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California | Please send the economist piece around. ----------------- | other | formal | 3 |
Update Day 1 Second Session FERC CA Settlement | null | energy infrastructure | neutral | 2 |
California Public Affairs Strategy | To make sure that Enron is not missing any opportunities to make our points on competition we need to develop some key message points and facts. My understanding is that the key story line is that COMPETITION IS WORKING AND SHOULD BE PUSHED FORWARD. We need to be able to give examples of what is happening - deregulation customers are winning. For example our CSU customers are just fine even with higher energy markets. I think that are some key questions that we need to consider when we put these together: Who is the audience? My answer - California policymakers key stakeholders FERC federal government. Can we use this in the FERC Investigation on Markets? My answer - we have to California is too big and important not realize that California will play a role in FERC's discussions. What is the timing of message? My answer - Wherever and whenever needs to be coordinated. This CA legislative process (next 2.5 weeks) may be a possibility. FERC Investigation. Taking the story nationally is good if we have the facts from CA. Who will deliver the message? My answer - Everyone on the Enron team needs to have the same message all of the time. We can't let any opportunity pass us by. Do we demonize the utilities? My answer - if necessary we just need to make sure that we have as many facts to prove our points if we do attack. How do we prove that rolling back to regulation is ridiculous? My answer - retain LEGC to develop the hypothetical of what would have happened? NEEDS TO BE DISCUSSED INTERNALLY - LEGC MAY NOT BE THAT FRIENDLY. Next Steps: Jeff Dasovich needs to put out first cut based on our earlier notes and any incremental information from our analysis teams (e.g. TCA McNally / Temple). Thanks Jim | other | formal | 3 |
MEMO | ----------------- | other | formal | 3 |
Confidential Folder to safely pass information to Arthur Andersen | We have become increasingly concerned about confidential information (dpr/position info curves validations/stress tests etc) being passed to Arthur Andersen for audit purposes over the Web to their Arthur Andersen email addresses. (necessary now they no longer have access to Enron's internal email system) Please use the folder described below when passing any info (that you would have concerns about if it was picked up by a third party) via the shared drive that has been set up for this specific purpose. Note: AA should also use the shared drive to pass info back if there are questions or the data needs updating. We should also consider the sensitivity of audit findings and special presentations if they are being distributed electronically. Please pass this note to others in your groups who have the need to pass info back and forth. Details on how to access for those who will use this method to pass info: A secured folder has been set up on the o drive under Corporate called Arthur_Andersen Please post all confidential files in this folder rather than emailing the files to their company email address. If you need access to this folder submit an eRequest through the IT Central site: Arthur Andersen will be able to retrieve these files for review with their terminal server access at the Three Allen Center location. Please contact Vanessa Schulte if you have any problems or questions Beth Apollo | other | formal | 0 |
Re: Doctoral studies | My message was sent before I finished it. I think it would be interesting to focus your attention on this interplay -- what policy changes have meant to companies (ie the winners and losers) and how explicit companies are about how government policy drives their business strategy in these industries. I also think it would be fascinating to compare regulators' visions for the industry they are restructuring with the reality after the fact. I believe you would find some similarities but also some substantial and interesting differences. Good luck with your studies. My best regards to Mike I learned a great deal working for him. Rob Wilson@ENRON 07/24/2000 04:44 PM To: Steven J Kean/HOU/EES@EES cc: Mike McGowan/ET&S/Enron@ENRON Subject: Doctoral studies Steve Vince Kaminski suggested I contact you I'm the Gov't Affairs rep for NNG in Omaha and begin a doctoral studies program this fall at NU. I plan a research emphasis in regulatory politics specific to energy and telecom market convergence and the public interest. I'd welcome any advice or suggestions you have regarding other potential area's of research based on your professional experience in the public policy arena. I appreciate any guidance I'm in the earliest stages of forming my advisory committee and curriculum of study. My supervisor Mike McGowan sends his regards. | human resources | formal | 5 |
RE: Update - Jeff Skilling Conference Call with John Q Anderson | Thanks to Jim and Charles for the reports on the NERC conference call earlier today. Aside from whatever is done directly with NERC on details of their internal operations to respond to our concerns (i.e. Jeff's presentation to their board and the list of issues Charles had) the NERC/PJM drafting process will continue in DC in coming weeks. In addition Congressional staff are likely to be drafting electricity legislation including a reliability title during the August Recess that will start at the end of this week (i.e. we will likely be asked to comment on reliability legislation before any meetings with the NERC board are completed). I will analyze the shortened NERC and PJM Revised versions and share some thoughts based on our objectives. | energy infrastructure | formal | 3 |
Re: job applicant | yes lyoho@enron.com 09/26/2000 09:03 AM To: Steven.J.Kean@enron.com cc: Subject: Re: job applicant Steve -- Yes I am interested in talking to him. Should I contact Eric? Thanks for passing this along. Lisa From: Steven J Kean@ENRON on 09/24/2000 05:37 PM Sent by: Steven J Kean@ENRON To: Lisa Yoho/HOU/EES@EES cc: Subject: job applicant any interest? | other | formal | 5 |
ECT Strategy Meeting, per Julie Armstrong | At the Four Seasons Hotel - Livingston Room | other | formal | 3 |
Steffes Testimony To House Committee Today | Attached is Jim's prepared statement filed last night for today's House Energy and Air Quality Subcommittee (Chairman Barton) hearing on reliability transmission incentives and siting issues. You will see we use the opportunity to make a plug for large RTOs as well. Jim will actually deliver a five minute oral summary. He is appearing as the EPSA witness in his capacity as chairman of the EPSA Regulatory Affairs Committee. There will be ten witnesses on the panel. Others will represent EEI NARUC APPA LPPC NRECA NERC (David Cook) ELCON Consumers for Fair Competition and GF Energy. We will provide a report following the hearing. | other | formal | 3 |
Lou Pais staff meeting, 25C3. | Hartsoe: PJM HoganSPP WSCCHebertdemocratic nominee ACA Andy Rotherham AAE membership (703)875-0764 Gordon Weil page Maureen | other | casual | 3 |
Re: PJM RTO Order | Great summary. I think the two main issues you raise are the right ones b= ut I have one other thought we should discuss internally. Do we want to cr= eate a set of incentives for the management of PJM that would entitle manag= ement to incentive compensation to the extent they meet certain goals -- eg= relieving congestion on the grid increasing throughput across the transmi= ssion system expediting interconnection (measured in terms of actual inter= connections not just applications approved) etc. This way we could create= an organization that would have the incentive to make a workable and open = transmission system. From:=09Sarah Novosel on 07/13/2001 07:57 AM To:=09Kevin M Presto/Enron@EnronXGate Mark Dana Davis/HOU/ECT@ECT Jeff Ad= er/HOU/EES@EES Edward D Baughman/Enron@EnronXGate Joe Gordon/Enron@EnronX= Gate Janelle Scheuer/Enron@EnronXGate mbrown9@enron.com Mark Bernstein/H= OU/EES@EES John Llodra/Enron@EnronXGate W David Duran/Enron@EnronXGate G= eorge Wood/Enron@EnronXGate Dave Perrino/SF/ECT@ECT Paul J Broderick/Enro= n@EnronXGate Jason Thompkins/Enron@EnronXGate Mason Hamlin/Enron@EnronXGa= te Robert Stalford/Enron@EnronXGate Tom May/Enron@EnronXGate Gautam Gupt= a/Enron@EnronXGate Narsimha Misra/Enron@EnronXGate Steve Montovano/NA/Enr= on@Enron Garrett Tripp/Enron@EnronXGate Berney C Aucoin/Enron@EnronXGate= Jason Thompkins/Enron@EnronXGate Rob Wheeler/Enron@EnronXGate Rogers Her= ndon/Enron@EnronXGate Jim Meyn/Enron@EnronXGate Aleck Dadson/Enron@EnronX= Gate Daniel Allegretti/Enron@EnronXGate Pearce W Hammond/HOU/EES@EES Don= na Fulton/Corp/Enron@ENRON Howard Fromer/NA/Enron@Enron Kathleen Sullivan= /NA/Enron@ENRON Tom Hoatson/Enron@EnronXGate Thane Twiggs/Enron@EnronXGat= e Sarah Novosel/Corp/Enron@ENRON Christi L Nicolay/HOU/ECT@ECT James D S= teffes/NA/Enron@Enron Linda Robertson/NA/Enron@ENRON Richard Shapiro/NA/E= nron@Enron Steven J Kean/NA/Enron@Enron Charles Decker/HOU/EES@EES Nick = Politis/Enron@EnronXGate sscott3@enron.com Aleck Dadson/Enron@EnronXGate= Lloyd Will/Enron@EnronXGate Ray Alvarez/NA/Enron@ENRON Susan M Landwehr/= NA/Enron@Enron Charles Yeung/HOU/ECT@ECT Andy Rodriquez/Enron@EnronXGate= John J Lavorato/Enron@EnronXGate Louise Kitchen/Enron@EnronXGate Greg Wh= alley/Enron@EnronXGate susan.j.mara@enron.com Jeff Dasovich/NA/Enron@Enro= n Karen Denne/Enron@EnronXGate mpalmer@enron.com Alan Comnes/Enron@Enron= XGate Tom Briggs/NA/Enron@Enron John Shelk/NA/Enron@Enron Pat Shortridge= /Corp/Enron@Enron Chris Long/Corp/Enron@ENRON Mike Roan/ENRON@enronXgate= Kerry Stroup/NA/Enron@Enron Janine Migden/Enron@EnronXGate Dave Mangskau= /Corp/Enron@ENRON cc:=09=20 Subject:=09PJM RTO Order Attached is a summary of the PJM RTO order. While it is somewhat lengthy = the order has a lot of good information in it that I wanted to share with t= he group particularly the Commission's statements regarding the existing c= onfiguration of the northeast and the need to expand it. We are working on summaries of the New York and New England RTO orders and = will have those out shortly. If you would like copies of the orders just = let us know. We expect the mediation proceeding to begin within the next week. We will = keep you updated. Sarah =20 | other | formal | 0 |
Tammy Hopkins - Resume | null | human resources | neutral | 3 |
RE: OH Energy Summit -- Summary of comments | Barbara-- Very helpful and encouraging report. Sounds like the Gov. and the Consumers Counsel are with us on RTOs. Would they be willing to write their own letters I assume separately to the Ohio congressional delegation? There are several Ohio members on the House Energy and Commerce Committee. Is the Consumers Counsel a Democrat (that would help since there are three Ohio Democrats on the committee -- Brown Strickland and Sawyer?). Even if he is a Republican support from within the state would help a great deal. Thanks. John | other | formal | 0 |
RE: SMS conference | Ian My secretary contacted SMS. I was surprised that they want to charge me for the conference. Typically the speakers are invited to attend without incurring the cost of a conference. The is the first invitation to speak I received combined with a request to pay for the privilege. Vince | other | surprised | 3 |
FERC Tech. Conference on CA Natural Gas Transportation- 5/24 | calendar fyi ----------------- | calendar & scheduling | casual | 3 |
RE: Confidential - GSS Organization Value to ETS | Will do. | other | formal | 0 |
Latest Documents | ----------------- | other | neutral | 2 |
CONFIDENTIAL Attached file | This is the negative CTC claim. Transmission and other charges we owe have been set off ie this is a net amount and the gross CTC is much larger- on the order of $900MM. Decision to use or not is not final in Enron keep confidential. The potential witness would be Wanda Curry. Thanks Ray ----------------- | legal affairs | formal | 3 |
Re: FW: Confidential - GSS Organization Value to ETS | I agree with Morris | other | formal | 5 |
RE: CONFIDENTIAL Personnel issue | Great. That is exactly what I would like you to do. Michelle | human resources | polite | 1 |
HELP!!! | Linda - I haven't heard of these guys. Do you know them? ----------------- | other | inquisitive | 3 |
Re: ORG CHART | I do not. Enron Energy Services From: Deborah DeFforge 07/18/2000 08:34 AM Phone No: 713.853.9474 713.646.2621 - Facsimile EB1293 To: Steven J Kean/HOU/EES@EES Richard Shapiro/HOU/EES@EES cc: Subject: ORG CHART Do either of you have an updated org chart depicting EES ENA and EBS? Thank you! d2 | organization | formal | 3 |
Power of Communication Program | More info. ----------------- | business document | inquisitive | 3 |
UC-CSU-Enron press release | I know we got a lot of grief on the Hill when we had our fight with UC/CSU. Now we have settled and this release will go out (with some modification) today. ----------------- | other | formal | 2 |
