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I agree with Mark's changes and I think the memo is good to go.
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/10/2001
07:25 AM ---------------------------
Mark Schroeder@ECT
04/10/2001 02:29 AM
To: Joseph P Hirl/AP/Enron@ENRON
cc: Eric Shaw/LON/ECT@ECT@ENRON, John Sherriff/LON/ECT@ECT@ENRON, Michael R
Brown/LON/ECT@ECT@ENRON, Richard Shapiro/NA/Enron@ENRON, Steven J
Kean/NA/Enron@ENRON
Subject: Re: Enron Europe Governtal & Regulatory Affairs Organization
Announcement
John does not want to do that in this memo. He is leaving that to a
Houston-originated memo on EBS in Asia and Europe (we have someone for EBS
here now, and are hiring for Singapore, in addition to what is being done
today in Tokyo). thanks mcs
Joseph P Hirl@ENRON
10/04/2001 08:29
To: Mark Schroeder/LON/ECT@ECT
cc: Eric Shaw/LON/ECT@ECT, John Sherriff/LON/ECT@ECT, Michael R
Brown/LON/ECT@ECT, Richard Shapiro/NA/Enron@ENRON, Steven J
Kean/NA/Enron@ENRON
Subject: Re: Enron Europe Governtal & Regulatory Affairs Organization
Announcement
Mark,
How do you want to describe the coordination and oversight of EBS reg affairs
resources in Japan and Asia?
Joe
Joseph P. Hirl
Enron Japan Corp.
81 3 5219 4500
81 3 5219 4510 (Fax)
www.enron.co.jp
Mark Schroeder@ECT
04/10/2001 03:54 PM
To: John Sherriff/LON/ECT@ECT
cc: Eric Shaw/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Joseph P
Hirl/AP/ENRON@ENRON
Subject: Re: Enron Europe Governtal & Regulatory Affairs Organization
Announcement
1 I have left voice messages for Alfredo, Paul Dawson, and Paul Hennemeyer
(but have not heard back from any of the three), and have spoken to Peter
Styles and Doug Wodd, so we can go with whatever is agreed.
2 I have made a change as we discussed about geographic responsibility,
given my conversation with you that I think it is a bit misleading to only
show these people (in many areas) being responsible for "Power", when in fact
they are responsible for "Gas", too. Doug is really responsible for gas as
an adjunct to their local efforts, as well as a change to indicate, also as
we discussed, that these responsibilites are flexible, in response to
changing commercial priorities, as well as the need to support the other
Wholesale businesses.
mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 10/04/2001
07:45 ---------------------------
Richard Lewis
09/04/2001 19:17
To: John Sherriff/LON/ECT@ECT
cc: Eric Shaw/LON/ECT@ECT, Joseph P Hirl/AP/ENRON@ENRON, Richard
Shapiro/NA/Enron@Enron, Michael R Brown/LON/ECT@ECT, Mark
Schroeder/LON/ECT@ECT
Subject: Re: Enron Europe Governtal & Regulatory Affairs Organization
Announcement
Paul Dawson covers the coal group as well (any others, Mark?) . Perhaps
these areas should be added.
Richard
John Sherriff
09/04/2001 18:40
To: Eric Shaw/LON/ECT@ECT, Richard Lewis/LON/ECT, Joseph P
Hirl/AP/ENRON@ENRON, Richard Shapiro/NA/Enron@Enron, Michael R Brown/LON/ECT
cc:
Subject: Enron Europe Governtal & Regulatory Affairs Organization Announcement
Richard Lewis, Eric Shaw, Joe Hirl, Rick Shapiro, Michael Brown
Please review the attached draft org annoucement and send me your comments.
Mark - please let me know once
we have spoken to the five senior managers in your group as we do not want to
send this out until either you, Michael or
I have spoken to them about this structure.
Draft
After nearly five years in London, Mark Schroeder will be returning to the US
on April 11th to join the North American Coal Business with responsibility
for origination in the utility sector. Under Mark,s leadership, his team has
made significant contributions towards Enron Europe,s &first mover8 advantage
and its status as the leading new entrant in the liberalizing pan)European
energy markets. We wish him well in his new commercial role.
With Mark,s departure, the day-to-day management of the Government &
Regulatory Affairs Department in Europe will rest with Peter Styles, Paul
Dawson, Paul Hennemeyer, and Doug Wood. Nick O,Day will continue in his
current leadership capacity in Japan. Each of these five individuals and
their groups will now jointly report to the business heads and to Rick
Shapiro, in the Government Affairs team in Houston. Rick Shapiro will
continue to manage Government Affairs for the Americas. While the team
members responsibilities will vary from time-to-time in response to shifting
commercial priorities, as well as the need to support other Enron Wholesale
Services' business units from time-to-time, the general areas of
responsibility will be as follows:
Peter Styles, based in Brussels, will continue to have responsibilty for our
EU and Netherlands advocacy. Paul Hennemeyer will lead efforts in the
German speaking countries (Germany, Austria, Switzerland) as well as France
and Belgium. Peter and Paul will report to Eric Shaw. While secunded to the
commercial team in France, Philip Davies will address Nordic market issues on
an ad hoc basis and also report to Paul on these issues.
Paul Dawson will lead our UK, Spain and Italian power regulatory efforts as
well as the gas regulatory work in the UK. Doug Wood will support the
Continental Gas team and the Central and Southeastern Europe Origination
efforts, while also addressing the UK Climate Change Levy. Doug's role in
gas will continue to be to supplement, and not to supplant, the efforts of
each of the team members' geographic responsibilities noted on the
organisation chart. Paul and Doug will report to Richard Lewis locally.
Nick O,Day will also continue to report to Joe Hirl in Japan.
Other regulatory support provided by Mark Schroder will be addressed in
another organizational announcement that will be sent
out from Governmental Affairs in Houston. Attached is the revised
organization chart that now reflects the Governmental & Regulatory Affairs
organization in Enron Europe.
John Sherriff & Michael Brown |
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Industry Group Analysis
This Week: Leisure Films Sector Heats Up With Summer
1. Introduction
2. Groups That Are Heating Up
3. Groups That Are Cooling Off
4. On The Radar Screen This Week
5. Disclaimer
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Vince,
Please find below a note I had prepared for Wade Cline who is meeting with a
representative of the Prime Minister's office tomorrow.
I think you may find these points useful.
Additionally, I am attaching a copy of a small presentation I made, Saturday
in Mumbai on roadblocks in the power sector with special reference to wat
needs to be done to start Trading (& its benefits).
I have been working with the Henwood team that arrived today, and I think a
good part of the data is now in place. I will be arranging meeting with some
officicals from the transmission side and gather any additional data there
too.
Krishan got in last night (I conveyed your best wishes to him). We will
hopefully have a useful day with Henwood folks tomorrow. I look forward to
being in Houston, possibly by the end of the coming week.
Hope you and the team are doing well!!
Regards,
Sandeep.
---------------------- Forwarded by Sandeep Kohli/ENRON_DEVELOPMENT on
01/15/2001 01:17 AM ---------------------------
Sandeep Kohli
01/15/2001 01:17 AM
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Points for Singh Meet
Wade,
Please find below a brief note on what I feel your tack should be with
N.K.Singh (who is supposed to be a hard negotiator). I am assuming here that
this will be more of an introductory meeting where both sides are feeling out
the other. The two meetings I had arranged over the weekend, would
hopefully, have given you a better idea of the thinking of at least these two
people o the issue.
Incidentally, in the Indian system, the Governor of any state is a Central
government nominee. He is the eyes and ears of the Central govt. in the
state. Please see Basak's meeting in that light. The message he takes will
likely go directly to the PMO in Delhi. I will therefore be working closely
to convey the right impression.
For N.K.Singh clearly there are three things you would try to convey:
A description of the problem,
Some of the resultant consequences if it is not solved soon enough, and
Conveying the fact that there are win-win solutions well within the GoI's
power to implement, that would in fact enhance his reputation and the
country's as one that lives up to its reputation
I would be careful to make the point that we are NOT going to give up any
value, but are willing to be accomodative to MSEB, GoM, and GoI needs, either
through financial re-engineering, or through getting direct access to the
market in some areas. This will also fly well with Enron management that is
more comfortable with market risks than political.
Describing the Problem
DPC has a PPA, backed by GoI & GoM guarantees for one of the most high
profile projects in the world
(World's largest gas fired power plant, India's first LNG terminal, gateway
to providing clean reliable energy for all of western India, development of
Konkan)
With coming of Phase II (due end-2001) cost of power from Dabhol will be more
competitive than any other liquid fuel fired plant
(low heat rates, larger turbines, spreading of infrastructure costs over a
larger base, use of LNG as fuel)
(Our average tariff at 90% despatch is Rs. 4.02/kWh for Phase I. This goes
down to Rs. 3.30 - 3.70/kWh with coming in of Phase II. Compare this with
NTPC's own Kayamkulam plant having a tariff of Rs.3.32 - 4.01for same range
of crude prices ($21-28/barrel). Hence DPC power is competitive, our
standards of performance are higher, penalties for non-performance are
greater, and as a private player, our place in the waterfall seems to be
lower (quote the fact that while we have been delayed in payment by 45-60
days, MSEB has made all of its other payment commitments).
However, monthly outflows could be as much as Rs. 450 Cr./month; MSEB's
monthy collections not improving - are in the range of Rs. 900 Cr./month
MSEB, and GoM clearly do not have the resources, in the short run (3-5 yrs.)
to meet these obligations; hence Central intervention is needed.
In a grid of 13000 MW (Maharashtra grid size), absorbing an additional 1440
MW (Phase II) at one go is difficult; however if we take Western Region, grid
size is 42000 MW. Clearly absorbing all the power in that framework is much
easier.
To this if we add Northern and Southern grids, we can probably evacuate out
another 500-700 MW through the interconnects. Hence, there is definitely
value in looking at this issue at a national level.
Additionally, it is not just solvable at that level, but actually answers to
the crying need for power in the country, and hence is a boon for the govt.,
and should be treated as such.
Consequences of Not Solving the Problem
We can call upon the sovereign guarantee, which will cover our partial
payments. However, this would almost definitely lead to a deterioration of
the country's credit rating - put back incoming investments into the
Petroleum sector (where private participation program is about to be unveiled
in 25 O&G blocks), telecom sector (where a new policy has been announced
months ago, and where foreign companies are looking favorably at investing).
It is likely to put India on the backlist of many international banks,
including export credit agencies of US, Japan, and Belgium (an EEC member).
It would bring to the knees many prominent Indian banks (Indian lenders to
the project include IDBI, ICICI, SBI, to metion just a few)
Would completely stop any new investment into the power sector, where there
is urgent need for funding (especially te new initiatives in transmission)
There is a timeline for solving this, since our project is coming before
year-end 2001, and hence we cannot wait for the slow pace of reform to take
place at the SEB and state level.
Win-Win Solutions Exist
Northern region is power starved, south needs power badly. Hence it is a
boon to have this power made available in the timeframe. With Central govt.
intevention, it is possible to solve th problem to everyone's mutual benefit.
1440 MW (incremental Phase II) is only 3.4% of the capacity existing in the
Western Region, and can be easily absorbed.
Win-Win Solutions exist by:
Restructuring some of the guarantees
Adding some central govt entity (including those from the petroleum sector -
IOC or GAIL, interested due to LNG trml.) to the equity mix at par
Back-ending tariff and other financial re-engineering solutions that could
involve Indian banks taking a greater share of the debt. et. etc.
Bottom Line:
Time is of essence; we need to get someone to negotiate with. Please use
your good offices to quickly form a representative group that includes
Central, State govt., and SEB representatives so that we can work on the
solution.
Without active participation from PM's office, we are likely to waste
precious time bouncing between the SEB, GoM, and various Ministries of GoI.
Hope this helps.
Regards,
Sandeep. |
As you all know, we don't think that anyone should get out of either their
actual obligations, which would mean anyone leaving now, or their share of
projected costs for future purchases by DWR. Lenny
----- Original Message -----
From: William Booth <[email protected]>
To: <[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; William Booth
<[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; John R. Redding (PS, NE)
(E-mail) <[email protected]>; Mike Florio (E-mail) <[email protected]>
Sent: Thursday, July 05, 2001 1:19 PM
Subject: RE: Bond Leg Language, etc.
> Jeff and all: I agree with your thoughts as to the need for amendments re
> DA customers that have never purchased DWR power, call it amend. 1. I
also
> agree with your proposal re customers that leave bundled service for
direct
> access service only having to pay for the costs actually incurred by DWR
on
> their behalf, call it amend. 2. I think it is a stretch, however, to
> propose an exemption for any customer that leaves bundled for DA by
> September 1, call it amend. 3. This appears to be inconsistent with
amend.
> 2. I agree with you re amend. 4, deletion of language ending DA. Bill
>
> -----Original Message-----
> From: [email protected] [mailto:[email protected]]
> Sent: Thursday, July 05, 2001 2:07 PM
> To: [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected];
> [email protected]; [email protected]; [email protected]; John R.
> Redding (PS, NE) (E-mail); Mike Florio (E-mail)
> Subject: Bond Leg Language, etc.
>
>
> Greetings:
>
> Hope everyone had a pleasant 4th.
>
> I've read the respective Burton and Hertzberg language on amending AB 1X.
> The Burton language looks cleaner and simpler, though there may be reasons
> to include some of the Hertzberg language, too.
>
> I'm proposing to the group the following as potential amendments to the
> bond bill. I would appreciate your feedback. The amendments would be as
> follows:
>
> Customers who were on Direct Access when DWR started buying power (Jan.
> 17th?), and are still on Direct Access when the bill passes, should be
> exempt from paying for the bonds.
>
> In short, customers should not be forced to pay for power twice--once from
> their ESP, and once from DWR. Since these customers receive power
services
> from their ESP, they never consumed DWR power in the first place and it
> wouldn't be fair to require them to pay for it.
>
> Customers who have been utility customers since DWR started buying
power
> but subsequently switched to Direct Access should only pay for power
> provided by DWR that they actually consumed, no more and no less.
>
> For example, if a customer was a utility customer when DWR started buying
> power but switched to Direct Access on May 1st, then the customer would
> only be responsible for reimbursing DWR for power deliveries that took
> place from Jan. 17th thru April 30th.
>
> I believe that we agreed on these concepts during the negotiations that
> took place over the past 4-5 weeks. Or if we didn't explicitly agree
> during the talks, they seem to be principles on which we ought to be able
> to agree pretty easily now. And rather than leave the issue hanging, which
> can create unnecessary and costly uncertainty for customers, I suggest
that
> we include very clear and simple legislative language in the bond bill
> clarifying what customers' obligations are. Your thoughts are
appreciated.
>
> In addition, we have talked quite a bit about providing customers with
> incentives in the attempt to get California out of the energy hole that it
> finds itself in. Providing (20KW and above) customers with an incentive
to
> switch to Direct Access as soon as possible could 1) reduce the net short
> position that the state (and ultimately consumers) have to finance,
thereby
> reducing spot purchases and price volatility, 2) reduce electricity
> purchasing costs, and 3) reduce the burden on the state budget.
>
> With this in mind, I'm also proposing that the group consider an amendment
> to the bond bill that would exempt from bond charges any customer that
> switches to Direct Access by September 1st.
>
> Finally, it seems odd that the language directing the PUC to suspend
Direct
> Access is still in the bill. If a dedicated rate component is created,
> that seems to eliminate altogether the need to suspend Direct Access. And
> if that's the case, would it make sense to delete that language from the
> bill?
>
> Look forward to your comments and working with you to get support for and
> passage of the "core/noncore" proposal.
>
> Best,
> Jeff
> This e-mail is intended solely for use of the individual to whom it is
> addressed and may contain information that is privileged, confidential or
> otherwise exempt from disclosure under applicable law. If the reader of
> this e-mail is not the intended recipient or the employee or agent
> responsible for delivering this message to the intended recipient, you are
> hereby notified that any dissemination, distribution, or copying of this
> communication is strictly prohibited. If you have received this
> communication in error, please immediately notify us by replying to the
> original sender of this note. Thank You. |
John:
You aware of, know anything about, this?
Best,
Jeff
> MOTION SEEKING ORDER OR STAY CANCELING OR SUSPENDING CALIFORNIA DEPARTMENT
> OF WATER RESOURCES LONG-TERM ENERGY CONTRACTS AND ASSOCIATED IOU RATE
> SCHEDULES FOR LACK OF PROPER NOTICE UNDER THE FPA
>
> Pursuant to Rules 212 of the Rules and Practices and Procedures of the
> Federal Energy Regulatory Commission ("FERC"), 18 C.F.R. 385.212,
> CAlifornians for Renewable Energy, Inc. ("CARE"), moves for the
> Commission's consideration and action to remedy the illegal execution of
> long-term energy contracts by the California Department of Water Resources
> ("DWR") in regards to the CARE and other party's complaints in EL00-95
> et.al. Under section 205(c) of the Federal Power Act (49 Stat. 851; 16
> U.S.C. 824d(c)) the DWR long-term energy contracts recently disclosed
> through legal action by the California legislature and press requires that
> these contracts "shall be tendered for filing with the Commission and
> posted not less than sixty days nor more than one hundred-twenty days
> prior to the date on which the electric service is to commence." We
> contend that DWR has failed to comply with the requirements of the FPA in
> this matter. The remedy CARE seeks is for the Commission to issue an Order
> or Stay canceling or suspending such long-term energy contracts and
> associated IOU rate schedules (yet to be submitted to the Commission)
> pursuant to FPA section 205 (c).
>
> DWR disputes its requirements to provide proper notice prior to execution
> of said long-term contracts to all the parties to this case and to the
> public who have in a statutory and constitutional right to comment on
> expenditures of the public's funds in this manner by DWR. In response to
> CARE's CPRA request DWR states the "Department's purchases and sales of
> power are exempt from the Federal Power Act because DWR is a state agency.
> Section 201(f). To the extent that the Department engages in purchases or
> sales with counterparties who are subject to Federal Power Act
> jurisdiction, any obligation to file with FERC or otherwise comply with
> the Act lies with the counterparty to the contract, and not the
> department."
>
> CARE contends that DWR is acting as an "designated representative" for the
> Investor Owned Utilities ("IOUs") in the purchase of energy in California,
> pursuant to 18 CFR 35.1 (a), without authorization by the Commission.
>
> "In cases where two or more public utilities are required to file
> rate schedules or certificates of concurrence such public utilities may
> authorize a designated representative to file upon behalf of all parties
> if upon written request such parties have been granted Commission
> authorization therefore."
>
> CARE contends these actions by DWR violated the requirements of 18 CFR
> 35.1 (4)(e).
>
> "No public utility shall, directly or indirectly, demand, charge,
> collect or receive any rate, charge or compensation for or in connection
> with electric service subject to the jurisdiction of the Commission, or
> impose any classification, practice, rule, regulation or contract with
> respect thereto, which is different from that provided in a rate schedule
> required to be on file with this Commission unless otherwise specifically
> provided by order of the Commission for good cause shown."
>
> CARE contends that ample evidence of DWR's acting as the California IOU's
> "designated representative" is provided by DWR's request to the California
> Public Utilities Commission ("PUC") for a Revised Revenue Requirement and
> Power Purchase Costs Pursuant to Water Code Section 80110 and Public
> Utilities Code Section 451 , which is further illustrated by the PUC's
> Administrative law Judge's Ruling on the August 7, 2001 Revenue
> Requirement of the DWR regarding the IOU S.D.G. & E. applications
> 01-10-044, and 01-01-0045 to the PUC , which states:
>
> "SDG&E shall present alternative calculations of the required system
> average rate increases that (1) collect the DWR-related rate increases
> over the remaining 5 quarters of the revenue requirement period set forth
> in Table A-6 (i.e., the fourth quarter of 2001 and the four quarters of
> 2002), (2) collect the DWR-related rate increases over the next 8 quarters
> (i.e., the fourth quarter of 2001, the four quarters of 2002, and the
> first three quarters of 2003), and (3) collect the DWR-related rate
> increases over the period from September 1, 2001 through December 31,
> 2002."
>
> Clearly it is the intent of the DWR to act as the IOU's "designated
> representative" to seek approval from the PUC "to collect the DWR-related
> rate increases".
>
> CARE reiterates, it is the public policy that public agencies exist to aid
> in the conduct of the people's business and that the proceedings of public
> agencies be conducted openly so that the public may remain informed. It is
> the intent of the law that actions of public agencies be taken openly and
> that their deliberation be conducted openly. The people do not yield their
> sovereignty to those agencies that serve them. The people, in delegating
> authority, do not give their public servants the right to decide what is
> good for the people to know and what is not good for them to know. The
> people insist on remaining informed so that they may retain control over
> the instruments they have created. DWR has breached its public duties by
> failing to provide for myself, CARE, its members, and other members of the
> public, our statutory and constitutional right to comment or protest these
> long-term energy contracts executed by DWR, the associated expenditures of
> the public's funds, and associated rate increases to California energy
> consumers.
>
> In conclusion the Remedy CARE seeks is for the Commission to issue an
> Order or Stay canceling or suspending such long-term energy contracts and
> associated IOU rate schedules (yet to be submitted to the Commission)
> pursuant to FPA section 205 (c), or under what ever statutory authority as
> you deem appropriate.
>
> Respectfully submitted,
> Michael E. Boyd President, CARE 8-28-01 (408)
> 325-4690
> <<...OLE_Obj...>>
> |
Tried to send this earlier. Will try again.
-----Original Message-----
From: Nemec, Gerald
Sent: Monday, June 18, 2001 7:30 PM
To: '[email protected]'; 'LT Bieraugel '
Cc: Nemec, Gerald
Subject: RE: Dudes...
Hey Guys! I just got back from traveling two weeks in China, so I am now able to answer my emails. A friend of mine here at Enron has a brother that lives in China and he got married to a Chinese national. So I decided to join them for the wedding and sightseeing. The sights were pretty amazing. Great Wall, Forbidden City, Tianamen Square, etc. Definitely culture shock though. I know what it feels like to be a rock star now. I was pretty much stared at wherever I went. I am sure they think I look like a big nosed western devil freak. The food wasn't as bad as I thought, although I did get the trots the last two days in country. I knew I shouldn't have eaten the mutton.
Fortunately I missed the flood of the century, Ernie! I heard about it the first week in China. Wasn't much I could do from China, so I just kept my fingers crossed and fortunately the house was safe and sound when I got back. Some jackass drove up on my front yard and left some tire tracks. There must have been high water in the street that he was trying to avoid. Doooh!!
Other than that everything is going fine. Doing the old dating thing! Boy is that a ton of laughs. Women at this age are definitely interesting. I spend most of my time avoiding questions like, "Where is this relationship headed?" Uh excuse me, but we only met last week!
Congratulations, Paul on little Chloe. I checked out the pics on your website and the family looks great. Bieraugel you still look the same as the last time I saw you, but Whoa, is that a little gray hair I saw on you Paul? Oh well, we all have chinks in our armor. Seriously though it is a beautiful family and I know it must be tough to be away from them. Are you going to be staying in the Navy for awhile? 10 more years and you can retire eh!
Ernie, Sounds like things are going well at work. Congrats on the promo. We definitely need to do a better job of getting together here in Houston. You need to get the wife and we need to have dinner one night or something! The Buick sounds prime. 240HP ought to take care of it. Sounds better than the shaka-mobile. What the hell ever happened to that car anyway? I still love to tell stories about that car. You can't beat a K-mart lawn chair for comfortable automobile seating. Ernie, I think my focus is on the 5 series BMW. Unfortunately my stock portfolio has delayed my auto purchase for awhile.
Let's pledge to all do better at keeping in touch. It is great to hear from you guys. We need to plan a little get together when you get back from sea. It has been to damn long. Take care and be safe, Bruddas.
Gerald
-----Original Message-----
From: [email protected] [mailto:[email protected]@ENRON]
Sent: Sunday, June 10, 2001 5:20 PM
To: LT Bieraugel
Cc: Gerald Nemec (E-mail)
Subject: Re: Dudes...
You're right, we need to do better at keeping in touch. Gerald and I live in
the same town, and we still hardly see each other! Great to hear from you.
I know it's got to be the hardest thing to leave for six months, especially with
the new baby when mama needs you the most. Do you guys have any family in town
at least? You're wife is probably involved with a network of military wifes at
least. It's hard for me to leave for even a couple of days. The week after
next I am in Dallas for a week of training, that'll be the longest I've been
away.
Well, my wife just went to the movies with my oldest, Sophie (she's four). I'm
home with my two boys who are both napping, so I actually have a minute to
write. I am about to make lunch for my neighbor who is from South Africa. His
family just left for SA for two months, so I'll probably have him over often.
We're about to cook some Elgin sausage, remmeber where that is Paul? I was in
Austin for work on Friday (drove there) and stopped to get some. The road trip
was quite eventful: saw a few wreck and one car was even on fire.
You probably don't catch national weather Paul, but we just had a
once-in-a-century storm here in Houston (that's what they're calling it on the
news anyway). Some places in the Houston area had 35" of rain in the last two
days! We had about 20" in my area, no flooding though. Gerald, how did you
fare? So we've been declares a natural disaster area and all of that.
Other than that, not a whole lot going on. Work is going well: I got promoted
in Feb and am in line for another in August, so I can't complain - Frito-Lay is
a good stable company that treats it's employees well. Let's see what else?
just got a new car that I am excited about. I had a little Ford Focus 5spd for
my comuter car, but got tired of all of the shifting in traffic on the Beltway.
So I found a 1999 Buick Regal GSE with only 22k on it, in immaculate shape. I
know, a Buick sounds kinda lame, but as far as Buicks go, this the only one I
would own. It has leather, sunrfoor, sporty wheels, killer 220-watt stereo,
with a 240HP supercharged engine with room for 5 to boot! I loaded up the
family and cargo to go to the Valley during Memorial Day, it even got 28 MPG!
Beats the hell out of the 14 or so in the Suburban, with gas prices these days.
Gerald, are you still in the market for a SUV? I think you were interested in
the Toyota Sequoia or the Acura MDX? You'd better just stick with the 5-series
Bimmer, I know I would if I were in your shoes!
OK, guys, gotta get to cookin those sausages. Bieraugel, hang in the there out
at sea and keep us proud!
Ern
LT Bieraugel <[email protected]>
06/08/2001 07:47 PM
To: Ernie J Zavaleta/Frito-Lay/US@Frito-Lay, "Gerald Nemec (E-mail)"
<[email protected]>
cc:
Subject: Dudes...
Ernie and Gerald, well dudes, we're doing just what we said we were not
going to do. Fall out of touch again. Here is the latest. I am out on my
ship for six months now. We left June 4th and we get back in November.
It's a bitch to be gone from the family for that long but it very busy so it
goes fast for me. We had our fourth (and probably last) kid on May 13th.
Her name is Chloe Elizabeth. She is perfect. My two year old (Kate) was
very surprised when we brought her home. Carson said he wanted a brother
and Kelly wants to hold her all the time. You can check some pictures out
at www.geocities.com/pbieraugel. Take it easy you guys and stay in touch.
Paul. |
The following report contains confidential and sensitive information. Please treat with discretion.
Executive Summary:
? FERC price cap decision reflects Bush political and economic objectives. Politically, Bush is determined to let the crisis blame fall on Davis; from an economic perspective, he is unwilling to create disincentives for new power generation
? Davis finds four major flaws with FERC plan, most notably its exclusion of out-of-state generators
? June 1st "kill clause" for FERC order could coincide with new Bush regional plan
? California facing growing fiscal risk following bond downgrade, expected $20 billion power bill this summer--economic crisis would force deeper Administration involvement
? QF bid for advance payments from PG&E likely to fail in bankruptcy court
? New generation delays probable because of State/QF squabbling
? Consumer groups are preparing a constitutional challenge to SoCal bailout deal
1. FERC Fallout
The FERC decision is a holding move by the Bush administration that looks like action, but is not. Rather, it allows the situation in California to continue to develop virtually unabated. The political strategy appears to allow the situation to deteriorate to the point where Davis cannot escape shouldering the blame. Once they are politically inoculated, the Administration can begin to look at regional solutions. Moreover, the Administration has already made explicit (and will certainly restate in the forthcoming Cheney commission report) its opposition to stronger price caps on the grounds that they are unwilling to create disincentives to the construction of new generation.
It is interesting and ironic to note that electricity generators were generally happy with the FERC order and that the only FERC commissioner who favors price caps actually voted against this plan.
2. Something Less than Effective Price Caps
From Davis's point of view, the FERC plan has four major flaws:
? The order applies only to California, not to the rest of the west. Non-California generators are not required to sell at capped rates to California.
? As the order is written, it is more of a price floor for emergency power than a ceiling.
? State officials also believe that energy suppliers will continue to game the system, because the price mitigation scheme only kicks in after a Stage 2 emergency and does not require any collusion.
? Even when the price caps kick in, they are based on the cost-plus for the highest cost producer supplying power to California and do not require wholesalers to abide by the cap. The generators can also charge above the cap, provided they can subsequently justify the excess charge to FERC.
3. Proposal "Kill Clause" Adds to the Political Dilemma for Davis
The FERC proposal includes a "kill clause" that says the caps will be withdrawn unless California's ISO agrees by June 1st to become part of the regional grid now under FERC control. If Davis doesn't sign on to the regional grid by June 1st, then he will have to live with June 2nd headlines blaming him for letting the "Bush price caps plan" collapse.
4. Growing Fiscal Risk in California
Sources speculate that California could therefore pay as much as $20 billion on power this summer - this is more than the combined enterprise value of PG&E and SCE. These sources believe that, because of the severity of the situation, the FERC and/or the federal government will be forced to take further action to control prices for power.
The consensus is that the state of California will run out of money in about 90 days. One of the first projects to be cancelled will be state plans to finance new power plant construction in exchange for long-term power deals. The bleak fiscal picture is also causing bank creditors to revisit the bridge loans they are providing to California.
The Bush Administration and the Fed are only now waking up to the seriousness of the fiscal picture. The country's largest and most prosperous state will have gone from large surpluses to serious debt downgrades and devastating deficits in a matter of months.
5. QFs to Seek Advance Payment from PG&E
Meanwhile, on the bankruptcy front, the QFs reportedly will ask the bankruptcy judge today to give them advance payment from PGE's accounts, since their natural gas vendors have likewise demanded advance payment for gas. It appears very unlikely that the QFs' request will be granted. If the QFs do not receive advance payment, it is likely that most of the 4,000 mw of gas-fired QF capacity will remain offline.
6 Delays Likely in New QF Generation
The QF deals made with the state for long-term contracts are being continually renegotiated, which is likely to mean that the new plants those contracts are supposed to finance will not be online as early as anticipated.
7. Consumer Groups Ready to Challenge Constitutionality of SCE Bailout Plan
Harvey Rosenfield and his colleagues reportedly have been reviewing an analysis of the MOU for the SCE bailout plan. The analysis was done by a utilities analyst, rather than a lawyer, though it appears to raise a number of good legal points. For example, one of the elements of the MOU is a "non-bypassable" charge on ratepayers that would require them to pay even if they disconnect from the grid. This is effectively a tax, since there is no exchange of value for money, which under the CA constitution cannot be used to directly benefit a private entity. This makes the bonds that would be issued are general obligation bonds, rather than revenue bonds. According to the constitution, the state cannot be put into debt to benefit a private company. For this and other reasons, even if the Republicans would vote for the SCE bailout, which remains unlikely, the bailout probably would not stand a likely constitutional challenge.
8. Governor Hurt by Continued Failure to Disclose Long-Term Power Contracts
The issue of the Governor's failure to disclose the details of the long-term power contracts continues to distress the other players in the crisis. Even if he were to disclose everything he and his staff have been negotiating, it is likely that their actions and negotiations will challenged, creating an even further delay. |
IntercontinentalExchange
Firm Physical Natural Gas Price Bulletin
For Natural Gas Delivered on Saturday, December 08, 2001 thru Monday, December 10, 2001
(Trade Date of Friday, December 07, 2001)
Click here to access index history |
The Washington Global Finance office is chartered with the responsibility to
support Enron's activities with the Washington-based financing institutions -
OPIC, EXIM, and the multilateral institutions - the World Bank and IFC and
the InterAmerican Development Bank. Every project financing done by the
company in the emerging markets over the past several years has involved
these agencies and this year is no exception.
In the past six months we have supported five projects before these
institutions:
Cuiaba - Disbursement is now projected for mid-August. OPIC is pleased
with the progress. We have had to tweak the process to keep the project
moving forward; that process has been successful. We have also been heavily
involved in the environmental aspects of the project, working with the
project team on the Environmental Health and Safety program, the
international NGOs and the Conservation Program to keep these aspects on
track.
Gaza - We have been heavily involved throughout the first half of the year
getting OPIC to a Board vote which was successful in March. We used the
Department of State and other agencies to pressure OPIC politically to do the
deal. Since the board vote the developers have been focussed on the
financing with Arab Bank but we are now in a process of pushing State to get
OPIC to move forward to financial close on reasonable financial lterms and
conditions.
Guatemala barge mounted plant at Puerto Quertzal - OPIC and MARAD are to
provide financing. We have been working with the finance team to keep the
project moving forward and are now looking at fijnancial close by the end of
the summer.
Argentina water for the Province of Buenos Aires - This office is pushing
both the financing parties, OPIC and IDB, and Azurix to an end of September
Board approval on a financing that started late spring. the time frame is
extremely short but unless we keep on schedule we will lose close to six
months. We are driving the schjedule and then overseeing all parties to keep
the financing on track, so far successfully.
RioGen - We have been working with the Rio team to ensure that
consultation on the environmental assessment is conducted properly to avoid
Cuiaba type problems and help the IDB financing. We are getting the
requirements with the team sorted out so that the process will go forward in
an appropriate manner.
In the past six months we have supported the development efforts of the
following projects:
Nigeria - We were heavily involved in getting the World Bank to back away
from their opposition to our project, as well as getting the State
Department, DOE and Treasury to aggressively support our efforts to conclude
a deal in Lagos. We finally persuaded the Bank to take the position that it
was not fully current on the status of the project and so could not comment.
The USG supported our efforts and did help the process by which Enron was
finally able to conclude a deal.
Camisea - We were heavily involved in sorting out the environmental
requirements for this project in Peru to go forward. We spent considerable
time educating the developer team on these requirements. We met on several
with the Peruvian Minister of Energy and had him meet with OPIC, IDB and the
World Bank to better understand the impact of environmental issues on
financing.
Bulacan Biomass project, Philippines - We are working with the project team
to obtain political risk insurance for the project through OPIC or MIGA.
LNG project, Venezuela: We are working with the finance team exploring
OPIC, IFC, IDB financing for this project.
Pipavov power project, India - Working with the project team regarding
OPIC, IFC financing for the project
Subsea fiber laying project, Caribbean: We have undertaken discussions
with financing and other institutions re sub-sea fiber laying jproject,
including addressing licensing requirements of the FCC for international
telecom projects.
SIEPAC - We have had meetings with the project team on the status of this
Central American electricity transmission project and how we might get
involved.
Puerto Suarez - We have been working with the project team to address
environmental issues relating to the transmission line that is in the
Pantanel in preparation for OPIC or IDB financing.
Cuiaba II - We have been working with the team to develop a strategy to
address the siting of compression stations so that the environmentalists will
not create major problems. This is a problem for both Phase I and II.
EES Projects in Southern Cone and Eastern Europe - We have met with the
IDB, IFC and OPIC and have arrived at an agreed upon financing strucure which
now awaits EES projects in these regions.
In the past six months we have also been involved in supporting our existing
asset base on a variety of issues before these institutions as well as to
agencies of the USG:
Dominican Republic - Have been working with the DR team to broaden pressure
on the government regarding our payment problems, including the IFC and World
Bank, the IDB and the USG, especially State, Treasury and DOE.
Trakya, Turkey - We have been working with the asset team to mobilize USG
support through OPIC, EXIM, state and Treasury to address payment problems.
the USG is now aggressively supporting Enron in our effort to get these
issues under control. We are also in discussion with OPIC and EXIM about the
prospective selldown of our equity interest in Trakya, as we are for Cuiaba
and Dabhol.
In the past six months we have also been involved in a range of other issues
of importance to the company:
Transfer issues: I have developed a strategy as to how to approach OPIC,
EXIM, MIGA and the other financing institutions in the event there is a
transfer situation. We are now awaiting whether it will be needed.
OPIC in Mexico: As part of our overarching relationship with OPIC we have
agreed to spearhead an initiastive to assist OIPIC develop a program in
Mexico. that effort has been very well received by OPIC and George Munoz and
is ongoing.
EXIM Relationship: As part of our effort to establish a relationship with
EXIM and Chairman Jim Harmon we agreed to spearhead the analysis of the
market windows issue. the effort has been very well received; Joe Sutton is
now on the EXIM Advisory Board and Enron will be on the commission
considering EXIM's future. Harmon and EXIM have been very complimentary of
Enron's initiative in this regard.
Environmental Issues: I am working with Kelly Kimberly and her team, and
with the Southern Cone to better address our environmental needs in that
region and throughout the emerging markets.
EES financing
Liberalization efforts - SCone, Petrobras
OPIC - efforts in Mexico |
mon plaisir!
From: Tana Jones on 05/01/2001 09:57 AM
To: Justin Boyd/LON/ECT@ECT
cc:
Subject: Re: ISO 9000
thanks for your help!
Justin Boyd
05/01/2001 07:30 AM
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: ISO 9000
tana
here's some info. for you
j
---------------------- Forwarded by Justin Boyd/LON/ECT on 05/01/2001 07:34
AM ---------------------------
Ian Brungs@ENRON
05/01/2001 04:21 AM
To: Justin Boyd/LON/ECT@ECT
cc:
Subject: Re:
Justin,
ISO 9000 is a a type of standard which companies can seek to bring their
corporations in line with and supposedly its a good thing to have. I attached
an article from a website from which you can buy the standards. If you need
more info let me know.
see ya later y'all
Ian
ISO9.com and ANSI Establish Reselling Agreement for the ISO 9000:2000
Standards
New York, NY and Oakland, CA, December 11, 2000 - ISO9.com and the American
National Standards Institute (ANSI) have announced an agreement regarding
U.S. distribution of the ISO 9000 series of quality management system
standards, including the soon to be published ISO 9001:2000 and ISO 9004:2000
standards. ISO9.com sells electronic versions of the Standards on the
Internet at http://store.iso9.com. The new version of ISO 9000 will be
available on December 15.
"Distribution of the ISO 9000 standards is an important step for our
organization," said Glenn Kohner, Founder and CTO of ISO9.com. "Customers on
the Internet expect instant delivery of information. Users on our site are
learning about Internet ISO 9000. It's only natural that they would want
access to the actual Standards."
There are two ways to procure the ISO 9000 standards from ISO9.com. The
Standards, which a company is required to own to be in compliance, will be
offered both independently and bundled with the ISO9.com application. With
the integrated version, companies will be able to view the Standard alongside
their QMS, in a seamless format.
"ISO9.com is one of ANSI's more unique value added resellers in that it has
actually integrated the ISO 9001:2000 standard into its application,"
commented Bob Feghali, ANSI vice president of business development and chief
information officer. "We are committed to fast action in the delivery of the
new ISO 9000 revisions; partnering with ISO9.com will greatly assist ANSI in
our ability to insure a widespread distribution of the complete ISO 9000
family of standards."
Sergio Mazza, past President of ANSI, Appointed to Board of Directors
Oakland, CA. November 21, 2000 - ISO9.com, the world's first Application
Service Provider to the ISO marketplace, announced the addition of Sergio
Mazza to the Company's Board of Directors. Mr. Mazza served as the president
of the American National Standards Institute (ANSI) from 1993 through 1998.
ANSI is a private, nonprofit membership organization supported by a diverse
constituency of private and public sector organizations which has served as
administrator and coordinator of private sector voluntary standardization
systems in the United States for more than 80 years. As a member of the Board
of Directors, Mr. Mazza will bring his depth of experience and knowledge in
both international standards and high technology to help the Company achieve
its corporate vision.
"We are truly excited to have Sergio Mazza join our team," said Fred
Hornbacher, CEO of ISO9.com. "He has tremendous depth of experience in our
highly specialized field, and is uniquely qualified to help us bring our
online vision for the quality and standards industries to fruition."
Mr. Mazza's 21 years of proven leadership experience with high technology
service businesses and his six years as the president of ANSI will both be
instrumental in his new role with ISO9.com. His corporate career and
leadership experience ranges from his activity as a software entrepreneur to
his service as president of Memorex North America and Memorex Computer
Supplies Worldwide. Mr. Mazza has recently been working as an advisor to
online companies. He has extensive international experience, is fluent in
four languages, and holds a BS degree in economics from the University of
Pennsylvania's Wharton School.
ISO9.com Raises $5 Million in First Round of Funding
Oakland, CA. September 18, 2000. ISO9.com, the first application service
provider to the ISO 9000 marketplace, raised $5 million in its first round of
funding. Institutional investors included Porter Capital Management, AEOW
2000, and Lancaster Investment Partners. ISO9.com helps its clients create a
fully automated quality management system and dramatically saves internal and
external costs associated with ISO certification. The company has reference
customers and will use the proceeds to expand sales, marketing and
engineering efforts.
About ISO9.com: ISO9 is the first application service provider ("ASP") to the
ISO 9000 marketplace. ISO 9000 is an international standard for quality
management that has been adopted by 150 countries and has over 340,000
certified sites worldwide. ISO9.com enables businesses to create a fully
automated quality management system that complies with ISO 9000 standards.
ISO9.com's web-based system improves efficiency and reduces the cost of
running an ISO 9000 quality system. ISO9.com's turnkey solution is
customizable to the specific customer's business. Through automatic email
notification, electronic signatures, and centralized document control,
ISO9.com is the solution that will ready a company for ISO 9000 certification
in the fastest time and for the lowest cost. ISO9.com earns its revenue from
providing its applications to businesses wishing to develop a quality
management system or wishing to convert from a paper-based or software-based
system. ISO9.com, also charges a service fee to cover all issues related to
maintaining a company's web-based certification.
Contact Information: Jarrod Share, (510) 808-2596, [email protected].
1433 Webster St.
Oakland, CA 94612
? |
Hi Vince, Scott Pleus (listed below in the director promotion section) is
bandwidth-trading backoffice person we,ve been working with. I have known
Scott from EBS since he and I started around the same time. In fact, I was
one of the first people to talk to Sally Beck about booking some of our
network positions*at which time I met Scott. I know we have discussed this
matter many times before, but this is a specific example of how people at all
functional areas are benefiting from EBS' rapid 'growth.' Scott has been at
Enron for about the same time I have been. He came from another energy
company's backoffice before that.
As for my specific situation, after our discussion yesterday, I understand
clearly what happened. It appears bad luck had a lot to do with it!!!
Thanks for looking into the promotion in the first place and I am certain
that you'll push the promotion through at the earliest convenience of the HR
folks!
Kind Regards,
Ravi.
----- Forwarded by Ravi Thuraisingham/Enron Communications on 02/08/00 09:22
AM -----
Sally Beck@ENRON
Sent by: Enron Announcements@ENRON
02/07/00 07:01 AM
To: All ENA Domestic Employees
cc:
Subject: Energy Operations Promotions
ENA Energy Operations
Sally Beck Vice President of Energy Operations
I am pleased to announce the following promotions effective February 1 within
ENA Energy Operations. These individuals have been promoted in recognition
of their outstanding performance and their contributions to the continuing
success of Enron North America. Please join me in congratulating these
employees on their promotions.
Promotions to Senior Director
Kristin Albrecht serves as Business Controller for ENA,s power business.
Along with Leslie Reeves, Kristin ensures that power transactions are handled
accurately and smoothly from beginning to end. Kristin,s primary focus is on
risk controls and daily reporting of positions and p&l for East Power
trading, West Power trading and Genco operations.
Brenda Herod serves as Business Controller for ENA,s assets business, working
with the Gas Assets group and the Texas trading desk. Her responsibilities
include global contracts and facilities, risk management, confirmations, gas
scheduling, volume management, settlements and regulatory compliance for
Houston Pipeline, LRC and Enron Midstream Services.
Leslie Reeves is a Business Controller for ENA,s power business, working
closely with Kristin Albrecht in managing mid and back office support for the
East, West and Genco power trading groups. Her primary responsibilities are
documentation and settlements, with a focus on contract administration, cash
forecasting and cash management.
Mary Solmonson leads ENA,s Global Database Management Group, collecting and
validating information on our customers, contracts, pipelines and facilities,
as well as published prices. These activities support overall Energy
Operations responsibilities from Risk to Logistics to Settlement. In
addition, Mary has been instrumental in the promotion and implementation of
the Global systems across Enron to provide control, consistency, and common
data throughout the organization.
Promotions to Director
Scott Pleus serves as Business Controller for Enron,s Emerging Products.
These businesses include Bandwidth, Pulp and Paper, and Weather. His primary
responsibilities include day-to-day functions of risk management,
confirmations, pulp and paper scheduling, and settlements as well as long
term system development.
Sheri Thomas led ENA,s natural gas off-system settlements function throughout
1999. Her responsibilities included cash forecasting, collections, and
accountability for receivables and payables for ENA,s gas business in the
East, West and Central regions of the US. Sheri accepted a new assignment in
January 2000 and is now managing the Enron Online operations.
Promotions to Manager
Bennett Kaufman manages the risk management administration function for the
Equity Trading and Debt Trading groups. He has also had experience in
supporting the options book for natural gas derivatives trading. Prior to
joining Enron in early 1998, Bennett worked in trading operations for
investment banking firms in New York.
Richard McKeel is the Systems Integration Analyst within Global Database
Management, overseeing the change management process and new software
development needed to interface the Global applications with strategic
systems ) Sitara, Unify, EnPower, Solarc, SAP, and EnronOnline.
Other Promotions
Specialist to Senior Specialist: Analyst to Specialist:
Sylvia Campos ) Deal Compliance Contract Records Tara Eslick ) Financial
Trading Risk Management
Kam Keiser ) Gas Risk Management- Central Desk Victoria Versen ) Gas
Logistics - East Desk
Phillip Love ) Risk Controls Operational Analysis
Jeff Coats ) Gas Risk Management - Central Desk
Monica Lande ) West Power Risk Management (Portland) Senior Clerk to Staff:
Trang Le ) Strategic Operations ) Project Unify
John Postlewaite ) East Power Risk Management Anthony Campos ) Deal
Compliance Contract Records
Diane Seib ) Documentation (Calgary) Kori Loibl ) Gas Risk Management -
Financial Books
Donnie Vinson ) West Power Risk Management (Portland)
Imelda Frayre ) Strategic Operations - Project Sitara
Clerk to Senior Clerk:
Staff to Specialist:
Leslie Smith ) Information & Records Management
Amy Degeyter ) Power Documentation Melinda Whalen ) Documentation (Calgary)
Michael Nguyen ) Emerging Products Risk Management
Sherlyn Schumack ) Logistics Volume Management
Karie Hastings ) Strategic Operations - Project Sitara
In addition, Peggy Hedstrom and Brent Price were promoted to Vice President,
as announced in the memo issued by Enron Corp. Office of the Chairman. Peggy
leads Energy Operations for Enron Canada, with responsibility for risk
management, documentation and gas logistics. Peggy also serves as a key
interface with Canadian pipelines as a member of several industry
committees. Brent is the Senior Business Controller for Gas Trading
Operations in the U.S. His responsibilities include risk management,
confirmations, volume management and settlements for the East, West and
Central regions. He also provides operational expertise in the due diligence
phase of the evaluations of joint ventures and acquisitions. |
Dear Mr. Kaminski:
Just wanted to let you know that I have submitted my slightly revised resume
(attached) for the following open positions within Enron. I am seeking an
opportunity to have a job interview with the right individuals. I know you
have been trying to help me. This is a good time for a meeting with someone
within these departments.
1.. Credit Analyst, SPEC SR, Job # 000010220, Dept: Trade Credit: Tony
Vasut
2.. Manager, Job # 0000102374, Dept: ENA Consolidated Reporting: Tony
Vasut
3.. Director, B8828, Dept: Investments/Ventures-Broadband Services
4.. Compliance Manager, Job# 0000102317, Dept: Due Diligence/Asset
Management
I shall, therefore, appreciate your guidance on how I can come in for a job
interview. As you know, I am really interested in working for Enron, hence
request for your help.
Thank you.
Sincerely,
Maruti D. More, CFA
1..
-----Original Message-----
From: more <[email protected]>
To: Vince J Kaminski <[email protected]>
Date: Monday, February 07, 2000 10:18 PM
Subject: Re:Personal
Dear Mr. Kaminski:
Thank you very much for meeting with me again today over lunch. I appreciated
the opportunity to catch up with you.
Please find attached my current resume (both a short and a long version). I
have worked as a trader, portfolio risk manager, and a stock analyst. I have
traded derivatives, bonds, and stocks, and managed insurance and pension
investment portfolios to maximize risk-adjusted returns. Let me highlight
some of my work experiences.
Trading and Risk Management
a.. Structured, negotiated, and traded OTC interests rate swaps,
cross-currency swaps, swaptions, and exchange-traded equity index futures and
options. Made PowerPoint presentations to GARP and the UOH on credit
derivatives.
b.. Developed investment hedging program utilizing exchanged-traded bond
futures and interest rate swaps.
c.. Traded and managed pension and insurance fixed income portfolios to
maximize total return and funding ratios. Bonds traded: Treasuries, Agencies,
MBS/CMOs, ABS, Corporate, Yankees, and Foreign.
d.. Traded and managed stock mutual portfolios for total return.
e.. Created a computer program to quantify the attribution of total
return for fixed income portfolios relative to market returns.
f.. Programmed investment compliance rules to monitor the management of
domestic and global stock, bond and money market mutual funds.
g.. Supervised market risks, credit risks, legal risks, and operations
risks of derivatives, bonds, money market securities, and equities.
Policy , Reporting and Projects
a.. Developed investment policy guidelines to manage fixed income
portfolios.
b.. Rewrote derivatives policy manual.
c.. Prepared a 20-page PowerPoint slide presentation on India for the
senior management.
d.. Prepared and presented investment reports to CIOs, Investment
Committees, and Boards of Trustees
I shall, therefore, appreciate your help in connecting me with the right
individual within Enron for a job interview to work as a financial
trader/risk manager. I can provide excellent references upon request.
Thank you for the lunch.
Sincerely,
Maruti D. More, CFA
713-722-7199
[email protected]
-----Original Message-----
From: Vince J Kaminski <[email protected]>
To: more <[email protected]>
Date: Tuesday, January 25, 2000 12:39 PM
Subject: Re: Fw: Luncheon Meeting: ASAP
Hello,
I shall be traveling this week. I shall be glad to meet
you for lunch next week. Please give me a call Monday
at 713 853 3848.
Vince
"more" <[email protected]> on 01/25/2000 10:27:09 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Fw: Luncheon Meeting: ASAP
Dear Mr. Kaminski:
Just to bring you up to date. I am no longer with American General. I
shall,
therefore, appreciate an opportunity to meet with you for lunch at the
earliest
possible time. I can be reached at 713-722-7199.
Thank you.
Maruti More
713-722-7199
-----Original Message-----
From: more <[email protected]>
To: Vince J Kaminski <[email protected]>
Date: Friday, December 17, 1999 8:55 PM
Subject: Re: Luncheon Meeting
Thank you for your response. I was very happy to hear from you.
I am also taking next week off and will be back to work on December 27th.
Please do call me when you get back. Would very much appreciate the
opportunity
to have a quick lunch with you, if possible. Hope everything is going
well.
Have wonderful Christmas holidays.
Regards
Maruti More
713-831-6209 (O)
-----Original Message-----
From: Vince J Kaminski <[email protected]>
To: more <[email protected]>
Cc: Vince J Kaminski <[email protected]>
Date: Friday, December 17, 1999 3:35 PM
Subject: Re: Luncheon Meeting
Hello,
I shall be taking a few days off around Xmas. I shall call you at the
end of
December
when I get back to the office.
With best holiday wishes,
Vince
"more" <[email protected]> on 12/01/99 09:28:09 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Luncheon Meeting
Dear Mr. Kaminski:
How are you doing? I want to find out if we can meet again for a quick
lunch.
You might know that in Maharashtra, India there is now a new Chief
Minister
(CEO of the State Government). I am proud to say that he and I are
from the
same
town, Latur.
I would really enjoy talking with you again, at your convenience.
I will call you tomorrow to follow up.
Thank you.
Sincerely,
Maruti More
-----Original Message-----
From: Vince J Kaminski <[email protected]>
To: more <[email protected]>
Cc: Vince J Kaminski <[email protected]>; [email protected]
<[email protected]>
Date: Thursday, July 01, 1999 6:16 AM
Subject: Re: Luncheon Meeting
Dear Mr. More,
Let's meet at 11:45 in the lobby of the Enron building.
