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Energy Firms' Mixed Message Is Focus of Inquiry Deregulation: Senate panel will investigate whether suppliers were being misleading when they promised lower rates for consumers while they were also predicting bigger profits for investors. By ROBERT J. LOPEZ and RICH CONNELL, Times Staff Writers In the summer of 1999, a top official with a major player in California's power market testified during a congressional committee hearing in support of speeding up deregulation. Unleashing market forces, said the Dynegy Inc. executive, would ensure "maximum customer savings" and "low-cost power." That same month, the Houston-based firm made a far different pitch to Wall Street: Deregulation and major swings in electricity prices would boost revenue and stock value. "We know how to take advantage of volatility spikes across the gas and power market," Chief Executive Officer Charles Watson declared in a publication targeting large investors. "The energy marketplace," he predicted, "will simply get more volatile." Dynegy was not alone, a review of federal filings, company documents and public records shows. In the years since California's pioneering deregulation plan was approved, other major out-of-state energy suppliers were sending similar, seemingly contradictory signals to the public and stock buyers. Now, those divergent messages--electricity prices will fall but corporate

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OUT: More on CA Legislature Inquiry into Wholesale Prices

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Ken, With all that has transpired in the last several weeks, I know that you must be incredibly busy; but if you can work it in, John Kelley and I would like to meet with you for about 30-40 minutes to give you an update on two initiatives, listed below, aimed at getting the 2012 Olympics to Houston. 1. Conversion of the Astrodome to a track and field facility. This has strong support in the track and field community and may be the most important advantage that Houston has over competing cities. John has a 10-minute video he would like to show you that features some very strong endorsements of the Astrodome track and field facility from some of the most important people in track and field worldwide. Also, if the Astrodome conversion were made soon enough, there is a very good chance that the 2007 World Championships of Track and Field could be held in Houston. 2. Transfer of the headquarters of the national governing body for baseball (USA Baseball) to Houston. This would mean that Houston would be, among other things, the site for tryouts for the U.S. Olympic baseball team. Having USA Baseball in Houston would naturally strengthen our bid for the Olympics. A key for getting the governing body to come to Houston would be the raising of about $3M for construction of facilities. The deadline for completion of Houston's bid to become home to USA Baseball is the end of September, so we would like to meet with you at your convenience by September 25, if at all possible. Let me know if that can be arranged. I can be reached at 713-783-1223 if you want to further discuss scheduling of a meeting. Robert Healy

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OUT: 2012 Olympics

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I tried to call you back today, but was told that you had left the office. Tried to leave you a voice mail message, but no one in the office knew how to transfer my call into voice mail. They were good about answering your phone, however! I will call you tomorrow morning before my first meeting at 8:30. If I miss you, I will ask my assistant to interrupt me when you call back. I will be in meetings with operations people from London and Sydney tomorrow, but can easily step out to talk with you.

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OUT:
Returning your call