Report on "Anti-RTO Bill" and on Andy Black Meeting | This note is to report on two electricity legislative developments: the Aug. 2nd introduction of an anti-RTO bill (or at least anti-mandatory RTOs) and on a meeting I had yesterday afternoon with Andy Black the policy coordinator for Chairman Joe Barton on the House Energy and Air Quality Subcommittee to discuss their intentions with respect to electricity legislation this Fall. 1. H.R. 2814 (Reps. Tom Sawyer (D-OH) and Richard Burr (R-NC)) On Aug. 2nd (the last day Congress was in session before the August Recess) the above named members of the House Energy and Air Quality Subcommittee introduced H.R. 2814 the Interstate Transmission Act. The legislation is bad because among other things it requires FERC to establish transmission pricing policies that provide incentives for voluntary participation and formation of RTOs with language prohibiting policies that have the effect of forcing transmitting utilities to join RTOs. Also objectionable is that the bill would limit pancaking but at the same time require FERC to establish a reasonable transition mechanism or period for additive charges. The legislation prohibits FERC from conditioning any order upon a transmitting utility being required to transfer operational control of jurisdictional facilities to an ISO or RTO. The bill would require that participating transmitting utilities must approve the form structure and operating entity of any RTO. In addition to the RTO language the bill has the old version of the NERC reliability legislation in it. The bill also has a PUHCA exemption for RTOs repeals Federal Power Act sec. 203 on the disposition of property and includes the tax changes that IOUs seek for transfers of property to an independent transmission company. Barbara Hueter advises that First Energy has its hq in Rep. Sawyer's district. Rep. Burr is from North Carolina so perhaps Duke had its utility hat on in working with him. I am checking into where Duke is on this issue. Rep. Burr is the Vice Chairman of the House Energy and Commerce Committee and close to Chairman Tauzin -- so his support for this legislation is significant (see Andy Black comment below). 2. Andy Black Meeting Andy is meeting with various trade associations this month to discuss electricity legislation. He is only meeting with a few companies on a one-on-one basis -- Enron Reliant Dynegy and TXU. His timing is to have a legislative draft for Chairman Barton to review when Congress returns after Labor Day. If Chairman Barton approves or makes changes the draft will be circulated to members of the subcommittee and the public for further comment. The intent is to mark up an electricity bill this Fall so that if the Senate acts on electricity in its comprehensive energy bill the issue will be ripe for consideration in a House-Senate conference committee. Here is a run down of my comments and Andy's comments on specific issues. a. RTOs Chairman Barton supports RTOs. At a minimum the draft will affirm FERC's authority as the commissioners have requested. Andy is considering going beyond that to mandate RTO participation. Not sure he can hold that position in the subcommittee. He is looking to Enron and others to help them explain and build support for RTOs. Informed him of our initial informal coalition steps. However Andy asked me to look at sec. 3 of the Sawyer-Burr referenced above which I realized after the meeting is the part that deals with incentive rates and negotiated rates to expand transmission and voluntary RTOs. I have a call in to Andy to reconcile these statements since the Sawyer-Burr bill is based on voluntary RTOs. Hopefully he is thinking of using the incentive and negotiated rate language and NOT the objectionable voluntary RTO aspects. I will strongly encourage him to do the right thing in that regard. b. PUHCA The draft will use the Pickering bill (H.R. 1101). Told Andy about our concerns with the record keeping provisions of that bill. Will send him our legislative language to clarify these provisions so that they do not open up all of Enron's records -- even those unrelated to transactions with a regulated utility affiliate. c. PURPA Prospective repeal. On back up power they are thinking of requiring that rates for back up power be just and reasonable until there is retail competition in the state. d. Interconnection They have received a proposal from Trigen that Andy says we will like. I am contacting EPSA to get the details. e. Net Metering They are likely to include the Inslee bill to require net metering. I explained our concern that the bill's mandate applies to all retail energy suppliers -- including EES -- even though this should only apply to utilities with an obligation to serve that it does not make sense to mandate it on service providers like EES (per Jim's helpful comments yesterday). I need to get more information to Andy. f. Transmission Jurisdiction Thankfully Andy is NOT going to use those portions of the bill as reported by subcommittee in the last Congress that gave use heart burn on jurisdiction. Specifically the draft will not say FERC does not have jurisdiction over the transportation component of a bundled retail sale -- the draft will not get into the bundled/unbundled issue at all. The draft will bring munis co-ops and PMAs under the FERC umbrella for transmission jurisdiction purposes. g. Siting On siting Andy is thinking of some type of mechanism that would give a State one year before federal eminent domain attaches. h. Reliability On a negative note Andy intends to use the latest NERC reliability language because NERC's version has strong support among the Members of the subcommittee and no other alternative has emerged with political support (i.e. not PJM). I explained our concerns. He said our best bet is for DoE or FERC to come forward to seek something other than the NERC version. He said Members eyes glaze over on reliability with everything else on the plate. i. Negawatts I raised the absence of negawatts on his issue list. He said he is open to considering it again but that there was left over political baggage and unresolved issues from when this was attempted during consideration of the California bill earlier this summer. Your questions and comments on the any of the above are most welcome. | other | formal | 5 |
Ashoks all-day staff meeting today. | Eric (713) 464 1955 Steve Williams PGE information for Boise | other | formal | 5 |
Kari Dohn 916.445.0114 | TASK ASSIGNMENT Task Priority: 2 Task Due On: Task Start Date: | other | formal | 3 |
Rick to Cover | LTV Steel's Northern Ohio Energy Conference in Cleveland Ohio You will be on a panel with reps from Centerior Ohio Edison Cinergy Audience will be between 400-500 ppl Per Terrie James | other | excited | 2 |
Re: Funky Business | Follow up to previous message: I would not have managing for the slow down on the agenda. I don't think it is as relevant to our business as it is to many others. TERRIE JAMES@ENRON COMMUNICATIONS 07/05/2001 01:09 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: Funky Business Steve Have you had a chance to look at the book Funky Business and to give any thought to having Jonas present at the Management Conference? I know you have a thousand other things on your plate not the least of which is California so I understand if the answer is no. However they've been contacted by someone else about the date so we may be forced to decide rather soon. On a related subject I'm contemplating another topic for the conference. I'd seen an article in Fortune several months ago titled Managing for the Slowdown. It talked about new challenges managers face in light of the economic downturn. (Most young managers have never experienced anything but boom times.) The article also outlines a dozen or so things companies should be thinking about now. (Use the downturn as a new opportunity to evaluate people. Overhaul your budget process. Don't stop communicating. etc.) I think it would be beneficial to address similar strategies and ideas with our managers. I'd love to get your thoughts on this idea. (Is it appropriate for Enron or am I just seeing the world through bleak-colored glasses?) Terrie James Sr. Director Corporate Communication Enron Broadband Services 713-853-7727 (phone) 713-646-8887 (fax) terrie_james@enron.net | organization | formal | 3 |
Re: FW: Meeting with Mayor Willie L. Brown, Jr. | I think it would be a good idea for them to talk but I wouldn't want Jeff to go to California right now. Maybe they could meet outside the state (if for example brown is going to be in DC or New York) or by phone. From: Joannie Williamson/ENRON@enronXgate on 07/13/2001 08:36 AM To: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron cc: Subject: FW: Meeting with Mayor Willie L. Brown Jr. Wanted you to be aware that Mayor Brown is inviting Jeff to meet with him either in San Francisco or elsewhere. Please advise but I know that Jeff would probably not travel to California. Mark Koenig and Andy Fastow will discuss meeting with Mayor Brown on the CalPERS issue. Thanks Joannie | other | cautious | 3 |
Re: Privileged & Confidential -- Verification | Thanks for your help. Linda J Noske 09/18/2000 05:52 PM To: Richard B Sanders/HOU/ECT@ECT cc: Subject: Re: Privileged & Confidential -- Verification Richard I got the fax confirmation back that it went through. I put it in your in-box since you were with the interviewee. Linda Richard B Sanders 18/09/00 05:32 PM To: Linda J Noske/HOU/ECT@ECT cc: Subject: Privileged & Confidential -- Verification | email management | formal | 3 |
<<Concur Expense Document>> - General Expenses | ----------------- | finance | formal | 1 |
Re: FW: Possible co-sponsorships | Though I had a somewhat different notion when I initially raised the idea of co-sponsorship I agree with Lee's observations and think that we should proceed the way he suggests. gramlr@pjm.com on 08/29/2000 04:06:56 PM To: amosher@appanet.org hcameron@uclink.berkeley.edu lfried@uclink.berkeley.edu jeff.dasovich@enron.com cc: Subject: FW: Possible co-sponsorships All Lee asked me to forward this. I'm still awaiting additional suggestions from anyone on speakers. I guess Lee's e-mail changes things. If the business school wants to go forward with a conference anyway then it may be a bad idea to have a separate one. Jeff has said he likes the idea of coordinating. Bill and Allen what do you think? I will chime in that Carl Shapiro is very much a big wig as a former chief economist at DOJ. As for the Frank Wolak suggestion Frank is a Stanford economist who is an outstanding analyst and has published probably more than anyone else on electricity market design performance regarding the UK Australia and California. He speaks a mile a minute though and his understanding of policy and politics is a bit naive. I should note that ICF will not be able to contribute. I heard from Michael Berg this morning. So he will not be participating in our discussions either. My opinion is let's do whatever is best for the school. One positive outcome of this would be stronger relationships with some of the University's top notch economic policy faculty. Overshadowing is possible. Lee does Dean Nacht have a view on joint sponsorship? Rob > | other | formal | 3 |
null | Sorry I had saved your list for the Europe AA PRC and didn't include them in my draft of the memo. I am sending another version shortly that has that information included. I don't think I need anything more from you unless you have other comments on the memo. Thanks | other | friendly | 3 |
Enron projects with OPIC financing | OPIC information. ----------------- | finance | formal | 0 |
call to Sen Kinder | Ken talked to Sen Kinder. He made the points you had prepared. Kinder agreed to shelve the legislation for this session. He said he had been hearing from several others including Proctor and Gamble (which has a big facility in his district) that the legislation was not going to help competition develop in the state. He expressed willingness to work with us on a better package and also expressed interest in coming to Enron's offices. He is going to be in San Antonio in August and would like to come to Houston around that time. | government & politics | formal | 3 |
Form 4 Reminder for April | do I need to do anything? I believe the only transaction I had was related to a set of shares which were released to me earlier in the year. Some of the shares were sold at that time to pay the income tax on the distribution. We discussed this before and my recollection is I did not have to make a filing. Could you confirm by e-mail? ----------------- | finance | polite | 3 |
Notice of CPUC gas infrastructure workshop | fyi | other | casual | 2 |
New MSC Committee Report | All: I just downloaded the attached from the ISO's website. It is dated 12/1/00= . =20 To boil it down the MSC comes down against soft caps and recommends the= =20 get market-based rates in return for selling forward proposal that the IS= O=20 staff is pushing. Forward contracts would need to at rates that=20 approximate competitive prices. Based on my quick read that does not mea= n=20 market prices it means somthing more akin to cost of service. MSC also=20 wants there to be a penalty on generators for underscheduling. They also= =20 claim there proposal will not exacerbate reliability problems. I would be interested in people's opinion if Enron should be responding to= =20 this report. Given the date of the report I am not sure if/how the ISO=20 would file this at the FERC. G. Alan Comnes (GAC) Here's the list of recommendations from the report. (1) The PX =01&must-buy=018 requirement would become a =01&must-schedule=01= 8 requirement.=20 IOUs would be required to schedule all forward energy through the PX but would = be=20 free to purchase it from any source. (2) California generators and entities that sell to any California purchase= r=20 (not limited to the PX and ISO) could continue to be eligible for market-based rates (and would= =20 be free of refund obligations) only if they offer a substantial portion of their sales= =20 in the form of two-year contracts at rates that approximate competitive prices. The detail= s=20 of such a proposal are outlined in this report. The volume offered by sellers in the= =20 aggregate would be sufficient to cover the all three IOUs=01 residential and small= =20 commercial customer load using an average load profile for weekdays and weekends for= =20 each month. (3) Any market participant that does not offer these two-year=20 market-power-mitigation forward contracts would be subject to cost-of-service rates for all of thei= r=20 sales of energy and ancillary services into the California market for at least the two-year= =20 market power mitigation period. (4) The CPUC would be encouraged to set a default rate for IOU residential= =20 and small commercial customers based on projected wholesale energy costs under the=20 2-year contracts described above. (5) The under-scheduling penalty should be even-handed. The MSC recommends = a=20 real-time trading charge that is applicable both to load and generation and more=20 important does not distinguish between instructed and uninstructed deviations from schedul= e. | other | formal | 0 |
