Attached is the fred file. On the recon variances tab, please note the liquidations coded in puke green, bright pink, blood red and blue. These items will resolve our variance within 60K. We will take the 60K expense. Please try and resolve those issues before close of 0201. Let me know if you get resistance or need help. Thanks. PL
Answer: 0008 fin liq var - FRED
Dear Ken, One or two participants in the dinner have inquired as to whether the event will still take place in light of the tragedy of September 11. The answer is a resounding "yes"! There could not be a more important time for financial and business leaders to gather to discuss some of the major challenges facing the global economy, and so we are moving full steam ahead with arrangements. Closer to the event we will be sending you some of the issues that we plan to raise for discussion. Bill McDonough, Lord John Browne, and I are greatly looking forward to seeing you there. Just to remind you of the time and location: National Portrait Gallery St Martin's Place London WC2H OHE 7:00 -7:45 p.m. Cocktails (Tudor Galleries, second floor)
Answer: Yale Award Dinner for William McDonough, November 27
Elizabeth, Background: On Wednesday, October 10, the NPUC voted to authorize its General Counsel to seek to void or renegotiate certain SPP/NP long-term power contracts by either going to court or filing a complaint at FERC. According to the utilities, the contracts are out-of-the-money by approximately $800 million. Enclosed, you'll find. . . . : Attached is a spreadsheet showing all of the physical Enron-SPP/NP deals that are (1) currently flowing or (2) scheduled for future delivery. I have left off transactions that have been completed because the tenor of SPP/NP's statements indicates that they are seeking prospective relief, not refunds. I am also going to fax to you two pages showing our credit exposure to SPP and NP. Worst case, back of the envelope, we are looking at approximately $400 million in MTM exposure for all deals. However, the prices under these deals range from $27.50/MWh to $311/MWh (the $3.60 deal is for transmission). It's extremely unlikely that FERC would (1) void every transaction or (2) reduce the price for every deal to $0. Therefore, the true amount at risk is less than $400 million. Bottom line: All in all, I think the risk of FERC undoing these transactions is unlikely for the following reasons: 1. The ALJ in the Pacific Northwest refund case rejected claims for refunds of bilateral transactions because (1) the non-California long-term market was competitive, and (2) because of the concern about "ripple" claims. Although the Commission has not yet adopted the ALJ's recommendation, I expect they will because it's the path of least resistance and has popular support. 2. SPP/NP is the only party arguing that the Southwest market is uncompetitive. This aspect was fatal to the Pacific Northwest claims because the majority of the market did not want refunds. 3. SPP/NP was not required to buy power under these contracts----unlike the California utilities, which were required to buy from the PX. Presumably, these were the lowest prices available at the time.
Answer: Sierra Pacific Power/Nevada Power
Psalms 9:10 "Those who know your name will trust in you, for you, LORD, have never forsaken those who seek you. " Thank you, Lord, that Mr. Lay is one that knows your name. Help him, Lord, that even though things look absolutely awful, we look to you for you are our help. You are an ever present help in time of trouble. All that call upon the name of the Lord will be saved. We will not tell you how our salvation should look, we will just trust in the One that can save us. We trust in your gentle, loving kindness. Your heart that has good thoughts towards us that we may have an expected end. Lord, the end looks like disaster right now. Oh Lord, hear our cry for your name's sake. Deliver us and we will proclaim your goodness to all. Don't leave us to the hands of our enemies. Thank you, Lord, that we see that we CANNOT trust in money or earthly riches and forgive us that we have momentarily sinned but Yes, Lord, we see that we can ONLY trust in you. Great is your faithfulness!
Answer:
Psalms 9:10