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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: CONFIDENTIAL (The Manifesto)
Body:: great idea.
What should this email be categorized as?
[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Jolles
Body:: I would hold off for now. I think based on our discussion that Ira might be a fit for my organization or EES. Unfortunately I am heading out of town with my family on the 12th (unfortunate for meeting with Ira not unfortunate for me) and EES has new leadership who is trying to assess the state of things before making new senior level hires. So let's wait a bit. Thanks Stelzer@aol.com 03/30/2001 09:58 AM To: skean@enron.com cc: Subject: Jolles Help -- pls help me to unscramble my calendar. We had discussed Ira Jolles now a vp and general counsel of GPU due to resign when its merger is completed and the execs move to some God foresaken place in Ohio or some such state. Ira is smart innovatived honorable very knowledgeable about Pa. Nj NY and Ferc regulation. In short like no other utility executive I have met. He would be perfect for Enron perhaps operating out of one of your offices in one of the states I have mentioned. You said that you would set up meetings with the appropriate people in Houston and I propose April 12 -- I would stay over after our meeting and do the introductions. PLS let me know that this is ok.
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[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: interim emergency approaches.DOC--sent on behalf of Adam Wenner
Body:: What about the show cause order route? -----------------
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[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: nan
Body:: Vince I've been hearing rumors that Enron has decided to endorse the nodal pricing model as implemented in PJM. I just wanted to warn you that I'm not sure this is in Enron's long-term interest at all. Let me explain why. Feel free to give me a call if you'd like to talk more about this. First let me say that I firmly believe in locational pricing and specifically pricing congestion. However the way that PJM implements nodal pricing is to eliminate as much price volatility and reduce the transparency of the market. Specifically the PJM tariff gives the ISO the ability to mitigate to cost plus a %10 adder the bids of any market participant that the ISO deems is out of merit in one of the three zones in region. (The fact that a nodal market is talking about zones should give you cause for alarm.) Then the ISO takes this mitigated bid and re-runs its price-setting software to compute new nodal prices. The way I have (somewhat unfairly) decribed this price-setting process is that the PJM ISO decides what prices it would like for a given day and mitigates bids until it gets them. This is not a transparent market nor one where it makes any sense to buy the risk management services that Enron provides. The only price volatility you have to worry about in the PJM market is that kind that comes about if they need imports into their control area to meet demand. Under these circumstances you need to pay the imports whatever is necessary to get them to come to your market. However bear in mind FERC's desire to make a large RTO on the East Coast. This will effectively mean little imports to the East Coast RTO so all bids can be mitigated at the discretion of the ISO. Paying market-clearing prices to cost-of-service mitigated bids is just paying too much to eliminate price volatility. It effectively kills off the development of risk management at the wholesale and retail level. Power marketing becomes much less profitable because retailers know you can always buy at cost-mitigated prices. In short the PJM model is not market. It is just an alternative form of regulation that is politically attractive because it reduces price volatility but it is not good for consumers or traders because they just get a higher cost form of regulation than traditional cost-of-service regulation. You pay market-clearing prices to cost-of-service mitigated bids but under regulation you could just pay cost-of-service prices and eliminate the infra-marginal profits to low cost generators. As we discussed during our dinner I think the two biggest sources of benefits from re-structuring will come from getting the demand-side involved in the market and from more efficient risk management. A necessary condition for both of these to occur is prices that reflect actual conditions in the market (including the extent of market power exercised). Masking these signals dulls any incentive for market participants to make the investment necessary to management. The PJM model is just way to have a market in name without achieving any significant benefits to consumers or energy traders. Frank
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[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: RE: Thu evening
Body:: Thanks. Confirmed. Vince
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[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Comments On Draft RTO Letter On Barton Proposal
Body:: Following up on last night's e-mail here are some specific suggestions to strengthen the draft EPSA letter on the Barton RTO draft. The second paragraph and the first few bullets after it should be rewritten as follows to make it clear that the current legislative proposal on RTOs is far off the mark as opposed to being fixed by technical corrections as the draft letter now states: You have identified RTOs as critical to the development of a well-functioning transmission system and we wholeheartedly agree. We commend you for including all transmission-owning utilities in the RTO provisions and for requiring that transmission be conducted on an open-access basis. However to accomplish the RTO and transmission goals we share it is essential that any legislation on RTOs not slow down the process already underway at FERC. Unfortunately the discussion draft as issued on October 9th does not meet this test. Specifically the proposal Establishes a lengthy and cumbersome process that will delay the formation of RTOs by imposing procedural requirements that advantage those who oppose properly functioning RTOs including evidentiary hearings and court appeals review under standards of judicial review not normally applicable to Federal Power Act cases. Removes the ability of the Federal Energy Regulatory Commission (FERC) to deal with an evolving marketplace by statutorily freezing market and operational structures in place as of date of enactment regardless of changed circumstances. [rest of the bullets as in the draft letter] We appreciate the opportunity to offer these suggestions to strengthen the draft letter. Please call with any questions or comments before the Legislative Affairs Committee meeting tomorrow. Thanks. John
What should this email be categorized as?
[/INST] Document editing/checking/collaboration <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Stand-alone Reliability Legislation
Body:: I believe it is timely to discuss this again and I agree with Cynthia that stand alone legislation does nothing to address the essential transmission structural issues. I am open minded on the issue if someone can make a compelling case to support stand alone legislation BUT my gut reaction is that it would be a serious mistake. Congress would happily put off dealing with this issue for years if it passes reliability only legislation. I think the legislation itself makes little or no progress on our issues and may even set us back on making progress at FERC and in other fora. I realize that if this gets going it may be hard to stop but it would be such a cynically ineffective approach to the real reliability problems that we should help whomever we can to put a stop to it. If it gets through committee I have no confidence in this Congress to actually amend it into something better and broader so again I have difficulty seeing why we should go that route. I look forward to the discussion. Cynthia Sandherr@ENRON 07/17/2000 02:20 PM To: Joe Hartsoe/Corp/Enron@ENRON I cc: Richard Shapiro/HOU/EES@EES Steven J Kean/HOU/EES@EES dwatkiss@bracepatt.com cingebretson@bracepatt.com Joe Hillings/Corp/Enron@ENRON ed@buckham.com Jeff Brown/HOU/EES@EES Subject: Re: Stand-alone Reliability Legislation Joe: thanks. Allison is arranging a brief (thirty minutes) Conference Call for sometime tomorrow so we can assure that we are all on the same page on this issue. Although we had supported the policy agreement we had been on record to oppose for political reasons the bill's movement on a stand-alone basis since policing the grid does nothing to address the essential transmission structural changes the market is crying to have addressed in order to provide reliability. However given Jeff Brown's efforts the political need for inoculation and other political developments it is timely to once again discuss Enron's position. I look forward to our call sometime tomorrow. Cynthia Joe Hartsoe 07/17/2000 03:09 PM To: Richard Shapiro/HOU/EES@EES Cynthia Sandherr/Corp/Enron@ENRON cc: Subject: Stand-alone Reliability Legislation FYI. Thoughts? JOE -----------------
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
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5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: SRP Change in Business Practice at Palo Verde
Body:: nan
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[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: CONFIDENTIAL - DO NOT DISTRIBUTE
Body:: CONFIDENTIAL - DO NOT DISTRIBUTE Steve Kean would like your comments on this email as soon as possible. Thanks.
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[/INST] Document editing/checking/collaboration <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Tokyo Presentation 15 May
Body:: The presentation looks fine but consider adding this idea in a few slides: the continuation of a regulated structure poses considerable risk for utilities. California's utilities were pushed to the brink of or into bankruptcy because of a regualtory regime which allocated price risk to them. All parties are better off in a system where the regulated enterprise is limited to natural monopoly functions and all other acitivities are conducted in a marketplace. Also did we cover the shortcomings of the Japanese market sufficiently?
What should this email be categorized as?
[/INST] Document editing/checking/collaboration <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Senate Energy Hearing Today
Body:: The Senate Energy Committee held an oversight hearing today on siting impediments to energy infrastructure. The four witnesses were Jerry Halvorsen of INGAA William Nugent of Maine for NARUC David Cook general counsel of NERC and Stan Szwed vp-transmission of FirstEnergy Corp. The hearing was well attended by committee Republicans but only Sen. Bingaman and Sen. Landrieu on the Democratic side and then only briefly. Highlights NARUC's Nugent urged the Committee to move swiftly to confirm Wood and Brownell to FERC noting their confirmation hearing is tomorrow. Consensus that energy infrastructure is not able to keep up with projected energy demand both gas and electric. Surprising willingness (even among western Republican senators who are normally pro-states rights pro-private property rights) that Congress should at least seriously consider if not implement some form of federal authority over power transmission siting. Specifics were not nailed down with some senators expressing more support for treating electric like FERC already has power over natural gas while others were inclined more toward a FERC back stop or last resort authority when state decisionmaking breaks down. The drift was certainly toward some enhanced federal role. NERC released is Summer Assessment today that is more pessimistic than California ISO on the extent of expected rolling blackouts and shortages this summer. NERC seees a capacity shortage in the Pacific Northwest this winter. While NY/NE is adequate this summer Cook says it bears watching because of bouts of high heat in the region and a high level of unplanned outages that often occur in the region in the summer. Chairman Murkowski engaged in a series of questions with INGAA's Halvorsen designed to lay the blame for the natural gas capacity problem to California and corresponding high price levels on the actions of LDCs in California not supporting expansion of interstate pipelines. Halvorsen's testimony includes a chart of specific cases where LDCs intervened. In his verbal testimony Halvorsen singled out Sempra as a source of opposition including Sempra filings against expansions by Transwestern and Kern River. Chairman Murkowski got Halvorsen to say that the actions of the California LDCs and the intrastate nature of all gas pipelines in California effectively denied California consumers the benefit of open access for natural gas. Murkowski implied he would entertain a change in the Natural Gas Act as it relates to the status of interstate pipelines going in to California. Sen. Domenici joined the increasing chorus of members of Congress raising questions about why natural gas prices are low at the wellhead for his producers in New Mexico but so high into California. He asked the panel who is making the money in the differential but none of the witnesses wanted to tackle the question. This is just one more indication of the growing interest in the natural gas aspects of the California situation.
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
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5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
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Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: nan
Body:: There were several items in the mail pouch that you needed a response form me on. Here are the responses: Marchris forwarded a request to attend a conference on Aug 19 and 20. I think the original invite when to Ken and Jeff. I will attend subject to them getting some reasonable response rate from the commissioners they invited and provided that I get a speaking or similar participation opportunity. SMU professor and student asking for Astros tickets - yes CERA conference on July 10-12 in Scotland -- decline
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
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5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
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Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: FW: Dadisms
Body:: George Herbert Hoover Bush. Robert Kean <rkean@starband.net> on 07/07/2001 10:13:19 AM Please respond to <rkean@starband.net> To: Alan Kean \(E-mail\) <rex04@msn.com> 'Doug & Karen Reiman \(E-mail\)' <dkreiman@mcleodusa.net> Kathy Wedig \(E-mail\) <kat.wedig@netzero.net> Melissa Kean \(E-mail\) <kean@rice.edu> Phil Kean \(E-mail\) <kean.philip@mcleodusa.net> 'Steve & Melissa Kean \(E-mail\)' <skean@enron.com> cc: Diane Kean \(E-mail 2\) <dkean@starband.net> Subject: FW: Dadisms Dadisms 1. Run for the roundhouse Nellie he'll never corner you there. 2. Slick as catshit and twice as nasty. 3. Like shit through a goose. 4. Yeah that's right keep fiddlin' with that you'll break it 5. Ho! Ho! she cried in excess wild and waved her wooden leg on high! 6. On accounta the war. 7. They'll have to shoot him on judgement day. 8. Then of course there are the names: Katy Devie My Little Mochawk Phil Jofus and Bubba 9. Choke ass (referring to peanut butter) 10. If it tastes good there are no calories 11. Didn't know you were in town (as driver passes on the right etc.) 12. Like a couple of cub bears (meaning Rob and Phil) 13. Washington D.C. District or Corruption 14. Have some onions for defense 15. He won't have the guts to do THAT again (when a bug hits the windshield) 16. Saps goin' up the tree 17. Big Al 18. Douglas Doorite 19. Must be a storm comin' the kids are actin' up 20. Constipate (concentrate) 21. Like being in hell with your back broke 22. gourd cover (hat) 23. mitts dogs paws (hands or feet) 24. you're too young 25. Worthington (when we asked him where something was or where he was going) 26. overhose (blue jeans) 27. excruciating pain! (when we squeezed his hand) 28. That's a hell of a note 29. meat wagon (ambulance) 30. drappies (drapes) 31. grappies (grapes) 32. Whoa horsie! Just cuz you only got 3 legs. (when he was putting on the brakes in the car) 33. Jeana Jeana corpastina I'm in love with you 34. I love you anyway 35. Scuse my boardin' house reach. 36. Come on out and let me lay a wheel on ya! (in traffic) 37. Sit down and start passin' (at meal time) 38. That's a bit of all right. 39. Here guard this with your life (when he handed something to us at a store) 40. SOL (shit out of luck) 41. I'll tell ya when your're 21. 42. fernilla dawberry shocoletta (vanilla strawberry chocolate) 43. straighten up now. 44. Pardon me soldier. (when he burped) 45. I'm going to assume the position of a soldier. (when he was going to lay on the couch for a nap) 46. horses doovers 47. lemon meringoo pie 48. solft 49. go ahead see if it bends (when someone pulled out in front of him) 50. Ioway State 51. Cedar Rapids Cedar Rapids come on down. Hotel Roosevelt center of town. 52. A hundred dogs going wild in the tobacco field. Does your cigarette taste difference? (a quote from the one Russian guy in Cascade) 53. Cut her loose and let her wander. 54. Get your dogs under the table. 55. Shit! cried the queen and a thousand loyal subjects strained their bowels. 56. Who's side are you on?! The power company? (when we left lights on) 57. That makes it soggy and hard to light 58. Full as a tick 59. A treat instead of a treatment 60. Intermittent Power
What should this email be categorized as?
[/INST] Purely Personal <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Bush IT National Steering Committee, Invitation
Body:: nan
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Confidential communications
Body:: J.C. asked that I send you the following message: In light of rumors that investigations into Enron's financial difficulties may be launched or expanded including investigations by the civil plaintiffs or by the FBI on behalf of the SEC or Congress we believe it prudent to advise you that if anyone contacts you and seeks to question you (even someone with a badge and an authoritative demeanor) don't answer their questions. Refer them to us for the purpose of arranging an interview. Second if you know of any individuals who you believe might be interviewed in connection with these investigations please call us so we can discuss how such information should be forwarded to the appropriate people. Please call if you have any questions. This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error please immediately notify the sender by return e-mail or by calling (713)654-7600.
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Trip to Santa Fe & California
Body:: Liz Frank Wolak can meet Greg and me in his office and for dinner Thursday night August 16 at Stanford. Can Greg fly to San Francisco or San Jose from his Asset Tour trip in late afternoon on that day? If Greg can get a co plane to go San Francisco on Thursday we could fly together to Santa Fe on Friday morning August 17. Norman Packard can meet us on that day. I could go to San Francisco Thursday morning on a commercial flight. Vince
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: FW: Dadisms
Body:: George Herbert Hoover Bush. Robert Kean <rkean@starband.net> on 07/07/2001 10:13:19 AM Please respond to <rkean@starband.net> To: Alan Kean \(E-mail\) <rex04@msn.com> 'Doug & Karen Reiman \(E-mail\)' <dkreiman@mcleodusa.net> Kathy Wedig \(E-mail\) <kat.wedig@netzero.net> Melissa Kean \(E-mail\) <kean@rice.edu> Phil Kean \(E-mail\) <kean.philip@mcleodusa.net> 'Steve & Melissa Kean \(E-mail\)' <skean@enron.com> cc: Diane Kean \(E-mail 2\) <dkean@starband.net> Subject: FW: Dadisms Dadisms 1. Run for the roundhouse Nellie he'll never corner you there. 2. Slick as catshit and twice as nasty. 3. Like shit through a goose. 4. Yeah that's right keep fiddlin' with that you'll break it 5. Ho! Ho! she cried in excess wild and waved her wooden leg on high! 6. On accounta the war. 7. They'll have to shoot him on judgement day. 8. Then of course there are the names: Katy Devie My Little Mochawk Phil Jofus and Bubba 9. Choke ass (referring to peanut butter) 10. If it tastes good there are no calories 11. Didn't know you were in town (as driver passes on the right etc.) 12. Like a couple of cub bears (meaning Rob and Phil) 13. Washington D.C. District or Corruption 14. Have some onions for defense 15. He won't have the guts to do THAT again (when a bug hits the windshield) 16. Saps goin' up the tree 17. Big Al 18. Douglas Doorite 19. Must be a storm comin' the kids are actin' up 20. Constipate (concentrate) 21. Like being in hell with your back broke 22. gourd cover (hat) 23. mitts dogs paws (hands or feet) 24. you're too young 25. Worthington (when we asked him where something was or where he was going) 26. overhose (blue jeans) 27. excruciating pain! (when we squeezed his hand) 28. That's a hell of a note 29. meat wagon (ambulance) 30. drappies (drapes) 31. grappies (grapes) 32. Whoa horsie! Just cuz you only got 3 legs. (when he was putting on the brakes in the car) 33. Jeana Jeana corpastina I'm in love with you 34. I love you anyway 35. Scuse my boardin' house reach. 36. Come on out and let me lay a wheel on ya! (in traffic) 37. Sit down and start passin' (at meal time) 38. That's a bit of all right. 39. Here guard this with your life (when he handed something to us at a store) 40. SOL (shit out of luck) 41. I'll tell ya when your're 21. 42. fernilla dawberry shocoletta (vanilla strawberry chocolate) 43. straighten up now. 44. Pardon me soldier. (when he burped) 45. I'm going to assume the position of a soldier. (when he was going to lay on the couch for a nap) 46. horses doovers 47. lemon meringoo pie 48. solft 49. go ahead see if it bends (when someone pulled out in front of him) 50. Ioway State 51. Cedar Rapids Cedar Rapids come on down. Hotel Roosevelt center of town. 52. A hundred dogs going wild in the tobacco field. Does your cigarette taste difference? (a quote from the one Russian guy in Cascade) 53. Cut her loose and let her wander. 54. Get your dogs under the table. 55. Shit! cried the queen and a thousand loyal subjects strained their bowels. 56. Who's side are you on?! The power company? (when we left lights on) 57. That makes it soggy and hard to light 58. Full as a tick 59. A treat instead of a treatment 60. Intermittent Power
What should this email be categorized as?
[/INST] Purely Personal <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: RE: Vacation Time
Body:: Maureen No problem. Vince
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[/INST] Personal but in professional context <s> |
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Subject:: Re: FERC INVESTIGATION IN CA - What should they be looking for?
Body:: Looks like you got this earlier. I think it has new relevance in light of FERC's announced investigation. ------------
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[/INST] Company Business/Strategy <s> |
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Subject:: Re: Starwood Draft
Body:: A bit lengthy but I think it looks fine. Peggy Mahoney@EES 08/30/2000 12:41 PM To: Mark Palmer/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Mark Koenig/Corp/Enron@ENRON Paula Rieker/Corp/Enron@ENRON Cedric Burgher/Corp/Enron@ENRON Elizabeth Tilney/HOU/EES@EES Harold G Buchanan/HOU/EES@EES Jeremy Blachman/HOU/EES@EES Mark S Muller/HOU/EES@EES Kevin Hughes/HOU/EES@EES Dan Leff/HOU/EES@EES NotesAdmin/EES@EES Marty Sunde/HOU/EES@EES Vicki Sharp/HOU/EES@EES Bill Rapp/HOU/EES@EES Rob Rice/HOU/EES@EES Wendy Raleigh/HOU/EES@EES cc: Karen S Owens@ees@EES Thomas E White/HOU/EES@EES Subject: Starwood Draft Attached is a draft of the Starwood press release with our initial changes in red. Please review and let me know your thoughts by end of day Thursday Aug 31. It is clear that Starwood has several agendas with this release and after talking with them they would prefer not to cut any of their messages. Scheduled release date is Tuesday Sept 5. Please feel free to call me to discuss. Also - I've attached a map of all their US owned franchised and leased property locations. 87 of the properties are owned and there are approx. 400 total in the US.
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Subject:: Energy Issues
Body:: Please see the following articles: Bay City News Wed 3/21: Blackouts Not Expected=20 Today Dow Jones Newswire Wed 3/21: Calif State Controller:General Fund Surplus = Dn=20 To $3.2B CBS.MarketWatch.com Wed 3/21: Davis says regulators will act to pay QFs Electricity providers insist they need to be paid Long Beach Press Wed 3/21: Rash power bill may need fix SF Chron Wed 3/21: PUC considers rewarding producers that sign long-term= =20 contracts Sac Bee Thurs 3/22: State claims $5.5 billion overcharge: Refunds by=20 wholesale generators sought Sac Bee Thurs 3/22: Power solution eludes Davis: Lawmakers grow edgy as= =20 crisis drags on Sac Bee Thurs. 3/22: Legislators learn some details of power contracts= San Diego Union Thurs 3/22: Federal judge orders major power wholesaler= =20 to sell to California San Diego Union Thurs. 3/22: Controller: State's power spending imperil= s=20 its financial health San Diego Union Wed 3/21: Governor says utilities must pay in advance f= or=20 some power LA Times Thurs 3/22: Energy Overcharge of $5.5 Billion Is Alleged LA Times Thurs 3/22: Power Strain Eases but Concerns Mount LA Times Thurs 3/22: Graphics: Overcharges Alleged=20 San Fran Chron Thurs 3/22: Net Complex A Dilemma For San Jose=20 SERVER FARM: Plant would tax grid San Fran Chron Thurs 3/22: Contracts Won't Meet Summer Demands=20 DETAILS: 2004 before full impact felt Mercury News Thurs 3/22: California overcharged $5.5 bln for wholesale= =20 power Orange Cty Register Thurs 3/22: Commentary: If the Power Goes Off =20 Orange Cty Register Thurs 3/22: Commentary: Socialized Electricity San Fran Chron Thurs 3/22: Bush's Energy Policy Will Backfire=20 Feinstein Warns / She wants federal price controls now Dow Jones Newswires Thurs 3/22: Reliant Still In Power Pact Talks With= =20 Calif. DWR Dow Jones Newswires Thurs 3/22: CPUC Must Address Rates In QF Repayment= =20 Order - SoCal Ed Dow Jones Newswires Thurs 3/22: Calif Small Pwr Producers To Shut Plant= s=20 If Rates Capped --- --- Blackouts Not Expected=20 Today Bay City News=20 Following two consecutive days of rolling blackouts California's power=20 picture looks much brighter today but conservation is still needed.=20 The California Independent System Operator is urging consumers to continue= =20 conservation measures during today's Stage One Electrical Emergency.=20 The conservation efforts of Californians particularly Tuesday evening we= re=20 significant and helped to reduce the duration and impact of yesterday's=20 blackouts'' according to officials. The California ISO asks customers to= =20 continue their voluntary reductions during this time of tight supply.=20 More than 11500 megawatts of in-state generation remain unavailable with= =20 power plants completing repairs and needed maintenance. However several=20 generating units returned to service today and the level of imported power= =20 has increased boosting the supply.=20 The ISO is cautiously optimistic that customer outages will be avoided=20 today'' according to officials.=20 Today's Stage One alert is in effect through midnight tonight.=20 Stage One Emergencies are declared when power reserves fall below 7 percent= .=20 Stage Two kicks in when reserves fall below 5 percent. Stage Three is=20 initiated when reserves drop to below 1.5 percent. --- Calif State Controller:General Fund Surplus Dn To $3.2B 03/21/2001 Dow Jones Energy Service (Copyright (c) 2001 Dow Jones & Company Inc.) LOS ANGELES -(Dow Jones)- California State Controller Kathleen Connell=20 Wednesday said the state's general fund surplus has dropped to $3.2 billion= =20 from $8.5 billion in January mostly because of electricity purchases made = by=20 the state's Department of Water Resources a press release said.=20 Connell also denied Gov. Gray Davis' request to transfer an additional $5.6= =20 billion from the general fund to the Special Fund for Economic Uncertaintie= s=20 the release said. Connell noted that given the rapid depletion of the general fund on power= =20 purchases the state would need to borrow $2.4 billion in order to tranfer= =20 the $5.6 billion from the general fund to the special fund.=20 We started this year with a generous budget surplus. The energy crisis has= =20 taken much of that away and this transfer on top of the electricity=20 purchases would put the fund at risk Connell said.=20 Connell called on Davis to ensure that the CDWR completes by the end of May= =20 2001 the revenue bond sales that will be used to buy power and repay the=20 general fund.=20 She also asked that the CDWR notify her of all power purchases made and=20 contracts negotiated thus far and requested that she be told within 7 days = of=20 any purchases and contracts negotiated in the future.=20 Connell also said she wanted to be told within 24 hours of any power buys= =20 that exceed $55 million and asked that the Department of Finance be directe= d=20 to prepare new general fund cash flow estimates for the next 30 and 60 days= =20 and for the end of the fiscal year.=20 The state's Department of Water Resources has been buying power since Janua= ry=20 in lieu of Edison International (EIX) utility Southern California Edison an= d=20 PG&E Corp (PCG) utility Pacific Gas and Electric Co because suppliers=20 refused to sell to the nearly-bankrupt utilities.=20 -By Jessica Berthold Dow Jones Newswires 323-658-3872=20 Gov. Davis' office said in response to Connell's comments that the state= =20 budget was solid and the economy remained strong.=20 We will be getting the money back we've paid for energy and it should have= =20 no significant effect on the state's finances from the Wall Street=20 perspective said Davis press secretary Steve Maviglio.=20 -By Jessica Berthold Dow Jones Newswires 323-658-3872=20 jessicaberthold@dowjones.com --- -------- Davis says regulators will act to pay QFs Electricity providers insist they need to be paid By Russ Britt CBS.MarketWatch.com=20 Last Update: 9:45 PM ET Mar 20 2001 LOS ANGELES (CBS.MW) - California Gov. Gray Davis said regulators will act= =20 Tuesday on a plan to guarantee that independent power generators are paid. Independent power producers provide about 30 percent of California's=20 electricity from a variety of sources including wind solar and other=20 sources. Because many of the companies known as Qualifying Facilities or= =20 QFs haven't been paid they've begun to withhold power contributing to=20 blackouts in the state Monday and Tuesday.=20 We are anxious to pay the QFs because they're falling like flies Davis= =20 said at a news conference late Tuesday. If they don't get paid the lights= =20 will go out. Davis said the state's PUC order will require the state's nearly bankrupt= =20 utilities to enter five-year contracts with the QFs at rates of 7.9 cents p= er=20 kilowatt hour or 10-year contracts for lower rates. The structure is simil= ar=20 to rates Davis claims he was able to negotiate for long-term power contract= s=20 from out-of-state generators. --- Rash power bill may need fix By Will Shuck From our Sacramento Bureau SACRAMENTO Even as lawmakers lament the slow pace of solving California's= =20 energy crisis the cost of haste has cropped up in their first major act a= =20 multibillion dollar measure that put the state in the power-buying business= .=20 AB1X the highly touted bill that put California in the power-buying=20 business may have been so rashly crafted that it will take another piece o= f=20 legislation to fix it an influential senator said Tuesday.=20 At issue is vague wording that makes it unclear when and to what extent=20 Southern California Edison and other utilities have to repay the state for= =20 buying power.=20 State Sen. Debra Bowen chairwoman of the Senate Energy Utilities and=20 Communications Committee said the bill apparently has left room for utilit= y=20 lawyers to argue that their companies needn't repay the state until they ha= ve=20 covered other costs.=20 But Bowen a Redondo Beach Democrat who represents downtown and western Lon= g=20 Beach said the legislative intent is crystal clear that the state wanted= =20 to be repaid directly for supplying about a third of the power utility=20 companies deliver to their customers.=20 We need a cleanup bill to set the matter straight she said.=20 Although AB1X illustrates the flaws that come with speed Bowen said the= =20 Legislature can't afford to delay.=20 I think we are much too slow in our response she said. But that has to = be=20 balanced against things we've done in a tearing hurry and then have had to= =20 fix later.=20 No matter what the Legislature does in the coming weeks she said Californ= ia=20 is in for a tough summer and only determined conservation efforts will put= =20 much of a dent in a precarious supply-demand equation. --- PUC considers rewarding producers that sign long-term contracts=20 Greg Lucas Lynda Gledhill Chronicle Sacramento Bureau Wednesday March 21 2001=20 2001 San Francisco Chronicle=20 Sacramento -- Some cash-strapped producers of wind solar and other=20 alternative forms of energy will get long-delayed financial relief under a= =20 proposed order by state regulators Gov. Gray Davis said yesterday evening.= =20 A proposed order by the Public Utilities Commission is designed to reward= =20 energy producers who sign long-term contracts with utilities at lower rates= .=20 Alternative energy producers that voluntarily enter such contracts which= =20 would start on April 1 would be paid within 15 days said Davis who=20 requested the order. Those that do not would have to wait until the utiliti= es=20 that buy their power return to solvency.=20 Davis blasted Pacific Gas & Electric Co. and Southern California Edison for= =20 not paying the alternative generators -- know as qualified facilities or= =20 QFs -- even though the companies have been collecting money through rates= .=20 It is wrong and irresponsible of the utilities to pocket and withhold the= =20 money designed to compensate the QFs Davis said. It's immoral and has to= =20 stop.=20 Alternative producers -- ranging from massive co-generation facilities at o= il=20 refineries to tiny biomass plants -- produce about a third of the state's= =20 supply of electricity. But many are shutting down because utilities have no= t=20 paid them since November.=20 The loss of some 3000 megawatts from tapped-out alternative energy produce= rs=20 contributed to the blackouts that snarled California yesterday and Monday= =20 according to the Independent System Operator which manages the state's pow= er=20 grid.=20 The PUC's proposed order -- which will be considered at the board's Tuesday= =20 meeting -- offers the generators a choice of agreeing to a five-year contra= ct=20 at $79 per megawatt or a 10-year deal at $69 per megawatt Davis said.=20 The order does not address the more than $1 billion already owed to the mor= e=20 than 600 alternative energy producers around the state. Davis said to favor= =20 one creditor over another in past debt could bring on bankruptcy proceeding= s=20 from other creditors.=20 The Legislature would also need to act to make the order work.=20 It is critical to keep these facilities up and online said Sen. Debra=20 Bowen D-Marina del Ray who estimates that Edison has $1.5 billion in cash= =20 on hand and PG&E $2.5 billion. The utilities owe it to the people of the= =20 state to pay them.=20 Edison said yesterday that it opposed any attempt to place alternative=20 producers ahead of their other creditors.=20 But Tom Higgins a senior vice president for Edison International which ow= es=20 alternative producers some $835 million said his company was talking to th= e=20 governor's office about possible payment structures.=20 Alternative energy producers particularly those that use high-priced natur= al=20 gas to fire their generators say that without an immediate infusion of cas= h=20 they must close their plants.=20 We've been obsessed with the health of the utilities and (have) forgotten= =20 the health of everyone else said V. John White legislative director of t= he=20 Clean Power Campaign which lobbies for alternative energy producers.=20 CalEnergy Operating Corp. which operates eight geothermal plants in the=20 Imperial Valley producing 268 megawatt hours for Edison has sued the utilit= y=20 asking to be paid and to be temporarily released from their contract with= =20 Edison which has paid them nothing since November.=20 CalEnergy has a court hearing tomorrow on its Edison contract. Edison owes= =20 the company $75 million and the debt increases by $1 million a day.=20 We've lived up to our end of the bargain but Edison hasn't. We're now not = in=20 a position to make a property tax payment on April 10 and we're the largest= =20 employer in the county said Vince Signorotti CalEnergy's property manage= r.=20 Unlike Edison PG&E is paying its creditors 15 cents on the dollar.=20 We have offered over the past five days to prepay for future power not yet= =20 delivered to keep as many of them operating as possible but the state need= s=20 to decide how its going to divvy up the limited money under the frozen=20 rates said John Nelson a PG&E spokesman.=20 The PUC's sudden attempt to recast the rates paid to alternative generators= =20 comes after several months of inaction partly a result of waiting for=20 legislative negotiations on the issue to conclude. Those negotiations=20 eventually failed to move forward.=20 --- State claims $5.5 billion overcharge: Refunds by wholesale generators sough= t By Dale Kasler Bee Staff Writer (Published March 22 2001)=20 In its boldest attempt yet to extract refunds from wholesale power=20 generators the state's grid operator accused the generators Wednesday of= =20 overcharging Californians by $5.5 billion for electricity since last May.= =20 The state's Independent System Operator which manages the state's=20 transmission grid plans to tell a federal regulatory agency today that pow= er=20 generators consistently took advantage of their stranglehold on the=20 California market to ratchet up prices.=20 The federal agency the Federal Energy Regulatory Commission recently=20 threatened to order generators to refund $134.8 million for overcharges=20 mostly covering January and February. But those refunds amounted to just a= =20 fraction of what the grid operator was seeking. The ISO which has been=20 complaining about market abuses for several months says FERC must do more.= =20 We're happy that (FERC) took this first step but we think there's a long= =20 way to go said Anjali Sheffrin the ISO's director of market analysis. A= s=20 far as I'm concerned it's been too little too late. ... The refunds they= =20 have acted on (so far) have been minimal.=20 She said the report covers five major power suppliers and 16 other power=20 importers.=20 FERC Commissioner William L. Massey said it would be improper for him to=20 comment on a report that has not yet been filed. But when told of the $5.5= =20 billion total Massey told the Los Angeles Times: That doesn't shock me in= =20 any way.=20 Prices over the past 10 months in California have greatly exceeded the=20 federal standards of just and reasonable prices and I think they have=20 exceeded the standards by possibly billions of dollars he said.=20 However most FERC critics are skeptical that the federal agency which is = a=20 strong believer in letting free markets run their course would order a=20 refund anywhere near as large as $5.5 billion -- even though it has found= =20 that California prices at times have been unjust and unreasonable.=20 The big power generators saying their charges were reasonable are disputi= ng=20 the $134.8 million refunds proposed so far and have vowed to fight the ISO'= s=20 latest effort.=20 If the ISO were to prevail the $5.5 billion in refunds could go a long way= =20 toward remedying California's energy mess.=20 They could help restore the financial health of Pacific Gas and Electric Co= .=20 and Southern California Edison which have nearly been bankrupted by the=20 prices charged by the power generators. They also could ease the strain on= =20 the state treasury which is spending billions to purchase electricity for= =20 Californians because PG&E and Edison can't.=20 Sheffrin said her department studied sales made by the power generators to= =20 ISO which makes last-minute power purchases to balance supply with demand= =20 and the California Power Exchange the now-bankrupt entity where most of=20 California's wholesale electricity was bought and sold until December.=20 She said the study made very generous allowances for natural gas expenses= =20 costly air-pollution credits and other factors including the scarcity of= =20 electricity. The result was $5.5 billion worth of charges in excess of=20 competitive costs she said.=20 In many cases the companies used their market clout to submit bids that we= re=20 way beyond their costs she said.=20 It was insufficient competition Sheffrin said. They got away with a lot= .=20 She said the refund request isn't just a shot in the dark. FERC she noted= =20 has already found that prices in the California wholesale energy market ha= ve=20 been unreasonable. We took it upon ourselves ... to show FERC how they got = to=20 be so high.=20 FERC proposed refunds totaling $124 million for January and February sales= =20 declaring that generators' prices were too high.=20 In a separate case the federal agency for the first time accused two=20 generators last week of taking plants offline to force prices up.=20 --- Power solution eludes Davis: Lawmakers grow edgy as crisis drags on=20 By Emily Bazar and Amy Chance Bee Capitol Bureau (Published March 22 2001)=20 Gov. Gray Davis likes to compare the state's energy crisis to a complicated= =20 three-cornered billiard shot.=20 But as California plunged into another round of power blackouts this week= =20 Davis has yet to line up the angle on an ultimate solution.=20 The state's short-term power bill is nearing $4.2 billion and legislators= =20 are balking at the administration's requests for additional money.=20 Getting even the least controversial pieces of the puzzle through the=20 Legislature is taking weeks longer than expected.=20 While the Democratic governor has insisted secrecy about details of his pow= er=20 purchases is necessary to protect the state's bargaining position other=20 state officials are complaining vigorously about the lack of information.= =20 And critical deals the governor hoped to reach with energy suppliers and=20 utility companies are proving difficult to close.=20 I think we all got lulled into a little complacency a few weeks ago. All= =20 these things seemed to be going along and the governor was making all thes= e=20 warm and fuzzy comments said Assemblyman John Campbell R-Irvine.=20 But it only takes one deal to go sideways and we're all blacked out he= =20 added. The governor is running around basically saying 'Trust me.' I'm no= t=20 sure he's deserving of the trust at this point.=20 Davis and his aides insist they are working around the clock on plans to=20 boost power generation encourage conservation and reach an agreement with= =20 utilities that will keep them out of bankruptcy.=20 The utility plan they say is the equivalent of a large corporate merger= =20 that simply can't be accomplished overnight. Davis notes that earlier=20 deregulation efforts might have benefitted from a little more time.=20 Although the state has reached a broad agreement in principle with Southe= rn=20 California Edison to obtain its power transmission lines in exchange for he= lp=20 paying off its debts a final detailed deal has not been reached. The=20 initial agreement with Edison was announced Feb. 23.=20 And the governor has yet to achieve a tentative agreement with Pacific Gas= =20 and Electric Co. which is driving a harder bargain over price and other=20 elements of a potential rescue plan.=20 Joseph Fichera one of several consultants receiving more than $11 million= =20 from the administration for advice on the energy crisis said many people= =20 don't realize the complexity of the deal they're brokering.=20 In their bid to achieve a public takeover of the investor-owned utilities'= =20 transmission lines he said negotiators have to pore over thousands of=20 documents related to the transmission lines alone.=20 We are doing what is normal in a transaction of this magnitude which is= =20 investigate document circulate redocument agree move forward said=20 Fichera an investment banker with Saber Partners in New York City. The=20 governor has put a 'I want this yesterday' fire under his negotiating team= .=20 The negotiator however declined to say when he expects final agreements t= o=20 be reached with the companies.=20 It could be days it could be weeks he said.=20 There were signs meanwhile of trouble brewing on another front: the giant= =20 bond sale the state must make to repay the money it has spent so far on=20 electricity and to finance future long-term contracts for energy.=20 State Treasurer Phil Angelides said Wednesday the utilities are appealing a= =20 ruling by the state Public Utilities Commission that essentially ensures th= e=20 state will be repaid a move that he said threatens to delay the sale=20 indefinitely.=20 If the utilities have decided to adopt a scorched earth policy until they= =20 get what they need and want then it will be a significant problem=20 Angelides said.=20 PG&E spokesman Ron Low said the governor is simply placing too many demands= =20 on a rate structure that doesn't compensate the utilities for their current= =20 costs.=20 Political rhetoric is not going to change the math he said.