PanNat Value - Confidential and Proprietary | Jeff Per your request below is the value of the deal based on MID prices as of Friday June 28. We have also estimated the Bid/Offer costs at $30 million based upon several quotes we received last year. Let me know if you have any questions. Regards Eric <Embedded Picture (Metafile)> | other | formal | 3 |
Re: Sen. Murkowski to Address USAEE Conference, Sept. 25 | Cynthia get back to Jeff on this. It doesn't look like a high priority to me but I will absolutely defer to your judgment. ----------------- | meetings & events | formal | 3 |
Duke release and news conference | ----------------- | other | neutral | 2 |
PGE/Commercial Support Group Meeting, 32C1 | Per Geoff Roberts | other | formal | 5 |
Congressman Ose loved your letter to Sen. Dunn | ----------------- | government & politics | polite | 3 |
Re: Two Governors Press Releases--More Courage from the Capitol | Preempt me please! Jeff Dasovich@EES 09/13/2000 06:22 PM To: Mary Hain/HOU/ECT@ECT Joe Hartsoe/Corp/Enron@ENRON Cynthia Sandherr/Corp/Enron@ENRON Sarah Novosel/Corp/Enron@ENRON Paul Kaufman/PDX/ECT@ECT Sandra McCubbin/SFO/EES@EES Mona L Petrochko/SFO/EES@EES Susan J Mara/SFO/EES@EES James D Steffes/HOU/EES@EES mpalmer@enron.com Karen Denne/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Steven J Kean/NA/Enron@Enron cc: Subject: Two Governor's Press Releases--More Courage from the Capitol ----------------- | business document | urgent | 3 |
Ken Lays Meeting with Fox | Jon -- Ricardo Charvel is pulling together the briefing for Ken so please share the EBS activities/ agenda with him. Thanks ----------------- | other | formal | 3 |
NewPower Withdrawal Notes | null | other | neutral | 3 |
EEI Conference Series on RTOs and Markets: Mark Your Calendars | Should we (or ESCA) start looking for opportunities like this now to get the word out? ----------------- | other | formal | 0 |
Re: | I'll give 150. Enron Capital & Trade Resources Corp. From: Jeff Skilling 04/19/2001 05:18 PM Sent by: Sherri Sera To: Cliff Baxter/HOU/ECT@ECT Rick Buy/HOU/ECT Ben Glisan/HOU/ECT@ECT Steven J Kean/NA/Enron@Enron Jeffrey Sherrick/Corp/Enron Philippe A Bibi/HOU/ECT Michael Brown/NA/Enron Wade James A Hughes/ENRON_DEVELOPMENT Louise Kitchen/HOU/ECT@ECT Rebecca McDonald/ENRON_DEVELOPMENT Greg Piper/Corp/Enron John Sherriff/LON/ECT@ECT Greg Whalley/HOU/ECT@ECT Janet R Dietrich/HOU/EES@EES Mark S Muller/HOU/EES@EES Matthew Scrimshaw/LON/ECT@ECT David Cox/Enron Communications@Enron Communications Kevin Hannon/Enron Communications@Enron Communications Rod Hayslett/FGT/Enron Stan Horton/Houston/Eott@Eott Danny McCarty/ET&S/Enron@Enron cc: Subject: I know how incredibly busy you all are so I'm sure that making a pledge to Jeff for the MS150 has simply slipped your mind. Well the ride is this weekend time is running out and we need you! Enron's goal is to raise $700000 and Jeff's personal goal is to raise $50000. As of today we are a little better than half way there. Won't you consider helping him reach his goal? Thanks for your consideration. I look forward to hearing from you tomorrow... Sherri :-) | external affairs | friendly | 3 |
Confidential Information and Securities Trading | To:GRIFFITH JOHN Email:john.griffith@enron.com - 713-853-6247 ? Enron Wholesale Services - Office of the Chairman ? From:??Mark Frevert Chairman & CEO ??????Greg Whalley President & COO ??????Mark Haedicke Managing Director & General Counsel ? Subject:??Confidential Information and Securities Trading ? Enron Wholesale Services ('EWS') maintains official Policies and Procedures Regarding Confidential Information and Securities Trading ('Policies and Procedures') which have been revised as of November 15 2000 to reflect the new EWS structure. These policies and procedures are intended to allow us simultaneously to pursue our diverse businesses and to protect confidential information our reputation for integrity and EWS and its employees from legal liability. ? 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: ? ? You must certify your compliance with the Policies and Procedures 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 Lance Schuler at extension 3-5419 Mark Haedicke at extension 3-6544 Alan Aronowitz at extension 3-3214 Bob Bruce at extension 5-7780 or Donna Lowry at extension 3-1939. | other | formal | 3 |
Barton Talking Points | Here are Barton talking points per our conversation last night. We will separately send a favorable Washington Post article on FERC's meeting yesterday as it relates to RTOs. | other | formal | 5 |
Portal | Attached are some late night thoughts on the portal. Most of this is focussed on the portal for opinion leaders but some of it could be applicable to the comemrcial portal as well. Could you forward this to Palmer ... for some reason my address book doesn't pull him up when I'm off the system. | other | casual | 2 |
More Than Words | Dear Jeff There aren't any corporate speak words that can express what I feel so I will use plain English: I am thrilled that I will be working for you at Enron. I look forward to helping you and your team continue to transform Enron into the number one company in the world and into the best company in the world. I have sent my bio to Steve Kean and will send him my list of my preferred California contacts. By mid-week I will send you a cleaned-up version of the suggestions I outlined in our meeting. I look forward to the next steps. It is an honor to be working with you again. I pledge to you my very best. Sincerely [IMAGE] Contact Information E-mail kevinscott@onlinemailbox.net Phone (213) 926-2626 Fax (707) 516-0019 Traditional Mail PO Box 21074 ?Los Angeles CA 90021 - image001.png - image002.gif | employment | excited | 3 |
Confidential - Voicemail Messages | These were the messages in your voicemail: 1. 10/18/01 - Margaret Allen ....needed your advice on whether her sister should take job with Cal-Pine or Kinder Morgan 2. 10/19/01 - Adrianne Engler ....regarding candidantes that you were suppose to phone interview. (you have sent her an email since this) 3. 10/23/01 - Bob Shults(X3-0397)....they met with Nymex last week and are getting ready send the proposal ont eh document you saw last week. He wants to make sure that you are okay with this and dont have any issues. | other | formal | 0 |
Depart 1:05/Arrive 2:41 | Meet with Commissioner Ebert in Biloxi - Confirmed 7/1/97 Contact is Paige - 601-436-4833 | personal & social | formal | 3 |
Re: Houston City Officials Reception - July 31st | We don't know yet. He has been invited and we expect most will show up but we won't know until they do. Enron Energy Services From: Karen Owens 07/20/2000 09:04 AM To: Steven J Kean/HOU/EES@EES cc: Subject: Re: Houston City Officials Reception - July 31st Is Gordon Quan attending? | other | neutral | 3 |
fyi | Please send to the distribution list ----------------- | other | formal | 3 |
NYTimes.com Article: The Real Wolf | Please respond to vkaminskiThis article from NYTimes.com has been sent to you by vkaminski@aol.com. /-------------------- advertisement -----------------------\ Looking for better IT solutions? Toshiba is uniting digital mobile and network innovations in a bold new vision of Information Technology for today and tomorrow. Take a closer look at life in the new Digital Age. And imagine how good IT can be. Visit Toshiba.com for more details. The Real Wolf RECKONINGS By PAUL KRUGMAN ecently I received a letter from an economist I respect chiding me for my Naderite columns on the California energy crisis. He just didn't believe that market manipulation by power companies could possibly be an important issue it sounded too much to him like the sort of thing one hears from knee-jerk leftists who blame greedy capitalists for every problem be it third-world poverty or high apartment rents. The left has cried Wolf! so many times that sensible people have learned to discount such claims. But now a bona fide wolf has arrived whose predatory behavior is doing terrible damage to our most populous state - and nobody will believe it. True California would be heading for a summer of power shortages even if it had never deregulated. And even if there was workable competition in the wholesale electricity market prices in that market would spike during periods of peak demand transferring billions of dollars from either taxpayers or consumers to the generators. But the evidence is now overwhelming that there isn't workable competition in California's power market and that the actions of generators gaming the system have greatly magnified the crisis. The key fact is that California has somehow remained in a state of more or less continuous power shortage and very high wholesale prices regardless of the level of demand. A rash of outages has kept the electricity market conveniently - and very profitably - short of supply even during periods of low demand when there ought to be lots of excess capacity. As Frank Wolak the Stanford economist who also advises the state's power grid has pointed out an outage at a power plant is a lot like an employee calling in sick. You can't tell directly whether he is really sick or has chosen to take the day off for other reasons but you can look for circumstantial evidence. And such evidence has convinced Mr. Wolak that generators use forced outages strategically to withhold capacity from the market - a view shared by a growing number of other researchers. Which brings us to the latest move by the Federal Energy Regulatory Commission. On Wednesday the commission apparently decided to offer California some relief and put new price caps in place on the California electricity market. I say apparently because the more you look at the plan the less likely it seems to be any help at all. Indeed the measure was passed on a 2-to-1 vote with William Massey - the one commissioner who has been sympathetic to calls for price controls - voting against it on the grounds that it would be ineffectual. What's wrong with FERC's plan? First it caps prices only in emergency conditions - ignoring the fact that electricity prices have stayed at hard- to-explain levels even when there is no emergency. In effect the plan is laid out as if the electricity market were really competitive in spite of all the evidence that it is not. Second even those emergency price caps are full of loopholes offering extensive opportunities for what Mr. Wolak calls megawatt laundering - selling power to affiliated companies that for one reason or another are exempted from the price controls (for example the controls do not apply to imports from neighboring states) then selling it back into the California market. Severin Borenstein of the University of California Energy Institute adds that because the allowed price depends on the cost of generation at the least efficient plant generators will have a clear incentive to produce inefficiently: I predict we will find some plants we never heard of before that are suddenly operating again and they will be pretty inefficient. The general verdict seems to be that this is not a serious plan. There are serious proposals to mitigate the crisis out there - indeed last fall Mr. Wolak submitted a proposal that was well received by other experts - but FERC has ignored all of them. The charitable interpretation is that FERC still doesn't get it that it just can't bring itself to believe that this time the wolf is real. The uncharitable interpretation is that last week's action was meant to fail. The Medley Report an online newsletter calls the FERC plan a grand exercise in posturing without substance . . . a very clever temporary move by the Bush administration to deflect any political fallout from the looming disaster. Whatever the explanation the plain fact is that FERC and the administration have yet to offer California any significant relief. Visit NYTimes.com for complete access to the most authoritative news coverage on the Web updated throughout the day. Become a member today! It's free! http://www.nytimes.com?eta HOW TO ADVERTISE For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web please contact Alyson Racer at alyson@nytimes.com or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com write to help@nytimes.com. Copyright 2001 The New York Times Company | media & press | informative | 0 |
Re: Annual Meeting Q&A | Currently an announcement is scheduled for mid may so there may be more public information available then. In the meantime I would answer the question as follows: Enron will continue to focus its attention on the commercial light manufacturing and industrial end user markets. Enron continues to explore opportunities to serve the residential market and we believe that the market presents opportunities that were not available even a couple of years ago (for example the rising acceptance of online purchasing by consumers presents low cost customer acquisition and account management possibilities that didn't exist when Enron last moved into residential markets). We believe however that the residential market opportunity is best pursued through a separate entity outside of Enron Mary Clark@ENRON 04/20/2000 02:31 PM To: Steven J Kean/HOU/EES@EES Maureen McVicker/HOU/EES@EES cc: Subject: Annual Meeting Q&A Steve we need to include a potential question in the Q&A document that addresses if Enron will get back into the residential business (i.e. Resco). Could you provide an answer to this question. I need by end of biz Monday. Thanks. Mary | other | formal | 3 |
