical
standard of living.
2. List 2 reasons why the CPI might over- or understate the true
inflation
rate.
3. What are 3 reasons why it matters if the CPI is accurate?
4. Please look in the Financial Times and find a story that fits your
name.
A) If your first name begins with A-D, find a story concerning why
living standards and output per capita differ so much between one or more
richer and poorer countries.
B) If your first name begins with E-K, find a story concerning
persistently high or low unemployment and inflation.
C) If your first name begins with L-O, find a story concerning
interest
rates and central bank policies.
D) If your first name begins with P-S, find a story concerning
exchange
rates and one or more of trade deficits, the current account, or capital
mobility.
E) If your first name begins with T-Z, find a story concerning
government macroeconomic policy and/or corruption.
I look forward to meeting you all in a few days. Good luck on your finals
this
week. Pleas remind classmates to sign onto the email alias e201b-1 or e201b-2
(they are identical), as only 39 people total have signed up.
Till soon,
- David
David I. Levine Associate professor
Haas School of Business ph: 510/642-1697
University of California fax: 510/643-1420
Berkeley CA 94720-1900 email:
[email protected]
http://web.haas.berkeley.edu/www/levine/
=====================================
|
4,965 |
Subject: PennFuture's E-Cubed - The $45 Million Rip Off
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/595.
=====================================
For over two years, PennFuture Facts has been informing you, and maybe even=
entertaining you, about important energy and environment issues in Pennsyl=
vania.
But PennFuture works hard not only to inform you about our state's energy a=
nd environment issues and problems, we work to solve them. If you haven't a=
lready, please visit our website at www.pennfuture.org to learn more about =
PennFuture, and support our work by becoming a member online. $25 a year is=
all it takes to help us make Pennsylvania a better place to live, work and=
visit!
PennFuture's E-cubed is a commentary biweekly email publication concerning =
the current themes and trends in the energy market.
=20
---------------------------------
October 15, 2001
Vol. 3, No. 19
The $45 Million Rip Off
Running back Ricky Walters, a native of Harrisburg, once responded to a que=
stion about why he did not lay his body on the line to catch a ball over th=
e middle by saying, "For who? For what?" Residential and business customers=
in the Duquesne Light service territory should also cry, "For who? For wha=
t?" to the news that, starting in January 2002 when Duquesne Light joins PJ=
M West, they will be charged $45 million per year to meet PJM West's new ca=
pacity requirement called ACAP, the close relative of the rogue PJM ICAP ru=
le.=20
Actually, in this instance, "for who" is clear. PJM and Orion are the parti=
es for whom customers will pony up $45 million, or $32.40 per year for a 60=
0 kWh monthly customer. Orion is charging $44 per MW-day for capacity, the =
equivalent of 0.45 cents per kWh. The cash goes into Orion's pocket and is =
a windfall for a "product" that typically has a marginal cost of zero (see =
the affidavit of Professor Peter Cramton, filed with FERC on behalf of the =
New England Independent System Operator, who properly concluded that ICAP s=
hould be scrapped). But the windfall to Orion is delivered courtesy of the =
PJM Independent System Operator that stubbornly clings to its failed ICAP m=
arket and won't replace it with forward operating reserve markets and requ=
irements.=20
The real mystery is, "for what" will customers be paying $45 million? Has a=
nyone shown that Duquesne's reliability record has been unsatisfactory? Has=
PJM demonstrated that the $45 million would reduce Duquesne's loss of load=
probability? There are no good answers to those questions. ICAP/ACAP remai=
n the biggest consumer rip-off in the wholesale market. It's past time for =
FERC, public utility commissions, and especially the offices of consumer ad=
vocate to insist on their abolition and replacement.=20
A few things must be remembered about ICAP:
Along with the huge ECAR region, an area twice the size of PJM, the Duquesn=
e Light Control Area prior to January 2002 had no ACAP or ICAP rules. And y=
et for the last 30 years the lights have stayed on in Pittsburgh as well as=
or better than in PJM. Even when PJM had rolling blackouts on January 19, =
1994, the Duquesne control area continued to provide reliable power.=20
So what will the $45 million buy consumers? More reliability? No. ACAP won'=
t increase the Duquesne control area's historic level of reliability. And e=
ven if it would, why is it necessary? Reliability in the Duquesne control a=
rea has been excellent. In fact, Duquesne and the rest of the ECAR area ens=
ure reliability through different, equally effective but lower-cost reliabi=
lity rules.=20
The Current ECAR Model
The ECAR model could be summarized by the phrase "pay only for what you nee=
d." The current reliability mechanism is met through purchasing 4 percent o=
perating reserves. These are made up of Load and Frequency Regulating (Spin=
ning) Reserves (1 percent) and Contingency Reserves of 3 percent divided in=
to 1.5 percent of contingency Spinning Reserves and 1.5 percent of Continge=
ncy Supplemental Reserves. These reserves margins have served western Penns=
ylvanians well, resulting in reliable service equal to - and in some cases =
exceeding - PJM.=20
Reserve payments compensate only those units that are not operating at the =
time but have the capability of generating in less than 10 minutes. The cos=
t for these reserves is not easily calculated due to lack of a transparent =
market. Yet they appear to be approximately less than $2/MW-day during on-p=
eak periods and often less than $1/MW-day. This would result in costs of le=
ss than $1.15/MW-day based on the Allegheny Power peak load. The cost for a=
typical residential customer would be .012 cents per kWh.=20
The Current PJM Model
The PJM model could similarly be described as, "pay for everything and stil=
l pay extra for what you need." Generators receive three payments, the rese=
rve payments mentioned above, a capacity payment, and an energy payment. PJ=
M, like ECAR, has a need for operating reserves and purchases these in orde=
r to maintain reliability. Additionally, the PJM model provides an Unforced=
Capacity payment to all generators based on their historical performance. =
Generators receive this payment whether or not they are able to operate on =
a particular day or are already being compensated for providing electricity=
. PJM currently compensates generators based on a 19 percent reserve margin=
. The overall cost of ICAP has varied considerably over the three years of =
competition. The average since 1999 has been $78.74/MW-day. This results in=
overall costs of over $1.6 billion per year. Residential customers have ex=
perienced ICAP costs ranging from about 0.4 to 1.8 cents per kWh. Moreover,=
on top of ICAP, a PJM customer must purchase additional spinning reserves =
costing approximately the same as the reserves in ECAR.=20
Ending the Rip-off
PJM should move to a reserve-based reliability methodology similar to ECAR.=
An Operating Reserve-based methodology used in tandem with PJM's competiti=
ve electricity market will furnish the same level of reliability but at gre=
atly reduced prices. This methodology should pay for those products that ar=
e really needed - excess reserves to be used during peak demand periods. A =
strong forward energy and operating reserve market can send the right price=
signals to build new generation - a fact that is readily apparent as we lo=
ok to the Mid-west where thousands of megawatts of new generation have been=
built in response to clear price signals over the past few years.
All this tells us that ICAP has its self-interested defenders but no justif=
ication for raiding consumers' wallets.
---------------------------------
E-cubed is available for reprint in newspapers and other publications. Auth=
ors are available for print or broadcast.
PennFuture (www.pennfuture.org), with offices in Harrisburg, Philadelphia a=
nd Pittsburgh, is a statewide public interest membership organization, whic=
h advances policies to protect and improve the state's environment and econ=
omy. PennFuture's activities include litigating cases before regulatory bod=
ies and in local, state and federal courts, advocating and advancing legisl=
ative action on a state and federal level, public education and assisting c=
itizens in public advocacy.
To unsubscribe, simply reply to this email with "unsubscribe" in the subjec=
t.
=====================================
|
4,966 |
Subject: Re: DA court appeal
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/1595.
=====================================
yeah, my call.....thought I would get a sense from the energy committee this morning, we meet today. Then I go to the dentist to get my permanent crown. Lots of fun.
Dot
"Dasovich, Jeff" wrote:
> Greetings folks. The folks doing the appeal have asked me to inquire if
> you folks would be willing to sign on. They understand (as do we) that
> the likelihood of prevailing is slim, but feel that beating the drum is
> important in continued effort to maintain current DA status and to
> attempt to preserve it going forward. (DA seems to need all the help it
> can muster given that Karl Wood and Bob Barnett appear to have control
> of the issue at the PUC.) Could you let me know either way if you'll
> sign on. Dorothy, talked to Keith yesterday, who said you'd be making
> the call on this one. Thanks a bunch.
>
> Best,
> Jeff
>
> -----Original Message-----
> From: Dorothy Rothrock [mailto:[email protected]]
> Sent: Monday, November 05, 2001 7:03 PM
> To: Keith McCrea; Evelyn Elsesser; dcarroll; William Booth
> Cc: Dasovich, Jeff
> Subject: DA court appeal
>
> Hello lawyers,
>
> Attached is a draft of an appeal to the Sup Ct. of the CPUC's decision
> to suspend DA. The authors would like review and comment and to
> consider joining the petition. Comments back to Jeff Dasovich asap, they
> want to file by Nov 9.
>
> Dot
>
> **********************************************************************
> 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.
> **********************************************************************
=====================================
|
4,968 |
Subject: Internet Daily for May 15, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12549.
=====================================
Charles Schwab & Co., Inc.
Internet Daily for Tuesday, May 15, 2001
by Frank Barnako CBS MarketWatch.com
-----------------------------------------------------------------
United, MSN in Net access deal
UAL Corp.'s United Airlines and Microsoft's MSN announced a
marketing deal Tuesday that will include the airline launching a
co-branded Internet access service and a branded version of
Microsoft's Explorer browser software. United will become MSN's
"premier airline service provider" and be featured on its home
page. The custom Explorer will allow United customers one-click
access to their frequent flyer accounts, online booking, and
flight and gate information.
-----------------------------------------------------------------
Wireless deals
Microsoft Corp. will deliver MSN content and services to
Handspring's new Blazer Web browser for use in Visor personal
digital assistants and other handheld devices using the Palm
operating system. Blazer is priced at $19.95. The company says it
allows access to virtually any site on the Internet, not just
those tailored for mobile access. MSN Mobile provides the default
home page on Blazer.
Yahoo said Web-enabled telephone users can access personal
finance information accounts established on the portal. The
company said its mobile service allows users to view bank,
brokerage and credit card account balances through Yahoo
Finance.
-----------------------------------------------------------------
Juno profits from politics
Juno Online Services Inc. has found it can charge higher prices
for its online political ads because they get responses. "We have
been able to hold steady or raise our rates while increasing our
client base," Roger A. Stone, a Juno vice president and director
of the company's advocacy network unit, told the Dow Jones
Newswires. The ads most often encourage readers to send
issues-oriented e-mails to members of Congress or federal
administrators. Such ad sales have doubled each year since 1998,
Stone said.
