USA: UPDATE 1-PG&E utility gives Calpine debt priority status. 07/06/2001 Reuters English News Service (C) Reuters Limited 2001. (changes 1st paragraph, adds details, company statement) SAN JOSE, Calif., July 6 (Reuters) - Independent power generator Calpine Corp. said on Friday that its contracts with Pacific Gas and Electric Co. will be altered, ensuring that Calpine will continue to supply power to the bankrupt California utility and that it will get paid more than $250 million for power already sold. Calpine stocks rose more than 14 percent, or more than $5, to $43 after the announcement. As part of the contract modification, the $267 million, with interest, that the utility, a unit of PG&E Corp , owes Calpine in past due receivables under the contracts, will be elevated to "administrative priority status," a claim which is paid before any other general unsecured creditors. Calpine will get the money, in a lump sum, as soon as PG&E has a confirmed reorganization plan, which can take as long as four to six months from now, Calpine said. The move is also a step in the process of untangling California's energy crisis, which stemmed from a flawed deregulation plan that has hit the state with a series of rolling blackouts. Under the agreement, Calpine will continue to receive its contractual capacity payments, but it has also set up a fixed rate contract for the next five years of about 5.37 cents per kilowatt-hour. The contracts are known as qualifying facility contracts because Calpine's power plants are qualifying facilities. These types of facilities represent more than 20 percent of the state's power supply and sell power generated from renewable energy sources to the regulated utilities. "Calpine is the first power company to modify its QF contract with PG&E to ensure that Northern California consumers will continue to benefit from these affordable and reliable energy resources," Calpine senior vice president James Macias said in a statement.
Answer: PG&E utility gives Calpine debt priority status.
Here is an email: Well, there you have it. We waited and we blew it. What a bunch of dummies. Next time someone calls and gives me a special deal thats only available for a limited time, I'll jump on it! Kevin, please let me know what Steve, Bill, and Stan ultimately decide to do on this. Thanks. DF
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A: TW Gallup - Gas Conversion Pricing
Q: All, We have a number of external Trading Track candidates to be shortlisted for 2nd round interviews at Enron. John L would like for each of you to phone screen two candidates each and let me know if you think they are worth a 2nd round interview. Adrianne Engler, will forward you shortly, the resumes and contact numbers for the external candidates. As all of these candidates are currently working, please plan to phone this this evening or tomorrow evening. Please note however each candidate will be telephone screened by two of you and each of you will have approximately 2 people to call. The schedule of this will aslo be forwarded to you along with the resumes and contact numbers. Any questions let me know. Rgds, Karen x54667
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A: Trading Track Interviews - External Candidates
IN: As we discussed yesterday, Northern needs to be prepared in the unlikely event, power disruption occurs at Hubbard. In order to do so would ENA please provide the following: 1) a copy of each month's Midland Power electric invoices back to October 2000, 2) the net book value of the Interconnection Facilities, and 3) a copy of any other contracts, leases or other agreements that are necessary to provide the Compression Services at the station along with one years worth of historical cost for each. This information can be faxed to me at (402) 398-7122. Thanks

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OUT: Hubbard Data
IN: This is an email
Kim Monday I will be on vacation. I have listened to the message from Questar and it seems like that the Morongo Valley area ( with R.O.W issues) is a few miles away from the SOCAL interconnect. The distance from Needles to SOCAL interconnect is approximately 90 miles. The horse power requirements to handle up to 100 mmcf/d from Needles to SOCAL is around 2,500 hp. Based on the above, and also assuming that SOCAL has the capacity to handle up to 100 mmcf/d at a pressure of 850 psig at this location, the conversion/ compression cost is as follows: Conversion costs for 90 miles: $9,000,000 Compression cost: $6,000,000 Total costs $15,000,000 Note: As we have discussed before this cost is based on EE&CC cost estimate of 1997 plus 5% escalation for each year. Mansoor

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OUT: Questar
Hey everyone- I think we could all use a drink after this week. If you can, swing by the Front Porch tomorrow for happy hour-hope to see you there!! Beth
Answer:
happy hour