Re: Lay/Skilling Talking Points for Bush Admin Meetings and Calls | To add to what Rick said I would add that effective DSM requires that price signals be sent to customers AND customers have the ability to repond -- even Mr. I See Market Power Under Every Bush Dr. Frank Wolak has as one of his key solutions -- competitive retail markets. Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854 Richard Shapiro 04/04/2001 11:07 AM To: Linda Robertson/NA/Enron@ENRON cc: Steven J Kean/NA/Enron@Enron Joe Hartsoe/Corp/Enron@ENRON Tom Briggs/NA/Enron@Enron James D Steffes/NA/Enron@Enron Paul Kaufman/PDX/ECT@ECT Janine Migden/NA/Enron@Enron Jean Ryall/NA/Enron@ENRON Aleck Dadson/TOR/ECT@ECT Ricardo Charvel/NA/Enron@Enron Jeff Dasovich/NA/Enron@Enron Susan J Mara/NA/Enron@ENRON Jose Steve Montovano/NA/Enron@Enron Subject: Re: Lay/Skilling Talking Points for Bush Admin Meetings and Calls I think these are quite good...the missing piece I would argue that we need to include is a talking point on the need for FERC to focus significant resources on the identification and elimination of market power in electricity markets and the need to encourage the development of distributed generation and more effective demand - side response mechanisms partly in response to market power concerns. This is a huge issue in getting wholesale electricity markets to work effectively i.e to create discernable consumer welfare benefits.... and we ( Enron ) need to talk about this this issue and concern and talk about it frequently and w/ the same passion we talk about the need for open markets. Linda Robertson 04/04/2001 12:09 PM To: Steven J Kean/NA/Enron@Enron cc: Richard Shapiro/NA/Enron@Enron Joe Hartsoe/Corp/Enron@ENRON Tom Briggs/NA/Enron@Enron Subject: Lay/Skilling Talking Points for Bush Admin Meetings and Calls Steve per our conversation yesterday in Houston what do you think of these TPs? To be used by both Ken and Jeff in conversations and meetings with the Bush Administration. - Skilling Talking Points.doc | other | formal | 3 |
Senate May Mark Up Electricity Title Next Week | I have received confirmation from Senate staff that the Senate Democrats on the Energy Committee met this morning and tentatively decided to go along with Chairman Bingaman's desire to move up the mark up of the electricity title from later this month as earlier expected to next Thursday Sept. 13. They are not sure they can do it all in one day. Acting on 9/13 as desired now depends on the reaction of the committee's Republicans. Not sure they will cooperate with moving quickly. I am on my way to the Senate for an RTO meeting and expect to obtain a copy of the draft electricity language implementing the Bingaman White Paper the language was just distributed to committee members this afternoon but I understand that Bingaman's staff had worked on it behind the scenes with Comr. Massey. Will advise once I have it hand. John | other | formal | 3 |
Mid Year PRC Meetings | for meeting file ----------------- | other | formal | 5 |
RE: Meeting with Debra | Anne That's great. The meeting is at 3:00 in or area on th 19th. Vince | meetings & events | formal | 3 |
Follow-up from Meeting with Andy Black | Jim -- Please see attached from EPSA on their meeting today with Andy Black Chairman Barton's chief energy adviser. I have my own one-on-one with Andy at 4 pm tomorrow. Would you have a minute to read the EPSA memo and a list that Andy sent me (which I will forward separately) and we could chat about these issues tomorrow before the 4pm -- just so I have everything in perspective going into the meeting? I am open to any time tomorrow except 10 am (EDT). Please let me know. Thanks. ----------------- | meetings & events | formal | 3 |
RE: Hi, | Jinbaek Great I look forward to working with you. Please call me during the next few days (713) 853 3848 and we can chat about the projects. Please contact Molly Magee to talk about the first day orientation program. Her E-mail address is molly.magee@enron.com and her phone number is (713) 853-4804. Vince | other | friendly | 3 |
Congressional Hearing in S.D. on the 11th | Could you work with Allison to get the needed information to cathy. ----------------- | other | formal | 3 |
Black Mesa Pipeline Co | fyi ----------------- | other | casual | 3 |
Confidential Information and Securities Trading | To:TAYLOR MARK Email:mark.taylor@enron.com - 7138537459 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 | 0 |
RTO Meeting With Chairman Barton | Late yesterday afternoon EPSA's legislative affairs committee (about 10 of us) met with Chairman Barton and staff to discuss his draft RTO language. Meeting lasted 45 minutes. Interestingly no one was there from either Reliant or El Paso. We had what the diplomats would call a frank exchange of views. Can't say we moved Barton very much if at all except we did have a chance to go over the staff to point out specific flaws in the draft even based on his view of how RTOs should come about (I gave several very specific examples like the 40000 MW provision and other limits on FERC discretion on size and scope as well as procedural rights for transmission owners but not the rest of us etc.). Chairman Barton's fundamental view is that Congress not FERC should determine how RTOs come about. And that the market and the industry should determine how RTOs are shaped etc. not FERC. He bristled at one point and said he had more faith in us than he had in FERC or we had in ourselves to determine how RTOs come about going so far as to saying that under his draft they would be our RTOs -- meaning those of us present. I pointed out this is wrong because under his draft the transmission owners particularly those least likely to join up would have all the leverage. I said that the basic flaw in the draft is that it assumes there are only two parties to the transaction -- FERC and transmission owners -- forgetting the rest of us including consumers. He said we could become transmission owners if we wanted to!!! On the 40000 MW size minimum he said many experts had advised them this is the correct number. We said that putting a number in to the statute ran counter to his oft-stated desire for a fair process to produce RTOs driven by market forces not regulators. The two elements of good news -- Barton reconfirmed that a markup this year is very unlikely AND he expressed that he would not spend too much time on electricity next year if it started to crowd out other issues like Clean Air Act Amendments and nuclear waste legislation. This suggests a strategy possibility in terms of running out the clock. He said he has the votes by a wide margin to report the RTO draft but will entertain some changes. He said the only reason he has not marked up the bill is that the Sept. 11th terrorist attacks have taken attention away from the issue and subcommittee members are not engaged on the issue. He said those of us who support could roll the dice with them but that there are things that only Congress can do -- like getting all transmission owners into RTOs -- and that these statutory changes are so important that we should not oppose the draft. | other | informative | 3 |
FERC "Linda Breathitt" Strategy Contact | Zausner is kind of a mixed bag. I think he's strong intellectually and has some influence but I don't trust him to keep our strategy and contacts confidential. | energy infrastructure | cautious | 3 |
Greening the Enron Building Mtg | null | other | casual | 3 |
Re: The Governors Natural Gas Summit: Responding to the Challenge | Yes thanks. Lay is going to be giving the keynote. It may be a hard story to assemble: the gas market is deregulated and structured pretty much the way we would like to see it done in both gas and power markets yet we still have high prices. It's a bit of a stretch to blame it all on OPEC. I'm interested in any views you may have. David Haug@ENRON_DEVELOPMENT 09/01/2000 10:30 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: The Governors' Natural Gas Summit: Responding to the Challenge I assume you are involved in this but just in case... - - -DLH ----------------- | other | formal | 0 |
EES Staff Meeting, in 791 - per Julies cc:Mail on 9/5 | EES Budget meeting ? | other | casual | 3 |
Energy Issues | Please see the following articles: Sac Bee Fri 7/27: Hopes dim for a quick Edison deal SD Union Fri 7/27: Sempra's trading unit generates a windfall LA Times Fri 7/27: Smog Rules May Be Eased LA Times Fri 7/27: Federal Caps Didn't Deter Higher Prices SF Chron Fri 7/27: Calpine profits double on skyrocketing sales Escalating power prices inspire plant building program SF Chron Fri 7/27: Generators continue to set high electricity prices SF Chron Fri 7/27: THE ENERGY CRUNCH Environmental suit against power plant Expansion called danger to slough OC Register Fri 7/27: Let's make a real deal with Edison (Editorial) LA Times Fri 7/27: California Sempra Continues Improved Results LA Times Fri 7/27: California Calpine Doubles Earnings Beats Forecasts Energy: San Jose-based company credits higher electricity prices in California and sales from new plants LA Times Fri 7/27: Cap No Bar to Higher Prices Power: Cal-ISO study says suppliers continued to charge as much as five times more than the U.S.-imposed limits WSJ Fri 7/27: Calpine Net Soars On Added Plants Sempra Profit Rises Hopes dim for a quick Edison deal By Kevin Yamamura Bee Capitol Bureau (Published July 27 2001) The Assembly will not return this week to consider a plan to save California's second-largest utility from bankruptcy all but ending hopes that legislation would reach Gov. Gray Davis by a mid-August deadline. A group of legislators and Davis staffers has worked this week on an agreement that would restore Southern California Edison's credit and relieve the state of having to purchase energy for the utility. Assembly leaders who convened the group set an ambitious schedule that would have led to a vote today had they reached consensus and been able to recall enough of the 80 Assembly members from summer recess destinations. But the newly formed plan which would issue $2.9 billion in consumer-backed bonds in exchange for several Edison concessions remains too rough for a vote said Paul Hefner a spokesman for Assembly Speaker Robert Hertzberg D-Sherman Oaks. Hefner was quick to note that Hertzberg has the Assembly on call for the scheduled monthlong break and is prepared to ask members to return if a deal comes in the next three weeks. But staff and lawmakers said earlier that organizing a mass return after today would prove nearly impossible because Assembly members are expected to travel throughout the state and beyond. Davis set an Aug. 15 deadline in his original Edison deal and recently said he could call a special session forcing legislators to return if they do not authorize a plan by then. His spokesman Steven Maviglio said Thursday the governor is not ruling out that idea but is waiting to see what comes of further legislative discussions. It's pretty clear that everyone's working pretty hard to form a consensus but they're just not there Maviglio said. The governor is optimistic about the Aug. 15 date. Even so Edison does not expect a solution by then. Company officials stated earlier this week that they would wait for a political deal at least until lawmakers return Aug. 20. The Bee's Kevin Yamamura can be reached at (916) 326-5542 or kyamamura@sacbee.com Sempra's trading unit generates a windfall \ objattph By Craig D. Rose UNION-TRIBUNE STAFF WRITER July 27 2001 Sempra Energy the parent company of SDG&E reported a 25 percent surge in profit to $137 million last quarter but said yesterday it lost money on the sale of electricity under a long-term contract to California. On the other hand Sempra said its largest source of profits was its energy trading unit a middleman that earned $69 million during the quarter buying and selling energy produced by others. The results underscore the transformation of relatively simple utility companies into diversified energy holding companies that have learned to profit in new ways from the deregulation of electricity and the turmoil in energy markets. The surprising announcement -- that a company lost money selling power during California's run-up in electricity prices -- was explained by Sempra as an intentional consequence of the long-term contract it signed with the state to provide power. Stephen Baum chairman and chief executive officer of Sempra said the company agreed to provide a steep discount to California during the summer months but would recoup the losses later in the 10-year deal. California sought long-term electricity purchase contracts so it could reduce its purchases in daily and near-term power markets where prices reached record levels. Critics say Gov. Gray Davis rushed into long-term deals because of concerns about getting through next year's election. They also say the contracts will saddle customers with higher costs for years. The governor has acknowledged that long-term contracts might cause consumers to pay relatively high prices for electricity in later years but he maintains it is a fair price to pay for lowering prices that were devastating the state economy. Michael Shames executive director of the Utility Consumers' Action Network in San Diego said the steep discount Sempra provided to the state on power this summer raised questions about the governor's proposal to help San Diego Gas & Electric Co. clear a debt of $750 million. SDG&E says it is owed that money for power purchases on behalf of its customers. In a media conference last month Davis said the agreement would eliminate the threat of a possible balloon payment for consumers who he said might have faced the so-called balancing account debt as early as next year. Shames says the proposal which took the form of a memorandum of understanding or MOU is costly for consumers and a bonanza for Sempra. He said the relatively cheap power provided by Sempra this summer makes the MOU sound like more of a hidden payback to Sempra than a real relief plan for local ratepayers. Shames said he will release an analysis of the state's Sempra plan next week. The state Public Utilities Commission is expected to rule on the plan in August. A Sempra spokesman said there is no connection between discount power and the tentative agreement to clear the $750 million debt. Doug Kline the Sempra spokesman said the power contract with the state was signed in early May and the agreement on the balancing account was reached in mid-June. Sempra Energy Trading meanwhile said only 10 percent of its $69 million profit was earned from sales of energy in the western region which includes California. The trading operation earned $40 million in profit during the comparable period last year. California's Independent System