We can walk to one of the restaurants in the downtown area.
Vince Kaminski
(Embedded Enron Capital & Trade Resources Corp.
image moved
to file: From: "more" <[email protected]>
pic17002.pcx) 06/30/99 10:38 PM
To: Vince J Kaminski/HOU/ECT
cc:
Subject: Luncheon Meeting
Dear Mr. Kaminski:
I am looking forward to our luncheon meeting on this Friday,
July 2,
1999
at
11:30 AM. Please let me know where we should meet. Thank you for
taking
time
out
from your busy schedule.
Sincerely,
Maruti More
Tel.: 713-831-6209
- att1.htm
- [email protected]
- More @home.doc
- Consultant.doc |
1. Need details re item 1 below. Please suggest language (band of acceptability, etc) which I will massage and incorporate.
6. Do I have the latest draft of Marketing/Risk policies?
7. Bogey calc only addresses gas. What if the fuel of choice is fuel oil? Does the fuel cost and heat rate change?
Please point me to the defn of profit by cutting and pasting from wherever it is. I did a quick search and couldn't find it, but I didn't do a page turn to locate it.
Thanks,
Kay
From: Reagan Rorschach/ENRON@enronXgate on 05/24/2001 11:38 AM
To: Kay Mann/Corp/Enron@Enron
cc:
Subject: FW: Open items for MDEA
-----Original Message-----
From: Fairley, David
Sent: Thursday, May 24, 2001 11:15 AM
To: Rorschach, Reagan
Subject: RE: Open items for MDEA
-----Original Message-----
From: Mann, Kay
Sent: Wednesday, May 23, 2001 5:06 PM
To: Rorschach, Reagan; Kroll, Heather; Fairley, David; May, Tom
Subject: Open items for MDEA
[Fairley, David]
Here are issues which I'm unclear about, all of which impact the drafting of the agreement:
1. How are we setting the heat rate? Do we have the GADS (?)? Is it a daily average, weekly average? Flat rate? Adjusted? If so, how often?
[Fairley, David]
Each utility is obligated to provide the heat rate information to use in the appropriate Exhibit and the Stack Model. As conditions change the utilities must update this info. We are tracking heat rates based on actual fuel usage. Services and Orig agreed yesterday to add language that requires a quarterly review of heat rate data to determine if the assumptions being used are satisfactiry -- it can never be exact, but it should be accurate within a band of acceptability. No GADS. Heat rates will be adjusted in the model as often as necessary to account for significant changes such as hotter ambient temps..
2. Are we comfortable that there are no permit restrictions?
[Fairley, David]
Yes, their units are too small. We have discussed this with the customer, and with our internal air permit guys.
[Rorschach, Reagan] They have Title V permits, and they are faxing them to us today. They have no run hour limitations on gas, however, they are limited on oil. Will need to get that summary to Kay as soon as possible.
3. We have determined that we won't deal with fuel oil, right?
[Fairley, David]
We won't buy and sell fuel oil. We may dispatch on oil at start-up, or we may switch to oil and sell the gas if profitable, which constitutes a Product transaction with the resulting profit split.
[Rorschach, Reagan] We need to state that MDEA and Cities are responsible for maintaining fuel oil supplies.
4. We aren't making money on gas, right?
[Fairley, David]
We make money on gas two ways. The first is outside the contract, and is basicly any internal profit on re-sale of gas to the Cities. The second way we can make money on gas is when the gas trade is in the form of a Product trade, and those procedures apply.
5. Do we have a defn of costs that we like yet, and if so, how does it fit in to the picture?
[Fairley, David]
Yes, will send separately.
6. Is there an up-to-date set of exhibits?
[Fairley, David]
The Marketing Strategy, the Trading and Risk Policy, and the Description of Asset Management have been upated. The other Exhibits have not been modified. The Marketing Strategy and Trading & Risk Policy have been discussed at length with MDEA (MDEA commercial, not legal), and their comments/questions incorporated.
7. It would help if theh commercial part of the team could send me the following, in words and/or formulae:
The defn and method of establishing the bogey (target production cost) formula can be an exhibit, which would be great for the commercial team to work on.
[Fairley, David]
Thought we had this covered in the definitions and obligations of the parties. Will look at it again. Conceptually, MDEA, Services Group, and Orig are in full agreement, so we need to make sure that the contract language is clear enough.
[Rorschach, Reagan] See attached exhibit detailing the calc with an example.
Are we determined how we should deal with imbalances (part of cost of power)?
[Fairley, David]
There are three considerations on this: (1) who wears imbalance exposure?, (2) who manages imbalances (hourly type activity), and (3) who pays for imbalances? Imbalances are billed by Entergy directly to MDEA under their Network Services Agreement. EPMI's hourly desk manages the load/resource items hourly, but MDEA has the exposure (physical and price) to imbalances. Weather/load changes, and fluctuations in supply create hourly imbalances (they happen, they are uncontrollable, and we fix them) which EPMI's hourly desk manages as part of the imbalance service described in the definitions and obligations of the parties. A different section in the contract states that MDEA wears the exposure.
How are we setting the bogey? Formula? [Fairley, David] The bogey is set when the load projection and stack models are run each day. Both parties participate by providing certain necessary info and discussing results and planning the day's activities.
[Rorschach, Reagan] Records of bogey decisions will be archieved
Subject to audit? [Fairley, David] Yes, but they would be auditing something that is jointly derived each day. Frankly, they would like to have less involvement; ie, they trust us to do it all, but we are requiring them to participate and buy in every day.
Two bogeys or one (gas and oil)?
[Fairley, David]
One bogey for power. Gas is an input for determining the bogey.
[Rorschach, Reagan] Bogey set day-ahead.
What is defn of profit? I think I have the general idea, but a sentence or two would be helpful as a reality check.
[Fairley, David]
This is in the pricing calc's. Should we have a definition?
What costs are included on the buy and sell side [Fairley, David] see cost definition being provided separately.
Re stack model: a sentence or two describing what it is and how it is used. [Fairley, David] See definition in my mark-up's to the main agreement.
Updated exhibit on facilities, contracted resources, operating limits. [Fairley, David] Services and Orig are reviewing these, but other than what was mentioned above, probably no changes unless you see a specific area that is a problem.
What information does MDEA need for us to provide in order to split costs/profits? Are we clear that Cities buy gas, MDEA buys/sells power?
[Rorschach, Reagan] I will be getting exhibits of the reporting both daily and monthly. We need to make sure to limit our info providing responsibilities to those reports.
It would be great if I could get one set of answers to these questions/issues, which has commercial buy in all around.
Thanks,
Kay |
Guys, it will be very difficult to get money out of the power group - is the
expectation that I come up with the dollars - just curious. Are we not
circumventing the spirit of the political contribution rules?
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/06/2000
08:24 AM ---------------------------
Barbara A Hueter@EES
09/29/2000 02:32 PM
To: [email protected]
cc:
Subject: Support for key TN lawmakers
---------------------- Forwarded by Barbara A Hueter/DUB/EES on 09/29/2000
03:32 PM ---------------------------
Barbara A Hueter
09/29/2000 03:27 PM
To: Dave Delainey, John J Lavorato/Corp/Enron
cc:
Subject: Support for key TN lawmakers
---------------------- Forwarded by Barbara A Hueter/DUB/EES on 09/29/2000
03:27 PM ---------------------------
Barbara A Hueter
09/29/2000 03:24 PM
To: Dave Delaney, John Lavorado, Mitch Robinson/Corp/Enron, Ben Jacoby/HOU/ECT
cc: Richard Shapiro/HOU/EES@EES
Subject: Support for key TN lawmakers
Gentelmen,
Following is an email detailing requests for personal contributions to
legislators who have been instrumental to Enron regarding our power plants in
Tennessee. I produced this list based on recommendations from our lobbying
firm, Stokes Bartholomew, in Nashville.
In 1999, Stokes Bartholomew, working with Jordan Mintz in Enron's tax
department, convinced the state legislature to pass legislation clarifying
that Enron's power plants would be exempt from the gross receipts tax. Had
we not succeeded in the effort, we would have had to pay gross receipts taxes
of approximately $1.5 million per year.
In 2000, Tennessee is one of the only states in the union that has been
running a deficit in the general revenue fund. Rather than going home for
the summer, the legislature stayed in session and debated among themselves
and with the Governor on how to solve the revenue shortfall issue.
Eventually, they adopted unreasonably optimistic revenue projections to
produce a balanced budget (on paper). This has not solved the problem
because the state is already $100 million below revenue projections in the
first quarter of the fiscal year. The legislature will look for a long term
solution when it returns in January. Stokes Bartholomew informs me that all
sources of revenue will be considered - this means our exemption from the
gross receipts tax could possibly be repealed. At this time, no one is
singling this exemption out, but Stokes Bartholomew is cautious and is
monitoring the issue closely.
Numerous legislators supported the gross receipts legislation for Enron. If
our gross receipts tax exemption is threatened next legislative session, we
would have to return to these same legislators (if they are reelected) for
support. As long as Enron pays taxes in Tennessee, it behooves us to take an
active interest in supporting those legislators who will defend our interests
in the capitol.
Since you are the key contacts at Enron for Tennessee, I ask you to assess
this matter and decide whether ongoing legislative support is important to
Enron's interests in TN and make contributions accordingly.
I have recommended $9,500 in contributions. While this seems like a large
amount, it is miniscule in comparison to the taxes we are not paying.
Moreover, it will go a long way to helping us protect our interests against
those who would fight to have "big corporations", particularly out-of-state
corporations, get stuck with additional tax burdens to solve the state's
fiscal woes.
You are probably asking why we are not using Enron PAC funds or coroporate
funds to make these donations. Tennessee law prohibits us from using
corporate funds and limits the use of PAC funds to those PACs that do not
receive any source of support from the corporation. Because Enron Corp. pays
the expenses for the Enron PAC, we are not permitted to contribute Enron PAC
funds to candidates in Tennessee. This is one of the most onerous political
contribution laws in the country.
If you have any questions I can be reached for the next week at
614.306.4359. Or you can leave a message for me at 614.760.7472.
---------------------- Forwarded by Barbara A Hueter/DUB/EES on 09/29/2000
12:56 PM ---------------------------
Barbara A Hueter
09/14/2000 03:28 PM
To: Ben Jacoby
cc: Rick Shapiro, Janine Migden/DUB/EES@EES
Subject: Support for key TN lawmakers
Per our phone conversation, following is a list of key legislative leaders
deserving of Enron's support. This list has been developed by our
counsel/legislative agents in Nashville: Bill Bruce, Gif Thornton and Robert
Gowan.
Please feel free to call me to discuss further. You can reach me on my cell
phone this afternoon and all day tomorrow. I will be in the office on Monday.
Lieutenant Governor: Senator John Wilder (Democrat)
$2,500
Represents Brownsville in the Senate.
Sponsor of 1999 gross receipts tax exemption legislation for Brownsville.
Has a serious opponent this November.
The Senate elects the Lieutenant Governor who also serves as the head of the
Senate. It is in Enron's best interst that John Wilder win the election and
be re-elected Lieutenant Governor.
Rep. Jimmy Naifey
$1,000
Speaker of the House
Represents Brownsvile.
Senate Candidate Larry Trail (Democrat)
$2,000
John Wilder's personal mission, besides his own election, is to get Larry
elected to the Senate (it is an open seat that is being vacated by a
Democrat).
If the Democrats lose this seat there is a very good chance that Senator
Wilder will not be re-elected Lieutenant Governor because the Democrats will
have lost the majority in the Senate.
Rep. Matt Kisber (Democrat)
$1,500
Represents the Jackson area.
Very pro-business Democrat.
Is in a very tough race because the district was redrawn and it now majority
Republican.
Matt is the chair of the House Finance, Ways and Means Committee - which
hears all gross receipts tax matters.
Was very helpful to Enron on the gross receipts legislation.
Senator Jerry Cooper
$1,000
Chair of the Senate Commerce Committee
His committee hears all legislation relating to energy and power plants.
Rep. Shelby Rinehart
$500
Chair of Commerce Committe (all energy and power plant issues) and powerful
member of the House Finance and Ways and Means Committee.
He is extremely powerful. Bill, Gif and Robert have a very good relationship
and rely on him for assistance for their clients regularly.
Unless otherwise noted, checks should be make payable to "Friends of
_______________".
Please forward to Bill Bruce fo personal delivery. (or if you want to get
them to me I can pass them along)
Bill Bruce
Stokes, Bartholomew, Evans and Petree P.A.
Sun Trust Financial Center
424 Church Street, Suite 2800
Nashville, TN 37219-2386 |
David, aware of these regulations and hence that is why we have the established channels of approval - in this instance there is obviously need for more caution. However this has now been on the radar screen for some time and when we think issue resolved it is seemingly not - hence we need to address asap.
cheers
Jez
-----Original Message-----
From: Minns, David
Sent: Tuesday, 13 November 2001 10:52 AM
To: Peters, Jez; Suttle, John; Miyai, Tark; Mason, Heidi
Cc: Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew; Mcclellan, George; Staley, Stuart; Shankman, Jeffrey A.; Kitchen, Louise
Subject: RE: Bengalla Biz
Jez our concerns are not just an internal approval issue. Under Australian Law the Directors of ECAPPL need to be satisfied when a company incurs a debt that it can be paid. Failure to discharge this duty can mean the directors would be personally for the debt. If the Coal Group is comfortable to make to enter into these commitments then that is the obvious way forward. One of the Coal Group in the Sydney office (presumably Paul McPhee) could replace Heidi Mason as resident director.
-----Original Message-----
From: Peters, Jez
Sent: Tuesday, 13 November 2001 9:33 AM
To: Suttle, John; Miyai, Tark; Minns, David; Mason, Heidi
Cc: Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew; Mcclellan, George; Staley, Stuart; Shankman, Jeffrey A.; Kitchen, Louise
Subject: RE: Bengalla Biz
We seem to be going round in circle's here and hence hopefully all the relevant people are now on copy of this e-mail so we can resolve swiftly. This cargo is due to be shipped in seven days with the coal already being railed to port. It is coal which will be shipped to service European commitments and represents the cheapest way to do so taking all costs into account (including financing). Needless to say if we pull out of this deal at this stage it will have huge ramifications with our customer and send all the wrong signals to our counterparties in this part of the world. Last but not least we will need to look elsewhere to procure coal for these European sales at what is likely to be a higher price.
Appreciate the green light.
Thks
Jez
-----Original Message-----
From: Suttle, John
Sent: Tuesday, 13 November 2001 9:21 AM
To: Miyai, Tark; Minns, David; Mason, Heidi
Cc: Peters, Jez; Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew
Subject: RE: Bengalla Biz
It has been made clear to me that Jeff Shankman needs to clear this transaction through Bill Bradford and Louise Kitchen prior to any capital going out the door. It is my understanding that this has not been done.
John
-----Original Message-----
From: Miyai, Tark
Sent: Monday, November 12, 2001 4:13 PM
To: Minns, David; Mason, Heidi; Suttle, John
Cc: Peters, Jez; Skinner, Fiona; Bauer, Adam
Subject: FW: Bengalla Biz
David,
See below Jeff Shankman's ok to proceed as usual.
Tax has come back with ok. Coal is being delivered to port.
Bengalla has oked to our draft as well.
Pls review and comment asap.
Credit, any comment on Bengalla?
Tark
-----Original Message-----
From: Staley, Stuart
Sent: Tuesday, November 13, 2001 2:57 AM
To: Peters, Jez; Miyai, Tark; Pielop, Stuart; Skinner, Fiona
Subject: FW: Bengalla Biz
FYR...
-----Original Message-----
From: Shankman, Jeffrey A.
Sent: 12 November 2001 15:02
To: Mcclellan, George
Cc: Price, Brent A.; Staley, Stuart
Subject: RE: Bengalla
I would proceed as business as usual.
-----Original Message-----
From: Mcclellan, George
Sent: Monday, November 12, 2001 8:59 AM
To: Shankman, Jeffrey A.
Cc: Price, Brent A.
Subject: FW: Bengalla
Guys - we need to address this - can we discuss during our lunch meeting today.
-----Original Message-----
From: Staley, Stuart
Sent: Monday, November 12, 2001 5:05 AM
To: Mcclellan, George
Cc: Bradley, Peter; Maley, Paul
Subject: FW: Bengalla
George:
Details on the cargo we are loading out of Newcastle. Sailing time is roughly 45 days. Cargo to be sold to ARA/German customers, most with payment terms 5 days post delivery. Also - it would help to get an idea of how diificult this exercise will be in the coming months, as we have a couple more loading before year end.
Work it,
Stu
-----Original Message-----
From: Miyai, Tark
Sent: 12 November 2001 02:12
To: Staley, Stuart; Bradley, Peter
Cc: Peters, Jez
Subject: Bengalla
Stu,
I refer to your e-mail to Jez last week and advise you the expected payment value and timing etc.
Vessel name: MV "Cotsworld"
ETA: 21/Nov
ETS: 22/Nov
Loading tonnage: approx. 128kmt (9kmt from Stratford and 119kmt from Bengalla)
Payment value and timing :
Value Timing
Bengalla: US$3.3mil(*) 19th (**)
Stratford: US$0.2mil(*) 26th
* Inclusive of 10% GST
** Bengall has already delivered 49kmt of coal to port and will complete the delivery on 15th.
The contract is based on FIS and the invoice weight and quality be determined by the inbound analysis while they take des/dem risk.
Because of their concern over our credit Bengalla has insisted on our payment by TT against the presentation of documents. Docs are likely to be
presented on 16th or 19th at the latest.
The draft contract which Bengalla has confirmed has a provision that the invoice weight is determined based on B/L quantity instead of inbound rail weight
if we take 100% of Bengalla coal onto our vessel. If we do that, they can not present their docs until the vessel has compeleted the loading and our payment date would be say 26th instead.
Regards,
Tark |
HoustonChronicle.com News
Nov.19, 2001
Volume 6.47
In this Issue:
Letter from the Editor
::::::
Plus:
*Thanksgiving Day Parade
*What's New at HoustonChronicle.com
*How to Send Us Community Notices
*How to Contact Us
::::::
Letter from the Editor:
Need to find out when the next showing of "Harry Potter and the Sorcerer's
Stone" is? Or whether you should pick up the new
Michael Jackson album?
Visit our newly redesigned online area for Arts and Entertainment.
You'll find expanded coverage of:
**Movies -- Read reviews of current releases and watch trailers, then find
showtimes for your local theater. Audio clips from
Chronicle interviews with actors and directors also can be found here.
<p>
**Harry Potter -- Pottermania has its own page, complete with dozens of
additional stories, a photo gallery filled with stills from
the movie and an interactive quiz. You also can find out how to get your
review of the movie posted online.
<p>
**Music -- Ever read an album review and wish you could hear what the
critic was writing about? The music area features clips from
recently reviewed albums so you can listen while you read. Also, get the
latest concert reviews, music news and interviews with
bands coming to Houston.
<p>
**Entertainment news -- It's not as important as the war in Afghanistan,
but some of us enjoy silly celebrity quotes with our
morning coffee. Like this one from Gwyneth Paltrow: "I once fell in love
with someone who was not, you know, leading man-type of guy
who was overweight and had sort of messed-up teeth." Get fascinating
tidbits like that, plus breaking entertainment news and a daily
entertainment poll in our Headlines area.
<p>
Once you've checked out the Entertainment, let us know what you think. Send
comments to the online
entertainment editor -- [email protected]
<p>
Thanks for visiting, and please follow along as we try to bring a little
entertainment to the news.
Mike Read
Editor HoustonChronicle.com News
[email protected]
:::::
**Thanksgiving Day Parade
Not all of the information on the Web site comes from news reporters and
photographers. Some of it is in the form of advertising, and marketing and
promotion efforts.
Sometimes, it takes the best efforts of evrybody to bring you the full
story.
Chronicle reporter Bruce Westbrook provides the news that Santa Claus is
coming to town next week at the end of the 52nd annual annual Thanksgiving
Day Parade through downtown starting at 9 a.m. Thursday.
Because of the construction downtown, this year's parade will be following
Milam south rather than Main Street; so we've posted a map in the Preview
area of Entertainment to help the 400,000 folks expected to see the parade
in person find their way to the new route.
Parade sponsor Washington Mutual is providing a limited number of $20
reserved bleacher seats near Smith at Capitol, and the Marketing Department
has joined with them to create a special official parade Web site where
tickets can be purchased.
First the parade, then the turkey dinner.
Watch how the turkey trots at:
http://www.HoustonChronicle.com/preview
or
http://www.HoustonChronicle.com/wamu
:::::
*What's New at HoustonChronicle.com
**Winter Olympic Games
Hard to imagine from the weather we've been having in Houston the past few
days, but the winter sports season is starting in much of the country.
The centerpiece of this year's winter sports season is going to be the
Olympic Games in Salt Lake City early next year.
The world will be turning its attention toward Utah, and so will we. Well,
actually, we've already started getting ready, and there's a special
Olympics section already set up in the Sports area of the Web site.
And the newspaper will be providing weekly coverage of the Olympics
preparations -- increasing in frequency as the games come closer.
So, let it snow; let it snow ...
Check on the rest of the winter sports at:
http://www.HoustonChronicle.com/olympics
:::::
**Archives Access for Non-Subscribers
For a couple of year now, the online archives of the Houston Chronicle and
the Houston Post have been open to Houston Chronicle subscribers. Those of
the Post are offline for some review right now. And HoustonChronicle.com
has partnered with Qpass to provide an easy and safe way for
non-subscribers to purchase access to archival material online.
Three kinds of passes allow non-subscribers to search the archives. One is
for 30 days, another for seven days, and a third lasts for 24 hours. To
buy a pass and start a search, simply go to
http://www.HoustonChronicle.com/archives
That site also includes answers to any questions you might have about
this new service.
Please note that the Houston Chronicle archives includes only text of
news articles appearing in the Chronicle starting in 1985. It does not
include photographs, classified ads or paid death notices. As part of the
SubscribersADVANTAGE program, the archives remain free to Houston Chronicle
subscribers.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
*How to Send Community Notices to HoustonChronicle.com
If you or your organization has a public service announcement or news
about volunteer positions that you need filled, please send them via
email to mailto:[email protected]
HoustonChronicle.com reserves the right to edit any notices.
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::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
How to contact us:
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or technical issues to the list manager at
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************************************************************* |
---------------------- Forwarded by Scott Neal/HOU/ECT on 11/14/2000 04:35 PM
---------------------------
<[email protected]> on 11/13/2000 04:13:29 PM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
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<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <GeorgeR@RangerAmericanSecurity>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
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<[email protected]>, <[email protected]>, <[email protected]>,
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<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>
cc:
Subject: 2000 Tully Bowl
There has been a schedule change for this weekends Tully Championships.
The tackle championships will be played on Sunday November 19th at Tully
Stadium. The schedule is as follows:
2:00 PM Freshmen (Mustangs Vs. Wildcats)
3:30 PM JV (Mules Vs. Spartans)
5:00 PM Varsity (Titans Vs. Raiders)
Please come out and support the remaining teams in there quest for the
championship! |
Dear Kevin,
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This mail was sent to: [email protected]
Message-Id: <[email protected]> |
Wednesday, May 16, 2001
------------------------------------------------------------
Now Black Cod, Sablefish Is Elevated to Haute Cuisine
1. Main Course: The Fish That Swam Uptown
2. Recipe of the Week: Salad of Potatoes, Smoked Sable and
Egg Mimosa
3. Wine List: A California Winery, Shadow Boxing With
Burgundy
4. Multimedia: The Best in Wine Books
5. NYC Restaurants: A Small Space With a Lot to Share
6. Reader Opinions: Wines for a Vegetarian Barbecue
/----------------------Advertisement-----------------------\
50% Off New York Times Home Delivery
You'll find this appetizing: 50% off home delivery of The
New York Times! Get the latest on restaurant reviews,
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form of literary dessert.
Subscribe now. SAVE 50% ON HOME DELIVERY
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\----------------------------------------------------------/
1. Main Course: The Fish That Swam Uptown
=========================================
It took 75 years, and a name change, for a staple from
Manhattan's Lower East Side to become haute cuisine. Now
sablefish is known as black cod, and is a popular dish at
fancy restaurants like Daniel and Nobu.
http://www.nytimes.com/2001/05/16/living/16FISH.html?0516wd
-----
Beyond Vindaloo: A New York Tour of India
It is now possible to find authentic, regional Indian
cuisine at neighborhood restaurants all over New York City.
http://www.nytimes.com/2001/05/16/living/16INDI.html?0516wd
2. Recipe of the Week: Salad of Potatoes, Smoked Sable and
Egg Mimosa
==========================================================
Michael Otsuka, the chef at Manhattan's Verbena (and
formerly at Thalia), provides this attractive and tasty
recipe, that can serve as an appetizer or side dish.
http://www.nytimes.com/2001/05/16/living/163FREX.html?0516wd
-----
The Minimalist: A Stir-Fry That Isn't
Mark Bittman says that preparing delicate soft tofu in a
stir-fry needn't be difficult. Ma-Po tofu (simmered tofu
with ground pork) is one way to do it right.
http://www.nytimes.com/2001/05/16/living/16MINI.html?0516wd
3. Wine List: A California Winery, Shadow Boxing With
Burgundy
=====================================================
In a blind tasting, California's Calera winery did well
against formidable foreign competition. Frank J. Prial
explains why.
http://www.nytimes.com/2001/05/16/living/16WINE.html?0516wd
-----
Tastings: California, With Attitude
Meanwhile, Eric Asimov explores another kind of California
wine -- sauvignon blanc -- and finds some surprising
winners.
http://www.nytimes.com/2001/05/16/living/16TAST.html?0516wd
-----
Wine Picks: Leslie Sbrocco's Cellar Suggestions
If you like big, monster reds, give some of these a try.
1998 Duckhorn Vineyards Paraduxx Red Table Wine
$40 - A big wine that manages to exude charm and elegance.
Four stars
http://www.winetoday.com/search97cgi/s97_cgi?Action=FilterSearch&SearchPage=re
sult_end.html&collection=WineTodayReviewsEnd&Filter=result_end_filter.hts&Resu
ltTemplate=result_end.hts&querytext=&wineid=20520&SUBMIT.x=28&SUBMIT.y=9
1998 Estancia Duo Red Blend
$22 - A blend of cabernet sauvignon and sangiovese that is
exotic and earthy. It will pair with pasta as easily as
grilled steak.
Four stars
http://www.winetoday.com/search97cgi/s97_cgi?Action=FilterSearch&SearchPage=re
sult_end.html&collection=WineTodayReviewsEnd&Filter=result_end_filter.hts&Resu
ltTemplate=result_end.hts&querytext=&wineid=20309&SUBMIT.x=28&SUBMIT.y=9
1999 Wirra Wirra Church Block Red Wine
$27 - A dark ruby blend of cabernet sauvignon, shiraz and
merlot that works beautifully.
Four stars
http://www.winetoday.com/search97cgi/s97_cgi?Action=FilterSearch&SearchPage=re
sult_end.html&collection=WineTodayReviewsEnd&Filter=result_end_filter.hts&Resu
ltTemplate=result_end.hts&querytext=&wineid=20040&SUBMIT.x=28&SUBMIT.y=9
4. Multimedia: The Best in Wine Books
=====================================
Read about the best of the genre from renowned wine authors
Oz Clarke, Jancis Robinson and more.
http://www.winetoday.com/eveningmagazine/01_winebooks.html
5. NYC Restaurants: A Small Space With a Lot to Share
=====================================================
When the Tasting Room is not caught up in its own spell,
says William Grimes, it serves good food at a moderate price
in a pleasant atmosphere, with a clever format. (One star)
http://www.nytimes.com/2001/05/16/living/16REST.html?0516wd
Take a Video Tour of The Tasting Room
http://www.nytimes.com/library/dining/051601tasting-video.ram
-----
New York Today Feature: Dim Sum Delights
Recommendations for the dim sum adventurer, from Manhattan's
Chinatown to Flushing.
http://www.nytoday.com/articles/982283313364.html
Find a Restaurant
http://www.nytoday.com/RestaurantAdvanced.html
-----
Bar of the Week: Bar-B
Small, dark and noisy, the almost-fabulous Bar-B is a vast
improvement on the antiseptic, home-decorated Niva that used
to stand in its place.
http://www.nytoday.com/search/bin/bar?st=bar&bid=982770225356
Find a Bar
http://www.nytoday.com/search/bin/bar?st=cat_nei&cat=NYToday%20Pick&nei=Manhat
tan
6. Readers' Opinions: Wines for a Vegetarian Barbecue
=====================================================
From stuffed pepper recipes to wines for a vegetarian
barbecue, readers share their insights and answer fellow
readers' questions.
Q. I'm going to have a barbecue. Most of the guests are
vegetarians. Menu is veggie burgers, grilled veggies, a
couple of great big salads and decadent creamy desserts
(including a cheesecake). I'm going to have some beer, but
I've noticed that most of the group drinks wine. What should
I offer them? Not too expensive please -- I want to please
them, not close a business deal. -- springinbloomBeth
A. You can get some terrific and crisp whites and medium to
light body reds for under $15 a bottle...
Read the responses to this question and many others in:
Food and Wine Tips From Readers
http://www.nytimes.com/2001/05/15/living/15KNOW.html?0516wd
I hope you've enjoyed this email. Bon appetit!
Dan Saltzstein
Producer, Dining
New York Times Digital
[email protected]
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One of the things that came out of the meeting I was at on Saturday with the
UC economists (including Tyson and Yellen) was a "manifesto" that they
published today (I'll have the final to distribute soon). They're having a
press conference in about 10 minutes at Berkeley. In anticipation, they're
quoted in a story in today's LA Times (that features Greenspan's comments)
and they focus their quotes on the need to raise rates. Most of these folks
in the group, lamentably, earn their living by consulting for incumbents, but
there message here should be helpful, and there are a few "right-minded"
economists in the bunch. (I managed to get Dr. Michaels in the group, who
was a great voice of reason in the debate over what to say in the manifesto.)
It wasn't appropriate for me to play a visible role in the design of the
manifesto, though I attempted to offer some behind the scenes suggestions.
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 01/26/2001 12:41 PM -----
"James L. Sweeney" <[email protected]>
01/26/2001 11:52 AM
To: Pablo Spiller <[email protected]>, [email protected], David
Teece <[email protected]>
cc: [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected]
Subject: Re: FINAL VERSION
It seems this is already getting press. Click on the following to see the
Los Angeles Times story. Fortunately the LA Times did not focus on any of
the issues we are debating here.
http://www.latimes.com/business/reports/power/
Jim Sweeney
At 04:19 AM 1/26/2001, Pablo Spiller wrote:
>colleagues:
>
>we are less than 2 hrs short of the press conference. i just got to the
>computer and saw all these e-mails. i will suggest we take our local nobel
>prize winner's suggestion and go, for the time being, as is. we simply do
>not have the time to incorporate changes without violating the need for
>consensus. We will release the manifesto at 11am PST, at the press
>conference that is going to take place here at haas. Those of you from the
>east coast, feel free to release it at any time. Those in the west coast,
>i would suggest that we do not release it until 11am, but feel free to talk
>to whoever you want about it.
>
>The version of the manifesto that is going to be released is the version
>that we sent yesterday afternoon incorporating the excellent comments by
>paul. also is the version that includes the list of endorsees as of the
time.
>
>if you haven't received the copy, please let me know.
>
>thanks.
>
>pablo
>
>
>
>At 11:54 AM 1/26/01 -0500, [email protected] wrote:
> >
> >1. Is the document out? Or are we still making changes?
> >
> >2. Is the "embargo" over?
> >
> >3. When can we get the final, final, final for further distribution?
> >
> >John
> >
> >
> >
> >
> >
> >
> >David Teece <[email protected]> on 01/25/2001 05:54:00 PM
> >
> >To: [email protected], [email protected],
> > [email protected], [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected], [email protected],
> > [email protected], [email protected],
> > [email protected], [email protected]
> >cc: [email protected]
> >
> >Subject: FINAL VERSION
> >
> >
> >Dear Colleagues,
> >
> >Here is the FINAL version of the manifesto. This version includes some
> >additions and deletions to bring on Paul Joskow and Janet Yellen, and
> >hopefully Severin Borenstein as well. Also attached is a list of
> >endorsements Pablo and I have secured. If you are not on the list and wish
> >to be added, please let us know.
> >
> >Critically, let us know if you wish to be removed. We are picking up new
> >endorse by the hour and will release by 9:00 am (PST) tomorrow.
> >
> >
> >David Teece and Pablo Spiller
> >
> >
> >(See attached file: Manifesto DJT 1-25-01.doc)
> >(See attached file: endorsee list 12501.doc)
> >======================================
> >David J. Teece, Director
> >Institute of Management, Innovation and Organization
> >F402 Haas School of Business #1930
> >University of California, Berkeley
> >Berkeley, CA 94720-1930
> >Phone: (510) 642-1075
> >Fax: (510) 642-2826
> >http://haas.berkeley.edu/~imio
> >======================================
> >
> >
> >
> >
James L. Sweeney, Stanford University
Department of Management Science and Engineering
Terman Engineering Center, Room 323 Stanford, CA 94305-4026
Voice: 650-723-2847; Fax: 650-723-1614; Home Voice or Fax: 650-322-9835 |
I would like to keep you informed on the issue of small generation
interconnection to the BPA transmission network. I am trying to find sites to
locate some mobile generators that Enron has available. There are several
Public Power utilities (BPA customers) in the Region that are interested in
having these units located in their service areas. My understanding is that
BPA is requiring small generators to go through an interconnect process if
they want to sell the power on the market. But, if the utility owns the
generation, or if the utilities industrial customer owns it, and they are
displacing BPA power then they don't have to go through this interconnection
process. That seems to me like self-dealing in that BPA's Power Business
Line gets the benefit of this load that the Transmission Business Line is
allowing to slip in, but other marketers, such as Enron, has to play by
different rules if we want to have access to this power.
I have a meeting Thursday with one of BPA's VP's in theTransmission Business
Line to talk about this issue. I will send you other email and correspondence
I receive on this. At some point Enron may want to take a stand on BPA's
activity if they are not going to be cooperative with our efforts.
Jeff
---------------------- Forwarded by Jeff Shields/PDX/ECT on 03/21/2001 11:14
AM ---------------------------
"Paschke, Al - TM" <[email protected]> on 03/21/2001 10:18:31 AM
To: "'[email protected]'" <[email protected]>
cc: "Bennett, Ruth - TM-DITT1" <[email protected]>, "Peterson, Edward A -
TOC-DITT2" <[email protected]>
Subject: FW: Small scale generation
Jeff--Thanks for your e-mail. I have responded to your questions below. My
responses are in BOLDFACE. Also, please note that I am sending to you two
relevant documents via separate e-mail. These documents are noted in my
response to your first question below.
As I mentioned in the voice mail that I left with you this morning, you may
want to come in and talk to us concerning your plans. Engineering staff
would be available to discuss BPA-TBL's interconnection requirements. Take
care.
Al Paschke
(360)418-8283
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Saturday, March 17, 2001 3:58 PM
To: [email protected]; [email protected]
Subject: Small scale generation
I realize you are not permitted to talk directly with each other about this
subject, but I find myself in the middle of this policy issue and need
clarity on how to respond to requests I have received from customers in the
past few weeks. At issue is how to connect new "small scale" generation in
order to get generation on-line as quickly as possible. If we set aside
local and state permit requirements for the sake of this conversation, I
would like to ask about the process for working with Public Power
utilities, or their end-use consumers that have expressed an interest in
installing small-scale generation with the idea of selling the output to
Enron.
I have access to several turbine technologies ranging in size from 75 kW to
as large as 22 MW. These units are available in the next 4-20 weeks. I have
been contacted by various BPA utility customers, or in two cases,
industrial customers served by Public Power utilities that would like to
have Enron install these units at their facilities. The basic idea is that
Enron would install units and operate them and sell the out-put. The host
end-user and/or host utility will be paid a fee in return for supporting
this installation. In some instances the host would own the generation
asset and Enron would have a toll, in other instances Enron may own the
asset.
Questions that I have include:
What is the process for interconnection with BPA's transmission system? SEE
THE DRAFT DOCUMENT ENTITLED, "BPA TRANMSISSION BUSINESS LINE PROCESS FOR
SMALL GENERATION INERCONNECTIONS WITH UTILITY SYSTEMS WITHIN THE BPA LOAD
CONTROL AREA." ALSO, SEE THE DRAFT DOCUMENT ENTITLED, "BPA TRANSMISSION
BUSINESS LINE PRELIMINARY QUESTIONS FOR SMALL GENERATION INTERCONNECTIONS
LESS THAN 50 MW." I AM SENDING COPIES OF THESE DOCUMENTS TO YOU VIA
SEPARATE E-MAIL.
Is a traditional interconnection request necessary? YES.
If the host utility effectively takes this energy to load and virtually
consumers all of the power can Enron pay BPA a transmission few as though
the power were delivered over the federal transmission system? TO THE EXTENT
THAT POWER IS TO MOVE OVER THE FEDERAL TRANSMISSION SYSTEM, TRANSMISSION AND
ANCILLARY SERVICES MUST BE ACQUIRED FROM BPA-TBL. (UNDER SOME
CIRCUMSTANCES, CERTAIN ANCILLARY SERVICES CAN BE SELF OR THIRD
PARTY-PROVIDED.) TO THE EXTENT THAT THE PROJECT WOULD BE INTERCONNECTED
WITH THE SYSTEM OF ONE OF BPA'S REQUIREMENTS CUSTOMERS, (WHO PURCHASES NT
TRANSMISSION SERVICE)AND THE POWER SERVES THAT CUSTOMER'S LOAD REQUIREMENTS,
THE CUSTOMER IS OBLIGATED TO PURCHASE TRANSMISSION AND ANCILLARY SERVICES
ASSOCIATED WITH SUCH LOAD REQUIREMENTS. THE CUSTOMER IN BPA'S CONTROL AREA
WOULD HAVE TO ENTER INTO ARRANGEMENTS WITH BPA-TBL FOR METERING, ET AL.
Would this power have to be sold in the Northwest? NO.
Is BPA interested in a 3-5 yr toll on these smaller generation
technologies? IF YOU ARE ASKING WHETHER BPA WOULD BE INTERESTED IN
PURCHASING SUCH GENERATION FOR A PERIOD OF 3-5 YEARS, YOU SHOULD DISCUSS
THIS WITH BPA'S POWER BUSINESS LINE. OTHERWISE, PLEASE CLARIFY YOUR
QUESTION. THANKS.
I have had conversations with Scott Wilson about tolls on larger production
units and advised Scott that Enron has these smaller units available. I
expect to talk with him further this week about siting a 22 MW natural-gas
fired generator in the region. The tricky part is understanding how we get
the power to BPA and/or the market within the rules for interconnection
with the Federal Transmission System. Any help that you can offer on
expediting this process would be greatly appreciated.
I am sure there are more questions and I suspect you will have some as
well. Please feel free to contact me.
Jeff |
I am ok with your slate, but need some Houston people on board as well. I
think we can shorten the Houston list by taking me off since John Novak will
be on the board. I leave it to Bruce to see if it makes sense to shorten the
list further. Mark
Orlando Gonzalez@ENRON
03/27/2001 01:51 PM
To: Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark E
Haedicke/HOU/ECT@ECT
cc:
Subject: Re: Enron Global Assets Board Slates
Did you get a chance to review the Elektro board make up. I would like to
finalize before the next ordinary shareholder meeting in Brazil. Thanks
---------------
See attached regarding Elektro's board membership. We would suggest that the
board slate be made up of Brazil residents in order to facilitate the
necessary meetings. I would like to include Joe Kishkill, John Novak, Brett
Wiggs, Britaldo Soares and Joao Carlos Albuquerque, all members of our
executive committee to substitute Rick Waddell, Diomedes, Jim Bannantine, and
Rick Lammers. If you agree, I will talk to Rebecca to finalize. Thanks
---------------------- Forwarded by Orlando Gonzalez/SA/Enron on 03/06/2001
05:17 PM ---------------------------
Orlando Gonzalez
02/04/2001 10:35 PM
To: Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: James A Hughes/ENRON_DEVELOPMENT, Rebecca McDonald/ENRON_DEVELOPMENT,
Jeffrey E Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E
Weidler/NA/Enron@Enron
Subject: Re: Enron Global Assets Board Slates
Bruce, This solution does not work for Brazilian entities for legal
reasons. I will send a summary of the current situation and a proposal to
resolve. We can discuss during your visit. Thanks
Bruce Lundstrom@ENRON_DEVELOPMENT
31/01/2001 19:26
To: Mariella Mahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E
Weidler/NA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Christopher B
Hunt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wade
Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder/LON/ECT@ECT,
Richard Shapiro@Enron, Carol Howes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Shields/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: James A Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Isabel
Romero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Yvette Pinero/NA/Enron@Enron, Ann
Brown/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wendi
Hoelscher/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mrudula
Gadade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie
Blackwood/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rejane
Pansiera/SA/Enron@Enron, Eduardo Robles/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Carla Galvan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sonnia
Reyes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Leigh Ann Van
Houten/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lauren
Hagerty/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Darlene
McKeever/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Larry
Pardue/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tami
Scrudder/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Denise
Almoina/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Enron Global Assets Board Slates
Folks -
The Legal Specialists in EGA are working up new director/officer slates for
the EGA entities. We will be appointing the following list of directors for
EGA entities:
Rebecca McDonald
Jim Hughes
Jeff Sommers
Jim Derrick
Mark Haedicke
There will be some exceptions to this slate, particularly where local law or
the necessity of regular board attendance requires additional (or even
different) directors to be appointed. These will be considered on a
case-by-case basis. Allow the Legal Specialists the opportunity to come up
with their tentative slates and then we will give them to the regional heads
for comment.
Some of you will be asked to resign your current directorships. I hope that
no one will take offense to the fact of of the changed slates -- none is
intended. We have found that this common slate has made corporate governance
more efficient and less complicated.
Thank you for your cooperation. Please pass this message along to others in
your respective groups as you deem necessary.
Bruce
---------------------- Forwarded by Orlando Gonzalez/SA/Enron on 03/06/2001
05:17 PM ---------------------------
"Vasco de Castro Ferraz Junior" <[email protected]> on 02/23/2001
06:14:14 PM
To: [email protected]
cc: [email protected]
Subject: Re: Board Members
To be elected as a Board member a person must be a shareholder of the Company
(normally one share is transferred to such member) and tehre is no more the
requirement of the Brazilian residency.
There is no other mandatory requirements.
However one has to have in mind that from a practical point of view it is
not viable to have only non residents at the Board (frequent trips to Brazil,
less flexibility on timing to pass resolutions about ugent matters etc)
Ideally at least trhee shoul be resident in Brazil (present minum quorum to
held a Board Meeting.)
Vasco.
>>> <[email protected]> 2/4/01 11:39:09 pm >>>
Vasco What are the residency requirements for board membership? Are
there other specific requirements? I would like to send a proposal this
week. Thanks
"Vasco de Castro Ferraz Junior" <[email protected]> on 30/01/2001
12:53:03
To: [email protected]
cc:
Subject: Board Members
Orlando:
As per your request, please find bellow the names of all of the present
members of Elektro's Board.
Firstly is to be mentioned that according to Elektro's By Laws, the Board may
have a minimum of 4 and a
maximum of 7 permanent members (one obligatorily must be elected by
appointment of Elektros' employees) and a minimum of 2 and a maximum of 4
alternates (one obligatorily to act solely as alternate to the employees'
representative at the Board)
Permanent members:
Diomedes Christodoulou (President)
Orlando Goanz?lez
Ricky Linn Waddell
Geraldo Gon?alves Pereira (elected by appointment of Elektro's employees)
Vacant (3)
Alternate members:
James Martin Bannantine
Richard Allan Lammers
Ricardo Louren?o Carneiro (alternate to Geraldo Gon?alves)
Vacant (3)
The election and/or dismissal of the Board members has to be decided by the
shareholders of the company.
Normally the election o the Board members takes place at the annual
Ordinary Shareholder's meeting. (This year, our OGM is scheduled to take
place on April, 29th.)
However this matter can also be decided at any time via an Extraordinary
Shareholder's Meeting that has to be called trough a Board Resolution
that has to be publicized at the Official Gazette no later than 8 days
prior to date of such EGM.
Should the present number of the Board members be maintained (i.e 4
permanent and 3 alternates), the election of new members (from our side)
will have to be made upon the resignation of those presently on seat.
Should you deem necessary, please call me at your earliest convenience.
Least but nol east As I vave mentined to you the other day, it is quite
normal to appoint the senior legal council as an alternate to the permanent
members of the Board so that he may legally be present at all the board
meetings |
From OpinionJournal.com (http://opinionjournal.com)
TODAY ON OPINIONJOURNAL
On the Editorial Page
http://www.opinionjournal.com/editorial/?id=95001723
Another Whitewater? Yippee!!
12:01 a.m. EST
Thinking Things Over BY ROBERT L. BARTLEY
http://www.opinionjournal.com/columnists/rbartley/?id=95001724
President Bush may usher in a new political era.
12:01 a.m. EST
Afghan Dispatch BY NANCY DEWOLF SMITH
http://www.opinionjournal.com/columnists/nsmith/?id=95001722
A visit to the home of the top Talib.
12:01 a.m. EST
From the Editor BY JAMES TARANTO
http://www.opinionjournal.com/columnists/jtaranto/?id=95001721
Our readers explain it all to Colin Powell.
12:01 a.m. EST
FOR WALL STREET JOURNAL ONLINE SUBSCRIBERS
Review & Outlook
Another Whitewater? Yippee!!
What the Enron mess would look like if it really were a political scandal.
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010959175658839720.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
All the President's Men
Bush legally hands out two recess appointments.
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB101096032249333840.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Commentary
Oh, Omar
It's the moment of their liberation, so why do Afghans seem so defeated?
By Nancy DeWolf Smith
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010960623443326800.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Let's Talk Turkey: What a U.S. Ally Needs
As a matter of course, good friends should be treated well.
By Melik Kaylan
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010961495732110320.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Manager's Journal
How Will Lazard Fare?
Wasserstein will need a bull market for his plan to succeed.
By Charles Geisst
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010962095402217160.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Thinking Things Over
Next for Bush: A New Political Era?
A few "gaffs" could help the president.
By Robert L. Bartley
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010962893895684960.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Review & Outlook Taste
Martyr-Piece Theater
Review & Outlook: There's no constitutional right to watch federal court proceedings on TV.
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010707495491839720.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Taste Feature
Sideline Of the Obsessed
There may be times when parents should stay longer at work.
By Jay Jennings
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010707752172580640.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Serious CNN, Foxy Paula: What a Dilemma
De Gustibus: Smart people can be sexy too.
By Tunku Varadarajan
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010708297649899720.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Houses of Worship
A Striking Possibility
Houses of Worship: Vouchers could raise teacher pay, but cost Catholic schools their culture.
By Naomi Schaefer
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010707903124831160.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
International
Law and Pravda
Russia's free media has learned its Lesin.
Review & Outlook
From The Wall Street Journal Europe
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010955805971426520.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Back from the Brink
The European takeover directive gets another chance.
Review & Outlook
From The Wall Street Journal Europe
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010956364980396440.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Mugabe's Rules
Before it's too late, the EU and the U.S. must make clear they won't accept a dictator in Zimbabwe.
By Geoffrey Van Orden
From The Wall Street Journal Europe
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010956647485896080.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Three Characters in Search of a Parliament
The European Parliament has real powers, but lacks the theater that comes from political debate.
By Brendan Greeley
From The Wall Street Journal Europe
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010956944361578040.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
Open the Skies, Let Competition Work
Business Europe: A leading figure in U.S. airline deregulation says it's time to free up the skies over the Atlantic.
By Alfred E. Kahn
From The Wall Street Journal Europe
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010957195897918280.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
A New Plan for Pakistan
President Musharraf's vision deserves positive reinforcement.
Review & Outlook
From The Asian Wall Street Journal
Jan 14 2002
http://interactive.wsj.com/cgi-bin/wsjgate?source=jopinemaowsj&subURI=http%3A%2F%2Finteractive.wsj.com%2Farticles%2FSB1010958112238124840.htm&nonsubURI=http%3A%2F%2Finteractive.wsj.com%2Ftour
~~~~~~~
_____
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Copyright 2002 Dow Jones & Company, Inc. All Rights Reserved. |
Let me try this answer:
A transportation delivery directly to Demarc Def. is a part of the Demarc allocation. When we
look at a storage allocation, we review all the injections (or withdrawals) at the storage point.
Don't hesitate to edit my comment. Thanks. Lynn
-----Original Message-----
From: Medeles, Gerry
Sent: Monday, November 12, 2001 11:10 AM
To: Mercaldo, Vernon; Blair, Lynn; Buchanan, John
Subject: RE: Demarc Allocation Conference Call - 11/06/01
I guess what Lynn is trying to convey is that, for the Demarc allocation which is a "group allocation", the system looks at transportation paths from the field to demarc and Demarc deferred, but the allocation only looks the delivery side of the allocation to implement the allocation, it does not take into consideration the receipt side of the path into account for the allocation.
-----Original Message-----
From: Mercaldo, Vernon
Sent: Monday, November 12, 2001 10:59 AM
To: Blair, Lynn; Medeles, Gerry; Buchanan, John
Subject: RE: Demarc Allocation Conference Call - 11/06/01
Do we want to say "path" since we do not allocate by path - by point, by group?
-----Original Message-----
From: Blair, Lynn
Sent: Monday, November 12, 2001 10:49 AM
To: Medeles, Gerry; Mercaldo, Vernon; Buchanan, John
Cc: Blair, Lynn
Subject: FW: Demarc Allocation Conference Call - 11/06/01
OK, after talking with Gerry, here is my second try at answering Greg's question trying
not to get to detailed. What do you think?
-----Original Message-----
From: [email protected]@ENRON
Sent: Sunday, November 11, 2001 7:50 PM
To: Blair, Lynn
Cc: Mercaldo, Vernon
Subject: Re: Demarc Allocation Conference Call - 11/06/01
Thanks for the clarification.
On number 4 is still a little fuzzy. Does Demarc Deff. get allocated during the
same cycle as Demarc? Seems unlikely since Demarc Deff. is a storage pt and
storage is allocated at a different time? [Blair, Lynn] Greg, if there is a transportation path from field to
demarc def, then the path is a part of the demarc allocation. If there is a transportation path from field to demarc, then
demarc to demarc def., the transportation path is considered in the demarc allocation, but the storage path
will not be considered until the storage allocation.
If we were nominating our Firm from Beatrice to Demarc Deff. where would our
customers pull from? [Blair, Lynn] Customers can pick up gas at Demarc Def.
The storage that is offered by NNG's park and ride is at what location? Demarc
or Demarc Deff.? [Blair, Lynn] Demarc def.
Greg Hathaway
Office Phone: 804.273.4421
Virginia Power Energy Marketing
5000 Dominion Blvd.
Glen Allen, Virginia 23060
Fax: 804.273.2927
[email protected]
|--------+----------------------->
| | "Blair, Lynn"|
| | <Lynn.Blair@e|
| | nron.com> |
| | |
| | 11/07/01 |
| | 03:18 PM |
| | |
|--------+----------------------->
>----------------------------------------------------------------------------|
| |
| To: Greg Hathaway/WP/VANCPOWER@VANCPOWER, Brent |
| Cinnamond/WP/VANCPOWER@VANCPOWER, Gregg Tyson/WP/VANCPOWER@VANCPOWER,|
| Hillary Dryselius/WP/VANCPOWER@VANCPOWER, Jason J |
| Lewis/WP/VANCPOWER@VANCPOWER, M Lynn Dotter/WP/VANCPOWER@VANCPOWER, |
| [email protected], Mark Moyer/WP/VANCPOWER@VANCPOWER, Stacy |
| Lee/WP/VANCPOWER@VANCPOWER |
| cc: "Mercaldo, Vernon" <[email protected]>, "Blair, Lynn"|
| <[email protected]>, "Medeles, Gerry" <[email protected]>, |
| "Kowalke, Terry" <[email protected]>, "Williams, Jo" |
| <[email protected]>, "Buchanan, John" <[email protected]>, |
| "January, Steve" <[email protected]> |
| Subject: Demarc Allocation Conference Call - 11/06/01 |
>----------------------------------------------------------------------------|
>
Greg, it was good to visit with you yesterday. Here are the
questions and answers that we promised you
at the conference call on Tuesday, November 6. Please review
and let Vernon or I know if you need any clarification.
> 1. What fields can be changed on a nomination and the
> nomination still keep its flowing gas rights from the previous cycle?
