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Update Day 1 Second Session FERC CA Settlement | In the Room Conference attended by all in-state generators a few munies the IOUs and a few others. One attorney from CPUC but on phone. Barbara Barkovich attended for CA Large Consumers. Nader sent someone. No other consumers. One other ESP -- Strategic Energy (only operates in San Diego). Judge reports that only 6 offers have been submitted to FERC for sales to the IOUs (note Enron submitted one of the offers). The offers total 2000 MW. The prices are quite divergent. He expresses concern at the little offered. Generators suggest that more could be offered if FERC could be more flexible on terms (FERC required 24/7 offers). IOUs and others press judge to seek offers from others not present (e.g. BPA other marketers SW utilities) but judge does not offer to do so. Barkovich says can't throw large customers into non-core market now. Everyone agrees that we are all looking for a blended wholesale rate (part existing gen part OFs part forward contract and part spot) that meshes with the IOUs' ability to recover the costs in rates -- so tied to CPUC rate increase. Discussion of CPUC PD -- not enough Enron able to take low profile. SDG&E suggested terminating the settlement talks at FERC saying nothing could be achieved. Not much happens until 4:30 pm when judge blows up -- judge directed epithets at SDG&E and SCE. SCE had refused to cooperate from the beginning. Out of the Room Separate talks between PG&E and SDG&E and some of the generators. Late in the day Judge meets with IOUs. Parties agree informally that forum does not work well given lack of CPUC involvement but some believe that FERC is only hope for a workable resolution. Next Steps -- The Judge Speaks Judge asked everyone to consider how to Share the Pain for Thursday's meeting and said not to expect any win:win scenario. His view is that FERC is better than the CA legislature or bankruptcy court. His focus will be on Wolak proposal to share the pain as submitted in 12/1/00 comments to FERC -- forces all sellers to CA to sell most of its supply (either generation or marketer offers) as cost-based rates in forward contracts or lose ability to sell at market-based rates. Generators oppose this I believe. Enron planning to continue low profile but to discuss options with ENA. | business document | urgent | 5 |
Part 4, revised | null | other | formal | 3 |
Madera Ranch Press Release | Heads up. This is not to be discussed in advance out side of Enron but you guys need to know. If there are ways we can be helpful call Carolyn Green to discuss. ----------------- | other | neutral | 3 |
CNN Link Update | I think this is a good idea. We may want to think about CNBC as well. Brandon -- any technical obstacles? Margaret/Cindy -- how does the link work? does it go straight to the clip or do users have to navigate within CNN's site? ----------------- | other | confidential | 5 |
Senate Energy Markup Cancelled | The Senate Energy Committee's meeting to consider and vote on Chairman Bingaman's electricity restructuring legislation and amendments to that proposal -- originally scheduled for tomorrow -- has been CANCELLED. No new date has been announced. Given the tragic events yesterday at present we expect congressional activity to be suspended following today's sessions until into next week. We will keep you posted on further details as they become available. | media & press | formal | 3 |
RE: confidential ee info | Mark Can you email me or fax me any written documentation we have give to Heidi in regard to performance. I have her reviews but thought we did some other written documentation. Let me know. Thanks. | other | formal | 5 |
Re: | Mark has some editorial changes to the letter if there is still time | other | formal | 3 |
Fwd: The Answer! | enjoy! ----------------- | other | casual | null |
Final Colorado Springs, CO Itinerary | ----------------- | personal & social | casual | 0 |
test message | Testing Notes capabilities of your Enron home computer. | other | casual | 3 |
Digital Power Demand: JP Morgan Report | See if there is anythiing of use in here for your high tech group messages. | information technology | casual | 0 |
California Update--0717.01 | fyi ----------------- | other | casual | 2 |
<<Concur Expense Document>> - April-01 AMEX | ----------------- | finance | neutral | 0 |
Re: washington contacts | I talked with Scott Tholan and he immediately understood your concerns. I don't think there is anything else you need to do right now. Let me know though if there are requests for information you consider inappropriate. From: Cynthia Sandherr 09/14/2000 11:53 AM To: Steven J Kean/NA/Enron@Enron cc: Joe Hillings/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Chris Long/Corp/Enron@ENRON Subject: washington contacts Steve: As discussed I spoke with Clay and raised the points we discussed. Thus I'm a bit surprised to receive this cover type memo. To be clear with you as I was with Clay (he repeated back my message verbatim so I feel he understood the issue) the issue is not maintaining excellent relationships rather the issue is inappropriate requests for insider information. By the way the Administration meeting which set off the problem Clay stated he doesn't remember where that information came from. I have followed up with DOE and the Hill as discussed. Please let me know if we need to do anything further. thanks. ----------------- | other | formal | 3 |
West Virginia Settlement | ----------------- | legal affairs | neutral | 1 |
Barton Subcommittee Approves California Bill; Price Caps Defeated | The Energy and Air Quality Subcommittee meet for almost six hours today and approved an amended version of H.R. 1647 Chairman Barton's emergency legislation to aid California by a 17-13 party line vote. The full Energy and Commerce Committee may take it up as early as next week (probably Thursday May 17th). The Subcommittee DEFEATED an amendment by Rep. Waxman (D-CA) to impose wholesale price caps for 18 months. The amendment was defeated 12-20 with all Republicans voting against including the three from California and Rep. Greg Walden (R-OR) who while seen as the last to decide to oppose the price cap amendment was the most forceful and articulate in opposition to the amendment. Also voting NO were Democratic Reps. Ralph Hall (D-TX) and Chris John (D-TX) with which we had met in recent days. The final vote tracked our whip count going into the meeting. Rep. Albert Wynn (D-MD) offered and withdrew an amendment to delete the negawatts provision. There was bipartisan criticism that while the concept made sense there were potential problems in terms of possible games playing including end users being able to sell power while not actualy reducing their normal power levels. Another member said that electric coops that are required to sell at cost could have customers then go out and resell that power and make a lot of money. Several Members said businesses could shut down put workers out of work and become energy marketers and make more money. Chairman Barton made a forceful defense of negawatts. While the amendment to strike was deleted we will need to respond to these criticisms and shore this up before full committee next week. There will be another attempt to delete at full committee unless these concerns are addressed in an amended version. Ranking Democrat Rick Boucher (D-VA) offered and withdrew an amendment to reinstate FERC maximum prices for the secondary transmission market thus reversing the Feb. 2000 FERC order. This woudl last for 18 months. Chairman Barton said he agreed with Boucher that there is a problem with what appear to be high gas transmission rates to California but he disagrees with the proposed remedy. He pledged to work with Boucher before Full Committee mark-up. We are obtaining a copy of this amendment and should analyze it ASAP for its potential impact on Enron operations. Rep. Ed Markey (D-MA) offered and withdrew an amendment to impose a series of new tests to be administered by FERC all with the goal of discouraging spot market transactions or at least what he would define as excessive use of the spot market and at the same time encourage deep bilateral mechanisms. The mechanisms included a market balance test that would say only sellers with a commitment to the long term market could sell in the spot market at unregulated rates and spot market circuit breakers that would be triggered when reserves are low in a given market. Chairman Barton said he likes the concept of a spot market circuit breaker but felt that the amendment was too complicated to be evaluated today. We will also pursue an analysis of this amendment since it will likely be offered again in some form. Mr. Markey also offered and withdrew a net metering proposal that would establish federal interconnection standards for individual consumers who would want to use fuel cells and other renewable technology to put power onto the system. It was interesting that those who opposed negawatts spoke favorably of net metering even though they are complementary. The subcommittee by voice vote adopted a Walden Amendment to strike the section of the bill that would have required an RTO if 10 of the western governors approved it. The debate was pro-RTO but the rationale for deleting the provision is that one is already being formed and Members from those states did not want to upset the work already under way. A series of other amendments on other matters were offered and withdrawn none of which relate to our activities. | other | informative | 3 |
Confidential Information and Securities Trading | To:SALISBURY HOLDEN - 503-464-3835 Enron Wholesale Services - Office of the Chairman From: Mark Frevert Chairman & CEO Mark Haedicke Managing Director & General Counsel Subject: Confidential Information and Securities Trading To keep pace with the fluid and fast-changing demands of our equity trading activities Enron Wholesale Services (EWS) has recently revised its official Policies and Procedures Regarding Confidential Information and Securities Trading (Policies and Procedures). These revisions reflect two major developments: (1) our equity trading activities have been extended into the United Kingdom and (2) in an effort to streamline the information flow process the Review Team will play a more centralized role so that the role of the Resource Group is no longer necessary.You are required to become familiar with and to comply with the Policies and Procedures. The newly revised Policies and Procedures are available for your review on LegalOnline the new intranet website maintained by the Enron Wholesale Services Legal Department. Please click on the attached link to access LegalOnline: If you have already certified compliance with the Policies and Procedures during the 2001 calendar year you need not re-certify at this time although you are still required to to review and become familiar with the revised Policies and Procedures. If you have not certified compliance with the Policies and Procedures during the 2001 calendar year then you must do so within two weeks of your receipt of this message. The LegalOnline site will allow you to quickly and conveniently certify your compliance on-line with your SAP Personal ID number. If you have any questions concerning the Policies or Procedures please call Bob Bruce at extension 5-7780 or Donna Lowry at extension 3-1939. | legal affairs | formal | 3 |
Re: PRC MEMO from Skilling | I think the memo needs some additional work. I have made a number of suggestion (highlighted on the attached). From: Karen Moore/ENRON@enronXgate on 04/30/2001 07:56 AM To: Cindy Olson/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Karen Denne/Corp/Enron@ENRON Michelle Cash/HOU/ECT@ECT David Oxley/ENRON@enronXgate Andrea Yowman/Corp/Enron@ENRON Gina Corteselli/ENRON@enronXgate Robert K Jones/NA/Enron@Enron cc: Subject: PRC MEMO from Skilling Attached is a draft of the PRC memo to go out from Jeff at the end of this week for your review. Karen Denne Michelle Cash and Gina Corteselli have reviewed the document and their comments/edits/suggestions have been made accordingly. Please have your responses to me no later than COB Wednesday May 2 2001. Thanks Karen | other | formal | 5 |
Re: NASCAR Craftsman Truck Series Proposal | Thank you for the information. Unfortunately we are not interested at this time. Lorna Clark <dlpits@yahoo.com> on 05/16/2001 08:59:39 PM To: Steve Kean <skean@enron.com> cc: Subject: NASCAR Craftsman Truck Series Proposal Steve: Approximately 3 weeks ago we sent you a Sponsorship proposal for Ware Racing. We are curious if you've had the time to look our package over. We have tried unsuccessfully to reach you by phone and understand that you are very busy. If you have time would you please contact us reguarding this matter. You can reach us by phone or fax at (905) 680-1568 or on the net at dlpits@yahoo.com. We look forward to hearing from you. Thank-you Dave/Lorna Clark Allied Motorsports (representing WARE Racing) Do You Yahoo!? Yahoo! Auctions - buy the things you want at great prices http://auctions.yahoo.com/ | other | polite but firm | 3 |
Re: Enron and the Energy Services Issue Before The WTO | I need you to run these items by Rick. I take full responsibility for approving the hiring of the Hills firm (and I look forward to meeting with you and Carla as we discussed) but remain hopeful we can use their services for something other than WTO. In the wake of Seattle and as I have come to understand better what the WTO can and cannot do for us on the energy services front I have come to the view that our talent and money would be better spent on other activities. My inclination is to do the bare minimum necessary to keep the machine going. If we have specifically committed to certain things then let's follow through. If there are things we can avoid let's avoid them. Specifically with respect to Fischer going to Geneva Why not have him available by phone at all hours to provide assistance and mage that known to USG instead of underwriting additional travel. With respect to the Hills firm can we use the retained time to help with the specific strategies we are now working out for the regions? These are the kinds of things we need to consider. Joe Hillings@ENRON 04/19/2000 04:13 AM To: Steven J Kean/HOU/EES@EES cc: Subject: Enron and the Energy Services Issue Before The WTO Steve: This is a brief extension of our conversation yesterday afternoon putting in print some of the upcoming dates and possible committments for your consideration and decision. We have no exit strategy at this time and in order to follow your general instructions to withdraw gradually (I'm not quite certain that is possible at this stage) you need to know the following. The April meeting at the WTO in Geneva (Committee on Specific Committments) spent considerable time discussing how energy services would be considered in the WTO GATS (General Agreement on Trade and Services) . The USTR raised the issue tabled the issue and guided the discussion. We did not send anyone to that session. As planned for several months we issued the Rachel Thompson study which is completing its basic distribution now. There has already been considerable interest in the study and I fully expect it to generate discussion in the days ahead. I have sent you the correspondence from the Japanese Ministry. Tonight I am hosting a small dinner for the top staff person for the leading Japanese business organization affiliated with the CSI organization. He raised the issue of Japan's industry feeling energy services was going too fast too soon when Ken addressed the WTO Ministerial Forum last December in Seattle. Now he has told Bob Vastine president of CSI that he was told later by his collegues that his statement was a misstatement. We'll hear more tonight. Later today the ESC Executive Committee is meeting with the DOE to discuss how they can support energy services for the USTR who has lacked technical advisers since Donna Bobbich and Russ Profozich left DOE earlier this year. DOE has appointed a group to help USTR and this is an orientation meeting held at their request. Next week I have scheduled the first ESC full meeting since January to update members (now 50 since Schlumberger joined on Friday) on developments which is essentially a report by USTR Carol Balassa who is the responsible official handling energy services. She has given a couple of us a debriefing on what happened at the WTO meeting and a request to prepare more detailed information for the May 10 meeting in Geneva where she tells us that energy services will be even more involved in the discussion. We should have Bob Fisher go to that meeting to be of assistance. This is a decision point for you. We have made some other committments which are also decision points although the Helsinki meeting on June 18th has been agreed upon based on my feelings that when I discussed it (the SCO/FSN Showcase Europe) in Houston with you and Rick you raised no objection which I took as agreeing that it should go forward. We have done this meeting annually where I have brought in someone from Enron companies to brief them and host them for dinner. These are the commercial people in the US embassies throughout Europe and the former Soviet Union. They are important points of contact for our commercial people. This year they want to have energy services in the WTO and as we would like them to exist in their territory. A few members of the ESC Executive Committee will do the former and Peter Styles the later. I have organized the dinner. Following that meeting is one that EC Trade staffer Uta Klinkers wants the ESC Executive Committee to put on in Brussels which is a joint meeting she is organizing with European energy industry representatives. This is a dialogue on energy services. The EU is an important player in the WTO and Uta who recently met with the ESC Executive Committee in Washington is quite supportive of liberalized energy services. At the EC she reports directly to Commissioner Pascal Lamy. Rick's memo this week suggested we have Peter Styles do this briefing. Peter is not an American and is not affiliated with the ESC. Therefore unless we participate Europe's energy industry is not talking with US industry. If this is what you want then I should tell Uta that we are unable to do the meeting. The last meeting is the presentation by Ken Lay at the OECD Forum 2000 on June 26 which I engineered with Doug Worth Secretary General of the BIAC (Business Industry Affairs Committee) to the OECD. This is a major world conference and Ken is addressing e-commerce and services. Doug an American and former head of the Washington IBM office wants to have Ken meet with OECD Commissioners in a smaller meeting to discuss trends for the future. I had planned to be there with Ken for the day day and a half he will be in Paris. I introduced our company to the OECD several years ago and it has become increasingly involved in issues of interest to us. Well these are the near-term items that require your fine hand if we are to proceed. A dramatic drop off at this time will have its effects and no one is likely to pick up our leadership. There is growing support for what has been accomplished and the USG plus others are now hooked on the energy services agenda. I cannot easily see an exit strategy that can do anything but cause criticism at this point. This is definately a longer term committment that I thought we had made when approval was given to hire the Hills firm. However if you want to exit other than pulling back from the Brussels meeting I think the other meetings are firm committements at this point. These are some thoughts for your consideration and decision. Joe | other | formal | 3 |
Fwd: | FYI. | business document | neutral | 5 |
New York with Mark Koenig. | Joanie is booking a dinner in NY for this night. 9:00 shuttle to DC | personal & social | casual | 0 |
RE: GISB Approves Strawman 2.1 | When appropriate GISB should do some kind of press release and congressional outreach so that policymakers are aware of this significant development. We have made reference to the process of turning GISB into EISB as we have discussed the reliability issue but the board vote is another reason for them to do some outreach on their own as well. | project-specific | formal | 3 |
Washington DC to meet with Jefferds | Lunch - still outstanding (No mci guy) 2:30- Chris Perkins Senator Jefferds office (R-VT) Senate Building Room 728 Hart Malcolm and Cynthia will attend she also invited Mike Marvin Business Council 3:30 - Rick Kessler Congressman Pallone Democrate from New Jersey 420 Cannon Malcolm can also attend 4:00 - Elise Jones Congresswoman Furse (D-OR) 316 Cannon Malcolm can go to this MCI we'll try to do on May 1st. | other | formal | 3 |
PGE/Commercial Support Group Meeting, 32C1 | Per Geoff Roberts | other | formal | 3 |
RE: Help for Krishnarao Pinnamaneni | Wade Thanks for your help. Krishna advised me of the conversation he had with you. Vince | other | polite | 3 |
<<Concur Expense Document>> - AMEX - 02/02/01 | null | finance | neutral | 2 |
Out of the office | Gretchen Bates/Mitchell Rosen (shared Marketing) 800-989-4427 Jim Coffey PEx use by marketers(312)407-7835 Move Hebert meeting from 15th | other | formal | 3 |
YOUR MARCH 25 SLIDES OF SPEECH TO PUBLIC UTILITIES Conference | Never mind ... I found 'em. ----------------- | other | casual | 0 |
RE: Confidential Concern | Valeria is looking into it. Michelle | other | formal | 0 |
