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Harry --
I think that we need to talk with EWS Tariff risk to make sure that we are on the same page. I am concerned that some of Gloria's statements may not end up happening with the final tariffs.
Please advise.
Jim
-----Original Message-----
From: Ogenyi, Gloria
Sent: Monday, November 19, 2001 3:27 PM
To: Anderson, Bob; Collins, Patricia
Cc: Rathvon, Richard; Sparling, Jay; Keene, Patrick; Kingerski, Harry; Steffes, James D.; Ryall, Jean
Subject: RE: Rock Tenn CoGen Facility
Bob,
Per Section 25.345 (c) of the Electric rules, if the Cogen facility has a rated capacity of 10MW or less, it qualifies as "eligible generation" under Section 25.345(c)(B). In Section 25.345(i), an end-user whose actual load is lawfully served by eligible generation and who does not receive any electrical service that requires the delivery of power through the facilities of a T & D utility is not responsible for payment of any stranded cost charges.
Also a retail customer whose actual load is lawfully served by eligible generation who also receives electrical service that require the delivery of power through the facilities of a T & D utility, shall be responsible for payment of stranded costs charges based solely on the services that are actually provided by the T & D utility.
The short answers to your questions are:
1. Rock Tenn will not be required to pay CTC charges if its rated output is less than 10MW, and it does not take any T&D services from TXU.
2. If Rock Tenn uses T&D facilities occasionally, it will pay CTC only for the actual services it receives from the T& D utility.
3. If Rock Tenn completely disconnects from the utilities T&D services, it will be in the same position as in 1 above. It will not be required to pay the CTC.
4. At this time, TXU does not have a financing bond issued by the Commission. In an earlier order, the Commission approved $363 MM for TXU, but that order was appealed, and the Supreme Court remanded the case to the Commission for rehearing. With information that is available to it at this time, the Commission does not think that TXU has stranded costs. I believe TXU will disagree. It will be interesting to see how this plays out.
Please call with any questions,
Gloria
-----Original Message-----
From: Anderson, Bob
Sent: Friday, November 16, 2001 3:47 PM
To: Ogenyi, Gloria; Collins, Patricia
Cc: Rathvon, Richard; Sparling, Jay
Subject: RE: Rock Tenn CoGen Facility
Gloria,
Per the information you provided Trish (below) concerning CTC in TX, the cogen design is less than 10MW. Therefore, what are the "DG rules" and how do these rules impact Rock Tenn's requirement to pay CTC? What if they only use the utility's T&D facilities occasionally when the cogen is not running? What if they completely disconnect from the utility's T&D facilities, as if they are no longer in business? Is TXU expected to have significant stranded costs?
Thanks, Bob
-----Original Message-----
From: Sparling, Jay
Sent: Wednesday, November 07, 2001 12:49 PM
To: Anderson, Bob
Cc: Rathvon, Richard
Subject: Rock Tenn - Will pay CTC charges FW: CoGen Facility
---------------------- Forwarded by Jay Sparling/HOU/EES on 11/07/2001 12:47 PM ---------------------------
From: Patricia Collins/ENRON@enronxgate on 11/07/2001 10:34 AM
To: Jay Sparling/HOU/EES@EES
cc:
Subject: FW: CoGen Facility
Here is the information for Rock Tenn.
Thanks,
Trish
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 10:09 AM
To: Collins, Patricia
Subject: FW: CoGen Facility
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 8:43 AM
To: Collins, Patricia
Subject: FW: CoGen Facility
-----Original Message-----
From: Ogenyi, Gloria
Sent: Wednesday, November 07, 2001 8:38 AM
To: COLLINS, PATRICIA
Subject: FW: CoGen Facility
Trish, I sent this to you yesterday, but apparently, it went to the wrong address.
-----Original Message-----
From: Ogenyi, Gloria
Sent: Tuesday, November 06, 2001 5:16 PM
To: COLLINS, PATRICIA
Cc: Hamb, Edward; Kingerski, Harry; Ryall, Jean
Subject: CoGen Facility
Trish,
Per Chapter 39.252(b)(1) of the Texas Utilities Code, recovery of stranded costs by an electric utility shall be from all existing or future retail customers within the utility's certificated territory as it existed on May 1, 1999. A retail customer may not avoid CTC's by switching to a new on-site generation. New on-site generation is defined as an electric generator generating more than 10 MW, capable of being lawfully delivered to the site without use of the utility T & D facilities, and which was not fully operational prior to 12/31/99. (If the self-gen facility's output is 10 MW or less, it will be governed by the DG rules.)
If a customer commences taking energy from a new on-site generation (with output of more than10 MW ) which materially reduces or eliminates the customer's use of energy delivered through the utility's facilities, the customer shall pay an amount each month computed by multiplying the output of the on-site generation by the CTC which is in effect during the month.
Any CTC assessed on such a self -gen facility after it becomes fully operational, shall be included only in those tariffs or charges associated with services actually provided by the T & D utility to the customer after the facility has become fully operational. So if no services actually provided, there should be no payment.
Please call with any questions,
Gloria |
Why is Buxton upset? This is good for consumers? What does he want to change his mind and push this forward? Wouldn't this just lower the prices to his customers?
Also, this is why we need to be constantly pushing the political message in the states.
Jim
-----Original Message-----
From: Barnes, Lynnette
Sent: Tuesday, August 14, 2001 11:19 AM
To: Ferris, Frank; Fromer, Howard; Lawner, Leslie; Memari, Tooran; Miller, Terri; Montovano, Steve; Rishe, Frank; Ross, Derrick; Schoen, Mary; Snyder, Brad; Sullivan, Kathleen; Suttabustya, Buranit; Thome, Jennifer; Truxillo, Wayne; Wininger, James; Ader, Jeff; Anderson, Jonathan; Anderson, Meriwether; Bachmeier, Rick; Bernstein, Eitan; Bernstein, Mark; Bertin, Suzanne; Bolton, Stacey; Chan, Stella; Duda, Geoff; Galow, Gary; Hammond, Pearce; Jackson, Robert; Kazibwe, Julia; Keene, Patrick; Kingerski, Harry; Kosnaski, Andrew; Lopez, Yolanda; Meigs, Mark; Ogenyi, Gloria; Steffes, James D.; Boston, Roy; Bray, Peter; Collins, Joan; Hueter, Barbara A.; Landwehr, Susan M.; Lassere, Donald; Migden, Janine; Stroup, Kerry; Covino, Susan; Magruder, Kathleen; Merola, Becky; Reichelderfer, Thomas; Sandherr, Cynthia
Subject: FERC exceeded jurisdiction w/RTO say consumer groups
FERC Exceeded Jurisdiction With RTO Order - Consumer Grps
Aug. 14, 2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
(This article was originally published Monday) NEW YORK -(Dow Jones)- New England consumer advocates Monday said federal energy regulators overstepped their jurisdiction in ordering the consolidation of the wholesale electricity markets and transmission systems in the northeast U.S.
The Federal Energy Commission in mid-July directed operators of the power grids in New York, New England and the Mid-Atlantic to merge, as part of a sweeping series of orders designed to put control of the country's transmission system in independent hands.
Federal law allows the Federal Energy Regulatory Commission to require transmission systems to connect, but only at the request of a state regulators, according to a filing made by Maine law firm on behalf of consumer groups, nonprofit energy groups and the attorney general of Massachusetts.
"The Commission makes no claim in the New England Order that it is acting at the behest of a state commission or public utility, and is, therefore, without authority to mandate the involuntary combination of the Northeastern RTOs," the groups said in their filing, which asked FERC to reconsider its consolidation decision.
FERC should give the three Northeast grid operators a transition period to evolve into three regional transmission organization, or RTOs, with similar market designs, transmission tariffs and governance structures before requiring them to merge, the filing said.
The commission directed the operators of the wholesale power grid in New England, New York and the Mid-Atlantic to meet with utilities, generators, trade groups, state regulators and a FERC judge in Washington for 45 days beginning July 19 to outline plans for creating one transmission organization from Washington, D.C., to Maine. The regulators also directed Judge Peter Young to submit recommendation to them 10 days after the conclusion of the talks.
The commission ordered the consolidation of the Northeast power grid "at breakneck speed" without studying the technical feasibility of creating one RTO and without analyzing the costs and benefits of merging, the consumer groups said in their filing.
Young has directed meeting participants not to discuss the substance of the negotiations, but sources familiar with the talks said the group is outlining a business model describing how to structure a Northeast RTO without filling in the details. Participants have said, for example, that this regional market should have one transmission tariff and one interconnection standard, but haven't defined what that tariff and standard should be.
"Many people are very discouraged by the ongoing talks," said Anthony Buxton, an attorney with the Maine law firm that submitted Monday's filing.
All 300 meeting participants have been gathering in Washington twice a week and have been working on the issues every day outside of those meetings, Young said. Next week, they will break off into smaller groups and begin meeting every day, according to Young and market participants.
The commission was in turmoil when it issued its RTO decision, as evidenced by Chairman Curt Hebert's resignation last week, and should therefore reconsider its order, Buxton said.
The consumer groups also asked the commission to allow residential electricity users to have a say in how the unified electricity market in the northeast U.S. will run. Market participants, including consumers, will have an advisory capacity only in this new market and won't be allowed to vote on the rules that govern the market, as they do now, Buxton said.
This decision contradicted another one FERC issued in 1996 requiring utilities to open their transmission lines to competitors. In that order, the commission encouraged New England to create an independent system operator to oversee the power grid and to give market participants equal say in determining how this regional transmission system and electricity market would operate
The consumer groups that filed Monday are working to galvanize other organizations representing residential customers in New England, Buxton said.
"Consumers are going to be at the forefront of a massive attack on FERC for what it's done," Buxton said.
-By Kristen McNamara, Dow Jones Newswires; 201-938-2061; kristen.mcna <mailto:kristen.mcnamara@dowjones.com>
713-853-9287
888-703-0309 |
In This Email:
The Valentine's Day Countdown Has Begun
Great Wines and Gifts
Two Weeks to ZAP Mania
Wine Team Picks
The Valentine's Day Countdown Has Begun
Although you might have gotten the impression the holidays were over,
the most important day of the year for lovers is just around the
corner. At wine.com, we believe that fine wine -- and the surrender
to the senses that it invites -- is love, so in anticipation of the
(more-rapidly-approaching-than-you-think) date of February 14, we've
officially opened our Valentine Shop. In it, you'll find all kinds of
romantic gift packages, suggestive sweets, personalized wine labels,
and ... oh, yes, special wines from all over the world, arranged in
amorous combinations. Browse the shop now, and you'll be sure to
score a hit when V-Day arrives on your doorstep.
To learn more about each item listed below, simply click on its name.
_____________________________________________________________________
Great Wines and Gifts
1998 Ivan Tamas Zinfandel, Livermore Valley, California, $8.95
An outstanding, fruit-filled Zinfandel produced from old-vine grapes
grown in Northern California's historic Livermore Valley. Intense
raspberry and dark cherry fruit flavors with black pepper aromas;
medium-bodied, with nice depth and concentration.
1997 Adella Zinfandel, Napa Valley, California, $14.99
A big mouthful of a Napa Zin that still offers supple smoothness and
easy drinkability. The addition of Sangiovese and Syrah gives the
wine extra body, depth, and flavor. A perfectly targeted Zinfandel
that hits the palate right in the bull's-eye.
Port and Chocolate Cigars, $30.00
This soothing tawny port from Tuke Holdsworth is a great way to take
the chill out of a cool winter evening. Paired with luscious
chocolate cigars, it inspires warm feelings all through the winter.
Packaged on a sparkling silver plated bottle coaster.
Romantic Duet, $35.00
When it comes to attractive matches, this international couple - a
rich, toe-tingling French bubbly (originally blended for Czar
Nicholas II of Russia) and a graceful, supple Napa Valley Merlot - is
not only glamorous, but also harmonious.
1997 Sonora TC Vineyard, 'Old Vine Zinfandel', Sierra
Foothills, $24.00
Big and foward in style with tons of intense fruit and firm tannins.
Classic Sierra Foothills Zinfandel from a 90 year old vineyard. If
Sonora's two Zins were singing in the choir, "TC Vineyard" would be
singing baritone and "Story Vineyard" tenor.
1999 Left Bank Macon-Ige Vieilles Vignes, Burgundy, France, $12.00
Clean and direct, this friendly wine is sure to please anyone tired
of oaky Chardonnay. Sold exclusively at the popular Left Bank
restaurants in the San Francisco Bay Area and through wine.com, it's
made in an easy-to-drink style, perfect for bistro food: big, soft,
pale-straw in color, with aromas of green apple, hay, and lime.
_____________________________________________________________________
Two Weeks to ZAP Mania
Now is a time of year when Zinfandel lovers find themselves
salivating even more profusely than usual. Such Pavlovian symptoms
are observable with the approach of January 27, the date of the
upcoming ZAP tasting in San Francisco.
ZAP (Zinfandel Advocates and Producers) was formed by a group of
impassioned wine producers in 1992 to raise awareness of Zinfandel
and promote it as America's "native" wine. Like other members of the
Vitis vinifera family, Zinfandel's origins lie somewhere in Europe,
but nobody has been able to determine exactly where; DNA testing has
shown the grape to be identical to the Primitivo of southern Italy,
but it's documented in the United States earlier than it can be
traced to Italy. Zinfandel has been grown and vinified in California
since the mid-19th century, establishing it as America's contribution
to the world of fine wine.
While Zinfandel's fortunes have risen and fallen since its arrival in
the New World 150 years ago, it's always been a grape and wine that
inspired feverish loyalty. Now, as the 21st century commences, Zin
seems to have it both ways: It's enjoying an unprecedented level of
popularity and prestige, but its adherents still have the
warm-and-cozy feeling of cult membership.
This phenomenon is on lavish display at the annual ZAP tasting, a
boisterous party that traditionally takes place on the Saturday
before the Super Bowl. Certified in the Guinness Book of World
Records as the world's biggest one-varietal wine tasting, the event
attracted more than 200 wineries and 6,000 wine lovers last year.
This time, for its 10th anniversary, it's being conducted in two
different buildings at San Francisco's Fort Mason Center. Advance
tickets cost $35 for ZAP members and $45 for non-members, with a
limited amount available at the door for $50 on the day of the event.
If you can't make it to the tasting, another easy way to sample the
state of Zin is wine.com's selection of Zinfandel in all its forms
and guises.
_____________________________________________________________________
Wine Team Picks: Lisa Doenecke on Splashy Sparklers and Other
Spritzy Delights
This is probably one of my favorite categories, so my list came
quickly and easily. Sparkling wine and Champagne can be enjoyed on
any occasion, with no other reason than pure and simple pleasure. So
indulge with these special treats!
Meyer-Fonne Cremant d'Alsace Brut Extra, France, $12.00
Dom. Chandon Fleur de Vigne, California, $14.00
Ayala Brut Champagne, France, $28.00
Nicolas Feuillatte 1er Cru Brut Champagne, France, $34.00
Laurent Perrier Ultra-Brut Champagne, France, $54.00
_____________________________________________________________________
TO UNSUBSCRIBE FROM THIS NEWSLETTER, go to:
http://wine1.m0.net/m/u/vin/vv.asp?e=jdasovic%40enron.com |
Rick and David,
Also give me your analysis wherein the Counterparty receivable financing is more generic, without specific references to contracts but a global reference to receivables in connection with a product type, and assume representations by Counterparty to Bank that do not include setoff rights as any type of "permitted encumbrance or charge." Would the Bank still be put on reasonable inquiry vis a vis the Enron position?
-----Original Message-----
From: Cook, Mary
Sent: Monday, October 15, 2001 9:53 AM
To: Taylor, Mark E (Legal); 'rantonof@cwt.com'; 'dmitchel@cwt.com'
Cc: Shackleton, Sara
Subject: Setoff and ISDA Section 7(b) Transfer Provision; Comments on New Draft of Master Netting
Item 1. Please refer to Section 7, particularly 7(b), of the ISDA form regarding transfer of receivables and the following setoff language from our schedule.
