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Subject: State Board of Equalization Decision Stands in the Way of New Power
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28023.
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Contact: ?Jean Munoz ???????????????????????FOR IMMEDIATE RELEASE
???????????????916-447-8186 ???????????????????June 21, 2001
=20
State Board of Equalization Decision Stands in the Way of New Power Supplie=
s=20
Decision opposed by local governments, tax-payers
???The State Board of Equalization voted 5-0 Wednesday to usurp local contr=
ol=20
over tax assessments of electrical corporations =01. undermining current lo=
cal=20
incentives to welcome and site desperately needed power supplies in=20
California.=20
???"This decision defies logic =01. creating yet one more barrier, and more=
=20
uncertainty, for developers proposing to build desperately needed electrici=
ty=20
generation in California," said Jan Smutny-Jones, Executive Director of the=
=20
Independent Energy Producers Association. ?
???The Board?s action, if not found unconstitutional, removes many of the=
=20
incentives local governments have in siting new power plants by shifting=20
assessment authority from local governments to the state =01. potentially=
=20
distrupting the traditional revenue flow to local communities. ?
???This change was opposed by all the host local communities, the Californi=
a=20
Tax Assessors Association, the Kern County Tax Assessors, the Los Angeles T=
ax=20
Assessors, and Cal-Tax.
=20
=20
# ????????# ????????#
=20
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|
5,035 |
Subject: Dean Tyson Hosts Research Dialogue Lecture with Raymond Lane
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/2986.
=====================================
Just a reminder that the first lecture in the Annual Business Faculty
Research Dialogue Series will take place on November 3rd. Raymond J. Lane,
General Partner of Kleiner Perkins Caufield & Byers and former President of
Oracle Corporation, will be the first speaker in this series. The lecture
will begin at 4:00pm in the Arthur Andersen Auditorium and there will be a
reception in the Bank of America Forum immediately following the program.
There is open seating for this program - all are invited to attend.
?
Meredith LaCorte
******************************************************************************
***********************************
Meredith LaCorte
Administrative Assistant
Haas School of Business
545 Student Services Building #1900
Berkeley, CA 94720- 1900
=====================================
|
5,037 |
Subject: IEP Media Teleconference Wednesday @ 11am PDT 1-800-374-2393
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28166.
=====================================
Contact: ?Jean Munoz ???????????????FOR IMMEDIATE RELEASE
????????916-447-8186 ???????????????????June 26, 2001
=20
ENERGY PRODUCERS? POWER UPDATE
=20
SACRAMENTO =01. Jan Smutny-Jones, Executive Director of the Independent Ene=
rgy=20
Producers Association, will brief members of the media on California?s=20
rapidly changing electric market during a teleconference Wednesday, June 27=
=20
at 11:00 a.m.
What: ???Press Availability Teleconference
???
When: ?Wednesday, June 27, 2001
????????????11:00 a.m. PDT
Call In #: ??1-800-374-2393
????????????????Conference I.D: Independent Energy Producers (IEP)
Who: ???Jan Smutny-Jones, Executive Director of the Independent Energy=20
Producers Association
=20
# ????????# ????????#
=20
=====================================
|
5,038 |
Subject: Media Coverage of Direct Access News Conference--SJ mercury news
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28188.
=====================================
Some AReM members met with the SJ Mercury News Editorial Board and the
editorial below is the result
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/27/2001 01:28 PM -----
"Fairchild, Tracy" <[email protected]>
06/27/2001 12:27 PM
To: "Allen, Stevan" <[email protected]>, AReM <[email protected]>,
"Douglas Oglesby (E-mail) (E-mail)" <[email protected]>, "Erica Manuel
(E-mail)" <[email protected]>, "Fairchild, Tracy"
<[email protected]>, "Jeffrey Hanson (E-mail) (E-mail)"
<[email protected]>, "Joseph Alamo (E-mail) (E-mail)"
<[email protected]>, Megan Beiser <[email protected]>, "'Robert Morgan'
(E-mail)" <[email protected]>, "Warner, Jami" <[email protected]>
cc: "Warner, Jami" <[email protected]>
Subject: Media Coverage of Direct Access News Conference
Hello AReMers:
Below you will find the list of media outlets that covered our news
conference yesterday. In addition to media present at the conference, we
also had 12 reporters listening in via teleconference (only six asked
questions). I am attaching the stories that we have already found; we'll
send more as they are published today and throughout the week.
The SJ Merc editorial also ran today (it's excellent) and we're keeping an
eye out for the Bee editorial and the possibility that Bill Stall of the LA
Times may write on this issue. He was at the conference but has made only
neutral comments about whether he'll write anything.
Orange County Register--Kate Berry
Wall Street Journal--Rebecca Smith, John Emshwiller and Mitchel Benson
Associated Press--Karen Gaudette
San Jose Mercury News--John Woolfork, Mike Bazeley
North County Times--Dennis Devine
San Diego Union Tribune--Ed Mendel
San Francisco Chronicle--Greg Lucas, Bernadette Tansey (this story will
probably run on Friday)
Los Angeles Times--Bill Stall
Bloomberg News--Daniel Taub
California Energy Markets--JA Savage
Electric Power Daily--Ethan Howland
Restructuring Today--George Spencer
Natural Gas Intelligence--Richard Nemec
Capitol Public Radio (NPR)
KFBK Radio--Mike Ward
PacSat News Satellite
<<NGI Daily 2001June27.pdf>> <<rt010627.pdf>>
Even better than expected ....
Published Wednesday, June 27, 2001, in the San Jose Mercury News
EDITORIAL
The opinion of the Mercury News
PUC should keep consumers plugged in to power choices
AT the beginning, the restructured California electricity market was
supposed to include competition among sellers of electricity -- offering
green power or cheaper power -- not just competition among generators.
As things played out, retail competition was nearly smothered. Now, with the
state buying electricity on behalf of utilities, it could take a further
blow.
State officials are leery of letting customers go to other suppliers now
that the state will buy huge amounts of electricity over the next decade.
The Public Utilities Commission Thursday might suspend ``direct access,''
the ability of consumers large and small to cut their own deals with
electricity suppliers, instead of being forced to buy through the
state/utilities.
The PUC should leave it alone. Instead, the Legislature should continue
discussing ways of revitalizing direct access without leaving the state with
long-term contracts and not enough customers.
Ultimately, the state should get out of the electricity business. Keeping
retail competition alive is one avenue of escape.
********************************************************
There's a slightly negative zinger at the very end, but overall a balanced
story.
Published Wednesday, June 27, 2001, in the San Jose Mercury News
CALIFORNIA'S ENERGY CRISIS
PUC likely to call a halt to shopping for power
BY MICHAEL BAZELEY <mailto:[email protected]>
AND JOHN WOOLFOLK <mailto:[email protected]>
Mercury News
State regulators Thursday are expected to pull the plug on electricity
deregulation's core feature: the ability of customers to shop around for
alternative power.
After July 1, residential and business customers would no longer be allowed
to shop for a new electricity provider under a measure expected to be
approved by the California Public Utilities Commission.
State leaders fear that after stepping in and buying premium-priced power to
avoid blackouts this year, big businesses will flee for a better deal,
sticking small consumers with the government's energy bill. Those consumers
would then face higher rates, causing even more to flee.
``You create a death spiral,'' said Sen. Debra Bowen, D-Redondo Beach.
Business leaders, alternative energy providers and some state officials are
desperately trying to head off the move, saying they've saved a bundle on
energy through the ``direct access'' option of bypassing the major
utilities.
``While we're coping with the rate increase, we think direct access is the
best way for us to manage the cost of energy,'' said Dominic DiMare,
legislative advocate of the California Chamber of Commerce.
``It leads to market discipline as well as innovation,'' DiMare said.
Supporters argue the state, which approved a record $13.4 billion in bonds
to cover power costs, can guarantee payment without killing off customer
choice.
They backed an alternative proposal Tuesday by utilities Commissioner
Richard Bilas in which customers would pay a charge to cover the state's
energy bonds, regardless of their electricity provider. Customers already
pay similar charges to cover an array of costs from nuclear decommissioning
to conservation programs.
``It still gives people the opportunity to buy energy that might not
necessarily be cheaper, but that meets their needs more,'' said Rick
Counihan, spokesman for Green Mountain Energy, which markets power from
renewable sources such as solar and wind.
But even Bilas gives his proposal long odds of approval, saying ``If I were
a betting man'' he'd say his plan ``would go down.''
The ability to shop for power was the impetus for the state's 1996
deregulation bill. The architects of deregulation -- led by business groups
-- believed that if customers could buy power directly from producers, it
would promote competition and drive down prices.
It never happened.
Wholesale power costs soared, and that, along with a host of other issues,
drove companies out of the state, forcing tens of thousands of consumers
back into the arms of utilities.
Now, though, with significantly higher electric rates going into effect this
month, choice is looking more attractive than ever to big businesses. Joined
by alternative power companies, they are trying to push a bill through the
Legislature that would set up a framework for continued choice.
``Manufacturers live and die by the ability to cut costs,'' said Gino
DiCaro, spokesman for the California Manufacturers and Technology
Association. ``If they have an opportunity to save money, we don't feel
there's any reason that should be taken away.''
That type of freedom raises a host of thorny issues. The state is now buying
power on behalf of utilities and entering into dozens of long-term power
contracts. If businesses and residential users flee the system, the state
could be left with a surplus of costly power and fewer users to pay for it.
That, in turn, could mean higher rates for the remaining users.
Bowen is trying to address these issues in a bill that would make customers
pay when they leave the system. Her bill also would allow users to go into
the market only during annual enrollment periods, and it would limit the
amount of power that could be bought on the open market.
Business groups are fighting those provisions.
Contact Michael Bazeley at [email protected]
<mailto:[email protected]> or (415) 434-1018.
Tracy Fairchild
Senior Account Supervisor
Edelman Public Relations Worldwide
(916) 442-2331
[email protected]
- NGI Daily 2001June27.pdf
- rt010627.pdf
=====================================
|
5,040 |
Subject: Great article -- Validation!
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/350.
=====================================
Williams Communications Forms Bandwidth Trading Grp
Friday, February 11, 2000 12:50 PM
?Mail this article to a friend
By Michael Rieke
HOUSTON (Dow Jones)--Williams Communications Group Inc. (WCG, news, msgs) has
formed a bandwidth trading group in a step toward embracing standardized
bandwidth trading.
The company was initially opposed to the idea of bandwidth trading as a
commodity under standard terms and conditions, so its change of opinion is
being viewed by analysts as a key step toward creating a commodity market for
telecommunications bandwidth.
Williams Communications now wants to be a leader in setting industry
standards for bandwidth trading, Gordon Martin, president of Williams
Communications' carrier services, told Dow Jones Newswires.
The company plans to draw on the commodity trading experience of Williams Co.
(WMB, news, msgs), Martin said. Williams Co., an energy company that owns 85%
of Williams Communications, has been trading energy commodities such as
natural gas for years.
Williams Communications has named Sharon Crow as vice president of bandwidth
risk and optimization management. She was previously a gas trader and risk
manager with Williams Energy Services, a unit of Williams Co.
Williams Communications has one of the largest interstate telecommunications
networks in the United States. It has recently been adding more
telecommunications fiber on both the local and international level, Martin
said.
"This is a market that may not be at a maturity level that others would like
to think it is in terms of ability to trade," Martin said.
That's a clear reference to Enron Corp., which proposed last year that
bandwidth be traded as a commodity under standard terms and conditions. Enron
did the first such trade in December, agreeing to buy DS-3 bandwidth from New
York and Los Angeles in monthly increments from Global Crossing Ltd. (GBLX,
news, msgs). A DS-3 fiber moves data at a rate of 45 megabits per second.
Tom Gros, vice president of global bandwidth trading for Enron, said he
welcomes Williams to the bandwidth trading market. "This is something that
enables all of us to more effectively manage our bandwidth and offer more
innovative solutions to our clients."
Williams Communications' Martin is quick to point out that his company has
been trading bandwidth for about 15 years.
Those deals have typically been long term, as long as 15 to 20 years.
Traditional bandwidth deals take weeks or even months to close as companies
negotiate quantity, price, quality of service, creditworthiness, damages for
non-performance and other issues. Each new deal would start again from
scratch to negotiate those issues.
By setting standard terms and conditions to cover such issues, industry
players can trade bandwidth more quickly and more efficiently, Crow said.
The resulting liquidity will add flexibility to the telecommunications
industry, allowing producers and users of bandwidth to manage risk. Crow said
Williams Communications wants to take the lead in forming a
telecommunications industry committee to standardize terms for bandwidth
trading.
That's an about-face for Williams Communications. Last May a company official
was quoted as saying that bandwidth couldn't trade as a commodity under
standard terms and conditions.
Last December another company official spoke at a bandwidth trading
conference in New York City. He was still skeptical but softened the
company's opposition to the idea.
Crow said Williams Communications and Williams Co. have had a committee
studying the bandwidth trading idea for more than a year.
The group was looking at the issue from a timing perspective to see how long
it would take to become liquid. Now Williams Communications wants to help
spur that liquidity.
Part of Williams Communications change of opinion has had to do with the
evolution of Enron's trading proposal. It was originally seen by Williams as
a proposal to trade minutes of long distance telephony minutes, said a
Williams official who didn't want to be identified. Later it evolved into
trading of high-speed data transmission bandwidth.
It's also become evident this year that the stock market likes the bandwidth
trading idea. Before Enron did its first bandwidth trade in early December,
its share price was less than $38 a share. Then mutual funds came in to buy
large blocks of stock in December, pushing the share price above the $50
mark.
The share price got another shot in the arm when Enron played up bandwidth
trading and its fiber-optic network at its analysts meeting Jan. 20. On Jan.
19, Enron's stock closed at $53.50 a share. On the day of the analysts
meeting, it closed at $67.38. The next day it closed at $71.63.
The market's reaction to Enron's bandwidth position "did invigorate our
examination of the issue," said the Williams Communication official.
"The market had shown a willingness to reward the kind of capability we
believe we had but that we hadn't brought this kind of focus to," he said.
All the Williams Communications officials stressed that a liquid market in
bandwidth would enable the company to manage risk for itself and for its
customers.
Under the traditional long-term deals, a bandwidth consumer has to buy enough
bandwidth to handle its maximum needs. It continues to pay for all the
bandwidth even if it's using only part of it at times. A liquid market would
allow a consumer to more closely match its bandwidth purchases with its
needs.
Williams hopes to be pushing liquidity in certain aspects of trading, like
monthly deals instead of only multi-year deals, said a company official.
The more bandwidth trades, the more buyers and sellers learn about the value
of individual telecommunications products, he said.
Crow said the company is still working on an "action plan" to put together
its trading group. It could draft employees from the Williams Communications
long-term trading and deal organization group, the Williams Co. energy
commodity trading group and from outside the company.
As for organizing an industry group to set standards for bandwidth trading,
she said that could be as simple as calling other telecommunication carriers.
=====================================
|
5,041 |
Subject: Re: *****Information required by FERC, Docket No. EL00-95-027, et
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11107.
=====================================
Context of today's data request (2 articles):
US FERC To Compile Data On Calif DWR Power Contracts
04/13/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
WASHINGTON -(Dow Jones)- The U.S. Federal Energy Regulatory Commission issued
an order late Thursday requiring 49 electricity providers to file information
regarding contracts they have entered into with the California Department of
Water Resources.
The information, due by the close of business Monday, is being compiled on
behalf of the House Government Reform Committee, which held hearings in
California this week as part of its oversight investigation into the state's
electricity-supply crisis.
Rep. Dan Burton, R-Ind., the committee's chairman, requested the information
from FERC to determine whether the commission's order Dec. 15 designed to
move the state away from reliance on volatile spot markets for power supplies
and into lower-cost long-term contracts has been effective.
The state water department has been purchasing power for months on behalf of
the state's two financially troubled utilities, spending more than $4 billion
at a rate of $50 million daily.
Edison International unit Southern California Edison (EIX) and PG&E Corp.
unit Pacific Gas & Electric Co. have amassed more than $13 billion in
liabilities, because state-regulated retail rates don't allow them to pass
through high-cost wholesale power purchases.
PG&E filed for Chapter 11 bankruptcy protection on behalf of its utility unit
a week ago. Monday, Edison entered into an agreement to sell the state its
transmission lines in a bid to restore financial solvency.
FERC's order Thursday requests information from 49 power suppliers on both
short- and long-term contracts they may have entered into with the department
since Dec. 15. FERC said it will treat the information as confidential,
unless the supplier states otherwise.
One Democratic official in Washington suggested the House panel is engaged in
a partisan "bashing" effort targeting California Gov. Gray Davis, who has
widely been touted as a presidential prospect for the 2004 election.
Davis spokesman Steven Maviglio supported the official's assessment.
"What a shock! Dan Burton is at it again," Maviglio said facetiously of
Burton, who derived a reputation as a partisan foe of former U.S. President
Bill Clinton with his many investigations into Clinton and his
administration.
"The bottom line is they're aiding and abetting the generators," Maviglio
said of Burton's committee.
The governor's spokesman also questioned whether the information FERC amasses
under seal of confidentiality will remain private once turned over to the
committee.
The committee's offices were closed Friday, so no response was immediately
available.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647, [email protected]
..............................................................................
.......................................................
?
Congressional Committee Members Question California Utility Officials
Michelle Guido
04/12/2001
KRTBN Knight-Ridder Tribune Business News: San Jose Mercury News - California
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)
Officials from California's two major utilities and two of its smaller power
generators were in the hot seat in San Jose on Wednesday, fielding questions
from federal lawmakers about their role in the state's power crisis.
On Day 2 of a three-day swing through California, three Republican members of
a U.S. House subcommittee on energy policy and three local Democratic
representatives heard testimony from utility officials and from the chairman
of the Federal Energy Regulatory Commission.
The energy crisis is expected to bring rolling blackouts to California
through the summer months and energy officials warned on Wednesday that the
high prices consumers face here undoubtedly will spill over into neighboring
states if FERC doesn't cap prices now.
But FERC Chairman Curt L. Hebert Jr. reiterated what he said Tuesday at a
western energy summit in Boise: He does not support price caps on electricity
-- in California or any of the western states.
"The energy is going to go where the caps are not, and nine out of 11 western
state governors have said they don't want price caps in their states," Hebert
said. "A cap sends us in the wrong direction."
Instead, he said, by May 1, FERC will unveil a plan to monitor energy prices
and in some cases, might mitigate the price of energy sold on California's
more expensive spot markets. He wouldn't elaborate, but made it clear those
adjustments would not include price caps.
Government Reform Committee Chairman Dan Burton of Indiana opened the hearing
by saying the committee's mission was not to "point fingers."
"We wanted to see if there were ways the federal government and the state
government could work together to get past this crisis."
At one point early in the hearing, demonstrators attempted to address the
lawmakers. They were ushered out of the room by security personnel.
Burton was joined by Republican representatives Doug Ose of Woodland and
Steve Horn of Lakewood. Also participating in the hearings were Democratic
representatives Zoe Lofgren and Michael Honda of San Jose and Barbara Lee of
Oakland.
The Democrats pushed strongly for FERC to consider price caps.
"We need to gain control of this out-of-control market and gain control of
the price gouging," Lofgren said.
Honda concurred: "We believe that FERC has a responsibility and they've even
said that rates are unjust and unreasonable. We need short-term caps."
It was clear that Burton doesn't believe that price caps are the answer. In
fact, on several occasions, he suggested that capping energy prices might
result in even more blackouts as summer approaches.
Lee suggested that some people believe the only way out of the crisis is some
form of re-regulation. But Dede Hapner, vice president of regulatory
relations for PG&E, said she wasn't sure that was the answer.
"We still think a correctly structured market could work. It's certainly
working in other states," Hapner said. "In retrospect, the way the
deregulation market was structured was designed to fail."
Today the hearings move to San Diego, where members will hear from
representatives of generators that have been accused of overcharging
California, including Reliant Energy, Sempra Energy and Williams Energy
Services.
..............................................................................
.......................................................
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
5,042 |
Subject: Sacramento Bee Article: "Electricity prices soar as changes take
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/4587.
=====================================
Electricity prices soar as changes take hold: Tab skyrockets under rule
easing wholesale controls
By Carrie Peyton
Bee Staff Writer
(Published Dec. 12, 2000)
Some wholesale electricity prices on California's Power Exchange nearly
tripled between Friday and Monday and others nearly quadrupled, while
officials declared another electric emergency.
In the first full business day under new, sharply disputed trading rules
aimed at averting blackouts, prices of electricity on the Power Exchange,
where the bulk of California's electricity is bought and sold, surged far
above Friday's $250 per megawatt hour.
The day's first PX auction produced average prices of $904 per megawatt hour,
and a second auction used to adjust transmission line use produced prices of
$668.
One year ago, the average PX price was about $30, Power Exchange spokesman
Jesus Arredondo said.
"Prices were crazy yesterday and they're crazier today," Arredondo said.
"This will be the most expensive month ever in California, I'm sure of it."
The California Independent System Operator blamed high natural gas costs and
strong electric demand throughout the West for Monday's price run-up, but
critics suggested it was early evidence that the new trading rules have
backfired.
At the ISO's request, the Federal Energy Regulatory Commission late Friday
gave permission to lift a $250 price cap and replace it with a requirement
that power sellers who set prices higher than $250 must explain them later.
The ISO said the changes would improve the grid's stability by attracting
more power to California, repaying plant owners for high natural gas costs
and reducing last-minute deals.
The rules were immediately attacked by Gov. Gray Davis and state regulators,
who argued that the rules would drive up prices without solving the other
problems.
That's just what happened Monday, said Steve Maviglio, spokesman for Davis.
"Price gouging has reached a new level," he said. "It's not surprising. It's
exactly what the governor predicted."
In addition, a "glitch" in the way the ISO and the PX use two-stage
electricity auctions to ease congestion on transmission lines will
temporarily spur more last-minute trading instead of less, according to power
plant owners and the ISO.
ISO officials, who have long warned that last-minute deals can hurt the
stability of the electric grid, said the effect will be minimal, but Power
Exchange officials predict it could be massive. The test will come today.
In an effort to solve the problem, the PX late Monday asked FERC to make
another emergency change in trading rules, lifting caps on the second round
of power auctions, which are used to set "congestion" pricing.
The PX buys electricity from power plant owners and sells it to buyers,
almost universally the utilities, which then turn around and supply
Californians power. The ISO was created to control the transmission grid, but
it has emerged as the buyer of about one-fourth of California's power when
stability problems arise, and it then resells that power to utilities.
Meanwhile, the ISO declared another "stage two" electric emergency Monday
afternoon -- the 12th since Nov. 1 -- and pleaded for continued conservation.
Some big power users were told to reduce consumption, although the ISO said
generally the outlook has improved slightly.
About 8,700 megawatts of power were off line Monday, compared with a high of
more than 11,000 last week. A megawatt can supply about 300 to 1,000
households, depending on season and location.
The ISO blames the almost unheard of cold-weather emergencies on an unusual
number of power plants down for repairs and growth in other regions that
compete with California for electricity.
"It's a very tough problem right now," ISO spokesman Patrick Dorinson said.
"I almost could look back and say summer was fun."
The governor, PUC president Loretta Lynch, consumer advocates and others
blame the deregulated electric market for the cold-weather power crunches.
As that controversy raged on, state officials who are monitoring the
increasingly chaotic electricity situation began toting up the costs of last
week's runaway prices.
On Friday alone, according to the California Electricity Oversight Board, it
cost $212 million to deliver power through the ISO-controlled grid, which
serves about three-fourths of the state's electric consumers.
That would be enough to fully pay for a new, cleaner-burning 500-megawatt
power plant about every two days.
Monday's bill won't be fully computed for another few days, but it appears
that it will be significantly higher, according to the oversight board.
"We have a huge transfer of wealth going on, and we're not getting anything
for it," Pacific Gas and Electric Corp. spokesman Gregg Pruett said.
Meanwhile, financial analysts Monday warned investors that the state's two
largest utilities are finding it increasingly difficult to bridge the gap
between frozen rates and power costs that escalate nearly daily.
Credit rating agency Fitch Inc. on Monday lowered its long-term and
short-term debt ratings for PG&E and Southern California Edison, as well as
the latter's parent company, Edison International. Fitch cited "increased
liquidity pressure" and uncertainty about the utilities' ability to recover
the costs of their power purchases.
The rating downgrades mean it will be more expensive for the utilities to
borrow money in the future.
Also on Monday, Morgan Stanley Dean Witter & Co. and Banc of America
Securities lowered their ratings on PG&E Corp.'s stock, which fell Monday to
$21.94 a share, down $1.63, nearly 7 percent. The firm also lowered its
rating for Edison International, whose stock closed at $18.63 a share, down
$1.81, nearly 9 percent.
Moody's Investors Service put the securities of PG&E and its parent PG&E
Corp. on watch for a downgrade.
PG&E estimates that at the end of November it had paid out $4.6 billion more
for power than it has been able to collect, although consumer advocates
disagree, pointing out that that number is significantly offset by utility
revenues in other special accounts.
Before the December run-up in wholesale prices, PG&E had requested a 17.5
percent rate increase, which state regulators put on hold. Now the rate
increase needed to cover its costs appears to be increasing daily, Pruett
said, but he declined to say how much PG&E might seek.
Although consumer advocates oppose a rate increase, some are beginning to
talk quietly about increases being inevitable if wholesale prices cannot be
brought back down.
"It's not sustainable," said Mike Florio, an attorney for The Utility Reform
Network and a member of the ISO board. "It has to stop."
Bee staff writer Andrew LePage contributed to this report.
Copyright , The Sacramento Bee
=====================================
|
5,045 |
Subject: Confirmation October 3-4 Meeting
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1928.
=====================================
This email will confirm the meeting in Portland for October 3rd and 4th. I
would like to start the meeting at 11:00 a.m. Please let me know immediately
if this presents a problem with your schedule. Christian Yoder, Mary Hain,
Gary Fergus, and I will be meeting at 9:00 a.m. on Tuesday, October 3rd to
discuss our response to the CPUC subpoena. Please let me know if you would
like to attend this meeting. Finally, I have asked everyone to schedule a
day and a half for this meeting. Although we may be finished on Tuesday, I
thought it was prudent to leave Wednesday open for further discussion.
Please feel free to call me at (713) 853-5587 if you have any questions. The
contact in Enron's Portland office is Jan King. Jan's number is (504)
464-8814.
Thanks.
Richard Sanders
=====================================
|
5,047 |
Subject: FW: Enron's Skilling Vows to Meet or Beat Profit Projections
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/29113.
=====================================
-----Original Message-----
From: Schmidt, Ann M.
Sent: Wednesday, July 25, 2001 12:59 PM
To: Denne, Karen; Kean, Steven J.; Palmer, Mark A. (PR)
Subject: Enron's Skilling Vows to Meet or Beat Profit Projections
Enron's Skilling Vows to Meet or Beat Profit Projections
2001-07-25 13:34 (New York)
Enron's Skilling Vows to Meet or Beat Profit Projections
New York, July 25 (Bloomberg) -- Enron Corp. will meet or
beat its profit projections this year and next, Chief Executive
Jeffrey Skilling said, criticizing analysts who've recently
lowered their forecasts for the largest energy trader.
Enron said July 12 that it expects to make $1.80 a share this
year and $2.15 in 2002.
``We will hit those numbers, and we will beat those
numbers,'' Skilling told a meeting of analysts and investors in
New York.
Enron shares have fallen about 13 percent since it made the
profit forecasts. Skilling blamed the decline on analysts who
downgraded U.S. energy companies because of falling prices for
power and natural gas.
Analysts have also cited concern about unpaid power bills by
Enron customers in California and India, and losses by Enron's
broadband trading unit, which may hurt Enron's profits.
``All of these are bunk,'' Skilling said. ``These are not
issues for this stock.''
The shares of Enron fell 96 cents to $42.33 in early afternoon
trading today.
Enron makes much of its money from profits from arranging
trades of power, gas, oil and other commodities, Skilling said. It
returns are based more on the volume of trades and energy
contracts than on the prices of the commodities themselves, he
said.
``The growth of our sales is not driven by the economy,''
Skilling said. ``It's driven by the growth of markets.''
The refusal of a state government in India to pay $64 million
in power bills is not going to hurt Enron's earnings, Skilling
said.
``In India, we have government guarantees on the performance
of our contract,'' Skilling said. ``We're convinced we'll be paid
in full'' for the $875 million the company has invested so far,
plus unpaid power bills. Enron owns 65 percent of Dabhol Power
Co., which invested about $3 billion in a power plant in India.
In California, Enron is owed more than the state's power grid
manager has accused the company of overcharging, Skilling said.
California is negotiating refunds with energy traders and
generators after power prices soared in the state, leaving its two
largest utilities so far in debt they could no longer buy
electricity for their customers. The state has threatened to sue
if power sellers don't agree to $8.9 billion in refunds.
Enron will cut its losses as it waits out a ``meltdown'' in
broadband communications, Skilling said.
The company's plan to trade space on fiber-optic
telecommunications network helped its stock rise 87 percent last
year.
The stock has plunged 49 percent this year as the collapse of
Internet companies darkened the outlook for broadband companies,
and natural gas prices dropped from record highs in December.
Houston-based Enron is selling more power in Europe, and more
energy-management contracts to smaller commercial customers in the
U.S., company executives said. Energy management contracts are
agreements to buy energy for customers and find ways to cut their
energy consumption.
Enron also is poised to profit from a Bush administration
proposal to expand competition for wholesale power, Skilling said.
USA: Enron says would not pay California refund.
By Timothy Gardner
07/25/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, July 25 (Reuters) - Energy firm Enron Corp. would not pay its
"minuscule" portion of the nearly $9 billion California claims energy
companies owe the state for overcharges during the Western power crunch,
Enron President and Chief Executive Officer Jeff Skilling said on Wednesday.
California alleges that electricity generators and marketers owe the state
$8.9 billion for overcharging it during the power crisis from mid-2000 to
last spring. Governor Gray Davis, a Democrat, said he is prepared to go to
court to retrieve the money.
But Enron, the No. 1 U.S. natural gas and electricity marketer, does not
intend to pay its portion of the alleged overcharges. which Skilling said was
"minuscule."
"The $9 billion number is bogus to begin with," Skilling told analysts at a
meeting about Enron's second-quarter earnings in New York. Skilling said
Enron's share of the alleged overcharge is $38.5 million. He said Enron
should in fact recover $32 million in net purchases from California.
At least one sector of California's electricity regulation system agrees that
Enron's involvement was small in the power crisis, in which electricity
prices reached records and rolling brownouts darkened many areas.
Sales records kept by the California Independent System Operator, which
manages most of the state's power grid, show Enron accounted for 0.4 percent
of the alleged $9 billion overcharge.
The Federal Energy Regulatory Commission is meeting on Wednesday in its
biweekly commissioners meeting, in part to consider the refunds after a
federal mediator rejected California's claims. On July 12. FERC Chief
Administration Judge Curtis Wagner swung the issue back to the commission for
further action. Wednesday's meeting is the last scheduled before the
commission takes a month-long break.
STILL ROUNDS TO BE FOUGHT IN CALIFORNIA
Enron's problems in California are far from being settled. A committee of the
California Senate investigating suspected price gouging during the power
crunch recently found Enron in contempt for refusing to disclose confidential
sales and bidding records.
The California Senate last used the contempt ruling in 1929 against a cement
company, but eventually the state's Supreme Court threw out the ruling,
saying the charges were too vague.
Just before the California Senate voted to hold Enron in contempt, the
Houston-based company sued in a California court on a claim that FERC, not
the California Senate, had jurisdiction.
"They (California) are making political noise we don't like," said Skilling.
He said if the situation got worse the company could reduce its market share
there. "We'll walk away from the situation and reserve out," he said.
Although Enron claims little involvement in the alleged overcharge, the
company says it has learned from the crisis.
Skilling said that looking forward, Enron will avoid dealing with
intermediaries that the company contends helped lead to the power crunch.
"We're focused on retail in California; we're going direct to customers
without dealing with an intermediary," said Skilling.
Shares in Enron, which reported earnings slightly better than expected on
July 12, were down 34 cents to $42.90 in early trade on the New York Stock
Exchange. That is down from its peak this year of more than $81, hit in
mid-February in the depths of the Western power crunch.
- ((Timothy Gardner, New York Energy Desk, +1 646-223-6058; fax +1
646-223-6078, [email protected])).
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
5,048 |
Subject: Dunn and Davis Searching for a New Scapegoat
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/sent_items/286.
=====================================
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.
The 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.''
=====================================
|
5,050 |
Subject: FERC coverage
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/3332.
=====================================
---------------------- Forwarded by Karen Denne/Corp/Enron on 11/10/2000
10:09 AM ---------------------------
Karen Denne
11/10/2000 10:09 AM
To: [email protected], [email protected],
[email protected]
cc:
Subject: FERC coverage
The last FERC panel sounds like it had quite a few testy exchanges....
Calif Officials Tell FERC To Face 'Political Reality'
11/09/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)
By Bryan Lee
OF DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The political uproar generated by the Federal Energy
Regulatory Commission's decision that it had no legal authority to order
refunds in California's high-flying power market washed up on the agency's
doorstep Thursday.
California's governor and other government leaders banded together to
criticize FERC at a public meeting Thursday, one week after FERC issued an
order proposing market reforms for California.
California Gov. Gray Davis delivered a stinging rebuke of the commission via
videotape, as state legislators testified that FERC must act quickly or the
state's voters may take things into their own hands with a ballot initiative.
Davis summed up the discontent by noting that FERC had concluded that prices
in California's first-in-the-nation deregulated electricity market were
neither just nor reasonable, but "you are not willing to do anything about
it."
Instead, Davis said, FERC is asking the state to "knuckle under" to high
prices for the next few years while the economy suffers. "I cannot allow you
to do that," Davis said, without elaborating on what recourse he intends to
take.
Other state officials, in a give-and-take that at times bordered on acrimony,
insisted FERC was wrong in interpreting the Federal Power Act as limiting the
commission's authority to order refunds.
State Sen. Debra Bowen, who chairs the utility committee, called for FERC to
recognize the "political reality" within the state of its decision not to
order refunds or to firmly regulate prices until the power crisis is abated.
"We will have a political revolt on our hands," Bowen warned, once all the
state's retail consumers, and not just those in San Diego, are exposed to the
market's uncontained price volatility in the near future.
Congress never repealed FERC's mandate under the power act to assure that
prices are just and reasonable, said state Sen. Steve Peace, who warned that
the commission's "credibility" was at stake in not ordering refunds.
FERC clearly has the authority to order refunds retroactively, and the courts
will support such an interpretation, Peace argued.
San Diego Board of Supervisors Chairman Diane Jacob accused the state's
unregulated power providers of "white collar crime."
San Diego County, which has privatized its trash collection and
telecommunications assets, has voted to pursue forming a municipal utility to
get out from under the yoke of the FERC-regulated market, Jacob said.
Jacob called on FERC to reconsider the scope of its authority to order
refunds. "Your grant of market-based rate authority rested on the premise
that was adequate to assure just and reasonable rates," she said.
Peace predicted that unless FERC takes stronger action, California voters
will pass a ballot initiative to condemn the state's electricity system and
make it government owned.
"We'll build the damn power plants if we have to," Peace said.
"This is going to end up in a lawsuit no matter what you do," Peace said,
urging the commission to be sued by power providers, rather than state
consumers.
"We're playing by the rules," said William Hall, asset management vice
president for Duke Energy North America's Western region (DUK).
"We're not doing anything wrong and we're confident we can't be ordered to
provide refunds," Hall said.
The state officials rejected arguments against price caps and re-regulation
of the market voiced earlier in the day by power marketers and generators,
who warned that price controls will only worsen the state's power supply
problems by serving as a disincentive for investment in new power plants.
New generation is coming on line in California despite existing price caps,
the state officials said. Five power plants are set to go on line next year,
and another three are in the pipeline for 2002, said William Keese,
California Energy Commission chairman.
"Plenty of people are not being chased away who will build supply," said
Michael Kahn, chairman of the California Electricity Oversight Board.
"There is a very long line of those willing to step into the place of Enron,"
said Peace, referring to the company's testimony earlier that it scuttled
plans to build 300 megawatts of peaking power in the state because of price
uncertainty.
"Supply is being addressed. What's not being addressed is pricing," said
Loretta Lynch, president of the California Public Utility Commission.
The session threatened to become acrimonious as Peace repeatedly directed
verbal jabs at FERC Commissioner Curtis Hebert Jr., the lone Republican among
the four sitting commissioners and an ardent opponent of price controls and
market intervention.
The governor's critical taped remarks ended with a pointed barb that FERC's
market-restructuring order last week undermined the state's authority, but
"apart from that, I think you're a fine group of people."
Peace then retorted to Hebert: "I don't think he included you in his
comment."
Hebert stood his ground and fired back at Peace.
"I understand your emotions, therefore I don't take offense at your shots at
me," Hebert said. "I didn't set up the infrastructure (of California's power
market). There are people in this room who did," he said, alluding to Peace.
"You want us to intervene as you see fit, not as we see fit. You quite
frankly made some decisions that got the state of California into trouble,"
Hebert rejoined.
Bowen urged FERC to think of itself as the Alan Greenspan of California's
power market and "temper irrational exuberance."
"I agree that Alan Greenspan is the guy. I don't think you'd like what he'd
tell you to do," countered Hebert.
"Our job isn't to populistically say things that will inflame the people of
California. Our job is to set markets," Hebert said.
FERC Chairman James Hoecker closed the session with remarks illustrating his
skepticism regarding the call for regulating prices and ordering refunds
until the market can be corrected.
"I'm not sure how we get there," Hoecker said. "I'm not sure we have the
option of going backward (in order to go forward) without getting run over,"
Hoecker said. By Bryan Lee, Dow Jones Newswires, 202-862-6647,
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
=====================================
|
5,057 |
Subject: Gov. Davis Press Release
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '=20', '[email protected]']
File: dasovich-j/all_documents/1149.
=====================================
It doesn't look like he is going to sign the bill that takes 150 million ou=
t=20
of the general fund for San Diego rate payers
---------------------- Forwarded by Sandra McCubbin/SFO/EES on 09/06/2000=
=20
03:22 PM ---------------------------
=09Joseph Alamo
=0909/06/2000 03:15 PM
=09
To: Sandra McCubbin/SFO/EES@EES
cc: =20
Subject: Gov. Davis Press Release
OFFICE OF THE GOVERNOR
---------------------------------------------------------------------------=
---
--
=20
L00:091 =20
FOR IMMEDIATE RELEASE
September 6, 2000 =20
GOVERNOR DAVIS SIGNS ELECTRICITY CONSUMER RELIEF LEGISLATION
SACRAMENTO =01) Governor Gray Davis continued his commitment to easing the=
=20
burden of San Diego ratepayers by signing two major pieces of legislation=
=20
designed to stabilize the cost of electricity and streamline the siting=20
process for new power plants.=20
"One of the major achievements of this year's legislative session is our=20
aggressive response to California's energy challenge," Governor Davis said.=
=20
"My Administration did not create this problem, but we are 100-percent=20
committed to solving it. And, now, after a long, hot summer of unconscionab=
ly=20
high energy prices, relief is finally on the way."=20
AB 265 by Assemblywoman Susan Davis (D-San Diego) and Senator Deirdre Alper=
t=20
(D-Coronado) will stabilize the price of electricity for consumers and smal=
l=20
business (including schools and hospitals) in San Diego at 6.5 cents per=20
kilowatt-hour. These rates will be retroactive from June 1, 2000 and extend=
=20
to December 31, 2003.=20
"In the short term, this will ease the uncertainty of San Diego energy=20
prices," Governor Davis said. "When it comes to predicting their electric=
=20
bills, San Diego consumers have been in the dark long enough. This is an=20
urgency measure. I am signing this bill today so that the PUC can take=20
immediate action at its meeting tomorrow."=20
As a result of this legislation, the average monthly bill for residential=
=20
customers in San Diego will be reduced to $68. Small businesses (all school=
s=20
and acute-care hospitals are included) will pay an average monthly bill of=
=20
$220. Medium businesses (consuming up to 72,000 kilowatt-hours a month) wou=
ld=20
also have a price cap of 6.5 cents per kilowatt-hour. For large businesses,=
=20
AB 265 would allow for a negotiated payment plan with SDG&E over a longer=
=20
period of time.=20
AB 970 by Assemblywoman Denise Ducheny (D-San Diego) and Assemblyman Jim=20
Battin (R-La Quinta) will help California overcome the inadequate supply of=
=20
energy, one of the biggest obstacles to lower energy prices, by expediting=
=20
the siting process for new power plants and streamlining permitting for=20
upgrades of old facilities.=20
"Restrictions and red tape have presented a powerful disincentive to those=
=20
who would build more power generators in California," Governor Davis said.=
=20
"This bill will benefit consumers by increasing supply to meet growing=20
demand. It will also establish new programs to reduce demand."=20
Over the last three months, Governor Gray Davis' leadership has been=20
demonstrated in his response to the San Diego electricity crisis:=20
On June 14, he called for emergency reduction of electricity use by all sta=
te=20
facilities in the San Francisco Bay area in response to electricity emergen=
cy=20
and rolling blackouts.=20
On June 15, he called on chairpersons of the Public Utilities Commission=20
(PUC) to analyze the conditions that led to electricity shortages in the Sa=
n=20
Francisco Bay area the previous day, including a statewide perspective on t=
he=20
price and delivery of electricity. Report was completed, submitted to the=
=20
governor and released on August 2.=20
On July 27, 2000, Governor Davis called on federal and state regulators to=
=20
take swift action to extend the caps on wholesale electric rates in=20
California and provide San Diego ratepayers with million of dollars in=20
refunds.=20
In letters written by the governor to two state regulatory agencies and two=
=20
California-based panels charged with overseeing California's power market, =
he=20
called for a coordinated state effort to urge federal regulators to take=20
strong measures to reduce power rates in both the short- and long-term.=20
On August 2, 2000, Governor Davis issued three Executive Orders designed to=
=20
reduce energy consumption by state government and speed up the time it take=
s=20
new power generating facilities to win approval from state agencies. Please=
=20
go to http://www.governor.ca.gov/briefing/execorder/index.shtm to view copi=
es=20
of Governor Davis' Executive Orders.=20
On August 9, 2000, Governor Davis called on the Public Utilities Commission=
=20
(PUC) to establish a two-year plan that would cut electricity rates by near=
ly=20
half for residential and business customers of San Diego Gas & Electric.=20
The governor also reached an agreement with the California Grocers=20
Association that will save enough electricity to provide power to between=
=20
50,000 and 60,000 homes during periods of peak demand, as grocers agreed to=
=20
reduce power consumption by 10 percent during Stage One emergencies.=20
On August 10, 2000, Governor Davis wrote a letter to President Clinton urgi=
ng=20
him to expedite the Federal Energy Regulatory Commission's investigation to=
=20
determine whether current electric rates in San Diego were unjust.=20
On August 22, 2000, Governor Davis called on President Clinton to release=
=20
emergency funds from the Low-Income Home Energy Assistance Program (LIHEAP)=
=20
to the state to help low-income Californians pay their rapidly-rising=20
electricity bills.=20
On August 23, 2000, President Clinton responded to Governor Davis' request =
by=20
releasing $2.6 million in emergency funds to help low-income Southern=20
Californians cope with the surge in their electricity bills. The president=
=20
also asked federal regulators to speed up their investigation into the=20
operation of U.S. power markets and urged the Small Business Administration=
=20
to use its credit programs to help small firms hurt by the price increases.=
=20
On August 23, 2000, Governor Davis reached agreement with legislators on=20
legislation to provide relief to San Diego ratepayers. Today's bill signing=
=20
is the culmination of that agreement.