-----------------------------------------------------------------
Ask Jeeves' top questions
Driving directions, someone's e-mail address and "how much is
that French franc worth in real money?" were the most popular
queries at AskJeeves.com last month. Consumer comparison shopping
questions also made the top 10 list, including searches for the
best deals on used cars and airfare specials. "Where can I find
pictures of the latest hair styles?" was the 10th-most-asked
question.
-----------------------------------------------------------------
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http://CBS.MarketWatch.com/
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=====================================
|
4,969 |
Subject: Fall 01 Pre-Registration
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/10488.
=====================================
Judging from a number of e-mails I've gotten, this note may not have gotten
through. So here it comes again.
Diane
************8
HI Everyone,
It's just about time to think about registering for Fall 01 classes. Early
next week, TJ will be sending materials to your home addresses, and it's
very important that you read through them carefully. In the meantime, I've
attached a preliminary list of electives that will be offered.
Most importantly, please remember that there are two rounds of
pre-enrollment for Fall 01 classes. You must enroll in classes during
Round I to retain your seniority status in classes. So, for example, if
you are going to be a fifth semester student in the fall and forget to sign
up for classes during Round I, and then try to get into an oversubscribed
class in Round II, you will have lost your seniority status because you did
not sign up in Round I.
For those of you who would like to get academic advising (e.g., "Which
courses do I take if I want to be a consumer products marketer?) or program
planning (e.g., "How do graduate in five semesters?") please feel free to
make a telephone or in-person appointment with me. (Advising by e-mail is
nearly impossible because of the level detail required for effective
advising.)
As course descriptions become available, they will be put up on the web.
UPDATES ON UNKNOWNS IN THE EvMBA ELECTIVE COURSES
E220, Corporate Financial Reporting, Brett Trueman: Brett Trueman is the
Accounting group chair and is a fabulous teacher, winning the Outstanding
Teacher of the Year Award in the day program. If you're interested in
Corporate Finance or Investments, you should take this course eventually.
E234, Corporate Finance, Levy: Amnon Levy has a PhD from Kellogg, did his
undergraduate work in economics here at Berkeley, and is visiting next year
from NYU.
E236, Futures and Options, Manuel Ammann: Prof Ammann is a visitor from
the University of St. Gallen in Switzerland. He visited here last year,
and I heard he is great.
E259-1, Leadership, Nancy Euske: Nancy teaches the core course in OB and
has done an excellent job. This will NOT be Jenny Chatman's Leadership
course taught by Nancy Euske. It will be Nancy's Leadership
course. Please check the web site for a detailed description.
E264, High-Tech Marketing; Rajiv: Surendra Rajiv has a PhD from Carnegie
Mellon and will be visiting here next year from the University of
Chicago. He's taught High Tech Marketing and Pricing Strategies in both
the full - and part-time MBA programs at Chicago.
E268, Branding, Upshaw: Lynn Upshaw is principal of Upshaw & Associates, a
national brand and marketing consulting practice. Mr. Upshaw was formerly
Executive Vice President/Brand Marketing for Ketchum Communications
Worldwide and has written two books "Building Brand Identity: A Strategy
for Success in a Hostile Marektplace" and "The Masterbrand Mandate."
E278-1, Deals; Shelanski: Howard Shelanski is a professor at Boalt, and
the basic premise of the course is to tie contract theory, contract law,
and business strategy together. "How do structures of relationships
between firms, or more generally contracting parties, change with contract
law and strategic imperatives? The course will give students some tools to
think about 'business development' from both a legal and economic standpoint."
E296-4, E-Business Supply Chain Management, Hamid Noori: Hamid is a
Professor of Technology and Operations Management at the Laurier Business
School, Wilfird Laureir University in Waterloo, Ontario.
E296-5, New Telecom Ventues, Bob Harris: Bob Harris is a (young) retired
faculty member, who went on to establish a very successful consulting
company. Bob is a great teacher (I had him for Macro), and he is thrilled
to be back teaching a course on Entrepreneurship in Telecommunications.
E296-6 Pricing Strategy, Scott Davis: Scott is teaching this course this
semester and is doing a great job. He used to be a faculty member at
Washington University in St. Louis where he won the Outstanding Teacher of
the Year Award, but he moved out here and established a successful
marketing consulting practice in the Sacramento area.
COURSES YOU MIGHT THINK ABOUT IN THE DAY PROGRAM:
BA235 Portfolio Management (Th 2 - 4:00 pm), Jim Wilcox: Jim teaches our
E201B class (though he has been serving in Washington DC as Comptroller of
the Treasury for the past two years) and won the Outstanding Teacher of
the Year Award in the EvMBA Program just before he left for DC. This
course will be banking related covering topics such as interest risk and
measuring and controlling credit risk in financial institutions.
BA278 Contemporary Philanthropy (Th 4:00 - 6:00 pm), Fran Van Loo: Fran
is a Haas economist who also runs the Public and Not-for-Profit Program.
BA295C Entrepreneurship Workshop (M 2 - 4:00 pm), Danner: This course is
for those students who are actually in the process of "going live" with an
entrepreneurial idea. Please check the website for details.
BA299D Strategic Marketing Planning (Th 4 - 6:00 pm), Peter Wilton: Some
overlap with E210, but definitely a great class taught by a great instructor.
SOME GENERAL COMMENTS:
(1) You should try to take Competitive Strategy as late in your program as
you possibly can. You will get a lot more out of it if you bring to the
course as much previous coursework as possible. Obviously, you need to
balance this against the risk of the course not being offered in subsequent
semesters, but it is best to take that course later in your
program. Currently, Katz is scheduled to teach the course in Spring 02 as
well as F01.
(2) Finance is divided into two main areas: Corporate Finance and
Investments
- Corporate Finance: if you are interested in corporate finance you would
probably want to take some combination of E234, E220, E232, E285 (for
companies doing a lot of international/global operations), and perhaps
E233, and perhaps E222 (Valuation - for large companies involved in a lot
of acquisitions).
- Investments: if you're interested in Investments (investment banking,
financial services, etc.), you should probably want to take some
combination of E234, E220 and/or E222 (for individuals going into Mergers
and Acquisitions), E233 and/or E236, and E285 (if your company is involved
in intl markets).
(3) If you don't want to go into finance but feel like you need a little
more finance that just E203, Money Markets (E232) is a great class taught
by a great instructor. Please see web for more detail.
(4) If you are truly interested in concentrating in marketing, the two
"core electives" for marketers are E261, Marketing Research, and E262B,
Product Management. These two courses will give you the critical basics
needed for careers in marketing. Additionally, Pricing Strategy is an
important course. The many other marketing classes are more specific to
particular industries (e.g., Internet Strategy, High-Tech Marketing, etc.).
(5) I believe very strongly that EVERYONE should graduate with at least
one OB elective. In addition to the very popular Negotiations course, we
have some other great OB classes: Org Strategy with Bahrami; Leadership
with Chatman or Euske; Power and Politics in Orgs with Schroth in Spring
02, etc.. When alums are surveyed, they always say "I wish I took more
OB!" (I know - you've heard me say this a million times!)
If anything else comes up, I'll keep you posted.
Cheers,
Diane
- F01electives.doc
=====================================
|
4,970 |
Subject: FW: Enron Dumps CFO Amid Conflict Questions
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/762.
=====================================
You guys sure are in the news a lot!! I think you should take over - it's
the only way out
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, October 25, 2001 9:09 AM
To: [email protected]
Subject: Enron Dumps CFO Amid Conflict Questions
http://www.cfo.com
CFO.com's
Today in Finance
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Thursday, October 25, 2001
Circuit Breaker: Enron Dumps CFO Amid Conflict Questions
By Stephen Taub
Enron Corp. is set to replace CFO Andrew Fastow. As CFO.com reported in a
story earlier this week, Fastow's role in a limited partnership has raised
concerns about a conflict of interest.
Fastow is succeeded by Jeff McMahon, who had been serving as chairman and
CEO of Enron's Industrial Markets group. From 1998 to 2000, McMahon was
Enron's treasurer. He resigned that post in part because he disapproved of
Fastow's role in running two partnerships, according to The Wall Street
Journal.
"In my continued discussions with the financial community, it became clear
to me that restoring investor confidence would require us to replace Andy as
CFO," said Kenneth L. Lay, Enron chairman and CEO, in a statement.
McMahon, 40, joined Enron in 1994 and spent three years in the London office
as CFO for the company's European operations. Upon returning to the United
States, McMahon assumed the post of EVP of finance and treasurer for Enron
Corp. In 2000, he was named president and COO of Enron Net Works, where he
focused on E-commerce activities.
As reported on Friday, The Wall Street Journal said a limited partnership
organized by Fastow, who has been Enron's CFO since 1997, racked up millions
of dollars in profits from transactions conducted with the energy company.
On Monday, Enron said the Securities and Exchange Commission requested
information regarding certain related party transactions.
On October 16, Enron stunned Wall Street when it announced that it would
take a $1.01 billion after-tax charge for the September 30 quarter.
Since the announcement, Enron's share price has more than halved.
Fastow's dismissal seems to be an about-face for Enron. In a conference call
Tuesday, Lay said the partnerships were fully disclosed and took steps to
assure that there was no conflict as Fastow played both roles. Enron has
since dissolved the partnerships.
"Obviously, the board and even the lawyers and auditors realized that there
would be an apparent conflict of interest there and the board prescribed
certain methods for it to be dealt with ... so Enron would never be
compromised," Lay said in published accounts. "We are very concerned [at]
the way Andy's character has been loosely thrown about in certain articles,
as well as the company's reputation."
Predictably, on Wednesday at least two law firms - Stull, Stull & Brody and
Bernstein Liebhard & Lifshitz, L.L.P - filed class-action suits against
Enron, Lay, Fastow, and Jeffrey K. Skilling, the former Enron chief
executive who resigned in August.
The suits allege that the defendants issued false and misleading information
that materially misstated the company's condition and prospects to the
investing public. Moreover, the suits argue that the company failed to
disclose material information necessary to make its prior statements not
misleading.
The complaints charge that Enron issued a series of statements concerning
its business, financial results, and operations which failed to disclose,
among other things:
* The company's Broadband Services Division was experiencing declining
demand for bandwidth, and the company's efforts to create a trading market
for bandwidth were not meeting with success, as many of the market
participants were not creditworthy.
* The company's operating results were materially overstated, since Enron
failed to write down in a timely fashion the value of its investments with
certain limited partnerships - the partnerships that were managed by Fastow.
* Enron was failing to write down impaired assets on a timely basis in
accordance with GAAP.