Re: Rick Buy Status | Rick -- I'm so sorry to hear about this but I'm glad the outlook is good. Let me know if there is anything I can do to help. From: Karen K Heathman/ENRON@enronXgate on 07/17/2001 02:38 PM To: Richard Causey/ENRON@enronXgate Andrew S Fastow/ENRON@enronXgate Ben Glisan/HOU/ECT@ECT Jeffrey McMahon/ENRON@enronXgate Raymond Bowen/ENRON@enronXgate Mark Koenig/ENRON@enronXgate Rebecca Carter/ENRON@enronXgate Mark Frevert/ENRON@enronXgate Greg Whalley/ENRON@enronXgate David W Delainey/HOU/EES@EES Steven J Kean/NA/Enron@Enron John J Lavorato/ENRON@enronXgate John Sherriff/ENRON@EUEnronXGate Stanley Horton/ENRON@enronXgate cc: Subject: Rick Buy Status Sent this out to my direct reports but I wanted you to be aware as well. Rick Buy | business document | formal | 2 |
Project California | I agree with Rick. I know Jose is tied up on current business but his input will be important. To date we have been relying on legal analysis of required approvals etc. That information is essential but it is as you know about 10% of the issue. The far more critical considerations are how is the government likely to react on a political level and what can we do about it. I think our government affairs people are in the best position to make these assessments. ----------------- | project management | formal | 3 |
Tax Review of California Assembly Bill No. 128 | please forward to Vicky Sharp. ----------------- | finance | formal | 3 |
Confidential (sic)...chew immediately after reading (sic). | You have to love the availability of beautiful lasses for viewing. Things are interesting. Enron is moving right along and we will find out about who I am working for on Friday (our auction should be completed then). Not too much else is new. My place continues to get better (as I slowly furnish it) but Portland continues to be the little sister to Seattle. A couple new bars in town suggest she might be getting closer to puberty but definitely not the woman about town that Seattle is. Morgan told me you may no longer be with Steph? Is this true? (And I hope you are the only one reading this if it is not). If that is the case well we can see what we can do about it. As always I have no plans the next couple weekends so give me a shout (still have my cell phone at 503-887-3449) if you want to take a trip on down. Your always welcome to crash on my couch...(sorry its all I have I got rid of the futon). Hope youre doing well. Word. | personal & social | casual | 2 |
Re: HP -- confidential internal document | This is an excellent update. Thanks for putting this together. Dale/Patrick - lets regroup on how we want to move this onward. Seems like SJ's suggestion of our spending more time with Bill Dwyer is a good one. Thanks Matt Sarah-Joy Hunter@ENRON 12/12/00 02:42 PM To: Matt Harris/Enron Communications@Enron Communications cc: Patrick Tucker/Enron Communications@Enron Communications Peter Goebel/NA/Enron@Enron Dale Clark/Enron Communications@Enron Communications Jennifer Medcalf/NA/Enron@Enron Subject: HP -- confidential internal document Matt: As GSS Business Development transitions the HP relationship for broadband to your team there are several issues I wanted to clarify in terms of how the relationship has been developed and who the contacts have been to date. Additionally I outlined the discussion points/action items from this morning's meeting you held with Jennifer Medcalf and myself. Per your request the HP presentation complete with a listing of HP's business partners was e-mailed to you this morning. HP contacts to date: Bill Lovejoy Western Gulf Area Sales Manager Houston TX #(713)-439-5587 (Gerry Cashiola's boss) Gerry Cashiola sales representative Houston TX #(713)-439-5555 (To date HP person coordinating the relationship--seeking a short term play) Greg Pyle Solution Control Manager Southeast Region Austin TX (#(512)-257-5735 (Pyle has been playing the business developer role but continues to defer leadership of the process to Gerry Cashiola) Daniel Morgridge Manager of Internet - E-Services long term alliances Austin TX #(512)-257-5736 (Interested in E-services/wireless longer term alliances) Bill Dwyer Chief Architect e-Services Solutions Cupertino CA #(408)-447-5240 (To date clearly the most knowledgeable person on HP's business propositions strong technical financial background to craft value propositions. Gerry Cashiola and Greg Pyle deferred to his judgement in the 11/16th meeting) Matt On November 10th GSS Business Development took HP through a tour of Enron's trading floor the gas control center and the peaking power plant unit center on the trading floor. This tour was one meeting amongst several held in October and November to provide HP a full overview of Enron's products and services and introduce them to appropriate contacts at Enron (EBS GSS buy side -- Peter Goebel). On November 16th GSS Business Development Patrick Tucker and Dale Clark outlined 3 possible EBS/HP focus areas -- connectivity storage and wireless. Three EBS action items were defined in that meeting: 1) HP was to provide an HP contact on connectivity (to date Gerry Cashiola has stalled on providing this). Sarah-Joy will continue to pursue this information and get a sense from Gerry Cashiola of what he means by short term opportunity. What is HP's time horizon for short term? 2) EBS and GSS/BD was to facilitate a conference call on Storage with Ravi to explore size and potential scope of opportunity (completed 12/8) 3) GSS/BD was to facilitate a conference call with Peter Goebel GSS IT Sourcing Portfolio Leader (set for 12/14) In conversations with you Jennifer Medcalf and myself this morning several decisions on forward-looking strategy with HP/EBS were confirmed: Gerry Cashiola has been unable to take control of the process. More importantly despite numerous visits to Enron in which he has had overviews of Enron's products and services met with Peter Goebel and his team on the GSS buy side and participated in an Experience Enron tour Gerry has been unable to define an HP business proposition. The coordination between Cashiola (short term initiative) Morgridge (long term 12-24 months) has remained unorganized. These initiatives need to be developed separately. Clearly the conversations with HP need to be elevated to a more senior level so EBS can work with HP decision makers who can move the relationship forward at a strategic level. As the relationship is developed at this strategic level shorter term opportunities will crop up along the way. But Gerry's short term plans will not be the focus of the EBS/HP relationship rather a by-product. To facilitate this process of elevating the relationship Jennifer Medcalf and I are following up with Bill Lovejoy and Greg Pyle. Lovejoy's boss is Dan Sytsma VP of HP's America's Central Region. In the conference call Thursday 12/14 with Peter Goebel and HP regarding wireless initiatives Peter will support the GSS/BD push for the HP/EBS initiative by reiterating the following two points: a) Enron is already an HP customer the onus is on HP to move forward on the process of building a strategic relationship (IBM and Lexmark are only some of the HP competitors who could push them out of the running) b) HP's ability to bring the right people to the table will influence HP's business relationship process with Enron Patrick Tucker and Dale Clark could build their relationship with Bill Dwyer Chief Architect e-Services Solutions (met at the meeting 11/16) in the near term. Perhaps plan a visit to Cupertino California to see Dwyer in person. We look forward to continuing close collaboration with your team on this and other opportunities. Sarah-Joy Hunter Enron Corporation Global Strategic Sourcing - Business Development #(713)-345-6541 | other | formal | 0 |
Re: Distribution | There is also a california update call (used to be daily now weekly). Marcia Linton (Jim Steffes' assistant) can give you the call in information and add you to the distribution list. | energy services | formal | 5 |
Merger News Articles | A full list of news articles will be distributed on Monday but here is som= e of the initial coverage. Business/Financial Desk Section A Rival to Buy Enron Top Energy Trader After Financial Fall By ALEX BERENSON and ANDREW ROSS SORKIN 11/10/2001 The New York Times=20 Page 1 Column 2 c. 2001 New York Times Company=20 With its stock plunging and its finances in doubt the world's largest ener= gy trader the Enron Corporation agreed to be acquired yesterday by the ri= val Dynegy Inc. for about $9 billion in stock and the assumption of $13 bil= lion in debt.=20 The deal is an extraordinary turnabout for Enron a Houston-based company t= hat had been a driving force behind electricity deregulation nationwide. Its chairman Kenneth L. Lay a big contributor to the Republican Party pr= ovided political influence while its former chief executive Jeffrey K. Sk= illing helped create markets for the trading of electricity and natural ga= s. But last winter when California's effort to deregulate the electricity = market led to soaring power prices and rolling blackouts Enron was the sub= ject of much criticism and political anger.=20 Recent disclosures of discrepancies in Enron's financial statements and an = investigation by the Securities and Exchange Commission caused the shares t= o plunge this week to their lowest level in a decade. As other companies be= came wary of doing business with it Enron -- also facing a potential cash = squeeze -- apparently had little choice but to find a buyer and a deal was= hastily cobbled together this week.=20 For critics who had complained about Enron's market power and its dominance= the combination poses additional concerns. Dynegy's acquisition of Enron = will be reviewed by state and federal agencies led by the Justice Departme= nt and the Federal Energy Regulatory Commission. Analysts said today that t= hey expected scrutiny of the combined companies' holdings in California wh= ere Dynegy owns power-generating plants and Enron accounts for much of the = trading of natural gas -- fuel for the state's electric power plants.=20 Buying Enron at a deep discount -- it has lost $60 billion in market value = this year -- could make Dynegy the dominant trader of electricity and natur= al gas. But the agreement carries big risks as well. Along with Enron's gas= pipelines and high-technology trading floor Dynegy will take on Enron's s= ubstantial debt and a web of complex transactions that Enron has spun over = the last decade.=20 In addition to the $13 billion in debt that Enron carries on its books it = has guaranteed at least $4 billion in off-balance sheet loans and the hidd= en debt could total as much as $10 billion said Carol Coale a stock analy= st with Prudential Securities.=20 Charles L. Watson Dynegy's chairman and chief executive said yesterday th= at Dynegy could sort through Enron's tangled finances. ''We know the compan= y well'' Mr. Watson said. ''It's not like we just started fresh. I'm confi= dent that it's as solid as we thought it was.''=20 The new company will combine Enron's 25000-mile natural gas pipeline syste= m with the large number of power plants that Dynegy owns worldwide as well= as Illinois Power a Dynegy subsidiary that serves 650000 customers in Il= linois. But its most important asset will be its trading desk. It will be t= he largest energy trader in the nation trading more than twice as much pow= er and natural gas as its closest competitors.=20 Mr. Watson said the company did not expect to sell significant properties a= nd that the deal should pass regulatory scrutiny. ''There's really not a lo= t of overlap in assets'' he said.=20 Mr. Watson and Steve Bergstrom Dynegy's president will hold those positio= ns in the new company which will be called Dynegy and remain in Houston. M= r. Lay who created Enron in the mid-1980's will not have any role in the = combined company's daily operations. He has been asked to join its board bu= t has not provided an answer. ''The last three weeks haven't been a lot of = fun'' he said.=20 In a statement announcing the agreement yesterday afternoon Mr. Watson sai= d he was confident that the merger would produce a strong new company. ''En= ron is the ideal strategic partner for Dynegy'' Mr. Watson said. ''We will= keep a strong balance sheet and straightforward financial structure as key= priorities.''=20 To shore up Enron's finances Dynegy will immediately put $1.5 billion into= Enron through ChevronTexaco the giant oil company which already owns 27 = percent of Dynegy. Another billion dollars will be injected once the deal i= s completed.=20 Investors appeared comfortable yesterday that Dynegy could make the deal wo= rk. After falling $3 to $33 on Wednesday when the companies first said t= hey were in discussions Dynegy rose $5.76 on Thursday and yesterday to clo= se the week at $38.76.=20 ''On paper it works'' Ms. Coale of Prudential said. ''The combined compan= y would be the leading trader the market leader in most of their businesse= s.'' Ms. Coale who has a sell rating on Enron and a buy rating on Dynegy = said she planned to keep her buy rating on Dynegy.=20 As it works to have the deal approved Dynegy will have to persuade Enron's= traders to stay with the combined company. The pain of the stock's 90 perc= ent plunge this year will not be equally shared. Some Enron employees have = held onto their shares and seen their retirement accounts eviscerated. Mean= while Mr. Lay Mr. Skilling and other former and current executives sold h= undreds of millions of dollars in Enron stock in 2000 and this year.=20 The companies also have very different corporate cultures. Dynegy emphasize= s teamwork while Enron is more competitive said Ehud Ronn director of th= e Center for Energy Finance Education and Research at the University of Tex= as. Even before the merger was announced Enron had lost some of its employ= ees to other energy trading companies Mr. Ronn said.=20 Some investors and analysts say that the problems with Enron's finances may= extend beyond the partnerships that have been the subject of Wall Street's= scrutiny the last month. James Chanos a short-seller who has been one of = Enron's most vocal critics said there was increasing evidence that Enron's= energy trading operations were not as profitable as the company had said. = ''There appears to be a culture at Enron of aggressively booking profits an= d deferring or obscuring losses'' Mr. Chanos said.=20 On Thursday Enron said in a filing with the S.E.C that it had overstated i= ts earnings by almost $600 million over the last five years. Mr. Chanos sai= d more restatements were possible noting that the filing disclosed partner= ships had been used to hedge almost $1 billion in losses in 2000 and this y= ear. So far the losses from those partnerships remain off Enron's financia= l statements Mr. Chanos said.=20 Enron's stock had been under pressure for most of this year as the company= ran up large losses with failed efforts to expand outside its core trading= operation. In August Mr. Skilling resigned as chief executive and Mr. La= y resumed control of daily operations.=20 Still the company appeared financially sound until last month when it dis= closed that its shareholders' equity a measure of the company's value dro= pped by $1.2 billion because of deals disclosed only hazily in its financia= l statements. The announcement unnerved investors who wondered whether Enr= on had found ways to inflate its profits and move debt off its balance shee= t and led the S.E.C. to begin an investigation.=20 Mr. Lay tried to reassure investors that Enron's finances were in order and= that its businesses remained strong. But the last three weeks have brought= a series of damaging revelations about partnerships that Enron formed with= some of its top executives including its former chief financial officer = Andrew S. Fastow.=20 With questions mounting the major credit-rating agencies began to downgrad= e Enron's debt putting additional pressure on the company. If Enron's debt= rating falls below investment grade it would be forced to repay $3.3 bill= ion in loans that it had guaranteed.=20 To strengthen its balance sheet and bolster its stock Enron turned to big = investors like Warren E. Buffett in search of billions of dollars of financ= ing. When the financing did not quickly appear its stock fell further.=20 By this week some major energy traders were refusing to extend credit to E= nron worrying that the company would be unable to make good on its contrac= ts. The Mirant Corporation an Atlanta-based power plant owner and electric= ity trader sharply curtailed its trading with Enron this week. ''We're tra= ding with them on a very limited basis'' said James Peters a Mirant spoke= sman. ''It's not business as usual.''=20 On Wednesday Enron's stock fell as low as $7 a share its lowest level in = more than a decade. That day news of the Enron and Dynegy talks leaked out= .=20 By late Wednesday the boards of the two companies had tentatively agreed t= o a deal. But Dynegy refused to go ahead until it learned whether Enron's c= redit rating would remain investment grade and was comfortable with the eff= ect of the deal on its own rating. The deal moved forward yesterday after D= ynegy was assured Enron's debt was not in danger of being lowered to junk s= tatus soon after the deal was announced according to company officials.=20 Dynegy and Enron had provided Standard & Poor's and Moody's Investors Servi= ce the main credit agencies with statements showing them what a combined = company might look like and asked the ratings agencies for an expedited rev= iew of the transaction Mr. Watson said.=20 Under the deal Enron shareholders will receive 0.2685 share of Dynegy stoc= k for each Enron share or $9.80 based on Dynegy's closing price on Thursda= y. Enron's stock gained 22 cents yesterday to $8.63.=20 ''I never thought our stock price would be at this level'' Mr. Lay said ye= sterday.=20 Enron's shareholders will own only 36 percent of the combined company and = Dynegy will name at least 11 members of the company's 14-member board.=20 If the deal falls apart Enron or Dynegy will have to pay a breakup fee of = $350 million.=20 To protect Dynegy's and ChevronTexaco's cash infusion the money will go to= an Enron unit that owns the Northern Natural Gas Pipeline. If the merger i= s not completed Dynegy will have the right to buy the unit.=20 An army of bankers and lawyers advised the companies. Lehman Brothers Inc. = acted as financial adviser and Baker Botts and Akin Gump Strauss Hauer &= Feld acted as counsel for Dynegy. J. P. Morgan & Company and Salomon Smith= Barney acted as financial advisers for Enron and Vinson & Elkins and Weil= Gotshal & Manges acted as the company's counsel. Pillsbury Winthrop served= as counsel to ChevronTexaco. Chart: ''A Marriage of Strength and Weakness'' A merger of Enron and Dynegy= would bring together two of the country's biggest energy companies -- and = save Enron from potential collapse. Graph tracks the weekly closes of Enron= shares from 1999 through 2001. Top North American gas marketers SALES OF = BILLION CUBIC FEET PER DAY* Enron: 24.6 Reliant: 13.2 Duke Energy: 12.8 BP:= 12.3 Mirant: 11.8 Dynegy: 10.9 Top North American power marketers SALES O= F MILLION MEGAWATT HOURS* Enron: 212.5 American Electric Power: 134.5 Duke = Energy: 118.1 Reliant Resources: 86.1 PG&E National Energy Group: 73.2 Dyne= gy: 70.1 *Figures are for the 2nd quarter of 2001. (Sources: Bloomberg Fina= ncial Markets Simmons & Co. Natural Gas Week)(pg. C2) Dynegy Enron Merger Deal Worth Almost $25 Billion Melita Marie Garza 11/10/2001 KRTBN Knight-Ridder Tribune Business News: Chicago Tribune - Illinois=20 Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News Source: World= Reporter (TM)=20 Enron Corp. the nation's biggest power trader was taken over by its small= er more conservative rival Dynegy Inc. in a merger deal valued at nearly = $25 billion company officials announced Friday.=20 The combined company will be called Dynegy Inc. and will be headed by Chuck= Watson Dynegy's chairman and chief executive. If it wins regulatory and s= hareholder approval the deal would propel Dynegy the sixth-largest U.S. p= ower trader to the No. 1 position with more than 30 percent of the market= . The Houston-based competitors are new-breed energy companies formed to cap= italize on wholesale power marketing and trading with Dynegy emphasizing i= ts own power generation capabilities.=20 Enron meanwhile has been laid low in recent weeks by soured transactions = with energy partnerships run by one of its former executives and by a serie= s of revelations about questionable accounting practices. Enron this week w= as forced to restate its earnings over the past five years -- revising them= downward by 20 percent or $586 million -- and has seen its stock price pl= unge more than 80 percent in the past three weeks.=20 Both Enron and Dynegy have extensive business dealings in Illinois one of = the first states to begin deregulating its electric power industry among o= ther things Dynegy owns Illinois Power a Downstate utility.=20 The new Dynegy would become one of the largest companies in the world with= revenues exceeding $200 billion and assets of roughly $90 billion company= officials said. By comparison ExxonMobil the nation's largest company r= eported revenues of $232.7 billion in 2000.=20 We needed to do something to strengthen our balance sheet and get the inve= stor community focused on the core energy business said Kenneth Lay Enro= n's chairman and chief executive. We looked at several alternatives this = was in the best interests of our employees and shareholders.=20 Lay said he would not have a role in running the new company but was consi= dering a request to serve on the newly combined board.