enron mentions enron debt downgraded moody sec moves company probe washington wall street journal 10 30 01 enron credit rating cut share price suffers new york times 10 30 01 front page companies oct 30 2001 global investing private equity woes sap enron energy financial times oct 30 2001 companies stock drops 10 dow jones business news 10 29 01 ceo exelon monitoring enron problems changes yet dow jones energy service 10 29 01 late trading enron continues pounded investors dow jones news service 10 29 01 power suppliers urge changes u price cap rules west bloomberg 10 29 01 india press enron close deal sell dabhol pwr proj dow jones international news 10 29 01 ferc warns power price controls risk shortages northwest dow jones business news 10 29 01 enron debt downgraded moody sec moves company probe washington john emshwiller michael schroeder staff reporters wall street journal 10 30 2001 wall street journal 4 copyright c 2001 dow jones company inc another potentially serious blow enron corp finances moody investors service inc lowered ratings one notch energy company senior unsecured debt kept company review possible downgrade also learned securities exchange commission moved inquiry enron finances agency washington headquarters regional office fort worth texas change sign probe treated high priority according person knowledge inquiry sec spokesman declined comment moody reduction enron senior unsecured long term debt baa 2 baal leaves company credit rating two levels noninvestment grade energy trading giant ratings fall noninvestment grade level could serious consequences enron could throw houston company default obligations involving billions dollars borrowings force terms various financial agreements issue millions shares stock holders debt would dilute value existing shares enron still room hitting noninvestment grade status concerns among analysts investors company recent troubles could escalate recent days enron bonds traded levels similar securities carry noninvestment grade rating prices company bonds improved somewhat yesterday though stock price continued fall sharply 4 p new york stock exchange composite trading enron stock 13 81 1 59 10 topped active list 36 4 million shares changing hands enron share price fallen 50 past two weeks enron spokeswoman said company working diligently keep investment grade credit rating among things nation biggest energy trading firm negotiations banks new 1 billion 2 billion credit line bolster liquidity enron repeatedly said business operations remain strong yesterday ratings downgrade latest piece bad news company engulfed turmoil past two weeks confidence financial situation shaken enron earlier month announced 618 million third quarter loss disclosed 1 2 billion erosion shareholder equity related transactions carried entities connected chief financial officer andrew fastow last week enron named successor mr fastow said sec looking deals sec looking whether enron violated federal securities laws regarding handling disclosure transactions connected mr fastow person familiar probe said generally sec headquarters office resources apply complex high profile cases regional offices moving enron inquiry headquarters indicates sec looking make decision relatively quickly whether allege securities law violations company person said enron repeatedly said transactions proper legal yesterday enron spokeswoman said company continuing cooperate sec probe gathering sending agency information requested moody said downgrade prompted deterioration enron financial flexibility contributed substantial loss investor confidence going forward moody said focus enron management success lining liquidity support ability retain credit availability major trading partners enron principal nearly one quarter electricity natural gas trades nation copyright 2000 dow jones section c enron credit rating cut share price suffers bloomberg news 10 30 2001 new york times page 2 column 5 c 2001 new york times company shares enron corporation fell sharply yesterday moody investors service lowered company credit rating igniting concern might difficulty raising cash needs finance day day operations moody lowered enron senior unsecured long term debt ratings baa 2 two levels called junk status baal moody also said might downgrade enron commercial paper rating could make harder company nation largest energy trading concern borrow short term cash needs run trading business future company borrowed banks repay 2 billion commercial paper last week trying raise 1 billion 2 billion additional financing banks credit downgrade punitive far borrowing power said joe correnti follows enron wayne hummer investments chicago good place somewhat aggressive expansion plans shares enron based houston plunged 1 59 10 3 percent 13 81 continuing daily trading losses dating oct 17 enron reported 1 01 billion losses investments outside business trading commodities like electricity natural gas company stock almost 60 percent week falling faster company debt bond holders first claim assets bank loans paid moody downgrade company 6 4 percent bonds maturing 2006 fell 4 cents 80 cents 1 face value yields risen 12 1 percent 10 8 percent downgrade traders said bonds trading face value week moody said cut prompted deterioration enron financial flexibility since write downs charges investment partnerships involving company former chief financial officer disclosed month led substantial loss investor confidence moody said andrew fastow former chief financial officer resigned securities exchange commission asked information