Read On! For More of Today in Finance
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__________________________________________________________________________
Also on CFO.com:
BANKING: Banking Without Borders.
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CFOs ON THE MOVE: Parts is Parts? CFO at Lear Corp. Steps Down.
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CFO EXCELLENCE: Lessons from the Top Cop of Risk.
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________________________________________________________________________
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This email was sent to:[email protected]
=====================================
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4,971 |
Subject: Oil & Gas Journal Online 6/8/2001: Suppliers lobby California law
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28181.
=====================================
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/27/2001 11:38 AM -----
"Beiser, Megan" <[email protected]>
06/12/2001 03:56 PM
To: "'[email protected]'" <[email protected]>, "Allen, Stevan"
<[email protected]>, [email protected], [email protected],
"[email protected]" <[email protected]>, [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], "Fairchild, Tracy"
<[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], "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: Oil & Gas Journal Online 6/8/2001: Suppliers lobby California law
makers for direct access for consumers
This is another hit that grew out of the media advisory we sent out at the
end of last week. Also, be on the look out tomorrow for another direct
access story in the Orange County Register. That's when the reporter on the
story has told us it will run.
*********************
> Suppliers lobby California lawmakers for direct access for consumers
> By Kate Thomas
> OGJ Online Staff
> HOUSTON, June 8 -- The California Public Utilities Commission is scheduled
> to set a date formally ending retail choice for California consumers at
> its June 14 meeting, despite behind-the-scene maneuvering to keep choice
> alive for big power consumers.
> Large California electricity users and marketers have mounted a lobbying
> campaign in the legislature to keep direct access alive as an option.
> Sources said it has become a pivotal negotiating point in California Gov.
> Gray Davis's efforts to win Republican support for his proposed bailout of
> Southern California Edison Co.
> Davis ushered in the end of retail choice for electricity consumers when
> he signed a bill Feb. 1 that authorized the state to buy power on behalf
> of Pacific Gas & Electric Co. and Southern California Edison. The retail
> choice provision was added as amendment to the legislation. But it also
> left it up to the California PUC to set a date suspending the right of
> retail customers to select and use an alternative energy supplier.
> Davis appears willing to give suppliers and big businesses what they want
> in exchange for supporting his proposal to keep Southern California
> Edison, Rosemead, Calif., out of bankruptcy protection, sources said. He
> and the utility signed a memorandum of understanding under which the state
> would buy the company's transmission assets in exchange for various
> concessions on the part of Southern California Edison.
> But the deal also required various actions by the PUC and the California
> legislature. It also had deadlines under which certain actions were
> supposed to take place.
> So far little has happened. Earlier this week, the Alliance for Retail
> Energy Markets complained the PUC seemed ready to scuttle chances for
> achieving progress on either front by moving ahead to set a date to end
> competition.
> "There's no point for the PUC to support an order when it might be
> superseded by legislation," said Tracy Fairchild, a spokeswoman for the
> marketing organization whose members include Shell Energy Services, a unit
> of Shell Oil Co.; Enron Energy Services, a unit of Enron Corp.; both of
> Houston; GreenMountain Energy Co., Austin, Tex.; Commonwealth Energy
> Corp., White Rock, BC, and Strategic Energy LLC, an affiliate of Kansas
> City Power & Light Co., Kansas City, Mo.
> Opt out provision
> It isn't clear if PUC Commissioner Carl Wood has the support of other
> commissioners to set the date, Fairchild said. The commission also
> regularly postpones and pulls items off the agenda at the last minute if
> there is no consensus. But with a just-enacted rate increase that relies
> heavily on big business to carry the extra load the commission may not be
> amenable to giving large consumers an opt out provision.
> Suppliers have been lining up support wherever they can find it. Earlier
> this year, Vincent Viola, chairman of the New York Mercantile Exchange,
> weighed in on behalf of California suppliers and large retail customers.
> In a letter to Gray, he argued releasing medium and large commercial and
> industrial buyers from the obligation of using state-supplied power would
> free billions of dollars of state capital from the risks of volatile
> energy markets. "It seems that medium and large businesses have been
> deemed unable to negotiate fair and reliable supply contracts on their own
> behalf," he said.
> He noted if industrials and medium sized businesses were allowed to pick
> up a supplier, the role of the state would be rolled back to cover the
> less than 50% of the market that includes homeowners and small business
> owners.
> Viola also touted the use financial market instruments to protect against
> unexpected energy price moves, rather than locking in prices under
> potentially high-priced fixed contracts.
> While retail electric deregulation is in trouble in many parts of the
> country, big business is managing to keep its options alive. Nevada
> recently all but rescinded its deregulation law that would have given all
> classes of customers the right to choose a supplier and ordered incumbent
> Sierra Pacific Resources, Reno, to halt the sale of its power plants.
> But users of one megawatt or more of electricity were exempted at the last
> minute and can still buy from suppliers other than the regulated utility
> units of Sierra Pacific Resources.
>
>
=====================================
|
4,984 |
Subject: Electricity generators note Bush plan
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12850.
=====================================
Energy Boost Electricity generators note Bush's focus on more supply
Source: Fort Worth Star - Telegram
Publication date: 2001-05-19
Arrival time: 2001-05-21
Electricity generators around the country didn't need to read the Bush
administration's energy plan to know there's already a strong market for
their product.
"It's a bit of frenzy, I would say," Lane Kadel said of demand for the
natural gas-fired turbines brokered by his company, Utility Warehouse.com of
Portland, Ore. The 5-year-old enterprise, originally started to help electric
utilities buy and sell surplus equipment, has seen demand for
electricity-generating machinery move into high- voltage territory in recent
months.
With electricity already in short supply in parts of the country, headlines
of rolling blackouts in California, and growth projected to require more
power, U.S. electricity generators have announced plans for 312,836 megawatts
of new capacity. That's equal to about 40 percent of the nation's existing
generating capacity.
So it was no surprise to anybody in the industry that electricity figured
prominently Thursday in President Bush's energy plan. The plan largely
emphasizes the need to add more energy supplies, projecting that the nation
will need to add 393,000 megawatts of capacity by 2020. In 1999, the nation
added 10,266 megawatts of new capacity, according to the Energy Department.
Bush's plan also aims to speed up additions to generating capacity by easing
licensing, permitting and other regulatory review, including rules to
encourage more nuclear power plants.
The Bush plan, industry people say, apparently contains nothing to discourage
the industry's push to add supply.
"If there is, we haven't seen it," said Mark Stultz, vice president of the
Electric Power Supply Association, a group of independent power producers.
The plans for new capacity that have already been announced represent more
than $150 billion in potential investment in new electricity supply.
Not all the planned capacity will be built, at least not right away, said Tom
Rose, vice president of public affairs at TXU in Dallas. But a lot will, and
the projects that are postponed will probably still go through permitting and
land acquisition, "things that don't cost a lot of money," Rose said.
With that groundwork done, new capacity could come on line all the faster
when the market justifies it, he said.
The emphasis on adding supply doesn't please everyone in the electricity
business.
Jerry Davia, president of Orion Energy in Sausalito, Calif., would rather see
the government encourage investment in energy efficiency. Davia's company
consults with companies, including San Antonio-based H.E. Butt Grocery Co.,
to design and finance energy-saving systems.
"There's tons of new, energy-efficient technology out there all the time," he
said. "There's enough conservation to tackle any problems we have."
Energy users are probably in the best position to decide which energy
efficiencies make sense financially, but the government could make the
economics more attractive with tax credits and other incentives, he said.
"I don't see anything that bodes well" in the Bush plan as far as subsidies
and credits, he said. "And there's nothing just for California."
That's fine with Karl Rabago, managing director of the Rocky Mountain
Institute, a not-for-profit organization that advocates efficient use of
resources, including energy.
Rabago said he doesn't want energy use subsidized, because that
short-circuits the market mechanism that forces users to reduce consumption
in response to higher prices. At the same time, he also doesn't like aspects
of the Bush plan that he believes subsidize energy production.
Jesper Michaelsen, sales manager for wind turbine manufacturer NEG Micon USA
of Rolling Hills, Ill., said he was disappointed that Bush's plan doesn't set
any specific goals for increasing the amount of power generated from
renewable sources. Wind and solar sources account for just 2 percent of the
nation's total electricity market.
But Allen Barnett, who heads solar panel maker AstroPower of Newark, Del.,
said he's thankful for any attention at all, given the oil-and-gas
backgrounds of many Bush advisers. The Bush plan does include tax credits for
people who purchase solar panels.
"It's the most we could hope for," Barnett said. "I didn't expect them to
abandon their roots."
The Bush electricity measures that don't deal with adding generating capacity
address ways to build a bigger transmission system to carry power from
generators to users.
Two major recommendations include the creation of a national electricity grid
and giving federal regulators power to condemn private property for
infrastructure improvements such as new electrical transmission lines and
natural gas pipelines to deliver fuel to new generators.
Today, the United States has three regional electricity transmission grids:
Western, Eastern and Texas, which is mostly on its own grid and - unlike
energy-strapped states such as California - has a surplus of electricity.
Texas is virtually unconnected to the two regional grids, and the two
regional grids likewise aren't efficiently linked.
"It's going to lead to a lot of new investment," utility analyst Barry
Abramson, of the UBS Warburg investment firm, said of Bush's proposals.
"Right now, the country is full of transmission bottlenecks that make the
system less efficient and hinder competition and the delivery of power."
The 1995 Texas Legislature commissioned a study into tying Texas into the
national grids and concluded that it would cost $500 million to $600 million,
TXU's Rose said.
"It is not easy," he said. "It all has to be done at the same time," because
the amount of electricity moving between grids would quickly overload one or
two connecting lines.
Rose also said many states, including Texas, already allow governments to
condemn private property, a process called eminent domain. Public
transportation projects provide the most common use of eminent domain, along
with the construction of pipelines.
Kadel said boosting the nation's electricity infrastructure might be just as
important as adding generating capacity. "Right now you don't have any way to
move the electricity, so prices are high," he said.
This report includes material from The Associated Press.
=====================================
|
4,988 |
Subject: EBS Connected
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10534.
=====================================
----- Forwarded by Lara Leibman/Enron Communications on 03/31/01 09:47 PM=
=20
-----
=09EBS Marketing & PR
=0903/28/01 06:02 PM
=09=09=20
=09=09 To: All EBS Employees Worldwide
=09=09 cc:=20
=09=09 Subject: EBS Connected
Market Close 3/28/01 =20
58.10 -2.36
Bandwidth Intermediation
(through 3/23/01)
YTD Transactions 271 Counterparties 32
=20
LTD Transactions 483 Counterparties 55 =
=20
=20
=
=20
March 28,=20
2001 =20
GROWING MARKET FOR BANDWIDTH
=01&The market for bandwidth is developing more quickly than we anticipated=
=01)=20
faster than the markets for natural gas or even electricity,=018 said Paul=
=20
Racicot, vice president, EBS Global Trading and Risk Management.