=20 Watson Dynegy's chairman said the merger compact included escape clauses = for Dynegy. But I wouldn't be standing here if I expected to see that (us= ed). I really believe the value degradation in Enron had nothing to do with= their core business. We looked under the hood it is just as strong as we = thought it was.=20 Still Watson acknowledged the possibility that more problems may surface a= t Enron. I don't think anybody can absolutely unequivocally say there's no= thing (more) there he said.=20 Dynegy's stock price closed higher Friday rising $2.26 or 6.2 percent to= $38.76. Enron's stock was down 33 cents or 3.7 percent at $8.63 a share.= =20 Together the companies have natural gas sales of about 40 billion cubic fe= et per day through the third quarter of 2001 and power sales exceeding 500 = million megawatt hours through the third quarter of 2001. In addition the = new Dynegy's delivery network will include more than 22000 megawatts of ge= nerating capacity and 25000 miles of interstate pipelines. In Enron Dyneg= y is taking on a company saddled with a heavy debt load and a credit rating= that has been downgraded to near junk bond status and is under the cloud o= f a Securities and Exchange Commission investigation.=20 Under the stock for stock swap portion of the deal valued at $8.846 billio= n Dynegy is paying about $10.41 a share for the 850 million outstanding En= ron shares. Dynegy would pay .2685 shares of its stock for each share of En= ron.=20 In addition Dynegy agreed to provide $1.5 billion infusion in cash to help= stabilize its much larger competitor and assume an estimated $15 billion i= n debt.=20 Just Thursday Enron reported that its debt was an estimated $12.9 billion p= ending completion of financial statements dated Sept. 30. A day later the c= ompany's accounting of its debt jumped $2 billion.=20 Dynegy's current shareholders including Chevron Texaco Corp. will end up = owning 64 percent of the new company. Chevron Texaco said it would invest a= n additional $2.5 billion in Dynegy.=20 Enron's stockholders will own about 36 percent of the combined company's st= ock at closing which is anticipated for the third quarter of 2002.=20 In Illinois in addition to Illinois Power Dynegy owns a Chicago area elec= tricity peaker plant and is a partner with Nicor Inc. in Nicor Energy an = unregulated natural gas utility in the Chicago area.=20 Enron's subsidiary Enron Energy Services has a high-profile contract to p= rovide 60 percent of Chicago city government's electricity. It also has con= tracts to provide electricity to Quaker Oats Co. and the University of Chic= ago among others.=20 In addition to Watson other top Dynegy management will remain in place in = the new company. Steve Bergstrom president of Dynegy Inc. and Rob Doty c= hief financial officer of Dynegy Inc. will retain those positions in the c= ombined company. Enron's current president and chief operating officer Gre= g Whalley will become an executive vice president of the new Dynegy. The b= oard of directors of the combined company will be comprised of 14 members. = Dynegy's 11 designees will include three from ChevronTexaco. Enron will hav= e the right to designate a minimum of three board members. Business/Financial Desk Section C Regulators Struggle With a Marketplace Created by Enron By JEFF GERTH with RICHARD A. OPPEL Jr. 11/10/2001 The New York Times=20 Page 1 Column 2 c. 2001 New York Times Company=20 WASHINGTON Nov. 9 -- For years the Enron Corporation used its political m= uscle to build the markets in which it thrived pushing relentlessly on Cap= itol Hill and in bureaucratic backwaters to deregulate the nation's natural= gas and electricity businesses.=20 Its achievement as one Enron executive said today in creating a ''regulat= ory black hole'' fit nicely with what he called the company's ''core manage= ment philosophy which was to be the first mover into a market and to make = money in the initial chaos and lack of transparency.'' Now Wall Street's dissatisfaction with Enron's secretive ways has delivere= d the company into the arms of its much smaller Houston rival Dynegy Inc.= in a deal worth about $9 billion in stock and the assumption of $13 billio= n in debt. The combination of the two companies energy experts and lawmake= rs said today poses a novel set of challenges for regulators still struggl= ing to grasp the complexities of the marketplace that Enron invented.=20 ''We're in a supersonic-speed era of electronic trading with a horse-and-bu= ggy-era regulatory system to protect consumers'' said Representative Edwar= d J. Markey a Massachusetts Democrat who has devised legislation to close = the regulatory gap.=20 Dynegy's acquisition of Enron is expected to be reviewed by numerous state = and federal agencies led by the Justice Department the Federal Trade Comm= ission and the Federal Energy Regulatory Commission.=20 Analysts said today that sharp scrutiny would be given to the combined comp= anies' holdings in California where Dynegy owns generating plants and Enro= n controls a large part of the market for trading natural gas -- the fuel f= or a big share of the state's electric power plants.=20 ''Dynegy would now have a greater ability to take the dominant position in = gas and raise the price of electricity'' said Frank Wolak a professor of = economics at Stanford University.=20 Mr. Wolak a consultant to the Justice Department on a 1999 antitrust case = that led to limits on another merger of electricity and natural gas compani= es in Southern California said he was skeptical that regulators were up to= the task of reviewing today's deal.=20 The transaction ''is something the Department of Justice needs to look at = and they are going to have a hard time looking at'' Mr. Wolak said. ''And = it's beyond the ability of the F.E.R.C. to look at.''=20 Pat Wood -- named chairman of the federal energy commission earlier this ye= ar with the backing of Kenneth L. Lay the chairman of Enron -- acknowledge= d in an interview today that the agency had ''a long way to go'' in matchin= g the sophistication of the companies it regulates.=20 But he said that the commission had made great strides in grappling with th= e new risk management techniques pioneered by Enron Dynegy and other energ= y companies. It is hiring more experts he said adopting more restrictive = rules on how much ''market power'' one party can control and requiring more= disclosure of certain energy transactions.=20 In an interview this evening Charles L. Watson the chairman of Dynegy sa= id he did not believe that regulators reviewing the deal with Enron would r= equire the sale of any assets. ''We haven't really identified any pitfalls = that require any sort of asset divestiture'' he said. ''There's not really= any overlap.''=20 A senior executive at one of Enron's largest energy-trading rivals disagree= d. ''I don't think this deal gets through unscathed'' he said today. ''I'm= sure the Justice Department and the F.T.C. will look closely at the pretty= substantial concentration of market power these companies will have in the= energy-trading area.''=20 Enron is mainly a trader of natural gas and electricity -- indeed the bigg= est player in both those markets -- and it also owns a network of gas pipel= ines. Dynegy processes and sells natural gas and generates and sells electr= icity. Each company owns a local electric utility too: Dynegy owns Illinoi= s Power in Decatur Ill. while Enron owns Portland General Electric in Por= tland Ore. but last month announced plans to sell it to another Oregon ut= ility.=20 For a decade as it transformed itself from a gas pipeline operator into th= e nation's biggest energy trader Enron enjoyed unalloyed lobbying success = in Washington and the enthusiastic backing of Wall Street.=20 In the early months of the Bush administration Mr. Lay -- whose company wa= s one of the biggest financial backers of George W. Bush's presidential cam= paign -- played a prominent and some said unusual role in helping the Whi= te House pick nominees to the federal energy commission. Enron executives m= et with Vice President Dick Cheney whose energy task force backed many of = the deregulatory initiatives pushed by Mr. Lay.=20 Now ''the company has become a pariah'' an Enron executive said today. ''= The Bush administration doesn't want to have anything to do with us.''=20 The problems began with the energy crisis in California where Enron's outs= poken defense of deregulation even more than its electricity trading activ= ities made the company a favorite whipping boy of politicians and consumer= advocates. In the financial markets meanwhile Enron's confusing disclosu= res tolerated when its stock was soaring drew disdain as the calming of t= he energy storms in California and other parts of the country beat the shar= es down starting last spring.=20 ''Enron fell victim to their own inconsistencies on transparency'' Mr. Wol= ak said. As California officials sought to understand why energy prices had= soared out of control he said Enron's ''view was that we want everybody'= s data but if you want ours get a subpoena.''=20 Energy executives and regulators said that sort of arrogance had long marke= d Enron's attitude about government oversight.=20 Electricity sales had for decades been the job of local utility companies = operating as monopolies and selling power at regulated rates within their s= ervice areas. A few entrepreneurs led by Mr. Lay conceived a different mo= del in which power could be sold by generators or middlemen to big corporat= e users or utilities in faraway regions at whatever price the market would= bear.=20 In the early 1990's Congress -- under heavy lobbying by Enron -- passed le= gislation that began to open up electricity sales to marketers. Before long= Enron became one of the first companies to receive government approval to= sell electricity at market rates. The market for interstate sales of natur= al gas had been freed up a few years earlier and critics complained that t= raders like Enron were gleaning their profits by stoking volatility in gas = prices.=20 In the mid-1990's independent gas producers backed legislation in Congress= to allow the creation of a co-operative marketing organization which the= y hoped would have helped stabilize prices.=20 Raymond Plank the chairman of the Apache Corporation a gas producer based= in Houston said that the big gas marketing and trading companies includi= ng Enron successfully lobbied to kill the plan leaving prices as volatile= as ever.=20 ''It was a great concept'' Mr. Plank said. ''We could have headed off the = problems we have today.''=20 Enron's final lobbying success came last year. With a strong push from the = company's lobbyists Congress passed futures trading legislation that exemp= ted Internet energy trading platforms like EnronOnline the industry leader= from oversight by the Commodity Futures Trading Commission. Enron takes t= he other side of trades on its exchange. In traditional markets like the Ne= w York Mercantile Exchange which remain subject to oversight the exchange= acts as a middleman between buyers and sellers.=20 Under Mr. Watson Dynegy has been less of a pathbreaker than Enron and tho= ugh California politicians denounced it too as a profiteer during the ene= rgy crisis most analysts say it has been less aggressive than Enron in bot= h its business practices and its lobbying.=20 Indeed the rival energy-trading executive today predicted ''a huge culture= clash'' as the Houston neighbors merge. ''Blood will flow in Houston over = the integration of the trading operation'' he said.=20 But regulators may find Dynegy easier to deal with.=20 Earlier this year the federal energy commission asked for comments on whet= her it should tighten scrutiny of dealings between natural gas pipelines an= d energy-trading shops owned by the same company.=20 Enron wondered what all the bother was. ''Would stricter rules prevent real= affiliate abuse that current rules do not'' it wrote in a regulatory fili= ng ''or would they instead merely restrict the activities of some of the m= ore successful participants in the marketplace?''=20 Dynegy by contrast painted a grim picture and invited regulators to crack= down. ''Abuses abound'' it said ''because of financial windfalls diffic= ulty of detection lengthy investigations and increased complexity of the m= arket.'' =20 Report on Business: Canadian Dynegy to buy troubled rival Enron Reuter News Agency 11/10/2001 The Globe and Mail=20 Metro B4 All material Copyright (c) Bell Globemedia Publishing Inc. and its licenso= rs. All rights reserved.=20 NEW YORK -- Energy provider Dynegy Inc. agreed yesterday to acquire fast-si= nking rival Enron Corp. for $9.5-billion (U.S.) signalling the demise of a= company that just months ago was one of Wall Street's highest fliers.=20 Terms of the transaction call for Dynegy to swap 0.2685 shares of its own s= tock for each Enron share the companies said. That would value Houston-bas= ed Enron at $10.41 a share including convertible stock a premium of 21 pe= r cent over yesterday's closing price of $8.63. ChevronTexaco Corp. which owns a 27-per-cent stake in Dynegy has agreed t= o infuse $1.5-billion immediately into Enron to support it until the deal c= loses. With its market-making capabilities earnings power and proven stra= tegic approach to wholesale markets Enron is the ideal strategic partner= said Dynegy chairman and chief executive officer Chuck Watson.=20 Enron the United States' largest energy trader has been struggling to ove= rcome a plummeting stock price and credit rating in the past month followin= g disclosures of deals being investigated by the U.S. Securities and Exchan= ge Commission for possible conflict of interest. =20 Financial Desk The Nation Smaller Rival to Acquire Teetering Enron Power: Energy giant tha= t pressed for deregulation in California is on the brink of collapse. NANCY RIVERA BROOKS THOMAS S. MULLIGAN NANCY VOGEL TIMES STAFF WRITERS 11/10/2001 Los Angeles Times=20 Home Edition A-1 Copyright 2001 / The Times Mirror Company=20 Enron Corp. the once-highflying energy giant whose aggressive efforts to p= rofit from California's energy deregulation made it a target of consumer an= d political backlash on Friday agreed to be saved from possible financial = collapse through a proposed acquisition by rival Dynegy Inc.=20 The roughly $7.7-billion deal is a stunning plot twist for Houston-based En= ron which was vilified in California as it was being glorified on Wall Str= eet. In only the last month a series of disturbing financial revelations p= ushed to the edge of ruin this once-powerful company whose top executives = had lectured California on its energy foibles and who influenced the direct= ion of national energy policy. Enron muscled its way to the top of the energy heap using aggressive and i= n the end financially suspect strategies that proved its undoing.=20 Now the company that late last year had a market value of $63 billion is w= orth one-tenth that and has agreed to be swallowed by a cross-town competit= or one-quarter its size. Enron's proud and influential chairman and chief e= xecutive Kenneth L. Lay who became a focus of bitter attacks by Californi= a politicians and regulators would lose his job as would many others at E= nron.=20 Even the name would disappear. The combined company would be called Dynegy = Inc. if the deal receives all the necessary regulatory and shareholder appr= ovals.=20 California officials took no joy in Enron's fate Friday though there was p= erhaps some sense of retribution from its many critics in the state.=20 This is basically a rogue corporation said Sen. Steve Peace (D-El Cajon)= an outspoken critic of Enron for years who dealt with the company as he c= haired the committee that hammered out the legislative portion of Californi= a's landmark electricity deregulation plan in 1996. It has from the beginn= ing been a rogue corporation which answered in its mind to a higher law--a = fundamental belief that there are laws of economics that supersede the law = of the land.=20 A Failed Experiment=20 Steve Maviglio spokesman for Gov. Gray Davis said that although Enron was= never a major force in California's doomed electricity market it was outs= poken in support of deregulation.=20 In a sense their experiment was much like California's experiment--a fail= ure he said.=20 Said Harvey Rosenfield president of the Foundation for Taxpayer and Consum= er Rights in Santa Monica: Nothing could better illustrate the disaster of= deregulation than the fact that one of its biggest proponents which reape= d the reward of deregulation is suffering the consequences.=20 Enron is the world's largest energy trader handling one of four energy dea= ls in the United States through its online trading operation EnronOnline. = Since it reported a surprising third-quarter loss on Oct. 16 partly tied t= o shadowy investment vehicles Enron has endured a huge loss of investor co= nfidence which brought on a massive cash crunch and some shrinkage of its = trading business.=20 Under the deal announced Friday Dynegy invited in two weeks ago after Enr= on fell short in its efforts to line up new financing would immediately he= lp Enron by pouring $1.5 billion in cash into the company. The money would = be provided by ChevronTexaco Corp. the San Francisco oil company that owns= nearly 27% of Dynegy.=20 Enron shareholders would get 0.2685 Dynegy share for each Enron share whic= h values the company at about $7.7 billion based on Friday's stock close. D= ynegy shares surged $2.26 to close at $38.76 per share on the New York Stoc= k Exchange Enron added 22 cents to close at $8.63 per share still off 89%= year to date.=20 If the deal closes in six to nine months as the parties expect Dynegy and= ChevronTexaco would invest $1 billion additionally in the combined company= .=20 This is just a financial bonanza really for both companies said Charles = L. Watson Dynegy chairman and chief executive who will head the combined = company. Watson said the merger would immediately add to Dynegy's earnings.= =20 Even so the repercussions of Enron's fall from grace could be far-reaching= . Coming on the heels of California's energy crisis Enron's troubles may s= low the country's march toward energy deregulation which Lay and Enron cha= mpioned for years as a potential boon to consumers and the economy in gener= al.=20 But the deal announced Friday will prevent an even worse outcome energy ex= perts said: the threatened collapse of Enron which would clog up for a tim= e the business of buying and selling electricity natural gas and oil. That= could interfere with delivery of energy around the country they said.=20 This is an encouraging development for the energy industry said Stephen = Baum chairman of Sempra Energy the San Diego-based parent of Southern Cal= ifornia Gas and San Diego Gas & Electric. The Enron-Dynegy combination wil= l create a credit-worthy counter-party which will help preserve order in th= e marketplace. It also will reinforce confidence in the energy trading busi= ness going forward.=20 But some in the industry are less pleased.=20 Raymond Plank chairman of Apache Corp. a Houston-based natural gas explor= ation and development firm said he is considering a motion to the Federal = Trade Commission against the proposed merger.=20 There are issues of concentration in a combination of the largest energy t= rader Enron and the fifth-largest Dynegy Plank said. California shoul= d be particularly concerned because Dynegy owns power plants there and Enro= n has pipelines and other interests.=20 Troubles Mount as Stock Plunges=20 The swagger that was Enron is long gone. Consider:=20 * Enron's brash chief executive Jeffrey K. Skilling touted only months ag= o as one of the young stars of American business abruptly resigned in Augu= st citing personal reasons. Enron's stock already had fallen from its high= of nearly $90 per share as investments in water and telecommunications tur= ned sour a fact that contributed to Skilling's departure.=20 * The Securities and Exchange Commission has launched an investigation of E= nron's controversial dealings with a number of limited partnerships some o= rganized and run by Enron managers including Enron Chief Financial Officer= Andrew S. Fastow who was ousted last month.=20 * In an extraordinary confession Thursday Enron announced that it had over= stated profit by $586 million or 20% during the last five years. The earl= ier financial statements reported to Wall Street and the investing public = Enron said should not be relied upon.=20 * The company also fired its treasurer and a corporate lawyer both of whom= it said were investors in one of the limited partnerships. Yet some analys= ts questioned whether even in its admission of accounting trickery Enron = wasn't still holding something back.=20 * Credit-rating agencies which already have downgraded Enron's bonds to ba= rely above junk status continue to pore over Enron's books. Analysts hav= e said a further downgrade to the level of junk or below investment grade= could precipitate a crisis akin to a run on a bank and threaten Enron's su= rvival while the merger is pending.=20 With its stock crumbling and trading partners leery about its ability to pa= y its debts Enron was forced to walk hat in hand down Houston's Energy All= ey to negotiate a saving takeover by Dynegy the rival once jokingly dismis= sed as Enron Lite.=20 In the trading markets where Enron still holds a leading but increasingly v= ulnerable position other players already are stepping up to grab a bigger = share of the business. Even if Enron's trading operation survives more or l= ess intact under the wing of a Dynegy or some other company experts said = it may never regain its former level of dominance.