postbot/aeslc_kw huggingface dataset:
Subject: Quick Update

Hi Kari:    I know that you and I are both swamped, so I'm writing very briefly to give  you a brief update.
But first, thank you very much again for meeting last  week.
Greatly appreciated, and look forward to working together to help in  any way I can to find solution that is acceptable to all.
Here's the update:  Our "subcommitte" is meeting tomorrow to try to close the deal on a proposed  solution.
It focuses on 3 key areas:  Using the utilities retained assets to moderate prices.
Designing a framework for forward contracting that strikes a much more  appropriate balance in CA between state oversight and the need for utility  flexibility.
Rate stabilization/Undercollections (utility solvency)  I will update you tomorrow on the group's progress.
If thing's go according  to plan, we may be in a position to submit something to you a early as  Monday.
If there's a deadline from your end that I ought to be aware of, let  me know and I'll incorporate it into the subcommittee's work plan.
In the meantime, if there is anything at all that I can do to help, please  don't hesitiate to contact me.
Thanks again and all the best,
Subject: edits to the op-ed

Here are some suggestions for the op-ed piece.
One general comment:  It may  be a bit lengthy at this point.
Also, have we decided whether it would be  our op-ed piece?
And one key point that is very commercially sensitive:  The term "end the  rate freeze" has very ominous implications for EES's book, depending on the  timing of any such "end" in California.
Thus my heavy-handed edits on that  portion.
Nice job, Jeannie.
Best,
Subject: Revised CESG Outline

FYI.
Please keep this internal and confidential.
Here's where the group I  mentioned left off last Friday.
It will be useful for our discussion this  afternoon.
You'll note from the comments that it's anything but a done  deal.
I'll forward the SF press mentioned in the note.
Best,
Subject: Notes from Meeting with California Stakeholders

Just got off the call with the California stakeholders.
The group's trying to  come up with a solution and today's call was a challenge.
Edison threw new  demands on the table that effectively ended any chance for a deal today.
Appears that at this point that anything more than a 10% rate increase is out  of the question politically for the Governor, and the utilities are very  unhappy about it.
Consumer groups are already balking publicly at the 10%  increase reported in the press.
The meeting effectively ended when Edison announced that, in response to New  West turning back their customers, Edison plans to file a proposal with the  Commission this week that would require all returning customers to pay the  spot price for energy.
The large customer groups blew their tops and that  pretty much ended the call.
The group agreed to meet again on Friday, after the PUC business meeting on  Thursday.
Best,
Subject: Portfolios

Heres' the file.
Again, we used it, in the end, to justify having the utilities go out, now,  and fill 10-15% of their net short position with 5 and 10 years deals.
The  group agreed, though there's still discussions about the percentage (higher?)
and the mix (5 and 10 year deals?
; 3, 5, 10 year deals?)
--you get the picture.
Subject: Pittsburg Deal

Mark: Here's the info  Size = 500 MW Purchase price = $42 MM (sold to Calpine) Permit  status at time of sale = all permits had been obtained  One note:  while we had gas and electric interconnection agreements ready to  execute, Calpine told us not to and they arranged those for themselves.
If there's anything else that you need don't hesitate.
Happy holidays.
Best,
Subject: Summary of Western Gov's Energy Summit

Paul Kaufman phoned with the following brief report from the Western  Governor's Association  "Energy Summit" that took place today.
Paul will  follow up with more detail when he gets back to a computer.
The governors  issued the following recommendations:  California should immediately implement FERC's order issued last Friday and  aggressively pursue all available DSM and conservation opportunties.
The Western region should likewise be much more aggressive in identifying and  implementing DSM and efficiency opportunities.
Increase supply as soon as possible.
FERC should do an investigation into the potentially negative effects that  price caps can cause in the industry.
FERC should add to its investigations an investigation into what caused the  price spikes in the first week of December.
Work with the Bush transition team to make sure that someone from the new  administration is focused on the issue.
Hoecker said that he is not inclined to impose a region-wide cap until  California takes the actions it needs to take to help alleviate the situation  (e.g., reforming regs governing utility forward contracts).
Jeff
Subject: Possible dial-in to PUC meeting