Click here to read more.
KEVIN HANNON ON ESPEAK
Remember to join Kevin Hannon as he fields questions on eSpeak next Tuesday=
,=20
April 3 at 10:00 a.m. CST. All EBS employees worldwide are encouraged to=
=20
take advantage of this great opportunity to ask questions or express your=
=20
thoughts and ideas. Log onto eSpeak from eThink at home.enron.com to=20
participate in the discussion or ask a question. If you cannot join the li=
ve=20
chat, you can submit a question in advance and access the transcript after=
=20
the event. If you have any questions, please contact Carin Andre. =20
Click here to enter the eSpeak site.
Online Exlcusive: Money in the (Data) Bank
By Ted Jackson
March 21, 2001
Enron Finds Retail Ally For Software Venture
By Jeff Baumgartner
March 26, 2001=20
Rapid New Connections
By Alan Stewart
March 19, 2001
February/March 2001 Issue
Enron Unveils Storage Trades
Enron Broadband has completed a series of deals in the data storage market,=
=20
commoditising this fast-growing area for the first time. It acted as a=20
market maker, purchasing storage capacity from StorageNetworks - which was=
=20
then sold on to Best Buy, a retailer of electronics products. Crucially,=
=20
both contracts were based on Enron's standard contract and included firm=20
delivery with liquidated damages.
In the last few years the storage market has moved from being a self-manage=
d=20
and owned business to one where storage is served up from a standard metro=
=20
network. Enron's involvement will be bring flexibility of contract offerin=
g=20
and imbedded optionality, according to Ravi Thuraisingham, a senior trader =
at=20
Enron. "When we sell the product to the customer we remain in the market t=
o=20
buy the capacity back should they wish to unwind their position later. Tha=
t=20
is unprecedented," says Thuraisingham. =20
The storage market has historically been more flexible and more committed t=
o=20
firm delivery than the bandwidth market, but these trades mark a significan=
t=20
development. Rather than dated damages the storage market has tended to=20
favour discounts on future purchases. "There is a premium in the price for=
=20
firm delivery," says Thuraisingham.
He says that a number of other market participants are eager to commit to=
=20
Enron as a market maker. In addition, equipment vendors are excited by the=
=20
possibilities of the market. "most storage equipment at the moment is=20
supplied to the enterprise market. This development opens up the wholesale=
=20
storage capacity market," says Thuraisingham. =20
February/March 2001 Issue
Roundtable Preview
Marcello Romano, EBS vice-president bandwidth trading in London, is=20
participating in a roundtable on the development of the bandwidth trading=
=20
market. Other participants include TFS Telecom Division, Williams=20
Communications, Dynegy Global Communications, France Telecom and Telemonde=
=20
Networks. Following are his initial comments to Telecoms Capacity:
Marcello Romano is vice president bandwidth trading at Enron Broadband=20
Services in London, arguably one of the most important players in the=20
commoditisation of the market.=20
The concept of firmness of delivery will encourage more participants in the=
=20
long term. What is important to realise is that firmness doesn=01,t mean=20
delivery tomorrow. All it means is that if you commit to a date and then fa=
il=20
to deliver on that date you must pay damages. These are not punitive, they=
=20
are fair. In the telecoms sector, damages are usually payable in credits, b=
ut=20
it=01,s important that any damages go above what was originally paid in tha=
t=20
contract. Otherwise, there is no contractual incentive for the carrier to=
=20
deliver on time or at all. =20
=01; =01;
The downturn in investors=01, appetite to put money into telecoms companies=
will=20
hasten a trading culture. The carriers already trade capacity between=20
themselves to allow them to sell services. As investment for expansion=20
declines, these options will become more attractive. But it generally still=
=20
makes sense to build rather than buy where there is volume.
=01; =01;
Pooling points are the logical conclusion to the problems of connectivity.=
=20
Metro platforms are a key feature of a number of carriers=01, strategies be=
cause=20
they help you get around a lot of local loop issues and offer increased=20
access to buyers and sellers. Carriers are currently trying to build to as=
=20
many telehouses within a metro area as possible, because no-one wants to be=
=20
tied. The pooling point concept takes that to a logical conclusion. It is=
=20
more economical to create a hub that can then connect to all the telehouses=
=20
through the networks of the carriers involved. It=01,s efficient and fairly=
=20
cheap to connect. The idea that people don=01,t want to be involved with po=
oling=20
points because it=01,s a link you can=01,t control is nonsense. Carriers co=
nnect=20
with third parties such as CLECs all the time and rely on them to complete =
a=20
route. It=01,s not a revolution, it=01,s an evolution.
=01; =01;
You can be a player without owning a network. In Europe, Enron has no fibre=
=20
network and is involved in the buy and the sell side of the market. That=01=
,s a=20
positive development, which reinforces the model we=01,re trying to build. =
A lot=20
of players spend a lot of money finding and closing simple transactions. We=
=20
can help them do it cheaper and allow their sales force to concentrate on=
=20
higher value-added sales. What=01,s wrong with that?
UPCOMING TRAINING
Broadband Risk Management Advanced Course
Date: April 3-4, 2001 (2 days)
Time: 8:00 a.m. - 5:00 p.m. (CST)
Location: Houston, Shepherd Facility
Rooms: Gulf of Mexico and Padre Island
Registration link >> =20
EBS Luncheon Discussion Series
Take a walk in space with Joe Edwards, former NASA shuttle astronaut
Date: April 17, 2001
Time: 11:30 a.m. - 1:00 p.m. (CST)
Location: EB5C2
Lunch will be provided.
Fundamentals of Corporate Finance
Date: April 18-19, 2001 (1 1/2 days)
Time: 8:30 a.m. - 5:00 p.m. (Wednesday)
8:30 a.m. - 12:00 noon (Thursday)
Location: Houston, Shepherd Facility
Rooms: Padre Island
Registration link >>=20
If you have any questions regarding any of the above courses, please contac=
t=20
Rita Ramirez.
We want your ideas and feedback on EBS Connected. =20
=09
=09
=09
=09
=09
=09
=09
=09
=09
=09
=09
=09
=09
=====================================
|
4,990 |
Subject: interesting articles
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/455.
=====================================
Williams Invites Telecom Carriers To Talk Bandwidth
Friday, April 7, 2000 04:36 PM
?Mail this article to a friend
By Michael Rieke
HOUSTON (Dow Jones)--Following up on its February pledge to be a leader in
developing a liquid market for telecommunications bandwidth, Williams
Communications Group (WCG, news, msgs) will host a meeting of telecom
carriers next week.
Ken Epps, senior vice president for strategic marketing for Williams
Communications, told Dow Jones Newswires that the first objective for the
meeting will be understanding any concerns carriers might have about a market
for standardized trading of bandwidth.
That's a sensible approach for Williams Communications because the company
wasn't impressed last May when Enron Corp. (ENE, news, msgs) suggested
trading bandwidth as a commodity under standard terms and conditions.
Bandwidth is the capacity to move data on telecommunications networks.
Many observers thought that such a market would be ideal for Williams
Communications. After all, 85% of its stock is owned by Williams Co. (WMB,
news, msgs), which has been trading energy commodities like crude oil and
natural gas for years.
But Williams Communications didn't get behind the idea until February when it
told industry analysts it had formed a bandwidth trading group. The new group
includes Sharon Crow, who had been a gas trader and risk manager with
Williams Energy Services, a unit of Williams Co. She is now vice president of
bandwidth trading for Williams Communications.
Since then, a number of other companies have said they want to play in that
market - Dynegy Inc. (DYN, news, msgs); El Paso Energy Corp. (EPG, news, msgs
); Columbia Transmission Communications, a unit of Columbia Energy Group (CG,
news, msgs); and Koch Industries.
Those companies all have one thing in common and it isn't ownership of
telecommunications bandwidth. They all have years of experience trading
energy commodities.
Last month companies from the energy side joined some carriers and others
interested in standardized trading of bandwidth at a meeting put together by
CompTel, a telecom industry trade association.
At that meeting they decided who would be considered principals in the
bandwidth trading market - companies that will "take title to," or own,
bandwidth. In other words, principals will be either telecom carriers or
companies that will buy and sell bandwidth to manage risk in the
telecommunications industry.
They also formed a committee of principals to study standard terms and
conditions needed to establish a liquid market for bandwidth trading.
People who attended the meeting said two of the largest carriers were missing
at the CompTel meeting. MCI WorldCom (WCOM, news, msgs) was there but AT&T (T
, news, msgs) and Sprint (FON, news, msgs) weren't.
The meeting next week, which starts Monday, is for telecom carriers only,
Epps said. This week, he wouldn't mention names of the companies invited, but
last month he told Dow Jones Newswires his company's meeting would include
"the real players, the MCI WorldComms, the Qwests (Q, news, msgs), the
AT&Ts.... It's about people who have the assets and how we use these to
advantage the marketplace, how we build a good powerful market model," Epps
said.
Williams Invites Telecom Carriers To Talk Bandwidth
Friday, April 7, 2000 04:36 PM
?Mail this article to a friend
By Michael Rieke
HOUSTON (Dow Jones)--Following up on its February pledge to be a leader in
developing a liquid market for telecommunications bandwidth, Williams
Communications Group (WCG, news, msgs) will host a meeting of telecom
carriers next week.
Ken Epps, senior vice president for strategic marketing for Williams
Communications, told Dow Jones Newswires that the first objective for the
meeting will be understanding any concerns carriers might have about a market
for standardized trading of bandwidth.
That's a sensible approach for Williams Communications because the company
wasn't impressed last May when Enron Corp. (ENE, news, msgs) suggested
trading bandwidth as a commodity under standard terms and conditions.
Bandwidth is the capacity to move data on telecommunications networks.
Many observers thought that such a market would be ideal for Williams
Communications. After all, 85% of its stock is owned by Williams Co. (WMB,
news, msgs), which has been trading energy commodities like crude oil and
natural gas for years.
But Williams Communications didn't get behind the idea until February when it
told industry analysts it had formed a bandwidth trading group. The new group
includes Sharon Crow, who had been a gas trader and risk manager with
Williams Energy Services, a unit of Williams Co. She is now vice president of
bandwidth trading for Williams Communications.
Since then, a number of other companies have said they want to play in that
market - Dynegy Inc. (DYN, news, msgs); El Paso Energy Corp. (EPG, news, msgs
); Columbia Transmission Communications, a unit of Columbia Energy Group (CG,
news, msgs); and Koch Industries.