=20 Enron has been a very innovative shop willing to spend considerably to es= tablish new markets said analyst Andre Meade of Commerzbank Securities in= New York. If that culture is not kept everyone loses.=20 Skilling and mentor Lay had worked for a decade to create both a new kind o= f company and a new set of markets for it to play.=20 In large part they succeeded. Enron transformed itself from a traditional = gas pipeline company into a high-tech global trader of everything from elec= tricity to pollution credits to aluminum. The company's overarching strateg= y was to pare its physical assets to the minimum to get the maximum profit = bang from its intellectual capital: the ranks of MBAs and PhDs that filled = its Houston trading floor.=20 Rather than maintain its own expensive gas fields and power plants--which i= t relegated to stodgy utilities and oil companies--Enron would handle every= thing by contract relying on a network of suppliers to obtain store and d= eliver the goods while the company focused on squeezing out the best price.= =20 Dynegy in contrast has invested in such energy assets including three po= wer plants in Southern California. It uses those assets to back its trading= operation which is much smaller than Enron's.=20 Enron pulled off a migration from the dirty extreme of the oil patch the= asset-intensive domain of drillers and explorers to the clean end wher= e all the deals are done on a computer screen. It also was a migration from= lower profit margins and lower risk to high margins and high risk.=20 Shannon B. Burchett chief executive of Risk Limited Corp. an energy-orien= ted strategic-management consultancy in Dallas compared Enron to the inves= tment bank Salomon Bros. where he used to work in the former PhiBro commod= ities unit.=20 Enron Burchett said embodies a Wall Street culture that happens to be in= Houston.=20 Wall Street certainly got it or thought it did.=20 Accounting Rules Pushed to the Limit=20 At Enron's zenith last year when its stock peaked near $90 a share and it = was pushing into esoteric markets for weather derivatives and fiber-optic b= andwidth Enron seemed to be a one-company wave of the future.=20 Enron's aggressiveness brainpower and willingness to back radical new idea= s with serious capital helped it acquire an aura that in some ways was its = undoing analysts said.=20 Investors accorded Enron's stock a price-to-earnings valuation that was con= sistently higher than those of its peers reflecting the view that its cutt= ing-edge business model could consistently deliver faster-growing profit th= an its competitors.=20 To keep profits arcing ever upward to justify the outsize valuation Enron = began pushing the accounting rules as hard as it pushed competitors in the = trading arena. It acknowledged as much in its statement Thursday conceding= that the operations of three of the limited partnerships should have been = consolidated with Enron's own financial statements instead of being held se= parate.=20 By raising capital and running deals through the limited partnerships Enro= n could keep large amounts of debt and certain volatile assets off its own = balance sheet while simultaneously booking profit from the partnerships' t= ransactions analyst Meade said.=20 Deals Backed by Costly Guarantees=20 One risky aspect of some of Enron's deals through the partnerships was what= Meade called a double-trigger guarantee under which Enron would pledge = a cash payout if either its bond rating fell below investment grade or its = stock declined below a certain price.=20 The guarantees must have seemed a cheap way to sweeten a deal when Enron's = stock was flying high but they came back to haunt the company later when = it had to pay cash to make good on its obligations Meade said.=20 Other energy-trading companies use similar devices but Enron carried it to= an extreme and disclosed too little detail to make the process understanda= ble to investors he said.=20 Enron's magic like that of the Internet-stock phenomenon had never been e= asy to understand in the first place. The company had a reputation among an= alysts for providing scanty financial detail and hard-to-grasp explanations= of some of its dealings.=20 But as long as the reported profit kept climbing Enron kept getting the be= nefit of the doubt.=20 M. Carol Coale a respected Houston-based analyst for Prudential Securities= ruefully recalled a time last winter when she told Enron she could find = no positive catalyst for the stock and was considering downgrading her inv= estment opinion.=20 Skilling telephoned Coale and asked her to hold off promising her that the= re was unspecified good news on the horizon that would justify her faith.= =20 I believed him Coale said last week in an interview in Houston. She held= her rating steady at that time but has since downgraded Enron to an outrig= ht sell.=20 Instead of Skilling's promised good news questions mounted during the spri= ng and Enron's stock continued a steady decline. Coale and other analysts = were troubled that a large proportion of Enron's earnings seemed to come no= t from its core trading operations but from unusual transactions involving = the company's own stock or that of affiliates.=20 In California Enron played a key role as chief cheerleader for electricity= deregulation and a key energy middleman in the state. As wholesale electri= city prices soared and the state plunged into its energy crisis late last y= ear Enron and other out-of-state electricity generators and traders became= favorite targets of California politicians and regulators who said the co= mpanies were manipulating the market and charging too much for power.=20 But significantly California was not a directly successful territory for E= nron.=20 Markets in water did not develop as Enron subsidiary Azurix envisioned. And= Enron's plans for selling electricity to retail customers were deferred ev= en as deregulation took effect in 1998 because the state's deregulation for= mulas didn't allow room for retail competition.=20 Lay complained about California frequently and met with the governor to try= to influence the state's moves to repair its energy problems. In an interv= iew in his Houston office in January--overlooking Enron's new headquarters = building which is still under construction as the company's name disappear= s--Lay said he and other Enron executives had objected to the way Californi= a regulation was set up.=20 We objected more vehemently than anyone. We opposed the concept of the poo= l he said referring to the now-defunct California Power Exchange in whi= ch most of the state's power was bought and sold in an hourly market. What= competitive market in the world has a pool? We don't buy our groceries thr= ough a centralized PX.=20 Enron also backed away from building a small power plant in California last= year when the state imposed price caps.=20 One of the loudest complaints by Davis and other California officials was t= hat generators of electricity were playing games to get higher prices.=20 They criticized Enron severely too even though it was not a major generat= or because the level of its worldwide trading operations--buying and selli= ng contracts worth billions of dollars in electric power every day--gave En= ron immense sway over pricing and supplies of electricity. They also believ= e that Enron and Lay helped play a part in the reluctance of federal regula= tors for several months to place restraints on the California marketplace.= =20 CEO's Future Role Uncertain=20 Millions of people in California businesses lost money because this rogue = company succeeded in controlling the government of the United States said= state Sen. Peace one of the architects of the state's deregulation plan.= =20 Ken Lay was a mystic Peace said. Whatever he said had to make sense bec= ause he was Ken Lay. It was hero worship.=20 Many of the people working as economists at the Federal Energy Regulatory = Commission worshiped Ken Lay. As a consequence the things Enron promoted a= nd pushed for were never challenged intellectually and otherwise.=20 Lay who has been asked to sit on the board of the combined company said F= riday that he had not yet decided whether to accept.=20 He described his time building Enron as a very long ride. It's been a very= good ride for the most part.=20 I have to say the last few weeks have not been very much fun he said.=20 *=20 Rivera Brooks reported from Los Angeles and Mulligan from Houston and New Y= ork. Times staff writer James Flanigan in Los Angeles contributed to this r= eport.=20 *=20 RELATED STORY=20 Fallen CEO: Enron's Lay is a brilliant man defeated by arrogance associate= s say. A22=20 RELATED STORY=20 Energy crisis: Power firms have seen their fortunes dim in recent months. S= unday Business C1 PHOTO: Dynegy Chairman and Chief Executive Charles L. Watson right announ= ces the merger with Enron Chairman Kenneth L. Lay. PHOTOGRAPHER: Associ= ated Press PHOTO: This is just a financial bonanza really for both compan= ies says Charles L. Watson Dynegy chairman and chief executive. PHOTO= GRAPHER: Associated Press Dynegy to buy Enron Associated Press 11/10/2001 Deseret News=20 D07 Copyright (c) 2001 Deseret News Publishing Co.=20 HOUSTON -- Energy marketer Dynegy Inc. announced Friday that it will buy it= s much larger rival the once mighty but now troubled Enron Corp. for $8 b= illion in stock. Dynegy also will assume a hefty $15 billion in Enron debt.= =20 The announcement came after Enron's stock price plummeted about 80 percent = over the past three weeks because of concerns that the company wasn't revea= ling serious financial problems to shareholders. Under the deal ChevronTexaco Corp. which owns more than a quarter of Dyne= gy would quickly provide about $1.5 billion. ChevronTexaco also would cont= ribute an additional $1 billion upon completion of the deal the companies = said.=20 With its market-making capabilities earnings power and proven strategic a= pproach to wholesale markets Enron is the ideal strategic partner for Dyne= gy Dynegy chairman and chief executive officer Chuck Watson said in annou= ncing the purchase.=20 Watson made it clear that he would not tolerate the sort of financial pract= ices that prompted explosive disclosures by Enron this week -- including an= admission that more than half a billion dollars in debt had been kept off = the company's books.=20 As a combined company we will focus on leveraging our core skill sets and= as always we will keep a strong balance sheet and straightforward financ= ial structure as key priorities Watson said.=20 Enron is the country's top buyer and seller of natural gas and the No. 1 w= holesale power marketer. The company operates a 25000-mile gas pipeline sy= stem and also markets and trades metals paper coal chemicals and fiber-= optic bandwidth.=20 Dynegy controls nearly 15000 megawatts of power generating capacity throug= h investments in power projects and sells the energy in wholesale markets = and through utilities.=20 At a news conference Watson said company officials who negotiated the deal= came away convinced that Enron was worth buying despite its recent trouble= s.=20 We looked under the hood . . . it's just as strong as it ever was Watson= said.=20 Under the terms of the deal Enron shareholders will receive .2685 Dynegy s= hare for each share of Enron common stock valuing each Enron share at $10.= 41. Enron has about 775 million common shares said spokeswoman Karen Denne= .=20 That represents a 21 percent premium above Enron's closing price of $8.63 F= riday on the New York Stock Exchange -- but still just a fraction of their = 52-week high of $84.87. Dynegy's shares climbed $2.26 or 6 percent to clo= se at $38.76 on the NYSE.=20 In after hours trading on the NYSE Enron shares shot up 15.6 percent or $= 1.35 to $9.98. Dynegy shares were unchanged.=20 Dynegy's stockholders will own approximately 64 percent of the new company= with Enron's stockholders holding the remainder.=20 The boards of both companies have unanimously approved the transaction whi= ch is expected to close next summer. The deal is expected to save the combi= ned company between $400 million and $500 million annually because of conti= nued elimination of non-core Enron holdings and lower operating costs.=20 Watson will remain as chairman and chief executive of the combined company= which will retain the Dynegy Inc. name. Steve Bergstrom will remain as pre= sident of Dynegy.=20 Enron chairman and chief executive Kenneth L. Lay will no longer have a rol= e in day-to-day management of the company but has been offered a seat on t= he combined company's board and will help shepherd the merger through.=20 I am personally committed to working with Chuck Watson Steve Bergstrom an= d their colleagues in the months ahead to accomplish the merger and to buil= d a solid foundation for future value creation Lay said.=20 Dynegy said that Greg Whalley the current president and chief operating of= ficer of Enron will become an executive vice president of the new Dynegy. = He said the merger sets the best course for Enron.=20 Few of the options we considered for our core business going forward provi= ded us with the earning potential and immediate synergies that a merger wit= h Dynegy could deliver Whalley said. Together with Enron's recently anno= unced bank commitments this cash infusion gives Enron immediate liquidity= which we believe will enable the company to maintain its investment grade = credit rating.=20 The merger was announced a day after Enron acknowledged it overstated earni= ngs by about 20 percent over the past four years and kept large amounts of = debt off its balance sheets through business partnerships now under investi= gation by the Securities and Exchange Commission.=20 Analysts said the merger rescues Enron but leaves Dynegy in uncharted terr= itory -- with the outcome of the SEC investigation completely unknown. The= re is still a shroud hanging over Enron that now moves over to Dynegy sai= d Carol Coale an analyst with Prudential Securities. Business Dynegy Enron OK $25 billion deal New company would rank among largest Melita Marie Garza Tribune staff reporter 11/10/2001 Chicago Tribune=20 North Final N 1 (Copyright 2001 by the Chicago Tribune)=20 Enron Corp. the nation's biggest power trader was taken over by its small= er more conservative rival Dynegy Inc. in a merger deal valued at nearly= $25 billion company officials announced Friday.=20 The combined company would retain the Dynegy name and would be headed by Ch= uck Watson Dynegy's chairman and chief executive. If it wins regulatory an= d shareholder approval the deal would propel Dynegy the sixth-largest U.S= . power trader to the No. 1 position with more than 30 percent of the mar= ket. The Houston-based rivals are new-breed energy companies formed to capitali= ze on wholesale power marketing and trading with Dynegy emphasizing its ow= n power generation capabilities.=20 Enron meanwhile has been laid low in recent weeks by soured transactions = with energy partnerships run by one of its former executives and by a serie= s of revelations about questionable accounting practices. Enron this week w= as forced to restate its earnings over the past five years--revising them d= ownward by 20 percent or $586 million --and has seen its stock price plung= e more than 80 percent in the past three weeks.=20 Both Enron and Dynegy have extensive business dealings in Illinois one of = the first states to begin deregulating its electric power industry among o= ther things Dynegy owns Illinois Power a downstate utility.=20 The new Dynegy would be one of the largest companies in the world with rev= enues exceeding $200 billion and assets of roughly $90 billion company off= icials said. By comparison ExxonMobil Corp. the nation's largest company= reported revenues of $232.7 billion in 2000.=20 We needed to do something to strengthen our balance sheet and get the inve= stor community focused on the core energy business said Kenneth Lay Enro= n's chairman and CEO. We looked at several alternatives this was in the b= est interests of our employees and shareholders.=20 Lay said he would not have a role in running the new company but was consid= ering a request to serve on the newly combined board.=20 Watson said the merger agreement included escape clauses for Dynegy but I= wouldn't be standing here if I expected to see that [used]. I really belie= ve the value degradation in Enron had nothing to do with their core busines= s. We looked under the hood it is just as strong as we thought it was.=20 Still Watson acknowledged the possibility that more problems may surface a= t Enron. I don't think anybody can absolutely unequivocally say there's no= thing [more] there he said.=20 Dynegy's stock price closed higher Friday rising $2.26 or 6.2 percent to= $38.76. Enron's stock was up 22 cents or 2.6 percent at $8.63 a share.= =20 Through the third quarter of 2001 the companies together have natural gas = sales of about 40 billion cubic feet per day and power sales exceeding 500 = million megawatt hours. In addition the new Dynegy's delivery network woul= d include more than 22000 megawatts of generating capacity and 25000 mile= s of interstate pipelines.=20 In Enron Dynegy is taking on a company saddled with a heavy debt load a c= redit rating that has been downgraded to near junk bond status and which is= under the cloud of a Securities and Exchange Commission investigation.=20 Big premium=20 Under the stock-for-stock-swap portion of the deal valued at $8.846 billio= n Dynegy is paying the equivalent of $10.41 a share for the 850 million ou= tstanding Enron shares a 24 percent premium. Dynegy would pay .2685 shares= of its stock for each share of Enron.=20 In addition Dynegy agreed to provide a $1.5 billion cash infusion to help = stabilize its larger competitor and to assume an estimated $15 billion in d= ebt.=20 On Thursday Enron reported that its debt was an estimated $12.9 billion pen= ding completion of financial statements dated Sept. 30. A day later the com= pany's accounting of its debt jumped $2 billion.=20 Dynegy's current shareholders including Chevron Texaco Corp. will end up = owning 64 percent of the new company. Chevron Texaco said it would invest a= n additional $2.5 billion in Dynegy.=20 Enron's stockholders would own about 36 percent of the combined company's s= tock at closing which is anticipated in the third quarter of 2002.=20 Chicago-area operations=20 In Illinois in addition to Illinois Power Dynegy owns a Chicago- area ele= ctricity peaker plant and is a partner with Nicor Inc. in Nicor Energy an = unregulated natural gas utility in the Chicago market.=20 Enron's subsidiary Enron Energy Services has a high-profile contract to p= rovide 60 percent of Chicago's city government's electricity. It also has c= ontracts to provide power to Quaker Oats Co. and the University of Chicago= among others.=20 In addition to Watson other top Dynegy management would remain in place in= the new company. President Steve Bergstrom and Rob Doty chief financial o= fficer would retain those positions in the combined company. Enron's presi= dent and chief operating officer Greg Whalley would become an executive v= ice president.=20 The board of directors of the combined company would have 14 members. Dyneg= y's 11 designees would include three from ChevronTexaco. Enron would have t= he right to designate a minimum of three board members. Financial Enron Accepts $8 Billion Buyout Offer From Dynegy Energy Giant Was Forced = to Negotiating Table After Disclosing That It Had Overstated Earnings Peter Behr Washington Post Staff Writer 11/10/2001 The Washington Post=20 FINAL E01 Copyright 2001 The Washington Post Co. All Rights Reserved=20 Embattled Enron Corp. yesterday accepted a buyout offer valued at about $8 = billion from crosstown rival Dynegy Inc. If the deal is completed it would= end Houston-based Enron's reign as the leader in the huge energy trading m= arkets that set the prices of power and natural gas in the nation.=20 Its cash dwindling and its credit rating hammered Enron was forced to the = negotiating table after its recent disclosures that its obligations to a co= mplex web of partnerships involving company officials had caused the tradin= g powerhouse to overstate its earnings and obscure its total debt obligatio= ns. Four top Enron officials have resigned or been replaced since July and= once Dynegy takes control Enron's chairman and chief executive Kenneth L= ay will also leave the company. Lay said yesterday that he had not decided= whether to accept Dynegy's offer to serve on the combined company's board. It's been a good ride for a long time Lay said in a conference call last= night. The last three weeks haven't been a whole lot of fun.=20 The final deal was announced after the close of stock trading. Enron's shar= es -- which had fallen from $33 to $8 after the disclosures -- ended the da= y slightly higher at $8.63. Dynegy's stock closed at $38.76 up $2.26.=20 Dynegy offered all stock for the Enron shares so the total value of the de= al will fluctuate with Dynegy's stock price. Dynegy also said it would assu= me about $13 billion in Enron debt bringing the total value of the transac= tion to around $21 billion.=20 Dynegy's rescue of Enron will begin with an immediate cash infusion of $1.5= billion which will be supplied by ChevronTexaco Corp. a major Dynegy sto= ckholder. ChevronTexaco will invest another $1 billion in Dynegy after the = acquisition has passed regulatory review and is completed which executives= said they expect will take six to nine months as Enron tries to unscramble= the complex partnerships that are now under investigation by the Securitie= s and Exchange Commission.