transactions conducted partnerships headed enron recent woes many investors factoring credit rating reduction move anticipated said mike dineen holds enron bonds 5 billion fixed income assets helps manage mony life insurance company enron long term credit ratings outlook changed last week negative stable standard poor p affirmed company rating bbb equivalent moody baal copyright 2000 dow jones company inc rights reserved front page companies oct 30 2001 sheila mcnulty jenny wiggins moody investors service yesterday downgraded long term debt ratings enron us energy group citing deterioration enron financial flexibility past two weeks moody first main rating agencies downgrade struggling houston based company debt lowering three two notches junk status moody began reviewing enron possible downgrade october 16 company disclosed surprising dollars 1 2 bn reduction shareholder equity tied controversial financing vehicles set andrew fastow chief financial officer mr fastow replaced last week enron share bond prices plunged concerns possible disclosures securities exchange commission undertaking informal inquiry group financial dealings enron forced seek additional credit banks raising dollars 3 3 bn cash last week boost financial position investors grown increasingly wary company long wall street favourite stock fallen 50 per cent since october 16 bond prices trading levels technically considered junk status moody actions prompted deterioration enron financial flexibility since company announced significant write downs well equity charges previously undisclosed partnership investments moody said led substantial loss investor confidence even us rating agency lowered company senior unsecured long term debt ratings baal baa 2 said remained review downgrade moody also placed enron prime 2 rating commercial paper review yesterday enron stock closed day dollars 1 59 10 32 per cent dollars 1 81 five year bond quoted 82 cents dollar sell buy poser page 22 private equity woes page 30 www ft com enron copyright financial times limited global investing private equity woes sap enron energy financial times oct 30 2001 enron provided world another lesson difficulties public companies investing private equity october 16 company management announced dollars 1 01 bn charge dollars 1 2 bn reduction shareholders equity arising ljm 2 co investment ljm cayman two structured products designed protect fluctuation value private equity investments andrew fastow last week replaced chief financial officer houston based energy trading giant set private equity fund called ljm designed fund enron transactions ljm deals normally appear enron balance sheet may point structure financial engineer explained enron could set fund whose changing valuations increase volatility trading company earnings taking minority stake ljm fund passive co investors investors would normally receive debt like pay except cases value private equity holdings fell would get compensation enron shares value portfolio included investments new power company broadband companies fall precipitously end last quarter enron obliged issue 62 shares passive investors compensate instead ended taking large cash charges worth trouble enron keep volatile private equity holdings balance sheet obviously mr fastow taken leave absence securities exchange commission launched informal investigation whether enron transactions ljm companies really completed arms length company market capitalisation halved bonds trading distressed levels could still good argument enron private equity almost much technology company energy one might make sense outsource research development corporate venture capital unit problem shareholders dim view private equity shareholders refused give chase manhattan bank growth multiple venture capital made large proportion earnings punished successor jp morgan chase took succession private equity write downs jp morgan chase claims 40 per cent internal rate return investments since inception investors remained stubbornly fixated private equity short term valuation swings bank process raising outside money private equity fund jp morgan partners effort take investment balance sheet change business steady revenue producer private equity professionals argue swings often meaningless anyway half way life many private equity investments valuations tend look far worse end enron case might easier investors keep eyes long term short term outlook little clearer trading company faced severe criticism lack disclosure investors ironically energy company subtle balance sheet games may short term increased allure company trading businesses continue perform strongly experience impressive growth reason could probably argued mr fastow thought serving enron interests managing partnerships although also reported well compensated service long term partnerships clearly undermined enron reputation plain dealing still saddest thing corporate world enron arguably natural private equity investor jp morgan financial institution jp morgan arguably interested short term synergies private equity creates businesses high capital charges bank private equity holdings soon attract make less attractive long term investments enron investing new businesses thought would help make businesses grow harnessing immense entrepreneurial power private equity make business grow first reaction investors regulators punish enron shenanigans later someone might want think changing mark market system drove extraordinary lengths copyright financial times limited companies finance americas sell buy poser facing energy