=20 In the Legislature lawmakers are growing grumpier. Most were taken by=20 surprise Monday when blackouts were ordered across the state weeks before= =20 summer temperatures were expected to set in and strain the power system.=20 I'm more worried than ever said Assemblyman Bill Leonard R-San=20 Bernardino. A lot of the elements we thought we had a handle on in January= =20 are unraveling.=20 A deal the governor said had been worked out weeks ago between the state an= d=20 more than 600 small alternative energy suppliers collapsed last week.=20 The alternative generators have not been paid by the utilities for months= =20 and state leaders attempted to bargain down the price utilities pay those= =20 generators for power.=20 But administration officials complained privately that lawmakers instead=20 sweetened the pot for the suppliers to the point that the measure no longer= =20 helped solve the overall financial situation pushing the utilities toward= =20 bankruptcy. Under a proposal announced Tuesday by Davis the Legislature=20 would authorize the PUC to require the utilities to pay the alternative=20 suppliers at prices more closely resembling the original deal.=20 But the governor ran into immediate opposition as some suppliers said said= =20 he would not pay them enough to cover their fuel costs.=20 We would go from not being paid to losing money said Hal Dittmer of=20 Wellhead Electric a Sacramento-based supplier that has been shut down for= =20 more than a month. Almost everybody who burns natural gas is going to shut= =20 down. (Davis) got it wrong.=20 Democrats outside the Davis administration meanwhile are complaining abou= t=20 the amount of money the state Department of Water Resources is spending on= =20 expensive last-minute power purchases. Within a week $4.2 billion will ha= ve=20 been committed.=20 State Sen. Steve Peace D-El Cajon chairman of the joint Legislative Budge= t=20 Committee is warning the Davis administration that he will block additiona= l=20 funds for last-minute purchases of power until the PUC makes progress=20 recovering money that already has been spent. He intends to hold a hearing = on=20 the issue this morning.=20 On Wednesday state Controller Kathleen Connell told Davis she will refuse = to=20 make a routine budget transfer he had requested saying she is concerned th= at=20 there is no outside check and balance on the money the administration is= =20 spending to buy electricity on the spot market.=20 As the statewide elected official who pays the state's bills Connell said= =20 she has yet to receive information from the Department of Water Resources= =20 about how much it is spending.=20 We really need an accounting as to the total amount of liability they have= =20 accumulated she said. I understand they're in an emergency situation ...= =20 but it begins to imperil the state's ability to manage its cash flow.=20 Meanwhile a bill to provide $1 billion for conservation programs aimed at= =20 reducing power needs this summer also has languished for several weeks in= =20 the state Senate. While Davis has focused his attention elsewhere Republic= an=20 lawmakers have opposed the measure as too expensive. Democrats argue that= =20 each two-week delay prevents the state from saving as much energy as one=20 peaker plant will produce this summer. Peaker plants are designed to help= =20 meet the peaks of electricity demand.=20 I'm the eternal optimist but we have to keep working on all fronts said= =20 Sen. Byron Sher D-Palo Alto who hopes to take his energy conservation bil= l=20 up for a vote in the Senate again today. It's a formidable challenge.=20 Bee staff writer Dale Kasler contributed to this report.=20 --- Legislators learn some details of power contracts By John Hill Bee Capitol Bureau (Published March 22 2001)=20 The veil of secrecy surrounding the state's electricity contracts lifted=20 Wednesday -- a little.=20 Gov. Gray Davis gave state legislators a report laying out some of the=20 details of long-term contracts designed to help the state pull out of its= =20 energy crisis. But the report left legislators and others clamoring for mor= e.=20 The information raises more questions said Assemblyman George Runner=20 R-Lancaster. I liken it to watching a parade through a knothole in a fence= .=20 You get to look at one float but you're not sure about what's coming up an= d=20 what you've missed.=20 Davis had previously disclosed that the state had signed or was close to=20 signing 40 long-term contracts at an average price over 10 years of $69 pe= r=20 megawatt-hour.=20 The contracts are part of the state's strategy for trying to avoid a fiscal= =20 shellacking in the energy spot market while making sure there's enough=20 electricity to avoid more blackouts.=20 Davis also previously disclosed that the contracts were for an average of= =20 about 9000 megawatts a year and that the total cost exceeded $40 billion.= =20 But Davis has resisted telling more saying the state would jeopardize its= =20 ability to get the best prices if electricity generators knew what their=20 counterparts were getting.=20 On Wednesday the governor's office released a March 15 report from S. Davi= d=20 Freeman general manager of the Los Angeles Department of Water and Power = to=20 the state Department of Water Resources. The state agency has been given th= e=20 responsibility of making power purchases and Freeman was brought in to lea= d=20 the negotiations.=20 As of March 15 the state had signed 19 contracts with seven suppliers for= =20 periods ranging from 14 months to 20 years with many for three or five=20 years the report says. Some of the contracts are for electricity to meet t= he=20 state's everyday power demand while others are only for times of peak use= =20 such as hot summer days.=20 The state had agreements in principle for an additional 25 contracts.=20 Runner said he has been told that two of these contracts have since been=20 finalized.=20 The amount of power provided reaches a peak in 2004 of more than 10000=20 megawatts. As the long-term contracts start to expire around then the stat= e=20 is hoping that demand can be met with new contracts or spot purchases at=20 prices expected to be much cheaper.=20 The report says nine more long-term contracts were under discussion.=20 Some of the contracts are with power generators while others are with=20 marketers who may get the power from a number of sources.=20 In some cases the state may supply the natural gas used to generate the=20 electricity or power costs may be pegged to the going rate for the fuel.= =20 Some suppliers can cancel if the state fails to sell bonds by a certain dat= e=20 to cover power costs or fails to maintain an investment grade credit rating= .=20 Some depend on the construction of power plants but Freeman said they were= =20 firm commitments.=20 We were pretty careful not to put a hope and a dream in the portfolio he= =20 said.=20 More contracts will have to be signed to meet summer demand and these=20 agreements will probably be more expensive the report says.=20 One item not in Freeman's report was a secret deal to relieve several major= =20 generators from having to pay for polluting the air beyond allowable limits= .=20 The long-term power contracts include language that would have the state pa= y=20 the costs of pollution credits that allow power plants to exceed their=20 permitted levels of smog-forming pollutants the governor's office confirme= d=20 Wednesday. Spokesman Steve Maviglio said that several generators are being= =20 relieved from having to pay those costs.=20 V. John White a Sierra Club lobbyist close to the negotiations said Dyneg= y=20 Inc. which has power plants in El Segundo Encina and Long Beach is one o= f=20 them. Dynegy officials did not return calls to The Bee on Wednesday.=20 Freeman said that generators were demanding hefty premiums for having to de= al=20 with air quality regulators in the summer and he figured it would be cheape= r=20 just to pay for the pollution credits.=20 In other energy-related developments:=20 With more power plants back online grid operators dropped down to a Stage = 1=20 electricity alert. The state Independent System Operator was expecting=20 supplies to gradually increase over the next few days.=20 The state Public Utilities Commission issued a revised draft decision that= =20 would impose the prices outlined Tuesday by Davis for power produced by=20 alternative energy companies -- $79 a megawatt-hour for five-year contracts= =20 or $69 a megawatt-hour for 10 years. The proposal is scheduled for a PUC vo= te=20 March 27.=20 A federal judge ruled that one of the nation's major electricity generators= =20 must continue supplying California with emergency power.=20 In imposing an injunction on Reliant Energy Services Inc. U.S. District=20 Judge Frank C. Damrell Jr. noted the rolling blackouts (that have) darkene= d=20 the California landscape and said the loss of Reliant's production poses = an=20 imminent threat.=20 Bee staff writers Carrie Peyton Chris Bowman and Denny Walsh contributed t= o=20 this report.=20 --- Federal judge orders major power wholesaler to sell to California=20 By Don Thompson ASSOCIATED PRESS=20 March 21 2001=20 SACRAMENTO =01) A federal judge issued a preliminary injunction Wednesday= =20 ordering a major electricity wholesaler to continue selling to California= =20 despite its fear that it will not get paid.=20 U.S. District Judge Frank C. Damrell Jr. said Californians were at risk of= =20 irreparable harm if Reliant Energy Services stopped selling power to the=20 Independent System Operator which oversees the state's power grid. The ISO= =20 buys last-minute power on behalf of utilities to fill gaps in supply to try= =20 to fend off blackouts.=20 Damrell dismissed Reliant's attempt to force the state Department of Water= =20 Resources to back the ISO's purchases for the state's two biggest utilities= .=20 The state has been spending about $50 million a day on power for Pacific Ga= s=20 and Electric Co. and Southern California Edison both denied credit by=20 suppliers after amassing billions of dollars in debts.=20 Controller: State's power spending imperils its financial health=20 Governor says utilities must pay in advance for some power=20 ?=20 The judge said he had no authority to force the DWR to pay for that power.= =20 Gov. Gray Davis has said the state isn't responsible for purchasing the=20 costly last-minute power ISO buys for Edison and PG&E despite a law=20 authorizing state power purchases on the utilities' behalf.=20 ISO attorney Charles Robinson said the ruling gives ISO operators a tool t= o=20 assist them in keeping the lights on in California.=20 Had the decision gone the other way one could expect other generators to= =20 simply ignore emergency orders Robinson said.=20 Damrell's preliminary injunction will remain in effect until the Federal=20 Energy Regulatory Commission rules on the matter.=20 Damrell denied the ISO's request for preliminary injunctions against three= =20 other wholesalers Dynegy AES and Williams who agreed to continue selling= =20 to the ISO pending the FERC ruling.=20 The ISO went to court in February after a federal emergency order requiring= =20 the power sales expired. The judge then issued a temporary restraining orde= r=20 requiring the sales but dropped it after the suppliers agreed to continue= =20 sales to California pending his Wednesday ruling.=20 The ISO said it would lose about 3600 megawatts if the suppliers pulled ou= t=20 enough power for about 2.7 million households. One megawatt is enough for= =20 roughly 750 homes.=20 Grid officials said Reliant's share alone is about 3000 megawatts. Reliant= =20 said the amount at issue actually is less than a fourth of that because mo= st=20 of the power is committed under long-term contracts.=20 Reliant which provides about 9 percent of the state's power worries it=20 won't get paid due to the financial troubles of PG&E and Edison.=20 PG&E and Edison say that together they have lost about $13 billion since Ju= ne=20 due to soaring wholesale electricity costs that California's 1996=20 deregulation law bars them from passing onto customers.=20 At the same time the state has faced a tight electricity supply due in pa= rt=20 to California power plant shutdowns for maintenance and to a tight=20 hydroelectric supply in the Pacific Northwest.=20 Managers of the state power grid imposed rolling blackouts across the state= =20 Monday and Tuesday as supply fell short of demand. Wednesday cooling=20 temperatures and the completion of repairs at several power plants allowed= =20 the state to avoid blackouts.=20 State Controller Kathleen Connell said Wednesday that the energy crunch als= o=20 imperils California's financial health.=20 Connell said the state's power-buying on behalf of Edison and PG&E is is=20 gutting its budget surplus. Since the state started making emergency power= =20 buys in January the surplus has fallen from $8.5 billion to about $3.2=20 billion she said.=20 Connell ordered an audit of the state's power-buying saying Davis is=20 withholding key financial information from her office and the Legislature.= =20 She is refusing a request by Davis and the Legislature to transfer $5.6=20 billion into a rainy day fund she said was set up to impress Wall Street = as=20 the state prepares to issue $10 billion in revenue bonds to cover its=20 power-buying.=20 Transferring the money would leave the state general fund $2.4 billion in= =20 debt Connell said.=20 Sandy Harrison spokesman for the state Department of Finance and Keely=20 Bosler of the Legislative Analyst's Office said such transfers are routine= =20 and required by law.=20 They put the state's budget surplus at $5.6 billion.=20 The law says she has to do it. The law does not give her the power to dema= nd=20 that kind of audit information Harrison said.=20 He said the state's budget isn't in danger because it will be repaid with t= he=20 $10 billion in long-term debt.=20 Wells Fargo & Co. chief economist Sung Won Sohn said he sees little progres= s=20 in efforts to fix the state's power problems and end state electricity=20 purchases.=20 If we're going to pour money into a bottomless pit I would worry about th= e=20 state's finances he said. At some point we're going to run out of money.= =20 The controller's criticism of fellow Democrat Davis won support from Assemb= ly=20 Republicans and Secretary of State Bill Jones a Republican considering=20 challenging Davis next year.=20 Jones said he wants to announce his own plan to solve the state's energy=20 woes but can't unless Davis releases more financial details.=20 Davis spokesman Steve Maviglio dismissed the criticism.=20 Political grandstanding doesn't generate one more kilowatt of energy for= =20 California in this time of emergency he said.=20 Maviglio said the administration has released the financial information it= =20 can without jeopardizing negotiations for long-term power contracts with=20 wholesalers.=20 --- Controller: State's power spending imperils its financial health=20 By Don Thompson ASSOCIATED PRESS=20 March 21 2001=20 SACRAMENTO =01) California's power-buying on behalf of two strapped utiliti= es is=20 gutting its budget surplus and putting the state at financial risk the sta= te=20 controller said Wednesday.=20 The surplus dropped from $8.5 billion in January when the state began buyi= ng=20 electricity for Pacific Gas and Electric Co. and Southern California Edison= =20 to $3.2 billion now Kathleen Connell estimates.=20 Connell ordered an audit of the state's power-buying saying Gov. Gray Davi= s=20 is withholding key financial information from her office and the Legislatur= e.=20 Wednesday marked the first time in three days the state avoided rolling=20 blackouts. Power grid officials credited cooling temperatures and the=20 completion of repairs at several power plants.=20 Connell said the energy crunch now imperils the state's budget as well as i= ts=20 electric grid.=20 California has been spending about $45 million a day =01) $4.2 billion so f= ar =01)=20 to buy power for Edison and PG&E both denied credit by electricity=20 wholesalers.=20 The two utilities California's largest say they are nearly $14 billion in= =20 debt due to soaring wholesale power costs the state's deregulation law bloc= ks=20 them from recovering from customers.=20 Meanwhile the state has faced high natural gas costs and a tight power=20 supply driven in part by power plant repairs in California and scarce=20 hydroelectric power in the Pacific Northwest.=20 Standard & Poor's has put the state on a credit watch due to its power=20 purchases and chastised Davis the Legislature and state regulators for not= =20 taking more aggressive steps to assure the utilities can pay their bills.= =20 On Wednesday Connell said she is refusing a request by Davis and the=20 Legislature to transfer $5.6 billion into a rainy day fund she said was s= et=20 up to impress Wall Street as the state prepares to issue $10 billion in=20 revenue bonds to cover its power-buying.=20 Transferring the money would leave the state general fund $2.4 billion in= =20 debt Connell said.=20 Sandy Harrison spokesman for the state Department of Finance and Keely=20 Bosler of the Legislative Analyst's Office said such transfers are routine= =20 and required by law.=20 They put the state's budget surplus at $5.6 billion.=20 The law says she has to do it. The law does not give her the power to dema= nd=20 that kind of audit information Harrison said.=20 He said the state's budget isn't in danger because it will be repaid with t= he=20 $10 billion in long-term debt.=20 Connell said the scope of the proposed transfer is unprecedented and amount= s=20 to a shell game that disguises the power purchases' impact on the state= =20 budget.=20 Wells Fargo & Co. chief economist Sung Won Sohn said he sees little progres= s=20 in efforts to fix the state's power problems and end state electricity=20 purchases.=20 If we're going to pour money into a bottomless pit I would worry about th= e=20 state's finances he said. At some point we're going to run out of money.= =20 The controller's criticism of fellow Democrat Davis won support from Assemb= ly=20 Republicans and Secretary of State Bill Jones a Republican considering=20 challenging Davis next year.=20 Jones said he wants to announce his own plan to solve the state's energy=20 woes but can't unless Davis releases more financial details. He said his= =20 plan may involve giving the utilities low-interest loans with their=20 transmission lines held as collateral.=20 Davis spokesman Steve Maviglio dismissed the criticism.=20 Political grandstanding doesn't generate one more kilowatt of energy for= =20 California in this time of emergency he said.=20 Maviglio said the administration has released the financial information it= =20 can without jeopardizing negotiations for long-term power contracts with=20 wholesalers.=20 --- Governor says utilities must pay in advance for some power=20 By Jennifer Coleman ASSOCIATED PRESS=20 March 21 2001=20 SACRAMENTO =01) The state's two largest utilities will be ordered to pay=20 environmentally friendly power generators in advance a move Gov. Gray Davi= s=20 hopes will bring a quick end to the power blackouts that darkened Californi= a=20 this week.=20 The statewide blackouts that stretched from San Diego to Oregon on Monday a= nd=20 Tuesday were caused in part by the failure of Southern California Edison an= d=20 Pacific Gas and Electric Co. to pay millions of dollars they owe qualifyin= g=20 facilities or QFs Davis said.=20 Such suppliers use cogeneration =01) steam from manufacturing plus natural = gas =01)=20 or solar wind and other renewable energy to generate electricity. This wee= k=20 California lost about half the power those generators normally provide.=20 Controller: State's power spending imperils its financial health=20 ?=20 Several of them said they hadn't been paid by Edison and PG&E in weeks and= =20 can't afford to keep operating their plants.=20 Davis accused the utilities of taking in money from customers while failing= =20 to pay the QFs. The state has been spending about $45 million a day since= =20 January to buy power for customers of Edison and PG&E which are so=20 credit-poor that suppliers refuse to sell to them.=20 It's wrong and irresponsible of the utilities to pocket this money and not= =20 pay the generators the governor said at a Capitol news conference Tuesday= =20 evening. They've acted irresponsibly and immorally and it has to stop.=20 PG&E called the governor's statements inappropriate and unjustified addi= ng=20 that it was negotiating a payment plan with the QFs. Edison said it is inte= nt=20 on paying creditors and working with the California Public Utilities=20 Commission to pay QFs for future power sales.=20 Controller Kathleen Connell warned Wednesday that the state's $2=20 billion-a-month power purchases are jeopardizing California's budget.=20 The state's budget surplus dropped from $8.5 billion in January when the= =20 power purchases began to $3.2 billion now Connell estimates. She blamed= =20 Davis for withholding key financial information and ordered an audit of th= e=20 state's power spending starting next week.=20 She blocked a request by the Legislature and Davis administration to transf= er=20 $5.6 billion from the state's general fund into a special rainy day fund= =20 saying that would have left the general fund $2.4 billion in debt.=20 The Legislative Analyst's Office said such transfers are routine Connell= =20 agreed but said the size of the transfer is unprecedented.=20 We started this year with a generous budget surplus Connell said. The= =20 energy crisis has taken much of that away and this transfer on top of the= =20 electricity purchases would put the fund at risk.=20 Meanwhile keepers of the state's power grid were optimistic California wou= ld=20 get through Wednesday without another day of rolling blackouts. Two plants= =20 down for repairs returned to service.=20 Several power plants that were taken down for repairs are also expected com= e=20 online by the end of the week reducing the likelihood of blackouts said J= im=20 Detmers ISO vice president.=20 Power may flow to homes and businesses but it could soon cost consumers=20 more said Assemblyman Fred Keeley one of the Legislature's leaders on=20 energy issues.=20 I think it's intellectually appropriate and honest to tell people as soon = as=20 it's apparent that a rate increase is warranted the Boulder Creek Democra= t=20 said Tuesday indicating that time had come.=20 He estimated that the state Public Utilities Commission may soon have to=20 raise rates by about 15 percent to cover the state's costs and its utilitie= s'=20 bills.=20 My sense is that people will appreciate having some certainty and being ab= le=20 to plan for it he said. They don't have to like it but I think they'll= =20 appreciate it.=20 Davis said he is confident the utilities and the state can pay their bills= =20 without further rate increases for Edison and PG&E customers.=20 In the meantime the Independent System Operator keeper of the grid is=20 counting on continued conservation by residents and businesses to avoid mor= e=20 blackouts. Conservation accounted for about 300 megawatts in savings during= =20 Tuesday's peak usage enough to power 300000 homes.=20 Roughly a half-million homes and businesses were affected by Tuesday's=20 blackouts which snarled traffic and plunged schools and businesses into=20 darkness across the state.=20 The outages began at 9:30 a.m. and continued in 90-minute waves until about= 2=20 p.m. when the ISO lifted its blackout order. They were blamed for at least= =20 one serious traffic accident.=20 Two cars collided at an intersection in the Los Angeles suburb of South El= =20 Monte where the traffic lights were out. Two people were seriously hurt sa= id=20 California Highway Patrol Officer Nick Vite.=20 In San Francisco's Chinatown souvenir shops normally bustling with visitor= s=20 were forced to shut down. Nearby irritated customers waited for a bank to= =20 reopen.=20 The blackouts like Monday's were caused by a combination of problems=20 including unseasonably warm weather reduced electricity imports from the= =20 Pacific Northwest and numerous power plants being shut down for repairs.=20 Adding to those troubles the state lost about 3100 megawatts from the QF= =20 plants.=20 Senate Energy Committee Chairwoman Debra Bowen D-Marina del Rey estimated= =20 Tuesday that Edison has amassed more than $1 billion and PG&E more than $2= =20 billion that they have not paid to generators.=20 Davis said the PUC planned to issue an order next week directing the=20 utilities to pre-pay their future QF bills.=20 PG&E said its prepayments hinge on an upcoming PUC decision on whether the= =20 utility's rates are sufficient to pay its bills and cover the state's power= =20 purchases on its behalf which amount to $4.2 billion since early January.= =20 Edison and PG&E say they have lost more than $13 billion since last June to= =20 climbing wholesale electricity prices which the state's 1996 deregulation= =20 law prevents them from passing on to ratepayers.=20 --- Energy Overcharge of $5.5 Billion Is Alleged=20 Power: Money should be refunded to taxpayers and utilities the state grid= =20 operator says citing evidence of market manipulation. Suppliers deny the= =20 accusation.=20 By TIM REITERMAN and NANCY RIVERA BROOKS Times Staff Writers=20 ?????Wholesale electricity suppliers overcharged California by about $5.5= =20 billion between May and last month and that money should be refunded to th= e=20 state's taxpayers and financially strapped utilities the state power grid= =20 operator said Wednesday. ?????Generators engaged in market manipulation and consistent patterns of= =20 bidding far above costs in the deregulated energy market the California=20 Independent System Operator found in a study of pricing data. The findings= =20 support the widespread belief that these suppliers reaped massive additiona= l=20 revenue by manipulating the market. ?????Spokesmen for the companies denied the accusation. ?????The study prepared for a filing with federal regulators today is=20 central to Cal-ISO's efforts to seek reimbursement for what it considers=20 excessive charges by electricity suppliers during the state's energy crisis= . ?????This might be the first time we told them the total impact and=20 magnitude [of the overcharging] said Anjali Sheffrin Cal-ISO's director = of=20 market analysis. We think the entire amount deserves consideration for=20 refunds. ?????Using confidential bidding data on tens of thousands of electricity=20 sales Cal-ISO found that five companies that together supply about 30% of= =20 the power delivered to customers of the state's investor-owned utilities=20 engaged in two types of behavior that tended to push up prices: ?????* They effectively withheld supplies by bidding at excessive prices= =20 even though they could have made some money selling more electricity. ?????* Less frequently they had power generation available but did not bid= =20 at all. ?????The study concluded that energy suppliers commonly offered their=20 electricity at twice their cost. For example Sheffrin said the average=20 markup in August was 100% during peak hours. ?????A spokeswoman at the Federal Energy Regulatory Commission which=20 oversees wholesale electricity pricing across the country declined to=20 comment Wednesday saying This is part of an ongoing proceeding. ?????FERC member William L. Massey who has considered previous commission= =20 actions on refunds to be inadequate said it would be improper for him to= =20 comment on a report that has not yet been filed. But when told of the=20 $5.5-billion total Massey said: That doesn't shock me in any way. ?????Prices over the past 10 months in California have greatly exceeded th= e=20 federal standards of just and reasonable prices and I think they have=20 exceeded the standards by possibly billions of dollars he said. ?????Cal-ISO which oversees grid operations and an emergency energy market= =20 previously detailed $550 million in alleged overcharges for December and=20 January and asked FERC for refunds. But the commission has proposed refunds= =20 of only a tiny fraction of that amount. ?????The study covered five major in-state power suppliers--Reliant Energy= =20 Dynegy Williams/AES Duke Energy and Mirant formerly Southern Energy--plu= s=20 16 power importers all of which deliver power to customers of Pacific Gas = &=20 Electric Co. Southern California Edison and San Diego Gas & Electric Co. ?????All [21] overcharged but some excessively and some by moderate=20 amounts Sheffrin said. ?????Cal-ISO's public filing will quantify the alleged overcharging by each= =20 company but the companies will be identified only by a number. The code wi= ll=20 be provided to FERC Sheffrin said and Cal-ISO lawyers will determine how= =20 much information about the companies will be made public. ?????State U.S. Investigations ?????California electricity markets and the companies that buy and sell pow= er=20 in the state have been the subject of several investigations by state and= =20 federal authorities since wholesale electricity prices first skyrocketed in= =20 May. ?????Electricity suppliers have repeatedly denied manipulating the Californ= ia=20 market in any way whether through above-cost bidding in spot markets or=20 through physical withholding of electricity to drive up prices. ?????Reliant Energy is cooperating with FERC's requests for more data and i= s=20 confident the commission will conclude that prices charged by Reliant were= =20 justified said Joe Bob Perkins president of the Houston-based company. ?????Perkins also bitterly disputed charges that Reliant has shut down unit= s=20 so that it can earn bigger profits on the power sold by the remaining plant= s.=20 These charges have been leveled against all of the power-plant owners in th= e=20 state. ?????Reliant Vice President John Stout said Cal-ISO's calculations typicall= y=20 don't include such fixed costs as salaries taxes and the interest on bonds= =20 they sold to finance their power plants which they acquired under terms of= =20 the state's landmark 1996 deregulation law. ?????In addition he said many high-priced power days have resulted from= =20 buyers bidding against each other for scarce supplies rather than sellers= =20 charging excessive amounts--like a house price being driven far above the= =20 listing price in a hot real estate market. ?????Williams Energy Services a trading company that markets most of the= =20 power produced by plants owned by AES also says it will be exonerated by= =20 FERC once the commission examines documentation being submitted said Paula= =20 Hill-Collins spokeswoman for the Tulsa Okla. company. ?????FERC has the obligation to investigate when these accusations are=20 made Hill-Collins said. This is just a process of justification not=20 necessarily proof of guilt. ?????Williams/AES was recently ordered by FERC to prove that it did not tak= e=20 generating units out of service last year to drive up electricity prices o= r=20 refund $10.8 million to California utilities. ?????During the period studied suppliers sold electricity in the Californi= a=20 Power Exchange to Southern California Edison PG&E and San Diego Gas &=20 Electric Co. and in a backup market for last-minute electricity operated by= =20 Cal-ISO. But sky-high prices plunged Edison and PG&E deeply into debt and= =20 most suppliers stopped selling to them in January forcing the state=20 Department of Water Resources to step in as the primary electricity buyer f= or=20 the three big utilities' 27 million customers. ?????The Cal-ISO study first summarized at an energy conference last week = at=20 UC Berkeley but not otherwise publicized concluded that the companies=20 exercised so-called market power to pump up electricity prices. ?????Severin Borenstein director of the Energy Institute at Berkeley said= =20 Cal-ISO's study is consistent with his research examining pricing practices= =20 in 2000. ?????We found several billion dollars . . . in departures from competitive= =20 pricing he said. When the market was tight this summer they were able t= o=20 push up prices and they did. ?????The early warning signs of electricity price spikes the study found= =20 appeared in May after two years of relatively stable prices of $30 to $40 p= er=20 megawatt-hour under deregulation. Prices went up during the summer dipped = in=20 September and October with lower demand then took off in November and=20 December as weather turned cold and the price of natural gas which is used= =20 to generate much of the state's electricity reached record levels. ?????There were plant outages and demand and supply became close Sheffr= in=20 said. Whatever price they bid had to be taken and market power asserted= =20 itself. ?????Cal-ISO found that $3 billion of the alleged overcharges occurred=20 between May and November. ?????On Friday federal regulators ordered six wholesale power suppliers to= =20 refund $55 million to California if they cannot justify prices charged in= =20 February. The refund was limited to power sold that month in excess of $430= =20 per megawatt-hour during Stage 3 power alerts when supplies are so tight= =20 that rolling blackouts are threatened. (One megawatt-hour is enough=20 electricity to supply 750 typical homes for an hour.) ?????The previous week FERC ordered 13 suppliers to justify or refund $69= =20 million for power sold in January at prices above $273 per megawatt-hour. ?????Massey opposed the potential refunds as too low because they were=20 limited to hours in which a Stage 3 power emergency was in place and becaus= e=20 the benchmark price set for each month was too high--combining to exempt mo= re=20 than 70000 transactions from scrutiny. ?????We're still looking for our lost wallet under the lamppost which is= =20 Stage 3 alerts said Massey one of three commissioners on the five-member= =20 board (two seats are vacant). ?????Generators have been given the free and clear he said. ?????These tinkling little refunds they have come out with recently are=20 almost a joke said Cal-ISO board member Mike Florio senior attorney at t= he=20 Utility Reform Network. ?????Resisting Price Caps ?????Cal-ISO contends that the last 10 months have proved that generators c= an=20 no longer be allowed to receive electricity prices that are dictated by wha= t=20 the market will bear. ?????FERC granted market-based rate authority on each of these suppliers'= =20 own showing that they could not manipulate prices yet their actions have= =20 shown the contrary Sheffrin said. We feel FERC needs to look at the=20 premise of allowing these generators to continue selling at market-based=20 rates. ?????The commission is responsible for ensuring just and reasonable=20 electricity rates. Although it has called California's power market=20 dysfunctional and vulnerable to manipulation the agency has resisted setti= ng=20 firm price caps sought by California's congressional delegation. ?????Chairman Curt L. Hebert Jr. strongly opposes caps while Massey wants = to=20 use caps across the West as a temporary timeout. ?????Energy Secretary Spencer Abraham in a New York news conference=20 Wednesday reiterated his opposition to electricity price caps as a way to= =20 cope with California's energy crisis. ?????If we put price caps in place there will be more blackouts and=20 they'll be worse Abraham said. ?????Cal-ISO is filing its market study as part of its comments on FERC sta= ff=20 recommendations on ways to thwart market manipulation. FERC's proposal=20 includes strict coordination of power plant outages by Cal-ISO with reporti= ng=20 of suspicious closures to FERC and generator-by-generator bid caps tied to= =20 costs. ---=20 ?????Reiterman reported from San Francisco Rivera Brooks from Los Angeles.= =20 Times staff writer Thomas S. Mulligan in New York contributed to this story= . --- --- Power Strain Eases but Concerns Mount=20 Energy: Officials say summer prices will be high and a state report shows= =20 that contracts with generators are far short of goals.=20 By DAN MORAIN and JENIFER WARREN Times Staff Writers=20 ?????SACRAMENTO--California's fragile electricity system stabilized=20 Wednesday but a Davis administration report suggested troubles ahead becau= se=20 the state could be forced to buy most of its power for the coming summer on= =20 the costly and volatile spot market. ?????After two days of statewide blackouts power plants that had been shut= =20 down were cranked up. Unseasonable heat tapered off. The operators of the= =20 statewide power grid relaxed their state of emergency. ?????But plenty of ominous signs remained. Many small producers remained sh= ut=20 down skeptical about Gov. Gray Davis' plan for utilities to pay them. ?????State Controller Kathleen Connell issued a sharp warning about the hig= h=20 cost of the state's foray into the power business and announced that she wi= ll=20 block an administration request that she transfer $5.6 billion into an=20 account that could be tapped to pay for state purchases of electricity. ?????And a report from the administration summarizing contracts between Dav= is=20 and independent power generators showed that the state has signed contracts= =20 for only 2247 megawatts of electricity significantly less than the 6000 = to=20 7000 megawatts previously claimed. ?????While there are agreements in principle for the full amount the repor= t=20 notes that generators can back out of the contracts for a variety of reason= s=20 including the state's failure to sell bonds to finance power purchased by= =20 July 1. The Legislature has approved plans to sell $10 billion in bonds bu= t=20 none have yet been issued. ?????We are exposed enormously this summer Senate Energy Committee=20 chairwoman Debra Bowen (D-Marina del Rey) said after looking at the report.= =20 We owe the people the truth about how difficult this summer is going to be= .=20 We don't have a power fairy. ?????Perhaps most significant the report suggests that the contracts fall= =20 significantly short of Davis' stated goal of buying no more than 5% of the= =20 state's summer needs on the spot electricity market where prices can be ma= ny=20 times those of long-term contracts. ?????After reading the report Frank Wolak a Stanford University economist= =20 who studies the California electricity market said the numbers suggested= =20 that the state's long-term contracts will cover less than half of what the= =20 state will need this summer. ?????We're definitely short this summer next summer and the summer of=20 2003 he said. ?????California was forced to start buying electricity in December--at a co= st=20 of $50 million a day--because producers refused to sell to Southern=20 California Edison and Pacific Gas & Electric. The two utilities amassed=20 billions of dollars in debt when prices for wholesale power soared on the= =20 spot market. ?????Vikram Budhraja a consultant retained by Davis to negotiate deals wit= h=20 generators said the report represents a work in progress. He said the=20 state may yet sign new contracts. ?????However Wolak said the contract figures confirm what he and others ha= ve=20 been dreading: that summer is going to be rife with rolling blackouts unles= s=20 serious steps to cut demand are taken immediately. ?????Wolak and other experts say large industrial customers must be switche= d=20 to real-time meters and pricing to persuade them to use the bulk of their= =20 energy at times of low demand. ?????The head of the Energy Foundation a San Francisco-based nonprofit tha= t=20 promotes sustainable sources of power made the same proposal to Davis on= =20 Wednesday. ?????The government need not ask customers to swelter in the dark this=20 summer foundation President Hal Harvey argued in a letter. ?????He also proposed a crash campaign to boost sales of efficient applianc= es=20 and lightbulbs. He said the state needs to take over the utilities' contrac= ts=20 with alternative energy providers to ensure they stay in business and sign= =20 new contracts for 1500 megawatts of new wind power--the cheapest fastest= =20 and cleanest source of new supply. ?????Davis had proposed a formula Tuesday to force private utilities to pay= =20 the alternative producers some of which have not been paid since November.= =20 But some of them warned Wednesday that Davis' plan offers them little=20 incentive to turn on their generators. ?????Alternative energy producers supply more than a quarter of the=20 electricity consumed in California. ?????Many producers generate electricity from wind sun and geothermal=20 sources. But most of them generate power using natural gas--and the cost of= =20 natural gas has been soaring. Several natural gas users said Davis' plan= =20 which caps rates won't cover their fuel costs. ?????Davis assumes that the price of natural gas will fall. But small=20 generators say they don't have sufficient purchasing power or sophisticatio= n=20 to gamble on future prices. ?????The Public Utilities Commission is expected to approve Davis' proposal= =20 next week. It offers producers two choices: 7.9 cents a kilowatt-hour if th= ey=20 agree to supply power for five years or 6.9 cents a kilowatt-hour over 10= =20 years. ?????The price of natural gas is higher than that said Marty Quinn=20 executive vice president and chief operating officer of Ridgewood Power LLC= =20 which owns three natural gas-fired co-generation plants. If we operate=20 we'll lose money. ?????Ridgewood is not operating having been cut off by gas suppliers. The= =20 company sued PG&E last month seeking overdue payments and release from its= =20 contracts with the utility. ?????A hearing is scheduled in El Centro today in another lawsuit filed by = a=20 small energy producer an Imperial Valley geothermal producer that sued=20 Edison for refusing to let it break its contract and sell on the open marke= t.=20 CalEnergy says Edison owes it about $140 million for energy sold since=20 November. ?????A company spokesman Jay Lawrence said CalEnergy was going ahead with= =20 its suit despite Davis' proposal. We've had promises before he said. ?????In other developments: ?????* A federal judge in Sacramento on Wednesday ordered Reliant Energy of= =20 Houston a major producer to continue selling power to California during= =20 emergencies despite the company's argument that it may not be fully=20 reimbursed. The order will remain in effect for 60 days or until the U.S.= =20 Federal Energy Regulatory Commission decides a related case. ?????* Connell said the state budget surplus has shrunk to $3.2 billion=20 because the state has spent roughly $2.8 billion on electricity. She=20 criticized the administration for withholding basic information about state= =20 finances and said she will begin an audit on Monday of the Department of= =20 Water Resources which is responsible for purchasing power. ?????Davis' aides said Connell took her action because the Democratic=20 governor endorsed one of Connell's foes this week in the race for Los Angel= es=20 mayor former Assembly Speaker Antonio Villaraigosa. A Connell aide scoffed= =20 at the notion. ?????* Sen. Dianne Feinstein (D-Calif.) said she never has had a response= =20 from President Bush after writing him last month for an appointment to=20 discuss the California energy crisis. ?????In a wide-ranging lunch talk with reporters in Washington she deplore= d=20 the fact that huge huge profits are being made in the California crisis= =20 and said an appropriate federal role would be to guarantee a reliable=20 source of power until the state can get nine new generators online. ---=20 ?????Times staff writers Mitchell Landsberg in Los Angeles and Robert L.=20 Jackson in Washington contributed to this report. --- --- ------------------------ --- --- ------------------------ Net Complex A Dilemma For San Jose=20 SERVER FARM: Plant would tax grid=20 David Lazarus Chronicle Staff Writer Thursday March 22 2001=20 2001 San Francisco Chronicle=20 URL:=20 /22/M N236772.DTL=20 San Jose while trying to block construction of a new power plant is set t= o=20 approve a vast computer complex that could overwhelm California's already= =20 strained power grid.=20 City officials gave preliminary approval last week to what would be the=20 world's largest server farm. The sprawling facility to handle Internet=20 traffic would drain about 150 megawatts of power from the state electricity= =20 grid.=20 If granted final authorization on April 3 the $1.2 billion project would a= dd=20 the equivalent of about 150000 homes to California's power system which w= as=20 hit this week by rolling blackouts as demand for juice outstripped availabl= e=20 supply.=20 The server-farm issue highlights a vexing dilemma for the state.=20 On the one hand Gov. Gray Davis is calling for widespread conservation to= =20 help California overcome its current troubles. On the other no one wants t= o=20 curtail growth of the high-tech industry which is an engine for economic= =20 vitality.=20 San Jose will make a lot of money from this project said Craig Breon=20 executive director of the Santa Clara Valley Audubon Society. But to not= =20 help the state out of its energy situation there's a fair amount of=20 hypocrisy going on.=20 The server farm would be owned by U.S. DataPort a San Jose data-management= =20 firm. As planned it would occupy 10 buildings on more than 170 acres in th= e=20 city's Alviso area.=20 Total projected energy use would be 180 megawatts. About 30 megawatts would= =20 be generated by a small on-site facility and the rest would have to be=20 provided by Pacific Gas and Electric Co.=20 We're confident that the DataPort project will be approved because it's ve= ry=20 important to San Jose and to the local economy said San Jose Mayor Ron=20 Gonzales.=20 But PG&E already is saying that its power cupboard is bare. The utility do= es=20 not have sufficient existing electric infrastructure to meet U.S. DataPort= 's=20 needs it said in a recent letter to San Jose officials.=20 John Mogannam U.S. DataPort's senior vice president of operations counter= ed=20 that it could take as long as five years for the server farm to grow big=20 enough to require the full 150 megawatts from the state grid.=20 Hopefully by then the whole energy crisis will pass by and we won't have= a=20 problem he said.