(g) Setoff. (A) Upon the designation or deemed designation of an Early Termination Date the Non-defaulting Party or the non-Affected Party (in either case, "X") may, at its option and in its discretion, setoff, against any amounts Owed to the Defaulting Party or Affected Party (in either case, "Y") in Dollars or any other currency by X or any Affiliate of X under this Agreement or under any other agreement(s), instrument(s) or undertaking(s), any amounts Owed in Dollars or any other currency by Y to X or any of X's Affiliates (irrespective of place of payment or booking office of the obligation) under this Agreement or under any other agreement(s), instrument(s) or undertaking(s). The obligations of Y and X under this Agreement in respect of such amounts shall be deemed satisfied and discharged to the extent of any such setoff exercised by X and/or X's Affiliates. X will give Y notice of any setoff effected under this Section as soon as practicable after the setoff is effected provided that failure to give such notice shall not affect the validity of the setoff. For purposes of this Section, "Owed" shall mean any amounts owed or otherwise accrued and payable (regardless of whether such amounts have been or could be invoiced) as of the Early Termination Date.
Amounts subject to the setoff permitted in this Section may be converted by X into any currency in which any obligation Owed is denominated at the rate of exchange at which X, acting in a reasonable manner and in good faith, would be able to purchase the relevant amount of the currency being converted. If an obligation is unascertained, X may in good faith estimate that obligation and setoff in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section shall be effective to create a charge or other security interest except as may be provided under applicable law. This setoff provision shall be without limitation and in addition to any right of setoff, netting, offset, combination of accounts, counterclaim, lien or other right to which X or any of X's Affiliates is at any time otherwise entitled (whether by operation of law, contract or otherwise). Each of the parties represents and acknowledges that the rights set forth in this Section are an integral part of this Agreement between the parties and that without such rights the parties would not be willing to enter into Transactions. Each of the parties further acknowledges that it is executing this Agreement on behalf of itself as principal and, with respect to this Section, as agent on behalf of its Affiliates, which Affiliates shall receive the benefits of this Section and otherwise be bound as if such Affiliates had directly signed this Agreement as it relates to this Section.
(B) Notwithstanding any provision to the contrary contained in this Agreement, the Non-defaulting Party or non-Affected Party, as the case may be, shall not be required to pay to the Defaulting Party or Affected Party any amount under Section 6(e) until the Non-defaulting Party or non-Affected Party receives confirmation satisfactory to it in its reasonable discretion (which may include an opinion of its counsel) that all other obligations of any kind whatsoever (whether pursuant to Specified Indebtedness as defined herein or otherwise) of the Defaulting Party or Affected Party to make any payments to the Non-defaulting Party or non-Affected Party or any of its Affiliates under this Agreement or under any other agreement(s), instrument(s) or undertaking(s), which are Owed as of the Early Termination Date hereof have been fully and finally satisfied.
The following are three areas of questions.
A. Should a Counterparty effect an assignment of receivables under Section 7(b) for a financing to Bank, what is Enron's "priority" position (assuming Bank has filed a financing statement)? Is the analysis below correct?
1. Bank takes receivable assignment under contract subject to Enron setoff rights because Bank would be held to actual knowledge of the express setoff right in the contract under which it is taking the receivables.
2. Is there any method by which the Bank can prime Enron (assuming Enron has made no public filings) without Enron's written consent?
B. Assume a master netting agreement is in place. I believe our assignment provisions protect us and are more prohibitive than the ISDA; however, we may want to expressly cite assignment of receivables rather than the master agreement and transactions "as security". Please review and advise of any particular language you think should be added.
C. Do you have any suggested language that we might add to the form 7(b) provision via our schedule, or is it necessary? For example, adding at the end of 7(b), ";provided, any such assignment shall be made expressly subject [and subordinate] to this Agreement, including, without limitation, all rights of [ENA] under Section 6 and [reference setoff section]."
Item 2. Can I get any other comments on the revised draft of master netting agreement?
Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com |
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 09/01/2000 01:34
PM ---------------------------
"Karen Edson" <kedson@ns.net> on 09/01/2000 12:16:17 PM
To: "Baker Carolyn (E-mail)" <cabaker@duke-energy.com>, "Bill Carlson
(E-mail)" <william_carlson@wastemanagement.com>, "Bill Woods (E-mail)"
<billw@calpine.com>, "Curt Hatton (E-mail)" <curt.hatton@gen.pge.com>,
"Curtis Kebler (E-mail)" <curtis_l_kebler@reliantenergy.com>, "David Keane
(E-mail)" <dnke@dynegy.com>, "David Parquet (E-mail)"
<dparque@ect.enron.com>, "Duane Nelsen (E-mail)" <duanenelsen@msn.com>, "Ed
Tomeo (E-mail)" <ed.tomeo@uaecorp.com>, "Edward Maddox (E-mail)"
<emaddox@seawestwindpower.com>, "Eileen Kock (E-mail)" <eileenk@calpine.com>,
"Ellery Bob (E-mail)" <bellery@spi-ind.com>, "Escalante Bob (E-mail)"
<riobravogm@aol.com>, "Frank DeRosa (E-mail)"
<fderosa@sanfrancisco.usgen.com>, "Greg Blue (E-mail)" <gtbl@dynegy.com>,
"Hap Boyd (E-mail)" <rboyd@enron.com>, "Jack Pigott (E-mail)"
<jackp@calpine.com>, "Jan Smunty-Jones (E-mail)" <smutny@iepa.com>, "Jim
Willey (E-mail)" <elliottsa@earthlink.net>, "Joe Greco (E-mail)"
<joe.greco@uaecorp.com>, "Joe Ronan (E-mail)" <joer@calpine.com>, "John Stout
(E-mail)" <john_h_stout@reliantenergy.com>, "Jonathan Weisgall (E-mail)"
<jweisgall@aol.com>, "Katie Kaplan (E-mail)" <kaplan@iepa.com>, "Kent Fickett
(E-mail)" <kfickett@usgen.com>, "Lynn Lednicky (E-mail)" <lale@dynegy.com>,
"Marty McFadden (E-mail)" <marty_mcfadden@ogden-energy.com>, "Paula Soos
(E-mail)" <paula_soos@ogden-energy.com>, "Robert Lamkin (E-mail)"
<rllamkin@seiworldwide.com>, "Roger Pelote (E-mail)"
<rpelote@energy.twc.com>, "Steve Ponder (E-mail)" <steve_ponder@fpl.com>,
"Steven Kelly (E-mail)" <steven@iepa.com>, "Sue Mara (E-mail)"
<smara@enron.com>, "Tony Wetzel (E-mail)" <twetzel@thermoecotek.com>, "Trond
Aschehoug (E-mail)" <taschehoug@thermoecotek.com>, "William Hall (E-mail)"
<wfhall2@duke-energy.com>, "Richard Hyde (E-mail)" <rwhyde@duke-energy.com>,
"Sandi McCubbin (E-mail)" <smccubbi@ees.enron.com>, "Stephanie Newell
(E-mail)" <stephanie-newell@reliantenergy.com>, "Jeff Dasovich (E-mail)"
<jdasovic@enron.com>
cc: "Ann Kelly (E-mail)" <kelly@hnks.com>, "Bev Hansen (E-mail)"
<bhansen@lhom.com>, "Bob Judd (E-mail)" <caltech@ns.net>, "Govenar Scott
(E-mail)" <sgovenar@govadv.com>, "Hedy Govenar (E-mail)"
<hgovenar@govadv.com>, "Levake Barbara (E-mail)" <blevake@syix.com>, "Monagan
Mike (E-mail)" <mrmonagan@aol.com>, "Rob Ross (E-mail)" <robbiz@cwo.com>,
"Ron Tom (E-mail)" <rtom@govadv.com>, "Rudman Cary (E-mail)"
<cjrudman@softcom.net>, "Susan McCabe (E-mail)" <sfmccabe@mindspring.com>,
"Julee Malinowski-Ball (E-mail)" <jmball@ns.net>
Subject: Legislative Update
I will send out a real legislative report next week. In the meantime, I
thought you might appreciate a quick run-down of what actually happened in
the final hours of this year's wild legislative session.
The good news is that the public benefit charge bill passed easily with a
10-year term and no statutory harm was done. The bad news is that utilities
captured the deregulation debate and successfully painted generators as
villains and the wholesale market as "broken."
Major legislative actions on energy matters follow. If you have any
questions or would like a copy of final legislation, please call.
AB 995 (Wright) and SB 1194 (Sher), which extend public benefit charges for
energy conservation, renewable energy development, and RD&D, passed the
State Legislature by large margins. Recent indications are that the
Governor will sign the bills, although interested companies should join IEP
in sending letters urging him to do so.
Power plant siting was front and center the last week of the session. As
recently as Wednesday of this week, the bill was so bad for new power plant
development that IEP opposed the expedited siting provisions. They were
rewritten by Republican staff and CEC attorneys to provide a 6-month process
for a mitigated negative declaration of environmental impacts that might
help those few entities that can start the process in full compliance with
local rules. This provision is available for both combined cycle facilities
and peaking facilities. The bill also includes a provision for four-month
approval of amendments to pending applications providing for the
installation of temporary peaking generation on sites that will be
developed into combined cycle facilities within three years. The CEC
expects this to apply so a single pending application. Finally, the bill
includes language directing the CPUC and the EOB to be helpful on ISO issues
that affect the willingness self-generators to remain interconnected with
the grid.
Utility efforts to craft legislation assuring them of collection of large
negative balances in their Transition Revenue Accounts failed when they
could not reach agreement with representatives of large customer groups. In
its place, the Legislature passed a non-binding resolution directing the
CPUC to investigate the issue and including highly offensive language on
$100 price caps and retroactive recalculation of market clearing prices.
Legislation establishing a retroactive cap on SDG&E rates and providing no
assurance of cost recovery to Sempra passed the Legislature. Companion
legislation that most observers expect the Governor to veto provides $150
million of General Fund money to SDG&E.
A draft of so-called "sunshine" legislation surfaced late in the process.
The draft empowered the Electricity Oversight Board to collect anything it
might be interested in from the ISO, PX, utilities, generators, and
marketers and to treat the information confidentially. The draft faced
unified opposition and did not make its way into any legislation.
AB 1002 (Wright) establishing public benefit charges on the natural gas
system passed the Legislature. It continues to include language exempting
electricity generation from the charges.
Karen Edson
kedson@ns.net
916/552-7070 |
Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on 09/12/2000 09:13 AM -----
Barton Clark
09/11/2000 07:06 PM
To: Lisa King/HOU/ECT@ECT
cc: Stuart Zisman/HOU/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Mary
Cook/HOU/ECT@ECT
Subject: Project Raptor - Private Hedge Candidates
PRIVILEGED AND CONFIDENTIAL.
I think I am one of the people who raised the issue about the Asset
Description in my mark-up of the Raptor I Derivative Proposal Sheet that I
received this am from Stuart and returned to him midday. As I read the memo
below, I am instructed to advise you about the nature of the underlying
asset.
The asset is Series B Preferred Stock of Catalytica Combustion Systems, Inc.,
and an option to acquire same. Currently, pursuant to a Series B Stock
Purchase Agreement among Catalytica Combustion Systems, Inc. ( CCSI),
Catalytica, Inc. ( CCSI's parent and currently holder of Series A and common
stock of CCSI representing approximately 83% of the ownership of CCSI ) and
Enron Ventures Corp. ( predecessor in interest to Sundance Assets, L.P.),
Sundance owns 1,339,286 shares of Series B Preferred Stock and an option to
purchase 535,715 shares of Series B Preferred Stock.
There are provisions calling for the adjustment of the number of option
shares subject to the option but I am not aware that any transactions that
would cause such adjustment provisions, other that the stock split referred
to below, to apply. The Series B stock is convertible to CCSI common stock,
is restricted stock, and the Stock Purchase Agreement provides for
registration rights. Currently, Tom White and Jack Urquhart both serve on the
CCSI Boards of Directors, and Jack serves on the Catalytica Inc. Board.
Under an Omnibus Agreement entered into in September 2000, in connection with
the restructuring of Enron's transactions with CCSI and in connection with
the proposed acquisition of Catalytica, Inc, by a third party ( DSM, a Dutch
pharmaceutical company) and the distribution of Catalytica's CCSI shares to
Catalytica's stockholders immediately prior to that acquisition, we agreed to
convert the Series B to CCSI common, agreed to vote for a 2 for 1 stock
split, and negotiated a cashless exercise of the option after the effective
date of the spin off. The effectiveness of these provisions is dependent upon
the effectiveness of distribution and acquisition The option itself ( as
amended by the Omnibus Agreement and otherwise ) expires January 14, 2001.
The distribution is expected to occur in the fourth quarter of 2000, but is
subject to a variety of conditions. After the distribution and concurrent
closing of the Catalyica acquisition transaction, CCSI ( which formerly
looked to its parent for financing and much of its administrative and other
support) will be a stand- alone public company listed on NASDAQ, with the
uncertainties attendant thereto.
The Omnibus Agreement also contains provisions amending Sundance's
registration rights, the board representation provisions in the original
Stock Purchase Agreement, and certain transfer restrictions ( to liberalize
them and allow the Raptor transaction to take place). There are also
agreements related to Enron North America's Xonon Technology Implementation
Agreement with GE and West LB, which do not directly affect the Series B
Preferred. These provisions instead go to the development program for CCSI's
technology, to which ENA contributes funding, and conform that agreement to a
change in CCSI's and GE's strategy for commercializing the technology. The
funding obligation itself is interconnected with the turbine purchases for
ENA's Pastoria project in California, but I don't believe that transaction
needs analysis for these purposes,
To comply with SEC rules in connection with the distribution, CCSI has filed
an S-1 registration statement registering the CCSI common stock to be
distributed to Catalytica's shareholders with the SEC, and Catalytica, Inc.
has filed a merger proxy statement with the SEC in connection with its
solicitation of Catalytica stockholder approval to the acquisition
transaction. Comments are expected from the SEC in 4 to 6 weeks.
Please give me a call if you wish to discuss this matter further, and I am
instructed to request that you return the revised copy of the Raptor I
Proposal Sheet to me and copy Mary Cook and Lisa Mellancamp thereon. The
foregoing description may be more than you need for the summary, but it
really is a very abbreviated snapshot of the transaction. All the documents
related to the Preferred Stock and Option, including the executed Omnibus
Agreement and the Stock Purchase Agreement, have been previously delivered to
Sara Shackleton and Hope Vargas.
----- Forwarded by Barton Clark/HOU/ECT on 09/11/2000 06:18 PM -----
Stuart Zisman
09/11/2000 05:15 PM
To: James Grace/Corp/Enron@ENRON, Barton Clark/HOU/ECT@ECT, Dan
Lyons/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT,
Anne C Koehler/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Teresa G
Bushman/HOU/ECT@ECT, Lance Schuler-Legal/HOU/ECT@ECT
cc: Julia Murray/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Project Raptor - Private Hedge Candidates
It has come to my attention that questions have been raised in reviewing the
Raptor I Derivative Proposal Sheets regarding the type of information that
should be set forth in the category entitled "ASSET DESCRIPTION". The Master
Derivatives Agreement ("MDA") requires that the Proposal Sheets describe the
"Assets" with respect to which the derivative transaction is to be executed.
For purposes of the MDA, "Assets" is defined as "assets, including without
limitation common stock, partnership interests, member interests. other
ownership interests, and other financial and physical assets." Therefore,
the description should include both the nature of the "Asset" (i.e. whether
it is an equity interest, a loan, working interest, etc.) and a little bit
about the company (the entity in which ENA holds the interest or has the loan
or working interest).
Any comments to the Proposal Sheets should be delivered ASAP to the "Enron
person completing this form" (This is the 3rd line under the heading
"GENERAL" on each of the Proposal Sheets) along with a request that a revised
Proposal Sheet be returned to the lawyer providing comments with copies to
both Mary Cook and Lisa Mellencamp.
The pressure to complete these Raptor hedges remains high and therefore your
immediate attention is greatly appreciated. Many thanks.
Stuart |
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Vince,
Please find below some text for Eric's letter. I hope it is helpful for your development of the letter. If you have questions or would like some other information, please let me know. Also, on the question of Enron letterhead, I suppose the desired form of submission is via the web site. Unless you have electronic letterhead, the issue may be moot.
Martin
Eric Cope worked as a summer associate in the Research Group during the summer of 2001. During this time, Eric worked on a variety of projects requiring a diverse set of skills. In all cases, he quickly grasped the scope and context of the problems at hand. While some direction was given in each case, Eric was often charged with developing the approach details independently, and he executed the tasks very effectively.