# # #
---------------------------------------------------------------------------=
---
--
GOVERNOR GRAY DAVIS ? SACRAMENTO, CALIFORNIA 95814 ? (916) 445-2=
841
=20
=20
=====================================
|
5,062 |
Subject: California Interstate Pipelines
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/11278.
=====================================
Jeff,
My name is Kurt Lindahl. I recently joined Enron Global Markets on the LNG
team. I'm the Lead Developer for the West Coast and have been charged with
building a (several) LNG terminal(s) on the west coast. Michael McGarry,
from Enron Engineering and Operational Services Company, is the lead
Development Engineer on the project.
A key question in this effort is, "Where is the best entry point into the
Socal/SG&E/PG&E pipeline systems. In other words, where can we site a LNG
terminal and deliver natural gas into their systems, such that the amount of
facilities they require is minimal? I spoke with Ben Asante who heads up the
optimization department in ETS. He said that if we could get annual flow
diagrams for the California intrastate systems, he could prepare a model in
about 2 weeks time. Interstate pipelines have to file Annual Flow Diagrams
at FERC, but I'm not sure what Intrastates' are obligated to file with the
CPUC? That's where I need your help. This is a hot subject, because the
race to site an LNG terminal is intense.
Could you please call me at 713 345 5044 (O) or 713 515 2759 so that we can
discuss. We want to keep this effort very confidential, so please maintain
secrecy.
I will also want to talk to you about permitting and state approvals.
Regards,
Kurt Lindahl
=====================================
|
5,067 |
Subject: Senate Majority Leader Eager to Push Energy, Environmental Issues
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/28361.
=====================================
Senate Majority Leader Eager to Push Energy, Environmental Issues
James Kuhnhenn
?
07/06/2001
KRTBN Knight-Ridder Tribune Business News: Knight Ridder's Washington Bureau
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)
?
?
WASHINGTON--Eager to exploit public dissatisfaction with President Bush's
approach to energy and the environment, Senate Majority Leader Tom Daschle
wants to place those issues next on the Democratic agenda, before other
initiatives popular with Democrats.
Daschle's aides and party strategists say the Senate's top Democrat wants to
keep the White House on the defensive, draw attention to popular Democratic
goals such as promoting conservation and alternate power sources, and
inoculate his party against Republicans' charges that it has ignored the
country's energy needs. Activists on both sides see potential for compromises
that would lead to legislation Bush can sign.
"With summer, and gas prices, and air conditioning -- this is what you go
with," said Democratic pollster Fred Yang. "It's an issue that people
actually live every day. There are very few issues like that in politics."
Democrats think the energy issue has become an albatross for the White House.
Recent polls show that a majority of the public disapproves of the way Bush
is handling energy and environmental issues.
What's more, the House of Representatives voted to block the administration
from drilling for oil and gas off Florida's gulf coast and in the Great
Lakes. Both measures passed with support from 70 Republicans.
"When the Republican-controlled House soundly rejects key components of the
president's energy policy, it signals an opportunity to build a bipartisan
consensus that begins in the center," said Daschle spokeswoman Anita Dunn.
The decision to highlight energy policy came late last week after Daschle met
privately with his chairmen of key committees. Democrats present also called
for action on raising the minimum wage, hate-crimes legislation, a
prescription-drug plan for seniors and other issues popular with their
supporters.
But concentrating on energy policy first gives Democrats an opportunity to
seize what has been a Republican issue and turn it to their advantage, aides
said.
Bush and Vice President Dick Cheney are dogged by their backgrounds as former
Texas oilmen. From the moment Cheney argued for more oil and gas production
to satisfy the energy needs of the United States, Democrats portrayed Bush
and him as beholden to special interests.
"The White House and Republicans are in the 35 percent end of public opinion
on this," a top Democratic leadership aide, who spoke on condition of
anonymity, said this week. "It's a loser every day for the Republicans."
With that in mind, Daschle and Sen. Jeff Bingaman, the New Mexico Democrat
who heads the Senate's energy and natural resources committee, plan to have a
comprehensive energy bill ready by the end of July. It will be a full- scale
alternative to the Bush-Cheney program unveiled in May.
The first floor disputes on energy policy could occur as early as next week,
when the Senate debates the spending bill for the Interior Department.
Republicans and White House lobbyists will have their hands full fending off
Democratic amendments to match the House bans on offshore drilling near
Florida beaches and on national monument lands.
The White House helped defuse some of the oil-exploration dispute earlier
this week by scaling back its plans to drill in the Gulf of Mexico. But huge
disagreements remain over drilling in Alaska's Arctic National Wildlife
Refuge, a centerpiece of Bush's energy plan. Some Democrats intend to offer
an amendment to the Interior spending bill that would prohibit drilling in
the refuge.
Democrats also want to highlight energy conservation and lower emissions of
pollutants that contribute to global warming. One proposal, which combines
conservation and anti- pollution goals, would raise gas-mileage requirements
for sport utility vehicles. The National Academy of Sciences is studying fuel
economy standards and is expected to issue recommendations to Congress later
this month.
The energy debate also splits Senate Republicans, giving Daschle extra
manpower to challenge Bush. Democrats can count on New England Republicans
such as Lincoln Chafee of Rhode Island and Olympia Snowe and Susan Collins,
both of Maine, to back several Democratic initiatives.
Sen. John McCain, R-Ariz., who already has opposed Bush on the patients' bill
of rights and campaign finance legislation, also has said he favors more
conservation measures than the White House proposes.
"He'll be very prominent in cobbling a centrist coalition on the issue," said
Marshall Wittman, a senior fellow at the conservative Hudson Institute
research center and a political adviser to McCain. "You can already see the
outlines of that proposal -- encouragement of conservation, some exploration,
but everything is environmentally friendly."
The White House already has reacted to the criticism of its energy policies.
Its budget proposal earlier this year cut research spending for renewable
energy, but Bush restored some of the money later. He also has paid more
attention to energy conservation, indicating support for spending on
efficiency measures beyond what he sought in his budget.
But the president is not backing away from his position that the United
States needs to become less dependent on foreign oil. And that, White House
officials say, requires more oil and gas exploration in the United States.
The energy plan Bush sent to Congress last week would authorize drilling in
the Alaskan wilderness refuge and would use money from the drilling leases to
pay for research into alternative energy sources.
In addition to public disapproval of his stands on the environment and
energy, the president is losing the sense of urgency that initially
accompanied his energy proposals. Rolling blackouts in California are on the
wane, gasoline prices are falling and last week John Browne, the chief
executive of BP oil, dismissed Bush's call for new oil refineries.
That gives Democrats a chance to seize the issue and attack the president
without competing pressure from the public for quick solutions.
"It's a target of opportunity," said Burdett Loomis, a political scientist at
the University of Kansas and an expert on the Senate. Like the patients' bill
of rights, on which the public sided with Democrats, energy right now "is
low-hanging fruit," he said.
=====================================
|
5,069 |
Subject: SB 1x set for hearing - Monday
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11272.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 04/19/2001 12:28 PM -----
"Chris Micheli" <[email protected]>
04/19/2001 10:57 AM
To: "Susan McCabe" <[email protected]>, "Sue Mara"
<[email protected]>, "Steven Kelley" <[email protected]>, "Steve Ponder"
<[email protected]>, "Stephanie Newell"
<[email protected]>, "Scott Sadler"
<[email protected]>, "Scott Govenar" <[email protected]>, "Sandi
McCubbin" <[email protected]>, "Ron Tom" <[email protected]>, "Roger Pelote"
<[email protected]>, "Robert Ross" <[email protected]>, "Rina Venturini"
<[email protected]>, "Richard Hyde" <[email protected]>, "Rachel
King" <[email protected]>, "Phil Isenberg" <[email protected]>, "Paula
Soos" <[email protected]>, "Mike Monagan" <[email protected]>,
"Maureen O'Haren" <[email protected]>, "Marie Moretti"
<[email protected]>, "Lynn Lednicky" <[email protected]>, "Kent
Palmerton" <[email protected]>, "Katie Kaplan" <[email protected]>,
"Kassandra Gough" <[email protected]>, "Julee Ball" <[email protected]>, "John
Stout" <[email protected]>, "John Larrea"
<[email protected]>, "Joe Ronan" <[email protected]>, "Jeff Dasovich"
<[email protected]>, "Jean Munoz" <[email protected]>, "Jan
Smutny Jones" <[email protected]>, "Jack Pigott" <[email protected]>, "Hedy
Govenar" <[email protected]>, "Greg Blue" <[email protected]>, "Fred Pownall"
<[email protected]>, "Delaney Hunter" <[email protected]>, "Chuck Cole"
<[email protected]>, "Bev Hansen" <[email protected]>, "Anne Kelly"
<[email protected]>, "Andy Brown" <[email protected]>, "John Norwood"
<[email protected]>, "Pete Conaty" <[email protected]>, "Matt Kilroy"
<[email protected]>, "Cary Rudman" <[email protected]>, "Carolyn
McIntyre" <[email protected]>, "Barbara LeVake" <[email protected]>, "Pat
Pape" <[email protected]>, "Mohammed Alrai" <[email protected]>, "Kent
Robertson" <[email protected]>, "Katherine Potter" <[email protected]>,
"Juan Rodriguez" <[email protected]>, "Eileen Koch" <[email protected]>,
"Bill Highlander" <[email protected]>, "Aymee Ramos" <[email protected]>
cc:
Subject: SB 1x set for hearing - Monday
SB 1x (Soto/Scott), the windfall profits tax measure, will be heard Monday
morning in the Senate Appropriations Committee.
Chris Micheli, Esq.
Carpenter Snodgrass & Associates
1201 K Street, Suite 710
Sacramento, CA 95814
(916) 447-2251
FAX: (916) 445-5624
EMAIL: [email protected]
=====================================
|
5,071 |
Subject: PROVANTAGE - The Original Advantage #e012302
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/9482.
=====================================
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|
5,075 |
Subject: 2001 Budget - Update/Hiring Committee Formation
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11754.
=====================================
In a recent organizational memo, I mentioned what a great time this is to b=
e=20
at Enron. I believe that more strongly than ever, given the new markets we=
=20
are entering, the enhanced focus of the company on markets and regions arou=
nd=20
the world that best fit with our core competencies, and the phenomenal grow=
th=20
of the company, perhaps best evidenced by the earnings report of the first=
=20
quarter. But, there are challenges as well: California, and its regional a=
nd=20
global implications, and the general market conditions that have brought ou=
r=20
stock price well off its recent highs. With respect to each of these and=
=20
other challenges, there are invariably opportunities: for example, the=20
enhanced opportunity for the FERC to finish the job of opening wholesale=20
electricity markets in the context of California; and, in the context of a=
=20
lower stock price, a recognition that accelerated growth in earnings will=
=20
bring the stock price to new highs in the not too distant future. One way=
=20
that earnings can grow beyond Wall Street expectations is by bringing a bit=
=20
more discipline to how all of us spend money at Enron. We in Government=20
Affairs can point to many efforts and processes that have been designed to=
=20
instill that spending and resource allocation discipline in the last few=20
years. We have always done our part, but there is always more that can be=
=20
done.
To increase earnings and, correspondingly, the stock price, I recently met=
=20
with various Government Affairs group heads to discuss ways Government=20
Affairs can do things better and more cost effectively. We looked at group=
=20
travel costs, outside services, and other budget items. Attached for your=
=20
review and use is a copy of a new Travel Policy and new Cell Phone Policy,=
=20
which I believe, will ensure consistency across the group and deliver cost=
=20
savings. Such travel policies already exist in various regions such as Enr=
on=20
Europe. (Regional Business Unit travel policies will continue to be applied=
,=20
where applicable)
Further, as a result of our review of the budget, we have identified saving=
s=20
across the North American group in excess of 1.5 million dollars (USD). Th=
is=20
is in addition to almost 2 million dollars (USD) by which the Enron Europe=
=20
Government Affairs budget has been reduced, as well as significant reductio=
ns=20
that have occurred in the South American group. Finally, I have also decide=
d=20
to create a global government affairs hiring committee, which will evaluate=
=20
the need for any proposed hires (new and existing positions). The purpose =
of=20
the committee will be to assess whether the need is valid and, assuming it=
=20
is, determine the most effective way to fill the position. By encompassing=
a=20
cross-section of the Government Affairs group globally, it is my hope that =
we=20
will arrive at better hiring decisions. The hiring committee will consist =
of=20
Aleck Dadson (Toronto), Sue Nord (Houston), Jim Steffes (Houston), Paul=20
Dawson (London), Doug Wood (London), Nick O=01,Day (Tokyo), Sergio Assad (S=
ao=20
Paulo), Linda Robertson (Washington) and myself. The committee will meet =
on=20
an as needed basis.
I believe that these changes will allow us all the opportunity to provide=
=20
more cost effective and efficient service to the business units we support.=
=20
I encourage each of you to review the new policies and provide feedback.=20
Thank you
=====================================
|
5,080 |
Subject: Government Affairs Organizational Changes
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2268.
=====================================
This is a great time to be at Enron. The challenges and opportunities at=20
Enron seem to be expanding with every passing day. This presents enormous=
=20
challenges for Government Affairs as a group and for each of us=20
individually. As we discussed at the staff meeting last month, this requir=
es=20
us to constantly reevaluate our priorities, our methods of getting things=
=20
done, and whether our organization is properly structured to meet the needs=
=20
of the entire company. While we have done an outstanding job as a group=20
within our current structure, changes are necessary at this time.
The primary change in the organizational structure is to complete the=20
assignments for and reinforce the leadership roles of the individuals withi=
n=20
the group who have primary responsibility for setting the Government Affair=
s=20
strategy and agenda for the respective Enron operating companies. The belo=
w=20
mentioned individuals will have the following responsibilities:
1. Enron North America and Enron Industrial Markets: Jim Steffes
2. The Enron Energy Services Group of Companies: Harry Kingerski
3. Enron Broadband Services: Sue Nord
4. Enron Global Markets and Enron Networks: Lisa Yoho
5. Enron South America: Jose Bestard
6. Federal Government Affairs: Linda Robertson
With the impending retirement on March 31, 2001 of Joe Hillings, I am pleas=
ed=20
to announce that Linda Robertson will be joining the office on November 6,=
=20
2000, as a Vice President who will immediately assume responsibility for=20
leading the Federal Government Affairs group in our Washington office. Lin=
da=20
was a Congressional staffer and partner/principal in two Washington law fir=
ms=20
prior to spending the last eight years with the U.S. Department of Treasury=
,=20
the last five as Assistant Secretary for Legislative Affairs and Public=20
Liaison, for Secretaries Rubin & Summers. Linda brings a terrific=20
background, both in energy and financial services, and is a welcome additio=
n=20
to our team. In order to more effectively integrate the Government Affairs=
=20
groups and strategy in Washington, the Federal Regulatory Affairs group und=
er=20
Joe Hartsoe=01,s direction will also report to Linda. Joe Hartsoe will als=
o=20
retain primary responsibility for NERC activities, although Charles Yeung a=
nd=20
Dick Ingersoll will have a dotted line reporting relationship to Jim Steffe=
s=20
in his capacity of directing our activities for ENA. Ray Alvarez will be=
=20
transferring from his current role with Transredes in Bolivia during the 1s=
t=20
quarter of 2001 and will join the Federal Regulatory Affairs group, reporti=
ng=20
to Joe Hartsoe.
On a personal note, I would like to acknowledge the significant contributio=
ns=20
that Joe Hillings has made to this company in his eighteen years of service=
. =20
Joe=01,s work ethic, intellect, and integrity have established Enron as a=
=20
company that is respected throughout Washington. I will have more to say=
=20
about this as Joe=01,s retirement draws closer, but I look to him to be a v=
ital=20
part of the leadership transition in our Washington office that will occur=
=20
over the next days and weeks.
I will be relying heavily on the above-identified six individuals to ensure=
=20
that Government Affairs is firmly embedded within each of our operating=20
companies; that we as a group thoroughly understand their current business=
=20
strategies as well as new directions they may be taking in the future; and,=
=20
most importantly, to thoroughly understand how our organization can=20
contribute and add value to each of these companies on a continuing basis. =
=20
Communicating that understanding on a regular basis to the rest of the=20
Government Affairs organization and developing a Government Affairs wide=20
execution strategy will be a key objective for each of these individuals.
In order to ensure the success of these individuals and the Government=20
Affairs organization; the following changes are being made.
In addition to his leadership role with Government Affairs on behalf of the=
=20
EES group of companies, Harry Kingerski will continue to head up the=20
rates/regulatory group, now renamed Government Affairs Support Services. =
=20
This group will continue to provide valuable technical support services=20
throughout Government Affairs and will be expanding its scope of expertise=
=20
over the next months to some of the new markets that the company has and wi=
ll=20
soon be entering. Nancy Hetrick and Vinio Floris will join this organizati=
on=20
and report to Harry.
Jeff Brown, Tom Delaney, Mary Hain, Ron McNamara, Christi Nicolay, Thane=20
Twiggs, and Steve Walton will now report to Jim Steffes in his role=20
supporting Enron North America and Enron Industrial Markets. Alberto Levy=
=20
will be relocating from our Caracas, Venezuela office and will also report =
to=20
Jim. A couple of special mentions: Jeff Brown has done an outstanding job=
=20
in leading the CUBR (Coalition for Uniform Business Rules) process over the=
=20
last year and his current leadership of the Midwest ISO and Alliance RTO=20
efforts for Enron will be critical to the development of well functioning=
=20
wholesale electric markets in the U.S. It is also my hope that Steve Walto=
n=20
will play an increased leadership role across North America on wholesale=20
electric market issues. The incredible knowledge that Steve Walton possess=
es=20
of the electric industry, coupled with his industry-wide credibility, will=
=20
provide much needed support to our wholesale electric market reform efforts=
=20
across North America.
Tom Hoatson will now report to Steve Montovano in his new role in supportin=
g=20
the company=01,s efforts at PJM. Tom will also continue to be an=20
organization-wide resource on technical issues regarding generation=20
interconnection and distributed generation. Kathleen Sullivan has recently=
=20
joined Steve=01,s group from Azurix and will be primarily assisting Howard=
=20
Fromer in New York.
Sue Nord will head up the group that supports EBS. Scott Bolton and Donald=
=20
Lassere, while reporting to Sue, will continue to provide leadership on=20
telecommunications issues. Scott and Donald have done outstanding work and=
=20
will continue to be integral to our efforts in this area.
Finally, the Resource Commitment Review (RCR) process, beginning 1/1/01, wi=
ll=20
be extended to all of Government Affairs in North America, including Federa=
l=20
Government Affairs and Mexico. The RCR Committee, beginning immediately,=
=20
will be expanded and will consist of Harry Kingerski, Sue Nord, Linda=20
Roberston, Jim Steffes, Lisa Yoho & myself.
Please feel free to call me if you have any questions.
Thank you
=====================================
|
5,081 |
Subject: Summary and Very Brief Analysis of Governor Davis's 2/9/01
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9031.
=====================================
Below is a brief summary of the five Executive Orders issued by Governor
Davis on 2/9/01.
For those of you that want the Cliff Notes Version:
These Orders appear to be an attempt to accomplish three things:
1. Expedite Siting for New Powerplants and Expansions or Modifications of
Existing Powerplants
2. Maximize Output and Minimize Outages at Existing Facilities
3. Centralize Authority and/or Mitigate Issues Impacting Powerplant Siting
and Construction
The tone is both one of we feel your pain in the complexity of permitting
powerplants; and that we will tolerate no excuses for not running at full
capacity. (ie; the carrot and the stick)
They also includes some targeted incentives to encourage powerplant operators
to sell their power under contract to the State Dept. of Water.
Some of the critical issues impacting the effectiveness of these orders will
be:
- How much capacity is truly "idling" and will be able to be brought back on
line or increase its output?
- Will the state be able to better manage air quality issues and create
flexibility within the framework allowed by the Clean Air Act in order to
positively change the air quality issues impacting power plant construction
and operation?
- How quickly can the accelerated permitting procedures be implemented and
how soon will we see movements in the market to increase new generation given
the other issues in CA?
We will continue to analyze the impacts of these orders, but wanted to get
information to you in a timely manner.
D-22-01 Increased Output/Expedited Siting Mandates
CEC exemption from siting requirements for increased output by existing power
generators.
- limited to less than 50MWs using existing installed capacity b/w
06/01-10/01/01
Expedited processing of applications for certification of existing thermal
powerplants that require retooling and a current license to operate.
Accelerated review from all agencies involved in the licensing of proposed
thermal powerplants.
Action by the State Water Resources Control Board to insure wastewater
issues do not preclude thermal powerplants from operating.
Requirements for the State Dept. of Water Resources to purchase power from
powerplants using renewables and other resources that may currently have not
other market for their power.
Expires 12/31/01 unless extended
Analysis:
This Order is intended to take away the excuses for why some powerplants are
currently not operating or not operating at full capacity. It does not waive
air quality requirements (they are addressed in a separate order).
D-23-01 Appropriate Maintenance and Efficient Operation Requirements
ISO Requirements:
- Require generators to submit planned outage schedules to the ISO
- Prepare a coordinated outage plan to be updated quarterly
- Identify generation maintenance criteria to be met by generation facilities
- Maintain records of any unplanned generation facility outages and provide
those records to Electricity Oversight Board
- Conduct independent audits of generation facilities that have fallen below
performance benchmarks est. by the ISO
- Consider seeking the authority under state law of federal regulation to
impose fines on those generation facility owners whose generation facilities
have fallen below performance benchmarks est. by the ISO
Requires that the Electricity Oversight Board review the ISO Tariffs and
Protocols to identify any necessary revisions to increase the ISO's ability
to ensure adequate power during peak demand.
Instructs the CPUC to ensure that generation facilities still owned by
utilities are operated as required to maintain reliability.
Requires the Electricity Oversight Board to propose legislation to expand its
authority to issue audits of generation facilities that do not meet est.
benchmarks for availability and performance, and issue fines against those
plants, after a hearing.
Analysis:
Again, the tone of this order is that the state won't tolerate outages as an
excuse for not generating. It is also an attempt to better manage planned
outages to prevent situations that happened last fall when too many plants
where off-line for maintenance at the same time.
D-24-01 Air Pollution Flexibility and Mitigation Measures
Mandates that local air districts modify emissions limits that limit hours of
operation in air quality permits to ensure that power generation facilities
that provide power under contract to the Dept. of Water Resources are not
restricted in their ability to operate.
- Requires air districts to require a mitigation fee for all applicable
emissions in excess of the previous limits
- If air districts do not comply, the Board (CARB?) shall impose
modifications on the permits in lieu of districts
The Board shall establish an emissions reduction credit bank using emissions
reductions from all available sources:
- Credits will be made available to powerplant peaking sources that need
emissions offsets in order to add new or expand peaking capacity for the
Summer Peak Season in 2001
- In the case of powerplants that agree to sell their power under contract to
the Dept. of Water Resources, CA will make available where necessary and
available the required emissions credits at up to a 50 percent reduction,
- In order to maximize the amount of electrical generating capacity,
emissions reduction credits for new generation capacity shall be provided to
facilities where necessary and available.
- Proceeds from the sales of these emission reduction credits shall be made
available to fund emissions reduction programs in the air district where the
new or expanded facility is located.
Expires 12/31/2001 unless extended
Analysis:
This order requires the air districts to modify permit limits on run hours
for air quality reasons by allowing those powerplants that sell to the Dept.
of Water to pay a mitigation fee and creates an emission reduction credit
bank available for use by other sources. There are a lot of details that
remain to be clarified, including how the state is going to locate emissions
reduction credits where developers were unsuccessful. However, it is a step
in the right direction by creating flexibility and beginning to drive
authority back to the state level.
D-25-01 Acceleration the Construction and Upgrading of Approved Powerplants
Expedites review and approval of post-certification amendments to increase
output from thermal powerplants by the Energy Commission.
Authorizes the Energy Commission to suspends the requirements of the statutes
and regulations that normally control post-certifications to the extent that
they impact prompt mitigation of this emergency.
Requires the Energy Commission to establish milestones for both initiation of
construction within one year of certification, and for the construction phase
of the project. Failure to meet milestones without prior approval by Energy
Commission based on a showing of good cause shall constitute forfeiture of
the certification.
Expires 12/31/01 unless extended
Analysis
Again, no excuses for not getting your powerplant modifications approved and
completed in a timely manner.
D-26-01 Accelerating the Availability of New Generation Sources
Requires all relevant agencies shorten the review periods to 7 days for
required environmental impact documents prepared under CEQA for all
powerplants that are not subject to the Energy Commission (under 50MWs) and
that are proposed to be on line by summer 2001.
Energy Commission shall expedite its licensing process in the following ways:
- Expedite processing of applications for peaking or renewable powerplants
for construction and operation by July 31, 2001.
-Peaking or renewable powerplants that have a current contract with the ISO
and can be online by July 2001 may also apply to be permitted by the Energy
Commission under the emergency siting process.
-Rules which provide a license for a simple cycle thermal powerplant within
four months, shall apply to any proposed simple-cycle thermal powerplant that
can be brought on line by August 31, 2002 and that have an application for
certification complete by Dec. 31. 2001.
-Under regulations for the expedited licensing of powerplants, emission
offset credits are not required at the time of filing an application for
certification
-The Energy Commission shall conduct a study of potential peaking power sites
in the state and prepare a report by 02/21/01 identifying those areas of the
state that would benefit from the installation of peaking powerplants to
augment supplies and ensure reliability through the summer of 2003.
IOUs must complete necessary interconnection studies within 7 days of receipt
of completed application.
Expires 12/31/01 unless extended.
Analysis:
This is an attempt to accelerate the permitting of smaller sources and
peaking units.
=====================================
|
5,083 |
Subject: Word on the Street -- Reliant Was Setup
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12711.
=====================================
The feeling on the street is that Reliant was setup with the $1900 sale. The
word is that the bid for $1900 power had been sitting there for months and
that Reliant had an "understanding" with DWR and the ISO that the bid was not
supposed to be taken except in dire need -- it's for a peaker and the price
represents the opportunity cost of running it now, and using up its very
limited emission credits, rather than running it during the real peak times
this summer. The $1900 represents the estimated cost to Reliant of Reliant
having to buy power this summer on the market when it otherwise would have
had its peaker available. The wors is that the state/ISO took the bid, when
there was not dire need, just to make Reliant look evil and point to ever
higher prices -- when? -- yes, the week before the Bush plan was to come out.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
"Ronald Carroll" <[email protected]>
05/18/2001 07:16 AM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>
cc:
Subject: Fwd: Reliant's Reaction To Being Singled Out By Governor Davis
----- Message from "Tracey Bradley" <[email protected]> on Fri, 18 May
2001 08:12:38 -0500 -----
To: "Justin Long" <[email protected]>, "Paul Fox" <[email protected]>
cc: "Ronald Carroll" <[email protected]>
Subject: Reliant's Reaction To Being Singled Out By Governor Davis
May 17, 7:52 pm Eastern Time
Press Release
Reliant Energy Urges Governor Davis to Trade Political Fingerpointing for
Solutions
HOUSTON--(BUSINESS WIRE)--May 17, 2001--Reliant Energy strongly disagrees
with California Governor Gray Davis' recent characterization of the company
as being ``obstructionist'' and opposing court orders.
Reliant Energy believes that these accusations are politically motivated
attempts to demonize Reliant Energy as an outsider responsible for causing
the state's energy crisis. The accusations are simply not based on fact. More
importantly, the governor's attacks have done nothing to increase the state's
supply of electricity or prevent the blackouts expected this summer. If
anything, the comments have fostered an atmosphere of distrust and
uncertainty that have further destabilized the market.
``Reliant hopes the governor and others will stop these baseless accusations
and focus on true solutions to California's energy shortage,'' said Joe Bob
Perkins, president and chief operating officer, Reliant Energy Wholesale
Group. ``We are now being singled out because we believe in an open market,
not government control of power generation, and we have offered solutions
that do not jibe with the governor's political agenda. Contrary to the
perception Governor Davis is attempting to promote, we have been focused on
providing solutions that are fair to all parties in California since the
outset of this crisis. In fact, earlier this week we provided the governor's
office with an outline of a series of emergency measures that, if pursued
quickly, could help mitigate the power crisis this summer. We are still
waiting on a response.''
Perkins pointed out many of the steps Reliant Energy has taken to keep the
lights on in California, disputing the accusation of being
``obstructionist'':
Reliant Energy has run its 30-to-50-year-old plants at the highest levels
since their purchase in 1998. In 2000, Reliant nearly doubled the output from
these plants to meet the needs of Californians -- running them at levels far
exceeding the prior owner, Southern California Edison.
Reliant Energy invested $80 million dollars in 2000 alone to upgrade plants
to make sure the most power possible is available during peak times. In
addition, the company improved emissions levels to clean up the environment
and keep costs for emission credits to a minimum.
For the last two years, Reliant has encouraged the Investor Owned Utilities
and the state to invest in long-term contracts to stabilize rates instead of
relying on the spot market. In particular, Reliant Energy offered to sell
power at two cents per kilowatt-hour if the buyer would purchase the natural
gas required to generate the power, ensuring a transparent cost of power.
Reliant Energy has never shut down generation despite the prevalent concerns
that continue to exist over credit issues. In contrast, just last week a
major out-of-state supplier refused to continue to sell to California unless
payment was forthcoming.
Reliant Energy has created an aggressive curtailment plan to encourage
businesses to ``sell back'' power voluntarily to add more power to the
Western power grid. The company has met with many leaders in Western states
to introduce the program, yet California officials will not even engage in a
dialogue on the program.
``We welcome the opportunity to discuss these issues one-on-one with the
governor,'' Perkins said. ``Unfortunately, he has repeatedly refused this
request over the past year. Last week's meeting with generators was the first
time the group was allowed to speak with him directly, and obviously the
purpose of that meeting was political grandstanding.''
Perkins added that the governor's accusations of opposing court orders are
unfounded. ``We have always worked within the law and are proud of our
commitment to keeping the lights on. We have followed all court orders and
worked closely with the FERC and others to cooperate fully with all
investigations. When necessary, we have filed court challenges to orders that
we believe violate our rights -- hardly an illegal action.''
To participate in a telephone press conference tomorrow, Friday May 18 at 11
a.m. PDT, contact Maxine Enciso at 310/444-1303 or Richard Wheatley at
713/207-5881.
------------------------------------------------------------------------------
--
Contact:
For Reliant Energy
Los Angeles: Maxine Enciso, 310/444-1303
Media: Richard Wheatley, 713/207-5881
=====================================
|
5,086 |
Subject: Utilization of Mike Day
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12506.
=====================================
Rick, Jim and Jeff: Here's a draft of the e-mail I intend to send to Sandy
and Mike re: use of Mike Day in Sacramento. Let me know your thoughts.
It appears from talking with both of you that we have some confusion on how
we will contract for legal services to support or legislative efforts.
Hopefully this e-mail will clarify the process so there is no confusion in
the future and so that Mike can feel comfortable he is completing work that
is authorized and for which we have a budget.
1. To begin, it appears that Goodin, MacBride has billings as of May 11 for
approximately $10,000 on direct access, windfall profits, the "Global
Settlement," Power Plant Siting. We will cover these amounts because of the
apparent confusion with our budgeting and approval process. The amounts
already incurred should be included in the RCRs discussed below.
2. As we discussed yesterday, the work associated with the billings in May
was conducted without any RCR approval or any budget in place. As you know
we terminated the two legislative retainers at the end of April. No RCRs
were filed to cover the matters on which work was completed in May.
I did receive a budget on legislative matters on May 8. However, a decision
was made only yesterday to proceed on a specific matter-by-matter basis; the
work in May should not have been undertaken while we considered whether to
proceed with an overall legislative budget or proceed with specific RCRs. In
short, a proposed budget is not RCR approval.
3. In the future, any work undertaken by Goodin MacBride should only be
conducted pursuant to an approved RCR. If an emergency arises--i.e., an
issue arises that could not have been contemplated, then I should be
contacted before completing any work. If I am unavailable, Jim Steffes
should be contacted. If Jim is unavailable, then Rick Shapiro should be
contacted. In this regard, I authorized Goodin MacBride to participate in
the Direct Access coalition meetings taking place today and tomorrow. I also
authorized Goodin MacBride to participate in a telephonic conference on the
Calderon bill. To the maximum extent possible, I expect that Mike will
include Leslie Lawner in future Direct Access meetings, legislative drafting
efforts, etc.
4. If there is any confusion on whether there is RCR approval for a
particular matter, I should be contacted before undertaking an assignment.
If I am unavailable, Jim Steffes should be contacted. If Jim is unavailable,
then Rick Shapiro should be contacted. I can be reached through my office
line--503.464.7945, pager--888.916.2262, or cell phone 503.539.4733. I wear
the pager at all times and respond immediately to messages left on the
pager.
5. Today, Sandy is filing several RCRs for legislative support on Direct
Access, Siting, Windfalls Profits, and the Global Settlement. They will be
considered at next Monday's RCR conference call. If they are approved, Sandy
will manage the Goodin MacBride assignments associated with Direct Access,
Siting, and Windfalls Profits.
Jeff Dasovich will manage all work associated with the Global Settlement,
whether it is legislative or not. This does not mean that Sandy cannot give
assignments to Goodin MacBride; it simply means that before that work begins
Jeff must approve the work.
This particular issue is a critical matter for our company. Jeff is involved
in the strategy and business calls concerning this matter and is working on a
daily basis with Jim Steffes, Rick Shapiro and Steve Kean to develop our
position and advocate that position in the settlement discussions. We must
ensure that our Sacramento efforts are fully coordinated with our strategy
and business interests (as they develop through the settlement
discussions). To avoid any confusion on the scope of Jeff's responsibility,
I consider all legislation addressing the Edison MOU, any future MOUs with
Sempra, and "Plan B," to be part of the Global Settlement.
Please contact me if you have any questions regarding any of the above. I
recognize that Sacramento is a difficult environment and that there is
substantial pressure on both of you. However, we are under an obligation to
use our internal and external resources in the best and most cost-effective
manner. The RCR process is designed to meet that responsiblity.
=====================================
|
5,098 |
Subject: Big generator can't be forced to sell emergency power to the state,
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10729.
=====================================
Energy supply setback: Big generator can't be forced to sell emergency power
to the state, a U.S. court rules.
By Denny Walsh and Carrie Peyton
BEE STAFF WRITERS
(Published April 6, 2001)
In a development that does not bode well for California's energy supply, a
federal appellate court Thursday halted enforcement of a lower court order
that a big electricity generator must sell emergency power to the state
without guarantee of payment.
State energy officials said the ruling wouldn't have any immediate effect but
could precipitate a power emergency if the generator decided to take a plant
off-line for maintenance.
On March 21, citing "rolling blackouts (that have) darkened the California
landscape," U.S. District Judge Frank C. Damrell Jr. imposed an injunction
against Reliant Energy Services Inc., one of the nation's major generators.
Houston-based Reliant controls approximately 3,800 megawatts, or about 20
percent, of the gas-fired generation capacity in the state, and Damrell found
that loss of that production "poses an imminent threat."
But Thursday, a three-judge panel of the 9th U.S. Circuit Court of Appeals
granted an emergency stay of the injunction, saying Reliant has shown "a high
likelihood of success on the merits" of its appeal.
While not spelling it out, the panel apparently bases its finding on the
question of the courts' jurisdiction over the energy market. The panel
directed that a hearing on the appeal be scheduled for the second week in
July.
The decision leaves California's electric grid more fragile, at least
temporarily, according to the state Independent System Operator, which
maintains and controls power transmissions.
It gives the agency no immediate recourse if Reliant chooses to shut down any
of its plants for maintenance, said ISO Vice President Jim Detmers.
"It's not going to change anything overnight, and it's not going to change
anything over the weekend," said Detmers. "But if Reliant decided on a
unilateral action to take their units off for maintenance ... we definitely
could have a system emergency."
Reliant officials, when told of the ruling, took a conciliatory tone but
declined to specify their next move.
"Reliant ... has pledged to keep the lights on in California," said company
lobbyist Marty Wilson, and "is still of a mind to want to cooperate."
Without further comment, the appeals court judges cited a 1980 U.S. District
Court decision. In that case, 14 cities sued Florida Power and Light Co.,
alleging that it was violating a number of laws in its sales of power and
production of electricity.
The judge found, however, that the Federal Power Act reserves oversight of
interstate utilities exclusively to the Federal Energy Regulatory Commission.
He ruled that only the commission may bring an action involving energy sales
into federal court -- unless it is a request to review a commission order,
and that goes directly to an appellate court.
The lawsuit before Damrell was brought by the ISO to force Reliant and two
other generators to respond to ISO's emergency orders for power, even though
the agency is buying on behalf of two retailers that are broke and hopelessly
in debt.
Because Pacific Gas and Electric Co. and Southern California Edison can't pay
their bills -- about $14 billion -- some wholesalers want to cut off sales to
the utilities.
The other three defendants in the ISO's suit -- Dynegy Power Corp. of Houston
and Tulsa-based AES Corp. and its marketer, Williams Energy Marketing &
Trading Co. -- have entered into written agreements with ISO to continue
supplying emergency power until the FERC decides whether they are required to
sell to companies that are not creditworthy.
But Charles Robinson, ISO general counsel, points out that the generators can
rescind those agreements with 48 hours' notice.
"My hope is this is a temporary setback," said Robinson. He added, however,
that the practical effect is "at least for now, we don't have a tool to
compel them to do what we believe they're obligated to do" -- respond to
emergency demands for power.
Reliant has insisted since the suit was filed Feb. 6 that Damrell has no
jurisdiction over the rate schedules that govern dealings between generators
and the ISO, and that the Federal Power Act mandates that the FERC must
settle any disputes about terms of those tariffs.
In issuing the injunction, Damrell acknowledged that the FERC has special
expertise concerning agreements between generators and ISO.
"Absent the extreme exigencies of the California power crisis, the court
agrees that a stay pending further action by the FERC would be proper," he
said. "But those are not the facts here. Electricity is in critically short
supply. The health and safety of the people of California are potentially at
risk."
Immediately upon receiving the 9th Circuit's order Thursday, attorneys for
the ISO asked Damrell to set an accelerated schedule for its motion to amend
the suit. The agency apparently has crafted a new complaint stressing its
view that the matter is an ordinary contract dispute over which the judge has
jurisdiction.
Damrell scheduled a hearing on the motion for Thursday.
In a further development that could complicate the state's dire need for
energy, an alternative supplier won a court fight Thursday to bypass the big
utilities and sell its power on the open market.
Timber giant Sierra Pacific Industries, which operates four biomass plants
that produce power for PG&E, obtained a temporary restraining order in
Sacramento Superior Court that says Sierra Pacific is not required to sell
its power to PG&E.
The ruling means PG&E and Southern Edison could lose power as alternative
energy generators, fed up with months of nonpayment, sue to be able to sell
their comparatively cheap product elsewhere, including outside the state.
=====================================
|
5,101 |
Subject: The Palm Voice Volume 1 09.04.01
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1847.
=====================================
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Palm Voice
brought to you by InSync Online
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Volume 1 09.04.01
Dear Jeffrey,
Give it up for The Palm Voice! Our first issue is a cornucopia
of terrific info. You'll find juicy tidbits of news, Top
Solutions for your handheld, inspiring user stories and terrific
tips. For the dish on Palm promotions, check out the Insider's
Scoop. And don't miss our Palm Store Specials, a Palm Voice
exclusive.
The Palm Voice is just one aspect of Palm's InSync Online
program, a free email service tailored to your interests.
You'll also get the scoop on the hottest Palm-compatible
software, Palm news, exclusive offers from the Palm Store,
awesome handheld specials and much more.
The beauty of InSync Online is that you get to decide what you
want to receive, based on your personal profile. So take a
few minutes to sign up for InSync Online and to complete your
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To subscribe, click below:
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Enjoy your first issue of the Palm Voice.
--The InSync Online Team
=================================================
TIPS & TRICKS
So Much To Do...
You don't need to tap the New button to create a new To Do
item. With nothing selected, start writing in the Graffiti(R)
area. A new record will be created automatically. This tip
also works in Memo Pad and the other built-in apps on your
handheld. For other tips, check out Palm Organizers: Visual
QuickStart Guide.
More =>
http://insync-online.p04.com/u.d?lEQTNdx5ec5cL=20
Full Apps Ahead:
To load third-party applications faster, try this tip from
PalmPilot: The Ultimate Guide:
1. If you've already done a HotSync(R) operation, try turning
off the synchronization of the built-in apps on your handheld.
2. Within the HotSync menu on your Palm Desktop(R), select
Custom.
3. Select each app.
4. Click Change.
More =>
http://insync-online.p04.com/u.d?ukQTNdx5ec5cO=30
=================================================
PALM IN THE NEWS
Real Estate Industry Reaps Rewards of Wireless Palm(TM) Handheld
Computers
At Sussex and Reilly and Countrywide, agents are finding the
Palm(TM) handheld home sweet home. The benefit to buyers?
Better service and faster loan approval.
More =>
http://insync-online.p04.com/u.d?7EQTNdx5ec5cRs=40
FDA Approves Cardiac Monitor for Palm(TM) Handhelds
Ticker troubles? Take heart. The FDA has given the green light
on the first cardiac monitor for the Palm(TM) handheld.
More =>
http://insync-online.p04.com/u.d?iEQTNdx5ec5cRm=60
=================================================
PALM STORE SPECIALS
Buy 4 Palm(TM) Handhelds and a Palm Portable Keyboard and
Save $100!
Palm's Do the Math Promotion adds up to awesome savings and
plenty of great math software!
More =>
http://insync-online.p04.com/u.d?ukQTNdx5ec5cRQ=80
Protect Your Palm(TM) Handheld; Win a Palm Store Spending Spree
When it comes to protecting your handheld, the buck stops here.
Purchase the Palm Protection Plan between now and Sept. 17th
and your name will automatically be entered in a drawing for a
Palm Store shopping spree.
More =>
http://insync-online.p04.com/u.d?uEQTNdx5ec5cRV=90
Save Big with Palm Store Special Deals!
You heard it here first! We've pulled together a selection
of special offers just for you, available exclusively at the
Palm Store. Put photos of your kids on your handheld to show
off at the office. Be the first on your block to own an
assortment of glitzy faceplates for your Palm(TM) m100
handheld. Visit the Palm Store to see our exclusive
Special Deals.
More =>
http://insync-online.p04.com/u.d?skQTNdx5ec5cB=0
=================================================
INSIDER SCOOP
Coming soon...On Clearance in the Palm Store
Attention bargain hunters! Don't miss the late September
opening of the Palm Clearance store. Purchase refurbished
Palm(TM) handhelds and accessories at bargain prices.
=================================================
USER STORIES
An American in Portugal
Filmmaking abroad may sound like a glamorous career. But
what if the assistant director only speaks English and just
enough Spanish to find the WC? On location in Lisbon, David
Dean used his Palm(TM) m500 handheld and BDcity's language
translators. Read David's story.
More =>
http://insync-online.p04.com/u.d?3EQTNdx5ec5cRP=110
Mommy, Mommy
If you think your job is tough, trade places with a mother of
seven for a day. The handheld Maria Hernandez once wrote off
as a tool for Wall Street types has turned out to be a constant
companion. Read Maria's story.
More =>
http://insync-online.p04.com/u.d?okQTNdx5ec5cQn=190
=================================================
Visit the Palm Store
http://insync-online.p04.com/u.d?kkQTNdx5ec5cRK=100
=================================================
TOP SOLUTIONS
For Your Eyes Only
Hide your data from those nosey neighbors
on the commuter train, with ttools' SOLOvision Security Screen.