analysts john labate sheila mcnulty 10 30 2001 financial times c 2001 financial times limited rights reserved shares enron energy trading company continued downward spiral yesterday investors responding coolly reports houston company seeking new credit lines midday stock 9 per cent 14 10 investor anger focused enron executives still much explain several balance sheet vehicles potential conflicts interest company former chief financial officer wall street analysts beginning rethink overwhelmingly favourable guidance earlier year could go back july downgrade stock would certainly said curt launer analyst credit suisse first boston go back question going today today would like buy valuations mr launer continues rate enron strong buy alone despite weeks turbulent financial disclosures august departure enron chief executive jeff skilling recent departure cfo andrew fastow analysts wavered little initial bullishness among analysts issue recommendations company nine strong buys five buys one strong sell according thomson financial first call doubt recent turmoil enron created new difficulty analysts hold hope upturn despite continued questions company disclosure quality recommend investors unload holdings fears problems could mount defending recommendations based enron strong track record net income operating basis surged 32 per cent last year 1 3 bn revenues doubled 101 bn past 15 years enron market capitalisation surged 2 bn peak 70 bn even today analysts point enron strong position key sectors power gas trading however least one independent research firm decided tell investors get early wall street consulting group cambridge massachusetts put enron sell list early may shares traded 60 discussed partnerships former cfo fastow involved much detail said mark roberts analyst ows accounting extraordinarily difficult get people make things difficult usually reason despite relative optimism analysts say bad news could follow clear immediate task enron make sure enough liquidity help maintain credit rating said andre meade head us utility research commerzbank securities mr meade issued hold recommendation early last year since upgraded accumulate stock became affordable saying numbers coming hitting earnings estimates businesses black boxes know company making money quarter quarter yesterday new note caution sounded carol levenson fixed income analyst gim credit research group ensuing total collapse management credibility market confidence could negative credit implications far beyond potential financial impact disclosed far said c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets boeing brings wall st back earth andrei postelnicu 10 30 2001 financial times c 2001 financial times limited rights reserved stark reality checkswept wall street investors sold shares widespread view recent gains yet justified either corporate economic data dow industrial average tumbled 213 05 9 332 12 midsession nasdaq composite lost 35 00 1 733 96 broader p 500 index edged 18 89 1 085 72 boeing fell 8 2 per cent 34 59 response friday news pentagon awarded 200 bn joint striker fighter contract rival lockheed martin lockheed martin gained 2 7 per cent 51 28 news company expected hire 2 500 staff life contract analysts hesitant pinpoint jsf contract news cause yesterday morning sell sell really seem event specific says tom van leuven jp morganchase seen strong bounce recent weeks news flow support earnings bad economic data likely positive also depressing dow united technologies 4 2 per cent 54 60 even though pratt whitney engine unit poised gain jsf contract lockheed shares echostar retreated fractionally 25 03 company surprise victory battle acquire hughes electronics owner biggest us satellite broadcaster directv general motors unit tracking stock hughes fell 14 68 general motors stock retreated 43 35 4 5 per cent fall cases adrs news corp rival bidder echostar mirrored overnight losses sydney lost 6 5 per cent 27 14 ual gained 4 8 per cent 14 60 united airlines unit announced jack creighton would take interim chairman chief executive james goodwin stepped fedex shipping company gained 4 7 per cent 41 36 announced earnings would beat estimates even though would come figures comparable quarter last year energy sector shares enron 8 per cent 14 16 beleaguered company announced seeking additional credit toronto fell early trading hit weak opening us equities concern loan provisions banking sector p 300 composite index 0 9 per cent 6 942 60 midsession bank montreal fell 5 per cent c 1 70 c 33 00 following friday announcement big rise loan loss provisions year c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved oct 30 2001 houston chronicle moody downgrades enron debt move likely hurt leverage tom fowler copyright 2001 houston chronicle enron corp saw long term debt rating lowered one notch monday sending stock seven year lows hampering company efforts restore investor client confidence moody investors service downgraded enron rating baal baa 2 remain review downgrade moody said statement firm also placed houston company prime 2 rating commercial paper review downgrade baa 2 rating two notches commonly called junk bonds line ratings competing energy companies simmons co international analyst jeff dietert noted example el paso baa 2 mirant baa 2 calpine baa 3 said similar others industry last thursday another leading rating agency standard n 1 copyright 2001 chicago tribune bad things seems often happen threes wall street could facing bout deja vu three financial stories currently unfolding bear slim resemblance events nearly