One major project for the summer was to develop a web-browser-based trading simulation platform (TSP). The TSP would create user accounts, require user logons, post simulated market information, post simulated commidity prices, accept and execute buy and sell transactions for users, and track user account information such as positions, order history, and buying power. The TSP would allow for the use of human users as well as software agent. Simulated commidity prices could be histroical prices, ficticious calculated prices, or bid/offer prices based on some update algorithms. The primary goal was to create a framework to test different udpate algorithms and trading strategies.
Eric immediately arranged for the appropriate reference materials to develop the database and associated software infrastructure. In short order, a simple site was up for users to create accounts and begin "trading" commodities. The project ended before extensive algorithm evaluation could begin, however, the TSP goes a long way to making such evaluations possible.
Other projects included the development of forecast models for motion picture box office revenues, advertising media placement prices, and long-distance voice telephony prices. In many of the cases, data were scarce, as were definitive instructions. Eric analyzed the problem to develop a focused approach, always in consultation and discussion with others, but never with "hand-holding" or intense oversight. His co-workers and immediate supervisor quickly developed confidence in Eric's ability to take general direction and achieve productive results. Such confidence and ability is crucial in an environment with limited structure, such as we had.
-----Original Message-----
From: Kaminski, Vince J
Sent: Friday, January 25, 2002 1:00 PM
To: Lin, Martin
Subject: FW: Reference request regarding Eric W Cope S05371/R966
Martin,
A request for the letter of recommendation.
Vince
-----Original Message-----
From: VKaminski@aol.com@ENRON
Sent: Thursday, January 24, 2002 8:03 PM
To: Kaminski, Vince J
Subject: Fwd: Reference request regarding Eric W Cope S05371/R966
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Date: Thu, 24 Jan 2002 17:38:57 -0500 (EST)
Message-Id: <200201242238.RAA52811@akalice.research.att.com>
From: AT&T Web Resume Database <resume@research.att.com>
To: VKaminski@aol.com, kbl@research.att.com
Subject: Reference request regarding Eric W Cope S05371/R966
X-Mailer: Unknown (No Version)
Content-Type: text/plain; charset="US-ASCII"
Dear Colleague:
Eric W Cope has submitted an application to AT&T Labs,
with a request that we seek a reference letter from you in support of this application.
We thank you in advance for providing this letter. The reference letters are
a very important part of our evaluation process, but we also recognize that
they call for a significant measure of time and attention on your part.
In this message, we first describe below the three options for submittal
of the letter, and then, in the final paragraphs, you will find some
comments about the nature of the job applied for.
We know your time is precious, so we have tried to make the
process as efficient as possible. If you have access to a browser
from your mailer, then the easiest thing is to use the URL given below:
http://www.research.att.com/~kbl/cgi-bin/resumedocs/S05371/R966
Via this web page, you can submit text, html, postscript, or pdf files.
Please note that this URL should be used ONLY by you, and ONLY for
this particular student. It is linked directly to the student's resume,
and the processing occurs automatically and immediately.
-----------------------------------------------------------------------
If it is inconvenient to use the URL, you may email your letter by replying
to this email, but please help us out, if you use this option, by sending
the letter as plain text only, not as a word processor file, without indent, and
not as an attachment. Also please make sure that your mailer includes
the entire subject line in your reply message.
If you use this option, please note that the processing of your letter
will occur manually, and therefore may entail a considerable delay.
Our system will format the emailed text appropriately for display, unless
you ask that it be treated as fixed-format.
-----------------------------------------------------------------------
As a third option, if you prefer you may submit your letter as hard copy. Please
note that we discourage this approach, since electronic letters can be
distributed far more effectively to the hiring managers. However, if you
wish, please see http://www.research.att.com/academic/Addresses.html
for information on the proper address to use for various purposes.
-----------------------------------------------------------------------
Finally, a word about the position for which the student has applied:
This student has applied for a summer internship.
We hire summer interns roughly from the third year of undergraduate
work through graduate school. The summer projects vary in level,
depending on the student involved. The students normally work in
a one-on-one fashion with a member of staff on some facet of the
ongoing research work in the lab, but they are expected to function
somewhat independently after an initial period of familiarization
with the work. Accordingly, we are interested in information you
may have as to the student's adaptability, ability to learn new
material, and to work effectively with minimal supervision.
Thank you in advance for your cooperation.
Ken Lyons,
AT&T Labs Web Resume Database |
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This email was sent to: kevin.hyatt@enron.com |
Hey Russell (as well as Dan and Debra),
Pursuant to our conversation of this morning, I just want to confirm the
following.
1. We have agreed that we will use separate guarantees (for the obligations
of Engage Energy Canada, L.P. ("Engage Canada")) with respect to each of
Enron Canada Corp. ("ECC") and Enron North America Corp. ("ENA"). This will
allow for the appropriate guarantees to reference the peculiarities of each
of Canadian and American law (as applicable) as well as deal with the
potential "permanent establishment" tax issues we discussed. As a result,
Dan does not need to review the draft guarantee I sent to him on Wednesday.
2. You are going to send me a revised credit sheet for the ECC-Engage Canada
master physical agreement which removes references to the obligations of
Engage Canada to ENA (likely requiring a guarantee of Westcoast Gas Inc. (on
behalf of Engage Canada) to ECC in the amount of US$15million (the "New ECC
Guarantee").
3. Dan is to coordinate negotiating/obtaining a new guarantee from Westcoast
Gas Inc. (on behalf of Engage Canada) to ENA in the amount of US$5 million
(pursuant to the master physical agreement between Engage Canada and ENA).
4. I am still not sure what we are doing with respect to the "Enron Corp."
guarantee which was provided to Engage Canada and Engage Energy US, L.P.
("Engage US") in the amount of US$35million (which guarantees the obligations
of ENA, EPMI and ECC) (the "Existing Enron Corp. Guarantee"). According to
the credit sheet last provided to me, Enron Corp. is to provide a guarantee
in the amount of US$25million but you were going to check to see if we were
leaving the Existing Enron Corp. Guarantee in place.
If we are replacing/amending the Existing Enron Corp. Guarantee, we need to
coordinate with counsel from all three of ENA, EPMI and ECC to ensure that we
are properly revoking the Existing Enron Corp. Guarantee or amending it
appropriately. Ultimately, I would prefer that the Existing Enron Guarantee
be amended to remove the references to ECC such that we can arrange for a
separate Enron Corp guarantee on behalf of ECC. This would allow for greater
flexibility/efficiency in the event that the industry or trading relationship
between ECC and Engage Canada develops and future amendments are required.
Please let me know how you would like me to proceed with respect to point 4.
Thanks,
Mark Powell
To: Mark Powell/CAL/ECT@ECT
cc: Dan J Hyvl/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT
Subject: Re: Engage Energy Canada L.P. Guarantee
Mark,
The guaranty you are providing to Engage Energy Canada should cover both ECC
and ENA although should only reference the Master Firm Contract between ECC
and Engage Canada. Dan has been working on a separate guaranty that will
reference the Master Contract between ENA and Engage US that is currently
being drafted. The reason ENA is included on the guaranty for Engage Canada
is because of business done at Dawn in Eastern Canada through ENA.
If you and Dan want to issue one guaranty to Engage US and Engage Canada
referencing both contracts I think that would be a good idea, the guaranty
amount should be between $45MM and $50MM and include several Enron entities:
ENA, HPL, EPMI (referencing the Master Energy agreement), Clinton Energy
Management Services, Inc and ECC.
Let's discuss further in the morning as to how about resolving this.
Thanks
Russell
From: Mark Powell\CAL\ECT 09/20/2000 02:53 PM
Sent by: Mark Powell
To: Dan J Hyvl/HOU/ECT@ECT
cc: Russell Diamond/HOU/ECT@ECT
Subject: Engage Energy Canada L.P. Guarantee
In furtherance of the message which I left for you, please find attached a
copy of a replacement guarantee for your review.
As you are aware, Enron is currently in the process of amending a number of
guarantees with respect to various Engage Energy entities. Under the
project, the
US$25 million guarantee provided to Enron Corp. and its subsidiaries to
guarantee the obligations of Engage Energy Canada L.P. and Engage Energy US
L.P. ,as provided by The Coastal Corp. (the "Existing Guarantee"), is to be
replaced with a number of guarantees which are segmented by the Engage Energy
entities and the type of contract (i.e. physical v. financial).
As part of this project, Russell Diamond has provided Enron Canada Corp. with
revised credit terms for dealing with Engage Energy Canada, L.P. under which
Westcoast Gas Inc. is to provide a US$20million guarantee of the obligations
of Engage Energy Canada L.P. under the existing master physical gas
purchase/sale agreement between the Engage Energy Canada L.P. and Enron
Canada Corp. (the "ECC Physical Master") as well as the master physical gas
purchase/sale agreement between Engage Energy Canada L.P. and Enron North
America Corp. (the "ENA Physical Master"). Russell had allocated US$15
million of the replacement guarantee to the ECC Physical Master and
US$5million to the ENA Physical Master.
Due to other inadequacies in the ECC Physical Master, we have prepared an
"Amended and Restated" ECC Physical Master which includes a number of
significant terms in addition to referring to the replacement guarantee
(which we are quite eager to have Engage execute). As a result, I have
prepared a draft of replacement guarantee (to be received from Westcoast Gas
Inc.) to accompany the Amended and Restated ECC Physical Master. However, to
ensure that the replacement guarantee meets your requirements, I am looking
for your input. Please find attached a copy of the draft replacement
guarantee as blacklined to indicate the changes which have been made to the
Enron Canada Corp. standard guarantee to incorporate the obligations owing to
Enron North America Corp. As you will see, there are a few bullets for which
I require your assistance in completing (i.e. date the of ENA Physical Master
and the appropriate contact information for notices).
When you get the opportunity, could you please review the blacklined
replacement guarantee? Once again, we are quite eager to send out the
Amended and Restated ECC Physical Master.
Thanks for your help.
Mark Powell ((403) 974-6708)
Note to Russell: Russell, you were going to confirm for me that the existing
Enron Corp. guarantee delivered to Engage Energy Canada L.P. and Engage
Energy US L.P. to secure the obligations of Enron Canada Corp., Enron North
America Corp. and Enron Power Marketing, Inc. (in the amount of $35 million)
dated June 1, 1998 is NOT to be replaced. Has there been any progress on
this front? |
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-----Copyright 2001 INO.com. All Rights Reserved------ |
Notice No. 01-164
May 18, 2001
TO:
All NYMEX Division Members/Member Firms
All NYMEX Division Clearing Members
All NYMEX Division Floor Traders
All NYMEX Division Operations Managers
FROM:
George Henderson, Vice President
RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
________________________________________________________________
The expiration date for the June 2001 options contract for Cinergy (NOM1),
Entergy (OTM1), Palo Verde (VOM1) and Cob (WOM1) is Thursday, May 24, 2001.
GENERAL OPERATIONAL PROCEDURES
All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below. All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures. All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.
Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.
CLEARING DEPARTMENT OPERATIONAL PROCEDURES
The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:
MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.
SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.
REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.
REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.
EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.
DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.
POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system. This input may be made at any time prior to 6:45 p.m. Any PCS input
via transmission for that contract series will be disregarded.
ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.
EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.
All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.
FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.
E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.
The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:
Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts
Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail
Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts
Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail
Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts
The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.
NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS
Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1
Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2
Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3
Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4
Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5
Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6
Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7
If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-164)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return. |
----- Forwarded by Zionette Vincent/NA/Enron on 05/11/01 01:34 PM -----
Jerry Dunn <jerry.dunn@travelpark.com>
05/10/01 05:27 PM
To: "'ZIONETTE.VINCENT@ENRON.COM'" <ZIONETTE.VINCENT@ENRON.COM>
cc:
Subject: Update - Stacey White - new hotel Oslo
AGENT JD/JD BOOKING REF ZKUSTS
WHITE/STACEY
EB SUITE 3106E
TTL 2 TKTS
ENRON CORP ** PAPER TKTS **
DATE: MAY 10 2001
SERVICE DATE FROM TO DEPART ARRIVE
AIR FRANCE 11MAY HOUSTON TX PARIS 410P 845A
AF 33 C FRI G.BUSH INTERCO CHARLES DE GAU 12MAY
NON SMOKING TERMINAL DOM TERMINAL 2C
MEAL/BREAKFAST NON STOP
RESERVATION CONFIRMED 9:35 DURATION
AIRCRAFT: AIRBUS INDUSTRIE A340-300
SEAT 08J NO SMOKING CONFIRMED WHITE/STACEY(ID
HOTEL 12MAY INTERCONTINENTAL PARIS
13MAY 3 RUE DE CASTIGLIONE
PARIS, 75009
FRANCE
TELEPHONE: 33-1 44771111
FAX: 33-1 44771460
CONFIRMATION: 2153911
SINGLE ROOM
RATE: HFH FRF 2361.45 PER NIGHT
GUARANTEE GIVEN
ENRON CORP NONSMK 2 QUEEN BEDS
HOTEL REQUIRES CANCELLATION BY 1DAY PRIOR TO DAY OF ARRIVAL
AIR FRANCE 13MAY PARIS OSLO 1235P 255P
AF 2374 C SUN CHARLES DE GAU OSLO AIRPORT
NON SMOKING TERMINAL 2F
MEAL NON STOP
RESERVATION CONFIRMED 2:20 DURATION
AIRCRAFT OWNER: YS PROTEUS
AIRCRAFT: FOKKER 100
SEAT 01A NO SMOKING CONFIRMED WHITE/STACEY(ID
HOTEL 13MAY SCANDIC HOTEL SJOELYST
18MAY SJOELYST PLASS 5
OSLO, 0212
NORWAY
TELEPHONE: (+47) 23 155100
FAX: (+47) 23 155111
CONFIRMATION: 61QO8O8USM7
SINGLE ROOM SINGLE BED
RATE: TSA NOK 1075.00 PER NIGHT
GUARANTEE GIVEN
CANCELLATION POLICY: REQUIRES CANCEL BY 6PM
DAY OF ARRIVAL
TAX: INCLUDED
MEAL: INCLUDES BREAKFAST
SERVICE: INCLUDED
ENRON CORP RQST NONSMKG ROOM
HOTEL REQUIRES CANCELLATION BY 6PM DAY OF ARRIVAL
FINNAIR 17MAY OSLO HELSINKI 845A 1115A
AY 652 C THU OSLO AIRPORT HELSINKI VANTA
NON SMOKING TERMINAL 2
BREAKFAST NON STOP
RESERVATION CONFIRMED 1:30 DURATION
AIRCRAFT: MC DONNELL DOUGLAS MD-82
FINNAIR 17MAY HELSINKI OSLO 555P 630P
AY 657 C THU HELSINKI VANTA OSLO AIRPORT
NON SMOKING TERMINAL 2
COLD MEAL NON STOP
RESERVATION CONFIRMED 1:35 DURATION
AIRCRAFT: MC DONNELL DOUGLAS MD-82
AIR FRANCE 18MAY OSLO PARIS 705A 930A
AF 1275 C FRI OSLO AIRPORT CHARLES DE GAU
NON SMOKING TERMINAL 2F
BREAKFAST NON STOP
RESERVATION CONFIRMED 2:25 DURATION
AIRCRAFT: BOEING 737-500
SEAT 01A NO SMOKING CONFIRMED WHITE/STACEY(ID
AIR FRANCE 18MAY PARIS HOUSTON TX 1020A 200P
AF 36 C FRI CHARLES DE GAU G.BUSH INTERCO
NON SMOKING TERMINAL 2C TERMINAL DOM
MEAL/SNACK NON STOP
RESERVATION CONFIRMED 10:40 DURATION
AIRCRAFT: AIRBUS INDUSTRIE A340-300
SEAT 04A NO SMOKING CONFIRMED WHITE/STACEY(ID
**************************************************
YOUR TICKET REFLECTS A NEGOTIATED DISCOUNT FROM THE TAP
THE PUBLISHED FARE FOR THIS TICKET IS $7118.55
**************************************************
MISCELLANEOUS 15SEP HOUSTON TX
SAT ** THANK YOU FOR USING THE TAP **
RESERVATION NUMBER(S) AF/2FEYXX AY/H81GF
WHITE/STACEY S5C083ER1038
AF FREQUENT FLYER COWF337049
ASSISTANT: Z VINCENT - 345-4858
*******************************************
INTL TVLRS: CARRY SOS WALLET CARD W/ENRON ASSISTANCE INFO
CALL SOS MEDICAL EMERGENCY:IN U.S 800 523-6586
CALL SOS MEDICAL EMERGENCY:INTL 215 245-4707 (COLLECT)
********************************************
*******************************************
U.S.CITIZEN REQUIREMENTS: PASSPORT
PASSPORT MUST BE VALID 6 MONTHS BEYOND DATE OF RETURN
VERIFY VISA REQUIREMENTS.