Those companies all have one thing in common and it isn't ownership of
telecommunications bandwidth. They all have years of experience trading
energy commodities.
Last month companies from the energy side joined some carriers and others
interested in standardized trading of bandwidth at a meeting put together by
CompTel, a telecom industry trade association.
At that meeting they decided who would be considered principals in the
bandwidth trading market - companies that will "take title to," or own,
bandwidth. In other words, principals will be either telecom carriers or
companies that will buy and sell bandwidth to manage risk in the
telecommunications industry.
They also formed a committee of principals to study standard terms and
conditions needed to establish a liquid market for bandwidth trading.
People who attended the meeting said two of the largest carriers were missing
at the CompTel meeting. MCI WorldCom (WCOM, news, msgs) was there but AT&T (T
, news, msgs) and Sprint (FON, news, msgs) weren't.
The meeting next week, which starts Monday, is for telecom carriers only,
Epps said. This week, he wouldn't mention names of the companies invited, but
last month he told Dow Jones Newswires his company's meeting would include
"the real players, the MCI WorldComms, the Qwests (Q, news, msgs), the
AT&Ts.... It's about people who have the assets and how we use these to
advantage the marketplace, how we build a good powerful market model," Epps
said.
=====================================
|
4,992 |
Subject: Inside FERC Summary of Comments on El Paso Complaints
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/271.
=====================================
18 INSIDE FERC-August 13, 2001
?2001 The McGraw-Hill Companies, Inc. Reproduction forbidden without permission.
BLAMING EACH OTHER, EL PASO SHIPPERS CALL FOR ALLOCATION OVERHAUL
Contract demand shippers last week argued anew that insufficient physical capacity exists on the El
Paso Natural Gas Co. system and that full-requirement shippers often are to blame for system disruptions
on peak days. In comments, various El Paso shippers called on FERC to address their concerns and many
suggested that the commission should pull together separate but related El Paso proceedings.
For its part, El Paso rebutted a July 17 complaint (RP01-486) by a group of mostly full-requirements
shippers located east of California. The EOC shippers alleged that El Paso was neglecting its responsibili-ties
to existing shippers while concentrating on drumming up new business without needed system
upgrades or expansions. The shipper group claimed that a 10-year rate freeze running through 2005 gives
El Paso no incentive to improve its system to maintain service quality (IF, 23 July, 3).
The complaint "is without foundation in fact, law or policy," El Paso insisted in an Aug. 6 answer. The
pipeline "has consistently maintained" facilities or built new capacity "whenever it has been economically
justifiable" under the 1995 settlement. In the meantime, a large and unexpected increase in full-require-ments
load has triggered use of a capacity-allocation scheme, which also was agreed to by parties in the
settlement, El Paso told FERC.
Frustration with the capacity-allocation methodology was expressed by CD shippers in response to the
complaint. In representative comments, the Indicated Shippers agreed with the EOC shippers that a
"chronic" shortage of capacity exists on El Paso but did not accept the EOC group's version of events that
led to the problem or its proposed solution. The EOC group asked FERC to direct El Paso to add facilities
and dedicate all of the 230,000 Mcf/day of capacity from an ongoing conversion project to existing firm
contractual obligations.
The Indicated Shippers derided the term "existing firm obligations" as vague enough to cover
new power plants and referred to the controversy surrounding El Paso's Redhawk project, which FERC
recently agreed can be built under automatic blanket authorization to serve two power plants in
Maricopa County, Ariz. To bring certainty to the El Paso system, all shipper rights must be better
defined, the Indicated Shippers demanded in calling for all full-requirements contracts to be converted
to contract demand contracts, echoing a similar assertion made in a July 13 complaint by a group of
CD shippers (RP01-484).
Otherwise, full-requirements shippers will enjoy unlimited use of capacity at the expense of other
customers, the Indicated Shippers continued. "The absurdity of the claim is demonstrated by analogy to a
request that an airplane be built to carry all customers who might request service on a particular day,
without requiring the customers to make a reservation," they said.
The "entire ability" of El Paso to handle increased volumes systemwide was questioned earlier this
summer by Commissioner Pat Wood III in a June 27 discussion prior to the Redhawk vote (IF, 2 July, 4). El
Paso was directed to relate in its order 637 proceeding (RP00-336) how well upstream capacity can handle
new load on the system. El Paso committed in a July 9 letter to serve full-requirements customers "while
satisfying" obligations to California customers.
On days of short supply, shippers using primary points are scheduled ahead of those using alternate
points and interruptible shippers, El Paso went on to say. If firm shippers using primary points exceed
available capacity, then volumes are allocated on a pro-rata basis. El Paso also reiterated its plans to use
the capacity from the conversion of the All American Pipeline L.P. to serve existing customers.
Beyond requesting the information in the order 637 proceeding, FERC should take another step to
consider "the totality of circumstances on the El Paso system" and reopen the pipeline's rates under section
5 of the Natural Gas Act, Southern California Edison Co. asserted. The increased load by full-requirements
shippers caused problems in flowing contracted quantities on El Paso, SoCal Ed contended.
Full-requirements and contract demand shippers pay for service differently, SoCal Ed continued. While
CD shippers pay demand charges for all their volumes, full-requirements shippers pay charges based on
total billing determinants of 766,659 Dt/day. When FR customers use more than that, El Paso is unable to
honor firm commitments and the customers "enjoy a free ride at the expense of California consumers," the.utility complained.
Oneok Energy Marketing and Trading Co. L.P. registered a similar concern, contending that the pro-rata
allocation methodology favors FR customers. "Full-requirements shippers can game the system by
nominating volumes far in excess of their actual needs, and thus receive disproportionate volumes in the
pro-rata allocation scheme" that El Paso uses, Oneok said.
Given that the related complaints deal with the same issue, Pacific Gas and Electric Co., Enron Corp.
and El Paso asked FERC to consolidate the cases. The cases should be addressed in one hearing where
"numerous allegations of contested fact" could be investigated, El Paso submitted.
But neither shipper group is right, the pipeline maintained. It insisted that it adheres to the letter of its
contracts, tariff and two settlements to meet obligations to customers. Because unanticipated growth in
full-requirements demand has caused use of the capacity allocation procedures, El Paso would like to
establish a new systemwide allocation methodology in the order 637 proceeding, it told FERC.
"In anticipation that this escalating usage under the FR contracts will come under commission
scrutiny, the [EOC] shippers apparently chose to make a pre-emptive strike," El Paso said. FERC
should consider whether there is a "reasonably proportionate limitation implied" in El Paso's FR
contracts, the pipeline continued. Full-requirements shippers cannot demand more and more volumes
without paying for it, El Paso held.
"It is ludicrous for the [EOC] shippers to suggest that it is economically justifiable for [El Paso] to
construct expensive mainline facilities, costing hundreds of millions of dollars, to serve ever-increasing FR
loads at [EL Paso's] commodity rates," El Paso argued.
Besides, the commission has no authority to force a pipeline to expand under the circumstances at
hand, El Paso continued. Under NGA section 7(a), FERC's ability to order a physical connection to a
pipeline is limited to service for local distribution, El Paso noted. Any decision about other pipeline
facilities must be left to stockholders and directors of the companies, it concluded.
=====================================
|
5,004 |
Subject: RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/1673.
=====================================
I assume that if an hourly PX market clearing price is mitigated per a FERC order it would affect variable "HC" in the formula laid out in the attachment.
It is not clear to me which variable represents hourly ISO imbalance energy costs, but I assume its "Est RT$". If I am right, that variable would be affected by the mitigated market price (MMP) for CAISO imbalance energy.
My comments are:
The FERC is able to only order refunds to jurisdictional entities and, given appeals, it may take years before the full extent of thre refunds are known. Therefore there will be a significant difference between the change in the mitigated market price (MMP) as declared by FERC and the PX credit. That is, a 10% reduction in the MMP should not be construed as having a 10% effect on the PX credit, assuming it can be recalculated at all. Specifically, only some of the "HC" or "Est RT$" costs can be adjusted per FERC refund orders.
Also, the PX credit is a tariffed rate. I do not believe the PU code allows for retroactive adjustments to tariffed rates unless there was an explicit cost tracking account (e.g. a balancing A/C). To my knowledge, no such account exists here.
Finally, I do not see a relationship between MMPs and (1) block forward costs on any date and (2) PG&E and/or DWR's procurement costs for the net short position post January 19. So, those PX credit costs should be unaffected by any FERC refund order.
Alan Comnes
-----Original Message-----
From: Steffes, James D.
Sent: Wednesday, November 14, 2001 7:22 AM
To: Dasovich, Jeff; Tribolet, Michael; Curry, Wanda; Mellencamp, Lisa; Jan Paul Acton (E-mail); Swain, Steve; Mara, Susan; Comnes, Alan
Subject: PG&E PX Credit Calculation
Attached is a summary of PG&E's notes on how they calculate the PX Credit (until January 19, 2001 when they hardwired $150/mwh). We continue to try and get a handle on how the FERC Refund case will impact the PX Credit and Negative CTC. If anyone has any issues or comments, please let me know.
Thanks.
Jim
<< File: PG&E PX Credit Calculation.doc >>
=====================================
|
5,005 |
Subject: Electricity traders' tech habits get scrutiny
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27748.
=====================================
This one is particularly amazing ...
Electricity traders' tech habits get scrutiny
Posted at 10:23 p.m. PDT Sunday, June 10, 2001
BY JENNIFER BJORHUS
Mercury News
State officials investigating California's extraordinary energy prices are
zeroing in on how energy traders use the technology tools of their profession
-- from e-mail and specialized software to Internet energy data sites and
online trading floors.
This technology may be key, they say, to helping traders acquire the intimate
knowledge needed to manipulate California's troubled energy market. With
minute-to-minute knowledge of market conditions, some traders went even
further, two lawsuits charge, illegally coordinating bids and sending
electricity prices to record-breaking levels.
The state Attorney General's Office has subpoenaed from power generators
software used to formulate bidding strategies, names of employees providing
computer support, communications with a prominent industry Web site and the
name of firms that handle computer networks.
And a state Senate committee has hired an information technology consultant
to help them look into how traders tracked patterns on the state's
Internet-based spot market, among other things.
``Once you were knowledgeable about its operations, the opportunity to game
it became pretty obvious,'' said Sen. Joe Dunn, D-Garden Grove, who chairs
the committee.
Anti-trust laws
Working together, or colluding, to fix prices is illegal and violates state
and federal anti-trust laws.
Sharing sensitive industry data, if it involved financial markets, would be
considered insider trading and would be treated far differently, said Anjali
Sheffrin, head of market analysis for the Independent System Operator, which
manages the state's power grid.