=20 Mogannam stressed the positive aspects of the project such as its ability = to=20 handle about 15 percent of global Internet traffic the 700 jobs it would= =20 create and the $70 million over 10 years it would generate for San Jose in= =20 property and utility taxes.=20 That's why the city likes it he said.=20 Indeed San Jose officials are so enamored with such developments that they= =20 have all but turned a deaf ear to warnings that the server farm will=20 exacerbate California's already dire power shortage.=20 Andrew Crabtree the city's senior planner said the planning commission ha= d=20 barely touched the question of energy supply when it approved the server fa= rm=20 last week.=20 It wasn't incumbent on the commission to solve the state's energy-supply= =20 problems he said.=20 Rather San Jose city planners focused on the environmental ramifications o= f=20 the proposed facility including air pollution from diesel generators and t= he=20 impact on nearby wildlife.=20 How it would affect dozens of burrowing owls in the area was a key topic of= =20 discussion.=20 We all recognized that there's a power shortage Crabtree said. But we= =20 couldn't do anything about that with this project.=20 Except to make things tougher of course.=20 Server farms run 24 hours a day seven days a week. They are an aspect of t= he=20 high-tech boom that was never foreseen by energy experts and which are now= a=20 major contributor to California's surging electricity demand.=20 A server farm essentially is a large building filled with computers. Each= =20 computer handles the Web site or Internet traffic for hundreds of corporate= =20 clients that do not have the technical resources to look after such things= =20 in- house.=20 Most server farms consume between 10 and 60 megawatts of power. At 180=20 megawatts the U.S. DataPort facility is billed as the most extensive data= =20 center on the planet.=20 There won't be another this size anywhere in the world said Mogannam th= e=20 company's senior vice president. This will be the biggest.=20 With such a vast scale however comes additional concerns. For example al= l=20 that hardware will generate huge amounts of heat requiring powerful air=20 conditioners running around the clock to keep things cool.=20 Patrick Dorinson a spokesman for the Independent System Operator which=20 oversees California's electricity network said server farms had a big=20 impact on the state's tight energy supply.=20 We have an economy that's increasingly based on delivery of information = he=20 observed. We certainly need to make sure we're building adequate generatio= n=20 and transmission to get it there.=20 As it stands no major power plants have been built in California for the= =20 past 12 years while dozens of server farms have sprung up throughout the= =20 state.=20 The Yankee Group a Boston consulting firm estimates that the amount of=20 space taken up by server farms nationwide rose to 9 million square feet fro= m=20 1999 to 2000.=20 By 2003 it expects that figure to increase to 25 million square feet or= =20 enough room for more than a hundred 10-story office buildings.=20 San Francisco may be the exception. Supervisor Sophie Maxwell proposed=20 interim zoning controls last week that would require server farms to receiv= e=20 special permission from City Hall to operate.=20 San Jose for its part has no such reservations. It does however draw th= e=20 line at big fat power plants in the backyard of the city's leading corpora= te=20 citizen.=20 Gonzales is spearheading opposition to a proposed 600-megawatt generating= =20 facility in Coyote Valley because of its proximity to a residential area at= =20 the site of a planned Cisco Systems office complex.=20 There's plenty of opportunities to generate power in the city he said.= =20 This project is just in the wrong site.=20 The matter is now in the hands of the California Energy Commission which i= s=20 expected to issue a ruling by May.=20 Cisco critics say twisted the mayor's arm to fight the plant because it d= id=20 not want a generating facility in its neighborhood. The area will be home t= o=20 thousands of well-heeled tech workers.=20 It's politics said Breon at the Audubon Society. City officials are=20 making political decisions rather than good planning decisions.=20 Ted Smith executive director of the Silicon Valley Toxics Coalition a=20 grassroots organization is calling for a moratorium on construction of all= =20 new server farms in the South Bay until sufficient power can be found to ke= ep=20 them running.=20 Until they figure out how to build these things without draining the=20 electricity grid even dryer it is they shouldn't build them he said.=20 The Internet industry is creating unintended consequences that will really= =20 screw up our future Smith added. They are so busy focusing on next=20 quarter's profits that they don't stop and think about the consequences. .= =20 .=20 SOME FAST FACTS ABOUT 'SERVER FARMS' .=20 -- What are they? Server farms are facilities dedicated exclusively to=20 housing powerful computers for Internet use.=20 -- Who uses them? Companies and individuals pay server farms to maintain=20 their Web sites handle Net traffic and store vast amounts of data --=20 functions that otherwise would require extensive hardware and technical=20 support.=20 -- Why do they use them? As Internet use explodes server farms play an=20 increasingly vital role in managing data and keeping information moving.=20 -- What's the problem? Server farms drain considerable amounts of electrici= ty=20 to keep running.=20 E-mail David Lazarus at dlazarus@sfchronicle.com.=20 2001 San Francisco Chronicle ? Page?A - 1=20 --- Contracts Won't Meet Summer Demands=20 DETAILS: 2004 before full impact felt=20 Lynda Gledhill Chronicle Sacramento Bureau Thursday March 22 2001=20 2001 San Francisco Chronicle=20 URL:=20 /22/M N230640.DTL=20 Sacramento -- Long-term power contracts negotiated by the state won't cover= =20 California's entire demand for electricity until 2004 according to newly= =20 released details about the agreements.=20 The information suggests that California might have to scrounge for=20 electricity on the high-priced spot market for a couple more years even as = it=20 continues to push conservation efforts and construction of more generating= =20 plants.=20 Details of the agreements released by Gov. Gray Davis' administration show= =20 that the contracts will provide for just over a third of the state's demand= =20 for power this year. Energy secured by the contracts will grow to meet the= =20 expected demand in three years.=20 Short-term purchases of power have at least temporarily depleted the state'= s=20 budget surplus and have raised the possibility of sharp rate increases=20 sometime in the future for electricity customers.=20 Davis administration officials are banking on the hope that conservation=20 efforts and increased generating capacity will cover the shortfall along wi= th=20 purchases of electricity on the spot market.=20 We're facing an extreme challenge still this summer said Severin=20 Borenstein head of the University of California at Berkeley Energy=20 Institute. Signing contracts doesn't create more electricity.=20 The information released did not include the names of companies that the=20 state has signed contracts with or the purchase prices.=20 The sketchy details did not satisfy frustrated lawmakers who said many=20 questions remain especially how much the state will end up paying under th= e=20 terms of the contracts.=20 The fundamental question is how much is it costing the state of California= =20 to keep the lights on said Assemblyman Tony Strickland R-Thousand Oaks.= =20 What we really need is total disclosure.=20 The state started buying power in January after generators began refusing = to=20 provide electricity to the state's investor-owned utilities. Pacific Gas an= d=20 Electric Co. and Southern California Edison say they have more than $13=20 billion in past debt.=20 The state has been spending $49 million a day on power purchases since Jan.= =20 17 according to documents obtained by The Chronicle last week.=20 Those documents said the average price of the contracts across 10 years is= =20 $69 per megawatt hour including summer peak. The five-year average price i= s=20 $79 per megawatt hour.=20 According to one chart provided by the governor's office yesterday the=20 long-term contracts will fall about 35 million megawatt hours short in 2002= .=20 Based on the average price per megawatt hour the state has been paying sinc= e=20 January that could end up costing between $6.6 billion and $13 billion.=20 The law creating the state purchasing authority allowed purchases up to $10= =20 billion and extends until 2003.=20 The governor's office said 21 contracts have been signed and another 23=20 agreements that have been reached but not yet signed.=20 Several generators have said that they will not sign contracts with the sta= te=20 until the back debt by the utilities has been taken care of.=20 We have some real potential problems said Senate President Pro Tem John= =20 Burton D-San Francisco.=20 Strickland and several media outlets including The Chronicle have filed= =20 public information requests to get more information about the prices of the= =20 contracts from the administration.=20 Releasing the information would jeopardize the negotiations for future=20 contracts said Steve Maviglio Davis' spokesman.=20 Lawmakers also frustrated by the lack of information given out by the Davi= s=20 administration were not given notice that the information was coming and= =20 many said it was lost in their mail pile.=20 The cover letter was on Los Angeles Department of Water and Power letterhea= d=20 not that of the administration. The letter was written by S. David Freeman= =20 head of the Los Angeles system who was on leave for the month of February t= o=20 help the state negotiate the contracts.=20 Assemblyman George Runner R-Lancaster said the ambiguity of the=20 information raises more questions than it answers.=20 It's like watching a parade through a peephole he said. He's showing us= =20 another float but I don't know what the parade looks like.=20 Blaming the state's purchases of electricity Controller Kathleen Connell= =20 said yesterday that the state's cash on hand had fallen from $8.5 billion i= n=20 January to $3.2 billion. Connell ordered an audit of the state's power=20 buying.=20 Connell said she would block a transfer sought by the Davis administration = of=20 $5.6 billion from the general fund to the state's emergency reserve account= =20 claiming it would lead to a ''serious cash flow crisis.=20 The transfer however is not related to the energy crisis. The sum=20 represents a routine rollover of unspent money from the previous fiscal yea= r.=20 State law requires that money to be sent to a special reserve account for= =20 emergencies.=20 Davis officials acknowledged that $3.7 billion in energy purchases have had= =20 an impact on state coffers but they say the state will be repaid once bond= s=20 are issued in the coming weeks. They also said the state typically has its= =20 lowest cash reserves at this time of year. That changes in mid-April when a= =20 flood of income tax revenue pours in.=20 The transfer has nothing to do with energy purchases said Sandy Harrison= =20 a spokesman for the Department of Finance.=20 It's not helpful to ratepayers taxpayers and people who want their lights= =20 to stay on to have the issue muddied with this sort of inaccurate innuendo= =20 Harrison said.=20 In other developments yesterday:=20 -- After two days of statewide rolling blackouts power grid managers avoid= ed=20 outages. Demand was lower because of cooler temperatures around the state a= nd=20 supply increased as several power plants completed repairs.=20 -- A federal judge in Sacramento ordered a major power generator to continu= e=20 supplying power to California. Reliant Energy Services Inc. had insisted th= at=20 it should not be forced to sell to debt-heavy utilities unless the state=20 guaranteed the bills.=20 Chronicle staff writer Greg Lucas contributed to this story. / E-mail Lynda= =20 Gledhill at lgledhill@sfchronicle.com.=20 2001 San Francisco Chronicle ? Page?A - 1=20 --- --- ----------------- California overcharged $5.5 bln for wholesale power=20 SACRAMENTO Calif. (AP) -- Electricity wholesalers overcharged California= =20 $5.5 billion over the past 10 months according to a report by managers of= =20 the state's power grid.=20 The five companies among other things frequently offered electricity at= =20 prices double what it cost them to produce concludes the California=20 Independent System Operator study which was published Thursday in the Los= =20 Angeles Times.=20 ``All overcharged but some excessively and some by moderate amounts'' sai= d=20 Anjali Sheffrin the ISO's director of market analysis.=20 The Times said the ISO planned to file the study with federal regulators=20 Thursday and are demanding that the money be paid back.=20 The companies denied the allegations adding they expect the Federal Energy= =20 Regulatory Commission will determine their prices were justified.=20 The commission has recently stepped up its scrutiny of power companies'=20 behavior during California's power crisis asking suppliers to justify $124= =20 million in sales during the first two months of the year or refund the mone= y.=20 Critics claim thousands of additional questionable sales are not being=20 challenged.=20 The ISO study alleges the wholesalers manipulated the market by bidding at= =20 excessive prices effectively withholding supplies or by not bidding at al= l=20 when they had generation capability available.=20 California has been spending about $45 million a day -- $4.2 billion since= =20 January -- to purchase power for Pacific Gas and Electric Co. and Southern= =20 California Edison. Both utilities the state's largest have been cut off b= y=20 electricity wholesalers because their credit is almost worthless.=20 State Controller Kathleen Connell said Wednesday that the state's=20 power-buying is gutting its budget surplus. Since the state started making= =20 emergency power buys the surplus has fallen from $8.5 billion to about $3.= 2=20 billion she said.=20 A federal judge issued a preliminary injunction Wednesday ordering a major= =20 electricity wholesaler Reliant Energy Services to continue selling to=20 California despite its fear that it will not be paid.=20 U.S. District Judge Frank C. Damrell Jr. said Californians were at risk of= =20 irreparable harm if Reliant stopped selling power to the ISO which buys it= =20 at the last minute on behalf of utilities to bolster supplies and try to fe= nd=20 off rolling blackouts.=20 Such blackouts hit the state twice this week. On Wednesday cooling=20 temperatures and the completion of repairs at several power plants allowed= =20 the state to avoid blackouts.=20 Standard & Poor's has put the state on a credit watch due to its power=20 purchases and chastised Gov. Gray Davis the Legislature and state regulato= rs=20 for not taking more aggressive steps to make sure the utilities can pay the= ir=20 bills.=20 Edison and PG&E say they are nearly $14 billion in debt due to soaring=20 wholesale power costs. The state's deregulation law blocks them from=20 recovering the costs from customers.=20 Connell ordered an audit of the state's power-buying saying Davis is=20 withholding key financial information from her office and the Legislature.= =20 She said she would refuse to transfer $5.6 billion into a ``rainy day fund'= '=20 she said was set up to impress Wall Street as the state prepares to issue $= 10=20 billion in revenue bonds to cover its power buys. Transferring the money=20 would leave the state general fund $2.4 billion in debt Connell said.=20 She called the scope of the proposed transfer unprecedented and said it=20 amounted to a ``shell game'' that disguises the power purchases' effect on= =20 the state budget.=20 Sandy Harrison spokesman for the state Department of Finance and Keely=20 Bosler of the Legislative Analyst's Office said such transfers are routin= e=20 and required by law. They put the state's budget surplus at $5.6 billion.= =20 ``The law says she has to do it. The law does not give her the power to=20 demand that kind of audit information'' Harrison said.=20 Harrison said the state's budget isn't in danger because it will be repaid= =20 with the revenue bonds.=20 Connell's criticism of Davis a fellow Democrat won support from Assembly= =20 Republicans and Secretary of State Bill Jones a Republican who may challen= ge=20 Davis next year.=20 Jones said he wants to announce his own plan to solve the state's energy=20 woes but can't unless Davis releases more financial details.=20 Davis spokesman Steve Maviglio dismissed the criticism.=20 ``Political grandstanding doesn't generate one more kilowatt of energy for= =20 California in this time of emergency'' he said.=20 Maviglio said the administration has released the financial information it= =20 can without jeopardizing negotiations for long-term power contracts with=20 wholesalers. --- --- ---------------------------- If the power goes off=20 Thursday March 22 2001=20 For most of us rolling power blackouts are a nuisance. For some people it= =20 could mean life or death.=20 In Laguna Hills cancer patient Ruben Marquez said the blackout interrupte= d=20 and prolonged his dialysis treatment. He was unharmed the Register report= ed=20 on Monday's blackouts which hit about 1.2 million Californians including= =20 100000 Orange County homes and businesses.=20 What can people do to prevent disaster?=20 They and their families should have a backup plan Rebecca Long=20 spokesperson for the Orange County Red Cross told us.=20 The Red Cross recommends in general that you plan for this as you would fo= r=20 any disaster making sure you have battery-operated radios and flashlights.= =20 We do not recommend candles for an emergency because of the fire hazard.= =20 She recommended a Web site: www.prepare.org People with special health needs such as electric-powered respirators and= =20 oxygen machines also should register with the power company. There's a whole classification for such persons with health needs Southe= rn=20 California Edison spokesperson Clara Potes-Fellow told us. The list is for us to alert them that the power could be discontinued. The= y=20 arrange to have power through other means batteries or generators. We=20 recommend that they have a battery backup of eight hours. Therefore if the= =20 rotating outages are one hour they will have plenty. Even though the power company has such people's names she said we don't= =20 inform them in advance because we have just minutes from when the Independe= nt=20 System Operator which directs where the electrons go orders Edison to=20 implement a power outage on the grid Edison owns. By the time it took to= =20 call people the outage would be over. What's the problem at the ISO? We notify as best we can Pat Dorinson IS= O=20 director of communications told us.=20 The object is to keep the lights on. Sometimes it's just a moment's notice= =20 before a blackout. It makes [giving more notice] pretty difficult. We're= =20 looking into ways to make the system better.=20 In the meantime citizens will have to keep taking precautions. We can't help noting that free market pricing instead of politically-drive= n=20 prices would much more likely make electricity available albeit at higher= =20 prices.=20 We would expect too there would be hardship allowances donations and=20 level-pay plans to accommodate various types of needs. --- Socialized electricity=20 Thursday March 22 2001=20 Government control of state power won't add one watt for consumers' use TOM MCCLINTOCK Sen. McClintock R-Thousand Oaks represents the 19th state Senate District= =20 in the state Legislature.=20 In a city where bad ideas never die Sacramento is once again host to a=20 variety of plans for the government takeover of California's power system.= =20 The private sector it is said has done such a terrible job of providing= =20 electricity that government must now step in to save the day. Thus the=20 Legislature is awash in proposals to spend billions of dollars of public=20 money to acquire existing power facilities. Fifteen billion dollars has=20 already been authorized for this purpose and an additional $10 billion is= =20 pending in the Senate.=20 Meanwhile Gov. Davis is losing about a $1.5 billion a month day-trading in= =20 the electricity market. The irony is that after the expenditure of as much = as=20 $25 billion for public power'' not a single inch will have been added to= =20 the transmission lines nor a single watt to the generating capacity of=20 California. The root of California's crisis is a catastrophic shortage of electricity. = In=20 a shortage prices rise or blackouts occur. To reduce prices and avoid=20 blackouts the only permanent solution is to increase the supply. Merely=20 changing the ownership of existing facilities leaves Californians with=20 exactly the same shortage only billions of dollars the poorer for it.=20 Government takeover advocates argue that at least a government power=20 authority will protect consumers against price gouging and poor management.= =20 Unfortunately government power authorities don't insulate against price=20 gouging. The biggest price gouger in this entire crisis has been the Los=20 Angeles Department of Water and Power which was generating electricity for= =20 $51 per megawatt hour and selling it back to California ratepayers for as= =20 much as $1400.=20 Nor does a government takeover assure better management. Just a few years= =20 ago the LADWP was buried in $7 billion in debt. The Sacramento Municipal= =20 Utilities District was a managerial laughing stock having squandered=20 hundreds of millions of dollars for a nuclear plant it barely used. Say what you will'' the government takeover advocates reply when push= =20 came to shove the municipal utility districts of California are in great= =20 shape while the private utilities are a basket case.'' But one needs to lo= ok=20 at the reason. Ever since the state reorganized the electricity market in= =20 1996 the municipal utility districts were allowed to trade in a free marke= t=20 while the private utilities were forced to buy power exclusively in a=20 Soviet-style power exchange where the highest bid during an hour set all=20 prices. The municipal utilities were able to retain their generators. Government=20 forced the private utilities to sell theirs. The municipal utilities were= =20 able to enter into long-term contracts. Government prevented the private=20 utilities from doing the same thing. The municipal utilities were able to= =20 negotiate the lowest prices available for power. Government forced the=20 private utilities to pay the outlandish prices on the government's power=20 exchange. The municipal utilities were allowed to adjust their rates to=20 reflect the actual cost of power to consumers. Government forced the privat= e=20 utilities to sell at astronomical losses. The final argument is simply an ideological one: that power is just too=20 important to be left in private hands. Really? Food is a great deal more=20 important and private hands have kept this nation well fed for centuries.= =20 Picturing the Department of Motor Vehicles running the local supermarket=20 should sober even the most euphoric of the government takeover advocates. California's Independent System Operator is predicting a 6000-megawatt=20 shortfall this summer. When there is no electricity on the transmission=20 lines it really won't matter who owns them. During the hottest hours of th= e=20 hottest days of the year when as many as 6 million homes are without=20 electricity it may begin to dawn on most people that socialism doesn't wor= k=20 any better in California than it did in the Soviet Union. --- --- ------- NEWS=20 Bush's Energy Policy Will Backfire Feinstein Warns / She wants federal pri= ce=20 controls now Carolyn Lochhead 03/22/2001=20 The San Francisco Chronicle=20 FINAL=20 Page A.3=20 (Copyright 2001)=20 Sen. Dianne Feinstein D-Calif. warned yesterday that when blackouts=20 intensify in California this summer the pressure will intensify on the Bus= h=20 administration to explain why it rejected price controls on wholesale=20 electricity.=20 If by this summer California is as anticipated facing these blackouts a= nd=20 the federal government won't help I don't think the American people are=20 going to be very pleased Feinstein told California reporters.=20 Asked if help means the cost-based price controls Feinstein is pushing she= =20 said Right now yes.=20 Feinstein said California Democrats will begin to escalate their criticism = of=20 the administration predicting that support will build among Western senato= rs=20 for her legislation to impose price caps on wholesale electricity in exchan= ge=20 for lifting the rate cap on California consumers.=20 If it passes she said the administration is really going to have to face= =20 whether they're going to help or not help.=20 Feinstein said House Democrats from the West Coast also told her they expec= t=20 that White House inaction on price caps would help them gain seats in 2002.= =20 But she refused to speculate on the political fallout from the energy crisi= s=20 against Democrats in California .=20 Feinstein characterized Energy Secretary Spencer Abraham's adamant argument= s=20 against price controls as recalcitrant saying his statement to a Senate= =20 committee last week essentially said California 's on its own.=20 She speculated that because California is dominantly Democratic even=20 somebody like me that works across party lines is beginning to wonder if th= is=20 isn't an unnecessarily barbed stick at California .=20 White House spokesman Ken Lisaius disputed the charge saying the Bush=20 administration is doing all it can but can't control that demand is=20 outstripping supply.=20 The federal government cannot prevent blackouts but can only help at the= =20 margins in situations like this Lisaius said. The only thing that can=20 prevent blackouts is reduced demand increased supply and good weather.=20 Abraham has twice in the last week argued strongly against price controls= =20 including the cost-based ones Feinstein advocates saying they could increa= se=20 blackouts by discouraging power sales into the Western electricity grid.=20 He also said many power providers including the federal Bonneville Power= =20 Administration in the home district of Sen. Gordon Smith the Oregon=20 Republican co-sponsoring Feinstein's bill would be exempt from federal pri= ce=20 caps. Feinstein disputed that but Smith's office agreed.=20 Abraham argued that price controls would not work in part because roughly= =20 half the Western electricity market would be exempt including federal powe= r=20 marketing authorities such as Bonneville rural electric cooperatives and= =20 municipal utilities such as the Los Angeles Department of Water and Power.= =20 On another front House Republicans omitted from their budget projected=20 revenues from opening part of the Arctic National Wildlife Refuge to oil an= d=20 gas exploration.=20 A Budget Committee spokeswoman said Chairman Jim Nussle R-Iowa determined= =20 that the $1 billion in revenues from the wildlife refuge the Bush=20 administration included in its budget were not needed and that there was n= o=20 reason to put in something that controversial that some of our members don= 't=20 even like when you don't have to.=20 But Rep. Gary Miller R-Diamond Bar (Los Angeles County) said House=20 Republicans are not backing off at all from opening the wildlife refuge t= o=20 drilling. Our goal is to get it passed in the House he said saying the= =20 Budget Committee omitted the revenue projections because the drilling has n= ot=20 yet been approved.=20 PHOTO Caption: Sen. Dianne Feinstein wants to cap wholesale electricity=20 costs and end caps on con- sumer rates.=20 --- ------ Reliant Still In Power Pact Talks With Calif. DWR=20 By Christina Cheddar 03/22/2001=20 Dow Jones News Service=20 (Copyright (c) 2001 Dow Jones & Company Inc.)=20 Of DOW JONES NEWSWIRES=20 =20 (This report was originally published late Wednesday.)=20 =20 NEW YORK -(Dow Jones)- Reliant Energy Inc. (REI) remains in discussions wit= h=20 the California Department of Water Resources to sign long-term power=20 contracts.=20 However issues regarding the creditworthiness of the agency remain said J= oe=20 Bob Perkins president of Reliant's Wholesale Division.=20 We want to be part of the solution Perkins said. At the same time Relia= nt=20 is trying to protect itself from incurring additional unpaid accounts=20 receivable he said.=20 The DWR has been buying power on behalf of California 's financially troubl= ed=20 utilities. However Reliant has yet to sign a formal agreement with the=20 agency because Reliant is concerned it won't be paid.=20 During a conference call Wednesday Perkins said he couldn't comment on a= =20 lawsuit between Reliant and the California Independent System Operator=20 because he didn't know how it was progressing.=20 Further court action on the case is expected Wednesday.=20 The lawsuit stems from Reliant's desire not to be required to sell power to= =20 California if the state won't guarantee payment. The Houston energy company= =20 is concerned that it won't be paid for power being bought by the ISO on=20 behalf of Edison International's (EIX) Southern California Edison unit and= =20 PG&E Corp.'s (PCG) Pacific Gas & Electric Co. unit.=20 To date Reliant is owed some $370 million from unpaid power sales to the= =20 utilities.=20 Much of Perkins' presentation centered on how the power crisis in Californi= a=20 emerged.=20 Using data from research firm Cambridge Energy Research Associates the=20 company discussed the imbalance between California 's power demand and its= =20 power supply.=20 Looking ahead to the summer it isn't a question of whether rolling blackou= ts=20 will occur but how many and how severe Perkins said.=20 Low hydroelectric availability loss of imported power warm weather deman= d=20 growth and plant outages could lead to a worst-case scenario in California = =20 he said adding that some estimates predict California could experience 11= 00=20 hours of power outages this summer.=20 The skyrocketing power prices in the region are a reflection of the power= =20 market's imbalance he said.=20 Reliant submitted only economically sound bids for power Perkins said. H= e=20 expects the company can document why it charged the prices it did as requir= ed=20 by regulators.=20 We have been very rigorous and very disciplined in what we have submitted= =20 Perkins said.=20 He added that retail customer price increases are one way of sending a sign= al=20 to consumers to lower consumption. He cited studies that show a 20% retail= =20 price increase could reduce consumption by 2000 megawatts. A megawatt is= =20 enough power to serve roughly 1000 homes.=20 -By Christina Cheddar Dow Jones Newswires 201-938-5166=20 --- ------ CPUC Must Address Rates In QF Repayment Order - SoCal Ed 03/22/2001=20 Dow Jones Energy Service=20 (Copyright (c) 2001 Dow Jones & Company Inc.)=20 (This article was originally published Wednesday)=20 =20 LOS ANGELES -(Dow Jones)- Any order from the California Public Utilities=20 Commission requiring utilities to pay small independent generators going= =20 forward must determine how that could be done within the existing rate=20 structure a spokesman for Edison International (EIX) utility Southern=20 California Edison said Wednesday.=20 The utility was responding to a PUC proposed decision that would require=20 utilities to pay small generators called qualifying facilities $79 a=20 megawatt hour within 15 days of electricity delivery. The decision will be= =20 voted March 27 by the CPUC.=20 We're still reviewing (the decision) and should have more to say in a day = or=20 two. To the extent that the commission orders us to pay going forward of=20 course we will. But it needs to address how we will pay the QFs a SoCal= =20 Edison spokesman said.=20 SoCal Edison and PG&E Corp. (PCG) unit Pacific Gas & Electric Co. are=20 struggling under nearly $13 billion in uncollected power costs due to an=20 inability to pass high wholesale power costs to customers under a rate=20 freeze.=20 Gov. Gray Davis Tuesday blasted the utilities for not having paid their QF= =20 bills in full since December. Pacific Gas & Electric Co. has made some=20 partial payments to QFs but SoCal Edison has paid nothing. Together they= =20 owe the QFs about $1 billion but the order doesn't address that debt.=20 An Edison executive said in reaction to the governor's sharp comments tha= t=20 the company simply doesn't have the money to pay creditors.=20 The root problem here is there just isn't enough money in the current rate= =20 base to pay our bills said Edison Senior Vice President of Public Affairs= =20 Bob Foster. We understand the financial distress (the QFs) face we are=20 facing financial distress ourselves.=20 The proposed PUC order would also require the state's investor-owned=20 utilities to offer the small generators five- and 10-year contracts for pow= er=20 for $79/MWh and $69/MWh respectively.=20 The QFs may be able to live with the PUC proposal but the five- and=20 10-year contract prices may be inadequate if natural gas prices at one of t= he=20 California borders are high said Jan Smutny-Jones president of the=20 Independent Energy Producers Association. Natural gas prices into Californi= a=20 are currently higher than anywhere in the country.=20 But some say the proposed decision may not be enough to prevent the QFs fro= m=20 filing involuntary bankruptcy proceedings against the utilities for the mon= ey=20 they are still owed.=20 There's still a lot of skepticism. To say our position has changed based o= n=20 the CPUC decision or the governor's announcement is not accurate. A lot sti= ll=20 has to happen said Jay Lawrence a spokesman for a renewable creditors=20 committee.=20 -By Jessica Berthold Dow Jones Newswires 323-658-3872=20 --- ------ Calif Small Pwr Producers To Shut Plants If Rates Capped By Jason Leopold 03/22/2001=20 Dow Jones Energy Service=20 (Copyright (c) 2001 Dow Jones & Company Inc.)=20 Of DOW JONES NEWSWIRES=20 =20 (This article was originally published earlier Thursday.)=20 =20 LOS ANGELES -(Dow Jones)- Many of California 's independent power producers= =20 late Wednesday threatened to take their small power plants offline this wee= k=20 if state lawmakers pass legislation that would cap the rates the generators= =20 charge for electricity they sell directly to the state's three investor-own= ed=20 utilities.=20 At issue is a bill that would repeal a section of the state's Public=20 Utilities Code which links the 688 so-called qualifying facilities'=20 electricity rates to the monthly border price of natural gas.=20 Lawmakers however are poised to pass the legislation.=20 State regulators are then expected to approve a measure that would=20 restructure the fluctuating rates the QFs charge PG&E Corp. (PCG) unit=20 Pacific Gas & Electric Edison International (EIX) unit Southern Californi= a=20 Edison and Sempra Energy (SRE) unit San Diego Gas & Electric from $170 a= =20 megawatt-hour to $69-$79/MWh regardless of the price of natural gas.=20 Whereas each of the 688 QF contracts differed largely because natural gas= =20 prices are higher in Southern California than Northern California the sta= te=20 wants the QFs to sign a general contract with the utilities.=20 The cogeneration facilities which produce about 5400 megawatts of=20 electricity in the state said the rates are too low and they won't sign ne= w=20 supply contracts with the utilities.=20 For $79/MWh natural gas would have to be $6 per million British thermal= =20 unit at the Southern California border said Tom Lu executive director of= =20 Carson-based Watson Cogeneration Company the state's largest QF generatin= g=20 340 MW. Our current gas price at the border is $12.50.=20 Other gas-fired QFs said the state could face another round of rolling=20 blackouts if lawmakers and state regulators pass the legislation which is= =20 expected to be heard on the Senate floor Thursday and allow it to be=20 implemented by Public Utilities Commission next week.=20 Lu whose company is half-owned by BP Amoco PLC (BP) and is owed $100 milli= on=20 by SoCal Ed said the proposals by the PUC and the Legislature will only= =20 make things worse.=20 David Fogarty spokesman for Western States Petroleum Association whose=20 members supply California with more than 2000 MW said the utilities need = to=20 pay the QFs more than $1 billion for electricity that was already produced.= =20 =20 State Loses 3000 MW QF Output Due Of Financial Reasons=20 =20 The QFs represent about one-third or 9700 MW of the state's total power= =20 supply. Roughly 5400 MW are produced by natural gas-fired facilities. The= =20 rest is generated by wind solar power and biomass.=20 About 3000 MW of gas-fired and renewable QF generation is offline in=20 California because the power plant owners haven't been paid hundreds of=20 millions of dollars from cash-strapped utilities SoCal Ed and PG&E for near= ly=20 four months.=20 Several small power plant owners owed money by SoCal Ed have threatened to= =20 drag the utility into involuntary bankruptcy if the utility continues to=20 default on payments and fails to agree to supply contracts at higher rates.= =20 The defaults have left many of the renewable and gas-fired QFs unable to=20 operate their power plants because they can't afford to pay for the natural= =20 gas to run their units. Others continue to produce electricity under their= =20 contracts with the state's utilities but aren't being paid even on a forwar= d=20 basis.=20 The California Independent System Operator keeper of the state's electrici= ty=20 grid said the loss of the QF generation was the primary reason rolling=20 blackouts swept through the state Monday and Tuesday.=20 Gov. Gray Davis recognizing the potential disaster if additional QFs took= =20 their units offline held marathon meetings with key lawmakers Monday and= =20 Tuesday to try and hammer out an agreement that would get the QFs paid on a= =20 forward basis and set rates of $79/MWh and $69/MWh for five and 10 year=20 contracts. He also said he would direct the PUC to order the utilities to p= ay=20 the QFs for power they sell going forward.=20 After next week the QF problem will be behind us Davis said Tuesday. We= =20 want to get the QFs paid...the QFs are dropping like flies...and when that= =20 happens the lights go out.=20 But this just makes the problem worse said Assemblyman Dean Florez=20 D-Shafter a member of the Assembly energy committee.=20 I don't know how we are going to keep the lights on Florez said in an=20 interview. Many of these congenerators are in my district. They said if th= e=20 legislation doesn't change they are going offline. This compounds the issue= =20 of rolling blackouts especially now when we need every megawatt.=20 Davis who didn't meet with people representing the QFs said he was handin= g=20 the QF issue to the PUC because lawmakers failed to pass legislation that= =20 would have set a five-year price for natural gas and allow the QFs to sign= =20 individual contracts with the utilities. In addition SOCal Ed opposed the= =20 legislation saying the rates should be below $50/MWh.=20 Some renewable power producers said they aren't vehemently opposed to the n= ew=20 rate structure because it guarantees them a higher rate than what was=20 originally proposed.=20 =20 QFs Want Third Party Supply Contracts=20 =20 John Wood who represents the SoCal Ed Gas Fired Creditors Committee one o= f=20 a handful of groups that have formed since January to explore options on=20 getting paid by the utilities said his group of gas-fired QF creditors wan= t=20 to be released from their supply contracts and sell to third parties.=20 Under our plan we would be permitted to sell electricity to third parties= =20 (including the state Department of Water Resources) until a resolution to t= he=20 crisis can be accomplished wood said.=20 Hal Dittmer president of Sacramento-based Wellhead Electric in Sacramento= =20 which is owed $8 million by PG&E has 85 MW of gas-fired generation units= =20 offline.=20 Under the state's plan Dittmer said he risks going out of business.=20 I can't buy natural gas for what I would be paid under this decision he= =20 said. The state needs to quit kidding themselves that they don't need to= =20 raise electricity rates. All of this is being driven by an artificial=20 construct that California can avoid raising rates.=20 =20 -By Jason Leopold Dow Jones Newswires 323-658-3874=20 jason.leopold@dowjones.com=20
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Subject:: Re: Ken Lay Statement to Employees on Bush CO2 Policy
Body:: The revised statement looks good to me. Catherine McKalip-Thompson@ENRON COMMUNICATIONS 03/23/2001 12:30 PM To: Rob Bradley/Corp/Enron@Enron Jeffrey Keeler/Corp/Enron@ENRON cc: Ann M Schmidt/Corp/Enron@Enron Lauren Iannarone/NY/ECT@ECT@ENRON Michael Terraso/OTS/Enron@Enron Steven J Kean/NA/Enron@Enron Subject: Re: Ken Lay Statement to Employees on Bush CO2 Policy Rob After reviewing both Lauren's and Jeff's comments I have little to add. I would however replace the last part of Jeff's sentence in the first paragraph with and there is a need to take a comprehensive look at strategies for reducing CO2 emissions more broadly in ways that make economic and environmental sense to avoid mentioning the Kyoto Protocol directly. And I'd like to reiterate Lauren's suggestion that the article should direct employees to our climate change policy statement in last year's EHS Report and that Lay encourages them to research and reflect on the issue and communicate their thoughts. Thanks Catherine Catherine McKalip-Thompson Manager Environmental Responsibility Enron Corp. 101 California Street Suite 1950 San Francisco CA 94111 Tel: 415.782.7842 Fax: 415.782.7854 Jeffrey Keeler@ENRON 03/23/01 08:35 AM To: Rob Bradley/Corp/Enron@ENRON cc: Ann M Schmidt/Corp/Enron@Enron Lauren Iannarone/NY/ECT@ECT Michael Terraso/OTS/Enron@Enron Steven J Kean/NA/Enron@Enron Catherine McKalip-Thompson/Enron Communications@Enron Communications Subject: Re: Ken Lay Statement to Employees on Bush CO2 Policy Rob: Here are my edits below in bold. Sorry to re-write so much -- but I believe this is consistent with Steve's conversation with Ken and with the media interviews he has given to date as well as our advocacy on multipollutant and climate change. Jeff Jeffrey Keeler Director Environmental Strategies Enron Washington DC office - (202) 466-9157 Cell Phone (203) 464-1541 Rob Bradley 03/23/2001 10:14 AM To: Jeffrey Keeler/Corp/Enron cc: Michael Terraso/OTS/Enron@ENRON Steven J Kean/NA/Enron@Enron Lauren Iannarone/NY/ECT@ECT Ann M Schmidt/Corp/Enron@ENRON Subject: Ken Lay Statement to Employees on Bush CO2 Policy (KEELER EDITS) Here is my draft for Ken in response to Ann's eBiz request. Comments welcome The President after a good deal of study and soul searching decided not to support mandatory controls on carbon dioxide (CO2) emissions from power plants as part of a multipollutant clean air strategy. His decision was based on some very important factors -- the nation's energy markets are experiencing unprecedented supply and price challenges that any CO2 mandate could exacerbate and U.S. regulation of CO2 in the near-term could be ill-advised because the Kyoto protocol on global treatment of greenhouse gas emissions is unworkable in its current form. I was somewhat concerned that the message sent by the Bush administration would polarize the debate over how the U.S. should treat CO2 emissions in the long term as his statement did provoke a very negative anti-environment reaction by many concerned individuals and organizations. Because this is an important issue to all parties on all sides of the debate I believe that the administration should convene an ongoing process to carefully examine global climate change and all the long-term economic scientific and social impacts of action regulate CO2 emissions. The President's position on CO2 notwithstanding Enron continue to be a private sector leader in offering real solutions towards reducing greenhouse gas emissions in a rapidly expanding energy market. We are well-positioned through our experience with low-carbon fuels for electric generation (natural gas and wind in particular) our focus on new power generation and tecnologies our leadership position in promoting efficiency through Enron Energy Services' energy outsourcing business and our expertise in emissions trading and risk management. A multipollutant appraoch to reducing power plant emissions makes a lot of sense from and environmental and energy policy standpoint. Enron will continue to work with the Bush administration and Congress toward structuring a program that can achieve environmental goals while providing incentives to build cleaner more efficient generation promoting a broad mix of fuels and tecnologies and giving industry the flexibility and economic incentives to make reductions in a market-based cost-effective way. If we're able to make meaningful reductions in 3 pollutants -- NOx SO2 and mercury -- and we do it in a way that promotes efficiency and new technology we'll make progress on CO2 whether it is regulated or not. In the meantime I will remain active in the global climate change debate to position Enron as a constructive player in the public policy arena and as an industry leader in promoting market-driven solutions to the world's energy and environmental problems.
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Subject:: California Power Crisis Update (No. 10)
Body:: We have been pulling together these weekly(sometimes more often) summaries for internal purposes. Would you find it helpful to be on the distribution list? Hope you are doing well. Look forward to touching base soon.
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Subject:: Rick, Malcolm, Mark, Lyndon meet with Steve, Dan to call in after
his radio interview.