TRAVEL AGENCY IN THE PARK VISA DEPT:SAM 345-5166
*******************************************
2 HR CHECK-IN REQUIRED ON INTERNATIONAL FLIGHTS
RECONFIRM ALL FLIGHTS LOCALLY WITH EACH CARRIER
AIRLINE 72 HOURS PRIOR TO DEPARTURE.
FAILURE TO RECONFIRM MAY RESULT IN CANCELLATION.
YOUR HOTEL CONCIERGE/FRONT DESK CAN ASSIST YOU.
ALL FARES ARE SUBJECT TO CHANGE UNTIL TICKETED/PURCHASED]
Jerry Dunn
Travel Agency in the Park
1221 Lamar , Ste 718
Houston, Texas 77010
713-860-1832
or 713-650-8080 x1232 |
NYT article today.
Gary
-----Original Message-----
From: Willis, Erin
Sent: Wednesday, October 24, 2001 7:22 AM
To: Litton, Todd; Hickerson, Gary; Durst, Philip; Kendall, Heather; Romain, Danielle
Subject: NYT: Enron Tries to Dismiss Finance Doubts
October 24, 2001
Enron Tries to Dismiss Finance Doubts
By FLOYD NORRIS
Enron (news/quote) has ample access to cash, the company's chief executive said yesterday as he assured investors that there was no need for additional write-offs stemming from unusual financing activities.
In a conference call with investors that was hastily scheduled after Enron's stock plunged on Monday, the chief executive, Kenneth W. Lay, strongly defended the company's chief financial officer and said there was no conflict of interest involved in transactions that the Securities and Exchange Commission was looking into.
But he refused to go into detail on the transaction that Enron made with partnerships run by Andrew S. Fastow, the chief financial officer. In addition, Mr. Fastow, while declaring that Enron "expects to continue to have sufficient liquidity to meet normal obligations," declined to answer any questions about it.
The conference call, which began just as trading opened on the New York Stock Exchange, at first seemed to be reassuring investors. Within minutes of the beginning of the call, the share price rallied to $23.25. But it soon began falling, and ended the day down 86 cents, at $19.79. The day's low of $19.62 was the lowest since Jan. 12, 1998, and was down 78 percent from the high set by the stock in the summer of 2000.
Until recently, most investors focused on the company's reported operating earnings, which showed good results as it became a leading player in energy markets. But the focus has shifted to a series of transactions, some involving off-balance- sheet financing. One, involving partnerships controlled by Mr. Fastow, led to a $1.2 billion reduction in shareholder equity that raised concern last week and led to S.E.C. inquiries that the company disclosed on Monday.
One of the company's strongest supporters has been David Fleischer, an analyst at Goldman, Sachs. But he told Mr. Lay on the call yesterday that Enron had to be more forthcoming with information. "There is an appearance that you are hiding something," he said.
After the call, Mr. Fleischer expressed disappointment. "They've engaged in a number of transactions that one wonders about, and that are hard to understand," he said in an interview. "They have not been as forthcoming in explaining them" as is needed, he said. But he said he was still recommending the stock. "I don't think accountants and auditors would have allowed total shenanigans," he said. "In the absence of total shenanigans going on at this company, there is tremendous value here."
Mr. Lay cited the S.E.C. inquiries as a reason for not discussing details on the transactions involving the partnerships that were controlled by Mr. Fastow. But he emphasized that both he and the company's board "continue to have the highest faith and confidence in Andy."
Mr. Lay said that auditors from Arthur Andersen had carefully reviewed Enron's reporting in conjunction with another off-balance-sheet vehicle, called Marlin. That company owns one-third of Azurix (news/quote), an Enron subsidiary that owns Wessex, a British water utility. The auditors "have determined there is no write-down required," he said under questioning by Richard Grubman of Highfields Capital Management, a money management firm.
Mr. Grubman said that Marlin owed almost $1 billion on debt that was guaranteed by Enron but had no assets other than the Azurix stake. Noting that Enron had paid about $300 million to buy a third of Azurix from public shareholders and had since taken write-downs on its investment in Azurix, Mr. Grubman asked why the company was not setting up reserves to cover its exposure on that debt, which under a complicated arrangement could end up being satisfied through the issuance of Enron shares.
Mr. Lay said that no action was needed but declined to address details. Eventually he cut off Mr. Grubman. "I know you're trying to drive the stock price down, and you've done a pretty good job of it," Mr. Lay said. "But let's move on to the next question."
Mr. Fastow said the company was having no problem issuing commercial paper and had $1.85 billion in such debt outstanding. He said it was backed by $3.35 billion in bank lines of credit, of which $1.75 billion will expire next May if it is not renewed.
Mr. Lay said he was sorry about "the misunderstanding" that resulted when his brief mention of the $1.2 billion reduction in shareholder equity in a conference call last week was not noticed by some analysts. That reduction would have been apparent if the company had released its balance sheet with the earnings report, but it did not. He said the company would consider releasing balance sheets with earnings reports in the future, but made no promises.
The large reduction in shareholder equity did not affect reported earnings, and so was not in the earnings release. But it raised concerns that some of the sophisticated financing techniques used by the company might be effectively keeping losses off the earnings statement. The S.E.C. is expected to look into whether the accounting for that transaction was correct.
After one questioner on the call said it would be easier to understand Enron if it released financial statements for the special purpose vehicles that were set up to enter into such transactions as Marlin, Mr. Lay said the company "will look into providing" such statements.
Erin Willis
Financial Trading
Ph: (713) 853-9677
Fx: (713) 646-4810 |
Energy Boost Electricity generators note Bush's focus on more supply
Source: Fort Worth Star - Telegram
Publication date: 2001-05-19
Arrival time: 2001-05-21
Electricity generators around the country didn't need to read the Bush
administration's energy plan to know there's already a strong market for
their product.
"It's a bit of frenzy, I would say," Lane Kadel said of demand for the
natural gas-fired turbines brokered by his company, Utility Warehouse.com of
Portland, Ore. The 5-year-old enterprise, originally started to help electric
utilities buy and sell surplus equipment, has seen demand for
electricity-generating machinery move into high- voltage territory in recent
months.
With electricity already in short supply in parts of the country, headlines
of rolling blackouts in California, and growth projected to require more
power, U.S. electricity generators have announced plans for 312,836 megawatts
of new capacity. That's equal to about 40 percent of the nation's existing
generating capacity.
So it was no surprise to anybody in the industry that electricity figured
prominently Thursday in President Bush's energy plan. The plan largely
emphasizes the need to add more energy supplies, projecting that the nation
will need to add 393,000 megawatts of capacity by 2020. In 1999, the nation
added 10,266 megawatts of new capacity, according to the Energy Department.
Bush's plan also aims to speed up additions to generating capacity by easing
licensing, permitting and other regulatory review, including rules to
encourage more nuclear power plants.
The Bush plan, industry people say, apparently contains nothing to discourage
the industry's push to add supply.
"If there is, we haven't seen it," said Mark Stultz, vice president of the
Electric Power Supply Association, a group of independent power producers.
The plans for new capacity that have already been announced represent more
than $150 billion in potential investment in new electricity supply.
Not all the planned capacity will be built, at least not right away, said Tom
Rose, vice president of public affairs at TXU in Dallas. But a lot will, and
the projects that are postponed will probably still go through permitting and
land acquisition, "things that don't cost a lot of money," Rose said.
With that groundwork done, new capacity could come on line all the faster
when the market justifies it, he said.
The emphasis on adding supply doesn't please everyone in the electricity
business.
Jerry Davia, president of Orion Energy in Sausalito, Calif., would rather see
the government encourage investment in energy efficiency. Davia's company
consults with companies, including San Antonio-based H.E. Butt Grocery Co.,
to design and finance energy-saving systems.
"There's tons of new, energy-efficient technology out there all the time," he
said. "There's enough conservation to tackle any problems we have."
Energy users are probably in the best position to decide which energy
efficiencies make sense financially, but the government could make the
economics more attractive with tax credits and other incentives, he said.
"I don't see anything that bodes well" in the Bush plan as far as subsidies
and credits, he said. "And there's nothing just for California."
That's fine with Karl Rabago, managing director of the Rocky Mountain
Institute, a not-for-profit organization that advocates efficient use of
resources, including energy.
Rabago said he doesn't want energy use subsidized, because that
short-circuits the market mechanism that forces users to reduce consumption
in response to higher prices. At the same time, he also doesn't like aspects
of the Bush plan that he believes subsidize energy production.
Jesper Michaelsen, sales manager for wind turbine manufacturer NEG Micon USA
of Rolling Hills, Ill., said he was disappointed that Bush's plan doesn't set
any specific goals for increasing the amount of power generated from
renewable sources. Wind and solar sources account for just 2 percent of the
nation's total electricity market.
But Allen Barnett, who heads solar panel maker AstroPower of Newark, Del.,
said he's thankful for any attention at all, given the oil-and-gas
backgrounds of many Bush advisers. The Bush plan does include tax credits for
people who purchase solar panels.
"It's the most we could hope for," Barnett said. "I didn't expect them to
abandon their roots."
The Bush electricity measures that don't deal with adding generating capacity
address ways to build a bigger transmission system to carry power from
generators to users.
Two major recommendations include the creation of a national electricity grid
and giving federal regulators power to condemn private property for
infrastructure improvements such as new electrical transmission lines and
natural gas pipelines to deliver fuel to new generators.
Today, the United States has three regional electricity transmission grids:
Western, Eastern and Texas, which is mostly on its own grid and - unlike
energy-strapped states such as California - has a surplus of electricity.
Texas is virtually unconnected to the two regional grids, and the two
regional grids likewise aren't efficiently linked.
"It's going to lead to a lot of new investment," utility analyst Barry
Abramson, of the UBS Warburg investment firm, said of Bush's proposals.
"Right now, the country is full of transmission bottlenecks that make the
system less efficient and hinder competition and the delivery of power."
The 1995 Texas Legislature commissioned a study into tying Texas into the
national grids and concluded that it would cost $500 million to $600 million,
TXU's Rose said.
"It is not easy," he said. "It all has to be done at the same time," because
the amount of electricity moving between grids would quickly overload one or
two connecting lines.
Rose also said many states, including Texas, already allow governments to
condemn private property, a process called eminent domain. Public
transportation projects provide the most common use of eminent domain, along
with the construction of pipelines.
Kadel said boosting the nation's electricity infrastructure might be just as
important as adding generating capacity. "Right now you don't have any way to
move the electricity, so prices are high," he said.
This report includes material from The Associated Press. |
As discussed
----- Forwarded by Lance Jameson/ENRON_DEVELOPMENT on 12/06/2000 10:20 AM
-----
Robert Knight@ECT
12/01/2000 09:55 AM
To: Lance Jameson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: FW: Recording Trades from made on Mobile phones
----- Forwarded by Robert Knight/HOU/ECT on 12/01/2000 09:55 AM -----
Keith Dziadek/ENRON@enronXgate
11/29/2000 09:47 AM
To: Robert Knight/HOU/ECT@ECT
cc:
Subject: FW: Recording Trades from made on Mobile phones
Robert,
Did we ever get an answer to this.
-----Original Message-----
From: Bruce, Michelle
Sent: Wednesday, November 29, 2000 9:33 AM
To: McAuliffe, Bob; Dziadek, Keith
Cc: Burchfield, Richard
Subject: Re: Recording Trades from made on Mobile phones
Any progress?
---------------------- Forwarded by Michelle Bruce/HOU/ECT on 11/29/2000
03:32 PM ---------------------------
Richard Burchfield
11/17/2000 10:34 AM
To: Bob McAuliffe/Corp/Enron, Keith Dziadek/NA/Enron
cc: Michelle Bruce/HOU/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
Bob or Keith,
Any thoughts on the below issue.
Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 11/17/2000
09:29 AM ---------------------------
Michelle Bruce
11/17/2000 09:08 AM
To: Richard Burchfield/HOU/ECT@ECT
cc: Cindy Horn/LON/ECT@ECT, Scott Earnest/HOU/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
Help!!! More trading on unrecorded lines.
Thanks,
Michelle
xt. 57532
---------------------- Forwarded by Michelle Bruce/HOU/ECT on 11/17/2000
09:06 AM ---------------------------
Cindy Horn
11/17/2000 07:23 AM
Sent by: Cindy Horn
To: Michelle Bruce/HOU/ECT@ECT, Carol Chew/SIN/ECT@ECT
cc: Scott Earnest/HOU/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
Could you check with the telephonic IT group there and see if they can do
something similar so that even the traders trading off of their cell phones
can go to a recorded line? Trade capture via cell phones has been a
consistent audit point. Let me know if I can assist. Thanks Cindy
---------------------- Forwarded by Cindy Horn/LON/ECT on 17/11/2000 13:21
---------------------------
Andy Cowx
17/11/2000 11:35
To: Cindy Horn/LON/ECT@ECT
cc: Scott Earnest/HOU/ECT@ECT, Nigel Denty/LON/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
Cindy,
It's not feasible at all in the other offices as they don't utilise the same
type of recording systems (London has the ability to record every single
conversation in or out of the building).
I am drafting a note to go out in the next Euroflash to launch the service
Thanks
Andy
Cindy Horn
17/11/2000 11:35
Sent by: Cindy Horn
To: Andy Cowx/LON/ECT@ECT
cc: Nigel Denty/LON/ECT@ECT, Martin Paddington/LON/ECT@ECT, Kenneth
Drury/LON/ECT@ECT, Scott Earnest/HOU/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
Have you found anything out on this for the Houston and Singapore offices
yet? How would the Sydney office handle this? Thanks for doing this for
London. Did the email go out telling traders how to do this? Thanks Cindy
---------------------- Forwarded by Cindy Horn/LON/ECT on 17/11/2000 11:32
---------------------------
Cindy Horn
08/11/2000 17:51
To: Andy Cowx/LON/ECT@ECT
cc: Nigel Denty/LON/ECT@ECT, Martin Paddington/LON/ECT@ECT, Kenneth
Drury/LON/ECT@ECT
Subject: Re: Recording Trades from made on Mobile phones
This is great news!!! Can you handle sending this announcement as I assume
this was an audit issue for the other trading groups as well!!
Also, how can we get this same process in place for the Houston and
Singapore offices?? They have the same issues on their audits. Thanks you
guys did a great job!!!! Cindy
Andy Cowx
08/11/2000 12:26
To: Cindy Horn/LON/ECT@ECT
cc: Nigel Denty/LON/ECT@ECT, Martin Paddington/LON/ECT@ECT, Kenneth
Drury/LON/ECT@ECT
Subject: Recording Trades from made on Mobile phones
Cindy,
We have some good news for you. We have set up a number which can only be
called from Enron Mobile phones (37373), when you dial this number you will
hear dialtone. The dialtone is coming from the phone system at Enron House,
you are then able to dial exactly as if you were at your desk, ie dial '9'
and the number you wish to reach.
All calls coming through this route will be recorded and can be retrieved by
the telecoms team for playback / reference.
We have also ensured that external people cannot dial this number from
outside the building by using 020 7783 7373.
Let me know if you want to issue a note as a General Announcement or whether
you wish to handle the distribution of the number.
Regards,
Andy
x37285
Cindy Horn
31/10/2000 17:37
To: Andy Cowx/LON/ECT@ECT
cc: Nigel Denty/LON/ECT@ECT
Subject: Re: Who should I talk to on this one?
Instead of providing a phone number could there be a short code or something
that they do that in the background dials this number so no one gets access
to this number? I know that this is an issue in all of the offices with
traders making deals on cell phones on unrecorded lines. I do not want to do
something that puts Enron at risk though. Thanks Cindy
Andy Cowx
31/10/2000 17:02
To: Cindy Horn/LON/ECT@ECT
cc: Nigel Denty/LON/ECT@ECT
Subject: Re: Who should I talk to on this one?