=20 The takeover agreement gives Dynegy an escape clause permitting it to cance= l the purchase if Enron winds up with heavy regulatory fines or legal judgm= ents from shareholder suits tied to its handling of the partnerships.=20 Chuck Watson Dynegy's chairman and chief executive said in the conference= call that a close scrutiny over the past two weeks of Enron's financial co= ndition convinced him that the company's trading and pipeline businesses we= re solid. We looked under the hood and guess what? It looked just as stro= ng as we thought it was. Watson said he did not think more damaging disclo= sures were forthcoming from Enron.=20 Until the partnership mess Enron was the nation's dominant energy trader = and it had front-door political connections to the White House. Lay its lo= ngtime chairman raised more then $100000 for the presidential election ca= mpaign of his friend George W. Bush. Enron rode the growth of energy tradin= g markets beginning in the mid-1990s as first natural gas and then electr= ic power sales were deregulated at the wholesale level. Its revenues leaped= from $9.2 billion in 1995 to $100.8 billion last year.=20 During those heady times the Houston company could choose which questions = to answer about its dealings with related partnerships and its Byzantine bo= okkeeping.=20 It was always very difficult to get information said Louis B. Gagliardi= an analyst with John S. Herold Inc. They would always rebuff you.=20 Until this fall the muscular company seemed too big to stumble said inves= tment manager David Coxe with Harris Insight Equity Fund in Chicago.=20 Coxe bought 78000 shares of Enron at $40 a share in August after wrestlin= g with the decision for months he said. Then Jeffrey Skilling Enron's chi= ef executive and strategic mastermind unexpectedly resigned. The stock wh= ich had been as high as $90 in August 2000 pitched downward.=20 Enron seemed so indispensable to the nation's energy markets that I though= t it inconceivable it could implode Coxe said. That's how I got sucked i= n.=20 Enron's fall is classic hubris Coxe said: a Greek tragedy striking someo= ne who chose to defy the gods -- in this case the rules of the system.= =20 Among the rules that Enron now acknowledges it didn't follow were the accou= nting standards that applied to the complex partnerships it created. The pu= rpose of the partnerships Enron said was to reduce the risks of investmen= ts in Internet transmission systems and to sell power plants and other asse= ts it no longer wanted.=20 The accounting errors were described in a 20-page SEC filing Enron made Thu= rsday. The errors resulted in a $1.2 billion reduction in the value of shar= eholders' equity. The company also said it had overstated its earnings by $= 586 million since 1997.=20 Enron created partnerships that would buy major assets -- such as a power p= lant -- that Enron wanted to sell or in other cases assets such as fiber-= optic cable networks that Enron intended to run but did not want to have on= its balance sheet.=20 The partnerships had outside investors but the general partner of two of t= hem was Enron's own chief financial officer Andrew Fastow. He earned $30 m= illion in fees from managing two of the largest partnerships according to = the SEC document.=20 Enron added to the capital of these partnerships by pledging its stock or = securities convertible into stock. Some of those stock transactions should = have been counted as loans resulting in the $1.2 billion drop in sharehold= er equity Enron now says.=20 Investors are asking why Enron's auditor Arthur Andersen LLP did not insi= st that these transactions be handled that way in the first place. Enron's = SEC filing mentions but does not explain some proposed audit adjustments = over the past four years that were overruled.=20 Even though as Enron now acknowledges it created an information barrier = masking critical information and violating standard accounting rules many = financial analysts who were recommending the stock to investors were not pu= shing hard enough to punch through that barrier some analysts acknowledge.= =20 It was so complicated that everybody was afraid to raise their hands and s= ay 'I don't understand it' Gagliardi said.=20 The questions are now coming from a new committee reporting to Enron's boa= rd that will investigate how the company's financial reporting was handled= from the SEC and eventually from teams of lawyers representing aggrieve= d shareholders.=20 Lay indicated yesterday he had not been aware until recently that Enron emp= loyees other than Fastow had profited from the partnership activity. Enron = directors had approved Fastow's management of the partnerships but Fastow = quit the partnerships in July and was then replaced as chief financial offi= cer.=20 Enron this week fired Treasurer Ben Glisan and Kristina Mourdant an Enron = division lawyer who it said had invested in partnerships that were tied to= one of the major partnerships headed by Fastow. The Enron report to the SE= C describes a central role in these transactions played by Michael J. Koppe= r an associate of Fastow who left Enron in July to take over Fastow's fina= ncial interests in the partnership the company said.=20 Enron will hold a conference call next week to discuss what it has uncovere= d about outside partnership investments. http://www.washingtonpost.com Financial Desk The Nation NEWS ANALYSIS A Visionary Fallen From Grace JAMES FLANIGAN TIMES STAFF WRITER 11/10/2001 Los Angeles Times=20 Home Edition A-22 Copyright 2001 / The Times Mirror Company=20 A year ago Enron Corp. Chairman Kenneth L. Lay was on top of the energy wo= rld. As a leading fund-raiser contributor and energy advisor to the Bush a= dministration he played a key role in shaping the new president's energy p= olicy. As head of the world's largest energy trading company he had an eno= rmous influence on the price of energy in California and across the nation.= Enron's highflying stock helped him cash out $123 million in stock options= last year alone.=20 On Friday with Enron being saved from financial collapse by agreeing to be= acquired by rival Dynegy Inc. Lay's career and reputation are in shambles= . Under the merger he will be stripped of a management job. His integrity = is tattered with Enron's controversial financial dealings under federal in= vestigation. Enron investors and employees are chagrined and outraged becau= se the company's stock lost 80% of its value in recent weeks. The rapid rise and fall of Lay 58 is a story of how a brilliant man with = innovative ideas and a grand scheme to transform the world's energy markets= was overcome with arrogance associates and critics say. Under Lay Enron = stretched the limits of the law and took risks that nearly caused its finan= cial collapse they say. That in turn could have resulted in a widespread d= isruption in energy supplies.=20 Enron's behavior casts doubt on the integrity of our financial markets. It= is a very serious matter said Edward R. Muller an energy investor and f= ormer president of Edison International's Mission Energy subsidiary.=20 Nobody denies he's smart but it's a question of integrity said Raymond = Plank chief executive of Apache Corp. and an associate of Lay's in Houston= 's vibrant oil and gas industry.=20 Lay and longtime partner Jeffrey K. Skilling who served briefly as Enron's= chief executive before resigning abruptly in August rose to prominence in= the last decade through the use of innovative financial techniques designe= d to exploit a reduction in government regulation of energy.=20 Lay transformed world energy industries through his vision of new market-d= riven ways to finance natural gas and electricity production and transmissi= on.=20 The financial markets that Lay and his Enron associates created had an enor= mous effect on California's disastrous experiment in electricity deregulati= on. Critics say his influence was excessive and misguided.=20 Ken Lay was a mystic said state Sen. Steve Peace (D-El Cajon) an outspo= ken critic of Enron. Whatever he said had to make sense because he was Ken= Lay. It was hero worship. Many of the people working as economists at the = Federal Energy Regulatory Commission worshiped Ken Lay. As a consequence t= he things Enron promoted and pushed for were never challenged intellectual= ly and otherwise.=20 Lay who has a doctorate in economics had modest beginnings as the son of = a poor country preacher who did farm labor on the side to raise money for h= is children's education. In the Navy in the late 1960s Lay was assigned to= the Defense Department because of his economic acumen. He allocated Penta= gon dollars more efficiently in purchasing for the military said Mark Pal= mer chief spokesman for Enron.=20 Lay worked for Exxon and other energy firms in the 1970s amid soaring oil = prices gasoline shortages and still-regulated natural gas. He headed Houst= on Natural Gas a predecessor firm of Enron in the 1980s as falling prices= for oil and natural gas presented grave problems for Houston's energy indu= stries.=20 When the federal government allowed pipelines to carry the gas of any produ= cer Lay turned Enron into a foremost firm in the new deregulated industry= . Still Enron almost went bankrupt in the late 1980s with natural gas in = oversupply and prices falling.=20 It was then that Skilling a McKinsey & Co. consultant suggested to Lay th= at the firm trade long-term contracts for gas promising to deliver the com= modity to customers at fixed prices buying and selling contracts of varyin= g maturities the way mortgage companies deal with mortgages in Skilling'= s words.=20 The innovation started Enron's rapid growth and rise to prominence as the e= mbodiment of a new kind of energy company. In the 1990s the federal govern= ment called for deregulation of electricity.=20 Lay saw opportunities. He and Skilling created a market for contracts in el= ectricity in 1994 and by 1996 Enron was the world's leading firm doing suc= h business.=20 Lay's central idea was that by creating a market of millions of buyers and= sellers constantly taking positions power supplies could be allocated eff= iciently and prices lowered. Lay liked to lecture in an avuncular way abo= ut the new economics of energy trading.=20 Technology is changing and there's a lot more value in flexibility and op= tionality. Just about in every industry you can make them a lot more effic= ient when you have more optionality Lay said in an interview in January i= n his Houston offices overlooking the sparkling new Enron headquarters buil= ding which still is under construction.=20 As Enron's business profile grew so did Lay's political influence. He serv= ed as an energy advisor to both Bush administrations and headed Texas fund-= raising for George W. Bush's presidential campaign. Lay raised $100000 for= the Bush-Cheney campaign and with his wife Linda Lay contributed anothe= r $100000 to help finance the inaugural gala this year.=20 As the administration prepared its energy plan Lay gained national stature= as a preacher of market economics applied to electricity.=20 There's no way you can centralize a command-control environment and make t= he best decisions to have an efficient low-cost reliable electricity indu= stry Lay said.=20 His sermon was intended for California which suffered sharply higher price= s for electricity last winter to the point that private utilities fell int= o or near bankruptcy and the state budget incurred a cost of $12 billion w= hich Sacramento now is trying to recover through the sale of revenue bonds.= =20 Because Enron trading billions of dollars a day in power contracts worldwi= de had an immense effect on electricity prices Lay's preaching grated on = state officials. Driven to intemperance state Atty. Gen. Bill Lockyer said= in May that he'd like to escort Lay to a prison cell.=20 But more than economic philosophy was behind Lay's goading of California. T= he state's debacle gave energy deregulation a bad name and chilled deregula= tion moves by many other states.=20 That in turn reduced growth prospects for Enron. The promise of continued g= rowth in deregulation had helped make Enron a Wall Street darling. Its stoc= k price at one point nearly $90 a share versus less than $10 now pushed u= p the value of Enron stock options held by almost all employees but owned = in great amounts by Lay Skilling and other company officers.=20 Lay cashed in last year converting options for a gain of $123 million whi= le Skilling gained $62 million by converting his options. As they cashed in= Enron was encountering other problems. Attempts to set up trading markets= in water and broadband Internet transmission were floundering. A major pow= er plant venture in India was in grave economic and political trouble.=20 But in the last month Enron revealed that it had reduced the firm's equity= value by more than $1 billion due to write-offs in a hitherto hidden partn= ership.=20 Revelations then cascaded. The firm had 33 such partnerships which had bil= lions of dollars in debt for which Enron was liable. Lay and Skilling piled= up debt in hidden partnerships analysts explain because the firm needed = huge amounts of debt to support its greatly expanding levels of trading in = electricity natural gas and other commodities.=20 But the firm could not support such debt and still retain its credit rating= growth rate and high stock price. After weeks of gamely protesting that t= he business was sound and that he personally took offense at investment ana= lysts' suggestions of impropriety Lay fell silent.=20 *=20 Times staff writer Nancy Vogel in Sacramento contributed to this report. PHOTO: With the takeover of his once-soaring firm Enron chief Kenneth Lay'= s career is in tatters. PHOTOGRAPHER: Reuters Business Struggling Enron agrees to takeover by smaller rival Dynegy One-time energy= giant and Southern Co. often scrapped over access to markets MATTHEW C. QUINN STAFF 11/10/2001 The Atlanta Journal - Constitution=20 Home F.1 (Copyright The Atlanta Journal and Constitution - 2001)=20 Energy giant Enron Corp. capitulated to a mounting financial crisis Friday = and agreed to be taken over by a smaller competitor. But Atlanta-based Sout= hern Co. was not gloating at the misfortunes of its vanquished rival.=20 It wasn't easy. For years the two companies were locked in a struggle over access to elect= ricity markets. Enron pushed for competition and deregulation while Southe= rn resisted to protect its dominance in the fast-growing Southeast.=20 Sometimes the battle got nasty.=20 If Thomas Alva Edison came back from the dead and called Southern Co. to g= et some electricity he'd find that nothing has changed Jeffrey Skilling= then Enron's president said in November 1997. These guys are living in a= n industry that was created 100 years ago and they want to keep it that wa= y.=20 Fast forward four years.=20 Southern Co. has split itself in two retaining its regulated Southeastern = utility business and spinning off its own unregulated power generation and = energy trading arm Mirant Corp. Southern reported net income of $1 billion= for the first nine months of this year and Mirant's profits were $538 mil= lion. Southern's shares are up 19 percent this year. Mirant's have declined= 7 percent.=20 Enron on the other hand lost 90 percent of its stock market value this ye= ar alone and this past week restated earnings for the past 4 1/2 years red= ucing profit by more than $500 million.=20 Skilling was named chief executive in February but abruptly resigned after = six months. This week he was subpoenaed to testify in a Securities and Exch= ange Commission probe of the Texas company's questionable relationships wit= h outside partnerships.=20 Houston-based Dynegy Corp. a crosstown rival said late Friday it will buy= Enron --- once valued at $69 billion --- for $7.8 billion in stock.=20 Enron will be wrapped into a new Dynegy managed by top Dynegy executives.= That suggested even the name Enron --- synonymous with innovation in recen= t years in the utility industry --- will go by the wayside.=20 Southern spokesman Todd Terrell declined to comment earlier in the day on E= nron's problems.=20 A.W. Bill' Dahlberg who retired as Southern's chief executive in April an= d is now Mirant's board chairman said he regretted Enron's troubles.=20 They were a rival and got credit for doing a lot of innovative things in o= ur industry Dahlberg said. You always like to win the competition becaus= e you do well not because somebody else does badly.=20 Enron was a pioneer in the wholesale trading of electricity and natural gas= and has been widely imitated from Mirant's sprawling energy trading floo= r at Perimeter Center to an energy management subsidiary launched this year= by AGL Resources parent of Atlanta Gas Light Co.=20 As the largest U.S. energy trading firm Enron's tentacles run deep. It was= active at the Public Service Commission in 1998 when rules for Georgia's n= atural gas deregulation were written only to opt out of becoming a gas mar= keter itself. But New Power Co. which is 45 percent owned by Enron became= Georgia's newest marketer this year.=20 A Dynegy-Enron combination will create a $200 billion-a-year enterprise tha= t will dwarf Mirant in both the electricity and natural gas sectors.=20 Dynegy and Mirant are considered more stable than was Enron because they re= ly more on their own power plants for electricity and less on trading for p= ower produced by others. And Dynegy is no stranger to Georgia. It is a mino= rity partner with AGL Resources in Georgia Natural Gas Services the state'= s No. 1 gas marketer.=20 But the partners have been at odds for months.=20 AGL sued Dynegy in July alleging it earned millions of dollars at the exp= ense of the marketing company that it supplies with natural gas.=20 Dynegy's counterclaim accused AGL among other things of scheming to shift= the partnership's gas supply deal to AGL's own subsidiary Houston-based S= equent Energy Management.=20 Dynegy in May started up a 500 megawatt natural gas-fired power plant in He= ard County despite opposition from nearby residents. Dynegy is also a major= buyer of electricity produced at Southern Co.'s new power plant in Jackson= County.=20 They're a big customer a partner and a competitor --- all of those things= said Southern's Terrell. Graphic POWER POWERHOUSE A merger of Enron Corp. and Dynegy Corp. would cre= ate an energy powerhouse. Atlanta-based Mirant Corp. would be far behind b= ased on second-quarter figures. Top 20 North American Gas Marketers 2nd qu= arter 2001 Billions of cubic feet a day 1..= .Enron...................... 24.6 13.2 3...= Duke Energy................ 12.8 5...M= 7...Aq= uila Energy.............. 10.3 9...El = Paso......................9.2 10. American Electric Power......8.5 ........= ................ Top 10 North American Power Marketers 2nd quarter 2001 Co= of megawatt hours 1...Enron..........= ............212.5 2...American Electric Power....134.5 3...Duke Energy.....= ...........118.1 4...Reliant Resources.......... 86.1 5...PG&E National Ene= rgy Grp... 73.2 7...Mirant............= ..........69.7 9. Williams............= ........ 63.4 10. Exelon Power Team.......... 52.5 Source: Natural Gas Week BUSINESS Dynegy to Acquire Troubled Enron / Energy giants in $7.8B stock deal COMBINED NEWS SERVICES 11/10/2001 Newsday=20 ALL EDITIONS A16 (Copyright Newsday Inc. 2001)=20 Houston - Energy marketer Dynegy Inc. announced Friday it will buy much lar= ger rival Enron Corp. for $7.8 billion in stock.=20 The announcement came after Enron's stock plummeted about 80 percent in the= past three weeks over concerns that the company wasn't revealing serious f= inancial problems to shareholders. Dynegy is taking out a competitor acquiring some attractive assets and t= hey're doing it at an incredible price said Joseph Correnti an analyst a= t Wayne Hummer Investments.=20 The two Houston-based companies began negotiations a week ago as it became = apparent Enron needed cash to stay in business. Dynegy which is 26-percent= owned by ChevronTexaco Corp. agreed to the deal after Moody's Investors S= ervice maintained an investment-grade rating on Enron eliminating a stumbl= ing block in negotiations.=20 The combined company will have annual revenue of more than $200 billion ra= nking it as one of the nation's 10 largest. It will have more than 22000 m= egawatts of electric generating capacity and 25000 miles of natural gas pi= peline.=20 On Thursday Enron acknowledged it overstated earnings by about 20 percent = over the past four years and kept large amounts of debt off its balance she= et through business partnerships now under investigation by the Securities = and Exchange Commission. Enron said financial statements from 1997 through = the first half of 2001 should not be relied upon.=20 Revised statements reduced Enron's profits for those years by $586 million = and increased its debt by $628 million.=20 During its recent turmoil Enron fired chief financial officer Andrew Fasto= w who ran some of the partnerships under investigation by the SEC.=20 Dynegy chief executive Charles Watson will head the combined company.=20 The terms of the deal value each Enron share at $10.41 based on Friday's c= losing stock prices. That represents a 21-percent premium above Enron's clo= sing price of $8.63. Dynegy's shares closed at $38.76 up 6 percent.=20 It was not immediately clear what role Enron chairman and chief executive K= enneth L. Lay would have in the new company.