Body:: General Staff Meeting
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Subject:: RE: California Refund Proceeding--Got some exhibits to
prepare--Confidential Atty Client Work Product
Body:: I think the best person to provide the affidavits for the PX Credit receivable is Wanda Curry (if we want to make this claim inside of the FERC proceeding - still an open question). Jim
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Subject:: IEP News 5/29
Body:: Today's IEP news ... Los Angeles Times May 27 2001 Sunday Home Edition Page 7 615 words ????The State ?Who Let the Hot Dogs Out? Rhapsodic Lawmakers Legislature: ????Speaking frankly officials have used the wiener as an easily digestible ????metaphor for the state's energy crisis. JULIE TAMAKI MIGUEL BUSTILLO ????TIMES STAFF WRITERS SACRAMENTO (Quotes Smutny on behalf of IEP) The San Francisco Chronicle MAY 26 2001 SATURDAY FINAL EDITION NEWS ????Pg. A1 835 words Davis asks U.S. to limit firms' prices ???RATE SWINGS: ????Governor argues 2 generators manipulated market Lynda Gledhill Sacramento (Quotes ??????? ???Smutny on ?behalf of IEP) The Wall Street Journal Power Drain: The U.S. Energy Crisis California Officials Say State Will ?? ???Enter A Recession Without Energy Price Caps By JOHN R. EMSHWILLER Staff Reporter of THE ?? ???WALL STREET JOURNAL AP Online May 29 2001 Tuesday 9:11 AM Eastern Time Domestic ????non-Washington general news item 770 words AP Top News at 9:10 a.m. EDT ????Tuesday May 29 2001 JEROME MINERVA The Dallas Morning News May 29 2001 Tuesday DOMESTIC NEWS K7523 1046 ????words Bush begins visit in hostile California By G. Robert Hillman Los Angeles Times May 29 2001 Tuesday Home Edition Page 1 1178 words ????Governor to Stress Price Caps to Bush Power: In a meeting today with the ????president Davis will present a letter from economists backing cost controls ????and demand federal assistance. DAN MORAIN JAMES GERSTENZANG TIMES STAFF ????WRITERS Los Angeles Times May 29 2001 Tuesday Home Edition Page 1 1541 words ????THE ENERGY CRISIS Kern County Basks in Role as State's Blackout-Buster ????Electricity: Six new plants will bolster its status as energy center. ????MITCHELL LANDSBERG TIMES STAFF WRITER McKITTRICK Calif. The New York Times May 29 2001 Tuesday Late Edition - Final Section A ????Page 12 Column 1 National Desk 1078 words For Crucial California Trip ????Bush Calibrates How Best to Handle State's Energy Crisis By DAVID E. SANGER ???? LOS ANGELES May 28 The Orange County Register May 29 2001 Tuesday DOMESTIC NEWS K7500 ????825 words California's power crisis generating lots of heat By John Howard The San Francisco Chronicle MAY 29 2001 TUESDAY FINAL EDITION NEWS ????Pg. A1 1291 words Crisis no sweat to some offices ???Many offices keep ????cool in crisis ???Air conditioners blast in state's energy centers Steve ????Rubenstein The San Francisco Chronicle MAY 29 2001 TUESDAY FINAL EDITION NEWS ????Pg. A1 1238 words Bush facing Davis' heat over energy ???In first visit ????to state as president he'll hear governor's plea for help Carla Marinucci ????Lynda Gledhill USA TODAY May 29 2001 Tuesday FIRST EDITION NEWS Pg. 3A 426 words ????Davis to urge Bush to back electricity price cap Laurence McQuillan LOS ????ANGELES The Washington Post May 29 2001 Tuesday Final Edition A SECTION Pg. ????A02 639 words Energy Chief Moves To Aid California Transmission Plan ????Precedes Bush Visit Mike Allen Washington Post Staff Writer LOS ANGELES ????May 28 The Washington Post May 29 2001 Tuesday Final Edition A SECTION Pg. ????A03 1936 words It's Still Dawn for Solar Power in L.A. Despite City ????Subsidies Homeowners Hesitate to Install Expensive Alternative Energy ????Source William Booth Washington Post Staff Writer LOS ANGELES The Washington Times May 29 2001 Tuesday Final Edition PART A NATION ????INSIDE POLITICS Pg. A6 1264 words Greg Pierce THE WASHINGTON TIMES The Washington Times May 29 2001 Tuesday Final Edition PART A NATION ????Pg. A4 809 words Bush faces tough sell on visit to California ?Davis ????likely to be rebuffed on price caps Joseph Curl THE WASHINGTON TIMES LOS ????ANGELES Chicago Tribune May 29 2001 Tuesday NORTH SPORTS FINAL EDITION News ????Pg. 6 ZONE: N 514 words Bush backs WW II project From Tribune news ????services. LOS ANGELES The Associated Press May 29 2001 Tuesday BC cycle 7:55 AM Eastern Time ???? Domestic News 604 words Bush announcing low-income aid but no price ????caps By SCOTT LINDLAW Associated Press Writer LOS ANGELES The Associated Press State & Local Wire May 29 2001 Tuesday BC cycle ????7:31 AM Eastern Time State and Regional 594 words Stakes are high for ????Davis meeting with Bush By GARY GENTILE AP Business Writer LOS ANGELES ABC NEWS WORLD NEWS NOW (2:00 AM ET) May 28 2001 Monday 447 words ????PRESIDENT BUSH VISITS CALIFORNIA WHERE POLITICIANS ARE CRITICAL OF HIS LACK ????OF ACTION FOR THEIR ENERGY CRISIS DEREK McGINTY JOSH GERSTEIN Los Angeles Times May 27 2001 Sunday ?Home Edition SECTION: California Part 2 Page 7 Metro Desk LENGTH: 615 words HEADLINE: The State Who Let the Hot Dogs Out? Rhapsodic Lawmakers Legislature: Speaking frankly officials have used the wiener as an easily digestible metaphor for the state's energy crisis. BYLINE: JULIE TAMAKI MIGUEL BUSTILLO TIMES STAFF WRITERS DATELINE: SACRAMENTO BODY: ??Every crisis has its symbol. ??Watergate had Deep Throat. The S&L scandal had Charles Keating. O.J. did--or didn't--have a bloody glove. ??Here in the Capitol the hot dog has become an unlikely metaphor for the state's energy crisis. ??In packed news conferences and heated Assembly floor debates lawmakers from both parties have evoked images of the ordinary dog to help explain an extraordinary mess. ??The genesis of this statehouse trend is difficult to determine. Assemblyman Fred Keeley appears to be the first to have tossed the hot dog into the political fire. ??During a crucial Assembly discussion in January the Boulder Creek Democrat recited the lyrics to a familiar Oscar Mayer jingle as a way of admitting that a controversial bill to have the state buy electricity to avoid blackouts was unpalatable but necessary. ??It's the dog kids love to bite said Keeley of the jingle. Well this is the bill people love to hate. ??A bizarre partisan hot dog duel ensued. Assemblyman John Campbell (R-Irvine) responded by likening the unpredictable financial consequences of the Keeley legislation to biting recklessly into mystery meat. ??Before I bite into it I see what's on the outside but I can't see the inside Campbell said. If nobody can tell me what's on the inside it may be bitter it may be bad it may make me sick. ??Assemblywoman Carole Migden (D-San Francisco) angrily fired back wanting to know why Campbell a professed hot dog eater was suddenly so critical of its unknown contents. ??It's OK to eat a hot dog that's full of animal bones and hair Migden said. That's a hot dog that's OK with you but this kind of hot dog isn't. ??Yet it was Senate leader John Burton who made it the key ingredient in a Capitol catch phrase. ??Burton described a plan to purchase the electrical power grid from the state's private utilities as a fair swap saying: I give you a dollar you give me a hot dog. ??The sound-bite quickly took on a life of its own. With the cost of the energy crisis growing faster than the price of ballpark franks critics doubted the public's appetite for a multibillion-dollar hot dog. ??Do you really want a hot dog? That is the question said Jan Smutny-Jones executive director of the Independent Energy Producers a trade group for power generators. ??Not content to let a dog lie in its bun lawmakers such as Assemblyman Bill Leonard (R-San Bernardino) kept the hot dog in public discourse. ??When Pacific Gas & Electric Co. filed for bankruptcy protection Leonard was one of a chorus of legislators who questioned the merits of purchasing the remaining portion of the power lines calling it not even half a hot dog. ??Added Assemblyman Bill Campbell (R-Villa Park): It's like paying Mercedes prices for a broken down hot dog cart. ??In recent weeks the hot dog rhetoric appeared to have gone cold. Then Assemblyman Juan Vargas (D-San Diego) revived it. ??After enduring hours of testimony on details of the deal to purchase Edison's power lines Vargas said his opinion of the dollar-equals-hot-dog deal had diminished. ??They're trying to charge us for a hot dog Vargas said of the utility but it looks like we're only going to be getting a wienie. ??Reliant Vice President John Stout also recently weighed in with his own hot dog analogy as he tried to explain why his company's income had jumped so much during the crisis. ??If you have a hot dog stand and you go out and buy five to six more hot dog stands Stout said referring to his company's purchase of power plants then naturally you would expect the operating income to go up. ??Alas the dog days of summer have yet to begin. LOAD-DATE: May 27 2001 of 4 DOCUMENTS ?????????????????Copyright 2001 The Chronicle Publishing Co. ?????????????????????????The San Francisco Chronicle ????????????????????MAY 26 2001 SATURDAY FINAL EDITION SECTION: NEWS Pg. A1 LENGTH: 835 words HEADLINE: Davis asks U.S. to limit firms' prices RATE SWINGS: Governor argues 2 generators manipulated market SOURCE: Chronicle Sacramento Bureau BYLINE: Lynda Gledhill DATELINE: Sacramento BODY: Gov. Gray Davis pursued a new strategy yesterday to control wholesale electricity costs by demanding that federal regulators ban two generators from selling power in California at market rates arguing that they have manipulated the market to their advantage. ???Meanwhile the Davis administration lambasted a federal plan to implement temporary price controls scheduled to go into effect Tuesday. State officials said the measures would do nothing to tame California's out-of-control costs for electricity. ???Davis whose calls for broader price limits on wholesale electricity have been rejected repeatedly by the Federal Energy Regulatory Commission is scheduled to meet with President Bush next week to ask Washington to do more to help California. ???Federal regulators said that prices were 'unjust and unreasonable' nearly nine months ago but they have been AWOL ever since Davis said in a statement. ???The California Independent System Operator managers of the state's electrical grid asked energy regulators yesterday to revoke the authority they have given Williams Energy and AES Inc. to sell power at market-based rates. Instead the Davis administration wants the companies to be forced to sell at cost-plus rates which would ensure a reasonable but limited profit. ???Market-based rate authority is not an entitlement the ISO said in a filing with federal regulators. ???The ISO asked regulators to act by June 15 saying that any delay places California consumers and the state's economy at extreme peril. ???Similar filings against other companies such as Mirant Duke and Reliant are being considered said Charles Robinson general counsel for the ISO. ???Robinson said the ISO has a well developed record of price manipulation by the two companies. He said information previously given to federal regulators proved the prices charged to California were excessive. ???'GRANDSTANDING' ACCUSATION ???Aaron Thomas a spokesman for Virginia-based AES said the administration is grandstanding. ???This is akin to the rhetoric the governor has used for the past several months he said. We are well below the index FERC uses to establish concerns about market power. ???As to this rhetoric about these companies abusing the marketplace -- check the facts. We lost money last year Thomas said. ???A spokeswoman for Williams said the company would not comment because it had not seen the filing. ???Earlier this month Oklahoma-based Williams agreed to pay $8 million to settle charges with FERC that the company was purposely withholding electricity from California's power market. The company admitted no wrongdoing and officials said a full hearing would have cleared the company. ???If the regulatory commission denies the state's requests or doesn't act in the time frame we believe is necessary to prevent harm the state can appeal to a circuit court Robinson said. ???BUSH VISIT POSTURING CHARGE ???Jan Smutny-Jones head of the Independent Energy Producers Association said the move is posturing by Davis ahead of Bush's visit. ???This is an interesting welcome mat for President Bush he said. Do we want a dialogue or a diatribe? ???In advance of Bush's visit Vice President Dick Cheney said yesterday that nothing more can be done to help solve California's power problems this summer. ???He also rejected price controls saying that previous efforts have contributed to a supply shortage. ???A spokesman for Davis rejected that notion and denied that the timing of yesterday's announcements were connected to the Bush-Davis meeting. ???Davis aides expressed hope that Bush's two new FERC commissioners Pat Wood III a close Bush ally expected to take over the chairmanship of the board and Nora Mead Brownell a state utility regulator in Pennsylvania would hear California's pleas. The two new commissioners were confirmed yesterday by the U.S. Senate. ???Among the things Davis wants changed is the regulatory commission temporary price relief plan scheduled to take effect Tuesday. ???The regulators would limit wholesale prices during power alerts in California when reserves drop below 7 percent of available capacity. ???Many state officials believe that doesn't go far enough. The state Assembly in documents to be filed Tuesday said price controls should cover all hours -- not just power emergencies. ???And there is a chance the controls will be in effect for just a few days. Under the regulatory commission plan the state and the three investor-owned utilities must file a proposal to join a regional transmission organization by June 1. If they do not to do so the price controls disappear. ???Davis administration officials expect to file another response dealing with the regional transmission organization by Friday Robinson said. The Assembly filing rejects joining such an organization which federal officials favor as a means to better manage and improve grid capacity in the West. E-mail Lynda Gledhill at lgledhill@sfchronicle.com. GRAPHIC: PHOTO Vice President Dick Cheney said nothing more can be done to help solve California's power problems. / New York Times LOAD-DATE: May 26 2001 May 29 2001 Power Drain: The U.S. Energy Crisis California Officials Say State Will Enter A Recession Without Energy Price Caps By JOHN R. EMSHWILLER Staff Reporter of THE WALL STREET JOURNAL On the eve of a meeting Tuesday between President George Bush and California Gov. Gray Davis top advisers to the governor said the state could be pushed into recession unless the federal government imposes temporary price caps to contain soaring wholesale electricity costs. President Bush has consistently opposed price caps. The governor's team called a Memorial Day news conference to highlight what they saw as the dangers to the economy of the state and possibly the nation from the tens of billions of dollars being spent this year to purchase electricity. The governor's aides estimated that statewide wholesale electricity purchases this year could hit $50 billion compared with about $7 billion in 1999. Some estimates for this year's power expenditures are even higher. If California were a separate nation an energy shock of that magnitude would be expected to cause a significant recession said Alan Blinder a former vice chairman of the Federal Reserve at the conference. While being part of a broader national economy could somewhat mitigate the impact the higher power costs are a recipe for stagflation in California added Mr. Blinder. Stagflation refers to stagnant economic conditions and inflation -- a condition that struck the nation when energy prices soared in the 1970s. Though the advisers painted perhaps the dreariest outlook yet to come from the governor's office they said that the Davis plan for financing the state's electricity purchases remains intact. As reported the state plans to sell about $12.5 billion in bonds later this year. The state has been purchasing electricity since January when its failed utility-deregulation plan left California's two biggest utilities financially unable to continue buying power. If price caps were instituted the state might have to borrow less money than anticipated or at least face a decreased danger of having to borrow more if the power situation gets worse said Joseph Fichera chief executive of New York-based Saber Partners LLC and an adviser to Mr. Davis. The governor plans to press his case for price caps over the next six to 18 months as supplies are increased with new power plants due to come into operation the advisers said. However Mr. Bush and other federal officials have repeatedly said that they believe price caps would be counterproductive and discourage the building of new power plants. Write to John R. Emshwiller at john.emshwiller@wsj.com1 Copyright 2001 Associated Press AP Online ?????????????????May 29 2001 Tuesday 9:11 AM Eastern Time SECTION: Domestic non-Washington general news item LENGTH: 770 words HEADLINE: ?AP Top News at 9:10 a.m. EDT Tuesday May 29 2001 BYLINE: JEROME MINERVA BODY: ??NATO Won't Back U.S. Missile Plan ??BUDAPEST Hungary (AP) ??NATO's top policy-making body stopped short of endorsing the Bush administration's plan for a national missile defense today preparing to offer only to ''continue substantive consultations'' with Washington. The North Atlantic Council does not portray the possibility of missile attack as a common threat faced by allies as the Bush administration had hoped it said in a statement. Secretary of State Colin Powell had hoped to persuade skeptical NATO allies to be more supportive of U.S. missile defense plans. ??Pakistan Accepts India Offer to Talk ??ISLAMABAD Pakistan (AP) ??Pakistani military ruler Gen. Pervez Musharraf today accepted India's offer to hold peace talks on the disputed Kashmir region and other issues. ''I accept your invitation ... to visit India with great pleasure'' Musharraf said in a letter to Indian Prime Minister Atal Bihari Vajpayee. ''We wish to see a stable prosperous India at peace with its neighbors.'' Musharraf's letter came four days after Vajpayee broke a two-year lull in high-level talks between the two rival nuclear powers by inviting the Pakistani leader to India. ??Consumers' Spending Incomes Rise ??WASHINGTON (AP) ??Consumers spent on services in April but cut back on cars and other big-ticket items. Incomes also rose. The Commerce Department reported today that consumer spending rose by 0.4 percent in April following a 0.2 percent increase the month before. April's rise marked the biggest increase since January. Consumer spending accounts for two-thirds of all economic activity and has been a main pillar propping up the country's fragile economy. Personal incomes rose 0.3 percent. ??Bush Won't Cap Electricity Prices ??LOS ANGELES (AP) ??President Bush says he won't force down soaring electricity prices that have cost California nearly $8 billion since January. The Republican president and embattled Democratic Gov. Gray Davis arranged a meeting today to talk about the state's energy crisis but there was no indication they would break their stalemate. Bush opposes price limits on wholesale electricity that utilities buy arguing they do nothing to address supply-and-demand issues at the heart of the crisis. ??Tornado Injures 18 in Colorado ??ELLICOTT Colo. (AP) ??Dozens of residents of a sparsely populated town in southern Colorado spent the night in a church after a tornado crushed trailer homes sprayed hail and injured 18 people. ''We just hit the floor in the living room and covered the kids and the tornado hit'' said Trish Davidson whose mobile home was lifted into the air and dropped 10 feet from its foundation. Davidson and about 30 other people spent last night in the basement of a church. Power was out to the church and much of the surrounding area. ??Israeli Motorist Killed ??JERUSALEM (AP) ??An Israeli motorist was killed in a West Bank drive-by shooting today as Israeli and Palestinian officials after two rounds of U.S. mediation spoke of resuming security talks aimed at reducing the violence. The motorist died of head wounds shortly after he was shot on by Palestinian gunmen from a passing car near the West Bank city of Nablus the army said. Two Israeli settlers were shot and injured one seriously in another West Bank ambush last night. ??Record-Breaking DJ Still on Air ??JERSEY CITY N.J. (AP) ??Now you can't get disc jockey Glenn Jones off the air. As of 6:30 a.m. EDT today the DJ had been talking for about 93 hours easily shattering the record for the longest continuous radio broadcast. And he was still talking. ''It's been a test of wills a test of determination'' Jones said. ''The first day was the hardest but we're still going strong.'' Jones said he wanted to remain on the air until he hit the 100-hour mark which would be about 1 p.m. EDT and would then decide whether to continue. ??Nikkei Adds 36 Points ??TOKYO (AP) ??Tokyo stocks rose moderately today in light trading following holidays in the United States and Britain. The Nikkei Stock Average gained 36.12 points to close at 13773.89. ??Agassi Capriati Open With Wins ??PARIS (AP) ??Andre Agassi and Jennifer Capriati began their bids for a second consecutive Grand Slam title winning in straight sets today on the second day of the French Open. Agassi who won the French Open in 1999 beat Sweden's Thomas Johansson 6-2 6-3 7-6 (5). Capriati seeded fourth overcame seven double faults in defeating France's Emilie Loit 6-2 7-5. Both Agassi and Capriati won Australian Open titles earlier this year. LOAD-DATE: May 29 2001 of 98 DOCUMENTS ??????????????Copyright 2001 Knight Ridder/Tribune News Service ???????????????????????Knight Ridder/Tribune News Service Dallas Morning News 29 2001 Tuesday SECTION: DOMESTIC NEWS KR-ACC-NO: ?K7523 LENGTH: 1046 words HEADLINE: Bush begins visit in hostile California BYLINE: By G. Robert Hillman BODY: ??LOS ANGELES _ President Bush landed in hostile territory Monday night beginning his first presidential visit to California amid a pressing energy crisis that he says he cannot ease in the short term. ??We welcome him to California said California Gov. Gray Davis a Democrat who has waged a long-distance war with the Republican president over the high cost and short supply of electricity in the nation's most populous state. ??I hope he has an opportunity to talk firsthand to some of the people who are adversely impacted by the very high rates we're paying for electricity. ??But the president's carefully scrubbed schedule for the next two days provides little time for such an opportunity although he will confer privately with business leaders to discuss high-tech solutions to the state's energy problems. ??Arriving on a cross-country flight that touched down in Arizona for a Memorial Day tribute Bush headed off to prepare for an early-morning stop Tuesday to promote energy conservation at the Marine Corps' Camp Pendleton and a luncheon address to the Los Angeles World Affairs Council. ??On Wednesday he'll visit Sequoia National Park near Fresno Calif. to launch a new drive to clean up and fix up national parks. ??He'll also meet privately Tuesday afternoon with Davis in what the Los Angeles Times characterized as a peace summit. But no major shifts in policy are expected. White House aides suggest that the meeting will be a success if the governor even temporarily tempers his sometimes-harsh words for the administration. ??The president's focus is going to be on solving problems. He's not interested in finger-pointing White House press secretary Ari Fleischer said. ??Whether people agree or disagree with the specifics of his energy plan I think most Americans and most Californians are very pleased to see a president who is leading and taking action in addressing the issue head on. ??However recent public opinion polls show the president and the governor taking hits for the energy crisis in California. ??The Field Poll finished a week ago found that 54 percent of those surveyed believed Bush had handled the energy problems poorly with Davis faring somewhat better at 38 percent. The margin of error for the 1015 California interviews was 3.2 percentage points. ??An earlier survey by the Public Policy Institute of California found Davis' job approval rating plummeting from 63 percent in January to 46 percent in May as the state's energy troubles escalated. Bush's overall approval rating was higher at 57 percent but still just as many of those surveyed gave him low marks for his handling of energy issues. That margin of error for 2001 interviews was 2 percentage points. ??In short political analyst Sherry Bebitch Jeffe said Bush's visit to the state _ in his 19th week as president after already visiting more than half the other states _ is long overdue. ??His not responding or not being perceived to respond to the short-term needs of California has allowed Davis' arguments to resonate _ that the federal government is uncaring is insensitive Jeffe said. ??In his national energy policy unveiled nearly two weeks ago Bush offered a series of mostly long-term recommendations to conserve energy find more of it and substantially upgrade and expand the nation's oil refineries and transmission systems for natural gas and electricity. ??Davis complaining that Texas energy companies in particular are gouging Californians has urged Bush to embrace price controls for wholesale electricity but the president has steadfastly refused. Vice President Dick Cheney who oversaw development of the White House energy policy emphasized as recently as Friday that there's no quick fix on the way for California. ??Long term the answer is to build more power plants and that's exactly what they're doing Cheney told the U.S. Chamber of Commerce. But they're not going to have enough new capacity online this summer to avoid blackouts. ??So the energy woes continue to fester in California. It's not just electricity and rolling blackouts. Gasoline prices of $2-and-more-a-gallon have become commonplace as well. ??The gas bothers me more than the electric said Tait Kmentt who runs a legal process serving business in Irvine Calif. Gas prices are killing me. ??At $2.25-a-gallon for premium gasoline he says it costs him more than $40 to fill up his new Mercedes _ with no relief in sight. ??A newcomer to the state Kmentt voted for Bush last fall and said he's glad the president is finally visiting California. But Kmentt cautioned This will be a big test to see how concerned he is. ??Kmentt said he understands the state's energy troubles are a huge problem that can't be fixed overnight and right now he's blaming the power companies for the high price of electricity. ??I just think the public is being lied to he said. ??Still this is not good news for Bush who has been increasingly portrayed by Democrats as a Texas oilman still beholden to the industry. California which he lost last fall to Al Gore by 12 percentage points has become increasingly a political headache. ??Where his predecessor Bill Clinton seemed politically and personally comfortable Bush is not suggests Jeffe a senior scholar in the School of Policy Planning and Development at the University of Southern California. ??An ego cannot be buoyed by losing the state by 12 points she said. We are the state that was responsible for giving Al Gore his popular vote victory. ??With the Senate now headed for Democratic control Jeffe said Bush's visit to California _ and others that will surely follow _ are essential to help Republicans hold their base in the House. ??If the energy crisis persists in California further punishing its economy the ripple effects will certainly spread she said. ??George Bush remembers the influence of the economy on the career of an incumbent president Jeffe said pointing to Bush's father who was defeated by Clinton during an economic slump in 1992. ??It took a while she said but people are beginning to get angry. ??(c) 2001 The Dallas Morning News. ??Visit The Dallas Morning News on the World Wide Web at http://www.dallasnews.com/ JOURNAL-CODE: DA LOAD-DATE: May 29 2001 of 98 DOCUMENTS 2001 / Los Angeles Times Angeles Times ??????????????????????May 29 2001 Tuesday ?Home Edition SECTION: California Part 2 Page 1 Metro Desk LENGTH: 1178 words HEADLINE: Governor to Stress Price Caps to Bush Power: In a meeting today with the president Davis will present a letter from economists backing cost controls and demand federal assistance. BYLINE: DAN MORAIN JAMES GERSTENZANG TIMES STAFF WRITERS BODY: ??Gov. Gray Davis will present a letter to President Bush today from top economists advocating wholesale electricity price controls warning Monday that a failure by Bush to help California solve its energy crisis could signal to other regions that he may ignore their pleas. ??Bush making his first trip to California has set aside 20 minutes this afternoon to meet with Davis in Century City. In an interview with The Times the Democratic governor vowed to repeat his request that the federal government move to cap wholesale power prices. Failure to act swiftly threatens the state and national economy Davis said. ??I want him to understand Davis said that if California has to pay 700 times more for electricity in 2001 than it did just two years ago it could well drag our economy into a recession and could conceivably trigger a national recession. That is not good for anyone. ??In the letter 10 economists including Cornell professor emeritus Alfred Kahn a major proponent of airline deregulation told of their deep concern about the failure of the Federal Energy Regulatory Commission to stabilize wholesale electricity prices in California. The economists faxed the letter to the White House on Friday afternoon and provided the governor with a copy to present to Bush today. ??FERC's failure to act now will have dire consequences for the state of California and will set back potentially fatally the diffusion of competitive electricity markets across the country the economists led by Frank Wolak of Stanford University wrote. Moreover this negative experience with electricity restructuring could delay or reverse current efforts to introduce competition into other formerly regulated industries. ??Davis called the letter very significant validation of what we've been saying: The marketplace is not working and FERC has an obligation to act. ??We're not pleading for relief we're entitled to it Davis said. ??Bush and Vice President Dick Cheney repeatedly have said such controls never work. In California caps might worsen the situation by limiting supply they have argued resulting in more blackouts this summer when demand for electricity is highest. ??The Bush-Davis meeting has had all the buildup of the political equivalent of a title fight: On one side the Democratic governor of the nation's most populous state which Bush lost by more than 1 million votes in November. On the other the new president coming off a roller coaster week of political defeat (the shift in control of the Senate) and victory (passage of his tax-cut plan) whose work in the Texas oil industry gives him a special history in the topic at hand. ??From afar Davis has battled the Bush administration's energy policy. But said Dan Bartlett one of the president's chief communications advisors The president has some interesting views on this topic as well with some experience himself. ??Bush's Energy secretary Spencer Abraham took steps Monday to increase electricity transmission capacity in California. He ordered the Western Area Power Administration a division of the Energy Department that is responsible for marketing electricity from federal water projects in 15 Western states to finish its planning for extra transmission capacity. ??At issue is so-called Path 15 an 84-mile stretch of power lines with insufficient capacity to carry the necessary load between Southern California and the northern part of the state especially during peak hours. The central question is whether financing is available for a new transmission line. ??Davis lauded the action but said the president needs to do more. ??If I have any advice to him of a political nature it is take a chapter out of President Clinton's book. ?? [Clinton] was very attentive to California and as a result did better in 1996 than he did in '92. People felt he was here for us when we needed help. We need help. ??Davis said that on a recent trip to Chicago officials there worried that if Bush won't offer California some relief he may not offer us relief in a catastrophe. ??Among the facts and figures Davis intends to show the president is a chart showing that California paid $1.2 billion for electricity in the first quarter of 1999 $1.8 billion for the same period last year and as much as $10.3 billion for electricity in the first three months of this year--at a time when conservation efforts had been taking hold and demand was down. ??I hope the president will be as stunned as I am said Davis who is watching as the state spends more than $55 million a day to buy electricity that private utilities can no longer afford. ??Davis said that though he is trying to speed construction of power plants encourage conservation and return the private utilities to financial stability the federal government has control over wholesale power prices. ??Therein lies the final piece of this puzzle Davis said. If it falls into place we're on the way to putting this issue behind us. If it doesn't fall into place it could create real economic havoc here and across the country. ??Davis said that if Bush refuses to impose price controls he should find some way to help us consistent with his own belief. ??Turning a deaf ear not only won't be well received here Davis said. It likely won't be received well elsewhere. ??The state's energy crisis has posed a ticklish dilemma for Bush's busy travel schedulers: Had he visited earlier it would have been awkward not to focus on energy issues. But until 11 days ago when a task force led by Cheney produced energy proposals there would have been little Bush could say. ??Karen Hughes the president's counselor made it clear that regardless of the pressure Bush will not yield on price caps. ??We want to help. The president is very concerned about the energy situation and blackouts she said. But limiting the wholesale price of energy would only discourage its production Hughes said. ??California is the 30th state Bush has visited since taking office Jan. 20. His staff said the delay had to do not with energy issues but with politics and geography. ??With the administration focused in its first months on winning approval of the tax cut the president's travels were largely dictated by that effort his aides said. ??Besides the president confided recently even with Air Force One at the ready it just takes too long to fly from Washington to California. ??Still Hughes said the president is not ignoring California. Condoleezza Rice the president's national security advisor and a former Californian sits next to Hughes every morning at the daily meeting of the White House senior staff she said. ??What's more the president has many friends in California Hughes said adding: Ernie has a home in California these days. Ernie is the Bush family cat that is living with a friend in Brentwood while the First Family lives in the White House. ??* ??Times Staff Writer Massie Ritsch contributed to this story. LOAD-DATE: May 29 2001 of 98 DOCUMENTS 2001 / Los Angeles Times Angeles Times ??????????????????????May 29 2001 Tuesday ?Home Edition SECTION: Part A Part 1 Page 1 Metro Desk LENGTH: 1541 words HEADLINE: THE ENERGY CRISIS Kern County Basks in Role as State's Blackout-Buster Electricity: Six new plants will bolster its status as energy center. BYLINE: MITCHELL LANDSBERG TIMES STAFF WRITER DATELINE: McKITTRICK Calif. BODY: ??You could think of this as California's own little slice of west Texas. ??Here in the scruffy brown hills of western Kern County oil rigs grow more easily than trees pickups are more common than cars and chicken fried steak is the most popular dish at Mike and Annie's McKittrick Hotel. ??The hotel--which no longer offers lodging just food and drink and plenty of it--is bustling these days with the roustabout energy of a Lone Star construction camp. Just down the road a mammoth electrical power plant is rising out of the sagebrush its generators housed in four boxy buildings the size of airplane hangars. ??It is one of six new major gas-fired power plants expected to be built in Kern County over the next several years an electrical construction boom unmatched anywhere in California. Kern which already has a large surplus of electricity is cementing its place as California's energy capital assuming far more than its share of the burden in recharging the state's drained power supplies. ??Over the next several years the county will add nearly 5000 megawatts of power to the statewide grid. That is more than California now imports on average from out-of-state suppliers. It's enough to supply about five counties the size of Kern which fills the dusty southern rim of the San Joaquin Valley and has a population of 662000. ??In some parts of the state a proposal to build a new power plant is a call to throw up the barricades. In recent months intense community opposition has forced developers to pull back proposals to build major plants in South Gate and San Jose although Gov. Gray Davis has tried to revive plans for the San Jose plant. ??You don't hear a lot of not-in-my-backyard talk in Kern County. ??There should be power plants in everybody's backyard said Paul Gipe chairman of the Kern chapter of the Sierra Club which did not oppose any of the new plants. If people are concerned about having too many power plants they should think twice when they flip on the light switch. ??New natural gas-fired power plants Gipe reasoned are relatively clean and will not add significantly to the county's serious air pollution problems. Ideally he said they will allow the state to close some older dirtier plants that cause considerably more environmental damage. ??If environmentalists don't oppose the plants it's not too much of a leap to guess that some people might be positively thrilled about them. ??Just try for instance asking somebody in Taft an oil center south of McKittrick. It's more money coming into Kern County--that's the way I look at it said Pamela Dunlap who runs a downtown thrift shop. ??An Economy Rooted in the Oil Industry ??She stood in the twilight outside her shop on a street that embodies many of the most attractive attributes of small town Americana--with one small difference. Where some towns might have statues of their founders or war heroes in prominent public places Taft has erected small oil rigs and other pieces of drilling machinery a reminder of its economic roots. ??That Kern County has stepped up as California's blackout-buster is perhaps not surprising. ??To begin with there's geography. Kern stands astride California's major north-south electrical transmission lines at precisely the spot at which they divide between the service areas of Pacific Gas & Electric which serves Northern California and Southern California Edison. That spot can be pinpointed as the Midway substation a vast jungle of humming wires transformers and circuit breakers that lies a short distance west of Interstate 5 in the town of Buttonwillow. ??Already massive new circuit-breakers--they look like Frankenstein helmets sprouting 5-foot-long sparkplugs--are being erected at Midway to handle the power from two major plants that will be revving up in the coming months: PG&E National Energy's La Paloma plant the one near McKittrick and Edison Mission Energy's Sunrise plant just south of Taft. ??The county is served by two major natural gas pipelines which will be tapped to run the plants. In fact Kern contains the state's largest known reservoirs of natural gas. ??Another of Kern's geographic advantages? ??You look around and you'll see there aren't a lot of people living around here observed Stephen Whaley who is overseeing construction of the Sunrise plant. In the surrounding hills an orchard of oil rigs bobbed in the morning haze. Dirt roads cut crudely across the landscape bisecting a crisscross of steam pipes fuel lines and electrical wires. ??This area is all about oil Whaley said. Casting a glance at the modular 560-megawatt plant rising behind him he added with a wry smile You know I guess you could look at this from the road and you could make the argument that it improves the looks. ??The Sunrise plant a relatively simple single-cycle plant is expected to fire up 320 megawatts of its total output by Aug. 1 a scant nine months after construction began. The other plants--more complex and efficient dual-cycle operations--will be opening over the next several years assuming all receive final approval. ??The lack of major opposition to the plants is of course another reason developers see Kern County as a good place to build. The county has long had a more intimate relationship with energy--oil gas electricity--than most places. To people here the link between a natural gas well and a lightbulb or an oil derrick and a gas pedal is neither theoretical nor especially threatening. They're comfortable with energy. ??Kern produces more crude oil than any other county in the United States outside Alaska. Property taxes from oil companies have helped build handsome new schools in Bakersfield the county seat and largest city. The companies' big payrolls have helped populate elegant subdivisions with names that sound vaguely Houstonian: Seven Oaks River Oaks Landmark Estates. ??Which brings us to the Texas connection. ??It's hard to overlook it in a county that runs on oil and cotton and boasts a country music scene to rival Austin's. Conversations in the finer Bakersfield restaurants are filled with references to trips to Texas of colleagues in Midland and Odessa. A Bakersfield radio station was running a contest recently: The winners would be flown to a bull riding championship in Houston. ??Until December 1999 American Airlines offered direct jet service between Bakersfield and Dallas. It stopped after Occidental Petroleum moved its headquarters from Bakersfield to Houston. ??This is a county where President Bush received more support in the November election than he did in Texas his home state. But then Bush already had a Bakersfield connection: He lived there briefly as a child when his father former President George Bush worked in the Kern oil fields. ??You look at the topography around Bakersfield and the county's morals and ethics--that predominantly conservative attitude that we have around here--and you look at the oil and you could be in Midland said John Allen the general manager of Occidental of Elk Hills which is developing a power plant in tandem with Sempra Energy of San Diego. ??A lot of people in Kern County will tell you they don't mind being an energy farm for the state. It's a living after all. ??It's good to be working at home said Joe Ryan a Bakersfield pipe welder who has spent years on the road seeking the heavy construction work that seemed to have vanished in his hometown. Now he's working at the La Paloma plant a 1048-megawatt behemoth that will come online in phases beginning in December. ??About 800 people are at work on the plant and several hundred more will be employed in the coming months. And after that plant is done there will be others to build. ??This is a good job here I tell you what said Ryan 47 who has been banking his overtime on six 10-hour days a week--sometimes more. ??County Sees Itself as 'Part of the Solution' ??But there are some signs of simmering resentment especially among county leadership. After all if every other county produced just half the electricity that Kern generates California wouldn't have an energy crisis. And people in Kern County are getting hit with the same spring-loaded electricity bills the same rolling blackouts as everybody else. ??I think the people of California are either going to be part of the solution or part of the problem said Assemblyman Roy Ashburn (R-Bakersfield). And in Kern County we have a long history of being part of the solution especially when it comes to energy issues. ??Elsewhere in the state Ashburn sees a lot of arrogance--people who enjoy the benefits of a very high quality of life enjoy the benefits of electric power for jobs and for their personal life but with an exclusivity that it's someone else's problem to create that for them. We don't have that attitude in Kern County. ??Power Buildup in Kern County ??Six new major gas-fired power plants are expected to be built in Kern County over the next several years making the county the power capital of the state. ??* ??RELATED STORY ??Letter to Bush: Gov. Davis will ask for wholesale energy price caps. B1 GRAPHIC: PHOTO: Tom Romesberg general manager of La Paloma plant being built in Kern County stands next to the unit's cooling tower. PHOTOGRAPHER: AL SEIB / Los Angeles Times PHOTO: From rigs and pipelines like these near Taft Kern pumps more crude oil than any other county in the U.S. outside Alaska. With several gas-fired power plants coming online in the next several years the county will solidify its place as California's energy capital. PHOTOGRAPHER: AL SEIB / Los Angeles Times GRAPHIC: Power Buildup in Kern County Los Angeles Times LOAD-DATE: May 29 2001 of 98 DOCUMENTS ??????????????????Copyright 2001 The New York Times Company New York Times ?????????????????May 29 2001 Tuesday Late Edition - Final SECTION: Section A Page 12 Column 1 National Desk LENGTH: 1078 words HEADLINE: For Crucial California Trip Bush Calibrates How Best to Handle State's Energy Crisis BYLINE: ?By DAVID E. SANGER DATELINE: LOS ANGELES May 28 BODY: ??Days after he suffered the biggest political setback of his four-month-old presidency and then won the tax cut that he staked his campaign upon President Bush traveled tonight to California carefully calibrating how to deal with the state's energy crisis. ??After Memorial Day celebrations in Washington and Mesa Ariz. Mr. Bush began his first visit as president to the most populous state which he lost by roughly 12 percentage points in November's election. The visit seems likely to showcase the clash between two very different energy strategies and political strategies. ???Mr. Bush will meet briefly on Tuesday with Gov. Gray Davis who will insist as he did again today that the federal government impose price caps on wholesale electric power. ??The White House says Mr. Bush will refuse again. He will argue that such caps would only discourage increased production of electric power. We think that's a mistake Vice President Dick Cheney said on Friday talking about why he rejected those options when he prepared the energy policy the administration made public 10 days ago. ??But Mr. Bush knows that how he handles the California energy crisis could prove critical to his political fortunes especially now that his party's loss of control in the Senate seems bound to slow or derail passage of major elements of his energy plan. ??Moreover the president can no longer argue that the best cure for high energy prices is a tax cut because that is now legislative history. As one of his aides said this weekend after Congress approved the $1.35 trillion tax cut that will be phased in over the next 10 years we will have to turn now to the other arguments. ??Most of those arguments involve urging the rest of the country not to follow California in a partial deregulation of the market with disastrous results. ??Repeatedly Mr. Bush has chastised California's politicians and by implication Mr. Davis himself for ignoring politically unpalatable choices to avert the state's power-generating crisis. Ten days ago standing in front of a hydroelectric plant in Pennsylvania Mr. Bush used the state as Exhibit A for his argument about what happens when population rises when over-regulation freezes the construction of new power plants and the stringing of new transmission lines and when politicians fail to plan for the long term. ??The problems in California shows that you cannot conserve your way to energy independence Mr. Bush said then. ??At the same time his aides were pointing to polls showing Mr. Davis's approval ratings plunging. They did not mention that Mr. Bush's ratings in the state were hardly any better. A series of recent polls show that roughly two-thirds of Californians believe Mr. Bush should be doing far more to help the state though it is unclear exactly what kind of help they have in mind. ??So Mr. Bush's aides have been struggling for days to choreograph the two-day visit here trying to find ways to differ with Mr. Davis without seeming callous about the problem or in conflict with the state. ??The betting is that Mr. Bush will focus on long-term solutions in contrast to Mr. Davis's call for the quicker fix of price caps. ??The effort started today. Energy Secretary Spencer Abraham issued an order of chiefly symbolic importance saying his department would move quickly to determine whether investors were interested in financing and co-owning a new transmission line that could bring more power to the state. ??The level of interest will be a factor in the decision to build the line later this year the Energy Department said. It said that it would proceed with studies of how the land could be acquired by eminent domain if necessary and that it would speed ahead with environmental reviews. ??But Mr. Abraham left wide open the question of whether Washington would go ahead with the project even if no private financing was available. ??The Bush administration is taking a leadership role in addressing a long-neglected problem in California's electricity transmission system Mr. Abraham said. California's electricity problems developed over a period of years and cannot be solved overnight. However we can move now on actions that will help avert the same types of problems from recurring year after year. ??The statement was clearly intended as a prelude to the meeting with Mr. Davis which will be closed to the press. So will a meeting with energy entrepreneurs. (Mr. Bush passed on Mr. Davis's suggestion of a forum with small-business owners and residents who have seen the lights go out.) ??Few expect Mr. Bush or Mr. Davis to change his mind about energy caps after their meeting. ??But for Mr. Bush it will not all be tough love. On Tuesday morning Mr. Bush is scheduled to travel to Camp Pendleton to repeat his call for the military and other federal users of power in California to flip off their switches whenever possible. But given his own comments and Mr. Cheney's about the limited utility of conservation that order could strike some Californians as a little hollow. ??Later he will give a trade speech in Los Angeles underscoring the message that if California hopes to remain the world's greatest exporter of high technology -- if it were a nation California would be the world's sixth-largest economy -- it must find new ways to produce and deliver electricity. ??Already leading Silicon Valley companies are threatening to build their next-generation chip fabrication plants elsewhere probably in Texas which has a surplus of generating capacity a move that would further undermine Mr. Davis's stewardship. ??In fact Mr. Bush's Texas roots will never be far from the political battlefield here. Mr. Davis has accused Texas energy companies of profiteering at California's expense. To press the case he has hired two political operatives from the Clinton White House Marc D. Fabiani and Chris Lehane who are being paid tens of thousands of dollars a month to make the case for price caps. ??California's attorney general Bill Lockyer also a Democrat suggested to The Wall Street Journal last week that some time in jail would be the best way to deal with one of Mr. Bush's biggest supporters -- Kenneth Lay who heads the Enron Corporation and has sought to influence the selection of members of the Federal Energy Regulatory Commission. ??The comments may have been partly facetious but they were not interpreted that way here. ??http://www.nytimes.com LOAD-DATE: May 29 2001 of 98 DOCUMENTS ??????????????Copyright 2001 Knight Ridder/Tribune News Service ???????????????????????Knight Ridder/Tribune News Service ??????????????????????????The Orange County Register 29 2001 Tuesday SECTION: DOMESTIC NEWS KR-ACC-NO: ?K7500 LENGTH: 825 words HEADLINE: California's power crisis generating lots of heat BYLINE: By John Howard BODY: ??SACRAMENTO Calif. _ Detectives would seem to be tripping over each other to discover who did what to whom and why in California's energy crisis. ??While electricity may be scarce investigations are plentiful. A dozen major probes are afoot many overlap and more loom. The atmosphere is heated the rhetoric strong. State federal and local investigators along with court officers financial experts and special investigators are poring over thousands of pages of documents from government agencies and private companies. ??At the top of the swarming heap is the $10 million investigation mounted by the state Attorney General's Office to answer the core question: Did a handful of power sellers fix prices to bilk Californians of billions of dollars? ??But it's not just the government that is busy. The companies themselves _ which have categorically denied any wrongdoing _ are overwhelmed by the scrutiny. ??We are supplying reams and reams of documents. ... It is a distraction from our day-to-day work there's no question said Tom Williams of North Carolina-based Duke Energy which operates several power plants in California. It affects our employees and their families this barrage of innuendo. I don't know what more we can do. ??Accompanying the investigations are at least a half-dozen lawsuits against the companies by individuals. Like the probes the suits contend the companies improperly manipulated the market. Legislative leaders meanwhile have sued the federal government contending it has failed to protect consumers from price-gouging. ??This all permeates our business in so many ways said Gary Ackerman of the Western States Power Forum a group that represents power sellers and buyers in the West. It even affects my ability to talk to the newspapers because we're afraid statements may turn up later and be used as evidence. We're not sure what we're dealing with whether a suit or even a grand jury if the (attorney general) decides to take criminal action as he said he might. ??The state's top prosecutor said that indeed criminal charges are a possibility. ??There is an investigation under way that involves potential criminal conduct said Sandra Michioku a spokeswoman for Attorney General Bill Lockyer. It could be at least eight weeks before that probe is completed she said. ??Other investigating agencies include the Federal Energy Regulatory Commission the California Public Utilities Commission the city attorneys' offices in Long Beach Los Angeles and San Francisco California's grid manager the Independent System Operator the obscure Electricity Oversight Board which oversees the ISO and the state Senate and Assembly. ??The state has even considered asking two more federal agencies the Department of Energy and the Federal Trade Commission to get into the act. Some offices are conducting multiple investigations. In the case of at least two agencies the PUC and the Attorney General's Office the investigations are being at least partly coordinated. Some agencies are examining the same issues. The PUC the attorney general and ISO for example all are looking at whether power plants were shut down to drive up demand and prices. ??There is a lot of overlap and there probably are problems of coordination said Nettie Hoge of The Utility Reform Network of San Francisco a grass-roots watchdog group. ??With so many agencies trying to extract information Hoge said even those who have done no wrong are concerned about talking freely because of the greater likelihood that proprietary information will leak to competitors. ??Others feel the overlap is beneficial. ??When you're up against an industry as wealthy and powerful as the energy industry it's probably better to double-team them said Doug Heller of the Foundation for Taxpayer and Consumer Rights. ??Hoge believes that if any investigation is going to produce results it will be Lockyer's because the governor has thrown all the resources that way. ??Investigators have requested mountains of paperwork. Transaction and maintenance documents market reports financial records even e-mails _ all have been sought. ??Martin Wilson a spokesman for Texas-based Reliant contends the intensity of the probes could have negative long-term effect on California's business climate. ??There is a climate of instability and uncertainty that makes companies rethink their decisions about investments (in California) he said. ??But for consumer groups the goal of all these investigations is straightforward. ??Certainly we're really hopeful that these investigations will lead to refunds for customers said TURN's Mindy Spatz. There is a widespread belief among people who follow these issues that widespread gaming and manipulation has occurred in the market. ??