Attached is the URL to get to what should be a real audio broadcast of  tomorrow's PUC business meeting.
The meeting starts at 10 AM PST.
Many who  have tried to use the link in the past have been unable to connect, but the  PUC may have since worked the kinks out.
I will be at the meeting and will  report back via email.
Best,
Subject: Call to Discuss California PUC Action

We will set up a call-in number to relay to folks any actions the Commission  takes tomorrow.
The Commission meeting starts at 10 AM PST, but it's unclear  when they will take up our issue.
Since the press will likely have the place  surrounded, they may decide to do that item first.
We'll send out a notice  with a call-in # and time as soon as we have the information.
Best,
Subject: Call to Discuss California PUC Action

These folks will need to be added to the distribution list.
Lysa/Joseph:   it's going to be a bit wacky, because, as the note indicates, I'm not sure  what time the call will be.
Anywhere from about 11 AM to 2 PM PST.
We'll  need to keep the number of ports as unlimited as possible, because I have a  feeling that the note indicating that there be a meeting will get around,  perhaps globally.
As soon as I know what time I'll want to have the call, I  will notify Joseph, who will need to set up the call and distribute the info  to the original list I sent around plus the names below.
If you two have  suggestions on how you'd like to handle, like Ross Perot, I'm all ears.
Thanks so much for your help.
Also, please make sure to add Vicki Sharpe and Michael Smith of EES on the  list, too.
Jeff
Subject: Meeting to Discuss Legal Issues

Mike (Smith): Since things will move pretty quickly from this point forward, we want to  have a quick meeting to explore our legal options and how best to preserve  them.
We'd like to have a kickoff call after the daily 10 AM (CST ) call  that Wanda Curry handles.
Are you available after Wanda's call?
Say 11 AM  CST?
Thanks.
Best,
Subject: Observations on the Hearings this Week

We're in the process of developing a strategy to take us through the next few  months.
But while the (otherwise perishable) thoughts are still fresh in my  mind from the hearings on Monday and Tuesday, I wanted to throw out some  observations for discussion in the days/weeks ahead.
OBSERVATION--The pressure to finger somebody for "price gouging" is
Subject: Meeting with Governor Davis, need for additional  comments/suggestions

All:  Please see attached materials from Steve Kean.
Ken Lay and Steve Kean met  yesterday with the Governor of California and his policy director to discuss  solutions to California's energy problems.
The meeting was very  constructive.
Ken Lay and Steve offered some of Enron's proposed solutions  and the Governor discussed the options he's considering.
We've been asked to  provide--by Tuesday--feedback on his proposals.
The turn-around time is
Subject: Even the best laid plans...

Well, I was clearly too ambitious in setting out the schedule.
My  apologies.
I managed to trudge through the reading and the document last  night, but didn't not get to answering the question.
I appears that this  will be a busy weekend.
I've a feeling that I won't get my proposed answer  to folks until Saturday afternoon for your review.
If that poses a problem  for anyone, please let me know.
I still intend to be the compiler of wisdom,  so folks should feel free to distribute when they've got something drafted.
Best,
Subject: Status on Feedback to Governor

Steve:  I'm going to give you a call.
Few things: Got your message.
As you'll see from the document, I likely spent too much  time over the weekend on the "what's in it for consumers" messages.
Since it  was one of the the "to do" items, I figured that it should get some emphasis,  but sounds like that may not be the case.
I've proposed a template for how to provide feedback on the Gov's specific  proposals, using direct investment in power plants by the state as the  illustrative example.
Let me know if you think it works.
I have ideas on  each, but thought it better to await feedback from the commercial folks  before filling out our comments in each area.
I'm finishing up a bit more detailed proposal for how the Gov might use  "energy gurus" to help on the portfolio/procurment issues, and am also  offering additional detail on the need for a "rate summit."
Got messages in to Schroeder re: Nordpool--expect to hear back from him today
Subject: DRAFT of materials for Governor

Greetings:  Attached is the draft.
I've attempted to capture everyone's comments.
The  only piece that is not likely to go this evening is the piece providing  comments on the Governor's specific proposals.
That will likely go first  thing tomorrow morning.
You'll note that only one of the Governor's  proposals currently has any comments attached to it.
Comments on the  Governor's proposals are appreciated.
The remainder of the materials will go  to the Governor's staff later this evening; so any and all comments on those  portions are welcomed and appreciated.
Thanks to all for the assistance,  particularly in light of the holiday.
Best,
Subject: Follow up materials