=20 While Watson has led a diversified company that put as much emphasis on bui= lding power plants as on energy trading Lay focused on the wholesale tradi= ng of natural gas and electricity. He had expanded Enron in the 1980s from = a natural gas pipeline into the most formidable competitor in the business = of energy trading which was created by deregulation of energy markets in t= he United States and Europe. Dynegy announces $8 billion deal to buy larger rival Enron By JUAN A. LOZANO Associated Press Writer 11/09/2001 Associated Press Newswires=20 Copyright 2001. The Associated Press. All Rights Reserved.=20 HOUSTON (AP) - Energy marketer Dynegy Inc. announced Friday that it will bu= y its much larger rival the once mighty but now troubled Enron Corp. for = $8 billion in stock. Dynegy also will assume a hefty $15 billion in Enron d= ebt.=20 The announcement came after Enron's stock price plummeted about 80 percent = over the past three weeks because of concerns that the company wasn't revea= ling serious financial problems to shareholders. Under the deal ChevronTexaco Corp. which owns more than a quarter of Dyne= gy would quickly provide about $1.5 billion. ChevronTexaco also would cont= ribute an additional $1 billion upon completion of the deal the companies = said.=20 With its market-making capabilities earnings power and proven strategic a= pproach to wholesale markets Enron is the ideal strategic partner for Dyne= gy Dynegy chairman and chief executive officer Chuck Watson said in annou= ncing the purchase.=20 Watson made it clear that he would not tolerate the sort of financial pract= ices that prompted explosive disclosures by Enron this week - including an = admission that more than half a billion dollars in debt had been kept off t= he company's books.=20 As a combined company we will focus on leveraging our core skill sets and= as always we will keep a strong balance sheet and straightforward financ= ial structure as key priorities Watson said.=20 Enron is the country's top buyer and seller of natural gas and the No. 1 w= holesale power marketer. The company operates a 25000-mile gas pipeline sy= stem and also markets and trades metals paper coal chemicals and fiber= -optic bandwidth.=20 Dynegy controls nearly 15000 megawatts of power generating capacity throug= h investments in power projects and sells the energy in wholesale markets = and through utilities.=20 At a news conference Watson said company officials who negotiated the deal= came away convinced that Enron was worth buying despite its recent trouble= s.=20 We looked under the hood and guess what it's just as strong as we though= t it was Watson said.=20 Under the terms of the deal Enron shareholders will receive .2685 Dynegy s= hare for each share of Enron common stock valuing each Enron share at $10.= 41. Enron has about 775 million common shares said spokeswoman Karen Denne= .=20 That represents a 21 percent premium above Enron's closing price of $8.63 F= riday on the New York Stock Exchange - but still just a fraction of their 5= 2-week high of $84.87. Dynegy's shares climbed $2.26 or 6 percent to clos= e at $38.76 on the NYSE.=20 In after hours trading on the NYSE Enron shares shot up 15.6 percent or $= 1.35 to $9.98. Dynegy shares were unchanged.=20 Dynegy's stockholders will own approximately 64 percent of the new company= with Enron's stockholders holding the remainder.=20 The boards of both companies have unanimously approved the transaction whi= ch is expected to close next summer. The deal is expected to save the combi= ned company between $400 and $500 million annually because of continued eli= mination of non-core Enron holdings and lower operating costs. Watson sai= d it was too soon to say if the deal would result in job cuts. Enron has ab= out 20000 employees while Dynegy's work force is about 6000.=20 Watson will remain as chairman and chief executive of the combined company= which will retain the Dynegy Inc. name. Dynegy's Steve Bergstrom will cont= inue as president.=20 Enron chairman and chief executive Kenneth L. Lay will no longer have a rol= e in day-to-day management of the company but has been offered a seat on t= he combined company's board and will help shepherd the merger through.=20 Dynegy said that Greg Whalley the current president and chief operating of= ficer of Enron will become an executive vice president of the new Dynegy. = He said the merger sets the best course for Enron.=20 Few of the options we considered for our core business going forward provi= ded us with the earning potential and immediate synergies that a merger wit= h Dynegy could deliver Whalley said. Together with Enron's recently anno= unced bank commitments this cash infusion gives Enron immediate liquidity= which we believe will enable the company to maintain its investment grade = credit rating.=20 The merger was announced a day after Enron acknowledged it overstated earni= ngs by about 20 percent over the past four years and kept large amounts of = debt off its balance sheets through business partnerships now under investi= gation by the Securities and Exchange Commission.=20 Analysts said the merger rescues Enron but leaves Dynegy in uncharted terr= itory - with the outcome of the SEC investigation completely unknown. Ther= e is still a shroud hanging over Enron that now moves over to Dynegy said= Carol Coale an analyst with Prudential Securities.=20 Early Friday Moody's Investors Service downgraded Enron's debt ratings to = one level above junk bond status and said the company's long-term debt rati= ngs remain under review for further downgrade.=20 In an SEC filing Enron said financial statements from 1997 through the fir= st half of 2001 should not be relied upon and that outside businesses run= by Enron officials during that period should have been included in the com= pany's earnings reports.=20 The revised statements reduced Enron's profits for those years by $586 mill= ion from $2.89 billion to $2.31 billion. The revisions also increased the = company's debt each of the four years reaching $10.86 billion - $628 milli= on more than previously reported - by the end of 2000.=20 Keeping the debt off its balance sheets likely ensured Enron could maintain= a strong credit rating to support expansion of its core businesses - whole= sale trading of natural gas and electricity.=20 But the company's stock price started dropping 10 months ago when its high-= speed Internet unit foundered and Enron had trouble collecting money from p= ower customers in India.=20 The stock price began to free fall after Enron announced a $618 million thi= rd quarter loss and news of the SEC investigation surfaced.=20 Enron responded by firing its chief financial officer and scrambled to get = cash and increase credit lines in an attempt to regain investor confidence= but investors dumped Enron shares and sent its stock plummeting.=20 The ousted chief financial officer Andrew Fastow ran some of the partners= hips under investigation by the SEC.=20 Jeff Skilling Enron's former chief executive who left in August has been = called to testify before the SEC although it's unclear when.=20 ---=20 On the Net:=20 http://www.enron.com=20 http://www.dynegy.com AP Graphic DYNEGY ENRON Copyright ? 2000 Dow Jones & Company Inc. All Rights Reserved. =20 | other | formal | 2 |
Re: Telephone Interview with The Enron Corp. Research Group | Since several of you will be out on the 6th we have moved the telephone interview for Marshall Yan to Tuesday the 5th at 1:00 pm. Thanks! Shirley ----------------- | project management | formal | 3 |
Monthly Billing - Detail Class 845 / s100105.xls | ----------------- | energy services | formal | 5 |
Confidential Memo For Thursday Meeting | Richard and Elizabeth At Christian's suggestion I am sending a memo I prepared summarizing some of the more exotic strategies used by our traders. Christian has reviewed the memorandum and believes that it will assist you both in preparing for our Thursday meeting. Between now and Thursday Christian and I are going to analyze the ISO tariff to determine if the tariff prohibits any of these strategies. Steve | other | formal | 3 |
SDG&E | ----------------- | utilities | neutral | 3 |
CA Supply Realities | null | utilities | neutral | 0 |
Energy Issues | See natural gas price article below. Our buddy Paul Carpenter has turned o= n=20 us (not to mention that he seems to be talking nonsense). How about giving= =20 him a call? ----------------- | other | casual | 0 |
Confidential Memo For Thursday Meeting | null | other | formal | 3 |
SPEC SR PUBLIC RELATIONS, Job Code #0000109017 | Molly Do you know who has posted this ad: SPEC SR PUBLIC RELATIONS Job Code #0000109017. I have a friend who is looking for a position who seems to have the perfect skills for this job. Vince | other | casual | 3 |
Re: Thank You | Tim I enjoyed meeting with you too. As I mentioned I thought your answers were thoughtful well stated and accurate. In our line of work it helps to triangulate using others' insights and I found yours particularly useful. Richards Tim J (CORP) on 08/02/2000 09:01:46 AM To: 'rshapiro@enron.com' <rshapiro@enron.com> 'skean@enron.com' <skean@enron.com> cc: 'Kelshaw Lisbeth' Subject: Thank You Dear Steve and Rick Thank you very much for inviting me to Houston yesterday to discuss Enron's Federal Government Affairs position. Your vision of the role for the Enron Washington office fits closely with my views on what a best-in-class Washington operation should offer and it was helpful to learn more about Enron and its business units. Enron is clearly an exciting place to work and the fact that public policy is so vital to the company's future makes the Washington position particularly attractive. It was a real pleasure to meet you yesterday and I look forward to hearing from you again. Sincerely Tim Richards Timothy J. Richards GE International Law & Policy 1299 Pennsylvania Avenue NW 1100W Washington DC 20004 Phone: 202-637-4407 Home: 202-882-3385 Fax: 202-637-4300 | other | polite | 3 |
RE: Schoenemann Resume | Molly Thanks. I am in London this week but I can pick up my messages from here. Vince | human resources | casual | 0 |
Re: Meeting Request - July 25th | Yes. Maureen - please schedule. From: Michael on 07/06/2001 03:05 AM GDT To: Steven J Kean/NA/Enron@Enron cc: Maureen McVicker/NA/Enron@Enron=20 Subject: Meeting Request - July 25th Steve -=20 I=01ll be in Houston July 23-26 and would like to get together to bring yo= u up=20 to date on the latest developments in Japan regarding EBS and EGM as well= =20 as=01 energy markets.=01 Would you=01 have half an hour on the morning o= f Wednesday=20 the 25th? Thanks Mike | employment | formal | 3 |
Re: Wabash Valley called re: AEP filing | let's bring him in Christi L Nicolay@ECT 10/02/2000 12:29 PM To: James D Steffes/NA/Enron@Enron Jeff Brown/NA/Enron@Enron Janine Migden/DUB/EES@EES Joe Hartsoe/Corp/Enron@Enron Sarah Novosel/Corp/Enron@Enron Donna Fulton/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Kerry Stroup/DUB/EES@EES Steven J Kean/NA/Enron@Enron cc: Subject: Wabash Valley called re: AEP filing Don Morton general counsel of Wabash Valley Power Association a co-op in AEP's area called me about Enron's protest of AEP's market based rates filing. Wabash has filed an appeal in the DC Circuit of AEP/CSW merger (its brief is due 11/20). He thinks FERC is out of control and not carrying on its duties. Wabash is also preparing a protest of the Alliance compliance filing (due this Friday 10/6) on the following grounds: Filing is really a continuation of pancaking Does not want FERC to approve on a conditional basis (expecting Alliance to be a true RTO)--Wabash thinks that Alliance simply creates a larger profit center for AEP's transmission system Mr. Morton also had some specific OASIS problem examples that happened to Wabash that involved preferential treatment for AEP. I told him to call or email Scott Miller for the investigation. Mr. Morton and Wabash CEO Ed Martin would like to come to Houston to visit with Enron about our concerns and about the possibility of making some joint filings. His number is 317-481-2815. Please let me know if I should set something up or if someone else would like to talk with him directly. | other | formal | 3 |
Privileged and Confidential -- Performance Bonus Language | David You asked me to provide my opinion about the employment agreement provisions relating to target bonus amounts that are based on performance. The bonus language contained in the majority of the agreements with a target bonus is as follows: Provided that Enron meets its earnings targets and provided that Employee is rated within the top 25% of the performance criteria under Enron's annual performance rating system or its equivalent for the calendar year in question Employee's annual bonus amounts under the Plan for calendar years 2001 2002 and 2003 (payable in 2002 2003 and 2004 respectively) shall be based on an annual bonus target of $_____________. This language does not address a person's performance as compared to one's peers but instead looks at the number of performance criteria and requires that a person be in the top 25% of those criteria. Thus if there are only 3 rating categories (i.e. 1 2 3 distributed as 10-80-10) then only the people in the top category would be within the top 25/33% of the rating criteria. Given the huge change in our process however there is an argument that the above language cannot be applied to the current scheme and that instead we should look at the top 25% of the peer group instead of performance criteria even though that was not the intent of the provision when it was drafted. As a result I would suggest that the middle category be divided further into either 2 or 3 subcategories (i.e. 2A 2B or 2C). That way persons who fall out in categories 1 or 2A would be eligible for the target bonus. If there is a decision not to break down the middle 80 further then it would be useful to look at those employees with a bonus target that we think is too high. For those employees a more conservative approach may be to evaluate them on a scale that is more subdivided than the 10-80-10 breakdown and to document that they fell out in the bottom 75% of the categories under that process. Of course it goes without saying that we should ensure consistent treatment based on race sex national origin age etc. in this process. Please let me know if you have any questions. | other | formal | 3 |
null | calendar ----------------- | calendar & scheduling | casual | 3 |
Boise -- | You speak at 10:05 a.m. Boise time DOE conference call at 3:00 p.m. Eastern time 1:00 Boise time. Paul Carrier will follow up with details. | other | formal | 0 |
Re: | Yes From: Jeff Dasovich on 04/19/2001 03:45 PM Sent by: Jeff Dasovich To: Steven J Kean/NA/Enron@Enron cc: Subject: Re: Make sense for me to attend the meeting? Steven J Kean 04/19/2001 12:31 PM To: Jeff Dasovich/NA/Enron@Enron Susan M Landwehr/NA/Enron@Enron cc: Richard Shapiro/NA/Enron@Enron James D Steffes/NA/Enron@Enron Rosalee Fleming/Corp/Enron@ENRON Sandra McCubbin/NA/Enron@Enron Janel Guerrero/Corp/Enron@Enron Paul Kaufman/PDX/ECT@ECT Subject: I got a voicemail fro Ken. He would be happy to meet with Freeman. He is willing to work on other times but suggested the following After 3:00 on May 2nd (right after Ken's speech to the RGA) or late the day before or in the morning of the second (to do this though he would have to cancel his speech to the Texas Governor's business council but he is willing to do this if necessary) His least preferred alternative in this general time frame would be early morning on the third. Jeff -- could you coordinate with Rosie to get the time and place nailed down? | project management | formal | 3 |
Re: California Amendments DEFEATED! | Congrats Linda Robertson 07/19/2001 09:44 AM To: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron James D Steffes/NA/Enron@Enron mark s palmer/enron@enronXgate@Enron cc: Subject: California Amendments DEFEATED! John Shelk will provide a more thorough report in a later Email but I just wanted you to know that the Waxman price cap amendment was just defeated in full Committee markup and the Eshoo refund amendment was defeated. Both by sizable margins. | government & politics | excited | 3 |
Re: Last FINAL version | Has this gone to Ken yet. If not please send. Maureen McVicker 06/21/2001 02:55 PM To: Lora Sullivan/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Jeff Dasovich/NA/Enron@Enron cc: Subject: Last FINAL version Lora: This is the new Final version. The difference from the earlier version is - a few slides were taken out and the order of the remaining slides were rearranged. Please get a copy of this new Final to Ken Lay. Thanks. | other | formal | 3 |
BABC-Houston Newsletter | Please handle ----------------- | other | formal | 3 |
Re: WeatherNet | I think this is a very interesting idea. Please get with Bill D. and make sure he gets a description of what we would need to do to physically accomodate the station and make sure he's comfortable with it before we go ahead. Laura Schwartz 03/05/2001 12:52 PM To: Cindy Olson/Corp/Enron@ENRON cc: Steven J Kean/NA/Enron@Enron Karen Denne/Corp/Enron@ENRON Elyse Kalmans/Corp/Enron@ENRON Subject: WeatherNet As part of our agreement with the Channel 2 WeatherNet program we were given the option to have a weather station at the Enron building. This would be an additional $5000 on top of our commitment. I brought the idea to Gary Taylor and Todd Kimberlain in weather and they thought it would be a great idea to serve as the weather tracking spot in downtown Houston. They have agreed to pay the $5K for the equipment and installation. So now in addition to Channel 2 mentioning WetherNet brought to you by Enron everytime they talk about the weather in downtown Houston they will mention the current temp. at the Enron building. If you have any questions please call me at ext. 34535. Laura | other | excited | 3 |
NAES/ Regulatory Meeting in 29C2. | Joe Hartsoe to handle. | other | formal | 3 |
Re: Revised DeLay op ed | I've made some changes (shown in bold). Bracketed text indicates a deletion . Jeannie Mandelker@ECT 08/18/2000 05:34 PM To: Steven J Kean/NA/Enron@Enron Cynthia Sandherr/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Jeff Dasovich/SFO/EES@EES cc: Mark Palmer/Corp/Enron@ENRON Karen Denne/Corp/Enron@ENRON Subject: Revised DeLay op ed Steve -- great guidance. Cynthia -- hope we're in time. Jeff -- the fifth paragraph has some supply/demand figures for the early part of this week that I heard but can't track down the written source. Any suggestions? Please review and don't hesitate to call me this weekend. Best bet is home number -- 914-736-9504 or cell phone -- 914-318-1568. Jeannie | business document | formal | 2 |
null | I would like to nominate Dr. Stig Faltinsen from Enron Europe as my guest at the London Understanding and Applying Financial Mathematics to Energy Derivatives conference London June 28-29. Vince | other | formal | 3 |
Confidential - Mid Year Overview | Please review the attachment and let me know if you have any changes. The final document will provide a starting place for the year end review process. | other | formal | 3 |
Re: FW: Jim Bannantine on eSpeak - March 23 | Kelly raised this concern too. The system is set up so that questions do not appear unless we let them -- i.e. we can screen questions and answer only those we choose. Even with that feature though I think we should skip this one (or just reschedule for a later date). I'll contact Jim by separate e-mail. J Mark Metts@ENRON 03/21/2000 04:29 AM To: Steven J Kean/HOU/EES@EES cc: Subject: FW: Jim Bannantine on eSpeak - March 23 Can we get this killed or redirected? This seems very dangerous. ----------------- | business document | cautious | 3 |
RE: CONFIDENTIAL Personnel issue | just a reminder we already have on line training re sex harassment. i'll take a look at all. --Lizzette | human resources | formal | 3 |
California Power Crisis Update (No. 10) | We have been pulling together these weekly(sometimes more often) summaries for internal purposes. Would you find it helpful to be on the distribution list? Hope you are doing well. Look forward to touching base soon. | other | friendly | 3 |
Re: Two Requests re: May 22-23 Forum | I will need an LCD projector and a computer (or connections for my computer) so that I can show the presentation. Thanks. Heidi VanGenderen <hvg@carbon.cudenver.edu> on 04/24/2001 04:16:43 PM Please respond to <hvg@carbon.cudenver.edu> To: <hvg@carbon.cudenver.edu> cc: Subject: Two Requests re: May 22-23 Forum Greetings: Thank you for joining us for the May 22-23 2001 Forum on Securing the Energy Future of the Western United States here in Denver. If you require any audio visual aids for your presentations (overhead projector LCD etc.) please respond to this e-mail ASAP. Please remember that you will be asked to remain within the time limits outlined in the memo to speakers/discussants from Marshall Kaplan and David Olsen. We are compiling a series of articles on western state power problems and possible options to overcome problems for distribution to all Forum participants. We welcome your submission of any recent article or articles or their citations and/or web page references that you have found interesting and useful. These might address subjects such as power challenges alternate policies with respect to supply and demand management financing power related infrastructure use of innovative technology with respect to energy management and efficiency or the convergence of power environmental and carbon emission reduction policies. If you have an article or articles to submit for inclusion in the Forum Notebook please convey it electronically by responding to this e-mail or fax or mail it as noted in the signature concluding this message by no later than May 4th. If you are intending to write out your remarks to the Forum we would also welcome receiving those in advance of the Forum for inclusion in the materials provided to participants. Please feel free to contact us with any questions or comments. Thanks for your attention to these requests. We look forward to seeing you at the Forum on May 22nd. Sincerely Heidi VanGenderen Senior Associate Wirth Chair in Environmental and Community Development Policy Institute for Policy Research and Implementation University of Colorado-Denver 1445 Market Street Suite 350 Denver CO 80202-1727 Tel - 303-820-5676 Fax - 303-534-8774 Marshall Kaplan Tel - 303-820-5605 | other | formal | 0 |