The Securities and Exchange Commission polices the nation's stock markets,
but wholesale energy trading goes largely unwatched by federal regulators.
San Diego attorney Mike Aguirre agreed with Sheffrin. Aguirre is part of a
team of lawyers who have filed two lawsuits against leading power generators
such as Dynegy, Duke Energy and Williams Energy Services.
``It's basically an embryonic kind of trading market that involves the
sharing of inside information, and the only reason they're getting away with
it is there's no SEC cop,'' he said.
Energy companies dismiss these charges as speculation.
``All of these `What ifs?' '' said Dynegy spokesman Steve Stengel. ``The fact
of the matter is we've played by the rules, we've acted ethically, we haven't
done anything wrong.''
Energy companies say the way they use technology is all above board.
``That's something that we're proud of, that we have all of the tools to do
the best possible job in the trading,'' said Paula Hall-Collins, spokeswoman
for Tulsa-based Williams Co.
Not everyone is persuaded that energy companies actually conspired to hike
prices.
Some public officials and energy industry players call the technology focus a
red herring. California's energy problems are far more fundamental, they say,
than click-happy energy traders with spreadsheets. The now-defunct California
Power Exchange, for example, was something of a sitting duck, unable to
freely shop around for the best electricity prices.
Wealth of data
Other experts believe the sheer wealth of data floating around -- from river
flows to 30-day forecasts of power line outages -- gives traders an unfair
advantage. ``That's exactly the issue,'' said Severin Borenstein, director of
the University of California Energy Institute. ``The issue is whether all
this information is actually doing more harm to competition than benefit to
the efficiency of procuring and selling power.''
The best illustration of this is a somewhat legendary Web site blunder.
In that incident, an energy industry association called the Western Systems
Coordinating Council posted highly sensitive real-time data about
transmission of extra-high voltage electricity in California.
Alarmed that such information could be used to game the market, the state's
grid operator last October demanded that the trade group take the information
off the site, which it did.
A former energy trader who spoke to the Mercury News on the condition that he
not be identified, said: ``When you can calculate exactly what a market needs
and where its surplus is going to come from, then you have the ability to
essentially fix prices. It's like a linear equation. You know exactly what
the end equation is going to be.''
At issue are how traders employ the tools that, like the telephone and fax
machine, are standard in trading electricity: software, data Web sites and
Internet energy exchanges.
Dunn and other public officials acknowledge that it isn't clear how
technology was used in suspected abuses. And no one has turned up slam-dunk
evidence of collusion.
The ISO has done extensive studies that conclude traders drove up prices
through gaming. The high prices have cost the state at least $6.7 billion
since May 2000.
``Energy traders trade information among themselves,'' the ISO's Sheffrin
charged, comparing it to insider-trading. ``These traders are calling each
other up all the time.''
The former energy trader who talked to the Mercury News agreed energy traders
as a very incestuous group.
They talk and e-mail every day. ``Sometimes many, many, many times a day,''
he said. ``Some of them have instant messaging.'' He said he believes it
could amount to ``de facto collusion.''
But proving collusion in court is extremely difficult.
The sticking point, said UC's Borenstein, is showing exactly what energy
traders did with the information.
``These guys aren't actually sitting down in a room together,'' Borenstein
said. ``They sort of watched each other and said, `Well, other firms are
keeping capacity out and we will too.' ''
The former energy trader said he doubted that investigators would prove
collusion because traders will cover their tracks. ``They're expunging
hard-drive data as we speak,'' he said. ``The documents are long gone.''
Lawsuits
Two class-action lawsuits, filed on behalf of taxpayers by San Francisco and
by Lt. Gov. Cruz Bustamante, accuse the energy companies of colluding to
drive up prices. Neither lawsuit clearly documents how the energy companies
engaged in secretive data-sharing.
The Bustamante suit, however, targets a new Internet site for wholesale
energy trading launched last fall by heavy-hitter energy companies such as
Duke and Reliant. The Atlanta-based Web site, IntercontinentalExchange, is
one of at least a dozen such electronic trading floors that have popped up on
the Internet in the last four years. None of these trading exchanges -- which
analysts say are the wave of the future -- are regulated.
IntercontinentalExchange declined to comment since it is not a party to the
suit.
The lawsuit charges the site ``has several features that support collusive
behavior amongst market participants.''
One is that only approved traders have access to IntercontinentalExchange and
those traders can pick who they want to trade with and shut other traders
out. And more importantly, Aguirre said, the energy companies who own many of
these Web exchanges get the tremendous benefit of having a record of all the
trades.
``It gives them an enormous amount of market data that no one else has access
to,'' he said. ``It's a conduit for collusion.''
------------------------------------------------------------------------------
--
Contact Jennifer Bjorhus at [email protected] or (408) 920-5660.
# # #
=====================================
|
5,008 |
Subject: FERC expands El Paso Pipeline hearing on Calif
Sender: [email protected]
Recipients: ['[email protected]', 'Duscha Brown" <[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27777.
=====================================
Looks like this won't be over soon.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 06/12/2001
10:50 AM ---------------------------
"Tracey Bradley" <[email protected]> on 06/12/2001 08:09:43 AM
To: <[email protected]>, "Aryeh Fishman" <[email protected]>,
"Andrea Settanni" <[email protected]>, "Charles Shoneman"
<[email protected]>, "Kimberly Curry" <[email protected]>, "Paul
Fox" <[email protected]>, "Ronald Carroll" <[email protected]>,
"Randall Rich" <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc: "Duscha Brown" <[email protected]>
Subject: FERC expands El Paso Pipeline hearing on Calif
A copy of FERC's order reopening the investigation into affiliate abuse is
attached.
Monday June 11, 10:08 pm Eastern Time
FERC expands El Paso Pipeline hearing on Calif
(UPDATE: adds NYMEX closing price)
By Julie Vorman
WASHINGTON, June 11 (Reuters) - U.S. regulators on Monday expanded a legal
proceeding into whether El Paso Corp (NYSE:EPG - news) affiliates improperly
shared information to boost the price of natural gas deliveries into
energy-starved California.
The Federal Energy Regulatory Commission (FERC) reversed an earlier decision
and granted a request by the California Public Utilities Commission for a
hearing on the activities of El Paso Pipeline, El Paso Merchant Energy-Gas
L.P., and Mojave Pipeline Co.
All are involved in shipping natural gas into California, where utilities
depend on the fuel to run electricity generating plants.
The California Public Utilities Commission alleged that the El Paso
affiliates' three shipping contracts for 1,220 million cubic feet per day of
guaranteed capacity to California were rigged to boost prices during much of
last year. Utilities and state regulators claim the high prices cost
Californians an extra $3.7 billion, a figure disputed by El Paso.
AFFILIATE ABUSE AT ISSUE
FERC, which regulates interstate pipelines and electricity markets, had said
in March that it found no sign of what is known in the industry as affiliate
abuse. The agency has rules requiring arms-length deals within a corporate
family.
``The commission now sets for hearing the issue of whether El Paso Pipeline
and/or El Paso Merchant engaged in affiliate abuse or violated the affiliate
standards in bidding for or awarding the El Paso contracts, including the
transportation discount granted by Mojave,'' FERC said in the Monday order.
The new hearing will become part of an ongoing case in which FERC
Administrative Law Judge Curtis Wagner is trying to determine if El Paso
deliberately curbed gas shipments to boost prices.
Although California prices eased in recent days, they have soared as much as
100 times higher than other states.
El Paso has denied any wrongdoing.
``The bottom line is that FERC had all the evidence before them when they
made their initial decision (in March) that there was no affiliate abuse. And
that evidence has not changed,'' said Norma Dunn, a spokeswoman for El Paso.
``We're very confident that they will rule in the same fashion again,'' she
added.
In late March, FERC ordered the first El Paso proceeding to determine if the
company exercised market power to drive up the price of natural gas in
California. But FERC also rejected at that time allegations that El Paso
Pipeline had improperly favored its affiliates during the so-called ``open
season'' when pipelines accept bids for contract deliveries.
The new FERC action came after California regulators alleged that El Paso
Merchant received secret information from Mojave during the open season.
``The commission now believes these allegations raise factual issues that are
best resolved in an evidentiary hearing,'' the FERC order said.
Separately, Judge Wagner asked FERC for ``guidance'' on whether he should
gather evidence on possible violations of the affiliate standards, which
could have influenced prices.
PUNISHMENT REMAINS UNCLEAR
On the New York Merchantile Exchange (NYMEX), Hub gas prices for July rallied
25.7 cents, or almost seven percent, to close at $4.179 per million British
thermal units (mmBtu) on Monday.
Under the FERC order, Judge Wagner has until June 21 to set a date for a
hearing on the new issue.
The agency also said it was premature to identify what punishment is
available if Judge Wagner determines that El Paso improperly exercised market
power.
The expanded proceeding means that a Sept. 4 deadline for a decision by Judge
Wagner has been suspended, FERC said.
The FERC order was endorsed by new FERC commissioner Pat Wood, a former Texas
utilities regulator and confidant of President George W. Bush. Wood joined
FERC earlier this month and is widely rumored to be in line to head the
agency.
Current FERC chairman, Curtis Hebert, a Mississippi Republican, took over the
leadership role in January at the insistence of then-Senate Majority Leader
Trent Lott.
In a concurring opinion filed with the new FERC order, Wood wrote that the
agency must ``act expeditiously'' on complaints. The El Paso allegations were
first raised in April 2000 but FERC did not move on the case until nearly one
year later.
``In overseeing competitive energy markets as a joint effort with our
colleagues at state commissions, it is critical that the FERC be seen as a
watchful and vigilant partner,'' Wood wrote. ``Expeditious referral and
action on filed complaints is a central tool in our market oversight
toolbox.''
Hebert also wrote a concurring opinion, in which he said he was committed to
a speedy resolution of the case.
- rp00-241-000.pdf
=====================================
|
5,012 |
Subject: FW: ACR Inviting Comment On DWR/CPUC Proposed Rate Agreement
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28900.
=====================================
Attached is an ACR issued today requesting comment on the Rate Agreement
reached by the CPUC and DWR (which I will send under separate cover). The
ACR highlights certain aspects of the Agreement and asks for parties to
evaluate the effects of the Agreement and indicate what they believe the
consequences of its adoption would be. Comments are due by August 1st.
The Agreement itself basically calls for DWR to set its revenue requirement
based on "Bond Related Costs" and "Operating Expenses" and for the
Commission to implement such revenue requirement. It is up to DWR to
determine whether the revenue requirement is just and reasonable prior to
submitting it to the Commission.