Greetings Kari:  Attached is follow-up information from the meeting that the Governor and you  had with Ken Lay and Steve Kean last Thursday.
Tomorrow morning I will email  three additional pieces of information:  Our specific comments on the proposals that the Governor raised at the  meeting.
More details on the "demand buy-down" concept.
Information on Norway's version of the ISO, "Nord Pool."
If there's anything you need, don't hesitate to contact me at 415.782.7822.
Happy New Year.
Best,
Subject: Nord Pool

This is material that I received re: Nord Pool from Davies (one of  Schroeder's guys).
If you want to take a wack at putting together a few  bullets on what Nord Pool is, how it differs from Cal model and why it's  preferable, that would help me immensely and free me up to focus on 1)  comments to Gov's proposal and 2) more detail on demand buy-down.
That  possible?
Let me know.
Greatly appreciated.
Best,
Subject: PUC DRAFT Decision

Copy of order to follow.
Here's a quick summary.
Does not look great for  the utilities.
More to follow.
one cent/kwh charge for all customers--equals 9% for rez, 7% for small biz,
Subject: Additional Materials

Greetings Kari:  Forgive the delay.
Much going on today, PUC draft decision in particular.
The draft does not look promising for the utilities' financial position.
Attached are our comments on the Governor's Proposals and some more detail on  the demand-reduction proposal.
We continue to work on the Nord Pool research  for you and will turn that around as quickly as we can.
Subject: ICA memo

I forwarded this to you so that you could have a chance to take a peek at it  before forwarding along to the rest of the group.
If you'd like me to  forward it along to the larger group, just let me know.
Jeff
Subject: Pricing Information

Best of luck.
You've got a tough job.
Guess you'll be working that much  harder now that John Stevens is on his way to San Francisco.
At last week's meeting, a request was made for peak and off peak prices.
I've attached prices that we filed yesterday at FERC as part of its on-going  proceeding of forward contracts.
Few comments:    We'd appreciate it if you could keep the information confidential,  particularly since the information is covered by FERC's confidentiality  provisions.
Since we are not a "generator," we buy and sell in the market, which as you  know is currently very volatile.
Consequently, the quotes that we provide  customers change daily to reflect changing market prices.
These prices were  put together and filed yesterday, but you may have heard that prices were  down today.
So quotes we made today were lower.
And quotes we makes  tomorrow will reflect tomorrow's market conditions and will likely be  different from today's.
Because these quotes were assembled yesterday, they are only "indicative."
That is, if someone wanted to buy these products today, we'd have to  recalculate prices, because the quotes established yesterday are no longer  valid (for the reasons I mentioned above).
Hope this helps.
If you have any questions, let me know.
Best,
Subject: Here is the Energy briefing agenda for the Republican Caucus and  FAQ

Hi Sue:    Hope all is well in the land of forward contracts.
Do we know who the  speakers are?
Is Dave Parquet attending for us?
Thanks.
Subject: Happy New Year

Greetings:  Well, hope your holiday was great, because I'm back with more questions.
To  change my direct deposit account, can I do that on line, or do I need to do  it by other means?
Thanks, as always, and I hope you have a great 2001.
Best,
Subject: couple things

1) Since I'm coming, I'll likely stay a couple of days, if there's still an  open seat available on the floor.
2) I can get a plane that arrives at Intercontinental at 12:20.
Can I catch  a cab and get to the Woodlands by 1?
Otherwise, I'll come out the night  before.
Best,
Subject: PennFuture's E-cubed -- Price, Policy and Misperception

Greetings, Kari.
=20  Today's installment includes:  Background on Nord Pool Information on the status of de-regulation in Pennsylvania.
The rumors regarding securitization of utilities' power purchase costs had = a=20 very positive effect on the utilities' stock today.
Congratulations.
Ther= e=20 is conflicting information floating around, though.
=20  Some wires stories say that a state senator will sponsor a securitization= =20 bill.
Others say that it will be the Governor's bill.
Is securitization= =20 legislation something that the Governor intends to sponsor/support?=20  Though there are clearly some challenges to securitization, we think it=20 offers a promising option.
Hope the information is useful.
Best,
Subject: Summary of State Treasurer's "State Takeover" Proposal and Proposed  Conference Call

