simmons fyi excerpt today simmons note ene conf call friday summarizes view enron like listen call accessed www enron com website investors jeff dietert simmmons joining craig albert meeting tues afternoon headed nyc tuesday marketing joining craig jeff enron ir scott vonderheide david leboe david new ir wes colwell structuring group pls call anything like discuss prior meeting thanks paula summary ene held conference call primarily confirm business units track dispel rumors marketplace ene reiterated fyol eps guidance 1 70 1 75 consider conservative consensus 1 74 sh sci 1 80 sh ene discuss change lqol eps expectations guidance 0 40 0 45 sh consensus 0 45 sci 0 43 sh many ene comments concerning wholesale energy trading confirm comments consistently getting energy convergence players california situation forcing utilities across country deal risk exposure avoid pg e edison situation utilities gas electricity consumers prepared manage risk outsourcing energy management activities sophisticated marketing companies addition new generation facilities offering gas marketing opportunities ene clearly leader energy marketing trading risk management sophisticated mt rm companies dyn epg wmb duk mir aquila huge drop sophistication top tier marketers believe vast majority opportunity captured strong players ene expecting lqol natural gas volumes 25 30 electricity volumes 25 50 lqo 0 opinion tough get excited buying 30 x multiple stock market ugly one currently experiencing however ene leader energy convergence part growth energy portfolio opportunities build position stock reasonable valuations believe ene current valuation attractive 31 x fyol 26 x fyo 2 business fundamentals quite strong ene benefiting market tight energy markets encourage customers focus large well established suppliers energy requirements clearing noise ebs layoffs rumors circulated ene laying employees broadband segment even disbanding broadband business expect ene continue build intermediation content services units ene expects build network larger percentage contracted capacity previously expected reduced capital expenditure expectations 750 million year 250 million reduced activity building network contributing reduced staffing requirements network area pge divestiture ceo jeff skilling placed 5 probability completion 1 7 billion pge sale sierra pacific pge asset likely continue part ene portfolio near term previously considered pge discontinued business pge eps contributions marginally positive fyol eps expectations india generation ene dabhol india power project 826 mw experiencing similar crisis one california electricity purchaser power generated dabhol backed indian government able pass increased cost power caused higher oil prices ene relying guarantee indian government payment electricity sales ene continued receive payment government subject regulatory risks project california credit exposure believe ene managing credit risk appropriately