Operator which manages most of the state power grid and other investigators have said trading and bidding strategies were tools used by energy companies to raise prices during the California power crisis. Though Sempra earned money on trading its wholesale power generating business lost $9 million during the quarter. Baum said the discounts on electricity provided the state were the prime cause of the loss for Sempra Energy Resources but added that a plant outage also contributed. Sempra Energy Resources which co-owns a generating plant near Las Vegas with Reliant Energy earned $2 million during the second quarter last year. Baum added that Sempra's long-term contract with the state -- under which it will provide up to 1900 megawatts -- has allowed its wholesale business to pre-sell about half the power it expects to generate from the Nevada plant which will be expanded and three generating facilities it expects to build. Profits at SDG&E slipped to $37 million during the quarter ended June 30 down from $40 million last year according to Sempra. SDG&E whose business is restricted to delivering gas and electricity said it provided increased customer service during the crisis which lowered profits. Wall Street analysts generally applauded Sempra's results noting that the company was ahead of its plan to generate at least a third of its profits from its newer businesses by 2003. They're really two years ahead of schedule for their non-utility businesses said Brian Youngberg an analyst with Edward Jones & Co. Bud Leedom a San Diego-based analyst with Wells Fargo Van Kasper said Sempra's move into energy trading now seems shrewd. We never dreamed they were setting themselves for a windfall like this Leedom said. Investors pushed Sempra shares up 17 cents yesterday to close at $25.49 in trading on The New York Stock Exchange. Bloomberg news service contributed to this report. Smog Rules May Be Eased Power plants: EPA proposes a sweeping change in how utilities' emissions are curbed a flexible approach favored by the industry. By GARY POLAKOVIC and ELIZABETH SHOGREN Times Staff Writers July 27 2001 WASHINGTON -- U.S. Environmental Protection Agency Administrator Christie Whitman proposed sweeping changes Thursday in the regulation of power plant pollution that would replace five of the government's toughest programs with a single flexible approach favored by utilities. Whitman outlined a plan for cleaning up major components of power plant smog that represents a significant departure from the EPA's traditional regulatory dictums. She called for a major expansion of pollution credit trading which up to now has had varying success. Under the new plan the EPA would scrap some of the most stringent measures devised by the agency to deal with power plant emissions. One provision to be set aside aims to cut harmful mercury emissions another is meant to reduce emissions from Midwestern power plants by 85% another is designed to restore visibility at national parks. Especially unpopular with industry one measure known as new source review requires the installation of advanced pollution controls whenever power plants are expanded or modified. It too would be phased out. New source review is certainly one of those regulatory aspects that would no longer be necessary Whitman told Sen. George Voinovich (R-Ohio) at the hearing by the Environment and Public Works Committee. All of those [programs] could be aligned into one regulatory process that she said would work better than existing rules. Whitman's comments offer the first peek into the administration's plans for cleaning some of the dirtiest polluters left in the nation. Debate over the administration's clean-air approach has shifted to Congress as it considers whether to revise the national Clean Air Act. The magnitude of the proposed revisions caught environmentalists by surprise but buoyed industry representatives who say existing controls are costly and inefficient. She has raised an appalling prospect of junking virtually every rule and strategy to deal with emissions of electric companies in return for some vague industry-sought plan for an emissions trading scheme said Frank O'Donnell executive director of the Clean Air Trust an environmental advocacy group. If they go forward with this it means a wholesale fight over the Clean Air Act in Congress. After the hearing Whitman stressed that the overall goal is to clean the air more efficiently than current rules do. Although the administration has not yet released a so-called multipollutant cleanup strategy Whitman contended that collapsing several regulations into one far-reaching approach would be easier for regulators and industry to manage. What we're looking for is targets under this legislation that significantly clean up the air beyond what our current regulatory statutory requirements would do Whitman said. She added that new source review for example could potentially be no longer necessary if you have the right kind of targets set in a multi-emissions bill. We have to wait and see where the targets are set. Utilities have lobbied Vice President Dick Cheney's energy task force to prevent the EPA from aggressively enforcing the new source review regulation. Industry and administration officials say the provision is onerous and prevents plant upgrades although EPA officials say it is a key tool for forcing dirty old plants to cut emissions by up to 95%. During the Clinton administration federal officials charged that 32 coal-fired power plants in several Southern and Midwestern states ignored a requirement that companies install advanced emission controls when their plants were upgraded. The government reached settlement with three utilities but a provision in the Bush administration's energy plan stalled those enforcement actions pending a review of power plant controls. C. Boyden Gray attorney for the Electric Reliability Coordinating Council and former White House counsel for the first President Bush in the 1980s praised the administration's proposal. He said major utility companies he represents including Southern Co. Duke Energy Co. and the Tennessee Valley Authority could clean up with greater flexibility and less cost under the plan outlined by Whitman. To put everything in a market-incentives basis is a great step. It would be a real breakthrough and a plus for the business community Gray said. For example Gray said EPA has four separate measures to control nitrogen oxides from power plant combustion including programs to cut acid rain ozone and haze. Another program scheduled to take effect in May 2004 requires power plants in 19 states to cut summer emissions by 1 million tons annually. He said those programs can be confusing and costly and could easily be replaced by a credit-trading program run largely by power companies. Under the program being considered by the Bush administration an emission limit could be established at hundreds of power plants followed by annual reductions in mercury a toxic metal as well as smog-forming nitrogen and sulfur oxides. However a provision to reduce carbon dioxide a gas implicated in global warming was dropped under industry pressure. Power companies that reduce beyond their limits could sell emission credits which represent a pound of pollution to companies that exceed their limits. Although industry and free-market advocates favor such programs they are not without controversy. The record of market-driven programs is mixed. On the one hand the nation's acid rain program uses marketable permits and is widely credited with cutting sulfur oxides at less cost. On the other hand the world's first market-driven program to tackle urban smog has not worked in Los Angeles where nearly 400 power companies and manufacturers failed to achieve significant cleanup for the nearly eight years the program has been in effect. Further many environmental groups are wary of market-driven programs because by design they preclude active government intervention. Critics say such programs could potentially limit public review of power plant operations allow emissions to concentrate in poor communities and slow efforts to cut haze in national parks downwind from plants that elect to buy pollution credits instead of cleaning up. The Bush administration's power plant strategy was aired before the Senate Environment and Public Works Committee which is chaired by Sen. James M. Jeffords (I-Vt.) whose dramatic departure from the GOP threw control of the Senate to the Democrats. Jeffords is proposing legislation different from the administration's approach that would control four power plant pollutants including the greenhouse gas carbon dioxide an approach rejected by the Bush administration. Prospects appear to be increasing that Congress will pass one or more measures designed to reduce carbon dioxide emissions a belated response to this week's decision by more than 180 countries to deal with the problem without the involvement of the United States. Indeed in recent weeks several members in the GOP-led House and Democratic Senate have voted on bills with the intention of disassociating themselves from President Bush's environmental policies before the next election. Among the votes the House struck down a provision supported by the Bush administration that could hinder progress on global climate change policy. The Senate banned new coal mining and oil and gas drilling in national monuments. Other recent rebuffs included rejections of administration initiatives on such issues as the Endangered Species Act hard-rock mining regulations and offshore drilling for oil and gas. Copyright 2001 Los Angeles Times <http://www.latimes.com> Federal Caps Didn't Deter Higher Prices Power: Cal-ISO study says suppliers continued to charge as much as five times more than the imposed limits. By NANCY VOGEL TIMES STAFF WRITER July 27 2001 SACRAMENTO -- After federal regulators limited wholesale electricity prices last month big private sellers of power in California continued to ask as much as five times more for electricity than the federal cap according to a confidential study by state grid operators. The analysis by the California Independent System Operator covers only the first week after the caps were imposed June 20. Cal-ISO has submitted the data to federal regulators for potential investigation. The report is a summary of what Cal-ISO calls possible anti-competitive behavior by Duke Energy Williams Cos. Mirant Corp. Reliant Energy and Dynegy Corp. In a truly competitive market we would expect these suppliers to bid very close to their actual operating cost said Greg Cook senior policy analyst with Cal-ISO's Department of Market Analysis. The state did not necessarily purchase any power at the high prices being demanded. Instead the significance of the bids is that they show how California could find itself paying exorbitant prices for electricity again if hot weather returns and conservation slackens said Frank Wolak a Stanford University economist who studies the California electricity market. The bottom line is that the generators are putting out these bids in expectation of high demand he said. If weather all of a sudden gets really hot from Southern to Northern California the bids submitted by generators could be very costly to California. Cal-ISO calculated the cost of production for each company based on the efficiency of its power plants and estimates of what each paid for natural gas to fuel the plants. The average cost for the five was $105 per megawatt-hour which closely matches the federal price limit in California which now stands at $101 per megawatt-hour. According to the power bidding procedures companies that bid at or below their cost of production often still get paid a higher price allowing them to make a substantial profit. On average four of the five companies submitted bids either slightly below or slightly above their cost of production. But with the exception of Atlanta-based Mirant each company at times submitted bids that were substantially higher. Houston-based Reliant for example bid as much as $540 per megawatt-hour more than five times its estimated cost. Overall Reliant's average bid was close to costs according to the analysis. Cal-ISO identified companies by code in its report. Sources familiar with the study identified the companies for The Times. The Cal-ISO report singled out Supplier 5 identified by sources as Charlotte N.C.