It might be a good idea to have a conference call to discuss the state  treasurer's proposal released last Friday.
A summary is attached.
If folks  agree that a call would be useful, does Noon PST (on Monday) work?
Best,
Subject: Demand-side buy down proposal

Greetings:  See attached "meeting notice."
This could be a good opportunity to get our  demand-side proposal on the table.
Dennis:  If we could get some power point slides together, we could present  our ideas to this group and the leg aides mentioned.
Let me know your  thoughts.
Also attached is a summary of the bill that the CA Assembly passed today.
Please pass this along to others who might be interested.
Thanks.
Jeff
Subject: Summary of Proposed Short-term Solution for California's Energy  Crisis

Dean Tyson:  It was a pleasure to see you again today.
Phil, it was a pleasure to meet y= ou=20 and I look forward to working together.
Since time is of the essence, I=20 wanted to summarize where we left off at today=01,s meeting regarding Calif= ornia=01, s energy crisis.
That summary is attached.
I've also attached three=20 articles from the business section of today's Chronicle that arguably bolst= er=20 our arguments for adopting the approach that we discussed at today's meetin= g.   Given the fact that the legislative process is moving rapidly, bankruptcy = is=20 a daily threat, and Dean Tyson will be attending the meetings in Davos, it= =20 appears that our window of opportunity is very small.
It seems that succes= s=20 requires a meeting of the principals by the end of the week, if not sooner.=  =20 The chances of success are obviously limited, but I think that we agreed th= at=20 all concerned have nothing to lose and everything to gain by taking a shot.= =20 Your offer to help in the effort obviously increases the likelihood of=20 success and is greatly appreciated.
=20  My apologies in advance if I have mischaracterized any of the points made a= t=20 the meeting.
It represents a =01&first cut,=018 it will undoubtedly change=  as the=20 details get worked out, and I=01,m sure I=01,ve missed something.
So pleas= e don=01,t=20 hesitate to edit the draft.
Please keep in mind that I have not had a chance to discuss this proposal= =20 internally.
As such, I can=01,t yet commit Enron to the specifics of the= =20 proposal.
But I=01,m confident that the company can support something akin=  to=20 this structure and can let you and Phil know first thing Monday.
In addition, given the political environment in California, Enron has playe= d=20 a constructive role by providing low-key, behind the scenes advice and=20 analysis to policy makers.
That approach seems preferable in this effort a= s=20 well.
Subject: Proposal for California

Dean Tyson: Attached is the proposal.
Your comments are welcome and appreciated.
I'd be  happy to input any that you might have prior to forwading to Secretary  Summers.
Phil and I will have a list of potential contacts from the business  community to review in the next couple of hours.
If you need anything, don't  hesitate to contact me.
Perhaps you and Phil and I could touch base later  today or this evening to talk about next steps.
Thanks again for your  efforts.
Best,
Subject: Tyson Update

Tyson has gotten a call-back from the governor's office.
She's going to call  him back shortly to try to sell him on the plan (i.e., private sector to the  rescue) and ensure that he'll come to the party.
She'll call me back as soon  as she talks to him.
Curious--do we have any sense of whether there's much activity within the
Subject: Edison's Filing in District Court in L.A.

Michael Tribolet:  In response to your question, yes, Edison did file in federal district court  in L.A.
The filing asks the judge to force the CPUC to 1) declare that the  rate free is over and 2) raise rates to compensate Edison for its  undercollections.
(Recall that this filing comes on the heels of the court  agreeing to hear Edison's case asserting that the CPUC must let Edison pass  through the power purchase costs to customers.)
The filing is apparently very large.
The lawyers at the CPUC have a copy but  said that it's much too large to make a copy and aren't willing to give it to  us to make a copy for ourselves.
Question to the lawyers:  Do we have contacts in L.A. that can go to the  courthouse and get a copy of the filing for us?
Probably a good idea to have  that filing passed around to this distribution list.
Best,
Subject: Materials for Laura Tyson