caused gridlock global financial markets 1998 analogy strained nerves post sept 11 era case point dow jones industrial average fell 275 points monday biggest point loss since week markets reopened following attacks despite lack dramatically downbeat news one closely watched sagas wall street deepening problems energy trading innovator enron compared tragically flawed long term capital management private investment fund long term capital professional investors impressive resumes made series disastrous bets requiring government induced bailout 1998 major financial institutions financed schemes massive loans monday houston based enron struggled raise emergency cash stock fell another 10 percent 13 81 enron shares fallen 80 end last year collapsed 50 percent month analysts began question mysterious financial deals company company insiders last week enron chief financial officer replaced indication monday enron troubles impaired natural gas electricity markets enron predicament yet sparked backdraft lenders two strings story debt problems sovereign nation currency imbalances seem relevant coincidence implosion long term capital occurred amid surprise default russia international debts separately currencies several asian countries ran aground second year events deepened long term capital woes current speculation argentina default 132 billion international debts hardly represents shock similar russian debt default problems argentina economy financial system serious well known months monday argentina hired merrill lynch consultant jacob frankel craft financial restructuring said workout plan disclosed days meanwhile monday slide value dollar foreign currency markets reversed dollar surprising strength wake attacks indeed relative stability dollar major contributor investor confidence current slippage dollar hardly indicates extraordinary instability far know enron engaged currency speculation deals pegged argentina enron shareholders securities exchange commission begun investigate monday action stocks closed broadly lower light trading monday investors awaited several key economic reports due week including friday scheduled report job losses unemployment rate october treasury securities rallied expectations economic downturn pronounced longer many investors believe prompt federal reserve cut interest rates end year dow jones industrial average fell 275 67 points 2 9 percent 9269 50 chicago based boeing lost major defense contract rival lockheed martin led dow losers boeing lost 3 93 10 4 percent 33 75 one 30 dow industrials sbc communications posted gain broader standard poor 500 index dropped 26 31 2 4 percent 1078 30 new york stock exchange trading volume reached 1 11 billion shares losing stocks outnumbered winners 2 1 nasdaq composite index fell 69 44 3 9 percent 1699 52 nasdaq trading volume totaled 1 67 billion shares losers topped winners nearly 2 1 among nasdaq stocks computer networking giant cisco systems led nasdaq active list dropping 87 cents 16 42 g edwards revoked strong buy rating stock russell 2000 index small company stocks lost 9 24 2 1 percent 429 41 fund flows mutual fund investors withdrew net 29 5 billion equity funds september biggest one month dollar amount net redemptions according investment company institute trade association mutual funds redemptions equaled less 1 percent assets stock funds compared 3 percent withdrawn october 1987 reflecting stock market crash month contrast cash flow last month money market funds soared 53 billion treasury auction interest rates fell treasury weekly auction 3 month 6 month bills discount rate 3 month bills 2 05 percent lowest rate since august 1958 rate 6 month bills 2 00 percent lowest rate record coupon equivalent investment rates monday auction 2 09 percent 3 month bills 2 05 percent 6 month bills bill barnhart copyright 2000 dow jones n 2 copyright 2001 chicago tribune enron corp shares fell near seven year low monday limping energy giant said lobbying banks new credit line rating agency chopped enron senior unsecured debt two notches junk status nation largest natural gas power marketing company struggling bounce back disappointing third quarter earnings scandal losses stemming partnerships managed company former chief financial officer enron shares fell 10 percent 1 59 share close 13 81 new york stock exchange year ago enron stock sold nearly 85 share ratings cut moody investors service warned could slash rate also enron short term debt status latest sword thrust raging bull energy trading arena meanwhile enron monday confirmed seeking additional credit lines tapping 3 3 billion lines last week declined say much asking banks extend want restore investor confidence nothing instills confidence like cash enron spokesman mark palmer said leave enron net cash position 1 2 billion moody said copyright 2000 dow jones financial desk enron shares fall 10 moody cuts credit rating bloomberg news 10 30 2001 los angeles times home edition c 3 copyright 2001 times mirror company enron corp shares declined monday ninth day moody investors service lowered credit rating creating concern largest energy trader cut raising cash needs fund day day operations moody lowered enron senior unsecured long term debt ratings baa 2 two levels junk baal also placed houston based company p 2 rating commercial paper review downgrade moody said may downgrade enron commercial paper rating would make harder firm borrow short term cash needed run trading businesses ahead potential cut enron took bank lines repay 2 billion commercial paper last week pretty much already