>
> Answer - (1) QUANTITY volume equal to scheduled amount
> or volume lower than scheduled amount
> (2) RANK changed to a different number
>
> 2. Where can I find information on Imbalance Tiering in
> relation to mandatory monthly cash out?
>
> Answer - Tariff Sheet 268, D & E
>
> 3. What points are in the grouping to determine a demarc
> allocation?
>
> Answer - Beatrice (Trailblazer) and demarc are the only
> two points in the group
>
> 4. If Virgina Power is transporting gas to demarc and demarc is
> allocated, can Virginia Power
> switch their nomination to demarc deferred delivery and
> keep their gas flowing?
>
> Answer - The field Receipt to demarc deffered delivery
> IS included in a demarc allocation
> because the transport tied to this storage
> nomination is physically coming from
> the field to the market area. (Greg we may
> not have been clear on this comment
> on the conference call)
>
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may
contain confidential and privileged material for the sole use of the intended
recipient (s). Any review, use, distribution or disclosure by others is strictly
prohibited. If you are not the intended recipient (or authorized to receive for
the recipient), please contact the sender or reply to Enron Corp. at
[email protected] and delete all copies of the message.
This e-mail (and any attachments hereto) are not intended to be an offer (or an
acceptance) and do not create or evidence a binding and enforceable contract
between Enron Corp. (or any of its affiliates) and the intended recipient or any
other party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
********************************************************************** |
---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/10/2000
01:56 PM ---------------------------
Jeff Dasovich on 08/10/2000 10:12:20 AM
To: Susan J Mara/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES, Sandra
McCubbin/SFO/EES@EES, James D Steffes/HOU/EES@EES, Richard
Shapiro/HOU/EES@EES, Paul Kaufman@EES, Robert Badeer@ECT, Tim Belden@ECT,
Dave Parquet@ENRON_DEVELOPMENT, Mary Hain@ENRON_DEVELOPMENT, Joe
Hartsoe/Corp/Enron@Enron, Cynthia Sandherr/Corp/Enron@Enron, Dennis
Benevides/HOU/EES@EES, Roger Yang/SFO/EES@EES, Douglas Condon/SFO/EES@EES,
Sarah Novosel/Corp/Enron@Enron, Bruno Gaillard/SFO/EES@EES
cc:
Subject: Re: Governor's Press Conference -- Shot Across the Bow
There appears to be a pattern forming. The administration seems to make a
scene just prior to large events (e.g., Davis' letters calling for wholesale
caps just prior to the ISO Board vote, and now this on the eve of the joint
Assembly/Senate hearing scheduled for today).
In other late-breaking news. On the heels of this press conference, I
received late last evening from Loretta Lynch's chief of staff a copy of a
proposed decision Lynch will release today reversing last Thursday's decision
rejecting (0-5) retail price caps in San Diego. The draft decision she
proposes would establish an "interim" retail rate cap only for SDG&E
residential and small commercial customers. She proposes to use a "balancing
account" to finance the cap. Though it looks like the "interim" cap would
extend through December 2003, there is one place in the decision that states
the cap should only extend through December 2000.
"Karen Edson" <[email protected]> on 08/09/2000 06:58:13 PM
To: "Baker Carolyn (E-mail)" <[email protected]>, "Bill Carlson
(E-mail)" <[email protected]>, "Bill Woods (E-mail)"
<[email protected]>, "Curt Hatton (E-mail)" <[email protected]>,
"Curtis Kebler (E-mail)" <[email protected]>, "David Keane
(E-mail)" <[email protected]>, "David Parquet (E-mail)"
<[email protected]>, "Duane Nelsen (E-mail)" <[email protected]>, "Ed
Tomeo (E-mail)" <[email protected]>, "Edward Maddox (E-mail)"
<[email protected]>, "Eileen Kock (E-mail)" <[email protected]>,
"Ellery Bob (E-mail)" <[email protected]>, "Escalante Bob (E-mail)"
<[email protected]>, "Frank DeRosa (E-mail)"
<[email protected]>, "Greg Blue (E-mail)" <[email protected]>,
"Hap Boyd (E-mail)" <[email protected]>, "Jack Pigott (E-mail)"
<[email protected]>, "Jan Smunty-Jones (E-mail)" <[email protected]>, "Jim
Willey (E-mail)" <[email protected]>, "Joe Greco (E-mail)"
<[email protected]>, "Joe Ronan (E-mail)" <[email protected]>, "John Stout
(E-mail)" <[email protected]>, "Jonathan Weisgall (E-mail)"
<[email protected]>, "Katie Kaplan (E-mail)" <[email protected]>, "Kent Fickett
(E-mail)" <[email protected]>, "Lynn Lednicky (E-mail)" <[email protected]>,
"Marty McFadden (E-mail)" <[email protected]>, "Paula Soos
(E-mail)" <[email protected]>, "Robert Lamkin (E-mail)"
<[email protected]>, "Roger Pelote (E-mail)"
<[email protected]>, "Steve Ponder (E-mail)" <[email protected]>,
"Steven Kelly (E-mail)" <[email protected]>, "Sue Mara (E-mail)"
<[email protected]>, "Tony Wetzel (E-mail)" <[email protected]>, "Trond
Aschehoug (E-mail)" <[email protected]>, "William Hall (E-mail)"
<[email protected]>, "Richard Hyde (E-mail)" <[email protected]>,
"Sandi McCubbin (E-mail)" <[email protected]>, "Stephanie Newell
(E-mail)" <[email protected]>, "Glenn R. Etienne (E-mail)"
<[email protected]>, "Nick Wallace (E-mail)" <[email protected]>
cc: "Ann Kelly (E-mail)" <[email protected]>, "Bev Hansen (E-mail)"
<[email protected]>, "Bob Judd (E-mail)" <[email protected]>, "Govenar Scott
(E-mail)" <[email protected]>, "Hedy Govenar (E-mail)"
<[email protected]>, "Levake Barbara (E-mail)" <[email protected]>, "Monagan
Mike (E-mail)" <[email protected]>, "Rob Ross (E-mail)" <[email protected]>,
"Ron Tom (E-mail)" <[email protected]>, "Rudman Cary (E-mail)"
<[email protected]>, "Susan McCabe (E-mail)" <[email protected]>
Subject: Governor's Press Conference -- Shot Across the Bow
Governor Davis held a press conference today at which he accused
"out-of-state generators" of price gouging and market manipulation. He
called on FERC to expedite their investigation of the market and to provide
for consumer rebates if FERC cannot conclude that California prices are
"just and reasonable."
Below are my notes from the press conference. Attached is the Governor's
press release.
Karen Edson
Notes from Gov. Davis, Press Conference:
Opening Statement
Record hot temperatures; lack of supply; price manipulation have created the
crisis.
Electricity is the life blood of the State's economy.
He (the Governor) has responded with several recent steps.
Among them is his request that the AG & FERC examine price manipulation
1st Point
He is calling on the CPUC to establish a price stability rate for consumers
and business.
His intent is to reduce rates to $55-$65/mo. for next year or two. (This
point was unclear. Did he mean rates, bills, or what?)
Customers need predictable, reliable, affordable rates
2nd Point
The Governor called on President Clinton and Chairman Hoecker to expedite an
investigation of the unconscionable rates being charged by out-of-state
generators to California utilities
The Governor wants FERC to make evidentiary findings that rates are just and
reasonable. If FERC can,t make such findings, he wants them to require
consumer rebates. (This portion of his comments is not reflected in the
attached press release. It is taken right from the script of Senator Steve
Peace.)
3rd Point
Believes deregulation will work. Generators must be held responsible. When
gouging and extorting; you must pay the price.
Karen Edson
[email protected]
916/552-7070
- A. GOVERNOR Press Release 8-10.doc |
Hi Laura: I've attached three things, but first wanted to give you a bit of
an update on events transpiring in Sacramento and at the Public Utilities
Commission.
Move to Prohibit Customer Choice
As you may know, AB1X, the bill that the Legislature recently passed and the
Governor signed, gives the California Department of Water Resources the
authority to buy power on behalf of the utilities. Included in that bill,
however, is a provision that prohibits "Direct Access," California's term
for customer choice.
In sum, the bill, in its current form, prohibits businesses and consumers
from chosing an alternative energy service provider, like Enron. Our
understanding is that the Department of Finance called for the prohibition.
Their reasoning is that they need a "captive" customer base to pay for the
bonds that the State will issue in order to finance DWR's power purchases.
Customer choice was of course the foundation of California's restructuring
law, AB 1890, and is arguably the only bright spot in an otherwise fatally
flawed plan. For example, the only businesses and consumers that were
protected in San Diego when rates were deregulated last year were those
businesses and consumers that had signed fixed price power deals with
competitive service providers. Ironically, the recently passed legislation
takes choices away from consumers and diminishes their ability to manage
their energy costs. Before AB 1890, consumers and businesses had one
choice--the monopoly utility. With the passage of AB 1X, they again will
have one choice. But this time their only choice will be to buy from a
government agency DWR.
A broad coalition of consumer groups has expressed its opposition to the
prohibition and Senator Debra Bowen (a key player on the Senate side), and
Fred Keeley (a key player on the Assembly side), have promised to "fix" the
prohibition in another bill "SB27X." I'll forward in another email the
language that the coalition has drafted and hopes Bowen and Keeley will carry.
Unfortunately, we are now hearing rumors that the Governor intends to direct
the California Public Utilities to immediately implement the provisions of
AB1X prohibiting Direct Access, despite the fact that a large coalition of
consumers and service providers are actively working with Bown and Keeley to
amend the prohibition language.
It would be extremely useful if the folks participating in the meeting on
Thursday with the Governor let him know that taking choices away from
businesses and customers is the wrong way to go and that he and the
legislative leaders need to work with the coalition to fix it. You'll note
in the language developed by the coalition that the proposal strikes a
reasonable balance between the Dept of Finance's concerns about recouping
DWR's costs of buying power, and the need to give consumers and businesses
maximum flexible in managing their energy costs.
Move to Have the State Take Over the Electric Industry in California
John Burton, the Democratic leader of the Senate, insists that, "if
California is going to 'bail out' the utilities, the State needs to get
something in return." Burton wants the state to buy and operate PG&E's and
Edison's transmission system and create a state power authority that would
get in the business of (among other things) developing, financing,
constructing and operating power plants and natural gas pipelines. Burton
got both of these bills designed to take over the industry passd out of his
committee yesterday (SB6X and SB33X). It is unclear how much support he has
in the full Senate or in the Assembly, but the possibility of passage is
certainly greater than zero at this juncture.
Others experts are offering a better alternative. When the federal
government helped Chrysler out of its financial difficulties 20 years ago,
the federal government received stock warrants in return. Until recently,
the Governor favored warrants, but more recently he has waivered in his
statements regarding a state take over. Burton appears to have negotiating
leverage with the Governor and appears to be using it.
Again, it would be extremely useful for folks to let the Govenor know in the
meetings on Thursday that a State take over of the industry is an extreme
move and bad public policy. I will forward to you in a separate email
letters that we sent to Burton expressing our opposition to his bills and the
reasons for our opposition. In brief, there is no shortage of private
capital ready and willing to invest in California's energy infrastructure
(i.e., power plants, electric transmission lines, gas pipelines). All
California needs to do is create the investment climate necessary to attract
the capital. In addition, history shows that the State is extremely
ill-equipped to become California's mega-utility.
Here are the attachments:
A demand buy-down proposal. We made this proposal to the Governor (and
continue to propose it to policymakers in Sacramento, Washington D.C. and
just about everywhere else). In short, the notion is that, if the market is
willing to pay power producers, say, 7 cents/kwh to "produce" power, then the
market ought to be willing to pay businesses and consumers 7 cents/kwh to
"reduce" power consumption.
This approach is critical for two reasons: first, it provides businesses and
consumers the financial incentives necessary (and that California currently
lacks) to conserve energy and use energy more efficiently. Second, because
California delayed identifying and implementing a solution to California's
energy crisis, its options for addressing the severe shortages that are
likely occur this summer are very limited. Reducing demand represents one of
the few options that can help to immediately reduce the gap between supply
and demand. Putting financial incentives in place now to reduce demand and
"free up" electrons is an investment with significant payback.
A "manifesto" recently released by a group of Berkeley and Stanford
economists and industry experts urging the Govenor to pursue a
"market-oriented" solution to California's energy crisis.
An editorial in yesterday's Wall Street Journal by Dan McFadden, a nobel
prize-winning economist from Berkeley echoing the proposal advanced in the
"manifesto." McFadden was one of the manifesto's signatories.
Finally, we are working on "model Legislation" proposing a market-based
solution that we will share with you soon and that we hope the business
community--and the Valley in particular--can embrace and advocate.
I realize that this is a lot of information and I apologize for the length of
this note, but I wanted to try to make sure that you're up-to-date. Please
don't hesitate to give me a call if you'd like to discuss further.
Best,
Jeff
- Manifesto-final version.doc |
I did over-simplify the North America organization a bit. There is also Kim
Theriot for NA Power and Cindy Horn or someone else under Kevin Sweeney for
Global Products. I think because of the exposure and amount of interfacing
involved here, I would prefer to have a Manager act as your contact. How
about Connie Sutton ?
David Forster
10/07/99 05:23 PM
To: Mary Solmonson/HOU/ECT@ECT
cc: Connie Sutton/HOU/ECT@ECT, Philippe Travis/LON/ECT@ECT, Karen
Lambert/HOU/ECT@ECT, Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT,
Edmund Cooper/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT,
Amita Gosalia/LON/ECT@ECT, Peggy E Hedstrom/CAL/ECT@ECT, Chris
Wiebe/CAL/ECT@ECT
Subject: Re: OnLine GTC's
Mary,
Thanks for the clarification.
It would be preferable to coordinate with one designated member of GCD.
Please let me know if the current arrangement (with the GTC's sent to
Philippe) is OK.
Dave
Mary Solmonson
06/10/99 21:55
To: David Forster/LON/ECT@ECT
cc: Connie Sutton/HOU/ECT@ECT, Philippe Travis/LON/ECT@ECT, Karen
Lambert/HOU/ECT@ECT, Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT,
Edmund Cooper/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT,
Amita Gosalia/LON/ECT@ECT, Peggy E Hedstrom/CAL/ECT@ECT, Chris
Wiebe/CAL/ECT@ECT
Subject: Re: OnLine GTC's
It sounds like there may be some organizational confusion as to who to
coordinate with in the Global Contracts area. Let me clarify for future
communications.
Enron North America Enron Canada Enron Europe
Global Head Mary Solmonson Peggy Hedstrom Ian Sloman
Contracts Manager Connie Sutton NA NA
Contract Support Karen Lambert Chris Wiebe Philippe Travis
We try to keep each other informed as to issues and current projects and
coordinate our activities since we use the same systems and databases.
However, we are distinct organizations working to support the Operations
functions at our individual locations. Therefore, you will need to send the
new GTCs to each designated individual for each location. If it would be
easier for you to coordinate with only one Contracts support person and have
us share information between us, we can do that - just let us know how you
would like to proceed. We are all working hard to ensure your implementation
of EOL is a success. To do this, we need to have information as soon as you
can provide it. Thanks in advance for your cooperation and support of our
efforts.
Karen Lambert
10/06/99 03:01 PM
To: David Forster/LON/ECT@ECT
cc: Mary Solmonson/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Philippe
Travis/LON/ECT@ECT, Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT
Subject: Re: OnLine GTC's
The Global team has not yet received current OnLine GTC's for the US or
Canada. I will call you.
David Forster
10/06/99 02:15 PM
To: Karen Lambert/HOU/ECT@ECT
cc: Mary Solmonson/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Philippe
Travis/LON/ECT@ECT, Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT, Edmund
Cooper/LON/ECT@ECT
Subject: Re: OnLine GTC's
Karen,
Thank you for your email. I'm surprised you are having difficulty obtaining
current information from me, as your email attached below postdated both my
conversation with Philippe Travis in which he explained that GCD would like
copies of the contracts, and the email sent to him which contained GTC's.
After speaking with Philippe, I asked Edmund Cooper, who works with Justin
Boyd in our legal dept and who had supplied the previous email containing
GTC's, to continue to forward EnronOnline copies as required. To my
knowledge, this has been done.
If you are still having difficulties obtaining copies, please let me know. I
can be contacted in Houston at 31861 and will be arriving there Thursday
afternoon.
Thanks,
Dave
Karen Lambert
06/10/99 19:34
To: David Forster/LON/ECT@ECT
cc: Mary Solmonson/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Philippe
Travis/LON/ECT@ECT, Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT
Subject: OnLine GTC's
Mark Taylor (EOL counsel) requested that I coordinate directly with you
because you are the point person gathering a complete set of OnLine GTC's.
Please let me know when I can expect current information regarding the US and
Canadian OnLine GTC's.
Because we could not obtain current information from you, Philippe (our
Global Contracts database contact in London) has, at my request, gathered
information regarding the European OnLine GTC's from his contacts in
London. I am not aware of who "Justin" is. Can you provide me with a last
name?
We still need the information regarding US and Canadian OnLine GTC's.
Thank you,
Karen
---------------------- Forwarded by Karen Lambert/HOU/ECT on 10/06/99 01:14
PM ---------------------------
From: Bob Shults 10/06/99 01:08 PM
To: Karen Lambert/HOU/ECT@ECT
cc:
Subject: OnLine GTC's
Can you please coordinate with Phillipe.
---------------------- Forwarded by Bob Shults/HOU/ECT on 10/06/99 01:07 PM
---------------------------
David Forster
10/06/99 01:26 AM
To: Bob Shults/HOU/ECT@ECT
cc:
Subject: OnLine GTC's
Bob,
Do you know Karen Lambert and why she needs a set of GTC's for the
implementation of EOL?
I believe Philippe Travis of the GCD group has been working with Justin to
collect contract info.
Dave
---------------------- Forwarded by David Forster/LON/ECT on 06/10/99 07:27
---------------------------
Karen Lambert
01/10/99 14:10
To: David Forster/LON/ECT@ECT
cc: Mark E Taylor/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT, Connie
Sutton/HOU/ECT@ECT
Subject: OnLine GTC's
Please let me know when to expect a complete set of OnLine GTC's in order to
prepare the Global databases for implementation of EOL.
Thank you,
Karen
x3-0605 |
Teresa,
I would like to invite Iris for an interview in Houston.
She works currently in London Can you call her
and ask when she is planning to visit the States.
We could pay the airfare from a location in the States.
I would hate to pay the 1st class ticket from London to Houston,
though I would go for it, if necessary (I don't
want a candidate to think that we are that cheap).
Business class is a standard
for business related, cross-Atlantic flights.
I would be more comfortable if you could negotiate this issue.
Thanks
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/16/2000
10:13 AM ---------------------------
Vince J Kaminski
06/12/2000 03:51 PM
To: [email protected] @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Re[10]: Greetings from London (to Enron)
Iris,
At this point it's my group: Research, i.e. Quantitative Modeling.
Please, let me know what your interests are and I shall try to line up
other groups for the interview.
Vince
[email protected] on 06/09/2000 02:33:50 AM
To: [email protected]
cc:
Subject: Re[10]: Greetings from London (to Enron)
Hi,
I will be out of the country until Wednesday afternoon - London time.
Maybe we can chat then.
Also, could you please tell me about the group(s) that are interested in
speaking with me.
Thanks,
Iris
Internet
From: [email protected] on 06/06/2000 20:31 GMT
To: Iris MACK
cc: Vince.J.Kaminski
bcc:
Subject: Re: Re[8]: Greetings from London (to Enron)
Iris,
Leaving for Ca in a few minutes. I shall get back to you Monday.
Vince
[email protected] on 06/06/2000 10:36:46 AM
To: [email protected]
cc:
Subject: Re[8]: Greetings from London (to Enron)
Hi,
Thanks for your email. Begining of July - what about July 4th week?
Could you give me a bit more info regarding the best days for you and
your
colleagues.
Thanks,
Iris
Internet
From: [email protected] on 06/06/2000 14:29 GMT
To: Iris MACK
cc: Vince.J.Kaminski
bcc:
Subject: Re: Re[6]: Greetings from London (to Enron)
Iris,
The beginning of July would be better for us. Please, let me know what
is your availability.
Vince
[email protected] on 06/06/2000 02:30:49 AM
To: [email protected]
cc:
Subject: Re[6]: Greetings from London (to Enron)
Hi,
Thank you for your email. How many days do we need?
I have checked my calendar.and think that I should be able to come on
Monday June 19th (Tuesday June 20th - if you need more than one day)..
I can fly from London to Houston during the following weekend to
arrive in
time for Monday morning.
Let me know if these days are good for you and your colleagues.
Regards,
Iris
Internet
From: [email protected] on 25/05/2000 18:33 GMT
To: Iris MACK
cc: Vince.J.Kaminski
bcc:
Subject: Re: Re[4]: Greetings from London (to Enron)
Iris,
We can invite you for an interview to Houston.
What would be a the time for you?
Vince
[email protected] on 05/25/2000 11:32:04 AM
To: [email protected]
cc:
Subject: Re[4]: Greetings from London (to Enron)
Hi,
Thank you for your prompt response. I am interested in any contacts
you
may have in your rolodex.
Also, I would be opened to talk to Enron as well. Please let me know
more
details.
Kind regards,
Iris
Internet
From: [email protected] on 25/05/2000 16:19 GMT
To: Iris MACK
cc: Vince.J.Kaminski, Stinson.Gibner, Grant.Masson,
Pinnamaneni.Krishnarao,
Vasant.Shanbhogue
bcc:
Subject: Re: Re[2]: Greetings from London (to Enron)
Iris,
I shall go through my Rolodex and try to find some good leads for you. I
left
investment banking 8 years ago and this field changes very fast.
Alternatively, would you be interested in a company like Enron
or another energy company in Houston?
Please, let me know.
Vince
[email protected] on 05/25/2000 09:20:01 AM
To: [email protected]
cc:
Subject: Re[2]: Greetings from London (to Enron)
Hi,
How are you? Thank you kindly for your email. Sorry I have not
responded
sooner.
Currently I am working in Derivatives Structured Products and Risk
Management at BNP Paribas in London. Although I currently enjoy living and
working in London, I may need to return to the states - because of my
mother's
failing health.
Do you know of any good contacts at investment banks that I may
forward my
details to?
For your information, I have attached my CV. (Please see attached
file:
Iris Marie Mack.doc).
Thank you in advance for your time and consideration.
Kind regards,
Iris Mack
44 (0)20 7595 8665 (work)
44 (0)20 7229 9986 (home)
(See attached file: Iris Marie Mack.doc)
Internet
From: [email protected] on 04/04/2000 15:03 GMT
To: Iris MACK
cc: Vince.J.Kaminski
bcc:
Subject: Re: Greetings from London (to Enron)
Iris,
Please, feel free to give me a call when you have a few minutes.
I shall be glad to chat with you.
Vince
[email protected] on 03/30/2000 02:24:27 AM
To: [email protected]
cc: [email protected]
Subject: Greetings from London (to Enron)
Dear Dr. Kaminski,
How are you? It was nice to meet you at the Real Options conference
in
NYC.
I was intrigued by some of the comments in your conference talk. In
particular, by your use of real options to hedge financial options. This
is
something I am interested in as well.
When you have some time, could we chat about this topic in a bit more
detail?
Thanks for your time and consideration. Hope to hear from you soon.
Regards,
Iris Mack
------------------------------------------------------------------------------
----------------
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commitment by BNP Paribas Group* except where provided
for in a written agreement between you and BNP Paribas Group*.
Any unauthorised disclosure, use or dissemination, either
whole or partial, is prohibited. If you are not the intended
recipient of the message, please notify the sender immediately.
*BNP Paribas Group is a trading name of BNP SA and Paribas SA
Ce message est confidentiel; son contenu ne represente en
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sous reserve de tout accord conclu par ecrit entre vous et le
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(See attached file: Iris Marie Mack.doc)
(See attached file: Iris Marie Mack.doc)
(See attached file: Iris Marie Mack.doc)
(See attached file: Iris Marie Mack.doc)
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December 15, 2001 QUOTE OF THE DAY "Where is the big guy?" HAZARAT ALI, an Afghan commander, in a radio conversation with an Al Qaeda fighter. TolkienArchives Examine the World of J. R. R. Tolkien - This sponsored feature includes articles from the New York Times archives, slide shows of Tolkien's artwork, multimedia presentations from New Line Cinema, weekly trivia quizzes and more. Explore Tolkien Today . NATIONAL Babies Used in Drug Ring, Officials Say Officials charged 35 people with running a smuggling ring that transported drugs in cans of baby formula. Some Muslims Say Tape Removes Previous Doubt Some influential American Muslims say they finally have seen enough evidence to accept the United States government's version of events. Disney Pays Back Wages For Contractor The company paid $903,000 to cover back wages for a contractor who violated child labor, minimum wage and overtime laws. MORE NATIONAL NEWS Advertisement Learn a Language in Your Car...or Anywhere - Special Offer! 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Israel Enters Two Gaza Towns Two Palestinians were killed, dozens were injured and several were arrested after Israeli troops and tanks searching for militants moved into Palestinian areas at the northern and southern ends of the Gaza Strip today. MORE INTERNATIONAL NEWS BUSINESS Vivendi Moves to Gain Access to TV Markets Vivendi Universal has lined up a set of deals intended to challenge the American entertainment giants in their struggle to dominate the industry. The Familiar and the Cozy Are Much in Favor This Year A yearning for old-fashioned things is providing one of the few comforts for retailers during this recession-bound holiday season. Finance Minister of Argentina Resigns Post The uncertainty of Argentina's precarious financial situation deepened Friday when Daniel Marx, the finance secretary, resigned. MORE BUSINESS NEWS TECHNOLOGY Verizon Seeks Advantage Over Smaller Competitors New York's local phone carrier wants to charge more to lease phone lines. Microsoft and Bank One Team Up Microsoft and Bank One are forming a three-year strategic relationship worth $30 million to develop and promote services and products aimed at consumers and small and mid-sized companies. Program Makes Linux System a Friendlier Place to Work Linux is still struggling to make itself palatable to the everyday computer user. Help may come in the form of Ximian Evolution. MORE TECHNOLOGY NEWS POLITICS E.P.A. Reconsiders Human Tests of Pesticides The Bush administration is backing off its inclination to consider the results of the tests in regulatory decisions on toxic pesticides. Lawmakers Slip Farther Apart on Economic Recovery Deal Representative Bill Thomas asked for more sweeping income tax cuts than the Bush administration is seeking. Tapes Suggest U.S. Spying Missed Signals The Osama bin Laden videotape is raising new questions about why authorities failed to uncover the plot before the attacks occurred. 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Now the time has come for this column to end. Trials and Tribulations By BILL KELLER John Ashcroft may talk like an ayatollah, but this week he acted like an attorney general. Iran Could Be a Valuable Friend By CAMERON KHOSROWSHAHI In the long-term war on terrorism, forging friendships will be critical, and one of the countries most important as a potential American ally is Iran. MORE OP-ED NEWS Contribute to The Neediest Cases Fund Make an online donation this Holiday Season to The New York Times Neediest Cases Fund to help thousands of people. Donate now About This E-Mail You received these headlines because you requested The New York Times Direct e-mail service. To sign up for other newsletters, cancel delivery, change delivery options or your e-mail address, see http://www.nytimes.com/email . Check or un-check the headlines you would like to receive or cancel and remember to go to the bottom of the page and click on "Save Selections." 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FYI
-----Original Message-----
From: Dernehl, Ginger
Sent: Friday, November 16, 2001 2:45 PM
To: Shapiro, Richard
Subject: Government Affairs Organization Announcement
With the announcement of Enron's acquisition by Dynegy behind us, and with the initial severance process completed, it seemed an appropriate time to effect some organizational changes so that we as a group are better prepared to meet the challenges of the future. Before I turn to the organizational changes, I would like to say a few words about those who will be leaving the company as a result of the initial severance (you'll know who they are by their absence on the organizational chart): Leading and being a part of this group has been a privilege?I am thankful for every day that I have had that responsibility and thankful for however long I continue to have the responsibility. This sense of privilege and thankfulness is primarily driven by having had the opportunity to get to know and care about such a dedicated group of professionals and support staff and who, to a person, are also very decent and good people. To say good-bye to some of our colleagues is not easy. I want to, on behalf of all of us, thank them for their hard work, their integrity, their decency, and the good times and laughter that we shared. I trust that many of us will find ways to sustain friendships that have been and will continue to be very special. Thanks to each of you who are leaving for all you have done.
As to the organizational structure, it has become increasingly apparent to me that the existing organization, with a mix of groups organized along functional and regional lines (particularly within the U.S.), has impeded our ability to get things done in the most efficient fashion at times. The need to rationalize the organizational structure, in order to consolidate all U.S. energy functions, is a strong need from my perspective. As a result, Jim Steffes will lead the U.S. Energy group along with Sue Nord, who will jointly report to Jim and myself. Sue will assist Jim in the leadership of the group and take on project management responsibilities as warranted to help Jim shoulder a significant burden. Also reporting to Jim will be a leadership group for U.S. Energy that will be as follows: Wholesale Electricity will be led by Christi Nicolay; Retail Electricity and Natural Gas will be led by Harry Kingerski; Wholesale Gas will be led by Leslie Lawner. Last, but not least, Jeff Dasovich and Sue Mara, who will continue to focus on California energy issues, will report to Jim. (Sue Mara will also be part of the Wholesale electricity team).
Steve Montovano, who will continue to report to me, will lead a commercial development effort along with Dan Allegretti.
With the elimination of the regional groups, I also recognize that there is a need to continue to focus on how we as a group address our political/legislative needs across the U.S. Paul Kaufman will lead a small group that will address that need and that will focus on state political support. Paul will also take the lead for Government Affairs in support of corporate development efforts across the U.S.
Much of the rest of the group remains the same. Linda Robertson will continue to lead the Washington group with Sarah Novosel, who reports to Linda, taking the lead role in our coordination of activities at FERC. Amr Ibrahim will continue to lead the support of the Global Assets group and also continue to manage the Risk Analytics function. Maggy Huson will take over support of the non-energy business units, which are as follows: Global Markets, Industrial Markets, Networks, and Broadband. Rob Hemstock will continue to lead the support of Enron Canada. Paul Dawson, who heads up government affairs for Europe; Sergio Assad, who heads up government affairs for South America; and Mike Grimes and Mark Crowther, who head up our Asian efforts, will continue to jointly report to the business units and myself.
I am also forming a North American leadership group for Government Affairs to provide policy guidance for the larger group and the company. That Committee will consist of Rob Hemstock, Maggy Huson, Amr Ibrahim, Paul Kaufman, Harry Kingerski, Leslie Lawner, Steve Montovano, Christi Nicolay, Sue Nord, Sarah Novosel, Linda Robertson, Jim Steffes and myself. We will also continue to have an RCR Committee that will consist of Maggy Huson, Harry Kingerski, Sue Nord, Linda Robertson, Jim Steffes & myself. Finally, I am forming a Dynegy/Enron regulatory approvals working group that will consist of Jose Bestard, Paul Dawson, Paul Kaufman, Sue Nord, Sarah Novosel and myself.
No organizational structure or set of organizational changes is either perfect or permanent. I believe these changes will make us better and more prepared for the future. However, we must be prepared to further adjust as the future unfolds for the company.
One final note: I am deeply sorry that each of you has had to live through this uncertain and troubled period for the company. We are all saddened by the recognition that we are in the midst of changes that will leave our group fundamentally altered, but we must resolve to do our best for each other and ourselves during this period of change to ensure that what emerges, for those of us who do remain a part of the new Dynegy, reflects the excellence and integrity that has characterized our group. Personally, I will do all I can, for as long as I can, to steer the group through this to the very best place possible. Your continued dedication and support is very much appreciated. Hang in there and thanks. |
Charles Schwab & Co., Inc.
Midday Market View(TM) for Wednesday, June 6, 2001
as of 1:00PM EDT
Information provided by Standard & Poor's
================================================================
U.S. INDICES
(1:00p.m. EDT)
----------------------------------
Market Value Change
DJIA 11,106.60 - 69.20
Nasdaq Comp. 2,224.52 - 9.14
S&P 500 1,274.18 - 9.39
----------------------------------
NYSE Advancing Issues 1,158
NYSE Declining Issues 1,756
NYSE Trading Volume 567 mln
NASDAQ Advancing Issues 1,406
NASDAQ Declining Issues 2,134
NASDAQ Trading Volume 1.05 bln
==================================
U.S. TREASURIES
----------------------------------
Value Yield Change
1-year bill 3.55% n/a
5-year note 4.83% - 3/32
10-year note 5.27% unch
30-year bond 5.65% + 3/32
The tables above look best when viewed in a fixed-width font,
such as "Courier."
================================================================
U.S. TRADING SUMMARY
Stocks vacillated this morning around unchanged levels before
falling into negative territory. An earnings warning from
Hewlett-Packard took the wind out of buyers' sails as the NASDAQ
quickly headed south. Both the Dow and S&P 500, weak from the
start of the session, erased almost all of their gains from
Tuesday as they extended their losses. Traders continued to worry
about the health of the economy and decided that taking profits
after the recent stock market run-up was the better choice.
----------------------------------------------------------------
U.S. TREASURY SUMMARY
Almost all maturities of Treasuries were lower at midday.
However, stock market weakness has provided some support. The
profit-taking began in the overnight session in Asia and
continued through this morning's open in the U.S. Economic data
remained nonexistent, so traders were forced to rely on
vacillations in the equity market and technical analysts to help
guide them through the illiquid session. By midday, shorter- and
middle-dated issues were in the red while longer-dated issues
managed to climb out of negative territory.
----------------------------------------------------------------
CURRENCY SUMMARY
The British pound sterling has led the way to across-the-board
dollar gains. Worries that a re-elected Labour government would
make an early push for European Monetary Union entry has provided
the catalyst for sterling selling. A report in the U.K.
Independent that Labour would push for an early referendum, later
denied by Prime Minister Tony Blair, helped fuel the panic
sterling selling, which spilled over into other European
currencies. Moreover, worries over upcoming European data and
ongoing European Central Bank policy credibility issues have also
weighed on the euro, pushing the common currency to session lows
versus the dollar. Meanwhile, the dollar is holding firm just
above 120 yen.
----------------------------------------------------------------
MAJOR COMPANY / INDUSTRY NEWS
(All prices as of 1:05 p.m. EDT)
** Hewlett-Packard (HWP: 28.97, - 1.08) announced that sales in
its latest fiscal quarter may be weaker than the company
anticipated. Hewlett-Packard stated that slow corporate spending
had spread beyond the United States and Europe and now is a
threat to the firm's sales in Latin America and Asia. Further
cost-cutting measures will be put into effect, but the tech giant
did not give details.
** British Airways (BAB: 53.00, - 1.05) and AMR Corp.'s (AMR:
38.15, - 0.01) American Airlines have restarted talks in order to
revive their previous discussions about a joint venture,
according to the Financial Times. To determine what conditions
could be imposed on the duo, the two have begun speaking with
regulators in Brussels, London and Washington. Both airlines are
looking to gain approval for the venture in order to share
revenues and profits on transatlantic services. Original talks
began five years ago for the same type of venture, but the plans
were shelved when both airlines were unwilling to give up 300
highly prized takeoff and landing spots at London's Heathrow
airport.
** Newport News Shipbuilding (NNS: 64.00, - 0.34) announced that
it has reaffirmed its backing of General Dynamics' (GD: 78.13, -
1.99) takeover bid. General Dynamics and Newport News officials
are expected to meet with the Justice Department and Pentagon
officials today in order to discuss details of the potential
merger. Newport News said that General Dynamics' bid offers
better value than the unsolicited bid by Northrop Grumman (NOC:
89.59, - 0.65).
** Circuit City Stores (CC: 15.54, - 0.27) now expects a profit
instead of a loss in the fiscal first quarter due to strong
revenues from its CarMax Auto Group (KMX: 15.19, - 1.26). The
electronics chain stated that it should post a profit of $0.04
per share, which is a welcome deviation from the $0.03 per share
loss most analysts had expected.
----------------------------------------------------------------
RESEARCH SPOTLIGHTS
** Lehman Brothers upgraded shares of Procter & Gamble (PG:
65.44, + 1.36) from a market performer to a buy rating.
** Wells Fargo Van Kasper upgraded shares of Sycamore Networks
(SCMR: 11.30, - 0.25) from a buy to a strong buy rating.
** Goldman Sachs upgraded USX-U.S. Steel Group (X: 21.00, - 0.74)
from a market under-performer to a market performer rating.
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FYI
-----Original Message-----
From: Seleznov, Ryan
Sent: Thursday, October 18, 2001 10:51 AM
To: Frevert, Mark; Oxley, David; Jones, Robert W.- HR Exec
Cc: '[email protected]'; Whalley, Greg; Derrick Jr., James; Kean, Steven J.; Mcconnell, Mike; Olson, Cindy; Fleming, Rosalee; Taylor, Liz; McVicker, Maureen; Harris, Stephanie J
Subject: RE: my unfair treatment at Enron--please HELP
Mark, we are already working.
Thanks,
Ryan
-----Original Message-----
From: Daw, Nicki On Behalf Of Frevert, Mark
Sent: Thursday, October 18, 2001 10:35 AM
To: Seleznov, Ryan; Oxley, David
Cc: '[email protected]'; Whalley, Greg; Derrick Jr., James; Kean, Steven J.; Mcconnell, Mike; Olson, Cindy; Fleming, Rosalee; Taylor, Liz; McVicker, Maureen; Harris, Stephanie J
Subject: FW: my unfair treatment at Enron--please HELP
Ryan,
Could you please follow up on this a.s.a.p? I don't think it should wait until Cindy returns to the office.
Thank you.
Mark
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: 17 October 2001 23:42
To: [email protected]
Cc: Whalley, Greg; Frevert, Mark; [email protected]; Kean, Steven J.; Mcconnell, Mike; Olson, Cindy
Subject: my unfair treatment at Enron--please HELP
Ms. MingchengLian
Manager,EGM/Fundamentals
713-529-0864
Dear Mr. Lay,
My employment with Enron is to be terminated, the reason given by HR, for not meeting performance standards. However, I firmly believe that this is not the real reason, the real one being for defying the wishes of my manager (Mr. Lowell Bezanis,Manager, EGM) who, I believe was acting in a discriminatory way towards me. I have since filed a written complaint to Enron's EEO Committee.
This committee, having investigated the case, has acknowledged that there were working environment issues but has refused to provide me with a written report of their findings. As a consequence, my reasonable request for a re-deployment package has been rejected.
If my employment is to be prematurely terminated I not only lose my job, but also my residence status in the US where I have lived in the past 8 years. The HR department is fully aware of my situation and I feel that they were taking advantage of this fact when they asked me to sign a waiver not to sue Enron in exchange for protecting my status for 30 days. I now feel that I am being pushed into a corner, unnecessarily, since all I have set out to achieve is to bring an awareness of the working conditions and the discrimination which is rife (not only towards myself but also to other employees, some of whom have left as a result) in the department and to move forward with practicable solutions.
I have enjoyed a number of years as an employee of Enron where I have performed to the best of my ability, often receiving compliments from clients. This cannot be the only way to solve this issue!
The Trigger and Retaliation.
Since Mr. Bezanis has been my line manager, internal training opportunities have repeatedly been denied to me. On August 28, I attended a class of 'natural gas structuring'. Mr. Bezanis called the Learning Center refusing to pay the associated costs, however, I was welcomed to remain in the class at no charge.
I felt that this situation could not continue and so I made an appointment with Ms. Shanna Funkhouser (my HR representative). The day previous to the aforementioned meeting I was summoned to appear before Ms.Funkhouser. Mr. Bezanis and Mr. Jeff Andrews were present in the conference room as I entered. Feeling intimidated, I requested that I meet with Ms. Funkhouser privately the next day in order to submit a formal complaint regarding the EEO, as agreed previously. She refused and continued with what I can only describe as adisciplinary by accusing me of excessive use of Enron property and equipment. I was suspended and sent home with pay with possible termination. Ms. Funkhouser explained that her actions were based on the following:
- the assumption that I was making long distance personal calls from work
- that I was making jobapplications by company email
Unequal Employment Opportunities and Unfair Treatment.
As a manager, Mr. Bezanis has:
- Intentionally and consistently limited my employment opportunities in terms of training and performance appraisals. He has repeatedly disapproved of my training courses without good cause since he refuses to explain his disapproval.
- Shown unfavorable bias towards my job performance (PRC process) which according to the PRC rules should be judged also by my peers' and clients' by review. Until now, Iam still have not been informed of my PRC results.
- Made efforts to suppress my innovative ideas such as that of creating an 'energy index' as a potential useful trading instrument. My idea was warmly welcomed by the team in the Department Offsite, but the reaction of Mr. Bezanis was of anger for not going through him first. I was banned by him from developing the idea further.
Discrimination.
It is our belief that Mr. Bezanis has difficulty dealing with women employees, especially competent women, as equals. His rough, stifling, and unfair management style has led to the resignation of Ms. Courtney Campbell, the other only woman reporting to him.
Hostile Working Environment.
The working environment under Mr. Bezanis has been an intimidating and abusive one. Derogatory language offensive to women is frequent and common. Very little respect is paid to our integrity and intelligence. We are managed by "threats" rather than constructive comments.
Wrongful Termination.
Knowing I was unfairly treated, Enron HR has not helped address my concerns. I was told that my employment is to be terminated due to my lowest ranking in the mid-year PRC process. Ms. Cindy Olson admitted that the PRC practices might be unfair, but she said she had no power to re-open the past PRC cases. I feel I have been subjected to a victimization campaign while the whole Enron organization attempts to protect the managers, no matter how wrong they are. I request your attention and help during my most difficult time.
I thank you for your understanding and commitment to a happy and positive resolution in this case.
Yours sincerely,
Mingcheng Lian |
_______________________________________________________________
This message and any attachments are intended for the individual or entity
named above. If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
sender by replying to this message, and then delete it from your system.
Thank you.
_______________________________________________________________
Tom Irwin asked that we contact you each of you directly on behalf of
Allegheny to ask the following environmental due diligence questions that
we have not resolved based on our review of the Dealbench documents.
Please, however, feel free to reference specific documents on Dealbench if
you believe they would be useful.
Questions for All Facilities
1. What are the limitations on the number of hours that each facility can
operate and what is the source of those limitations?
2. We understand that there are tentative expansion plans for each
facility. Were these future expansion plans disclosed to the regulating
agencies at the time that the air permits were applied for, particularly at
those facilities which did not undergo PSD review?
3. Which facilities are required to perform continuous emissions
monitoring pursuant to its air permits? For those facilities performing
CEM, please provide the last two years of data.
4. Are the facilities FERC jurisdictional for environmental impact
statement purposes pursuant to 18 C.F.R. Part 380? We noticed that the
only facility with information about this issue was the pipeline at
Lincoln, although the information seemed to suggest that only the pipeline
was subject to the EIS process. See 2.02.12.G. Was the rest of the
Lincoln facility subject to the EIS process? What was the outcome of the
EIS process for the pipeline?
5. What is Enron's understanding of the process required to transfer the
environmental permits for each facility in connection with the proposed
transaction? For example, the 1995 stormwater permit for LV Cogen appears
to be triggered by a change in control of the facility. See 6.02.03 at
page 16. Do other permits have similar provisions?
6. Will any environmental property transfer or comparable statutes (e.g.
the Illinois Responsible Property Transfer Act) be triggered by the
proposed transaction?
7. We have reviewed the United States Environmental Protection Agency
comments for the air permit at LV Cogen II, as discussed below. Did U.S.
EPA provide any additional comments on the air permits for LV Cogen II or
any other facility?
Lincoln Facility
1. Does the Lincoln facility have an air operating permit from the
Illinois Environmental Protection Agency? If so, please provide a copy.
If not, please explain status.
2. Were any wetlands impacted by the construction of the facility and, if
so, what permits were obtained? Will any wetlands be impacted by future
expansion plans? ENSR's conclusion on this issue seemed unclear,
particularly with respect to the 30 acre parcel. See 02.03.09C.
Gleason Facility
1. Does the Gleason facility have an air operating permit from the
Tennessee Department of Environment & Conservation? If so, please provide
a copy. If not, please explain status. We also noticed that the
construction permit expired on October 1, 2000. See 02.01.02. Was it
renewed?
2. What is the status of the petition for variance to the Tennessee
Department of Environment & Conservation for alternative testing and
monitoring methods under NSPS Subpart GG dated April 17, 2000? See
02.01.04B. What is the status of the letter requesting a waiver of certain
source emission tests dated April 18, 2000? See 02.01.04A.
3. Is there enough water to support an expansion of the facility at
Gleason? Please provide any testing/analysis that has been performed with
respect to this issue.
Wheatland Facility
1. We understand that the Wheatland facility may seek a NPDES permit to
discharge wastewater directly to the White River. How is this wastewater
currently managed? Why is the facility considering changing the management
method to direct discharge under a NPDES permit? If there are associated
cost savings with a NPDES permit, what are they estimated to be? We
understand that the source of the water that is discharged is a pond
associated with mining operations. Who is the owner of the pond? Are any
water extraction permits needed to remove water from this pond and, if so,
have they been obtained? We also understand that sampling was recently
performed of the water. Please provide copies of this analysis and any
associated documentation.
LV Cogen
1. The Industrial User Discharge Permit on Dealbench appears to have
expired on July 1, 2000. See 6.02.02. Was it renewed? If so, please
provide copy.
2. The stormwater discharge permit for LV Cogen appears to be expired.
See 06.02.03. Was it renewed? If so, please provide copy.
3. Does Sunco hold any environmental permits in its own name? If so,
please provide copies.
LV Cogen II
1. EPA contends in its March 23, 1998 and March 24, 2000 letters that BACT
for LV Cogen II was SCONOx and/or XONON. See 06.01.09.1. How was this
issue resolved? Can LV Cogen II meet the 2 ppm NOx limit in the draft
operating permit with the technology that has been proposed? See 06.01.15.
2. It appears that the State of Nevada has contended that certain
equipment replacement should have undergone new source review in their June
13, 2000 memo. See 16.03.6. How was this resolved? What is EPA's view
on this issue? |
Today, Enron hosted a conference call to give investors a current overview of the company. Here's an update of what we discussed during the call.
We told investors that we're doing everything we can to protect their interests and to regain their confidence. Our focus remains on our credit quality, balance sheet and liquidity, which are essential for our continued success and expansion of our wholesale businesses.
It took more than a few weeks to get where we are today. Here's a snapshot of significant events that led to our current situation:
-- In hindsight, we definitely made some very bad investments in our non-core businesses over the past several years. Those include investments in Azurix, India and Brazil. They have performed far worse that we could have ever imagined when we made these investments;
-- Because of these bad investments, we've become over-leveraged as a company. The negative impact of those investments was exacerbated through the extensive use of debt capital both on and off our balance sheet;
-- We also entered into related party transactions that led to a loss of investor confidence, which has been very damaging;
-- We've been criticized for our lack of transparency and our hard-to-understand financial and operating disclosures; and
-- On top of it all, we discovered errors in our financial statements, as discussed in our 8-K filing last week, that required a restatement of previously reported earnings.
We've taken a new look at our businesses and have separated them into three areas: core businesses, non-core businesses, and businesses under review.
Core Businesses
Our core businesses remain strong and consistent sources of significant earnings and cash flows for the company. They're our competitive advantage. These include:
-- Natural gas pipeline businesses;
-- Gas and power businesses in North America and Europe;
-- Retail businesses in North America and Europe; and
-- Coal businesses in North America and Europe.
The events of the past few weeks have had a temporary negative impact on our projected fourth quarter profitability. It's too early to tell at this time what impact this might have on our operating results. We are considering these actions now so that we can quickly return to normal business in 2002.
I also remain optimistic that the actions we've taken over the past couple of weeks have addressed our customer and counterparty credit and liquidity concerns. According to our business unit leaders, we have definitely seen improvement in our counterparty relationships.
Non-Core Businesses
Our non-core businesses include our global assets group and our broadband division. We have invested more than $8 billion in these businesses, and the return from them has been dismal.
We have an aggressive program in place to exit these businesses and expect that the sale of these businesses will generate billions of dollars in cash that we can use to repay debt and reinvest in our core businesses. We already have more than $800 million in assets contracted for sale this year. They include CEG Rio, a gas LDC in Brazil; EcoElectrica, a power plant and LNG receiving terminal in Puerto Rico; and asset sales of offshore oil and gas properties in India. The approximately $2.9 billion Portland General sale is also on target to close in late 2002 pending regulatory approvals.
Businesses Under Review
These businesses are comprised of those operations outside our power and gas wholesale businesses and include global and industrial markets. While several of these businesses have very strong future prospects, we need to determine if their capital requirements and near-term growth prospects are sufficient enough in terms of earnings and cash generation.
Reviewing our businesses this way will help determine where we need to make reductions to our work force. More information will follow as soon as it becomes available.
Credit Rating/10-Q Filing
We continue to meet regularly with credit rating agencies and believe that our liquidity enhancements and scheduled asset sales will strengthen our balance sheet and maintain our investment grade credit rating. Our current credit ratings by the three major rating agencies are as follows:
-- Moody's at Baa3 "Under Review for Further Downgrade"
-- Fitch at BBB- "Evolving Status"
-- S&P at BBB- "CreditWatch Negative"
We also discussed our existing financial vehicles, including Osprey, Marlin and Yosemite, in further detail. We told investors that we will file our 10-Q five days late due to our current activities. It will be filed on Nov. 19.
We will continue to have updates with investors over the coming weeks as well as our frequent updates with you. The full transcript of our conference call will be filed with the Securities and Exchange Commission in the next few days. It will also be posted on our web site at www.enron.com/corp/investors under "SEC Filings."
In connection with the proposed transactions, Dynegy and Enron will file a joint proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to carefully read the joint proxy statement/prospectus regarding the proposed transactions when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents containing information about Dynegy and Enron, without charge, at the SEC's web site at www.sec.gov. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus may also be obtained for free by directing a request to either: Investor Relations, Dynegy Inc., 1000 Louisiana, Suite 5800, Houston, TX 77002, Phone: (713) 507-6466, Fax: (713) 767-6652; or Investor Relations, Enron Corp., Enron Building, 1400 Smith Street, Houston, TX 77002, Phone: (713) 853-3956, Fax: (713) 646-3302.
In addition, the identity of the persons who, under SEC rules, may be considered "participants in the solicitation" of Dynegy and Enron shareholders in connection with the proposed transactions, and any description of their direct or indirect interests, by security holdings or otherwise, are available in an SEC filing under Schedule 14A made by each of Dynegy and Enron. |
Start Date: 4/22/01; HourAhead hour: 21; HourAhead schedule download failed.
Manual intervention required.
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A colleague has sent you this article from Fortune (http://www.fortune.com).
Reply to your colleague at [email protected]
I believe this is the article===
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
ENRON
Is Enron Overpriced?
It's in a bunch of complex businesses. Its financial statements are nearly
impenetrable. So why is Enron trading at such a huge multiple?
Bethany McLean
Mon Mar 05 00:00:00 EST 2001
In Hollywood parlance, the "It Girl" is someone who commands the spotlight
at any given moment--you know, like Jennifer Lopez or Kate Hudson. Wall
Street is a far less glitzy place, but there's still such a thing as an "It
Stock." Right now, that title belongs to Enron, the Houston energy giant.
While tech stocks were bombing at the box office last year, fans couldn't
get enough of Enron, whose shares returned 89%. By almost every measure, the
company turned in a virtuoso performance: Earnings increased 25%, and
revenues more than doubled, to over $100 billion. Not surprisingly, the
critics are gushing. "Enron has built unique and, in our view, extraordinary
franchises in several usiness units in very large markets," says Goldman
Sachs analyst David Fleischer.
Along with "It" status come high multiples and high expectations. Enron now
trades at roughly 55 times trailing earnings. That's more than 2 1/2 times
the multiple of a competitor like Duke Energy, more than twice that of the
S?500, and about on a par with new-economy sex symbol Cisco Systems. Enron
has an even higher opinion of itself. At a late-January meeting with
analysts in Houston, the company declared that it should be valued at $126 a
share, more than 50% above current levels. "Enron has no shame in telling
you what it's worth," says one portfolio manager, who describes such
gatherings as "revival meetings." Indeed, First Call says that 13 of Enron's
18 analysts rate the stock a buy.
But for all the attention that's lavished on Enron, the company remains
largely impenetrable to outsiders, as even some of its admirers are quick to
admit. Start with a pretty straightforward question: How exactly does Enron
make its money? Details are hard to come by because Enron keeps many of the
specifics confidential for what it terms "competitive reasons." And the
numbers that Enron does present are often extremely complicated. Even
quantitatively minded Wall Streeters who scrutinize the company for a living
think so. "If you figure it out, let me know," laughs credit analyst Todd
Shipman at S&P. "Do you have a year?" asks Ralph Pellecchia, Fitch's credit
analyst, in response to the same question.