Pick up a two-pack at:
More =>
http://insync-online.p04.com/u.d?okQTNdx5ec5cQR=210
Calm, Cool and Connected
Internet access, e-mail, short messaging. It all adds up to
one thing: Palm Mobile Internet Kit. Find out how it works
at The Palm Store.
More =>
http://insync-online.p04.com/u.d?kEQTNdx5ec5cQc=200
=================================================
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=====================================
|
5,105 |
Subject: If it ain't broke don't fix it...North Carolina Residents Debate
Sender: [email protected]
Recipients: ["nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1173.
=====================================
North Carolina Residents Debate Deregulation of Electricity
Paul B. Johnson
?
09/05/2000
KRTBN Knight-Ridder Tribune Business News: High Point Enterprise - North
Carolina
Copyright (C) 2000 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)
?
?
Donald Ratliffe doesn't know the intimate details over the complex debate
over whether to deregulate the sale of electricity to millions of customers
in North Carolina.
But the 57-year-old mechanic from Kernersville said he does know enough to
boil the issue down to a proverbial phrase if it ain't broke, don't fix it.
?
"Anytime they've seemed to deregulate something, it becomes a big mess,"
Ratliffe said, referring to the deregulation of fields such as the airline
and telephone industries. Change can be good, but it's not always good."
Answering questions recently as part of an informal survey of men and women
in the Triad, Ratliffe said the current monopoly system for electric service
suits him.
"When you think about what you get for your money, it's still a great buy,"
he said.
Ratliffe was one of the people interviewed recently by the High Point
Enterprise on their thoughts about whether the state should reform the
$8-billion-a-year electric industry. Members of the Study Commission on the
Future of Electric Service in N.C. have spent the past three years dealing
with analysts, lobbyists and industry representatives on how to approach the
intricate issue. In April, the 29-member commission approved recommendations
that include deregulating the sale of electricity starting in 2005, with full
implementation in 2006. The commission will resume its meetings in Raleigh
Sept. 14, with the goal of coming up with legislation that could be proposed
for the 2001 General Assembly session.
State legislators will have the final say on whether to deregulate an
industry that has functioned under a monopoly system for virtually a century.
The response of people answering questions posed by the Enterprise was
similar to the opinions expressed two years ago when eight public hearings
were held across the state on electric deregulation. Approximately 1,850
people attended the meetings, according to a report prepared for the
commission.
"Many people expressed serious concerns about restructuring, without
expressing a definite opinion either `for' or `against' it," reported the
consultant that prepared the commission's report on the information gathered
at the hearings.
The debate over deregulation carries special significance for High Point
because of the monumental level of municipal power debts.
The study commission hasn't come up with a specific plan to address the $5.5
billion debt. The city of High Point has municipal power debts of
approximately $430 million, the fourth-highest amount among the 51 towns and
cities in the state that run their own electric distribution systems.
Several proposals considered by the commission would compel the 51 cities and
towns to sell their power distribution systems, with the revenue going toward
debt relief.
For Avis Murphy of High Point, the topic of deregulation prompts her to
envision potential benefits and pitfalls.
The 25-year-old retail manager said having more options to pick her family's
power provider should lead to better service and prices because of
competition.
But she can also see people being taken advantage of if the government
doesn't have some oversight to prevent price gouging. Murphy suggested having
what would amount to a social safety net if deregulation takes place, such as
putting a cap on how much rates can go up during a certain period of time
among companies providing service.
Many men and women interviewed by the Enterprise said they didn't want a
deregulated electric industry to become a day-to-day telemarketing and sales
pitch drudgery.
Lou Damron of High Point and her friend enjoying lunch rolled their eyes when
asked if they would mind getting telemarketing calls from power companies as
they do now from telecommunication companies.
"Whenever they do something like this, it always gets more complicated," said
59-year-old retiree. "I like the way it is now I don't have to worry about
it."
Retiree Johnnie Alexander of High Point said that she wouldn't want
deregulation to interfere with her ability to have an equalized payment plan,
which allows her to keep her payments the same through the year.
"I like the way it is now," the 67year-old woman said.
Some people expressed an interest in deregulation if it would lead to better
prices.
Competition could be an improvement because companies would offer lower rates
to lure customers, said 69-year-old retiree John Cochran of High Point. Also,
a competitive market may compel more companies to build new power plants to
meet the demand of a growing base of customers, Cochran said.
"It always a better when there's an open marketplace," said 26-yearold
financial specialist Phillip Carter of Advance, who works in High Point. "I'm
a firm believer in capitalism and the free market."
One challenge that officials face in reforming the electric industry is the
wide disparity in the customer base and amount of electricity used per
customer in North Carolina.
Of the approximately 4 million electric customers in the state, 87 percent
are residential customers. About 12 percent are commercial customers, meaning
owners of shopping centers and office buildings, with about 1 percent
industrial customers, such as manufacturers.
However, the vast majority of electricity is used by the least number of
customers.
For example, for Carolina Power & Light Co., less than 1 percent of its
customers use 25 percent of the power that the utility generates. Put another
way, of CP&L's 1.2 million customers, the top 50 virtually all industries use
25 percent of the utility's energy, CP&L reports.
The disparity in the scope of customers and in how much electricity various
types of customers use make it challenging to come up with a competitive rate
structure where all types of customers benefit, said Charles Harman, a Duke
University mechanical engineering professor.
"What's going to happen with deregulation is that people with market clout
are going to be able to negotiate better deals than people without market
clout," said Harman, who has an expertise in electric industry issues.
That means ordinary people may find that deregulation won't have any
noticeable effect on what they pay each month to a utility, Harman said.
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Subject: Power shortage shifts attitudes --Davis Plummets in Polls
Sender: [email protected]
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Power shortage shifts attitudes
Posted at 10:51 p.m. PDT Sunday, May 20, 2001
BY NOAM LEVEY
Mercury News Sacramento Bureau
California's spiraling energy crisis, already menacing the state's economy
and sucking billions of dollars out of the state treasury, has dramatically
shaken Californians' confidence in their future and their governor, a new
poll shows.
Nearly half of the state's residents now believe California is headed in the
wrong direction, a stunning reversal from just five months ago, when nearly
two-thirds believed the state was headed in the right direction, according to
the poll conducted by the Public Policy Institute of California.
And bearing the brunt of this new pessimism is Gov. Gray Davis, whose
approval ratings have plummeted to 46 percent, down from 63 percent in
January, when the San Francisco-based institute conducted its last poll.
``We have seen slow deteriorations in public attitudes during tough times in
the past,'' said Mark Baldassare, who directed the survey. ``But what is most
surprising is the speed at which this change has occurred. . . . It is very
dramatic.''
Indeed, the energy crisis now dominates all other issues confronting
Californians, according to the survey of 2,001 residents statewide.
Forty-three percent of respondents listed electricity as the most important
issue facing the state, compared to just 13 percent who identified growth and
6 percent who identified education as the next most important issues. In
recent years, Californians have consistently ranked education as their top
issue.
And nearly two thirds of respondents said they fear the issue of supply,
demand and cost of electricity will hurt the California economy ``a great
deal.''
``Without electricity we can't do much of anything, especially work, and
without work the economy will continue to tank,'' said Maria Griffiths, a
46-year-old juvenile court clerk in San Jose.
Results dismissed
The governor's top political adviser, Garry South, dismissed the findings as
predictable. ``The voters are in a very bad mood. They are not happy with
anyone in this drama,'' South said. ``But these poll numbers need to be taken
in context. . . . People don't understand what he's done because it is very
hard to communicate that in this state.''
South emphasized that he believes Californians will understand the extent of
Davis' efforts by the time they go to the polls next year. Davis is expected
to run for re-election next year, and several Republicans, including
Secretary of State Bill Jones, are already lining up to challenge him. Davis
also has his eyes on the presidential election in 2004.
The survey found that most Californians do not blame Davis for the current
electricity crisis. Only 10 percent say he and the current Legislature are
culpable, compared to 32 percent who blame the utilities and 26 percent who
blame former Gov. Pete Wilson and the legislators who passed California's
landmark deregulation five years ago.
``He didn't make the deregulation disaster. I think that's Pete Wilson's
legacy,'' said John Putica, 52, a bank loan officer in San Jose.
Criticism for Davis
But there are nonetheless troubling signs for the man charged with leading
California out of its power troubles.
Sixty percent of those polled said they disapprove of how Davis is handling
the power crisis, much to the delight of Republicans who have hammered the
governor for not doing more.
Davis has emphasized that the solution to the state's electricity crisis
involves more power plants, more conservation and federal intervention to
control the price that California is being forced to pay for power.
The state has approved 15 new power plants since Davis was elected. But for
the past several weeks, the governor has been fighting an escalating war of
words with the White House over President Bush's unwillingness to support
price caps on electricity.
Bush's energy plan released last week again rejected price controls and
focused instead on rapidly boosting the nation's supply of power.
The Public Policy Institute of California's survey found that 43 percent of
Californians believe that new power plants offer the best solution to the
crisis.
But there is far less support for either conservation or price caps; 18
percent identified conservation as the most important solution, and just 8
percent favored federal price controls on generators.
That news was warmly received by a representative of power generators, who
have been accused by Davis and others of artificially inflating the price of
power to mine the California market for excessive profits.
``I think the public is skeptical of the actual benefits of trying to cap the
price of power,'' said Jan Smutny-Jones, executive director of the
Independent Energy Producers Association. Electricity generators argue that
price caps will discourage the construction of more power plants.
Backing re-regulation
Meanwhile, consumer groups, who have been advocating for re-regulation of the
electricity market, were left to hope that support for more controls will
come when Californians' power bills start rising next month.
``People don't yet understand that generators are responsible for cutting off
the juice,'' said Harvey Rosenfield of the Santa Monica-based Foundation for
Taxpayer and Consumer Rights. ``But in three weeks, California is going to
face a catastrophe. This is going to hit supernova status. . . . Once people
understand what the causes are here, I think they will understand that the
only solution will be re-regulation.''
Whether they will trust the state to come up with a solution is unclear,
however.
``The electricity problem has not only had major consequences on how people
view their leaders and their short-term future,'' said Baldassare of the
Public Policy Institute of California. ``There is less confidence in the
state's ability to plan for the long-term future. And that is giving people
worry.
``This crisis and the general economic uncertainty have severely undermined
public confidence in California's future and its leaders.''
Mercury News Staff Writer Mike Zapler contributed to this report.
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Subject: Davis faces dire political consequences if power woes linger
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File: dasovich-j/all_documents/10510.
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HEADLINE: Davis faces dire political consequences if power woes linger
BYLINE: By Daniel Borenstein
BODY:
??WALNUT CREEK, Calif. _ As Democrats prepare for their first statewide
convention since the electricity crisis erupted, some elected officials and
strategists are warning of dire political consequences if Gov. Gray Davis
fails
to clean up the power mess.
??"All of us should be thinking about the effect the energy crisis is going to
have on our chances of maintaining control of both houses, and the effect the
governor will have on the ticket up and down," said state Sen. Don Perata,
D-Alameda. "If he has not performed well and he has a D after his name, that
could be problematic."
??Garry South, the governor's top political strategist, said Thursday that the
state's electricity woes probably won't be over soon, but the voters
understand
Davis didn't create the problem.
??"It won't be solved in six months," South said. "This is an immediate
problem
that is not susceptible to an immediate solution. This is a several-year
process
to get this situation back under control."
??As for the governor's critics, "I think they should be asked to produce
their
own plan. It's awful easy to take pot shots, but most of those who I read
about
in the newspapers have no plan."
??The intraparty sniping on the eve of the party convention highlights the
frustration Democrats are feeling about the crisis_and its potential political
damage.
??Four months ago, this weekend's convention in Anaheim seemed certain to be a
Davis fete. Although Democrats had lost the presidency, Al Gore easily carried
California and the party was in firm control of the Legislature and the
state's
congressional delegation.
??Davis had led the Gore effort in California and the governor was personally
and politically popular across the state. This would have been the convention
for him to showcase his achievements for education, the issue he had promised
to
make the hallmark of his first term.
??But electricity now overshadows everything else. To be sure, the governor
will tout his policy achievements during a Saturday morning speech to the
convention delegates. And he is not shying away from the spotlight.
??Tonight, he will host a party for the delegates at Disney's California
Adventure Theme Park. That prompted one Democratic consultant from Sacramento
who won't be attending to quip, "We're in fantasy land here, thank you. We
don't
need to go to Disneyland for that."
??Some are shaking their heads in disbelief at how the governor has handled
the
events of the past week. "In many ways, he appears to have gone politically
tone
deaf," said Sherry Bebitch Jeffe, political analyst at Claremont Graduate
University. "His instincts are not serving him well."
??While his top aides were meeting with legislators last week to warn them
that
a $10 billion bond package won't be enough to get the state out of the crisis,
Davis was at a $10,000-per-person Palm Springs golf tournament to raise money
for his re-election campaign.
??When his hand-picked members of the Public Utilities Commission this week
approved an electricity rate hike that experts have been predicting for
months,
Davis claimed that he didn't know about the plan before it was announced and
that he thought it was premature.
??Other Democrats, however, thought the commission action was overdue. "I'm
glad to see the PUC stepping out and doing something along the lines that some
of us have been talking about needing to be done for the last six or eight
weeks," said state Sen. Tom Torlakson, D-Antioch. "There's a high level of
frustration. There haven't been clear answers to what the solution is."
??South, the Davis political strategist, said a lot of factors are outside the
governor's control. "No one can predict with any certainty where this is going
to go, and no one can predict when this situation is going to be brought under
control. We don't control the generators, we don't control the FERC (Federal
Energy Regulatory Commission), we don't control what Wall Street is going to
do."
??As for the potential political fallout, South said the governor and
Democrats
remain in a strong position. After all, he said, the deregulation plan was
pushed through by a Republican governor and Republicans in Washington are
blocking efforts to cap prices.
??Jack Pitney, government professor at Claremont McKenna College, predicted
Davis could weather the electricity crisis. "People who are following it know
it's roots run deeper than the Davis administration and the Republicans don't
have any plausible alternatives," he said.
??"My read of public opinion is people don't think there's a simple and easy
solution and they're not expecting one. They may be impatient but they won't
necessarily take it out on (Davis)."
??It's too early to predict the political outcome, said Mark Baldassare,
pollster at the Public Policy Institute of California.
??"The impacts won't be clear until people have gone through a few billing
cycles and we've gone through the summer blackouts, until we see what the
personal impacts are so we know what the political impacts are," he said.
"That's the really crucial period for Gray Davis' political future, after this
summer."
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Subject: Bandwidth Trading Article
Sender: [email protected]
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File: dasovich-j/all_documents/155.
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By Michael Rieke 11/02/1999 Dow Jones Energy Service (Copyright (c) 1999,
Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp. (ENE) is currently testing hardware and
software in order to start trading telecommunications
bandwidth capacity early next month.
The installations, in New York City and Los Angeles, are key steps in a
pioneering proposal that could create a market worth "hundreds of
billions of dollars a year," Tom Gros, Enron Communications vice president
of global bandwidth trading, told Dow Jones Newswires.
Enron has proposed trading Time Division Multiplexing, or TDM, and Internet
Protocol, or IP, bandwidth. TDM is used mostly for voice
transmission and IP is used mostly for data transmission.
In non-technical terms, TDM and IP have been compared to two different
systems for moving commuters. TDM is comparable to a rail
system moving commuters by train, with only one train at a time moving on
the track between two points. IP is comparable to commuters
moving in smaller groups in several cars between the same two points. The
route between those two points can be used by other
commuters (or other data) at the same time.
In other words, TDM sends one signal at a time between two points. IP breaks
a single transmission of data into packets of data, moves
them to another point where they are reassembled into one message. With IP,
packets of many separate data transmissions can be sent
simultaneously over a path.
Trading of TDM bandwidth will start in December and trading of IP will start
early next year, Gros said. Trading will begin with TDM
because it's a more liquid market.
Three types of TDM bandwidth will trade: DS-3, OC-3 and OC-12. DS-3 moves
about 45 million bits per second, OC-3 moves 155.52
Mbps and OC-12 moves 622 Mbps.
Enron's proposal would establish a master agreement covering quality
specifications and the delivery mechanism for trading bandwidth as a
commodity.
After companies sign that agreement, all their trades would be covered by
it. Individual deals could then be negotiated over the phone to
cover price, time period, segment and quantity in a few minutes, Gros said.
The standard terms and conditions Enron has come up with should make deals
happen more quickly, said Amanda McCarthy, an analyst
for Forrester Research, a technology research company.
Each deal's contract would be confirmed the same day by facsimile or
electronic communication between the buyer and seller. They would
be unregulated, over-the-counter transactions.
If a company fails to make or take delivery according to the deal
specifications, it would be subject to liquidated damages.
By installing the hardware and software needed for trading, Enron will
become the first pooling point developer called for in its proposal.
The hardware and software will establish connections with other carriers,
enabling trades of TDM bandwidth capacity between New York
and Los Angeles.
The path between New York and Los Angeles is the most liquid in North
America, Gros said. It's also an excellent launching point to
connect with European and Asian markets.
Because that path is volatile, it will motivate industry players to mitigate
price risk and will give speculators trading opportunities, according
to Enron's proposal.
Developers will build up to 100 other pooling points in North American
cities in the next 24-36 months, Gros said. Those pooling points
will allow bandwidth between other pairs of cities to trade under the
standard terms and conditions.
As many as 100 more pooling points will be built outside of North America,
particularly in Western Europe and the Pacific Rim, creating a
global market for bandwidth, he said.
Enron Chairman Ken Lay said recently that bandwidth would be trading under
Enron's proposal in Europe by the first half of next year and
in Asia by the second half of next year.
Enron is willing to build all the pooling points, at a cost of "a few
million dollars" each, Gros said. But other companies also are interested in
being pooling point developers. "Once we build the first two and prove the
concept, we're looking forward to pretty healthy competition
for people who want to be pooling point developers."
Having Enron own any of the pooling points is a problem, said Forrester's
McCarthy. "Enron is not a disinterested party. It has its own
network and (it) owns hubs, so a company like AT&T won't fully participate
in that market. The idea of a neutral third party is important,"
she said.
Gros said Enron has addressed that potential problem with the concept of a
pooling point administrator, or PPA. The PPA, a neutral third
party, would help to arrange physical delivery of the bandwidth. The PPA and
both parties to the trade would monitor quality of service
and other terms of the deal as it runs its course.
Enron is talking to PricewaterhouseCoopers about being the pooling point
administrator. PricewaterhouseCoopers already has been
working with Enron for months to develop the role of the pooling point
administrator.
Pooling point developers will have to build to meet specifications of the
bandwidth trading organization, or BTO, Gros said. The bandwidth
trading organization will be made up of traders in industry and will be
authorized to approve pooling point developers and the pooling point
administrator.
"We hope that...by the end of the first quarter of 2000, we (will) have the
founding members of the trading organization," Gros said. "That's
not a firm date but a reasonable time frame."
The BTO wasn't part of the original trading proposal Enron released in May.
It was added recently to help allay any fears about Enron or
any other company developing and owning pooling points.
Some skeptics doubt there will be a rush to sign up for the BTO or to accept
Enron's proposal for trading. They cite what they call a poor
turnout at Enron's "industry summit" in September in California.
Gros wouldn't name specific companies that attended the meeting. He said
only that it was attended by telecommunications "carrier firms
that have significant physical capacity in the Pacific, Atlantic and North
American segments." There were also hardware firms and "a couple
of consulting firms represented."
An attendee, who didn't want to be identified, said only two carriers
attended, Global Crossing Ltd. and Williams Communications Group.
"They were having a tough time with (the proposal)," he said.
Gros said Enron had the turnout it expected. Attendance was limited
purposely so the meeting would be a round-table discussion. "We
turned away dozens who had asked to come," Gros said.
He isn't bothered by skeptics. Enron encountered skeptics when U.S. natural
gas and electric power markets were commoditized in the
last two decades, he said. The company worked to establish both of those
markets and now it is the largest player in each of them. It also
plans to be a "first-mover" in the bandwidth market.
When trading starts in December, Enron will be a market-maker, buying or
selling as needed to get the market moving, Gros said.
And he won't be discouraged if the market doesn't grow quickly. The
commodity market for gas and power each took off slowly, he said.
Instead, he continues to promote the benefits of a bandwidth commodity
market. "Even if you don't own any physical capacity, it will be so
easy for you in...a couple of phone calls to effectively nail up a national
or possibly international telecommunications grid."
If the market develops as Enron has predicted, it could prevent major
headaches for telecommunications carriers and their customers.
When Uunet, a unit of MCI Worldcom Inc. (WCOM), had a system problem
recently, the Chicago Board of Trade, one of its customers,
lost its online trading system for a few days.
"If bandwidth had been trading as a commodity when MCI had its problems last
month, it would have given the company a range of
choices to solve the problem," said Forrester's McCarthy.
Gros agreed. A real-time market in bandwidth could develop. If that market
had existed when Uunet had its problem, the CBOT would
have been able to get its online trading system back up "in a matter of
minutes or hours," he said.
-By Michael Rieke, Dow Jones Newswires, 713-547-9207
[email protected]
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Subject: Enron Mentions
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USA: Enron opens steel products depot in Chicago.
Reuters English News Service, 10/01/01
Enron, Switzerland's EWZ Form Trading Joint Venture
Dow Jones Energy Service, 10/01/01
UK: U.S. Enron, Swiss EWZ sign power trading jv.
Reuters English News Service, 10/01/01
USA: Enron shrs rise on India stake sale talk.
Reuters English News Service, 10/01/01
USA: Shares of NewPower plummet in midday trade.
Reuters English News Service, 10/01/01
Greece's Development Ministry Grants New Electricity Licenses
Bloomberg, 10/01/01
USA: Enron opens steel products depot in Chicago.
10/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Oct 1 (Reuters) - Enron Corp. said on Monday it had opened a depot to store specific types of hot and cold rolled steel coils for "just-in-time" delivery to customers in the Chicago area, creating a spot market for steel in that city.
The Houston-based energy and commodities trading giant said it will be able to supply customers from its depot within 48 hours, enabling it to reduce the amount of inventory they store themselves and cut the length of time they hold on to inventory.
"By creating commodities out of similar commercial-grade products, Enron provides valuable pricing benchmarks for base products, against which premiums can be set for any enhanced products and risk management services," Jeff McMahon, president and CEO of Enron Industrial Markets said in a statement.
In addition to its core natural gas and electricity operations, Enron is also active in markets such as pulp and paper, metals, and telecommunications bandwidth.
Enron began offering financial steel swaps in November 2000 and today provides a range of physical products and risk management services to buyers and sellers of steel products through its steel desk and its EnronOnline trading platform.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Switzerland's EWZ Form Trading Joint Venture
10/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- Enron Corp (ENE) and EWZ, the municipal power company of Zurich, said Monday they have formed a trading joint venture located in Zurich, to go into effect Oct. 1.
The JV, already approved by the city council of Zurich on Sept. 26, will be jointly managed by EWZ and Enron and will focus on energy trading, portfolio management and powerplant optimization in the wholesale markets in Switzerland and neighboring countries.
"The synergies will enable EWZ to offer more choice in products and services to its customers," EWZ managing director Conrad Amman said in a statement.
"In this JV Enron is looking forward to work together with an established and forward-thinking market player like EWZ with its many years of experience in the operation of hydraulic power plants and its well-established customer relations," said Peter Heydecker from Enron, who will be co-CEO of the venture.
website:
www.enroneurope.com
www.ewz.ch
-By Geoffrey T. Smith, Dow Jones Newswires; (+44 20) 7842 9260; [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
UK: U.S. Enron, Swiss EWZ sign power trading jv.
10/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Oct 1 (Reuters) - U.S. energy company Enron and EWZ, municipal utility for the Swiss city of Zurich, said on Monday they had set up a power trading joint venture which would start operating at the end of October.
The joint venture, which has already been approved by the city council of Zurich, will be jointly managed by both companies and focus on trading in the wholesale markets in Switzerland and neighbouring countries.
"The JV combines EWZ's long-established extensive knowledge of the Swiss market and Enron's trading and risk management expertise," said Conrad Ammann, managing director of EWZ, in a statement.
Swiss market is not open to competition but electricity companies trade with each other and with counterparts in other countries.
The Swiss are expected to vote on referendum in June next year on electricity liberalisation.
EWZ is one of the seven largest electricity companies in Switzerland with 250,000 customers who buy three terawatt hours a year.
Its total production is five terawatt hours a year from nuclear and hydro plants.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shrs rise on India stake sale talk.
10/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 1 (Reuters) - Shares of electricity and natural gas marketer and trader Enron Corp. on Monday rose 4 percent after India's largest private utility said it was in preliminary talks to buy Enron's share of the troubled Dabhol Power power plant in India.
Enron's shares gained $1.21 to $28.44 Monday on the New York Stock Exchange.
Tata Power, India's largest private utility, said it was in early talks to buy Enron's 65 percent share of the $2.9 billion Dabhol Power unit.
Dabhol has faced problems ever since it was forced to shut its 740-megawatt plant on India's west coast in June after its sole customer, a local state utility, stopped buying power. It also defaulted in earlier payments.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Shares of NewPower plummet in midday trade.
10/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 1 (Reuters) - Shares of electricity provider NewPower Holdings were down almost 20 percent on Monday on the New York Stock Exchange, but the company had no comment on the share drop.
Shares of NewPower were down 55 cents, or 17.9 percent, to $2.53 in midday trade on the New York Stock Exchange.
"We don't comment on stock activity. We are reporting our earnings in November," said Gael Doar, spokeswoman for NewPower.
NewPower, which bills itself as the first national provider of electricity and natural gas to residential and small commercial customers, recently became the outside provider with the greatest share for competitive energy providers as part of the Texas's deregulation.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Greece's Development Ministry Grants New Electricity Licenses
2001-10-01 11:42 (New York)
Athens, Oct. 1 (Bloomberg) -- Greece granted 10 licenses to
foreign companies to provide and produce electricity, as the country
deregulates its energy market.
Cinergy Corp., an Ohio-based electricity and gas utility, Enron
Corp.'s U.K. unit, Enel SpA, Italy's largest power company, and the
Swiss Atel Group, were each awarded permits to operate electricity
transmission units totaling 1,100 megawatts, the Development Ministry
said in a statement.
Michaniki, Aegek, Aluminium of Greece, Cinergy & Energa
Consortium, as well as the Kavala CCGT Power Plant Consortium, each
were awarded permits for electricity production plants totaling 954
megawatts.
Greece, which opened up the market to competition in February,
has said that it will allow private companies to provide no more than
30 percent of the country's total energy production, while Public
Power Corp., the former electricity monopoly, will produce the rest.
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Subject: Re: Digital Power Demand: JP Morgan Report
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Got it. Thanks. Another article suggesting that we need to get our message
out. Heard Skilling and Davis are going to talk. He sign the bill yet?
Best,
Jeff
Power deregulation backfires in infancy (9.27.2000)
MANY OFFICIALS SAY IT WILL WORK EVENTUALLY
BY STEVE JOHNSON
Mercury News
With its residents reeling from surging summertime electricity bills, this
coastal state's deregulated energy market has triggered bitter accusations,
legislative hearings and a push to re-regulate the whole system.
Sound familiar? Except this isn't California. It's New York, one of 23 other
states that are ending what has been for decades one of government's key
functions -- keeping tight control on the price of power.
The great national experiment to open the sale of electricity to competition,
which California has been largely credited with pioneering, was supposed to
lower prices by freeing consumers from the monopolistic grip of government
regulated utilities. Indeed, energy officials in many states retain hope that
it eventually will do that.
But throughout the country, a sense of foreboding has overtaken people like
Susan Peckman, who manages Peckman's Liquor Store in Pearl River, N.Y. Hers
is the only state outside California so far where consumers have been exposed
to the discomfitting impact of fully deregulated prices. And she doesn't feel
liberated.
``There's nothing we can do about it,'' said Peckman, who estimated that her
store's electricity bill has jumped about 20 percent this summer over last
year's. Faced with the option of paying it or closing down, she added,
``you're between a rock and a hard place.''
It has been four years since California became one of the first states to
pass an energy deregulation law. Yet the movement to revamp the way power is
sold in this country remains mired in a ``prolonged and muddled transition,''
according to a study published this month by Cambridge Energy Research
Associates and the Arthur Andersen consulting firm.
It's unclear when or even if that transition will ever be completed. In many
parts of the country, public officials are terrified of plunging ahead with
deregulation, given the high prices and other problems in California and New
York. Some even harbor suspicions that California has led the nation astray
by promoting an idea that is inherently flawed.
California Public Utilities Commissioner Henry Duque said he encountered that
attitude during a summer meeting of the National Association of Regulatory
Utility Commissioners in Los Angeles.
``I had other commissioners coming up to me saying, `What the hell is going
on here,' '' Duque said. ``They were concerned. I think their thought was,
did we in California see something that was wrong with deregulation but
weren't going to level with them now that they had started down the path?''
Actually, the federal government bears much of the responsibility for
initiating the drive to ease public control of electricity markets.
Hoping to encourage new sources of electricity, Congress passed laws in 1978
and 1992 that forced utility companies to buy increasing amounts of the power
they use from other, unregulated energy suppliers. In 1996, the Federal
Energy Regulatory Commission also made it possible for other firms to ship
their power over the high-voltage lines the utilities owned.
Consumers were looking for a change, too. By the mid-1990s, the service
provided by utility firms had become a sore subject. California had some of
the highest utility rates in the country, and the electrical system's
reliability was under fire.
If only other companies could be lured into the market to compete, it was
widely assumed, prices would plummet and overall customer satisfaction would
improve.
New York, New Hampshire and Rhode Island passed laws or made administrative
rulings to deregulate slightly before California, where deregulation was
approved in September 1996.
Rhode Island and Massachusetts were first to give residents the ability to
choose which company sold them their electricity. But because of its size and
much publicized deliberations about its plan to deregulate during the 1990s,
California was labeled the national leader on the issue.
In many ways, however, deregulation in the state has been a flop -- at least,
so far.
Californians have had the right to pick their energy supplier since March 31,
1998, when the electricity market was officially unfettered. That ability to
choose was seen as an essential way to spur competition and, ultimately,
lower energy prices.
But as of Aug. 15, less than 2 percent of California's homeowners, businesses
and others had seen fit to drop their local utility for some other supplier.
By contrast, in Pennsylvania -- one of 13 other states that now let people
choose -- 10 percent of customers have switched.
Critics say that's a misleading comparison since Pennsylvania, unlike
California, gives an energy price discount to consumers who make the switch.
Nonetheless, Pennsylvania officials are clearly happy about how deregulation
is working.
A study in August by Pennsylvania Gov. Tom Ridge concluded that electricity
competition will result in 36,400 new jobs and a $1.4 billion boost in
personal income across the state by 2004.
``We do not anticipate the problems in Pennsylvania that you have out there
in California,'' said Kevin Cadden, a spokesman with that state's Public
Utility Commission. ``I am not nervous at all.''
A study this summer by the non-profit Center for the Advancement of Energy
Markets, which promotes deregulation, found that Pennsylvania has pushed
electricity competition more effectively and quickly than any other state.
Others listed in order in the top 10 were New York, Maine, Massachusetts,
Texas, Nevada, Maryland, Rhode Island, New Jersey and Connecticut. California
was 16th.
But consumers may have a different measure of success: whether their lights
will stay on and how much electricity will cost them once government controls
are removed. Unfortunately, in the two states where prices have been fully
deregulated, the evidence is not encouraging.
In San Diego, the first place in California to have its state-mandated cap on
utility rates lifted under deregulation, electricity bills for many consumers
this summer doubled, while power blackouts also rolled through Northern
California. New York's experience wasn't quite as bad. But in the few
counties there that were exposed to fully deregulated electricity rates this
summer, the average residential bill rose 22 percent.
Investigations are under way in California and New York to determine what
happened. Nonetheless, the problems in both states have been largely blamed
on an insufficient supply of power plants to meet their demand for
electricity, which has forced consumers to pay just about whatever
power-producing firms want to charge.
``It's the piece that the economists missed'' when deregulation was touted
several years ago, said Mike Donovan, a spokesman for Orange and Rockland
Utilities, Inc., which supplies power to Susan Peckman's Pearl River liquor
store, among other parts of New York. ``There isn't sufficient generation to
really administer a full-scale competitive market.''
Ralph Cavanagh of the National Resources Defense Council in San Francisco
maintains that deregulation has been unfairly maligned because the dearth of
power plants has made it impossible for consumers to benefit from
competition. Once that and some other problems are fixed, he said, ``I'm
confident we'll have a more orderly market in the future.''
Others are growing nervous, however. This summer's difficulties have spurred
calls to significantly stall or even reverse deregulation in North Carolina,
Nevada, New Mexico, Minnesota, Oregon and Alabama, among other states.
A Wisconsin consumer advocate recently chuckled over the phone as she read
aloud a story about California's energy crisis, noting that such news made
her opposition to deregulation much easier.
``I am absolutely convinced that we are on an inexorable march toward the
choice model,'' said Ken Malloy, president of the Center for the Advancement
of Energy Markets. But he acknowledged that the experience in San Diego and
New York ``is undeniably a bad thing that has happened to this movement, and
it will set us back.''
Contact Steve Johnson at [email protected] or (408) 920-5043.
=====================================
|
5,120 |
Subject: FW: PG&E Advice Letter 2106-E
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/11657.
=====================================
BLACKOUT BUSTERS, BUSINESS CONTINUITY AND ENERGY COMMITTEE MEMBERS:
the following documents were submitted to the PUC as indicated below.
Please open and review per Barbara Barkovich. Thanks. Laura
############################################################################
#####################
Tuesday, April 24, 2001, Pacific Gas & Electric Company filed Advice
Letter 2106-E with the CPUC.
Electric Interruptible Load Programs
<<2106-E AL.doc>> <<2106-E TS.doc>>
Advice 2106-E is being sent electroniclly to parties to R. 01-10-002.
Thank You,
Nel Avendano ([email protected])
Rates (415-973-3529)
- 2106-E AL.doc
- 2106-E TS.doc
=====================================
|
5,130 |
Subject: Nov. 13 UC summit conference on electricity
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/2065.
=====================================
Jeff and Tim,
Tim, I know Jeff knows all about the conference we are organizing and I hope
you do as well.
Rob, I and the rest of the conference organizers are wondering if you could
help us find out if Jeff Skilling from Enron would be willing to be one of
our panelists? He has been an articulate critic of the current state of our
electricity markets, and we definitely would like the genco perspective
represented.
Naturally we are hoping to get a quick answer because our publicity about
the conference will be going out shortly.
A brief description of the conference is appended below. Please let me know
if you need any additional information.
Thanks very much for your help and advice.
Lee
The summer of San Diego has prompted the School, in collaboration with UC's
Energy Institute and Competition Policy Center, to sponsor a high-level
summit conference on electricity deregulation. The focus, and the audience,
will be national, but heavily informed and influenced by the California
crisis. The conference will evaluate (1) the wisdom of deregulation and (2)
how the pitfalls encountered so far can be avoided and remedied. The
University will facilitate an open, honest and reasoned exchange between
executive-level players from various perspectives: industry, regulators,
consumers, legislators, academics, and market and system operators.
The format entails two roundtable discussions with six speakers and a
moderator. During the panel sessions, the speakers will engage in a
debate/dialogue on the current situation in electricity deregulation, where
we have come from, what the future holds, and what solutions lie on the
horizon. Each speaker will have uninterrupted time to speak, followed by Q&A
and discussion. We expect a live audience of about 200, including a large
press presence. One sponsor has tentatively offered to provide internet
streaming video services. We hope to have a balanced group of sponsors
ranging from the American Public Power Association to energy companies.
The speakers are being arranged at this time. We have commitments from:
Loretta Lynch (Chair, CPUC), and PJM CEO Phil Harris. We have a preliminary
acceptance from Steven Littlechild (England's former primary electricity
regulator) and Laura Tyson (former Chair, President's Council of Economic
Advisors and National Economic Council, currently Dean, Haas School of
Business). We have invited FERC Commissioner Curt Hebert, and U.S.
Representative Edward
Markey, executive-level managers from several energy companies and state
legislators. Former DOJ chief economist Carl Shapiro will be on one of the
panels, as will economist Severin Borenstein, Director of UCEI and Professor
of Business and Public Policy. Michael Florio from The Utility Reform
Network (TURN) will be a consumer advocate on one of the panels. Lee
Friedman, economist and Professor of Public Policy, will briefly provide an
introduction to the panel discussions with his talk "Lighting the Stage: The
Electricity of Deregulation."
A dinner for the panelists and organizers will be hosted at UC's Goldman
School of Public Policy following the conference proceedings. We have
reserved rooms for our speakers at Berkeley's landmark Claremont Hotel. We
can reimburse those speakers who request it for coach airfare expenses and
other ordinary local expenses.
Forfurther information, please contact:
Lee S. Friedman
Professor of Public Policy
Goldman School of Public Policy
University of California
2607 Hearst Avenue
Berkeley, CA 94720-7320
Ph: (510) 642-7513
Fax: (510) 643-9657
email: [email protected]
=====================================
|
5,137 |
Subject: CMTA Tax: Friday meeting to discuss Windfall Profits Tax bills
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11591.
=====================================
TO:????????? Kassandra Gough--Calpine
??????????????? Chris Micheli--Carpenter Snodgrass
??????????????? Carolyn Baker--Duke Energy
??????????????? Anne Kelly--Duke Energy
??????????????? David Parquet--Enron
??????????????? Jeff Dasovitch--Enron
??????????????? Tom Allen--Mirant
??????????????? John Stout--Reliant Energy
??????????????? Stephanie Newell--Reliant Energy
??????????????? Fred Pownal--Kahl/Pownall Advocates
FROM:?? Carrie-Lee Coke
RE:????????? Friday, April 27 Meeting at 2:00 pm in the CMTA Conference room
to discuss the Windfall Profits Tax
???????????????? bills--SBX1 1 (Soto) and ABX1 128 (Corbett)
We are reserving the CMTA conference room for 2:00 pm on Friday, April 27 to
meet to discuss the Windfall Profits Tax bills--SBX1 1 (Soto) and ABX1 128
(Corbett).? Please RSVP to Pam Ross at 916-498-3320 or [email protected] if you
are able to attend. . . . Thanks.
=====================================
|
5,145 |
Subject: El Paso Hearings at PUC Legislature
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11393.
=====================================
No smoking gun in natural-gas cost probe
By Jim Sanders
Bee Capitol Bureau
(Published April 23, 2001)
It strikes at the heart of an energy crisis that has caused
multibillion-dollar losses and could plunge California's economy into a
tailspin: Did private companies manipulate markets to get rich off consumers'
pain?
An Assembly oversight committee spent hours last week grilling officials of
El Paso Natural Gas Co. and an affiliate, El Paso Merchant Energy, companies
that were accused by state regulators of anti-competitive practices that
helped send gas prices soaring.
Committee Chairman Darrell Steinberg, D-Sacramento, said the hearing
convinced him that El Paso exercised "market power" -- undue influence over
supply, demand and prices -- even though no smoking gun surfaced in the
testimony.
"You have to look at this from a common-sense perspective -- the price spikes
were astronomical," Steinberg said. "Could they have occurred in such an
extraordinary fashion absent market manipulation? The answer, to me, clearly
is no."
No wrongdoing has yet been proved, however, and El Paso officials contend
they have acted legally and ethically.
State regulators have complained to the Federal Energy Regulatory Commission
that El Paso and its affiliates made it difficult for others to use pipeline
capacity into California so that El Paso could constrain natural gas supply,
increase demand and enrich itself in domino-like fashion.
Attorney Harvey Morris of the state Public Utilities Commission told
legislators that El Paso improperly sold 40 percent of its California
pipeline capacity to an affiliate, which set unrealistically high shipping
prices to discourage use by others and drive up the market.
"To us, it was pretty obvious what was going on," Morris testified.
The Federal Energy Regulatory Commission, which oversees interstate
pipelines, has dismissed a PUC allegation that El Paso illegally gave
preference to an affiliated company. But the federal agency has scheduled its
own hearing into complaints of anti-competitive practices. FERC officials
declined to testify at the Assembly hearing.
El Paso executives say gas prices have been affected by weather, storage
levels and other factors beyond their control, primarily extraordinary demand
for natural gas needed by power plants to generate electricity.
"We're not withholding capacity -- no one is," Ralph Eads, president of El
Paso Merchant Energy, told the oversight panel Thursday. "With these prices,
you want to sell every molecule."
The controversy is fueled by records showing that natural gas prices at the
Southern California border skyrocketed -- far exceeding national averages --
soon after El Paso Merchant assumed control of 1.2 billion cubic feet of
daily pipeline capacity from its corporate parent.
The El Paso pipeline, one of two key arteries to the state line in Southern
California, stretches from Texas through New Mexico to the border town of
Topock in Arizona.
Prices more than quadrupled at Topock during the one-year period ending in
March of this year, records show. Much of that rise stemmed from
transportation rather than production costs.
By February, prices at Topock had jumped from about $2.59 per million British
thermal units to $12.69 per million Btu. Nationally, prices had risen from
about $2.61 per million Btu to just $6 per million Btu in that same period,
records show.
But Assemblyman John Campbell, R-Irvine, a member of the oversight committee,
warned against using such statistics to conclude that El Paso violated any
federal pipeline laws or regulations.
Making money off a crisis is not necessarily illegal, he said. Market
conditions can place private companies in the catbird's seat, allowing them
to reap big bucks. Are they obligated -- legally, not morally -- to restrict
their profits?
"To make the jump from profiting from a shortage to market manipulation is
not something that should be done cavalierly," he said.
The El Paso case is being watched closely by legislators and consumers.
The PUC says that El Paso's market manipulation will cost California gas and
electricity customers more than $100 million annually.
The Brattle Group consulting firm has placed the figure much higher,
estimating that cost increases for electricity customers of Southern
California Edison Co. alone totaled about $750 million during the past year.
El Paso and its affiliates are involved in selling pipeline space to other
natural gas companies, selling gas themselves at the California border and
generating alternative sources of electricity whose price is tied to natural
gas costs.
Shareholders stood to gain handsomely as gas prices shot upward, according to
the PUC.
El Paso Merchant's earnings before interest and taxes rose from $3 million in
1999 to $563 million in 2000, according to documents filed with the
Securities and Exchange Commission.
The report gave no breakdown, however, of profits tied specifically to
California.
A research firm hired by El Paso, the Lukens Consulting Group, concluded that
a complex chain reaction of factors -- not manipulation -- has rocked the
state's natural gas industry and affected market dynamics and economics.
"Higher electricity prices have caused an increase in demand for gas, which
has led to higher prices of gas, which increased demand for pipeline
capacity, which caused an increase in the price of pipeline capacity," the
group said in a report distributed to legislators.
But electricity generators, themselves under investigation in the Legislature
for their pricing practices, make the reverse argument: Higher natural gas
prices contributed to a rise in their costs for producing electricity.
To support claims that El Paso acted unethically, the PUC says the company
gave its affiliate an unfair competitive advantage in bidding for pipeline
capacity to Southern California by:
Structuring the auction to favor awarding the entire bloc to a single bidder.
Twenty-four companies submitted bids for portions of the pipe. Only El Paso
Merchant sought all of the capacity, offering $38.5 million for a 15-month
contract.
Failing to disclose to other bidders -- except El Paso Merchant -- that
another affiliated company would soon offer discounted rates for use of an
interconnection line extending from Topock into Southern California.
Testifying before the Assembly committee, El Paso officials scoffed at the
suggestion that their auction for pipeline capacity was rigged.