Request for Confidential Information by the CPUC | Per your request. ----------------- | other | formal | 3 |
null | ----------------- | other | neutral | 3 |
Re: Unbelievable! | keep sending the message board quotes. Sometimes when I open them I have trouble locating the specific quote (other times I'm taken right to it). Do you imbed the URLs differently? | business document | casual | 0 |
Re: Associations | No special requirements but it's good to keep track of in case we want a point of contact. Thanks John Wack@EES 09/22/2000 05:05 PM To: Steven J Kean/NA/Enron@Enron cc: Marty Sunde/HOU/EES@EES Samuel Harrell/HOU/EES@EES Subject: Associations Steve a recent hire within my group of Risk Management Samuel Harrell is on two energy associations. They are the Association of Energy Services Professionals International (AESP) and the American Association of Blacks in Energy (AABE). Sam is a member of good standing in both and has recently been nominated to join the Board of Directors for the AESP. I was not sure if Enron had any special requirements concerning registration of employees in associations or not. If I need to do anything specific I would appreciate your guidance. Hopefully this will work as the needed notice. Thanks | other | formal | 2 |
Re: Kissinger | Sorry I got overwhelmed by California. I have not talked to Ken yet and will be in Japan until Friday. Perhaps we can hook up then? From: Rebecca McDonald/ENRON@enronXgate on 05/11/2001 02:46 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: Kissinger Steve We never closed the loop on Kissinger. If you are around next week why don't we talk and resolve what we want to do so that I can proceed? Does that work for you? Rebecca | other | casual | 2 |
Re: FW: RTO/market power discussion document | In the underscored language added to the RTO section I would insert access to between the words planning and maintenance. Cynthia Sandherr@ENRON 07/20/2000 06:22 AM To: Steven J Kean/HOU/EES@EES Joe Hartsoe/Corp/Enron@ENRON dwatkiss@bracepatt.com cingebretson@bracepatt.com cc: Subject: FW: RTO/market power discussion document ----------------- | other | formal | 3 |
Re: Demonstration Procedure | Looks good nice work. Let's get it out Vance Meyer 06/11/2001 01:02 PM To: Steven J Kean/NA/Enron@Enron Mark Palmer/Corp/Enron@ENRON cc: Subject: Demonstration Procedure This is the demonstration procedure for Enron offices. It has been reviewed by Security Legal and at least 3 PR folks. Provided you have no issues I recommend that we put it out from Mark's machine with a tip-on note to 1) officers 2) PR people 3) security people. Vance | other | formal | 3 |
Re: Confidential information | FYI Leslie | other | casual | 3 |
Re: RTO Orders - Grid South, SE Trans, SPP and Entergy | I'm still a junkie .... please email copies of the orders. | energy trading | casual | 0 |
<<Concur Expense Document>> - Elizabeth Linnell | ----------------- | finance | formal | 3 |
Re: EnronOnline Market Descriptions | Per my voicemail. ----------------- | business document | formal | 3 |
[Second Delivery: WPTF Friday Amen Burrito] | Sorry about this gang but my new computer messed up the e-mail list. It's 4 am and I think I have fixed it. Maybe. Bear with me if you are getting this for the second time this morning. gba X-Mozilla-Status2: 00000000 Message-ID: <398A81DA.E883D290@idt.net> Date: Fri 04 Aug 2000 01:42:26 -0700 From: Gary Ackerman <foothi19@idt.net> Reply-To: foothi19@idt.net Organization: Foothill Services X-Mailer: Mozilla 4.74C-CCK-MCD {C-UDP EBM-APPLE} (Macintosh U PPC) MIME-Version: 1.0 To: webmaster <charlotte@wptf.org> Subject: WPTF Friday Amen Burrito Content-Type: multipart/alternative=20 ?=20 THE FRIDAY BURRITO=20 ...more fun than a fortune cookie and at least as accurate.=20 Everyone is getting into the act.? When I started this gig I was the only= =20 guy in town writing to folks like you about the power industry in=20 California.? I wrote about what=01s new what=01s happening and all the= =20 important stuff.? This week Governor Gray Davis decided to write his own= =20 Burrito.? His epistle got more press than mine but why is he muscling in o= n=20 my turf?? Not to be outdone PUC President Loretta Lynch released a report= =20 which looks into every facet of California=01s power business.? No stone l= eft=20 unturned. I=01m telling you there isn=01t enough room in this business f= or all=20 of us.? They need to clear out.=20 With people like Herr (Hair?) Peace Governor I=01m-Not Mr.-Rogers Davis a= nd=20 Let=01s Do Lynch who needs a Friday Burrito?? They re-define our reality = each=20 week with mind-numbing aplomb.? For example starting in early June the PX= =20 was ordered to compete for business against other Qualified Trading=20 Vehicles.? Then two weeks later the Energy F_hrer legislated that idea to= =20 an early death which kept the status quo for at least one year.? This week= =20 the PUC approved 5-year bilateral deals for PG&E and SCE thereby opening t= he=20 PX to competition and emasculating the PX=01s Block Forward Market. Zip = bam=20 boom.=20 I can=01t wait to see what next week will bring.? I hear Senator Bowen is= =20 holding Committee hearings on re regulating the industry and the Governor= =01s=20 new Energy Security Council will meet to decide six things:=20 What=01s for lunch?=20 Who will sit at the head of the table?=20 Does anyone have good seats for next week=01s Democratic convention?=20 Is there anyone we haven=01t indicted yet in the power industry?=20 Who will crank up the air conditioning in this room?? It=01s getting too w= arm.=20 Then they will collect data from innocent businesses under subpoena ignor= e=20 the facts and publish a report.? It makes one want to take a deep breath= =20 and inhale the scented fumes of democracy.=20 You know I can=01t think about where to begin so let=01s start somewher= e.=20 Things on the Island of California=20 ?@@@ Is there anyone left at SDG&E with a brain?=20 ?@@@ The PUC issues its scathing report=20 ?@@@ The ISO invokes $250 price caps.? Duh!=20 Things at the throne of FERC=20 ?@@@ Amen for the Morgan Stanley Order=20 Odds and Ends (_!_)=20 Things on the Island of California=20 ?@@@ Is there anyone left at SDG&E with a brain?=20 Well the answer very clearly is no.? I have been astounded by repeated=20 attempts of SDG&E=01s most senior people to ape humans but instead they m= imic=20 apes.=20 Consider the following.? First they waltz their default customers into the= =20 summer with little of no protection from price spikes in the wholesale=20 market.? Forgivable in that it is human to err.? The prices skyrocket in=20 June and they start looking for who to blame.? =01&Must be them damn=20 independent generators=018 say their managers.? Gary Cotton informs the IS= O=20 Governing Board that hedging SDG&E=01s position in the Block Forward Marke= t=20 wouldn=01t have made any difference.? There=01s one nobel laureate who mi= ssed his=20 prime.=20 Next under pressure they ask for help from suppliers and anyone else who= =20 will assist the utility and their customers.? Nine offers show up at their= =20 table and they can=01t choose any of them.? Again Mr Cotton tells his fe= llow=20 ISO Governing Board members that these things take time and we don=01t to= rush=20 since there are many legislative barriers and well the surfing was good= =20 this week so why spoil it?=20 Now they are in a panic because the Energy F_hrer is visiting old ladies=20 living in trailer parks advising them not to pay their SDG&E electricity= =20 bill and to continue to operate their air conditioners.? SDG&E puts a full= =20 page ad in the local newspaper telling everyone that SDG&E is doing=20 everything it can to lower their electric bills including asking the ISO f= or=20 a $250 price cap but the public can help by calling the ISO [address and= =20 phone number provided in the ad] and urging them to lower the cap.? I alway= s=20 thought the location of the ISO was a State secret for security reasons.? N= o=20 secrets in San Diego.=20 But we are not done.? No sir we are not.? Those buffalo heads who run that= =20 company decide they will win a gold star on their collective foreheads and= =20 implement one of the four resolutions passed by the Electric Oversight=20 Board.? The one they pick is to petition FERC on an expedited basis to cap = at=20 $250 the price at which sellers may bid energy or ancillary services into= =20 the ISO and the PX.? The primary reason is that Western power markets are n= ot=20 workably competitive.? In other words they want FERC to set a max price on= =20 what generators can sell in addition to the price limit at which the ISO ca= n=20 buy!=20 What I find most astounding about this double talk is that SDG&E continues = to=20 collect tons of money from the sales of regulatory must run energy into the= =20 PX.?? These are sales from their stranded assets.? Their grief hasn=01t ab= ated=20 their greed.=20 So to recap SDG&E missed the boat on price hedging failed to win consume= r=20 confidence in public meetings asked for help from suppliers and did nothin= g=20 in response then filed at FERC to cap the sale price because the wholesale= =20 market into which they sell (over-priced?) energy is not workably=20 competitive.? Too much time in the direct sun light.=20 Things on the Island of California=20 ?@@@ The PUC issues its scathing report=20 The PUC report released yesterday is a gem with which I have not spent enou= gh=20 time.? I only read the Executive Summary and that only because our counsel= =20 Dan Douglass forwarded me a copy. Let me pick out some of the gems in=20 President Lets Do Lynch=01s burrito.? I would recommend reading the whole = text=20 if you have time and if you seek perverse entertainment.=20 =01&California is experiencing major problems with electricity supply and= =20 pricing caused by policies and procedures adopted over the past ten years.= =20 =01& Since June wholesale prices for electrical power in California have= =20 increased on average 270% over the same period in 1999 resulting in over $= 1=20 billion in excess?? payments for electricity.=20 =01&Hot weather aging power plant and transmission infrastructure and=20 dysfunctional bidding behavior in the wholesale power markets combined to= =20 drive prices up ...=20 =01&Because of serious market defects and tight supply of electricity=20 purchasers of California power will likely pay billions more in electricity= =20 costs this year. Moreover these price increases do not necessarily fund ne= w=20 investments in electricity supply or delivery reliability - they may flow= =20 solely to power producer profit margins.=20 =01&Despite the Electricity Oversight Board's legislative mandate to overse= e=20 those institutions we have been unable to obtain [bid] data. Nevertheless= =20 ... we believe enough evidence of questionable behavior exists that the= =20 Attorney General should conduct an investigation into these statewide marke= t=20 practices coordinating with other State agencies including the PUC and th= e=20 EOB. Such an investigation would provide the factual foundation that=20 California policy makers and regulators need to recover any illegally=20 obtained profits.=20 =01&A momentous consequence of California's attempt to create a market in= =20 electricity is that the federal government now regulates California's=20 electric system. Washington D.C. now controls pricing decisions directly at= =20 the wholesale level and indirectly at the retail level and to the extent= =20 that supply incentives are correlated to prices Washington D.C. now affec= ts=20 California's ability to attract new investment in power plants.=20 =01&Past administrations' willingness to cede the State's authority to the= =20 federal government combined with the legislative creation of two non-public= =20 supervisory organizations that have no duty to protect the public or consid= er=20 the retail customer. The Independent System Operator (ISO) and the Power= =20 Exchange (PX) the nonprofit private corporations that operate the State's= =20 transmission system and control wholesale pricing policies are governed by= =20 boards whose members can have serious conflicts of interest. Some of these= =20 board members or their companies financially benefit from higher prices in= =20 electricity markets. Neither of these private organizations is accountable = to=20 the State or its consumers ....=20 ?=20 =01&Despite the federalization and the fragmentation of the State's electri= c=20 services the State of California should protect its businesses and consume= rs=20 from cartel pricing collusive behavior inadequate power plant maintenance= =20 and lack of market planning for adequate electricity supplies.=20 =01&California consumers and businesses deserve to know in advance - as San= =20 Diegans did not this summer - how and when the price of an essential servic= e=20 like electricity will double. California is now largely constrained by=20 federal mandates from providing comprehensive retail price relief as long a= s=20 wholesale prices remain so high. If California tried to re-impose a price= =20 freeze in San Diego now federal regulators would likely prevent that=20 action.? ... Short-term price relief however cannot resolve market gaming= =20 or fundamental wholesale pricing problems controlled by federal regulators.= =20 ?=01&We have been precluded from obtaining the data necessary to know if th= e ISO=20 and PX failed to detect manipulation and gaming on several fronts. We do no= t=20 know how market players acted in price offering and bidding and scheduling.= =20 The FERC has just announced an inquiry into national pricing and energy=20 market issues. California should not wait for national findings before it= =20 investigates California market practices. We recommend that the California= =20 Attorney General immediately subpoena relevant records and data to determin= e=20 the pricing and offering behavior of market participants the actions of th= e=20 ISO and its board members and the actions of generators in supplying=20 California's energy needs.=20 =01&Ten Actions to Consider or Act Upon to Prevent Current Electricity Prob= lems=20 From Spreading in 2001: ...=20 ?=20 ? 2. Create a California Energy Council modeled on the National Security= =20 Council to unify State action to resolve energy problems and to perform=20 integrated energy planning=20 3. Ask FERC for extended wholesale price cap authority to moderate Californ= ia=20 wholesale market pricing=20 4. Ask FERC to recognize the defects in the California and western regional= =20 markets and find that no competitive market exists in California power=20 markets=20 ?...=20 ? ?8. Eliminate potential conflicts of interest in ISO/PX stakeholder board= s=20 9. Improve California's ability to obtain ISO and generator data and enhanc= e=20 the State's enforcement capability for power plant maintenance price=20 manipulation and generation gaming consistent with protection of proprieta= ry=20 business information=20 10. Provide the EOB with effective enforcement ability and additional=20 oversight authority for the ISO and PX. =01&Ten Issues to Consider or Act Upon Within the Next Six Months: ...=20 ? 4. Streamline state power plant siting procedures consistent with=20 environmental requirements and prioritize applications to advance clean= =20 BACT+ power plant proposals.=20 5. Institute use-it -or- lose-it permitting power plant licensing and=20 emissions credits rules to ensure power plants get built=20 ...=20 ?8. Reform PX pricing protocols and structures to lower wholesale and retai= l=20 prices and reduce excess profits=018 I told you I don=01t need to write a Burrito anymore.? The Democrats in=20 Sacramento are doing that for me.? Welcome comrade.=20 Things on the Island of California=20 ?@@@ The ISO invokes $250 price caps.? Duh!=20 It is really hard to describe the drama of an ISO Governing Board meeting= =20 especially when our favorite topic arises.? It seems the only time the Boar= d=20 becomes animated is when one of three issues are on the agenda: price caps= =20 FTRs and priorities for software enhancements. Otherwise its pretty much= =20 hum-drum.=20 =01+Round and =01+round we went once again.? A few more forced votes tippe= d the=20 scale in favor of the cap.? There were 15 yes votes which included a force= d=20 yes vote from our friend Jerry Toenyes by order of Secretary of Energy Mr.= =20 Richardson. [Jerry did you realize that the last letters of your name coul= d=20 be re-arranged to spell =01&NO ET YES=018?? Kind of a french thing.] I=01m= sorry=20 about that vote Jerry.? You still go in my book as one of the brave and bo= ld=20 for standing up to that sort of intimidation for so long.? Your picture in= =20 the SF Chron said it all.=20 The brave souls who stood tall and voted NO included David Parquet (Enron)= =20 Jan Smutny-Jones (IEP) Barbara Barkovich (CLECA) Caolyn Kehrein (CMA) Da= n=20 Kirshner (EDF) and Stacy Roscoe (Procter & Gamble).? Now I must admit tha= t=20 Dynegy=01s Greg Blue did help by voting a Texas No spelled =01&A-B-S-T-A-= I-N=018.??=20 I have instructed Dynegy trader Dave Francis in Houston to work with Greg t= o=20 correct that problem.? We=01re going to work things out.=20 The Energy F_hrer addressed the Board again.? I didn=01t mind that I only= had=20 a few brief very brief moments to address the Board and Herr (Hair?) Peac= e=20 got over 20 minutes.? That didn=01t bother me at all.? He did more damage = to=20 himself in 20 than I could do in 2.? He blasted away at everyone who oppose= d=20 him.? He pined about Camden quitting the Board.? He said he knew how prices= =20 and markets work that it isn=01t the way those academic egg-head FERC-lo= ving=20 economists tell you who pray to the gods of competition.? He lambasted WAPA= =20 for withholding generation to protect fish and wildlife (what was that all= =20 about?).? He predicted that on Thursday=01s PUC meeting he and all the oth= er=20 powerful Democrats Republicans and angry citizens of San Diego would deman= d=20 that the PUC impose a rate cap on retail electric rates in San Diego that a= re=20 just and reasonable (it didn=01t happen).? And on and on and on.? This man= is=20 very delusional. He believes that Steve and only Steve Peace can save the= =20 world.? He believes that political will trumps judicial quasi-judicial or= =20 independent Board actions.? This man makes relevant all the abstract musing= s=20 of the philosopher Friedrich Nietzsche (1844-1900) ... The will to power t= he=20 ?bermensch the transvaluation of values etc.=20 But we are getting under (uber?) his skin with the help of the press.?=20 Wednesday afternoon I called Commissioner Dick Bilas to see if he thought= =20 whether the next day=01s PUC meeting was going to be a roll over. Dick sai= d he=20 got a call from Peace and that Peace said he would not come to the meeting= .?=20 Apparently Peace had received a lot of press and all of it bad.=20 That=01s the thin line of freedom which keeps tyranny at least one step aw= ay=20 from our front door.=20 ?>>> Things at the throne of FERC=20 ?@@@ Amen for the Morgan Stanley Order=20 And now the good news.? You deserve this.? FERC gave the California market= a=20 little wiggle room last Friday.? FERC issued a last minute reply to the=20 complaint by Morgan Stanley Capital Group relating to the ISO=01s intent t= o=20 lower the price cap.? FERC denied the complaint but they didn=01t waste t= ime=20 with an Order to simply deny a complaint.? FERC danced on the head of the I= SO=20 and pulled the bite out of the price cap.=20 Here are some excerpts:=20 =01&We accepted this [Amendment 21] not because it was a cap on sellers=01= prices=20 but because it would promote order and transparency in the market by clearl= y=20 telling sellers of the maximum price the ISO was willing to pay and allowin= g=20 sellers to make informed economic choices on whether to sell in the ISO=20 market or to sell elsewhere...=20 =01& ... The ISO has no more or less ability to procure capacity and energy= than=20 any other buyer of these services ... If the ISO is unable to elicit=20 sufficient supplies at or below its announced purchase price ceiling (becau= se=20 generators are free to sell elsewhere if they choose) it will have to rais= e=20 its purchase price to the level necessary to meet its needs. ... Therefore= =20 an increase in out-of-market (OOM) calls for generation may be necessary to= =20 maintain system reliability.? Because the current payment for OOM is not=20 subject to a maximum purchase price the resulting overall payments may be= =20 higher.=20 =01&To the extent the ... ISO Board resolution contemplates implementing a= =20 directive that generators must bid their capacity into the ISO markets unde= r=20 any circumstances (e.g. when system load exceeds 38000 MW) such a=20 requirement is not permitted by our ... Order and the ISO tariff. ... Futur= e=20 implementation of the ISO Board resolution with regard to a requirement to= =20 sell would require significant revisions to the ISO market rules.? Such=20 market changes could not become effective absent a corresponding amendment = to=20 the ISO tariff which would have to be filed under section 205 of the FPA.