Cindy,
We can provide a telephone number in the office which the traders can call
from their mobile phone, they would then be offered dialtone from the
telephone system and can then dial on to an external party.
The call would then be routed out from the office and would be subject the
the normal recording criteria.
However I wouldn't recommend this approach as we are opening up an external
gateway for people to use our telephone system, this would be unmetered and
not secure. The potential for toll-fraud is something that we need to take
into account.
Regards,
Andy Cowx
---------------------- Forwarded by Andy Cowx/LON/ECT on 31/10/2000 17:02
---------------------------
Nigel Denty
31/10/2000 16:41
To: Cindy Horn/LON/ECT@ECT
cc: Andy Cowx/LON/ECT@ECT
Subject: Re: Who should I talk to on this one?
I'll ask Andy Cowx (Telecoms Manager) to investigate - my initial thoughts
are that technically this may not be possible.
regards,
Nigel
Cindy Horn
31/10/2000 16:01
To: Nigel Denty/LON/ECT@ECT
cc:
Subject: Who should I talk to on this one?
If the traders do a deal from their cell phone, is there a way they can have
that call routed back through the phones in the building so it gets done on a
recorded line? I know if you call someone and then dial some numbers it
takes you to their cell phone. Can it work backwards so they hit some
numbers and it routes the call through the office? This would help with
some of our AA issues. Thanks Cindy |
Thanks very much.
-----Original Message-----
From: Ken Smith [mailto:ken@kdscommunications.com]
Sent: Friday, September 21, 2001 4:19 PM
To: Scott Govenar; Susan J Mara; Denne, Karen; Dasovich, Jeff
Subject: FYI -- Dow Jones report on out-of-market purchases; meeting on Monday
FERC To Examine Alleged Market Manipulation By Calif ISO Dow Jones <http://quicken.excite.com/images/DJBN.gif>
Updated: Friday, September 21, 2001 04:53 PM ET <http://quicken.excite.com/images/email_friend.gif> Email this article to a friend! <http://quicken.excite.com/investments/news/story/mailit/?story=/news/stories/dj/20010921/BT20010921006618.htm&symbol=PCG>
<http://quicken.excite.com/images/printer_friendly_format.gif> Printer-friendly version <http://quicken.excite.com/investments/news_center/article/printer.dcg?story=/news/stories/dj/20010921/BT20010921006618.htm>
By Jason Leopold
Of DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--Federal energy regulators may investigate whether the operator of California's wholesale electricity market has been manipulating its power-purchasing practices to reduce the costs of power the state purchased under long-term contracts, according to documents obtained Friday by Dow Jones Newswires Friday.
At issue is whether the California Independent System Operator has violated its own market rules by purchasing expensive power secured by the state under contracts rather than cheaper power available in the spot market. The state's need to sell off surplus power secured under those contracts has proven embarrassing for Gov. Gray Davis, who signed $43 billion in deals to head off a summer of spiking prices and blackouts that never materialized.
The Federal Energy Regulatory Commission will hold a meeting in California Monday to address generators' complaints. The energy companies say that the California ISO's purchasing decisions are difficult to comprehend and out of line with the market, according to a letter sent by Andrea Wolfman, lead FERC counsel for market oversight and enforcement.
The letter was sent to the ISO, the California Department of Water Resources - which has been buying power in lieu of the state's struggling utilities since mid-January - and several generators, all of which were to attend the meeting.
"Recently we have become concerned that the scheduling and dispatch procedures of the California ISO, as they have had to change in the last nine months, are not well understood or are not well suited to the current market structure," Wolfman said in her letter. "The purpose of the meeting is to develop agreement between the ISO and those that participate in the scheduling and dispatch (generators, utilities, CDWR) on appropriate practices and procedures."
ISO Procedures Need Explaining -FERC
The ISO's main responsibility is keeping power supply and demand in balance on the state's electrical grid. As part of that job, the ISO determines which power plants to call into service and which suppliers to buy power from.
If the ISO can't explain how it makes its decisions, FERC may conduct an audit of the organization and investigate the possibility it has manipulated the market, Wolfman's office said.
"As discussed, FERC may schedule a technical conference and operational audit of CAISO," a second letter from FERC's market oversight and enforcement division states. "This unprecedented examination of CAISO operations could lead to the belief that complaints by generators of market manipulation and other practices by the ISO should be investigated."
The ISO's operating rules generally call for it to purchase the cheapest power first.
"The information that (generators) have provided all leads to a theory that the CAISO is manipulating the market in order to purchase surplus DWR power at high prices and protect Gov. Davis from political embarrassment," the second letter says.
The ISO has said only that the market isn't operating as intended, and declined to answer other questions about the allegations or discuss Monday's meeting.
Generators Confused
Generators, including Mirant Corp. ( MIR <http://quicken.excite.com/investments/quotes/?symbol=MIR>, news <http://quicken.excite.com/investments/news/?symbol=MIR>, msgs <http://quicken.excite.com/investments/discuss/?symbol=MIR>), Reliant Energy Inc. ( REI <http://quicken.excite.com/investments/quotes/?symbol=REI>, news <http://quicken.excite.com/investments/news/?symbol=REI>, msgs <http://quicken.excite.com/investments/discuss/?symbol=REI>), Williams Cos. ( WMB <http://quicken.excite.com/investments/quotes/?symbol=WMB>, news <http://quicken.excite.com/investments/news/?symbol=WMB>, msgs <http://quicken.excite.com/investments/discuss/?symbol=WMB>), Duke Energy ( DUK <http://quicken.excite.com/investments/quotes/?symbol=DUK>, news <http://quicken.excite.com/investments/news/?symbol=DUK>, msgs <http://quicken.excite.com/investments/discuss/?symbol=DUK>) and Dynegy Inc. ( DYN <http://quicken.excite.com/investments/quotes/?symbol=DYN>, news <http://quicken.excite.com/investments/news/?symbol=DYN>, msgs <http://quicken.excite.com/investments/discuss/?symbol=DYN>), have bought apparently inexpensive power in the ISO's spot market only to find weeks later that the price was much higher. That's because, according to the allegations, the ISO is letting DWR supply expensive power into the market as "out-of-market" purchases that aren't averaged into the real-time prices that ISO market participants see.
DWR continues to buy out-of-market power regularly at the ISO's request, DWR operations chief Pete Garris has said, but those purchases are being made in the spot market and are never being satisfied by power from DWR's long-term contracts.
The out-of-market purchases appear to be expensive, however. According to the ISO's August market report, the average out-of-market price for peak hours was $55.90 a megawatt-hour, compared with $26.49/MWh on the ISO computerized market. Brokered prices of western electricity have been lower than the out-of-market prices for months.
None of the companies mentioned was willing to comment on the record.
The meeting is scheduled to be held at the ISO's headquarters in Folsom, Calif., and representatives from power producers, utilities and the state are expected to attend. FERC will serve as facilitator, Wolfman said. The meeting isn't open to the public.
The meeting will begin with a presentation by the ISO on its practices and operational procedures, followed by adjustments that may be needed to improve the market.
"The objective is to develop a written set of procedures that is agreed to by all the market participants and that is consistent with good utility practices," Wolfman said in the letter.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874; jason.leopold@dowjones.com <mailto:jason.leopold@dowjones.com> |
Please see the PG&E and FERC stories below, provided to me by Bob
Weisenmiller.
[ Business | US Market | By Industry | IPO | AP | S&P | International |
PRNews | BizWire | CCN | CNW ]
------------------------------------------------------------------------
Click Here!
Related QuotesPCG 29 3/8 -15/16
delayed 20 mins - disclaimerGet QuotesThursday September 14, 2:04 pm
Eastern Time
PG&E faces borrowing, write-offs for power costs
By Jim Brumm
NEW YORK, Sept 14 (Reuters) - This summer's surge in West Coast power
prices is causing California's largest utility to seek permission for
increased borrowings and consider significant write-offs, its parent
company PG&E Corp. told the Securities and Exchange Commission Thursday.
PG&E Corp.'s (NYSE:PCG - news) 8K filing also included the company's
first disclosure of Monday's talk with New York analysts.
The company's stock reacted with one of the larger losses in a soft
electric utility group, slipping as low as $29-1/8 Thursday morning
before steadying to trade at $29-7/16, off 7/8.
The regulated utility subsidiary -- Pacific Gas & Electric Co. -- paid
$700 million in unexpected power costs in June and incurred similar
charges in July and August, according to spokesman Greg Pruett.
PG&E's 8K filing noted the utility has authority from the California
Public Utility Commission to issue of to $1.7 billion of short-term
financing. Last Friday, the filing continued, it applied to the
commission for the authority to issue an additional $1.4 billion of
short-term financing.
It also said the utility is considering the sale of additional long-term
debt to finance wholesale power purchase costs and its other capital
requirements.
As noted by several security analysts, PG&E chief executive Robert Glynn
told the New York meeting the utility wants to boost power rates as soon
as possible to recover the surging costs the company has been forced to
pay to buy electricity in California's chaotic wholesale power market.
Other analysts also point out the utility is facing the possibility of
significant write-offs for power costs it will be unable to collect.
In the 8K filing, PG&E said ``if the utility determines that its
uncollected wholesale power purchase costs are not probable of recovery,
then the utility would be required to write off the unrecoverable
portion.''
ABN AMRO utility analysts that attended Monday's meeting said PG&E
estimates the summer price surge has created an additional $1.2 billion
of stranded cost on top of the existing yet to be recovered stranded
cost on its balance sheet of $4.4 billion.
The $4.4 billion total includes unrecovered transition costs of $3.0
billion, which the 8K said could also reduce future earnings.
``A worst case scenario,'' according to ABN AMRO, would be ``a $3.2
billion net, or $8.50 per share, write-off of unrecoverable stranded
cost'' if the present high power prices continue to the end California's
transition to a deregulated power market.
Business | US Market | By Industry | IPO | AP | S&P | International |
PRNews | BizWire | CCN | CNW ]
------------------------------------------------------------------------
Click Here!
Related QuotesSRE 20 +0
delayed 20 mins - disclaimerGet QuotesThursday September 14, 5:04 pm
Eastern Time
FERC chairman says deregulation should proceed
WASHINGTON, Sept 14 (Reuters) - U.S. Federal Energy Regulatory
Commission Chairman James Hoecker said Thursday that California's
troubled power markets should force tough changes to make deregulation
work better, not end the movement.
Speaking at the commission's regular meeting, Hoecker and the three
other FERC commissioners reiterated their support for deregulation, but
said the experience in California, where prices spiked considerably for
residents of San Diego and on wholesale markets, must result in new
policies.
``I personally reject the notion that this is the beginning of the end
for deregulation,'' Hoecker said.
FERC conducted a hearing in San Diego on Tuesday, allowing discussion
from utilities, regulators and the public on what has become a
disastrous summer for California's power markets.
Under the terms of the deregulation of California's electric utility
industry, customers of Sempra Energy (NYSE:SRE - news) subsidiary San
Diego Gas and Electric became the first in the nation to pay
market-based rates without a safety net.
Hoecker said now ``was the time to make tough decisions'' on retooling
deregulation laws to make them work better.
FERC Commissioner Curt Hebert said the problem is not just in
California, but also in New York and New England, where structural
problems with deregulation efforts have triggered market power, price,
supply and reliability concerns.
Many California and national lawmakers want FERC to declare that rates
set by suppliers this summer were not ``just and reasonable'' as
required under law.
Such a declaration could be followed by action to impose market
restrictions such as price caps across the western U.S..
Experts say such a move could lead to the demise of the California Power
Exchange, which was set up as part of the deregulationof the state's
power industry.
Twenty-four states and the District of Columbia have enacted laws to
open retail electricity markets to competition.
A report on the California price spikes this summer by FERC
investigative staff is due to be received by the commission by Nov. 1.
Email this story - View most popular stories emailed
Karen Edson
kedson@ns.net
916/552-7070 |
Rick:
I hope that all is well. It was very nice to talk to you this morning.
The purpose of this note is to keep you abreast of progress in determining
the GA needs for India, and seek your opinion for the best reply for Wade.
I look forward for your comments and advise.
Best regards
AI
Here are the salient features:
Meeting with Wade:
The meeting with Wade indicated that he is open to suggestions to what needs
to be done on the regulatory front. He indicated that if GA sees, and
agrees, he would be happy to finance-on a semi full time basis--such support
from Houston. His major concern is to satisfy himself that: a) all what
needs to be done on the GA front is being done, b) manage and maintain an
effective team (i.e., those currently employed in Bombay and Delhi Offices)
just in case of need. He mentioned that he is not going to be "penny wise
and pound foolish" given the $850 million at stake. I informed him that
Houston shall advise on the best approach as soon as taking stock is
complete, and generally speaking, shall also deliver on what is needed.
GA Needs in India:
The regulatory/government affairs needs in India are in the following five
areas:
a) Third party Sales (basically for phase II output),
b) Dealing with the Regulatory Commission,
c) Dealing with MSEB (the customer),
e) Government of India, and
f) EBS.
The volume and intensity of work, however, shall differ with the following
scenarios, namely: a) Enron/DPC intends to exit through arbitration, b)
Enron/DPC intends to renegotiate the contract, and c) Undetermined as of
yet. Here is an assessment of this work load under the two former scenarios:
Arbitration Renegotiation
Third party Sales (basically for phase II output), low/medium high
Dealing with the Regulatory Commission, medium high
Dealing with MSEB (the customer), medium high
Government of India, and high high
EBS. medium medium
It is surprising to mention that most colleagues here say that Enron/DPC
seems to be taking the arbitration route, although that renegotiation (in the
sense of renegotiate, stabilize, then take hit on equity and exit), is the
best way. It is more surprising, however, that no one can speak with any
degree of certainty on where the ship is going. In this context, a
risk-averse person shall take the "undetermined scenario" as equal to
"renegotiation", while a risk-taker shall take the "undetermined"" as equal
to arbitration.
Personal:
It is clear that the current personal here shall need support from Houston in
the "renegotiation" scenario on a semi full time basis. Short of that, a
visit every 6 weeks may be adequate as the current team here will be working
under legal/commercial.
Suggested Approach:
Continue understanding the details of the outstanding regulatory tasks for
the coming 3 to 4 days. If the above opinion is still the same, then the
suggested communication to Wade (preferably from you) is "if there is
renegotiation, then GA shall send the required person/persons on a semi-full
time basis, if arbitration, then GA shall be available on as needed basis".
Caveat:
It is not clear what does RMcDonald wants to see on the ground to tilt the
suggested approach above one way or another.
----- Forwarded by Amr Ibrahim/ENRON_DEVELOPMENT on 06/15/2001 05:57 AM -----
Amr Ibrahim
06/12/2001 06:54 AM
To: Richard Shapiro/NA/Enron@Enron
cc: James D Steffes/NA/Enron@Enron
Subject: India - Progress Report One
Rick:
This is a brief on the situation on the ground here based on observations and
short talks with the various colleagues in India Team. I do have a meeting
with Wade tomorrow (June 13th) to understand his requests of support from
GA. While I do not expect much, I shall communicate to Wade the standing
policy of GA, namely, "GA shall provide the required support".
Notwithstanding this mandate, I shall communicate it in a manner to give
Houston the final say.
In the context of regulatory support, there two important areas for GA
contribution; they are: a) Dealing with the regulatory commission (MERC), and
b) third party sales. It is likely that India shall need a week per month,
most conducted from Houston but may include a visit to Bombay.
The feeling here is that the company wants to terminate the PPA, and exit
India (but see point 5 below). It is the understanding that there are teams
in London that are going through the reevaluation of assets in anticipation
to transfer them to MSEB as per the contract (MSEB has to agree on the
valuation which shall be a lengthy and an adversarial process). It is
noteworthy that the transfer of these assets will not take place on market
basis, but rather on accounting basis.
As most chips are on terminating the contracts and exiting as the likely
route (around 60%), renegotiation is not discussed much (hastily added
however, renegotiation is the tacit direction of the lenders as communicated
in Singapore the other day in the lenders' meeting; they also want ENRON to
complete phase II which we are refusing).