The minimum price set for the pipeline space -- $37.5 million -- was a fair
one. Auction terms stipulated the capacity would be parceled out if the total
of all small bids exceeded the highest "total package" bid, the officials
noted.
There was nothing unusual about the El Paso affiliate, Mojave, offering a
discount to its interconnection line. The line wasn't crucial to bidders. And
all companies had the same opportunity to inquire about discount
possibilities prior to submitting bids, the officials said.
Attorney Peggy Heeg, an El Paso corporate vice president, said FERC strictly
regulates relationships among affiliates. But it doesn't ban the types of
rate discussions that an unrelated company might have with the corporation,
she said.
El Paso firms would and could not collude with each other to discourage
competition, Heeg said.
"(Affiliates) have to operate completely independently -- even if they have
the same shareholders," she said.
=====================================
|
5,153 |
Subject: Energy Novice to Be Paid $240,000
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28310.
=====================================
Good work if you can find it ....
Wednesday, July 4, 2001
Energy Novice to Be Paid $240,000
Power: Hefty annual salary goes to consultant with one year's experience in
the field. State officials say she is doing a good job.
By JEFFREY L. RABIN, DARYL KELLEY, Times Staff Writers
The Davis administration is paying a young business consultant with
barely a year's experience in the energy industry $240,000 annually to head a
team of traders who secure California's daily electricity supply.
State officials hired Susan T. Lee, 30, in April without competitive
bidding under an emergency declaration by Gov. Gray Davis.
Lee's contract is equal to the $20,000 a month that Davis pays his chief
energy advisor, S. David Freeman, a top utility executive for decades.
The two-year contract will pay Lee up to $480,000 to oversee the state's
day-to-day energy purchases, totaling billions of dollars a year.
Lee's contract reflects the pressure and difficulties the state says it
faces to fill key jobs in its new role as one of the nation's largest power
buyers, a role that it took on in January as California's utilities faltered.
Lee's contract was one of about a dozen released Monday, and among the
largest.
Reached at her Sacramento office, Lee would not discuss her contract.
She said only that she heads a 15-person team of traders and schedulers that
works long hours to keep California's power flowing.
Pete Garris, a contracts manager for the state Department of Water
Resources who recruited Lee, said he met her at industry meetings and had
been impressed by her savvy.
He said he gave her a pay raise to lure her to state service in April
after Ron Shimizu, her boss at Mieco Inc., a trading firm in Long Beach,
recommended her. Shimizu refused comment Tuesday.
The state, according to Garris, must compete for employees against an
aggressive energy industry and pay good salaries to stay in the game.
"You can consider this situation to be very extraordinary," Garris said.
"Unless we can get permanent and full-time positions approved, these are the
rules we have to follow to be able to hire [consultants]."
Garris insisted that it is unfair to compare Lee's contract with the
six-month, $120,000 deal that Freeman--the former boss at several major
utilities--struck with the governor.
"I don't want to compare Susan Lee to David Freeman," Garris said.
"David comes from the Los Angeles Department of Water and Power and Susan
came from a [private] power marketer. With Susan, we just followed the
standard formula."
In her new job, Lee will direct an immensely complicated,
around-the-clock operation responsible for "procuring energy, scheduling
power and associated transmission, and reconciling deviations between
contracts and deliveries," according to her contract.
Lee's resume, attached to the contract, shows that she had no experience
in the energy field until March 2000, when she joined Mieco. There, she was a
trader and power scheduler, not a manager.
"She was only here for a year or so," said Dina Alvarez, an
administrative manager for the company.
A 1994 graduate of UCLA with a degree in economics, she worked as a
pension and benefits manager in Los Angeles and New York before joining
Mieco.
Lee's contract stands out compared to others disclosed this week, not
only for its size but for her relative inexperience in the energy field.
She is being paid $120 an hour and can earn a maximum of $480,000,
including expenses, by April 2003.
Another new consultant, William L. Green, has almost a quarter of a
century of experience working for the Bonneville Power Administration,
Pacific Gas & Electric and the California Independent System Operator. He is
being paid $85 an hour to supervise workers who reconcile the state's
accounting of energy purchases. His two-year deal is worth up to $340,000.
They are not alone in cutting lucrative deals.
Richard Ferreira, the former assistant general manager at the Sacramento
Municipal Utilities District, has a $500,000 contract and is being paid $200
an hour to assist the state in negotiating power purchase contracts. He
worked for the Department of Water Resources for 23 years before joining the
Sacramento agency in 1987.
Hardy Energy Consulting also has a $150,000, six-month contract that
calls for Randy Harvey to be paid $300 an hour. Harvey has a quarter of a
century of energy experience, particularly at the Bonneville Power
Administration, where he was chief executive officer from 1991 to 1997.
Lee's recruiter, Garris, said her lack of experience is not a concern.
"So far she's done an excellent job," he said. "She has the skills, and
she has the ability. She was doing a similar job."
Dozens of consultants, including Lee, have been hired since January,
when Davis declared an energy emergency and set up a special arm of
government to buy power.
The state filled a vacuum when generators refused to sell to PG&E,
Southern California Edison and San Diego Gas & Electric because they were no
longer considered credit-worthy, said Oscar Hidalgo, spokesman for the
Department of Water Resources.
Hidalgo said that about 60% of the 95 people now working for the
division are consultants. The rest are state employees.
As part of the process, Lee's unit oversees the purchase of power a day
ahead of when it is needed. Hidalgo said Lee is involved in contracts that
extend no more than three months.
Copyright 2001 Los Angeles Times
=====================================
|
5,157 |
Subject: Davis Signals Utility's Grid Could Be Seized
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9348.
=====================================
Davis Signals Utility's Grid Could Be Seized
Power: Governor says eminent domain is a possible last resort against PG&E,
which is balking in state sales negotiations.
By DAN MORAIN and NANCY RIVERA BROOKS, Times Staff Writers
On the eve of a new round of rescue negotiations with a reluctant Pacific Gas
& Electric Co., Gov. Gray Davis suggested Wednesday that as a last resort the
state could seize the utility's prized electrical transmission system through
eminent domain.
That saber-rattling cut against the grain of some rare good news in the
state's continuing electricity crisis. The energy supply crunch eased
slightly as grid operators pumped up the cushion between supply and demand,
and for the first time in more than five weeks the statewide power grid was
operating under a relatively mild Stage 1 emergency.
Negotiations with the state's two other big utilities--Southern California
Edison and San Diego Gas & Electric--were described by a Davis aide as going
"very well."
But the governor, responding to a reporter's question, would not rule out the
idea of taking over transmission assets through eminent domain, a legal
proceeding by which government can take over private property, at a price
determined by a court. His aides downplayed the possibility, and Davis said
he intends to continue talking with utility executives in an effort to
resolve the weighty questions.
"My strong preference is to do this through [a] cooperative negotiation
process rather than just seize it," Davis said at a brief news conference at
an elementary school south of Sacramento.
Davis is insisting that the utilities give up control of the massive system
of high-voltage transmission lines in exchange for an infusion of state money
that would allow Southern California Edison and Pacific Gas & Electric to
restructure their multibillion-dollar debts.
While Edison and San Diego Gas & Electric executives have said they are
willing to discuss the sale of their portion of the 32,000-mile statewide
grid, PG&E, the state's largest utility, is balking.
"The governor would like to solve this thing in one fell swoop, but if PG&E
is sitting up there being obdurate, then this thing is severable," Davis
political advisor Garry South said in Los Angeles.
The utilities need the state's help to buy electricity, as wholesale prices
have soared since May and supplies have been stretched to the limit. Under
the state's limited deregulation plan, the companies were forced to buy
wholesale power at market prices but were not allowed to pass along increased
costs to customers.
Internal administration documents circulated in the Capitol last week show
that the state was considering paying 2.3 times the grid's "book value," or
about $7.3 billion, for the grid serving all three companies.
A top utility source, requesting anonymity, said the figure was in the
"ballpark" of what was being discussed.
Talks will continue today with all three utilities. Davis had not decided
whether he would join the talks directly, or leave that task to his aides,
San Francisco attorney Michael Kahn and former Southern California Edison
executive Michael Peevey.
"We're still hopeful for an announcement by Friday," Davis spokesman Steve
Maviglio said Wednesday night.
Transmission Grid the Key
Davis insisted that the transmission grid is key to any deal. The utilities
would use cash from the purchase to restructure debt and the state would use
its ability to raise money through bond sales to revamp the aging system,
which is said to need $1 billion in improvements.
"That will be part of the solution," Davis said. "I will not sign off on a
resolution of this [without the transmission grid]."
South, the governor's chief political advisor, acknowledged that PG&E is in
more difficult financial straits than Edison, largely because the PG&E
electricity rate structure set by the Public Utilities Commission is lower.
But he added that Edison has shown more good faith and interest coming into
the negotiations, which began Tuesday in San Francisco.
"Edison's been coming into these meetings with 50-page binder books with
various specific proposals," South said. "PG&E comes in with a handwritten
piece of paper and a big huff of arrogance. They act like they are in control
when they are in serious soup."
A spokesman for PG&E declined to comment on South's remarks. The utility has
maintained a policy of not discussing the negotiations.
PG&E's parent company, PG&E Corp., announced Wednesday that it would not be
paying its regular dividend of 30 cents per share on common stock for the
first quarter of 2001. PG&E said it would not resume paying common stock
dividends until it "determines that the financial health of the company will
support such action."
The company has come under intense criticism that it is maintaining a
business-as-usual approach while its utility subsidiary was teetering toward
bankruptcy.
While the negotiations with PG&E threatened to prolong the political crisis,
the state was emerging from 39 straight days of moderate-to-critical power
supply emergencies, having been lifted into the relative calm of a low-level
alert by warmer weather, improved electricity reserves and a decrease in the
number of power plant shutdowns.
"We should probably be making a big deal about this, but we just don't have
time," said Stephanie McCorkle, a spokeswoman for the California Independent
System Operator, which balances supply and demand on the electricity grid
serving about 75% of the state.
The grid controllers have been operating in full crisis mode for months now,
using everything short of the Energizer bunny to keep electricity flowing
while state leaders looked for solutions to the power market meltdown.
Economic Uncertainty
For more than a month, the state's transmission grid has been operating under
either a Stage 2 or Stage 3 emergency, indicating extremely tight reserves.
At noon Wednesday, the grid bumped down to Stage 1--indicating that the state
was maintaining reserves at a relatively cushy 7%. That is still below what
grid operators consider prudent, but no one was complaining.
The full effect of the electricity crisis on the state's economy is not yet
clear, and independent Legislative Analyst Elizabeth Hill urged state
lawmakers Wednesday to take a "wait-and-see" approach as they craft a new
budget.
Still, she left no doubt that she believes the power problems could seriously
crimp California's economic outlook.
Hill said she believes it is safe to assume that electricity costs will rise
because of the gap between wholesale prices and regulated rates. If wholesale
prices were to stay as high as they are now, she estimated, the state's
wholesale electricity costs would climb to $40 billion this year, up from $25
billion in 1999.
Hill made no prediction about whether that would happen. Indeed, Brad
Williams, a senior economist in Hill's office, said he thought it likely that
prices would decline and that legislation would shield consumers from the
full effect of the inflated electricity market.
30-Day Supply Agreement
Also Wednesday, Reliant Energy of Houston, which has balked at being forced
to provide electricity to California when payment for that power is
uncertain, said it had reached a 30-day agreement with the state under which
the company will continue to provide emergency electricity supplies.
As a result, a federal judge in Sacramento delayed ruling on a lawsuit filed
by state grid operators against Reliant. Instead, U.S. District Judge Frank
C. Damrell Jr. extended until Friday afternoon an order forcing Reliant and
several other energy suppliers to keep selling to the California grid
operators.
In Huntington Beach, city officials delivered a blow to Davis' plan to
accelerate power plant projects, filing an appeal with the California Energy
Commission to fight the speedy reactivation of two old gas-fired generators.
If they exhaust that process without stopping the plan, they promised to go
to court.
Regardless of whether the appeals succeed, they are likely to tie up the
approval process, and in that sense strike against the heart of the
governor's plan to expedite power plant projects to meet the energy shortfall
expected this summer.
The AES units--with a combined output of 450 megawatts, enough to serve
450,000 typical homes--represent about 10% of the 5,000 megawatts that Davis
assured power-starved Californians would be available in time for the summer
peak.
---
Times staff writers Mitchell Landsberg in Los Angeles, Richard Simon in
Washington, Julie Tamaki and Rone Tempest in Sacramento and Christine Hanley
in Orange County contributed to this story.
=====================================
|
5,162 |
Subject: Internet Daily for October 25, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/741.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Thursday, October 25, 2001
by Frank Barnako CBS MarketWatch.com
Web 'Wayback machine' switched on
An archive of 10 billion Web pages, dating back to 1996, has
been launched at web.archive.org.
"We created the archive in 1996 because we felt it was critical
to preserve a permanent record of this historically significant
new medium for the public," said founder Brewster Kahle. The
project, developed in conjunction with the Library of Congress
and the Smithsonian Institution, made its official debut
Wednesday night at the University of California at Berkeley. It
will assist researchers and people "who just want to see how the
media and our culture marked important historical events," said
Paul Grabowicz, an assistant dean at the university.
-----------------------------------------------------------------
Anthrax attacks see Web use boost
The president of America Online told a suburban Washington,
D.C., audience that anthrax attacks against the U.S. postal
system are likely to boost Internet use. "It's incredibly
positive for the Internet," Raymond Oglethorpe said at a
breakfast sponsored by the Fairfax County Chamber of Commerce,
the Washington Post reported. He quickly added the recent events
were "unfortunate." Oglethorpe also said the terrorist attacks
have hurt revenue for the AOL Time Warner subsidiary because
the market for online advertising "has absolutely gone away,"
the Post reported.
-----------------------------------------------------------------
Online travel: up in the air
Travel service etailers are waiting to see if the nation's Big
Three air carriers -- Delta Air Lines, United Airlines and
American Airlines -- follow Continental Airlines in the
latter's unexpected move to eliminate commissions on sales
completed through the Internet. Northwest Airlines took the
same step in March.
Online travel market analyst Lorraine Silleo of PhoCusWright was
puzzled by Continental's decision, according to a Los Angeles
Times report. "You would think the airlines would want to work
with as many distribution outlets as possible right now to fill
their seats, not take them away," she told the newspaper. But
she also expects etravel firms such as Expedia and
Travelocity.com will negotiate agreements with the airlines
enabling them to make bookings and charge fees.
-----------------------------------------------------------------
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email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)
Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
5,163 |
Subject: Internet Daily for November 21, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/2043.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Wednesday, November 21, 2001
by Frank Barnako CBS MarketWatch.com
Brick-and-mortar cuts hurt e-tailers
Price discounts by traditional retailers are likely to reduce
sales for online retailers, according to the Conference Board, a
nonprofit research group.
"Bargains are not as prevalent because offline stores are
offering discounts," said the board's director, Lynn Franco.
"The incentive to shop on the Web is not there." Her group
conducted a holiday shopping survey and found 22% of its
respondents indicated they plan to make online purchases,
compared to 21% a year ago.
Another study of shopping plans, by Chicago-based consulting
firm Accenture, found a sharp disinterest in online shopping.
Forty-three percent said they planned to shop less online this
year than last, while 23% said they would spend more through the
Web. The big draw for online shoppers was convenience.
-----------------------------------------------------------------
China shutters Internet bars
Chinese authorities have closed almost 20% of the country's
94,000 Internet bars. They failed to install software to block
access to Web sites the government considers pornographic or
subversive, the Associated Press reported. "Some youths will
submerge themselves for long periods, playing unhealthy games
and adversely affecting their development as normal students,"
according to a Shanghai newspaper. The newspaper estimates about
27 million Chinese access the Web, 4.5 million through the
"bars," often one-room shops with PCs.
-----------------------------------------------------------------
Trib lets fingers do the advertising
The Chicago Tribune's Web site now allows consumers to create
classified ads that appear both online and in the newspaper. The
feature is available from a button labeled "Place an Ad" on
chicagotribune.com. "People are now accustomed to doing business
on the Web and through this innovation we address the needs of
both our private and commercial customers," said Jane Migely,
director of classified advertising.
Editor's note: Due to the Thanksgiving Day holiday, Internet
Daily will not be sent on Nov. 22 and 23.
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by Schwab personnel. (0801-11478)
Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.
=====================================
|
5,166 |
Subject: Ca Energy Commission recommends Moss Landing Licensing
Sender: [email protected]
Recipients: ["montovano'[email protected]", "harry'[email protected]"]
File: dasovich-j/all_documents/951.
=====================================
Article appeared on Energy Insight's web.
Energy Commission Committee Recommends Moss Landing Licensing
A California Energy Commission Siting Committee has recommended that Duke
Energy's proposed 1,060 MW Moss Landing Power Project located in Monterey
County should be given full Commission approval.
The Moss Landing Siting Committee recommends the plant be approved for
construction and operation at the existing Moss Landing Power Plant site that
was previously operated by PG&E for approximately 50 years. According to the
Committee, the Moss Landing project is entitled to certification not only
under local ordinances and regulations but under the Warren-Alquist Act and
the California Environmental Quality Act (CEQA), based upon evidence
presented at formal public hearings.
The Committee has specified that Duke Energy will pay $7 million to support
steps that mitigate the impacts of the power plant's operations on the area's
marine biology. The $500 million Moss Landing Power Plant Project is a
natural gas-fired combined cycle power plant to be located near the Moss
Landing Harbor. The Commission began its review of the project in August
1999.
The proposed project is scheduled to be on-line by summer of 2002. If
approved, the project will increase the total generating capacity of the Moss
Landing plant to approximately 2,590 MW.
=====================================
|
5,167 |
Subject: High-tech demands strain power grid
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/2102.
=====================================
A D V E R T I S E M E N T
?? Related Links
? Front Page (Image)
? Special Reports
? Seven-Day Archives
Published Monday, October 2, 2000, in the San Jose Mercury News
High-tech demands strain power grid
BY MATT MARSHALL
Mercury News
During a summer of rolling blackouts and rising power rates, one silent
culprit is adding unexpectedly to the shortages: the new, spreading e-world
of networked computers.
E, after all, means e-lectricity, as well as electronic.
Over the past three years alone, U.S. corporations have spent $1 trillion
installing a vast world of wiring used now for everything from e-mail to
e-business, and it all depends on -- surprise, surprise -- a constant,
reliable flow of electricity.
``Every single piece of it gets plugged into a wall somewhere,'' said Mark
Mills, an energy consultant and co-author of the Digital Power Report.
Experts differ on how much the needs of high-tech equipment, as well as the
economic expansion that it has spurred, have boosted the demand for
electricity. But according to the Edison Electric Institute in Washington,
D.C., they've added about one percentage point per year to the growing demand
for power nationally since 1990.
In California, the high-tech revolution has consumed even more electricity --
an extra two to four percentage points each year of power over the amount
originally predicted, the institute says. In 1988, the California Energy
Commission believed the state would need 54,000 megawatts of power by 2000,
partly to accommodate robust economic growth. But this year California
actually required 56,000 megawatts.
That difference is enough to power about 2 million homes. ``There's no
getting around it,'' Mills said. ``Cyberspace, far from virtual, is very real
and anchored in electrons.''
Depending on whom you believe, high technology consumes from 3 percent to 20
percent of the nation's total power generation, and some expect that number
to rise to as high as 40 percent by 2010. ``Whether that number is 5, 10, 30
or 40 percent, is open to question,'' says Jim Owen, spokesman of the Edison
Electric Institute.
The added demand from the e-world couldn't come at a worse time. California
is now caught in a serious electricity shortfall for various reasons: an
unexpectedly hot summer, aging power plants that are prone to break down,
years of poor investment in new plants and the new efforts at deregulation in
the state.
Imbalance since 1995
For the past five years, the supply of electricity statewide has grown much
more slowly than the demand for it from companies and residents. Supply and
demand were in balance until about 1995. Since then, supply has grown only 1
percent, while demand has expanded by 11.5 percent, according to the
California Energy Commission.
For the Bay Area, state officials say there exists a shortfall of around 900
megawatts, or enough electricity to power about 900,000 homes. ``You guys in
California are the biggest energy hogs around,'' says Michael Economides,
professor of chemical engineering, who has studied power consumption. ``Take
a house with three teenagers. You have six phone lines, recharged cellulars,
car phones and computers.''
San Jose, for example, sucks up about 2,535 megawatts from outside the city
and produces only 165 for itself, according to Stephanie McCorkle,
spokeswoman at the state's Independent System Operator, which controls the
purchasing of much of California's power. To make up the difference, the city
needs to draw on outside sources that are limited themselves, since they come
from other areas that are also growing quickly.
Blackout warnings
With the state running beyond capacity, local power officials are warning of
blackouts in the summer.
When a rolling blackout hit Silicon Valley on June 14, several companies were
alarmed. They stepped up talks within a task force of the Silicon Valley
Manufacturing Group about ways to conserve energy use and to minimize the
burden on the local power grid.
Sun Microsystems Inc. has estimated that a blackout costs up to $1 million
per minute, according to Larry Owens, division manager of customer services
for Silicon Valley Power, the utility that manages power for many large
companies in Santa Clara County.
Chuck Mulloy, spokesman for Intel Corp., said that if one of its fabrication
plants shuts down, ``it could cost millions, depending on the
circumstances.''
Nevertheless, many computer companies are reluctant to talk about their power
needs, saying that it will alert competitors about their cost structures.
Some say they're confident the Bay Area shortfall can be patched up over the
next couple of years through a variety of measures, including building local
power plants and transmission stations. Local generation is important,
experts say, because it prevents voltage instability, which can seriously
harm high-tech computer servers that require high reliability.
For some of their most precise equipment, Internet economy companies need
what's called ``five 9s'' -- or 99.999 percent reliability -- to ``nine 9s''
or 99.9999999 percent reliability.
This, in turn, requires backup hardware, backup generators, backup batteries,
switches and software, said Mills, the energy consultant. The need for local
power is one of the issues in the debate surrounding the proposed Calpine
plant for Coyote Valley, which, if approved, would go online by 2003.
Cisco Systems Inc., which is proposing to build a campus in the area, has
opposed the plant for health and safety reasons. Cisco's officials say that a
patchwork of other plans already in place -- including building two power
plants in Pittsburg, and others in San Francisco, Contra Costa and San Mateo
counties -- will eventually generate enough electricity to avoid building
another plant.
In high demand
Meanwhile, many of the new e-businesses have a voracious appetite for
electricity. Exodus Communications Inc., Intel and Inktomi Corp., for
example, have erected massive Web-hosting and data centers that use about 10
times the amount of electricity per square foot of a typical commercial
building.
For example, a 100,000-square-foot Web-hosting center built by Exodus
consumes enough electricity to power 100,000 homes, estimated Ed Quiroz,
regulatory analyst at the Public Utilities Commission in San Francisco.
``They've completely caught projections off guard,'' he says. ``It's a huge
growth industry. The limiting factor is going to be the reliability of
electricity.''
And there's no sign that the demand for power in Silicon Valley will slow any
time soon.
Mills said the amount of electricity consumed by watching a movie by
video-streaming over the Internet is 20 times more than that used to watch
the same movie on television.
Mobile phones, he said, use about three times the amount of electricity that
normal phone lines do because they operate by bouncing signals off of base
stations. All of these will be on the rise, he pointed out, especially in
Silicon Valley.
``The buildup of the Internet has just begun,'' he says. ``And in the valley,
there's a shadow of electricity growing behind it.''
Contact Matt Marshall at [email protected] or (408) 920-5920.
=====================================
|
5,170 |
Subject: State's Utilities Could Be in Hot Water as Bills Are Due
Sender: [email protected]
Recipients: ['[email protected]', "nicholas.o'[email protected]", '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1653.
=====================================
Financial Desk
State's Utilities Could Be in Hot Water as Bills Are Due Power: Whether they
can collect funds for escalating costs is a question that worries Wall
Street, others.
CHRIS KRAUL
09/22/2000
Los Angeles Times
Home Edition
Page A-1
Copyright 2000 / The Times Mirror Company
As the meter runs on California's electricity crisis, shock over this
summer's price spikes is giving way to a new concern: uncertainty over
whether and how the state's three investor-owned utilities can collect the
staggering amounts in power costs they haven't been allowed to pass through
to consumers.
The unanswered question is how high the bill--now $4 billion and
counting--will go, and whether consumers will foot all or part of it. And
that there are no easy answers--perhaps short of an overhaul of the state's
deregulated power market, or legislation from officials seemingly reluctant
to act--only adds to the growing anxiety.
Rate freezes in effect at Southern California Edison, Pacific Gas & Electric
and San Diego Gas & Electric, which serve about three-quarters of the state's
residents and businesses, are forcing the utilities to borrow an estimated $1
billion a month to cover their added wholesale costs. Those loans are
draining the companies' resources and threatening their financial structure,
analysts say.
The rising unpaid balance presents a longer-term burden that worries Wall
Street, the state's business interests and, of course, the utilities. If
passed along to consumers, the amount could ultimately negate the promised
benefits of cheap energy that were the reason for being for the landmark
deregulation of California's electricity industry. But making the utilities
absorb the entire "undercollections" would strike a grievous financial blow
to the companies.
The crisis also has created a potential time bomb for shareholders of parent
companies Edison International and PG&E Corp. Skyrocketing wholesale
electricity costs are canceling out deregulation's underlying assumption of
low-cost wholesale energy--and the projected generous retail margins with
which utilities were to pay off nuclear plants and other uneconomical assets.
The deregulation law gave utilities until March 2002 to complete the payoff,
when open-market conditions would take over in their service areas. But with
wholesale electricity costs where they are, the "stranded asset" balances are
growing instead of shrinking--and posing an enormous potential hit for
shareholders, who would have to absorb the remaining "bad asset" costs after
the deadline passes.
Whether the companies' shareholders or ratepayers--or both--end up footing
the undercollection bill, all Californians could pay in the long run,
analysts say, if current market problems remain unresolved and the state is
seen as a less attractive place in which to do business.
How will it all shake out? Wall Street is as much in the dark as
Californians, said Lori Woodland, an analyst with Fitch Inc. of Chicago, one
of three debt-rating agencies to recently lower their outlooks for Southern
California Edison, PG&E, SDG&E and their parent companies.
"It's not clear how regulators view this issue," Woodland said. "They may
permit the utilities to recover their costs [from ratepayers]; they may not.
That's a big uncertainty, and it may remain this way for months. Meanwhile,
power prices are very high, and significant amounts of money are flowing out
the door of the utilities."
The uncertain prospects for collecting those billions of dollars also affect
stock prices, and PG&E in particular has slumped in recent days as the
implications register with investors. From a high of $31.64 on Sept. 11, PG&E
shares have dropped to Thursday's close of $23.19 on the New York Stock
Exchange.
Amid the finger pointing and doubts, many wonder if electricity deregulation
itself could be junked and the state's power industry re-regulated. Others
suggest that rate freezes be extended indefinitely or hope that the Federal
Energy Regulatory Commission now investigating the California electricity
market will take corrective action to make it all better.
Although the parties involved all seem fearful of the dimension of the crisis
and doubtful of any near-term solution, consensus couldn't be less evident
among the major players on how to deal with it. Although all three utilities
agree the current market isn't working, they have not come forward with a
common plan to solve the crisis and aren't working on one, sources say.
Partial lifting of the rate freezes is advocated by PG&E Corp. and Sempra
Energy, parent of SDG&E, the first state utility to pay off its stranded
costs and thus be allowed to fully pass along wholesale costs to customers.
The state Legislature has since stepped in to freeze SDG&E rates after a
political firestorm fed by customer protests over bills that doubled and even
tripled during the summer.
Lifting the rate freeze would stem the tide of electricity undercollections,
a sum the utilities realize is not necessarily collectible in the current
political climate.
"We have to fix these retail rates, which mask the true cost of electricity
and which are creating the shortfall," said SDG&E President Edwin A. Guiles.
In San Diego, for example, the average price paid by SDG&E customers zoomed
from 11 cents per kilowatt-hour last year to 28 cents at its highest point
this summer, before the Legislature stepped in to cap the rates, bringing the
average price paid down to about 10 cents.
So tinkering with the rate freeze could be politically hazardous.
"The pain we saw in San Diego this summer is something we want to avoid for
our customers in Northern and Central California," said PG&E spokesman Jon
Tremayne.
PG&E is expected soon to formally petition the state Public Utilities
Commission to lift its rate freeze. The San Francisco-based utility argues
that the $2.8-billion value of its Northern California hydroelectric
properties, which under deregulation it is required to divest, would erase
its stranded costs and make it eligible to pass along wholesale costs to
consumers.
Southern California Edison's chief financial officer, Jim Scilacci, said the
utility could possibly be eligible to lift the rate freeze later this year if
planned asset sales bring high enough prices.
But with the legally mandated rate freeze in effect in San Diego, observers
doubt that the state would let PG&E and Edison revert to market prices.
In response, some consumer advocates are saying, in effect: Let the
utilities, which ignored warnings of the electricity shortages at the root of
the summer's price spikes, lie in the beds they made and pay the unforeseen
costs of deregulation themselves.
"Essentially this is the result of a deal gone wrong. It's buyer's remorse,"
said Michael Shames of the Utility Consumers' Action Network, a San Diego
watchdog group. "The utilities cut a deal, and now they don't like the terms
of the deal and they want out of it."
Somewhat more flexible is Ed Yates, senior vice president of the
Sacramento-based California League of Food Processors, whose energy-intensive
industry could be devastated by the full brunt of high wholesale energy
costs.
"What frightens us is that the utilities and the state could declare the rate
freeze over and we'd have a San Diego situation," Yates said, referring to
how the rising summer power costs made some San Diego County agricultural
products noncompetitive. "What we want is rate stability. But I don't see a
solution. There are powerful interests at work who don't agree on the goal."
State officials are divided, with some including PUC President Loretta Lynch
looking to the federal government to impose order. Gov. Gray Davis has
discussed holding an energy summit next month to try to hash out solutions,
but no date or agenda have been set.
"The governor is obviously aware of the problems that California utilities
are facing and continues to be committed to making deregulation work and is
calling on everyone involved to act in a responsible way," said spokesman
Steve Maviglio, adding that Davis has set aside much of October to work on
the problem.
Lynch made it clear she will be unreceptive to any solution that would have
consumers absorbing all of the undercollections and that resolving the
utilities' huge debts must come as part of a comprehensive overhaul of
California's dysfunctional electricity market.
"I don't think there is a simple solution. The utilities have a problem, I
agree, but the resolution is much more complex than having the ratepayer eat
the bill," Lynch said. "The answer lies in a broader solution of addressing
the wholesale energy market."
Unclear is how long Wall Street would wait for some kind of resolution before
downgrading utilities' debt, the next step after the negative outlook
revisions.
"There are obviously many challenges presented to the power industry," said
Standard & Poor's David Bodek. "The costs are very high and at the end of the
day have to be borne by someone. If it's the utilities, there are financial
implications that could impact credit quality."
=====================================
|
5,174 |
Subject: Workshop on Real Time Metering
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12868.
=====================================
The Commission's Energy Division held a workshop yesterday (May 21st) with
the stated objective of "developing a viable program for real time pricing
options which will attract sufficient customer participation to have a
meaningful impact starting July 1, 2001."
In short, the workshop provided the California Energy Commission (CEC) a
forum to push the proposal it advanced in the SCE/PG&E rate design
proceeding (which has now been fleshed out more through proposed tariff
language, attached). The Energy Division is taking the view that the CEC
proposal is the "point of departure." In other words, that's what's going
to be adopted unless changes are made in this workshop process. The UDCs are
taking the view that there is no way they can implement the CEC's proposal
by July 1.
The hang up, from the UDCs' end, appears to be the "two part" nature of the
proposal. Basically, the CEC has proposed (based on the program currently
being used by Georgia Power) that a customer pays for baseline level of
usage at standard tariff prices and differences in usage from the baseline
are billed at RTP prices. The UDCs state that they could have their billing
systems ready in a month to bill customers at market prices for entire
consumption, but it would take four to six months to have the billing
systems ready to administer the two part proposal. The CEC is insistent
that given the fact that the RTP program will be voluntary, the number of
customers that will be on the program initially will not be large and the
UDCs should, at minimum, be able to establish a manual system to bill these
customers. The UDCs, in return, state that it makes no sense to waste the
time and effort to establish a manual system if you are working toward
greater participation --i.e., start working toward an automated system. The
result of the discussions was that the UDCs, CEC and the Energy Division are
suppose to get together in a smaller working group to see what can be done
about the billing constraints so that something can be in place on July 1.
On possible solution discussed is the decoupling of the standard tariff
piece of the customer's bill from the real time piece for a few months until
the billing constraints are worked out. I think the idea is that the
customer would be billed at the standard tariff price for all usage with a
true up later on for the real time pricing on the incremental portion of
the usage.
Other points of interest arising from the workshop:
The CEC's proposal calls for "RTP Values" to be prepared by DWR and the ISO
for each of the 24 hours of the following day. These prices will be posted
on the ISO and DWR websites. DWR is concerned, however, about the market
having too much information about its procurement practices. Therefore DWR
will use information readily obtainable in the market (e.g., Platts index
that publishes next day prices for on and off peak). DWR, however, will
make certain adjustments to these published prices. It was not clear
exactly what adjustments would be made. There was concern from participants
at the workshop that the DWR price would not be transparent.
A lot of discussion ensued as to whether the $35 million authorized by AB
29X will be sufficient to pay for all the meters (the plan is to put an
interval meter in place for all customers over 200 kW). SCE has taken the
position that the $1400 per meter which is being allocated is not
sufficient. SCE will not start installing meters until it receives
clarification from the Commission that it will be allowed to track the costs
in a memorandum account for potential future recovery (SCE plans to file an
advice letter on this point this week). There is also concern about what
the $1400 buys you. Apparently the meters will have the capability to
provide a customers pricing data as frequently as they wants it, but if the
customer wants to access that data on a more frequent data than daily, it
will have to buy additional software (about $1000).
At the tail end of the day there was some discussion on how real time
pricing would interact with other rates and demand responsiveness programs.
An analysis was prepared by John Flory (private consultant working for the
CEC on this) which sets forth "his best shot" on how real time pricing can
supplement several other demand responsiveness options to provide
additional demand cost reduction benefits. For example, a customer on both
the Scheduled Load Reduction Program and on RTP could, during his non-SLRP
hours respond to RTP prices. Mr. Flory prepared a chart which highlights
which programs he believes could work together and which will not. A copy
of this material will be faxed to Sue Mara (SF) and Harry Kingerski
(Houston).
The process from here on out is not clear. The Energy Division will write
up a brief report on the workshop (without recommendations). The small
working group referenced above will convene and furnish a report back by the
end of next week. After that it gets kind of fuzzy as to how something will
be implemented by July 1.
If you have any additional questions about the workshop, please call.
<<X24748.DOC>>
Jeanne Bennett
- X24748.DOC
=====================================
|
5,176 |
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/750.
=====================================
503-464-3740
-----Original Message-----
From: Dasovich, Jeff
Sent: Wednesday, October 24, 2001 7:52 AM
To: Belden, Tim
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
What's your fax number?
-----Original Message-----
From: Belden, Tim
Sent: Wednesday, October 24, 2001 8:39 AM
To: Dasovich, Jeff
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
I don't understand the netting that you are referring to. Does it mean that they will pay negative ctc's up to some just and reasonable amount and anything above the j&r level will be paid out when all of the other people are paid. How do they define the "ESP's share of the undercollection?"
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 23, 2001 3:02 PM
To: Shapiro, Richard; Steffes, James D.; Mellencamp, Lisa; Tribolet, Michael; Sanders, Richard B.; Kean, Steven J.; Sharp, Vicki; Smith, Mike; Williams, Robert C.; Curry, Wanda; Swain, Steve; Huddleson, Diann; Calger, Christopher F.; Belden, Tim; Dietrich, Janet
Subject: Conversation with Edison re: Getting Negative CTC Paid
I talked to John Fielder (SVP Edison) about setting up a meeting for Barry Tycholiz with Edison's CFO about hedging Edison's QF price risk. Fielder wanted to talk about the negative CTC issue. Here's what he said:
They plan to "settle" with the ESPs and pay them when they pay everyone else, which he re-iterated would be sometime in Q1'02.
Edison is holding firm to the notion that the negative CTC contributed to the utility's undercollection and that the ESP's share of the undercollection has to be netted against the payables attributable to the negative CTC and owed the ESP.
He said that they will propose to net it out in one of two ways: 1) lump sum netting (i.e., if they owe $50MM and the share of the undercollection is $30 MM, then they pay the ESP $20 MM; or 2) future reductions in PX Credit (i.e., they pay the ESP $50 MM, and then reduce the PX going forward until the $30 MM is paid down). The numbers are illustrative only.
In addition, he said that they have the view that a decision is going to have to be made about 1) whether DA customers pay for stranded costs tied to the DWR L-T contracts, and 2) whether DA customers pay going forward for stranded costs tied to the QF contracts. (Edison is clearly lobbying the PUC to get DA customers to pay for these costs.)
I recommended strongly that he de-link issues 1 and 2 above from the issue of paying us ASAP what they owe us for negative CTC. He agreed.
He said that the PUC judge's recently issued pre-hearing conference order requires that Edison "meet and confer" with ESPs prior to the Nov. 7th hearing, and that Edison intends to set something up with ESPs prior to that hearing.
Fielder is also the point person on "getting ESPs paid" and intends to initiate settlement discussions with ESPs week after next.
It was very clear from the conversation that Edison is going to do everything possible (at the expense of creditors) to maximize headroom under the settlement it struck with the PUC a few weeks ago. Edison's stalemate with the QFs is evidence of it. We shouldn't assume anything different with the Negative CTC issue.
If you have any questions, let us know.
Best,
Jeff
=====================================
|
5,186 |
Subject: DWR Charges as "Tax"
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/537.
=====================================
The choice is between locking in our exposure to our customers at four months versus risking exposure for the full period of time but with an argument that this is either a "tax" or an "indirect" consequence of our re-sourcing them to the utilities.
-----Original Message-----
From: Steffes, James D.
Sent: Tuesday, October 09, 2001 7:00 PM
To: Williams, Robert C.; Dasovich, Jeff; Mara, Susan; Wu, Andrew; Smith, Mike; Sanders, Richard B.
Subject: RE: $.01 surcharge as "tax"
The EWS West Power URM desk will need to determine the $$ at stake and help us manage our financial exposure and the appropriate policy response. It's their $$. So far, my understanding from the desk is that our current policy recommendations (as outlined in the Mike Smith memo) are the "preferred" outcome - I'll reconfirm.
Jim
-----Original Message-----
From: Williams, Robert C.
Sent: Tuesday, October 09, 2001 5:25 PM
To: Dasovich, Jeff; Mara, Susan; '[email protected]'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject: RE: $.01 surcharge as "tax"
We could not do that. On the other hand, if we advocate that it should only apply to those who directly benefitted, and the CPUC adopts that reasoning, we would be shooting our tax argument in the foot. I think you are right that we need to understand the implications, both financially and contractually, of the options before the Commission.
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 09, 2001 5:20 PM
To: Williams, Robert C.; Mara, Susan; '[email protected]'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject: RE: $.01 surcharge as "tax"
Thanks. One other question, which seems like a legal question. Assume that Enron openly advocates for the PUC to apply the charges to all customers, including ours, understanding that our customers neither benefited from or caused the charges. If the PUC does it, and we go back to our customers and claim that an indirect tax has been applied, are we in any kind of bind for having pushed for it? I'm hoping that the answer is no. Thanks for the info.
Best,
Jeff
-----Original Message-----
From: Williams, Robert C.
Sent: Tuesday, October 09, 2001 5:11 PM
To: Dasovich, Jeff; Mara, Susan; '[email protected]'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject: FW: $.01 surcharge as "tax"
a legal memo follows
-----Original Message-----
From: Williams, Robert C.
Sent: Thursday, August 02, 2001 9:16 AM
To: Mellencamp, Lisa; '[email protected]'
Subject: FW: $.01 surcharge as "tax"
-----Original Message-----
From: Williams, Robert C.
Sent: Friday, July 27, 2001 5:47 PM
To: Sharp, Vicki
Subject: $.01 surcharge as "tax"
A typical clause reads as follows:
" 'Taxes' means any and all new or existing governmental or quasi-governmental taxes, assessments, levies, duties, fees, charges and withholdings of any kind or nature whatsoever and howsoever described, including gross receipts, franchise, sales, use , property, excise, capital, stamp, transfer, employment, occupation, generatiion, privilege, Utility Taxes [separately defined to include "any and all franchise, utility, regulatory, BTU or energy, gross receipts, administrative services, municipality, and utility user taxes and similar taxes and energy resource and municipal land use surcharges and other similar surcharges"], regulatory, BTU, energy, consumption, lease, transaction, license, filing, recording, and activity taxes, levies, duties, fees, charges and withholdings, together with any and all penalties, fines, interest, and additions thereto, but excluding any taxes on the net income of EESI or any affilitates."
Under the contracts the Buyer is usually responsible for taxes "applicable to Power at or after the Delivery Point" (the meter); the Seller is usually responsible for taxes "applicable prior to the Delivery Point." The surcharge would seem to be applicable "at the Delivery Point."
Support for the argument that the surcharge is not a "tax" under the contracts:
1. The CPUC refers to it as a "rate increase"
2. It was not imposed by a governmental body (such as a state, county, or municipality)
3. When first implemented, all proceeds went to the utilities
4. It appears that a portion of the proceeds may continue to go to the utilities
Support for the argument that the surcharge is a "tax" under the contracts:
1. Since the "frozen tariff" remains in place it is disingenuous to refer to it as a "rate increase"
2. It now appears that the proceeds will go to a governmental entity, the DWR
3. The definition of "taxes" under the contract is broad and includes surcharges of all types
4. To the extent the $.01 surcharge is to pay for generation for bundled customers, those on direct access receive, if anything, only an indirect benefit, which is similar in effect to a tax and not to a rate increase
=====================================
|
5,187 |
Subject: FW: EES-USA
Sender: [email protected]
Recipients: ['Shapiro', '[email protected]', '[email protected]', '[email protected]', 'Richard']
File: dasovich-j/all_documents/29198.
=====================================
-----Original Message-----
From: Steffes, James D.
Sent: Monday, July 30, 2001 7:36 AM
To: Dernehl, Ginger
Cc: Shapiro, Richard
Subject: FW: EES-USA
Ginger --
Please forward to Rick's Government Affairs team in the USA. By the way,
this is better if printed on legal paper.
Thanks.
Jim
-----Original Message-----
From: Leff, Dan
Sent: Friday, July 27, 2001 10:34 AM
To: Lavorato, John; Belden, Tim; Presto, Kevin M.; Richter, Jeff; Aucoin,
Berney C. ; Perry, Todd; Steffes, James D.; Beck, Sally; Colwell, Wes;
Apollo, Beth; Haedicke, Mark E.; Bradford, William S.; Herndon, Rogers;
Black, Don
Cc: Dietrich, Janet
Subject: EES-USA
Attached is a diagram, which functionally lays out EES - USA , as a follow up
to our offsite of July 18. Please review and let Janet, Dave or me know if
you would like to discuss .
Thank you again for your participation in the meeting. We are making
progress!
Thanks - Dan
=====================================
|
5,189 |
Subject: Daily Agenda for Tuesday, May 8th
Sender: [email protected]
Recipients: []
File: dasovich-j/all_documents/12157.
=====================================
Daily Agenda
Tuesday, May 8, 2001
Today's Events...