To skeptics, the lack of clarity raises a red flag about Enron's pricey
stock. Even owners of the stock aren't uniformly sanguine. "I'm somewhat
afraid of it," admits one portfolio manager. And the inability to get behind
the numbers combined with ever higher expectations for the company may
increase the chance of a nasty surprise. "Enron is an earnings-at-risk
story,'' says Chris Wolfe, the equity market strategist at J.P. Morgan's
private bank, who despite his remark is an Enron fan. "If it doesn't meet
earnings, [the stock] could implode."
What's clear is that Enron isn't the company it was a decade ago. In 1990
around 80% of its revenues came from the regulated gas-pipeline business.
But Enron has been steadily selling off its old-economy iron and steel
assets and expanding into new areas. In 2000, 95% of its revenues and more
than 80% of its operating profits came from "wholesale energy operations and
services." This business, which Enron pioneered, is usually described in
vague, grandiose terms like the "financialization of energy"--but also, more
simply, as "buying and selling gas and electricity." In fact, Enron's view
is that it can create a market for just about anything; as if to underscore
that point, the company announced last year that it would begin trading
excess broadband capacity.
But describing what Enron does isn't easy, because what it does is
mind-numbingly complex. CEO Jeff Skilling calls Enron a "logistics company"
that ties together supply and demand for a given commodity and figures out
the most cost-effective way to transport that commodity to its destination.
Enron also uses derivatives, like swaps, options, and forwards, to create
contracts for third parties and to hedge its exposure to credit risks and
other variables. If you thought Enron was just an energy company, have a
look at its SEC filings. In its 1999 annual report the company wrote that
"the use of financial instruments by Enron's businesses may expose Enron to
market and credit risks resulting from adverse changes in commodity and
equity prices, interest rates, and foreign exchange rates."
Analyzing Enron can be deeply frustrating. "It's very difficult for us on
Wall Street with as little information as we have," says Fleischer, who is a
big bull. (The same is true for Enron's competitors, but "wholesale
operations" are usually a smaller part of their business, and they trade at
far lower multiples.) "Enron is a big black box," gripes another analyst.
Without having access to each and every one of Enron's contracts and its
minute-by-minute activities, there isn't any way to independently answer
critical questions about the company. For instance, many Wall Streeters
believe that the current volatility in gas and power markets is boosting
Enron's profits, but there is no way to know for sure. "The ability to
develop a somewhat predictable model of this business for the future is
mostly an exercise in futility," wrote Bear Stearns analyst Robert Winters
in a recent report.
?
http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=200625
Colleague at Fortune
http://www.fortune.com |
---------------------- Forwarded by Rahil Jafry/HOU/ECT on 12/26/2000 03:01
PM ---------------------------
CFTC Rules, Legislation Aim to Clear Up Regulation of Over-the-Counter
Contracts.(US Commodity Futures Trading Commission)(Brief Article)
12/08/2000
The Oil Daily
ITEM00343007
Copyright 2000 Gale Group. All rights reserved. COPYRIGHT 2000 Energy
Intelligence Group
CFTC Rules, Legislation Aim to Clear Up Regulation of Over-the-Counter
Contracts
A long process designed to clarify rules for over-the- counter (OTC)
markets may be drawing to a close after the US Commodity Futures
Trading Commission (CFTC) - the main regulatory agency - issued its
final framework for a new regime.
The rules are designed to clear up the legal status of OTC products
such as swaps, while providing more flexible oversight of futures
markets and promoting the establishment of independent clearinghouses.
Unveiled late last month, the CFTC reforms are due to be published in
the Federal Register next week, and would take effect 60 days later -
in mid-February. In the meantime, a new president should take office
Jan. 20. CFTC experts seem confident that the reforms will survive the
changeover, saying it is hard for an incoming administration to pull
back final regulations.
There are also signs of progress on a parallel bill supporting the
reforms, the Commodity Futures Modernization Act.
This was passed by the House in late October, but got bogged down in
the Senate, partly due to objections by Sen. Phil Gramm (R-Texas), who
heads the Senate Banking Committee.
A compromise was hammered out early this week, sources say, and the
law could still get through this year - most likely as an attachment to
an appropriations bill. Legislation would give the CFTC measures a
stronger legal footing, but could require them to be tweaked into line.
The CFTC reforms respond to the explosion of both derivatives markets
and electronic trading, from equities to natural gas. Currently,
electronic exchanges targeting derivatives markets - such as the Big
Oil-backed IntercontinentalExchange - operate in a regulatory gray
area.
The new reforms define futures exchanges more flexibly, replacing a
"one-size-fits-all" approach with core principles, and establishing
three tiers of regulation:
The top tier - of "recognized futures exchanges" (RFEs) - matches the
current futures markets, such as Nymex, and is the most tightly
regulated
The second rank, of "derivatives transaction facilities" (DTFs),
comprises institutions requiring looser regulation, if, for example,
participation is restricted to big companies.
The third tier, of "exempt multilateral transaction execution
facilities" (Exempt MTEFs), escapes most regulation.
In parallel, the CFTC has clarified an old ruling removing swaps from
regulation - the so-called Part 35 exemption. This ends previous
restrictions, so that OTC products traded between two parties can now
be "fungible, standardized, and cleared." This is part of a drive to
turn derivatives into legally recognized products, making it hard for
one side to renege on an unfavorable contract.
Finally, the CFTC has moved to encourage the establishment of
independent clearinghouses by separating the rules for exchange and
clearing functions. Two start-ups, EnergyClear and NexClear, have
already declared their intention to offer such services, starting with
US gas and power.
Amid concerns about price manipulation, the energy industry has been
treated as a special case throughout the new framework and does not
qualify for the least-regulated Exempt MTEF category of exchange.
The CFTC reforms also remain fuzzy in certain areas. In particular,
the new Part 35 exemption for derivatives covers bilateral
transactions, with multilateral activity still in something of a gray
area.
Basically, an exchange handling multilateral trades of energy
derivatives can apply to the CFTC for official status as a "commercial
DTF" if it thinks this will bring credibility and legal standing.
However, a derivatives exchange that does not register with the CFTC
will not be pursued. The new framework offers "legal certainty for
those who want recognition; it is not ruling on the status of those who
don't," one expert said.
In practice, outfits such as EnronOnline - the web system for direct
transactions with Enron - are in the clear as bilateral platforms
dealing in contracts outside CFTC jurisdiction. Intercontinental, as a
multilateral exchange dealing in standardized swaps, could probably
remain unregulated, but could also register as a DTF to clarify its
status.
Nymex, in its current form, would be an RFE because it entertains
noninstitutional traders. But the exchange could apply for its planned
electronic arm enymex (or its traditional floor) to become a DTF, by
limiting activity to institutional users.
David Pike, Manimoli Dinesh
For more on this story, see the next issue of Oil Daily sister
publication energy network.
Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 80
______________________________________________________________________
To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at [email protected]
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones & Company, Inc. All Rights Reserved |
----- Forwarded by Gerald Nemec/HOU/ECT on 06/01/2001 06:08 PM -----
"Gillaspie, Eric" <[email protected]>
06/01/2001 10:50 AM
To: "Barbara Waldrop (E-mail)" <[email protected]>, "Gerald Nemec (E-mail)"
<[email protected]>
cc:
Subject: FW:
Jon's latest....
Eric Gillaspie
Counsel
Shell Trading Gas and Power Company
Tel. 713-230-3576
Fax 713-265-3576
2HC 1036
-----Original Message-----
From: jonathan gillaspie [mailto:[email protected]]
Sent: Friday, June 01, 2001 9:43 AM
To: [email protected]; Gillaspie, Eric; [email protected];
[email protected]; [email protected]; [email protected];
[email protected]; [email protected]
Subject:
OK Kids:
This will be one of your last major briefings before your Mars landing. Good
luck cosmonauts! Remember one thing: the Martians are a little weird from
our standpoint, but essentially they are harmless and good-natured bipeds
like us. Now, let's begin with the pre-landing meeting.
ERIC/DAN'S GROUP:
Shanghai hotel: Jin Chang Hotel.
Hotel price: $37 USD/night (300 yuan).
Heather's single room rate: $27 USD/night.
Tour package price: $34 USD total/person (280 yuan) this price is for June
5-8.
Meals: Meals not included in package. Your group will need to arrange and
pay for your own meals with the assistance of your guide/translator. Your
translator will accompany you to the restaurants if you wish. He/she can
help you order and suggest dishes which represent the local Shanghai
cuisine. Go ahead and pay for your guide's meal if you choose to bring them
along for dinner (it won't be very expensive). This option will give you
more freedom.
Admission tickets: Also not included in the tour package. You'll need to pay
for admission to the Yu Yuan Gardens, Yu Fo Si (Buddhist Temple), Shanghai
Art Museum, etc.
Airport service: Jin Chang Hotel staff will pick you up at Pudong Airport in
Shanghai. Ai Ping and I will accompany them and meet you. They'll also take
you and the rest of the group to the airport on June 8th for your flight to
Qingdao.
We got a special hotel rate for the group through one of Ai Ping's friends,
Lucy Hong. Her company, Rosemont Corp. (Dallas, TX), has a special
arrangement with the hotel. When you check in you should tell the clerks
that you're checkin in under the Rosemont Corp's name so as to receive the
special discount. Don't worry- we'll be there to assist you when you check
in.
MOM/DAD'S GROUP:
Hotel name: Jin Chang Hotel, same as above.
Hotel price: $37 USD/night (300 yuan), same as above.
Tour package price: $24 USD total/person, reduced price because one day less
in Shanghai.
Airport service: Jin Chang Hotel staff will pick you up at the airport and
take you to the airport for your Qingdao flight on June 8th.]
Note: you also need to check-in under the Rosemont Corp. name.
JEFF/CATHY:
Hotel name: Jin Chang Hotel, same as above.
Hotel price: same as above.
No tour package.
Airport service: none. You'll need to take a taxi into Shanghai from Pudong
Airport. You could also take a bus, but I'm not sure which of the 4-5 buses
you would need to take. Jeff, I'll have Ai Ping try and send you the Hotel
name and address in Chinese so you can just show it to the taxi driver. I'm
not sure whether or not your computer will accept Chinese script, but we'll
give it a try. The Jin Chang Hotel is relatively new, so most of the taxi
drivers don't know where it is without a little assistance. Not to worry,
we'll figure something out to make sure you don't end up in Chengdu after
your trans-Pacific hop.
You'll join the rest of the group the following morning on the hotel bus to
the airport for your Qingdao flight.
THE FOLLOWING ARE THE NAMES AND PHONE NUMBERS FOR THE VARIOUS HOTELS YOU'LL
BE STAYING IN:
SHANGHAI: Jin Chang Hotel
Telephone: 021-6298 8899
QINGDAO: Donghai Hotel
Telephone: 053-2388 7070
BEIJING: Beijing International Hotel
Telephone: 010-6512 6688
When you call these numbers you should say in perfect Mandarin, "Qian tai."
This means "front desk." Then start blabbing in your most unintelligible
English. The hotel staff will then understand that they've got a foreign
devil on the line making trouble, and they'll find someone who can speak
Chinglish with you.
Ai Ping and Jon Gillaspie's mobile phone number: 013033511842.
We got Ai Ping's cell phone hooked up again specifically to assist all
parties in their entrance to the middle kingdom. Do not hesitate to call us
any any time of the day if you need help. I'm serious!
Ai Ping's beeper number: 1922202866. You can use this number also.
BEIJING TOUR PACKAGE DETAILS:
Hotel name: Beijing International Hotel, 5 star hotel.
Hotel price: $70 USD/night (570 yuan).
Total package price: $550 USD/couple total.
This price does not include beverages (ie. in restaurants we buy the booze).
We'll also need to pay for the roast Beijing duck dinner, and the Xinjiang
restaurant dinner (Chinese Muslim cuisine).
Tour package itinerary: same as before with some minor changes; will inform
group of changes tomorrow.
That's all for now folks. I'm spent, and can no longer look at a computer
monitor without becoming cross-eyed. More info will be sent tomorrow. Any
questions: you know who to contact. Zaijian comrades, may the proletarian
revolution continue!
The East is Red,
Jon Gillaspie
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com. |
Tracy:
Can you call me and let's get Yair on the phone so that we can finalize
Allegheny?
Thanks.
P.S. Did you hear that Janice is moving back to VA?
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
----- Forwarded by Sara Shackleton/HOU/ECT on 04/19/2001 08:35 AM -----
"Yaish, Yair (OGC)" <[email protected]>
04/18/2001 06:29 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: ISDA Schedule/Paragraph 13
I apologize, I have been out sick until this afternoon and have not gotten to
it. I think, if memory serves me correctly, I think I was generally ok with
the language except for the proviso at the end because we do not know what
your internal policies are and how you would evaluate the assignee. It
basically strips out the right because it still leaves us subject to Enron's
caprice. Could you perhaps give me a better sense as to what the criteria
would be?
Thanks
Yair Yaish
Director and Senior Counsel
Allegheny Energy Global Markets, LLC
212-236-7955
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, April 18, 2001 7:16 PM
To: [email protected]
Subject: RE: ISDA Schedule/Paragraph 13
Yair: Are we finished? Please let me know. Thanks.
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
"Yaish, Yair
(OGC)" To:
"'[email protected]'" <[email protected]>
<YYaish@exchan cc:
ge.ml.com> Subject: RE: ISDA
Schedule/Paragraph 13
04/13/2001
08:42 AM
I hope to leave by 3:30 Eastern Time. Thanks for getting back to me so
quickly. Though, I'm surprised u guys are open for business today.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, April 13, 2001 9:41 AM
To: [email protected]
Subject: RE: ISDA Schedule/Paragraph 13
Yair:
I've left a message with Tracy Ngo (in Portland) and will let you know as
soon as I hear from her. How long will you be in the office today?
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
"Yaish, Yair
(OGC)" To:
"'[email protected]'" <[email protected]>
<YYaish@exchan cc:
ge.ml.com> Subject: RE: ISDA
Schedule/Paragraph 13
04/13/2001
08:28 AM
Sara, Allegheny would like to be able to assign to affilaites in the same
manner that we are allowing Enron to make an ssignment so long as the Gty
goes along. In our case, however, there is no gty, hence the stipualtion
that such assignment must be to an entity with an equal or better credit
rating. If you wish, I can limit such assignment to an entity rated at
least BBB+ or better. Would that resolve your concerns?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, April 12, 2001 12:26 PM
To: [email protected]
Subject: RE: ISDA Schedule/Paragraph 13
Yair:
It's a good thing you didn't try to get back to me! Sorrry.
(See attached file: AlleghenyCPformacceptR1.DOC)
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
"Yaish, Yair
(OGC)" To:
"'[email protected]'" <[email protected]>
<YYaish@exchan cc:
ge.ml.com> Subject: RE: ISDA
Schedule/Paragraph 13
04/12/2001
10:16 AM
Sara, sorry i didn't get back to you yesterday, I was out sick. I didn't
notice anything attached, did u send a subsequent e-mail?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, April 11, 2001 4:01 PM
To: [email protected]
Cc: [email protected]
Subject: RE: ISDA Schedule/Paragraph 13
Importance: High
Yair:
Attached is my redline. Call me so that we can discuss the remaining
issues, including:
(1) Calculation Agent. We believe that the existing dispute mechanism is
adequate.
(2) Procedures for Entering into Transactions. There is no procedure for
dual confirms. This is too confusing.
(3) Transfer. We cannot agree to your assignment provision as it is too
subjective.
The other changes were not substantive.
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected]
"Yaish, Yair
(OGC)" To:
"'[email protected]'" <[email protected]>
<YYaish@exchan cc:
ge.ml.com> Subject: RE: ISDA
Schedule/Paragraph 13
04/10/2001
07:46 AM
Sara, any thoughts on my comments ISDA I sent out last week?
-----Original Message-----
From: Yaish, Yair (OGC)
Sent: Thursday, April 05, 2001 6:19 PM
To: '[email protected]'
Subject: RE: ISDA Schedule/Paragraph 13
Sara, I have good news, I think we are very close to executing this baby.
I am attahcing comments to the ISDA. They reflect comments by our outside
cousel which highlight the differences between this contract and the side
letter/ML ISDA. They are not much. I have also made some changes directly
on their draft where I either concurred with Enron or needed to make some
of my own changes. Pls review and let me know what you think.
I will be leaving the office soon, so if we can wrap it up tomorrow that
would be great (I'm out Monday for Passover).
Yair Yaish
Director and Senior Counsel
Allegheny Energy Global Markets, LLC
212-236-7346
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, March 30, 2001 4:10 PM
To: [email protected]
Subject: ISDA Schedule/Paragraph 13
Yair:
Attached is a blacklined (against the Enron North America Corp. draft of
3/15/01) Schedule and Paragraph 13 to the ISDA Credit Support Annex. I
have tried to incorporate the essence of the March 19, 2001 "swap side
letter agreement." Please call me to discuss as it would be nice to
finalize by April 6. Thanks.
(See attached file: 098a Blackline ctr (Allegheny Energy Supply).doc)
Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
[email protected] |
Thanks. No Concerns
-----Original Message-----
From: Wong, Jeremy
Sent: Thursday, January 10, 2002 4:36 PM
To: McLaughlin Jr., Errol
Cc: Lim, Francis S.
Subject: FW: Holiday Entry in ermt
Errol:
I will be performing the following 2 tasks tomorrow morning in the production database.
You have already approved of both of these tasks - please let me know if you do not
want me to do this tomorrow.
(1) Remove Jul. 5 and Nov. 28/29 2002 as business days from the NYMEX calendar. On completion of this, all the
holidays will have been removed as business days for 2002.
(2) The day after Thanksgiving used to be a business day until 1998 - it has became a holiday since then.
The futures/options expiration dates for Dec. NG NYMEX contracts were calculated with the day after Thanksgiving
as a business day. I will correct these dates for 2002 (from Nov. 26 to Nov. 25 for futures, from Nov. 25 to Nov. 22 for
options) and update the affected NX1, NX3 and NXB2 deals. (There will be a slight effect on your books.)
(We have been performing this task once a year since 1998.)
Please let me know if you have any concerns/questions.
Thanks,
Jeremy
-----Original Message-----
From: Wong, Jeremy
Sent: Tuesday, January 08, 2002 3:46 PM
To: Lim, Francis S.
Subject: FW: Holiday Entry in ermt
We need to remove the Thanksgiving holidays together with the fix outlined below - please
have Errol approve the holiday removal also - thanks.
-----Original Message-----
From: Wong, Jeremy
Sent: Monday, January 07, 2002 11:08 AM
To: Lim, Francis S.
Subject: FW: Holiday Entry in ermt
3 days have not been removed - Jul. 5 and Nov. 28/29.
-----Original Message-----
From: Wong, Jeremy
Sent: Monday, January 07, 2002 10:48 AM
To: Lim, Francis S.
Subject: RE: Holiday Entry in ermt
Has he approved the removal of holidays?
-----Original Message-----
From: Lim, Francis S.
Sent: Monday, January 07, 2002 10:46 AM
To: Wong, Jeremy
Subject: FW: Holiday Entry in ermt
Jeremy,
Errol approved changes.
where can I find the scripts to run in production?
-----Original Message-----
From: McLaughlin Jr., Errol
Sent: Thursday, January 03, 2002 10:30 AM
To: Lim, Francis S.
Subject: RE: Holiday Entry in ermt
Thursday and Friday (11/27 & 11/28) are both holidays. Please make the appropriate changes.
Errol
-----Original Message-----
From: Lim, Francis S.
Sent: Thursday, January 03, 2002 10:27 AM
To: Gossett, Jeffrey C.; McLaughlin Jr., Errol
Subject: FW: Holiday Entry in ermt
We are still waiting for you approval on this.
Thanks,
Francis
-----Original Message-----
From: Wong, Jeremy
Sent: Wednesday, January 02, 2002 10:16 AM
To: Lim, Francis S.
Subject: FW: Holiday Entry in ermt
Any progress on this? - thanks.
-----Original Message-----
From: Wong, Jeremy
Sent: Thursday, December 06, 2001 10:35 AM
To: Lim, Francis S.
Cc: Cheung, Cecilia
Subject: FW: Holiday Entry in ermt
Truong was supposed to check with Errol before we do this in prod. - do you know
if he got approval?
I have done this in devel. with Truong - we can do this together in stage/prod.
Thanks.
-----Original Message-----
From: Wong, Jeremy
Sent: Tuesday, November 27, 2001 10:45 AM
To: Lim, Francis S.
Cc: Vu, Truong
Subject: FW: Holiday Entry in ermt
Francis/Truong:
Another issue we have to deal with yearly is the day after Thanksgiving - it was not a NYMEX holiday until 1998, and it seems like
it will be a holiday next year.
The NG futures and options termination dates are stored in ermt as the 3rd business day from the end of the month and the 4th
business day respectively. For November, this was calculated with the day after Thanksgiving as a business day - these 2 dates may
need to change now that it is a holiday.
We have a number of complicated scripts that updates the termination dates, the deals and the averaging dates that we run once
a year to fix this problem.
I will need to work with you and Truong this week to do this for 2002 - let me setup the scripts and then I will go through with the 2
of you and do the fix together.
Truong:
Please check with Errol:
(1) The day after Thanksgiving 2002 is a NYMEX holiday.
(2) As such, the futures termination date for Dec. 2002 is Nov. 25, and not Nov. 26 (NX1 date).
(3) The options termination date for Dec. 2002 is Nov. 22, and not Nov. 25.
Thanks.
-----Original Message-----
From: Wong, Jeremy
Sent: Tuesday, November 27, 2001 10:32 AM
To: Lim, Francis S.
Cc: Vu, Truong
Subject: FW: Holiday Entry in ermt
-----Original Message-----
From: Wong, Jeremy
Sent: Wednesday, September 12, 2001 11:41 AM
To: Lim, Francis S.
Cc: Husain, Karima; Cheung, Cecilia; Vu, Truong
Subject: Holiday Entry in ermt
Francis:
(1) Truong has been in charge of putting in holidays into the database (actually we don't store holidays, we remove them
as business days), and Cecilia has been in charge of creating new calendars in the database - these 2 duties should
probably be done by 1 person with a backup.
(2) 5 active calendars are currently defined, with the user group owner identified:
NYMEX - Gas (with EGM and EIM also)
IPE - EGM (Houston)
SIMEX - EGM (Singapore)
TOCOM (Tokyo) - EGM (Singapore)
NYMEX + IPE (this is an intersection of business days - i.e. a holiday in either exchange is a holiday in this calendar.) - EGM (Houston)
(3) We usually remove holidays as business days 1 year at a time, a few weeks before the start of the next year, by getting
the list of holidays from our user group, as identified above. We then get approval from them as to the day they want us to
do it.
(4) A number of holidays in the future years have already been removed as business days due to user requests - Truong has the list.
(5) Please ensure that this process is continued.
Thanks,
Jeremy |
Daily Note Newsletter
------------------------------
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company. We are leaders in several of the areas we participate in. We've got
four major lines of business or reporting segments. Our Management Recruiters
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a good example being health care, where there's going to be a tremendous
opportunity for us." To read more of
this interview excerpt, click on http://www.twst.com/notes/articles/nax611.html.
-- We also have an analyst interview with the Director and Senior Analyst in the
Equity Research department at Robert W. Baird & Company. He highlights Manpower.
"Manpower is another interesting pick, for reasons I discussed earlier -
improved mix, management, and margin potential. The current estimates are
depressed. I think Manpower can potentially do $2.50 per share in 2003, and
trade at 20 times that number - and the stock is only mid-$30s today."
To read more of this interview,
please click on http://www.twst.com/notes/articles/nav460a.html.
-- All these extracts below are free, but if you want the full text to any
of these articles, call (212) 952 7433, or go to http://www.twst.com/subscribe.html
Following are the latest interviews from the the Industry/Services Sector published by The Wall Street Transcript.
______________
Services
MD discusses the global portfolio and resilience of P&O Ports
http://archive.twst.com/notes/articles/lqs096.html
Corporate Executive Board has done consistently well through this period, notes Analyst
http://archive.twst.com/notes/articles/nav460d.html
Administaff has a very good execution formula, states Analyst
http://archive.twst.com/notes/articles/nav460e.html
Off The Record: Spherion has the potential to do very well, notes an Industry Expert
http://archive.twst.com/notes/articles/nav700d.html
Analyst reports on Right Management Consultants
http://archive.twst.com/notes/articles/nav460c.html
Off The Record: Analyst sees a brighter future for Korn/Ferry
http://archive.twst.com/notes/articles/nav700c.html
CEO discusses Labor Ready's corporate strategy
http://archive.twst.com/notes/articles/nax606.html
Cross Country is top on Analyst's list
http://archive.twst.com/notes/articles/nav460b.html
Off The Record: A Leading Analyst praises Manpower's Executives
http://archive.twst.com/notes/articles/nav700b.html
Analyst has a strong buy rating on TMP Worldwide
http://archive.twst.com/notes/articles/nav860b.html
CEO of Eloquent explains the agenda for the next 12 months
http://archive.twst.com/notes/articles/nax608.html
Manpower is an interesting pick, notes Analyst
http://archive.twst.com/notes/articles/nav460a.html
Off The Record: On Assignment's management has done a solid solid job of managing cost, notes an Industry Pro
http://archive.twst.com/notes/articles/nav700a.html
Analyst reports on Robert Half International
http://archive.twst.com/notes/articles/nav860a.html
COO discusses the strategic direction for DA Consulting Group
http://archive.twst.com/notes/articles/nax605.html
Analyst favors Resources Connection
http://archive.twst.com/notes/articles/nav460.html
Off The Record: A Leading Analyst praises Adecco's management team
http://archive.twst.com/notes/articles/nav700.html
Manpower is very well positioned, states Analyst
http://archive.twst.com/notes/articles/nav860.html
CEO highlights the biggest opportunities for CDI
http://archive.twst.com/notes/articles/nax611.html
To see more about The Wall Street Transcript, go to the website at http://www.twst.com Access to interview extracts is free, and access to the full text of any of the articles listed above requires a subscription to that sector.
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The Wall Street Transcript is a premier weekly investment publication serving serious long-term investors for over 35 years. The Transcript publishes industry roundtables and interviews with Wall Street analysts, money managers, and company CEOs, and is read by top money managers, brokers, and individual investors.The Wall Street Transcript is independent and impartial and neither invests in, nor recommends, stocks. Investors should always conduct their own research before investing.
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Copyright (c) 2000, Wall Street Transcript Corp. |
Works for me.
Jim
-----Original Message-----
From: Montovano, Steve
Sent: Monday, August 13, 2001 10:10 AM
To: Steffes, James D.; Sullivan, Kathleen; Fromer, Howard; Novosel, Sarah; Allegretti, Daniel
Cc: Kingerski, Harry; Bellas, Kirsten
Subject: RE: NEXT STEPS - Formulation of Enron's Policies Going Forward in NY
All - Agree. How about Thursday 9:00am (est) conference call? If this works please reply to Kirsten Bellas and she will set up the call. Steve
-----Original Message-----
From: Steffes, James D.
Sent: Sunday, August 12, 2001 6:40 PM
To: Sullivan, Kathleen; Fromer, Howard; Montovano, Steve; Novosel, Sarah; Allegretti, Daniel
Cc: Kingerski, Harry
Subject: NEXT STEPS - Formulation of Enron's Policies Going Forward in NY
Howard, Kathleen, & Steve --
Can we sit down and discuss our strategies going forward in light of this RD? I'd like to understand where there are opportunities (both for POLR outsourcing and standard market entry). I don't think that there will ever be a huge surplus in generation (and there shouldn't be in a competitive market). Instead of focusing on something the NYPSC can't control, why not work on demand responsiveness? Better metering technology would certainly help.
Let me know when a good time would be?
Jim
-----Original Message-----
From: Sullivan, Kathleen
Sent: Thursday, August 09, 2001 11:00 AM
To: Novosel, Sarah; Allegretti, Daniel; Fromer, Howard; Steffes, James D.; Montovano, Steve
Subject: Highlights of the Recommended Decision in NY's Energy Competition Case
Sarah,
I've attached an article from today's Megawatt Daily regarding NY's generic energy competition case. I've also attached a summary of the RD written by Kevin Brocks, our NESPA Counsel. As you can see, the RD dismisses aggressive migration measures until wholesale markets are functioning better. Furthermore, the RD states that until supplies increase and markets stabilize, ratepayers must be protected. In addition, a PSC official is quoted as saying that it "will be another three to four years until there is sufficient supply in the state to allow for workably competitive markets, and that it could be at least 10 years before retail competition is viable."
Is there anything in the RTO Order or your participation thus far in the mediation process that could refute the claim that it will be 3 or 4 years until there is sufficient supply in NY to allow for workably competitive markets?
-Kathleen
<< File: nespa rd highlights 7-19-01.doc >>
MegawattDaily
New York PSC draft report sees competition in 3-4 years
New York regulatory staff expects
comments tomorrow on a recom-mended
decision about the future of
competitive power market development
in the state.
The recommended decision, issued
last month by two administrative law
judges for the state Public Service Com-mission
and a PSC official (00-M-0504),
says it will be another three to
four years until there is sufficient supply
in the state to allow for workably com-petitive
markets, and that it could be at
least 10 years before retail competition
is viable.
Two principal problems in transi-tioning
to a competitive market are
inelastic supply and demand, both of
which are inherent in energy markets, the
proposed decision, issued last month,
says. Until supply consistently exceeds
demand by a certain margin, the PSC
must play a prominent role in the state's
power markets.
"Markets characterized by largely
inelastic supply and demand where
demand is approaching or is equal to
supply are not workably competitive and
will not produce just and reasonable
rates," the recommended decision says.
"Until supplies increase, ratepayers
should be provided some measure of
protection from those markets. Once
supply exceeds demand sufficiently to
eliminate the exercise of excessive mar-ket
power, the markets can become
workably competitive and will likely
produce just and reasonable rates."
The recommended decision goes on
to warn, "Unrealistic expectations con-cerning
the timing of market develop-ment
(either too long or too short) can
have serious consequences to the public,
and can, in the extreme, result in the
worst of all possible outcomes - the
creation of an unregulated monopoly.
"If competition is assumed to
develop very rapidly and wholesale
market prices are imposed on customers
without regulatory intervention and
from a market that is not workably com-petitive,
higher prices and rates that do
not meet the statutory standard of just
and reasonable are likely. On the other
hand, if a long transition is assumed and
significant regulatory control continues
to be exercised over prices, competition
and its benefits could be stifled indefi-nitely."
In March 2000, the PSC initiated
the proceeding to examine the state's
progress toward competitive markets. It
sought information on the difficulties
that have emerged, lessons learned and
directions for where to go next.
The recommended decision says
that in a competitive market, utilities
should play no role in providing electric
or gas service. But before the PSC
removes a utility from the market, cer-tain
preconditions must be met, "includ-ing
a determination that the wholesale
and retail markets are operating without
the exercise of market power. As a gen-eral
matter, the utilities should not be
removed from any market until multiple
suppliers offering a variety of products
are available for the entire customer
class throughout the utility's service ter-ritory."
The PSC also should wait for state
lawmakers or the courts to confirm its
authority to take such action.
The recommended decision also
says that "robust, fully competitive retail
markets will develop at different times
for different customer classes."
The PSC should encourage invest-ment
in transmission and distribution
infrastructure for both electricity and gas
"including, if necessary, ordering the
franchised utilities to construct any need-ed
facilities," the recommended decision
says.
Although the PSC should restate its
support for retail competition and pro-ceed
"with deliberate speed in fostering
market development," the agency should
maintain "just and reasonable rates"
throughout the period of transition to
competition.
"We are confident that a flexible
oversight process that encourages com-petition
and allows it to develop wherev-er
the economics can support it will pro-tect
consumers during the transition, per-mit
markets to develop freely, and will
serve the public interest," the recom-mended
decision says.
Exceptions to the proposed decision
are due tomorrow and responses are due
Aug. 28.
The judges and the PSC official plan
to present a final recommended decision
to the commission this fall. JCS |
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
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299-2152 prior to the expiration date.
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---------------------- Forwarded by Eric Bass/HOU/ECT on 01/04/2001 09:41 AM
---------------------------
Enron North America Corp.
From: Eric Bass 01/04/2001 08:42 AM
To: Chad Landry/HOU/ECT@ECT
cc: Timothy Blanchard/HOU/EES@EES, Matthew Lenhart/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@EC, Luis Mena/NA/Enron@Enron,
Brian Hoskins/Enron Communications@Enron Communications, Brian Hoskins/Enron
Communications@Enron Communications, Phillip M Love/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT
Subject: Re: FW: Big commitment
I have said it 15 times already, but I will say it again. Texas was 4-7 in
the season prior to Mack Brown. The program was in shambles . Mack Brown
came in late and was unable to salvage a recruiting class his first year. Lo
and behold Texas goes 9-3, beat Nebraska in Lincoln (No. 3 at the time with
the longest home winning streak in recent history), and destroys Miss St in
the Cotton Bowl. Those sound like some big wins don't they? Does it sound
familiar? I doubt you can compare the teams that LSU beat with the teams
Texas beat. So my point is that players get up for new coaches. You, as LSU
fans, fans can expect about the same next year as this year.
Next year, is Texas' year ( and I know what you will say " well that is what
you say every year"), but Mack's first true recruits will be juniors and his
first class (half his/half Mackovics) will be seniors. So, if he doesn't win
the big game next year, then you can call him a bad coach. I have a problem
saying he is a bad coach after he has put together 3 straight 9 win seasons.
As a side note, look who won the national championship game - the Big 12.
If I am not mistaken, that makes the big 12 4-3 in the bowls while the Sec
was 4-5. If not for a bumbled extra point and a few dropped passes the 12
would be 6-1 and the sec 3-6. I see the beginnings of a new college fb
powerhouse conference. The Big 12 will win at least the next 2 NCs.
See ya
Chad Landry
01/03/2001 09:30 PM
To: Eric Bass/HOU/ECT@ECT
cc: Timothy Blanchard/HOU/EES@EES, Matthew Lenhart/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT
Subject: Re: FW: Big commitment
Looks like you guys have been having some fun during my absence. I have a
question: How many top recruiting classes does it take for Texas to win a
few big games in a single football season. Dinnardo left LSU's recruiting
program in shambles. Last year was one of the worst recruiting seasons in
LSU team history. However, WE still managed to pull off some amazing team
victories this year.
If there is one thing I learned from watching LSU this season, its that its
nice to have talent on your team but its more important to have HEART and
PRIDE. So keep watching your Texas big names choke and I'll keep watching
our TIGER No-Names win.
As Always, its all in Good Fun.
CKL
Enron North America Corp.
From: Eric Bass 01/03/2001 04:08 PM
To: Timothy Blanchard/HOU/EES@EES
cc: Matthew Lenhart/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, Chad
Landry/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT
Subject: Re: FW: Big commitment
Oh yeah, and by the way here are the rankings . . .
http://louisianastate.rivals.com/default.asp?sid=40&p=58&sp=1
---------------------- Forwarded by Eric Bass/HOU/ECT on 01/03/2001 04:06 PM
---------------------------
Enron North America Corp.
From: Eric Bass 01/03/2001 04:06 PM
To: Timothy Blanchard/HOU/EES@EES
cc: Matthew Lenhart/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, Chad
Landry/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT
Subject: Re: FW: Big commitment
Wilkerson is the number 3 prospect in the country at lineman behind Johnathon
Scott a commitment of guess who - Texas.
http://louisianastate.rivals.com/default.asp?sid=40&p=3&sp=1&pl=-13604
Wilkerson
http://longhornlink.rivals.com/default.asp?sid=798&p=3&sp=1&pl=-12695
Scott
To: Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT
cc:
Subject: FW: Big commitment
Raiding Texas baby!
---------------------- Forwarded by Timothy Blanchard/HOU/EES on 01/03/2001
03:44 PM ---------------------------
David Fontana
01/03/2001 03:42 PM
To: Timothy Blanchard/HOU/EES@EES
cc:
Subject: FW: Big commitment
Go Tigers!!!!!!!!!!
---------------------- Forwarded by David Fontana/HOU/EES on 01/03/2001 03:42
PM ---------------------------
[email protected] on 01/03/2001 03:36:50 PM
To: [email protected], [email protected],
[email protected]
cc:
Subject: FW: Big commitment
-----Original Message-----
From: Scott Cullen [mailto:[email protected]]
Sent: Wednesday, January 03, 2001 4:22 PM
To: Turner (E-mail); Bras (E-mail); Mark Zametto (E-mail)
Subject: Big commitment
We got a huge commitment today from big Ben Wilkerson, center out of
Hemphill, TX. He is rated by Rivals as the #1 lineman prospect in the
country, and it is very rare for a center to rate so high on their list.
They keep rolling in; Marcus Spears is expected to announce on Friday.
This e-mail contains information that is confidential/privileged or both.
This information is intended only for the use of the individual or entity
named on this e-mail transmission. Any disclosure, copying, distribution or
use of this information by any person other than the intended recipient is
prohibited. If you have received this e-mail in error, please destroy
immediatley and contact sender. |
---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
12/13/2000 10:17 AM ---------------------------
"Michael Gagliardi" <[email protected]> on 12/13/2000 09:48:53 AM
To: <[email protected]>
cc:
Subject: Fw: True Orange Fax/E-Mail #3
----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Tuesday, December 12, 2000 10:15 PM
Subject: True Orange Fax/E-Mail #3
True Orange Fax/E-Mail Service
Volume 9, Fax/E-Mail #3, Tuesday, December 12, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536
Brown Gets Big Raise; Assistant FB Coaches Also Will Benefit
Texas ootball coach Mack Brown has been given a $450,000 raise to boost his
annual salary to $1,450,000 and maintain his status among the top 10
highest-paid college football coaches in the country, Longhorn Athletic
Director DeLoss Dodds announced Tuesday.
Brown's raise is an increase from the 10-year, $1 million per year contract
that he signed following the 1998 season. He will have eight years
remaining
on the $1.45 million per year contract.
"Mack has done a terrific job for The University of Texas, our Athletics
Department and the football program," Dodds said. "We are extremely proud
of
everything he, his staff and the student-athletes have accomplished and are
excited about our future."
"It is very important that the head football coach at Texas remains in the
upper echelon of coaching compensation, which is an ever-changing dynamic,"
Dodds said. "This raise is in response to the current demand in the
coaching
marketplace and a well-deserved reward for Mack's hard work and dedication.
We are thrilled with the direction he has taken our football program and
look
forward to a long-lasting relationship."
Brown has led the Horns to three straight nine-win seasons for the first
time
since 1981-83 and is guiding UT to a third-straight bowl game for just the
second time since 1985. The No. 12 Longhorns will face the No. 8 Oregon
Ducks at the Culligan Holiday Bowl in San Diego on Dec. 29.
Brown's Texas program is one of only seven schools nationally that is
riding
a string of three straight nine-win campaigns. Including a pair of 10-win
seasons at North Carolina prior to his arrival at Texas, Brown joins Bobby
Bowden (Florida State), Steve Spurrier (Florida) and Bill Snyder (Kansas
State) as the only NCAA Division I-A coaches who have led their teams to
five-straight nine-plus win seasons.
"I appreciate the continued commitment to our football program from The
University of Texas," Brown said. "I'm proud to be the head coach of the
Longhorns."
Brown's assistant coaches also are in line for raises.
Football raises about $40 million of the entire $50 million budget for all
the men's and women's athletic programs. It is the only program that shows
a
profit. Baseball and men's and women's basketball are the only other major
revenue sports, and none of them produce as much revenue as they spend.
* * * *
FOOTBALL NOTES: Longhorn ticket sales are lagging for the Holiday Bowl are
lagging and Oregon fans are snapping up some of the 11,500 tickets that
were
allotted to Texas fans. If Longhorn fans don't step up quickly, Oregon fans
are going to occupy the vast majority of the seats in San Diego on Dec. 29.
.
. The Longhorns begin practicing for the bowl game Thursday. All the
practices will be closed to the public. . . Former Longhorn and pro
football
great Harley Sewell was inducted into the College Football Hall of Fame
this
week. . . . Redshirt freshman WR Artie Ellis, who missed most of this
season
with a sore shin, will get a look at TE in spring practice. With the
emergence of freshman receivers Roy Williams, B. J. Johnson and Sloan
Thomas,
the 215-pound Ellis might have a better chance of seeing meaningful playing
time by beefing up a little and playing tight end. . . Another spring move
that is being contemplated is seeing if sophomore LG Derrick Dockery could
move over to LT to replace departing senior Leonard Davis. Texas has three
good guards in Dockery, Antwan Kirk-Hughes and Tillman Holloway. Mike
Williams is the only returning tackle who has seen a lot of action. In
addition to getting the best five linemen on the field at the same time,
that
move might give the offensive line more fire because Holloway is a very
aggressive lineman. The offensive line has frequently been cited as lacking
fire and leadership.
* * * *
FOOTBALL RECRUITING NOTES: The Longhorns are having their annual football
banq
uet this weekend. Most of the players making official visits will be
players
who already are committed to Texas, but there are at least two exceptions.
OL
William Winston of Houston Madison and S Rufus Harris of La Porte are both
scheduled to visit. Super LB Derrick Johnson of Waco now says he is going
to
take all of his visits in January. Texas leads for Winston and Johnson and
it
it a UT-A&M battle for Harris.
* * * *
My next fax will be whenever events warrant.
* * * *
The True Orange Fax Service includes at least 99 faxes a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail or $99 if you take the faxes and
newsletter
via E-Mail). Send check to address at the top of page. I also update my
900 number - 1-900-288-8839 - daily with recruiting news. My E-Mail address
is: [email protected] |
Platts Energy Bulletin
The daily Energy Bulletin is a showcase of the top headlines posted on
platts.com (http://www.platts.com) over the past 24 hours. To view this file in
html, open the attachment at the bottom of this email. We welcome your feedback
- send your comments to [email protected]. Instructions for unsubscribing can
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March 4, 2002
What's New on platts.com?
Platts Enron Report: Read about the implications of Enron's bankruptcy on the
financial and energy communities.
(http://www.platts.com/features/enron/index.shtml)
Quote of the Day: A selection of industry/OPEC viewpoints.
(http://www.platts.com/quote.shtml)
ENERGY INSIGHT:
(for Platts Premium Customers)
Excess turbines cause problems during economic downturn
Renegotiating contract terms between power plant developers and
turbine/equipment manufacturers appears to be the most popular way to deal with
too many turbines during the economic downturn. (http://www.einsight.com)
Advertisement:
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and open positions across the energy industry. It's free for all job seekers,
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(http://www.energyjobsnetwork.com/home.asp?code=platts)
Futures Round-up
NYMEX: Crude to open lower on profit-taking
NYMEX April crude oil is called to open 15 cts lower at $22.25/bbl Monday. April
Brent is called to open 15 cts lower at $21.75/bbl. April heating oil is called
to open 27 pts lower at 58.60 cts/gal and April unleaded gasoline is called to
open 26 pts lower at 70.34 cts/gal.
IPE Brent Focus: IPE Brent crude ticks lower on profit taking
Light volume selling by locals and the trade pressured prices lower as the
benchmark April Brent contract stood at $21.70/bbl at 1045 GMT, 19 cts off from
Friday's settlement.
News Round-up
Click on the headlines below or paste the URLs provided in your internet browser
to see the full story.
OIL:
OPEC "satisfied" Russia will keep cooperating: Lukman
OPEC president Rilwanu Lukman said Monday he was satisfied that Russia would
continue to cooperate with the organization in efforts to prop up world prices.
(http://www.platts.com/archives.shtml#59623)
NATURAL GAS:
BG International to explore Mediterranean off Spain
BG International has been awarded seven exploration concessions totalling
650,000 hectares in the Mediterranean Sea off the Spanish provinces of Tarragona
and Castellon, the Spanish government said this weekend.
(http://www.platts.com/archives.shtml#59615)
PETROCHEMICALS:
Japan acetic acid maker Daicel to become holding company
Japanese acetic acid maker Daicel Chemical Industries Co plans on Apr 1 to set
up a holding company to manage eight new subsidiaries that would be formed by
spinning off its various chemical divisions, the company said in a statement
Monday. (http://www.platts.com/archives.shtml#59613)
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ELECTRIC POWER:
Philippines to finalize fuel tax plan by mid-March
Philippines' energy department will finalize by mid-March a plan to equalize
taxes between indigenous energy sources and imported fuel products, a department
official said Monday. (http://www.platts.com/archives.shtml#59600)
NUCLEAR:
Regulator "forced" Germany's Brunsbuttel nuke closure
State regulators "forced" Germany's Brunsbuttel nuclear reactor to shut Feb 18
after operator HEW refused for more than two months after the discovery of a
steam release inside the containment, regulators said.
(http://www.platts.com/archives.shtml#59620)
To see the past five day's headlines posted on platts.com
go to Platts archives (http://www.platts.com/archives.shtml).
Upcoming Events:
Platts Policies and Methodology Forum, Platts will hold an open forum to discuss
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annual meeting of the National Petroleum Refiners' Association. For further
details and to register go to
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4th Annual ELECTRIC POWER Conference & Exhibition, "Where the Operating
Companies Meet", Over 10 co-located events, 500 exhibiting companies and 6,000+
attendees. March 19-21, 2002, America's Center, St. Louis, Missouri. Organized
by The TradeFair Group, and Sponsored by POWER Magazine and Platts.
(http://www.electricpowerexpo.com/currentshow/home.asp)
"Grid Business: The Midwest," an Electrical World Roundtable in cooperation with
R.J. Rudden Associates and the United States Energy Association. March 20-21,
2002, in St. Louis, Missouri.
(http://www.platts.com/gridbusiness/index.html)
"Navigating the Perfect Storm: Charting Power Generation Success," the 17th
Annual Global Power Markets Conference. March 24-26, 2002, in New Orleans.
(http://www.platts.com/electricpower/GPMConf2002/index.shtml)
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PLATTS' MAGAZINES:
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The McGraw-Hill Companies, New York, from its Compustat data base.
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ADMINISTRATIVE
Japan National Television - John Ambler and Mike Terraso were interviewed regarding Enron's Climate Change iniatives and statement.
Enron Campus - Ken Lovejoy and Clifford Salawage of ETS (manager Health and Industrial Hygiene) met employees in the Enron building that have concerns about the indoor air quality in their work area. The issue is being evaluated to determine an action plan.
EUROPE
Poland, ENS Power Plant - Alan Stringer conducted EHS gap analysis audit of the facility and made recommendations on additional procedures required to meet Enron Guidelines and provided advice on EHS aspects for exit strategy of the site.
UK, Project McCook - Alan Stringer participated in a conference call with Susan Worthen, Don Stevens, and Robert Brooks to discuss environmental issues related to indemnification. This deal is estimated to be signed next week.. Susan's Team will need to conduct a due diligence within 60 days.
Japan, Brownfield Site - Alan Stringer provided technical assistance and requested historical information on potential brownfield site that EEOS are considering in Japan.
UK, EPOL - TPS - Alan Stringer and Henry Van are preparing the final list of EHS issues from the O&M audit to be presented to Mike Terraso for resolution.
ENRON GLOBAL ASSETS
(Central America, South America, India and Asia)
San Juan Gas Remediation - field evidence indicates that the tar has migrated off-site to the neighbor's property.
ENA
N. York, Edison Mission Brooklyn Navy Yard Facility - Bill Curra completed the environmental due diligence evaluation of the Edison Mission cogeneration plant for NE Power Origination. Indications are favorable that the acquisition will go forward, and further risk management assistance relating to environmental issues will be required.
ACQUISITIONS
Sithe Independent Power Partners - 1000 MW combined cycle natural gas fired cogeneration facility located in the Town of Scriba, County of Oswego, NY. ECT is interested in entering into a 40% limited partnership with no O&M responsibility. Don Stevens has learned that ECT has submitted their bid to Sithe and is awaiting a response.
GREENFIELD CAPITAL PROJECTS
Offshore LNG Vaporization Terminal - California - Gus Eghneim (Enron Corp) has been asked to manage environmental permitting for an offshore LNG vaporization terminal in California. Gus has agreed to keep Joe Kolb informed and involved at the next meeting. The project is in the very early stages of consideration.
DEPARTMENT PROJECTS
Social Responsibility Risk Assessment Tool - Gavin Dillingham met with Lauren Iannarone and they decided to add some more functionality to the database. They will add a section for case studies, transaction cost and industry type. Once this is done it will be populated and the prototype will be demonstrated to interested Enron business units.
REGULATORY TECHNICAL ANALYSIS
Enron IT Employee Receives Ergonomics Relieve - Russell Tucker located a workstation solution to allow the raising of the desk top in selectable increments to provide back strain relieve to an Enron IT employee that is 6' 8" tall. The replacement desk will also allow the employee to remain in his present location within his work group with the desk fitting within the original desk space.
COMPETITIVE INTELLIGENCE & BUSINESS OPPORTUNITIES
California Power Development -- NEPA Review - Jeff Keeler and Mary Schoen held a meeting with EWS/ENA West power developers to discuss a proposed project in Roseville, CA. Since the project must connect to the Western Area Power Administration (WAPA) through a substation, WAPA is suggesting that it may need to perform not only a NEPA analysis from the Enron project to the substation, but on the entire WAPA grid, due to NEPA's mandate to analyze "all downstream impact." Jeff and Mary are working on strategies to determine: 1) if it is legally feasible to conduct NEPA review just for the Enron project portion so that Cal. Energy Commission process is not delayed and 2) if agencies involved in NEPA review will comply with Bush executive orders mandating expedited review of power project permit applications.
Emissions Control Technology -- Clean Coal Funding - Jeff Keeler discussed with EGM a preliminary strategy for pursuing DOE clean coal program funding for a demonstration project or commercialization grant for the Clean Solutions Group's "NOx Tech" pollution control technology.
Voluntary Greenhouse Gas Emissions Target Analysis - Lisa Jacobson and Susan Worthen offered recommendations and analysis on voluntary greenhouse gas emissions commitments to Mike Terraso. Lisa continued to identify opportunities and business activity related to greenhouse gas emissions issues (Climate Neutral Network conference, GEMI conference).
Global Climate Change - Lisa Jacobson continued to provide intelligence to business units and corporate groups on climate change policy developments, including:
Canada's negotiations with the EU and announcement that it may work to support the Kyoto protocol
Japan's discussions with the US and EU, and resulting announcement that Japan will not move forward with any climate change agreement without the US.
Delay in release of EU climate change policies (coordinated with Govt. Affairs, Brussels/London)
US congressional activity on climate change
Sterling Energy/Renewable Desk - Stacey Bolton followed up w/CEO and COO from Sterling Planet regarding the renewable desk potentially supplying them green tags. Organized call between Sterling and ENA West for next week to explore business opportunities. Stacey is working with Sarah Novosel (Reg Affairs, Washington) to detail Enron's position before FERC regarding intermittency. Elliot Mainzer is speaking at a FERC hearing in July, and coordinating position w/ Sarah.
ADVOCACY & COMMERCIAL SUPPORT
Multipollutant & New Source Review Strategies - Jeff Keeler and representatives of the power generation industry met with EPA concerning its 90-day review of the NSR program and its proposed recommendations to the White House. The group briefed EPA staff from the Administrator's office, Office of Air and Radiation, NSR Enforcement office and White House Council of Economic Advisors on NSR concerns for new power development and our proposed multipollutant solutions that could offer and alternative to NSR.
Global Climate Change - Lisa Jacobosn and Jeff Keeler continued work on a number of initiatives with commercial and corporate groups:
Congressional advocacy - Lisa represented Enron at a Climate Change lobby day sponsored by several environmental groups. Enron was the only company to make a formal presentation on its position on global climate change. About 100 delegates were present, representing the scientific, religious, business and environmental communities from Washington, New Mexico, Ohio, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, New Hampshire, Michigan, and Maryland. |
Steve: Let me know if you'd like to discuss. I like Tim's idea re: maybe
you should take the slot. But in my view definitely not Skilling. I think
you saw my thoughts about this conference in a previous email exchange with
Schroeder re: Littlechild.
Also, they're breaking my arms and legs about sponsoring ($3-5K range). I
had a thought that maybe EBS could stream the conference as an in-kind
contribution---the PR that EBS gets out of streaming might outweigh the cost
of providing gratis. I had only raised it as a thought, though, and am
surprised to see it turn up in print.
Tim and I had both had Lee as a professor and I've been talking him about
this conference alot and have no problem delivering whatever the news is. In
fact, I had already told them that they shouldn't count on us for this one
but that we're always interested in working together.