(c) 2001 The Orange County Register (Santa Ana Calif.). ??Visit the Register on the World Wide Web at http://www.ocregister.com/ JOURNAL-CODE: OC LOAD-DATE: May 29 2001 of 98 DOCUMENTS ?????????????????Copyright 2001 The Chronicle Publishing Co. ?????????????????????????The San Francisco Chronicle ?????????????????????MAY 29 2001 TUESDAY FINAL EDITION SECTION: NEWS Pg. A1 LENGTH: 1291 words HEADLINE: Crisis no sweat to some offices Many offices keep cool in crisis Air conditioners blast in state's energy centers SOURCE: Chronicle Staff Writer BYLINE: Steve Rubenstein BODY: Some very cool places to be during the dog days of spring and summer turn out to be the places with their fingers on California's air conditioning switch. ???If only the entire state could cram itself into the cavernous control room in Folsom of the Independent Systems Operator where the air is a comfortable 69 degrees and receptionists wear sweaters at high noon -- when it's upwards of 90 degrees outside. ???Or the Pacific Gas and Electric Co. lobby in downtown San Francisco where the air is an even chillier 65 degrees which admittedly isn't much of a bounty considering it's usually that cool outside anyway. ???Other cool places to be are the state Capitol where legislators who promulgate energy edicts hang out and the headquarters of the state Public Utilities Commission where bureaucrats who promulgate energy edicts hang out. ???Armed with a high-tech digital thermometer The Chronicle made the rounds of the energy crisis poohbahs to make sure they are practicing what they are preaching. ???Some were some weren't. Those that weren't blamed it all on that most familiar of modern scapegoats the computer. ???Computers must be kept cool -- in the 60s for big mainframes and a bit more for the smaller units most folks use though some can go into the 80s without hiccuping. So generally people who work alongside the computers get to keep cool by association although it's the computer that counts. ???The ISO headquarters located in an industrial park 20 miles east of Sacramento is a delightfully cool and comfortable place when the outside temperature soars into the 90s and 100s. ???The reception area the only room accessible to the outraged public is a fairly stiff 76 degrees -- only two degrees cooler than the 78 degrees recommended by President Bush and the federal energy crisis czars and czarinas. ???But take a step past the lobby security doors and the temperature plummets. In the main hallway the temperature is 73 degrees. And in the control room where two dozen engineers and technicians sit at consoles and monitor the flow of California electricity on a giant diagram of state power lines so they can order blackouts for everyone else -- the temperature is 69 degrees. ???NO SWEATING AT ISO ???Some managers do not take off their sports coats and jackets. ???We want these people to be comfortable explained Tony Capasso facilities manager for the ISO complex. We don't want these people sweating bullets in the middle of a crisis. ???Inside the state Capitol where legislators and the governor preach compliance with federal guidelines calling for 78-degree thermostats the temperature dips into the high 60s. The coolest spots are the press briefing room and the treasurer's old office. ???GOVERNOR'S OFFICE ???The governor's suite is in the mid-70s apparently because folks are often coming by with thermometers and it wouldn't do not to set an example. Press secretary Steve Maviglio said Governor Gray Davis is a practice-what-he-preaches kind of guy who keeps corridors dark shades drawn air conditioners idle. His personal secretary works in short sleeves with a cheap plastic fan humming nearby. ???It's so dark in the hall that we're always bumping into things said one aide. ???Even so the temperature in the governor's suite of offices is three degrees cooler than the 78 degrees recommended by President Bush -- not the first time the two men have failed to agree. ???THE LEGISLATURE ???The Assembly chamber is 71 degrees while the Senate chamber -- with 40 fewer legislators spewing forth -- is 73 degrees. But the Senate chamber has a southern exposure one Capitol guide explained. ???Hot air from the people sitting inside has nothing to do with it he said. ???In San Francisco the temperature inside cavernous City Hall dips in spots to the mid-60s. College student Jasmine Westbrook who dropped by with her art class on a project to sketch the interior of the building was doing her sketching while wearing a windbreaker to keep warm. ???I want to stay comfortable she said. It think it's supposed to be hotter in here isn't it? ???The mayor's office at 73 degrees was eight degrees warmer than another office down the hall even without the mayor sitting in it. ???63 AT THE PUC ???At the headquarters of the state Public Utilities Commission which is supposed to be keeping an eye on the self-declared bankruptcy of the utility that mails out the bills the lobby temperature is 63 degrees. ???Chief engineer David Omosheyin eyeing The Chronicle's thermometer nervously insisted the 63-degree reading was caused by the lobby's proximity to the front door where the outside temperature at the moment was in the low 60s. He invited the thermometer to visit the upper floors where the temperature was 70. ???As for San Francisco's federal buildings: Bush would probably not frown. ???His orders appeared to be followed during The Chronicle's visits so much so that it was actually hotter inside than out. Though that wouldn't be hard considering it was in the low 60s outside. And the places measured happened to be courtrooms and tax offices where the body heat from anxiety alone could probably melt the paint some days. ???San Franciscans Omosheyin said are losing their perspective when it comes to things like electricity energy alerts and rolling blackouts. In his native country of Nigeria he said the electricity runs sporadically if at all. ???There the power can go off for a week he said. The world goes on. Here people take a lot of things for granted and electricity is one of them. ???As for the offices of the places that report on such matters they fared about the same. ???The Walnut Creek bureau of The Chronicle where the sun sizzles into the 90s with regularity in the summer is kept at 67 degrees because of all the computers. The main newsroom of The Chronicle is kept at 71 degrees because of all the computers. But the reception room was 71 degrees too and there aren't any computers there not a one. ???Some offices keeping their cool Place ????Outside ?temperature Control Room California Independent Systems Operator (Folsom) ?????????????????69 ??????90 Governor's office Capitol (Sacramento) ???75 ??????94 Press briefing room Capitol (Sacramento) ?68 ??????94 Caltrans headquarters (Sacramento) ????????70 ??????94 Chronicle bureau newsroom (Walnut Creek) ??67 ??????90 Mayor's Office San Francisco City Hall ???73 ??????63 Calif. Public Utilities Commission lobby (San Francisco) ???????????????????????????63 ??????63 State Building (San Francisco) ????????????69 ??????63 Courtroom 19th floor Federal Building (San Francisco) ???????????????????????????70 ??????63 Lobby Pacific Gas and Electric headquarters (San Francisco) ??????????????65 ??????65 IRS office Federal Building (San Francisco) ???????????????????????????69 ??????63 Main newsroom San Francisco Chronicle (San Francisco) ???71 ??????64 ???E-mail Steve Rubenstein at srubenstein@sfchronicle.com. GRAPHIC: PHOTO (2):CHART: SEE END OF TEXT (1) It's too warm for jackets in the chief clerk's office in the state Capitol building in Sacramento. (2) Jane Malison of Millbrae needed a fan while touring a warm section of the state Capitol but other parts of the building are kept below 70 degrees. / Photos by Kat Wade/The Chronicle LOAD-DATE: May 29 2001 of 98 DOCUMENTS ?????????????????Copyright 2001 The Chronicle Publishing Co. ?????????????????????????The San Francisco Chronicle ?????????????????????MAY 29 2001 TUESDAY FINAL EDITION SECTION: NEWS Pg. A1 LENGTH: 1238 words HEADLINE: Bush facing Davis' heat over energy In first visit to state as president he'll hear governor's plea for help SOURCE: Chronicle Political Writers BYLINE: Carla Marinucci Lynda Gledhill BODY: President Bush wasn't on California soil for more than five minutes yesterday when he was drawn into his first debate on the state's power crunch. ???Rep. Brad Sherman a Democrat from Thousand Oaks who met Air Force One on the tarmac at Los Angeles International Airport along with a group of high school students wasted no time button-holing the president for what appeared to be an animated conversation. ???I brought up . . . the idea that after his meeting with our governor I hoped he would be in favor of wholesale regulation (of energy prices) Sherman said later. He disagreed with me. ???Sherman -- who two weeks ago suggested that the headline to the president's national energy policy should be Bush to California: Drop Dead -- didn't seem optimistic yesterday about Bush's 48-hour visit to the state. I think that the president's policies show either a lack of understanding of what's really going on in California or a lack of concern he said. ???That vignette underscored some of the challenges facing Bush who arrived in California as protesters geared up and Democratic Gov. Gray Davis prepared to press him for federal action on the state's power troubles. ???Besides Sherman Bush was greeted by a crowd of cheering Republicans including Secretary of State Bill Jones and Los Angeles Mayor Richard Riordan the former a declared GOP candidate for governor in 2002 the latter a rumored one. ???But today Bush will sit down with the present governor who lately has been blistering in his criticism of the president. ???The last time I looked California was still part of the United States of America Davis told reporters this weekend. We have contributed disproportionately to the economic growth of this country. There's no reason why a president should not respond to a legitimate request from the chief executive of the largest state in the union. ???In his first visit to California since just before the election Bush plans to emphasize the energy crisis -- but will focus on it through the lens of his own energy plan. ???ENERGY SECRETARY ACTS ???Just hours before the president landed Energy Secretary Spencer Abraham ordered a speedup in planning to relieve a notoriously overloaded electricity transmission line in California. ???Abraham's holiday action was timed to provide a bit of positive news for Bush to announce in California. He ordered the Western Area Power Administration a 15-state marketing arm of the Energy Department to complete planning and seek outside financing to reduce the transmission bottleneck on California's Path 15 which connects the northern and southern parts of the state. ???This morning Bush will visit the Marine Corps base at Camp Pendleton near San Diego to underscore his conservation order for a 10 percent cut in energy usage in federal buildings and military facilities. ???In Los Angeles he will deliver a wide-ranging talk before the World Affairs Council and lead a discussion among business leaders about technological advances in energy conservation. ???Then he will head to Fresno and Sequoia National Park to press his initiative to improve national parks. Along the way protesters have vowed to provide a vocal commentary on Bush's energy and environmental policies. ???But the real drama of the trip will no doubt be the sit-down between Bush and Davis today. The governor pushed for a lengthy open meeting with Bush that would include testimony from officials and consumers affected by the energy crisis. Bush's camp announced Friday the meeting would be 20 to 30 minutes -- in private. ???Davis plans to outline steps the state has taken to alleviate the energy crisis and what it wants the federal government to do -- including implementing price caps on the wholesale cost of energy cost-based pricing and the possibility of ordering refunds. ???DAVIS THREATENING SUIT ???The governor has said he will consider suing the Federal Energy Regulatory Commission -- the agency charged with overseeing energy prices -- if it does not impose temporary price caps. ???And the state Legislature has already filed a suit saying the commission has failed to stop what it has determined are unjust and unreasonable prices. ???With California's energy woes worsening and a summer of rolling blackouts predicted the Bush-Davis session holds potentially deep political pitfalls for both leaders both of whom are suffering in state polls as a result of their handling of the energy crisis. ???Bush needs to demonstrate his concern for California a state that gave a 12-point margin of victory to Al Gore in the presidential election. ???But even as Bush adviser Karen Hughes told state reporters this week that the president had arrived to show he cares Vice President Dick Cheney again chastised state officials for delaying their response to the energy crisis because all of the action was potentially unpleasant. ???And Cheney signaled that the administration would resist long-term price caps saying We think that's a mistake. ???Such talk drew fire from Davis' senior political adviser Garry South who charged that Cheney's words demonstrated insensitivity to California's troubles and only underscored the perception of an all-oil all-the-time ticket. ???Davis whose campaign for re-election next year will depend on his handling of the crisis has stepped up his criticism of Bush and profit-hungry energy firms particularly those from Texas in recent weeks. ???And yesterday signaling no letup Davis' supporters made an unusual holiday conference call to again press his case for federal action. They argued that without immediate intervention from the Bush administration the economy of California -- and potentially the entire nation -- was at risk. ???'THIS ENORMOUS SHOCK' ???We have this enormous shock in prices that needs to be addressed and not ignored said Joseph Fichero head of Sabre Partners and a consultant to Davis. ???Alan Blinder a Princeton economist and former vice chairman of the Federal Reserve warned that energy woes in California alone would take almost a half a percent of the gross domestic product off of the national economy. ???Blinder and others argue that short-term relief -- for about 6 to 12 months -- is necessary while new power plants are being built. ???Most times and most places I agree price caps are not the long-run solution but they can be part of a short-term solution Blinder said. There really is a case for temporary price caps to shield consumers and the California and national economy from the full force of the energy shock. ???Limited new price caps approved by the Federal Energy Regulatory Commission on the sale of wholesale electricity begin today in California. But the temporary caps which go into effect when the electricity reserves dip below 7.5 percent have been lambasted by Davis as ineffective and inadequate. ???Political analysts say Bush's resistence on the issue could cost him in California -- and elsewhere. ???(California) is probably an area where he is criticized more than any other region in the country said Mark DiCamillo director of the statewide Field Poll. Californians are looking to Bush for some relief -- and to the extent they don't get it Bush may be in some jeopardy here.Chronicle news services contributed to this report. / E-mail the writers at cmarinucci@sfchronicle.com and lgledhill@sfchronicle.com. GRAPHIC: PHOTO (2) (1) Rep. Brad Sherman (left) D-Thousand Oaks buttonholed President Bush as he arrived at Los Angeles International Airport to discuss the state's energy crisis. (2) President Bush signed autographs for students from El Camino High School at Los Angeles airport. Bush is to meet with Gov. Davis today. / Photos by Carlos Avila Gonzalez/The Chronicle LOAD-DATE: May 29 2001 of 98 DOCUMENTS 2001 Gannett Company Inc. TODAY ?????????????????????May 29 2001 Tuesday FIRST EDITION SECTION: NEWS Pg. 3A LENGTH: 426 words HEADLINE: Davis to urge Bush to back electricity price cap BYLINE: Laurence McQuillan DATELINE: LOS ANGELES BODY: LOS ANGELES -- California Gov. Gray Davis will urge President Bush today to back a 2-year cap on electricity costs as the best way to keep his power-starved state -- and possibly the U.S. economy -- from sinking into recession. ???The Democratic governor and Republican president who have been sparring from afar over energy policy will meet here to discuss their differences. The White House has said repeatedly that it opposes price caps as a way to deal with energy shortages in California. ??In an interview with USA TODAY Davis said a limit on wholesale electricity costs is needed while the state attempts to build 15 new power plants. He said that would still allow a 30% profit margin. ??While the president didn't create this problem he is uniquely situated to solve it Davis said. I'll make clear that he has an opportunity to relieve the pain and give California the breathing space to put more plants online. ???Bush making his first visit to California as president unveiled a long-term energy policy this month that calls for increased production and to a lesser extent conservation. The president will promote conservation steps being taken by the federal government during a visit today to the Marine Corps base at Camp Pendleton. ??The president believes that imposing price caps will only make the problem worse White House spokesman Dan Bartlett said. ??Davis whose popularity has plummeted as Californians cope with blackouts to offset electricity shortages said his state's problems could hurt all Americans if they are not dealt with quickly. I'm asking for some form of relief that reduces the outrageous prices we're currently bearing he said. Without that relief lots of people will lose their businesses and California could well be dragged into a recession. Since we're about one-eighth of the national economy that doesn't bode well for America. ???The California Public Utilities Commission has announced rate increases of up to 50% for businesses and 37% for homes. ??Bush has sidestepped California after losing the state by 12 percentage points to Democrat Al Gore last year in the presidential election. But with Democrats targeting several GOP House members in next year's elections Republicans must go on the offensive or risk losing control of the closely divided House of Representatives. ??Davis a possible presidential candidate in 2004 said he wants to avoid rancor with Bush: I'm saying 'Look we got into this in a bipartisan way. We should get out of it in a bipartisan way.' LOAD-DATE: May 29 2001 of 98 DOCUMENTS 2001 The Washington Post Washington Post ?????????????????????May 29 2001 Tuesday Final Edition SECTION: A SECTION Pg. A02 LENGTH: 639 words HEADLINE: Energy Chief Moves To Aid California Transmission Plan Precedes Bush Visit BYLINE: Mike Allen Washington Post Staff Writer DATELINE: LOS ANGELES May 28 BODY: ???President Bush landed at ground zero of the nation's energy worries tonight hours after Energy Secretary Spencer Abraham speeded up planning to relieve a notoriously overloaded electricity transmission line through California. ???Abraham's holiday action was timed to provide a bit of news for Bush to announce during his first presidential trip to California where he is to hold a politically charged private meeting with Gov. Gray Davis (D) on Tuesday. Bush's aides said he will pledge to cooperate with California but will stick to his position that no action by the federal government can prevent the rolling blackouts expected this summer. ???Abraham ordered the Western Area Power Administration a 15-state marketing arm of his department to complete planning and seek outside financing for an increase in transmission capacity that he said would be a big step in the right direction and a big step forward for Californians. ???California's electricity problems developed over a period of years and cannot be solved overnight Abraham said in a news release. However we can move now on actions that will help avert the same types of problems from recurring year after year. Today's action is designed to reduce the bottleneck on California's Path 15 which connects the northern and southern parts of the state. ???Davis who is seeking reelection next year has seen his poll ratings plummet as electricity prices soared utilities hit dire financial straits and homes and businesses were surprised with blackouts. ???Bush has taken several steps to try to encourage additional power generation in the state but has maintained since before he took office that California's problems were created here -- through a troubled effort at electricity deregulation and public opposition to construction of additional power plants -- and would have to be solved here. ???Davis plans to use the meeting to lobby Bush once again to endorse a cap by the Federal Energy Regulatory Commission on the wholesale price of electricity. Again and again the administration has said it will not take that step. ???This administration does not and will not support energy price controls Bush told a business audience in March. Price controls do not increase supply and they do not encourage conservation. Price controls contributed to the gas lines of the 1970s. And the United States will not repeat the mistake again. ???Davis energy advisers told reporters on a conference call today that without the cap California energy costs could be $ 50 billion higher this year than two years ago. Alan S. Blinder the Princeton University economist and former Federal Reserve Bank vice chairman said on the call that California's energy crisis should be enough to get the attention of policymakers in Washington. ???The visit by Bush who flew here after making a Memorial Day speech at a fighter aircraft museum in Mesa Ariz. is being carefully managed to avoid contact with the general public. After speaking to military families at Camp Pendleton on Tuesday morning he plans to address a luncheon meeting of the Los Angeles World Affairs Council which has sold out of tickets at $ 75 for members or $ 85 for guests. ???Afterward Bush will hold a closed-door session with business people and then meet with Davis for 20 minutes. As Bush departs Davis plans to make an immediate statement for cameras. ???Although Bush says he has taken more than a dozen steps to help California Davis says price caps are essential and has said he may sue the federal government in an effort to get them if Bush does not go along. ???He has been helpful on a number of small matters and I appreciate his assistance Davis said during a telephone interview on Friday. But the big enchilada is the price of electricity. LOAD-DATE: May 29 2001 of 98 DOCUMENTS 2001 The Washington Post Washington Post ?????????????????????May 29 2001 Tuesday Final Edition SECTION: A SECTION Pg. A03 LENGTH: 1936 words HEADLINE: It's Still Dawn for Solar Power in L.A. Despite City Subsidies Homeowners Hesitate to Install Expensive Alternative Energy Source BYLINE: William Booth Washington Post Staff Writer DATELINE: LOS ANGELES BODY: ???One year ago this city announced its intent to become the Solar Capital of the World with 100000 roofs covered with solar electric panels by the end of the decade an audacious goal to transform the homes of this smoggy but sunny metropolis into miniature power plants. ???To fulfill what is perhaps the nation's most ambitious solar campaign the Los Angeles Department of Water and Power began offering substantial buy down subsidies that would reimburse rate payers for half the price of each new solar energy system. For the average home a photovoltaic package costs between $ 10000 and $ 20000 parts and labor included before the rebate. ???How many have been installed? ???At last count about 40. ???That leaves only 99960 rooftops to go. ???The Bush administration and especially Vice President Cheney architect of its energy plan have been criticized for skepticism regarding alternative energy sources. But a close examination of the Los Angeles solar experiment and a review of similar programs suggest the former oilmen in the White House have a point: Solar at least has not proven ready for prime time. ???For all of Los Angeles's good intentions and for all of solar's many positive attributes the problems of harnessing its power remain. Some of those challenges are economic and some technological others are more mundane but often ignored such as finding a qualified contractor a homeowner can trust to drill dozens of holes in the roofs to mount the things. ???In a reprise of the 1980s solar again is hot. The price of photovoltaics is dropping and interest is growing. Other states such as New York Arizona Florida and Washington are moving to join California in major efforts to wire homes to draw power from the sun. ???But as many Americans are beginning to understand the delivery of energy is like a complex interconnected assembly line and the devil lurks in the details. ???The Los Angeles experiment tells the story shared by other locales. In L.A. for example the city's lone solar panel manufacturer has not been able to supply enough systems to meet demand. ???The systems too are often oversold by solar proponents. In the real world most do not pay for themselves in a few years as some advocates claim but take 20 years or more to return their initial cost in the form of reduced utility bills. ???Nor are the systems maintenance-free: At a minimum the rooftop panels must be routinely cleaned of pollution dust and leaves. ???They cannot be installed efficiently on homes without shade-free south-facing roofs the shadow from a neighbor's palm tree can frustrate the system's photovoltaic cells. ???Nor will the most common systems allow buyers to live off the grid unless they want to purchase a large bank of batteries. Even with the batteries homeowners probably would not be able to run their washing machines and air conditioners at the same time. ???It is not an economic proposition at this point conceded Terry Peterson a solar expert at Electric Power Research Institute in Palo Alto Calif. But one day Peterson predicts 100 years from now solar energy will provide a substantial percentage of the world's energy needs. In a decade or two the cost of solar will likely be competitive with other energy sources such as natural gas nuclear or coal. ???But now? It is still a luxury item. Like buying a swimming pool Peterson said. ???I really like the idea of running my house with solar power said Andrew Chin a potential customer in Los Angeles who has been researching a purchase. But they're still pretty expensive even with the rebates and so I gotta ask myself what am I doing this for his conscience or his wallet. I'm thinking I might wait until they work the kinks out. ???The most knowledgeable and experienced solar contractor in Los Angeles is probably Graham Owen the founder owner and single full-time employee of Go Solar Co. ???His installation of a one-kilowatt solar electric system on a home in the San Fernando Valley was the first to be awarded a rebate by the Los Angeles power department in March. ???How many systems has he installed as part of the rebate program? Three. ???But Owen is a true believer and over the next year he plans to cover hundreds of roofs with solar panels. On his shelf Owen still has an unreturned library book The Coming Age of Solar Energy published in 1963 and checked out from his high school in Lennox Hills Ill. in 1979. I guess we're still stuck in the coming age of solar energy he said smiling. He recalled that the buzz about solar water heaters in the 1980s led to disappointment with shoddy workmanship and less than spectacular energy savings. ???Until recently there has been little widespread interest in solar electric power. Since 1998 the California Energy Commission has been pushing its own program to encourage homeowners to erect photovoltaic panels on their roofs offering to subsidize about one-third of the cost. ???Across a state with a population of about 35 million only 450 solar energy systems have been installed on homes. ???Then the California energy crisis struck with its power interruptions and steep rate increases and the phone calls began to overwhelm Owen's voice mail. ???On days with rolling blackouts? I get a hundred calls maybe more Owen says. His Web site www.solarexpert.com is now receiving 3000 hits a day. Customers are begging him to do jobs. ???The Los Angeles power department reports a similar surge in interest since the energy crisis began six months ago. Customer demand has shot through the roof says Angelina Galiteva executive director for strategic planning at the Department of Water and Power. She estimates that her department receives 1000 calls on some days about its solar subsidy program. ???Yet while the reliability and cost of solar electric technologies continue to improve solar power today accounts for only a sliver of the national pie chart of energy production -- less than 1 percent. The country produces about 300 megawatts of electricity with solar -- about the same amount produced by a single mid-sized traditional power plant. ???The current trend for photovoltaics is not to erect large centralized solar farms in the desert an experiment that withered in the 1980s but to pursue distributed generation or individual units on scattered rooftops. ???The problem has consistently been the cost of the solar panels which has been too steep to justify them except for customers who are committed environmentalists or techies who like the elegance of the systems. ???Los Angeles began its solar experiment after Sacramento legislators mandated that utilities spend about 3 percent of their revenue on efficiency conservation and renewable energy. For solar the power department committed $ 75 million over the next five years -- enough to subsidize panels on 7500 homes. ???The power department will pay $ 5 for each watt of solar installed on a residence or business. Homeowners typically purchase a one-kilowatt or two- kilowatt (1000 or 2000 watts respectively) solar electric system meaning that the municipal utility would pay between $ 5000 and $ 10000 of the cost up front -- an enticing tax-free offer. ???For many years I wanted to do solar but it was so expensive said LaWanda Geary in the San Fernando Valley who in April had Owen install 32 panels for a two-kilowatt system on her sunny roof. The rebate really got me going. I don't know many times when the government offers to pay half of anything. ???The systems that are eligible for rebates must be tied into a utility's electric power grid meaning that during the day when the sun is shining the panels are adding a stream of electrons used by the home to run its lights and appliances. ???If there is a surplus of solar power that electricity goes back into the power lines and is passed along to a neighbor and the electric meter at the house actually runs backward. Homeowners however are not selling their excess electricity -- they're giving it away to the utility company. ???On cloudy days and at night the home is not being powered by solar energy but getting its electricity the traditional way from the power lines. ???Calculations on savings vary. A two-kilowatt solar system can supply an average-sized home with 20 to 80 percent of its electrical needs depending on how many lights appliances and air conditioners are running and how efficient they are. ???After the subsidy and depending on how the system is paid for (in cash or with borrowed funds) a solar system can pay for itself in as little as six years and as much as 36 years. Owen assumes about 20 years. ???Potential solar clients moreover often mistakenly assume that going with the sun will take them off the grid which is not possible without a large bank of batteries that costs several thousand dollars more. Because the solar panels are still wired to the power grid if there is a blackout the power in a solar house goes off just like everyone else's. If uninterrupted power is needed Owen suggests a diesel generator. ???Galiteva does cite one real advantage of solar: It reduces the electricity that must be purchased from power companies and protects to some degree a solar home from the full brunt of upwardly spiraling rate increases. Unfortunately for solar enthusiasts the L.A. Department of Water and Power which was not deregulated along with the three other major utilities in California has perhaps the cheapest and most stable supply of electricity in the state making the economic argument harder to make. ???To receive the full $ 5 per watt subsidy the L.A. Department of Water and Power requires a homeowner to purchase solar panels from a manufacturer based in the city. The idea is not only to become the solar capital of the world but also to encourage local growth of an emerging industry and create jobs. ???One hitch is that no solar panel makers were located in Los Angeles. ???After lengthy negotiations Siemens Solar Industries based in Camarillo Calif. an hour's drive to the north announced in February that it would open a solar panel manufacturing plant in Los Angeles. But it is not a complete facility: The L.A. plant does only some final assembly and then the units must be returned to Camarillo for final testing and shipping. ???Tina Nickerson a spokeswoman for Siemens Solar estimates her company has sold a couple dozen to L.A. homeowners for the rebate program. But she too reports that the interest from consumers is sometimes overwhelming and that supply has been a problem. Most U.S.-manufactured units are shipped overseas to places such as Germany Japan and Scandinavia which have had generous subsidies in place for years. ???LaWanda Geary had to call Siemens herself to push them to deliver panels for her house -- and she was eligible for the rebate because of a stopgap compromise that allows to Siemens to ship solar panels from Camarillo until its L.A. plant is fully operational. ???Everyone involved concedes there have been bottlenecks. Siemens now says it has enough panels to begin to meet demand and Owen and the city are hoping things will sort themselves out especially if more solar manufacturers are drawn to Los Angeles. But proponents worry about what will happen when the subsidies run out. ???Selling solar is now the easy part Owen says. I could sell a hundred a week. It's getting them up on the roof that's the hard part. LOAD-DATE: May 29 2001 of 98 DOCUMENTS ????????????????Copyright 2001 News World Communications Inc. Washington Times ?????????????????????May 29 2001 Tuesday Final Edition SECTION: PART A NATION INSIDE POLITICS Pg. A6 LENGTH: 1264 words BYLINE: Greg Pierce THE WASHINGTON TIMES BODY: ??TAKING YOUR MEDICINE ??Oakland Mayor Jerry Brown who was once governor of California likens current Gov. ?Gray Davis' handling of the electricity crisis to his own bungling of the medfly crisis. ??Here's an analogy to the medfly crisis Mr. ?Brown said in an interview with the Los Angeles Times' Douglas Foster. ?When I first heard about the medfly I said 'Well it's just a few flies maybe they'll go away. ?Maybe they won't keep reproducing.' And the winter came and they stopped reproducing. ?And then somewhere around February or March I learned about something called 'spring emergence.' As the ground got warmer the larvae turned into flies and more medflies started appearing. It got out of hand and ultimately I had to order malathion spraying. ?It would have been better had I taken forceful action at the first notice of the medfly. ??Mr. ?Foster asked: Are you saying that the governor missed opportunities to act early in the same way? ??Mr. ?Brown replied: There's an analogy there. ?I didn't want to spray because I knew the people in Santa Clara County didn't want to have helicopters spraying malathion over their homes. ?It didn't sound good. ?As governor I wouldn't have wanted to see rate increases either. ?But sometimes you have to take your medicine early. ?It's less bitter than if you postpone it. ??Mr. ?Davis served as Mr. ?Brown's chief of staff when the latter Democrat was governor. ??ENERGETIC CRITICISM ??President Bush's energy plan already under fire from Democrats and environmentalists is dismissed by National Review the conservative magazine as so much political posturing. ??The hyperbolic attacks on the Bush plan by environmentalists (as an attempt to poison the air and kill the caribou) shouldn't trick conservatives into an exaggerated sense of its merit the magazine says in an editorial in its current issue dated June 11. ??The basic thrust of the administration's thinking on energy is sound: a growing economy requires more energy which in turn entails more production. But the Bush plan itself is a political document meant to placate corporate interests environmentalists and everyone in between and so is festooned with an embarrassment of subsidies and incentives that will at best prove an irrelevance. ??As Jerry Taylor of the Cato Institute writes in this issue the phantom energy crisis is already healing itself. ?Power plants are being built at a rate that outpaces Dick Cheney's benchmark of one plant a week. Altogether almost 100000 new daily megawatts of electrcity capacity are scheduled to be available nationwide by next year. ?This is twice the amount of electricity that California now uses on an average day. ?While Cheney has been sitting with his advisers around a White House conference table investors and entrepreneurs have been digging building and refining his energy problem into oblivion. ?By the time all the Bush plan's tax credits have kicked in there may well be an energy glut. ?All of this is thanks to the most efficient energy plan known to man: market pricing. ??WRONG ON BOTH COUNTS ??The buzz in the media after Sen. ?James Jeffords' switch put Democrats in control of the Senate was that President Bush must change his ways. ?He has to become more moderate. ?Why? ?Because only that will prevent more Republican defections and it's the president's one hope for getting his agenda through Congress. ?This is wrong on both counts Fred Barnes writes in the Weekly Standard. ??Bush and GOP congressional leaders bent over backwards to accommodate Jeffords and liberal Democrats on education the senator's top priority. Jeffords bolted anyway. ?On taxes Bush stuck with his conservative tax cut until nearly the end when he compromised just enough to assure passage. Jeffords voted with him Mr. ?Barnes said. ??The truth about the impact of Jeffords' move is that no political earthquake has occurred. ?The Senate is ideologically unchanged. ?The swing votes in the Senate including John McCain are important but they already were. ?There's no clear path to victory for the Bush agenda after taxes and education but that was always true. ?To pass a patients' bill of rights a prescription-drug benefit or missile defense a bipartisan coalition of some sort will be essential. ??Yes there's one big change with Democrats taking over: judges. ?Bush will have a harder time getting conservative nominees through a Senate Judiciary Committee run by Patrick Leahy perhaps the most partisan Democrat on Capitol Hill. ?One more downbeat side effect: Jeffords' announcement overshadowed Bush's tax-cut victory denying him any political momentum he might have gotten from it. ??INCOHERENT REBEL ??Before liberals put James Jeffords on Mount Rushmore can we please stop and note how he's already betrayed Democrats and his own avowed principles by deciding that his defection won't take effect until after President Bush's wrongheaded tax cut has been signed into law? syndicated columnist Matthew Miller writes. ??Any traitor (I mean 'man of conscience') worth his salt shoves the knife in to the hilt - otherwise what's the point? ?Machiavellis throughout history have wisely advised that when you move against the king you'd better finish him off Mr. ?Miller said. ??Yet Jeffords took pains to make sure his switch wouldn't derail the centerpiece of Bush's agenda the very agenda that inspired Jeffords' move and which Jeffords had the power to stop via his action. ??We are dealing in other words with a deeply incoherent rebel. ?This would be a private matter for Jeffords to sort out with his therapist were not his cowardice in this moment of 'courage' so consequential for the country. ??THE LONELY VERMONTER ??In the final analysis Vermont Sen. ?James M. ?Jeffords was out of step with his party making his departure appropriate if politically inconvenient. ?Those who argue that it was the party out of step with Jeffords some political analysts are saying are those who wish the Republicans no good. UPI political analyst Peter Roff writes. ??The conservative low-tax minimal-government Republican Party enjoys national parity with the Democrats something the Northeastern liberal GOP could not achieve. ?Jeffords is in that regard these observers say out of step with victory. ?One GOP consultant went so far as to say 'If the Republicans were doing better in New England Jeffords would not have been so lonely. ?Why is it that the people from states where the GOP usually doesn't win think they can tell the rest of us how to run the party and what we all should believe? ?It doesn't make sense.' (spade) ??There are those in the GOP who regret the loss of the majority that Jeffords' defection brings but very few if any are mourning the loss of the lonely Vermonter Mr. ?Roff said. ??LAST WORDS ??Brill's Content asked PR pros how they would handle Vice President Richard B. Cheney's heart problems. ??It's inconceivable that Mr. ?Cheney can put in the kind of time we're led to believe he is without putting himself at risk one public relations man John Scanlon told the magazine. ?My recipe for controlling the situation would be photo-ops access to his schedule and a couple of exclusive articles. ?He's got to convince people he's fit for the job. ??Unfortunately Mr. ?Scanlon did not live to see his quote in the magazine's June issue the New York Post reports. ?He died of a heart attack. ??* Greg Pierce can be reached at 202/636-3285 or by e-mail at gpierce@washingtontimes.com. LOAD-DATE: May 29 2001 of 98 DOCUMENTS ????????????????Copyright 2001 News World Communications Inc. Washington Times ?????????????????????May 29 2001 Tuesday Final Edition SECTION: PART A NATION Pg. A4 LENGTH: 809 words HEADLINE: Bush faces tough sell on visit to California Davis likely to be rebuffed on price caps BYLINE: Joseph Curl THE WASHINGTON TIMES DATELINE: LOS ANGELES BODY: ??LOS ANGELES - Twenty minutes - that's how long Gov. ?Gray Davis who has accused the Bush administration of ignoring California's energy crisis will have to sway President Bush in a meeting today to consider imposing federal price caps on wholesale power prices. ??His plea likely will fall on deaf ears. ??That's simply not going to happen said one senior Bush official. Both Mr. Bush and Vice President Richard B. ?Cheney who on Friday again blamed the state government of California for the energy crunch oppose cap measures. ??In his first visit to California since the presidential election where he lost the state to former Vice President Al Gore by 54 percent to 41 percent Mr. Bush hopes to sell his national energy policy to a vocal group of opponents. But the hue and cry has been muted of late since residents have battled rolling blackouts and sky-high gasoline prices. ??A new poll released Friday shows 59 percent of Californians many of whom have been longtime foes of nuclear energy now believe the non-polluting energy source may be the way to solve the state's problems. ??Mr. ?Davis' popularity has plummeted. ?The Democrat facing re-election next year and often mentioned as a presidential candidate is viewed as having poor job performance by 60 percent of Californians according to a survey by the Public Policy Institute of California. ??In a small gesture to California Energy Secretary Spencer Abraham yesterday announced plans to increase transmission capacity in California which he said would be a big step in easing rolling power blackouts. ??Abraham ordered the Western Area Power Administration - an Energy Department arm responsible for marketing electricity from federal water projects in 15 Western states - to wrap up planning for building extra transmission capacity. ??The governor has repeatedly blamed Mr. ?Bush who took office four months ago for the energy crunch in California. ?He points the finger of blame far outside the state's boundaries primarily at Washington and Mr. Bush's home state. ??The people that have dropped the ball are the federal government Mr. Davis said last week. ?They need to reimpose a price cap because we're being obscenely gouged by price gougers out of Texas and the Southwest. ?. . . There's a massive transfer of wealth going on from ordinary citizens in California to Texas. ??Mr. ?Davis has also charged that utility companies are withholding power in order to drive up prices a claim the Federal Energy Regulatory Commission has investigated and dismissed. ??Mr. ?Bush and Mr. ?Cheney have often pointed out that California is second only to Rhode Island in conservation efforts but the state is on the brink of an energy supply collapse. ??Still despite the state's failure to build new power plants Mr. Davis says California is entitled to a federal bailout approved by Mr. Bush. ??I'm going to keep asking him to do it because we're part of America. The state the last three years has led American economic growth. ?. . . We're doing everything we can out here he said. ??In the Democratic response to the president's weekly radio address Mr. Davis accused the president a former oil man of being concerned only with the petroleum magnates. ??With all due respect I urge you to stand up to your friends in the energy business and exercise the federal government's exclusive responsibility to ensure that energy prices are reasonable he said. ??Many analysts however blame the state's deregulation scheme and failure to construct adequate electrical generating capacity. ?The price wholesale power providers can charge utilities is not capped but the fee those companies can charge users is capped - resulting in massive debt for providers. ??The state was slow to respond to increased demand the analysts say even though the state is building 10 new power plants four of which will come on line this summer. ??In his national energy policy Mr. ?Bush lays out 105 proposals that focus on increasing domestic supply improving the nation's ability to move energy between regions and increased conservation. ?But the policy is geared more toward long-term solutions - such as decreasing America's reliance on foreign oil - than short-term relief for Californians and motorists nationwide. ??Mr. ?Cheney who heads the president's energy task force and said Friday that California knew for more than a year about the impending energy shortage has promoted nuclear power as essential to America's energy needs. ?He said that at least some of the 65 power plants that need to be built annually to meet future electricity demand ought to be nuclear. ??A poll by the Field Institute last week found many Californians now agree. Although nuclear energy produces 20 percent of the nation's energy California has just two nuclear plants. GRAPHIC: Photo Gov. ?Gray Davis LOAD-DATE: May 29 2001 of 98 DOCUMENTS ????????????????????Copyright 2001 Chicago Tribune Company Tribune ???????????????May 29 2001 Tuesday NORTH SPORTS FINAL EDITION SECTION: News Pg. 6 ZONE: N LENGTH: 514 words HEADLINE: Bush backs WW II project BYLINE: From Tribune news services. DATELINE: LOS ANGELES BODY: ??President Bush promised World War II veterans a Washington memorial that will stand for the ages and paid Memorial Day tribute to America's fallen soldiers before embarking on a three-day West Coast swing to try to ease his political problems in California. ??Bush landed at ground zero of the nation's energy worries Monday night hours after Energy Secretary Spencer Abraham speeded up planning to relieve a notoriously overloaded electricity transmission line through California. ? ??Abraham's action was timed to provide a bit of news for Bush to announce during his first presidential trip to California where he is to hold a politically charged private meeting with Democratic Gov. Gray Davis on Tuesday. Bush's aides said he will pledge to cooperate with California but will stick to his position that no action by the federal government can prevent the rolling blackouts that are expected this summer. ??Abraham ordered the Western Area Power Administration a 15-state marketing arm of his department to complete planning and seek outside financing for an increase in transmission capacity that he said would be a big step in the right direction and a big step forward for Californians. ??California's electricity problems developed over a period of years and cannot be solved overnight Abraham said in a news release. However we can move now on actions that will help avert the same types of problems from recurring year after year. Monday's action is designed to reduce the bottleneck on California's Path 15 which connects the northern and southern parts of the state. ??Davis who is seeking re-election next year has seen his poll ratings plummet as electricity prices soared utilities hit dire financial straits and homes and businesses were surprised with blackouts. ??For most of Monday however Bush focused on U.S. veterans and the solemn ceremonies in two states honoring those who never returned from America's wars. ??Their losses can be marked but not measured Bush said at the traditional Memorial Day ceremonies at Arlington National Cemetery in Virginia. We can never measure the full value of what was gained in their sacrifice. We live it every day in the comforts of peace and the gifts of freedom. ??Bush also laid a wreath at the Tomb of the Unknowns. ??Later he traveled to Mesa Ariz. to pay tribute to veterans at the Champlin Fighter Aircraft Museum. He asked the crowd to observe a nationwide moment of silence at 3 p.m. Arizona time. ??Any foe who might challenge our national resolve will be repeating the grave error of defeated adversaries the president said. ??Bush opened the day at the White House where he signed legislation to construct a World War II monument on the National Mall a setting criticized by some. Bush said the monument between the Washington Monument and Lincoln Memorial will stand for the ages. ??I will make sure the monument gets built the president told an audience of veterans in the yellow-curtained East Room among them former Sen. Bob Dole (R-Kan.) who has supported the memorial. ??. GRAPHIC: PHOTOPHOTO (color): President Bush and Maj. Gen. James T. Jackson attend Monday's wreath-laying at Arlington National Cemetery's Tomb of the Unknowns. AP photo by Ron Edmonds. LOAD-DATE: May 29 2001 of 98 DOCUMENTS Associated Press The materials in the AP file were compiled by The Associated Press. ?These materials may not be republished without the express written consent of The Associated Press. ???????????????????????May 29 2001 Tuesday BC cycle AM Eastern Time SECTION: Domestic News LENGTH: 604 words HEADLINE: Bush announcing low-income aid but no price caps BYLINE: By SCOTT LINDLAW Associated Press Writer DATELINE: LOS ANGELES BODY: ??President Bush traveled across the country to deliver news Gov. Gray Davis doesn't want to hear: He won't force down soaring electricity prices that have cost California nearly $8 billion since January. ??The Republican president and the embattled Democratic governor arranged a 20-meeting Tuesday to talk about California's energy crisis but there was no indication they would break their stalemate. ??Bush opposes price limits on wholesale electricity that utilities buy arguing they do nothing to address supply-and-demand issues at the heart of the crisis. ??Davis contends federal energy regulators are ignoring their mandate to ensure just and fair electricity prices. ??With no sign of a break in the deadlock each side maneuvered for maximum advantage from Bush's first full day in California as president. ??Davis in an interview Tuesday on ABC's Good Morning America defended his record on licensing more power plants. ??We've licensed 15 plants. Ten are under construction four will be online this summer four next summer and by the end of 2003 we will have built our way out of this problem. But between now and then we are getting gouged unbelievably Davis said. ??The Bush administration timed positive energy announcements to coincide with the president's visit. ??At the Marine Corps base at Camp Pendleton Bush was announcing the expansion of a program that provides federal money to help low-income residents pay for power. ??Bush was proposing $150 million in addition to $300 million already budgeted for a component of the Low Income Home Energy Assistance Program to provide special help to cash-strapped residents of California and certain Midwest areas such as Chicago a senior administration aide said. ??Bush was also reminding state residents of his order that military facilities in the state cut peak-hour usage by 10 percent. ??To alleviate an electricity bottleneck on a crucial south-north transmission path the Department of Energy announced that the Western Area Power Authority will try to raise money from a variety of private and public entities to finance a crucial additional lines. ??The Bush administration is taking a leadership role in addressing a long-neglected problem in California's electricity transmission system said Energy Secretary Spencer Abraham. California's electricity problems developed over a period of years and cannot be solved overnight. However we can move now on actions that will help avert the same types of problems from recurring year after year. ??Davis had a letter for Bush from top economists who maintain price caps are justified and necessary. ??Aides to the governor expressed amazement that Bush would travel all the way to California with no major announcement in hand and predicted Davis would respond with polite rage. ??Mindful of the national stage he commanded Davis planned a news conference to air his grievances. And he convened a panel of families he said have been victimized by the energy crisis in the same hotel where Bush was staying. ??Davis wants Bush to pressure the Federal Energy Regulatory Commission to impose stiff price caps. ??Tuesday limited caps ordered last month by FERC go into effect in California but only when electricity reserves fall below 7.5 percent in the state - a step Davis called inadequate. ??Protesters planned demonstrations in Los Angeles and at Camp Pendleton in San Diego County. ??Bush also arranged a speech on energy and trade to the Los Angeles World Affairs Council and planned to president over a closed-door energy round-table discussion. GRAPHIC: AP Photos DSM106 KDJ102 LOAD-DATE: May 29 2001 of 98 DOCUMENTS ???????????????????The Associated Press State & Local Wire The materials in the AP file were compiled by The Associated Press. ?These materials may not be republished without the express written consent of The Associated Press. ???????????????????????May 29 2001 Tuesday BC cycle AM Eastern Time SECTION: State and Regional LENGTH: 594 words HEADLINE: Stakes are high for Davis meeting with Bush BYLINE: By GARY GENTILE AP Business Writer DATELINE: LOS ANGELES BODY: ??With California facing a summer of outages Gov. Gray Davis was to meet President Bush to press for a federal cap on energy prices. ??But Davis wasn't expected to win any concessions during the 20-minute Tuesday meeting where he's expected to point to Texas energy makers. ??Davis has appeared on national news programs attacking Bush for opposing price controls on wholesale electricity and suggesting the president has ignored price-gouging by Texas-based electricity generators. ??The president did not create this problem but he is uniquely situated to solve it Davis said Monday. What I'm going to ask him to do with all respect is to enforce federal law. The money that leaves this state goes directly to energy companies in Texas and the Southwest. ??If Bush refuses to administer price controls as expected Davis can use that as ammunition in his sparring with the administration. ??Bush has blamed California officials for the state's power woes and said price controls won't solve shortages. Instead they said Bush plans to stress his efforts to conserve energy in federal buildings and will bring one or two new initiatives to the table. ??One of them commits the federal government to helping organize a consortium to build more power lines for the state. ??Energy Secretary Spencer Abraham directed the Western Area Power Administration a federal agency to take the first steps to clear the way for building more transmission capacity between southern and northern California. That would help relieve a transmission bottleneck in the central part of the state. ??While this will not help this summer Abraham said in a statement the line improvements when completed will help avert the same types of problems from recurring year after year. ??The stakes of the meeting are high for both politicians. ??Davis who has been mentioned as a Democratic challenger to Bush in 2004 wants federal help to solve an energy crunch that threatens rolling outages this summer and has cost state taxpayers nearly $8 million since January - the price of buying power for two cash-starved private utilities. And his plan to rescue one of those companies reportedly is faltering. ??Leaders of both the state Senate and Assembly oppose a $3 billion-plus plan to bail out Southern California Edison by buying its power lines the Los Angeles Times reported Monday. ??Bush meanwhile needs to mend fences in vote-heavy California. The Republican president lost badly here in November and polls show most Californians dislike his handling of their energy crisis. ??Bush's Tuesday agenda was heavy on energy issues. At the Marine Corps base at Camp Pendleton near San Diego Bush was to highlight his order that federal agencies and installations cut back energy use. Then it was on to Los Angeles to discuss his energy plan in a speech to the Los Angeles World Affairs Council. ??Bush was confronted by the issue virtually as he stepped off the plane Monday in Los Angeles. Rep. Brad Sherman D-Los Angeles escorted the Academic Decathlon national championship team from El Camino Real High School in Woodland Hills to meet Bush. He told the president California needs regulation of electric generators. ??The president seems to believe just by instinct that rate regulation reduces supply and also by instinct that all those in the energy industry are fair people who are not trying to game the system Sherman said. Anyone who studies the facts in California knows that power is being withheld in order to drive up the price. LOAD-DATE: May 29 2001 of 98 DOCUMENTS ????????????????Copyright 2001 Burrelle's Information Services NEWS ??????????????????????SHOW: WORLD NEWS NOW (2:00 AM ET) 28 2001 Monday TYPE: Newscast LENGTH: 447 words HEADLINE: PRESIDENT BUSH VISITS CALIFORNIA WHERE POLITICIANS ARE CRITICAL OF HIS LACK OF ACTION FOR THEIR ENERGY CRISIS ANCHORS: DEREK McGINTY REPORTERS: JOSH GERSTEIN BODY: ??DEREK McGINTY co-anchor: ??When Air Force One touches down in California today it will mark President Bush's first visit to the Golden State since taking office. Now that fact has not been lost on Governor Gray Davis who has accused the president of ignoring his state's power crisis. ?As ABC's Josh Gerstein tells us Mr. Bush's visit could have major ramifications for his presidency and his party. ??JOSH GERSTEIN reporting: ??(VO) Since taking office President Bush has visited 28 states but until this week he had not found time on his schedule to visit the nation's most populous state California. ??Mr. DAN SCHNUR (GOP Political Consultant): Because the state is going through such extraordinary times right now because of the energy crisis his absence has been much more noticeable and the discussion about it's been much more heightened. ??GERSTEIN: (VO) Democrats have begun an aggressive effort to paint the president and other Republicans as obstacles to resolving the energy crisis. ??Offscreen Voice: (From TV Commercial) President Bush has offered no relief to hard-pressed rate payers. ??Text: ??The President...believe(s) that the issue is mostly a California matter... ??GERSTEIN: (VO) On Tuesday Mr. Bush meets with California Governor Gray Davis. ?He and other Democrats want the federal government to impose caps on wholesale prices for electricity. ??Representative ANNA ESHOO (Democrat California): Our people are hurting. We're bleeding in the sand. ?We need a tourniquet and the president is the one that can do this. ??GERSTEIN: (VO) During his trip President Bush plans to highlight the federal government's conservation efforts but aides say he will not endorse price caps. ??Mr. TUCKER ESKEW (Director White House Media Affairs): The president believes that capping wholesale prices would do nothing to lower demand or increase supply the two fundamental solutions to any energy problem such as this. ??GERSTEIN: Holding the line against price caps may have political costs. Most analysts give Mr. Bush little chance of winning California in 2004 but Republican congressmen there face re-election next year. ?So far five of them have endorsed some kind of limit on electricity pricing. ??Representative RANDY CUNNINGHAM (Republican California): We're in an extreme emergency right now. ?It takes extreme measures. ??Unidentified Woman: We are in rolling blackouts. ??GERSTEIN: (VO) While electricity may be in very short supply in California this summer the president and politicians of all stripes are likely to find there's more than enough voter anger to go around. ?Josh Gerstein ABC News the White House. LOAD-DATE: May 29 2001
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Subject:: In DC with Ken Lay per Desiree, CEO luncheon with Secty Rubin
Body:: Desiree will schedule other appointments as well Cynthia will attend in your place.