* 10:30 a.m., SACRAMENTO Consumer advocates and state Department of
Consumer Affairs release guide detailing new state rights and remedies for
HMO patients, 400 R St., sidewalk in front of building. Contact: Jamie
Court, 310-392-0522 Ex 327.
In the news...
* SacBee, Peyton, Kasler: More outages probable today.
http://www.capitolalert.com/news/capalert01_20010508.html
* SacBee, Walters: Summer-like heat bring partisan finger-pointing.
http://www.capitolalert.com/news/capalert04_20010508.html
* LA Times, Bustillo, Tamaki: Effort to repay general fund is delayed.
http://www.latimes.com/news/state/20010508/t000038780.html
In committee...
* PET STORES. Business and Professions. 9:00am, room 447. (Squawk
Box 97.5)
* 1. AB 1336 (Koretz) Requires all puppies and kittens sold in pet
stores to first be spayed/neutered.
* VARIOUS BILLS. Jobs, Economic Development and the Economy. 9:00am,
room 127. (Squawk Box 92.1)
* SCHOOL VIOLENCE REPORTS AND DEFAMATION SUIT IMMUNITY. Judiciary.
9:00am, room 4202 and 1:30pm, LOB, room 100. (Squawk Box 90.3, Assembly TV,
CH. 7)
1. AB 1717 (Zettel) Encourages students, parents and school personnel
to report threats of potential violence at schools by providing immunity
from defamation suits that are brought in retaliation by the parents of the
accused student.
* VARIOUS BILLS. Public Safety. 9:00am, room 126. (Squawk Box 91.5,
Assembly TV, CH. 8)
* VARIOUS BILLS. Water, Parks and Wildlife. 9:00am, room 437.
(Squawk Box 94.5)
* VARIOUS ITEMS. Budget Subcommittee No. 2 on Education Finance.
9:30am, room 444. (Squawk Box 95.1)
* VARIOUS ITEMS. Budget Subcommittee No. 4 on State Administration.
1:30pm, room 447. (Squawk Box 97.5)
* FOSTER FAMILIES. Human Services. 1:30pm, room 437. (Squawk Box
94.5, Assembly TV, CH. 8)
1. AB 1739 (Reyes) Would prohibit a person from being licensed to
maintain and operate a foster family unless the person is 21 years of age or
older. Currently, a person 18 years of age or older can maintain a foster
family.
* VARIOUS BILLS. Energy Costs and Availability. Upon adjournment of
Assembly Committee on Human Services, room 437. (Squawk Box 94.5, Assembly
TV, CH. 8)
* VARIOUS BILLS. Environmental Safety and Toxic Materials. 1:30pm,
room 444. (Squawk Box 95.1)
* VARIOUS BILLS. Health. 1:30pm, room 4202. (Squawk Box 90.3,
Assembly TV, CH. 7)
* VARIOUS ITEMS. Budget Subcommittee No. 1 on Health and Human
Services. 2:00pm, room 126. (Squawk Box 91.5)
Today on the floor...
* No Session Scheduled
Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005
=====================================
|
5,201 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/11652.
=====================================
10,000 creditors seek PG&E billions
Confidential list reveals each vendor's claim
David Lazarus, Chronicle Staff Writer
Thursday, April 26, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/26/M
N229624.DTL
The plight of PG&E's vast array of business partners, many of which are owed
millions of dollars, is made painfully clear in a confidential list of
creditors now being compiled for the utility's bankruptcy proceedings.
A copy of the list, obtained by The Chronicle, illustrates the impact of the
third largest bankruptcy in U.S. history on PG&E's thousands of vendors.
This also is the first time the monetary value is being revealed for each
Pacific Gas and Electric Co. contract.
"It's going to be a cat fight," said Cathy Moran, a Mountain View bankruptcy
attorney. "They'll be fighting over a limited pot of money, and each party
will be seeking preferential treatment."
The $9 billion owed by the utility to its more than 10,000 creditors
constitutes the largest-ever bankruptcy involving a utility. The need to keep
California's lights on adds a virtually unprecedented level of complexity to
the proceedings.
Companies on the creditor list run the gamut from huge to tiny. IBM Corp. and
Pacific Bell are joined by the likes of Pete's Auto Body Shop in Merced and
Sponges Car Wash in San Ramon.
"We provide gas and electricity to 13 million people," said Ron Low, a PG&E
spokesman. "Behind all the poles and wires are thousands of employees and the
thousands of vendors who support them."
He said every department at the utility had spent weeks pulling together
information for the creditor list, to be submitted to Bankruptcy Judge Dennis
Montali by mid-May.
'REPAY ALL OUR CREDITORS'
"We've had to look at all the contracts we have with companies and
individuals," Low said. "It is our intention to repay all our creditors."
Whether the various creditors receive all, some or none of the cash owed them
will be determined once a reorganization plan is worked out, perhaps years
down the road.
The Bankruptcy Court will contact all PG&E creditors and invite them to
submit what is known as a "proof of claim" -- evidence that the creditor
indeed is owed money.
This is a matter taken very seriously by San Martin's Allwaste
Transportation, a chemical disposal firm, which relies on PG&E for about a
quarter of its total revenues.
As it happened, an Allwaste technician was pumping hazardous waste out of
PG&E's Humboldt Bay power plant near Eureka at the exact same time that the
utility was filing for bankruptcy protection on April 6.
Payment for that service, as with hundreds of thousands of dollars worth of
other jobs, is now in limbo as a result of PG&E's bankruptcy.
'THEY STUCK WITH US'
"PG&E is very important to us," said Lee Soares, Allwaste's operations
manager. "This is definitely a hit."
He added, however, that his company would stand behind the utility. "They
stuck with us when we went bankrupt," Soares acknowledged.
Many of PG&E's creditors reflect the utility's core operations. For example,
the list contains numerous affiliates involved with power poles, trimming
trees around electricity lines or laying pipes for natural gas transmission.
Meanwhile, other creditors speak to the nuts and bolts of running a business
with 21,500 workers and far-reaching activities.
If a PG&E truck is involved in a fender-bender in the East Bay, it might be
taken to The Masters body shop in Hayward, which has a contract with the
utility valued at $28,800.
"We do a lot of work for them," said co-owner Jan Masters. "We'd miss the
account if they stopped coming."
That hasn't happened yet. Masters said PG&E had continued bringing its
vehicles to her two-person shop since the bankruptcy filing. So far, the
utility has paid its bills promptly.
"They don't get the vehicle back if we don't get paid," Masters noted.
One of the most prominent creditors on PG&E's list is Hertz Equipment Rental
Corp. The utility's $13 million contract makes it Hertz's single biggest
corporate client in the Bay Area and one of its largest in the nation.
500 PAYMENTS DUE HERTZ
According to the creditor list, PG&E has nearly 500 payments for various
equipment and vehicle rentals outstanding with Hertz. The individual
transactions range in value from as much as $97,539 to as little as $1.
"We provide a lot of equipment for them, heavy construction equipment to
build things," said Diana Kirby, who handles the PG&E account at Hertz's
Rohnert Park headquarters. "Basically, they couldn't afford to purchase all
the items they rent from us.
"Their filing for bankruptcy will have a large impact on us," she added. "But
we'll weather the storm. What else can we do?"
That's the dilemma facing all PG&E creditors, large and small. A select
committee of the utility's largest creditors will seek to represent other
vendors during the bankruptcy proceedings.
In typical Chapter 11 cases, this arrangement tends to work smoothly for all
concerned. But in a case as sprawling and complicated as PG&E's
reorganization, there is a possibility that the interests of smaller
creditors can get lost in the shuffle.
The bankruptcy judge could seek to simplify things by addressing the claims
of PG&E's smaller creditors first, thus reducing the size of the playing
field when the big guys begin duking it out.
"This case is going to write its own rules," predicted Moran, the bankruptcy
lawyer. "You've got a very large number of dollars and the public interest
involved."
STRANGE BEDFELLOWS
You also have a situation in which PG&E's financial demise has made
bedfellows of companies and individuals that might otherwise have never
crossed paths.
Xerox Corp. now stands arm-in-arm with Hayward's A-1 Septic Tank Service.
Enterprise Rent-A-Car is a comrade of Modesto's Jack Frost Ice Service.
Hewlett-Packard Co. in Palo Alto has more than 40 claims outstanding for
computer services ranging in value from $22 to $72,583. But the company
already is looking ahead to new deals.
"PG&E has been a good customer," said Randy Lane, an H P spokesman. "We would
expect that, after the proceedings are done, they'll continue to be a good
customer."
On the other hand, freelance photographer Steve Castillo in Menlo Park has a
contract with PG&E valued at $25,000 to shoot pictures for the utility's in-
house newsletter. That was when times were good.
"I assume I'm not going to get any more calls from them," Castillo said.
Top 10 PG&E creditors
Bank of New York ($2.2 billion)
California Power
Exchange ($1.9 billion)
Bankers Trust Co. ($1.3 billion)
California Independent System Operator ($1.1 billion)
Bank of America ($938 million)
U.S. Bank ($310 million)
Calpine Gilroy Cogeneration ($57 million)
Calpine Greenleaf ($49 million)
Crocket Cogeneration ($48 million)
Calpine King City ($45 million)
E-mail David Lazarus at [email protected].
=====================================
|
5,206 |
Subject: "Plan B" Starting to Get Notice in Sacramento
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12445.
=====================================
From the Dow Jones Newswire:
> SoCal Ed May Be Near Financial Solvency With 'Plan B'
>
> LOS ANGELES (Dow Jones)--Legislators in California are beginning to
> embrace
> an alternative energy plan, expected to be introduced as a bill this week,
> that would get the state out of the power buying business in as little as
> six
> months and restore Edison International's (EIX) Southern California Edison
> unit to financial solvency without requiring the utility to sell any of
> its
> assets to the state.
> If the plan wins the support of both houses of the Legislature,
> lawmakers
> hope it will also convince a bankruptcy court judge in San Francisco that
> it
> can be used to lift PG&E Corp.'s (PCG) Pacific Gas & Electric unit out of
> Chapter 11 bankruptcy protection.
> "Clearly this would be a positive development," said Paul Patterson, a
> utility analyst with Credit Suisse First Boston in New York. "It would
> offer a
> way to restore the utilities to financial viability. We've noticed over
> the
> weekend that the situation in the Assembly is improving."
> The proposal by Assemblyman Joe Nation, D-San Rafael and Assemblyman
> John
> Dutra, D-Fremont, has gained the interest of some members of the Assembly
> Republican Caucus, all of whom have resisted previous attempts at
> rescuing
> SoCal Ed from near bankruptcy.
> Consumer groups have been resistant to any form of what they call a
> utility
> "bailout." But a spokesman at The Utility Reform Network in San Francisco
> said
> the group is studying the 'Plan B' proposal.
> On Friday, a spokesman to Gov. Gray Davis said state Sen. Richard
> Polanco,
> the Senate Majority Leader, would introduce legislation this week enacting
> the
> agreement the governor reached with SoCal Ed exactly one month ago that
> would
> allow the utility to issue about $3 billion in bonds to recoup its
> unrecovered
> power costs and sell its power lines to the state for $2.76 billion to pay
> off
> its debt.
> But Nation and Dutra, members of the so-called 'Plan B' group, are
> looking
> to alter that agreement.
> "There are a lot of people who question the validity of buying the grid"
> from SoCal Ed," Nation, an economist by trade, said. "I think there is an
> understanding that the existing (memorandum of understanding) won't pass."
>
> One of the problems with having the state purchase the grid at this
> point is
> that there won't be enough funds available to maintain and upgrade the
> lines
> to improve the flow of electricity, according to several members of the
> Senate
> Budget Committee.
> "We're preparing for massive budget cuts this week because of this
> electricity crisis," the member of the Senate Budget Committee said.
> - -
> Plan Eliminates Purchase Of SoCal Ed's Power Lines
>
> Nation's proposal calls for the state to hold a five-year option to buy
> SoCal Ed's transmission lines for its book value price of $1.2 billion,
> and
> eliminate a provision that would ease the regulation of the utility by the
> California Public Utilities Commission
> In exchange, SoCal Ed can securitize a larger portion of its $5.5
> billion in
> unrecovered power costs backed by a larger dedicated rate component.
> Moreover, the utility would sell the state additional power at a cost
> beyond
> the 10 years already agreed upon in the memorandum-of-understanding and
> additional power from other company sources.
> Nation also wants to set up a ratepayer revenue account to refund
> consumers
> if generators agree to accept less than 100 cents on the dollar. He said,
> however, he does not plan to include a provision in any legislation that
> states generators must take a "haircut" on money the companies claim they
> are
> owed by SoCal Ed.
> Republicans, including Assemblyman George Runner, R-Lancaster, and
> Assemblyman Keith Richman, R-Granada Hills, have been working closely with
> Nation and the 'Plan B' group. Jamie Fisfis, a spokesman for the Assembly
> Republican Caucus said the caucus is not yet ready to support the plan,
> but
> Republicans are "happy" they are being included in the discussions.
> "We have two criteria when we evaluate the plan," Fisfis said. "The plan
> has
> to keep power rates as low as possible and puts more supply into the
> grid."
> Steve Maviglio, Davis' press secretary, said the governor "has always
> said
> he's open to improvements" in the memorandum-of-understanding.
> "But it has to remain a balanced transaction," Maviglio said.
> Nation, a member of the Assembly since 2000, said the state would only
> have
> to spend a couple of weeks renegotiating the memorandum-of-understanding
> with
> Edison and that it could likely win a two-thirds majority vote in the
> Assembly
> shortly after that.
> Nation said he has had a number of conversations with Edison
> International
> executives on his proposal and "they have been generally receptive because
> they believe the agreement with the governor won't pass."
> A SoCal Ed spokesman was unavailable for comment.
> Lawmakers Seeking Quick Exit From Power Buying Business
>
> California has committed $7.2 billion of its roughly $8 billion general
> fund
> buying power since January on behalf of PG&E, SoCal Ed and Sempra Energy's
> (SRE) San Diego Gas & Electric unit.
> But several lawmakers and one of Davis' financial advisers said Sunday
> that
> the state wants to desperately get out of the power buying business soon
> because of the economic impact the energy spending will likely have on
> education, transportation and other state programs.
> "We are beginning to realize that if we don't get out of the business of
> buying electricity, we will be in the same boat as the utilities," said
> one
> state Senator who is also a member of the Senate Budget Committee.
> Nation agreed, saying "the best thing we can do for California is get
> out of
> this mess we're in. We need to get the DWR out of the business of buying
> power."
>
> Lawmakers Working To Keep SoCal Ed Out Of Bankruptcy
>
> A number of Democrats in the Assembly, who have said SoCal Ed may be
> better
> off in bankruptcy, now want to see the utility remain solvent, Nation
> said.
> "I think several months ago bankruptcy wouldn't have seemed like such a
> challenge," Nation said.
> Nation said he fears that if SoCal Ed were in a bankruptcy setting, the
> state's so-called qualifying facilities, renewable and gas fired power
> plants
> that contract directly with the utilities, may win the right to sell their
> cheap power on the open market.
> "If that happens, it will dramatically raise the risk to the state
> because
> we will be forced to buy that power," Nation said. "I think people
> understand
> what the risks are and that's a real danger."
>
> -By Jason Leopold; Dow Jones Newswires; 323-658-3874;
=====================================
|
5,208 |
Subject: Energy Positions Taken
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/9788.
=====================================
Dear SVMG Members:
As you may know, the Silicon Valley Manufacturing Group Board of Directors
met this morning and voted to support two Energy proposals: The Los Esteros
Transmission Facility and the Metcalf Energy Center.
Please find below the news release on SVMG's position, and an attachment
that reviews SVMG's criteria and evaluation for both projects.
Thank you for your time.
Sincerely,
Carl Guardino
Local proposals part of a comprehensive platform to meet energy needs of
Silicon Valley working families and economy
For Immediate Release: Contact: Michelle Montague-Bruno
March 8, 2001 (408) 501-7853
This morning the Silicon Valley Manufacturing Group Board of Directors voted
in support of the proposed Metcalf Energy Center and the Los Esteros
Transmission Project to help meet Silicon Valley's need for reliable energy.
Completing a thoughtful and deliberative process the SVMG board of directors
voted to support the generating facility, which would offer 580 megawatts of
new power supply to Silicon Valley and provide enough power to service
approximately 580,000 households. Additionally, the Los Esteros
Transmission Project, proposed for north San Jose, provides another 800
megawatts of new transmission capacity that will help bring power into the
region - an issue that caused blackouts here on June 14, 2000.
"The Silicon Valley Manufacturing Group has always been a very analytical
organization," said Dr. James Woody, president & CEO of Roche
Pharmaceuticals and chairman of the board of SVMG. "With the energy
infrastructure projects we developed an analytical process, and a systematic
review of the Metcalf and Los Esteros proposals, recommending approval after
thoughtful consideration."
This deliberative process included the development of criteria (see
attachment) utilized by five separate working bodies in the organization
(three SVMG committees, its Working Council and the Board of Directors) to
evaluate the projects and determine a position. The organization does not
support these two facilities as an exclusive means to fulfilling the energy
needs of Silicon Valley families and employers, and believes our energy
challenge requires the individual efforts of every Californian.
"The Silicon Valley Manufacturing Group board completed a very thoughtful
and deliberative process that supports the generation and transmission of
power in our back yard," said Carl Guardino, president & CEO of the Silicon
Valley Manufacturing Group. "The criteria are a prism through which the
organization assesses energy infrastructure proposals. It was agreed that
the Metcalf and Los Esteros projects would provide much needed energy to
support working families, and the economy of Silicon Valley."
Attached are the criteria utilized by the SVMG Energy Committee, SVMG Land
Use Committee, SVMG Environment Committee, SVMG Working Council and the SVMG
Board of Directors to review the energy projects.
Solving California's energy challenges is going to require steps beyond the
development of the Metcalf and Los Esteros facilities, and must include
additional generation and transmission projects throughout the region and
state. However, an immediate solution to help get us through the summer and
beyond is for more energy conservation at the office and at home. The
E-Energy Conservation Campaign ('E' stands for email), launched on February
7, between SVMG and Governor Davis' cabinet secretary for technology, trade
and commerce, Lon Hatamiya, is reaching out to more than four million public
and private employees to provide tips on ways to conserve power and save
money at home and at the office. For more information on the E-Energy
Conservation Campaign, visit the SVMG Web site at www.svmg.org, and click on
the icon for the campaign.
Expressing the need for a diverse portfolio of solutions in addressing the
energy crisis, Carl Guardino will discuss everything from conservation to
generation at the upcoming Energy Summit on March 16, and co-sponsored by
San Jose Mayor Ron Gonzales, the Santa Clara County Board of Supervisors and
the Silicon Valley Manufacturing Group.
"I am proud and honored to stand with Mayor Gonzales and Supervisor Jim
Beall to co-chair an event that will look for regional solutions to help
solve the issue," said Guardino. "We support the mayor's plan for
alleviating our energy problems, and believe that a comprehensive approach
must be implemented to survive this crisis. No matter how one feels about
specific energy projects, there is no single solution, and we need a menu of
options, including conservation, co-generation, onsite generation,
transmission and major generating facilities."
Attachment: SVMG criteria to review generation and transmission proposals,
and how the Metcalf Energy Center and the Los Esteros Transmission project
weigh up to those criteria.
- criteria MEC & Los esteros.doc
=====================================
|
5,209 |
Subject: FW: Proposal for Legal Services RCR
Sender: [email protected]
Recipients: ['Kaufman', '[email protected]', 'Paul', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12476.
=====================================
Recall that we terminated all retainers with Mike at the end of April and
have no RCR approval for Mike for work in May.
I called Mike and yelled at him for assuming he can work on issues with
Sandy's approval but without RCR approval. I called Sandi and she will
present a number of RCRs--see below.
I don't think we need Mike's help on windfalls profits--our position is clear
and the research is done.
Today and tomorrow, he's participating in two meetings with the Direct Access
Coalition at my request to support the language we (read "he") drafted. We
should get Leslie more integrated on this effort--but will not be able to
completely reduce Mike's work.
I'm really not sure what to do on power plant siting.
Also, I'm not sure what we should do about the Global Settlement stuff.
Apparently, Steve has already requested that Mike do some work on an issue
(how to insert a poison pill--if the Global Settlement is upset by litigation
or an AG indictment??). I am very concerned that we may lose control over
the issues or the forum unless we centralize the assignments in Jeff or
Steve.
-----Original Message-----
From: MDay <[email protected]>@ENRON
[mailto:[email protected]]
Sent: Monday, May 14, 2001 4:27 PM
To: 'Sandi McCubbin Enron SF'
Cc: Kaufman, Paul
Subject: Proposal for Legal Services RCR
Here are my proposals for RCRs related to legal services in support of Enron
legislative activities for May 2001 and the remainder of the session. These
estimates are for Enron budgetary purposes only, and do not represent a
commitment or a "not to exceed" figure for Goodin, MacBride. The actual
fees incurred may exceed these estimates, and GMSRD will bill Enron on a
hourly fee basis, as opposed to the retainer mechanism used in the first
part of this year.
1. Direct access legislation: This involves working on a continuing
series of bills related to direct access. I cannot estimate a specific
amount for the entire legislative project, it depends on how long it takes
for the legislature to enact significant direct access legislation. My
best estimate is $8,000 per month, or $24,000 over three months. The
estimate would increase if direct access is still at issue in the session's
last month--August. As of May 11, 2001, we have recorded approximately
$3000 in billings related to direct access in this month.
2. Improved powerplant siting and increased emission offset
legislation: $15,000 over three months, more if the final legislative
solution is delayed until August. We have recorded approximately $1,000 in
billings related to this area this month (through May 11, 2001).
3. Windfall profits tax bill: This project required additional upfront
legal research regarding the constitutionality of the proposed tax. We have
billed legal fees for approximately $4000 in May, 2001, up through May 11.
My best estimate is $18,000 over three months of session, more if the bill
is still alive in August.
4. Global settlement/Edison MOU/Plan B legislation: This project
covers the gamut of comprehensive legislative proposals to address the
energy crisis, including a proposal by the Governor, legislation to approve
the Edison MOU or an alternative plan which does not involve purchase of the
Edison transmission system, commonly referred to as "Plan B". As explained
by Paul Kaufman, this work is expected to involve less work in the near
term, and more as the legislation actually moved forward in the future.
Trying to average this increasing level of work over time is difficult, but
I am estimating $15,000 over the next three months, more if the package is
still being enacted in August. We have recorded approximately $2000 in
billings on this issue through May 11, 2001 this month.
Please contact me if you have any questions regarding any of the above. We
are pleased to have the opportunity to be of service to Enron, and look
forward to continuing this relationship.
Mike Day
Goodin, MacBride, Squeri, Ritchie & Day, LLP
=====================================
|
5,228 |
Subject: Conf Call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/12204.
=====================================
I don't know whether you both or either of you are aware of this so please
note the attached from Maureen:
---------------------- Forwarded by Joseph Alamo/NA/Enron on 05/09/2001 09:33
AM ---------------------------
Maureen McVicker
05/09/2001 07:25 AM
To: Joseph Alamo/NA/Enron@Enron
cc:
Subject: Conf Call
Actually it's 11:00 am (CALIFORNIA TIME). I'm not positive, but I think Jeff
and Sandi need to be on the call. I thought they would both be in Sacramento
w/ Steve. If Jeff doesn't know for sure if he is supposed to be on the call,
let me know and I will check with Steve.
Thanks.
---------------------- Forwarded by Maureen McVicker/NA/Enron on 05/09/2001
09:22 AM ---------------------------
Maureen McVicker
05/08/2001 04:48 PM
To: Emy Geraldo/Enron@EnronXGate
cc:
Subject: Tomorrow's Conf Call
---------------------- Forwarded by Maureen McVicker/NA/Enron on 05/08/2001
04:48 PM ---------------------------
Maureen McVicker
05/08/2001 04:11 PM
To: Pam Metoyer/Enron@EnronXGate, Twanda Sweet/HOU/ECT@ECT, Marcia A
Linton/NA/Enron@Enron
cc: Steven J Kean/NA/Enron@Enron
Subject: Tomorrow's Conf Call
Here's the information regarding tomorrow's conference call.
DATE: Wednesday, May 9
TIME: 11:00 am (Pacific), 1:00 pm (Central)
CALL IN #: 888-422-7132
HOST CODE: 243663 (Steve Kean's use only)
PARTICIPANT
CODE: 569189
ATTENDEES: Jeff Dasovich
Steve Kean
Sandi McCubbin
Richard Sanders
Jim Steffes
Michael Tribolet
Greg Whalley
=====================================
|
5,232 |
Subject: nan
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10056.
=====================================
Please note marked increase in Chron's quality of reporting when it ain't
Lazarus doing the reporting. This was the lead, front page story in the
Chron. Note Abraham's quote in p.#3 re: "must increase supply or decrease
demand." I've heard that somewhere before.
Best,
Jeff
Energy Boss Says State Summer Blackouts 'Appear Inevitable'
Carolyn Lochhead, Chronicle Washington Bureau
Friday, March 16, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2001/03/16/MN20
0965.DTL
Washington -- The Bush administration warned yesterday that blackouts "appear
inevitable" in California this summer, but it firmly rebuffed a deal from
Sen. Dianne Feinstein that would force the state to lift its rate freeze on
consumers in exchange for federal controls on wholesale prices.
Energy Secretary Spencer Abraham insisted that price controls would make
shortages worse by reducing power sales into the state. The administration's
top priority is to prevent blackouts, he said.
"Let me make one point clear," Abraham told the Senate Energy and Natural
Resources Committee. "Any action we take must either help increase supply or
reduce demand. . . . Price caps will not increase supply or reduce demand. In
fact, in our view, they will seriously aggravate the supply crisis."
Abraham said electricity shortages in California "will get worse, and
blackouts this summer appear inevitable." He cited projections of anywhere
from 20 to 200 hours of rolling outages this summer.
"I'm not saying that people in California don't want lower energy costs," he
said. "But I know for sure they don't want to be sitting this summer without
electricity at all. And our goal is to try to avoid that as the primary
public interest responsibility of this administration."
Feinstein became the first leading state Democrat to break with Gov. Gray
Davis in calling for an end to the rate freeze that has kept electricity
prices low for California consumers, even as soaring wholesale costs have
driven the state's investor-owned utilities to bankruptcy and now are
draining the state's budget surplus.
But Feinstein insisted that the federal government must simultaneously force
down wholesale prices until ample new power plants come online.
Feinstein said higher consumer rates would encourage conservation, saying
that if people just turned off their computers at night, they would save 7
percent of the state's electricity supply.
She also said the state, which now is buying electricity for the utilities,
has already run through $2.7 billion and could spend $10 billion on
electricity this year.
"That is gone," Feinstein said. "It doesn't buy a school. It doesn't repair a
road. It doesn't build the water system many of us believe the state needs."
The offer came as a compromise with Oregon Republican Sen. Gordon Smith, who
warned that an "economic and environmental catastrophe" awaits the Western
states this summer when electricity demand is expected to soar while a
drought in the Northwest constricts the supply of hydroelectric power.
Smith's move to embrace price controls, which he had earlier rejected,
reflected sharply intensifying political pressure on the Bush administration
to intervene in the electricity market, as Western officials complained
bitterly yesterday that rising energy prices are forcing layoffs and now
threaten the region's economy.
LESSONS OF SUPPLY, DEMAND
"I'm afraid this summer we're going to be in the middle of a dry lakebed
explaining to very angry farmers and homeowners and former factory workers
the lessons of supply and demand," said Smith, whose family owns a frozen
vegetables business. "I don't want to send the wrong signals to the
marketplace . . . but I'll tell you, the wrong signal is a recession."
Abraham repeatedly sought to counter criticism that the Bush administration
is not doing enough to aid the West, citing a letter he sent to Davis
yesterday that said the White House will not oppose the state's plan to take
over the investor-owned utilities' transmission lines, despite disagreeing
with the approach.
"Regrettably, I think our opposition to price caps has been claimed by some
to suggest that the administration either does not care about California and
the West or is doing nothing to help," Abraham said. "That is simply untrue."
Abraham said the Federal Energy Regulatory Commission's recent order to 13
power suppliers to refund $69 million in January overcharges to the utilities
would send "a signal that companies that exploit a serious situation aren't
going to get away with it."
He also cited expedited federal approvals and waivers for power plants and
discussions with Mexico to try to increase electricity exports from Baja to
California.
But Abraham firmly rejected price caps, saying they "have already been tried
and already failed" in California when a price ceiling for electricity sales
into the state was reduced over the past year from $750 a megawatt hour to
$150.
RESULTS OF PRICE CAPS
"The lower the price cap was set, the higher average electricity prices
rose," Abraham said, in part because municipal utilities were exempt. New
federal price caps would affect just half of the Western electricity market,
he said, and so would shift supplies from regulated to unregulated markets
rather than control prices.
He also said price caps would "almost certainly" reduce sales from Mexico and
Canada and induce "cheating and circumvention."
Armed with charts showing huge wholesale price increases over the past year,
Feinstein expressed her strong disappointment.
"Oh, Mr. Secretary," Feinstein said, "I was really surprised by the ideologic
hardness of your statement. I must tell you that."
She said California will be 5,000 megawatts short of electricity this summer,
enough power for 5 million homes. "It's a lot of shortness," she said,
predicting that prices will reach $5,000 a megawatt hour. "What does
California do about that if it isn't going to get any help to provide that
stability and reliability over that period of time? . . . All we're asking
for is help to prevent price-gouging."
Abraham countered that the administration's position is "common sense."
"I'm telling you, I think this summer, if California has worse blackouts than
currently projected, that (price caps) would have been a disservice to the
people of your state," Abraham said. "If the rest of the West finds the
Canadian energy providers refusing to sell at the same levels because of
price caps . . . that's in my judgment an irresponsible carrying out of our
public responsibilities here."
In Sacramento, Davis said he was "particularly grateful" for the
administration's promise not to oppose the state transmission takeover. He
also said the state would "have just enough power to avoid blackouts" but
said "federal officials are of a different view."
Still, the governor continued to urge ''some effort to temper wholesale
prices."
E-mail Carolyn Lochhead at [email protected].
,2001 San Francisco Chronicle ? Page?A - 1
=====================================
|
5,235 |
Subject: Morning Market View for May 23, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/12952.
=====================================
Charles Schwab & Co., Inc.
Morning Market View(TM) for Wednesday, May 23, 2001
as of 11:00AM EDT
Information provided by Standard & Poor's
================================================================
U.S. INDICES
(11:00a.m. EDT)
----------------------------------
Market Value Change
DJIA 11,171.40 - 85.80
Nasdaq Comp. 2,271.33 - 42.52
S&P 500 1,296.43 - 12.95
----------------------------------
NYSE Advancing Issues 813
NYSE Declining Issues 1,902
NYSE Trading Volume 315 mln
NASDAQ Advancing Issues 1,083
NASDAQ Declining Issues 2,200
NASDAQ Trading Volume 567 mln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
1-year bill 3.68% n/a
5-year note 4.94% + 4/32
10-year note 5.38% + 2/32
30-year bond 5.76% + 5/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
U.S. TRADING SUMMARY
U.S. equities came under pressure this morning after a downgrade
in the semiconductor sector, along with profit-taking in
networking powerhouse Ciena, overcame a bullish upgrade of Dell
Computer by a major investment bank. Furthermore, rumors that
Republican Senator James Jeffords may become an independent have
also weighed on equities, as such a move would have a significant
impact on the Bush budget proposal that is currently being
debated in the Senate. Indeed, Democrats have been doing their
best to reduce the magnitude of the tax-cut measures contained in
the budget bill, and the defection of a Republican senator would
give the party significant leverage. With the equity market
looking forward to a tax cut and the expected boost to the
economy that such legislation could bring, uncertainty
surrounding the cuts has not been well received.
----------------------------------------------------------------
JAPAN / EUROPE SUMMARY
The major European stock indexes were all modestly underwater
after the European Central Bank's failure to lower interest rates
fueled traders' ongoing malaise. The ECB, facing potentially
rising inflation pressures and slower growth, decided to leave
short-term rates unchanged. Predictably, technology was the
weakest link as the FTSE shed 1.1%, the French CAC-40 dropped
0.9% and the German Dax slipped 0.8%. Elsewhere, Japanese shares
dropped for the second day as traders remained nervous ahead of
profit results from some major banks. The Nikkei lost a modest
0.2% while the Topix fell a slightly worse 0.3%.
----------------------------------------------------------------
CURRENCY SUMMARY
The U.S. dollar has continued its divergent ways versus the yen
and the euro, strengthening versus the euro but weakening against
the yen. Yen strength has been fueled by the unwinding of so
called yen carry trades, which is when investors buy back yen
that had been borrowed at a zero interest rate. The borrowed yen
was used to fund higher yielding instruments. Weakness in the
euro has also likely prompted some yen strength, but rhetoric out
of Japan has probably been just as significant a factor.
Overnight, the Japanese economic minister stressed the
government's determination to push through reforms. At the same
time, support for the ruling Liberal Democratic Party ahead of
the July elections appears to be growing. As for the euro, the
common currency remains under pressure, dropping to 0.859 dollars
as the European Central Bank refrained from dropping interest
rates after today's meeting.
----------------------------------------------------------------
MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 11:05 a.m. EDT)
** Citigroup (C: 51.87, - 0.68) will be dropping the venerable
Salomon name from both its corporate and investment bank.
However, Citigroup will keep the Smith Barney portion of the name
for its retail brokerage business. Citigroup is cutting the
Salomon name to simplify and clarify its brand image. The Salomon
and Smith Barney names have deep roots that go back to the late
1800s.
** Major investment banking and institutional brokerage
powerhouse Goldman Sachs (GS: 101.20, - 2.09) is cutting about
12%, or 150 employees, of its investment banking staff due to a
slowdown it its key businesses, reported The Wall Street Journal.
The planned cuts will hit more senior-level positions including
managing directors and partners. Goldman is also planning more
severe measures should the economic downturn persist longer than
expected.
** Avant (AVNT: 19.85, + 2.01), the maker of semiconductor design
software, finally pleaded no contest to allegations of stealing
trade secrets from Cadence Design Systems (CDN: 22.83, - 0.88)
and will pay $27 million in damages. The 7-year legal case
centered around employees who left Cadence to start Avant and
were accused of stealing software code belonging to Cadence.
Avant's legal counsel said that the case does not affect any of
the firm's current product offerings.
----------------------------------------------------------------
ECONOMIC NEWS
** No data today.
** THURSDAY - Weekly initial jobless claims, April new home
sales.
** FRIDAY - April durable goods orders, revised first-quarter
U.S. Gross Domestic Product, April existing home sales,
University of Michigan final index of consumer sentiment for
May.
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Standard & Poor's MMS services are for personal use only.
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=====================================
|
5,243 |
Subject: Electricity Crisis
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8710.
=====================================
TO:?????AD HOC GROUP ON THE ELECTRICITY CRISIS
Assemblyman Joe Nation put a bill in the hopper Friday, January 26th, which
he believes is congruent with our thinking (see attached).? He is seeking our
comments and possible endorsements.
Please send your comments directly to Joe Nation at <[email protected]>, and
let me know whether you believe we should work with him and consider
endorsing his bill.
Thanks,
David Teece
- nation memo 012601.pdf
- nation draft bill page 2.pdf
- nation draft bill page 3.pdf
- nation draft bill page 4.pdf
- nation draft bill page 1.pdf
- nation memo 012701.pdf
======================================
David J. Teece, Director
Institute of Management, Innovation and Organization
F402 Haas School of Business #1930
University of California, Berkeley
Berkeley, CA 94720-1930
Phone: (510) 642-1075
Fax: (510) 642-2826
http://haas.berkeley.edu/~imio
======================================
=====================================
|
5,244 |
Subject: URGENT - Electricity Crisis Workshop
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8346.
=====================================
To:? Workshop Participants
Attached are additional articles that should be added to your reading list.
1)??????"High Electricity Prices in the West: What Can Be Done About It?", by
Shmuel Oren and Pablo T. Spiller.?
2)??????"Electricity Market Reform in California", by John D. Chandley, Scott
M. Harvey, and William W. Hogan.?
Sincerely,
David Teece
P.S.? Directions and parking instructions will be sent to you shortly.
- High Elec Prices.doc
- Electricity Mkt Reform.pdf
======================================
David J. Teece, Director
Institute of Management, Innovation and Organization
F402 Haas School of Business #1930
University of California, Berkeley
Berkeley, CA 94720-1930
Phone: (510) 642-1075
Fax: (510) 642-2826
http://haas.berkeley.edu/~imio
======================================
=====================================
|
5,252 |
Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Sender: [email protected]
Recipients: []
File: dasovich-j/all_documents/10021.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 03/15/2001 03:13 PM -----
=09Janel Guerrero
=0903/15/2001 03:11 PM
=09=09=20
=09=09 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Paul=
=20
Kaufman/PDX/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Jeff=20
Dasovich/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, [email protected]=
m,=20
[email protected] [email protected], [email protected], Tim=20
Belden/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Christopher F=20
Calger/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Leslie Lawner/NA/Enron@Enron,=
=20
Susan M Landwehr/NA/Enron@Enron
=09=09 cc:=20
=09=09 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partner=
ship in=20
Response to the Western Energy Crisis
----- Forwarded by Janel Guerrero/Corp/Enron on 03/15/2001 03:08 PM -----
=09Linda Robertson
=0903/15/2001 02:53 PM
=09=09=20
=09=09 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Ja=
mes D=20
Steffes/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron
=09=09 cc:=20
=09=09 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partner=
ship in=20
Response to the Western Energy Crisis
Bad development. We are trying to get Steve an appointment with Smith next=
=20
Tuesday. =20
----- Forwarded by Linda Robertson/NA/Enron on 03/15/2001 03:51 PM -----
=09Allison Navin
=0903/15/2001 03:46 PM
=09=09=20
=09=09 To: Linda Robertson/NA/Enron@ENRON
=09=09 cc:=20
=09=09 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partner=
ship in=20
Response to the Western Energy Crisis
Senators Dianne Feinstein and Gordon Smith
Announce Partnership in Response to the Western Energy Crisis
March 15, 2001
Washington, DC - Senators Dianne Feinstein (D-CA) and Gordon Smith (R-OR)=
=20
today announced an agreement to introduce bipartisan legislation to restore=
=20
stability and reliability to the Western energy market by directing the=20
Federal Energy Regulatory Commission (FERC) to impose a temporary =01&just =
and=20
reasonable=018 wholesale rate cap or cost-of-service based rates.
The legislation will also require the states involved in this effort to pas=
s=20
on the cost of the electricity to retail customers. However, the states wou=
ld=20
be able to determine how and when this would be done. In other words,=20
California could choose to use tiered-pricing, real-time pricing or set a=
=20
baseline rate above which prices would be passed through.
=01&We now have a piece of legislation that can fix the broken electricity=
=20
market and provide a period of reliability and stability in wholesale energ=
y=20
costs,=018 Senator Feinstein said.
=01&FERC has found the wholesale prices being charged in California to be u=
njust=20
and unreasonable. This legislation essentially will mandate that once FERC=
=20
makes such a finding, the agency will carry out its regulatory role. This i=
s=20
a $175 million a year agency. It is there to regulate the energy marketplac=
e,=20
and it should. What the Federal government can do is to provide a period of=
=20
reliability and stability at a time of crisis. Unfortunately FERC has refus=
ed=20
to do so.=018
=01&California=01,s broken electricity market is a result of a flawed 1996=
=20
California law that deregulated wholesale costs, but left in place caps on=
=20
retail prices. This was coupled with a requirement that the utilities dives=
t=20
themselves of their generating capacity and buy most of their electricity o=
n=20
the spot market, where prices have escalated dramatically. In hindsight all=
=20
of this came together in a catastrophic scenario, so that today, California=
=20
buys electricity at astronomical prices. We believe that FERC needs to act =
to=20
help restore reasonable costs and stability to this marketplace.=018
=01&Additionally, this agreement addresses the escalation of natural gas=20
transportation costs. Last February, FERC began a two-year experiment to li=
ft=20
the cap on these costs and since that time we have seen the price of natura=
l=20
gas climb 400 percent higher in Southern California.=018 Senator Feinstein=
=20
added.=20
Specifically, the compromise legislation would accomplish the following goa=
ls:
Directs FERC to impose a just and reasonable wholesale rate cap, which can =
be=20
load-differentiated based on supply and demand, or cost-of-service-based=20
rates in the Western energy market (Western Systems Coordinating Council,=
=20
including Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico=
,=20
Oregon, Utah, Washington, and Wyoming.)=20
Addresses the issue of high natural gas transmission costs by reimposing FE=
RC=20
tariffs for natural gas transportation into California (FERC Order 637) and=
=20
requiring natural gas sellers to declare separately the transportation and=
=20
commodity components of the bundled rate for gray market transactions.=20
Stipulates that the wholesale price cap or cost-of-service based rate will=
=20
not apply to wholesale sales for delivery in a state that imposes a price=
=20
limit on the sale of electric energy at retail that: precludes a regulated=
=20
utility from recovering costs under the price cap or on a cost-of service=
=20
based rate; or precludes a regulated utility from paying its bills.=20
Establishes that the rate-making body of a state can determine how and when=
=20
the wholesale rates will be passed on to ratepayers, including the setting =
of=20
tiered pricing, real time pricing, and baseline rates. (With respect to the=
=20
Bonneville Power Administration, BPA will be encouraged to seek to reduce=
=20
rate spikes to economically distressed communities, while ensuring costs ar=
e=20
recovered by the end of the next contract period in 2006.)=20
Directs that after the date of enactment, utilities cannot be ordered to se=
ll=20
electricity or natural gas into a state without a determination by the=20
Federal Energy Regulatory Commission that the seller will be paid.=20
Directs that in the event that a state in the Western energy market does no=
t=20
meet the criteria described in this agreement, state public utilities=20
commissions in the Western energy market can ensure that regulated utilitie=
s=20
within their jurisdiction meet demand for electric energy in the utility=01=
,s=20
service area before making sales into any such state.=20
Establishes that the wholesale rate cap or cost-of-service based rates shal=
l=20
remain in effect until such time as the market for electric energy in the=
=20
western energy market reflects just and reasonable rates, as determined by=
=20
the Commission or until March 1, 2003, whichever is earlier.=20
=====================================
|
5,253 |
Subject: FW: PUC Rate Proposal Disaster! Please call and fax PUC
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12310.
=====================================
FYI. Silicon Valley Manufacturing Group ain't happy about the rate increas=
e=20
(surprise).
----- Forwarded by Jeff Dasovich/NA/Enron on 05/10/2001 04:56 PM -----
=09"Carla Reddick" <[email protected]>
=0905/10/2001 04:44 PM
=09Please respond to creddick
=09=09=20
=09=09 To: <[email protected]>
=09=09 cc:=20
=09=09 Subject: FW: PUC Rate Proposal Disaster! Please call and fax PUC=20
Commissioners Brown, Duque and Lynch (info below)
SVMG Member Companies:
We URGENTLY REQUEST YOUR SUPPORT in sending a strong message today and
tomorrow to the
PUC that the proposed rate proposal is unacceptable to SVMG employers, its
workers and families. We have only until 6 pm this evening to submit
formal comments for the proposed rate structure just this morning. A brief
analysis is below. Please call or fax the following Public Utilities
Commissioners IMMEDIATELY with our urgent message. Please and let me know
if you and your organization have done so.
Also, don't forget to avail yourself of one last opportunity to directly
meet with the PUC at a public hearing regarding this rate proposal at the
Doubletree Hotel tomorrow (Friday May 12, 2001) at 3:00, 2050 Gateway
Place. To participate you must arrive early and sign-in to speak. A membe=
r
of the Public Advisor's Office will be there for assistance. To get more
advice about participation at the hearing contact the PUC's Public Advisory
Office at 415-703-2782.