Best,
Jeff
Tim Belden@ECT
10/05/2000 01:00 PM
To: Jeff Dasovich/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron
cc:
Subject: Nov. 13 UC summit conference on electricity
Jeff, I sent this e-mail to Kean last night. I am fine with your
recommendation for Skilling to pass on this event. Do you want to deliver
the news to Lee. Do we want to offer you, Steve Kean, or me as an
alternative? Personally, I would like to attend but don't have much interest
in speaking (assuming that they would allow low lifes like you or me to
speak). Your call on all of this. Call bob Badeer with questions about the
BEEP as I am heading out of town in a couple of hours.
Tim: I've worked hard with these guys to try to make this conference the
best that it could be, but it ain't quite there. So I'd rather keep our
powder dry and use Skilling at another time. Not top-shelf enough in my
view. If you want to discuss further let me know.
Also, one question:
Is the BEEP stack the constrained supply curve post-adjustment bids? I have
that right?
---------------------- Forwarded by Tim Belden/HOU/ECT on 10/05/2000 10:59 AM
---------------------------
From: Tim Belden on 10/04/2000 06:33 PM
To: Steven J Kean/NA/Enron@Enron
cc:
Subject: Nov. 13 UC summit conference on electricity
I just received this e-mail from a former professor of mine at Berekely.
Dasovich knows more about this than I do, so you should definitely talk to
him. Do you think that this is something that Skilling should attend?
---------------------- Forwarded by Tim Belden/HOU/ECT on 10/04/2000 06:33 PM
---------------------------
Enron Capital & Trade Resources Corp.
From: "Lee S. Friedman" <[email protected]>
10/04/2000 03:52 PM
To: "Tim Belden" <[email protected]>, "Jeff Dasovich" <[email protected]>
cc:
Subject: Nov. 13 UC summit conference on electricity
Jeff and Tim,
Tim, I know Jeff knows all about the conference we are organizing and I hope
you do as well.
Rob, I and the rest of the conference organizers are wondering if you could
help us find out if Jeff Skilling from Enron would be willing to be one of
our panelists? He has been an articulate critic of the current state of our
electricity markets, and we definitely would like the genco perspective
represented.
Naturally we are hoping to get a quick answer because our publicity about
the conference will be going out shortly.
A brief description of the conference is appended below. Please let me know
if you need any additional information.
Thanks very much for your help and advice.
Lee
The summer of San Diego has prompted the School, in collaboration with UC's
Energy Institute and Competition Policy Center, to sponsor a high-level
summit conference on electricity deregulation. The focus, and the audience,
will be national, but heavily informed and influenced by the California
crisis. The conference will evaluate (1) the wisdom of deregulation and (2)
how the pitfalls encountered so far can be avoided and remedied. The
University will facilitate an open, honest and reasoned exchange between
executive-level players from various perspectives: industry, regulators,
consumers, legislators, academics, and market and system operators.
The format entails two roundtable discussions with six speakers and a
moderator. During the panel sessions, the speakers will engage in a
debate/dialogue on the current situation in electricity deregulation, where
we have come from, what the future holds, and what solutions lie on the
horizon. Each speaker will have uninterrupted time to speak, followed by Q&A
and discussion. We expect a live audience of about 200, including a large
press presence. One sponsor has tentatively offered to provide internet
streaming video services. We hope to have a balanced group of sponsors
ranging from the American Public Power Association to energy companies.
The speakers are being arranged at this time. We have commitments from:
Loretta Lynch (Chair, CPUC), and PJM CEO Phil Harris. We have a preliminary
acceptance from Steven Littlechild (England's former primary electricity
regulator) and Laura Tyson (former Chair, President's Council of Economic
Advisors and National Economic Council, currently Dean, Haas School of
Business). We have invited FERC Commissioner Curt Hebert, and U.S.
Representative Edward
Markey, executive-level managers from several energy companies and state
legislators. Former DOJ chief economist Carl Shapiro will be on one of the
panels, as will economist Severin Borenstein, Director of UCEI and Professor
of Business and Public Policy. Michael Florio from The Utility Reform
Network (TURN) will be a consumer advocate on one of the panels. Lee
Friedman, economist and Professor of Public Policy, will briefly provide an
introduction to the panel discussions with his talk "Lighting the Stage: The
Electricity of Deregulation."
A dinner for the panelists and organizers will be hosted at UC's Goldman
School of Public Policy following the conference proceedings. We have
reserved rooms for our speakers at Berkeley's landmark Claremont Hotel. We
can reimburse those speakers who request it for coach airfare expenses and
other ordinary local expenses.
Forfurther information, please contact:
Lee S. Friedman
Professor of Public Policy
Goldman School of Public Policy
University of California
2607 Hearst Avenue
Berkeley, CA 94720-7320
Ph: (510) 642-7513
Fax: (510) 643-9657
email: [email protected] |
Thanks.
-larry
---------
Lawrence A. Ciscon Enron Broadband Services, Inc.
VP Software Architecture 4828 Loop Central Dr. Suite 600,
Phone: (713)669-4020 Houston TX 77081
[email protected]
Jeff Youngflesh@ENRON
11/29/00 05:07 PM
To: Larry Ciscon/Enron Communications@ENRON COMMUNICATIONS
cc: Jennifer Stewart/NA/Enron@Enron, Kim Godfrey/Enron Communications@Enron
Communications
Subject: RE: Enron / Avaya meetings: calendar
Larry,
Thank you for getting back with me. To answer your question: It is looking
more and more like the week of January 8th. The meetings would be held using
approximately 1.5 days of a 3-day window: the 9th, 10th, and 11th. I have
input from Kim Godfrey, who is driving things on the EBS side, and I have a
tentative OK from Avaya for the window of the 9th - 11th.
I will want to begin getting headcount of the EBS travelers, and the day(s)
which each would be attending. For example, you would probably attend both
days, while some of your team would be there exclusively for the 2nd day
meetings. I'm not sure Jim Crowder would be at both days, but Kim G.
certainly would, as would members of her origination team, including Systems
Engineer(s).
I will call you this week to get your input re: who from your team would be
going, and for which days.
Thank you,
Jeff
Jeff Youngflesh
Director, Business Development
Global Strategic Sourcing
Enron Corp.
333 Clay Street, 11th Floor
Houston, TX 77002
t: 713-345-5968
f: 713-646-2450
c: 713-410-6716
Larry Ciscon@ENRON COMMUNICATIONS
11/27/2000 08:31 PM
To: Jeff Youngflesh/NA/Enron@ENRON
cc:
Subject: RE: Enron / Avaya meetings: calendar
Jeff,
What's the current plan on this meeting? I agree that January would be a much
better time to meet, but I could also consider the December dates.
-larry
---------
Lawrence A. Ciscon Enron Broadband Services, Inc.
VP Software Architecture 4828 Loop Central Dr. Suite 600,
Phone: (713)669-4020 Houston TX 77081
[email protected]
Jeff Youngflesh@ENRON
11/21/00 04:45 PM
To: Everett Plante/Enron Communications@Enron Communications, Jim
Crowder/Enron Communications@Enron Communications, Larry Ciscon/Enron
Communications@Enron Communications
cc: Jennifer Stewart/NA/Enron@Enron, Nancy Young/Enron Communications@Enron
Communications, Steve Pearlman/Enron Communications@Enron Communications,
[email protected], Marie Thibaut/Enron Communications@Enron Communications
Subject: RE: Enron / Avaya meetings: calendar
Mission/Purpose: Coordinate EBS Executive Calendars
for EBS' trip to Avaya HQ in Basking Ridge, NJ
This is targeted as a one-day trip for the Enron executives
Daily objectives highlighted in red, further below.
Individual items per person follow immediately:
Jim,
I have spoken w/Nancy Young, and we have penciled in
that you could possibly make the trip on December 19th,
20th, or 21st; OR January 9th, 10th, or 11th. If Larry and Everett
can also join on one of the same days you are penciled in
for, I would like to book your time for the meeting.
Larry,
I have left you a voicemail, and this note. Please let me
know ASAP which of the days that I have penciled in for
Jim Crowder's attendance would also work for you.
Everett,
I have called Marie Thibaut and left her the information on
her voicemail. Since she's out, I'll send this to you directly,
as well. Will you also let me know which days (above)
work best for you?
Steve Pearlman,
You and I have spoken, I have your availability info. Thank you.
+++++++++++++++++++++++++++++++++++++++
To clarify the purpose of the Avaya trip: the first day (only)
is for executives to investigate the following items --
1) what value can EBS deliver to Avaya for Avaya internal
use (product/service solutions, financing, etc.) EBS sell
EBS' solutions to Avaya for Avaya internal use
2) ideas for opportunities for Avaya and EBS to enter into
a "sell through/sell with" arrangement, whereby some type
of joint marketing efforts could be enjoined. EBS sell with,
and/or through the Avaya sales organization
The second day (only) would be for Avaya and EBS
development/technical staff to meet and brainstorm the:
1) results of the executive meetings' output from 1&2 above,
discuss output of day 1 meetings, & technical issues
and opportunities
and 2) what technical hurdles or opportunities exist which
could enable successful EBS efforts to sell EBS solutions
to Avaya and through Avaya or with Avaya's sales &
marketing team. Larry Ciscon may choose to attend both
days due to the nature of his mission.
++++++++++++++++++++++++++++++++++++
Please let me know as soon as you can which day or
days would work best for you to make the trip. I need to
get things coordinated with my counterpart at Avaya so
he can schedule his executives' time, and their briefing
center facility.
Thank you,
Jeff
Jeff Youngflesh
Director, Business Development
Global Strategic Sourcing
Enron Corp.
333 Clay Street, 11th Floor
Houston, TX 77002
t: 713-345-5968
f: 713-646-2450
c: 713-410-6716
----- Forwarded by Jeff Youngflesh/NA/Enron on 11/21/2000 03:56 PM -----
Jeff Youngflesh
11/21/2000 10:44 AM
To: [email protected]
cc:
Subject: RE: Enron / Avaya meetings in Basking Ridge
Thad, can you give Barbara a "hold" on this until you and I get the
people scheduled? I have just returned from a day off, and don't
have the information I needed yet. It still looks like Jan 8-9 may be
leading date candidates, with the 19/20 or 20/21 of December being
possible alternates...
Thank you,
Jeff
----- Forwarded by Jeff Youngflesh/NA/Enron on 11/21/2000 10:30 AM -----
"Korp, Barbara I (Barbara)" <[email protected]>
11/20/2000 01:22 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Enron / Avaya meetings in Basking Ridge
Jeff,
I'm in the process of booking the Avaya Briefing Center and need to know how
many people from Enron will be visiting our headquarters. I've asked for
the afternoon of December 13th and all day on the 14th.
Barb
Barbara Korp
Avaya Inc.
Assistant to Serge Minassian
908-953-3771
908-953-3772 (fax)
[email protected] |
Shirley,
Please, enroll me in this course.
Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/08/2000
10:02 AM ---------------------------
Chris Strickland <[email protected]> on 03/07/2000 12:20:40 PM
To: Vince J Kaminski/HOU/ECT@ECT, Grant Masson <[email protected]>
cc:
Subject: Energy Derivative Courses
Dear Vince/Grant,
It was good to meet and talk with you both this morning - very interesting.
Here are the details of the course (actually there are two seperate
courses, one on VaR) that I promised you.
I hope to see you both again later in the month.
Best regards.
Chris.
COURSE 1: Energy Derivatives: Pricing and Risk Management
---------------------------------------------------------------------------
-
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 29-30 March 2000
London: 3-4 April 2000
Fee : STG 1950 / USD 2950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires the mathematical
foundations of derivative pricing and an understanding of the pricing and
risk management of energy derivatives.
This course assumes that participants are familiar with standard basic
option pricing theory (the Black-Scholes formula, Monte Carlo simulation,
and the use of binomial trees for option pricing).
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction, the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives and contain detailed calculations for pricing and
risk management. At the end of the 2 days, participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and simulation.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management" which includes
valuable contributions from Enron's Vince Kaminski and Grant Masson.
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Introduction to Energy Derivatives Modelling
Energy derivatives - structures and applications
Fundamentals of modeling and pricing
Analysing energy data
Spot price behaviour
Building forward curves - assessing available models
The relationship between the spot price and forward curve dynamics
Workshop : Analysing the properties of energy data - mean reversion,
volatility structures, jumps
Day 1, PM :Spot Price Models and Pricing by Simulation and Trees
Review of spot price models
The pros and cons of spot price models
Pricing standard options, swaptions, caps, floors, and collars
Simulation for spot price models
Pricing exotic options (barriers, lookbacks, Asians, etc.)
Building and using trees for energy derivatives
Building trees consistent with the forward curve
Pricing options in trees
Workshop: Using Simulation and trinomial trees to price energy
derivatives
Day 2, AM : Forward Curve Based Models
Forward curve dynamics and forward curve models
The relationship to spot price dynamics
Multi-factor forward Curve Models
Volatility function interpretation and estimation
Pricing standard energy options
Pricing energy swaptions
Pricing energy exotics using simulation
Workshop : Using simulation to implement multi-factor models and price
energy options
Day 2, PM : Risk Management of Energy Derivatives
Energy market risk and hedging
Computing hedge sensitivities
Determining the hedge instruments
Hedging a energy derivatives book
Value-at-Risk in energy markets - the pros and cons of the approaches
Credit Risk in energy markets - issues and models
Workshop: Hedging an energy portfolio
Please feel free to e-mail us to register for this course and we will
contact you regarding payment.
-----------------------------------------------------
COURSE 2: VaR for Energy Markets
-----------------------------------------------------
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 31 March 2000
London: 5 April 2000
Fee : STG 950 / USD 1950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires an understanding
of the theory and calculation of Value at Risk for energy derivative
portfolios.
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives. At the end of the course participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and VaR calculations.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management".
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Understanding the VaR methodologies and issues
What is VaR?
Uses of VaR
Types of VaR methodologies
Implications of applying the RiskMetrics assumptions in energy markets
Delta VaR, historical simulation
Linear and Non Linear Instruments
Workshop: Applying simple VaR methodologies in the energy market
Day 1, PM : Calculation of Energy portfolio VaR using simulation
Modelling the energy forward curve - single and multi-factor
Modelling the joint behaviour of different energies simultaneously
Calculation of covariances and correlations
Incorporating jumps
Detailed example VaR calculation for an energy portfolio
Workshop: Simulating energy forward curves and calculation of VaR for an
energy portfolio.
Dr. Les Clewlow and Dr Chris Strickland hold Associate Research Positions
at both the School of Finance and Economics, University of Technology,
Sydney and the Financial Options Research Centre, University of Warwick,
UK. Together they have over 20 years combined experience in the financial
and energy derivative markets and have published many articles in academic
and trade journals. They are the authors of the book "Implementing
Derivatives Models" (Wiley, 1998) and editors of "Exotic Options: The State
of the Art" (ITP, 1998). Their forthcoming book, "Energy Derivatives:
Pricing and Risk Management," is due to be published during the second
quarter 2000. Currently, their interests are concentrated in the energy
derivatives area, where they have developed a wide range of pricing tools
for electricity options and other energy derivatives. |
---------------------- Forwarded by Susan M Scott/HOU/ECT on 12/12/2000 08:23
AM ---------------------------
Enron Capital & Trade Resources Corp.
From: "Emily Hillegeist" <[email protected]>
12/12/2000 03:40 AM
To: [email protected], [email protected], [email protected]
cc:
Subject: Fwd: hey, girlfriends!
>From: [email protected]
>To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
>Subject: Fwd: hey, girlfriends!
>Date: Tue, 12 Dec 2000 04:30:16 EST
>
>
Get more from the Web. FREE MSN Explorer download : http://explorer.msn.com
Content-Transfer-Encoding: 7bit
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Message-ID: <000801c0640d$da9f4f80$2389073e@oemcomputer>
From: "thesymingtons" <[email protected]>
To: "Maggie Symington" <[email protected]>
Subject: hey, girlfriends!
Date: Mon, 11 Dec 2000 17:15:45 -0000
MIME-Version: 1.0
Content-Type: text/plain; charset="iso-8859-1"
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X-Mailer: Microsoft Outlook Express 5.00.2615.200
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200
Something fun to read!
>
> I WANT WHAT SHE'S HAVING
>
> >>>> I have a new delightful friend,
> > > > I am most in awe of her.
> > > > When we first met I was impressed,
> > > > By her bizarre behavior.
> > > >
> > > > That day I had a date with friends,
> > > > We met to have some lunch.
> > > > Mae had come along with them,
> > > > All in all ... a pleasant bunch.
> > > >
> > > > When the menus were presented,
> > > > We ordered salads, sandwiches, and soups.
> > > > Except for Mae who circumvented,
> > > > And said, Ice Cream, please: two scoops.
> > > >
> > > > I was not sure my ears heard right,
> > > > And the others were aghast.
> > > > Along with heated apple pie,
> > > > Mae added, completely unabashed.
> > > >
> > > > We tried to act quite nonchalant,
> > > > As if people did this all the time.
> > > > But when our orders were brought out,
> > > > I did not enjoy mine.
> > > >
> > > > I could not take my eyes off Mae,
> > > > As her pie a-la-mode went down.
> > > > The other ladies showed dismay,
> > > > They ate their lunches silently, and frowned.
> > > >
> > > > Well, the next time I went out to eat,
> > > > I called and invited Mae.
> > > > My lunch contained white tuna meat,
> > > > She ordered a parfait.
> > > >
> > > > I smiled when her dish I viewed,
> > > > And she asked if she amused me.
> > > > I answered, Yes, you do,
> > > > But also you confuse me.
> > > >
> > > > How come you order rich desserts,
> > > > When I feel I must be sensible?
> > > > She laughed and said, with wanton mirth,
> > > > I am tasting all that's possible.
> > > >
> > > > I try to eat the food I need,
> > > > And do the things I should.
> > > > But life's so short, my friend, indeed,
> > > > I hate missing out on something good.
> > > >
> > > > This year I realized how old I was,
> > > > She grinned, I've not been this old before.
> > > > So, before I die, I've got to try,
> > > > Those things for years I had ignored.
> > > >
> > > > I've not smelled all the flowers yet,
> > > > There's too many books I have not read.
> > > > There's more fudge sundaes to wolf down,
> > > > And kites to be flown overhead.
> > > >
> > > > There are many malls I have not shopped,
> > > > I've not laughed at all the jokes.
> > > > I've missed a lot of Broadway Hits,
> > > > And potato chips and cokes.
> > > >
> > > > I want to wade again in water,
> > > > And feel ocean spray upon my face.
> > > > Sit in a country church once more,
> > > > And thank God for It's grace.
> > > >
> > > > I want peanut butter every day,
> > > > Spread on my morning toast.
> > > > I want un-timed long-distance calls,
> > > > To the folks I love the most.
> > > >
> > > > I've not cried at all the movies yet,
> > > > Nor walked in the morning rain.
> > > > I need to feel wind in my hair,
> > > > I want to fall in love again.
> > > >
> > > > So, if I choose to have dessert,
> > > > Instead of having dinner.
> > > > Then should I die before night fall,
> > > > I'd say I died a winner.
> > > >
> > > > Because I missed out on nothing,
> > > > I filled my heart's desire.
> > > > I had that final chocolate mousse,
> > > > Before my life expired.
> > > >
> > > > With that, I called the waitress over,
> > > > I've changed my mind, it seems.
> > > > I said, I want what she is having,
> > > > Only add some more whipped-cream!
> > > >
> > > > Here is a little something for you all!
> > > > We need an annual Girlfriends Day!
> > > > If you get this twice,
> > > > then you have more than one girlfriend.
> > > > Be happy.
> > > >
> > > > ALL I NEED TO KNOW ABOUT LIFE I LEARNED FROM MY GIRLFRIENDS
> > > >
> > > > * Good times are even better when they're shared.
> > > > * A good long talk can cure almost anything.
> > > > * Everyone needs someone with whom to share their secrets.
> > > > * Listening is just as important as talking.
> > > > * An understanding friend is better than a therapist...
> > > > and cheaper too!
> > > > * Laughter makes the world a happier place.
> > > > * Friends are like wine; they get better with age.
> > > > * Sometimes you just need a shoulder to cry on.
> > > > * Great minds think alike, especially when they are female!
> > > > * When it comes to "bonding," females do it better.
> > > > * YOU ARE NEVER TOO OLD FOR SLUMBER PARTIES!!!!
> > > > * Girls just want to have fun.
> > > > * It's important to make time to do "girl things."
> > > > * Calories don't count when you are having lunch
> > > > (or any other food) with your girlfriends.
> > > > * You can never have too many shoes.
> > > > * GEMS MAY BE PRECIOUS, BUT FRIENDSHIP IS PRICELESS!!!
> > > >
> > > > PLEASE PASS THIS ON TO ALL OF YOUR GIRLFRIENDS |
Thanks to Alex Goldberg for forwarding this helpful opinion.
**************
CONFIDENTIAL
Luce, Forward, Hamilton & Scripps LLP
600 West Broadway
Suite 2600
San Diego, CA 92101-3391
(619) 236-1414
The information contained in this electronic mail transmission is
confidential and intended to be sent only to the stated recipient of the
transmission. It may therefore be protected from unauthorized use or
dissemination by the attorney-client and/or attorney work-product
privileges. If you are not the intended recipient or the intended
recipient's agent, you are hereby notified that any review, use,
dissemination, distribution or copying of this communication is strictly
prohibited. You are also asked to notify us immediately by telephone and to
return the original document to us immediately by mail at the address above.
Thank you in advance for your cooperation.
-----Original Message-----
From: Goldberg, Alex [mailto:[email protected]]
Sent: Thursday, July 26, 2001 12:49 PM
To: '[email protected]'
Subject: FW: Notice of Lodgment - Legislative Counsel Opinion
Chris,
Please see the attached tif file containing a very important CA legislative
counsel opinion that we should also consider lodging w/ the court or at
least using in our various pleadings. I thought I sent it around a few days
ago. Apparently there was a problem. Please forward as needed.
Alex
-----Original Message-----
From: Healey, Chris [mailto:[email protected]]
Sent: Thursday, July 26, 2001 2:29 PM
To: Alexander, Jeff; Allen, Gretchen; Bailey, Brent; Beh, James;
Benzian, Peter; Bestor, Geoffrey; Bliss, Erik; Brooks, John T.; Brown,
Heather; Burns, David; Butswinkas, Dane; Chapin, Edward; Coleman, Ran;
Copeland, Greg; Costa, Jennifer; Cottle, Lisa; Davenport, Hugh;
Davidson, Jeffrey; Dick, Charles; Edwards, Brady; Edwards, Robert Jr.;
Eisenstat, Larry; Ezickson, Doron; Fallon, Robert; Fergus, G.; Forrest,
Kirk; Frizzell, Jean; Gammie, John; Gibbs, Robin; Goldberg, Alex;
Guzman, Jose; Halling, Gary; Hamer, Mark; Harris, Scott; Hartman,
Sanford; Healey, Christopher; Hein, Jennifer; Herbert, John; Herman,
Stephen; Hernandez, Lynne; Hixson, Thomas; Holcomb, Bruce; Houlihan,
Terry; Jines, Mike; Kadzik, Peter; Karp, Joseph; Kass, Michael; Katz,
Bruno; Kennedy, Thomas; Kinnear, Todd; Kirby, Michael; Kleinman, Joel;
Kohnke, Ernie; Lane, Linda; Leslie, John; Mattes, Martin; Maxwell,
Melissa; McManus, Randy; Merryman, Bryan; Michel, Sydne; Miller, Lisa;
Mittelstaedt, Robert; Molland, Michael; Muller, Tim; Murphy, Tanya;
Newton, Joel; Nissen, Neha; Noonan, David; Packard, Connie; Pallenik,
Christine; Paul, Joe; Pedersen, Norman; Perlis, Mark; Peters, Mary Lou;
Pickens, A.; Pickett, Donn; Raber, Stephen; Ransom, James; Reasoner,
Barrett; Rice Kelly, Hugh; Richardson, Tony; Roppe, Laura; Russell,
JoAnn; Ryland, Ron; Sanders, Richard; Sauntry, June Ann; Scafe,
Jennifer; Schenkkan, Pete; Seltzer Caplan Team; Shohet, Jeffrey; Smith,
Mike; Sottosanti, Martha; Spanos, Theodore; Springer, James; Starbird,
Zackary; Steiner, Robert; Sturgeon, John; Taylor, Timothy; Tiffany,
Joseph II; Tribble, Douglas; Varner, Carlton; Wall, Dan; Weaver,
Michael; Wiegmann, Hack; Williams, Robert; Zdebski, Charles
Subject: FW: Notice of Lodgment - Recent FERC Order
Per our discussion this morning, here is the draft Notice that Tim Taylor
prepared on the recent FERC order. Please send any comments directly to Tim
by the close of business today. Thanks.
**************
CONFIDENTIAL
Luce, Forward, Hamilton & Scripps LLP
600 West Broadway
Suite 2600
San Diego, CA 92101-3391
(619) 236-1414
The information contained in this electronic mail transmission is
confidential and intended to be sent only to the stated recipient of the
transmission. It may therefore be protected from unauthorized use or
dissemination by the attorney-client and/or attorney work-product
privileges. If you are not the intended recipient or the intended
recipient's agent, you are hereby notified that any review, use,
dissemination, distribution or copying of this communication is strictly
prohibited. You are also asked to notify us immediately by telephone and to
return the original document to us immediately by mail at the address above.
Thank you in advance for your cooperation.
-----Original Message-----
From: Tim Taylor [mailto:[email protected]]
Sent: Thursday, July 26, 2001 12:19 PM
To: '[email protected]'
Cc: Carlton Varner
Subject: 51205385_1.WPD
Here is the notice of lodgement you asked me to prepare during the
confernece call just concluded.
51205385_1.WPD
****************************************************************************
The contents of this e-mail message, including any attachments, are
intended solely for the use of the person or entity to whom the e-mail was
addressed. It contains information that may be protected by the
attorney-client privilege, work-product doctrine, or other privileges, and
may be restricted from disclosure by applicable state and federal law. If
you are not the intended recipient of this message, be advised that any
dissemination, distribution, or use of the contents of this message is
strictly prohibited. If you received this e-mail message in error, please
e-mail [email protected] and contact the sender by reply e-mail. Please
also permanently delete all copies of the original e-mail and any attached
documentation. Thank you.
Sheppard, Mullin, Richter & Hampton LLP
http://www.smrh.com
****************************************************************************
<<51205385_1.WPD>>
- VIS74.TIF |
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You may want to review this for our meetings.
---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
02/21/2000 07:43 PM ---------------------------
Jane Wilson
02/21/2000 07:43 PM
To: Mark Schroeder@ECT
cc:
Subject: Mega power status
There may be no advantages for us in this megaproject status other than the
privilege of becoming fully regulated. However, the Ministry is considering
us and Ken Lay made big announcements to the press. After these
announcements, I pulled a team together on Dabhol strategy. The conclusion
was that now that we've made our application and annoucement (noone asked
me. See below), we must keep up the pretext of appearing to seek the mega
project status to look like we are trying to help MSEB. The consensus of
the group was that probably the whole idea of megaproject status will bite
the dust.
Unbenownst to me, a number of letters were filed (with the Ministry, with
MSEB and with CERC) requesting mega power project status. A letter was filed
with the Central Electricity Regulatory Commission (CERC) requesting that
CERC "use its good offices" to obtain this status for Dabhol. In a public
forum -- a panel that I moderated at a conference, Dr. Rao referenced this
letter as one filed by a "multinational" corporation that wouldn't have filed
it in its own country, improperly asking for the use of influence. When he
sat back down next to me, Dr. Rao leaned over and whispered that it was
Enron, that the name was Sandeep Kohli, and that he was certain I didn't know
about it. I subsequently formally requested its withdrawal, much to Rao's
relief. This was Sanjay's idea.
P.S. it's hot in Mumbai now -- about 90 degrees or so in the daytime.
---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
02/21/2000 07:37 PM ---------------------------
Jane Wilson
02/13/2000 12:32 AM
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Mega power status
Here is the hand out on mega power project that I handed out in our strategy
meeting in January.
Please note that in the Monday, January 24 Business Standard it was reported
that the next tranche of mega power projects may get no tax benefits.
"The Union power ministry may not offer tax sops to the projects presently
under consideration for mega power project status.
Official sources confirmed that the new projects would not be offered
benefits like customs duties waiver, offered to the mega projects cleared
last year.
The only benefit these projects are expected to receive is sale to the Power
Trading Corporation (PTC) -- whereby the state risk on independent power
producers (IPPs is transferred to PTC. Such sops do not have a major impact
on the project's tariff, as was initially calculated.
The power ministry is considereing a proposla to accord mega status to eight
projects, including the Dabhol venture in Maharashtra.
. . . .
Sources however, said mega project status would onl be granted on the basis
of the tariff quoted by the projects under consideration.
The Union power ministry has already formed a committee which will analyse
the tariffs for these projects so as to accord them the status. They said
that the committee would be examining the tariffs in accordance to similar
project cleared by the Central Electricity Authority.
. . .
Mega power projects are large interstate power venture selling power to more
than one state through the Power Trading Corporation.
The 18 projects that have been notified as mega power projects get special
benefits in terms of the customs duty waiver and will enable te government to
obtain competitive tariffs from projects. These project also get deemed
export status wherein domestic equipment suppliers will be entititled to duty
drawback and refund of terminal excise duty."
I now have the Availability Based Tariff Order (issued prior to my being
involved in India) and will analyze it. This order will apply to mega power
projects as you see in the handout. I want to do a full regulatory analysis
for us in the next month.
Please let me know what our current strategic thinking is on the mega project
issue. I still think that this would not be to Enron's advantage. However,
being realistic, something will have to change. I just don't think
submitting ourselves to regulation by the CERC with one buyer the PTC is to
our advantage anyway. With potentially no tax advantages, what are we
thinking? However, as we discussed in the meeting, we must continue the
pretext. What happens if the dog catches the car?
On a separte subject, I know you are busy with the refocus of our development
efforts, but obviously I would like to spend some time with you with regard
to my reassignment to the India region only (at my suggestion, by the way).
Since I'm returning to the US on Thursday night, the 18th, we may have no
face time until my return the 28th. Is that right?
Is the therapy couch ready in your office? From what I hear from my perch in
the TERI forum in Agra and Delhi (now Mumbai) there is lots of doom and gloom
in the Mumbai office. Certain resumes are being prepared, and there seems to
be a general feeling that Enron will embark on a several-year wrap up/sell
down effort.
I am planning to go to the South Asia forum in Kathmandu. Even with our
refocus, it strikes me that the contacts with DOE and Indian embassy and
Indian personnel will be most worthwhile. Let me know if you disagree.
---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
02/13/2000 12:12 AM ---------------------------
enron india
From: Wade Cline 02/11/2000 06:26 AM
To: Jane Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Mega power status
Jane,
Please send me via e-mail or fax a copy of the note you put together and
presented a few Saturdays ago. This was the note about that had the checklist
of items required for a project to be a mega project and had the status of
DPC on each item.
Thanks,
Wade |
FYI, please let me know if you have any questions.
Regards,
Elizabeth.
Elizabeth Serralheiro
15/10/99 14:06
To: John Novak/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert H
George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, George
Frumkin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, [email protected], Sami
Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Hopkinson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert C
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Gavino/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gisele S
Braz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ana Cristina
Santos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary Ann
Oliveira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cecilia
Morellato/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan
Cooley/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: ESA LEGAL MANAGEMENT COMMITTEE MEETING - formerly Chief Counsel
Meeting
As per Randy Young's message below, please plan to attend to this weekly
meeting that will be held every Tuesdays at 10:00 a.m. Brazil time/7:00 a.m.
Houston time. The call-in numbers are as follow:
Domestic dial-in (US callers): (800) 649-2862
International dial-in: (847) 413-3751
Confirmation#: 1082521
Host: Randy Young
Please send me an updated report every Monday , until 5:00 p.m. and you
can still use the same table that you have being using for the formerly Chief
Cousenl Meeting.
Thanks and regards,
Elizabeth Serralheiro.
(5511) 5503-1268
---------------------- Forwarded by Elizabeth Serralheiro/ENRON_DEVELOPMENT
on 15/10/99 16:43 ---------------------------
Randy Young
15/10/99 16:13
To: Sara Shackleton/HOU/ECT@ECT
cc: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth
Serralheiro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: S. Cone Trading Issues-Request
Many thanks, Sara. I appreciate your including Andrea in these calls, and I
am sure she will try to attend as many with you as schedule allows. In the
meantime, the download once a week will certainly be helpful to me.
Sounds like a great vacation. I am jealous.
Beth, could you send Sara the call-in number and times for my weekly legal
management committee meeting?
Regards,
Randy
Sara Shackleton@ECT
10/15/99 01:42 PM
To: Randy Young/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Re: S. Cone Trading Issues-Request
Randy,
I can certainly participate in your Tuesday morning meetings (and I can
appreciate the time constraints under which Andrea is working!). I believe
that Lynn will defer to Rick's participation. Please let me know if there is
a call in number. I think that I will be able to keep you updated through
your meetings. My need for meeting with Lynn and Brent stems from the fact
that we are "offshore" Brazil and need to communicate regularly to keep the
fires burning.
Have a great weekend! I just got back from my vacation - I went to L.A. -
and the weather was extraordinary. So was the food. I'm looking forward to
Sao Paulo. Will see you soon. Sara
Randy Young@ENRON_DEVELOPMENT
10/13/99 06:59 AM
To: Sara Shackleton@ENRON_DEVELOPMENT
cc: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert H
George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: S. Cone Trading Issues-Request
Sara,
Given the deal pressure we expect in the last quarter of 99,especially in
origination, I am trying to eliminate as many duplicative meetings as
possible. Instead of having Andrea Bertone attend this weekly meeting, could
you and Lynn Aven attend my legal staff meeting (along with Brent Hendry and
Rick Hopkinson, who are already scheduled to attend) each week? They are held
on Tuesdays at 10:00 am SP time. That way, we can get a direct report from
you with a synthesized summary of the issues. If you need to consult with
Andrea, Robert or me on an offline basis, you can let us know in the meeting,
and we will arrange a separate call. I believe this would be more efficient.
Thanks, and please let me know,
Regards,
Randy
---------------------- Forwarded by Randy Young/ENRON_DEVELOPMENT on 10/13/99
09:33 AM ---------------------------
Andrea Bertone
10/13/99 08:33 AM
To: Randy Young/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Re: S. Cone Trading Issues
OK. I'll do it.
Randy Young
10/12/99 02:17 PM
To: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: S. Cone Trading Issues
Can you try to make this? Hopefully, it will not take up much time. I would
want to get a summary download of issues from you in our weekly meetings.
Thanks, ry
---------------------- Forwarded by Randy Young/ENRON_DEVELOPMENT on 10/12/99
02:17 PM ---------------------------
Sara Shackleton@ECT
10/12/99 12:09 PM
To: Lynn Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Hopkinson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark E Taylor/HOU/ECT@ECT, Randy
Young/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: S. Cone Trading Issues
In an effort to establish regular communication on the progress of trading
issues (primarily related legal and tax perspectives) in the S. Cone, Lynn
and I have agreed to conference on Friday, October 15 at 9 am (Houston time)
and weekly at that time. Would anyone else like to participate this Friday?
If you are interested in participating on a weekly basis, are Fridays at 9 am
(Houston time) convenient for you? My immediate concerns are financial
trading issues. However, we can focus on all relevant issues as we so
determine. I will create a "short list" to initiate discussion. Thanks.
Sara |
-----Original Message-----
From: Ken Smith [mailto:[email protected]]
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; [email protected] <mailto:[email protected]> |
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Today, Enron hosted a conference call to give investors a current overview of the company. Here's an update of what we discussed during the call.
We told investors that we're doing everything we can to protect their interests and to regain their confidence. Our focus remains on our credit quality, balance sheet and liquidity, which are essential for our continued success and expansion of our wholesale businesses.
It took more than a few weeks to get where we are today. Here's a snapshot of significant events that led to our current situation:
-- In hindsight, we definitely made some very bad investments in our non-core businesses over the past several years. Those include investments in Azurix, India and Brazil. They have performed far worse that we could have ever imagined when we made these investments;
-- Because of these bad investments, we've become over-leveraged as a company. The negative impact of those investments was exacerbated through the extensive use of debt capital both on and off our balance sheet;
-- We also entered into related party transactions that led to a loss of investor confidence, which has been very damaging;
-- We've been criticized for our lack of transparency and our hard-to-understand financial and operating disclosures; and
-- On top of it all, we discovered errors in our financial statements, as discussed in our 8-K filing last week, that required a restatement of previously reported earnings.
We've taken a new look at our businesses and have separated them into three areas: core businesses, non-core businesses, and businesses under review.
Core Businesses
Our core businesses remain strong and consistent sources of significant earnings and cash flows for the company. They're our competitive advantage. These include:
-- Natural gas pipeline businesses;
-- Gas and power businesses in North America and Europe;
-- Retail businesses in North America and Europe; and
-- Coal businesses in North America and Europe.
The events of the past few weeks have had a temporary negative impact on our projected fourth quarter profitability. It's too early to tell at this time what impact this might have on our operating results. We are considering these actions now so that we can quickly return to normal business in 2002.
I also remain optimistic that the actions we've taken over the past couple of weeks have addressed our customer and counterparty credit and liquidity concerns. According to our business unit leaders, we have definitely seen improvement in our counterparty relationships.
Non-Core Businesses
Our non-core businesses include our global assets group and our broadband division. We have invested more than $8 billion in these businesses, and the return from them has been dismal.
We have an aggressive program in place to exit these businesses and expect that the sale of these businesses will generate billions of dollars in cash that we can use to repay debt and reinvest in our core businesses. We already have more than $800 million in assets contracted for sale this year. They include CEG Rio, a gas LDC in Brazil; EcoElectrica, a power plant and LNG receiving terminal in Puerto Rico; and asset sales of offshore oil and gas properties in India. The approximately $2.9 billion Portland General sale is also on target to close in late 2002 pending regulatory approvals.
Businesses Under Review
These businesses are comprised of those operations outside our power and gas wholesale businesses and include global and industrial markets. While several of these businesses have very strong future prospects, we need to determine if their capital requirements and near-term growth prospects are sufficient enough in terms of earnings and cash generation.
Reviewing our businesses this way will help determine where we need to make reductions to our work force. More information will follow as soon as it becomes available.
Credit Rating/10-Q Filing
We continue to meet regularly with credit rating agencies and believe that our liquidity enhancements and scheduled asset sales will strengthen our balance sheet and maintain our investment grade credit rating. Our current credit ratings by the three major rating agencies are as follows:
-- Moody's at Baa3 "Under Review for Further Downgrade"
-- Fitch at BBB- "Evolving Status"
-- S&P at BBB- "CreditWatch Negative"
We also discussed our existing financial vehicles, including Osprey, Marlin and Yosemite, in further detail. We told investors that we will file our 10-Q five days late due to our current activities. It will be filed on Nov. 19.
We will continue to have updates with investors over the coming weeks as well as our frequent updates with you. The full transcript of our conference call will be filed with the Securities and Exchange Commission in the next few days. It will also be posted on our web site at www.enron.com/corp/investors under "SEC Filings."
In connection with the proposed transactions, Dynegy and Enron will file a joint proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to carefully read the joint proxy statement/prospectus regarding the proposed transactions when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents containing information about Dynegy and Enron, without charge, at the SEC's web site at www.sec.gov. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus may also be obtained for free by directing a request to either: Investor Relations, Dynegy Inc., 1000 Louisiana, Suite 5800, Houston, TX 77002, Phone: (713) 507-6466, Fax: (713) 767-6652; or Investor Relations, Enron Corp., Enron Building, 1400 Smith Street, Houston, TX 77002, Phone: (713) 853-3956, Fax: (713) 646-3302.
In addition, the identity of the persons who, under SEC rules, may be considered "participants in the solicitation" of Dynegy and Enron shareholders in connection with the proposed transactions, and any description of their direct or indirect interests, by security holdings or otherwise, are available in an SEC filing under Schedule 14A made by each of Dynegy and Enron. |
Attached is the final version of the Enron Corp. Guaranty. Unfortunately,
the ISDA Schedule is in the hands of Deutsche Bank and I need them to turn
around the revised draft. I'm still working on it.
[email protected]
10/20/2000 12:22 PM
To: [email protected]
cc: [email protected], Denis.O'[email protected]
Subject: RE: FW: Deutsche Bank ISDA Master Agreements
Tana,
Thanks for this. It would be very helpful if you could send me the latest
versions of the Guarantee and the Schedule just indicating which is the only
outstanding point. That way we can prepare the versions for EnronCredit.com
Limited based on these and get things as close to finalised pending the
outcome of this last credit point that you refer to.
My fax number is 0207 330 9999.
Many thanks for your assistance.
Kind regards,
Clare
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, October 19, 2000 7:40 PM
To: [email protected]
Subject: RE: FW: Deutsche Bank ISDA Master Agreements
I bet you thought I forgot about you?!
The lawyer up at Enron Corp. just called me and said he just got off the
phone w/Deutsche Bank and they have come to an agreement as to the proposed
form of guaranty. We have one more credit issue on the master that Credit
would like us to revisit with them, but otherwise I think we close to being
done. If you would like me to coordinate the execution of the guarantees
you need with Enron Corp., I will be happy to assist you.
Clare.Godson@Alle
nOvery.com To: [email protected]
cc:
10/10/2000 12:57 Subject: RE: FW: Deutsche
Bank ISDA Master Agreements
PM
Many thanks for the update.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, October 10, 2000 1:31 PM
To: [email protected]
Subject: RE: FW: Deutsche Bank ISDA Master Agreements
We just received what we hope is a final draft of the documents from
Deutsche Bank, and I hope to respond back to you shortly, once I have had a
chance to confirm they made all the changes.
Clare.Godson@Alle
nOvery.com To: [email protected]
cc: [email protected]
10/10/2000 04:33 Subject: RE: FW: Deutsche
Bank ISDA Master Agreements
AM
Many thanks. Apologies for the error, I obtained Tana's e-mail details from
someone at Enron in London and they had misspelled it for me.
Thanks again for all your help.
Clare
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, October 09, 2000 6:00 PM
To: [email protected]
Cc: [email protected]
Subject: Re: FW: Deutsche Bank ISDA Master Agreements
Clare,
Thanks for your note. Your e-mail trouble is due to the spelling of Tana's
name - should only be one 'n.' I am forwarding this on to her.
Mark
Clare.Godson@Alle
nOvery.com To: [email protected]
cc:
10/09/2000 04:50 Subject: FW: Deutsche Bank
ISDA Master Agreements
AM
Mark,
I am having some problems sending this to Tanna. her e-mail keeps bouncing
back. Could you pass this on to her please?
many thanks for your help.
Kind regards,
Clare
> -----Original Message-----
> From: Godson, Clare:ICM (LN)
> Sent: Friday, October 06, 2000 3:16 PM
> To: '[email protected]'
> Cc: [email protected]; [email protected];
> [email protected]; '[email protected]';
> [email protected]; denis.o'[email protected]; [email protected]
> Subject: RE: Deutsche Bank ISDA Master Agreements
>
>
> Tanna,
>
> Could you please give me an update on where things stand on the
> finalisation of the Guarantees and Schedule with Deutsche. I understood
> that the guarantees were with Enron Corp. for final approval and
> signature. Is the documentation now agreed? As you are aware the
> negotiation of the documentation with EnronCredit.com is dependent upon
> the finalisation of the documentation outstanding with Houston.
>
> Many thanks for your help.
>
> Kind regards,
>
> Clare
> -----Original Message-----
> From: Godson, Clare:ICM (LN)
> Sent: Friday, September 22, 2000 3:06 PM
> To: '[email protected]'
> Subject: First Union National Bank (FUNB) ISDA Master Agreements
>
> Tanna,
>
> Thanks for your help on the Goldman Sachs and Deutsche negotiations. If
> you could keep me posted on the timing of the Deutsche agreements being
> put in place that would be really helpful. I also have another quick
> request and that relates to the ISDA Master Agreement with FUNB. I have
> spoken to Delene Travella at FUNB. They are negotiating an ECTRIC
> Schedule with you in Houston which they want to finalise before
commencing
> EnronCredit.com's negotiation. Can you give me an update on where this
> negotiation stands and how long before it is likely to be finalised?
>
> Many thanks,
>
> Clare Godson
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EPA Comments on Combined Cycle turbines - Marc Phillips submitted Enron's
comments to EPA regarding their guidance document on control requirements
during permitting of combined cycle turbines. Enron supports EPA's
flexibility in considering control options other than SCR when determining
the control requirements.
TNRCC Comments on Houston Non-attainment Regulations - Marc Phillips is
preparing Enron's comments to TNRCC regarding their proposed regulations for
the Houston Non-attainment area. Enron will be supporting the Business
Coalition for Clean Air (BCCA) comments, but will have additional comments on
the cap and trade program and engine control requirements. The draft comments
will be circulated on Friday for submittal on Monday.
TNRCC Inspection of Mont Belvieu facility - Marc Phillips assisted plant
personnel with a TNRCC air inspection of the Mont Belvieu underground storage
facility.
Greenhouse Gas Emission Credits - Marc Phillips has been discussing a
possible trade with Indaco, a company that surveys gas pipeline compressor
stations for methane leaks. Indaco will perform a survey at a station in
Kansas in return for greenhouse gas emission credits. He has been talking to
Enron traders to determine the value of a greenhouse gas credit.
Enron Day of Caring - Russell Tucker provided employee safety oversight
during the Enron Day of Caring activities at the Depelchan Children's Center.
Safety concerns encountered ranged from the intended use of Benzene
containing materials without proper personal protective equipment to
inhalation, skin contact and fire hazards in handling flammable solvents.
Safety supplies were ordered and distributed prior to the start of the
projects for the hazards known to exist.
Enron Ergo Program Evaluation - Russell Tucker reports 50% of the 3 AC Enron
proposed Ergo Program evaluations are complete with some program bugs being
reported and already being addressed by the software development team. All
exit interviews report very positive on the program itself and highly
recommend it. Linda Adels continues to work with EDS to get the CBT program
installed and the workstation assessment available on the Internet for the
Enron Building participants. EDS is requiring a security request be made for
each person to load the CD-ROM's and updating of the Internet browser on all
the involved computers. None of these problems would be present with these
programs installed and run from the Enron Intranet, which is the intended
method should the program be adopted for global use.
Environmental Notice on Corps of Engineers Revisions - Jim Peterson is
preparing an Environmental Notice on the Corps of Engineers revisions to the
nation-wide permit regulations.
Enron House Presentations-Mike Terraso made EHS organization and role
presentations in London to the operations/engineering group sponsored by
Brian Stanley and the government affairs group sponsored by Mark Schroeder .
The annual EHS report was reviewed with the groups.
US-UK Discussion Group on Security and Human Rights in the Extractive Sector
-Mike Terraso participated in the US State Department/ British Foreign and
Commonwealth Office sponsored review of the draft agreement on security and
human rights. Other industry participants included Occidental Petroleum,
Freeport -Mac Moran, Conoco, Chevron, Shell , BP, Rio Tinto, Texaco. NGOs
represented were Prince of Wales, Amnesty International, International Alert,
Business for Social Responsibility, and Human Rights Watch. The revised
draft agreement will be sent to participants by the US State Department on
September 29th.
Conference Board Chief EHS officers Council - Mike Terraso , at the request
of the Conference Board, made a presentation on corporate responsibility and
reputation to the international conference convening in London.
Shell International Oil and Gas- Mike Terraso met with Shell International
governance and EHS management. Mechanisms to better coordinate personnel
visits, audits and action plans , contractor reviews were discussed and
agreed upon.
Cuiaba II - Joe Kolb reports that OPIC release of funding for Cuiaba I is
now the end of September. This means that work on the compressor stations
will not begin in earnest until then. I expect to view proposed and
alternate compressor station locations during next visit to area now expected
to be in late October. Edgar Zuleta (Corp EH&S) in Bolivia is providing
valuable assistance in coordinating trip plans.
BMPs - Joe Kolb is waiting for a response from Norm Spalding (EE&CC) whom
Jerry Martin assigned the proposed pipeline BMPs for review. A message has
been left with Norm. A response was promised by the end of last week. Bill
Osborne (GPG) received feedback from Steenberg and Shafer in GPG. All
comments helpful and none propose significant changes to document. Bill
Osborne has sent BMPs to others within GPG. GPG reorg may delay responses.
Wilson Dietrich (Enron Broad Band) has indicated that he will be the proper
person to review fiber optic BMPs. The consultant is proceeding with work on
the electric transmission and fiber optic BMPs. Wilson will be sent draft as
soon as it is received.
Project Dolphin - Joe Kolb met with Michael Johns (contact employee of EE&CC)
to discuss status of environmental component of this middle eastern pipeline
project. Things are moving slowly. An RFP has been sent out and responses
from 7 environmental consulting firms are being reviewed. The RFP is for
the EIA and EIA field work. They expect to choose a consultant in about 2
weeks. Field work is expected to begin after the first of the year. The
project has been scaled back.
World Resources Institute Conference - Susan Worthen represented Enron at the
WRI Conference in Washington, D.C., which featured panel discussions on a
number of environmental and social issues facing corporations. Besides
corporate representatives, Greenpeace, Friends of the Earth, The Nature
Conservancy, Habitat for Animals, World Wildlife Fund, Conservation
International and the NRDC. Many recognized and applauded Enron for its
first appearance and partication. There may be potential interest in working
with WRI on future projects.
Environmental Policy Center - We have subscribed to a trial subscription of
EPC's environmental and safety regulatory and legislative monitoring service
for Brazil and U.K. and have received the first electronic report. We are
now awaiting feedback from regional reviewers to determine if there is
anything we would like to enhance or change prior to signing an agreement for
continued and expanded service. This service will allow the Reg/Leg,
Environmental Strategies, and regional EHS personnel to track pending and
proposed legislation in other countries.
SW |
---------------------- Forwarded by John Arnold/HOU/ECT on 12/22/2000 07:25
AM ---------------------------
[email protected] on 12/22/2000 07:11:26 AM
To: [email protected]
cc:
Subject: Plants Shut Down and Sell the Energy
Subject: Plants Shut Down and Sell the Energy
Plants Shut Down and Sell the Energy
By Peter Behr
Washington Post Staff Writer
Thursday, December 21, 2000; Page E01
Kaiser Aluminum Corp. had planned to spend December making aluminum at its
giant smelters in the Pacific Northwest, run by electricity from the
Bonneville Power Administration's Columbia River dams. Then it saw a better
deal. With California desperate for power and electricity prices hitting
unheard-of peaks, Kaiser shut down its two U.S. smelters last week. It is
selling the electricity it no longer needs -- for about 20 times what it
pays Bonneville under long-standing contracts.
It is a measure of this winter's fuel crunch: Some big industrial firms in
energy-intensive sectors such as paper, fertilizers, metals and even
oil-field operations can make more money by selling their electricity or
natural gas than manufacturing their products. The shifts by such large
industrial consumers of energy -- described as unprecedented by analysts --
will free up more fuel for households and businesses this winter. But they
also are sowing seeds of potential problems next year. Shortages of aluminum
and fertilizer, for example, are likely to give another upward jolt to
consumer prices and further weaken the economy, analysts said.
"The fertilizer picture is particularly worrying us because we don't know
what they're going to use to grow crops with," said David Wyss, chief
economist at Standard & Poor's. Some economists have recently increased
their warnings about the damaging impact of this winter's heating bills on
an already weakening economy. Goldman Sachs analysts last week estimated
that gas heating bills will double this winter to more than $1,000 for a
typical U.S. household.
That and higher electricity prices will cost consumers $20 billion in higher
energy costs compared with a year ago, they estimated, cutting the expected
growth in the nation's economic output by one percentage point on an annual
rate in the first three months of next year. "Overall, the recent energy
price developments have thus added to the risk of a sharp economic
slowdown," the Goldman Sachs report concluded. Terra Industries Inc., in
Sioux City, Iowa, has closed three of its six U.S. ammonia plants, which use
natural gas as a main ingredient for fertilizer production. Like Kaiser, the
company realized it would be much more profitable to stop production in
December and sell the natural gas back to the market at current prices,
which are much higher than the price Terra was obligated to pay under its
existing December supply contract, said Mark Rosenbury, chief administrative
officer.
"We looked at these [current] prices and said, 'This is crazy,' " he said.
Terra hasn't disclosed the profit it will make selling its gas, but
Rosenbury said it would be "substantial." In coming months, Terra's good
fortune could be reversed. It usually buys gas a month at a time, and the
prices for January delivery most likely will be well above its break-even
point. That would keep Terra's plants closed, Rosenbury said, but eliminate
the opportunity to sell the natural gas at a profit. "If this persists,"
Rosenbury said, "it's going to be a real problem."