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Subject:: Re: Rich Products
Body:: looks good Peggy Mahoney 07/24/2000 06:20 PM To: Mark Palmer/Corp/Enron@ENRON Steven J Kean/HOU/EES@EES Karen Denne/Corp/Enron@ENRON Cedric Burgher/Corp/Enron@ENRON Mark Koenig/Corp/Enron@ENRON Paula Rieker/Corp/Enron@ENRON Jeremy Blachman/HOU/EES@EES Harold G Buchanan/HOU/EES@EES Karen S Owens@ees@EES Kevin Hughes/HOU/EES@EES Mark S Muller/HOU/EES@EES Vicki Sharp/HOU/EES@EES Marty Sunde/HOU/EES@EES Dan Leff/HOU/EES@EES Elizabeth Tilney/HOU/EES@EES Dave S Laipple/DUB/EES@EES James E Keller/HOU/EES@EES cc: Subject: Rich Products Please review the attached draft news release about our agreement with Rich Products and let me know if you have any comments by 5pm Tuesday July 25. We are scheduled to release on Wednesday July 26. If you have any questions please call me at x57034. Rich Products is a major US food manufacturer headquartered in Buffalo NY. The company ranked #122 in Forbes Private 500 and has sales around $1.5 billion. Rich Products is owned and operated by the founding Rich family. Products manufactured include frozen meats bakery products and non-dairy creamers.
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Subject:: Re: Project Stanley
Body:: Please revise the document as Aleck's changes indicate. With respect to the alternative responses shown near the end of the document leave both alternatives in. -----------------
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Subject:: Re: release draft
Body:: revisions From: Mark Palmer on 06/07/2001 01:46 PM To: Paula Rieker/Corp/Enron@Enron James A Hughes/Enron@EnronXGate David Leboe/Enron@EnronXGate Andrew S Fastow/Enron@EnronXGate Steven J Kean/NA/Enron@Enron Karen Denne/Corp/Enron@ENRON cc: Subject: release draft Please get back to me ASAP. Mark Palmer 34738
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Subject:: Update Day 1 Second Session FERC CA Settlement
Body:: In the Room Conference attended by all in-state generators a few munies the IOUs and a few others. One attorney from CPUC but on phone. Barbara Barkovich attended for CA Large Consumers. Nader sent someone. No other consumers. One other ESP -- Strategic Energy (only operates in San Diego). Judge reports that only 6 offers have been submitted to FERC for sales to the IOUs (note Enron submitted one of the offers). The offers total 2000 MW. The prices are quite divergent. He expresses concern at the little offered. Generators suggest that more could be offered if FERC could be more flexible on terms (FERC required 24/7 offers). IOUs and others press judge to seek offers from others not present (e.g. BPA other marketers SW utilities) but judge does not offer to do so. Barkovich says can't throw large customers into non-core market now. Everyone agrees that we are all looking for a blended wholesale rate (part existing gen part OFs part forward contract and part spot) that meshes with the IOUs' ability to recover the costs in rates -- so tied to CPUC rate increase. Discussion of CPUC PD -- not enough Enron able to take low profile. SDG&E suggested terminating the settlement talks at FERC saying nothing could be achieved. Not much happens until 4:30 pm when judge blows up -- judge directed epithets at SDG&E and SCE. SCE had refused to cooperate from the beginning. Out of the Room Separate talks between PG&E and SDG&E and some of the generators. Late in the day Judge meets with IOUs. Parties agree informally that forum does not work well given lack of CPUC involvement but some believe that FERC is only hope for a workable resolution. Next Steps -- The Judge Speaks Judge asked everyone to consider how to Share the Pain for Thursday's meeting and said not to expect any win:win scenario. His view is that FERC is better than the CA legislature or bankruptcy court. His focus will be on Wolak proposal to share the pain as submitted in 12/1/00 comments to FERC -- forces all sellers to CA to sell most of its supply (either generation or marketer offers) as cost-based rates in forward contracts or lose ability to sell at market-based rates. Generators oppose this I believe. Enron planning to continue low profile but to discuss options with ENA.
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Subject:: Part 4, revised
Body:: nan
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Subject:: Madera Ranch Press Release
Body:: Heads up. This is not to be discussed in advance out side of Enron but you guys need to know. If there are ways we can be helpful call Carolyn Green to discuss. -----------------
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Subject:: CNN Link Update
Body:: I think this is a good idea. We may want to think about CNBC as well. Brandon -- any technical obstacles? Margaret/Cindy -- how does the link work? does it go straight to the clip or do users have to navigate within CNN's site? -----------------
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Subject:: Senate Energy Markup Cancelled
Body:: The Senate Energy Committee's meeting to consider and vote on Chairman Bingaman's electricity restructuring legislation and amendments to that proposal -- originally scheduled for tomorrow -- has been CANCELLED. No new date has been announced. Given the tragic events yesterday at present we expect congressional activity to be suspended following today's sessions until into next week. We will keep you posted on further details as they become available.
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Subject:: RE: confidential ee info
Body:: Mark Can you email me or fax me any written documentation we have give to Heidi in regard to performance. I have her reviews but thought we did some other written documentation. Let me know. Thanks.
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Subject:: REVISED: Meeting with Antoinette Malveaux re: National Black MBA
Association May 8th
Body:: meeting file -----------------
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Subject:: Re:
Body:: Mark has some editorial changes to the letter if there is still time
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Subject:: Fwd: The Answer!
Body:: enjoy! -----------------
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Subject:: Final Colorado Springs, CO Itinerary
Body:: -----------------
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Subject:: test message
Body:: Testing Notes capabilities of your Enron home computer.
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Subject:: Digital Power Demand: JP Morgan Report
Body:: See if there is anythiing of use in here for your high tech group messages.
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Subject:: Re: ATTORNEY CLIENT PRIVILEGDE - Draft FERC Brief on Settlement
Process
Body:: see below. Federal price limits backfire=20 Some generators withhold power rather than abide by rate caps=20 David Lazarus Chronicle Staff Writer Wednesday July 4 2001=20 2001 San Francisco Chronicle=20 URL:=20 /04/M N186091.DTL=20 Officials in California and Nevada after months of lobbying for federal=20 regulators to cap Western power prices warned yesterday that the newly=20 imposed limits have had the unintended consequence of increasing a threat o= f=20 blackouts in the two states.=20 The warnings were issued as California came within minutes of rolling=20 blackouts yesterday afternoon and one day after the first-ever rolling=20 blackouts in Las Vegas forced energy-hungry casinos to shut off fountains a= nd=20 reduce air conditioning.=20 The two states are asking the Federal Energy Regulatory Commission to take = a=20 closer look at the so-called price mitigation plan and come up with revisio= ns=20 that would deter power companies from withholding electricity during=20 shortages.=20 We need some clarity to this order said Oscar Hidalgo a spokesman for t= he=20 California Department of Water Resources which is spending billions of=20 dollars to keep the state's lights on.=20 Generators need to be held accountable he said.=20 The crux of the problem is that price limits kick in during shortages yet= =20 power companies say these caps force them to sell power at below-market rat= es=20 during periods of high demand.=20 Some companies have responded by holding back power rather than face the=20 expense of shipping electricity from state to state. Each mile that=20 electricity must be transmitted adds to the overall cost.=20 No one's going to pay for transmission if the cost is near the caps said= =20 Gary Ackerman executive director of the Western Power Trading Forum an=20 energy-industry association in Menlo Park.=20 Ackerman said several companies in his organization decided that there was = no=20 economic advantage to offering power in regional markets when price control= s=20 are in effect.=20 This means individual regions like California or Las Vegas could end up no= t=20 having enough Ackerman said. It increases the threat of blackouts.=20 BLACKOUT ALERT CANCELED California authorities issued a blackout alert at 1:45 p.m. yesterday when= =20 power reserves dipped to dangerously low levels. They canceled the alert=20 about an hour later after finding additional supplies.=20 Everyone in the West is fighting for megawatts said Stephanie McCorkle = a=20 spokeswoman for the California Independent System Operator which oversees= =20 the state's power network.=20 The Golden State's latest brush with lights-out conditions came a day after= =20 Nevada experienced its own rolling blackouts for the first time prompting= =20 heavy power users such as the MGM Grand and Caesars Palace to dim their=20 lights.=20 Don Soderberg chairman of the Nevada Public Utilities Commission said tha= t=20 the sudden power emergency took state authorities by surprise and that they= =20 are investigating to see what role the federal price limits may have had in= =20 exacerbating Monday's shortage.=20 We're looking very closely at this he said. There seems to be a potenti= al=20 for unintended consequences.=20 Specifically Soderberg said Nevada is focusing on operators of older less= -=20 efficient plants who would find profit margins shrinking if not vanishing= =20 under capped prices.=20 We're going to see how the caps might have played into this he said.=20 The federal ceiling in 10 Western states excluding California is about $9= 2=20 per megawatt hour. In California a 10 percent surcharge is added because o= f=20 the state's credit risk bringing the price to just over $101.=20 Ackerman at the Western Power Trading Forum said regional price controls ha= ve=20 extended California's power crisis to neighboring states.=20 California sneezed and the rest of the region caught the virus he said.= =20 'LAWYERS LOOKING FOR LOOPHOLES'=20 California and Nevada officials however said that they still have faith= =20 that price limits can stabilize Western electricity markets but that federa= l=20 regulators may have to tweak the system so that power companies cannot=20 withhold output.=20 The generators have banks of lawyers looking for loopholes (in the plan)= =20 said Hidalgo at the Department of Water Resources.=20 Unfortunately it may take some time for the regulators to revisit an issue= =20 that they took up only with the greatest reluctance. For months federal=20 regulators refused to impose price controls preferring instead to let supp= ly=20 and demand determine costs.=20 Hidalgo said that when it appeared that power companies were throttling bac= k=20 on output Monday California officials immediately dialed the hot line numb= er=20 provided by the Federal Energy Regulatory Commission in case of emergencies= .=20 No one answered he said. They were closed.=20 State officials tried again yesterday and this time were told that the=20 commission would look into the matter. They were not given a time frame for= =20 when the commission might come up with a response.=20 E-mail David Lazarus at dlazarus@sfchronicle.com.=20 2001 San Francisco Chronicle ? Page?A - 1=20 Out-of-state generators pull plug over uncertainty on price controls By Dale Kasler Bee Staff Writer (Published July 3 2001)=20 Confused by the federal government's new controls on electricity prices=20 generators withheld so much power from California on Monday that the state= =20 was nearly plunged into rolling blackouts state officials said.=20 The confusion began when the state's electric grid operators declared a Sta= ge=20 1 power alert in the early afternoon triggering the price caps for the fir= st=20 time since they went into effect June 21.=20 Out-of-state generators pulled about 1500 megawatts of electricity off the= =20 table at midafternoon enough to power about 1.1 million homes because of= =20 uncertainty about how much they could charge under the new Federal Energy= =20 Regulatory Commission pricing system said Oscar Hidalgo spokesperson for= =20 the state Department of Water Resources. The department buys electricity fo= r=20 the state's financially distressed utilities.=20 They didn't understand what they were going to be paid there was confusio= n=20 over the FERC order Hidalgo said. We saw 1500 megawatts disappear.=20 The problem was exacerbated by a heat wave across the West which forced=20 California to compete with other states for scarce electricity he said.=20 Rolling blackouts hit southern Nevada.=20 Most California officials credit the FERC system which is based on a=20 variable price cap with reining in what had been a runaway wholesale power= =20 market. But power generators have complained that the price caps by limiti= ng=20 profits could discourage the production of critically needed electricity.= =20 And as Monday's episode suggested even the uncertainty about where the cap= =20 will fall could lead to unexpected shortages.=20 That's the risk that you run (with price controls) said Arthur O'Donnell= =20 editor of the newsletter California Energy Markets. People want any kind o= f=20 certainty at all.=20 Hidalgo said the state avoided blackouts only because of last-minute import= s=20 from the Bonne=0F'ville Power Administration the federal agency that marke= ts=20 government-produced hydroelectric power in the Pacific Northwest. The state= =20 went into a Stage 2 power alert the next-to-last level before blackouts ar= e=20 ordered. The alert was canceled in late afternoon.=20 The blackouts would have been the first in California since May 8.=20 FERC imposed a round-the-clock ceiling on power throughout the West. The=20 price fluctuates and is tied to the production costs of the least-efficient= =20 plant operating in California during a power alert declared by the=20 Independent System Operator which runs the state's power-transmission grid= .=20 When there's no alert prices can't exceed 85 percent of the cap that was= =20 established during the latest alert.=20 Until Monday the maximum price held steady at about $101 a megawatt-hour i= n=20 California. But when the ISO declared a Stage 1 power alert in early=20 afternoon signifying that reserve supplies had dwindled to less than 7=20 percent of demand confusion set in Hidalgo and others said.=20 Because of a steep drop in the price of natural gas which fuels many=20 California power plants suppliers knew the cap would fall. But no one knew= =20 by how much until the price was posted by the ISO.=20 The ceiling for California fell to about $77 at 3 p.m. but was back up to $= 98=20 in two hours according to the ISO. Those prices include the 10 percent=20 premium that sellers can charge California because FERC said there's a cred= it=20 risk in selling to the state.=20 O'Donnell said it's likely suppliers will pull back from the market every= =20 time the ISO declares a power alert.=20 In-state generators have to operate their plants if summoned by the ISO. Bu= t=20 out-of-state suppliers can withhold supplies and on Monday it was the=20 out-of-staters that were pulling back Hidalgo said.=20 The Bee's Dale Kasler can be reached at (916) 321-1066 or dkasler@sacbee.co= m.=20 Power Sales Halted by New Pricing Curbs=20 Electricity: Confused suppliers unsure what they will be paid refuse to= =20 sell to state which asks FERC for a ruling but doesn't get it.=20 By NANCY VOGEL Times Staff Writer=20 ?????SACRAMENTO--Confusion over new federal price restrictions prompted=20 several electricity sellers to back away from sales to California on Monday= =20 afternoon pushing the state closer to blackouts energy officials said. ?????The state lost sales that would have provided enough electricity to=20 supply more than 1 million homes said Ray Hart deputy director of the=20 California Department of Water Resources which has been buying much of the= =20 state's electricity since January. ?????At least five companies producing or marketing power are telling us= =20 that since they don't know what they're going to get paid they're not goin= g=20 to take the risk and so they're not going to sell the energy Hart said. ?????The electricity sales fell through after power consumption soared in= =20 summer heat and grid operators were forced to declare a Stage 1 emergency= =20 meaning reserves had dipped below 7%. It was the first such emergency since= =20 May 31. ?????Under a June 19 order by the Federal Energy Regulatory Commission=20 intended to bring down wholesale electricity markets across the West a pow= er=20 emergency in California triggers the setting of a new price limit that=20 applies to power plant owners from Washington to Arizona.=20 ?????The new price is supposed to be based upon whatever it costs to run th= e=20 most inefficient expensive power plant selling electricity to California= =20 grid operators during the first full hour of a Stage 1 emergency. ?????But much uncertainty remains about exactly how and when the new price = is=20 supposed to be established under the commission's order and that apparentl= y=20 drove away sellers Hart said. ?????Shortly after the state issued the Stage 1 alert at 1:30 p.m. putting= =20 the old price limit of $90 per megawatt-hour in question companies that ha= d=20 committed to provide the state electricity hour by hour Monday afternoon=20 backed out Hart said. The companies include TransAlta Energy Marketing of= =20 Oregon Constellation Power of Baltimore and Sempra Energy Trading a unit = of=20 the San Diego-based energy conglomerate. ?????Forced to dip even deeper into the state's power reserves and declare = a=20 Stage 2 emergency water agency officials called the federal energy=20 commission's hotline for clarification about what the new price should be a= nd=20 when it should take effect. They got no answer. ?????Hart said commission officials reached at home promised to try to=20 clarify their order today. One outstanding question is what obligations pow= er=20 suppliers have to deliver electricity to California in an emergency. ?????Both buyers and sellers in the market agree that the new price when i= t=20 is set will probably be lower than $90 per megawatt-hour because the price= =20 of natural gas the main fuel in California power plants has dropped latel= y. ?????Temperatures soared several degrees higher Monday than grid operators= =20 had anticipated. But they said they expected to avoid rolling blackouts in= =20 part because the Bonneville Power Administration in Portland Ore. had=20 agreed to provide several hundred megawatts of Pacific Northwest hydropower= =20 each hour in exchange for a return of electricity from California later thi= s=20 summer. ?????Bonneville is giving us emergency power to get us through Hart said= .=20 Copyright 2001 Los Angeles Times=20 James D Steffes 07/06/2001 10:04 PM To: Jeffrey T Hodge/Enron@EnronXGate Robert C Williams/Enron@EnronXGate cc: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron Linda=20 Robertson/NA/Enron@ENRON Alan Comnes/Enron@EnronXGate Jeff=20 Dasovich/NA/Enron@Enron Susan J Mara/NA/Enron Robert Frank/NA/Enron@Enron= =20 Ray Alvarez/NA/Enron@ENRON Sarah Novosel/Corp/Enron@ENRON=20 dwatkiss@bracepatt.com=20 Subject: ATTORNEY CLIENT PRIVILEGDE - Draft FERC Brief on Settlement Proces= s The attached is a rough draft of a potential filing Enron would make in to= =20 Judge Wagner in the Settlement process (it is unclear if this would remain= =20 confidential per the gag order). Please provide Ray Alvarez your comments. This would be filed as early as= =20 Monday am. Jim
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Subject:: California Update--0717.01
Body:: fyi -----------------
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Subject:: <<Concur Expense Document>> - April-01 AMEX
Body:: -----------------
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Subject:: Re: washington contacts
Body:: I talked with Scott Tholan and he immediately understood your concerns. I don't think there is anything else you need to do right now. Let me know though if there are requests for information you consider inappropriate. From: Cynthia Sandherr 09/14/2000 11:53 AM To: Steven J Kean/NA/Enron@Enron cc: Joe Hillings/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Chris Long/Corp/Enron@ENRON Subject: washington contacts Steve: As discussed I spoke with Clay and raised the points we discussed. Thus I'm a bit surprised to receive this cover type memo. To be clear with you as I was with Clay (he repeated back my message verbatim so I feel he understood the issue) the issue is not maintaining excellent relationships rather the issue is inappropriate requests for insider information. By the way the Administration meeting which set off the problem Clay stated he doesn't remember where that information came from. I have followed up with DOE and the Hill as discussed. Please let me know if we need to do anything further. thanks. -----------------
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Subject:: West Virginia Settlement
Body:: -----------------
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Subject:: Barton Subcommittee Approves California Bill; Price Caps Defeated
Body:: The Energy and Air Quality Subcommittee meet for almost six hours today and approved an amended version of H.R. 1647 Chairman Barton's emergency legislation to aid California by a 17-13 party line vote. The full Energy and Commerce Committee may take it up as early as next week (probably Thursday May 17th). The Subcommittee DEFEATED an amendment by Rep. Waxman (D-CA) to impose wholesale price caps for 18 months. The amendment was defeated 12-20 with all Republicans voting against including the three from California and Rep. Greg Walden (R-OR) who while seen as the last to decide to oppose the price cap amendment was the most forceful and articulate in opposition to the amendment. Also voting NO were Democratic Reps. Ralph Hall (D-TX) and Chris John (D-TX) with which we had met in recent days. The final vote tracked our whip count going into the meeting. Rep. Albert Wynn (D-MD) offered and withdrew an amendment to delete the negawatts provision. There was bipartisan criticism that while the concept made sense there were potential problems in terms of possible games playing including end users being able to sell power while not actualy reducing their normal power levels. Another member said that electric coops that are required to sell at cost could have customers then go out and resell that power and make a lot of money. Several Members said businesses could shut down put workers out of work and become energy marketers and make more money. Chairman Barton made a forceful defense of negawatts. While the amendment to strike was deleted we will need to respond to these criticisms and shore this up before full committee next week. There will be another attempt to delete at full committee unless these concerns are addressed in an amended version. Ranking Democrat Rick Boucher (D-VA) offered and withdrew an amendment to reinstate FERC maximum prices for the secondary transmission market thus reversing the Feb. 2000 FERC order. This woudl last for 18 months. Chairman Barton said he agreed with Boucher that there is a problem with what appear to be high gas transmission rates to California but he disagrees with the proposed remedy. He pledged to work with Boucher before Full Committee mark-up. We are obtaining a copy of this amendment and should analyze it ASAP for its potential impact on Enron operations. Rep. Ed Markey (D-MA) offered and withdrew an amendment to impose a series of new tests to be administered by FERC all with the goal of discouraging spot market transactions or at least what he would define as excessive use of the spot market and at the same time encourage deep bilateral mechanisms. The mechanisms included a market balance test that would say only sellers with a commitment to the long term market could sell in the spot market at unregulated rates and spot market circuit breakers that would be triggered when reserves are low in a given market. Chairman Barton said he likes the concept of a spot market circuit breaker but felt that the amendment was too complicated to be evaluated today. We will also pursue an analysis of this amendment since it will likely be offered again in some form. Mr. Markey also offered and withdrew a net metering proposal that would establish federal interconnection standards for individual consumers who would want to use fuel cells and other renewable technology to put power onto the system. It was interesting that those who opposed negawatts spoke favorably of net metering even though they are complementary. The subcommittee by voice vote adopted a Walden Amendment to strike the section of the bill that would have required an RTO if 10 of the western governors approved it. The debate was pro-RTO but the rationale for deleting the provision is that one is already being formed and Members from those states did not want to upset the work already under way. A series of other amendments on other matters were offered and withdrawn none of which relate to our activities.
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[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Confidential Information and Securities Trading
Body:: To:SALISBURY HOLDEN - 503-464-3835 Enron Wholesale Services - Office of the Chairman From: Mark Frevert Chairman & CEO Mark Haedicke Managing Director & General Counsel Subject: Confidential Information and Securities Trading To keep pace with the fluid and fast-changing demands of our equity trading activities Enron Wholesale Services (EWS) has recently revised its official Policies and Procedures Regarding Confidential Information and Securities Trading (Policies and Procedures). These revisions reflect two major developments: (1) our equity trading activities have been extended into the United Kingdom and (2) in an effort to streamline the information flow process the Review Team will play a more centralized role so that the role of the Resource Group is no longer necessary.You are required to become familiar with and to comply with the Policies and Procedures. The newly revised Policies and Procedures are available for your review on LegalOnline the new intranet website maintained by the Enron Wholesale Services Legal Department. Please click on the attached link to access LegalOnline: If you have already certified compliance with the Policies and Procedures during the 2001 calendar year you need not re-certify at this time although you are still required to to review and become familiar with the revised Policies and Procedures. If you have not certified compliance with the Policies and Procedures during the 2001 calendar year then you must do so within two weeks of your receipt of this message. The LegalOnline site will allow you to quickly and conveniently certify your compliance on-line with your SAP Personal ID number. If you have any questions concerning the Policies or Procedures please call Bob Bruce at extension 5-7780 or Donna Lowry at extension 3-1939.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Re: PRC MEMO from Skilling
Body:: I think the memo needs some additional work. I have made a number of suggestion (highlighted on the attached). From: Karen Moore/ENRON@enronXgate on 04/30/2001 07:56 AM To: Cindy Olson/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Karen Denne/Corp/Enron@ENRON Michelle Cash/HOU/ECT@ECT David Oxley/ENRON@enronXgate Andrea Yowman/Corp/Enron@ENRON Gina Corteselli/ENRON@enronXgate Robert K Jones/NA/Enron@Enron cc: Subject: PRC MEMO from Skilling Attached is a draft of the PRC memo to go out from Jeff at the end of this week for your review. Karen Denne Michelle Cash and Gina Corteselli have reviewed the document and their comments/edits/suggestions have been made accordingly. Please have your responses to me no later than COB Wednesday May 2 2001. Thanks Karen
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Re: Letter to Lynch from Us Describing Info ISO should release
sooner
Body:: Thanks..... what's a BEEP? Jeff Dasovich Sent by: Jeff Dasovich 10/02/2000 05:53 PM To: skean@enron.com Tim Belden/HOU/ECT@ECT cc: Subject: Letter to Lynch from Us Describing Info ISO should release sooner
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[/INST] Empty message (due to missing attachment) <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Re: NASCAR Craftsman Truck Series Proposal
Body:: Thank you for the information. Unfortunately we are not interested at this time. Lorna Clark <dlpits@yahoo.com> on 05/16/2001 08:59:39 PM To: Steve Kean <skean@enron.com> cc: Subject: NASCAR Craftsman Truck Series Proposal Steve: Approximately 3 weeks ago we sent you a Sponsorship proposal for Ware Racing. We are curious if you've had the time to look our package over. We have tried unsuccessfully to reach you by phone and understand that you are very busy. If you have time would you please contact us reguarding this matter. You can reach us by phone or fax at (905) 680-1568 or on the net at dlpits@yahoo.com. We look forward to hearing from you. Thank-you Dave/Lorna Clark Allied Motorsports (representing WARE Racing) Do You Yahoo!? Yahoo! Auctions - buy the things you want at great prices http://auctions.yahoo.com/
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[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: EU household & industrial consumers benefit from lower electricty
prices
Body:: -----------------
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[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Re: Enron and the Energy Services Issue Before The WTO
Body:: I need you to run these items by Rick. I take full responsibility for approving the hiring of the Hills firm (and I look forward to meeting with you and Carla as we discussed) but remain hopeful we can use their services for something other than WTO. In the wake of Seattle and as I have come to understand better what the WTO can and cannot do for us on the energy services front I have come to the view that our talent and money would be better spent on other activities. My inclination is to do the bare minimum necessary to keep the machine going. If we have specifically committed to certain things then let's follow through. If there are things we can avoid let's avoid them. Specifically with respect to Fischer going to Geneva Why not have him available by phone at all hours to provide assistance and mage that known to USG instead of underwriting additional travel. With respect to the Hills firm can we use the retained time to help with the specific strategies we are now working out for the regions? These are the kinds of things we need to consider. Joe Hillings@ENRON 04/19/2000 04:13 AM To: Steven J Kean/HOU/EES@EES cc: Subject: Enron and the Energy Services Issue Before The WTO Steve: This is a brief extension of our conversation yesterday afternoon putting in print some of the upcoming dates and possible committments for your consideration and decision. We have no exit strategy at this time and in order to follow your general instructions to withdraw gradually (I'm not quite certain that is possible at this stage) you need to know the following. The April meeting at the WTO in Geneva (Committee on Specific Committments) spent considerable time discussing how energy services would be considered in the WTO GATS (General Agreement on Trade and Services) . The USTR raised the issue tabled the issue and guided the discussion. We did not send anyone to that session. As planned for several months we issued the Rachel Thompson study which is completing its basic distribution now. There has already been considerable interest in the study and I fully expect it to generate discussion in the days ahead. I have sent you the correspondence from the Japanese Ministry. Tonight I am hosting a small dinner for the top staff person for the leading Japanese business organization affiliated with the CSI organization. He raised the issue of Japan's industry feeling energy services was going too fast too soon when Ken addressed the WTO Ministerial Forum last December in Seattle. Now he has told Bob Vastine president of CSI that he was told later by his collegues that his statement was a misstatement. We'll hear more tonight. Later today the ESC Executive Committee is meeting with the DOE to discuss how they can support energy services for the USTR who has lacked technical advisers since Donna Bobbich and Russ Profozich left DOE earlier this year. DOE has appointed a group to help USTR and this is an orientation meeting held at their request. Next week I have scheduled the first ESC full meeting since January to update members (now 50 since Schlumberger joined on Friday) on developments which is essentially a report by USTR Carol Balassa who is the responsible official handling energy services. She has given a couple of us a debriefing on what happened at the WTO meeting and a request to prepare more detailed information for the May 10 meeting in Geneva where she tells us that energy services will be even more involved in the discussion. We should have Bob Fisher go to that meeting to be of assistance. This is a decision point for you. We have made some other committments which are also decision points although the Helsinki meeting on June 18th has been agreed upon based on my feelings that when I discussed it (the SCO/FSN Showcase Europe) in Houston with you and Rick you raised no objection which I took as agreeing that it should go forward. We have done this meeting annually where I have brought in someone from Enron companies to brief them and host them for dinner. These are the commercial people in the US embassies throughout Europe and the former Soviet Union. They are important points of contact for our commercial people. This year they want to have energy services in the WTO and as we would like them to exist in their territory. A few members of the ESC Executive Committee will do the former and Peter Styles the later. I have organized the dinner. Following that meeting is one that EC Trade staffer Uta Klinkers wants the ESC Executive Committee to put on in Brussels which is a joint meeting she is organizing with European energy industry representatives. This is a dialogue on energy services. The EU is an important player in the WTO and Uta who recently met with the ESC Executive Committee in Washington is quite supportive of liberalized energy services. At the EC she reports directly to Commissioner Pascal Lamy. Rick's memo this week suggested we have Peter Styles do this briefing. Peter is not an American and is not affiliated with the ESC. Therefore unless we participate Europe's energy industry is not talking with US industry. If this is what you want then I should tell Uta that we are unable to do the meeting. The last meeting is the presentation by Ken Lay at the OECD Forum 2000 on June 26 which I engineered with Doug Worth Secretary General of the BIAC (Business Industry Affairs Committee) to the OECD. This is a major world conference and Ken is addressing e-commerce and services. Doug an American and former head of the Washington IBM office wants to have Ken meet with OECD Commissioners in a smaller meeting to discuss trends for the future. I had planned to be there with Ken for the day day and a half he will be in Paris. I introduced our company to the OECD several years ago and it has become increasingly involved in issues of interest to us. Well these are the near-term items that require your fine hand if we are to proceed. A dramatic drop off at this time will have its effects and no one is likely to pick up our leadership. There is growing support for what has been accomplished and the USG plus others are now hooked on the energy services agenda. I cannot easily see an exit strategy that can do anything but cause criticism at this point. This is definately a longer term committment that I thought we had made when approval was given to hire the Hills firm. However if you want to exit other than pulling back from the Brussels meeting I think the other meetings are firm committements at this point. These are some thoughts for your consideration and decision. Joe
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Fwd:
Body:: FYI.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: New York with Mark Koenig.
Body:: Joanie is booking a dinner in NY for this night. 9:00 shuttle to DC
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[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: RE: GISB Approves Strawman 2.1
Body:: When appropriate GISB should do some kind of press release and congressional outreach so that policymakers are aware of this significant development. We have made reference to the process of turning GISB into EISB as we have discussed the reliability issue but the board vote is another reason for them to do some outreach on their own as well.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Washington DC to meet with Jefferds
Body:: Lunch - still outstanding (No mci guy) 2:30- Chris Perkins Senator Jefferds office (R-VT) Senate Building Room 728 Hart Malcolm and Cynthia will attend she also invited Mike Marvin Business Council 3:30 - Rick Kessler Congressman Pallone Democrate from New Jersey 420 Cannon Malcolm can also attend 4:00 - Elise Jones Congresswoman Furse (D-OR) 316 Cannon Malcolm can go to this MCI we'll try to do on May 1st.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: PGE/Commercial Support Group Meeting, 32C1
Body:: Per Geoff Roberts
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: RE: Help for Krishnarao Pinnamaneni
Body:: Wade Thanks for your help. Krishna advised me of the conversation he had with you. Vince
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Jeff Skilling testifying at Murkowski workshop -- Workshop will
run from 9:30 a.m. to 12:00, in room 216 of the Hart Senate Office
Building.
Body:: Came back with Skilling on company plane.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: <<Concur Expense Document>> - AMEX - 02/02/01
Body:: nan
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Out of the office
Body:: Gretchen Bates/Mitchell Rosen (shared Marketing) 800-989-4427 Jim Coffey PEx use by marketers(312)407-7835 Move Hebert meeting from 15th
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[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: YOUR MARCH 25 SLIDES OF SPEECH TO PUBLIC UTILITIES Conference
Body:: Never mind ... I found 'em. -----------------
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Subject:: RE: Confidential Concern
Body:: Valeria is looking into it. Michelle
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[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Re: Rick Buy Status
Body:: Rick -- I'm so sorry to hear about this but I'm glad the outlook is good. Let me know if there is anything I can do to help. From: Karen K Heathman/ENRON@enronXgate on 07/17/2001 02:38 PM To: Richard Causey/ENRON@enronXgate Andrew S Fastow/ENRON@enronXgate Ben Glisan/HOU/ECT@ECT Jeffrey McMahon/ENRON@enronXgate Raymond Bowen/ENRON@enronXgate Mark Koenig/ENRON@enronXgate Rebecca Carter/ENRON@enronXgate Mark Frevert/ENRON@enronXgate Greg Whalley/ENRON@enronXgate David W Delainey/HOU/EES@EES Steven J Kean/NA/Enron@Enron John J Lavorato/ENRON@enronXgate John Sherriff/ENRON@EUEnronXGate Stanley Horton/ENRON@enronXgate cc: Subject: Rick Buy Status Sent this out to my direct reports but I wanted you to be aware as well. Rick Buy
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[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Senate Staff Briefing, per Cynthia and Genevieve Murphy American
Petroleum Institute 202-682-8410, fax 682-8294
Body:: Dirkson Senate Office building room 628 3:00 - 4:00. Same sort of briefing as when you did the House Staff Briefing same people will be presenting with you. Same people as last time except Ricardo Byrd of Nat'l Assoc. of Neighborhoods they'll try to find a replacement for him.
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Project California
Body:: I agree with Rick. I know Jose is tied up on current business but his input will be important. To date we have been relying on legal analysis of required approvals etc. That information is essential but it is as you know about 10% of the issue. The far more critical considerations are how is the government likely to react on a political level and what can we do about it. I think our government affairs people are in the best position to make these assessments. -----------------
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Subject:: Tax Review of California Assembly Bill No. 128
Body:: please forward to Vicky Sharp. -----------------
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<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
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Subject:: Confidential (sic)...chew immediately after reading (sic).
Body:: You have to love the availability of beautiful lasses for viewing. Things are interesting. Enron is moving right along and we will find out about who I am working for on Friday (our auction should be completed then). Not too much else is new. My place continues to get better (as I slowly furnish it) but Portland continues to be the little sister to Seattle. A couple new bars in town suggest she might be getting closer to puberty but definitely not the woman about town that Seattle is. Morgan told me you may no longer be with Steph? Is this true? (And I hope you are the only one reading this if it is not). If that is the case well we can see what we can do about it. As always I have no plans the next couple weekends so give me a shout (still have my cell phone at 503-887-3449) if you want to take a trip on down. Your always welcome to crash on my couch...(sorry its all I have I got rid of the futon). Hope youre doing well. Word.
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Subject:: Re: HP -- confidential internal document
Body:: This is an excellent update. Thanks for putting this together. Dale/Patrick - lets regroup on how we want to move this onward. Seems like SJ's suggestion of our spending more time with Bill Dwyer is a good one. Thanks Matt Sarah-Joy Hunter@ENRON 12/12/00 02:42 PM To: Matt Harris/Enron Communications@Enron Communications cc: Patrick Tucker/Enron Communications@Enron Communications Peter Goebel/NA/Enron@Enron Dale Clark/Enron Communications@Enron Communications Jennifer Medcalf/NA/Enron@Enron Subject: HP -- confidential internal document Matt: As GSS Business Development transitions the HP relationship for broadband to your team there are several issues I wanted to clarify in terms of how the relationship has been developed and who the contacts have been to date. Additionally I outlined the discussion points/action items from this morning's meeting you held with Jennifer Medcalf and myself. Per your request the HP presentation complete with a listing of HP's business partners was e-mailed to you this morning. HP contacts to date: Bill Lovejoy Western Gulf Area Sales Manager Houston TX #(713)-439-5587 (Gerry Cashiola's boss) Gerry Cashiola sales representative Houston TX #(713)-439-5555 (To date HP person coordinating the relationship--seeking a short term play) Greg Pyle Solution Control Manager Southeast Region Austin TX (#(512)-257-5735 (Pyle has been playing the business developer role but continues to defer leadership of the process to Gerry Cashiola) Daniel Morgridge Manager of Internet - E-Services long term alliances Austin TX #(512)-257-5736 (Interested in E-services/wireless longer term alliances) Bill Dwyer Chief Architect e-Services Solutions Cupertino CA #(408)-447-5240 (To date clearly the most knowledgeable person on HP's business propositions strong technical financial background to craft value propositions. Gerry Cashiola and Greg Pyle deferred to his judgement in the 11/16th meeting) Matt On November 10th GSS Business Development took HP through a tour of Enron's trading floor the gas control center and the peaking power plant unit center on the trading floor. This tour was one meeting amongst several held in October and November to provide HP a full overview of Enron's products and services and introduce them to appropriate contacts at Enron (EBS GSS buy side -- Peter Goebel). On November 16th GSS Business Development Patrick Tucker and Dale Clark outlined 3 possible EBS/HP focus areas -- connectivity storage and wireless. Three EBS action items were defined in that meeting: 1) HP was to provide an HP contact on connectivity (to date Gerry Cashiola has stalled on providing this). Sarah-Joy will continue to pursue this information and get a sense from Gerry Cashiola of what he means by short term opportunity. What is HP's time horizon for short term? 2) EBS and GSS/BD was to facilitate a conference call on Storage with Ravi to explore size and potential scope of opportunity (completed 12/8) 3) GSS/BD was to facilitate a conference call with Peter Goebel GSS IT Sourcing Portfolio Leader (set for 12/14) In conversations with you Jennifer Medcalf and myself this morning several decisions on forward-looking strategy with HP/EBS were confirmed: Gerry Cashiola has been unable to take control of the process. More importantly despite numerous visits to Enron in which he has had overviews of Enron's products and services met with Peter Goebel and his team on the GSS buy side and participated in an Experience Enron tour Gerry has been unable to define an HP business proposition. The coordination between Cashiola (short term initiative) Morgridge (long term 12-24 months) has remained unorganized. These initiatives need to be developed separately. Clearly the conversations with HP need to be elevated to a more senior level so EBS can work with HP decision makers who can move the relationship forward at a strategic level. As the relationship is developed at this strategic level shorter term opportunities will crop up along the way. But Gerry's short term plans will not be the focus of the EBS/HP relationship rather a by-product. To facilitate this process of elevating the relationship Jennifer Medcalf and I are following up with Bill Lovejoy and Greg Pyle. Lovejoy's boss is Dan Sytsma VP of HP's America's Central Region. In the conference call Thursday 12/14 with Peter Goebel and HP regarding wireless initiatives Peter will support the GSS/BD push for the HP/EBS initiative by reiterating the following two points: a) Enron is already an HP customer the onus is on HP to move forward on the process of building a strategic relationship (IBM and Lexmark are only some of the HP competitors who could push them out of the running) b) HP's ability to bring the right people to the table will influence HP's business relationship process with Enron Patrick Tucker and Dale Clark could build their relationship with Bill Dwyer Chief Architect e-Services Solutions (met at the meeting 11/16) in the near term. Perhaps plan a visit to Cupertino California to see Dwyer in person. We look forward to continuing close collaboration with your team on this and other opportunities. Sarah-Joy Hunter Enron Corporation Global Strategic Sourcing - Business Development #(713)-345-6541
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Subject:: Re: Distribution
Body:: There is also a california update call (used to be daily now weekly). Marcia Linton (Jim Steffes' assistant) can give you the call in information and add you to the distribution list.