Thank you for your help at this critical time.
Justin Bradley
Director of Energy Programs
408 501 7852
*********************
Geoffrey Brown - Phone 415 703 1407; Fax 415 703 1294 (Perhaps the key swin=
g
vote, most important focus of advocacy)
Henry M. Duque - Phone 415 703 3700; Fax 415 703 3352; (Historically on sid=
e
of business but needs encouragement)
Carl Wood - Phone 415 703 2440; Fax 415 703 2532 (Most anti-business votin=
g
record; probably intractable)
President Loretta Lynch - 415 703 2444; Fax 415 703 1758 (Unlikely to
change vote from public stance but worth a try based on past relationships
and connection to Gov. Davis)
**************
The PUC unveiled their proposal with the following rate allocations:
Residential customers are protected with an average rate increase of 17%,
Small commercial users 45%
Large energy users up to from 50 to 75%.
This does not include the 1 cent rate increase proposed in January which
would increase the large energy users rate by 100%. A fair and proportiona=
l
rate increase would be an average increase of 34% for all customers.
President Lynch admitted that this may not be enough, and that additional
rate increases could be required in the future. In protecting the
residential rate classes, the PUC is shifting approximately $1 Billion from
the residential rates to all other customer classes.
It is important that we all SVMG member companies communicate to our PUC
Commissioners the danger of protecting residential rates where the use of
power is more discretionary and flexible than for employers. Unfairly high
business rates decrease productive electricity use with subsequent loss of
goods and services and JOBS. Protecting the residential rate class is bad
policy because it guts the incentive for many residents to conserve.
SVMG understands that prices must rise significantly to accommodate the cos=
t
of electricity. It is regrettable. But any plan must be equitable and
proportional between all rate classes with no cross subsidization.
The SVMG press release form this morning is below. The PUC release is in
the link below.
The PUC release. http://www.cpuc.ca.gov/PUBLISHED/NEWS_RELEASE/6967.htm
***************
P.U.C. IS A.W.O.L. ON PROPOSED RATE INCREASE=01,S EFFECT ON THE ECONOMY AND
EFFORTS FOR RESIDENTIAL CONSERVATION
For Immediate Release: Contact: Michelle Montague-Bruno
May 10, 2001 (408) 501-7853
=01&The disproportional rate increases proposed by the PUC will devastate t=
he
state and potentially the nation=01,s economy,=018 said Carl Guardino, pres=
ident
and CEO of the Silicon Valley Manufacturing Group, in response to
electricity rate increases being suggested by the Public Utilities
Commission (PUC) and its President Loretta Lynch.
The PUC president=01,s proposal has three critical flaws:
1. It undermines the Governor and the Legislature=01,s conservation plan;=
which
already tilts heavily toward residential customers, because the PUC proposa=
l
provides individuals with no incentives to conserve.
2. It is devastating to California=01,s economy; which will cripple Calif=
ornia
companies and every working family that depends on a healthy business
climate to maintain jobs.
3. Coupled with the economic downturn California employers already face,
this Commission is either insensitive or ignorant to the further loss of
jobs this proposal could create.
=01&The PUC may think that by shielding residential customers from paying o=
ur
proportionate share that they are doing everyone a favor; yet it=01,s prett=
y
hard to pay your bills when a disproportionate plan forces your employer ou=
t
of business or out of California,=018 said Guardino.
Yesterday, the PUC proposed raising rates for some employers by 50 to 75
percent, which would be the second increase handed to the industrial
business community this year. For many employers, the recently proposed
rate increases will equate to a 100 percent increase in electric bills in
less than five months.
=01&This is irresponsible behavior at a time when the state=01,s economy is
already reeling from an economic downturn that has hurt employers and lost
jobs for working families,=018 said Guardino.
=01&Many companies, including Roche Pharmaceuticals, have had very aggressi=
ve
energy reduction programs in place for several years, which will continue.
To further cut consumption - in order to pay for a non-proportional and
destructive rate increase -- for some employers, could mean cutting into
their workforce, or leaving the area all together,=018 said Dr. James Woody=
,
President of Roche Pharmaceuticals R&D in Palo Alto and Chairman of the
Board of the Silicon Valley Manufacturing Group. =01&We want to do our fai=
r
share in paying for rate increases, but the disproportionate nature of this
proposal could be devastating to employers. We need a rate structure that
will allow employers to thrive and help pull us out of this economic
downturn.=018
The Silicon Valley Manufacturing Group understands and acknowledges the nee=
d
to raise electric rates to help minimize blackouts, which will protect the
public=01,s health and safety. However, to achieve desired conservation an=
d
fairness, it is essential that all Californians share proportionally in rat=
e
adjustments.
=01&Proportional rate increases should be implemented with no rate shifting
between classes of energy users. Member companies of SVMG are committed to
being part of the solution, as we work together to conserve power, retain
our workforce and ensure a healthy economy,=018 said Guardino.
=01&Apparently, the PUC is out of touch with working families, conservation=
or
jobs in California,=018 said Guardino. =01&It=01,s a naive proposal. It a=
ssumes we
can put a firewall between working families and jobs their employers
provide; but instead this notion threatens the livelihoods of California
workers and businesses.=018
=====================================
|
5,259 |
Subject: FW: LA Times -- Federal Panel May Extend Price Limits
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27803.
=====================================
Traders et al:
This is the best article I saw on what the FERC may do on Monday.
We are hopeful (and doing lobbying to push for) for no action outside of
California, given the unworkability and meaningless-ness of price controls
outside of CA. This is an effort and not a promise, of course.
Some action in CA seems more than 50-50 likely and the best bet seem to be
extending the current proxy mitigation to all hours. The article below
raises the possibility of reissuing the refund orders (recall that they began
in March 01 for the month of January 01) to cover all hours and not just
during Stage 3. Such reissued refund order could extend back to Oct 00.
Alan Comnes
Wednesday, June 13, 2001
Federal Panel May Extend Price Limits
Utilities: Regulatory commission weighs expanding the plan beyond
emergencies and throughout the West.
By RICARDO ALONSO-ZALDIVAR, Times Staff Writer
WASHINGTON--The Federal Energy Regulatory Commission, responding to
pressure from lawmakers, state officials and consumers, is considering a
significant expansion of its plan to limit California electricity prices this
summer, senior agency officials said Tuesday.
Commissioners and staff members are engaged in intense negotiations in
advance of a key meeting Monday to finalize an emergency plan for California
and the West.
According to several commission officials, the options being discussed
include:
* Extending FERC's current price limits--now in effect only during power
emergencies in California--to 24 hours a day, seven days a week. The limits,
intended to prevent price spikes, were invoked during two emergencies last
month and resulted in immediate cuts in the price of wholesale electricity.
FERC is also considering applying such limits throughout the West.
* Requiring power generators in the entire Western region to sell
available electricity to California or into their local power grids during
emergencies, reducing the threat of blackouts.
* Establishing a regional framework for large power users to sell
electricity back into the grid during peak usage times. Some companies that
have long-term power contracts at low rates may be able to make money by
scaling back their operations and selling electricity.
* Tightening rules on what energy marketers--firms that buy and resell
power contracts much like stockbrokers trade shares--can charge for their
electricity.
* Expanding an order issued last year that authorized refunds for
excessive markups during the most extreme power emergencies. That refund
order would now apply to excessive prices during all power emergencies.
The measures under consideration stop short of the price caps being
sought by Gov. Gray Davis and California Democrats. But they may go far
enough to provide an acceptable compromise.
"The whole thing is in flux, but it is moving toward a much more
effective price mitigation plan, not only for California but for the West,"
said an agency official.
Strong political pressure from Senate Democrats and House Republicans
appears to have galvanized FERC into taking a more decisive role. "We're sort
of the last to get it," the official said.
FERC has been bitterly criticized by Davis for abandoning California.
FERC Chairman Curtis L. Hebert Jr. has responded by citing dozens of modest
FERC actions to assist the state.
But Hebert has resisted Davis' central demand that FERC use its legal
authority to order a temporary return to fixed electricity rates. Such fixed
rates, based on the cost of producing power plus an allowance for profit,
were standard before deregulation.
"The politics of the situation have changed significantly, and
commissioners are not immune to politics," said another senior agency
official. "The message from Capitol Hill has gotten stronger with a
Democratic Senate. Even the Bush administration is saying we should make sure
there is no price gouging."
FERC members have been summoned to testify before the Senate
Governmental Affairs Committee chaired by Sen. Joseph I. Lieberman (D-Conn.)
a week from today. Meanwhile, Sen. Jeff Bingaman (D-N.M.), the new Senate
Energy Committee chairman, has told FERC he will move legislation to cap
electricity rates in the West unless it acts soon.
Agency officials said commissioners do not want to face Lieberman next
week empty-handed.
House Republicans have also been prodding the agency. On Tuesday, Energy
Committee Chairman W.J. "Billy" Tauzin (R-La.) wrote Hebert to urge
Western-wide, round-the-clock price limits.
"We strongly urge the commission to implement a comprehensive plan to
mitigate wholesale prices and aggressively monitor wholesale sales of
electric energy . . . within the entire Western Systems Coordinating
Council," wrote Tauzin, referring to the Western power grid.
FERC officials said a strong effort is underway to achieve a consensus
on the five-member commission, lately riven by ideology but now bolstered by
two new pragmatic commissioners who favor active oversight of industry.
Commissioner William Massey, who for months has been a lonely dissenter,
is continuing to press for the traditional price caps sought by Davis,
officials said. Once marginalized, Massey apparently is now being actively
wooed by the other members.
S. David Freeman, an energy advisor to Gov. Davis, said Tuesday that
expanding FERC's current price limits would be a positive step. But he added
that the governor continues to advocate a return to traditional, fixed rates.
"Any strengthening of the [FERC] plan is in the public interest,"
Freeman told reporters at a Washington news conference.
FERC's price limits are not keyed to a particular dollar amount but are
flexible.
When a power emergency is called by the state, FERC's plan limits the
price that generators can charge to what it costs to produce power at the
least efficient plant running at that time. (The costs of all the plants are
determined beforehand by California's grid operator based on data filed by
the generators.)
Another requirement of the FERC plan forces generators using the
California grid to sell any power they have available during emergency
conditions.
When the price limits were tested in two emergencies late last month,
prices came down quickly. But power sellers complained that the limits were
too strict. And by the second emergency, there was evidence that some sellers
had started finding ways around the limits.
Copyright , 2001 Los Angeles Times
=====================================
|
5,262 |
Subject: Re: Fwd: DJ Desert STAR -2: Sees Need To Delay Start Up One Year
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/7866.
=====================================
Ron,
Thanks for forwarding the DJ article.
I believe that the proposed DSTAR delay is neither surprising nor
unreasonable. It was always ridiculous to think that the DSTAR Board
would be able to put togethers a complete FERC filing by 12/29/00, so
the 3-month delay on the tariff filing is OK. The Board seems VERY
committed to making that filing.
As to the start-up date: it was always ridiciulous to believe that the
entire software and hardware system (new EMS, all market software, etc.)
could be put into place by 12/01. The 12/02 date is, in my opinion,
both aggressive and achievable.
One thing to keep in mind as to the FERC filing: DSTAR already exists.
DSTAR is operated by an independent Board, not by the transmission
owners. That's already a big improvement over the other would-be RTOs.
(On the other hand, the transmission owners have not yet agreed to sign
onto DSTAR by signing a TCA... but I believe that this will happen.
What is CRITICAL is for FERC to respond to the 10/16/99 RTO filings by
DEMANDING that the final RTO filings include RTO authority over ALL
FERC-jurisdictional sevices, including interconnection at every voltage
level. If FERC does this, the utilities will fall in line. On the
other hand, if FERC doesn't take a hard line, there will be big debates
and we may end up with sham RTOs.)
Another thing to keep in mind (as to implementation): DSTAR's plan is to
consolidate control areas (from about six down to one). This requires
more in the way of implementation effort than those RTOs which propose
to allow existing control areas to continue to exist.
Carl
____________________
Ronald Carroll wrote:
>
> Subject: DJ Desert STAR -2: Sees Need To Delay Start Up One Year
> Date: Wed, 20 Dec 2000 07:27:23 -0600
> From: "Tracey Bradley" <[email protected]>
> CC: "Paul Fox" <[email protected]>,
> "Ronald Carroll" <[email protected]>
>
> DJ Desert STAR -2: Sees Need To Delay Start Up One Year
> Copyright , 2000 Dow Jones & Company, Inc.
>
> The six FERC jurisdictional utilities included in Desert STAR are: Arizona
Public Service Co., a unit of Pinnacle West Capital Corp. (PNW); El Paso
Electric Co. (EE); Public Service Co. of New Mexico (PNM); Tucson Electric
Power, a subsidiary of UniSource Energy Corp. (UNS); Public Service Co. of
Colorado, a unit of Xcel Energy Inc. (XEL); and Texas-New Mexico Power Co.,
now privately held.
>
> Raezer said the board decided last week that the group isn't prepared to
make the filing at this time.
>
> While FERC may not be pleased with the delay, "we believe it is better
to have a good filing that everyone agrees with than a bunch of pieces of a
filing," Raezer said.
>
> To help the stakeholders move forward on the grid price issue, Raezer
said Desert STAR's transmission owners have agreed to meet to try to come up
with a rate proposal to present to the other parties.
>
> "Folks realize at some point we've got to make a decision that not
everyone will be happy with," Raezer said.
>
> Establishing a rate design has been difficult for Desert STAR members
because half the transmission facilities in the region are owned by federal
power marketing agencies, tax-exempt utilities and cooperatives that aren't
subject to FERC jurisdiction, Raezer said.
>
> And current rates differ dramatically, according to a draft letter
from Desert STAR to FERC.
>
> However, the jurisdictional utilities and the Salt River Project
Agricultural Improvement and Power District have made a transmission rate
design proposal "that requires further development and discussion," according
to the draft letter.
>
> Although FERC set a Dec. 15, 2001, startup date for these independent
organizations to take control of the nation's high-voltage grid under Order
2000, Desert STAR said it will need another year to acquire and test
information system sofware and hardware and to train operators and market
participants.
>
> Raezer said he has heard that other RTO groups have expressed similar
requests for more time to become operational with the FERC staff.
>
> "What the commission will say, we don't know," Raezer said.
>
> The Desert STAR board also heard from stakeholders on a number of
issues it had hoped to resolve at its November meeting.
>
> Raezer said the board agreed to revisit some issues if alternative
proposals from all stakeholders are made.
>
> "It's like peeling an onion," said Raezer. "You make one decision and
four or five questions come up."
>
> Desert STAR's October filing said the unresovled issues. like pricing,
are critical "if the participation of the non-jurisdictinoal transmission
owners is to be achieved."
>
> Separating control of the nation's electric grid from the companies
that own generation is viewed as critical in the shift to a competitive
electric market.
>
> Those Desert STAR transmission owners not under FERC control include:
Arizona Electric Power Cooperative, Salt River Project, Plains Electric
Generating and Transmission Cooperative of New Mexico and a large number of
water and irrigation districts and municipal utilities.
>
> Desert STAR has been in formation since early 1997.
>
> -By Eileen O'Grady, Dow Jones Newswires; 713-547-9213;
mailto:[email protected]
>
> (END) Dow Jones Newswires 19-12-00
>
> 2237GMT
=====================================
|
5,269 |
Subject: Re: Keynote Speaker: IPPSA 7th Annual Conference
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/3504.
=====================================
Left a message with the good doctor. Will let you know just as soon as I
hear.
Best,
Jeff
Robert Hemstock@ECT
11/15/2000 04:23 PM
To: Jeff Dasovich/NA/Enron@Enron
cc:
Subject: Keynote Speaker: IPPSA 7th Annual Conference
---------------------- Forwarded by Robert Hemstock/CAL/ECT on 11/15/2000
03:22 PM ---------------------------
From: Robert Hemstock 11/09/2000 01:04 PM
To: [email protected]
cc:
Subject: Keynote Speaker: IPPSA 7th Annual Conference
Professor Michaels,
Further to the voicemail message I left for you today regarding speaking
early next year at the IPPSA Conference in Banff, Alberta the details are:
Topic: The California Experience - Lessons that Alberta Can Learn From (or
something like this title - although I was unable to open the presentation on
your website entitled" "California's Electrical Disaster and the Furture of
Competitive Power" I would expect based on this title that much of what is in
that presentation would be of interest to those attending the IPPSA
Conference.
Date: Monday March 19, 2001 13:00 - 13:30 (Conference is 2 full days - March
19-20, 2001)
Reimbursements: Travel (economy class) and one night at Rimrock Hotel. Also
free conference registration (which includes meals during conference).
Deadline for presentation materials so they can be included in the conference
binder: February 28, 2001
Conference Information: the conference is held at the Rimrock Hotel in Banff,
Alberta and has been sold out the last three years. It will attract about
400 delegates in 2001 from across Canada and the U.S. with the majority of
the delegates being generation developers, large consumers, marketers, and
policy makers from Western Canada. The speakers include a number of respected
academics/consultants from across North America, senior industry
representatives, senior government representatives, and senior
representatives from the Alberta Transmission Administrator and Power Pool of
Alberta.
I look forward to your reply. My telephone number is (403) 974-6746.
Regards,
Rob Hemstock
=====================================
|
5,279 |
Subject: Enron in Sac Bee
Sender: [email protected]
Recipients: []
File: dasovich-j/all_documents/10445.
=====================================
----- Forwarded by Jeff Dasovich/NA/Enron on 03/27/2001 09:58 AM -----
Jean Munoz <[email protected]>
03/26/2001 10:11 AM
To: <[email protected]>, <[email protected]>
cc:
Subject: Enron in Sac Bee
FYI, in case you haven't already seen this:
CalPERS has big energy tie
By John Hill
Bee Capitol Bureau
(Published March 26, 2001)
When Californians complain about energy outlaws romping through the chaotic
electricity market, carting wagonloads of money to Texas, one name often
tops the list: Enron Corp.
But at least one pretty sizeable wagon full of cash has not gone home to
energy moguls in 10-gallon hats, but rather to retired California government
workers on pensions.
For eight years, Enron has had an unusual investment partnership with the
California Public Employees' Retirement System, the fund that administers
retirement and health benefits to more than 1 million past and present
public employees.
Most recently, the two agreed in 1998 to pony up half a billion dollars each
for business ventures in energy companies, including Enron subsidiaries --
although not the one that markets electricity in California.
CalPERS and Enron have, on average, doubled their money each year. That
makes the Enron deal one of the pension fund's most lucrative.
CalPERS owns stock in thousands of companies, including high-performing
electricity generators and lagging utilities. But Enron is one of fewer than
10 companies involved in this kind of venture with the pension fund.
"Enron is one of our oldest and closest relationships here in the
alternative investment area," Barry Gonder, a CalPERS senior investment
officer, told a CalPERS committee last October. "And as you all know, it's a
highly innovative and successful company."
All true, but in California, Enron has been a major player in the
electricity market, and the company and its chairman, Kenneth Lay, a
prominent supporter of President Bush, have become lightning rods for
high-voltage rage.
"Lay pockets millions every year into his personal account and now he wants
us to pay him more," a Sacramento resident asserted in a letter to The Bee
last month. " ... The power companies are reducing power to drive up prices
and put more money in the pockets of people such as Lay."
Enron has been making scads of money -- profits were up 34 percent in the
fourth quarter of 2000. But the company won't say how much of this comes
from California, and minimizes the importance of this market.
Despite the hostility toward Enron, no one has asked CalPERS about the
arrangement, said spokeswoman Patricia Macht.
Even if it did cause an outcry, CalPERS doesn't make investment decisions
based on the popularity of the companies. Even when CalPERS divested itself
of tobacco stocks recently, it justified the decision by citing lawsuits and
regulatory actions that could sour the investments.
In fact, Macht said, CalPERS is barred by its fiduciary responsibility to
its members from applying social filters that are not in keeping with their
financial best interests.
"It's a slippery slope," she said. "If we do it for energy now, what's to
say a month later, a legislator or interest group who has a beef against a
single company" might also demand that CalPERS sell its stock.
At the October meeting, CalPERS committee sessions didn't address Enron's
role in the electricity crisis. State Controller Kathleen Connell, however,
asked Andy Fastow, Enron's chief financial officer, how power shortages
affected Enron's profits.
"How does Enron benefit from that, and what can you do to maximize this fuel
energy shortage, not only now but as we move into the future?" Connell
asked. She was unavailable for comment Thursday and Friday.
Consumer advocates said they were surprised to learn of the CalPERS
connection to Enron.
"I guess it's nice that some folks on retirement income get a soft landing
because they were thrown into cahoots with marauders," said Nettie Hoge of
the Utility Reform Network in San Francisco, an advocacy group. But she
added, "It's a short-term return for a bargain with the devil."
The CalPERS relationship with Enron goes back to 1993, before California
even embarked on its ill-starred energy deregulation experiment.
At the time, the energy sector was out of favor with investors. CalPERS
figured that the reputation masked some good opportunities, and decided to
start putting money in energy, said Gonder, the CalPERS investment officer.
CalPERS needed a partner that understood the industry. Enron was an obvious
choice.
Enron had its own reasons to hook up with CalPERS.
The company did not respond to requests for comment. But in the October
CalPERS committee meeting, Fastow said that Enron has been investing about
$7 billion a year in the energy and communications industries. "So we need a
lot of capital," he said. Cal-
PERS, with assets of $165 billion, is one of the biggest pots of money
around.
Enron could have issued stock for the investments. But as a public company,
it has to worry about showing quick returns, Fastow said. A pension fund, he
said, could provide "more patient money."
As it turns out, CalPERS patience has not been tried. In the initial 1993
deal, Enron and Cal-PERS both kicked in $250 million. By the time CalPERS
cashed out five years later, it had earned an average yearly return of 23
percent.
"We said, 'It's working for both of us, so let's continue,'" Gonder said.
In 1998, the two created a $1 billion fund to invest in oil and gas, coal
and electricity companies -- everything from oil rigs to high-tech
electricity meters.
About $38 million of CalPERS money went to Enron Energy Services, which
sells natural gas and electricity to industrial and commercial customers and
helps them figure out better ways to keep down their energy use and costs.
Three years later, CalPERS sold the investment back to Enron for about $124
million, for a profit of $86 million.
Another investment did even better. In 1999, the partnership put up $80
million to buy some New Jersey cogeneration plants, which produce both
electricity and steam. A mere four months later, a 49 percent interest in
the plants, which cost the partnership $39.2 million, was sold to another
company for $150 million.
Each partner has invested about $300 million so far, with an average yearly
rate of return of 100 percent. The remaining money in the partnership is
expected to last another seven or eight years.
=====================================
|
5,283 |
Subject: Davis favors tiered rate increases but still clings to "no new rate
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10416.
=====================================
Power Hogs May Get Hit In Pocketbook
Davis favors tiered rate increases
David Lazarus, Chronicle Staff Writer
Sunday, March 25, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/25/M
N30195.DTL
Gov. Gray Davis, faced with the near inevitability of raising consumers'
electricity bills, is leaning toward a rate system whereby those who use more
power pay more than those who conserve, The Chronicle has learned.
Sources close to the governor said he is being lobbied by his own staff
members to accept a so-called structured rate system.
Top officials from his own administration told lawmakers Friday that the
state may end up spending more than twice the $10 billion previously
estimated to purchase power on behalf of California's near-bankrupt
utilities.
If so, the officials warned that consumers' electricity rates could double.
In the case of Pacific Gas and Electric Co., this would mean customers'
average monthly power bills would rise from $60 to $120.
Consumers throughout the Bay Area believe that at least some increase is on
the way.
"We're going to have to bite the bullet and pay the money," said Larry
Webster, a retired Caltrans worker in Redwood City. "We might as well admit
that electricity is no longer a nickel. It's a dime. If you're going to use
it,
let's pay for it."
Steve Maviglio, a spokesman for the governor, distanced himself yesterday
from estimates that rates would double. The figures reported in the press, he
said, "were wildly high."
"The governor still believes he can live within the existing rate structure,
" Maviglio said. "Until we know the results of the negotiations with the
utilities, you can't conclude anything."
The state is negotiating a multibillion-dollar bailout package with PG&E and
Southern California Edison Co. to relieve the utilities of about $13 billion
in debt.
PG&E and Edison have been saying for months that there is no way California
can overcome its current energy woes without higher rates. The irony of the
Davis administration now saying the same thing was not lost on the two
companies.
"The state is in the exact same position the utilities were in last fall,"
said John Nelson, a PG&E spokesman. "Either wholesale prices need to come
down or retail prices need to go up. The disparity is too large."
Statewide blackouts last week drove home the precariousness of California's
energy situation to ratepayers -- and may have served as a blessing in
disguise for the governor.
COST VS. OUTAGES
If given a choice between further outages and paying higher rates, many
consumers said they would accept increases in their power bills.
"I don't like either choice," said Janet Leroux, facing the possibility of a
gooey mess if the air conditioning goes out at her downtown San Francisco
candy store. "But I guess I'd go with higher rates. I sure didn't like the
blackouts."
Publicly, the governor has been insisting for weeks that rates will stay
within "the existing rate structure" -- a stealthy way of saying that
January's 9 percent increase and an expected 10 percent increase next year
will remain in place.
But privately, he and his staff are discussing additional rate increases that
could be spread over as long as 10 years, sources said.
Utility executives and power generators told The Chronicle last week that a
minimum 30 percent rate increase lasting up to a decade is in the cards.
"For the good of California, it's inevitable," said Gary Ackerman, executive
director of the Western Power Trading Forum, a Menlo Park energy industry
association.
Sacramento resident John Hax observed that when temperatures soar in the
Central Valley this summer, he'd be more than willing to pay a higher price
for power if this keeps the air conditioners on.
"It's like gasoline," he said. "I don't like paying higher prices for
gasoline, but that's the price of doing business."
Ratepayers draw the line, though, at any increase topping 10 or 20 percent.
"If it was 20 percent, I'd probably do it," said Tracy resident Mark
Dougherty. "But if it was more, like 50 percent, I'd rather go with rolling
blackouts."
"I'd rather have blackouts," agreed Jenny Soghomonian, owner of a shoe-
repair shop in San Francisco's Financial District. "I don't want to pay rates
that are so much higher."
NOT EVERY COST PALATABLE
This is the tightrope that state officials and industry players now find
themselves walking: While consumers may be willing to pay more to avoid
blackouts, they aren't willing to swallow virtually any cost thrown their
way.
Yet if rates are not high enough, they may not prevent daily blackout threats
this summer and beyond.
"Higher rates are the price signal that it takes for conservation," said Tom
Higgins, senior vice president of Edison International, parent company of
Southern California Edison.
Simply put, he meant that most consumers will not aggressively conserve
power, and thus alleviate shortages, unless there is a financial incentive to
do so.
Rebates proposed by the governor have met with only a lukewarm response,
requiring, critics say, too much effort on the part of individual ratepayers.
But a sudden spike in monthly power bills almost certainly would prompt
widespread conservation measures.
"It adjusts consumer behavior," Higgins said. "People want to get their bills
back down."
RATES' EFFECT ON USAGE
He and other industry sources said higher rates are perhaps the only way
Californians will achieve the 10 percent conservation goal sought by the
governor -- a move seen as vital if blackouts are to be avoided this summer.
"It's intellectually dishonest to think there's any other way out of this,"
Higgins said.
Consumer activists' initial reaction to any talk of a rate increase comes
across loud and clear: No, no, no.
"No bailout. No rate increases. No secret deals," said Harvey Rosenfield,
head of the Foundation for Taxpayer and Consumer Rights in Santa Monica. "We
need to get back to a regulated system."
Rosenfield is the biggest fly in the governor's ointment. He has threatened
to push through a ballot initiative re-regulating California's power market
if Davis cannot find a consumer-friendly way out of the current fix.
Because of Rosenfield's past success in writing a ballot measure on insurance
rebates, which delivered about $800 million to consumers, his threat is taken
seriously in Sacramento.
"We've paid too much already," Rosenfield said. "A fair price is what we were
promised by deregulation, which was a 20 percent rate decrease."
However, when he was asked whether there was any room to discuss a structured
rate increase such as the idea being promoted by the governor's staff,
Rosenfield toned down his characteristic rhetoric.
"Big users should pay more," he said after a moment's reflection. "I'm open
to a tiered system but only if it's fair."
Rosenfield quickly added that he would have to see how other consumer
advocates felt about the matter before agreeing to negotiate such things with
Davis.
MOVE TOWARD STRUCTURED RATES
Clearly, though, momentum is building toward a system of structured power
rates, which probably would include increases of varying sizes for consumers.
The California Public Utilities Commission is scheduled to address January's
9 percent rate increase on Tuesday. That increase originally was given only a
three-month duration, but most observers expect it to be renewed for at least
another three months, if not longer.
PUC President Loretta Lynch declined to comment on the likelihood of rates
going up but added her voice to those backing a structured system.
"I am a fan of restructuring rates to exempt conservation," she said. "People
who use a whole lot of power should pay more."
The biggest electricity customer in the state is the state itself, now that
California is purchasing power on behalf of its cash-poor utilities. The
state already has spent about $4 billion buying electricity and has yet to
determine how the cash will be recouped from consumers.
San Francisco resident Rosita Magee accepts that for California to find its
energy footing once more, rates will probably be heading up. "That way, you
have more convenience and electricity, more stability," she said.
But Magee has come up with another solution, one that doesn't involve rate
increases and rolling blackouts.
She's moving to Texas.
Chronicle staff writers Matthew Stannard and Pia Sarkar contributed to this
report. / E-mail David Lazarus at [email protected].
,2001 San Francisco Chronicle ? Page?A - 1
=====================================
|
5,299 |
Subject: Power Online Newsletter
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/1375.
=====================================
================================================================
Power Online Newsletter -- http://www.poweronline.com
Volume 3 Issue 85
Tuesday, September 12, 2000
================================================================
Welcome to this issue of Power Online's (http://www.poweronline.com)
electronic
newsletter brought to you by VerticalNet.
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******** FEATURED ARTICLES selected by April C. Murelio ****
1) VerticalNet joins standards initiative
2) GasMart/Power 2001 Calls for Papers
3) Electron Caf? by John Glenn: Limits of language
4) News and Analysis
----------------------------------------------------------------
1) VerticalNet joins standards initiative
VerticalNet, Inc. (Horsham, PA), the Internet's leading portfolio of business-
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2) GasMart/Power 2001 Calls for Papers
Intelligence Press, Inc., publisher of Natural Gas Intelligence newsletters
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leading trade fair, which will be held at the Tampa Convention Center May
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3) Electron Caf? by John Glenn: Limits of language
I am gratified when one of my columns generates comments. Recently Gerry May
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http://www.poweronline.com/read/nl20000911/213524
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Visit the Power Online News and Analysis page for the latest
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1) Steam Properties
This program calculates the properties of superheated, saturated, or wet
steam.
In addition, it calculates the properties of saturated water.
-- CU Services LLC, Elk Grove, IL
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2) Gas Compressor
This program computes the power required to compress any gas, as well as the
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No Universal Station to buy or consign. Save system implementation time by
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4) Product Showcase
Power Online and its editor, April C. Murelio, select some of the best new
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|
5,303 |
Subject: FW: Possible co-sponsorships
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/855.
=====================================
All,
Lee asked me to forward this. I'm still awaiting additional suggestions from
anyone on speakers.
I guess Lee's e-mail changes things. If the business school wants to go
forward
with a conference anyway then it may be a bad idea to have a separate one.
Jeff
has said he likes the idea of coordinating. Bill and Allen, what do you
think?
I will chime in that Carl Shapiro is very much a big wig, as a former chief
economist at DOJ. As for the Frank Wolak suggestion, Frank is a Stanford
economist who is an outstanding analyst and has published probably more than
anyone else on electricity market design performance, regarding the UK,
Australia, and California. He speaks a mile a minute though and his
understanding of policy and politics is a bit naive.
I should note that ICF will not be able to contribute. I heard from Michael
Berg this morning. So he will not be participating in our discussions either.
My opinion is let's do whatever is best for the school. One positive outcome
of
this would be stronger relationships with some of the University's top notch
economic policy faculty. Overshadowing is possible. Lee, does Dean Nacht
have
a view on joint sponsorship?
Rob
> -----Original Message-----
> From: Lee S. Friedman [SMTP:[email protected]]
> Sent: Tuesday, August 29, 2000 2:56 PM
> To: Rob Gramlich
> Subject: Possible co-sponsorships
>
> Rob, I'd send this to the whole group but I am at a different computer today
> and don't have all the email addresses. Perhaps you can forward this.
>
> I just received a phone call from Carl Shapiro. He began by saying that he
> and several people from the Business School (Severin Borenstein, George
> Cluff) are planning an electricity deregulation mini-conference that sounds
> exactly like ours, and wanted to check so that we don't step on each others
> toes and perhaps can do it together. They even had October in mind for their
> timing. We are further along then they are, however.
>
> My first response to him was that because our event is alumni-initiated, I
> am not sure that they would want this to be other than a GSPP event. By the
> end of our conversation, we were discussing GSPP co-sponsorship with two
> other campus units: IBER and UEI. Neither are schools. Carl is Director of
> the Institute for Business and Economics Research, a campus-wide organized
> research unit (and Rich Gilbert assists in this). UEI is Severin's group,
> the university-wide energy research institute. Carl suggested that they
> could help with administration and perhaps some modest support if we do this
> together. Carl himself is on the Market Surveillance Committee of the ISO,
> and I think would hope to have some speaking role. He also mentioned Frank
> Wolak of Stanford as a speaker.
>
> I think it would be good to try and work out this co-sponsorship. It would
> mean allowing some of them (Carl and Severin?) into our planning group.
> There connections are probably very valuable to us, and they really are on
> the same wavelength. The alternative of GSPP going it alone after this
> initiative seems to me to be bad feelings and crossed-wires that would be no
> good to anyone. Reactions?
>
> Lee
=====================================
|
5,304 |
Subject: RE: Draft program
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/923.
=====================================
Tomorrow at 4 EDT sounds good to me but I'm not sure we're ready. I'd like to
make sure all of our sponsors like the idea of coordinating with IBER and
UCEI.
What say you, sponsors? The co-sponsorship decision affects our decisions on
place, topics, and speakers, becase IBER and UCEI would need to get involved
right away.
I spoke with Borenstein last night. Shapiro's initial idea was exactly what
we're planning. They appreciate and respect the fact that we've done most of
the legwork. They'd like to be part of it and it sounds like they would
consider it a favor if we included them. IBER has a subgroup called the
Competition Policy Center which is a program meant to exploit the incredible
concentration of antitrust economists at UC Berkeley. I can certainly imagine
ways the school could benefit from a stronger connection with CPC and UCEI,
who
are so widely respected and are doing public policy. If Lee thinks its worth
potentially losing a bit of limelight on this conference for the long run
benefits of building resources and connections on campus, I'm all for it.
Rob
> -----Original Message-----
> From: Heather Cameron [SMTP:[email protected]]
> Sent: Wednesday, August 30, 2000 6:48 PM
> To: [email protected]; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]
> Subject: Re: Draft program
>
> Dear All,
>
> After listening to the various viewpoints and concerns expressed in our
> last conference call, I believe that the panel options listed in Option 3
> of Rob's draft might be most effective in producing the type of discourse
> that we are seeking.
>
> I propose that we schedule a conference call for this Friday afternoon,
> September 1, at 4PM EDT. I mentioned that I have reserved the Krutch
> Theater (max.capacity 375) for the week of November 13-17. I have since
> been informed that I can only hold the whole week through Wednesday,
> September 6, therefore, it will be important to narrow the options down
> very soon if we can.
>
> Best wishes,
> Heather
>
>
>
> At 06:44 AM 8/30/00 -0400, [email protected] wrote:
> >Shall we try to talk again Monday? I think I will talk to Borenstein to
see
> >what the Haas folks have in mind.
> >
> >I tried to capture everyone's comments. Allen, you might want to explain
> more
> >about your panel suggestions since I didn't do them justice. As you'll
see I
> >took the liberty of offering a new characterization of the panels that I
> >didn't
> >bring up on the call. Everything on there is offered as a strawman to be
> >criticized and changed.
> >Rob <<Draft program.doc>>
> >
> >Rob Gramlich
> >PJM Market Monitoring Unit
> >(610) 666-4291
> >[email protected]
> >
> >
>
> Heather Cameron, Events Coordinator
> The Richard & Rhoda Goldman School of Public Policy
> University of California, Berkeley
> 2607 Hearst Avenue
> Berkeley, CA 94720
> Tel: 510-642-9437
> Fax: 510-643-9657
> GSPP home page: http://gspp.berkeley.edu
=====================================
|
5,310 |
Subject: Internet Daily for October 29, 2001
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1907.
=====================================
Charles Schwab & Co., Inc.
Email Alert
Internet Daily
for Monday, October 29, 2001
by Frank Barnako CBS MarketWatch.com
Yahoo expands video programming
Yahoo said its streaming-video service has added new
programming, including cooking shows, a TV sitcom and highlights
of a conference offering families and businesses help after the
terrorist attacks last month.
The programs are free. Advertisers' messages are displayed as
the programs are streamed. The announcement was made Monday at a
conference sponsored by Webnoize, a market research firm
specializing in digital entertainment technologies.
CW EDistribution LLC's contributions include episodes of the
show "Townies" and clips from old TV commercials and celebrity
interviews. "It is the ideal platform for people to see shows
they might not otherwise be able to access," said CWD's Robert
E. Raleigh. Yahoo's broadcast service is also offering free
access to a conference hosted by Franklin Covey, in which author
Steven Covey suggests ways people can cope with the effect of
the events of Sept. 11.
-----------------------------------------------------------------
More confidence seen in Internet
Online shoppers will be clicking and buying this holiday season
because they find the Web more convenient and product selection
more broad than bricks-and-mortar stores, not because they are
afraid to shop in large public places, according to a special
research report produced by VNU's ACNielsen and Yahoo. The
latest Internet Confidence Index study showed a 9% rise from its
level just before the terrorist attacks. More Internet users
plan to shop online during Q4 (60% vs. 54%) than previously
projected, the study determined. "On Sept. 11, the Internet
played an essential role for millions of people," said Rob
Solomon, general manager of Yahoo Shopping. "The [Internet
Confidence Index] confirms consumers now recognize
ecommerce-related activities ... are safe, secure and very
convenient."
-----------------------------------------------------------------
Web standard use for PC owners
Internet use is becoming routine for a large majority of U.S.
households that have computers. Lisa Melsted, an analyst with
the Boston research firm Yankee Group, said 76% of PC-equipped
households use online and Internet services, 58% use their PCs
for games and entertainment, and 30% access personal and
household finance services. "These results indicate consumers
are incorporating the online channel into their daily
activities," she said. The Yankee Group's survey found the 93%
of households with PCs have access to the Internet.
-----------------------------------------------------------------
Online news winners are Slate, BBC
Microsoft's Slate and the British Broadcasting Corp.'s BBC
Online won awards for general excellence in the second annual
Online Journalism Awards, it was announced over the weekend.
Other winners among the 870 entries from 15 countries included
Rediff.com (breaking news, independent), Salon.com (enterprise
journalism, independent), and PBS (service journalism,
affiliated). The Columbia Graduate School of Journalism
conducted the award judging.
-----------------------------------------------------------------
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Copyright 2001 CBS MarketWatch. All rights reserved.
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Distribution by Quris, Inc.
=====================================
|
5,337 |
Subject: Government Affairs Organization Announcement
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/1708.
=====================================
With the announcement of Enron's acquisition by Dynegy behind us, and with =
the initial severance process completed, it seemed an appropriate time to e=
ffect some organizational changes so that we as a group are better prepared=
to meet the challenges of the future. Before I turn to the organizational=
changes, I would like to say a few words about those who will be leaving t=
he company as a result of the initial severance (you'll know who they are b=
y their absence on the organizational chart): Leading and being a part of t=
his group has been a privilege?I am thankful for every day that I have had =
that responsibility and thankful for however long I continue to have the re=
sponsibility. This sense of privilege and thankfulness is primarily driven=
by having had the opportunity to get to know and care about such a dedicat=
ed group of professionals and support staff and who, to a person, are also =
very decent and good people. To say good-bye to some of our colleagues is =
not easy. I want to, on behalf of all of us, thank them for their hard wor=
k, their integrity, their decency, and the good times and laughter that we =
shared. I trust that many of us will find ways to sustain friendships that=
have been and will continue to be very special. Thanks to each of you who=
are leaving for all you have done.
As to the organizational structure, it has become increasingly apparent to =
me that the existing organization, with a mix of groups organized along fun=
ctional and regional lines (particularly within the U.S.), has impeded our =
ability to get things done in the most efficient fashion at times. The nee=
d to rationalize the organizational structure, in order to consolidate all =
U.S. energy functions, is a strong need from my perspective. As a result, =
Jim Steffes will lead the U.S. Energy group along with Sue Nord, who will j=
ointly report to Jim and myself. Sue will assist Jim in the leadership of =
the group and take on project management responsibilities as warranted to h=
elp Jim shoulder a significant burden. Also reporting to Jim will be a lea=
dership group for U.S. Energy that will be as follows: Wholesale Electrici=
ty will be led by Christi Nicolay; Retail Electricity and Natural Gas will =
be led by Harry Kingerski; Wholesale Gas will be led by Leslie Lawner. La=
st, but not least, Jeff Dasovich and Sue Mara, who will continue to focus o=
n California energy issues, will report to Jim. (Sue Mara will also be part=
of the Wholesale electricity team).
Steve Montovano, who will continue to report to me, will lead a commercial =
development effort along with Dan Allegretti.
With the elimination of the regional groups, I also recognize that there is=
a need to continue to focus on how we as a group address our political/leg=
islative needs across the U.S. Paul Kaufman will lead a small group that w=
ill address that need and that will focus on state political support. Paul=
will also take the lead for Government Affairs in support of corporate dev=
elopment efforts across the U.S.
Much of the rest of the group remains the same. Linda Robertson will conti=
nue to lead the Washington group with Sarah Novosel, who reports to Linda, =
taking the lead role in our coordination of activities at FERC. Amr Ibrahi=
m will continue to lead the support of the Global Assets group and also con=
tinue to manage the Risk Analytics function. Maggy Huson will take over su=
pport of the non-energy business units, which are as follows: Global Market=
s, Industrial Markets, Networks, and Broadband. Rob Hemstock will continue=
to lead the support of Enron Canada. Paul Dawson, who heads up government=
affairs for Europe; Sergio Assad, who heads up government affairs for Sout=
h America; and Mike Grimes and Mark Crowther, who head up our Asian efforts=
, will continue to jointly report to the business units and myself.
I am also forming a North American leadership group for Government Affairs =
to provide policy guidance for the larger group and the company. That Comm=
ittee will consist of Rob Hemstock, Maggy Huson, Amr Ibrahim, Paul Kaufman,=
Harry Kingerski, Leslie Lawner, Steve Montovano, Christi Nicolay, Sue Nord=
, Sarah Novosel, Linda Robertson, Jim Steffes and myself. We will also con=
tinue to have an RCR Committee that will consist of Maggy Huson, Harry King=
erski, Sue Nord, Linda Robertson, Jim Steffes & myself. Finally, I am form=
ing a Dynegy/Enron regulatory approvals working group that will consist of =
Jose Bestard, Paul Dawson, Paul Kaufman, Sue Nord, Sarah Novosel and myself=
.
No organizational structure or set of organizational changes is either perf=
ect or permanent. I believe these changes will make us better and more pre=
pared for the future. However, we must be prepared to further adjust as th=
e future unfolds for the company.