Please let me know if Enron is interested in Commenting on the Agreement.
Jeanne Bennett
-----Original Message-----
From: Wong, John S. [mailto:[email protected]]
Sent: Wednesday, July 18, 2001 10:11 AM
Subject: ACR Inviting Comment On DWR/CPUC Proposed Rate Agreement
Attached is an assigned Commissioner ruling (ACR) inviting comment on the
proposed rate agreement between the California Dept. of Water Resources and
the California Public Utilities Commission. Interested parties may file
comments with the Docket Office on or before August 1, 2001.
Please note that there are three attachments to the ACR. Attachment A, the
proposed rate agreement, is being forwarded to you as a separate PDF
document. Attachment B, the relevant Water Code sections, is contained in
the body of the attached Word document. Attachment C is the two page letter
from the DWR, the Dept. of Finance, and the Treasurer's Office to President
Lynch dated July 2, 2001. Attachment C was previously distributed to the
A.00-11-038 et al service list in the Chief ALJ's ruling dated July 5, 2001.
Today's ACR and all three of the attachments can also be accessed at the
CPUC's web site.
<<A0011038 Lynch Ruling.doc>>
John S. Wong
CPUC - ALJ
(415) 703-3130
- A0011038 Lynch Ruling.doc
=====================================
|
5,017 |
Subject: FW: Investor Relations updates
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/deleted_items/1692.
=====================================
Please see note from Christi Nicolay below.
Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160
-----Original Message-----
From: Noske, Linda J.
Sent: Tuesday, September 18, 2001 2:03 PM
To: Dernehl, Ginger
Subject: FW: Investor Relations updates
Can you forward for me?
-----Original Message-----
From: Nicolay, Christi L.
Sent: Tuesday, September 18, 2001 2:01 PM
To: Noske, Linda J.
Subject: Investor Relations updates
Linda -- Please forward to Gov't Affairs group.
GA folks:
Please copy David LeBoe (Investor Relations) on any summaries you do of significant regulatory events/issues (for example, major FERC orders.) Thanks.
=====================================
|
5,018 |
Subject: Teams for Upcoming FERC Proceedings
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', 'pr <[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/454.
=====================================
As you know, the Commission last week issued several important notices and papers regarding various policy initiatives that the Commission plans to address over the next few months. These issues are extremely important to Enron and we have been urging FERC to address and resolve (most) of these issues for many years. There is now a Commission in charge that looks like it is ready to act, and we need to be ready to respond.
In an effort to coordinate our efforts, we have developed coverage teams to respond to these FERC initiatives. The Washington advocacy group will also work closely with all of these teams. If someone is interested in a particular issue and was not included on that team, please feel free to call the Project Lead to have your name added to the team. All assistance is welcome. As you will see on the attached chart, many of the deadlines for responding to these initiatives are within the next few weeks, so the teams need to mobilize and establish a game plan for our responses very quickly.
On the attached chart, we have listed in the left column each of the FERC initiatives that will be starting or are currently underway. A "Project Lead" has been named for each initiative. The Project Lead will be responsible for developing and initiating a game plan for how Enron will respond in the proceeding. The Team Lead will be contacting each of you within the next couple of days to set up processes and procedures for moving forward. The team will be responsible for the initial determination of what issues should be addressed, what is the best way for Enron to respond to them, and producing draft comments. Once draft comments are prepared, the comments will be circulated to a much wider group of Government Affairs and commercial people to ensure that the team has captured all of Enron's important issues.
There is a column of "Inside Counsel" and "Outside Services." In some areas, we plan to use outside counsel or consultants and in others we do not. Where we do not list outside counsel, we will rely on our inside counsel to draft the comments (with significant input from the team members). Please remember, however, that even if outside services are listed, the RCR process must still be followed. If applicable, Project Leads should submit the necessary RCR request as soon as possible.
The following is a brief description of each proceeding and the Project Lead named for each proceeding:
RTO Meetings and Comments to NOPR: Sarah Novosel and Christi Nicolay will be the Project Leads in this proceeding. The RTO meetings will be held in Washington from October 15-19, and we hope to have an executive from Enron make a presentation on one of the panels. Comments will be submitted to FERC regarding the appropriate market design for RTOs. This team will also be responsible for these comments.
Standards of Conduct NOPR: Lisa Yoho will be the Project Lead. Comments are due in approximately 45 days. Several issues are raised in this proceeding, including a proposal to apply the standards of conduct to a utility's marketing affiliate buying and selling power to serve native load. This is a significant action for FERC and we will strongly encourage the Commission to adopt this bold proposal.
ICAP Inquiry: Christi Nicolay will be the Project Lead. Chairman Wood has indicated that he is not very familiar with capacity and reserve requirements, whether they are needed, and what impact such requirements have on the market. Enron has been a strong opponent of ICAP for many years, and we plan to show FERC that ICAP requirements are not needed. We will submit expert testimony on this issue.
California Audit and Westwide Price Cap Mitigation: Alan Comnes will be the Project Lead. Commissioner Brownell is leading a FERC audit of the California ISO. Although we do not have details of what the audit is intended to cover or how expansive it will be, we need to carefully monitor this proceeding and have input into the audit process where possible. Furthermore, a request for rehearing is pending before the Commission regarding the current price cap mitigation measures. The Commission implemented these caps in an effort to limit price spikes in California. California's summer peaking season is over, but the Pacific Northwest's winter peaking season will be starting soon, and the mitigation measures currently in effect could discourage power sellers from selling power to the Northwest, where it will be needed this winter. This team will be responsible for both of these proceedings.
Transmission Constraint and Energy Infrastructure Issues: Steve Walton is the Project Lead. FERC staff is studying two significant transmission constraints - California's Path 15 and the Central East Interface in New York -- and plans to have the study completed later this year. The Commission plans to forward the study to DOE. The Commission stated that this is a high priority for it. In a relating proceeding, the Commission has stated that it will hold four open meetings in different regions of the country to identify energy infrastructure issues. The team will also oversee the progress in these proceedings.
Revised Public Utility Filing Requirements: Susan Lindberg is the Project Lead. The Commission has issued a NOPR proposing to require market participants to provide more information than is currently required, including at least seven additional data points per transaction. This will have a significant administrative burden on Enron and could require the disclosure of commercially sensitive information. Comments are due on October 5.
California Refund Proceeding: Ray Alvarez is the Project Lead. The Commission has ordered power sellers to pay refunds for sales made to the California ISO from October 2, 2000 through June 20, 2001, and has established a hearing proceeding to resolve issues of material fact.
Pacific Northwest Refund Proceeding: Bob Frank is the Project Lead. The Judge in this proceeding issued an initial decision recently finding that refunds are not warranted in the Pacific Northwest. Briefs will be filed in response to the decision, and the Commission will review the Judge's order.
Midwest/Alliance RTO Proceeding: Mike Roan is the Project Lead. Various filings are pending before the Commission regarding establishment of two RTOs in the Midwest - the Alliance RTO and the Midwest RTO. Enron is advocating, consistent with the Commission's recent pronouncements, one single RTO in the Midwest. The Commission is expected to act on these filings shortly. Proceedings may be ordered.
Northeast RTO Proceeding: Sarah Novosel is the Project Lead. Mediation to create a single Northeast RTO has concluded and the Judge's report is pending before the Commission. A Commission order is expected on or before October 31. Additional proceedings may be ordered.
Southeast RTO Proceeding: Christi Nicolay is the Project Lead. Mediation to create a single Southeast RTO has concluded and the Judge's report is pending before the Commission. A Commission order is expected on or before October 31. Additional proceedings may be ordered.
=====================================
|
5,020 |
Subject: PG&E BANKRUPTCY CASE-- IMPORTANT
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/27743.
=====================================
As you may be aware, Enron Corp. is a member of the Official Unsecured
Creditors' Committee appointed in the Pacific Gas and Electric Company
bankruptcy case. Michael Tribolet with the Risk Assessment and Control Group
is Enron's designated representative on the committee and he is being
assisted by Lisa Mellencamp in the Enron North America Corp. legal group.
Please be advised that they will be restricted from disclosing certain of the
information that they receive.
Attached are Ethical Wall Procedures regarding confidential information that
Enron may receive as a member of the committee. It is important that you read
the procedures promptly, print the Employee Certification attached and sign
and return the Employee Certification to the Compliance Department as
directed.
=====================================
|
5,021 |
Subject: FW: Direct Access Application for Rehearing
Sender: [email protected]
Recipients: ['Lon W. House; Scott Blaising', '[email protected]']
File: dasovich-j/deleted_items/1571.
=====================================
Please forward this to those who agreed to sign on
-----Original Message-----
From: Dan Douglass [mailto:[email protected]]
Sent: Thursday, September 27, 2001 3:06 PM
To: ARM; 'Fairchild, Tracy'; Norm Plotkin; Gary Ackerman; Vicki Sandler; Anderson, Robert; Merilyn Ferrara; Herb Zinn; John Yurkanin; Max Bulk; Steve Huhman
Cc: Lon W. House; Scott Blaising
Subject: Direct Access Application for Rehearing
Importance: High
Attached for your review and comment is a third draft of the application for rehearing. The main changes are (1) the addition of several more parties (and will those who arranged for these parties to sign on PLEASE forward a copy of this draft to your contacts so that they get to see it and know how to contact me with any comments or suggestions); and (2) a legislative history section which summarizes the various pertinent bills and resolutions.
Please reply with any comments or suggested changes as soon as possible. Thanks!
Dan
Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd. Suite 244
Woodland Hills, CA 91367
Tel: (818) 596-2201
Fax: (818) 346-6502
[email protected] <mailto:[email protected]>
=====================================
|
5,025 |
Subject: RE: Probing the 'palace coup' -- or "eating their own"
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/310.
=====================================
you should have this. i sent it out yesterday. the scapegoating continues....
-----Original Message-----
From: Mara, Susan
Sent: Thursday, September 27, 2001 10:19 AM
To: Dasovich, Jeff
Subject: FW: Probing the 'palace coup' -- or "eating their own"
-----Original Message-----
From: Tracey Bradley [mailto:[email protected]]
Sent: Wednesday, September 26, 2001 3:34 PM
To: Aryeh Fishman; Andrea Settanni; Dan Watkiss; Jacqueline Java;
Kimberly Curry; Ronald Carroll
Subject: Probing the 'palace coup'
FYI
Probing the 'palace coup'
Electricity: A panel focuses on price hikes and the actions of the ISO president.
September 26, 2001
By KIMBERLY KINDY
The Orange County Register
SACRAMENTOA state Senate committee is set today to start serving 16 subpoenas on electricity producers and officials who manage California's energy grid to determine whether they acted in concert to manipulate energy prices.