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Subject:: Merger News Articles
Body:: A full list of news articles will be distributed on Monday but here is som= e of the initial coverage. Business/Financial Desk Section A Rival to Buy Enron Top Energy Trader After Financial Fall By ALEX BERENSON and ANDREW ROSS SORKIN 11/10/2001 The New York Times=20 Page 1 Column 2 c. 2001 New York Times Company=20 With its stock plunging and its finances in doubt the world's largest ener= gy trader the Enron Corporation agreed to be acquired yesterday by the ri= val Dynegy Inc. for about $9 billion in stock and the assumption of $13 bil= lion in debt.=20 The deal is an extraordinary turnabout for Enron a Houston-based company t= hat had been a driving force behind electricity deregulation nationwide. Its chairman Kenneth L. Lay a big contributor to the Republican Party pr= ovided political influence while its former chief executive Jeffrey K. Sk= illing helped create markets for the trading of electricity and natural ga= s. But last winter when California's effort to deregulate the electricity = market led to soaring power prices and rolling blackouts Enron was the sub= ject of much criticism and political anger.=20 Recent disclosures of discrepancies in Enron's financial statements and an = investigation by the Securities and Exchange Commission caused the shares t= o plunge this week to their lowest level in a decade. As other companies be= came wary of doing business with it Enron -- also facing a potential cash = squeeze -- apparently had little choice but to find a buyer and a deal was= hastily cobbled together this week.=20 For critics who had complained about Enron's market power and its dominance= the combination poses additional concerns. Dynegy's acquisition of Enron = will be reviewed by state and federal agencies led by the Justice Departme= nt and the Federal Energy Regulatory Commission. Analysts said today that t= hey expected scrutiny of the combined companies' holdings in California wh= ere Dynegy owns power-generating plants and Enron accounts for much of the = trading of natural gas -- fuel for the state's electric power plants.=20 Buying Enron at a deep discount -- it has lost $60 billion in market value = this year -- could make Dynegy the dominant trader of electricity and natur= al gas. But the agreement carries big risks as well. Along with Enron's gas= pipelines and high-technology trading floor Dynegy will take on Enron's s= ubstantial debt and a web of complex transactions that Enron has spun over = the last decade.=20 In addition to the $13 billion in debt that Enron carries on its books it = has guaranteed at least $4 billion in off-balance sheet loans and the hidd= en debt could total as much as $10 billion said Carol Coale a stock analy= st with Prudential Securities.=20 Charles L. Watson Dynegy's chairman and chief executive said yesterday th= at Dynegy could sort through Enron's tangled finances. ''We know the compan= y well'' Mr. Watson said. ''It's not like we just started fresh. I'm confi= dent that it's as solid as we thought it was.''=20 The new company will combine Enron's 25000-mile natural gas pipeline syste= m with the large number of power plants that Dynegy owns worldwide as well= as Illinois Power a Dynegy subsidiary that serves 650000 customers in Il= linois. But its most important asset will be its trading desk. It will be t= he largest energy trader in the nation trading more than twice as much pow= er and natural gas as its closest competitors.=20 Mr. Watson said the company did not expect to sell significant properties a= nd that the deal should pass regulatory scrutiny. ''There's really not a lo= t of overlap in assets'' he said.=20 Mr. Watson and Steve Bergstrom Dynegy's president will hold those positio= ns in the new company which will be called Dynegy and remain in Houston. M= r. Lay who created Enron in the mid-1980's will not have any role in the = combined company's daily operations. He has been asked to join its board bu= t has not provided an answer. ''The last three weeks haven't been a lot of = fun'' he said.=20 In a statement announcing the agreement yesterday afternoon Mr. Watson sai= d he was confident that the merger would produce a strong new company. ''En= ron is the ideal strategic partner for Dynegy'' Mr. Watson said. ''We will= keep a strong balance sheet and straightforward financial structure as key= priorities.''=20 To shore up Enron's finances Dynegy will immediately put $1.5 billion into= Enron through ChevronTexaco the giant oil company which already owns 27 = percent of Dynegy. Another billion dollars will be injected once the deal i= s completed.=20 Investors appeared comfortable yesterday that Dynegy could make the deal wo= rk. After falling $3 to $33 on Wednesday when the companies first said t= hey were in discussions Dynegy rose $5.76 on Thursday and yesterday to clo= se the week at $38.76.=20 ''On paper it works'' Ms. Coale of Prudential said. ''The combined compan= y would be the leading trader the market leader in most of their businesse= s.'' Ms. Coale who has a sell rating on Enron and a buy rating on Dynegy = said she planned to keep her buy rating on Dynegy.=20 As it works to have the deal approved Dynegy will have to persuade Enron's= traders to stay with the combined company. The pain of the stock's 90 perc= ent plunge this year will not be equally shared. Some Enron employees have = held onto their shares and seen their retirement accounts eviscerated. Mean= while Mr. Lay Mr. Skilling and other former and current executives sold h= undreds of millions of dollars in Enron stock in 2000 and this year.=20 The companies also have very different corporate cultures. Dynegy emphasize= s teamwork while Enron is more competitive said Ehud Ronn director of th= e Center for Energy Finance Education and Research at the University of Tex= as. Even before the merger was announced Enron had lost some of its employ= ees to other energy trading companies Mr. Ronn said.=20 Some investors and analysts say that the problems with Enron's finances may= extend beyond the partnerships that have been the subject of Wall Street's= scrutiny the last month. James Chanos a short-seller who has been one of = Enron's most vocal critics said there was increasing evidence that Enron's= energy trading operations were not as profitable as the company had said. = ''There appears to be a culture at Enron of aggressively booking profits an= d deferring or obscuring losses'' Mr. Chanos said.=20 On Thursday Enron said in a filing with the S.E.C that it had overstated i= ts earnings by almost $600 million over the last five years. Mr. Chanos sai= d more restatements were possible noting that the filing disclosed partner= ships had been used to hedge almost $1 billion in losses in 2000 and this y= ear. So far the losses from those partnerships remain off Enron's financia= l statements Mr. Chanos said.=20 Enron's stock had been under pressure for most of this year as the company= ran up large losses with failed efforts to expand outside its core trading= operation. In August Mr. Skilling resigned as chief executive and Mr. La= y resumed control of daily operations.=20 Still the company appeared financially sound until last month when it dis= closed that its shareholders' equity a measure of the company's value dro= pped by $1.2 billion because of deals disclosed only hazily in its financia= l statements. The announcement unnerved investors who wondered whether Enr= on had found ways to inflate its profits and move debt off its balance shee= t and led the S.E.C. to begin an investigation.=20 Mr. Lay tried to reassure investors that Enron's finances were in order and= that its businesses remained strong. But the last three weeks have brought= a series of damaging revelations about partnerships that Enron formed with= some of its top executives including its former chief financial officer = Andrew S. Fastow.=20 With questions mounting the major credit-rating agencies began to downgrad= e Enron's debt putting additional pressure on the company. If Enron's debt= rating falls below investment grade it would be forced to repay $3.3 bill= ion in loans that it had guaranteed.=20 To strengthen its balance sheet and bolster its stock Enron turned to big = investors like Warren E. Buffett in search of billions of dollars of financ= ing. When the financing did not quickly appear its stock fell further.=20 By this week some major energy traders were refusing to extend credit to E= nron worrying that the company would be unable to make good on its contrac= ts. The Mirant Corporation an Atlanta-based power plant owner and electric= ity trader sharply curtailed its trading with Enron this week. ''We're tra= ding with them on a very limited basis'' said James Peters a Mirant spoke= sman. ''It's not business as usual.''=20 On Wednesday Enron's stock fell as low as $7 a share its lowest level in = more than a decade. That day news of the Enron and Dynegy talks leaked out= .=20 By late Wednesday the boards of the two companies had tentatively agreed t= o a deal. But Dynegy refused to go ahead until it learned whether Enron's c= redit rating would remain investment grade and was comfortable with the eff= ect of the deal on its own rating. The deal moved forward yesterday after D= ynegy was assured Enron's debt was not in danger of being lowered to junk s= tatus soon after the deal was announced according to company officials.=20 Dynegy and Enron had provided Standard & Poor's and Moody's Investors Servi= ce the main credit agencies with statements showing them what a combined = company might look like and asked the ratings agencies for an expedited rev= iew of the transaction Mr. Watson said.=20 Under the deal Enron shareholders will receive 0.2685 share of Dynegy stoc= k for each Enron share or $9.80 based on Dynegy's closing price on Thursda= y. Enron's stock gained 22 cents yesterday to $8.63.=20 ''I never thought our stock price would be at this level'' Mr. Lay said ye= sterday.=20 Enron's shareholders will own only 36 percent of the combined company and = Dynegy will name at least 11 members of the company's 14-member board.=20 If the deal falls apart Enron or Dynegy will have to pay a breakup fee of = $350 million.=20 To protect Dynegy's and ChevronTexaco's cash infusion the money will go to= an Enron unit that owns the Northern Natural Gas Pipeline. If the merger i= s not completed Dynegy will have the right to buy the unit.=20 An army of bankers and lawyers advised the companies. Lehman Brothers Inc. = acted as financial adviser and Baker Botts and Akin Gump Strauss Hauer &= Feld acted as counsel for Dynegy. J. P. Morgan & Company and Salomon Smith= Barney acted as financial advisers for Enron and Vinson & Elkins and Weil= Gotshal & Manges acted as the company's counsel. Pillsbury Winthrop served= as counsel to ChevronTexaco. Chart: ''A Marriage of Strength and Weakness'' A merger of Enron and Dynegy= would bring together two of the country's biggest energy companies -- and = save Enron from potential collapse. Graph tracks the weekly closes of Enron= shares from 1999 through 2001. Top North American gas marketers SALES OF = BILLION CUBIC FEET PER DAY* Enron: 24.6 Reliant: 13.2 Duke Energy: 12.8 BP:= 12.3 Mirant: 11.8 Dynegy: 10.9 Top North American power marketers SALES O= F MILLION MEGAWATT HOURS* Enron: 212.5 American Electric Power: 134.5 Duke = Energy: 118.1 Reliant Resources: 86.1 PG&E National Energy Group: 73.2 Dyne= gy: 70.1 *Figures are for the 2nd quarter of 2001. (Sources: Bloomberg Fina= ncial Markets Simmons & Co. Natural Gas Week)(pg. C2) Dynegy Enron Merger Deal Worth Almost $25 Billion Melita Marie Garza 11/10/2001 KRTBN Knight-Ridder Tribune Business News: Chicago Tribune - Illinois=20 Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News Source: World= Reporter (TM)=20 Enron Corp. the nation's biggest power trader was taken over by its small= er more conservative rival Dynegy Inc. in a merger deal valued at nearly = $25 billion company officials announced Friday.=20 The combined company will be called Dynegy Inc. and will be headed by Chuck= Watson Dynegy's chairman and chief executive. If it wins regulatory and s= hareholder approval the deal would propel Dynegy the sixth-largest U.S. p= ower trader to the No. 1 position with more than 30 percent of the market= . The Houston-based competitors are new-breed energy companies formed to cap= italize on wholesale power marketing and trading with Dynegy emphasizing i= ts own power generation capabilities.=20 Enron meanwhile has been laid low in recent weeks by soured transactions = with energy partnerships run by one of its former executives and by a serie= s of revelations about questionable accounting practices. Enron this week w= as forced to restate its earnings over the past five years -- revising them= downward by 20 percent or $586 million -- and has seen its stock price pl= unge more than 80 percent in the past three weeks.=20 Both Enron and Dynegy have extensive business dealings in Illinois one of = the first states to begin deregulating its electric power industry among o= ther things Dynegy owns Illinois Power a Downstate utility.=20 The new Dynegy would become one of the largest companies in the world with= revenues exceeding $200 billion and assets of roughly $90 billion company= officials said. By comparison ExxonMobil the nation's largest company r= eported revenues of $232.7 billion in 2000.=20 We needed to do something to strengthen our balance sheet and get the inve= stor community focused on the core energy business said Kenneth Lay Enro= n's chairman and chief executive. We looked at several alternatives this = was in the best interests of our employees and shareholders.=20 Lay said he would not have a role in running the new company but was consi= dering a request to serve on the newly combined board.=20 Watson Dynegy's chairman said the merger compact included escape clauses = for Dynegy. But I wouldn't be standing here if I expected to see that (us= ed). I really believe the value degradation in Enron had nothing to do with= their core business. We looked under the hood it is just as strong as we = thought it was.=20 Still Watson acknowledged the possibility that more problems may surface a= t Enron. I don't think anybody can absolutely unequivocally say there's no= thing (more) there he said.=20 Dynegy's stock price closed higher Friday rising $2.26 or 6.2 percent to= $38.76. Enron's stock was down 33 cents or 3.7 percent at $8.63 a share.= =20 Together the companies have natural gas sales of about 40 billion cubic fe= et per day through the third quarter of 2001 and power sales exceeding 500 = million megawatt hours through the third quarter of 2001. In addition the = new Dynegy's delivery network will include more than 22000 megawatts of ge= nerating capacity and 25000 miles of interstate pipelines. In Enron Dyneg= y is taking on a company saddled with a heavy debt load and a credit rating= that has been downgraded to near junk bond status and is under the cloud o= f a Securities and Exchange Commission investigation.=20 Under the stock for stock swap portion of the deal valued at $8.846 billio= n Dynegy is paying about $10.41 a share for the 850 million outstanding En= ron shares. Dynegy would pay .2685 shares of its stock for each share of En= ron.=20 In addition Dynegy agreed to provide $1.5 billion infusion in cash to help= stabilize its much larger competitor and assume an estimated $15 billion i= n debt.=20 Just Thursday Enron reported that its debt was an estimated $12.9 billion p= ending completion of financial statements dated Sept. 30. A day later the c= ompany's accounting of its debt jumped $2 billion.=20 Dynegy's current shareholders including Chevron Texaco Corp. will end up = owning 64 percent of the new company. Chevron Texaco said it would invest a= n additional $2.5 billion in Dynegy.=20 Enron's stockholders will own about 36 percent of the combined company's st= ock at closing which is anticipated for the third quarter of 2002.=20 In Illinois in addition to Illinois Power Dynegy owns a Chicago area elec= tricity peaker plant and is a partner with Nicor Inc. in Nicor Energy an = unregulated natural gas utility in the Chicago area.=20 Enron's subsidiary Enron Energy Services has a high-profile contract to p= rovide 60 percent of Chicago city government's electricity. It also has con= tracts to provide electricity to Quaker Oats Co. and the University of Chic= ago among others.=20 In addition to Watson other top Dynegy management will remain in place in = the new company. Steve Bergstrom president of Dynegy Inc. and Rob Doty c= hief financial officer of Dynegy Inc. will retain those positions in the c= ombined company. Enron's current president and chief operating officer Gre= g Whalley will become an executive vice president of the new Dynegy. The b= oard of directors of the combined company will be comprised of 14 members. = Dynegy's 11 designees will include three from ChevronTexaco. Enron will hav= e the right to designate a minimum of three board members. Business/Financial Desk Section C Regulators Struggle With a Marketplace Created by Enron By JEFF GERTH with RICHARD A. OPPEL Jr. 11/10/2001 The New York Times=20 Page 1 Column 2 c. 2001 New York Times Company=20 WASHINGTON Nov. 9 -- For years the Enron Corporation used its political m= uscle to build the markets in which it thrived pushing relentlessly on Cap= itol Hill and in bureaucratic backwaters to deregulate the nation's natural= gas and electricity businesses.=20 Its achievement as one Enron executive said today in creating a ''regulat= ory black hole'' fit nicely with what he called the company's ''core manage= ment philosophy which was to be the first mover into a market and to make = money in the initial chaos and lack of transparency.'' Now Wall Street's dissatisfaction with Enron's secretive ways has delivere= d the company into the arms of its much smaller Houston rival Dynegy Inc.= in a deal worth about $9 billion in stock and the assumption of $13 billio= n in debt. The combination of the two companies energy experts and lawmake= rs said today poses a novel set of challenges for regulators still struggl= ing to grasp the complexities of the marketplace that Enron invented.=20 ''We're in a supersonic-speed era of electronic trading with a horse-and-bu= ggy-era regulatory system to protect consumers'' said Representative Edwar= d J. Markey a Massachusetts Democrat who has devised legislation to close = the regulatory gap.=20 Dynegy's acquisition of Enron is expected to be reviewed by numerous state = and federal agencies led by the Justice Department the Federal Trade Comm= ission and the Federal Energy Regulatory Commission.=20 Analysts said today that sharp scrutiny would be given to the combined comp= anies' holdings in California where Dynegy owns generating plants and Enro= n controls a large part of the market for trading natural gas -- the fuel f= or a big share of the state's electric power plants.=20 ''Dynegy would now have a greater ability to take the dominant position in = gas and raise the price of electricity'' said Frank Wolak a professor of = economics at Stanford University.=20 Mr. Wolak a consultant to the Justice Department on a 1999 antitrust case = that led to limits on another merger of electricity and natural gas compani= es in Southern California said he was skeptical that regulators were up to= the task of reviewing today's deal.=20 The transaction ''is something the Department of Justice needs to look at = and they are going to have a hard time looking at'' Mr. Wolak said. ''And = it's beyond the ability of the F.E.R.C. to look at.''=20 Pat Wood -- named chairman of the federal energy commission earlier this ye= ar with the backing of Kenneth L. Lay the chairman of Enron -- acknowledge= d in an interview today that the agency had ''a long way to go'' in matchin= g the sophistication of the companies it regulates.=20 But he said that the commission had made great strides in grappling with th= e new risk management techniques pioneered by Enron Dynegy and other energ= y companies. It is hiring more experts he said adopting more restrictive = rules on how much ''market power'' one party can control and requiring more= disclosure of certain energy transactions.=20 In an interview this evening Charles L. Watson the chairman of Dynegy sa= id he did not believe that regulators reviewing the deal with Enron would r= equire the sale of any assets. ''We haven't really identified any pitfalls = that require any sort of asset divestiture'' he said. ''There's not really= any overlap.''=20 A senior executive at one of Enron's largest energy-trading rivals disagree= d. ''I don't think this deal gets through unscathed'' he said today. ''I'm= sure the Justice Department and the F.T.C. will look closely at the pretty= substantial concentration of market power these companies will have in the= energy-trading area.''=20 Enron is mainly a trader of natural gas and electricity -- indeed the bigg= est player in both those markets -- and it also owns a network of gas pipel= ines. Dynegy processes and sells natural gas and generates and sells electr= icity. Each company owns a local electric utility too: Dynegy owns Illinoi= s Power in Decatur Ill. while Enron owns Portland General Electric in Por= tland Ore. but last month announced plans to sell it to another Oregon ut= ility.=20 For a decade as it transformed itself from a gas pipeline operator into th= e nation's biggest energy trader Enron enjoyed unalloyed lobbying success = in Washington and the enthusiastic backing of Wall Street.=20 In the early months of the Bush administration Mr. Lay -- whose company wa= s one of the biggest financial backers of George W. Bush's presidential cam= paign -- played a prominent and some said unusual role in helping the Whi= te House pick nominees to the federal energy commission. Enron executives m= et with Vice President Dick Cheney whose energy task force backed many of = the deregulatory initiatives pushed by Mr. Lay.=20 Now ''the company has become a pariah'' an Enron executive said today. ''= The Bush administration doesn't want to have anything to do with us.''=20 The problems began with the energy crisis in California where Enron's outs= poken defense of deregulation even more than its electricity trading activ= ities made the company a favorite whipping boy of politicians and consumer= advocates. In the financial markets meanwhile Enron's confusing disclosu= res tolerated when its stock was soaring drew disdain as the calming of t= he energy storms in California and other parts of the country beat the shar= es down starting last spring.=20 ''Enron fell victim to their own inconsistencies on transparency'' Mr. Wol= ak said. As California officials sought to understand why energy prices had= soared out of control he said Enron's ''view was that we want everybody'= s data but if you want ours get a subpoena.''=20 Energy executives and regulators said that sort of arrogance had long marke= d Enron's attitude about government oversight.=20 Electricity sales had for decades been the job of local utility companies = operating as monopolies and selling power at regulated rates within their s= ervice areas. A few entrepreneurs led by Mr. Lay conceived a different mo= del in which power could be sold by generators or middlemen to big corporat= e users or utilities in faraway regions at whatever price the market would= bear.=20 In the early 1990's Congress -- under heavy lobbying by Enron -- passed le= gislation that began to open up electricity sales to marketers. Before long= Enron became one of the first companies to receive government approval to= sell electricity at market rates. The market for interstate sales of natur= al gas had been freed up a few years earlier and critics complained that t= raders like Enron were gleaning their profits by stoking volatility in gas = prices.=20 In the mid-1990's independent gas producers backed legislation in Congress= to allow the creation of a co-operative marketing organization which the= y hoped would have helped stabilize prices.=20 Raymond Plank the chairman of the Apache Corporation a gas producer based= in Houston said that the big gas marketing and trading companies includi= ng Enron successfully lobbied to kill the plan leaving prices as volatile= as ever.=20 ''It was a great concept'' Mr. Plank said. ''We could have headed off the = problems we have today.''=20 Enron's final lobbying success came last year. With a strong push from the = company's lobbyists Congress passed futures trading legislation that exemp= ted Internet energy trading platforms like EnronOnline the industry leader= from oversight by the Commodity Futures Trading Commission. Enron takes t= he other side of trades on its exchange. In traditional markets like the Ne= w York Mercantile Exchange which remain subject to oversight the exchange= acts as a middleman between buyers and sellers.=20 Under Mr. Watson Dynegy has been less of a pathbreaker than Enron and tho= ugh California politicians denounced it too as a profiteer during the ene= rgy crisis most analysts say it has been less aggressive than Enron in bot= h its business practices and its lobbying.=20 Indeed the rival energy-trading executive today predicted ''a huge culture= clash'' as the Houston neighbors merge. ''Blood will flow in Houston over = the integration of the trading operation'' he said.=20 But regulators may find Dynegy easier to deal with.=20 Earlier this year the federal energy commission asked for comments on whet= her it should tighten scrutiny of dealings between natural gas pipelines an= d energy-trading shops owned by the same company.=20 Enron wondered what all the bother was. ''Would stricter rules prevent real= affiliate abuse that current rules do not'' it wrote in a regulatory fili= ng ''or would they instead merely restrict the activities of some of the m= ore successful participants in the marketplace?''=20 Dynegy by contrast painted a grim picture and invited regulators to crack= down. ''Abuses abound'' it said ''because of financial windfalls diffic= ulty of detection lengthy investigations and increased complexity of the m= arket.'' =20 Report on Business: Canadian Dynegy to buy troubled rival Enron Reuter News Agency 11/10/2001 The Globe and Mail=20 Metro B4 All material Copyright (c) Bell Globemedia Publishing Inc. and its licenso= rs. All rights reserved.=20 NEW YORK -- Energy provider Dynegy Inc. agreed yesterday to acquire fast-si= nking rival Enron Corp. for $9.5-billion (U.S.) signalling the demise of a= company that just months ago was one of Wall Street's highest fliers.=20 Terms of the transaction call for Dynegy to swap 0.2685 shares of its own s= tock for each Enron share the companies said. That would value Houston-bas= ed Enron at $10.41 a share including convertible stock a premium of 21 pe= r cent over yesterday's closing price of $8.63. ChevronTexaco Corp. which owns a 27-per-cent stake in Dynegy has agreed t= o infuse $1.5-billion immediately into Enron to support it until the deal c= loses. With its market-making capabilities earnings power and proven stra= tegic approach to wholesale markets Enron is the ideal strategic partner= said Dynegy chairman and chief executive officer Chuck Watson.=20 Enron the United States' largest energy trader has been struggling to ove= rcome a plummeting stock price and credit rating in the past month followin= g disclosures of deals being investigated by the U.S. Securities and Exchan= ge Commission for possible conflict of interest. =20 Financial Desk The Nation Smaller Rival to Acquire Teetering Enron Power: Energy giant tha= t pressed for deregulation in California is on the brink of collapse. NANCY RIVERA BROOKS THOMAS S. MULLIGAN NANCY VOGEL TIMES STAFF WRITERS 11/10/2001 Los Angeles Times=20 Home Edition A-1 Copyright 2001 / The Times Mirror Company=20 Enron Corp. the once-highflying energy giant whose aggressive efforts to p= rofit from California's energy deregulation made it a target of consumer an= d political backlash on Friday agreed to be saved from possible financial = collapse through a proposed acquisition by rival Dynegy Inc.=20 The roughly $7.7-billion deal is a stunning plot twist for Houston-based En= ron which was vilified in California as it was being glorified on Wall Str= eet. In only the last month a series of disturbing financial revelations p= ushed to the edge of ruin this once-powerful company whose top executives = had lectured California on its energy foibles and who influenced the direct= ion of national energy policy. Enron muscled its way to the top of the energy heap using aggressive and i= n the end financially suspect strategies that proved its undoing.=20 Now the company that late last year had a market value of $63 billion is w= orth one-tenth that and has agreed to be swallowed by a cross-town competit= or one-quarter its size. Enron's proud and influential chairman and chief e= xecutive Kenneth L. Lay who became a focus of bitter attacks by Californi= a politicians and regulators would lose his job as would many others at E= nron.=20 Even the name would disappear. The combined company would be called Dynegy = Inc. if the deal receives all the necessary regulatory and shareholder appr= ovals.=20 California officials took no joy in Enron's fate Friday though there was p= erhaps some sense of retribution from its many critics in the state.=20 This is basically a rogue corporation said Sen. Steve Peace (D-El Cajon)= an outspoken critic of Enron for years who dealt with the company as he c= haired the committee that hammered out the legislative portion of Californi= a's landmark electricity deregulation plan in 1996. It has from the beginn= ing been a rogue corporation which answered in its mind to a higher law--a = fundamental belief that there are laws of economics that supersede the law = of the land.=20 A Failed Experiment=20 Steve Maviglio spokesman for Gov. Gray Davis said that although Enron was= never a major force in California's doomed electricity market it was outs= poken in support of deregulation.=20 In a sense their experiment was much like California's experiment--a fail= ure he said.=20 Said Harvey Rosenfield president of the Foundation for Taxpayer and Consum= er Rights in Santa Monica: Nothing could better illustrate the disaster of= deregulation than the fact that one of its biggest proponents which reape= d the reward of deregulation is suffering the consequences.=20 Enron is the world's largest energy trader handling one of four energy dea= ls in the United States through its online trading operation EnronOnline. = Since it reported a surprising third-quarter loss on Oct. 16 partly tied t= o shadowy investment vehicles Enron has endured a huge loss of investor co= nfidence which brought on a massive cash crunch and some shrinkage of its = trading business.=20 Under the deal announced Friday Dynegy invited in two weeks ago after Enr= on fell short in its efforts to line up new financing would immediately he= lp Enron by pouring $1.5 billion in cash into the company. The money would = be provided by ChevronTexaco Corp. the San Francisco oil company that owns= nearly 27% of Dynegy.=20 Enron shareholders would get 0.2685 Dynegy share for each Enron share whic= h values the company at about $7.7 billion based on Friday's stock close. D= ynegy shares surged $2.26 to close at $38.76 per share on the New York Stoc= k Exchange Enron added 22 cents to close at $8.63 per share still off 89%= year to date.=20 If the deal closes in six to nine months as the parties expect Dynegy and= ChevronTexaco would invest $1 billion additionally in the combined company= .=20 This is just a financial bonanza really for both companies said Charles = L. Watson Dynegy chairman and chief executive who will head the combined = company. Watson said the merger would immediately add to Dynegy's earnings.= =20 Even so the repercussions of Enron's fall from grace could be far-reaching= . Coming on the heels of California's energy crisis Enron's troubles may s= low the country's march toward energy deregulation which Lay and Enron cha= mpioned for years as a potential boon to consumers and the economy in gener= al.=20 But the deal announced Friday will prevent an even worse outcome energy ex= perts said: the threatened collapse of Enron which would clog up for a tim= e the business of buying and selling electricity natural gas and oil. That= could interfere with delivery of energy around the country they said.=20 This is an encouraging development for the energy industry said Stephen = Baum chairman of Sempra Energy the San Diego-based parent of Southern Cal= ifornia Gas and San Diego Gas & Electric. The Enron-Dynegy combination wil= l create a credit-worthy counter-party which will help preserve order in th= e marketplace. It also will reinforce confidence in the energy trading busi= ness going forward.=20 But some in the industry are less pleased.=20 Raymond Plank chairman of Apache Corp. a Houston-based natural gas explor= ation and development firm said he is considering a motion to the Federal = Trade Commission against the proposed merger.=20 There are issues of concentration in a combination of the largest energy t= rader Enron and the fifth-largest Dynegy Plank said. California shoul= d be particularly concerned because Dynegy owns power plants there and Enro= n has pipelines and other interests.=20 Troubles Mount as Stock Plunges=20 The swagger that was Enron is long gone. Consider:=20 * Enron's brash chief executive Jeffrey K. Skilling touted only months ag= o as one of the young stars of American business abruptly resigned in Augu= st citing personal reasons. Enron's stock already had fallen from its high= of nearly $90 per share as investments in water and telecommunications tur= ned sour a fact that contributed to Skilling's departure.=20 * The Securities and Exchange Commission has launched an investigation of E= nron's controversial dealings with a number of limited partnerships some o= rganized and run by Enron managers including Enron Chief Financial Officer= Andrew S. Fastow who was ousted last month.=20 * In an extraordinary confession Thursday Enron announced that it had over= stated profit by $586 million or 20% during the last five years. The earl= ier financial statements reported to Wall Street and the investing public = Enron said should not be relied upon.=20 * The company also fired its treasurer and a corporate lawyer both of whom= it said were investors in one of the limited partnerships. Yet some analys= ts questioned whether even in its admission of accounting trickery Enron = wasn't still holding something back.=20 * Credit-rating agencies which already have downgraded Enron's bonds to ba= rely above junk status continue to pore over Enron's books. Analysts hav= e said a further downgrade to the level of junk or below investment grade= could precipitate a crisis akin to a run on a bank and threaten Enron's su= rvival while the merger is pending.=20 With its stock crumbling and trading partners leery about its ability to pa= y its debts Enron was forced to walk hat in hand down Houston's Energy All= ey to negotiate a saving takeover by Dynegy the rival once jokingly dismis= sed as Enron Lite.=20 In the trading markets where Enron still holds a leading but increasingly v= ulnerable position other players already are stepping up to grab a bigger = share of the business. Even if Enron's trading operation survives more or l= ess intact under the wing of a Dynegy or some other company experts said = it may never regain its former level of dominance.=20 Enron has been a very innovative shop willing to spend considerably to es= tablish new markets said analyst Andre Meade of Commerzbank Securities in= New York. If that culture is not kept everyone loses.=20 Skilling and mentor Lay had worked for a decade to create both a new kind o= f company and a new set of markets for it to play.=20 In large part they succeeded. Enron transformed itself from a traditional = gas pipeline company into a high-tech global trader of everything from elec= tricity to pollution credits to aluminum. The company's overarching strateg= y was to pare its physical assets to the minimum to get the maximum profit = bang from its intellectual capital: the ranks of MBAs and PhDs that filled = its Houston trading floor.=20 Rather than maintain its own expensive gas fields and power plants--which i= t relegated to stodgy utilities and oil companies--Enron would handle every= thing by contract relying on a network of suppliers to obtain store and d= eliver the goods while the company focused on squeezing out the best price.= =20 Dynegy in contrast has invested in such energy assets including three po= wer plants in Southern California. It uses those assets to back its trading= operation which is much smaller than Enron's.=20 Enron pulled off a migration from the dirty extreme of the oil patch the= asset-intensive domain of drillers and explorers to the clean end wher= e all the deals are done on a computer screen. It also was a migration from= lower profit margins and lower risk to high margins and high risk.=20 Shannon B. Burchett chief executive of Risk Limited Corp. an energy-orien= ted strategic-management consultancy in Dallas compared Enron to the inves= tment bank Salomon Bros. where he used to work in the former PhiBro commod= ities unit.=20 Enron Burchett said embodies a Wall Street culture that happens to be in= Houston.=20 Wall Street certainly got it or thought it did.=20 Accounting Rules Pushed to the Limit=20 At Enron's zenith last year when its stock peaked near $90 a share and it = was pushing into esoteric markets for weather derivatives and fiber-optic b= andwidth Enron seemed to be a one-company wave of the future.=20 Enron's aggressiveness brainpower and willingness to back radical new idea= s with serious capital helped it acquire an aura that in some ways was its = undoing analysts said.=20 Investors accorded Enron's stock a price-to-earnings valuation that was con= sistently higher than those of its peers reflecting the view that its cutt= ing-edge business model could consistently deliver faster-growing profit th= an its competitors.=20 To keep profits arcing ever upward to justify the outsize valuation Enron = began pushing the accounting rules as hard as it pushed competitors in the = trading arena. It acknowledged as much in its statement Thursday conceding= that the operations of three of the limited partnerships should have been = consolidated with Enron's own financial statements instead of being held se= parate.=20 By raising capital and running deals through the limited partnerships Enro= n could keep large amounts of debt and certain volatile assets off its own = balance sheet while simultaneously booking profit from the partnerships' t= ransactions analyst Meade said.=20 Deals Backed by Costly Guarantees=20 One risky aspect of some of Enron's deals through the partnerships was what= Meade called a double-trigger guarantee under which Enron would pledge = a cash payout if either its bond rating fell below investment grade or its = stock declined below a certain price.=20 The guarantees must have seemed a cheap way to sweeten a deal when Enron's = stock was flying high but they came back to haunt the company later when = it had to pay cash to make good on its obligations Meade said.=20 Other energy-trading companies use similar devices but Enron carried it to= an extreme and disclosed too little detail to make the process understanda= ble to investors he said.=20 Enron's magic like that of the Internet-stock phenomenon had never been e= asy to understand in the first place. The company had a reputation among an= alysts for providing scanty financial detail and hard-to-grasp explanations= of some of its dealings.=20 But as long as the reported profit kept climbing Enron kept getting the be= nefit of the doubt.=20 M. Carol Coale a respected Houston-based analyst for Prudential Securities= ruefully recalled a time last winter when she told Enron she could find = no positive catalyst for the stock and was considering downgrading her inv= estment opinion.=20 Skilling telephoned Coale and asked her to hold off promising her that the= re was unspecified good news on the horizon that would justify her faith.= =20 I believed him Coale said last week in an interview in Houston. She held= her rating steady at that time but has since downgraded Enron to an outrig= ht sell.=20 Instead of Skilling's promised good news questions mounted during the spri= ng and Enron's stock continued a steady decline. Coale and other analysts = were troubled that a large proportion of Enron's earnings seemed to come no= t from its core trading operations but from unusual transactions involving = the company's own stock or that of affiliates.=20 In California Enron played a key role as chief cheerleader for electricity= deregulation and a key energy middleman in the state. As wholesale electri= city prices soared and the state plunged into its energy crisis late last y= ear Enron and other out-of-state electricity generators and traders became= favorite targets of California politicians and regulators who said the co= mpanies were manipulating the market and charging too much for power.=20 But significantly California was not a directly successful territory for E= nron.=20 Markets in water did not develop as Enron subsidiary Azurix envisioned. And= Enron's plans for selling electricity to retail customers were deferred ev= en as deregulation took effect in 1998 because the state's deregulation for= mulas didn't allow room for retail competition.=20 Lay complained about California frequently and met with the governor to try= to influence the state's moves to repair its energy problems. In an interv= iew in his Houston office in January--overlooking Enron's new headquarters = building which is still under construction as the company's name disappear= s--Lay said he and other Enron executives had objected to the way Californi= a regulation was set up.=20 We objected more vehemently than anyone. We opposed the concept of the poo= l he said referring to the now-defunct California Power Exchange in whi= ch most of the state's power was bought and sold in an hourly market. What= competitive market in the world has a pool? We don't buy our groceries thr= ough a centralized PX.=20 Enron also backed away from building a small power plant in California last= year when the state imposed price caps.=20 One of the loudest complaints by Davis and other California officials was t= hat generators of electricity were playing games to get higher prices.=20 They criticized Enron severely too even though it was not a major generat= or because the level of its worldwide trading operations--buying and selli= ng contracts worth billions of dollars in electric power every day--gave En= ron immense sway over pricing and supplies of electricity. They also believ= e that Enron and Lay helped play a part in the reluctance of federal regula= tors for several months to place restraints on the California marketplace.= =20 CEO's Future Role Uncertain=20 Millions of people in California businesses lost money because this rogue = company succeeded in controlling the government of the United States said= state Sen. Peace one of the architects of the state's deregulation plan.= =20 Ken Lay was a mystic Peace said. Whatever he said had to make sense bec= ause he was Ken Lay. It was hero worship.=20 Many of the people working as economists at the Federal Energy Regulatory = Commission worshiped Ken Lay. As a consequence the things Enron promoted a= nd pushed for were never challenged intellectually and otherwise.=20 Lay who has been asked to sit on the board of the combined company said F= riday that he had not yet decided whether to accept.=20 He described his time building Enron as a very long ride. It's been a very= good ride for the most part.=20 I have to say the last few weeks have not been very much fun he said.=20 *=20 Rivera Brooks reported from Los Angeles and Mulligan from Houston and New Y= ork. Times staff writer James Flanigan in Los Angeles contributed to this r= eport.=20 *=20 RELATED STORY=20 Fallen CEO: Enron's Lay is a brilliant man defeated by arrogance associate= s say. A22=20 RELATED STORY=20 Energy crisis: Power firms have seen their fortunes dim in recent months. S= unday Business C1 PHOTO: Dynegy Chairman and Chief Executive Charles L. Watson right announ= ces the merger with Enron Chairman Kenneth L. Lay. PHOTOGRAPHER: Associ= ated Press PHOTO: This is just a financial bonanza really for both compan= ies says Charles L. Watson Dynegy chairman and chief executive. PHOTO= GRAPHER: Associated Press Dynegy to buy Enron Associated Press 11/10/2001 Deseret News=20 D07 Copyright (c) 2001 Deseret News Publishing Co.=20 HOUSTON -- Energy marketer Dynegy Inc. announced Friday that it will buy it= s much larger rival the once mighty but now troubled Enron Corp. for $8 b= illion in stock. Dynegy also will assume a hefty $15 billion in Enron debt.= =20 The announcement came after Enron's stock price plummeted about 80 percent = over the past three weeks because of concerns that the company wasn't revea= ling serious financial problems to shareholders. Under the deal ChevronTexaco Corp. which owns more than a quarter of Dyne= gy would quickly provide about $1.5 billion. ChevronTexaco also would cont= ribute an additional $1 billion upon completion of the deal the companies = said.=20 With its market-making capabilities earnings power and proven strategic a= pproach to wholesale markets Enron is the ideal strategic partner for Dyne= gy Dynegy chairman and chief executive officer Chuck Watson said in annou= ncing the purchase.=20 Watson made it clear that he would not tolerate the sort of financial pract= ices that prompted explosive disclosures by Enron this week -- including an= admission that more than half a billion dollars in debt had been kept off = the company's books.=20 As a combined company we will focus on leveraging our core skill sets and= as always we will keep a strong balance sheet and straightforward financ= ial structure as key priorities Watson said.=20 Enron is the country's top buyer and seller of natural gas and the No. 1 w= holesale power marketer. The company operates a 25000-mile gas pipeline sy= stem and also markets and trades metals paper coal chemicals and fiber-= optic bandwidth.=20 Dynegy controls nearly 15000 megawatts of power generating capacity throug= h investments in power projects and sells the energy in wholesale markets = and through utilities.=20 At a news conference Watson said company officials who negotiated the deal= came away convinced that Enron was worth buying despite its recent trouble= s.=20 We looked under the hood . . . it's just as strong as it ever was Watson= said.=20 Under the terms of the deal Enron shareholders will receive .2685 Dynegy s= hare for each share of Enron common stock valuing each Enron share at $10.= 41. Enron has about 775 million common shares said spokeswoman Karen Denne= .=20 That represents a 21 percent premium above Enron's closing price of $8.63 F= riday on the New York Stock Exchange -- but still just a fraction of their = 52-week high of $84.87. Dynegy's shares climbed $2.26 or 6 percent to clo= se at $38.76 on the NYSE.=20 In after hours trading on the NYSE Enron shares shot up 15.6 percent or $= 1.35 to $9.98. Dynegy shares were unchanged.=20 Dynegy's stockholders will own approximately 64 percent of the new company= with Enron's stockholders holding the remainder.=20 The boards of both companies have unanimously approved the transaction whi= ch is expected to close next summer. The deal is expected to save the combi= ned company between $400 million and $500 million annually because of conti= nued elimination of non-core Enron holdings and lower operating costs.=20 Watson will remain as chairman and chief executive of the combined company= which will retain the Dynegy Inc. name. Steve Bergstrom will remain as pre= sident of Dynegy.=20 Enron chairman and chief executive Kenneth L. Lay will no longer have a rol= e in day-to-day management of the company but has been offered a seat on t= he combined company's board and will help shepherd the merger through.=20 I am personally committed to working with Chuck Watson Steve Bergstrom an= d their colleagues in the months ahead to accomplish the merger and to buil= d a solid foundation for future value creation Lay said.=20 Dynegy said that Greg Whalley the current president and chief operating of= ficer of Enron will become an executive vice president of the new Dynegy. = He said the merger sets the best course for Enron.=20 Few of the options we considered for our core business going forward provi= ded us with the earning potential and immediate synergies that a merger wit= h Dynegy could deliver Whalley said. Together with Enron's recently anno= unced bank commitments this cash infusion gives Enron immediate liquidity= which we believe will enable the company to maintain its investment grade = credit rating.=20 The merger was announced a day after Enron acknowledged it overstated earni= ngs by about 20 percent over the past four years and kept large amounts of = debt off its balance sheets through business partnerships now under investi= gation by the Securities and Exchange Commission.=20 Analysts said the merger rescues Enron but leaves Dynegy in uncharted terr= itory -- with the outcome of the SEC investigation completely unknown. The= re is still a shroud hanging over Enron that now moves over to Dynegy sai= d Carol Coale an analyst with Prudential Securities. Business Dynegy Enron OK $25 billion deal New company would rank among largest Melita Marie Garza Tribune staff reporter 11/10/2001 Chicago Tribune=20 North Final N 1 (Copyright 2001 by the Chicago Tribune)=20 Enron Corp. the nation's biggest power trader was taken over by its small= er more conservative rival Dynegy Inc. in a merger deal valued at nearly= $25 billion company officials announced Friday.=20 The combined company would retain the Dynegy name and would be headed by Ch= uck Watson Dynegy's chairman and chief executive. If it wins regulatory an= d shareholder approval the deal would propel Dynegy the sixth-largest U.S= . power trader to the No. 1 position with more than 30 percent of the mar= ket. The Houston-based rivals are new-breed energy companies formed to capitali= ze on wholesale power marketing and trading with Dynegy emphasizing its ow= n power generation capabilities.