He estimates that out of a total annual U.S. production capacity of 18
million tons of ammonia, about 4 million tons of production isn't operating
now. "Could we be short of fertilizer next spring? It's possible that
farmers will not have as much as they want," Rosenbury said. Royster-Clark
Inc., a Norfolk and New York City-based fertilizer manufacturer and
distributor, has shut down its one plant in East Dubuque, Ill.,
indefinitely, and 72 production workers will be laid off, beginning next
month. The story is the same -- natural gas prices are too high to justify
continued production. "We believe it's likely this is a speculative bubble
[in natural gas prices] that will burst and in a few weeks we'll be able to
buy gas at a more reasonable price, but that remains to be seen," said Paul
M. Murphy, the company's managing director for financial planning. A
continuation of high natural gas prices would likely shrink production and
raise fertilizer prices to a point that could affect farmers' decisions to
plant feed corn, he said. "It's sticker shock."
According to Wyss, if this winter remains unusually cold and natural gas
remains above $7 per million cubic feet -- double the level a year ago --
farm products could rise significantly a year from now and into 2002. In the
aluminum industry, several smaller producers have joined Kaiser, the
industry's No. 2 manufacturer, in closing down, noted Lloyd O'Carroll, an
analyst with BB&T Capital Markets in Richmond.
Aluminum production in November was 8.3 percent below that of November 1999,
and December's production will be lower still, he said. "We'll get more
production cut announcements, I think," he said. A slowing in the U.S. and
world economies next year could ease the impact of reduced aluminum
supplies. "But if the world economy doesn't fall completely apart, then
[aluminum] prices are going to rise, and they could rise significantly more
than the current forecast," he said. In Kaiser's case, it's an open question
how much of its electric windfall it will keep. Kaiser is contractually
entitled to buy electricity from Bonneville at $22.50 a megawatt per hour,
says spokesman Scott Lamb. That is the power it has sold back to Bonneville
for $550 a megawatt hour for December.
But the Bonneville Authority is pressuring Kaiser to use these and future
profits from power resales to compensate employees at the shut-down plants,
to invest in new electric generating capacity, or even to refund to
Bonneville's other customers, said Bonneville spokesman Ed Mosey. Kaiser and
Bonneville have negotiated a new power purchase deal to take effect after
next October, but the power authority says it intends to reduce deliveries
to Kaiser if the company tries to pocket the electricity sale profits. "Out
here, a deal is a deal, but it has to be a moral deal. There has to be an
ethical dimension to this and we're not shy in trying to make sure they live
up their advantage in having access to this publicly-owned power," Mosey
said.
, 2000 The Washington Post Company |
Jamie --
Thanks for the external view on legislation. I agree that most of the bills don't "get it right" - the hope is that the FERC can do that without too much legislative guidance (which of course would be wrong). Not sure that setting up a new federalism on this will ever work - not enough $$ to states to get them to overcome the political power of the utilities.
Jim
-----Original Message-----
From: "Jamie Wimberly" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Jamie+20Wimberly+22+20+3CBenjamin+2EWimberly+40Verizon+2Enet+3E+40ENRON@ENRON.com]
Sent: Monday, August 27, 2001 2:34 PM
To: Steffes, James D.
Cc: [email protected]
Subject: Response from Jamie Wimberly
Jim:
Thank you for your thoughtful response. Even if Enron is a "hot button"
these days, we remain big fans of yours.
In regard to your comments on the letter, I disagree with some of the
assertions.
First, I am fairly confident that no major piece of energy legislation
will be passed this year. As you can see from the attached
congressional update for the DE Task Force prepared by Bev Jones (former
VP for Consolidated Natural Gas), Jimmy Hayes (former Member of
Congress, and Nancy Etkin (former head of Natural Gas Vehicle
Coalition), there is every indication that legislation is going to get
bottled up in the Senate. I agree with the assessment.
Moreover, the legislation that is being considered has almost nothing in
it of direct relevance to "getting it right" in regard to restructuring.
Without pressure, I expect no federal leadership on restructuring
issues. While I do agree that commissions are usually a stalling
tactic, both Ken and I are dismayed at the lack of focus, resources
(i.e., DOE has devoted almost nothing of any sort to restructuring) and
lack of qualified personnel directed at promoting more competition in
the energy market. While you and I may have some idea of what is
necessary (and that is a stretch for me -- given the complexity of the
challenges), I can safely say the vast majority of folks have no idea
what to do -- especially about the tricky jurisdictional questions
involved.
I personally think one way to craft a "new federalism" on restructuring
is to bribe the states into more action. The federal government does
this with education, housing, etc. Why not with restructuring? A
carrot for those states which are moving forward, linked to definite
metrics of progress and openness.
I also strongly believed that state PUCS and federal agencies like FERC
are being pushed to the limit about what they can accomplish given
declining budgets and personnel. I further think that this slows the
whole process down. Think about it -- telephone deregulation, a growing
crisis in regard to water, record levels of mergers and acquisitions,
historic changes in regard to natural gas and electric regulation -- all
piled on top of each other for these folks.
Good catch on the numbering of the recommendations cited in the letter.
This has been corrected.
I look forward to seeing you in September at the Board meeting.
Jamie
P.S. Speaking of the DE Task Force, have you and Bob Frank made a
decision yet to participate? I hope you do, but I need to know as soon
as possible.
-----Original Message-----
From: Steffes, James D. [mailto:[email protected]]
Sent: Monday, August 27, 2001 8:25 AM
To: Jamie Wimberly (E-mail)
Cc: Shelk, John
Subject: Letter from Leadership Council to Bush WH
Jamie --
Thank you for keeping me in the loop on your activities. While I am
always supportive of more public statements pushing competition, neither
I nor Enron can sign on to the letter.
First, I am concerned that having Enron sign on will distract from your
messages. Enron is a "hot button" in DC and will change the proper
focus.
In addition, I would argue that the recommendation for a national
commission is out of place with the current timing of FERC and
Congressional action -- which is imminent -- while a commission would
delay action on the Hill and at FERC, thus supporting the forces against
competition. Let's not study this too much - we know what to do. Move
away from the commission.
Also, I'm not sure how providing federal grant money only to states that
promote competition supports our efforts. Making GA pay for PA is a
distraction from the main fights at FERC and on the Hill.
Finally, I would guess that more funds to FERC and other agencies will
only be used to increase enforcement against those in the industry.
While Enron wants markets that work well, the core problem is that we
haven't deregulated enough - not that markets aren't working.
Also, I don't know where the recommendation numbers from the Bush/Cheney
plan came from -- I think it was an earlier document -- there are no
such numbers in the final printed version of the report that I have.
If you want to talk, please let me know.
Thanks,
Jim
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at [email protected] and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************
- DE leg update Aug 27.doc << File: DE leg update Aug 27.doc >> |
Folks: Please see highlighted sections. Anyone seen Byron's plan? Know
where it's headed, etc.?
Best,
Jeff
*************************************************************************
Power purchase bills exceed $7.5 billion
Published Tuesday, July 10, 2001, in the San Jose Mercury News
BY MARK GLADSTONE, NOAM LEVEY AND DION NISSENBAUM
Mercury News Sacramento Bureau
SACRAMENTO -- Six months after jumping into the electricity business, the
Davis administration on Monday provided the first detailed glimpse of
California's daily power purchases, showing more than $5 billion in payments,
much of it to government-owned utilities and private companies that state
officials have branded as price gougers.
The state spent an additional $2.5 billion on a variety of contracts and
other electricity services designed to stabilize the volatile energy markets,
according to documents that the state agreed to release last week amid a
legal dispute over public access to the data.
In roughly the first five months of the year, the state shelled out $1.2
billion to Atlanta-based Mirant, the most any company was paid for
electricity, followed by $1 billion to Powerex, the marketing arm of BC Hydro
in British Columbia. It also paid $331 million to the Los Angeles Department
of Water and Power.
The documents raise questions about some of the common assumptions that have
arisen around the electricity crisis. For instance, almost 40 percent of the
state's purchases have come from government-run power generators in
California and elsewhere, but not Texas; some of the biggest suppliers are
from the Northwest.
Gov. Gray Davis, who has ambitions to run for the White House, has put much
of the blame for the soaring costs of power on energy companies based in
President Bush's home state.
The figures are tucked inside 1,770 of pages of invoices that Davis has
resisted divulging, saying disclosure would encourage suppliers to charge
more. The state, which last month released information on its long-term
electricity contracts worth $43 billion, agreed Thursday to release the first
quarter details.
Short on explanation
The figures were disclosed late Monday by the California Department of Water
Resources, which buys power for the state's financially strapped major
utilities, and seem to buttress the administration's contention that the
price of power is gradually dropping but offer little or no explanation for
what prompted the decrease.
In January, for instance, the average price for power on the spot market was
$321 a megawatt hour. It peaked in April at $332 and dropped to $271 in May.
One megawatt powers about 750 homes.
Davis spokesman Steve Maviglio said the price data supports the governor's
assertions that California has been gouged. ``The bad guys are clearly the
out-of-state generators,'' Maviglio said. ``There has been a significant
shift of money out of California.''
But the documents fail to shed much light on whether, as the administration
contends, the price drop was due to long-term power contracts negotiated by
the state earlier this year. Critics contend that the Davis administration
panicked and rushed into deals that commit the state to pay high prices for
many years.
Used for support
Republican officials used the price information to bolster their attacks
against Davis, a Democrat, for signing long-term contracts with power
generators even as the price of power on the spot market was coming down,
partly because of the declining price of natural gas used to fuel many
plants.
``It's more clear than ever that the long-term contracts are a bad deal,''
said Assemblyman Tony Strickland, R-Camarillo. ``The governor's really hurt
the ratepayers for the next five or 10 years.''
The newly released bills highlight the volatility of California's energy
market, where the price per megawatt hour ranged from $70 to $1,000. On any
given day, the records show, the prices from seller to seller varied widely,
with some of the highest prices being charged by public utilities and
companies outside Texas.
On one day in February, for example, San Diego-based Sempra Energy was
charging $165 per megawatt hour, the Eugene Water and Electric Board was
charging nearly $500 and Duke Energy, a North Carolina company, was charging
up to $575.
The state's daily spending peaked May 10 at $102.4 million for all power,
including the spot market and contracted power.
The state began buying power in mid-January on behalf of the state's major
utilities, which were unable to borrow money to buy power after amassing
enormous debts for electricity.
San Jose-based Calpine Corp., which is building several new power plants
around California including one in South San Jose, did only $29 million worth
of business with the state in the first five months of the year, according to
the figures.
The state began buying power in mid-January when Pacific Gas & Electric Co.
and Southern California Edison Co. were on the ropes financially. PG&E later
went into bankruptcy.
On Monday, state lawmakers took another shot at trying to cobble together a
plan to rescue financially ailing Edison.
While most concede that a rescue plan Davis worked out with Edison will not
win the necessary support in the Legislature, lawmakers have created several
working groups to come up with alternatives.
Compromise plan
On Monday, state Sen. Byron Sher, D-Redwood City, unveiled the latest
compromise proposal that seeks to protect average ratepayers and small
businesses from further rate increases and forces everyone else to help
finance the Edison bailout.
The ``shared pain'' proposal would force power producers, owed about $1
billion, to take a 30 percent ``haircut'' and agree to forgive about $300
million in Edison debts. Edison would be asked to swallow $1.2 billion --
about a third of its debt. And big users would be asked to pay off the
remaining $2 billion in debts, possibly by paying higher prices for power.
In exchange, large companies would be given the opportunity to buy power on
the open market, a system that would allow many of them to sign cheap energy
deals.
Sher presented the proposal to Senate Democrats Monday afternoon, but it
remains unclear how much support the framework will receive in the
Legislature.
Contact Mark Gladstone at [email protected] or (916) 325-4314. |
----- Forwarded by Jeff Dasovich/NA/Enron on 03/27/2001 09:58 AM -----
Jean Munoz <[email protected]>
03/26/2001 10:11 AM
To: <[email protected]>, <[email protected]>
cc:
Subject: Enron in Sac Bee
FYI, in case you haven't already seen this:
CalPERS has big energy tie
By John Hill
Bee Capitol Bureau
(Published March 26, 2001)
When Californians complain about energy outlaws romping through the chaotic
electricity market, carting wagonloads of money to Texas, one name often
tops the list: Enron Corp.
But at least one pretty sizeable wagon full of cash has not gone home to
energy moguls in 10-gallon hats, but rather to retired California government
workers on pensions.
For eight years, Enron has had an unusual investment partnership with the
California Public Employees' Retirement System, the fund that administers
retirement and health benefits to more than 1 million past and present
public employees.
Most recently, the two agreed in 1998 to pony up half a billion dollars each
for business ventures in energy companies, including Enron subsidiaries --
although not the one that markets electricity in California.
CalPERS and Enron have, on average, doubled their money each year. That
makes the Enron deal one of the pension fund's most lucrative.
CalPERS owns stock in thousands of companies, including high-performing
electricity generators and lagging utilities. But Enron is one of fewer than
10 companies involved in this kind of venture with the pension fund.
"Enron is one of our oldest and closest relationships here in the
alternative investment area," Barry Gonder, a CalPERS senior investment
officer, told a CalPERS committee last October. "And as you all know, it's a
highly innovative and successful company."
All true, but in California, Enron has been a major player in the
electricity market, and the company and its chairman, Kenneth Lay, a
prominent supporter of President Bush, have become lightning rods for
high-voltage rage.
"Lay pockets millions every year into his personal account and now he wants
us to pay him more," a Sacramento resident asserted in a letter to The Bee
last month. " ... The power companies are reducing power to drive up prices
and put more money in the pockets of people such as Lay."
Enron has been making scads of money -- profits were up 34 percent in the
fourth quarter of 2000. But the company won't say how much of this comes
from California, and minimizes the importance of this market.
Despite the hostility toward Enron, no one has asked CalPERS about the
arrangement, said spokeswoman Patricia Macht.
Even if it did cause an outcry, CalPERS doesn't make investment decisions
based on the popularity of the companies. Even when CalPERS divested itself
of tobacco stocks recently, it justified the decision by citing lawsuits and
regulatory actions that could sour the investments.
In fact, Macht said, CalPERS is barred by its fiduciary responsibility to
its members from applying social filters that are not in keeping with their
financial best interests.
"It's a slippery slope," she said. "If we do it for energy now, what's to
say a month later, a legislator or interest group who has a beef against a
single company" might also demand that CalPERS sell its stock.
At the October meeting, CalPERS committee sessions didn't address Enron's
role in the electricity crisis. State Controller Kathleen Connell, however,
asked Andy Fastow, Enron's chief financial officer, how power shortages
affected Enron's profits.
"How does Enron benefit from that, and what can you do to maximize this fuel
energy shortage, not only now but as we move into the future?" Connell
asked. She was unavailable for comment Thursday and Friday.
Consumer advocates said they were surprised to learn of the CalPERS
connection to Enron.
"I guess it's nice that some folks on retirement income get a soft landing
because they were thrown into cahoots with marauders," said Nettie Hoge of
the Utility Reform Network in San Francisco, an advocacy group. But she
added, "It's a short-term return for a bargain with the devil."
The CalPERS relationship with Enron goes back to 1993, before California
even embarked on its ill-starred energy deregulation experiment.
At the time, the energy sector was out of favor with investors. CalPERS
figured that the reputation masked some good opportunities, and decided to
start putting money in energy, said Gonder, the CalPERS investment officer.
CalPERS needed a partner that understood the industry. Enron was an obvious
choice.
Enron had its own reasons to hook up with CalPERS.
The company did not respond to requests for comment. But in the October
CalPERS committee meeting, Fastow said that Enron has been investing about
$7 billion a year in the energy and communications industries. "So we need a
lot of capital," he said. Cal-
PERS, with assets of $165 billion, is one of the biggest pots of money
around.
Enron could have issued stock for the investments. But as a public company,
it has to worry about showing quick returns, Fastow said. A pension fund, he
said, could provide "more patient money."
As it turns out, CalPERS patience has not been tried. In the initial 1993
deal, Enron and Cal-PERS both kicked in $250 million. By the time CalPERS
cashed out five years later, it had earned an average yearly return of 23
percent.
"We said, 'It's working for both of us, so let's continue,'" Gonder said.
In 1998, the two created a $1 billion fund to invest in oil and gas, coal
and electricity companies -- everything from oil rigs to high-tech
electricity meters.
About $38 million of CalPERS money went to Enron Energy Services, which
sells natural gas and electricity to industrial and commercial customers and
helps them figure out better ways to keep down their energy use and costs.
Three years later, CalPERS sold the investment back to Enron for about $124
million, for a profit of $86 million.
Another investment did even better. In 1999, the partnership put up $80
million to buy some New Jersey cogeneration plants, which produce both
electricity and steam. A mere four months later, a 49 percent interest in
the plants, which cost the partnership $39.2 million, was sold to another
company for $150 million.
Each partner has invested about $300 million so far, with an average yearly
rate of return of 100 percent. The remaining money in the partnership is
expected to last another seven or eight years. |
Now that I have a place to live all I need is a chica. I am going to a wedding in Red Deer next weekend and there should be plenty of available young ladies there. How is Mike McD? Are you married yet? Any kids on the way?
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 10:42 AM
To: Dorland, Chris
Subject: RE:
15 min door to door max. That doesn't include bringing me brkfst
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 09, 2001 9:41 AM
To: [email protected]
Subject: RE:
I looked at the MLS listings and there is some stuff on there. I have a
realtor who seems to have her act together. Don't worry about it. How long
would it take me to get to work from there?
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 10:39 AM
To: Dorland, Chris
Subject: RE:
Do you want me to cruise around this weekend and get the low-down on the
different places and their cost?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 09, 2001 9:38 AM
To: [email protected]
Subject: RE:
I already have a minature goat. I am a little concerned about making a
housing decision in one day but what the fuck.
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 10:08 AM
To: Dorland, Chris
Subject: RE:
Oh I got the tire guy, the brownstones have very small lawns, perhaps
a
miniature goat may be in order....I think lambie may have one..He
should
give you one since your probably going to be his boss...
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 09, 2001 9:06 AM
To: [email protected]
Subject: RE:
Done. I'm moving in! Can I borrow your lawn mower? I need to decide
what
I
am going to do with my ride. I think I am going to bring it with me
and
buy
a set of winter wheels and some killer winter tires. Don't you have a
tire
guy?
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 10:02 AM
To: Dorland, Chris
Subject: RE:
1 block away....
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 09, 2001 9:02 AM
To: [email protected]
Subject: RE:
Lee Clarke... Sounds like a fag. Garrison woods that is the place
my
mom
was talking about. Do you live near there?
-----Original Message----- [Dorland, Chris]
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 9:39 AM
To: Dorland, Chris
Subject: RE:
Nice brownstones in garrison woods, the remodeled area of
altadore,
that
area offers lots of options from apartment condo's to houses to
townhouses
etc. Kerri? Haven't seen here for a while, hear she is pretty
serious
with a
guy named Lee Clarke....
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, August 09, 2001 8:35 AM
To: [email protected]
Subject: RE:
I really want to live in Altadore. I hear that is where all the
fly
bitches
hang. I don't know to be honest Killarney / Altadore / West
Hillhurst
?
Close to downtown. I am thinking infill / townhouse. My mom has
a
friend
who says there are nice brownstone townhomes in Altadore. I am
thinking
of
checking those out. I am looking for minimal maintenance. Do
you
have
any
ideas? Seen Kerri Murray lately?
CD
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Thursday, August 09, 2001 8:39 AM
To: Dorland, Chris
Subject: RE:
Where do you want to live, which area, condo/house?
-----Original Message-----
From: [email protected]
[mailto:[email protected]]
Sent: Wednesday, August 08, 2001 2:49 PM
To: [email protected]
Subject: RE:
Actually lots. Keep this on the QT for now but this kid is
moving
back
to
cow town. I'll be in town next week shopping for somewhere
to
live.
Just
in
time for ski season.
Later
Chris
-----Original Message-----
From: Rob Laird <[email protected]>@ENRON
Sent: Wednesday, August 08, 2001 2:56 PM
To: Dorland, Chris
Subject:
What up dog?
**********************************************************************
This e-mail is the property of Enron Corp. and/or its
relevant
affiliate
and
may contain confidential and privileged material for the
sole
use
of
the
intended recipient (s). Any review, use, distribution or
disclosure
by
others is strictly prohibited. If you are not the intended
recipient
(or
authorized to receive for the recipient), please contact the
sender
or
reply
to Enron Corp. at [email protected]
and
delete
all
copies of the message. This e-mail (and any attachments
hereto)
are
not
intended to be an offer (or an acceptance) and do not create
or
evidence
a
binding and enforceable contract between Enron Corp. (or any
of
its
affiliates) and the intended recipient or any other party,
and
may
not
be
relied on by anyone as the basis of a contract by estoppel
or
otherwise.
Thank you.
********************************************************************** |
The first quarter of 2001 was a record quarter for the performance of the
businesses under the Enron Global Markets group. We posted a gross margin
number of $100 million for the first quarter. This represents a 38% increase
in gross margin after a very successful Q1 of 2000. When combined with
outstanding results posted in December of 2000, EGM has contributed over $187
million to the Wholesale group in the last 4 months. This was due to
tremendous contributions from each business group.
In order to keep the momentum going and to facilitate more growth, the
following changes and additions have been made within the organization.
Crude and Products group
Mid-marketing
Bill Berkeland has joined the group and is responsible for creating a focused
mid-marketing function specifically within this group. Fred Lagrasta is
responsible for mid-marketing for Enron Americas and still maintains some
responsibility for various contacts and deal flow as well. The purpose of
this group is to be very focused in the development of crude and product
specific products and services. This group reports to Randy Maffett.
Origination
In order to manage the increased origination opportunities around the world,
the Origination group has been changed in order to insure that the proper
focus is placed on these opportunities and to manage its wide scope. Doug
Friedman will lead our NGL and Petchem origination efforts reporting to John
Nowlan. Joining Doug will be Rick Cantrell recently hired from Union
Carbide. The global crude and products origination group has added Randy O,
Conner from Red Meteor, who has extensive experience in these markets. Both
Randy and Doug Leach,s growing fuels origination group will report to Randy
Maffett.
Trading
Lee Jackson will assume the role of U.S. NGL,s lead financial trader,
supported by Chad South. The petchem and plastic trading businesses have
been reorganized under Stuart Bland. Alan Engberg will be responsible for
plastics trading in the Americas.
Shipping
Scott Moncrieff will assume responsibility of our global shipping network
related to crude and products. Scott will be charged with expanding all
aspects of the shipping portfolio taking advantage of our growing presence in
these markets and the successes we have had marketing shipping on line.
Weather
The weather group under Mark Tawney,s direction is expanding its efforts
around the world. Europe will have an expanded focus and the London office
will focus on new opportunities in Europe. Paul Murray has joined Enron from
Castlebridge Partners and will be moving to London to develop and expand the
continental opportunities. Ross McIntyre, currently based in London, will
report to Paul. Bill Windle has joined the weather group and has
responsibility for origination activities for North America. Bill,s most
recent assignment has been in the EBS organization. The Oslo weather office
managed by Thor Lien will have responsibility for Scandinavia weather
activities. In addition, employees are being added in the Australia and
Japan regions. We are now making markets in 32 cities around the world on
EnronOnline.
Coal
Mark Schroeder has joined the coal group and is responsible for origination
activities with generators in the U.S. Mark,s most recent assignment was as
the head of all regulatory activities for Enron Europe, Japan and Australia.
Enron Japan
The momentum of power deregulation process has slowed in Japan. The decision
has been made to scale back the wholesale power activities. Joe Hirl,
President and CEO of Enron Japan, will now report into the EGM organization.
Joe will maintain his direct responsibility of the office and will be
increasing his focus on the business lines within EGM. All of these products
have high growth potential in both the near and long-term and he will
coordinate and help implement with all the business lines and their
activities.
LNG
LNG continues to expand with the vision to increase the number of
transactions and create a portfolio of assets and contractual access around
the world. Jonathan Whitehead has joined the LNG group and has
responsibility for all trading and shipping activities.
Neal Gerstandt, previously an independent energy consultant, Jared Kaiser,
from Enron Americas - East Gas Desk, and Kurt Lindahl, from Enron Global
Assets, have also joined the LNG group with responsibilities in the area of
origination in the Western Region.
Enron Freight Markets
EFM has concluded over 2,000 transactions in its first two months. Chris
Kravas continues to focus on building the spot trading and mid-market
capabilities that will enable it to be the dominant player in its market, and
has hired four new traders in the last two weeks. Kellie Metcalf, from EBS,
has joined Shawn Cumberland's origination effort, and Deirdre McCaffrey, from
Gas Structuring and Mid-Market, has joined Matt Arnold's forward trading
group focusing on diesel products.
Global Risk Markets
David Hoog joined Enron from Ace Insurance in December 2000 and has quickly
built a team of people specialized in trading unit contingent power price
call options, a hybrid insurance derivative product. Drawing on Ace and Enron
resources, this team is based in New York and includes Alex Tartakovski and
Larry Marcus from Ace, as well as Joana Bekerman and Tony Chang who recently
moved to New York from Houston. Their first transaction closed just 3 months
after startup.
Brad Blesie will be moving to London in June to establish a base of operation
for GRM and expand our insurance derivative activities into the European
market place. Among the opportunities he is currently exploring are
contingent call options applied to shipping and charter rates, trading
insolvent insurance claims, and combining North Sea oil and gas VPP risk with
decommissioning insurance.
In April this year, EGM established a hedge fund origination effort in New
York reporting to Per Sekse and led by Russell Dyk who recently moved to New
York from LNG in Houston. Russell is responsible for expanding our commodity
trading relationship with hedge funds to include crude oil, products, liquids
and other commodities traded by EGM. Joining Russell in this effort is
Stephen Plauche, who comes to us from Enron Americas, power trading desk.
Financial Trading
Elsa Piekielniak has assumed responsibility for Enron,s developing
agriculture business. Billy Lemmons has changed groups and now runs the
Analyst and Associate program for Enron Corp.
Please congratulate everyone on their new assignment and we look forward to
the continued growth in all the EGM businesses. |
-----Original Message-----
From: Cannizaro, Brandi Z SITI-ITPSCA [mailto:[email protected]]
Sent: Monday, January 21, 2002 7:41 AM
To: Brad Jacobs (E-mail); Bryan Bonura (E-mail); Jay Thompson (E-mail);
Jennifer Hessels (E-mail); John W Unger Jr. (E-mail); Thompson,
Michelle; Patricia Moncada (E-mail); Ross Cannizaro (E-mail); Husser,
Shanna; Hessels, Troy V Alliance
Subject: FW: New Orleans
This one made me kind of home sick ... but, was a good laugh :))
> > If you come to New Orleans, you better say it right. It's
pronounced
"New
> > Orlenz". No one from here says "New Orleens" unless they are writing
a
> song
> > or they want their ass kicked.
> >
> > It's hot. It's humid. It rains. Those are the only 3 weather
patterns we
> have
> > here.
> >
> > 3 out of 4 people who live in New Orleans have a drinking problem. 3
out
> of 7
> > have a gambling problem.
> >
> > No one eats healthy. Fried Batter is actually a menu item in some
> > restaurants.
> >
> > The shopping sucks, unless you are buying: beer, hookers or
antiques.
> >
> > The mall is not close to anywhere, and if you get there, they don't
have
> what
> > you came to purchase.
> >
> > The amount of cash you spend on gasoline and cigarettes in a month
exceeds
> > your rent/house note.
> >
> > Giving directions to a non-local in New Orleans is a waste of time.
Every
> > street intersects with each other. No two streets run parallel to
each
> other.
> >
> > The West Bank is actually East of the city. It would take too long
to
> > explain.
> >
> > The roads in New Orleans have potholes that are large enough to hide
an
> > aircraft carrier. No one is trying to correct this problem.
> >
> > 1 out of 3 street names are impossible to pronounce unless you were
born
> in
> > New Orleans, or you are a cajun.
> >
> > If the levee breaks, everyone here will die. No one seems worried
about
> this
> > problem either.
> >
> > There are 365 days in the year. There are 414 parties/festivals in
New
> > Orleans. (That's just in a slow month).
> >
> > Then how come no one ever leaves?
> > #######################################################
> > Louisiana Driving Rules:
> >
> > 1-A right lane construction closure is just a game to see how many
people
> can
> > cut in line by passing you on the right as you sit in the left lane
> waiting
> > for the same drivers to squeeze their way back in before hitting the
> orange
> > construction barrels.
> >
> > 2-Turn signals will give away your next move. A real Louisiana
driver
> never
> > uses them. Use of them in New Orleans may be illegal.
> >
> > 3-Under no circumstances should you leave a safe distance between
you
and
> the
> > car in front of you, or the space will be filled in by somebody else
> putting
> > you in an even more dangerous situation.
> >
> > 4-Crossing two or more lanes in a single lane-change is considered
"going
> > with the flow".
> >
> > 5-The faster you drive through a red light, the smaller the chance
you
> have
> > of getting hit.
> >
> > 6-Never get in the way of an older car than needs extensive
bodywork.
> >
> > #######################################################
> > SOUTHERN ADVICE
> >
> > If you are from the northern states and planning on visiting or
moving
to
> the
> > South, there are a few things you should know that will help you
adapt
to
> the
> > difference in lifestyles:
> >
> > If you run your car into a ditch, don't panic. Four men in a
four-wheel
> drive
> > pickup truck with a tow chain will be along shortly. Don't try to
help
> them;
> > just stay out of their way. This is what they live for.
> >
> > Don't be surprised to find movie rentals and bait in the same store.
Don't
> > buy food at this store.
> >
> > Remember, "y'all" is singular, "all y'all" is plural, and "all
y'all's"
is
> > plural possessive.
> >
> > Get used to hearing 'You ain't from 'round here, 'er ya?
> >
> > The first Southern expression to creep into a transplanted
Northerner's
> > vocabulary is the adjective 'big ol' truck or 'big ol' boy. Most
> Northerners
> > begin their Southern-influenced dialect this way. All of them are in
> denial
> > about it.
> >
> > Be advised that 'He needed killin' is a valid defense here.
> >
> > If you hear a Southerner exclaim, "Hey, y'all, watch this," you
should
> stay
> > out of the way. These are likely to be the last words he'll ever
say.
> >
> > If there is the prediction of the slightest chance of even the
smallest
> > accumulation of snow, your presence is required at the local grocery
> store.
> > It doesn't matter whether you need anything or not. You just have
> > to go there.
> >
> > Do not be surprised to find that 10-year-olds own their own
shotguns,
they
> > are proficient marksmen, and their Mammas taught them how to aim.
> >
> > The North has sun-dried toe-mah-toes .. The South has 'mater
samiches.
> >
> > The North has coffee houses .. The South has Waffle Houses.
> >
> > The North has dating services .. The South has family reunions.
> >
> > The North has switchblade knives .. The South has Lee Press-on
Nails.
> >
> > The North has double last names .. The South has double first names.
> >
> > The North has Ted Kennedy .. The South has Jesse Helms.
> >
> > The North has an ambulance .. The South has an amalance.
> >
> > The North has Cream of Wheat .. The South has grits.
> >
> > The North has green salads .. The South has collard greens.
> >
> > The North has lobsters .. The South has crawdads.
> >
> > AND REMEMBER: If you do settle in the South and bear children, don't
think
> we
> > will accept them as Southerners. After all, if the cat had kittens
in
the
> > oven, we wouldn't call them biscuits.
> >
> > HAVE A GOOD DAY! Send this to four people that ain't related to ya,
and
I
> > reckon your life will turn into a country music song 'fore you know
it! |
Did this meeting get confirmed?
-----Original Message-----
From: "Baker, James+" <[email protected]>@ENRON
Sent: Monday, February 04, 2002 7:04 PM
To: Presto, Kevin M.
Subject: RE: meeting with Erik Fabrikant
Yes, 11:00 am will work. I will confirm with TJ. Thanks for you help.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, February 04, 2002 7:04 PM
To: Baker, James+
Subject: RE: meeting with Erik Fabrikant
Can he come over to our trading floor around 11:00 am? I can give him a
quick tour and then give him a macro overview of the NA energy markets.
Please confirm via e-mail and directly with my asst. (TJ Black at
713-853-5800).
Thanks.
-----Original Message-----
From: "Baker, James+" <[email protected]>@ENRON [mailto:"Baker,
James+" <[email protected]>@ENRON]
Sent: Mon 2/4/2002 4:26 PM
To: Presto, Kevin M.
Cc:
Subject: RE: meeting with Erik Fabrikant
Russell would like for you to meet with him for an informational
interview. An in person meeting would be preferable,
but whatever is available with your schedule is fine. My understanding
is that he is not formally looking for a job
yet, but trying to get a feel for different types of positions available
within the energy industry. Erik is the son of
one of Russell's clients and will graduate from school in May. I will
try to get more color from Russell and forward it
to you.
-----Original Message-----
From: [email protected] [mailto:[email protected]
<mailto:[email protected]>]
Sent: Monday, February 04, 2002 4:18 PM
To: Baker, James+
Subject: RE: meeting with Erik Fabrikant
What do you need from me? Do you want me to meet with him? talk to
him
on the phone? go to lunch? is he looking for a job? As you can
see,
I don't have much information of the objective here.
-----Original Message-----
From: "Baker, James+" <[email protected]>@ENRON
Sent: Monday, February 04, 2002 3:43 PM
To: Presto, Kevin M.
Subject: meeting with Erik Fabrikant
Kevin,
It looks like Tuesday morning will work best for Erik. I am supposed
to
meet with him at 9:00 am Tuesday morning, but
am flexible if that time works for you. Just let me know what time
is
ideal and I will schedule it with Erik.
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Dear Vince/Grant,
It was good to meet and talk with you both this morning - very interesting.
Here are the details of the course (actually there are two seperate
courses, one on VaR) that I promised you.
I hope to see you both again later in the month.
Best regards.
Chris.
COURSE 1: Energy Derivatives: Pricing and Risk Management
---------------------------------------------------------------------------
-
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 29-30 March 2000
London: 3-4 April 2000
Fee : STG 1950 / USD 2950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires the mathematical
foundations of derivative pricing and an understanding of the pricing and
risk management of energy derivatives.
This course assumes that participants are familiar with standard basic
option pricing theory (the Black-Scholes formula, Monte Carlo simulation,
and the use of binomial trees for option pricing).
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction, the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives and contain detailed calculations for pricing and
risk management. At the end of the 2 days, participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and simulation.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management" which includes
valuable contributions from Enron's Vince Kaminski and Grant Masson.
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Introduction to Energy Derivatives Modelling
Energy derivatives - structures and applications
Fundamentals of modeling and pricing
Analysing energy data
Spot price behaviour
Building forward curves - assessing available models
The relationship between the spot price and forward curve dynamics
Workshop : Analysing the properties of energy data - mean reversion,
volatility structures, jumps
Day 1, PM :Spot Price Models and Pricing by Simulation and Trees
Review of spot price models
The pros and cons of spot price models
Pricing standard options, swaptions, caps, floors, and collars
Simulation for spot price models
Pricing exotic options (barriers, lookbacks, Asians, etc.)
Building and using trees for energy derivatives
Building trees consistent with the forward curve
Pricing options in trees
Workshop: Using Simulation and trinomial trees to price energy
derivatives
Day 2, AM : Forward Curve Based Models
Forward curve dynamics and forward curve models
The relationship to spot price dynamics
Multi-factor forward Curve Models
Volatility function interpretation and estimation
Pricing standard energy options
Pricing energy swaptions
Pricing energy exotics using simulation
Workshop : Using simulation to implement multi-factor models and price
energy options
Day 2, PM : Risk Management of Energy Derivatives
Energy market risk and hedging
Computing hedge sensitivities
Determining the hedge instruments
Hedging a energy derivatives book
Value-at-Risk in energy markets - the pros and cons of the approaches
Credit Risk in energy markets - issues and models
Workshop: Hedging an energy portfolio
Please feel free to e-mail us to register for this course and we will
contact you regarding payment.
-----------------------------------------------------
COURSE 2: VaR for Energy Markets
-----------------------------------------------------
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 31 March 2000
London: 5 April 2000
Fee : STG 950 / USD 1950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires an understanding
of the theory and calculation of Value at Risk for energy derivative
portfolios.
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives. At the end of the course participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and VaR calculations.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management".
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Understanding the VaR methodologies and issues
What is VaR?
Uses of VaR
Types of VaR methodologies
Implications of applying the RiskMetrics assumptions in energy markets
Delta VaR, historical simulation
Linear and Non Linear Instruments
Workshop: Applying simple VaR methodologies in the energy market
Day 1, PM : Calculation of Energy portfolio VaR using simulation
Modelling the energy forward curve - single and multi-factor
Modelling the joint behaviour of different energies simultaneously
Calculation of covariances and correlations
Incorporating jumps
Detailed example VaR calculation for an energy portfolio
Workshop: Simulating energy forward curves and calculation of VaR for an
energy portfolio.
Dr. Les Clewlow and Dr Chris Strickland hold Associate Research Positions
at both the School of Finance and Economics, University of Technology,
Sydney and the Financial Options Research Centre, University of Warwick,
UK. Together they have over 20 years combined experience in the financial
and energy derivative markets and have published many articles in academic
and trade journals. They are the authors of the book "Implementing
Derivatives Models" (Wiley, 1998) and editors of "Exotic Options: The State
of the Art" (ITP, 1998). Their forthcoming book, "Energy Derivatives:
Pricing and Risk Management," is due to be published during the second
quarter 2000. Currently, their interests are concentrated in the energy
derivatives area, where they have developed a wide range of pricing tools
for electricity options and other energy derivatives. |
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IN THE LEAD: Ranking Systems Gain Popularity but Have Many Staffers Riled
By Carol Hymowitz
05/15/2001
The Wall Street Journal
B1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
MANY CHIEF EXECUTIVES, from General Electric's Jack Welch to Enron's Jeffrey
Skilling and Ford's Jacques Nasser, swear by the process. Many of their
employees swear about it.
It is known as the performance review ranking system and it requires managers
to rank employees against each other on a bell curve. At GE, which has used
the system for several years, this means that 20% of salaried, managerial and
executive employees are rated outstanding each year, 70% "high-performance
middle" and 10% in need of improvement.
At Enron, where some have nicknamed the system "rank and yank," employees are
put in one of five categories: 5% are identified as superior, 30% excellent,
30% strong, 20% satisfactory and 15% "needs improvement."
And Ford, which began using rating systems last year, dictates that 10% of
the auto maker's 18,000 managers will get A grades, 85% Bs and 5% Cs.
(Initially, it asked for 10% Cs.) Those who receive a second consecutive C
can be fired.
Executives who aim to improve their staffs' performance and weed out deadwood
say the grading systems force their managers to frankly assess and inform
employees about their work, and chances for promotions. Otherwise, they say,
managers tend to push along poor performers with deceptively inflated
reviews.
"Not removing that bottom 10% early in their careers is . . . a form of
cruelty because inevitably a new leader will come along and take out that
bottom 10% right away, leaving them, sometimes midway through their careers,
stranded," GE Chairman Mr. Welch wrote in his annual letter to shareholders
in February.
THE GRADING SYSTEMS, however, are based on subjective judgments and often
produce skewed results, critics say. Employees who belong to a particularly
talented or productive unit, for example, may receive poorer grades than they
would get in a less-talented unit. And while employees who are either
outstanding or weak usually stand out, trying to strictly quantify each group
can be a problem. "Once you start attaching a number or percentage to this
group, they no longer fit the definition of exceptional," says Mary Jenkins,
a Brighton, Mich., business consultant.
At the same time, trying to distinguish among the vast majority of employees
in the middle who rates a three and who rates a four, for example, may be
impossible. "There's an assumption that a manager can know the precise
performance level of an employee, when this sort of ranking is really a very
subjective judgment that depends on many factors," says Tom Coens, an East
Lansing, Mich., labor attorney and co-author with Ms. Jenkins of the book
"Abolishing Performance Reviews."
Among these factors are a manager's own biases about the qualities he values,
and the fact that management is so often in transition. Also, ranking by a
single grade tends to blur the range of talents and deficits within one
person.
Moreover, the grading systems pit employees against each other, undermining
teams, which are often intentionally put together with varying talents in
mind. In Internet chat rooms, scores of employees complain they've been
graded unfairly, feel angry and unappreciated, and don't want to collaborate
with co-workers with higher grades.
The grading systems also have triggered employee lawsuits at Ford, Conoco and
Microsoft. One class-action lawsuit filed against Ford in February alleges
that the grading system discriminates against older workers. A second suit
alleges it discriminates against older white males.
DEFENDING THE SYSTEM as fair and necessary in a competitive industry, Anne
Marie Gattari, a Ford spokeswoman, says that in the past employees "weren't
given honest and frank feedback that they could use to improve themselves. It
wasn't a good system for them as much as it wasn't a good system for the
company." But some Ford employees in their 50s and older who received Cs
believe the grading system is a way to get rid of them.
"They've gotten excellent written evaluations for years and all of a sudden
they get a C," says Michael Pitt, a Royal Oak, Mich., attorney who is
representing nine Ford employees.
Even employees who have received high grades question their value. Steve
Carpinelli, a former research analyst at EDS, says he was graded in the top
1% of his peers, yet was laid off about 18 months ago when the company cut
staff and dissolved his business unit. "It was confusing because no one ever
clearly communicated what the ratings would be used for," he says.
An EDS spokesman, noting that more than 13,000 jobs were cut in the
reorganization, said, "Unfortunately, even for some good employees, there
were not always other positions available."
Defenders of grading systems acknowledge that their fairness and usefulness
depend largely on how they are implemented. GE initially assigned employees
one of five grades but streamlined that into three grades. "We had a system
where 90% of employees felt demoralized," says Bill Conaty, senior vice
president of human relations.
GE tries to make sure the bulk of managers who fall in the middle ranks don't
feel demoralized by rewarding many of them with stock options. "These people
may not be highly promotable but they may be your best plant manager or your
best design engineer," he says.
---
E-mail comments to [email protected]. To see other recent columns, go to
CareerJournal.com.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. |
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Content-Transfer-Encoding: quoted-printable
Date: Thu, 22 Mar 2001 09:44:04 -0600
From: "Tracey Bradley" <[email protected]>
To: "Paul Fox" <[email protected]>
Cc: "Aryeh Fishman" <[email protected]>, "Andrea Settanni"
<[email protected]>, "Deanna King" <[email protected]>, "Jeffrey
Watkiss" <[email protected]>, "Justin Long" <[email protected]>,
"Kimberly Curry" <[email protected]>, "Ronald Carroll"
<[email protected]>
Subject: Another Story About the ISO Report on Overcharging
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline
Apparently the ISO gave the LA Times a copy of the study being filed with
FERC today. The LA Times published it.
Thursday March 22 6:05 AM ET
Report: Calif Overcharged for Power
By DON THOMPSON, Associated Press Writer
SACRAMENTO, Calif. (AP) - Electricity wholesalers overcharged California $5.5
billion over the past 10 months, according to a report by managers of the
state's power grid.
The five companies, among other things, frequently offered electricity at
prices double what it cost them to produce, concludes the California
Independent System Operator (news - web sites) study, which was published
Thursday in the Los Angeles Times.
``All overcharged, but some excessively and some by moderate amounts,'' said
Anjali Sheffrin, the ISO's director of market analysis.
The Times said the ISO planned to file the study with federal regulators
Thursday and are demanding that the money be paid back.
The companies denied the allegations, adding they expect the Federal Energy
Regulatory Commission (news - web sites) will determine their prices were
justified.
The commission has recently stepped up its scrutiny of power companies'
behavior during California's power crisis, asking suppliers to justify $124
million in sales during the first two months of the year or refund the money.
Critics claim thousands of additional questionable sales are not being
challenged.
The ISO study alleges the wholesalers manipulated the market by bidding at
excessive prices, effectively withholding supplies, or by not bidding at all
when they had generation capability available.
California has been spending about $45 million a day - $4.2 billion since
January - to purchase power for Pacific Gas and Electric Co. (news - web
sites) and Southern California Edison (news - web sites). Both utilities, the
state's largest, have been cut off by electricity wholesalers because their
credit is almost worthless.
State Controller Kathleen Connell said Wednesday that the state's
power-buying is gutting its budget surplus. Since the state started making
emergency power buys, the surplus has fallen from $8.5 billion to about $3.2
billion, she said.
A federal judge issued a preliminary injunction Wednesday ordering a major
electricity wholesaler, Reliant Energy Services, to continue selling to
California despite its fear that it will not be paid.
U.S. District Judge Frank C. Damrell Jr. said Californians were at risk of
irreparable harm if Reliant stopped selling power to the ISO, which buys it
at the last minute on behalf of utilities to bolster supplies and try to fend
off rolling blackouts.
Such blackouts hit the state twice this week. On Wednesday, cooling
temperatures and the completion of repairs at several power plants allowed
the state to avoid blackouts.
Standard & Poor's has put the state on a credit watch due to its power
purchases and chastised Gov. Gray Davis (news - web sites), the Legislature
and state regulators for not taking more aggressive steps to make sure the
utilities can pay their bills.
Edison and PG&E say they are nearly $14 billion in debt due to soaring
wholesale power costs. The state's deregulation law blocks them from
recovering the costs from customers.
Connell ordered an audit of the state's power-buying, saying Davis is
withholding key financial information from her office and the Legislature.
She said she would refuse to transfer $5.6 billion into a ``rainy day fund''
she said was set up to impress Wall Street as the state prepares to issue $10
billion in revenue bonds to cover its power buys. Transferring the money
would leave the state general fund $2.4 billion in debt, Connell said.
She called the scope of the proposed transfer unprecedented and said it
amounted to a ``shell game'' that disguises the power purchases' effect on
the state budget.
Sandy Harrison, spokesman for the state Department of Finance, and Keely
Bosler, of the Legislative Analyst's Office, said such transfers are routine
and required by law. They put the state's budget surplus at $5.6 billion.
``The law says she has to do it. The law does not give her the power to
demand that kind of audit information,'' Harrison said.
Harrison said the state's budget isn't in danger because it will be repaid
with the revenue bonds.
Connell's criticism of Davis, a fellow Democrat, won support from Assembly
Republicans and Secretary of State Bill Jones, a Republican who may challenge
Davis next year.
Jones said he wants to announce his own plan to solve the state's energy
woes, but can't unless Davis releases more financial details.
Davis spokesman Steve Maviglio dismissed the criticism.
``Political grandstanding doesn't generate one more kilowatt of energy for
California in this time of emergency,'' he said.
Maviglio said the administration has released the financial information it
can without jeopardizing negotiations for long-term power contracts with
wholesalers. |
---------------------- Forwarded by Scott Neal/HOU/ECT on 11/14/2000 04:35 PM
---------------------------
<[email protected]> on 11/13/2000 04:13:29 PM
To: <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <GeorgeR@RangerAmericanSecurity>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>, <[email protected]>,
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<[email protected]>, <[email protected]>, <[email protected]>
cc:
Subject: 2000 Tully Bowl
There has been a schedule change for this weekends Tully Championships.
The tackle championships will be played on Sunday November 19th at Tully
Stadium. The schedule is as follows:
2:00 PM Freshmen (Mustangs Vs. Wildcats)
3:30 PM JV (Mules Vs. Spartans)
5:00 PM Varsity (Titans Vs. Raiders)
Please come out and support the remaining teams in there quest for the
championship! |
The Houston community is well known for assisting neighbors in need, and Enron is no exception. There are numerous opportunities over the next week to help rebuild our community in the aftermath of Tropical Storm Allison.
Four Enron sponsored activities will take place during business hours this week. Enron is also holding a donation drive and a blood drive. There are many agencies that need volunteers at different times throughout the week, and we have listed these opportunities, as well. If you are interested in helping out these groups, please call the individual contact phone number listed for each project.
Thank you for volunteering your time to help the Houston community during this time of great need. Please feel free to send this information to other friends and family who may be interested.
Enron Sponsored Volunteer Opportunities
Please call or e-mail Jennifer Milligan at 713-853-5272 if you have questions or want to sign up for one of these projects.
1. Prepare lunches for families in need
Join Enron in partnership with Prudential to pack lunches for families in the Fifth Ward.
Bring one or more of the items below (in bulk) to the table on the Plaza Java side of the Enron Building lobby on June 12 or June 13th.
Designated Donation Items for lunch bags:
? Vienna sausages or Starkist tuna Salad Pack.
? Peanut butter or cheese cracker pack.
? 100% juice drink.
? Canned diced fruit or flavored applesauce.
? Non-refrigerated pudding cup made with skimmed milk.
? Plastic spoon.
? Napkin.
Volunteers are needed for packing/assembly in the Energizer from 9:00 a.m. to 11:00 a.m. on Wednesday, June 13. Our goal is to fill 3000 lunch bags. Call Jennifer Milligan, or just drop by the Energizer, to help stuff bags.
2. Scheduled for Wednesday, June 13:
Bealle Village, a Neighborhood Services program, is a 20 unit senior living apartment complex. They are also in need of volunteers to assist in cleaning, pulling carpets, etc. The Enron Shuttle will depart for this project at 1:15 p.m on Wednesday from Andrews St., and will return at 4:00 p.m. Call Jennifer Milligan to sign up.
3. Scheduled for Thursday, June 14:
Familytime Foundation has a shelter for battered women and their children. This shelter was flooded and they are in need of volunteers to assist with cleaning, disinfecting, and pulling carpets. This facility is in the Humble area and transportation will also be provided. The Enron Shuttle will depart for this project at 9 a.m. on Thursday from Andrews St., and will return at 1 p.m. Lunch will be provided. Call Jennifer Milligan to sign up.
4. Scheduled for Friday, June 15:
Help Second Baptist Church assist with the repair of damaged homes in northeast Houston. Volunteers are needed to help pull out flooded appliances and furniture and work on repair/replacement projects. The Enron Shuttle will transport two shifts of volunteers on Friday - from 9 a.m. to 1 p.m. or 12:30 p.m. to 4:30 p.m. Lunch will be provided for those participating in the morning shift. Please call Jennifer Milligan to sign up.
** The three projects listed above are in need of cleaning products such as buckets, mops, brooms, towels, rags, paper towels, and any household cleaners. Please bring any of these products to the volunteer project or deliver them to EB 1636A. Additionally, make sure to wear jeans and Enron Envolved t-shirts. We will provide Enron Envolved T-shirts for those of you who do not already have one.**
Donations Needed for Agencies Across the City
Please drop off donations at the Info Zone on the Plaza Java side of the Enron Building lobby from 11 a.m. - 2 p.m., Wednesday, June 13 through Friday, June 15.
Items needed:
toiletries
paper products
blankets
pillows
non-perishable food
pet food
formula
diapers
cribs
bedding (baby and adult)
bug repellant
clothing: socks, undergarments, large size shoes
cleaning supplies
Blood Drive
MD Anderson's mobile blood unit will be parked on Andrews St. in front of the Enron Building on Thursday, June 14 from 10 a.m. to 3 p.m.
The mobile unit team will take three donors every 15 minutes during the drive. Walk-in donors will be accepted, but appointments are preferred. Please call or e-mail Georgia Fogo (x. 3-5609) to schedule an appointment.
Citywide Volunteer Opportunities
Sign-up information and contact numbers are listed for each individual project. Many of these can use volunteers this weekend, as well as throughout the week.
San Jacinto Baptist Church, corner of Flint and Muscatang (off of I-10 East, exit Mercury - stay on the feeder road and turn right on Flint): Volunteers are needed to help run the shelter from 5 p.m. to 5 a.m. - tough hours to fill! Please call Heather Hughes at Second Baptist Church to get more information - 713-465-3408.
Associated Catholic Charities, 2900 Louisiana: Ten apartments in the Serenity House Program were flooded. These apartments, used by out-of-town patients being treated at M.D. Anderson Cancer Center, need to be repaired. Anyone able to help clean the apartments this week should call Nydia Cortez at 713-305-3411.
Salvation Army, 27732 Cherrybrook Lane, Pasadena: This office needs volunteers who can process clients or work in the kitchen. They also need donations of toiletries, paper products, blankets, pillows, food and diapers. Call 713-378-0020 or just show up to help.
Houston Humane Society, 14799 Almeda: Volunteers are also needed to help repair the permanent shelter. Contact Christy Check at 713-433-6421 or [email protected]
Bridge Over Troubled Waters, Pasadena: This shelter for women and children has had significant roof and water damage. Volunteers are needed to help with repairs. Call 713-472-0753.
Jewish Community Center and Interfaith Ministries of Greater Houston: Need assistance delivering Meals on Wheels. For more information, call Interfaith Ministries at 713-522-3955 and the JCC at 713-729-3200.