One final note: I am deeply sorry that each of you has had to live through =
this uncertain and troubled period for the company. We are all saddened by=
the recognition that we are in the midst of changes that will leave our gr=
oup fundamentally altered, but we must resolve to do our best for each othe=
r and ourselves during this period of change to ensure that what emerges, f=
or those of us who do remain a part of the new Dynegy, reflects the excelle=
nce and integrity that has characterized our group. Personally, I will do =
all I can, for as long as I can, to steer the group through this to the ver=
y best place possible. Your continued dedication and support is very much =
appreciated. Hang in there and thanks.
=====================================
|
5,338 |
Subject: More on CPUC's Actions Today
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10434.
=====================================
There is 4 proposed decisions that came out today. The CPUC is set to vote =
on=20
them tomorrow. Here is a quick overview:
1) Two decisions address how much money is collected for going forward=20
electric energy costs and how much of that is paid to CDWR. Average rates a=
re=20
to increase 3c/kWh. Further the AB1x 1 c/kWh is to continue. Thus, the=
=20
total increase, relative to rates in effect in year 2000, is 4 c/kWh=20
($40/MWh). Lynch was very unclear how this rate would be implemented for=20
residential customers (a tiering proposal will be heard separately and take=
=20
30-45 days to implement). One of these decisions addresses how to measure=
=20
past undercollections but as far as rate increases go, they are to cover on=
ly=20
going forward costs.
2) One decision addresses QF issues. I have not seen the PD (It is expecte=
d=20
out shortly). The Wood PD revises his revised PD of last week (yes, a=20
revised, revised PD) as follows:
a) Requires QFs to be paid on a going forward basis (as of 4/1/01). Utiliti=
es=20
to pay within 15 days upon presentation of an invoice. No help for past du=
e=20
amounts, however.
b) Change the SRAC energy index from Topock to Malin. Such a change will=
=20
lower the SRAC energy by =01&4 c/kWh=018. This is a 15% to 25% hit to SRAC=
=20
relative to the status quo, which is based more or entirely on Topock.
c) Calls for workshops to further refine the gas basis for SRAC and address=
=20
other factors in the SRAC formula such as heat rates and O&M factors=20
d) Works with Section 390, as is, does not depend on a legislative change
i) Thus the reason why SRAC is based upon a border price index.
e) Overall cap (i.e. 7.9 c/kWh) is dropped.
The fourth decision addresses an investigation of the utility holding=20
companies. Basically the CPUC is going after utility holding companies for=
=20
funds to reduce the past undercollections.
Alan Comnes
Further Notes taken by Sue Mara during the press conference:
Lynch and Wood Running the meeting
Lynch started out castigating FERC for the "failure to act", sellers for hi=
gh=20
prices forcing CA into this action. Has some charts in the press package. =
=20
Talked about how wonderful the Govs proposals have been. Said net short is=
=20
34%. Sellers "have us over a barrell" for those sales. Attorney Gen=20
continues investigation of the sellers. These are all for going forward cos=
ts=20
-- this doesn't address the "$ for the hot dog, which is being taken care o=
f=20
in Sacramento." She said these proposals ensure reliability and allow=20
Treasurer to issue bonds. Continues to castigate FERC throughout the call.=
=20
Wants new appointments to FERC from the states -- "our cries have fallen on=
=20
deaf ears"
Lynch announced the following votes for tomorrow:
1. Wood's proposal -- modified -- Order the IOUs to pay the QFs beginning=
=20
4/1 on a going forward basis only. Modified existing formula in Section 39=
0=20
(Legislative change to this section did not pass yet). Shifts the gas inde=
x=20
from Topoc (where Wood says the prices are being mnipulated) to Malin, wher=
e=20
prices have been more stable.
2. Sets the CA Procurement Adjustment -- Orders the IOUs to pay the DWR for=
=20
purchases. At one point she said that the order would be for all power for=
=20
purchased by the state beginning Jan 19; at another point she said that the=
=20
payments are for going forward costs. "It's time to pay the power bills for=
=20
California." CPA calculated based on the "residual" method, rather than th=
e=20
proportional method. Payments to DWR made on the proportional method,=20
however.
3. Lynch alternate setting a 3 cents/kWh increase in accordance with AB 1X=
.=20
(The ALJ decision said no rate increase.) Makes the 1 cent temp charge=20
permanent (didn't say if its additive with the 3 cents) Believe this covers=
=20
ALL needs on a going forward basis. According to ABX 1, small customers=
=20
with 130% over baseline get no increase, small customers with 200% increase=
,=20
get a 9 % increase -- the rest get socked, I guess. Adopted TURN's=20
accounting proposal. Will look at rate design in a future proceeding. Tak=
es=20
IOUs 30-45 days to charge the rates; will conduct a rate design proceeding=
=20
during that time period (see # 5).
4. Orders an investigation into the Utility holding company structure to se=
e=20
if it is best for the public utilities.
A new proceeding was also identified.
5. Lynch is issuing an Assigned Comissioner ruling proposing a new rate=20
structure. (I presume to have rates that increase greatly with more use) =
=20
Need information from DWR to calculate rates and DWR has not yet provided=
=20
it. Described the need to have a record on this. As mentioned in #3 above =
--=20
would expect this to be comepled with a decision in 30- 45 days.
In one of the above orders, Lynch said that she orders the utililities to g=
o=20
after sellers using all legal means for the unjust and unreasonable prices.
I'm still listening.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
=====================================
|
5,354 |
Subject: January Signature Interactive Events
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/8229.
=====================================
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5,355 |
Subject: Join Industry and Market Leaders Online
Sender: [email protected]
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File: dasovich-j/all_documents/2037.
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CEO Speaker Series, Tuesday, October 31, 4:00 pm ET
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|
5,361 |
Subject: RE: Action Items from Today's Lobbyist Call
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10059.
=====================================
We have set up a conference call for today's meeting for those of you
interested in calling in.
It is 1-800-486-2460
The pass code is
120895
Thanks!
Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499
-----Original Message-----
From: Julee Malinowski-Ball [mailto:[email protected]]
Sent: Thursday, March 15, 2001 3:26 PM
To: Susan McCabe; Scott Govenar; Ron Tom; Robert Ross; Rina Venturini; Phil
Isenberg; Mike Monagan; Maureen OHaren; Marie Moretti; Kassandra Gough;
Jamie Parker; Hedy Govenar; DJ Smith; Delany Hunter; Chuck Cole; Bev Hansen;
Anne Kelly; Fred Pownall; Mark Nobili
Cc: Jean Munoz; Greg Blue; Jack Pigott; Jeff Dasovich; Joe Ronan; John
Stout; Kassandra Gough; kent Palmerton; Larrea, John; Lynn Lednicky; Paula
Soos; Richard Hyde; Roger Pelote; Sandi McCubbin; Stephanie Newell; Steve
Ponder; Sue Mara; Jan Smutny Jones; Steven Kelley; Katie Kaplan; Chris
Ellison; Doug Kerner; Andy Brown; Nam Nguyen
Subject: Action Items from Today's Lobbyist Call
ACTION ITEMS from today's IEP member company lobbyist conference call:
AB 60x (Hertzberg)
- Calpine will attempt to get a meeting with the Speaker on Monday regarding
his interest in other "California First" avenues, and report the results to
IEP.
- In anticipation of using Plan B, there will be a drafting meeting on
Friday (3/16) at 11am in IEP's office to fine-tune the current IEP proposed
amendments (attached).
- All available lobbyists will push the Speaker's office to hold off on
moving the bill until IEP has had an opportunity to present language.
- E+M will schedule a follow-up conference call on this issue early in the
week.
- IEP will explore the possibility of an editorial campaign regarding the
poor direction of this "California First" issue, tying it to long-term
contracting.
SB 6x (Burton)
- Review IEP proposed amendments to soften the eminent domain language
(attached).
- All available lobbyists will make contact with the Pro tem's office to
support the IEP amendments.
AB 8x (Migden)
- Review IEP comments that mitigate the EOB's authority in the coordinate of
operation and maintenance scheduling (attached).
- All available lobbyists will make contact with Assembly Member Migden's
office to support a stakeholder meeting taking place, because IEP would like
to make this bill work.
SB 39x (Speier)
- IEP will explore the possibility of including in its PR efforts on
maintenance and outages, the IOU- and labor-run nuclear facility being down
for an extended period of time.
PLEASE SHARE ANY INFORMATION YOU GET WITH ME FROM YOUR CONTACT WITH ANY OF
THE ABOVE-NAMED MEMER'S OFFICES.
THANKS.
> Julee Malinowski-Ball
> Senior Associate
> Edson + Modisette
> 916-552-7070
> FAX-552-7075
> [email protected]
>
>
=====================================
|
5,368 |
Subject: In Idaho, Western states press feds to act on power prices
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10933.
=====================================
In Idaho, Western states press feds to act on power prices
H. JOSEF HEBERT, Associated Press Writer
Tuesday, April 10, 2001
,2001 Associated Press
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2001/04/10/nation
al1812EDT0713.DTL
(04-10) 18:04 PDT BOISE, Idaho (AP) -- High electricity prices pose a
``looming disaster'' for many states in the West, a federal regulator warned
Tuesday, as pressure grew on the government to consider temporary price
controls on wholesale power.
Officials from 11 Western states, including energy-ravaged California,
engaged in sometimes passionate exchanges with three members of the Federal
Energy Regulatory Commission over how to contain soaring power prices that
are expected to go only higher this summer.
``Something has to be done to tame this market,'' Geoffrey Brown, a member of
the California Public Utilities Commission, told the three FERC
commissioners. California anticipates paying $65 billion for electricity this
year, almost 10 times its power bill in 1999.
But after the daylong session, the FERC seemed to be not much closer to
imposing price caps than before, although one commissioner, Linda Breathitt,
said she now wants to look the issue more carefully and might be swayed.
FERC Chairman Curtis Hebert, a strong free-market advocate, reiterated his
fear that price regulation would drive off investors for new power
generation. Under FERC rules, it would be Hebert's discretion when or if to
propose a price cap for deliberation.
Commissioner William Massey, who has been in the minority on the commission
in recommending price controls, said the ``passion for markets must be
tempered with common sense.''
``We face a looming disaster,'' he declared, if wholesale electricity markets
are allowed to continue on a path that has wholesale power in many parts of
the West selling for 10 times what it cost just a year ago.
Hebert insisted that the FERC ``is doing everything it can'' to ensure just
and reasonable prices and cited the commission's action to seek $124 million
in refunds on California power sales. He also said the commission plans soon
to approve a new system of tracking market abuses.
The chairman noted that state officials at the meeting were sharply divided
over whether the government should regulate electricity prices. Keeping tabs
as each participant gave a presentation, he said three states were for them,
five against and three uncertain.
Hebert's anti-controls position drew support from Vice President Dick Cheney
in a telephone interview with Associated Press reporter David Ammons in
Olympia, Wash.
``The problem with price caps,'' Cheney said, ``is that they don't solve the
problem. Just look at California, where they had caps applied at the retail
level that, coupled with the requirement to buy power on the spot market, has
driven PG&E into bankruptcy.''
Pacific Gas & Electric, California's largest utility, said last week it had
debts of $9 billion and filed for protection from its creditors under chapter
11 of federal bankruptcy laws.
California, whose electricity problems have unleashed soaring power prices
throughout the West, urged FERC to immediately impose an 18-month cost-based
price cap in the Western markets.
``We have done our part. We cannot do it alone,'' said Bob Hertzberg, speaker
of the California Assembly. He cited state actions to boost conservation,
increase retail rates and speed up power plant construction and said there is
``no earthly reason'' why energy prices should be 10 times what they were a
year ago.
Still, California officials expressed little optimism after the hearing.
``It would take a dramatic, unprecedented change of direction'' for the FERC
to adopt price controls, said Fred Keeley, speaker pro tem in the California
Assembly, who was in the audience during the six-hour meeting.
Breathitt, the FERC's third commissioner, who has not come out in favor of
price caps, nevertheless indicated she might be inching toward some controls.
She said she wants the commission to ``seriously discuss a price
implementation plan.''
The issue may end up, however, being decided by two new commissioners
recently nominated by President Bush -- Pat Wood, now head of the Texas
utility commission, and Nora Brownell, a Pennsylvania regulator.
Both are viewed as free market advocates, but pro-controls commissioner
Massey said he believes they might be swayed to accept temporary price
restraints if the electricity market reels further out of control. Neither
nominee has yet been confirmed by the Senate.
While divided on price controls, most of the state officials at the unusual
FERC meeting expressed worries that the federal agency was doing too little
to address problems in the power markets.
The chairman of Montana's utility commission, Gary Feland, who opposes price
controls, criticized FERC for lack of aggressiveness in challenging
unreasonable prices. FERC is legally mandated to ensure ``just and
reasonable'' wholesale power prices.
``Montana is taking a hell of a hit'' from electricity prices, Feland said.
``Politically we're getting beat up.''
Steve Ellenbecker, a utility commissioner from Wyoming, urged the federal
regulators to come up with a ``reasonable measure'' short of a price cap to
deal with the troubled electricity market.
Many of the state officials said the full impact of the high wholesale power
prices have yet to hit consumers. In many cases state officials must still
give permission for utilities to pass them on to retail customers.
On the Net: FERC Web site: www.ferc.fed.us/
,2001 Associated Press ?
=====================================
|
5,372 |
Subject: Draft Letter
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/12699.
=====================================
Here's a first-crack at a letter for the CEOs to sign. I couldn't open
Microsoft Word, so I apologize it's in the body of this email. Once we
circulate a draft and get a version people are comfortable with, I'd
recommend the following actions (but not by Enron):
* send the letter to the governor and all members of the Legislature
* run the letter as a full-page ad in key newspapers
* advance the story to the media for earned coverage (possible editorial
boards w/ several CEOs -- not Enron) We could have an effort in both
Northern and Southern California -- w/ different CEOs to emphasize the
bipartisanship and diversity of support for the solution. This media effort
should target broadcast, as well.
Edit away!
******************************************************************************
***************************************************
An open letter to Governor Davis and members of the Legislature:
California's energy crisis has persisted and worsened over the past 12
months. We have already experienced blackouts, and with summer fast
approaching, unless something is done immediately, the worst is yet to come.
The North American Electric Reliability Council released a report last week
that said California is expected to experience more than 260 hours of
blackouts this summer -- that's ten days without power. California's economy
cannot afford to grind to a halt because we have no power.
Two of the state's largest companies have been thrown into financial
turmoil. Pacific Gas & Electric has already declared bankruptcy, and
Southern California Edison is on the brink. With California spending more
than $____ a day on power and depleting cash reserves, the State's credit
rating has been downgraded -- only Louisiana has a lower rating.
While there has been much talk of potential solutions, none have advanced.
There is too much at risk to delay another day. Therefore, we, the
undersigned, are proposing a comprehensive five-step solution to solve
California's short- and long-term energy crisis that includes the following:
1. Decrease demand -- There is no time to build power plants or get
additional generation on-line in time for this summer. Therefore, the only
option to reduce the impact of an electricity shortage this summer is to
reduce consumption. This can be accomplished in several ways:
Real-time pricing -- prices should reflect the cost of producing
electricity, which varies throughout the day. When demand is at a peak,
prices are high; when demand drops, so do prices. This will give customers
a financial incentive to conserve and take simple actions, like turning the
thermostat up two degrees.
Demand buy-down programs -- If a customer is willing to pay for kilowatts
used, he/she ought to be compensated for kilowatts saved. NEED TO SAY WHO
WILL PAY FOR THIS
2. Increase supply -- The Governor has taken an important first step by
using his executive powers to streamline power plant siting. While the
state currently has approved 13 power plants totaling 8,512 megawatts, it's
not enough. California ought to be the most attractive place to build power
plants, transmission lines and pipelines; instead, it's the least. There is
a backlog of turbines for power plant development, yet of the 1,000
backlogged, only 24 are earmarked for California because the state has sent
an "anywhere but here" message to investors. The state's political leaders
must reject action that discourages investment, including:
* Legislation that would impose a "windfall profits" tax on power sold in
California and make it a felony to sell power at a price that the state
finds unreasonable.
* Continued calls for price caps in wholesale power market -- caps only
create shortages and fail to reduce prices.
* Investigations into allegations that suppliers manipulated power prices.
3. Make the utilities creditworthy -- Under California law, utilities are
forced to charge frozen rates, but they must buy power at higher wholesale
prices. The utilities' inability to recover their costs has forced PG&E
into bankruptcy and threatens Southern California Edison's solvency. The
solution to restoring the utilities' creditworthiness is to set rates that
cover the utilities' past debts and future costs -- and then give customers
the power to reduce their bills by conserving or by choosing a competitive
energy supplier.
4. Get California out of the power-buying business -- Once rate increases
return the utilities to creditworthiness, the role of buying power can be
returned to the utility very quickly -- within three to six months. The
state should not buy the transmission grid to raise additional cash for the
utilities. There are other ways to raise funds: for example, a miniscule
rate increase of two-tenths of one cent per kilowatt hour could accomplish
the same thing -- and keep the power expertise in the hands of the utilities.
5. Get deregulation right in California -- California never deregulated. In
fact, today there is more regulation than ever before. For true
deregulation to exist, every consumer and business in the state must have
the right to hire and fire their energy service provider. When California
passed a law this year authorizing the state to buy power, that same law
(AB1X) called for an end to customer choice (also called "direct access.")
California must rescind AB1X and reinstate the right of customers to choose
their energy service provider. ARE WE INCLUDING CORE/NON-CORE? (i can't
remember...)
We urge the Legislature and Governor to enact legislation that includes these
five components and sets California on the path to economic stability. The
longer the delay, the bigger the problem. The time to act is now.
CEO
CEO
etc.
=====================================
|
5,379 |
Subject: November e.Bulletin
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/3564.
=====================================
------------------------------------------------------------
Schwab e.Bulletin -- November 2000
------------------------------------------------------------
My Topics:
In this issue:
1. Individual Investors' Worst Bloopers
2. Information Isn't Experience
3. Money Memories: a Young Mom in the '60s
4. Schwab Fund for Charitable Giving(tm)
5. Stock Explorer(tm)
6. CEO Speaker Series--Schedule Change
7. Argus Roundtable
8. The Place for Smart Investors!
9. Price Alerts: Keep an Eye on Your Investments
10. Active Trader Pricing Gets Even Better!
************************************************************
eConfirms Are Here!
Up to 20 trades in one eConfirm!
Emailed within 24 hours
Try eConfirms for 90 days and still get paper!
FREE SERVICE
Start Now!
http://schwab.ed4.net/go/t1/nov/sig/eConfirms/
************************************************************
------------------------------------------------------------
1. Individual Investors' Worst Bloopers
------------------------------------------------------------
The more investment fads change, the more they stay the
same. Here's a sobering look at schemes and crazes over the
centuries that tempted and punished individual investors.
The Great Tulip Mania, the U.S. railroad boom and the
English Chunnel seemed foolproof at their peak, but only
foolhardy today.
http://schwab.ed4.net/go/t2/nov/sig/bloopers/
------------------------------------------------------------
2. Information Isn't Experience
------------------------------------------------------------
Too much information can be as hazardous to your financial
health as too little. Our commentator proposes how to keep a
clear mind amidst the info glut.
http://schwab.ed4.net/go/t3/nov/sig/toomuchinfo/
------------------------------------------------------------
3. Money Memories: a Young Mom in the '60s
------------------------------------------------------------
What was the economic zeitgeist when you were growing up? A
writer recalls her middle-class youth in a New York suburb
during the 1950s and '60s.
http://schwab.ed4.net/go/t4/nov/sig/50-60/
------------------------------------------------------------
4. Schwab Fund for Charitable Giving(tm)
------------------------------------------------------------
Looking to reduce your income and capital gains tax burden?
Seeking a more effective way to make charitable donations?
Open a Charitable Gift Account now from the Schwab Fund for
Charitable Giving to help secure your year 2000 tax
deduction.
http://schwab.ed4.net/go/t5/nov/sig/charitablegift/
------------------------------------------------------------
5. Stock Explorer(tm)
------------------------------------------------------------
Stock Explorer, Schwab's newest screening tool, is a great
way to generate potential investing ideas. Stock Explorer
uses six well-known investing strategies to create a list of
stocks. For example, you can screen candidates within
categories such as Growth at a Reasonable Price or Tech
Companies Showing Profits, and then see how they would fit
within your portfolio. Want to drill deeper on a particular
stock? Stock Explorer allows you to link directly to a
one-page summary Equity Report Card.
Stock Explorer is located in The Analyst Center under the
Investing Tools tab.
http://schwab.ed4.net/go/t6/nov/sig/stockexplorer/
------------------------------------------------------------
6. CEO Speaker Series--Schedule Change
------------------------------------------------------------
Mr. Millard Drexler
President and CEO
Gap Inc.
CANCELLED
Mr. Millard Drexler, President and CEO of Gap, Inc., will be
unable to participate in the November CEO Speaker Series as
scheduled. We regret any inconvenience.
------------------------------------------------------------
7. Argus Roundtable
------------------------------------------------------------
Topic: Special Situations and Contrarian Ideas
Date: Wednesday, November 29, 7:00 p.m. ET
This was supposed to be the year of the New Economy. So why are
old-economy sectors such as Electric Utilities and Real Estate
Investment Trusts the top performers? Looking ahead to 2001,
we'll preview some sectors and offer contrarian ideas that may
offer similar surprises.
For more information and instructions on how to participate in
the Argus Roundtable, click here:
http://schwab.ed4.net/go/t7/nov/sig/argus/
------------------------------------------------------------
8. The Place for Smart Investors!
------------------------------------------------------------
Have you taken a tour of the Smart Investor tab at
schwab.com? You'll find objective investment information,
articles and online courses--plus the opportunity to
communicate with experts and other investors.
http://schwab.ed4.net/go/t8/nov/sig/smartinvestors/
------------------------------------------------------------
9. Price Alerts: Keep an Eye on Your Investments
------------------------------------------------------------
Schwab Price Alerts help you keep up with a fast-changing
market. Price Alerts are triggered by criteria you select in
advance for your securities. If one of your security's
market price rises above or drops below a value you specify,
Schwab will send you an Alert by email or pager device.
It's an easy way for you to stay in touch with the market.
http://schwab.ed4.net/go/t9/nov/sig/pricealerts/
------------------------------------------------------------
10. Active Trader Pricing Gets Even Better!
------------------------------------------------------------
Pay as low as $14.95 for automated equity trades. With
tiered pricing, the more you trade, the less you pay in
commissions--resulting in consistently lower commissions
for consistently active traders.
http://schwab.ed4.net/go/t10/nov/sig/autoequity/
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5,382 |
Subject: Article
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11441.
=====================================
Power outages virtually assured
By Steve Geissinger
SACRAMENTO - If government was responding to blackouts like it would any
other disaster - whether firestorm, flood, or quake - it would dispatch
troops to a barren strip of the Central Valley.
There, some lawmakers and energy experts say, an outfit such as the U.S. Army
Corps of Engineers would swiftly upgrade a transmission bottleneck, called
Path 15, that virtually ensures rolling outages in the Bay Area and across
Northern California this summer.
Sure, the legislators and experts acknowledge, there are plenty of wildcards
that could make the expected blackouts worse this summer - from heat waves to
lax conservation, from generator breakdowns to plant construction delays.
But no matter how lucky California gets, it will almost certainly suffer
because of the Path 15 bottleneck that's played a central role in most of the
rotating outages so far. The bottleneck prevents authorities from shipping
power north from Southern California, which sometimes has a surplus supply of
electricity.
As things stand now, a fix, likely to cost at least $200 million and take two
years, is mired in the uncertainty of the energy crisis itself.
Few had heard of Path 15 until the energy crisis and its soaring wholesale
power prices developed this winter, financially shattering utilities,
triggering blackouts and forcing the state into the power buying business.
To spread electricity throughout the West Coast, an electron freeway of sorts
extends 1,200 miles between Washington state and Los Angeles. Three towering
high-voltage transmission lines form that freeway, except in one place.
The network, in the zone named Path 15 by engineers, narrows to two,
500,000-volt lines stretching southeast from the Los Banos area for about 90
miles to the Coalinga region. Parts of the bottleneck are visible to those
traveling Interstate 5.
In most of this year's rolling blackouts, the bottleneck has prevented the
state's transmission grid manager from being able to transfer surplus south
state power to Northern California. The California Independent System
Operator, the state's grid manager, was forced to order rotating outages in
only the northern portion of the state.
The bottleneck also contributed to outages in the Bay Area last June.
Ironically, the bottleneck could have worked in Northern California's favor
this summer, helping the region retain surplus hydroelectric power that
couldn't squeeze through the bottleneck. But dry conditions throughout the
Northwest are curtailing that.
In fact, the bottleneck will benefit power plant owners in the north because
the scarcity of power will allow them to charge higher prices. At the same
time, generators in the south may be harmed somewhat because they won't be
able to get their electricity to more lucrative markets.
To make matters worse, though new power plants to alleviate the crisis are
planned both north and south of Path 15, more are planned south of the
bottleneck.
Although there is widespread agreement on the need for quick and bold action
on the energy crisis in general and on Path 15 in particular, longtime plans
to improve the bottleneck are now mired in complex energy-crisis politics and
the myriad uncertainties of the Pacific Gas and Electric Co. bankruptcy.
"We have to pretend like we just had an earthquake," Sen. Debra Bowen,
D-Marina del Rey, said during a recent meeting of her Senate Energy Committee
on the crisis.
Sen. Jackie Speier, D-Daly City, immediately responded: "This is an
earthquake."
Assemblyman Phil Wyman, R-Tehachapi, who agrees there's a need for emergency
actions as if "we're at war," believes that perhaps the Army Corps of
Engineers would be the appropriate agency to tackle the problem with Path 15,
owned by PG&E.
He's authored a bill, thrown into limbo by PG&E's bankruptcy filing, that
would earmark $10 million to pay for initial environmental reviews of the
Path 15 upgrade.
Path 15's two lines were typical when it was built in the 1960s. But over the
years, various utilities have bolstered the rest of the transmission system.
Although PG&E has studied adding an extra line, the utility held up because
of cost and regulations that make the lines a poor investment.
Meanwhile, energy use outpaced construction of the infrastructure to supply
it.
When PG&E went broke this year buying wholesale power at soaring rates and
selling it as lower, capped retail rates, Gov. Gray Davis offered a rescue
that included state acquisition of Path 15 and the rest of the roughly 30,000
miles of high-voltage transmission lines owned by the state's investor-owned
utilities.
The Davis administration, as part of the proposal, joined PG&E in talking
about Path 15 improvements. But then the utility opted instead to enter
bankruptcy proceedings that have thrust the fate of the bottleneck into
limbo.
Utility officials said they are uncertain whether they will gain permission
from the federal bankruptcy judge to proceed with the project or whether
circumstances will allow it.
Terry Winter, president of Cal-ISO, wonders whether "the bankruptcy court
will, with its traditional focus on maximizing the value of the debtor's
estate, recognize the criticality of allowing these investments to go
forward."
The Davis administration, moving toward acquisition of SoCal Edison's lines,
is uncertain whether it will still have the opportunity to purchase the PG&E
grid that includes Path 15.
At the same time, a group of north-state municipal utilities has volunteered
to finance the transmission-line expansion if the state promises
reimbursement. But that's something the state isn't willing to do in light of
the bankruptcy that leaves the project in PG&E hands.
The Transmission Agency of Northern California said it could have completed
the work in just a couple years.
Even if the way is cleared for the upgrades, more 150-foot-tall steel towers
spaced at quarter-mile intervals don't make popular neighbors. Although the
area is largely rural, citizen protests could delay or stall the work on the
lines, which some link to radiation-related health hazards.
The project would cost between $200 million and $300 million and take years
to complete, but it is but one of several necessary grid upgrades, although
most of them are lesser in scope.
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|
5,390 |
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/inbox/763.
=====================================
I know that SCE is taking this position. They are simple wrong. Unless and until we get all of our "positive" CTC back from the Utility, why should I even begin to consider their "goofy" arguments. In addition, SCE is receiving $3.3 B which is a full payment of all Negative CTC. If their issue is to have a Undercollection charge against all customers, that's a different policy matter. The CPUC agreed to the idea of Negative CTC and SCE needs to pay.
Also, if we are 5% of load and the Undercollection is $3.3 B, I think that SCE would be looking for $165 MM - our entire claim. They aren't talking about 5% from our view $150 MM claim.
Jim
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 23, 2001 6:18 PM
To: Curry, Wanda
Cc: Steffes, James D.; Tribolet, Michael
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Need to think about it a bit. Here's some of what we know based on the settlement:
Total debt = 6.35 B
After they contribute all cash on their books and agree to eat a little, the PUC is allowing them to collect somewhere between $3.0-3.3B--depends on who you talk to.
The total owed to ESPs is $243 MM.
-----Original Message-----
From: Curry, Wanda
Sent: Tuesday, October 23, 2001 5:56 PM
To: Dasovich, Jeff
Cc: Steffes, James D.; Tribolet, Michael
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Jeff,
Do we know how much Edison's total under collection is? Would it be as simple as to determine their total (around $3 billion?) and gross receivable (before any payments - 145 million) and calculate the % (around 5%)? This would result in a pretty small percentage. Another way to look at it would be on a % of load basis. If you use the DA load information Sue forwarded to us on October 1st, this % (5.7%) would also be very small. How do you think they will look at it? I think we would all agree to a 5% haircut, if they would JUST PAY US!
Wanda
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 23, 2001 5:19 PM
To: Steffes, James D.; Curry, Wanda; Tribolet, Michael
Subject: RE: Conversation with Edison re: Getting Negative CTC Paid
Wanda: I faxed the examples that Edison faxed us and that you and Michael and I talked about some time back. I'm sure that's how Edison would calculate it. Does it make sense to run the numbers and see what our "contribution" to Edison's undercollection would be under Edison's view? If you need another copy, let me know. Question: I don't know what our book looks like on this issue, but if we were to take the "netting" through a reduction in the PX credit going forward, how much of a hit would that be, particularly if we were to get the $120 MM up front?
Best,
Jeff
-----Original Message-----
From: Steffes, James D.
Sent: Tuesday, October 23, 2001 5:05 PM
To: Dasovich, Jeff
Subject: FW: Conversation with Edison re: Getting Negative CTC Paid
Jeff --
How would we calculate EES' "contribution" to SCE undercollection?
Jim
-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, October 23, 2001 5:02 PM
To: Shapiro, Richard; Steffes, James D.; Mellencamp, Lisa; Tribolet, Michael; Sanders, Richard B.; Kean, Steven J.; Sharp, Vicki; Smith, Mike; Williams, Robert C.; Curry, Wanda; Swain, Steve; Huddleson, Diann; Calger, Christopher F.; Belden, Tim; Dietrich, Janet
Subject: Conversation with Edison re: Getting Negative CTC Paid
I talked to John Fielder (SVP Edison) about setting up a meeting for Barry Tycholiz with Edison's CFO about hedging Edison's QF price risk. Fielder wanted to talk about the negative CTC issue. Here's what he said:
They plan to "settle" with the ESPs and pay them when they pay everyone else, which he re-iterated would be sometime in Q1'02.
Edison is holding firm to the notion that the negative CTC contributed to the utility's undercollection and that the ESP's share of the undercollection has to be netted against the payables attributable to the negative CTC and owed the ESP.
He said that they will propose to net it out in one of two ways: 1) lump sum netting (i.e., if they owe $50MM and the share of the undercollection is $30 MM, then they pay the ESP $20 MM; or 2) future reductions in PX Credit (i.e., they pay the ESP $50 MM, and then reduce the PX going forward until the $30 MM is paid down). The numbers are illustrative only.
In addition, he said that they have the view that a decision is going to have to be made about 1) whether DA customers pay for stranded costs tied to the DWR L-T contracts, and 2) whether DA customers pay going forward for stranded costs tied to the QF contracts. (Edison is clearly lobbying the PUC to get DA customers to pay for these costs.)
I recommended strongly that he de-link issues 1 and 2 above from the issue of paying us ASAP what they owe us for negative CTC. He agreed.
He said that the PUC judge's recently issued pre-hearing conference order requires that Edison "meet and confer" with ESPs prior to the Nov. 7th hearing, and that Edison intends to set something up with ESPs prior to that hearing.
Fielder is also the point person on "getting ESPs paid" and intends to initiate settlement discussions with ESPs week after next.
It was very clear from the conversation that Edison is going to do everything possible (at the expense of creditors) to maximize headroom under the settlement it struck with the PUC a few weeks ago. Edison's stalemate with the QFs is evidence of it. We shouldn't assume anything different with the Negative CTC issue.
If you have any questions, let us know.
Best,
Jeff
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5,401 |
Subject: Cal-ISO/FERC -2: Companies Allegedly Gamed Power Market
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/27727.
=====================================
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/08/2001 04:16 PM -----
[email protected]
06/08/2001 03:42 PM
To: "Alex Sugaoka \(E-mail\)" <[email protected]>, "Bill Woods
\(E-mail\)" <[email protected]>, "Bob Ellery \(E-mail\)"
<[email protected]>, "Bob Escalante \(E-mail\)"
<[email protected]>, "Brian T. Cragg \(E-mail\)" <[email protected]>,
"Carolyn A Baker \(E-mail\)" <[email protected]>, "Curtis Kebler
\(E-mail\)" <[email protected]>, "Douglas Kerner \(E-mail\)"
<[email protected]>, "Duane Nelsen \(E-mail\)" <[email protected]>, "Ed
Tomeo \(E-mail\)" <[email protected]>, "Eric Edstrom \(E-mail\)"
<[email protected]>, "Greg Blue \(E-mail\)" <[email protected]>, "Hap Boyd
\(E-mail\)" <[email protected]>, "Jack Pigott \(E-mail\)" <[email protected]>,
"Joe Ronan \(E-mail\)" <[email protected]>, "John G. Larrea \(E-mail\)"
<[email protected]>, "John O'Rourke \(E-mail\)"
<[email protected]>, "Kate Castillo \(E-mail\)"
<[email protected]>, "Ken Hoffman \(E-mail\)"
<[email protected]>, "Kent Burton \(E-mail\)"
<[email protected]>, "Kent Palmerton \(E-mail\)"
<[email protected]>, "Marty McFadden \(E-mail\)"
<[email protected]>, "Michael L. Hawkins \(E-mail\)"
<[email protected]>, "Nam Nguyen \(E-mail\)" <[email protected]>,
"Paul Desrochers \(E-mail\)" <[email protected]>, "Paul Wood
\(E-mail\)" <[email protected]>, "Paula Soos \(E-mail\)"
<[email protected]>, "Rachel King \(E-mail\)" <[email protected]>,
"Rich Dyer \(E-mail\)" <[email protected]>, "Roger Pelote
\(E-mail\)" <[email protected]>, "Ross Ain \(E-mail\)"
<[email protected]>, "Scott Harlan \(E-mail\)" <[email protected]>,
"Steve Ponder \(E-mail\)" <[email protected]>, "Steve Schleimer
\(E-mail\)" <[email protected]>, "Susan J Mara \(E-mail\)"
<[email protected]>, "Ted Cortopassi \(E-mail\)"
<[email protected]>, "Tom Hartman \(E-mail\)"
<[email protected]>, "Tony Wetzel \(E-mail\)" <[email protected]>,
"Ward Scobee \(E-mail\)" <[email protected]>, "William Hall
\(E-mail\)" <[email protected]>, "Thomas R. McMorrow \(E-mail\)"
<[email protected]>, "Carol Hudson \(E-mail\)" <[email protected]>, "Jan
Smutny-Jones \(E-mail\)" <[email protected]>, "Katie Kaplan \(E-mail\)"
<[email protected]>, "Sandra Moseley \(E-mail\)" <[email protected]>, "Steven
Kelly \(E-mail\)" <[email protected]>
cc:
Subject: Cal-ISO/FERC -2: Companies Allegedly Gamed Power Market
Cal-ISO/FERC -2: Companies Allegedly Gamed Power Market
Updated: Friday, June 8, 2001 05:29 PM ET Email this article to a friend!
Printer-friendly version
LOS ANGELES (Dow Jones)--The California Independent System Operator has
filed a motion with federal energy regulators asking that four major power
suppliers in California be stripped of their ability to charge market rates
because they have allegedly gamed the wholesale electricity market. Duke
Energy (DUK, news, msgs), Dynegy Inc. (DYN, news, msgs), Mirant Corp. (MIR,
news, msgs) and Reliant Energy Inc. (REI, news, msgs) have been identified
by the ISO as exercising market power - the ability to influence
electricity prices - in California's wholesale power market.
The ISO, which manages the state's high-voltage transmission system,
recently made a similar filing against AES Corp. (AES, news, msgs) and
Williams Cos. (WMB, news, msgs), claiming those companies have profited
excessively in California by exercising market power. The ISO wants the
Federal Energy Regulatory Commission to revoke generators' authority to
charge market-based rates for their power supply.
Tom Williams, spokesman for Duke Energy, said the company had just received
the FERC filing and is reviewing the allegations. "We've obviously just
got the filing and we're reviewing it and we are going to respond with our
own FERC filing. But we're also gratified that market forces are at work in
California and prices have come down," Williams said.
Richard Wheatley, a spokesman for Reliant, said the ISO's allegations are
"nothing new." "It's similar in nature to issues and allegations that have
been raised against other generators," Wheatley said. "The ISO is incorrect
in asking for emergency relief. The situation in California remains to be
an imbalance between supply and demand. The blame game prohibits lasting
solutions from being reached and the business climate in California will be
affected by finger pointing."
Steve Maviglio, press secretary to Gov. Gray Davis, said the governor
"strongly supports any attempt to bring prices down for Californians and to
break the grip a handful of generators have on the electricity market."
The ISO has asked FERC to terminate by June 28 Dynegy's ability to charge
market prices for power from its Southern California power plants and to
schedule a hearing to determine rates based on the energy company's
production costs. The grid operator also wants Dynegy to refund billions
of dollars, retroactive to May 1, "of the difference between cost-based
rates...and the market revenues actually received." Similar requests were
made with FERC against Duke, Reliant and Mirant.
"The ISO has submitted compelling evidence that the exercise of market
power is more pervasive than the commission has acknowledged...," according
to the filing. In the filing, generators have also been accused of
"megawatt-laundering," in which suppliers sell power out-of-state that is
resold to California at a higher price.
California consumers have spent $7 billion for wholesale electricity in
1999, $27 billion in 2000 and could pay as much as $50 billion this year.
Charles Robinson, the ISO's chief counsel, said he is "optimistic" the
state will prevail "in one forum or another and will be able to get the
relief we're seeking." He said FERC should implement an "effective" market
mitigation plan that will put the brakes on skyrocketing wholesale power
prices. FERC set up a market mitigation plan, which went into effect June
1, to stabilize wholesale power prices when operating reserves dip below
7%. Robinson said that plan wasn't good enough.
Wholesale power prices were at a seven-month low Thursday, due in part to
the new FERC plan, cooler temperatures, low natural-gas prices, and
conservation measures, energy officials said.
Every three years, FERC reviews generators' ability to charge market rates
for electricity. Generators were first allowed to charge market rates three
years ago, but it is unclear whether FERC has ever stripped suppliers from
their right to charge market prices.
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|
5,407 |
Subject: Sher Shops Alternative Edison Bailout Plan
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28587.
=====================================
Folks: Please see highlighted sections. Anyone seen Byron's plan? Know
where it's headed, etc.?
Best,
Jeff
*************************************************************************
Power purchase bills exceed $7.5 billion
Published Tuesday, July 10, 2001, in the San Jose Mercury News
BY MARK GLADSTONE, NOAM LEVEY AND DION NISSENBAUM
Mercury News Sacramento Bureau
SACRAMENTO -- Six months after jumping into the electricity business, the
Davis administration on Monday provided the first detailed glimpse of
California's daily power purchases, showing more than $5 billion in payments,
much of it to government-owned utilities and private companies that state
officials have branded as price gougers.
The state spent an additional $2.5 billion on a variety of contracts and
other electricity services designed to stabilize the volatile energy markets,
according to documents that the state agreed to release last week amid a
legal dispute over public access to the data.
In roughly the first five months of the year, the state shelled out $1.2
billion to Atlanta-based Mirant, the most any company was paid for
electricity, followed by $1 billion to Powerex, the marketing arm of BC Hydro
in British Columbia. It also paid $331 million to the Los Angeles Department
of Water and Power.
The documents raise questions about some of the common assumptions that have
arisen around the electricity crisis. For instance, almost 40 percent of the
state's purchases have come from government-run power generators in
California and elsewhere, but not Texas; some of the biggest suppliers are
from the Northwest.
Gov. Gray Davis, who has ambitions to run for the White House, has put much
of the blame for the soaring costs of power on energy companies based in
President Bush's home state.
The figures are tucked inside 1,770 of pages of invoices that Davis has
resisted divulging, saying disclosure would encourage suppliers to charge
more. The state, which last month released information on its long-term
electricity contracts worth $43 billion, agreed Thursday to release the first
quarter details.
Short on explanation
The figures were disclosed late Monday by the California Department of Water
Resources, which buys power for the state's financially strapped major
utilities, and seem to buttress the administration's contention that the
price of power is gradually dropping but offer little or no explanation for
what prompted the decrease.
In January, for instance, the average price for power on the spot market was
$321 a megawatt hour. It peaked in April at $332 and dropped to $271 in May.
One megawatt powers about 750 homes.
Davis spokesman Steve Maviglio said the price data supports the governor's
assertions that California has been gouged. ``The bad guys are clearly the
out-of-state generators,'' Maviglio said. ``There has been a significant
shift of money out of California.''
But the documents fail to shed much light on whether, as the administration
contends, the price drop was due to long-term power contracts negotiated by
the state earlier this year. Critics contend that the Davis administration
panicked and rushed into deals that commit the state to pay high prices for
many years.
Used for support
Republican officials used the price information to bolster their attacks
against Davis, a Democrat, for signing long-term contracts with power
generators even as the price of power on the spot market was coming down,
partly because of the declining price of natural gas used to fuel many
plants.
``It's more clear than ever that the long-term contracts are a bad deal,''
said Assemblyman Tony Strickland, R-Camarillo. ``The governor's really hurt
the ratepayers for the next five or 10 years.''
The newly released bills highlight the volatility of California's energy
market, where the price per megawatt hour ranged from $70 to $1,000. On any
given day, the records show, the prices from seller to seller varied widely,
with some of the highest prices being charged by public utilities and
companies outside Texas.
On one day in February, for example, San Diego-based Sempra Energy was
charging $165 per megawatt hour, the Eugene Water and Electric Board was
charging nearly $500 and Duke Energy, a North Carolina company, was charging
up to $575.
The state's daily spending peaked May 10 at $102.4 million for all power,
including the spot market and contracted power.
The state began buying power in mid-January on behalf of the state's major
utilities, which were unable to borrow money to buy power after amassing
enormous debts for electricity.
San Jose-based Calpine Corp., which is building several new power plants
around California including one in South San Jose, did only $29 million worth
of business with the state in the first five months of the year, according to
the figures.
The state began buying power in mid-January when Pacific Gas & Electric Co.
and Southern California Edison Co. were on the ropes financially. PG&E later
went into bankruptcy.
On Monday, state lawmakers took another shot at trying to cobble together a
plan to rescue financially ailing Edison.
While most concede that a rescue plan Davis worked out with Edison will not
win the necessary support in the Legislature, lawmakers have created several
working groups to come up with alternatives.
Compromise plan
On Monday, state Sen. Byron Sher, D-Redwood City, unveiled the latest
compromise proposal that seeks to protect average ratepayers and small
businesses from further rate increases and forces everyone else to help
finance the Edison bailout.