= =018=20 Well. What do you think about that?=20 Just wait.? Here is what the sleeping bear Commissioner Hebert said in his= =20 concurring remarks:=20 =01&Getting to the bottom of the problem in my view requires us to begin = a=20 proceeding to rescind our approval of the ISO as the operator of the=20 California grid.? The record supports such a move. ... A memorandum to the= =20 ISO from a stakeholder who resigned from the governing board eloquently=20 brings to our attention repeated attempts to undermine the independence of= =20 the ISO. The memorandum also thoughtfully outlines consequences to the=20 markets of a return to =01+command and control.=01=20 =01&Because these allegations come from a non-market participant especiall= y=20 should we take heed.? We must also take notice of the public pressure on th= e=20 Board to compromise its independence.=018=20 Amen brother amen.=20 Odds and Ends (_!_)=20 As you can imagine this week like an endless string of weeks before this= =20 has been interminable.? I get about three phone calls a day from press=20 reporters very little of which ever sees print.? My shtick is just too=20 complex for casual readers.? But I do notice that the reporters are asking= =20 better questions.? The public is becoming more savvy.? The information flow= =20 is moving in our favor and will disarm the forces of evil in about 10=20 years.=20 I have other problems on my mind.? I am working on a new computer system.?= =20 Really it=01s just an upgrade of an older computer that is a bit faster t= han=20 the laptop I tried to upgrade very unsuccessfully.? As a result of the all= =20 the new hardware and software I purchased my office looks like a war zone= =20 with an odd mix of PUC service copies computer documentation and diskette= s=20 laying all around. Quite a mess.=20 Prepare for the future.? Our next general meeting is scheduled for Thursday= =20 and Friday October 5 and 6 at Moro Bay.? Barb Ennis will prepare a blurb f= or=20 us in next week=01s Burrito about room reservations timing golf etc.? O= ur=20 guest speakers will include MSC Chairman Professor Frank Wolak who will tal= k=20 on the subject of his choice Ms. Irene Moosen of Grueneich Resource=20 Advocates who will make a presentation on the distributed generation case= =20 before the PUC and William Freddo of PG&E National Energy Group who will= =20 give us some education on operating a power plant inside the New England IS= O.=20 Now for your daily bread provided this week by Dan Douglass.? Last week we= =20 had a joke about Catholics.? This week it=01s agnostics.=20 An atheist was taking a walk thru the woods admiring all that the accident= ?=20 of evolution had created.? What majestic trees!? What powerful rivers! Wha= t?=20 beautiful animals!? he said to himself.=20 As he was walking alongside the river he heard a rustling in the bushes?=20 behind him.? As he turned to look he saw a 7 foot grizzly bear charging?= =20 towards him. He ran as fast as he could up the path.? He looked over his?= =20 shoulder and saw that the bear was closing in on him.? He tried to run even= ?=20 faster so scared that tears were coming to his eyes. His heart was pumping= ?=20 frantically as he tried to run even faster but he tripped and fell on the?= =20 ground.? He rolled over to pick himself up and saw the bear right on top of= ?=20 him raising its paw to kill him.=20 At that instant he cried out Oh my God! And time stopped. The bear froze.= ?=20 The forest was silent.? The river even stopped flowing.? A bright light=20 shone? upon the man and a voice out of the sky said You deny my existenc= e=20 all? these years teach others I don't exist and even credit my creation to= =20 a? cosmic accident and now do you expect me to help you out of this?=20 predicament?? Am I to count you as a believer?=20 The atheist ever so proud looked into the light and said It would be=20 rather hypocritical to ask to be counted as a believer after all these=20 years? but could you make the bear a believer?=20 Very well said the voice. And the light went out the river flowed the?= =20 sounds of the forest continued and the bear brought both paws together?= =20 bowed his head and said Lord I thank you for this food which I am about= ?=20 to receive.=20 Amen.? And have a great weekend.? Oh and thanks to all of you who sent me= =20 happy birthday wishes.? It was very much appreciated.=20 KSB=20 gba | other | casual | 3 |
Comparable Worth Legislation | This is an issue we need to stay on top of. Felicia: could you please put= =20 some background together for everyone on the list? | legal affairs | formal | 0 |
Re: ISO Market Stabilization Plan | Thanks for taking the lead on this. Note Tim's question about handicapping the liklihood of approval. Prices will move in the West based on these odds. We need to have a better view than anyone else. Ray Alvarez 04/13/2001 01:19 PM To: James D Steffes/NA/Enron@Enron cc: Tim Belden/HOU/ECT@ECT Joe Hartsoe/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Alan Comnes/PDX/ECT@ECT Steve Walton/HOU/ECT@ECT Susan J Mara/NA/Enron@ENRON Subject: Re: ISO Market Stabilization Plan Tim although there's always a chance my impression is that the FERC won't buy the ban on exports as this would appear to run afoul of the Commerce Clause and certainly goes counter to everything that FERC hopes to accomplish with their own Order 888 and 2000 initiatives. I am less certain about the direction FERC will go on pricing since even the staff has recognized stumbling blocks in their own recommendation and offers possible variants. The ISO has not submitted revised tariff sheets for approval yet so it is unlikely they would try to implement their own plan in the near term. If they try to do so without FERC approval possible legal avenues might include the filing of a complaint at FERC asking for fast track processing (this fast is measured in weeks not days) and/or seeking injunctive relief in court (faster) which can be hard to obtain but not impossible depending entirely on the circumstances. Will keep you posted if I learn anything new on this. Ray James D Steffes 04/12/2001 11:21 PM To: Tim Belden/HOU/ECT@ECT cc: Joe Hartsoe/Corp/Enron@ENRON Ray Alvarez/NA/Enron@ENRON Steven J Kean/NA/Enron@Enron Alan Comnes/PDX/ECT@ECT Steve Walton/HOU/ECT@ECT Susan J Mara/NA/Enron Subject: Re: ISO Market Stabilization Plan Ray -- Can you please take the lead in responding to Tim re: FERC v. state actions? Sue -- Any info on whether the ISO would do this unilaterally? Jim To: Joe Hartsoe/Corp/Enron@ENRON James D Steffes/NA/Enron@Enron Ray Alvarez/NA/Enron@ENRON Steven J Kean/NA/Enron@Enron Alan Comnes/PDX/ECT@ECT Steve Walton/HOU/ECT@ECT Susan J Mara/NA/Enron@ENRON cc: Subject: ISO Market Stabilization Plan The recent plan filed at FERC is horrible. The two most aggregious parts are the cost based standing bids and the ban on exports. I know that we are commenting on this proposal. I am also looking for intellegence on whether the ISO proposal has any chance of getting approved by FERC. If it is not approved by FERC what can the Californians do? California has ignored FERC before. If they attempt to unilaterally implement changes what is the likelihood that the Feds step in to intervene? If you hear anything on this matter please keep me posted. The proposed plan will have a huge impact on the California market and we need as much advance notice as possible. | other | formal | 3 |
Re: PRC cluster descriptors - draft | I think this is a fine attempt but I continue to believe that a pure relative ranking offers the most flexibility and is more like the way the process works in practice. A separate list of desired behaviors criteria etc can be used to guide discussion but I believe the ranking itself should remain purely relative. Gina Corteselli 09/14/2000 06:04 PM To: Cindy Olson/Corp/Enron@ENRON David Oxley/HOU/ECT@ECT Steven J Kean/NA/Enron@Enron cc: Michelle Cash/HOU/ECT@ECT Subject: PRC cluster descriptors - draft All Aattached are a draft of the PRC cluster descriptors which we discussed several weeks back. I has sent a first draft to Michelle and Dick and both had some suggestions which I have tried to incorporate. I am still awaiting Dick and Michelle's impressions of the below but also look forward to your impressions and input. Likewise I would appreciate your input on whether or not we need to change the ratings on the feedback forms to numerical ratings 1-5 to mimic the clusters. look forward to hearing from you Many thanks Gina ----------------- | other | formal | 3 |
NAES meeting in Barton Creek in Austin | [Dan Sponseller 412 355 8650 -- called Brian Barrington] Laura Houston x3366 is contact 9:30 - 10:00 Regulatory Update gas and electricity positions that we've taken initiatives and events that they should be aware of retail perspective if there is something they should know about Audience is Amanda's team approx. 100 people. Can use overheads or slides. We need to let Sheila Hatten know what you'll use. | other | formal | 3 |
Re: Dereg Articles | Looks good Mark Palmer 09/27/2000 02:09 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: Re: Dereg Articles Here's the draft that Allegretti is sending. | other | formal | 3 |
RE: Bingaman reliability draft language | It is important to point out that under the Bingaman reliability language FERC has total discretion as to whether to adopt a NERC standard. Charles does make a good point about the deference language. As written FERC has discretion to defer to NERC or an RTO to monitor and enforce compliance. At a minimum that language should be expanded to include another entity like an EISB. Similarly the language should probably be tweaked to allow FERC to adopt standards of an organization other than NERC. | other | formal | 3 |
Confidential - Resume for Andy Blanchard | Attached is a resume for a gentleman who has relocated as a trailing expat spouse to Houston who we are looking to find a suitable position somewhere in Enron. I know that one or two of you have already seen his resume and at the time didn't necessarily have a role for him. I would be very grateful if you could take another look and see if anything has now changed. By way of background he was previously working with Eastern in the UK in a back office capacity looking at their approach to the UK Gas regulatory framework known as the Network code. He has done a little consulting work since relocating to Houston in the online area. His references are very good. He is available with immigration clearance as a local hire probably at Senior Specialist level. As an additional incentive I would be prepared to underwrite his costs in the event you decided in the first 6 months that his performance did not meet your expectations (Obviously - I am highly confident this will not be the case!). | human resources | formal | 3 |
CONFIDENTIAL - CA Customer Letter | Here is the note we sent to our CA customers this weekend to extend with Evergreen. Jim ----------------- | energy services | formal | 3 |
RE: FERC rulemaking on Generator Interconnection | Jim -- The quick answer to your question on the Barton bill is that yes it does = appear to address this tax issue involving interconnections at least in pa= rt. There is language in Title VIII on various tax issues. One of them ex= ludes from gross income certain amounts received by electric utilities spe= cifically including connection fees. In the example in the e-mail the iss= ue was not fees paid directly but assets paid for by the generator that ar= e then transferred to the utility. Will check on that angle. In any event Title VIII (while in the Barton bill) is not in the jurisdict= ion of Barton's subcommittee. Instead the tax title would have to go thro= ugh the Ways and Means Committee. There were some energy tax provisions in= the House-passed energy bill last August. Chris and I will consult tomorr= ow to see if this issue was included in that bill. Aside from the tax issue Barton bill would require the type of interconnec= tion rulemaking that FERC is now conducting (both for connections to local = distribution and to transmission). In each case the cost of interconnecti= on would have to be comparable to what the utility charges others similarly= situated. I will go back to double check but off the top of my head I re= call that the Bingaman draft specifically socializes the costs of interco= nnection. John | other | formal | 3 |
Re: PJM Stip | Can we also get something in the stip that limits the market making activity or at least promises a reexamination of the scope of the market making activity after some period of time. Also can we strengthen the language to give us something beyond simply a right to file -- which is a right we have anyway. James D Steffes 03/16/2001 03:34 PM To: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron cc: Joe Hartsoe/Corp/Enron@ENRON Sarah Novosel/Corp/Enron@ENRON Subject: PJM Stip Attached is the proposed Stip to allow PJM to move forward as an RTO. In the Stip we argue that PJM should be approved by FERC but condition our acceptance on a FERC process to unify the Northeast markets. My only comment is to delete the final WHEREAS paragraph on congestion management. While our ability to later stop PJM from being an RTO is limited I believe that this gives us the ability to drive a consolidation of the Northeast markets - which is one of the goals of the East Power desk. In addition I think that the overall direction of PJM in commercializing its software is a good activity for our interest - even if we don't want everything in their package. Sarah is out until Monday when we need to get back with PJM. Jim | other | formal | 3 |
Re: HPL Closing | fyi - Jade Eaton is one of Lara's contacts at DOJ | legal affairs | neutral | 3 |
RE: DRAFT Comments on Barton RTO Draft | I tried to make it clear that we were not ourselves moving off of 4/5 RTOs -- and I will try to make that clearer. I was just trying to take advantage of what Wood and others said to show that they are not the heavy-handed regulators that Barton and others on the Hill are painting. In other words I wouldn't have asked them to say what they did -- but once said we might as well get some mileage out of it. | energy trading | casual | 0 |
Expense Reports Awaiting Your Approval | ----------------- | finance | formal | 2 |
Enron legislative package | null | legal affairs | neutral | 3 |
Re: A&M - Bush Library Foundation & School of Public Policy | Let's talk. While there is always some value in these things it is ususally quite small and consumes more valuable resources in trying to capture the benefit than the benefit itself. From: Michael B Rosen@ECT on 07/13/2001 08:44 AM To: Steven J Kean/NA/Enron@Enron cc: Subject: A&M - Bush Library Foundation & School of Public Policy Steve- We have been approached by the Texas A&M/George Bush Presidential Library Foundation and School of Public Policy to endow additional funds. Enron had made an original contribution to the library foundation back in 1998 totaling $250K over five years. I am working with Community Relations and A/A Recruiting to evaluate the latest request and to discuss where Enron may have interest or find leverage for our Government Affairs Recruiting or PR efforts. The Foundation is willing to work with us to establish whatever type of program(s) and/or participatory involvement we would like. We have discussed an Enron speaker series classroom lectures advisory committee seats and the likes. I have already had a chance to run this by Rick Shapiro and Rob Bradley. Although Rick was noncommittal regarding his team's time for speaking or lecturing he seemed supportive of the effort. Rob has already been participating in some speaking opportunities there and supported expanded efforts. What are your thoughts on contribution levels (another $250K was suggested by CR) and any specific program or relationship opportunities regarding the Library Center or School of Public Policy. Please grab me for quick conversation when you have time. Thanks. Mike | human resources | formal | 0 |
Re: EBR - Public Affairs - Nov. 6 | I may need to spend some time with you in advance but you don't have to plan on coming here. Mark Schroeder@ECT 10/15/2000 06:32 PM To: Maureen McVicker/NA/Enron@ENRON cc: Steven J Kean/NA/Enron@Enron Beverley Ashcroft/LON/ECT@ECT Subject: Re: EBR - Public Affairs - Nov. 6 trust my non-attendance is okay with Steve. If not please so advise or if he wants my participation by conference call that could be arranged. thanks mcs Maureen McVicker@ENRON 12/10/2000 09:52 To: Richard Shapiro/NA/Enron@Enron Mark Palmer/Corp/Enron@ENRON James D Steffes/NA/Enron@Enron Mark Schroeder/LON/ECT@ECT Michael Terraso/OTS/Enron@ENRON Elizabeth Linnell/NA/Enron@Enron John David W Delainey/HOU/ECT@ECT Rosalee Fleming/Corp/Enron@ENRON Sherri Sera/Corp/Enron@ENRON Katherine Brown/Corp/Enron@ENRON cc: Ginger Dernehl/NA/Enron@Enron Cindy Derecskey/Corp/Enron@Enron Marcia A Linton/NA/Enron@Enron Beverley Ashcroft/LON/ECT@ECT Laura Glenn/OTS/Enron@ENRON Helen Kay Chapman/HOU/ECT@ECT Subject: EBR - Public Affairs - Nov. 6 The EBR (Executive Business Review) for Public Affairs has been rescheduled: The new date is: DATE: Monday Nov. 6 TIME: 8:30 A.M. (block 2 hours on your sched just in case) PLACE: EB 50M03 ATTENDEES: Dave Delainey (if schedule permits) John Hardy Steve Kean Ken Lay Elizabeth Linnell Mark Palmer Mark Schroeder (will not be attending) Rick Shapiro Jeff Skilling Jim Steffes Mike Terraso | project management | formal | 3 |
RE: Catch Up | BTW = By the way. Putnam in Boston. it's official. Vince | personal & social | casual | 3 |
Re: Contact | Contact Dave Parquet and Jeff Dasovich in our San Fran. office. Dave has worked on Enron's proposals to San Diego and Jeff has been supporting him from a gov't/reg affairs standpoint. From: Michael Kenneally@ENRON COMMUNICATIONS on 09/08/2000 10:51 AM To: Steven J Kean/NA/Enron@ENRON cc: Subject: Re: Contact Steve: Chris Holmes recommended I contact you concerning the attached inquiry. I recently met with a federal representative from San Diego who had asked if I could send him any information on Enron's ability to hedge energy prices. After a summer of rolling brown outs and soaring prices he is looking for ways to avoid the scenario in the future. Could you recommend the best avenue for responding to this request? I appreciate you assistance in this matter. Regards Michael x 35868 | other | formal | 0 |
Energy Issues | See natural gas price article below. Our buddy Paul Carpenter has turned o= n=20 us (not to mention that he seems to be talking nonsense). How about giving= =20 him a call? ----------------- | other | casual | 3 |
Re: Confidential Contact data and RFI | Kevin I had the Capacity forecast column units mislabeled Here is the revised one. If you want just have your NEEPOOL lead type over our forecast and re-send to us. We will not let this get out of our shop and we will get you in on a block to buy. Thanks again Fred ----- Original Message ----- From: Presto Kevin M. To: Fred W. Giffels <mailto:fgiffels@HGP-Inc.com> Sent: Tuesday February 12 2002 8:07 AM Subject: RE: Confidential Contact data and RFI Any nuclear specific info? Kevin Presto UBS Warburg Energy kevin.presto@ubswenergy.com Phone: 713-853-5035 Fax: 713-646-8272 | other | formal | 3 |
Re: Management Conference - Save the Date | looks fine From: Terrie James/ENRON@enronXgate on 07/19/2001 04:31 PM To: Steven J Kean/NA/Enron@Enron Cindy Olson/ENRON@enronXgate cc: Sherri Sera/ENRON@enronXgate Marge Nadasky/ENRON@enronXgate Subject: Management Conference - Save the Date Steve and Cindy Attached is the electronic Save the Date memo for the Management Conference. We are preparing to send it out next week. Please let me know if you have any comments or concerns on the e-mail. As for distribution we've worked with HR on the distribution list for VPs but will circle back with David Oxley's team to ensure we have the most up-to-date list. Since some VPs in redeployment will most likely find positions within Enron by November I don't plan to exclude them from the distribution ... unlike United Way where we are not soliciting employees in redeployment for a contribution. I look forward to any feedback. Terrie James Senior Director Public Relations Enron Broadband Services (ph) 713.853.7727 (fax) 713.646.3248 terrie.james@enron.com | organization | formal | 3 |
Presentation to faculty and students at Berkeley | null | human resources | casual | 2 |
Re: Rich Products | Looks good. Peggy Mahoney 07/24/2000 06:20 PM To: Mark Palmer/Corp/Enron@ENRON Steven J Kean/HOU/EES@EES Karen Denne/Corp/Enron@ENRON Cedric Burgher/Corp/Enron@ENRON Mark Koenig/Corp/Enron@ENRON Paula Rieker/Corp/Enron@ENRON Jeremy Blachman/HOU/EES@EES Harold G Buchanan/HOU/EES@EES Karen S Owens@ees@EES Kevin Hughes/HOU/EES@EES Mark S Muller/HOU/EES@EES Vicki Sharp/HOU/EES@EES Marty Sunde/HOU/EES@EES Dan Leff/HOU/EES@EES Elizabeth Tilney/HOU/EES@EES Dave S Laipple/DUB/EES@EES James E Keller/HOU/EES@EES cc: Subject: Rich Products Please review the attached draft news release about our agreement with Rich Products and let me know if you have any comments by 5pm Tuesday July 25. We are scheduled to release on Wednesday July 26. If you have any questions please call me at x57034. Rich Products is a major US food manufacturer headquartered in Buffalo NY. The company ranked #122 in Forbes Private 500 and has sales around $1.5 billion. Rich Products is owned and operated by the founding Rich family. Products manufactured include frozen meats bakery products and non-dairy creamers. | other | formal | 0 |