If renegotiation is to take place, its crux will be the reduction in energy
and capacity costs to both phases and finding off-taker to Phase II (1400 MW
kit and caboodle). NTPC, or PTC are the likely parties to assume such
responsibility. Of course, we are trying to avoid any commercial risks
associated with marketing this power. Whether we accept it or not, every
issue related to dispatch and transmission must be minutely determined and
solved.
The decision making process here is entirely dependent on Houston highest
level; that is directly from RMcDonald, and JS. The fact that both of them
did not visit India and see for themselves how things are has been mentioned
as a minus point. Perhaps this point should be communicated to them.
As mentioned above, GA contribution could be in two areas, namely dealing the
regulatory commission (MERC), and third party sales. Starting with the
later, third party sales, it is perhaps the most important point in the
renegotiation as it shall increase the commercial value of our commitment
(incidentally, Enron's commitment in the project is between $0.65 and $0.825
billion--with B--depending on what to include and exclude). Ironing the
issues for third party sales is clearly more valuable in the case of
renegotiation, but can also add value when assets are reevaluated and there
is a disagreement and some sort of market parameters are added. As for
dealing with MERC, it an ongoing basis particularly that MERC is seeking to
expand its jurisdiction in favor MSEB at every through of the dice.
I shall keep you posted with progress, meanwhile, please let me know if you
have any questions and/or advise.
Best regards
AI |
Bruce just fyi, I am already on top of this. Ken Blades and I had a
conversation with Justin Williams yesterday about this ongoing saga (which
has been ongoing a long time...). Essentially here's where we are and why it
is a good thing that United India has sued us in the London Court.
In the early part of the dispute, we gave consideration to litigation vs.
arbitration, but we could only sue UI in India, which was a bad option.
Several months ago, after lengthy settlement discussions with United India
(UI) and reinsurers about DPC's DSU claim resulting from the first rotor
problems, UI served DPC with a notice of arbitration under the policy. The
notice was curious because UI clearly disputed both liability and quantum;
however, the policy's arbitration clause states that arbitration can only
include issues of quantum.
Through a series of correspondence, we believe UI has agreed to arbitrate
liability & quantum in the same proceeding and to include reinsurers in the
arbitration. (The cut through clause in the policy enables DPC to recover
directly from the reinsurers). It appears, however, (at least we speculate)
that UI has suddenly become uncomfortable with the anomaly, that while they
have served DPC a notice of arbitration, the clause limits arbitration to
quantum, not liability. Hence UI's declaratory judgment action in the London
Commercial Court to determine liability. Now, this gives us an option we
didn't have earlier: litigation in the London court since they have submitted
to jurisdiction or arbitration. There are pros & cons to both which we are
discussing with Justin and Peter.
An interesting piece of the puzzle is that UI is now trying to realign the
parties since DPC is the insured seeking recovery. The reason UI wants to
do this is because (i) it would put the burden of proof on DPC as claimant &
(ii) UI as claimant will have a very difficult time meeting its burden of
proof on a dec action because they do not have all the technical information
DPC has.
Pros of litigation: The London court is less likely to permit this
realignment than arbitrators who are typically more lenient in procedural
matters of this type. We also believe the London court will be cheaper (no
cost of 3 arbitrators) and quicker, since there are statutory time lines.
UI has no incentive to resolve this expeditiously and has, at every
opportunity, slowed the arbitration process by rejecting everything DPC
proposes from the number of arbitrators to the names submitted etc. Also, in
the London court, there is a strong possibility DPC can get an advance
security for attorneys' fees as the defendant, which is not possible in
arbitration.
Downside of litigation: It is less likely that DPC can litigate directly
against the reinsurers for procedural reasons. Furthermore, DPC could
potentially end up in two proceedings: litigation to determine liability &
arbitration to determine quantum which could take longer and be expensive.
Ken Blades believes the loss adjuster stipulated to quantum in a prior
meeting which would enable us to avoid that scenario. Until we see the
document, however, we cannot determine whether the stipulation is
enforceable because of issues of authority etc.
The bottom line is, now that UI has sued us in London court, we have a choice
we didn't have before. We plan to obtain Ken's document re the stipulation,
send a letter to UI and then see their reaction before we decide. Now that
we've been served it just shortens our time limit to do this. I'm inclined
to go the litigation route, but I want to see that stipulation document first
and discuss with Linklaters its value either as an enforceable agreement or
its strength as evidence of quantum. Call me if you have questions. In the
meantime I'll keep you informed.
Michelle
---------------------- Forwarded by Michelle Blaine/ENRON_DEVELOPMENT on
12/21/99 03:38 PM ---------------------------
Robert C Williams
12/21/2000 09:09 AM
To: Michelle Blaine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Insurance Claim under CAR/DSU Policy
Michelle, this looks like yours.
---------------------- Forwarded by Robert C Williams/ENRON_DEVELOPMENT on
12/21/2000 09:16 AM ---------------------------
Sandeep Katwala
12/21/2000 01:51 AM
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob Walls/NA/Enron@Enron,
Robert C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Insurance Claim under CAR/DSU Policy
Gentlemen,
Santa is really working overtime as far as we are concerned. Peter Cornell
will be preparing a response and I am working with Suhas to get all this in
train. This is not the easiest time to collate all the information we require
to put a response together given the holiday but the clock is running. Will
get back to you as soon as I can once we have got our thoughts in order as to
the way forward.
Sandeep
---------------------- Forwarded by Sandeep Katwala/ENRON_DEVELOPMENT on
12/21/2000 01:13 PM ---------------------------
Suhas Tuljapurkar
12/20/2000 06:17 PM
To: Sandeep Katwala/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Kraske/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mukesh Tyagi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mohan
Gurunath/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Krishna
Murthy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Insurance Claim under CAR/DSU Policy
We have been served with a Claim Form issued by the Commercial Court in
London in respect of above claim. The service (alongwith the order of the
Court & an acknowledgement form ) has been effected through Mulla & Mulla
acting under the instructions of M/s Beachcroft Wansbroughs on behalf of UII.
We shall be collecting and collating the necessary back up documents so as to
submit the Claim Form within stipulated period of 23 days.
I am connecting the hard copies . |
In his comments, Hoecker asks Congress to give FERC retroactive refund
authority. By the way this article is wrong about the refund effective
date. The current refund effective date is 60 days from the date FERC's
order was published in the Federal Register. It was pushed on August 30, so
if in a future order the Commission were to require refunds, they would be
calculated beginning October 29th.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/05/2000 11:43 AM
---------------------------
Enron Capital & Trade Resources Corp.
From: "Ronald Carroll" <rcarroll@bracepatt.com>
10/05/2000 07:51 AM
To: <mary.hain@enron.com>, <smara@enron.com>,
<seabron.adamson@frontier-economics.com>, <cfi1@tca-us.com>
cc:
Subject: Electric Power Plus Article re FERC Chairman Hoecker's Congressional
Testimony
Law changes needed for retroactive refunds
FERC'S Hoecker Asks Congress For Broader Authority
_______________________________________________
Date: October 2, 2000 -
FERC Chairman James Hoecker (D) told a congressional panel that the
commission needs retroactive ratemaking authority to better guard against
market power in a competitive environment. Hoecker also urged the congressmen
to give the commission broader authority to sufficiently oversee the utility
industry's transition to competition.
Hoecker's plea to Congress may not be a welcomed one for California, where
some state officials want the commission to order refunds to customers after
prices in the wholesale market skyrocketed to unprecedented levels this
summer. Although Hoecker has informed California that the commission will
consider refunds as a part of its larger investigation into the state's bulk
power markets, it is clear that currently, the commission does not have that
authority to do so retroactively.
"The [Federal Power Act] would have to be changed," a FERC staffer says.
For its own study -- which began in August -- Hoecker claimed that the
commission, if proven necessary, would consider ordering refunds if market
participants were indeed price gouging. However, the Federal Power Act (FPA)
-- the law that gives the commission much of its authority -- does not
consider retroactive refund authority and clarification of that law is
probably needed to see if the commission can do that.
"If we need to fix market rules or market structures within our jurisdiction,
we will do so," Hoecker told the House Committee on Government Reform Sept.
21. "If market power is being exercised, we will respond accordingly, by
revoking or modifying market-based rates or reassuring the basis upon which
we grant them. We may order refunds to the extent allowed by the FPA, if
refunds are justified by record evidence. However, the FPA defines the
commission's authority, and leaves responsibility for many helpful measures
with California (and other states)."
Currently, the FPA allows the commission to issue refunds for transactions
made 60 days after the commission initiates an investigation, which in this
case would be Oct. 13. However, the law makes no mention of retroactive
ratemaking, and FERC officials admit that to do so, the law needs to be
changed.
"Based upon what I know, the authority of the commission to issue refunds for
any period before 60 days following our [investigation] order is highly
problematic," Commissioner William Massey (D) told Electric Power Alert.
"There are very good arguments that if FERC would try to do that, it would be
unlawful and we would need legislation to do that."
The Government Reform Committee, chaired by Rep. Dan Burton (R-IN), held a
mid-afternoon Sept. 21 hearing to gauge what is being predicted to be a
severe energy crisis this winter. The committee heard testimony from Hoecker,
Energy Secretary Bill Richardson, and Environmental Protection Agency (EPA)
Administrator Carol Browner.
Much of the hearing focused on natural gas and oil markets, but both
Richardson and Hoecker used the meeting as a forum to blast Congress for
failing to pass comprehensive restructuring legislation this year. Richardson
expressed his "disappointment" that nothing passed, while Hoecker claimed
that FERC needs broader authority if it is to guard against market power.
"Congress should place all electric transmission in the continental United
States under the same rules for non-discriminatory open access and comparable
service," Hoecker said. "The commission's open access rules are not binding
on the part of the nation's transmission system . . . owned or controlled by
entities other than public utilities. Open access over the facilities of
public power and other non-public utilities would promote greater competition
in wholesale markets, by expanding trading opportunities for wholesale buyers
and sellers."
Hoecker pointed to FERC's investigation into bulk power markets and
California's energy crisis and claimed that unless the commission receives
clear legislative direction, FERC will extremely limited in what it could do
to solve the market problems.
"Congress, too, has a role to play in ensuring that consumers are able to
obtain the energy they need at reasonable prices," Hoecker said. "Most
critically, events this summer demonstrate the urgency of enacting
electricity legislation to help resolve remaining impediments to competition.
Federal legislation can establish the ground rules that will lead to adequate
investment in generation and transmission facilities, and higher levels of
reliability which is crucial to the digital economy."
The chairman also urged Congress to give FERC the authority to mandate
regional transmission organization participation and mandate reliability
standards. Currently, the House is considering a bill that would make the
commission a federal backstop for reliability, but most congressional sources
do not expect the bill to pass (see related story).
_source: Electric Power Alert
_date: October 2, 2000
_issue: Vol. 10, No. 20
_title: FERC's Hoecker Asks Congress For Broader Authority
, Inside Washington Publishers |
<html><div style='background-color:'><DIV>
<P><BR><BR></P></DIV>
<DIV></DIV>
<DIV></DIV>>From: marketingDM@sdabocconi.it
<DIV></DIV>>To: "Monika Causholli" <MCAUSHOLLI@HOTMAIL.COM>
<DIV></DIV>>Subject: Re: SDA Bocconi - Masters Division
<DIV></DIV>>Date: Mon, 26 Nov 2001 14:51:39 +0000
<DIV></DIV>>
<DIV></DIV>>Dear Ms. Causholli,
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<DIV></DIV>>From: "Monika Causholli" <MCAUSHOLLI@HOTMAIL.COM>
<DIV></DIV>>To: marketingDM@sdabocconi.it
<DIV></DIV>>Subject: Re: SDA Bocconi - Masters Division
<DIV></DIV>>Date: Wed, 21 Nov 2001 10:47:32 -0800
<DIV></DIV>>
<DIV></DIV>>
<DIV>
<DIV></DIV>>
<P><BR><BR> </P></DIV>
<DIV></DIV>>
<P>My address is for the check card is:</P>
<DIV></DIV>>
<P>Monika Causholli</P>
<DIV></DIV>>
<P>2440 North Boulevard # 5205</P>
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<DIV></DIV>>From: marketingDM@sdabocconi.it
<DIV></DIV>>
<DIV></DIV>>To: mcausholli@hotmail.com
<DIV></DIV>>
<DIV></DIV>>Subject: SDA Bocconi - Masters Division
<DIV></DIV>>
<DIV></DIV>>Date: Tue, 20 Nov 2001 11:17:34 +0000
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>Dear Ms. Causholli,
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>we thank you for the interest shown in our activities.
<DIV></DIV>>
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<DIV></DIV>>Following to your request we inform you that you can pay the
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<DIV></DIV>>check in Euro. Please, refer to you bank for the change rate as it is
<DIV></DIV>>
<DIV></DIV>>not fix.
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<DIV></DIV>>About check card and envelopes we can send it to you, so please send
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<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>You need to send your original transcripts and reference letter via
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<DIV></DIV>>mail, so that you can complete just you application for admission
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<DIV></DIV>>online.
<DIV></DIV>>
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<DIV></DIV>>Our MBA Progarmme is opened to graduates of every discipline
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<DIV></DIV>>For any further information, please, do not hesitate to contact us.
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<DIV></DIV>>
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<DIV></DIV>>
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<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>
<DIV></DIV>>------- Forwarded Message Follows -------
<DIV></DIV>>
<DIV></DIV>>From: "Monika Causholli" <MCAUSHOLLI@HOTMAIL.COM>
<DIV></DIV>>
<DIV></DIV>>To: mcf@sdabocconi.it
<DIV></DIV>>
<DIV></DIV>>Subject: Questions for the master
<DIV></DIV>>
<DIV></DIV>>Date: Sun, 18 Nov 2001 21:23:59 -0800
<DIV></DIV>>
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<P>I am interested for the master's degree at Bocconi and I have a few questions regarding the application below:</P>
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Get your FREE download of MSN Explorer at <A href="http://go.msn.com/bql/hmtag_itl_EN.asp">http://explorer.msn.com</A><BR>
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This is the David's answer:
The only one that I can think of that may be of use is the "CES Volume
Comparison" report ... that is the one that ya'll had for January that showed
all of the purchases and sales, by pipeline. It is available for any month.
The reports that I regularly used were for helping to clean up current month
activity, which would not be of any use to you.
David
---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/11/2000
11:05 AM ---------------------------
Enron North America Corp.
From: Ami Chokshi 01/11/2000 09:02 AM
To: dscott1@columbiaenergygroup.com
cc:
Subject: Re: Request for Application Report List
Hey David,
Could you help me determine the GMS reports that I may need. Thanks for your
help.
Ami
---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/11/2000
09:01 AM ---------------------------
Daren J Farmer@ECT
01/06/2000 03:58 PM
To: Ami Chokshi/Corp/Enron@ENRON
cc:
Subject: Re: Request for Application Report List
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 01/06/2000
03:57 PM ---------------------------
Robert Superty
01/06/2000 08:32 AM
To: Katherine L Kelly/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT, Randall L
Gay/HOU/ECT@ECT, George Smith/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON
cc: Heather Choate/HOU/ECT@ECT
Subject: Re: Request for Application Report List
This is a follow up to the earlier email I forwarded regarding CES historical
information. Note the deadline of 1/15, I believe that should be Friday 1/14
so I need your responses by Thursday 1/13.
Please fill out the spreadsheet for each area and forward back to me. I will
consolidate our responses from a Logistics perspective. Lets have them add
everything they need and if challenged we can re-review later.
Thanks - Bob
---------------------- Forwarded by Robert Superty/HOU/ECT on 01/06/2000
08:24 AM ---------------------------
From: Bryce Baxter 01/05/2000 12:00 PM
To: Sheri Thomas/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Mark
Friedman/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Bob Klein/HOU/ECT@ECT,
Georgeanne Hodges/HOU/ECT@ECT, Lisa Csikos/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT
cc: Inja Chun/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Tommy J
Yanowski/HOU/ECT@ECT, Susan Harrison/HOU/ECT@ECT, Lawrence R
Daze/HOU/ECT@ECT, Pamela Chambers/Corp/Enron@Enron, jpeeple@columbienergy.com
Subject: Re: Request for Application Report List
Last month Richard Burchfield sent us the following list of reports that are
available from CES's systems. IT is working on a way to secure an electronic
copy of the required reports and making them available to us online via the
electronic document management system. While ENA is not liable for pre-2000
business, we may need to assist with research as issues arise. In order to
get the ball rolling, we need to get a list together of the reports we need.