American Red Cross: Bilingual volunteers in Spanish needed to answer the Hotline from 7 a.m. to 3 p.m. or 3 p.m. to 10 p.m. Volunteers must be able to commit to full shift. Contact Ercel Albert. 713-526-9720
Salvation Army: Volunteers are needed immediately to help set up the warehouse, sort and arrange donated items. All volunteers should contact Jan Porter, Volunteer Coordinator. 713-752-0677, Ext. 316
AVDA (Aid to Victims of Domestic Abuse): volunteers needed to move storage file boxes and go through 100 - 200 boxes to spread out for drying. Contact Jennifer Holmes. 713-224-9911
Chicano Family Center on Wayside: volunteers needed to help clean outside their building. Call 713-926-2601.
Houston Food Bank: Volunteers are needed to help sort food for the American Red Cross and Salvation Army Food Shelters. Call Carol Gooden at 713-547-8609. |
Greetings, Kari.
Today's installment includes:
Background on Nord Pool
Information on the status of de-regulation in Pennsylvania.
The rumors regarding securitization of utilities' power purchase costs had a
very positive effect on the utilities' stock today. Congratulations. There
is conflicting information floating around, though.
Some wires stories say that a state senator will sponsor a securitization
bill. Others say that it will be the Governor's bill. Is securitization
legislation something that the Governor intends to sponsor/support?
Though there are clearly some challenges to securitization, we think it
offers a promising option.
Hope the information is useful.
Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 01/04/2001 07:16 PM -----
"PennFuture" <[email protected]>
01/04/2001 11:12 AM
Please respond to "PennFuture"
To: <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject: PennFuture's E-cubed -- Price, Policy and Misperception
PennFuture's E-cubed is a commentary biweekly email publication concerning
the current themes and trends in the energy market.
?
January 4, 2001Vol. 3, No. 1
?
Price, Policy and Misperception
?
The ringing in of 2001 marks the completion of the fourth year since
Pennsylvania,s electricity competition law went into effect on January 1,
1997, and the second year since Pennsylvania,s retail market was fully
opened to customer choice on January 1, 1999. But nationwide, while
reliability, environmental performance, and assistance for low-income
customers are crucial factors, the price of power has alone become the main
standard for judging the success or failure of competitive transition
policies. Near hysteria about prices is yet another fallout of the
California mess where rates are a daily nightmare for consumers.
?
In an effort to broaden electricity policy discussion beyond the myopic
focus on California, we note that competitive residential retail prices of
electricity in Pennsylvania this New Year are considerably below what
customers were paying for generation and transmission service or embedded
generation on January 1, 1997. If you doubt it, compare columns B and D
below. Just as interestingly, competitive prices for 100% renewable energy
products are well less than what customers of Duquesne Light and PECO Energy
paid for power generated from mainly coal and nuclear prior to competition
(columns C and D).
?
Comparison of Residential Unbundled Embedded Generation to Retail Power
Prices (in cents/kWh)A. 2000 Shopping CreditB. Lowest Retail PriceC. 100%
Green Power Prices?D. Embedded Generation &
Transmission?????????????????????? A.??????? B.????? C.???????
D.Duquesne?????? 4.80??? 4.60??? 6.49??? 8.75GPU/Met-Ed?? 4.53??? 4.60???
7.09??? 5.70GPU/Penelec? 4.53??? 4.50??? 7.09??? 5.40PECO????????????
5.65??? 4.65??? 6.37??? 8.65PPL??????????????? 4.61??? 4.30??? 7.09???
6.26Allegheny??????? 3.24??? 5.20??? 6.49??? 5.30Note: 2001 shopping
credits will be moderately higher in some cases.
?
In most parts of the Commonwealth, current competitive retail prices for
residential customers are 0.90 to 3.15 cents per kilowatt-hour less than
what customers were paying for the same generation and transmission service
prior to competition. As a result of stranded cost charges that utilities
are being allowed to collect, these substantial competitive savings are not
fully passed on to consumers.
?
In fact, were it not for stranded cost charges, Pennsylvania,s residential
customers would have had their total rates (including distribution and
transition rates) decline by about 20% in 2000. Generation rates would have
declined by as much as 40%. These huge price reductions are real but will
not fully reach customers during the transition period when utilities are
allowed to collect stranded costs.
?
Competitive retail prices are also in most cases less than Pennsylvania,s
default rates or shopping credits. This is important and encouraging,
because Pennsylvania,s current residential default rates or shopping credits
are in every case much less than what customers were paying for generation
service at the start of the competitive transition. Indeed, current default
rates are about one to three cents per kilowatt-hour less than residential
customers were paying for the same service from their local utility prior to
competition.
?
The California fiasco has meant a lot of discussion about the price of
electricity, but it has not meant a lot of understanding of sensible
competitive policies, potential impact on retail prices. Instead, a great
deal of reporting reflects understandable misconception of basic price
benchmarks. For example, very few stories identify accurately or even at all
what customers were paying for generation service prior to competition (the
pre-competition embedded generation rate of the incumbent utility). This
failing can be traced to the fact that states have not prominently made this
data available.
?
Worse yet, many press articles mistakenly assume the default rate or the
shopping credit is equal to what customers were paying the local utility for
generation service prior to competition, and report that competition will
lead to price shock for customers if market prices exceed present default
rates. But this dramatic warning is typically wrong.
?
The press, misunderstanding hides an important fact: current default rates
or shopping credits are nearly always much less than what customers were
paying for generation service prior to competition. Total rates after the
transition to competition will not be greater than they were prior to
competition, unless competitive retail rates exceed the utility,s
pre-competition embedded generation rate.
?
Consequently, if competitive prices are higher than current default rates
but lower than a utility,s pre-competition embedded generation rate,
consumers will have lower total rates once stranded cost charges are removed
and the transition period expires. That is, they will if a state creates a
genuinely competitive retail market that pulls through competitive prices.
E-cubed is available for reprint in newspapers and other publications.
Authors are available for print or broadcast. Support E-cubed by becoming a
member of PennFuture * visit our secure online membership page at
www.pennfuture.org by clicking on &Support Our Work.8?PennFuture, with
offices in Harrisburg, Philadelphia and Pittsburgh, is a statewide public
interest membership organization, which advances policies to protect and
improve the state,s environment and economy. PennFuture,s activities include
litigating cases before regulatory bodies and in local, state and federal
courts, advocating and advancing legislative action on a state and federal
level, public education and assisting citizens in public advocacy. ?We hope
you found this informative and interesting. However, if you would prefer not
to receive future issues, please reply to this email and type &unsubscribe8
in the subject line.
- Vol3No1_10301.doc |
---------------------- Forwarded by Carla Hoffman/PDX/ECT on 10/30/2000 11:17
AM ---------------------------
Enron Capital & Trade Resources Corp.
From: "Pergher, Gunther" <[email protected]>
10/30/2000 06:09 AM
To: undisclosed-recipients:;
cc:
Subject: DJ Cal-ISO Price Caps Prompt Concern Among Mkt Watchers
13:15 GMT 30 October 2000 =DJ Cal-ISO Price Caps Prompt Concern Among Mkt
Watchers
(This article was originally published Friday)
By Jessica Berthold
OF DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--Market watchers and some California Independent
System Operator board members voiced concerns about Thursday's ISO vote to
impose hourly wholesale power price caps.
The vote's opponents say the caps may inhibit forward trading and could
affect the construction of new generation in the state. They also say the
vote should have waited until after the Federal Energy Regulatory Commission
releases its report on California's electricity woes Wednesday.
The price caps, effective Nov. 3 or as soon thereafter as possible, will be
set monthly and will vary based on ISO forecasted load, monthly gas prices
and unit efficiency.
The ISO will multiply the average closing price for natural gas over the
last three days of NYMEX Henry Hub futures contracts by a fixed measure of
generation efficiency at various load levels. For example, if the ISO's
forecasted load is 25,001-30,000, the fixed efficiency rate of 14,175 will
be multiplied by the natural gas price - say $6/mmBTU - to yield a rounded
price cap of $90/MWH.
Market sources, who asked not to be named, said that although the ISO filed
a proposal with FERC Oct. 20 requiring utilities to boost forward market
purchases, the forward market was reacting negatively Friday to the price
caps. The ISO appeared to be encouraging forward contracts with its FERC
filing but its latest vote is an about face, traders said.
"Traders are telling us they are pulling away from forward positions because
they don't know what's going on," said California Power Exchange spokesman
Jesus Arredondo. "On Monday to Thursday we traded 850 contracts and
yesterday we traded 175. Today's there's nothing. There's been one offer at
$59 per megawatt hour for five years and no one is touching it."
CalPX, which operates the state's day-ahead and block forward market, plans
to file a formal response to the ISO proposal with FERC. Market sources said
CalPX wasn't in support of the proposal.
Market watchers also said that if California ever needs to buy power out of
market, those prices will be higher than the cap. Over the summer, the ISO
spent a record $101 million on last-minute out-of-state power purchases last
summer.
"Those inflated out-of-market purchases are what drove the market's high
prices this summer," said one source close to the issue.
California wholesale electricity prices hit unprecedented levels last
summer, and customers in San Diego's fully deregulated market saw their
bills triple as a result.
ISO board member Mike Florio, who wrote the price cap proposal, stressed
that it was a temporary measure that would be terminated as soon as broader
market reforms were in place.
"This is a three-to-four month proposal and not something we are going to
deal with going into the peak period," Florio said.
Generators suggested that capping the market might be a disincentive for
those looking to build new generation in the state, and that the ISO
proposal was untimely given FERC's Nov. 1 release of a report on
California's electricity market problems.
"The ISO said in its (Oct. 20) filing that FERC needs to be that venue that
the wholesale market deals with and we agree with that," said Duke Energy
(DUK) spokesman Tom Williams.
Several ISO members who voted against the proposal also cited FERC's Nov. 1
report as presenting a possible conflict.
"What do I do if FERC comes out with an order contrary (to the caps) on Nov.
1?" said ISO President Terry Winter, who voted against the proposal.
Many board members didn't expect to vote on price caps at Thursday's
meeting, since a vote on broader market redesign proposals was postponed
until November.
"This is the wrong time to vote on this if we are not doing comprehensive
market redesign today," said board member Barbara Barkovich.
Consumer group The Utility Reform Network supported the proposal, saying
that action was needed to control the market immediately. Proposal sponsor
Florio is a member of TURN.
"The ISO has the responsibility to deal with what it can without waiting for
FERC. FERC needs a signal that the ISO is serious," said TURN president
Nettie Hoge.
Hoge also said that she was wary of arguments that the building of
generation will be stifled due to the caps, because the caps "are well
within a reasonable level."
"It's clear the market isn't functioning," Hoge said. "There's going to be
lots of debate about going outside the market versus command and control. I
don't think the discussion is even in that arena. We have a crisis. Those
who say it will get better on its own are living in a fantasy."
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
[email protected]
(END) Dow Jones Newswires 10-30-00
0815EST Copyright (c) 1998, Dow Jones & Company Inc
G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel. 609.520.7067
Fax. 609.452.3531
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.
<<Gunther Pergher (E-mail).vcf>>
- Gunther Pergher (E-mail).vcf |
In cleaning up e:mails, I ran across this one that I had not yet read. Has
James called and talke with you about Enpower? Are his concerns in the memo
accurate? Let me know. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/11/2000 11:03 AM
---------------------------
Fernley Dyson
11/29/2000 02:54 AM
To: Richard Causey/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT
cc:
Subject: Enpower
Just a heads-up - a long-winded email, but please see highlighted paragraphs.
I find it hard to believe the scenario portrayed here, but stranger things
have happened - will keep you posted.
---------------------- Forwarded by Fernley Dyson/LON/ECT on 29/11/2000 08:44
---------------------------
James New
28/11/2000 13:42
To: Ted Murphy/HOU/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON
cc: Mike Jordan/LON/ECT@ECT, Coralie Evans/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT
Subject: Status update on the issues surrounding Continental Power
volatilities and correlations
As you know for some time we have been trying to get the Continental Power
traders to increase the volatilities they use for valuing their option
portfolio and for use in calculating their VAR as it has been obvious that
the market has become more volatile but this was not being reflected in
their mark.
In looking at the impacts of this, various other issues came to light.
Firstly it raised issues over the correlation matrix used in the VAR model as
this was way out of date. We have worked with Jitendra and have now put in a
matrix that both the traders, risk and RAC are happy with. Secondly, as you
may be aware, in Portcalc swaptions currently use the volatility input on the
deal ticket and not off any volatility curve.
The current portfolio is 90% swaptions and so this represents a serious issue
for us in that it is not practical to manually change all the volatilities at
the deal ticket level every time the implied voaltilities change. We cannot
use the option functionality as this only values hourly or daily exercise
options and not fixed expiry swaptions or options. We also have not found any
way in Portcalc of valuing Asian options so we are having to 'force' in the
few we have. We have had the Houston based Portcalc IT team work on a 'new'
piece of swaption valuation code but currently it contains a number of
worrying bugs. These are primarily that the proposed code does not take the
correct underlying forward price and uses the volatility of (approximating)
the last day of the underlying rather than the implied volatility of the
underlying.
They are currently being hampered in that they do not have any IT personnel
who have sufficient option knowledge (I understand that the two most
experienced coders resigned to go to another Houston based energy company).
This is extremely worrying and I find it hard to believe that the whole of
Enron's power business is having to use the methodology of inputting the
volatility at the deal ticket level. This will almost certainly mean that
different volatilities are being used in the VAR as are being used to value
the swaption portfolio globally. As well as these issues we have concerns
over the use and accuracy of the smile adjustment in Portcalc (worryingly it
does not seem that you can 'switch' this off). Briefly it seems that Portcalc
calculates the delta used to adjust the volatility by comparing the strike
price to the forward price of the last day of the underlying rather than the
forward price of the underlying itself.
We have engaged London based IT and are looking at the code we have used in
Power 99 to se if there is a way we can get something done quickly to start
to value all option products off a curve and to be able to book Asian options.
Once we get the above resolved we still have no way or extracting the vega or
gamma risk from Portcalc in it's current state as the information is just no
there (so we are told by IT). The system 'seems' (we cannot be 100% sure
given all the other errors) to produce a vega and gamma P&L number but what
the risk is remains a mystery. Again this is very worrying in that we have
Power option traders all over the world who can't get their underlying vega
or gamma risk position from the global valuation system. We are trying to
work on something manual to draw a line in the sand but I would really like
to know how the American based traders cope as they have this problem
(knowingly or not) for years. What sign offs were gained for the
implementation of Enpower because it seems to us that using the current
system it is not possible to comply with the Global Risk policy. How do we
validate the inputs to the valuation if we do not know the risk ?
Despite the above we have now persuaded the traders to save out newer higher
volatilities a week ago and you should have seen a large move up in their
VAR. However, as it stands at the moment they are notable to save out a daily
remark as Jitendra is saying that he is not happy with their 'model' / vol
curve generator (I have today asked for a full explanation, details of any
testing etc etc and time lines so we can move to getting over this hurdle).
The swaptions have also not yet had the ticket volatility changed but the
impacts are expected to be positive as we are long volatility.
I would appreciate your comments on the above as it seems that we are pushing
the boundaries here on areas which we really expect to have already been
covered in Houston some time ago and could do with some help. We are having
to use a system which seems to us to have numerous bugs and short comings and
are having to spend an enormous amount of IT time overcoming the inadequacies
of Enpower wich I do not think most people are aware of. Consequently we have
not been able to deliver all the improvements we were required to do in
gaining the increased limits so 3 months ago but I would hope you agree that
it is not for a lack of trying.
Sorry it's so long but if there are any questions or any perceived
inaccuracies in any of the above then please let me know.
James |
------------------------------------------------------------------------------
------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
June 8, 2001 5:00pm through June 11, 2001 12:00am
------------------------------------------------------------------------------
------------------------
ECS to ECN Network Interconnection, June 9th 2001 POSTPONED
This is a notification that the Enron Corp. I/T Networks team will be
connecting the new building network infrastructure located in Enron Center
South (ECS) to the existing Enron Center North (ECN) backbone network. While
this activity is not expected to produce a disruption to network services,
this notice is designed to alert the organization to our activities. No
network hardware or systems are anticipated to be shutdown. The actual
physical interconnection of the networks will be performed in the EB 34th
floor Data Center.
Interconnection activities are scheduled to occur the evening of June 9th
2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT).
Application testing activities will begin at 11:00 p.m. (CT) once all network
testing has completed.
If you have any further questions, please contact Pete Castrejana at
713-410-0642 for more information.
SCHEDULED SYSTEM OUTAGES:
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS:
Impact: ENS
Time: Fri 6/8/2001 at 10:30:00 PM CT thru Fri 6/8/2001 at 11:30:00 PM CT
Fri 6/8/2001 at 8:30:00 PM PT thru Fri 6/8/2001 at 9:30:00 PM PT
Sat 6/9/2001 at 4:30:00 AM London thru Sat 6/9/2001 at 5:30:00 AM London
Outage: Upgrade code on Ardmore routers
Environments Impacted: Ardmore
Purpose: There is a bug with the version of code that we are using that
causes the switches to crash.
Backout:
Contact(s): Scott Shishido 713-853-9780
Impact: CORP
Time: Fri 6/8/2001 at 5:30:00 PM CT thru Fri 6/8/2001 at 8:30:00 PM CT
Fri 6/8/2001 at 3:30:00 PM PT thru Fri 6/8/2001 at 6:30:00 PM PT
Fri 6/8/2001 at 11:30:00 PM London thru Sat 6/9/2001 at 2:30:00 AM London
Outage: Split VLAN 468 into a /27 network
Environments Impacted: Corp
Purpose: Separate the load and traffic between AEXT, AEIN, & AX environments
Backout:
Contact(s): Morgan Gothard 713-345-7387
Impact: CORP
Time: Fri 6/8/2001 at 5:30:00 PM CT thru Fri 6/8/2001 at 6:30:00 PM CT
Fri 6/8/2001 at 3:30:00 PM PT thru Fri 6/8/2001 at 4:30:00 PM PT
Fri 6/8/2001 at 11:30:00 PM London thru Sat 6/9/2001 at 12:30:00 AM London
Outage: AEINFW swap
Environments Impacted: Corp
Purpose: Eminent growth and related stability issues.
Backout: Reinstall original units
Contact(s): Morgan Gothard 713-345-7387
FIELD SERVICES: No Scheduled Outages.
INTERNET: No Scheduled Outages.
MESSAGING:
Impact: Exchange
Time: Sat 6/9/2001 at 12:00:00 PM CT thru Sat 6/9/2001 at 2:00:00 PM CT
Sat 6/9/2001 at 10:00:00 AM PT thru Sat 6/9/2001 at 12:00:00 PM PT
Sat 6/9/2001 at 6:00:00 PM London thru Sat 6/9/2001 at 8:00:00 PM London
Outage: Apply latest hotfixes to Nahou-msmbx03v & Nahou-msmbx05v
Environments Impacted: Exchange Users on Nahou-msmbx03v & 05v
Purpose: Ensure backups and data integrity
Backout: Uninstall Hotfixes
Contact(s): Scott Albright 713-345-9381
Tim Hudson 713-853-9289
MARKET DATA:
Impact: CORP
Time: Fri 6/8/2001 at 5:00:00 PM CT thru Fri 6/8/2001 at 7:00:00 PM CT
Fri 6/8/2001 at 3:00:00 PM PT thru Fri 6/8/2001 at 5:00:00 PM PT
Fri 6/8/2001 at 11:00:00 PM London thru Sat 6/9/2001 at 1:00:00 AM London
Outage: Market Data TV systems upgrades
Environments Impacted: Trading Floors
Purpose: Increase system reliability and systems management, also allow
presentation of new infrastructure content to the trading floor plasma screens
Backout: re-install original systems
Contact(s): John Sieckman 713-345-7862
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER SYSTEMS: ALSO SEE ORIGINAL REPORT
Impact: CORP
Time: Fri 6/8/2001 at 7:30:00 PM CT thru Fri 6/8/2001 at 9:30:00 PM CT
Fri 6/8/2001 at 5:30:00 PM PT thru Fri 6/8/2001 at 7:30:00 PM PT
Sat 6/9/2001 at 1:30:00 AM London thru Sat 6/9/2001 at 3:30:00 AM London
Outage: NAMEX-LN1 and NAMTY-LN1- Needs Rebooting
Environments Impacted: Local Office
Purpose: Need to reload NETIQ Agents for NAMTY-LN1 and NAMEX-LN1
Backout:
Contact(s): Wilma Bleshman 713-853-1562
Impact:
Time: Sat 6/9/2001 at 10:00:00 PM CT thru Sun 6/10/2001 at 1:30:00 AM CT
Sat 6/9/2001 at 8:00:00 PM PT thru Sat 6/9/2001 at 11:30:00 PM PT
Sun 6/10/2001 at 4:00:00 AM London thru Sun 6/10/2001 at 7:30:00 AM London
Outage: Upgrade for E10K SSP tremor requires downtime on server moe.
Environments Impacted: Global
Purpose: An SSP is the controlling server for an E10K platform. Moe is a
domain on the E10K platform named aftershock. In order to complete the
upgrade of moe, we must first upgrade the SSP. The first phase will entail
upgrading the SSP to Solaris 8 and the SSP software.
Backout: The SSP is really a new server that needs to be configured. The old
SSP will be there if we need to back out.
Contact(s): Malcolm Wells 713-345-3716
SITARA: No Scheduled Outages.
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY: SEE ORIGINAL REPORT
TERMINAL SERVER: No Scheduled Outages.
UNIFY: SEE ORIGINAL REPORT
------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC
(713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call (713) 327-6032 [Pager] |
Looks like this won't be over soon.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 06/12/2001
10:50 AM ---------------------------
"Tracey Bradley" <[email protected]> on 06/12/2001 08:09:43 AM
To: <[email protected]>, "Aryeh Fishman" <[email protected]>,
"Andrea Settanni" <[email protected]>, "Charles Shoneman"
<[email protected]>, "Kimberly Curry" <[email protected]>, "Paul
Fox" <[email protected]>, "Ronald Carroll" <[email protected]>,
"Randall Rich" <[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>,
<[email protected]>
cc: "Duscha Brown" <[email protected]>
Subject: FERC expands El Paso Pipeline hearing on Calif
A copy of FERC's order reopening the investigation into affiliate abuse is
attached.
Monday June 11, 10:08 pm Eastern Time
FERC expands El Paso Pipeline hearing on Calif
(UPDATE: adds NYMEX closing price)
By Julie Vorman
WASHINGTON, June 11 (Reuters) - U.S. regulators on Monday expanded a legal
proceeding into whether El Paso Corp (NYSE:EPG - news) affiliates improperly
shared information to boost the price of natural gas deliveries into
energy-starved California.
The Federal Energy Regulatory Commission (FERC) reversed an earlier decision
and granted a request by the California Public Utilities Commission for a
hearing on the activities of El Paso Pipeline, El Paso Merchant Energy-Gas
L.P., and Mojave Pipeline Co.
All are involved in shipping natural gas into California, where utilities
depend on the fuel to run electricity generating plants.
The California Public Utilities Commission alleged that the El Paso
affiliates' three shipping contracts for 1,220 million cubic feet per day of
guaranteed capacity to California were rigged to boost prices during much of
last year. Utilities and state regulators claim the high prices cost
Californians an extra $3.7 billion, a figure disputed by El Paso.
AFFILIATE ABUSE AT ISSUE
FERC, which regulates interstate pipelines and electricity markets, had said
in March that it found no sign of what is known in the industry as affiliate
abuse. The agency has rules requiring arms-length deals within a corporate
family.
``The commission now sets for hearing the issue of whether El Paso Pipeline
and/or El Paso Merchant engaged in affiliate abuse or violated the affiliate
standards in bidding for or awarding the El Paso contracts, including the
transportation discount granted by Mojave,'' FERC said in the Monday order.
The new hearing will become part of an ongoing case in which FERC
Administrative Law Judge Curtis Wagner is trying to determine if El Paso
deliberately curbed gas shipments to boost prices.
Although California prices eased in recent days, they have soared as much as
100 times higher than other states.
El Paso has denied any wrongdoing.
``The bottom line is that FERC had all the evidence before them when they
made their initial decision (in March) that there was no affiliate abuse. And
that evidence has not changed,'' said Norma Dunn, a spokeswoman for El Paso.
``We're very confident that they will rule in the same fashion again,'' she
added.
In late March, FERC ordered the first El Paso proceeding to determine if the
company exercised market power to drive up the price of natural gas in
California. But FERC also rejected at that time allegations that El Paso
Pipeline had improperly favored its affiliates during the so-called ``open
season'' when pipelines accept bids for contract deliveries.
The new FERC action came after California regulators alleged that El Paso
Merchant received secret information from Mojave during the open season.
``The commission now believes these allegations raise factual issues that are
best resolved in an evidentiary hearing,'' the FERC order said.
Separately, Judge Wagner asked FERC for ``guidance'' on whether he should
gather evidence on possible violations of the affiliate standards, which
could have influenced prices.
PUNISHMENT REMAINS UNCLEAR
On the New York Merchantile Exchange (NYMEX), Hub gas prices for July rallied
25.7 cents, or almost seven percent, to close at $4.179 per million British
thermal units (mmBtu) on Monday.
Under the FERC order, Judge Wagner has until June 21 to set a date for a
hearing on the new issue.
The agency also said it was premature to identify what punishment is
available if Judge Wagner determines that El Paso improperly exercised market
power.
The expanded proceeding means that a Sept. 4 deadline for a decision by Judge
Wagner has been suspended, FERC said.
The FERC order was endorsed by new FERC commissioner Pat Wood, a former Texas
utilities regulator and confidant of President George W. Bush. Wood joined
FERC earlier this month and is widely rumored to be in line to head the
agency.
Current FERC chairman, Curtis Hebert, a Mississippi Republican, took over the
leadership role in January at the insistence of then-Senate Majority Leader
Trent Lott.
In a concurring opinion filed with the new FERC order, Wood wrote that the
agency must ``act expeditiously'' on complaints. The El Paso allegations were
first raised in April 2000 but FERC did not move on the case until nearly one
year later.
``In overseeing competitive energy markets as a joint effort with our
colleagues at state commissions, it is critical that the FERC be seen as a
watchful and vigilant partner,'' Wood wrote. ``Expeditious referral and
action on filed complaints is a central tool in our market oversight
toolbox.''
Hebert also wrote a concurring opinion, in which he said he was committed to
a speedy resolution of the case.
- rp00-241-000.pdf |
Ken needs to be aware of this -- has he had any conversations w/ Bailey?
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/01/2001
05:22 PM ---------------------------
Susan J Mara
05/01/2001 03:25 PM
To: Mark Palmer/Corp/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT
cc:
Subject: OpED Editorial SacBee Lauding Williams CHairman's New Position
Favoring Caps
I got this from one of my Williams counterparts.
Daniel Weintraub: An energy trader says it's time to limit profits
(Published May 1, 2001)
In a sea of angry finger-pointing, name-calling and ridicule, Keith Bailey
stands out as an island of calm, a lonely voice of reason who understands
that a company's long-term self-interest is about more than how much money it
can make today.
Most Californians probably have never heard of Bailey, a Kansas City native
and chief executive officer of Tulsa-based Williams Cos. -- a private energy
trader that has profited handsomely from the state's recent miseries. But
Golden Staters from Gov. Gray Davis on down ought to embrace this Oklahoma
resident. He might be the man who saves our future.
Bailey is proposing that federal electricity regulators place temporary caps
on the profits that he and his competitors may earn between now and fall
2002, when supply and demand will be closer to balance and sanity might
return to the West's energy market.
His rationale is this: To save California's private electricity market, new
power plants are desperately needed. But not enough of those plants will be
built if generators are not confident they will be paid for the product they
already are providing.
Californians, though, don't want to promise payment without knowing they will
be able to afford the bill. Short-term caps on profits, Bailey believes, are
the best way to ease the state's fears, get everybody paid and move on to a
system that works -- for suppliers and customers.
"One of the things we are hoping to do with our proposal is create something
that California can look at and say, 'So long as prices are determined on
this basis, we're prepared to pay,' " Bailey said in an interview. "This is a
mechanism that lets the state say, 'We're not signing a blank check. We don't
know what the price is going to be, but we do know how it will be
determined.' "
Bailey's proposal is different from the limited price caps approved last week
by the Federal Energy Regulatory Commission -- and far better for California.
The federal caps would come with all sorts of strings attached, would kick in
only during emergencies and would be focused on prices, not profits. Bailey
is proposing that all power sold from now through summer 2002 be priced at
the cost of producing it, plus a profit of 15 percent. That's more than a
regulated utility would make but less than most private companies seek, and
far less than electricity providers have been earning of late.
Cynics might note that Bailey is proposing caps only after his company has
squeezed all it can from California. The firm reported last week that profits
doubled in the first quarter of 2001 over a year ago, with pretax income from
its energy services nearly tripling, to $600 million. Much of the 4,000
megawatts of electricity that Williams controls in California is already
committed in long-term contracts -- so Bailey has relatively little to lose
if what remains can only be sold at controlled prices.
But here is at least one measure of Bailey's sincerity: His company still is
owed $252 million for electricity it has provided California. And he's not
insisting that the debt be paid before his proposed profit caps take effect,
or even as part of the deal.
"Clearly there is a past that has to be dealt with," he said. "Whether that
ultimately gets dealt with in bankruptcy court or negotiations with the
parties, it will sort itself out one way or another. Perhaps if we find
prices that work going forward, that could be used as a framework."
Bailey, an engineer by training, says no one should mistake his proposal for
a lack of confidence in free markets. He still firmly believes that a
deregulated energy market would be best for California and the rest of the
West in the long term. He just wants to make sure there is a long term.
Bailey is watching, and listening, to California. He hears talk of seizing
power plants, of turning to a public power system. He describes these ideas
as Draconian and says they would not solve the problem. But he also knows
there is a limit to what Californians -- and their elected leaders -- can
take.
"I recognize we live in a democracy, and lots of things could happen," he
said.
What he is proposing, in effect, is a safety valve. He wants to limit the
market in order to save it.
"This is an extraordinary situation," Bailey said. "We need to help create
some breathing room. ... We all have to work together, and this is the right
thing to do."
Bailey's proposal, made at a conference of energy producers and traders in
Oklahoma last week, was almost lost amid all the focus on the price caps
approved in Washington. But there is still time to give the idea the
attention it deserves. Properly nourished, it could be the breakthrough that
solves this crisis. Davis and others in California should seize the moment.
Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854 |
Calif Pwr Woes
Tuesday, September 12, 2000 08:15 AM
?Mail this article to a friend
(This article was originally published Monday)
WASHINGTON (Dow Jones)--The Federal Energy Regulatory Commission has limited
authority to address flawed electricity markets in California and alleged
price gouging by power producers, but will act to overhaul the state's
wholesale power markets if necessary, FERC Chairman James Hoecker told a
congressional panel Monday.
The commission was ready to act once the results of an expedited staff
investigation of problems affecting power markets in the U.S. West becomes
available, Hoecker said in testimony presented to a San Diego field hearing
of the House Commerce Committee's energy panel.
"If we need to fix market rules or market structures within our jurisdiction,
we will do so," Hoecker told lawmakers. And if price gouging is occurring "as
some have alleged," he added, "we will respond accordingly, by revoking
market-based rates or otherwise."
However, Hoecker stressed that the commission's authority is limited under
the Federal Power Act.
"The commission has limited ability to relieve the immediate customer crisis.
Important aspects of this problem are a state responsibility, such as
authorizing construction of new generation and transmission facilities,"
Hoecker testified.
The commission can't act to limit prices charged by power providers "until we
have a record supporting such action," he said, referring to the results of
the pending staff investigation.
Further, he said, the law bars FERC from ordering retroactive refunds to San
Diego Gas & Electric Co. for the power it purchased this summer to serve its
retail customer base.
Hoecker testified before the House Commerce Committee's Energy and Power
Subcommittee, which is looking into the supply shortages in California this
summer that have forced San Diego electricity consumers to pay twice as much
for power as they did a year ago.
State Mkt Structure Blamed For Crisis
The hearing comes after much wrangling at FERC, as SDG&E, a unit of Sempra
Energy (SRE, news, msgs), sought an order setting price caps for power bid
into the state-sponsored electricity exchange, and power producers sought an
order allowing cost recovery for lost opportunity sales if the state's
independent grid operator curtailed sales outside California, where price
controls don't apply.
FERC hasn't yet responded to the producers, and deferred action on SDG&E's
bid for price controls until the staff investigation is completed. But it
left in place an order allowing the independent system operator to limit the
price it pays for power, which acts as a de facto cap on prices bid into the
power exchange.
Hoecker, while withholding judgment pending the staff probe, appeared to
place much of the blame for this summer's crisis with the state-mandated
market structure, which left San Diego consumers subject to spot-market
volatility.
And he appeared to suggest that FERC's order directing utilities to transfer
transmission assets to control of large regional transmission organizations,
or RTOs, will offer an opportunity to develop a regional solution to the
power-supply problem.
FERC deferred to California in restructuring the wholesale market in
California because its experience with new market institutions such as power
exchanges and ISOs was limited, Hoecker said.
Other states, such as Pennsylvania, were "less prescriptive than California
in telling the commission how their wholesale markets should operate,"
Hoecker noted.
Now, with FERC's Order 2000 encouraging formation of RTOs, "the commission is
in a very different posture with respect to the structure of wholesale
markets," he said.
"Large regional markets can be made to work effectively," Hoecker told the
lawmakers, citing the Pennsylvania restructuring as an example.
Other witnesses were more forceful in criticizing the state-mandated market
structure.
By requiring the state's three investor-owned utilities to purchase all their
electricity from the power exchange and limiting their ability to hedge price
risks by entering into long-term fixed-price contracts, the state left
consumers subject to volatility in the state-mandated spot market, said
officials with Enron Corp. (ENE, news, msgs) and Reliant Energy (REI, news,
msgs).
California's market structure "placed no economic incentives on the default
utility providers to look out for the costs that are ultimately passed on to
their consumers," Reliant's John Stout testified.
"San Diego's experience offers the Congress an unparalleled opportunity to
learn from a bungled attempt at deregulation," said Michael Shames, executive
director of Utility Consumer's Action Network.
Shames and other witnesses warned the congressional committee that
California's electricity crisis is likely to occur in other regions of the
country unless steps are taken to free up interstate trade in power and allow
FERC to better police markets.
"California is just the latest problem area in U.S. power markets and, unless
policymakers act quickly, it will not be the last," said Enron Corp. (ENE,
news, msgs) Steven Kean executive vice president.
"Unless Congress and FERC are willing to address the interstate issues that
are beyond the jurisdiction of state legislators and regulators, I predict
that our experience in San Diego is indicative of what others will encounter
in trying to create a competitive electricity market," said Edwin Guiles,
Sempra's president of regulated operations.
"This electricity crisis is not a California-only problem," said Rep. Brian
Bilbray, R-Calif., who represents San Diego and requested Monday's hearing.
"We will continue to be in this mess if state and federal officials don't
work together to find long-term solutions to the flaws in the marketplace,"
Bilbray said.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647, [email protected]
Quote for referenced ticker symbols: EIX, ENE, PCG, REI, SRE
, 2000 Dow Jones & Company, Inc. All Rights Reserved. |
???? THE DAILY TEASE - Exercise Your Mind ????
Monday, May 7, 2001
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Subscribe for FREE and get The Daily Tease delivered daily. Visit:
<a href=" http://www.shagmail.com/sub/sub-tease.html ">Subscribe</a>
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Hello Everyone
I have another poll for you. This week's question is....
If money were no object, would you pay 20 million dollars
for a chance to take a ride on a space shuttle as did the
millionaire Dennis Tito?
A) Yes
B) No
C) Undecided
D) What's a space shuttle?
In last week's poll, 55% of all voters said that they would
like to be chained to Sophia Loren, while 18% said they would
like to be chained to Mel Gibson.
Thanks to everyone for participating in my poll and don't
forget--today begins a new Mind Scrambler!
Keep those brain waves churning!
Janie
_________________________________________________
***** Janie's Mind Scrambler *****
(#81)
To some I can hold treasure,
To others most displeasure.
I am always near you,
Yet always far.
I am done when I begin,
And begin when I end.
What am I?
Submit your answer by visiting:
http://www.thedailytease.com
------------------------------------------------------
Mind Scrambler Tally: Correct - 0 Incorrect - 0
------------------------------------------------------
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TODAY'S TEASE (#738) [Thanks to Jean-Francois A Borny for
sending in today's tease.
There's a box with a hole at each end and there's a rabbit
in the box. The rabbit sticks his head out of the hole in
one end, and a minute later he sticks it out the other end.
Half a minute later, his head appears at the opposite end,
a fourth of a minute later it appears at the end opposite
to that one, an eighth of a minute later...etc., etc.
How long will it take before the rabbit sticks its head
out of both ends of the box at the same time?
_________________________________________
SCROLL DOWN TO FIND THE SOLUTION
_________________________________________
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At least one answer to today's tease:
In theory, two minutes. In practice, no answer is possible
unless you split hares. :)
********************* Readers Comments *********************
Jane Barbe is the "time lady." - my gosh if that isn't an
interesting fact, that I bet nobody knew the answer to.
Joanne
****
I always wanted to know who the "Time Lady" was! I must have
dialed that number forty times in a week! I wonder if she's
the operator who goes, "The number you dialed is not working
at the present time. Please hang up and try again."?
Liz
****
Barbe's voice is heard by millions of people every day
announcing ETC's Audichronc time, temperature, and weather
services.
In addition, Barbe's voice speaks for the telephone
network (changed numbers, disconnects, circuits busy), Bell
laboratory computers, The National Bureau of Standards, and
many voice mail systems nation wide.
Andy Lee
[I thought this was an interesting fact too. Thanks for the
additional information Andy. Maybe this will be a question
on "Who Wants to be a Millionaire" someday. Now you will
all know the answer. :)]
****
If the answer was GREED I think DONALD TRUMP should be correct
also. After all aren't those 2 synonyms.
Jeffrey
[Good point Jeff. Thanks for writing in. :)]
[And thank you all for writing in. I hope to hear more from
all of you in the future! :)]
------------------------------------------------------------
Questions? Comments? Email us at:
<a href=" mailto:[email protected] ">Email Janie</a>
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----- Forwarded by Gerald Nemec/HOU/ECT on 05/29/2001 12:02 PM -----
"Gillaspie, Eric" <[email protected]>
05/29/2001 11:26 AM
To: "Gerald Nemec (E-mail)" <[email protected]>
cc:
Subject: FW: Trip Details
FYI
Eric Gillaspie
Counsel
Shell Trading Gas and Power Company
Tel. 713-230-3576
Fax 713-265-3576
2HC 1036
-----Original Message-----
From: jonathan gillaspie [mailto:[email protected]]
Sent: Saturday, May 26, 2001 8:13 AM
To: [email protected]; Gillaspie, Eric; [email protected];
[email protected]; [email protected];
[email protected]
Subject: Re: Trip Details
Dan:
Can you imagine trying to set this up without the internet? It would be
impossible. Anyway, here's a quick update from the battlefield. In regards
to flight plans, we had a minor setback today. We called our local Wuxi
travel agent who is setting up the majority of our airplane tix. I asked her
if we needed to provide them with full names that are on passports. After
much heated debate she said no. However, we then called Shanghai Pudong
Airport staff to see what their response was to our enquiry. They demanded
that all flight tickets show the full names that are on passports.
Therefore, I'll need for you to provide me with the full names (first,
middle, last) for everybody in your group. We'll then pass these on to the
Wuxi agent who has already lined up the Shanghai>Qingdao flight. We'll also
provide the full names to agents who'll be setting up the other flights.
Secondly, let me give you a status report on the Beijing leg of the journey.
After you sent us your Beijing tour package info we consulted with Lin Qing.
We then asked our travel agent friend in Qingdao, Zang Bao Guo, to line us
up with his agents in Beijing to get another price quote. Jeff felt that the
$525/person fee was too much; he stated that he had retirement savings to
consider (ha!). We've spent the last couple days in negotiations with
another Beijing agent to see if she could provide us with essentially the
same Beijing tour package at a more budget-minded price. Today she gave us a
rough idea on the price of the alternative Beijing tour package. The
estimated price would be about $520/couple for the same five day package in
Beijing. This is in comparison to your price quite of $525/person for a five
day package. We would downgrade from a 5 star hotel to a 4 star hotel (it's
new). Keep in mind that we're still hammering out the details, but the
alternative package seems to be the one that would be the easiest on the
wallet.
The crude itinerary would look something like this:
June 11- fly to Beijing in the morning; check into hotel; tour the Forbidden
City; see Chinese style acrobatics show in the evening.
June 12- Great Wall; Ding Temple (tombs); Beijing roast duck dinner.
June 13- Temple of Heaven; Summer Palace; dinner at the Old Beijing Tea
House (singing and other entertainment provided).
June 14- Tiananmen Square; Beihai Park; lunch at Beihai King's Food
Restaurant (this place serves meals that the royalty would have eaten during
the Qing Dynasty); Yong He Gong (Tibetan temple); free evening.
June 15- Hutong alley tour; lunch at a Xinjiang (Chinese Muslim cuisine)
restaurant; Wangfujing Street (shopping at the trendy stores); Beijing opera
in the evening.
June 16- most folks would fly out of Beijing to USA or Shanghai.
We knocked out some destinations from the original plan. For example, the
dancing performance and the trip to Liu Li Chang (antique shopping). Ai Ping
called the agent about the dancing show and decided it wouldn't be very
interesting: it featured some Western dancing styles and the same crap we
see on TV every night. The dance performance didn't include any minority
group dances or "traditional" village styles, so Ai Ping didn't think it
sounded very "Chinese." If the antique shopping is desired (it's an
on-the-street auction, with other stores selling original and
not-so-original "fake" items) we can slap it back on the itinerary. I don't
give a hoot either way. I aim to please and we are extremely flexible. Ai
Ping's hometown is six hours west of Beijing. She's been to Beijing a
billion times; she doesn't care where we go. Let me know what you think and
we'll do as instructed.
Thirdly, I don't think we'll be needing any deposit money. The airplane tix
will be reserved in your names. The Wuxi agent said she would arrange to
have your Shanghai>Qingdao tix brought to your hotel in Shanghai and that
you could pay there. The Qingdao>Beijing tix can be paid for in Qingdao upon
arrival. The Beijing agent hasn't mentioned a deposit for the tour package
yet. If she does, I'll put the money down- no problem.
So that leaves you with making the decision on whether or not you want to do
the Shanghai tour package: your call. It looks like a good plan to me. If
you want any assistance with the Shanghai leg of the journey we can do it.
Let me know.
Hope this gives you an idea on where we're at. Please respond asap with
comments/questions. Hope all is swell in Tejas. Will write again soon.
My Regards,
Jon Gillaspie
>From: Daniel Junk <[email protected]>
>To: Jonathan Gillaspie <[email protected]>
>CC: Eric Gillaspie <[email protected]>
>Subject: Trip Details
>Date: Fri, 25 May 2001 09:36:55 -0700 (PDT)
>
>Jon, how is crisis management these days? I hope it
>is coming together for you. I hate to bother you, but
>was wondering if Ai Ping has finalized anything with
>the travel agency or airlines. I'm sure there are
>going to be deposits required and such when the
>reservations are made. Just let me know what you're
>needing from us.
>
>In the mean time, keep cool. The suffering will end
>shortly.
>
>Take care....Dan
>
>__________________________________________________
>Do You Yahoo!?
>Yahoo! Auctions - buy the things you want at great prices
>http://auctions.yahoo.com/
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com. |
----- Forwarded by Steven J Kean/NA/Enron on 01/21/2001 03:09 PM -----
Jeff Dasovich
Sent by: Jeff Dasovich
01/21/2001 10:23 AM
To: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly
Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT,
Christina Liscano/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Craig H
Sutter/HOU/EES@EES, Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES,
Dennis Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Dorothy
Youngblood/HOU/ECT@ECT, Douglas Huth/HOU/EES@EES, Edward
Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES, Erika Dupre/HOU/EES@EES,
Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES, Frank W
Vickers/HOU/ECT@ECT, Gayle W Muench/HOU/EES@EES, Ginger
Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES, Harold G
Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris Waser/HOU/EES@EES,
James D Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES, James
Wright/Western Region/The Bentley Company@Exchange, Jeff Messina/HOU/EES@EES,
Jeremy Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Joe
Hartsoe/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Kathy
Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin
Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES,
Mark S Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael
Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, Mike M Smith/HOU/EES@EES,
[email protected], Neil Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES, Paul
Kaufman/PDX/ECT@ECT, Paula Warren/HOU/EES@EES, Richard L
Zdunkewicz/HOU/EES@EES, Richard Leibert/HOU/EES@EES, Richard
Shapiro/NA/Enron@ENRON, Rita Hennessy/NA/Enron@ENRON, Robert
Badeer/HOU/ECT@ECT, Roger Yang/SFO/EES@EES, Rosalinda Tijerina/HOU/EES@EES,
Sandra McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Scott
Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Sharon Dick/HOU/EES@EES,
[email protected], Susan J Mara/NA/Enron@ENRON, Tanya Leslie/HOU/EES@EES, Tasha
Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Tim
Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S
Bradford/HOU/ECT@ECT, Kathryn Corbally/Corp/Enron@ENRON, [email protected],
Michael Etringer/HOU/ECT@ECT
cc:
Subject: IMPORTANT CONFERENCE CALL ON QF/SRAC MATTERS SCHEDULED FOR 12:30
P.M. (NOONISH) ON SUNDAY, JAN. 21
----- Forwarded by Jeff Dasovich/NA/Enron on 01/21/2001 10:21 AM -----
"Steven Kelly" <[email protected]>
01/21/2001 05:42 AM
Please respond to "Steven Kelly"
To: "Wayne Kawamoto" <[email protected]>, "Ward Scobee"
<[email protected]>, "Tony Wetzel" <[email protected]>,
"Thomas Heller" <[email protected]>, "Ted Cortopassi"
<[email protected]>, "Steve Ponder" <[email protected]>, "Steve
Iliff" <[email protected]>, "Ross Ain" <[email protected]>, "Robert
Frees" <[email protected]>, "Rich Dyer" <[email protected]>, "Pete
Levitt" <[email protected]>, "Paula Soos" <[email protected]>, "Paul
Wood" <[email protected]>, "Nam Nguyen" <[email protected]>,
"Milt Schultz" <[email protected]>, "Marty McFadden"
<[email protected]>, "Lucian Fox"
<[email protected]>, "Ken Salvagno" <[email protected]>, "Ken Hoffman"
<[email protected]>, "Jonathan Weisgall" <[email protected]>, "Joe
Ronan" <[email protected]>, "Joe Greco" <[email protected]>, "Jack Pigott"
<[email protected]>, "Hap Boyd" <[email protected]>, "Frank Misseldine"
<[email protected]>, "Ed Tomeo" <[email protected]>, "Ed
Maddox" <[email protected]>, "Duane Nelsen"
<[email protected]>, "Doug Levitt" <[email protected]>, "Doug Fernley"
<[email protected]>, "Dean Gosselin" <[email protected]>, "Bob
Escalante" <[email protected]>, "Bob Ellery" <[email protected]>,
"Bill Woods" <[email protected]>, "Bill Carlson" <[email protected]>, "Bill
Adams" <[email protected]>, "Alex Sugaoka" <[email protected]>, "Tom
Hartman" <[email protected]>, "Eric Edstrom" <[email protected]>,
"Scott Frier" <[email protected]>, "William Hall"
<[email protected]>, "Susan J Mara" <[email protected]>, "Scott
Noll" <[email protected]>, "Roger Pelote" <[email protected]>,
"Rob Lamkin" <[email protected]>, "Randy Hickok"
<[email protected]>, "Lynn Lednicky" <[email protected]>, "Kent Fickett"
<[email protected]>, "Kate Castillo" <[email protected]>, "Jim
Willey" <[email protected]>, "Jeff Dasovich" <[email protected]>,
"Greg Blue" <[email protected]>, "Frank DeRosa" <[email protected]>,
"Eric Eisenman" <[email protected]>, "Eileen Koch"
<[email protected]>, "Dave Parquet" <[email protected]>, "Curtis
Kebler" <[email protected]>, "Curt Hatton"
<[email protected]>, "Cody Carter" <[email protected]>, "Carolyn
Baker" <[email protected]>
cc: "Jan Smutny-Jones" <[email protected]>, "Katie Kaplan" <[email protected]>,
"Carol Hudson" <[email protected]>, "Steven Kelly" <[email protected]>, "Andy
Brown" <[email protected]>, "Doug Kerner" <[email protected]>, "Diane
Fellman" <[email protected]>
Subject: IMPORTANT CONFERENCE CALL ON QF/SRAC MATTERS SCHEDULED FOR 12:30
P.M. (NOONISH) ON SUNDAY, JAN. 21
An important conference call is scheduled for 12:30 p.m. (PST) on Sunday,
Today, Jan 21 to discuss the status of legislative meetings on QF/SRAC
matters.
Call-In number is 888-422-7124
Particpant Code is 111756
Status Report
After a marathon 12 hour meeting with Assemplyman Keeley, Senator Battin, QF
Parties, and SCE, a Keeley sponsored "deal" was proposed at 3:30 a.m. this
morning. The crux of the deal is as follows:
For renewables and non-gas fired QF, essentially ...
7.8 cents/kwh for delivered power for 5 years ["all in", i.e. includes
capacity and energy]
1.0 on losses
no 'clawback' for wind resources which may have failed to meet fixed capacity
obligations in the past
Applies "going forward" (presumedly Feb. 1)
For gas-fired QFs...
7.8 cents/kwh for five years, assuming gas is $5.60; payment will
increase/decrease tied to gas (this assumes an IER of 9821)
1.0 on line losses
applies "going forward"
Caacity True-up and "forbearance" were not addressed. Credit worthiness will
be address in the technical conference scheduled for later today (Sunday).
This program will require in part legislative blessing and direction,
followed by CPUC approval of individual contract amendments. This is
essentially the PG&E/QF "deal" for the gas guys. For the renewables, it is
more of a fixed payment approach.
A "Technical Conference" is scheduled for Sunday (today) in Sacramento to
work out some of the implementing details. |
Dear Vince/Grant,
It was good to meet and talk with you both this morning - very interesting.
Here are the details of the course (actually there are two seperate
courses, one on VaR) that I promised you.
I hope to see you both again later in the month.
Best regards.
Chris.
COURSE 1: Energy Derivatives: Pricing and Risk Management
---------------------------------------------------------------------------
-
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 29-30 March 2000
London: 3-4 April 2000
Fee : STG 1950 / USD 2950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires the mathematical
foundations of derivative pricing and an understanding of the pricing and
risk management of energy derivatives.
This course assumes that participants are familiar with standard basic
option pricing theory (the Black-Scholes formula, Monte Carlo simulation,
and the use of binomial trees for option pricing).
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction, the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives and contain detailed calculations for pricing and
risk management. At the end of the 2 days, participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and simulation.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management" which includes
valuable contributions from Enron's Vince Kaminski and Grant Masson.
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Introduction to Energy Derivatives Modelling
Energy derivatives - structures and applications
Fundamentals of modeling and pricing
Analysing energy data
Spot price behaviour
Building forward curves - assessing available models
The relationship between the spot price and forward curve dynamics
Workshop : Analysing the properties of energy data - mean reversion,
volatility structures, jumps
Day 1, PM :Spot Price Models and Pricing by Simulation and Trees
Review of spot price models
The pros and cons of spot price models
Pricing standard options, swaptions, caps, floors, and collars
Simulation for spot price models
Pricing exotic options (barriers, lookbacks, Asians, etc.)
Building and using trees for energy derivatives
Building trees consistent with the forward curve
Pricing options in trees
Workshop: Using Simulation and trinomial trees to price energy
derivatives
Day 2, AM : Forward Curve Based Models
Forward curve dynamics and forward curve models
The relationship to spot price dynamics
Multi-factor forward Curve Models
Volatility function interpretation and estimation
Pricing standard energy options
Pricing energy swaptions
Pricing energy exotics using simulation
Workshop : Using simulation to implement multi-factor models and price
energy options
Day 2, PM : Risk Management of Energy Derivatives
Energy market risk and hedging
Computing hedge sensitivities
Determining the hedge instruments
Hedging a energy derivatives book
Value-at-Risk in energy markets - the pros and cons of the approaches
Credit Risk in energy markets - issues and models
Workshop: Hedging an energy portfolio
Please feel free to e-mail us to register for this course and we will
contact you regarding payment.
