John thought you might be interested in the following from the credit markets.... Play by play during the call on the 5yr Enron Credit Default Swaps from Morgan Stanley: 1. 5Y BIDS GETTING HIT ON OPENING AS EARNINGS NEWS LOOKED LIKE CLEANING HOUSE. 250. 2. DURING THE CONFERENCE CALL; WHICH APPARENTLY WAS UNCLEAR, TICKED OUT 255,260,265. 3. LAY INDICATED NEAR END OF CONFERENCE "NO RATINGS ACTION ANTICIPATED". MINUTE CONFERENCE ENDED MOODY'S WATCH NEWS RELEASED. 280 BID. 4. LAY ALSO MENTIONED 3Q NEG CASH FLOW DUE TO SOME CONTRACT ROLLOFF. UNCLEAR MESSSAGE. 5. ENE SAYS COMMITTED TO "INV GRADE" RATHER THAN "A" 280/325 Summary from Morgan Stanley after the call: CREDIT DERIVATIVE UPDATE: ENRON CORP AFTER THE NEWS THIS AM ($1 BIL. CHARGE), THE COMPANY HOSTED A CALL AT 10AM NY TIME. THE CALL DID NOT GO WELL & ENRON SPREADS ARE HEADING WIDER IN CREDIT DERIVATIVE LAND. MKTS ARE SPOOKED B/C: 1) MOODY'S WATCHLISTED CO NEGATIVE, 2) ENE STATED "THEY ARE COMMITED TO INVESTMENT GRADE RATING," WHICH IS A CHANGE FROM THE SINGLE-A BOGEY THEY ONCE EXTOLED, 3) CO. DID NOT ADDRESS ALL LIQUIDITY CONCERNS, AND 4) MORE CHARGES COMING? 5YR MARKETS: ENE (PRE-WTC): 165/185 ENE (8AM TODAY): 240/260 ENE (WEEK AGO): 250/300 **ENE NOW: 275/350 Clearly the above are a function of what people think they heard...I did not alter any of the email. In general MSDW likes Enron credit but this is how they see the market. Enron is one of the most actively traded names in the credit derivative market. Let me know if you want updates as the market gets more clarity and works throught the details
Answer: reaction from the credit markets on the earnings call
Hey guys, I'm wondering if either of you can locate transaction diagrams for these projects. I can't locate any of the ECS working files (don't know what Hilgert did relative to the move). Let me know, mk
Answer: Kachina, Bisti and Bloomfield info
I thought that this is something to think about as we contemplate war... I have to admit that I am caught between the feelings of needing to act with violence to defend and needing to act with compassion to understand. > What can you do TODAY...this very moment? A central teaching in most spiritual traditions is: What you wish to experience, provide for another. Look to see, now, what it is you wish to experience-in your own life, and in the world. Then see if there is another for whom you may be the source of that. If you wish to experience peace, provide peace for another. If you wish to know that you are safe, cause another to know that they are safe. If you wish to better understand seemingly incomprehensible things, help another to better understand. If you wish to heal your own sadness or anger, seek to heal the sadness or anger of another. Those others are waiting for you now. They are looking to you for guidance, for help, for courage, for strength, for understanding, and for assurance at this hour. Most of all, they are looking to you for love.
Answer: thought that this would be appreciated
This sheet is as complete as possible, and I am worried about it due to the following circumstances; 1. The Dispatch sheet that comes to Real time was 25 MW flat on Sunday and LLH on Monday more than all the preschedules that were tagged today. 2. The Four Corners values on that dispatch sheet changed between 5:15 and 5:42, from 10 mw long to flat. I tried to resolve the four corners schedules with PSCO, who told me they did not have a purchase from EPE in July. I tried calling numerous people at their office and cell phone numbers and got forwarded to Enron each time. Lisa had a buy resale with PNM at four corners, but that booked out and did not seem to match the 10 long that I saw in the dispatch sheet. I spoke with Pete, who assured me that the sale to PSCO was good for the summer. 3. I still was unable to resolve the 25 mw difference between the tags and schedules that we knew, and what the dispatch sheet said we should have for preschedule. No EPE representative was available to tell me what they were expecting for the schedules, and I was referred by a Dispatch person to call on Saturday and speak to Carlos when he came in at 4 pm. I was very uncomfortable doing this, and so in my desperation called Roger at home, who after some discussion with Steve at his home confirmed that the extrat 25 flat Sunday and LLH Monday was a deal that is supposed to begin on July 3. I trust his assesment, and have removed the extra schedule from the sheet. Between all of the preschedulers today at Enron, we have spent over 6 hours dealing with the EPE schedules today. The sheet is as complete as I possibly can find justification for. Cara Semperger West Power Scheduling 503/464-3814
Answer:
El Paso Schedule for 7/1 and 7/2 - Extremely Problematic