written coming commercial paper market said shannon bass holds enron bonds 50 million helps manage pacific investment management co real issue trying get house order enron shares plunged 1 59 10 close seven year low 13 81 new york stock exchange continuing slide dates back oct 17 day enron reported 1 01 billion losses investments outside energy trading business stock fallen 60 since oct 17 enron lost 50 billion market value year dec 31 enron market value 62 7 billion monday value 10 5 billion moody said rating cut prompted deterioration enron financial flexibility since write downs charges partnership investments previously disclosed leading substantial loss investor confidence last week enron ousted finance chief andrew fastow securities exchange commission asked transactions conducted partnerships headed copyright 2000 dow jones company inc rights reserved financial enron credit rating cut 10 30 2001 washington post final eo 2 copyright 2001 washington post co rights reserved enron credit rating cut moody investors service largest energy trader wrote value assets losses private partnerships moody also said may downgrade enron commercial paper rating could make harder company borrow short term cash needs run trading business enron borrowed banks repay 2 billion commercial paper last week http www washingtonpost com copyright 2000 dow jones stock drops 10 10 29 2001 dow jones business news copyright c 2001 dow jones company inc wall street journal online news roundup houston enron corp stock slid monday pushed part moody investors service announcing downgrade company credit rating downgrade came enron negotiates banks establish new credit lines nation largest natural gas power marketing company struggles bounce back disappointing third quarter earnings scandal losses stemming partnerships managed company former chief financial officer composite trading monday 4 p new york stock exchange enron ene shares 1 59 10 32 13 81 year ago enron stock traded nearly 85 share enron efforts acquire credit came company last week decided cash 3 billion revolving credit various banks shore investor confidence discussions new credit lines enron spokeswoman karen denne said monday taking action restore investor market confidence ms denne disclose much credit company seeking wall street journal reported monday editions amount 1 billion 2 billion deal close completed ms denne said 3 billion credit enron cashed last week 2 billion used pay short term debt currently plans 1 billion said moody monday lowered enron senior unsecured long term debt ratings baal baa 2 remain review downgrade moody additionally placed company prime 2 rating commercial paper review downgrade citing substantially reduced valuations several businesses houston based enron nation biggest energy trader principal nearly one quarter electricity natural gas trades favorite wall street company unfamiliar position convincing deeply concerned investment community despite difficulties finances remain sound confidence enron situation shaken enron earlier month announced 618 million third quarter loss disclosed 1 2 billion erosion shareholder equity related controversial transactions done entities connected chief financial officer andrew fastow moody said press release magnitude announced charges reduce enron equity base increase nominal financial leverage somewhat 50 slashing earnings enron debt still investment grade moody standard poor would lowered several notches fall noninvestment grade category copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved ceo exelon monitoring enron problems changes yet jon kamp dow jones newswires 10 29 2001 dow jones energy service copyright c 2001 dow jones 312 750 4129 jon kamp dowjones com copyright 2000 dow jones company inc rights reserved late trading enron continues pounded investors maxwell murphy dow jones newswires 10 29 2001 dow jones news service copyright c 2001 dow jones dow jones newswires 201 938 5173 maxwell murphy dowjones com copyright 2000 dow jones company inc rights reserved power suppliers urge changes u price cap rules west 2001 10 29 19 00 new york power suppliers urge changes u price cap rules west washington oct 29 bloomberg companies sell power western u said region may face blackouts winter unless federal regulators permit charge electricity current price limits allow dynegy inc enron corp power suppliers said may electricity offer regional shortages winter price caps federal energy regulatory commission set california 10 western states april june eliminated changed said present limit may low encourage dam owners generate electricity price mitigation plan way make difficult induce supply g alan comnes director government affairs enron power marketing told commission conference washington commission considering changes pricing formula set skyrocketing electricity costs led insolvency california largest utilities units pg e corp edison international commissioners said want fine tune formula winter peak period demand northwest current pricing formula based expensive power generated california power suppliers utilities pacific northwest want make sure enough power customers want limits reflect costs generators region representatives california public utilities commission edison international southern california edison said price limits work continued california puc bill julian said mitigation plan due expire sept 30 2002 extended california utilities rehabilitated prices lower cost wholesale power california dropped since ferc ordered first emergency cap april 25 average price megawatt hour