-based Duke Energy saying the company continues to bid significantly in excess of its operating costs. Duke owns two large power plants on the central coast. It marked up its bids an average of 88% beyond its cost to produce electricity according to the analysis. For example it cost Duke $85 to $121 to generate a megawatt-hour of electricity in the time period studied the report shows but the company offered to sell a megawatt-hour from $149 to $195. Duke spokesman Tom Williams on Thursday said The use of the data in some cases doesn't appear to add up and in all cases appears to be selective and could easily be misunderstood. Duke sells nearly the entire output of its power plants under long-term contracts and not on the spot market which the Cal-ISO report studied he noted. Reliant spokesman Richard Wheatley said We're looking at the data and we question whether or not it is correct. A combination of cool weather heavy conservation the start-up of new power plants and recently signed long-term power contracts that guarantee supplies have eased the state's electricity crisis in recent weeks. Market prices that as recently as May averaged $271 per megawatt-hour have dropped to less than $100 per megawatt-hour. The more abundant power supplies have freed grid operators to ignore higher-priced bids. But they will have to consider paying such prices to avoid blackouts if supplies tighten Wolak said. Such a scenario would test the effectiveness of the Federal Energy Regulatory Commission order issued June 19 he said. The bids of the five companies analyzed were offers of sales to Cal-ISO a Folsom-based agency that manages the electrical transmission grid serving 75% of California. Cal-ISO buys power on short notice to smooth the flow on the state's electrical freeway and avert blackouts. As California's fledgling market began to go haywire last fall Cal-ISO workers struggled to purchase as much as 30% of the state's power demand with just hours to spare. Since then the market has stabilized and Cal-ISO's purchases now amount to roughly 5% of the electricity California consumes. RELATED STORY Power profits: Power plant operator Calpine said its quarterly profit more than doubled. C2 Copyright 2001 Los Angeles Times <http://www.latimes.com> Calpine profits double on skyrocketing sales Escalating power prices inspire plant building program Carolyn Said Chronicle Staff Writer Friday July 27 2001 2001 San Francisco Chronicle </chronicle/info/copyright> URL: BU234287.DTL> Fueled by high electricity prices power generator Calpine Corp. reported strong second-quarter results yesterday. Calpine of San Jose said profit for the quarter ended June 30 almost doubled to $107.7 million (32 cents per share) from $59.5 million (20 cents) during the year-ago quarter. Revenue almost quadrupled to $1.61 billion from $417.2 million a year ago. Excluding charges related to the acquisition of Canada's Encal Energy Calpine's net income was $132.2 million (39 cents) well above the 31 cents per share predicted by analysts according to Thomson Financial/First Call. Calpine is on an ambitious path to expand its roster of generating plants. By the end of 2005 it expects to have 75000 megawatts in operation in the United States including 12000 megawatts in California. A megawatt is about enough power for 1000 homes. The company which generates 2428 megawatts in California this summer opened the state's first two major power plants in a decade. The new plants in Yuba City (Sutter County) and Pittsburg generate 547 and 555 megawatts respectively. Combined with a new plant in Arizona that sells power to California Calpine's new facilities helped the state stave off threatened blackouts this summer Chief Executive Officer Peter Cartwright said. Calpine is building the 847-megawatt Delta Energy Center in Pittsburg scheduled to open in May and a 750-megawatt plant in Kern County due in June 2003. It is also awaiting an August decision by the California Energy Commission on its proposed 600-megawatt Metcalf Energy Center in San Jose. California is a very good market for us said Bill Highlander a Calpine spokesman. The pricing in California has benefited Calpine. However he said the company was not one of the traders that focused on making top dollar in California's volatile spot market because its business model concentrated on selling electricity through long-term contracts. During the past few months Calpine signed 10-year and 20-year contracts with the state for as much as 2500 megawatts at prices ranging from $58.60 to $73 per megawatt hour. With most of its plants fired by natural gas Calpine wants to control about a quarter of the gas it uses Highlander said. Its April purchase of Encal Energy for $1.77 billion more than doubled its gas reserves to about 1. 7 trillion cubic feet equivalent according to Hoover's Online. Calpine's stock closed up $1.08 at $36.89 yesterday. E-mail Carolyn Said at csaid@sfchronicle.com 2001 San Francisco Chronicle </chronicle/info/copyright> Page B - 1 Generators continue to set high electricity prices Friday July 27 2001 2001 Associated Press URL: 0359EDT0121.DTL> (07-27) 00:59 PDT LOS ANGELES (AP) -- Power wholesalers continued to demand higher prices for energy despite federal regulation that capped electricity rates according to a confidential report by the California Independent System Operator. In one case an energy company charged as much as five times more for electricity than the federal cap which were imposed June 20. State grid operators have given the study to federal regulators for a possible investigation the Los Angeles Times reported Friday. Five companies were identified by code in the report and sources familiar with the study named the wholesalers for the Times. They include Duke Energy Dynegy Corp. Mirant Corp. Reliant Corp. and Williams Cos. The average price charged by the five power companies was $105 per megawatt-hour which closely matches the federal price limit in California set at $101 per megawatt-hour. Four of the five companies submitted bids either just below or just above their cost of production. Houston-based Reliant however asked as much as $540 per megawatt-hour in some cases. Overall the company's average bid was close to costs the report said. The state wasn't required to purchase power at the rates set by wholesalers but the bids reflect a potential repeat of charging exorbitant electricity prices if temperatures soar and conservation dwindles said Frank Wolak a Stanford University economist who studies the California electricity market. The bottom line is that the generators are putting out these bids in expectation of high demand he said. If weather all of a sudden gets really hot from Southern to Northern California the bids submitted by generators could be very costly to California. The Cal-ISO report singled out Duke Energy noting it continues to bid significantly in excess of its operating costs. The report shows the company's cost to produce electricity was between $85 and $121 but it offered to sell a megawatt-hour from $149 to $195. Cal-ISO calculated the cost of production for each company based on the efficiency of its power plants and estimates what each paid for natural gas to fuel the plants. The use of the data in some cases doesn't appear to add up and in all cases appears to be selective and could easily be misunderstood said Duke spokesman Tom Williams. 2001 Associated Press THE ENERGY CRUNCH Environmental suit against power plant Expansion called danger to slough Christian Berthelsen Scott Winokur Chronicle Staff Writers Friday July 27 2001 2001 San Francisco Chronicle </chronicle/info/copyright> URL: MN236840.DTL> An environmental group filed suit yesterday to overturn a permit granted to Duke Energy Co. to expand a major power plant south of Santa Cruz. Saying the permit was illegally awarded the suit warns that the resulting project will damage the ecologically important Elkorn Slough. Voices of the Wetlands accuses the board that awarded the permit of violating federal law by not requiring Duke to use the best possible technology to minimize impacts on the environment around the Moss Landing power plant. If plans to expand the plant proceed without change the group said it would kill off critical organisms at the bottom of the food chain. The suit filed in Monterey County against the California State Water Resources Control Board and the regional board that serves the central coast seeks a court order to return the case to the regional water district so that more environmentally sensitive cooling technology can be ordered for use at the plant. State officials said yesterday that the issues raised in the suit were considered and rejected during the initial permit approval process last year and again during the appeal process this year. The case comes amid enormous pressure on state officials in light of California's energy crisis to rapidly accelerate power plant approvals and expand the amount of power generation available. Against this backdrop the state water board on June 21 essentially rejected environmental groups' appeal that had sought to overturn the district board's decision approving the Moss Landing expansion permit. On another front board members of the California Energy Commission took testimony earlier this week on a proposal to curtail public review of plant project proposals with one board member Robert A. Laurie acknowledging in an interview that he believed in some cases it posed one of the most time- consuming aspects of project approval. A recommendation is expected within the next month. Duke of Charlotte N.C. bought the Moss Landing plant from Pacific Gas & Electric Co. in 1998 when the Northern California utility sold off many of its facilities to prepare for deregulation of the energy market. The plant was built in 1950 using a cooling system technology that sucks water out of the Elkorn Slough and Monterey Bay to cool generating turbines before spitting the water out into the Pacific Ocean. The group says wildlife conditions and sea otter population have improved markedly since PG&E mothballed many of the generating units at Moss Landing in 1995. But Duke now is proposing to resurrect parts of the cooling system in a major expansion that will make Moss Landing the state's largest power plant after its completion next summer. With an output of 2538 megawatts the plant when completed is expected to account for 30 percent of all new electricity generated in California next year serving about 2.5 million households in the Monterey Santa Cruz and southern Santa Clara County areas including San Jose. Regional water quality board officials declined comment yesterday citing the pending litigation. But in public documents filed yesterday water officials said cooling alternatives had been considered and rejected. The documents did not elaborate on why they were not mandated. Duke had acknowledged during the process that more ecologically sensitive technologies were available but at prohibitive costs of $20 million to $50 million more. Deborah Sivas an attorney for the Earthjustice Environmental Law Clinic which filed the suit on behalf of Voices of the Wetlands considered the best technology alternatives mandatory not optional. She said the board had not considered alternative approaches in reaching its conclusions. E-mail the writers at swinokur@sfchronicle.com and cberthelsen@sfchronicle.com 2001 San Francisco Chronicle </chronicle/info/copyright> Page A - 3 Let's make a real deal with Edison July 27 2001 By JONATHAN LANSNER The Orange County Register When any government official tries to play business executive it's time to get nervous. Take the Edison bail out as evidence. At its essence the deal works like this: Taxpayers give the utility a big pile of cash the state gets some old rickety transmission lines in return. Don't be fooled: The power bounty is basically a political ploy. The state doesn't need to control electric distribution. What politicos need is a face-saving trade as evidence that this is a business deal - not a government handout. The state probably should just write the check and eat its losses. But if bureaucrats wanted real remuneration from this bail out California would eye some juicy Edison assets. As a public service I'll list a few. Now for argument's sake I won't differentiate between the utility and its parent company Edison International. Hey lawyers built those walls between the two. Let 'em figure out how to take 'em down. For starters you'd figure an energy-strapped state would like some regional power plants no? Like the San Onofre facility. However it might be laughable to see Sacramento-types defending their future handling of the local nuclear plant. OK if that's a tad too dicey for the state how about a coal-fired plant in Nevada? Heck Edison had a buyer at half a billion bucks before the state oddly quashed that deal. Maybe the state could grab it from Edison -- then flip it to pay off electricity-related debts. Of course buying one of the out-of-town power plants that Edison's sister company in Irvine has acquired might be educational for Sacramento. Owning a plant in Illinois or Pennsylvania or possibly New Zealand might show state honchos how easy - or not - it is to rig supply and prices. Alternatively the state could demand a small entity called Edison Capital. Basically it's a bank. One specialty: the politically correct field of affordable-housing lending. A good fit for bureaucrats. Speaking of money there's the Edison pension plan. Governments are really good at running retirement benefits. Heck California already has a huge one. There's got to be some economies of scale - real cash savings - in merging the Edison plan with some state pension fund. Do note that Edison's plan might be overfunded by about $400 million. You can bet though that the state would never have the nerve to play 1980s corporate raider: profiting by grabbing some of a company's overfunded retirement kitty. Finally there's Edison International Field in Anaheim. Stadium naming-rights contracts must have some value since corporations always seem to fight over these promotional gimmicks. (The utility's parent company paid $50 million in 1997 for two decades of free publicity.) Imagine the buzz the state could get out of the huge sign age on a nationally renowned stadium. Plus maybe the Angels could be good corporate citizens and tie into this deal. It's possible they'd allow a slight change in the team name to better emphasize the state's role in the ballpark. So how does California Angels sound to you? Business Financial Desk California Sempra Continues Improved Results NANCY RIVERA BROOKS 07/27/2001 Los Angeles Times Home Edition Page C-2 Copyright 2001 / The Times Mirror Company Sempra Energy on Thursday reported another quarter of higher earnings and revenue a sharp contrast to California 's bigger and beleaguered investor-owned utilities. Although California 's electricity crisis has pushed Southern California Edison and Pacific Gas & Electricity into insolvency--and PG&E into U.S. Bankruptcy Court--the parent of San Diego Gas & Electric and Southern California Gas continues to post improved results on the strength of its non-utility businesses. Net income for the period ended June 30 rose 25% to $137 million or 66 cents a share up $25 million or 55 cents earned a year ago the San Diego-based utility holding company said. Revenue jumped 40% to $2.1 billion. Pretax operating income rose 24% to $291 million. Sempra's earnings came in just ahead of the 65-cent average estimate of analysts surveyed by First Call/Thomson Financial. Our strong second-quarter performance is primarily the result of our efforts to accelerate growth through new businesses Stephen L. Baum Sempra's chairman chief executive and president told analysts in a conference call. Sempra is in a vastly different position than Edison International and PG&E Corp. because its electric utility arm was able to avoid the deep financial woes afflicting their respective Southern California Edison and Pacific Gas & Electric utilities. SDG&E was first to sell its power plants two years ago and thus was freed from a rate freeze. That in turn allowed the utility to pass along to customers the soaring costs of electricity beginning last summer. The state Legislature eventually rolled back and capped the rates for SDG&E customers but promised the utility it would be allowed to recover those losses. Edison and PG&E however continued to accumulate staggering debts because their retail rate freezes remained in place. In contrast Sempra is solvent with $1.5 billion in cash and $1 billion in available credit Baum said. The performance of its utilities was lackluster with Southern California Gas earning $47 million unchanged from the second quarter of 2000 and SDG&E earning $37 million down from $40 million in the year-ago period. But Sempra's unregulated businesses--including energy trading power plant construction and operation international electricity operations and energy services--turned in an overall strong performance contributing 39% of the parent company's earnings. Sempra's trading unit provided most of that profit contributing $69 million to second-quarter net income compared with $40 million in the same quarter last year. Sempra's stock gained 17 cents to close at $25.49 on the New York Stock Exchange. Business Financial Desk California Calpine Doubles Earnings Beats Forecasts Energy: San Jose-based company credits higher electricity prices in California and sales from new plants. 