The ``shared pain'' proposal would force power producers, owed about $1
billion, to take a 30 percent ``haircut'' and agree to forgive about $300
million in Edison debts. Edison would be asked to swallow $1.2 billion --
about a third of its debt. And big users would be asked to pay off the
remaining $2 billion in debts, possibly by paying higher prices for power.
In exchange, large companies would be given the opportunity to buy power on
the open market, a system that would allow many of them to sign cheap energy
deals.
Sher presented the proposal to Senate Democrats Monday afternoon, but it
remains unclear how much support the framework will receive in the
Legislature.
Contact Mark Gladstone at [email protected] or (916) 325-4314.
=====================================
|
5,408 |
Subject: State's Power Purchases Costlier Than Projected Tab is $6 million a
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10055.
=====================================
State's Power Purchases Costlier Than Projected
Tab is $6 million a day over Davis' requests
Lynda Gledhill, Chronicle Sacramento Bureau
Friday, March 16, 2001
,2001 San Francisco Chronicle
Sacramento -- California has spent about $6 million more a day buying
electrical power than originally projected, according to a confidential
document obtained yesterday by The Chronicle.
State power buyers spent $2.7 billion between Jan. 17 and March 11, averaging
$49 million a day. That amounts to about $6 million a day more than lawmakers
figured using Gov. Gray Davis' appropriations requests.
The confidential document was prepared by the Department of Water Resources,
which purchases power on behalf of the state. It was handed to a group of
lawmakers in a subcommittee hearing Wednesday by Water Resources Director Tom
Hannigan.
To the public, the document presents the first day-by-day look at how much
California is spending on power purchases.
Although the document shows more money being spent than originally believed,
it didn't startle any of the handful of senators and Assembly members who saw
it.
"I don't think it was a surprise," said Assemblyman Dick Dickerson, R-
Redding.
Although the state is supposed to recoup the money spent on electricity,
analysts and lawmakers say the open spigot on the state's treasury could
jeopardize the state budget and fiscal well-being in the short and long term.
For example, the state's power spending could jeopardize new education
programs and transportation projects. The nonpartisan Legislative Analyst
warned last month that lawmakers shouldn't count on all the new projects in
Davis' proposed budget.
Also, California has already been placed on a watch list by several credit
rating firms, because of the deep debt that could be incurred in helping the
utilities become financially stable. The watch list typically precedes a
credit rating drop, which would cause the state's interest on bonds and loans
to rise.
"This (power purchasing) has a dampening effect," said Jean Ross, executive
director of the California Budget Project, an independent policy group that
tracks state spending. "Nobody knows where the economy is going, and how the
energy crisis will affect it, so no one will know what the revenues will look
like in the future."
The biggest day of power buying happened on Feb. 16 when the state spent
nearly $81 million for electricity, or $435 per megawatt hour. The smallest
day was March 10 when the state buyers spent $40 million, or $219 per
megawatt hour.
Michael Worm, an analyst with the investment firm Gerald Klauer Mattison &
Co., said what the state paid was in line with current energy prices.
"That's where energy prices more or less have been for quite some time," he
said. "Of course, they are dramatically higher than they used to be."
The governor's office has refused to release information on how much the
state has spent, said Steve Maviglio, Davis' spokesman. Maviglio said if
generators found out how much the state spent the day before, they could
force up the price the next day.
But Assemblyman Tony Strickland, R-Thousand Oaks, said the public had a right
to know how its money way being spent.
"People need to know exactly what it is costing to keep the lights on," he
said. "We want to know the whole story -- not just pieces."
Strickland, along with media organizations including The Chronicle, have
filed public records act requests to obtain information on how much the state
has spent, along with the details of long-term power contracts signed by
Davis.
The original bill that authorized the state to purchase power appropriated
only $500 million, but allowed the governor to use up to $10 billion if
needed for power purchases by notifying lawmakers. The governor's office has
sent five letters since Feb. 5 to lawmakers notifying them that additional
money was needed.
Based on these letters, which in total have requested an additional $2.5
billion, the news media and lawmakers estimated that the state was spending
$43 million a day -- $6 million less than the actual costs shown on the Water
Resources document.
Since the state began purchasing electricity, the health of its budget has
become dependent on a variety of things to come, making it as fragile as a
house of cards.
The money spent on power is taken from the state's general fund and is
supposed to be returned through the issuance of state bonds. The bonds will
be paid for with a portion of the rates that utility customers pay every
month.
-
Tell Us What You Think Can you save 20 percent on your energy usage? Gov.
Gray Davis is offering rebates for Californians who save on power starting in
June, and if you've got a strategy for conserving, The Chronicle wants to
hear it. Contact the Energy Desk, San Francisco Chronicle, 901 Mission St.,
San Francisco, CA 94103; or e- mail [email protected].
--
E-mail Lynda Gledhill at [email protected].
Paying for Power
These charts show what the state spent for electricity on the spot market and
the average price paid. For the time frame of Jan. 17 through Feb. 14, only
periodic totals and averages were given.
Period Amount spent
9 p.m. Jan. 17
through Jan. 18 $13,595,121
Jan. 19 - 29 399,000,000
Jan. 29 - 31 136,546,472
Feb. 1 - 12 495,755,000
Feb. 12 - 14 152,087,316
Chronicle Graphic
,2001 San Francisco Chronicle ? Page?A - 11
=====================================
|
5,418 |
Subject: RE: IEP Comments on EOB filing at FERC re: Price Caps
Sender: [email protected]
Recipients: ['Andy', 'Katie Kaplan <[email protected]', 'Jan Smutny-Jones <[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/1435.
=====================================
FYI. In case you're interested.
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 09/14/2000 03:10
PM ---------------------------
Andy Brown <[email protected]> on 09/14/2000 12:14:02 PM
To: "'Steven Kelly'" <[email protected]>, William Hall
<[email protected]>, Ward Scobee <[email protected]>, Tony
Wetzel <[email protected]>, Tom Heller <[email protected]>, Ted
Cortopassi <[email protected]>, Steve Ponder
<[email protected]>, Steve Iliff <[email protected]>, Roger Pelote
<[email protected]>, Robert Frees <[email protected]>, Pete Levitt
<[email protected]>, Paula Soos <[email protected]>, Milton Schultz
<[email protected]>, Marty McFadden <[email protected]>, Ken
Hoffman <[email protected]>, Jonathan Weisgall
<[email protected]>, Joe Ronan <[email protected]>, Joe Greco
<[email protected]>, Jeff Dasovich <[email protected]>, Jack Pigott
<[email protected]>, Hap Boyd <[email protected]>, Frank Misseldine
<[email protected]>, Ed Tomeo <[email protected]>, Ed Maddox
<[email protected]>, Duane Nelsen <[email protected]>, Doug
Levitt <[email protected]>, Dean Gosselin <[email protected]>, Curt Hatton
<[email protected]>, Cody Carter <[email protected]>, Carolyn
Baker <[email protected]>, Bob Escalante <[email protected]>,
Bill Woods <[email protected]>, Bill Carlson
<[email protected]>, Nam Nguyen <[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]>, Andy
Brown <[email protected]>, Lois Rose <[email protected]>, Douglas Kerner
<[email protected]>
Subject: RE: IEP Comments on EOB filing at FERC re: Price Caps
All: Attached in RTF format is the current draft of the IEP intervention &
protest in opposition to the EOB complaint at FERC.? Also below are the
details for the conference call on Friday (at 10 am) to discuss this.? The
filing will be made on Monday the 18th.? We're looking for comments on
angle/spin, tone, argument, etc.? There are still some holes that I will be
filling in, most likely after the call.? Questions/comments can be sent to
me and should CC Steven Kelly.? The cut-off for comments with be 10 am on
Sunday, Sept. 17.? ABB
?
Andrew B. Brown
Ellison, Schneider & Harris, LLP
2015 H Street
Sacramento, CA? 95814
Phone: (916) 447-2166
Fax: (916) 447-3512
mailto:[email protected]
CONFIDENTIALITY NOTICE:? This communication and any accompanying document(s)
are confidential and privileged.? They are intended for the sole use of the
addressee.? If you receive this transmission in error, you are advised that
any disclosure, copying, distribution, or the taking of any action in
reliance upon the communication is strictly prohibited.? Moreover, any such
inadvertent disclosure shall not compromise or waive the attorney-client
privilege as to this communication or otherwise.? If you have received this
communication in error, please contact the sender at the internet address
indicated or by telephone at (916)447-2166. Thank you.
-----Original Message-----
From: Steven Kelly [mailto:[email protected]]
Sent: Tuesday, September 12, 2000 8:53 AM
To: William Hall; Ward Scobee; Tony Wetzel; Tom Heller; Ted Cortopassi;
Steve Ponder; Steve Iliff; Roger Pelote; Robert Frees; Pete Levitt; Paula
Soos; Milton Schultz; Marty McFadden; Ken Hoffman; Jonathan Weisgall; Joe
Ronan; Joe Greco; Jeff Dasovich; Jack Pigott; Hap Boyd; Frank Misseldine; Ed
Tomeo; Ed Maddox; Duane Nelsen; Doug Levitt; Dean Gosselin; Curt Hatton;
Cody Carter; Carolyn Baker; Bob Escalante; Bill Woods; Bill Carlson; Nam
Nguyen; Trond Aschehoug; Susan J Mara; Scott Noll; Rob Lamkin; Randy Hickok;
Lynn Lednicky; Kent Fickett; Jim Willey; Greg Blue; Frank DeRosa; Eileen
Koch; Dave Parquet; Curtis Kebler
Cc: Jan Smutny-Jones; Katie Kaplan; Andy Brown; Lois Rose
Subject: IEP Comments on EOB filing at FERC re: Price Caps
In response to the email distributed last Fridayregarding IEP's intervention
in the EOB and CALPX price cap filings at FERC, IEP is proceeding to draft
comments on the EOB filing.? Much of the filing will build off arguements
used in the San Diego pleading as well as comments IEP made to the
Congressional Subcommittee meetings in San Diego.? In addition, IEP has
intervened for "party status" in the CALPX proceeding on price caps.?
?
We plan to distrubute comments on Thursday, convene a conference call
Friday, Sept. 15 at 10:00 a.m. (PST).
?
The Call-In Number is??? ??? ??? 800/205-3434
The Participant Code is????????? 111756
?
IEP is still interested in receiving Task Force commitments to assist in
restructuring/transmission related matters.? While a numberr of companies
have indicated verbally their interest in the EOB filing as well as others,
we have yet to receive a written confirmation.? If you are interested,
please respond to the Friday email soliciting funds.? Thanks.
- 000918_IEP_Mo_Interv_EL00-104.doc
=====================================
|
5,420 |
Subject: FW: Pulling it all together in one place SECOND TRY
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/sent_items/1929.
=====================================
-----Original Message-----
From: Dasovich, Jeff
Sent: Monday, August 27, 2001 9:47 AM
To: Comnes, Alan
Subject: FW: Pulling it all together in one place SECOND TRY
Alan:
This is highly confidential. Please do not share with anyone. I'm going to call you to discuss. Hope you're vacation was good.
Best,
Jeff
-----Original Message-----
From: V. John White [mailto:[email protected]]
Sent: Friday, August 24, 2001 9:02 PM
To: Dasovich, Jeff
Subject: Fw: Pulling it all together in one place SECOND TRY
----- Original Message -----
From: Bill Marcus <mailto:[email protected]>
To: 'V. John White' <mailto:[email protected]> ; 'Rich Ferguson (E-mail)' <mailto:[email protected]> ; 'Kathryn Phillips' <mailto:[email protected]> ; [email protected] <mailto:[email protected]> ; [email protected] <mailto:[email protected]>
Sent: Friday, August 24, 2001 4:16 PM
Subject: RE: Pulling it all together in one place SECOND TRY
Forgot to include my Sempra analysis in the package -- revised package
-----Original Message-----
From: Bill Marcus [ <mailto:[email protected]>]
Sent: Friday, August 24, 2001 4:05 PM
To: 'Bill Marcus'; 'V. John White'; 'Rich Ferguson (E-mail)'; 'Kathryn Phillips'; '[email protected]' <mailto:'[email protected]'>; '[email protected]' <mailto:'[email protected]'>
Subject: Pulling it all together in one place
I am sick of keeping track of lots of little documents, so I have assembled in one document and attached the latest version of my contract descriptions. I have addressed Stefan Bird's comments, cleaned up the Calpine peakers piece to answer Rich Ferguson's questions, and made a few other generally minor revisions.
Bill Marcus
=====================================
|
5,427 |
Subject: FW: ______________
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/1590.
=====================================
Does someone at the Chamber want to see this?
-----Original Message-----
From: Dan Douglass [mailto:[email protected]]
Sent: Thursday, September 27, 2001 1:16 AM
To: ARM; Gary Ackerman; Vicki Sandler; Anderson, Robert; Max Bulk; John Yurkanin; Steve Huhman; Mike Day; Paul Fenn
Subject: ______________
Attached for your review and comment is a revised draft of the application for rehearing to be filed on Friday the 28th. There are two primary changes. The California Chamber of Commerce has been added to the application and an argument has been added that the Decision contradicts the most recent legislative intent expressed in ABX2 9 that direct access continue, at least for aggregation and community choice purposes.
Any and all comments will be very much appreciated. Also, I would appreciate it if Sue Mara would forward the document to her contact at the Chamber so that they can also review the draft. 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]>
=====================================
|
5,434 |
Subject: Connected
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/8614.
=====================================
----- Forwarded by Sue Nord/NA/Enron on 01/25/2001 01:37 PM -----
=09Lara Leibman@ENRON COMMUNICATIONS
=0901/25/2001 12:53 PM
=09=09=20
=09=09 To: Sue Nord/NA/Enron@Enron
=09=09 cc:=20
=09=09 Subject: Connected
here you go . . .
----- Forwarded by Lara Leibman/Enron Communications on 01/25/01 12:59 PM=
=20
-----
=09Internal Newsroom
=0901/24/01 11:47 PM
=09=09=20
=09=09 To: xxEBS Employees -- Everyone
=09=09 cc:=20
=09=09 Subject: Connected
Market Close 1/24/01
79 3/4 + 1 3/16
Bandwidth Intermediation
(through 1/19/01)
YTD Transactions 63
Counterparties 8
LTD Transactions 275
Counterparties 36
January 24, 2001
FINANCIAL ANALYST MEETING TO TAKE PLACE TOMORROW
Enron's annual financial analyst meeting will take place tomorrow, January=
=20
25. The theme of the all day meeting is "Executing and Extending the Enron=
=20
Business Model," and Ken Lay and Jeff Skilling will begin the day with an=
=20
overview of the past year. They will be followed by presentations by each =
of=20
the business unit heads. =20
Ken Rice and Kevin Hannon will conclude the day with an hour and a half=20
presentation on EBS. Their presentation will be repeated at the upcoming=
=20
all-employee meetings in February. Stay tuned for more details. =20
LAUNCH OF IPNET CONNECT
The Enterprise Services group recently launched the IPNet Connect service=
=20
offering which will provide a host of tiered IP transit options that delive=
r=20
data with guaranteed service level agreements. The service allows customer=
s=20
to select IP connectivity configurations and service classes to fit the=20
customers' business needs on a per application basis.
IPNet Connect, the industry=01,s first service to differentiate and guarant=
ee=20
quality of service over an IP network, provides a unique value proposition =
to=20
customers when combined with EBS=01, financial structuring and risk managem=
ent=20
tools. You'll soon be hearing much more about IPNet Connect as the EBS=20
Education Center will offer training on IPNet Connect to interested employe=
es.
PTC CONFERENCE
EBS representatives from the Asia-Pacific group recently attended the Pacif=
ic=20
Telecommunications Council 2001 (PTC) in Honolulu, Hawaii on January 14-18.=
=20
The conference offered a comprehensive and thought provoking program on=20
telecommunications and related convergent technologies in the Asia-Pacific=
=20
region and provided educational and networking events including workshops,=
=20
round tables, concurrent and managed sessions, social events and exhibits. =
=20
The conference provided the largest gathering of telecommunications compani=
es=20
from the region and provided a central location for strategic meetings on=
=20
EBS' role in the telecom business in Asia. =20
SUNDANCE ONLINE FILM FESTIVAL
Several EBS employees are currently attending the first ever Sundance Onlin=
e=20
Film Festival in Park City Utah, January 18-28, 2001. The Sundance Online=
=20
Film Festival provides a unique opportunity for EBS to reach out to the=20
independent film market for content beyond the Blockbuster offering. David=
=20
Cox, who attended the festival, said, "EBS used the event to make independe=
nt=20
filmmakers and distributors aware that we can deliver their films via the=
=20
Blockbuster Entertainment On-Demand service." To view the film content=20
streamed by EBS, visit http://www.sundanceonlinefilmfestival.org/.=20
EBS EMPLOYEES ATTEND BUSH INAUGURATION
Last weekend, several Enron employees attended the inauguration festivities=
=20
as George W. Bush was sworn into office as the nation's 43rd president in=
=20
Washington D.C. Enron representatives attended the weekend's plethora of=
=20
activities which included the Texas State Society's Black Tie and Boots=20
Inauguration Ball, a Kay Bailey Hutchison sponsored pre-Inauguration=20
breakfast, a post-Inauguration parade, and the Inauguration itself. =20
EBS' own Kevin Hannon, Eddie Sera and Marilyn Baker attended, and each=20
visited several of the Enron sponsored events. According to Kevin, "It wa=
s=20
an amazing opportunity to share in a part of history, especially with so ma=
ny=20
Enron representatives watching on in support of George W. Bush and his new=
=20
administration."=20
EBS TO HOST CLIENTS AT SUPERBOWL
Several of EBS' key business contacts will be joining EBS representatives a=
t=20
this weekend's Superbowl in Tampa Bay, Florida. Clyde Drexler will join=20
several Enron employees as they serve as hosts to EBS customers. The weeke=
nd=20
highlights will include strategic business meetings, rounds of golf with=20
Clyde and Sunday's football game. =20
Lynx Photonic Networks Secures $30 Million in Funding
Lynx Photonic Networks announced that it has closed a $30 million mezzanine=
=20
financing round. Lynx develops patented, high reliability, optical=20
communications switching modules and sub-systems.=20
The following courses will be offered by the EBS Education Center in the=20
coming months. To register for the courses, call Rita Ramirez at x3-4711.
INTRODUCTION TO BANDWIDTH RISK MANAGEMENT FUNDAMENTALS
This one day course covers the basic risk management fundamentals in EBS=20
bandwidth, commercial origination and deal structuring. It is designed as=
=20
an introduction to risk management fundamentals, and would be appropriate f=
or=20
individuals who do not have a comprehensive understanding of these principl=
es.
Dates: February 6, 2001 - Portland (Riverplace Hotel)=20
February 16, 2001 - Houston - Shepherd
Time: 8:00 am - 5:00 pm
Cost: $350 (charged to your cost center)
ADVANCED BROADBAND RISK MANAGEMENT
This advanced two day Broadband Risk Management course is the companion cla=
ss=20
to the Introduction to Bandwidth Risk Management. It covers trading=20
bandwidth, using options to manage bandwidth risk, and strategic issues in=
=20
bandwidth risk management. This class uses case studies for practical=20
application of bandwidth risk management concepts.=20
Dates: February 22/23, 2001 - Houston - Shepherd
March 13/14, 2001 - Pleasanton - PG&E Learning Center
April 3/4, 2001 - Houston - Shepherd
Time: 8:00 am - 5:00 pm
Cost: $700 (charged to your cost center)
Prerequisite: Introduction to Bandwidth Risk Management
Do you have an idea for an article or feedback? Please click here>=20
=====================================
|
5,435 |
Subject: GIR proceeding-- Potential Financial Impact to TW
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/all_documents/969.
=====================================
Jeff,
Sorry I've been hard to get a hold of... we held a workshop today to talk
about our proposed Transport Options program. I found a copy of what I'd
sent to you before. I'll stand behind these numbers today as representing
the dollar value of the risk Transwestern faced in the proceeding. What's
not clear from my original note is that these cost impacts were annual, and
such impacts would continue year to year thereafter until
conditions/circumstances changed. I hope this is useful.
---------------------- Forwarded by Jeffery Fawcett/ET&S/Enron on 08/31/2000
05:25 PM ---------------------------
Jeffery Fawcett
03/06/2000 04:40 PM
To: Jeff Dasovich/SFO/EES@EES
cc:
Subject: GIR proceeding-- Potential Financial Impact to TW
Jeff,
You asked me to try to quantify the impact of Transwestern losing access
rights to 200 MMcf/d of capacity at SoCal Needles as part of the GIR
proceeding. Unfortunately, it's not a precise science inasmuch as it depends
on the shippers' reaction and/or retaliation to such circumstances. As a
baseline, Transwestern is almost fully subscribed under various term length
contracts (and has been since 1998) to the California Border, including the
750 MMcf/d of capacity available at SoCal Needles.
In concept, under SFV rates, the majority of revenues would otherwise be
realized by TW, notwithstanding the circumstance of TW shippers being denied
full access to their primary delivery point. In this "best case," the loss
to TW would be the commodity rates (theoretically, a wash, since they
presumably represent the true variable cost of TW providing the service), and
the revenue benefit associated with the fuel margin, calculated to be $5.8MM.
If TW shippers took the position that TW was responsible, and therefore,
accountable for their inability to consumate a portion of their transactions
into SoCal Gas' system, then TW faces a "more onerous case" in which it loses
the demand charge component of their contracts calculated to be $16.5MM.
Coupled with the aforementioned fuel margin, the total loss is $22.3MM.
In the worst case, in addition to the actual damages or costs to TW's
shippers described above, TW shippers may face performance penalties or other
contractual damages involving their commodity sales to customers behind SoCal
Gas. Therfore, TW shippers may attempt to extract those same penalties and
costs from TW.
Realistically, I'd say that TW faces a loss somewhere between the best case
and the more onerous case, maybe in the $12 - $15MM range.
I hope this information is useful for purposes of your analysis. Let me know
if I can be of any further assistance.
=====================================
|
5,438 |
Subject: Re: Dow Jones says CPUC will "Order" utiltities to pay QFs $1 bil
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]']
File: dasovich-j/all_documents/10184.
=====================================
---------------------- Forwarded by Alan Comnes/PDX/ECT on 03/20/2001 02:36
PM ---------------------------
"Robert Weisenmiller" <[email protected]> on 03/20/2001 01:25:57 PM
To: [email protected], Michael Etringer/HOU/ECT, Terry W Donovan/HOU/ECT,
Julie Sarnowski/HOU/ECT
cc:
Subject: Re: Dow Jones says CPUC will "Order" utiltities to pay QFs $1 bil
Two articles on QFs.
http://www.latimes.com/news/state/20010320/t000024257.html
Back to story
Tuesday, March 20, 2001
Small Power Firms' Cutbacks Contribute to Blackouts
Outages: Alternative generators of solar, wind and biomass energy, and
smaller gas-fired plants, haven't been paid since November.
By JULIE TAMAKI, Times Staff Writer
SACRAMENTO--The rolling blackouts that swept California on Monday were
sparked in part by a crucial group of small energy producers that have cut
supplies to the state's utilities because they are not being paid.
California's power supply dropped Monday when alternative producers
reduced output or went offline, cutting their usual deliveries to utilities
in half. The lost electricity--more than seven times the cuts the companies
were making just weeks ago--could have served 3 million homes.
"I think we're just getting at a breaking point for many of these
businesses," said Ed Tomeo, president of UAE Energy Operations Corp., a San
Ramon company that operates a biomass plant and a small gas-fired plant.
Tomeo said he expects to take his gas-fired plant offline today because
he's run out of money to buy natural gas.
Tomeo's firm is among the nearly 700 alternative energy producers that
generate more than a fourth of the power consumed in California.
Collectively, the group estimates it is owed $1.5 billion by the state's two
largest utilities.
Big out-of-state power producers are getting paid because the state
stepped in to buy electricity for the foundering utilities.
But the California producers of solar, wind and biomass energy and,
typically, smaller gas-fired generators, have received no payments since
November from Southern California Edison and only partial payments from
Pacific Gas & Electric Co. for December and January deliveries.
Edison's debt to the producers is estimated at $835 million as of March
1. PG&E's debt to the producers was $651 million as of March 8.
Jim Detmers, director of the California Independent System Operator, the
agency that operates the state's power grid, said Monday's shortfall from the
alternative producers was mostly caused by reduced output by about a dozen
companies that have been cutting back electricity deliveries for the past two
months.
Detmers said he could not say whether the action was orchestrated, but
it appeared to be a business decision.
The cuts have grown from about 400 megawatts a day in early February to
3,000 megawatts over the last several days, according to state officials.
Assemblyman Fred Keeley, a Boulder Creek Democrat, said he did not blame
the small producers, who are formally referred to as "qualifying facilities,"
for shutting down.
"Although I feel it is unfortunate for consumers, I don't blame [them]
at all," Keeley said. "They're the only ones generating electricity and not
getting paid."
Keeley said he will revive efforts to pass legislation that would ensure
that the alternative energy producers get paid while cutting their rates. A
previous effort to slash the rates paid to the group, SB 47X by Keeley and
Sen. Jim Battin (R-La Quinta), appears doomed.
Gov. Gray Davis huddled for more than two hours with Democratic
legislative leaders Monday, after keeping his distance for several weeks, and
an agreement emerged to give small generators a choice: Take a higher price
in exchange for short-term commitments to buy their power, or accept a lower
price in exchange for a multiyear commitment to buy their power, sources who
attended the meeting said.
And the governor and Legislature would quickly devise a way to ensure
that the producers start getting paid, at least for power they continue to
produce. As long as the utilities are collecting money from their customers,
Davis later told a labor group, "they're going to make the payments."
The alternative producers' rates are pegged to the price of natural gas,
which has skyrocketed in recent months. Driving down and stabilizing their
prices is a critical factor in Davis' overall plan of buying power without
imposing additional consumer rate hikes.
As a growing number of unpaid producers have dropped offline, state
officials have been forced to purchase replacement supplies on the pricey
spot market. A worst-case scenario materialized Monday, when a lack of
electricity supplies forced state officials to order rolling blackouts.
"A number of plants are out for maintenance, but it's very clear to me
that there are a significant number that are off due to nonpayment," said Jan
Smutny-Jones, executive director of the Independent Energy Producers. "My
concern is that this is a prelude to what we'll see this summer."
PG&E spokesman John Nelson described the alternative producers as
victims of the state's energy meltdown. "Many of these generators are
relatively small enterprises that cannot afford to continue operating on a
daily basis."
Nelson said his company's inability to fully pay the producers it has
contracts with is caused by the rate freeze that bars PG&E from passing the
true cost of electricity on to customers.
* * *
Times staff writers Miguel Bustillo, Nancy Rivera Brooks, Dan Morain and
Nancy Vogel contributed to this story.
Copyright 2001 Los Angeles Times
steven k. says the la times is closer to correct (going forward costs but
not payables)
Bob
At 12:46 PM 3/20/01 -0800, you wrote:
>Bob,
>
>
>
>If you learn anything more than what's in the papers, send it my way.
> Thanks.
>
>
>
>Alan
>
>
>cc:
>
>Subject: Dow Jones says CPUC will "Order" utiltities to pay QFs $1 bil
>
>Here's the link:
>
>http://quicken.excite.com/investments/news_center/article/printer.dcg?story=/
news/stories/dj/20010320/ON20010320000069.htm
>
>Sue Mara
>Enron Corp.
>Tel: (415) 782-7802
>Fax:(415) 782-7854
=====================================
|
5,444 |
Subject: WGA Weekly Schedules for the Week of July 16 - 20
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/28795.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of July 16 - 20, 2001
Paul Kaufman
Mon 7/16 Vacation
Tue 7/17 Vacation
Wed 7/18 Vacation
Thu 7/19 Vacation
Fri 7/20 Vacation
Sue Mara
Mon 7/16 Houston TX
Tue 7/17 San Francisco CA office
Wed 7/18 San Francisco CA office
Thu 7/19 San Francisco CA office
Fri 7/20 San Francisco CA office
Jeff Dasovich
Mon 7/16 Sacramento CA
Tue 7/17 Sacramento/San Francisco CA office [TBD]
Wed 7/18 Sacramento/San Francisco CA office [TBD]
Thu 7/19 Sacramento/San Francisco CA office [TBD]
Fri 7/20 Sacramento/San Francisco CA office [TBD]
Mona Petrochko
Mon 7/16 San Francisco CA office
Tue 7/17 San Francisco CA office
Wed 7/18 San Francisco CA office
Thu 7/19 San Francisco CA office
Fri 7/20 San Francisco CA office
Alan Comnes
Mon 7/16 Houston TX
Tue 7/17 Houston TX
Wed 7/18 Portland OR office
Thu 7/19 Portland OR office
Fri 7/20 Portland OR office
=====================================
|
5,445 |
Subject: WGA's WEEKLY SCHEDULES for the Week of July 30 - August 3
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/29342.
=====================================
Western Government Affairs
WEEKLY SCHEDULES
For the Week of July 30 =01) August 3, 2001
Paul Kaufman
Mon 7/30 Portland OR office, a.m.; Helena MT, p.m.
Tue 7/31 Helena MT
Wed 8/01 Portland OR office
Thu 8/02 Houston TX
Fri 8/03 Houston TX
Sue Mara
Mon 7/30 San Francisco CA office
Tue 7/31 San Francisco CA office
Wed 8/01 San Francisco CA office
Thu 8/02 San Francisco CA office
Fri 8/03 San Francisco CA office
Jeff Dasovich
Mon 7/30 San Francisco CA office
Tue 7/31 San Francisco CA office
Wed 8/01 Portland OR office
Thu 8/02 NYC
Fri 8/03 NYC
Mona Petrochko
Mon 7/30 San Francisco CA office
Tue 7/31=20
Wed 8/01 San Francisco CA office
Thu 8/02 San Francisco CA office
Fri 8/03 San Francisco CA office
Alan Comnes
Mon 7/30 Portland OR office
Tue 7/31 Portland OR office
Wed 8/01 Portland OR office
Thu 8/02 Portland OR office
Fri 8/03 Portland OR office
=====================================
|
5,464 |
Subject: Summary of the Wednesday FERC Orders
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/11637.
=====================================
The FERC orders will not be out until sometime Thursday but here is a boile=
d=20
down version of what we heard from the meeting, the press, and the press=20
release:
FERC Market Monitoring and Mitigation Plan for California
? Approved 2-1 with Massey dissenting
? Imposes mitigation (caps) in R/T in California only during Stage 1/2/3=20
beginning _____ (not clear; assume immediately or soon).
o Applies to all thermal generation with a PGA with ISO (even if not a FER=
C=20
jurisdictional entity)
o All subject generation is paid a single proxy price
o Proxy price is based upon the marginal unit=01,s gas price x heat rate +=
=20
emission adder. (Heat rate determining cap will not longer be pegged at=20
18,000 but will change daily and posted by CAISO)
o Proxy price is determined on a day-ahead basis Still not clear what ga=
s=20
price will be used.=20
o Bids above the proxy are allowed but the seller must justify the cost
? Hydroelectric resources--in-state or out-of-state--are exempt.
? CAISO will still acquire resources outside of the proxy price via OOM cal=
ls
? Silent on exports and expect CAISO to cut exports unless ordered to do=20
otherwise. (However, requirement for CAISO to become a part of a =01&real=
=018 RTO=20
would imply that it must honor firm schedules.)
? All LSE in R/T markets to submit demand bids and to identify load that ca=
n=20
be curtailed at a specified price
? Contingent on CAISO filing a plan to become part of a region wide RTO by=
=20
June 1. I.e., if CAISO does not make an adequate showing, all mitigation=
=20
measures are cancelled.
? Opens an investigation on a subset of transactions. According to Massey=
=20
this band is very narrow.
? The $150 breakpoint and reporting requirements, which were put into effec=
t=20
with the December order, will end with this order.=20
? In all hours (not just emergencies) there is increased market monitoring =
of=20
outages and bidding behavior
? Although the plan is only for California, it seeks comments on a West-wid=
e=20
price mitigation plan.
? Also seeks comments on whether CAISO should impose an adder to address=20
generator unpaid bills.
RTO West:
? RTO West Phase 1 filing (made back in Nov 2000) is accepted.
? TransConnect, a Transco proposed by RTO West's transmission-owning IOUs,=
=20
was also accepted. =20
? Incentive rates allowed if owner separates transmission from the generati=
on.
? Phase 2 filing due December 1. This filing will require tariffs and=20
additional details including how RTO West can become part of a larger=20
West-wide RTO
? Order encourages Canadian utilities to be a part of RTO West
=====================================
|
5,465 |
Subject: RE: Fundamentals Welcome Mara
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/deleted_items/764.
=====================================
Sorry. It was in yesterday's Gas Daily on page 5.
Mara
-----Original Message-----
From: Dasovich, Jeff
Sent: Thursday, October 25, 2001 9:28 AM
To: Bronstein, Mara
Subject: RE: Fundamentals Welcome Mara
Didn't work. Was it in yesterday's gas daily? If so, I can access it. Thanks very much for your help.
Best,
Jeff
-----Original Message-----
From: Bronstein, Mara
Sent: Thu 10/25/2001 8:43 AM
To: Dasovich, Jeff
Cc:
Subject: Fundamentals Welcome Mara
<<Fundamentals Welcome Mara.htm>>
Barry asked me to send you this article about DWR in yesterday's Gas Daily. The article is on page 5. I am not sure if this will work; if it doesn't, email me back and I will send the article a different way.
Thanks,
Mara Bronstein
=====================================
|
5,466 |
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Sender: [email protected]
Recipients: ['[email protected]']
File: dasovich-j/inbox/707.
=====================================
Thank you for your explanation. Often I think too literally and narrowly
and forget about the importance of spin. All the same, I think we should
know if Loretta appreciates the open support of evil industry or not...I'd
say it's worth a call.
E
-----Original Message-----
From: Dasovich, Jeff [mailto:[email protected]]
Sent: Monday, October 22, 2001 1:58 PM
To: Evelyn Kahl
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date
Great question. If you think it would be useful, I can back channel to
Loretta and find out. I'm of the view that this letter is more to
refute Angelides, so that his wild assertions don't go unanswered in the
court of public opinion. Perhaps the letter should be addressed to
Angelides, instead.
On the other hand, I think it is also useful to make it known to the
press and the public that the PUC has the regulatory tools, processes,
etc. necessary to permit customers broad latitude to manage their own
energy needs on the one hand, and ensure that there's not the sort of
massive cost-shifting to which Angelides refers on the other. In the
public's view this has been painted as an either/or issue. Either we end
direct access, or granny faces death and destruction. And that's just
not the case. In fact, I think it can be argued that the scenario
Angelides paints just isn't in the cards, period.
But I may be missing the mark with all this and am open to other views.
Let me know if you'd like me to find out if Loretta thinks the letter
would help her. Could find that out in pretty short order.
Best,
Jeff
-----Original Message-----
From: Evelyn Kahl [mailto:[email protected]]
Sent: Monday, October 22, 2001 3:46 PM
To: Dasovich, Jeff
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date
Has anyone ever stopped to ask Loretta whether the letters are helpful
or not? Two things occur to me. First, it is not becoming for a
commissioner to be taking actions consistent with the urgings of
industry -- particularly if you're a Democrat. Second, it has always
struck me that what she needs is some form of record support, not
political pats on the back in one-page letters. I am asking you these
questions not judging the proposal to send a letter .... but I've never
understood what they're supposed to do for her and I honestly would like
to understand.
E
-----Original Message-----
From: Dasovich, Jeff [mailto:[email protected]]
Sent: Monday, October 22, 2001 11:33 AM
To: Dasovich, Jeff; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date
FYI. Note below that even the mighty and powerful Power Authority's own
crackerjack analysis asserts that there is still a net short (despite
DWR contracts and DA "stampede"), which should leave one to believe
that, contrary to Angelides' letter, the more the DA the better. Which
further supports Loretta Lynch's response to the Angelides' letter that
DA reduces the amount of spot power DWR has to buy.
Best,
Jeff
CONSUMER POWER AND CONSERVATION FINANCING AUTHORITY
Pace of Power Authority Renewable Portfolio Agenda is Slowed
Quite possibly the most significant action taken at the October 19
Consumer Power and Conservation Financing Authority (Power Authority)
was its inaction on contracts proposed for approval. The Power Authority
has aggressively pursued a broad renewable portfolio, with the intent to
approve contracts as soon as possible.
Instead of approving a number of contracts on its October 19 agenda, the
Power Authority deferred calendared decisions on request for bids until
its November 2 meeting, acknowledging that no action can be taken until
the Department of Water Resources (DWR) rate agreement stalemate has
been resolved.
Chairman Freeman stated that the Public Utility Commission's rejection
of the rate agreement has created an obstacle for the Power Authority to
exercise renewable contracts, to contract for peaker generation and/or
to implement demand side programs. The Power Authority relies upon DWR's
credit to fund these programs, and until a rate agreement is finalized
the Power Authority cannot sign contracts.
Freeman indicated that the Power Authority has signed letters of intent
to purchase output from 14 biomass facilities in the Central Valley, as
well as 400 MW generated by wind.
With the Current Glut of Contracts, Why Do We Need Additional Reserves?
Kellan Flukinger, Senior Advisor to Chairman Freeman and Laura Doll,
provided a detailed presentation explaining why he believes the Power
Authority must contract for additional renewable and peaking generation.
Flukinger believes that despite direct access and the current glut of
electricity supplied in long-term contracts, there still appears to be a
net short of a few thousand megawatts within the State.
Flukinger concluded that the State still is at the mercy of electric
generators who are not subject to PUC regulatory authority and who have
no real obligation to build and maintain new facilities or to serve
customers within the State. He believes that the short-term contracts
and spot purchases leave the state vulnerable to price-spikes and supply
shortages. He believes that the reserve can be managed through
Time-of-Use and Real-Time-Pricing, conservation, interruptibles, demand
side management, renewables and peakers.
Power Authority Names William Barry as Chief Financial Officer
William Barry was approved as Chief Financial Officer of the Power
Authority at its October 19 Board meeting in Sacramento. Mr. Barry
currently works for the City of San Francisco, and has worked in the
past for the New York Power Authority.
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at [email protected] and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************
=====================================
|
5,469 |
Subject: Bush Admin to Stay the Course on Price Caps: Latest Update,
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/10325.
=====================================
This paraphrased from Tom Briggs, Enron Govt Affairs, DC:
The Bush Administration has indicated that it will not support any sort of
legislation containing price caps. Although something could get out of the
Senate, it won't go anywhere without Administration support.
Thus, by default, the just and reasonable standard becomes the FERC's
evolving rate-screen process, which, for imports into California, is "daily
spot market gas prices and an average 12,000 Btu/kWh heat rate." The
standard for in-state resoruces is higher, more like 18,000 Btu/KwH.
Instead, expect to see legislation that will take short-term actions to
increase supply and decrease demand. This could include demand buy down
programs, and laws the force utility financial solvency.
Every day is a new day but I am told this will likely be the status quo until
the congressional recess is over (recess is from 6-30 April).
Alan Comnes
=====================================
|
5,474 |
Subject: Davis Wants Generators to Accept Less Than Owed (Update2)
Sender: [email protected]
Recipients: ['[email protected]', '[email protected]', '[email protected]']
File: dasovich-j/all_documents/9540.
=====================================
Davis Wants Generators to Accept Less Than Owed (Update2)
2/28/1 18:56 (New York)
Davis Wants Generators to Accept Less Than Owed (Update2)
(Adds names of California generators in fifth paragraph, and
Reliant comment in sixth.)
New York, Feb. 28 (Bloomberg) -- California Governor Gray
Davis said he intends to ask power generators to accept partial
payment for power sold to the state's cash-strapped utilities this
summer and winter, Wall Street analysts who attended a closed-door
meeting with the governor said.
``It looks like the people he wants sharing the pain are the
companies generating power sold to utilities,'' said Kevin Boone,
a bond analyst with Bear, Stearns & Co. who attended the meeting
in New York. ``He wants to force them to take cents on the dollar.
That seems to be what his initial proposal will be.''
PG&E Corp.'s Pacific Gas & Electric, and Edison
International's Southern California Edison, the state's largest
utilities, are near bankruptcy after accumulating more than $12
billion in debt buying power from generators at soaring prices.
Regulators have not let the utilities pass on most of their power-
buying debt to consumers.
Davis said some generators have approached him with offers to
accept less than full payment, said Michael Worms, a utility
analyst with Gerard Klauer Mattison & Co. Davis spoke to about 35
analysts from Wall Street and energy-research firms in New York in
a meeting that was criticized by investors and analysts who were
not allowed to attend.
No Names Mentioned
Davis didn't specify which companies came to him with partial-
payment proposals, analysts said. Duke Energy Corp., Calpine
Corp., Willams Cos., Dynegy Inc. and Reliant Energy Inc. are among
the biggest suppliers of electricity to California utilities.
``I'm not aware of him talking to anyone at Duke about
forgiveness,'' Duke Energy spokesman Tom Williams said.
Reliant spokesman Richard Wheatley said Davis's proposal
``doesn't really come as a surprise'' because politicians in
Sacramento, the capital of California, have been discussing the
idea for weeks. Reliant has opposed anything other than full
payment of its debts.
``Williams fully expects to be paid the money that is owed
us,'' spokeswoman Paula Hall-Collins said. ``We have worked in
very good faith with the state, selling voluntarily into the
market, negotiating with them for long-term contracts and working
with them to solve the problem.''
Enron Corp., an energy trader that has set aside unspecified
reserve for possible losses in California, has not been approached
about debt forgiveness, said Karen Denne, a company spokeswoman.
``This proposal. . . is news to us,'' and does not address
the immediate problem of electricity shortages in California this
summer, Denne said. Industry analysts say California, which has
already had scattered blackouts this winter, will face more this
summer when power demand surges.
Buying the Grid
Davis said at the meeting that negotiations to buy PG&E
Corp.'s power transmission system may take another 30 days, though
he was optimistic an agreement could be reached within two weeks,
analysts said. He offered few other specifics on the PG&E talks,
said Steve Fetter, group managing director of global power for
Fitch Inc.
State officials are trying to reach agreement with PG&E and
Edison, as well as with Sempra Energy, to buy their transmission
lines as part of a plan to help them pay debt and borrow money at
low interest rates to avoid bankruptcy. A tentative agreement to
buy Edison's lines for $2.76 billion was reached last week. Talks
with Sempra are continuing.
The governor said he was optimistic an agreement with PG&E
could be reached in two weeks, but negotiations could drag on
longer, Fetter said.
``We are making progress,'' Davis said at a news conference
after the analysts meeting at the Cornell Club on the east side of
Manhattan. ``We are close to a final agreement with (Edison) and
relatively close with Sempra.''
The governor told analysts he's confident he can get a
utility rescue plan that doesn't require an immediate rate
increase, but Davis did say that rate increases are going to be
needed at some unspecified time in the future, Fetter said.
Davis said he wasn't sure if he resolved all of analysts'
doubts about California's plans to save its utilities from
bankruptcy.
``He's in a hole and he's got a long way to go to get out of
it,'' said Paul Patterson, an analyst with Credit Suisse First
Boston who attended the meeting. ``We still don't have a final
solution in sight.''
Shares of San Francisco-based PG&E fell 9 cents to $13.96.
Rosemead, California-based Edison shares fell 4 cents to $14.90.
San Diego-based Sempra fell 16 cents to $22.15.
--Mark Johnson and Jonathan Berr in New York (212) 318-2300 or
[email protected] and [email protected] with reporting by
Margot Habiby in Dallas and Jim Kennett in Houston/alp
=====================================
|
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