T
he investigative committee, headed by state Sen. Joe Dunn, D-Santa Ana, is focusing on a series of events last fall filled with enough Shakespearean plot twists and intrigue that it has earned a name around the Capitol: "the palace coup."
Lawmakers and consumer groups allege that the events - directed by the man who heads the state's energy grid - fueled the California energy crisis, pushed the state into the power-buying business and helped make billions of dollars for power producers.
The central question behind the palace coup is whether Terry Winter, the president of the Independent System Operator, acted alone when he took steps to remove key price caps designed to limit the amount power generators could charge.
Winter defied his own board and Gov. Gray Davis when he filed a 50-page request to remove the caps, records and interviews show.
"I don't know how these events could have taken place without some concerted effort," said Dunn.
The subpoenas will force those involved, including Winter, to provide sworn testimony about the events to the committee, and to turn over e-mails, personal calendars and memos.
Davis spokesman Steve Maviglio said the governor felt "betrayed" by the actions of Winter.
"The governor believes it was the defining moment, when what was a mounting problem turned into an instant crisis," Maviglio said.
Winter refused comment, referring all questions to the public relations office. ISO spokesman Gregg Fishman said Dunn's committee will find no criminal conduct. The decision was made by ISO upper management with one goal in mind: to keep the lights on. At the time, generators were refusing to sell power in California because of the price caps.
"It was an emergency," Fishman said.
"We had to take action.''
What became known as the palace coup began on Oct. 26 when ISO board members voted for severe restrictions on the amount of money electricity producers could charge for power. The restrictions would drive prices as low as $65 per megawatt - nearly 12 times below the $750 per megawatt limits of seven months earlier.
"They (electricity generators) grinned and beared the $750 price cap, but this new plan by ISO was too much," said Dunn, whose committee has been investigating since March.
"All hell broke loose.''
Records show that on Oct. 31, power generators and electricity traders filed letters with the Federal Energy Regulatory Commission, demanding that the new plan be killed. The letters, six in all, were sent within two hours of each other and represented dozens of power generators.
"If not removed immediately, the (ISO) price cap will sow confusion in the market, threaten reliability and stifle new investment in generating capacity,'' read one letter written by Duke Energy Vice President William Hall III.
Although there is nothing illegal about the generators acting together to lobby against price caps, Dunn believes the letters and other actions around the same time showed clear coordination among energy officials. He said the main aim of the subpoenas will be to determine whether collusion occurred to "fix" prices, which would violate federal trade laws.
In the Oct. 31 letters, electricity producers told federal officials that if price caps weren't removed it would lead to a collapse of the energy market.
The generators got their way.
The next day, the federal commission killed the new pricing plan. What was left in place was a $250 price cap established five months earlier.
Power producers then turned their attention toward killing that cap, saying they couldn't make a profit even under these constraints.
They began to withhold power from California, and on Dec. 7 the ISO declared its first Stage 3 emergency and braced for blackouts, which were narrowly averted.
What followed the next day is considered by the governor and Dunn to be the pivotal moment of the energy crisis.
Winter, who in his position as president and chief operating officer of the ISO, submitted a 50-page emergency request, asking federal officials to abolish the $250 price cap. Final authority over lifting the cap rested with the federal government.
Neither the ISO board, which had established the price cap, nor the governor learned of Winter's actions until the cap had been removed. In fact, the attorney who helped draft the emergency request, Charles Robinson, was in a meeting with representatives of the governor and ISO board members just hours before the filing was made. He didn't mention anything about it.
"In retrospect, we should have told them,'' Robinson said.
With the price caps gone, the generators filed paperwork with federal regulators justifying higher costs.
"The ISO staff sat in a meeting with the governor's key energy advisers with poker faces, not saying a word about something that was going on at the exact same moment,'' Maviglio said. "It was beyond belief that they failed to mention something so significant. This action accelerated the utilities' move toward bankruptcy and forced the governor to move the state into the power-buying business."
Prices for electricity jumped from an average of $249 a megawatt to $700 a megawatt within three days, ISO records show.
Dunn believes the resulting overcharges for electricity exceeded $30 billion.
Robinson said the filing - granted two hours after the request - helped rather than hurt Californians. Prices, he said, did not spike as a result. Instead they followed the skyrocketing price of natural gas - which is used to run power plants to generate electricity.
Robinson said the emergency order allowed the ISO to secure refunds should overcharges for electricity be proven to federal officials.
"We believe the action we took addressed a severe concern,'' Robinson said. "In our view, we did not believe we changed or made worse the financial situation. We felt we made it better because it introduced a process for review and refund."
Jan Smutney-Jones, who was the ISO board chairman at the time and executive director of a group that represents power generators, said Winter did not consult him about eliminating the price cap. Smutney-Jones also said he was unaware of anyone in the power-generating community being consulted.
"Terry did this by himself,'' said Smutney-Jones, executive director of the Independent Energy Producers.
"He did what he thought had to be done at the time to keep the power flowing."
The ISO board called an emergency meeting the next week demanding Winter explain his actions. Some board members pushed to have Winter removed, but there were concerns such action would lead to more chaos, the governor's spokesman Maviglio said.
James J. Hoecker, the former Federal Energy Regulatory Commission chairman, defended making the December decision and also defended Winter.
"They filed an emergency motion, and we were not about to let California go dark,'' Hoecker said.
"They (ISO management) did what any independent system operator would do."
What Dunn's committee hopes to learn is why all these events transpired. He believes memos and e-mails around the time of Winter's Dec. 8 actions should provide vital clues.
"We don't know why he did what he did, but we are eager to find out," Dunn said. "Terry said he made that filing in the interest of Californians, but I find that argument has no basis in fact.''
=====================================
|
5,031 |
Subject: Re: IEP Press Call Friday, 1pm PST
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/10362.
=====================================
Great. Hey, is there a call-in # for the press call?
Jean Munoz <[email protected]>
03/23/2001 10:47 AM
To: <[email protected]>
cc:
Subject: Re: IEP Press Call Friday, 1pm PST
I'm having a blast!
Jean
on 3/23/01 8:39 AM, [email protected] at [email protected]
wrote:
>
> Greetings Jean.
>
> How might one listen in. Are we having fun yet?
>
> Best,
> Jeff
>
>
>
> Jean Munoz
> <jmunoz@mcnallyt To: Katie Kaplan <[email protected]>, "'Andy
> emple.com> Brown (E-mail)'" <[email protected]>, "'B Brown
> Andy (E-mail)'" <[email protected]>, "'Baker
> 03/22/2001 06:46 Carolyn (E-mail)'" <[email protected]>,
> PM "'Bob Escalante (E-mail)'"
> <[email protected]>, "'Bob Weisenmiller
> (E-mail)'" <[email protected]>, "'Curtis Kebler
> (E-mail)'" <[email protected]>,
> "'Douglas Kerner (E-mail)'" <[email protected]>,
> "'Greg Blue (E-mail)'" <[email protected]>, "'Jan
> Smutny-Jones (E-mail)'" <[email protected]>, "'Jeff
> Dasovich (E-mail)'" <[email protected]>,
> "'Joe Ronan (E-mail)'" <[email protected]>, "'John
> Larrea (E-mail)'" <[email protected]>,
> "'John Stout (E-mail)'"
> <[email protected]>, "'Julee
> Malinowski-Ball (E-mail)'" <[email protected]>,
> "'Kassandra Gough (E-mail)'"
> <[email protected]>, "'kent Palmerton (E-mail)'"
> <[email protected]>, "'Kristin Vellandi
> (E-mail)'" <[email protected]>, "'Lynn
> Lednicky (E-mail)'" <[email protected]>, "'Marty
> Wilson (E-mail)'" <[email protected]>,
> "'McNally Ray (E-mail)'"
> <[email protected]>, "''Nam Nguyen'
> (E-mail)'" <[email protected]>, "'Norton
> Kelli (E-mail)'" <[email protected]>,
> "'Paula Hall-Collins (E-mail)'"
> <[email protected]>, "'Pigott Jack
> (E-mail)'" <[email protected]>, "'Richard Hyde
> (E-mail)'" <[email protected]>, "'Rob Lamkin
> (E-mail)'" <[email protected]>, "'Roger
> Pelote (E-mail)'" <[email protected]>,
> "'Stephanie-Newell (E-mail)'"
> <[email protected]>, "'Sue Mara
> (E-mail)'" <[email protected]>, "'Theo Pahos
> (E-mail)'" <[email protected]>, "'Tom Ross
> (E-mail)'" <[email protected]>, "Carol H
> Hudson (E-mail)" <[email protected]>, steven kelly
> <[email protected]>, "'Anne Kelly (E-mail)'"
> <[email protected]>, "'Chuck Cole (E-mail)'"
> <[email protected]>, "'Delany Hunter
> (E-mail)'" <[email protected]>, "'DJ
> Smith (E-mail)'" <[email protected]>,
> "'Hedy Govenar (E-mail)'" <[email protected]>,
> <[email protected]>, "'Maureen OHaren
> (E-mail)'" <[email protected]>, "'Mike Monagan
> (E-mail)'" <[email protected]>, "'Phil Isenberg
> (E-mail)'" <[email protected]>, "'Robert Ross
> (E-mail)'" <[email protected]>, "'Ron Tom (E-mail)'"
> <[email protected]>, "'Scott Govenar (E-mail)'"
> <[email protected]>, "'Susan Mccabe (E-mail)'"
> <[email protected]>,
> <[email protected]>,
> <[email protected]>,
> <[email protected]>,
> <[email protected]>,
> <[email protected]>, <[email protected]>,
> <[email protected]>, <[email protected]>
> cc:
> Subject: IEP Press Call Friday, 1pm PST
>
>
>
>
> IEP will conduct a press call Friday March 23 @ 1pm. Feel free to listen
> in!
>
> Thanks,
> Jean
>
>
> --
> Jean Munoz
> McNally Temple Associates, Inc.
> 916-447-8186
> 916-447-6326 (fx)
>
>
>
______________________________________________________________________________
> ______________________
>
>
>
>
> Contact: Jean Munoz
> FOR IMMEDIATE RELEASE
> 916-447-8186
> March 22, 2001
>
>
>
>
> WEEKLY POWER UPDATE
>
>
>
>
>
> SACRAMENTO ' Jan Smutny-Jones, Executive Director of the Independent Energy
> Producers Association, will brief members of the media on California?s
> rapidly changing electric market during a teleconference Friday, March 23
> at 1:00 p.m.
>
>
> What: Press Availability Teleconference
>
> 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
> Producers Association
>
>
>
>
> # # #
>
>
>
>
>
>
>
>
>
>
=====================================
|
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