07/27/2001 Los Angeles Times Home Edition Page C-2 Copyright 2001 / The Times Mirror Company Calpine Corp. one of the biggest U.S. power-plant builders said Thursday that second-quarter earnings more than doubled beating estimates because of higher electricity prices in California and sales from new plants. Profit from operations rose to $132.2 million or 39 cents a share from net income of $59.5 million or 20 cents a year earlier. Revenue almost quadrupled to $1.61 billion. San Jose-based Calpine opened plants in the U.S. with a combined capacity of 1545 megawatts--enough to light 1.5 million average homes--and benefited from existing plants in California . Calpine has insulated itself from rising fuel costs by buying natural-gas fields to supply its plants. Given the strategy they have chosen they're following through quite well said Andre Meade an analyst at Commerzbank Capital Markets Co. They are growing from a small base and adding a lot of plants so we'd expect high growth. Profit topped the 31-cent average estimate of analysts surveyed by First Call/Thomson Financial. Calpine said it expects to earn $2 a share this year. The average First Call forecast was $1.92 with a range of $1.80 to $2.04. Calpine's shares rose $1.08 or 3% to close at $36.89 on the New York Stock Exchange. The shares had fallen 21% this year amid concern that generators might have to give back some of the profit they made selling power in California during the last year. In addition cooler-than-normal weather and conservation efforts recently reduced power prices in the state. Calpine runs or is building natural gas plants in 29 U.S. states and Canada that produce more than 30000 megawatts of power. The company plans to more than double capacity to 70000 megawatts by the end of 2005. Calpine this month opened the $350-million Sutter plant California 's first major generator in more than a decade. The company is building 11 plants to run during times of peak demand in the state and getting permits for four more James Macias who oversees Calpine's West Coast power plants said in a conference call with analysts and investors. Separately Arlington Va.-based AES Corp. a power producer that supplies California and operates in 27 countries said second-quarter profit fell 20% because of losses tied to currency fluctuations and the sale of a U.S. electricity retailer. Net income fell to $112 million or 21 cents a share from $140 million or 28 cents a year earlier. Sales rose 26% to $2.21 billion. California Metro Desk Cap No Bar to Higher Prices Power: Cal-ISO study says suppliers continued to charge as much as five times more than the U.S.-imposed limits. NANCY VOGEL 07/27/2001 Los Angeles Times Ventura County Edition Page B-1 Copyright 2001 / The Times Mirror Company SACRAMENTO -- After federal regulators limited wholesale electricity prices last month big private sellers of power in California continued to ask as much as five times more for electricity than the federal cap according to a confidential study by state grid operators. The analysis by the California Independent System Operator covers only the first week after the caps were imposed June 20. Cal-ISO has submitted the data to federal regulators for potential investigation. The report is a summary of what Cal-ISO calls possible anti-competitive behavior by Duke Energy Williams Cos. Mirant Corp. Reliant Energy and Dynegy Corp. In a truly competitive market we would expect these suppliers to bid very close to their actual operating cost said Greg Cook senior policy analyst with Cal-ISO's Department of Market Analysis. The state did not necessarily purchase any power at the high prices being demanded. Instead the significance of the bids is that they show how California could find itself paying exorbitant prices for electricity again if hot weather returns and conservation slackens said Frank Wolak a Stanford University economist who studies the California electricity market. The bottom line is that the generators are putting out these bids in expectation of high demand he said. If weather all of a sudden gets really hot from Southern to Northern California the bids submitted by generators could be very costly to California . Cal-ISO calculated the cost of production for each company based on the efficiency of its power plants and estimates of what each paid for natural gas to fuel the plants. The average cost for the five was $105 per megawatt-hour which closely matches the federal price limit in California which now stands at $101 per megawatt-hour. According to the power bidding procedures companies that bid at or below their cost of production often still get paid a higher price allowing them to make a substantial profit. On average four of the five companies submitted bids either slightly below or slightly above their cost of production. But with the exception of Atlanta-based Mirant each company at times submitted bids that were substantially higher. Houston-based Reliant for example bid as much as $540 per megawatt-hour more than five times its estimated cost. Overall Reliant's average bid was close to costs according to the analysis. Cal-ISO identified companies by code in its report. Sources familiar with the study identified the companies for The Times. The Cal-ISO report singled out Supplier 5 identified by sources as Charlotte N.C.-based Duke Energy saying the company continues to bid significantly in excess of its operating costs. Duke owns two large power plants on the central coast. It marked up its bids an average of 88% beyond its cost to produce electricity according to the analysis. For example it cost Duke $85 to $121 to generate a megawatt-hour of electricity in the time period studied the report shows but the company's bids ranged from $149 to $195 per megawatt-hour. Duke spokesman Tom Williams on Thursday said The use of the data in some cases doesn't appear to add up and in all cases appears to be selective and could easily be misunderstood. Duke sells nearly the entire output of its power plants under long-term contracts and not on the spot market which the Cal-ISO report studied he noted. Calpine Net Soars On Added Plants Sempra Profit Rises By Rebecca Smith 07/27/2001 The Wall Street Journal Page B4 (Copyright (c) 2001 Dow Jones & Company Inc.) Calpine Corp. reported net income nearly doubled in the second quarter reflecting the independent power producer's aggressive plant-building program. Meanwhile the parent of a San Diego utility said profit rose 25%. Calpine of San Jose Calif. said net was $107.7 million or 32 cents a share up from $59.5 million or 20 cents a share a year earlier. The latest results which were in line with analysts' expectations included a special charge of seven cents a share related to Calpine's purchase of Encal Energy Ltd. a natural-gas company. Revenue grew even more strongly soaring to $1.61 billion from $417.2 million. Separately Sempra Energy parent of electric utility San Diego Gas & Electric reported profit rose to $137 million from $110 million a year earlier. Revenue jumped 40% to $2.1 billion from $1.5 billion. Sempra Chairman Steve Baum attributed the growth which stands in marked contrast to the financial woes of California 's other electric-utility-owning energy companies to Sempra's unregulated operations. Calpine's profit increased despite paying substantially more for natural gas to fuel its plants. It spent an average of $4.80 per million British Thermal Units for natural gas up from $3.31 a year before. At the same time Calpine's revenue per megawatt hour of electricity sold also rose to $71.03 in the latest period from $64.80 a year earlier. At Sempra Mr. Baum said profit from Sempra's biggest utility unit San Diego Gas & Electric fell 7.5% to $37 million from $40 million. Results were flat at its gas-distribution company Southern California Gas Co. Sempra Energy Trading was the big profit center generating half its total profit or $69 million compared with $40 million a year earlier. Mr. Baum said Sempra's stock which trades at a low price/earnings multiple of 10 still is being affected negatively by the California situation. He also said the company made less money in spot-power markets than in prior quarters but nevertheless intends to invest $2 billion in new power plants. In 4 p.m. New York Stock Exchange composite trading Calpine shares rose $1.08 to $36.89 while Sempra climbed 17 cents to $25.49. | other | informative | 3 |
Re: PLEASE READ & RESPOND | Yes. Contact either Gia or John and get the ball rolling. Thanks Michael Terraso 08/18/2000 04:20 PM To: Steven Kean cc: Maureen McVicker=20 Subject: PLEASE READ & RESPOND Steve I received this note from Jeff Keeler who is on the government affai= rs=20 distribution list. Would you also want the EHS groups to work with Gia or= =20 John in developing value added documentation for this year's budget process= ? =20 Mike ----------------- | finance | formal | 3 |
Re: Houston | I'm checking. Melissa loves talking about Houston real estate (one of the many quirks I love her for). I'll find out when she can do it. Ricardo Charvel 03/12/2001 01:00 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: Houston Steve As you might have expected Elsa already had a to do list a budget information on schools etc. I really did not have to discuss about moving to Houston. The conversation was more around when and how. On Friday I have to be in Houston for an EBS meeting on Mexico. I am planning to arrive there on Thursday morning to talk to Rick to Dan Reck and to Shawn Cumberland. I also need to find out about relocation and visas etc. I am writing you to thank you for your generosity in your advice and for helping me and encouraging me in making this important decision. I am also wirting because I am taking your word on Melissa's knowledge of the real estate market inside the loop. Elsa is coming with me on Thursday morning and we would like to see if it is possible for us to meet with Melissa on Thursday Friday or Saturday for advice and orientation. (Of course you would be welcome to the real estate working session!!) Please let me know. Thanks again Ricardo | other | friendly | 3 |
Confidential Information and Securities Trading | To:WILLIAMS WILLIAM Email:bwillia5@enron.com - 503-464-3730 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 |
Ed Segners Staff meeting, in 50M Dining Room | John Stauffacher? | other | inquisitive | 5 |
null | Jeff wouldn't be able to leave until late the 23d or early on the 24th and would need to be back by late on the 27th | project management | casual | 0 |
Meeting Notice - California Document Production Issues | calendar ----------------- | other | casual | 3 |
Re: Tax Valuations for YR2000 | FYI ----------------- | finance | neutral | 3 |
EGEP Sale Announcement | Please make sure that nothing goes out internally or externally without the approval of Cliff Baxter or Mark Metts. We need to continue our usual vetting process through both PR and IR but need also to add Cliff and Mark. In getting the OK from Cliff and Mark we must have no OKs by default -- ie because we haven't received comments or a response on time. If anybody needs help getting to Cliff or Mark then Mark Palmer Karen Denne or I can help. Thanks | other | cautious | 0 |
Re: Stock Options | Sorry for the delay. I have asked the question and should have an answer in a day or two. . . . don't do anything rash in the meantime. Jane M Tholt@ECT 05/07/2001 12:15 PM To: Steven J Kean/NA/Enron@Enron cc: Subject: Stock Options Hi Steve. I know you are extremely busy but I was just wondering if you found out about whether the 3 year period apllies to all options or just the ones in that program. Question 2) does the 3 year time frame apply to only options that are vested at the time of departure or does it apply also to options which vest over the 3 year time frame. I look forward to hearing from you. Thank you. | other | polite | 3 |
Re: Senator Feinstein | yes Linda Robertson 03/01/2001 07:47 AM To: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron cc: Subject: Senator Feinstein Apologized that she could not meet with Steve yesterday. She would like to have this meeting. She asked that we schedule this for your next trip to DC. I think we should do this meeting soon. Do you want me to get on her calendar and then build a day of meetings around her meeting? Or wait until you are otherwise back in town? | government & politics | formal | 3 |