-----------------------------------------------------
COURSE 2: VaR for Energy Markets
-----------------------------------------------------
Course Leaders: Dr Les Clewlow and Dr Chris Strickland
Houston: 31 March 2000
London: 5 April 2000
Fee : STG 950 / USD 1950
This is an intermediate course aimed at the Energy professional who is
familiar with energy derivative products but who requires an understanding
of the theory and calculation of Value at Risk for energy derivative
portfolios.
The format for the course will follow our usual highly practical and
successful style of alternate sessions of lectures and Excel based computer
workshops. To facilitate intensive interaction the course will be limited
to a maximum of 15 participants so early booking is advisable.
The Excel based computer workshops deal with oil and gas as well as
electricity derivatives. At the end of the course participants leave with a
diskette containing answers to all the workshops as well as valuable code
for pricing and VaR calculations.
Registration fee includes: pre-course reading, course materials, copies of
relevant research materials, diskette with fully worked solutions to
computer workshops, lunch and refreshments. Additionally, each attendee
will receive a free copy of Clewlow and Strickland's forthcoming book
"Energy Derivatives: Pricing and Risk Management".
Upon registration, participants will be sent a pack containing relevant
pre-course reading.
COURSE OUTLINE
Day 1, AM : Understanding the VaR methodologies and issues
What is VaR?
Uses of VaR
Types of VaR methodologies
Implications of applying the RiskMetrics assumptions in energy markets
Delta VaR, historical simulation
Linear and Non Linear Instruments
Workshop: Applying simple VaR methodologies in the energy market
Day 1, PM : Calculation of Energy portfolio VaR using simulation
Modelling the energy forward curve - single and multi-factor
Modelling the joint behaviour of different energies simultaneously
Calculation of covariances and correlations
Incorporating jumps
Detailed example VaR calculation for an energy portfolio
Workshop: Simulating energy forward curves and calculation of VaR for an
energy portfolio.
Dr. Les Clewlow and Dr Chris Strickland hold Associate Research Positions
at both the School of Finance and Economics, University of Technology,
Sydney and the Financial Options Research Centre, University of Warwick,
UK. Together they have over 20 years combined experience in the financial
and energy derivative markets and have published many articles in academic
and trade journals. They are the authors of the book "Implementing
Derivatives Models" (Wiley, 1998) and editors of "Exotic Options: The State
of the Art" (ITP, 1998). Their forthcoming book, "Energy Derivatives:
Pricing and Risk Management," is due to be published during the second
quarter 2000. Currently, their interests are concentrated in the energy
derivatives area, where they have developed a wide range of pricing tools
for electricity options and other energy derivatives. |
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Bernard,
My coordinates:
Vincent Kaminski
Managing Director - Research
Enron Corp.
1400 Smith Street
Room EB1962
Houston, TX 77002-7361
Phone: (713) 853 3848
(713) 410 5396 (cell)
Fax : (713) 646 2503
E-mail: [email protected]
Yes, we are going into a very interesting summer both here and in the UK.
Vince
"Murphy, Bernard" <[email protected]> on 03/27/2001 01:23:04 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Thesis on Electricity Price Jump-Diffusions
Hi Vince,
Can you e-mail me your mailing address in Houston and I will send you a hard
copy of the above today. Apologies for delay, but I wanted to ensure that
Les Clewlow had received his copy in Sydney before distributing any other
copies.
Incidentally, today (March 27th) is a red letter day in the UK as the NETA /
new electricity trading arrangements have gone 'live'. Should be
interesting to observe the development of the paper market in the coming
months - you're no doubt aware that IPE have just launched an electricity
futures contract.
Regards
Bernard
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: 01 March 2001 15:37
To: Murphy, Bernard
Cc: [email protected]; [email protected]
Subject: RE: 1997 Risk paper on Pricing of Electricity Derivatives
Bernard,
Yes, I can read a DVI file. You can also cc
my home address: [email protected]. I shall
try to send you an answer to your question on weekend.
Vince
"Murphy, Bernard" <[email protected]> on 03/01/2001 09:18:58 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: 1997 Risk paper on Pricing of Electricity Derivatives
Vince,
I can send you a Scientific Word DVI file (at the weekend) if you can read
SCientific Word files ? The dissertation hasn't been reviewed by Les or
the
External yet - although its been at FORC for 2 months. I think that the
Empirical Chapter is probably the one which would be of most relevance to
both our company's businesses - although I ultimately didn't have the time
to 'explicitly' price the jump risk-premium which I conjectured is possibly
implicit in the prices of exchange-traded electricity futures-options -
rather I developed an implicit estimation procedure which will enable a
rough assessment (with a little bit of further work, but not too much) be
made of the price of jump risk in wholesale power markets.
In other words, I assumed spot jump-risk to be undiversifiable, and
essentially devoted 2 Theoretical Chapters to :
1) proving that a jump-diffusion trading model is "incomplete"
(synthesising
the securities markets framework with martingale representation theory) -
note that I did not assume that markets could be dynamically completed with
'term structure' securities as in the HJM w/ jumps papers of Shirakawa and
Das and;
2) deriving an explicit risk-adjustment process for 'implementing' the
price
of jump-risk using a jump-diffusion marginal indirect utility of wealth
process (ie. a jump-augmented production economy approach in the spirit of
CIR, Bates, Ahn & Thompson).
Incidentally, I would be keen to find out if you or any of your team done
much work on real-asset valuations in a spark-spread option-valuation
framework ? I'm about to start a project evaluation of embedded
optionality, and have a dilemna whether I should model the spot or forward
gas / power price processes. With the former, I can model mean-reversion
and jumps explicitly (obviously, important for capturing the optionality of
out-of-the-money plant, which might otherwise be ignored in a
pure-diffusion
framework) but am not maximising the informational content of the available
market data (that is, assuming there was a long-term market forward curve
for electricity); whereas in the latter the driftless forward supposition
means that I have to capture mean-reversion via the futures volatility
function, and jumps are less easy to calibrate. Any suggestions ?
Regards
Bernard
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: 01 March 2001 14:54
To: Murphy, Bernard
Cc: [email protected]; [email protected]
Subject: Re: 1997 Risk paper on Pricing of Electricity Derivatives
Bernard,
I am forwarding your message to my assistant and she will mail you a
reprint.
I would be glad to take a look at your dissertation. Is it available as a
publication, working paper?
Vince
"Murphy, Bernard" <[email protected]> on 03/01/2001 02:17:39 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: 1997 Risk paper on Pricing of Electricity Derivatives
Hello Vince,
My name is Bernard Murphy - I received your e-mail address from Les
Clewlow,
who was my PhD supervisor at the Financia Options Research Centre at
Warwick
Business School. I've just finished my PhD on Electricity Price Jump
Diffusions : A Theoretical and Empirical Study in Incomplete Markets -
hence my interest in electricity price modelling and derivative pricing. I
was looking to get hold of a copy of your 1997 paper, which has recently
come to my attention :
"The Challenge of Pricing & Risk-Managing Electricity Derivatives", The US
POwer Market, Risk Publications, pp. 149-171.
and Les suggested that I contact you directly (Les is travelling at present
and doesn't have an electronic copy available) to request an e-copy.
Incidentally, I am Lecturer in Finance / Financial Mathematics at
University
of Limerick (Ireland) and have taken a year out to work for Caminus UK,
where I am working on introducing and developing a markets-based approach
(spark-spread) to real asset valuations in the UK power industry.
Thanks in advancve
Bernard Murphy |
----- Forwarded by Richard B Sanders/HOU/ECT on 11/20/2000 07:51 AM -----
"Meringolo, Peter" <[email protected]>
11/16/2000 03:27 PM
To: "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>, "'[email protected]'"
<[email protected]>, "Fergus, Gary S." <[email protected]>, "Stephen C. Hall
(E-mail)" <[email protected]>
cc:
Subject: Draft letter to the CPUC
Please let either Gary or me know your thoughts and comments regarding the
below draft letter to the CPUC.
Thanks,
Peter
> PRIVILEGED AND CONFIDENTIAL
> ATTORNEY CLIENT COMMUNICATION
> ATTORNEY WORK PRODUCT
>
>
>
> Harvey Morris Esq.
> California Public Utilities Commission
> 505 Public Utilities Commission
> San Francisco, California 94102
>
> Re: I.00-08-002 Subpoenas Served on Enron Power Marketing, Inc.
> ("EPMI"), Enron Energy Services Operations Inc. and Enron Energy Services
> Inc. (collectively referred to as "EES"), Enron Energy Marketing
> Corporation ("EEMC"), and Portland General Electric Corporation ("Portland
> General")(collectively sometimes referred to as the "Enron Entities")
>
> Harvey,
>
> I am writing in response to the various voicemail exchanges and
> phone calls between Michael Day, on behalf of the Enron Entities, and
> yourself during the past few weeks. Here is the current status as we
> understand it. Based upon the agreements we reached between October 6,
> 2000 and October 18, 2000 (date of your confirming email) the Enron
> Entities have made the following document productions in response to the
> subpoenas served by California Public Utilities Commission (the
> "Commission"):
>
> * October 13, 2000 Bate Nos. Enron Entities 000001-000025 on behalf
> of all Enron Entities Responsive to Request Nos. 1-11, 20.
>
> * October 27, 2000 Bate Nos. P000001-002115 on behalf of Portland
> General Responsive to Request Nos. 12, 14, 16 and 18.
>
> * November 14, 2000 Bate No. Enron Entities 000026 (Diskette with
> EES/EEMC retail data) Responsive to Request Nos. 7 to 11, 13, 15 to 17,
> and 19.
>
> * November 15, 2000 Bate No. P002116-002117 (Diskettes with Portland
> General Data, which include approximate 355,000 wholesale transactions)
> Responsive to Request Nos. 7 to 11, 13 to 17, and 19.
>
> We believe with these productions, we have complied with the October
> 6-18th agreement with respect to Portland General and EES/EEMC. As you
> know, these productions were all made reserving the Enron Entities rights
> to object or challenge the subpoenas and reserving any claims, defenses,
> objections, jurisdictional or otherwise, or other responses.
>
> We originally had hoped to have all of the Transactional Data for
> EPMI, as defined in our October 6th email, available for production by
> October 27th. However, we were also mindful of your expressed expectation
> that any data provided be useful and reliable. The collection of data you
> requested in the subpoenas is neither kept electronically in the same
> location nor organized as you requested it. In fact during our review of
> some of the data we found significant errors that called into question the
> methodology by which the data was extracted from existing information.
> When it became apparent that we could not accurately estimate how long it
> would take to get reliable data given the volume of transactions involved,
> we informed you of the problem. We now understand that if we cannot give
> you a firm date when the balance of the Transactional Data will be
> available, the Commission believes it will have no choice but to seek to
> compel production before the Federal Regulatory Energy Commission
> ("FERC"). We understand the pressure that you must be under to get data
> immediately, but we cannot, at this time, give you another date in the
> immediate future by which we are certain that we will be able to produce
> accurate data.
>
> Moreover, during the iterim between October 18th and today, a number
> of significant events have occurred that we believe bear on the subpoenas
> served on the Enron entities. First, we understand that many other
> parties who were served with the same subpoenas have not provided the
> detailed information requested and have objected on a variety of very
> sound legal grounds. Second, the Commission itself has, without a hearing
> on the motion, unilaterally revised the proposed protective order that is
> supposed to govern these productions and summarily denied other changes
> sought by other parties served. Third, the Commission has filed its
> motion before FERC seeking an order compelling the production of the data
> from those other parties that have objected and seeking an expedited
> hearing and production schedule. We note that the reasons stated in the
> motion before FERC as the basis for the production are materially
> different than the reasons originally stated in the ex parte application
> to the Commission's own Administrative Law Judge who issued the subpoenas.
> Finally, FERC itself has completed its investigation and has issued a
> tentative order as of November 1, 2000.
>
> Originally, the Enron Entities had been prepared to accept "most
> favored nation" treatment with respect to protective orders and requests
> by others to limit the scope of the subpoenas and produce information that
> was available. However, given both the Commission's stated urgent need
> for an immediate answer that EPMI cannot in good faith give despite
> substantial effort (date for production of reliable and accurate
> Transaction Data) and the uncertainty created by the above described
> intervening events, EPMI believes it has no choice but to serve its formal
> objections and responses to the subpoenas and await the Commission's
> threatened motion to compel before FERC.
>
> We also understand from our discussions with you that the Commission
> has created various lists or categories for the entities that have been
> served with subpoenas. We understand that there is a list for those
> entities that have been cooperating, a list for those who have been
> delaying and a list for those who have been objecting and exercising their
> rights to challenge the subpoenas. We understand that the Commission
> intends to punish, by whatever means it has available, those entities that
> object and exercise their rights to challenge the subpoenas. We deplore
> these tactics, but despite all of the efforts to cooperate described
> above, we understand that EPMI may in fact be moved from the cooperating
> list to the group to be punished for exercising its rights.
>
> If you have and questions or comments, please do not hesitate to
> contact me.
>
> Sincerely,
>
>
>
> Gary S.
> Fergus
=======================================================
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http://www.brobeck.com |
t: please print this and the attachment. Then, file under "Japan --
Pre-Employment Testing." thanks!
----- Forwarded by Michelle Cash/HOU/ECT on 06/17/2000 08:36 AM -----
Phillip -SYDNEY- Taylor@ENRON_DEVELOPMENT
05/15/2000 12:52 AM
To: John Viverito/Corp/Enron@ENRON
cc: [email protected]@ENRON, Alan Aronowitz/HOU/ECT@ECT@ENRON,
Michelle Cash/HOU/ECT@ECT@ENRON
Subject: Re: Enron and PDI Japan
Hi John
The battery of tests includes the following:
a. Global Personality Inventory (GPI)
description: The GPI is a leadership personality inventory based on data
collected and developed by a team of industrial/organizational psychologists
from around the world. The GPI measures personality for the work context in
general and for professional for the work context and contains 37 distinct
scales that can be combined to form dimensions relevant to most job models.
Japan norms: Japanese mid-level, front-line manager, and individual
contributor norms available.
b. Advanced Progressive Matrices (Ravens)
description: This nonveral test is the same as that used by Enron Australia
through Coyne-Didsbury/PDI, and correlates highly with other tests of problem
solving capacity. Global PDI manager/executive norms available.
c. Leadership Inventory-plus
description: a PDI-structured tool used in the selection of entry and
mid-level managers, measuring those basic abilities, traits, values,
interests, and motivations that are critical to effective leadership. The LI+
includes both personality and cognitive ability (i.e., numerical, analytical,
and verbal reasoning) components. U.S. manager norms available.
The intention is to use the testing on local hires (not US nationals) to
confirm/expand on information gained in the interviewing process. Reference
checking is a very poor substitute for interviews accompanied by some
objective abilities testing against standard norms. The important thing is
that we don't use this information as a be all and end all test of whether we
take on a candidate or not.
The bottom line is in my professional opinion these tests are an important
part of a high quality recruiting effort (and have been demonstrated as such
in Australia on several occasions); unless there are significant legal
impediments I want to proceed with them.
Thanks
From: John Viverito@ENRON on 12/05/2000 11:29 CDT
To: Phillip -SYDNEY- Taylor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
[email protected]
cc: Alan Aronowitz/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT
Subject: Re: Enron and PDI Japan
Phil-
I have raised the issue of testing with Michelle Cash, an ENA labor lawyer,
whose comments and queries are set forth below, for your review. Please
reply to Michelle's specific queries in paragraph 3 of her e-mail.
Paul-
Following your review of the attached e-mail traffic, please provide us with
the Japanese legal perspective on undertaking these types of activities.
Also, based on your experience, inform us as to how testing of this nature
may be perceived in the Japanese market.
Best regards,
John
----- Forwarded by John Viverito/Corp/Enron on 05/12/2000 11:13 AM -----
Michelle Cash@ECT
05/12/2000 10:59 AM
To: John Viverito/Corp/Enron@ENRON
cc: Alan Aronowitz/HOU/ECT@ECT
Subject: Re: Enron and PDI Japan
John,
Thanks for including me on the distribution of this -- I received your voice
mail and was glad to be in the loop.
In general, we try to avoid any type of personality/psych testing because of
issues relating to the Americans with Disabilities Act, which prohibits
pre-employment medical testing. It does apply to US citizens working for
Enron in foreign locations (i.e. extraterritorially).
Before we go forward and do this type of testing, it is useful to ascertain
the purpose/goal of the tests. Why do they want this information? Is there
another, less intrusive, way to obtain that information (e.g., references
from prior employers, etc.)?
As noted below, there may be Japanese labor/employment law issues that
address this type of activity as well. I suggest that we obtain the
information above as well as the opinion requested below and then determine
how to proceed.
Michelle
John Viverito@ENRON
05/11/2000 02:44 PM
To: Michelle Cash/HOU/ECT@ECT
cc: Alan Aronowitz/HOU/ECT@ECT
Subject: Enron and PDI Japan
Michelle-
Pursuant to my voicemail, I am forwarding the attached e-mail traffic for
your consideration. I am unsure as to the types of testing contemplated, but
want to ensure that such activities are permitted under Enron's policy.
Your comments on the attached agreement would also be appreciated.
Thanks,
John
----- Forwarded by John Viverito/Corp/Enron on 05/11/2000 02:36 PM -----
Phillip -SYDNEY- Taylor@ENRON_DEVELOPMENT
05/10/2000 05:13 PM
To: John Viverito@Enron
cc:
Subject: Enron and PDI Japan
Hi John
Enron will be using PDI in Tokyo for candidate abilities testing prior to
employment. The outcome of the testing is a confidential report that comes
to me (as HR) and I then send to the participant(s) in the recruitment
decision making process for their confidential consumption. PDI have agreed
to me doing this via email, however are seeking some reassurance as to our
use of and maintenance of confidentiality of the final product. Can you
review the attached and come back to me with your thoughts? I would also
appreciate a local (Japan) opinion on the legal issues associated with
abilities/psych testing prior to employment (I know you guys shy away from it
in the US although it is quite widely accepted "down under").
Thanks and regards
Phil
---------------------- Forwarded by Phillip -SYDNEY- Taylor/ENRON_DEVELOPMENT
on 11/05/2000 09:12 ---------------------------
"Jack, Douglas" <[email protected]> on 10/05/2000 21:09:41
To: "'[email protected]'" <[email protected]>
cc: "Matsushita, Mayumi" <[email protected]>
Subject: RE: Enron and PDI Japan
Phil,
With the e-mail transmission (using .pdf files), we'll need you or someone
else in Enron to sign a document similar to the attached letter. Please read
it and let me know if you want to make any changes before we fill in all the
details.
Thanks very much,
Douglas
- emailrelease.doc |
Could you please be kind and start to have a look at these names. Ultramar
are (BBB/Stable/A-2), Petro Canada are (BBB+/Stable/A-2) and Louis Dreyfus
are (A-1+).
The annual report of Preem is attached (www.preem.com) and financial
information on CEPSA can be found at
http://www.cepsa.es/cepsa_ingles/10/1030_index.html. The web site of ERG is
www.erg.it, but there seem to be no relevant information.
I will try to find out some information about the European entities tomorrow.
Regards
Tomas
---------------------- Forwarded by Tomas Valnek/LON/ECT on 27/04/2000 18:40
---------------------------
Konstantin Malinovski
27/04/2000 18:22
To: Tomas Valnek/LON/ECT@ECT, Mohamed Bharadia/LON/ECT@ECT
cc: John Metzler/LON/ECT@ECT, Eklavya Sareen/LON/ECT@ECT, Chris
Harris/LON/ECT@ECT
Subject: RE: Meeting at Enron on Tuesday
Tomas, Mohamed,
Please, have a look at these names... We will have to price them. Please, let
me know if more info is required!
Thanks
Konstantin
---------------------- Forwarded by Konstantin Malinovski/LON/ECT on
27/04/2000 18:19 ---------------------------
Enron Capital & Trade Resources Corp.
From: Cornes David <[email protected]>
27/04/2000 17:54
To: "'[email protected]'" <[email protected]>
cc:
Subject: RE: Meeting at Enron on Tuesday
Konstantin
Hope you had a good Easter mine was fairly quiet.
In response to your email on the 19 of April regarding names,
counter-parties and coverage; I have prepared the following:
In all cases the exposure would be o10 million for a period of 120 days,
starting from a date of our choosing.
PREEM AB is the parent company, our counter-party is PREEM PETROLEUM AB,
Sanhamngatan 51, SE-115, 90 Stockholm, Sweden.
ERG Spa is the name of the company ( I think it is the initials of the
original founder) and the counter-party whom we will be trading with is ERG
Petroli Spa, World Trade Center, Via De Marini, 1, 16149 Genoa, Italy.
CEPSA is Compania Espanola De Petroleos, S.A., Campo De Las Naciones, AVDA,
Del Partenon, 12, 28042, Madrid (Espana).
Ultramar Diamond Shamrock Corporation is the parent company, 6000 N.Loop,
1604 W, San Antonio, Texas, USA.
Petro-Canada is the parent company, Ave SW, Calgary AB, T2P 3Y7, Canada.
Louis Dreyfus Corporation address is 10 Westport Road, Wilton, CT, 06897,
USA.
Please let me know if this information is sufficient, I will be pleased to
provide any further details at your request.
Kind regards
David Cornes
-----Original Message-----
From: [email protected]
[mailto:[email protected]]
Sent: 19 April 2000 09:52
To: Cornes David
Subject: RE: Meeting at Enron on Tuesday
<< File: Paintbrush >>
David,
We think, we require additional information from you -
mostly of the
following character:
-what would be the notional amount of protection you would
like to receive
(or sell) per name,
-what would be the duration per name
The data above can make the cases more realistic, though
alternatively we
can come up with our assumptions.
I would also appreciate if you could provide us with full
names for ERG Spa
and CEPSA - so we could make a credit evaluation.
Hope to hear from you soon.
Have a nice Easter break!
With best regards
Konstantin
(Embedded Enron Capital & Trade Resources Corp.
image moved
to file: From: Cornes David
pic09263.pcx) <[email protected]>
18/04/2000 19:20
To: "'Konstantin Malinovski'"
<[email protected]>
cc: Holt Ben <[email protected]>, Kennedy Patrick
<[email protected]>, Povey David
<[email protected]>
Subject: RE: Meeting at Enron on Tuesday
Konstantin
I have spoken to the traders and to Ben. It would be
appreciated if you
could provide us with working examples for the following
counter-parties:
North Sea - Louis Dreyfus Corporation
Norwegian Sector - PREEM
Italy - ERG Spa; CEPSA.
US - Ultramar Diamond Shamrock Corporation
Canada - Petro-Canada
Please let me know if there is any other information you
require.
I will be available Wednesday the 19 April and will be back
in the office
on
the 25 April.
Thank-you for the presentation last Tuesday, it was
interesting.
Kind regards
David Cornes
-----Original Message-----
From: Konstantin Malinovski
[mailto:[email protected]]
Sent: 11 April 2000 20:01
To: Cornes David
Cc: Holt Ben; Kennedy Patrick
Subject: Meeting at Enron on Tuesday
<< File: Word 6.0 Windows/Mac >> << File: Word
6.0
Windows/Mac >> << File: Microsoft PowerPoint 97 >>
Dear Ben,
Thank you very much for attending the meeting
today. I hope
you and your
colleagues have found it useful.
Following our agreement during the meeting,
please, find
attached the term
sheets for the markets you might be interested in.
Other
countries term sheets
are very similar to the attached one's with only
difference
in the bankruptcy
definitions.
As far as Italy is concerned, we inferred from the
meeting
that you just started
the operation there, and are beginning to evaluate
and
understand the
counter-parties there. To jump over this laborious process,
we propose to discuss
the issue of complete credit desk management
outsourcing for
this region.
I also included another presentation, which goes
in more
details on some
aspects of credit trading.
As we agreed at the meeting we will prepare the
sample cases
for you, as an
illustration on the practical usage of the
products. We will
expect you to
provide reference names you would be interested to
see in
the cases.
With best regards
Konstantin Malinovski
(See attached file: Offline Bankruptcy Swap
termsheet
(US).doc)(See attached
file: UK term sheet.doc)(See attached file: Credit
Deriv
3.ppt) |
We have all talked and are in agreement that financial confirms/settlements
are the responsibility of Kim Theriot. Leslie is going to sent out a memo
discussing the organizational changes within that group that will clearly
communicate that message to all of wholesale. Let me know if you have any
other questions.
Enron North America Corp.
From: Sally Beck 27/09/2000 15:35
To: Brent A Price/HOU/ECT@ECT
cc:
Subject: Global Products - Houston Organizational Announcement
This memo apparently was already out on e:mail when we were meeting in my
office regarding confirmations. The language regarding Jeff's role on
financial confirmations and settlements was left in the memo. It wasn't
clear to me when we met whether Scott and Leslie had talked while looking at
a draft of the memo or whether she had seen this on e:mail. Since you said
that you had not seen this memo, please follow up with Scott, Leslie and Jeff
to ensure a common understanding around financial confirmations and
settlements so that can be communicated within the organization. There
should not be confusion over who has responsibility for financial confirms
and settlements. This memo as sent will create that confusion. Thanks.
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/27/2000 03:07 PM
---------------------------
Scott Earnest
09/27/2000 12:47 PM
To: Anjali Abraham/NA/Enron@ENRON, Robert J Bonin/HOU/ECT@ECT, Kara L
Boudreau/HOU/ECT@ECT, Matt A Brown/HOU/ECT@ECT, Michelle Bruce/HOU/ECT@ECT,
Barbara Cain/NA/Enron@Enron, Olga Herrera/HOU/ECT@ECT, Mark
Confer/HOU/ECT@ECT, Valarie Curry/NA/Enron@Enron, Tammie
Davis/NA/Enron@Enron, Mary Jane Denson/HOU/ECT@ECT, Keynan
Dutton/NA/Enron@Enron, Diane Ellstrom/HOU/ECT@ECT, Mark Fondren/HOU/ECT@ECT,
Sue Foust/HOU/ECT@ECT, Alexia Gonzales/HOU/ECT@ECT, Eric Groves/HOU/ECT@ECT,
Bjorn Hagelmann/HOU/ECT@ECT, John Hayes/Corp/Enron@ENRON, Veronica
Hill/NA/Enron@Enron, Laura Karl/HOU/ECT@ECT, Nanette Kettler/HOU/ECT@ECT,
Christian LeBroc/Corp/Enron@ENRON, Mark J Leskowitz/HOU/ECT@ECT, James N
Lessor/HOU/ECT@ECT, Linda K Loukanis/HOU/ECT@ECT, Arlene
Mendieta/HOU/ECT@ECT, Richard A Miley/HOU/ECT@ECT, Glenda D
Mitchell/HOU/ECT@ECT, Mary N Morris/NA/Enron@Enron, Michelle
Nelson/Corp/Enron@ENRON, Frank G Newman/HOU/ECT@ECT, Frank
Prejean/HOU/ECT@ECT, Marilyn M Schoppe/HOU/ECT@ECT, Michelle
Schultz/NA/Enron@ENRON, James Scully/HOU/ECT@ECT, Julia Sengele/HOU/ECT@ECT,
Shifali Sharma/NA/Enron@Enron, Lynn E Shivers/HOU/ECT@ECT, Shirley Gail
Sidler/Corp/Enron@ENRON, Karen Snow/HOU/ECT@ECT, Alicia
Solis/EPSC/HOU/ECT@ECT, Patrick Stafford/Corp/Enron@ENRON, Leah
Stephens/Corp/Enron@ENRON, Shelly Stubbs/Corp/Enron@ENRON, Kevin
Sweeney/HOU/ECT@ECT, John Swinney/HOU/ECT@ECT, Michelle
Thomason/NA/Enron@Enron, Brandi Wachtendorf/HOU/ECT@ECT, Rhonda
Washington/HOU/ECT@ECT, Nicole White/Corp/Enron@ENRON, Sony
Wilson/HOU/ECT@ECT, Joan Winfrey/HOU/ECT@ECT, Andrea Bennett/HOU/ECT@ECT,
Shannon Cobb/Corp/Enron@ENRON, Sharon Copley/HOU/ECT@ECT, Michael J
Gasper/HOU/ECT@ECT, John H Harrison/HOU/ECT@ECT, Helen M Jeschke/HOU/ECT@ECT,
George R Lachner/HOU/ECT@ECT, Kristi I Louthan/HOU/ECT@ECT, Ina
Norman/HOU/ECT@ECT, Michael Philips/HOU/ECT@ECT, Kathleen
Salerno/HOU/ECT@ECT, Jill Siekmeier/Corp/Enron@Enron, Angela
Stie/NA/Enron@Enron, Sharon Stringfellow/HOU/ECT@ECT, Tomas
Tellez/HOU/ECT@ECT, Jackie Travis/HOU/ECT@ECT, Lisa Walker/HOU/ECT@ECT, Brent
A Price/HOU/ECT@ECT, Chantelle Villanueva/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Patti
Thompson/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron, Michael E
Moscoso/HOU/ECT@ECT, Jefferson D Sorenson/HOU/ECT@ECT, Bill F
Briggs/HOU/ECT@ECT, David J Botchlett/HOU/ECT@ECT, Phil Clifford/HOU/ECT@ECT,
Rudy Dautel/HOU/ECT@ECT, Rochelle Dent/NA/Enron@ENRON, Steven M
Elliott/HOU/ECT@ECT, Alan Engberg/HOU/ECT@ECT, Douglas S
Friedman/HOU/ECT@ECT, Larry Gagliardi/Corp/Enron@Enron, Jim
Goughary/HOU/ECT@ECT, Adam Gross/HOU/ECT@ECT, Joe King/HOU/ECT@ECT, Melinda
Joyce Lynn/HOU/ECT@ECT, Patrick Markey/HOU/ECT@ECT, Lisa Nemec/HOU/ECT@ECT,
John L Nowlan/HOU/ECT@ECT, Robert Fuller/HOU/ECT@ECT, Ted
Robinson/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT, S Craig Story/HOU/ECT@ECT,
Claude Straub/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT, Sameer
Vasudev/Corp/Enron@ENRON, Spencer Vosko/HOU/ECT@ECT, Vickie J
Weaver/HOU/ECT@ECT, Pavel Zadorozhny/HOU/ECT@ECT, Chris Mahoney/LON/ECT@ECT,
John Chismar/SIN/ECT@ECT, Joel Bennett/HOU/ECT@ECT, Simon
Thurbin/HOU/ECT@ECT, Cindy Horn/LON/ECT@ECT, Michael L
Brown/Corp/Enron@Enron, Yolanda Cordova-Gilbert/HOU/ECT@ECT, Marc De La
Roche/HOU/ECT@ECT, Delores Y Frenzel/Corp/Enron@Enron, Doug
Leach/HOU/ECT@ECT, Perla Montemayor/NA/Enron@Enron, Victor
Santos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David A Terlip/Corp/Enron@Enron
cc:
Subject: Global Products - Houston Organizational Announcement
Based on the recent changes in Global Markets, specifically Global Products
and Coal, the follow organizational changes have been implemented.
Michelle Bruce will assume the Global Products business lead role. She will
be responsible for ensuring that the business processes and procedures are as
effective and efficient as possible. She will also be working with other
groups and offices to ensure consistency of both performance measures and
business standards. John Swinney, lead of Risk Management, and Lisa Walker,
lead of Logistics Coordination, will report directly to Michelle.
Michelle Thomason will continue in her current strategic planning role. In
addition, she will assume the business lead role supporting new endeavors
that our will group will become involved in, including the cost of funds and
prepays activity. Michelle will report to Michelle Bruce.
We are pleased to announce that Jeff Sorenson has joined the Global Products
management team . He will be responsible for physical confirmations as well
as coordinating the financial confirmations and financial settlements for
Global Markets. Lynn Shivers, Documentation lead and his group, will report
to Jeff.
Mark Leskowitz will continue to manage the trade accounting group for both
Global Products and coal as well as all physical settlements for both
business lines. Julie Sengele will help with the physical settlements and
the coal trade accounting. Julie will report directly to Mark.
Michelle Bruce, Jeff Sorsenson and Mark Leskowitz will report directly to me.
Simon Thurbin has joined us from the London office on a temporary assignment
working with Michelle Bruce to define consistent business processes,
practices and procedures. As a result of this global effort, we will work
to ensure consistency and continuity between the Houston and London offices.
Joel Bennett has joined us from the London office. He will be working on
changing the Global risk book process, which is being transitioned to Houston.
Shelly Stubbs will be going to London on a temporary assignment to work with
Cindy Horn focusing on processes on procedures, specifically controls.
Please join me in supporting all of these people in their new roles and
additional responsibilities.
Regards,
Scott |
fyi.
---------------------- Forwarded by Lloyd Will/HOU/ECT on 03/05/2001 07:28 AM
---------------------------
"will lloyd" <[email protected]> on 03/04/2001 08:12:37 PM
To: <[email protected]>
cc:
Subject: meam
Delta Development
February, 1999 Issue
Meam dispute reflects more issues than money
BY NANCY cotten HIRST
Contributing Editor, Delta Business Journal
On the surface, the dispute between the Municipal Energy Agency of
Mississippi (MEAM) and the Clarksdale/Yazoo City alliance appears to be
about money and contracts. Yazoo City and Clarksdale say they are pulling
out of the eight-city energy-supply association because they can provide
power to their cities less expensively on their own.
MEAM says that they have the right to do this, but only in accordance with
the original MEAM contract, which specifies that an entity can only withdraw
from the agency on condition of five years, written notice. This provision
is typical of this type contract and lends a degree of stability to a
coalition of political bodies.
Complicating the matter is the fact the MEAM has financed the upgrading of
the generating facilities at Yazoo City and Clarksdale. The total project
upgraded three frame-five gas turbines and added three waste heat recovery
steam generators and cost in excess of $10 million. Part of this project was
paid for by MEAM revenues and the rest by a $5 million 1994 bond issue.
The Greenwood generating facility was also part of this project, but
Greenwood elected to pay out of other resources rather than participate in
the bond issue. This leaves seven cities responsible for the bond issue and
dependent on the generating capacity of the two cities for a portion of
their electrical power supply.
MEAM also purchases power from other resources to supplement the generating
capacity of Yazoo City, Clarksdale and Greenwood. SEPA, Cajun Electric
Cooperative, Oklahoma Gas and Electric and Entergy Services, Inc. are among
recent suppliers with Entergy holding the largest contracts.
The exit of Yazoo City and Clarksdale from MEAM would hurt the organization
not only in loss of generating power but also in the loss of volume
purchasing power from other supplies. This type loss is one of the reasons
for a five-year notice in the original contract. The other cities involved
in MEAM would be given time to deal with the adverse impact.
Clarksdale and Yazoo City, however, say that MEAM has broken its contract
with them. The two cities plan to form their own alliance to take advantage
of the savings that they perceive to be available in the deregulated
wholesale energy market. They also plan to buy out the bond issue obligation
from MEAM and finance it through revenue bond issues of their own.
At this point the story breaks down into two other issues. One is a very
legitimate difference in style of operation and management between MEAM and
the two cities. The other is a rather obvious problem with power,
personality and disgruntlement.
Neil Davis, General Manager for MEAM, admits to being conservative in his
management style. "I,m the first to say we,re not where we,d like to be
costwise," Davis says, "but we know that we,ve controlled and lowered costs
over the years. We,re very competitive and have the lowest costs in the area.
"Entergy views MEAM as a good wholesale customer and they do all they can to
work with us. We have a good track record with them. We are moving
cautiously. We,re not going to abandon a good relationship unless we are
sure it will improve our circumstances. We look at the end of the year, not
each transaction," Davis continues.
"Entergy provides a load-following service that keeps the load balanced and
has energy follow demand on an instantaneous basis. Our facilities are not
equipped to do this. We know Entergy can and will do this and we don,t have
the track record with other suppliers."
Bob Priest, General Manager of the Yazoo City Public Service Commission, is
much more daring in his approach. "You have to take a risk from time to
time," he says. "MEAM hasn,t changed in the last ten years, and the utility
industry has changed drastically."
Public Service and other officials from both Clarksdale and Yazoo City are
furious about the new contract with ESI. Both cities would prefer not to do
business with Entergy at all, an attitude that has little or nothing to do
with MEAM. Both parties admit that there have been divisive issues for three
or four years, but the recent contract seems to have been the straw that
broke the camel,s back.
Sources who prefer to remain unnamed say that there are other problems.
Various people are angry at staff for various personal reason. Others see a
conflict of interest in Public Service professionals being on the Board,
which was designed as a citizen review entity. They say it puts them in the
position of being able to review their own performance. Comments from people
from the unhappy cities, including their attorney,s presentation to the
Board, contain thinly veiled accusations of wrongdoing that border on
character assassination.
As accusations and recriminations fly, many in the Delta are disappointed in
a situation that is likely to bring harm to all eight cities. If the cities
do successfully pull out of MEAM, it will be interesting to see if, as in
Aesop,s fable, the hare or the tortoise wins the race. DBJ |
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BUSINESS HIGHLIGHTS
eSource
eSource, Enron's research group, has experienced an overwhelmingly positive response to the research training which it has hosted. Participation and interest by Enron employees has exceeded expectations and many classes were quickly filled. As a result, repeat classes have been offered and new sessions have been added to the program. In addition to the Lexis-Nexis and Dow Jones classes, eSource has now begun hosting sessions on Piranha (financials and pricing information), Investext (analyst reports and market analysis), Global Access (financials and corporate activity), and Securities Data Corp. (M&A, debt). eSource has also arranged long distance sessions using interactive web tools for Enron employees around the world. Watch for e-mails announcing new training sessions, either in Houston or in a virtual desktop mode.
Since our launch in December, the eSearch website has received over 230,000 hits. The site today offers Enron employees access to 34 electronic databases. These databases offer the latest financial and business on-line research capabilities in a cost-effective manner. In this era of information explosion, databases are constantly being reviewed to ensure that Enron's research needs are being met. If you know of a professionally relevant database that might be added to eSearch, let us know. Meanwhile, to further fulfill Enron's research needs, eSource is arranging for desktop access to good-old-fashioned libraries too. Books from public and local university libraries can be located, borrowed and delivered to employees' desks. This should be particularly helpful for those with more specialized or technical research needs.
We are also proud to report that at a recent local research conference, Enron's eSource was featured as an industry trailblazer for having invented itself into a combined virtual library and intranet-based research center capable of delivering a broad range of research products and services via the user's desktop. Attendees from Reliant, Shell, Halliburton and ExxonMobil and others were duly impressed.
As for the future, watch for Version 2.0 of the eSearch website, http://esource.enron.com, scheduled to launch soon. It will feature greater functionality and additional content. Look for new features like "Industry Overviews" and links to information providers like Frost & Sullivan, Country Watch, and World Energy Markets.
IN THE NEWS
Chicago And Its Suburbs Pick Enron, ComEd For Power Deals
06/06/2001 Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.)
CHICAGO -(Dow Jones)-The City of Chicago and 47 suburban communities have decided to divide new deals for 400 megawatts of power between Enron Corp. (ENE) and local utility Commonwealth Edison Co., Chicago officials said Wednesday.
In the largest power purchase agreement in Illinois since the state choose to deregulate the industry in 1997, the local government groups will get 60% of their power from Enron and 40% from Exelon Corp.'s (EXC) ComEd. The municipalities use the power for public buildings and public transportation.
Chicago announced Monday that the group has picked ComEd to meet the renewable target by providing 80 megawatts of power created with landfill gas, wind and other sources. ComEd will also provide the coalition with another 80 megawatts of power generated with fossil fuel and nuclear plants, and Enron will provide the other 240 megawatts. The new contracts are expected to go into effect this year.
"We used our purchasing power as local governments to get the best price we could and at the same time to promote competition in Illinois. Enron gave us the most competitive price," Chicago Mayor Richard M. Daley said at a press conference.
WELCOME
New Hires
EGM - Jennifer Morris, Mike Reen, Daniel Fuller, Jason Paterniti
ENA - Craig Hawkins, Carol Langston, Mark Morrow, Harlan Murphy, Bruce Petitt, Emily Schwarzbach, Alice Wright, Allyson Zykorie
Transfers (to or within)
ENA - Thomas Kalb, Debra Brannen, Juan Camarillo, Richard Orellana
EGM - Joana Bekerman, Eric Tipp, Kellie Metcalf, Ricardo Charvel, Jason Andrade
EIM - Jaime Araoz, Gabriel Chavez, Enrique Cadena, Rosalinda Castillo, Kimberly Chick, Ana Morena, William Brown, Grisela Escamilla, Paul Burkhart, Jodi Coulter, Douglas McDowell, Catherine Pernot
NUGGETS & NOTES
Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001. Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately after the presentations. Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco. Dates to be announced soon.
Congratulations to Kathy and Craig Taylor, manager in East Origination. They are the proud parents of a baby girl, Katherine Montgomery, born on May 25.
Travel tip of the week:
When booking through TAP or ClickTrip, use preferred domestic airline carriers to recognize special Enron discounts.
American 28% American West 15%
Continental 17% Delta 10-28%
Northwest 20% TWA 19-25%
United 20% US Airways 30%
Please note: discounts are confidential and should not be disclosed to anyone other than Enron employees.
EnronOnline Statistics
Below are the latest figures for EnronOnline as of June 5, 2001.
* Total Life to Date Transactions > 1,045,000
* Life to Date Notional Value of Transactions > $630 billion
experience Enron
Announcing enhancements to experience Enron:
? To begin your customer's Enron experience, we will send out customized invitations with a Guest Check-In Card that contains detailed instructions about check in.
? experience ENRON has partnered with the Plaza Reception Desk Staff to create a less stressful check in process for your customers. Once they present their card, the Plaza Reception Desk Staff will welcome them and present them with a prepared experience ENRON name badge.
? experience ENRON has also created a new look for your meetings. Our new table tents, welcome folders, name badges, agendas and presentation templates all have the same look to maintain a consistent feel throughout the visit.
? All of this is to ensure that your guest has a unique and customized experience that will exceed their expectations and help you reach your business goals faster.
For more information on experience ENRON, visit our website at experience.Enron.com.
LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed. |
Our marks are fine (at least through 04 where we occasionally see #'s). I don't think it's appropriate to shut down anything. We need to price the product properly and off-peak needs just as much margin as on-peak given the increase in coal prices and the effects of load growth.
Rather than shut down products, increase the price to reflect the current risk in the market. We are chipping away at our off-peak position day by day and we have bought some NYMEX coal.
Am I making sense? In addition, I am working with Doug to buy 7x24 from FPL in North Texas (for both desks). We will probably have to pay $3.50-4.00 spread to get 3-5 year 7x24 deal done.
With respect to NE, the outright prices are much higher and resid is the marginal unit for off-peak, therefore, in some ways the risk is easier to manage.
-----Original Message-----
From: Herndon, Rogers
Sent: Wednesday, August 22, 2001 10:12 AM
To: Presto, Kevin M.
Subject: RE: Request for Information/Status Report
so, should I shut down our retail offerings in those regions. otherwise, i am compounding the problem as ees is selling off of the marks?
RH
-----Original Message-----
From: Presto, Kevin M.
Sent: Wednesday, August 22, 2001 10:08 AM
To: Herndon, Rogers
Subject: RE: Request for Information/Status Report
We are in jail in off-peak as well and are trying to buy. Most regions have markets on-line through 2003 (TVA, Ent, Cinergy, Com-ed). In NY, there is zero liqidity for off-peak. PJM West has pretty decent liquidity through 03.
I hope this helps.
-----Original Message-----
From: Herndon, Rogers
Sent: Wednesday, August 22, 2001 8:39 AM
To: Presto, Kevin M.
Subject: FW: Request for Information/Status Report
Kevin -
If I could see some off-peak markets I would be buying. Unfortunately, I know info like this will just be used against me and the positions I am fighting. Looks like we should be on the bid for some of these coal terminals from the producers.
RH
-----Original Message-----
From: "Allan Stewart" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Allan+20Stewart+22+20+3Castewart+40pira+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, August 22, 2001 6:09 AM
To: Pradhan, Salil
Cc: Herndon, Rogers
Subject: RE: Request for Information/Status Report
I have spent more time down that black hole called coal and have gotten even
more bullish than I was when we spoke last. I wanted to give you some
initial reactions, and hope that you will call to discuss your reaactions to
my reactions (if that make sense to you).
In looking at the MSHA data under a finer and finer slice, I was somewhat
surprised to see the purging of employees in NAPP and CAPP. I have also been
making the rounds in the major NAPP and CAPP basins to gauge the level of
new activity, but it is surprising how sluggish the rebound is and will be.
One could write that off to new problems with permitting (intermittent
streams has become a real problem I am told) and/or to hiring problems while
fighting off the coal unions some more. The other theory is that this
oligopology that has gotten its sea legs! I am leaning towards a theory that
the latter will use the former for cover. Given how bad EIA is, that cover
could last a while. This market is ripe for a squeezing IF gas tightens a
bit and net exports is somewhat inelastic at these levels!
Further, it appears clear that aside from being horrible at managing data
and the needs of the public, EIA is incompetent at analysis. I do not think
we built inventory during 1Q01; it was mostly stocks (producer/distributor)
moving to market. I now understand why you were focusing upon my gas
substitution comments. The other area of opportunity is EXIM. No doubt you
have continued to see the drift in international freight and coal prices.
How low can it go (EXIM) - we are in unchartered territory! I know Hill &
Associates think that the US can become an importer over the longer pull.
The problem is the offloading at terminals (what you load, you can't
necessarily offload) and whose terminals they are. Look at the ownership of
the major terminals and you find coal producers.
I have told our gas guys that I am growing more confident that gas will gain
ground from coal this time around for the structural reaons I gave you plus
the fundamental reasons as well. If today's AGA is bullish again, this could
be the makings of an interesting market op.
Regards,
Allan Stewart
[email protected]
212-686-6808
-----Original Message-----
From: Pradhan, Salil [mailto:[email protected]]
Sent: Tuesday, August 14, 2001 11:01 AM
To: [email protected]
Subject: FW: Request for Information
Hello Allan:
Thanks for the conversation yesterday. I look forward to hearing from
you, and the information you mentioned you will send my way. Thanks a
lot.
Cheers,
Salil.
> -----Original Message-----
> From: Pradhan, Salil
> Sent: Wednesday, August 08, 2001 1:49 PM
> To: '[email protected]'
> Cc: '[email protected]'; Fraser, Jennifer
> Subject: Request for Information
>
> Hello Allan:
>
> I am Salil Pradhan and am with Enron's Coal and Emissions Trading
> Group. Jen Fraser suggested I get in touch with you. She mentioned
> that you made a presentation at Enron on Coal in the month of May and
> wanted to get information on the correlation of natural gas prices
> with coal.
>
> You had mentioned that in the northeast, natural gas could replace 5%
> of the base load from coal once coal prices had catch up with gas
> prices. Can you please send me any supporting analysis and
> information. Also, please let me know if you need more clarification
> or have any other questions.
>
> Best Regards,
>
> Salil Pradhan.
> 713-870-8217.
>
>
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at [email protected] and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
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relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
********************************************************************** |
I concur. We may be very busy in the next few months.
Vince
-----Original Message-----
From: Lemmons Jr., Billy
Sent: Tuesday, November 06, 2001 3:01 PM
To: Elliott, Lexi; Warner, Traci; Patrick, Christie
Cc: Causey, Richard; Kaminski, Vince J; Glisan, Ben
Subject: RE: UT MBA Energy Finance Practicum Sponsorship
Lexi,
I agree, this is not an appropriate time to be bringing students in from the outside for Enron-focused projects. I don't think it hurts us at all since we've never participated in the past.
Please let me know if you need help on the messaging to UT.
Thanks,
Billy
-----Original Message-----
From: Elliott, Lexi
Sent: Tuesday, November 06, 2001 2:56 PM
To: Lemmons Jr., Billy; Warner, Traci
Subject: FW: UT MBA Energy Finance Practicum Sponsorship
Importance: Low
Billy and Traci:
I think I am going to decline the opportunity to sponsor this practicum at UT since they need a commitment from us to define a "project topic" for the students to research. They have also contacted Vince Kaminski as a prospective contact, so I will copy him on this decision if you approve.
Thanks!
lexi
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Tuesday, November 06, 2001 2:15 PM
To: Elliott, Lexi
Cc: Warner, Traci
Subject: RE: UT MBA Energy Finance Practicum Sponsorship
Importance: Low
Lexi-
For CEFER trustees, there is no financial commitment required to sponsor a practicum. The only potential expense would be to cover travel expenses for the team if you want them to make their presentation in person to management in Houston. The main commitment we need is a person who will define a project topic for the team and be available for periodic conference calls throughout the semester. The project sponsor should help guide the team in their research, and provide any internal company data or other contacts within the company who may have information relevant to the topic. If you feel that a non-disclosure agreement is necessary due the nature of the project topic, you may request that the students sign one. Dr. Ronn is the faculty advisor for each team, so students use him as a point of reference as well.
Some potential benefits of sponsoring a practicum include:
Additional exposure to MBA students interested in pursuing careers in energy. The project sponsor will get a close look at a handful of students in action (mostly 1st year MBA's), and can identify potential target recruits for internships or full-time hires later on.
"Free" research. Depending on how you structure the project, the students' results and presentation should be useful to your organization. For example, I did a practicum with El Paso last year, and we studied their use of Master Limited Partnerships as a vehicle for their midstream business. We were able to research in depth some questions they wanted to answer but didn't have the time to do themselves. Our research confirmed some of their "hunches", and management was very pleased with the results.
The level of interest in practicums among 1st year students is quite high compared to last year (over 40 students responded so far). So, we would be excited to have Enron as a sponsor this year. (If you would like to sponsor more than 1 team, we would certainly welcome that as well!)
I have attached the original practicum document with some more details in case you do not have a copy. Let me know if you have any other questions I can answer.
Thanks,
Stephen
-----Original Message-----
From: Elliott, Lexi [mailto:[email protected]]
Sent: Monday, November 05, 2001 1:36 PM
To: Stephen Jensen {ifik243}
Cc: Warner, Traci
Subject: RE: UT MBA Energy Finance Practicum Sponsorship
Stephen:
I am interested in learning more about the sponsorship. What does a sponsorship cost? What benefits do sponsors receive? What activities are involved?
Please give me some additional details. I will take care of circulating them to Traci.
Thanks!
Lexi Elliott
713/853-4585
-----Original Message-----
From: Warner, Traci
Sent: Friday, November 02, 2001 12:16 PM
To: Elliott, Lexi
Subject: FW: UT MBA Energy Finance Practicum Sponsorship
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, October 25, 2001 10:16 PM
To: Kaminski, Vince J
Cc: Warner, Traci
Subject: UT MBA Energy Finance Practicum Sponsorship
Mr. Kaminski-
I am an officer in the Energy Finance Group in the University of Texas MBA program, and I am in charge of coordinating our Energy Finance Practicum Program. I would like to know if Enron would be interested in sponsoring one or more student teams in an energy finance practicum next semester. I have attached a document with a description of the program, and details on what the level of commitment is for a sponsor (no financial commitment is required). Sponsorships can only be given by the eight trustees of CEFER (the Center for Energy Finance Education & Research). Dr. Ronn serves as a faculty advisor for each team.
Lexi Elliott suggested that you and Traci would be the appropriate people to contact for such a request. Could you let me know if Enron would be interested in sponsoring a team next semester, and who my point of contact should be in the event that you would like to participate? Feel free to contact me if you would like some more details on the program.
Thanks,
Stephen Jensen
<<EFG Practicum Program.doc>>
Stephen E. Jensen
MBA Class of 2002
McCombs School of Business
[email protected]
<http://mba02.bus.utexas.edu/stephen.jensen/>
**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at [email protected] and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
********************************************************************** |
Notice No. 01-58
February 16, 2001
TO:
All NYMEX Members/Member Firms
All NYMEX Clearing Members
All NYMEX Floor Traders
All NYMEX Operations Managers
FROM:
George Henderson, Vice President
RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
________________________________________________________________
The expiration date for the March 2001 options contract for Cinergy (NOH1),
Entergy (OTH1), Palo Verde (VOH1) and Cob (WOH1) is Thursday, February 22,
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 trade=s 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 ATO@ your firm and the status of
each transfer.
REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer AFROM@ 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 APPROXIMATE TIME USUAL FAST FACTS(F)
MESSAGES OF MESSAGE EVENT TIME E-MAIL (E)
AVAILABILITY BOTH (B)
Announce Out-of-the 5:45PM 5:45PM F
Money Exercise and In-the-Money
Do Not Exercise Submissions
Announce Final Input to C21 6:30PM 6:45PM E
Cutoff Time
All positions are deemed final 7:30PM 6:45PM F
Announce Exercise/Assignment 8:25PM 8:30PM B
Information Available on the Single
Position Maintenance Windows
All Report Distribution is 11:00PM 11:00PM F
completed
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.
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Note: If you click on the above line and nothing happens, please copy
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Subsets and Splits