=20 Enron meanwhile has been laid low in recent weeks by soured transactions = with energy partnerships run by one of its former executives and by a serie= s of revelations about questionable accounting practices. Enron this week w= as forced to restate its earnings over the past five years--revising them d= ownward by 20 percent or $586 million --and has seen its stock price plung= e more than 80 percent in the past three weeks.=20 Both Enron and Dynegy have extensive business dealings in Illinois one of = the first states to begin deregulating its electric power industry among o= ther things Dynegy owns Illinois Power a downstate utility.=20 The new Dynegy would be one of the largest companies in the world with rev= enues exceeding $200 billion and assets of roughly $90 billion company off= icials said. By comparison ExxonMobil Corp. the nation's largest company= reported revenues of $232.7 billion in 2000.=20 We needed to do something to strengthen our balance sheet and get the inve= stor community focused on the core energy business said Kenneth Lay Enro= n's chairman and CEO. We looked at several alternatives this was in the b= est interests of our employees and shareholders.=20 Lay said he would not have a role in running the new company but was consid= ering a request to serve on the newly combined board.=20 Watson said the merger agreement included escape clauses for Dynegy but I= wouldn't be standing here if I expected to see that [used]. I really belie= ve the value degradation in Enron had nothing to do with their core busines= s. We looked under the hood it is just as strong as we thought it was.=20 Still Watson acknowledged the possibility that more problems may surface a= t Enron. I don't think anybody can absolutely unequivocally say there's no= thing [more] there he said.=20 Dynegy's stock price closed higher Friday rising $2.26 or 6.2 percent to= $38.76. Enron's stock was up 22 cents or 2.6 percent at $8.63 a share.= =20 Through the third quarter of 2001 the companies together have natural gas = sales of about 40 billion cubic feet per day and power sales exceeding 500 = million megawatt hours. In addition the new Dynegy's delivery network woul= d include more than 22000 megawatts of generating capacity and 25000 mile= s of interstate pipelines.=20 In Enron Dynegy is taking on a company saddled with a heavy debt load a c= redit rating that has been downgraded to near junk bond status and which is= under the cloud of a Securities and Exchange Commission investigation.=20 Big premium=20 Under the stock-for-stock-swap portion of the deal valued at $8.846 billio= n Dynegy is paying the equivalent of $10.41 a share for the 850 million ou= tstanding Enron shares a 24 percent premium. Dynegy would pay .2685 shares= of its stock for each share of Enron.=20 In addition Dynegy agreed to provide a $1.5 billion cash infusion to help = stabilize its larger competitor and to assume an estimated $15 billion in d= ebt.=20 On Thursday Enron reported that its debt was an estimated $12.9 billion pen= ding completion of financial statements dated Sept. 30. A day later the com= pany's accounting of its debt jumped $2 billion.=20 Dynegy's current shareholders including Chevron Texaco Corp. will end up = owning 64 percent of the new company. Chevron Texaco said it would invest a= n additional $2.5 billion in Dynegy.=20 Enron's stockholders would own about 36 percent of the combined company's s= tock at closing which is anticipated in the third quarter of 2002.=20 Chicago-area operations=20 In Illinois in addition to Illinois Power Dynegy owns a Chicago- area ele= ctricity peaker plant and is a partner with Nicor Inc. in Nicor Energy an = unregulated natural gas utility in the Chicago market.=20 Enron's subsidiary Enron Energy Services has a high-profile contract to p= rovide 60 percent of Chicago's city government's electricity. It also has c= ontracts to provide power to Quaker Oats Co. and the University of Chicago= among others.=20 In addition to Watson other top Dynegy management would remain in place in= the new company. President Steve Bergstrom and Rob Doty chief financial o= fficer would retain those positions in the combined company. Enron's presi= dent and chief operating officer Greg Whalley would become an executive v= ice president.=20 The board of directors of the combined company would have 14 members. Dyneg= y's 11 designees would include three from ChevronTexaco. Enron would have t= he right to designate a minimum of three board members. Financial Enron Accepts $8 Billion Buyout Offer From Dynegy Energy Giant Was Forced = to Negotiating Table After Disclosing That It Had Overstated Earnings Peter Behr Washington Post Staff Writer 11/10/2001 The Washington Post=20 FINAL E01 Copyright 2001 The Washington Post Co. All Rights Reserved=20 Embattled Enron Corp. yesterday accepted a buyout offer valued at about $8 = billion from crosstown rival Dynegy Inc. If the deal is completed it would= end Houston-based Enron's reign as the leader in the huge energy trading m= arkets that set the prices of power and natural gas in the nation.=20 Its cash dwindling and its credit rating hammered Enron was forced to the = negotiating table after its recent disclosures that its obligations to a co= mplex web of partnerships involving company officials had caused the tradin= g powerhouse to overstate its earnings and obscure its total debt obligatio= ns. Four top Enron officials have resigned or been replaced since July and= once Dynegy takes control Enron's chairman and chief executive Kenneth L= ay will also leave the company. Lay said yesterday that he had not decided= whether to accept Dynegy's offer to serve on the combined company's board. It's been a good ride for a long time Lay said in a conference call last= night. The last three weeks haven't been a whole lot of fun.=20 The final deal was announced after the close of stock trading. Enron's shar= es -- which had fallen from $33 to $8 after the disclosures -- ended the da= y slightly higher at $8.63. Dynegy's stock closed at $38.76 up $2.26.=20 Dynegy offered all stock for the Enron shares so the total value of the de= al will fluctuate with Dynegy's stock price. Dynegy also said it would assu= me about $13 billion in Enron debt bringing the total value of the transac= tion to around $21 billion.=20 Dynegy's rescue of Enron will begin with an immediate cash infusion of $1.5= billion which will be supplied by ChevronTexaco Corp. a major Dynegy sto= ckholder. ChevronTexaco will invest another $1 billion in Dynegy after the = acquisition has passed regulatory review and is completed which executives= said they expect will take six to nine months as Enron tries to unscramble= the complex partnerships that are now under investigation by the Securitie= s and Exchange Commission.=20 The takeover agreement gives Dynegy an escape clause permitting it to cance= l the purchase if Enron winds up with heavy regulatory fines or legal judgm= ents from shareholder suits tied to its handling of the partnerships.=20 Chuck Watson Dynegy's chairman and chief executive said in the conference= call that a close scrutiny over the past two weeks of Enron's financial co= ndition convinced him that the company's trading and pipeline businesses we= re solid. We looked under the hood and guess what? It looked just as stro= ng as we thought it was. Watson said he did not think more damaging disclo= sures were forthcoming from Enron.=20 Until the partnership mess Enron was the nation's dominant energy trader = and it had front-door political connections to the White House. Lay its lo= ngtime chairman raised more then $100000 for the presidential election ca= mpaign of his friend George W. Bush. Enron rode the growth of energy tradin= g markets beginning in the mid-1990s as first natural gas and then electr= ic power sales were deregulated at the wholesale level. Its revenues leaped= from $9.2 billion in 1995 to $100.8 billion last year.=20 During those heady times the Houston company could choose which questions = to answer about its dealings with related partnerships and its Byzantine bo= okkeeping.=20 It was always very difficult to get information said Louis B. Gagliardi= an analyst with John S. Herold Inc. They would always rebuff you.=20 Until this fall the muscular company seemed too big to stumble said inves= tment manager David Coxe with Harris Insight Equity Fund in Chicago.=20 Coxe bought 78000 shares of Enron at $40 a share in August after wrestlin= g with the decision for months he said. Then Jeffrey Skilling Enron's chi= ef executive and strategic mastermind unexpectedly resigned. The stock wh= ich had been as high as $90 in August 2000 pitched downward.=20 Enron seemed so indispensable to the nation's energy markets that I though= t it inconceivable it could implode Coxe said. That's how I got sucked i= n.=20 Enron's fall is classic hubris Coxe said: a Greek tragedy striking someo= ne who chose to defy the gods -- in this case the rules of the system.= =20 Among the rules that Enron now acknowledges it didn't follow were the accou= nting standards that applied to the complex partnerships it created. The pu= rpose of the partnerships Enron said was to reduce the risks of investmen= ts in Internet transmission systems and to sell power plants and other asse= ts it no longer wanted.=20 The accounting errors were described in a 20-page SEC filing Enron made Thu= rsday. The errors resulted in a $1.2 billion reduction in the value of shar= eholders' equity. The company also said it had overstated its earnings by $= 586 million since 1997.=20 Enron created partnerships that would buy major assets -- such as a power p= lant -- that Enron wanted to sell or in other cases assets such as fiber-= optic cable networks that Enron intended to run but did not want to have on= its balance sheet.=20 The partnerships had outside investors but the general partner of two of t= hem was Enron's own chief financial officer Andrew Fastow. He earned $30 m= illion in fees from managing two of the largest partnerships according to = the SEC document.=20 Enron added to the capital of these partnerships by pledging its stock or = securities convertible into stock. Some of those stock transactions should = have been counted as loans resulting in the $1.2 billion drop in sharehold= er equity Enron now says.=20 Investors are asking why Enron's auditor Arthur Andersen LLP did not insi= st that these transactions be handled that way in the first place. Enron's = SEC filing mentions but does not explain some proposed audit adjustments = over the past four years that were overruled.=20 Even though as Enron now acknowledges it created an information barrier = masking critical information and violating standard accounting rules many = financial analysts who were recommending the stock to investors were not pu= shing hard enough to punch through that barrier some analysts acknowledge.= =20 It was so complicated that everybody was afraid to raise their hands and s= ay 'I don't understand it' Gagliardi said.=20 The questions are now coming from a new committee reporting to Enron's boa= rd that will investigate how the company's financial reporting was handled= from the SEC and eventually from teams of lawyers representing aggrieve= d shareholders.=20 Lay indicated yesterday he had not been aware until recently that Enron emp= loyees other than Fastow had profited from the partnership activity. Enron = directors had approved Fastow's management of the partnerships but Fastow = quit the partnerships in July and was then replaced as chief financial offi= cer.=20 Enron this week fired Treasurer Ben Glisan and Kristina Mourdant an Enron = division lawyer who it said had invested in partnerships that were tied to= one of the major partnerships headed by Fastow. The Enron report to the SE= C describes a central role in these transactions played by Michael J. Koppe= r an associate of Fastow who left Enron in July to take over Fastow's fina= ncial interests in the partnership the company said.=20 Enron will hold a conference call next week to discuss what it has uncovere= d about outside partnership investments. http://www.washingtonpost.com Financial Desk The Nation NEWS ANALYSIS A Visionary Fallen From Grace JAMES FLANIGAN TIMES STAFF WRITER 11/10/2001 Los Angeles Times=20 Home Edition A-22 Copyright 2001 / The Times Mirror Company=20 A year ago Enron Corp. Chairman Kenneth L. Lay was on top of the energy wo= rld. As a leading fund-raiser contributor and energy advisor to the Bush a= dministration he played a key role in shaping the new president's energy p= olicy. As head of the world's largest energy trading company he had an eno= rmous influence on the price of energy in California and across the nation.= Enron's highflying stock helped him cash out $123 million in stock options= last year alone.=20 On Friday with Enron being saved from financial collapse by agreeing to be= acquired by rival Dynegy Inc. Lay's career and reputation are in shambles= . Under the merger he will be stripped of a management job. His integrity = is tattered with Enron's controversial financial dealings under federal in= vestigation. Enron investors and employees are chagrined and outraged becau= se the company's stock lost 80% of its value in recent weeks. The rapid rise and fall of Lay 58 is a story of how a brilliant man with = innovative ideas and a grand scheme to transform the world's energy markets= was overcome with arrogance associates and critics say. Under Lay Enron = stretched the limits of the law and took risks that nearly caused its finan= cial collapse they say. That in turn could have resulted in a widespread d= isruption in energy supplies.=20 Enron's behavior casts doubt on the integrity of our financial markets. It= is a very serious matter said Edward R. Muller an energy investor and f= ormer president of Edison International's Mission Energy subsidiary.=20 Nobody denies he's smart but it's a question of integrity said Raymond = Plank chief executive of Apache Corp. and an associate of Lay's in Houston= 's vibrant oil and gas industry.=20 Lay and longtime partner Jeffrey K. Skilling who served briefly as Enron's= chief executive before resigning abruptly in August rose to prominence in= the last decade through the use of innovative financial techniques designe= d to exploit a reduction in government regulation of energy.=20 Lay transformed world energy industries through his vision of new market-d= riven ways to finance natural gas and electricity production and transmissi= on.=20 The financial markets that Lay and his Enron associates created had an enor= mous effect on California's disastrous experiment in electricity deregulati= on. Critics say his influence was excessive and misguided.=20 Ken Lay was a mystic said state Sen. Steve Peace (D-El Cajon) an outspo= ken critic of Enron. Whatever he said had to make sense because he was Ken= Lay. It was hero worship. Many of the people working as economists at the = Federal Energy Regulatory Commission worshiped Ken Lay. As a consequence t= he things Enron promoted and pushed for were never challenged intellectual= ly and otherwise.=20 Lay who has a doctorate in economics had modest beginnings as the son of = a poor country preacher who did farm labor on the side to raise money for h= is children's education. In the Navy in the late 1960s Lay was assigned to= the Defense Department because of his economic acumen. He allocated Penta= gon dollars more efficiently in purchasing for the military said Mark Pal= mer chief spokesman for Enron.=20 Lay worked for Exxon and other energy firms in the 1970s amid soaring oil = prices gasoline shortages and still-regulated natural gas. He headed Houst= on Natural Gas a predecessor firm of Enron in the 1980s as falling prices= for oil and natural gas presented grave problems for Houston's energy indu= stries.=20 When the federal government allowed pipelines to carry the gas of any produ= cer Lay turned Enron into a foremost firm in the new deregulated industry= . Still Enron almost went bankrupt in the late 1980s with natural gas in = oversupply and prices falling.=20 It was then that Skilling a McKinsey & Co. consultant suggested to Lay th= at the firm trade long-term contracts for gas promising to deliver the com= modity to customers at fixed prices buying and selling contracts of varyin= g maturities the way mortgage companies deal with mortgages in Skilling'= s words.=20 The innovation started Enron's rapid growth and rise to prominence as the e= mbodiment of a new kind of energy company. In the 1990s the federal govern= ment called for deregulation of electricity.=20 Lay saw opportunities. He and Skilling created a market for contracts in el= ectricity in 1994 and by 1996 Enron was the world's leading firm doing suc= h business.=20 Lay's central idea was that by creating a market of millions of buyers and= sellers constantly taking positions power supplies could be allocated eff= iciently and prices lowered. Lay liked to lecture in an avuncular way abo= ut the new economics of energy trading.=20 Technology is changing and there's a lot more value in flexibility and op= tionality. Just about in every industry you can make them a lot more effic= ient when you have more optionality Lay said in an interview in January i= n his Houston offices overlooking the sparkling new Enron headquarters buil= ding which still is under construction.=20 As Enron's business profile grew so did Lay's political influence. He serv= ed as an energy advisor to both Bush administrations and headed Texas fund-= raising for George W. Bush's presidential campaign. Lay raised $100000 for= the Bush-Cheney campaign and with his wife Linda Lay contributed anothe= r $100000 to help finance the inaugural gala this year.=20 As the administration prepared its energy plan Lay gained national stature= as a preacher of market economics applied to electricity.=20 There's no way you can centralize a command-control environment and make t= he best decisions to have an efficient low-cost reliable electricity indu= stry Lay said.=20 His sermon was intended for California which suffered sharply higher price= s for electricity last winter to the point that private utilities fell int= o or near bankruptcy and the state budget incurred a cost of $12 billion w= hich Sacramento now is trying to recover through the sale of revenue bonds.= =20 Because Enron trading billions of dollars a day in power contracts worldwi= de had an immense effect on electricity prices Lay's preaching grated on = state officials. Driven to intemperance state Atty. Gen. Bill Lockyer said= in May that he'd like to escort Lay to a prison cell.=20 But more than economic philosophy was behind Lay's goading of California. T= he state's debacle gave energy deregulation a bad name and chilled deregula= tion moves by many other states.=20 That in turn reduced growth prospects for Enron. The promise of continued g= rowth in deregulation had helped make Enron a Wall Street darling. Its stoc= k price at one point nearly $90 a share versus less than $10 now pushed u= p the value of Enron stock options held by almost all employees but owned = in great amounts by Lay Skilling and other company officers.=20 Lay cashed in last year converting options for a gain of $123 million whi= le Skilling gained $62 million by converting his options. As they cashed in= Enron was encountering other problems. Attempts to set up trading markets= in water and broadband Internet transmission were floundering. A major pow= er plant venture in India was in grave economic and political trouble.=20 But in the last month Enron revealed that it had reduced the firm's equity= value by more than $1 billion due to write-offs in a hitherto hidden partn= ership.=20 Revelations then cascaded. The firm had 33 such partnerships which had bil= lions of dollars in debt for which Enron was liable. Lay and Skilling piled= up debt in hidden partnerships analysts explain because the firm needed = huge amounts of debt to support its greatly expanding levels of trading in = electricity natural gas and other commodities.=20 But the firm could not support such debt and still retain its credit rating= growth rate and high stock price. After weeks of gamely protesting that t= he business was sound and that he personally took offense at investment ana= lysts' suggestions of impropriety Lay fell silent.=20 *=20 Times staff writer Nancy Vogel in Sacramento contributed to this report. PHOTO: With the takeover of his once-soaring firm Enron chief Kenneth Lay'= s career is in tatters. PHOTOGRAPHER: Reuters Business Struggling Enron agrees to takeover by smaller rival Dynegy One-time energy= giant and Southern Co. often scrapped over access to markets MATTHEW C. QUINN STAFF 11/10/2001 The Atlanta Journal - Constitution=20 Home F.1 (Copyright The Atlanta Journal and Constitution - 2001)=20 Energy giant Enron Corp. capitulated to a mounting financial crisis Friday = and agreed to be taken over by a smaller competitor. But Atlanta-based Sout= hern Co. was not gloating at the misfortunes of its vanquished rival.=20 It wasn't easy. For years the two companies were locked in a struggle over access to elect= ricity markets. Enron pushed for competition and deregulation while Southe= rn resisted to protect its dominance in the fast-growing Southeast.=20 Sometimes the battle got nasty.=20 If Thomas Alva Edison came back from the dead and called Southern Co. to g= et some electricity he'd find that nothing has changed Jeffrey Skilling= then Enron's president said in November 1997. These guys are living in a= n industry that was created 100 years ago and they want to keep it that wa= y.=20 Fast forward four years.=20 Southern Co. has split itself in two retaining its regulated Southeastern = utility business and spinning off its own unregulated power generation and = energy trading arm Mirant Corp. Southern reported net income of $1 billion= for the first nine months of this year and Mirant's profits were $538 mil= lion. Southern's shares are up 19 percent this year. Mirant's have declined= 7 percent.=20 Enron on the other hand lost 90 percent of its stock market value this ye= ar alone and this past week restated earnings for the past 4 1/2 years red= ucing profit by more than $500 million.=20 Skilling was named chief executive in February but abruptly resigned after = six months. This week he was subpoenaed to testify in a Securities and Exch= ange Commission probe of the Texas company's questionable relationships wit= h outside partnerships.=20 Houston-based Dynegy Corp. a crosstown rival said late Friday it will buy= Enron --- once valued at $69 billion --- for $7.8 billion in stock.=20 Enron will be wrapped into a new Dynegy managed by top Dynegy executives.= That suggested even the name Enron --- synonymous with innovation in recen= t years in the utility industry --- will go by the wayside.=20 Southern spokesman Todd Terrell declined to comment earlier in the day on E= nron's problems.=20 A.W. Bill' Dahlberg who retired as Southern's chief executive in April an= d is now Mirant's board chairman said he regretted Enron's troubles.=20 They were a rival and got credit for doing a lot of innovative things in o= ur industry Dahlberg said. You always like to win the competition becaus= e you do well not because somebody else does badly.=20 Enron was a pioneer in the wholesale trading of electricity and natural gas= and has been widely imitated from Mirant's sprawling energy trading floo= r at Perimeter Center to an energy management subsidiary launched this year= by AGL Resources parent of Atlanta Gas Light Co.=20 As the largest U.S. energy trading firm Enron's tentacles run deep. It was= active at the Public Service Commission in 1998 when rules for Georgia's n= atural gas deregulation were written only to opt out of becoming a gas mar= keter itself. But New Power Co. which is 45 percent owned by Enron became= Georgia's newest marketer this year.=20 A Dynegy-Enron combination will create a $200 billion-a-year enterprise tha= t will dwarf Mirant in both the electricity and natural gas sectors.=20 Dynegy and Mirant are considered more stable than was Enron because they re= ly more on their own power plants for electricity and less on trading for p= ower produced by others. And Dynegy is no stranger to Georgia. It is a mino= rity partner with AGL Resources in Georgia Natural Gas Services the state'= s No. 1 gas marketer.=20 But the partners have been at odds for months.=20 AGL sued Dynegy in July alleging it earned millions of dollars at the exp= ense of the marketing company that it supplies with natural gas.=20 Dynegy's counterclaim accused AGL among other things of scheming to shift= the partnership's gas supply deal to AGL's own subsidiary Houston-based S= equent Energy Management.=20 Dynegy in May started up a 500 megawatt natural gas-fired power plant in He= ard County despite opposition from nearby residents. Dynegy is also a major= buyer of electricity produced at Southern Co.'s new power plant in Jackson= County.=20 They're a big customer a partner and a competitor --- all of those things= said Southern's Terrell. Graphic POWER POWERHOUSE A merger of Enron Corp. and Dynegy Corp. would cre= ate an energy powerhouse. Atlanta-based Mirant Corp. would be far behind b= ased on second-quarter figures. Top 20 North American Gas Marketers 2nd qu= arter 2001 Billions of cubic feet a day 1..= .Enron...................... 24.6 13.2 3...= Duke Energy................ 12.8 5...M= 7...Aq= uila Energy.............. 10.3 9...El = Paso......................9.2 10. American Electric Power......8.5 ........= ................ Top 10 North American Power Marketers 2nd quarter 2001 Co= of megawatt hours 1...Enron..........= ............212.5 2...American Electric Power....134.5 3...Duke Energy.....= ...........118.1 4...Reliant Resources.......... 86.1 5...PG&E National Ene= rgy Grp... 73.2 7...Mirant............= ..........69.7 9. Williams............= ........ 63.4 10. Exelon Power Team.......... 52.5 Source: Natural Gas Week BUSINESS Dynegy to Acquire Troubled Enron / Energy giants in $7.8B stock deal COMBINED NEWS SERVICES 11/10/2001 Newsday=20 ALL EDITIONS A16 (Copyright Newsday Inc. 2001)=20 Houston - Energy marketer Dynegy Inc. announced Friday it will buy much lar= ger rival Enron Corp. for $7.8 billion in stock.=20 The announcement came after Enron's stock plummeted about 80 percent in the= past three weeks over concerns that the company wasn't revealing serious f= inancial problems to shareholders. Dynegy is taking out a competitor acquiring some attractive assets and t= hey're doing it at an incredible price said Joseph Correnti an analyst a= t Wayne Hummer Investments.=20 The two Houston-based companies began negotiations a week ago as it became = apparent Enron needed cash to stay in business. Dynegy which is 26-percent= owned by ChevronTexaco Corp. agreed to the deal after Moody's Investors S= ervice maintained an investment-grade rating on Enron eliminating a stumbl= ing block in negotiations.=20 The combined company will have annual revenue of more than $200 billion ra= nking it as one of the nation's 10 largest. It will have more than 22000 m= egawatts of electric generating capacity and 25000 miles of natural gas pi= peline.=20 On Thursday Enron acknowledged it overstated earnings by about 20 percent = over the past four years and kept large amounts of debt off its balance she= et through business partnerships now under investigation by the Securities = and Exchange Commission. Enron said financial statements from 1997 through = the first half of 2001 should not be relied upon.=20 Revised statements reduced Enron's profits for those years by $586 million = and increased its debt by $628 million.=20 During its recent turmoil Enron fired chief financial officer Andrew Fasto= w who ran some of the partnerships under investigation by the SEC.=20 Dynegy chief executive Charles Watson will head the combined company.=20 The terms of the deal value each Enron share at $10.41 based on Friday's c= losing stock prices. That represents a 21-percent premium above Enron's clo= sing price of $8.63. Dynegy's shares closed at $38.76 up 6 percent.=20 It was not immediately clear what role Enron chairman and chief executive K= enneth L. Lay would have in the new company.=20 While Watson has led a diversified company that put as much emphasis on bui= lding power plants as on energy trading Lay focused on the wholesale tradi= ng of natural gas and electricity. He had expanded Enron in the 1980s from = a natural gas pipeline into the most formidable competitor in the business = of energy trading which was created by deregulation of energy markets in t= he United States and Europe. Dynegy announces $8 billion deal to buy larger rival Enron By JUAN A. LOZANO Associated Press Writer 11/09/2001 Associated Press Newswires=20 Copyright 2001. The Associated Press. All Rights Reserved.=20 HOUSTON (AP) - Energy marketer Dynegy Inc. announced Friday that it will bu= y its much larger rival the once mighty but now troubled Enron Corp. for = $8 billion in stock. Dynegy also will assume a hefty $15 billion in Enron d= ebt.=20 The announcement came after Enron's stock price plummeted about 80 percent = over the past three weeks because of concerns that the company wasn't revea= ling serious financial problems to shareholders. Under the deal ChevronTexaco Corp. which owns more than a quarter of Dyne= gy would quickly provide about $1.5 billion. ChevronTexaco also would cont= ribute an additional $1 billion upon completion of the deal the companies = said.=20 With its market-making capabilities earnings power and proven strategic a= pproach to wholesale markets Enron is the ideal strategic partner for Dyne= gy Dynegy chairman and chief executive officer Chuck Watson said in annou= ncing the purchase.=20 Watson made it clear that he would not tolerate the sort of financial pract= ices that prompted explosive disclosures by Enron this week - including an = admission that more than half a billion dollars in debt had been kept off t= he company's books.=20 As a combined company we will focus on leveraging our core skill sets and= as always we will keep a strong balance sheet and straightforward financ= ial structure as key priorities Watson said.=20 Enron is the country's top buyer and seller of natural gas and the No. 1 w= holesale power marketer. The company operates a 25000-mile gas pipeline sy= stem and also markets and trades metals paper coal chemicals and fiber= -optic bandwidth.=20 Dynegy controls nearly 15000 megawatts of power generating capacity throug= h investments in power projects and sells the energy in wholesale markets = and through utilities.=20 At a news conference Watson said company officials who negotiated the deal= came away convinced that Enron was worth buying despite its recent trouble= s.=20 We looked under the hood and guess what it's just as strong as we though= t it was Watson said.=20 Under the terms of the deal Enron shareholders will receive .2685 Dynegy s= hare for each share of Enron common stock valuing each Enron share at $10.= 41. Enron has about 775 million common shares said spokeswoman Karen Denne= .=20 That represents a 21 percent premium above Enron's closing price of $8.63 F= riday on the New York Stock Exchange - but still just a fraction of their 5= 2-week high of $84.87. Dynegy's shares climbed $2.26 or 6 percent to clos= e at $38.76 on the NYSE.=20 In after hours trading on the NYSE Enron shares shot up 15.6 percent or $= 1.35 to $9.98. Dynegy shares were unchanged.=20 Dynegy's stockholders will own approximately 64 percent of the new company= with Enron's stockholders holding the remainder.=20 The boards of both companies have unanimously approved the transaction whi= ch is expected to close next summer. The deal is expected to save the combi= ned company between $400 and $500 million annually because of continued eli= mination of non-core Enron holdings and lower operating costs. Watson sai= d it was too soon to say if the deal would result in job cuts. Enron has ab= out 20000 employees while Dynegy's work force is about 6000.=20 Watson will remain as chairman and chief executive of the combined company= which will retain the Dynegy Inc. name. Dynegy's Steve Bergstrom will cont= inue as president.=20 Enron chairman and chief executive Kenneth L. Lay will no longer have a rol= e in day-to-day management of the company but has been offered a seat on t= he combined company's board and will help shepherd the merger through.=20 Dynegy said that Greg Whalley the current president and chief operating of= ficer of Enron will become an executive vice president of the new Dynegy. = He said the merger sets the best course for Enron.=20 Few of the options we considered for our core business going forward provi= ded us with the earning potential and immediate synergies that a merger wit= h Dynegy could deliver Whalley said. Together with Enron's recently anno= unced bank commitments this cash infusion gives Enron immediate liquidity= which we believe will enable the company to maintain its investment grade = credit rating.=20 The merger was announced a day after Enron acknowledged it overstated earni= ngs by about 20 percent over the past four years and kept large amounts of = debt off its balance sheets through business partnerships now under investi= gation by the Securities and Exchange Commission.=20 Analysts said the merger rescues Enron but leaves Dynegy in uncharted terr= itory - with the outcome of the SEC investigation completely unknown. Ther= e is still a shroud hanging over Enron that now moves over to Dynegy said= Carol Coale an analyst with Prudential Securities.=20 Early Friday Moody's Investors Service downgraded Enron's debt ratings to = one level above junk bond status and said the company's long-term debt rati= ngs remain under review for further downgrade.=20 In an SEC filing Enron said financial statements from 1997 through the fir= st half of 2001 should not be relied upon and that outside businesses run= by Enron officials during that period should have been included in the com= pany's earnings reports.=20 The revised statements reduced Enron's profits for those years by $586 mill= ion from $2.89 billion to $2.31 billion. The revisions also increased the = company's debt each of the four years reaching $10.86 billion - $628 milli= on more than previously reported - by the end of 2000.=20 Keeping the debt off its balance sheets likely ensured Enron could maintain= a strong credit rating to support expansion of its core businesses - whole= sale trading of natural gas and electricity.=20 But the company's stock price started dropping 10 months ago when its high-= speed Internet unit foundered and Enron had trouble collecting money from p= ower customers in India.=20 The stock price began to free fall after Enron announced a $618 million thi= rd quarter loss and news of the SEC investigation surfaced.=20 Enron responded by firing its chief financial officer and scrambled to get = cash and increase credit lines in an attempt to regain investor confidence= but investors dumped Enron shares and sent its stock plummeting.=20 The ousted chief financial officer Andrew Fastow ran some of the partners= hips under investigation by the SEC.=20 Jeff Skilling Enron's former chief executive who left in August has been = called to testify before the SEC although it's unclear when.=20 ---=20 On the Net:=20 http://www.enron.com=20 http://www.dynegy.com AP Graphic DYNEGY ENRON Copyright ? 2000 Dow Jones & Company Inc. All Rights Reserved. =20
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Subject:: Re: Telephone Interview with The Enron Corp. Research Group
Body:: Since several of you will be out on the 6th we have moved the telephone interview for Marshall Yan to Tuesday the 5th at 1:00 pm. Thanks! Shirley -----------------
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Subject:: Monthly Billing - Detail Class 845 / s100105.xls
Body:: -----------------
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Subject:: Confidential Memo For Thursday Meeting
Body:: Richard and Elizabeth At Christian's suggestion I am sending a memo I prepared summarizing some of the more exotic strategies used by our traders. Christian has reviewed the memorandum and believes that it will assist you both in preparing for our Thursday meeting. Between now and Thursday Christian and I are going to analyze the ISO tariff to determine if the tariff prohibits any of these strategies. Steve
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Subject:: SDG&E
Body:: -----------------
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Subject:: CA Supply Realities
Body:: nan
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Subject:: Project Power Play meeting, in Causeys office, EB 5015. With
Rick Causey, Kathleen Magruder, Jordan Mintz, Bob Hermann
Body:: Per Bobbie Moody x35955
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Subject:: Energy Issues
Body:: See natural gas price article below. Our buddy Paul Carpenter has turned o= n=20 us (not to mention that he seems to be talking nonsense). How about giving= =20 him a call? -----------------
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Subject:: Confidential Memo For Thursday Meeting
Body:: nan
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Subject:: SPEC SR PUBLIC RELATIONS, Job Code #0000109017
Body:: Molly Do you know who has posted this ad: SPEC SR PUBLIC RELATIONS Job Code #0000109017. I have a friend who is looking for a position who seems to have the perfect skills for this job. Vince
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Subject:: Re: Thank You
Body:: Tim I enjoyed meeting with you too. As I mentioned I thought your answers were thoughtful well stated and accurate. In our line of work it helps to triangulate using others' insights and I found yours particularly useful. Richards Tim J (CORP) on 08/02/2000 09:01:46 AM To: 'rshapiro@enron.com' <rshapiro@enron.com> 'skean@enron.com' <skean@enron.com> cc: 'Kelshaw Lisbeth' Subject: Thank You Dear Steve and Rick Thank you very much for inviting me to Houston yesterday to discuss Enron's Federal Government Affairs position. Your vision of the role for the Enron Washington office fits closely with my views on what a best-in-class Washington operation should offer and it was helpful to learn more about Enron and its business units. Enron is clearly an exciting place to work and the fact that public policy is so vital to the company's future makes the Washington position particularly attractive. It was a real pleasure to meet you yesterday and I look forward to hearing from you again. Sincerely Tim Richards Timothy J. Richards GE International Law & Policy 1299 Pennsylvania Avenue NW 1100W Washington DC 20004 Phone: 202-637-4407 Home: 202-882-3385 Fax: 202-637-4300
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[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: RE: Schoenemann Resume
Body:: Molly Thanks. I am in London this week but I can pick up my messages from here. Vince
What should this email be categorized as?
[/INST] Personal but in professional context <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: RE: Important - CPUC Motion - Confidential Attorney Client Privil
ege and Work Product
Body:: I just spoke with Mary to make sure we have the same information. Here are the facts we have so far. On November 4th the CPUC filed a motion with FERC to adopt the form of protective order that the CPUC entered to compel the production of documents and to shorten time to answer. According to Exhibit B (read to me by Nancy Pickover at Bracewell) the following CPUC moved against the following entities: AES Williams Duke Dynegy Reliant and Southern. Enron entities were NOT named in exhibit B. This is not to say that we could not be easily added to the group. While the motion reads as if the CPUC was moving against everybody in fact in footnote 2 they state they are only moving against the entities named in Exhibit B. We will have Exhibit B in hand first thing tomorrow via FEDEX to confirm this. To repeat Enron is not named yet. Thanks Gary
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Meeting Request - July 25th
Body:: Yes. Maureen - please schedule. From: Michael on 07/06/2001 03:05 AM GDT To: Steven J Kean/NA/Enron@Enron cc: Maureen McVicker/NA/Enron@Enron=20 Subject: Meeting Request - July 25th Steve -=20 I=01ll be in Houston July 23-26 and would like to get together to bring yo= u up=20 to date on the latest developments in Japan regarding EBS and EGM as well= =20 as=01 energy markets.=01 Would you=01 have half an hour on the morning o= f Wednesday=20 the 25th? Thanks Mike
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Wabash Valley called re: AEP filing
Body:: let's bring him in Christi L Nicolay@ECT 10/02/2000 12:29 PM To: James D Steffes/NA/Enron@Enron Jeff Brown/NA/Enron@Enron Janine Migden/DUB/EES@EES Joe Hartsoe/Corp/Enron@Enron Sarah Novosel/Corp/Enron@Enron Donna Fulton/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Kerry Stroup/DUB/EES@EES Steven J Kean/NA/Enron@Enron cc: Subject: Wabash Valley called re: AEP filing Don Morton general counsel of Wabash Valley Power Association a co-op in AEP's area called me about Enron's protest of AEP's market based rates filing. Wabash has filed an appeal in the DC Circuit of AEP/CSW merger (its brief is due 11/20). He thinks FERC is out of control and not carrying on its duties. Wabash is also preparing a protest of the Alliance compliance filing (due this Friday 10/6) on the following grounds: Filing is really a continuation of pancaking Does not want FERC to approve on a conditional basis (expecting Alliance to be a true RTO)--Wabash thinks that Alliance simply creates a larger profit center for AEP's transmission system Mr. Morton also had some specific OASIS problem examples that happened to Wabash that involved preferential treatment for AEP. I told him to call or email Scott Miller for the investigation. Mr. Morton and Wabash CEO Ed Martin would like to come to Houston to visit with Enron about our concerns and about the possibility of making some joint filings. His number is 317-481-2815. Please let me know if I should set something up or if someone else would like to talk with him directly.
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Privileged and Confidential -- Performance Bonus Language
Body:: David You asked me to provide my opinion about the employment agreement provisions relating to target bonus amounts that are based on performance. The bonus language contained in the majority of the agreements with a target bonus is as follows: Provided that Enron meets its earnings targets and provided that Employee is rated within the top 25% of the performance criteria under Enron's annual performance rating system or its equivalent for the calendar year in question Employee's annual bonus amounts under the Plan for calendar years 2001 2002 and 2003 (payable in 2002 2003 and 2004 respectively) shall be based on an annual bonus target of $_____________. This language does not address a person's performance as compared to one's peers but instead looks at the number of performance criteria and requires that a person be in the top 25% of those criteria. Thus if there are only 3 rating categories (i.e. 1 2 3 distributed as 10-80-10) then only the people in the top category would be within the top 25/33% of the rating criteria. Given the huge change in our process however there is an argument that the above language cannot be applied to the current scheme and that instead we should look at the top 25% of the peer group instead of performance criteria even though that was not the intent of the provision when it was drafted. As a result I would suggest that the middle category be divided further into either 2 or 3 subcategories (i.e. 2A 2B or 2C). That way persons who fall out in categories 1 or 2A would be eligible for the target bonus. If there is a decision not to break down the middle 80 further then it would be useful to look at those employees with a bonus target that we think is too high. For those employees a more conservative approach may be to evaluate them on a scale that is more subdivided than the 10-80-10 breakdown and to document that they fell out in the bottom 75% of the categories under that process. Of course it goes without saying that we should ensure consistent treatment based on race sex national origin age etc. in this process. Please let me know if you have any questions.
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: nan
Body:: calendar -----------------
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Boise --
Body:: You speak at 10:05 a.m. Boise time DOE conference call at 3:00 p.m. Eastern time 1:00 Boise time. Paul Carrier will follow up with details.
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re:
Body:: Yes From: Jeff Dasovich on 04/19/2001 03:45 PM Sent by: Jeff Dasovich To: Steven J Kean/NA/Enron@Enron cc: Subject: Re: Make sense for me to attend the meeting? Steven J Kean 04/19/2001 12:31 PM To: Jeff Dasovich/NA/Enron@Enron Susan M Landwehr/NA/Enron@Enron cc: Richard Shapiro/NA/Enron@Enron James D Steffes/NA/Enron@Enron Rosalee Fleming/Corp/Enron@ENRON Sandra McCubbin/NA/Enron@Enron Janel Guerrero/Corp/Enron@Enron Paul Kaufman/PDX/ECT@ECT Subject: I got a voicemail fro Ken. He would be happy to meet with Freeman. He is willing to work on other times but suggested the following After 3:00 on May 2nd (right after Ken's speech to the RGA) or late the day before or in the morning of the second (to do this though he would have to cancel his speech to the Texas Governor's business council but he is willing to do this if necessary) His least preferred alternative in this general time frame would be early morning on the third. Jeff -- could you coordinate with Rosie to get the time and place nailed down?
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: California Amendments DEFEATED!
Body:: Congrats Linda Robertson 07/19/2001 09:44 AM To: Steven J Kean/NA/Enron@Enron Richard Shapiro/NA/Enron@Enron James D Steffes/NA/Enron@Enron mark s palmer/enron@enronXgate@Enron cc: Subject: California Amendments DEFEATED! John Shelk will provide a more thorough report in a later Email but I just wanted you to know that the Waxman price cap amendment was just defeated in full Committee markup and the Eshoo refund amendment was defeated. Both by sizable margins.
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Last FINAL version
Body:: Has this gone to Ken yet. If not please send. Maureen McVicker 06/21/2001 02:55 PM To: Lora Sullivan/Corp/Enron@ENRON Steven J Kean/NA/Enron@Enron Jeff Dasovich/NA/Enron@Enron cc: Subject: Last FINAL version Lora: This is the new Final version. The difference from the earlier version is - a few slides were taken out and the order of the remaining slides were rearranged. Please get a copy of this new Final to Ken Lay. Thanks.
What should this email be categorized as?
[/INST] Document editing/checking/collaboration <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: BABC-Houston Newsletter
Body:: Please handle -----------------
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: WeatherNet
Body:: I think this is a very interesting idea. Please get with Bill D. and make sure he gets a description of what we would need to do to physically accomodate the station and make sure he's comfortable with it before we go ahead. Laura Schwartz 03/05/2001 12:52 PM To: Cindy Olson/Corp/Enron@ENRON cc: Steven J Kean/NA/Enron@Enron Karen Denne/Corp/Enron@ENRON Elyse Kalmans/Corp/Enron@ENRON Subject: WeatherNet As part of our agreement with the Channel 2 WeatherNet program we were given the option to have a weather station at the Enron building. This would be an additional $5000 on top of our commitment. I brought the idea to Gary Taylor and Todd Kimberlain in weather and they thought it would be a great idea to serve as the weather tracking spot in downtown Houston. They have agreed to pay the $5K for the equipment and installation. So now in addition to Channel 2 mentioning WetherNet brought to you by Enron everytime they talk about the weather in downtown Houston they will mention the current temp. at the Enron building. If you have any questions please call me at ext. 34535. Laura
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: NAES/ Regulatory Meeting in 29C2.
Body:: Joe Hartsoe to handle.
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Re: Revised DeLay op ed
Body:: I've made some changes (shown in bold). Bracketed text indicates a deletion . Jeannie Mandelker@ECT 08/18/2000 05:34 PM To: Steven J Kean/NA/Enron@Enron Cynthia Sandherr/Corp/Enron@ENRON Richard Shapiro/HOU/EES@EES Jeff Dasovich/SFO/EES@EES cc: Mark Palmer/Corp/Enron@ENRON Karen Denne/Corp/Enron@ENRON Subject: Revised DeLay op ed Steve -- great guidance. Cynthia -- hope we're in time. Jeff -- the fifth paragraph has some supply/demand figures for the early part of this week that I heard but can't track down the written source. Any suggestions? Please review and don't hesitate to call me this weekend. Best bet is home number -- 914-736-9504 or cell phone -- 914-318-1568. Jeannie
What should this email be categorized as?
[/INST] Document editing/checking/collaboration <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Enron Energy Services: With Dereg Under Fire,Enron Calif Elec
Business Heats Up
Body:: -----------------
What should this email be categorized as?
[/INST] Company Business/Strategy <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: nan
Body:: I would like to nominate Dr. Stig Faltinsen from Enron Europe as my guest at the London Understanding and Applying Financial Mathematics to Energy Derivatives conference London June 28-29. Vince
What should this email be categorized as?
[/INST] Logistic Arrangements <s> |
<s>[INST] <<SYS>> You are reviewing an email using its subject and body. Based on the text in its subject and body, please categorize this email into one of the following categories:
1. 'Company Business/Strategy'
2. 'Purely Personal'
3. 'Personal but in a professional context'
4. 'Logistic Arrangements'
5. 'Employment arrangements'
6. 'Document editing/checking/collaboration'
7. 'Empty message (due to missing attachment)'
8. 'Empty message'
Please provide only one category (e.g., 'Purely Personal'). <</SYS>>
Subject:: Confidential - Mid Year Overview
Body:: Please review the attachment and let me know if you have any changes. The final document will provide a starting place for the year end review process.
What should this email be categorized as?
[/INST] Empty message (due to missing attachment) <s> |
Subsets and Splits