Please fill out the attached spreadsheet and list any reports that you need
and return it to me by Friday, 1/15/2000. If you do not want any reports,
please send me an Email letting me know that. I have included samples of how
to fill this out, and if you have any questions please give me a call.
If you aren't sure which reports you need based on the names, please get with
any CES employees you have hired or with a CES transition employee to get
clarification. If you need samples of any of these reports please let my
assistant, Pam Chambers, know and she will coordinate getting a sample report
printed for you.
In addition, I will need a list of the users and their logonid's who will
need to have access to this data. Please send that to me by the 15th as
well.
Thanks, Bryce
Richard Burchfield
12/01/99 04:58 PM
To: Sheri Thomas/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, Mark Friedman/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT,
Tommy J Yanowski/HOU/ECT@ECT, Bob Klein/HOU/ECT@ECT, Bryce
Baxter/HOU/ECT@ECT, Georgeanne Hodges/HOU/ECT@ECT
cc:
Subject: Re: Request for Application Report List
All,
Below is attached the report list for CES.
Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 12/01/99
03:48 PM ---------------------------
cdeaton@columbiaenergygroup.com on 12/01/99 01:25:37 PM
To: Richard Burchfield/HOU/ECT@ECT
cc: " - *Peeples, Jeff" <jpeeple@columbiaenergygroup.com>,
" - *Licarione, Linda" <llicari@columbiaenergygroup.com>
Subject: Re: Request for Application Report List
Please see the attached for the Altra GMS report listing. Please forward any
additional questions relating to Altra GMS to Linda Licarione (713-693-2845)
or
Jeff Peeples (713-693-2597). Thanks.
Linda Licarione
12/01/99 01:04 PM
To: Clay Deaton/CES/ColumbiaGas@ColumbiaGas
cc:
Subject: Request for Application Report List
Attached is a list of 210 reports from Altra GMS. Please note that we may not
be using all of these reports. If you need me to scale this down to those
currently being used, I will need to do a bit of analysis. Many of the base
reports, those denoted in the spreadsheet with filename-location (1st column)
=
master.mdb are not currently being used at CES. Let me know if you have any
questions.
---------------------- Forwarded by Linda Licarione/CES/ColumbiaGas on
12/01/99
12:58 PM ---------------------------
Clay Deaton
11/30/99 01:27 PM
To: Linda Licarione/CES/ColumbiaGas@ColumbiaGas
cc:
Subject: Request for Application Report List
Can you provide me with a complete list of GMS reports?
---------------------- Forwarded by Clay Deaton/CES/ColumbiaGas on 11/30/99
01:26 PM ---------------------------
rburchf@ect.enron.com on 11/30/99 10:36:11 AM
Please respond to rburchf@ect.enron.com
To: Clay Deaton/CES/ColumbiaGas@COLUMBIAGAS
cc: csulliv@ect.enron.com, bprice@ect.enron.com
Subject: Request for Application Report List
Clay,
I have had several requests from the ENA business groups. now that the
agreement has been finalized, for report lists from your key applications,
those
being, Altra GMS and Risk Works( there may be others as people become more
aware). There will be a need for information for ENA to manage contracts as we
go through he transition period. We feel this would be an easier process to
work
through if ENA knows what kind of information they can request as we go
through
the transition.
Thanks, Richard
- GMS_ReportListing by Header.xls |
Jim, please see me about this issue. As you can see, Leslie and I have been working extensively with Stephanie Miller for the last few weeks as she is trying to find a way to get rid of our 200,000 MMBtu/day of Block 2 capacity on El Paso. In fact, I provided Stephanie an analysis of the regulatory history as far back as last March, even before we signed up for the capacity. You will probably be getting some questions about it from Barry or maybe even Lavarato before too long since getting rid of this asset is very high on their priority list. I wanted you to be up to speed on our input so far.
-----Original Message-----
From: Lawner, Leslie
Sent: Wednesday, September 05, 2001 12:40 PM
To: Cantrell, Rebecca W.; Miller, Stephanie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
The CPUC was heavily involved in the settlement and their interest is making sure that northern CA has access to the SJ supplies. Their concern is not the same as PG&E's. And to the extent anything is agreed to, reopening the settlement is an enormous can of worms, and I don't think we want to go there. We would have to be able to structure a side deal to where PG&E and SoCal are in agreement that the recall rights they got in the settlement can be waived.
-----Original Message-----
From: Cantrell, Rebecca W.
Sent: Wednesday, September 05, 2001 11:23 AM
To: Miller, Stephanie
Cc: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Steph - Leslie and I were just talking about this, and one thing we need to keep in mind is that any attempt to modify the PG&E recall rights would almost certainly be opposed by the CPUC, especially if it was to benefit Enron.
-----Original Message-----
From: Lawner, Leslie
Sent: Wednesday, September 05, 2001 12:07 PM
To: Miller, Stephanie
Cc: Cantrell, Rebecca W.
Subject: FW: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
I thought you understood from my email and phone call that I was going to track down El Paso's interpretation of the 24 hours recall rights. Regulatory treatment of the 58 million by PG&E is a CPUC issue. I just talked to Becky and I don't have a good response to the question of whether our capacity could replace expansion capacity in light of the dueling recall rights, but I will think about it and talk to Becky some more.
-----Original Message-----
From: Lawner, Leslie
Sent: Tuesday, September 04, 2001 11:04 AM
To: Miller, Stephanie
Cc: Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
As to the 24-hour recall, I can only tell you what the FERC order says, I have no special knowledge of how El Paso and the parties intended the 24 recall to work. The order is fairly terse, and just says "and if it so recalled (by PG&E), that Enron may further recall the capacity for its own use in the PG&E service territory upon 24 hours notice." The language says to me that you can recall it 24 hours before you want to use it. However, I can call El Paso and find out how they interpret it.
As to the "traditional rate making" valuation of the $58 million, I have to confess I don't understand what you mean. PG&E paid the 58 million as part of a negotiated settlement. Typically that is part of a black box settlement, meaning that revenue dollars are not tracked to particular costs. We can pull the settlement and see if it stipulates some sort of treatment, but I would doubt it. If your question relates to how PG&E is tracking that expense in a regulatory sense, perhaps Jeff Dasovich can find out.
-----Original Message-----
From: Miller, Stephanie
Sent: Tuesday, September 04, 2001 8:17 AM
To: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
When is the 24 hour notice on re-recall effective - 24 hours from the day of recall (varies depending on term) or 24 hours before the recall is supposed to start?
How would you value what's left of the $58 million that PG&E paid based upon traditional rate making policies? I believe there are at least 5 years left on the term of the settlement.
Please call if you have any questions,
Regards,
Stephanie
-----Original Message-----
From: Lawner, Leslie
Sent: Thursday, August 30, 2001 1:19 PM
To: Miller, Stephanie; Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Here is a short memo. do you need more?
<< File: Stephaniememo.doc >>
-----Original Message-----
From: Miller, Stephanie
Sent: Thursday, August 30, 2001 11:28 AM
To: Lawner, Leslie
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
We you able to pull together a clear, definitive conclusion on how the RE-recall rights work?
I was not able to - hence my mission for greater clarification of specifics....
-----Original Message-----
From: Lawner, Leslie
Sent: Thursday, August 30, 2001 12:26 PM
To: Miller, Stephanie; Cantrell, Rebecca W.
Subject: RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
I looked over all the orders and the contracts and I agree with both of your interpretation of the recall rights of Block II. PG&E did not make a very smart deal for $58 million.
-----Original Message-----
From: Miller, Stephanie
Sent: Friday, August 24, 2001 8:27 AM
To: Cantrell, Rebecca W.; Lawner, Leslie
Subject: June 11 order on Rehearing: RP00-241-000 and RP00-241-004
Page 12 talks about Recall rights - good discussion but still short on re-recall rights. |
---------------------- Forwarded by Chris Abel/HOU/ECT on 01/28/2000 08:43 AM
---------------------------
Chris Abel <cabel@hal-pc.org> on 01/19/2000 11:46:57 AM
To: Chris Abel/HOU/ECT@ECT
cc:
Subject: FW: [Fwd: Things I'm Glad I Didn't Say]
-----Original Message-----
From: Abellink@aol.com [SMTP:Abellink@aol.com]
Sent: Saturday, January 22, 2000 6:19 PM
To: cabel@hal-pc.org; jeffrey@lxnet.com; meliage@lcc.net; Ekb8004910@aol.com;
DChar19067@aol.com; djste@ttacs1.ttu.edu; bcrews1@elp.rr.com;
srdyrenf@fuse.net;
medsociety@abilene.com; patevans@plano.net; RFBadbob@aol.com;
chasg@ix.netcom.com; KrisG72@aol.com; rgarrett@pocketmail.com;
rgray@bitstreet.com; TexasGammy@webtv.net; EDD0443@aol.com;
jlaroe@k-online.com;
merriman@neosoft.com; RMilu@aol.com; edie_obrien@valic.com; Dcdp1126@aol.com;
ninnyfon@texas.net; MASMITH@admin.pom.devry.edu; Danawardel@aol.com;
shari_wolda@baylor.edu; jzz2@juno.com
Subject: Fwd: [Fwd: Things I'm Glad I Didn't Say]
In a message dated 01/21/2000 5:46:48 PM Central Standard Time,
suzanne@strategic-hou.com writes:
<< :
Subject: [Fwd: Things I'm Glad I Didn't Say]
1. Question: If you could live forever, would you and why?
Answer: "I would not live forever, because we should not live
forever, because if we were supposed to live forever, then we would live
forever, but we cannot live forever, which is why I would not live
forever."
---Miss Alabama in the 1994 Miss USA contest
2. "Whenever I watch TV and see those poor starving kids all over the
world, I can't help but cry. I mean I'd love to be skinny like that but
not
with all those flies and death and stuff."
---Mariah Carey
3. "Researchers have discovered that chocolate produces some of the
same
reactions in the brain as marijuana. The researchers also discovered
other
similarities between the two, but can't remember what they are."
---Matt Lauer on NBC's Today Show, August 22
4. "I haven't committed a crime. What I did was fail to comply with the
law."
---David Dinkins, New York City Mayor,
answering accusations that he failed to pay his taxes.
5. "Smoking kills. If you're killed, you've lost a very important part of
your
life."
---Brooke Shields, during an interview to become spokesperson for a
federal antismoking campaign.
6. "I've never had major knee surgery on any other part of my body."
---Winston Bennett, Univ. of KY basketball forward
7. "Outside of the killings, Washington has one of the lowest crime rates in
the country."
---Mayor Marion Barry, Washington, DC
8. "We're going to turn this team around 360 degrees."
---Jason Kidd, upon his drafting to the Dallas Mavericks
9. "I'm not going to have some reporters pawing through our papers.
We
are the president."
---Hillary Clinton commenting on the release of subpoenaed documents.
10. "China is a big country, inhabited by many Chinese."
---Former French President Charles De Gaulle
11. "That lowdown scoundrel deserves to be kicked to death by a jackass, and
I'm just the one to do it."
---A Congressional Candidate in Texas
12. "It isn't pollution that's harming the environment. It's the
impurities in our air and water that are doing it."
---Former U. S. Vice-president Dan Quayle
13. "Without censorship, things can get terribly confused in the public
mind."
---General William Westmoreland
And last but not least-a parting word from Dan Quayle:
14. "I love California. I practically grew up in Phoenix."
>>
From: "suzanne@strategic-hou.com" <suzanne@strategic-hou.com>
To: "abellink@aol.com" <abellink@aol.com>, "eneadams@aol.com"
<eneadams@aol.com>, "kdominy@mail.batesww.com"
<kdominy@mail.batesww.com>,
"lucon1015@aol.com" <lucon1015@aol.com>, "jmlester@flash.net"
<jmlester@flash.net>, "pvecellio@aol.com" <pvecellio@aol.com>
To: "kelmormil@aol.com" <kelmormil@aol.com>, "danawardel@aol.com"
<danawardel@aol.com>, "ksl_c@hotmail.com" <ksl_c@hotmail.com>
Subject: [Fwd: Things I'm Glad I Didn't Say]
Date: Fri, 21 Jan 2000 17:45:55 -0600
MIME-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
Content-Transfer-Encoding: 7bit
---------------------- Forwarded by on 01/21/2000 05:44 PM
---------------------------
Doug Sihvonen
01/21/2000 07:37 AM
To:
cc:
Subject: [Fwd: Things I'm Glad I Didn't Say]
1. Question: If you could live forever, would you and why?
Answer: "I would not live forever, because we should not live
forever, because if we were supposed to live forever, then we would live
forever, but we cannot live forever, which is why I would not live
forever."
---Miss Alabama in the 1994 Miss USA contest
2. "Whenever I watch TV and see those poor starving kids all over the
world, I can't help but cry. I mean I'd love to be skinny like that but
not
with all those flies and death and stuff."
---Mariah Carey
3. "Researchers have discovered that chocolate produces some of the
same
reactions in the brain as marijuana. The researchers also discovered
other
similarities between the two, but can't remember what they are."
---Matt Lauer on NBC's Today Show, August 22
4. "I haven't committed a crime. What I did was fail to comply with
the
law."
---David Dinkins, New York City Mayor,
answering accusations that he failed to pay his taxes.
5. "Smoking kills. If you're killed, you've lost a very important part
of
your life."
---Brooke Shields, during an interview to become spokesperson
for
a federal anti-smoking campaign.
6. "I've never had major knee surgery on any other part of my body."
---Winston Bennett, Univ. of KY basketball forward
7. "Outside of the killings, Washington has one of the lowest crime
rates
in the country."
---Mayor Marion Barry, Washington, DC
8. "We're going to turn this team around 360 degrees."
---Jason Kidd, upon his drafting to the Dallas Mavericks
9. "I'm not going to have some reporters pawing through our papers.
We
are the president."
---Hillary Clinton commenting on the release of subpoenaed
documents.
10. "China is a big country, inhabited by many Chinese."
---Former French President Charles De Gaulle
11. "That lowdown scoundrel deserves to be kicked to death by a
jackass,
and I'm just the one to do it."
---A Congressional Candidate in Texas
12. "It isn't pollution that's harming the environment. It's the
impurities in our air and water that are doing it."
---Former U. S. Vice-President Dan Quayle
13. "Without censorship, things can get terribly confused in the public
mind."
---General William Westmoreland
And last but not least -- a parting word from
Dan Quayle:
14. "I love California. I practically grew up in Phoenix." |
TODAY'S HEADLINES
The New York Times on the Web
Wednesday, May 9, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com
QUOTE OF THE DAY
=========================
"Classically, the eyewitness is the king of the trial
process. It was very hard for the courts to say scientific
inquiry could call into question a person who has direct
evidence to give."
- PROF. PAUL G. CHEVIGNY, of New York University, on a state ruling about
challenges
to eyewitness testimony.