Re: Computers | Tell him we are sending his note on to the appropriate person. MARY CLARK 04/03/2001 03:23 PM To: Steven J Kean/NA/Enron@Enron cc: Maureen McVicker/NA/Enron@Enron Subject: Computers Steve I need your help in responding to this question. Mary ----------------- | business document | formal | 5 |
RE: Natural Resources and Energy MBA students | Barry Thanks for your message. I am forwarding it with my recommendation to Billy Lemmons who is in charge of our analyst/associate program. Vince | human resources | formal | 2 |
RE: Catch Up | Joe I could not find the issue. I think I have dumped all the copies of the publication. I am in London next week. Vince | personal & social | casual | 2 |
Request for Confidential Information by the GAO | We need another request for confidentiality. Please call me. ----------------- | other | urgent | 3 |
Washington DC | pena - 1:30 Spurling @11:15 and D'Amato @12:00 11:15 D'Amato 12:00 Sperling 1:30 Pena meeting - Tentative 3:30 Janel Guerrero Flying up on company plane. | personal & social | casual | 5 |
TW Gas Sales: PRIVILEGED AND CONFIDENTIAL ATTORNEY CLIENT PRIVILEGE | Julia and Steve--here are some questions I've sent to Darrell on the TW Cal. border line pack sales. I'd like him to pull in the right people to get me the answers so we will be prepared if we need to explain these events. Darrell--I thought I'd better let your bosses know that I've been putting more stuff on your already full plate. Thanks all. DF ----------------- | energy trading | formal | 3 |
Re: DRAFT response to Greenpeace Kyoto letter | I think Mike should sign Peter Styles@ECT 04/20/2001 04:57 AM To: Jeffrey Keeler/Corp/Enron@ENRON cc: Michael Terraso/OTS/Enron@ENRON Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron Mark Palmer/Corp/Enron@ENRON Jackie Gentle/LON/ECT@ECT Kate Bauer/EU/Enron@Enron Paul Hennemeyer/LON/ECT@ECT Doug Wood/LON/ECT@ECT Kelly Kimberly/Enron Communications@Enron Communications@ENRON Catherine McKalip-Thompson/Enron Communications@Enron Communications@ENRON Lauren Iannarone/NY/ECT@ECT Rob Bradley/Corp/Enron@ENRON Mary Schoen/NA/Enron@Enron Stacey Bolton/NA/Enron@Enron Lisa Linda Robertson/NA/Enron@ENRON Nailia Dindarova/LON/ECT@ECT Subject: Re: DRAFT response to Greenpeace Kyoto letter Jeff: Following our conference call yesterday Nailia and I will send you a European Government Affairs mark-up later today. We'll try to incorporate any views expressed by Paul Hennemeyer and Doug Wood too. Jeffrey Keeler@ENRON 19/04/2001 22:00 To: Michael Terraso/OTS/Enron@ENRON Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron Mark Palmer/Corp/Enron@ENRON Jackie Gentle/LON/ECT@ECT Kate Bauer/EU/Enron@Enron Paul Hennemeyer/LON/ECT@ECT Doug Wood/LON/ECT@ECT Peter Styles/LON/ECT@ECT Kelly Kimberly/Enron Communications@Enron Communications Catherine McKalip-Thompson/Enron Communications@Enron Communications Lauren Iannarone/NY/ECT@ECT Rob Bradley/Corp/Enron@ENRON cc: Mary Schoen/NA/Enron@Enron Stacey Bolton/NA/Enron@Enron Lisa Jacobson/ENRON@enronXgate Linda Robertson/NA/Enron@ENRON Subject: DRAFT response to Greenpeace Kyoto letter Attached is a first draft of a response to Greenpeace's April 5 letter to Jeff Skilling asking for Enron's answers to some specific questions on the Kyoto Protocol and climate change. Similar letters were delivered by Greenpeace Europe in native languages to Enron's offices in the UK Netherlands Spain and Belgium. I have attached a copy of one of the letters below. All the questions are the same in each. I have drafted a response with the goals of: 1) Being responsive to Greenpeace without being defensive or without greenwashing. We have an already-published public statement on climate change and a very positive solution-oriented story to tell with many facts and accomplishments to back up our statements. I think our letter can land in the stack that they consider positive responses and not in the stack of non-responses or we don't care responses. 2) Steering away from directly answering the no-win questions about Kyoto. I think we can respond to the letter in a way that provides meaningful answers to the general themes of the letter. I have discussed this with many of you already but I strongly feel that we should not get dragged down into debates over what we like/dislike support/oppose about Kyoto....we'll quickly get into questions we can't now answer and may never be able to answer. I'd prefer it if we rise above the politics of the issue and look solution-oriented by saying counties and companies should continue to be engaged in this important issue. 3) Developing corporate-wide messages that we can use in multiple applications -- arming our PR and govt. affairs advocates with a tight script to use in their efforts responding to shareholder inquiries and annual meeting Q&A Ken Lay or other executive speeches and presentations something for our Corporate Responsibility annual report. Sorry for the long preamble but climate change has become a very sensitive issue of late and our message/strategy needs to be very coordinated and we need to have one clear set of statements that everyone in the company can understand and use. With that said I also believe that these messages should be used very carefully as the subject matter is complex and straying too far from the basics can be dangerous. We should designate one or two clear spokespeople that can answer any follow up to the Greenpeace letter by press or policymakers and really stick to the boundaries of what's in our response letter. There is also the issue of customizing responses from the European offices using this letter as a template and adding a few examples of Enron good deeds in the local areas. I am not opposed to doing so but would again appreciate being able to review these responses before they go. Please let me know if you have other views. I would like to send our response by early next week maybe even Monday 4/23 if we can turn it around that fast. Thank you for your input and assistance and I look forward to your reply. Jeff Jeffrey Keeler Director Environmental Strategies Enron Washington DC office - (202) 466-9157 Cell Phone (203) 464-1541 | other | formal | 3 |
RE: Confidential information | Nanette: Changes are made. I'll have the attached document signed and faxed to you tonight. You can fax your executed document back to me at (713) 646-3490. Thanks Leslie Hansen Nanette Crist <NCrist@prebon.com> 11/20/2000 03:38 PM To: 'Leslie.Hansen@enron.com' <Leslie.Hansen@enron.com> cc: Subject: RE: Confidential information Leslie--A few nits. Prebon Energy Inc. in the first sentence should not have a comma. Clause (a) in the carve-out as to what constitutes Confidential Information should start that is or becomes... I would put as demonstrable by the receiving party in parens at the end of clause (c). That's it. If you want to have the agreement signed and faxed to me at 201-557-5973 I'll have George sign it tonight or in the morning before the call and send it back to you. Thanks. | legal affairs | formal | 3 |
Barton Staff Meeting | Yesterday I spent about 45 minutes with the three key energy staff to the H= ouse Energy and Commerce Committee -- Andy Black (for Barton) and Sean Cunn= ingham and Jason Bentley (the energy counsels to the full committee). We m= et at my request to discuss Barton RTO draft. (The group EPSA meeting with= Chairman Barton that was to have been yesterday afternoon has been resched= uled for next Tuesday.) =20 Key points from the meeting -- =20 1. They do not expect the Barton Subcommittee to mark up the electricity l= egislation this year. Time is running out and Members of the subcommittee = are not focused on the issue. Instead they plan to continue working on th= e issue at the staff level. Probably will be another draft version circula= ted and then a version will be introduced by Barton as a formal bill by the= end of the year. The earliest they see any kind of vote is late Jan. or ea= rly February. =20 2. Barton feels strongly that FERC should not be the tail wagging the do= g on RTO policy. =20 3. On particulars of the bill they are clearly reconsidering the 40000 = MW minimum threshold for the size of an RTO. They are getting pulled in bo= th directions they say and are inclined to drop the 40000 MW number -- p= ossibly leaving it to FERC to set a number. They conceded that the mechani= cs of the draft make it unlikely that the 18 month deadline for all trans= mission owners to get into an approved RTO would stick. They consciously c= hanged the normal judicial standard of review for FERC actions from arbitr= ary and capricious to preponderance of the evidence because they think o= therwise the courts will rubber stamp FERC. Spent a lot of time on how the= draft would aid and abet the recalcitrant utilities and that the overall n= ature of the draft assumes there are only two parties to this -- FERC and t= he transmission owners -- while the rest of those truly affected -- from us= to others -- are left out. Sean said we could still intervene but I said= that was the truly pro forma aspect of their process since FERC's hands an= d our's would be tied by the rights given to transmission owners to drag = their feet. =20 Bottom line -- FERC has a window until next Spring without likely congressi= onal interference at least not of the formal legislative variety to both= move on RTOs and improve its relations with Congress. FERC staff has been= pushing the committee staff on concerns similar to our concerns. | other | informative | 3 |
RE: RTO Question | On this same subject of Chairman Wood I am told that he met with Rep. Doug Ose (energy subcommittee chairman of the Government Reform Committee) and Ose's energy advisory board on Wednesday of this week and said similar things. He made a big deal out of a Big Mac analogy -- saying that whether you ordered one in Portland Oregon or Portland Maine the product is the same. With RTOs he supposedly said this meant if the rules are standardized the number of RTOs becomes less important. Those in the room including EPSA staff came away with the impression that Wood is backing away from only 4 RTOs based on this and other comments. Ditto on a 12/15/01 deadline. On the positive side he did say that he had been consulted on the Administration's comments on the Bingaman bill and agreed that legislation without RTO language or bundled/unbundled is OK. He understands the high risk that Congress would go the wrong way on these issues. | energy trading | informative | 3 |
UC-CSU-Enron press release | I know we got a lot of grief on the Hill when we had our fight with UC/CSU. Now we have settled and this release will go out (with some modification) today. ----------------- | other | formal | 3 |
Re: Confidential - Executive Committee Assistants | Shanna I certainly believe that Jennifer is better than Kim. Jeff is certainly the appropriate judge but she is very young and has a lot yet to learn. This comment is not meant as a cut down at all. John's questionable judgement shouldn't just be trumped however. My thoughts m Shanna Funkhouser@ENRON 01/30/2001 07:44 PM To: Mike McConnell/HOU/ECT@ECT Jeffrey A Shankman/HOU/ECT@ECT cc: Subject: Confidential - Executive Committee Assistants Mike and Jeff I wanted to let you know that Kim Hillis is being promoted from Sr. Admin to Executive Assistant. Cathy Phillips Nicki Daw and Kay Chapman are also Executive Assistants. Please let me know if we need to re-visit a promotion for Jennifer and whether it should be considered now mid year or at a later time. Thanks Shanna | human resources | confidential | 5 |
<<Concur Expense Document>> - March 2001 AMEX | ----------------- | finance | neutral | 3 |
RE: PERSONAL AND CONFIDENTIAL COMPENSATION INFORMATION | Thanks for the information. It would be helpful if you would send the detailed worksheet that you mentioned. I am surprised to hear that the only restricted shares left are the ones granted this January. I have always elected to defer any distributions of restricted stock. I believe I selected the minimum amount required to be kept in enron stock (50%). Are you saying that all the previous grants have fully vested and been distributed to my deferral account? Thank you for looking into this issue. Phillip | human resources | polite | 3 |
Request for Confidential Information by the GAO | To All California Power Exchange Participants: Notice is hereby provided pursuant to Section 19.3.4 of the California Power Exchange Tariff that the United States General Accounting Office (GAO) as part of the ongoing investigation of California markets has requested the same information to be provided to the Federal Energy Regulatory Commission (FERC). Such information may be confidential under Section 19.3.2 of the Tariff. The manner in which the GAO will treat such confidential information is outlined in the attached letter. The GAO states that it has authority under 31 U.S.C. 717 to evaluate programs or activities of the Federal Government in this case deregulation of the electricity markets initiated by FERC. The GAO has requested the California Power Exchange to provide such information no later than Thursday October 5 2000. If you desire to assert a claim of privilege or confidentiality pursuant to legal authority the California Power Exchange will include your written assertion of that claim together with its submittal to the GAO provided that it is timely received. Your written statement should be directed to the GAO as follows: Mr. Jim Wells Director Energy Resources and Science Issues United States General Accounting Office Washington DC 20548 You may deliver your statement to the California Power Exchange as follows: Karen Koyano California Power Exchange 1000 S. Fremont Avenue Unit 20 Alhambra CA 91801 626.537.3173 facsimile Any written statement must be received by Ms. Koyano no later than Wednesday October 4 2000 5:00 p.m. Pacific Daylight Time to be included with any information delivered to the GAO. You are also free to take any other legal action you may deem appropriate in the circumstances of this investigation. Thank you. (See attached file: GAO Letter 9-22-00.doc) - GAO Letter 9-22-00.doc | other | formal | 3 |