Mary Beth: Thanks very much for passing these along to Laura Tyson.
There are two  documents.
One is a word file with a suggested list of business leaders that  we might bring into the discussions.
Please let the Dean know that it's a  first cut and that all comments, suggestions, edits, etc.
to the document are  welcome and appreciated.
The second is a pdf file from Credit Suisse First Boston giving CSFB's  analysis of what's going on in California.
I think it provides further proof  that California is still looking for, and ought to be very receptive to, a  proposal like the one that we're working on.
Could you let me know that you've received this?
Thanks again.
Subject: Ooops

in the attempt to delete the millions of emails i've received from Telecom  Reports, i deleted your Western Gov update before reading it.
could you  resend?
your pal, jeff
Subject: Final Version-Manifesto

Mary Beth:    For what it's worth, I've read this, and if Laura Tyson or Larry Summers sign  it, I have serious concerns about the effect it would have on their ability  to play the role that we envision in moving our proposal forward  (understanding that our odds of success are somewhat meager).
While I don't  disagree with the language, it is strong and therefore very likely to make  the Governor and his staff very uncomfortable.
I would recommend that they  do not sign.
Best,
Subject: E234 Course Materials

Prof. Bajaj.
Our understanding is that we'll need the electronic file you talked about on  Monday in order to do the first (optional) case (re: helpful questions and  spreadsheets).
But we haven't received the file yet.
Could you possibly  forward it to us?
We're leaning strongly toward writing the first case up  and turning it in and are anxious to get started.
Thanks very much.
Best,
Subject: New Bill Introduced in CA Legislature

The speaker introduced a bill that would:  Order the CA PUC to establish a "rate component" to permit the utilities to  recover its "net undercollected amount" over a period of ten years.
(Sounds  like there may be a haircut in there somewhere.)
Authorize the State Water Dept.
to purchase power on behalf of utilities and  munis.
Order the CA PUC to create a separate rate component to cover the Dept.
's  cost of purchasing the power.
Authorize the Treasurer to issue debt, backed by ratepayers, to cover any  difference between the price the Water Dept.
buys the power for and the price  that can be collected from ratepayers under the rate freeze.
Authorizes the State Director of Finance to "accept on behalf of the state  any tangible asset of an electrical corporation."
(Presumably the state is  looking to get something from the IOUs (say, the hydro assets) in exchange  for giving the utility it's "net undercollected amount."
The bill is long and haven't yet had a chance to review it in detail.
We're  faxing the bill.
The bill will be controversial and it is unclear who in the Legislature has  bought into it, though the Governor signaled his general support for this  sort of approach in a press conference last night announcing the results of  the power auction.
The Assembly is scheduled to have a hearing on the bill later today.
Will pass on more info as we get it.
Jeff
Subject: Reminder letter for California filing deadline

Joseph:  Please contact these folks and remind them that 1) i'm not a  lobbyist, 2) i'm not registered as a lobbyist, and 3) i don't qualify as a  lobbyist.
thanks a million.
Jeff
Subject: UC Economists (and others) Step Out a Bit in California

One of the things that came out of the meeting I was at on Saturday with the  UC economists (including Tyson and Yellen) was a "manifesto" that they  published today (I'll have the final to distribute soon).
They're having a   press conference in about 10 minutes at Berkeley.
In anticipation, they're  quoted in a story in today's LA Times (that features Greenspan's comments)  and they focus their quotes on the need to raise rates.
Most of these folks  in the group, lamentably, earn their living by consulting for incumbents, but  there message here should be helpful, and there are a few "right-minded"  economists in the bunch.
(I managed to get Dr. Michaels in the group, who  was a great voice of reason in the debate over what to say in the manifesto.)
It wasn't appropriate for me to play a visible role in the design of the  manifesto, though I attempted to offer some behind the scenes suggestions.
Jeff
Subject: UC Economists (and others) Step Out a Bit in California

Apologies.
I can't keep track of all the distribution lists.
Please let me  know if you think that this will be helpful in your neck of the woods.
Rick  relayed Summers comments re: Tyson.
Best,
Subject: E234

Greetings Professor.
Regrettably, I'm on travel in New York City today and can't make it to class  this evening.
I don't anticipate having to miss any other classes this  semester.
Regards,