Full Story:
http://www.nytimes.com/2001/05/09/nyregion/09WITN.html
NATIONAL
=========================
Gains Found for the Poor in Rigorous Preschool
http://www.nytimes.com/2001/05/09/national/09SCHO.html
In Study of Nation's Worst Traffic, New York Must Yield
http://www.nytimes.com/2001/05/09/national/09TRAF.html
Bomb's Effects Linger Along Road to Infamy
http://www.nytimes.com/2001/05/09/national/09ROUT.html
Bargaining Is Under Way in Spying Case of F.B.I. Man
http://www.nytimes.com/2001/05/09/national/09SPY.html
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POLITICS
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Blacks and Hispanics in House Balk on Campaign Finance Bill
http://www.nytimes.com/2001/05/09/politics/09DONA.html
Impeachment Figure in Line for Drug Enforcement Post
http://www.nytimes.com/2001/05/09/politics/09DRUG.html
Bush to Nominate 11 to Judgeships
http://www.nytimes.com/2001/05/09/politics/09JUDG.html
House Threatens to Hold Back U.N. Dues for Loss of Seat
http://www.nytimes.com/2001/05/09/world/09NATI.html
INTERNATIONAL
=========================
House Threatens to Hold Back U.N. Dues for Loss of Seat
http://www.nytimes.com/2001/05/09/world/09NATI.html
Military Analysis: U.S. Weighing Future of Arms Pacts
http://www.nytimes.com/2001/05/09/world/09ARMS.html
Rumsfeld Plan Skirts Call for Stationing Arms in Space
http://www.nytimes.com/2001/05/09/world/09SPAC.html
China Says It Won't Let U.S. Spy Plane Fly Home
http://www.nytimes.com/2001/05/09/world/09PLAN.html
BUSINESS
=========================
Utility Says Prices of Gas Were Inflated
http://www.nytimes.com/2001/05/09/business/09GAS.html
Management: Telecommuting's Big Experiment
http://www.nytimes.com/2001/05/09/technology/09TELE.html
Northrop Grumman Joins Bidding for Shipbuilder
http://www.nytimes.com/2001/05/09/business/09SHIP.html
After 6 Years, First-Quarter Productivity Fell in U.S.
http://www.nytimes.com/2001/05/09/business/09ECON.html
TECHNOLOGY
=========================
Cisco Takes $3 Billion Charge and Posts Its First Loss
http://www.nytimes.com/2001/05/09/technology/09CISC.html
Management: Telecommuting's Big Experiment
http://www.nytimes.com/2001/05/09/technology/09TELE.html
Comcast Shows Profit as Customer Base Surges
http://www.nytimes.com/2001/05/09/technology/09CABL.html
Education: School District Buys 23,000 Laptops
http://www.nytimes.com/2001/05/08/technology/09EDUCATION.html
NEW YORK REGION
=========================
Despite Denial, Torricelli Helped in Donor's Deal
http://www.nytimes.com/2001/05/09/politics/09INQU.html
Court Opens Door to Data on Eyewitness Fallibility
http://www.nytimes.com/2001/05/09/nyregion/09WITN.html
Tales of New York Divorce: Breakups and the Turf Wars
http://www.nytimes.com/2001/05/09/nyregion/09DIVO.html
Sharpton Gives Ferrer a List of Conditions
http://www.nytimes.com/2001/05/09/nyregion/09MAYO.html
SPORTS
=========================
Twins' Milton and Guzman Tame Yankees
http://www.nytimes.com/2001/05/09/sports/09YANK.html
Baseball, Not Revenge, in the Bronx
http://www.nytimes.com/2001/05/09/sports/09VECS.html
Mets' Starters Find It's Not Pretty at Coors Field
http://www.nytimes.com/2001/05/09/sports/09METS.html
Johnson Is Third Pitcher to Strike Out 20
http://www.nytimes.com/aponline/sports/AP-BBN-Reds-Diamondbacks.html
ARTS
=========================
Latin Cinema Is Finding Its Voice
http://www.nytimes.com/2001/05/09/arts/09LATI.html
A New Show at the Apollo Raises Hopes in Harlem
http://www.nytimes.com/2001/05/09/arts/09APOL.html
'About Adam': Adam Romances Eve and Her Sisters
http://www.nytimes.com/2001/05/09/arts/09ADAM.html
'Conquistadors': PBS Examines the Spanish Invasion of the
New World
http://www.nytimes.com/2001/05/09/arts/09GENZ.html
OP-ED COLUMNISTS
=========================
By PAUL KRUGMAN: The Unrefined Truth
A look at the causes of the current gasoline shortage
suggests that conservation ought to be a major element in
our energy strategy.
http://www.nytimes.com/2001/05/09/opinion/09KRUG.html
By MAUREEN DOWD: Donna, Prima Donna
The mayor of New York City and his wife are locked in a
titanic twilight struggle over a house they don't even own.
http://www.nytimes.com/2001/05/09/opinion/09DOWD.html
HOW TO CHANGE YOUR SUBSCRIPTION
------------------------------------------------------------
You received these headlines because you requested The New
York Times Direct e-mail service. To cancel delivery, change
delivery options, change your e-mail address or sign up for
other newsletters, see http://www.nytimes.com/email
HOW TO ADVERTISE
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other creative advertising opportunities with The New York
Times on the Web, please contact Alyson Racer at
alyson@nytimes.com or visit our online media kit at
http://www.nytimes.com/adinfo |
Tom,
Reading thourgh my mail and came to your newest note. Thanks again for the
communication.
Like I said in earlier note, things seem pretty normal. Stores without
electricty, but open. No one seems to be hoarding. Indeed, except for lack
of electricity I really wouldn't know anything happened, and I walked around
for a couple hours, covering some ground.
It was strange, but I had great trouble getting to sleep last night and
probably only did so minutes before the quake. Next couple hours was spont
outdoors with the rest of my neighbors. Took a pretty good walk then, too,
and again saw little damage (though admittedly it was the middle of the
night). The one good thing is that for the first time in my stay here the
stars were all out, as the city had gone dark. Quite an experience.
More later,
Mark
>From: <tskilling@tribune.com>
>To: "Mark Skilling" <markskilling@hotmail.com>, tomskilljr@aol.com
>Subject: UPDATE before heading home for the night---12:15 am CDT TUES
>Date: Tue, 17 Aug 1999 00:34:10 -0500
>
> Dear Mark,
> Just finished the late news (it's past midnight here)---but
> wanted to check in one last time and will monitor the internet here
>at
> work for future communications from you as they become possible. Mom
> and Dad are on following this on-line as well. I called them the
> minute the bulletins started coming across on the earthquake and Mom
> saw it on television shortly afterward. We had CNN video of some of
> the victims on our midnight news tonight so we're just starting to
>see
> what has happened there.
> AP is now saying at least 100 are dead and reporting that at
> least 20 buildings in Istanbul have crumbled. I guess Izmit 70 miles
> east of you in Instabul(you'll know where these cities are) has been
> hardest hit with 80 of the 100 deaths there. And an oil refinery is
> said to be on fire in the city of Bursa where six are reported dead.
> If this story is like so many others at this point, we're only
> starting to get the picture.
> It sounds like a mess--and the aftershocks are always said to be
> frightening. We're all very concerned about you after this,
>Mark---but
> I can't begin to tell you how relieved we were to hear from you. I
> hope you're really all right. We know communications are apt to be
> sporadic in coming days but we'll await word on how you're doing---I
> couldn't get over the fact you were able to get through to us so
> quickly. I know battery power for your laptop is at a premium and
> that you'll be carefully using your PC--providing the phone lines
>hold
> up---they're saying there are a lot of lines down. I didn't realize
> Istabul was so big---a city of 12-million (learned that on the wires)
> but have no idea how sophisticated or well equipped the Turkish
>rescue
> teams are nor how extensive the damage has been---will food become
> short, when will electricity be restored, etc.???? We're concerned
> about you Mark. Please be careful and take care of yourself and
> communicate as you're able. You're on our minds.
> We love you Mark. Will close for now--but will keep in touch.
>
> Tom
>
>
>______________________________ Reply Separator
>_________________________________
>Subject: Re: earthquake---are you all right?
>Author: "Mark Skilling" <markskilling@hotmail.com> at Internet_TCO
>Date: 8/16/99 8:12 PM
>
>
>Just got on line. Surprised it was possible. Electricity out, so probably
>only us with battery powered lap tops clogging things up.
>
>Everything ok here, so far. Got a pretty good shake. Was out in the
>streets for a couple of hours, with everyone else. My neighborhood up on
>solid rock, so things looked mostly ok. Lots of old and bad construction
>here; stones in the street. One upper floor (abandoned) apartment half a
>block from here collapsed and much debris in the stereets. No apparent
>injuries, however, in my neighborhood. Unfortunately, other areas not so
>lucky. Saw 6.7 estimate for Izmit, the center, here (one place I passed
>had
>a genertor and had a tv out for everyone to see). Passed women praying,
>men
>reading Koran, most just huddled in groups talking. Strange being in the
>middle of it all with limited ability to communicate. Know a few folks in
>neighborhood and we had a few basic chats, though its amazing how much I
>learned even from them. Already knew the Turkish word for earthquake,
>which
>is depram (revolution is devrim) and came in handy.
>
>A few seagulls just went by and I think a neighbor down stairs up and
>about;
>mistook that comotion for an aftershock. A little rattled myself; much
>like
>after SF quake. I think memory of that still deep seeded in my
>subconscious.
>
>Again, this new technology amazes. Better get off and save my battery.
>May
>need it.
>
>Thanks for the note. It was good to see your messages there. I'll send
>this to the rest of the family, but if they call tell them I'm ok and
>worried about them worrying about me.
>
>Love,
>
>Mark
>
>
>
> >From: <tskilling@tribune.com>
> >To: "Mark Skilling" <markskilling@hotmail.com>
> >Subject: Re: earthquake---are you all right?
> >Date: Mon, 16 Aug 1999 21:55:16 -0500
> >
> > Mark--
> > Have just received word of the earthquake there. Reports are
> > preliminary but they are reporting it hit just after 3AM your time
> >and
> > that buildings have collapsed and there are deaths--though they
> > haven't said how many. It's being estimated at 7.1.
> > I've called Mom and Dad---clearly, Mark, we're very concerned.
> > Let us know you're all right.
> > Have been meaning to get to you to say hello. Hvae been
>following
> > your e-mails.
> > We're told phone lines are out--so haven't any idea when this
> > might get to you. Please let us know you're all right.
> > Thanks Mark.
> >
> > Love,
> > Tom
> >
>
>
>______________________________________________________
>Get Your Private, Free Email at http://www.hotmail.com
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com |
Tana/Karen/Kelly:
Credit (Tom Moran) has approved copying the profiles for the following new
product types; US Newsprint Fin Swap, US Packaging Fin Swap, US Recycled
ONP#8 Fin Swap and US Recycled OCC #11 Fin Swap from the following:
US Paper Fin Swap
Credit (Tom Moran) has approved copying the profile for the new product type,
US OSB Fin Swap, from the following:
US Lumber Fin Swap
Please respond by 5 p.m. today, Tuesday, March 27.
Thank you.
Stephanie
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 03/27/2001
02:29 PM ---------------------------
Enron North America Corp.
From: Kevin Meredith @ ENRON 03/23/2001 08:24 AM
To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Bjorn
Hagelmann/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Tom
Moran/HOU/ECT, Shari Mao/HOU/ECT@ECT, Charlie Hoang/HOU/ECT, Laurie
Lee/NA/Enron
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT,
Melba Lozano/HOU/ECT@ECT
Subject: EOL PRODUCT TYPE APPROVAL for 5 Financial product types (Clickpaper
to EOL migration)
Your review and approval of the following 5 product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail). If you have any questions please call
me at ext. 39555.
US Newsprint Fin Swap USD/MT/M
A US Newsprint Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.
US Packaging Fin Swap USD/ST/M
A US Packaging Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.
US Recycled ONP #8 Fin Swap USD/ST/M
A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
US Recycled OCC #11 Fin Swap USD/ST/M
A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
US OSB Fin Swap USD/MSF
A US OSB Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
==============================================================================
=====
STEPS FOR APPROVAL:
click the START button
select PROGRAMS
select TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE: Right mouse click on "Approved" |
Sorry, I should have included you on copy list.
Regards, Bruce
---------------------- Forwarded by Bruce Harris/NA/Enron on 12/13/2000 09:23
AM ---------------------------
Bruce Harris
12/13/2000 09:29 AM
To: Sheila Glover/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Robert H
George/NA/Enron@Enron, Donna Lowry/HOU/ECT@ECT
cc: Bruce Harris/NA/Enron@Enron
Subject: Re: Next steps with Copel shares
Ok.
FYI--we are still having discussions as to what exactly we are going to do
with the shares now that they are directly held in the Corp. vault by Enron
Brazil Power Holding XII. I suspect that what we will do will be to just
keep all the shares in XII and put them into the brokerage account, with some
sales occurring over time going forward. If this plan is agreed to, then
early next week we can call BONY together with Morgan Stanley (our prime
broker?) and work out a streamlined settlement procedure so that MS is
assured that shares will be delivered.
Regards, Bruce
To: Bruce Harris/NA/Enron@Enron
cc:
Subject: Re: Next steps with Copel shares
Bruce,
Please add theresa brogan to the distribution list. Theresa manages the
Equity Trading Group.
Thanks, Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 12/13/2000 09:13
AM ---------------------------
Lynn Aven@ENRON
12/12/2000 10:04 AM
To: Bruce Harris/NA/Enron@Enron
cc: Robert H George/NA/Enron@Enron, Kay Young/HOU/ECT@ECT, Dan
Boyle/Corp/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Kent
Castleman/NA/Enron@Enron, Bruce Harris/NA/Enron@Enron, Sheila
Glover/HOU/ECT@ECT, Edward E Graham/SA/Enron@Enron, Rick
Hopkinson/NA/Enron@Enron, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Next steps with Copel shares
Bruce Harris:
We do not need to set up a new Cayman entity to transfer the two certificates
for 1.25M to. We achieve no US tax benefit for transferring or holding the
shares in a Cayman entity.
I propose that EBPH XII obtain the two certificates and then distribute those
certificates to Enron South America LLC, the sole shareholder of EBPH XII.
The value of the certificates at the date of transfer will determine the US
tax treatment. Given the liquidity discount surrounding the stock, using
the screen price on the date of the transaction is probably not a good
indicator of the fair market value. For tax purposes, we will assume the
value to be the historical cost basis since recent trades have been in a
narrow band on either side of that value. If the first 1.25M certificate
is sold shortly after the transfer to Enron South America LLC, we will need
to adjust the transfer price since the sales price to a third party will be a
valid indicator of what the fair market value was on the date of the
distribution..
If the ultimate transfer price is higher than the tax basis, EBPHXII will
recognize taxable income and pay US tax on the gain in the year the
distribution was made to Enron South America LLC. This would result in
reporting a tax expense in 2000 and perhaps book income in 2001 if that sale
takes place after the end of the year.
If the value on the date of the transfer is ultimately determined to be less
than the historical tax basis, the distribution to Enron South America LLC
will result in there being unrecovered basis in EBPH XII.
If the shares are sold by EBPH XII to affiliated Cayman companies, the same
valuation issues exist with the same potential for recognition of US gain on
the sale from EBPH XII to an affiliated. Distributing the shares to Enron
South America LLC will be much easier.
Lynn
Bruce Harris
12/08/2000 11:31 AM
To: Robert H George/NA/Enron@Enron, Kay Young/HOU/ECT@ECT
cc: Dan Boyle/Corp/Enron@Enron, Lynn Aven/NA/Enron@Enron, Joe
Kishkill/SA/Enron@Enron, Kent Castleman/NA/Enron@Enron, Bruce
Harris/NA/Enron@Enron, Sheila Glover/HOU/ECT@ECT, Edward E
Graham/SA/Enron@Enron, Rick Hopkinson/NA/Enron@Enron, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Next steps with Copel shares
Robert and Kay, thanks for all your work on getting the shares moved out of
Brazil and into the parent CayCos. I understand that by sometime early next
week the physical ADR certificates will be returned by BONY to the Enron
vault.
Here is what we now need to do:
1. We are going to need to send one certificate back to BONY and split it
into three new certificates. Two certificates will be for approximately
1.25M shares each, the balance for about 5M shares.
2. We need to form a new CayCo and sell or otherwise transfer (capital
split?) the two 1.25M tranches to this NewCo. This needs to happen next week.
3. Pending Dan Boyle's structuring efforts and an affirmative Corp. decision
(supervised by Joe Kishkill), the two existing CayCos which now own the Copel
shares will be sold into Whitewing Fund. That means about 12.5M shares will
go to Whitewing and the certificates will remain in the vault. This would
happen last week of the year--if it happens (there are actually about
15,443,000 total ADRs--I am approximating in this email).
4. The NewCo shares will remain outside this structure entirely. We will need
to put one tranche of 1.25M into a brokerage account--Sheila at this point we
will bring you in for assistance (again, hopefully next week).
5. Robert--we need to work out soon with Sheila, Skadden,and BONY to
establish an efficient mechanism to convert the full 1.25M share certificate
to unrestricted ADRs absent and prior an immediate buyer(s)--or we need to
figure out foolproof mechanics for constantly reissuing new certificates for
every small sale. We will then be looking for effective points to sell these
1.25M shares--and again, Joe Kishkill will provide price/volume targets
(execution via Gary Hickerson's group who has not yet been informed). In 3
months time, we will repeat the process for the other 1.25M tranche.
Robert--please call me so we can determine: (a) how to set up NewCo/transfer
shares, and (b) how to work the 1.25M "unrestriction" with BONY and Skadden.
Regards, Bruce
713-853-0950 |
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