california oregon border september 24 91 313 70 april megawatt hour enough electricity power 750 average california homes hour one adjustment consideration would link pricing formula cost natural gas fuel used generate 25 percent power western u low hydropower years caps extended western states oregon washington arizona nevada wyoming new mexico colorado montana idaho utah june said generators west could simply get around cap selling outside california prices higher elsewhere liz skinner washington 202 624 1831 india press enron close deal sell dabhol pwr proj 10 29 2001 dow jones international news copyright c 2001 dow jones dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved ferc warns power price controls risk shortages northwest bryan lee 10 29 2001 dow jones business news copyright c 2001 dow jones company inc dow jones newswires washington pacific northwest could see power shortages winter federal price controls western power markets modified dropped electricity industry officials warned federal regulators monday controls first structured protect california another punishing summer inappropriate northwest demand highest winter officials said western interconnection interdependent market mean single price across market said richard tabors consultant power suppliers lecturer massachusetts institute technology setting prices winter peaking northwest based prices set summer peaking california southwest makes little sense caution came federal energy regulatory commission technical conference designed help agency frame possible changes june price control order capping prices california 10 western states controls work establishing proxy fair maximum market price entire region based expensive generator called service power emergencies california proxy price formula takes account cost natural gas fuel emissions control credits efficiency power plants california experiences peak demand electricity summer unlikely run supply crunch next year means price cap set june remain effect throughout winter pacific northwest experiences peak demand period may need flexibility pay higher prices attract needed power current price control regime maintained discourage sales southwest northwest winter transmission costs drive cost sales ferc price cap mr tabors said california wants caps stay officials representing california financially beleaguered utilities urged commission maintain price control order extend beyond october 2002 expiration date prevent recurrence last year power market meltdown price control regime remain place least california utilities return market creditworthy buyers said fong wan pg e corp pcg bill julian california public utilities commission 10 markup allowed compensate credit risks sales california dropped california department water resources creditworthy buyer purchasing electricity behalf utilities said ferc price mitigation order successful said gary stern edison international eix unit southern california edison co prices stabilized shortly controls took effect capped 92 per megawatt hour since late june last time california independent system operator state grid manager called alert conservation mild weather california entry billions dollars long term power contracts kept market prices well cap part ferc however considering changing pricing order reflect different needs western utilities outside california commission mulling whether power prices change times california declares emergency perhaps reflect fluctuations natural gas prices ferc also pondering changes requirement generators make uncommitted power available california times ferc staff asked whether called must sell requirement apply emergencies whether mandate balanced must pay requirement generators complained state still paid hundreds millions dollars worth power delivered since department water resources took job purchasing power customers california largest utilities california focus challenged absent withdrawal ferc price mitigation order mr tabors conference participants argued changes order better account predominance hydropower generation northwest setting prices throughout west based prices california gets power natural gas fired generating plants runs risk supply shortages northwest winter said utilities operating hydropower facilities know much generating capacity next year february reliable assessment snowpack available given uncertainty hydropower operators reluctant release water generation winter shortages happen winter said mike naeve attorney skadden arps meaghre flom representing portland general electric co unit enron corp ene prices based natural gas may sufficient release hydro may need next year current regime california independent system operator controlled appointees gov gray davis could manipulate market controlling exports northwest said alan comnes enron power marketing inc ene current price mitigation sowing seeds another crisis ferc pricing order already costly said mark tallman scottish power pacificorp spi arctic cold snap region winter price caps set california iso may insufficient assure enough supply said ferc allow prices rise 250 per megawatt hour price cap northwest capacity margins drop emergency levels mr tallman said mr tabors enron officials recommended ferc adopt 1 000 per megawatt hour circuit breaker cap exists iso administered markets texas northeast ferc pricing order also criticized failing account economics peaker generating units run periods peak demand prices typically spike write bryan lee bryan lee dowjones com copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved