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Best of luck.
You've got a tough job.
Guess you'll be working that much harder now that John Stevens is on his way to San Francisco.
At last week's meeting, a request was made for peak and off peak prices.
I've attached prices that we filed yesterday at FERC as part of its on-going proceeding of forward contracts.
Few comments: We'd appreciate it if you could keep the information confidential, particularly since the information is covered by FERC's confidentiality provisions.
Since we are not a "generator," we buy and sell in the market, which as you know is currently very volatile.
Consequently, the quotes that we provide customers change daily to reflect changing market prices.
These prices were put together and filed yesterday, but you may have heard that prices were down today.
So quotes we made today were lower.
And quotes we makes tomorrow will reflect tomorrow's market conditions and will likely be different from today's.
Because these quotes were assembled yesterday, they are only "indicative."
That is, if someone wanted to buy these products today, we'd have to recalculate prices, because the quotes established yesterday are no longer valid (for the reasons I mentioned above).
Hope this helps.
If you have any questions, let me know.
Best,
| Pricing Information |
Hi Sue: Hope all is well in the land of forward contracts.
Do we know who the speakers are?
Is Dave Parquet attending for us?
Thanks.
| Here is the Energy briefing agenda for the Republican Caucus and FAQ |
Greetings: Well, hope your holiday was great, because I'm back with more questions.
To change my direct deposit account, can I do that on line, or do I need to do it by other means?
Thanks, as always, and I hope you have a great 2001.
Best,
| Happy New Year |
1) Since I'm coming, I'll likely stay a couple of days, if there's still an open seat available on the floor.
2) I can get a plane that arrives at Intercontinental at 12:20.
Can I catch a cab and get to the Woodlands by 1?
Otherwise, I'll come out the night before.
Best,
| couple things |
Greetings, Kari.
=20 Today's installment includes: Background on Nord Pool Information on the status of de-regulation in Pennsylvania.
The rumors regarding securitization of utilities' power purchase costs had = a=20 very positive effect on the utilities' stock today.
Congratulations.
Ther= e=20 is conflicting information floating around, though.
=20 Some wires stories say that a state senator will sponsor a securitization= =20 bill.
Others say that it will be the Governor's bill.
Is securitization= =20 legislation something that the Governor intends to sponsor/support?=20 Though there are clearly some challenges to securitization, we think it=20 offers a promising option.
Hope the information is useful.
Best,
| PennFuture's E-cubed -- Price, Policy and Misperception |
It might be a good idea to have a conference call to discuss the state treasurer's proposal released last Friday.
A summary is attached.
If folks agree that a call would be useful, does Noon PST (on Monday) work?
Best,
| Summary of State Treasurer's "State Takeover" Proposal and Proposed Conference Call |
Greetings: See attached "meeting notice."
This could be a good opportunity to get our demand-side proposal on the table.
Dennis: If we could get some power point slides together, we could present our ideas to this group and the leg aides mentioned.
Let me know your thoughts.
Also attached is a summary of the bill that the CA Assembly passed today.
Please pass this along to others who might be interested.
Thanks.
Jeff
| Demand-side buy down proposal |
Dean Tyson: It was a pleasure to see you again today.
Phil, it was a pleasure to meet y= ou=20 and I look forward to working together.
Since time is of the essence, I=20 wanted to summarize where we left off at today=01,s meeting regarding Calif= ornia=01, s energy crisis.
That summary is attached.
I've also attached three=20 articles from the business section of today's Chronicle that arguably bolst= er=20 our arguments for adopting the approach that we discussed at today's meetin= g. Given the fact that the legislative process is moving rapidly, bankruptcy = is=20 a daily threat, and Dean Tyson will be attending the meetings in Davos, it= =20 appears that our window of opportunity is very small.
It seems that succes= s=20 requires a meeting of the principals by the end of the week, if not sooner.= =20 The chances of success are obviously limited, but I think that we agreed th= at=20 all concerned have nothing to lose and everything to gain by taking a shot.= =20 Your offer to help in the effort obviously increases the likelihood of=20 success and is greatly appreciated.
=20 My apologies in advance if I have mischaracterized any of the points made a= t=20 the meeting.
It represents a =01&first cut,=018 it will undoubtedly change= as the=20 details get worked out, and I=01,m sure I=01,ve missed something.
So pleas= e don=01,t=20 hesitate to edit the draft.
Please keep in mind that I have not had a chance to discuss this proposal= =20 internally.
As such, I can=01,t yet commit Enron to the specifics of the= =20 proposal.
But I=01,m confident that the company can support something akin= to=20 this structure and can let you and Phil know first thing Monday.
In addition, given the political environment in California, Enron has playe= d=20 a constructive role by providing low-key, behind the scenes advice and=20 analysis to policy makers.
That approach seems preferable in this effort a= s=20 well.
| Summary of Proposed Short-term Solution for California's Energy Crisis |
Dean Tyson: Attached is the proposal.
Your comments are welcome and appreciated.
I'd be happy to input any that you might have prior to forwading to Secretary Summers.
Phil and I will have a list of potential contacts from the business community to review in the next couple of hours.
If you need anything, don't hesitate to contact me.
Perhaps you and Phil and I could touch base later today or this evening to talk about next steps.
Thanks again for your efforts.
Best,
| Proposal for California |
Tyson has gotten a call-back from the governor's office.
She's going to call him back shortly to try to sell him on the plan (i.e., private sector to the rescue) and ensure that he'll come to the party.
She'll call me back as soon as she talks to him.
Curious--do we have any sense of whether there's much activity within the
| Tyson Update |
Michael Tribolet: In response to your question, yes, Edison did file in federal district court in L.A.
The filing asks the judge to force the CPUC to 1) declare that the rate free is over and 2) raise rates to compensate Edison for its undercollections.
(Recall that this filing comes on the heels of the court agreeing to hear Edison's case asserting that the CPUC must let Edison pass through the power purchase costs to customers.)
The filing is apparently very large.
The lawyers at the CPUC have a copy but said that it's much too large to make a copy and aren't willing to give it to us to make a copy for ourselves.
Question to the lawyers: Do we have contacts in L.A. that can go to the courthouse and get a copy of the filing for us?
Probably a good idea to have that filing passed around to this distribution list.
Best,
| Edison's Filing in District Court in L.A. |
Mary Beth: Thanks very much for passing these along to Laura Tyson.
There are two documents.
One is a word file with a suggested list of business leaders that we might bring into the discussions.
Please let the Dean know that it's a first cut and that all comments, suggestions, edits, etc.
to the document are welcome and appreciated.
The second is a pdf file from Credit Suisse First Boston giving CSFB's analysis of what's going on in California.
I think it provides further proof that California is still looking for, and ought to be very receptive to, a proposal like the one that we're working on.
Could you let me know that you've received this?
Thanks again.
| Materials for Laura Tyson |
Mary Beth: Thanks very much for passing these along to Laura Tyson.
There are two documents.
One is a word file with a suggested list of business leaders that we might bring into the discussions.
Please let the Dean know that it's a first cut and that all comments, suggestions, edits, etc.
to the document are welcome and appreciated.
The second is a pdf file from Credit Suisse First Boston giving CSFB's analysis of what's going on in California.
I think it provides further proof that California is still looking for, and ought to be very receptive to, a proposal like the one that we're working on.
Could you let me know that you've received this?
Thanks again.
| Materials for Laura Tyson |
in the attempt to delete the millions of emails i've received from Telecom Reports, i deleted your Western Gov update before reading it.
could you resend?
your pal, jeff
| Ooops |
Mary Beth: For what it's worth, I've read this, and if Laura Tyson or Larry Summers sign it, I have serious concerns about the effect it would have on their ability to play the role that we envision in moving our proposal forward (understanding that our odds of success are somewhat meager).
While I don't disagree with the language, it is strong and therefore very likely to make the Governor and his staff very uncomfortable.
I would recommend that they do not sign.
Best,
| Final Version-Manifesto |
Prof. Bajaj.
Our understanding is that we'll need the electronic file you talked about on Monday in order to do the first (optional) case (re: helpful questions and spreadsheets).
But we haven't received the file yet.
Could you possibly forward it to us?
We're leaning strongly toward writing the first case up and turning it in and are anxious to get started.
Thanks very much.
Best,
| E234 Course Materials |
The speaker introduced a bill that would: Order the CA PUC to establish a "rate component" to permit the utilities to recover its "net undercollected amount" over a period of ten years.
(Sounds like there may be a haircut in there somewhere.)
Authorize the State Water Dept.
to purchase power on behalf of utilities and munis.
Order the CA PUC to create a separate rate component to cover the Dept.
's cost of purchasing the power.
Authorize the Treasurer to issue debt, backed by ratepayers, to cover any difference between the price the Water Dept.
buys the power for and the price that can be collected from ratepayers under the rate freeze.
Authorizes the State Director of Finance to "accept on behalf of the state any tangible asset of an electrical corporation."
(Presumably the state is looking to get something from the IOUs (say, the hydro assets) in exchange for giving the utility it's "net undercollected amount."
The bill is long and haven't yet had a chance to review it in detail.
We're faxing the bill.
The bill will be controversial and it is unclear who in the Legislature has bought into it, though the Governor signaled his general support for this sort of approach in a press conference last night announcing the results of the power auction.
The Assembly is scheduled to have a hearing on the bill later today.
Will pass on more info as we get it.
Jeff
| New Bill Introduced in CA Legislature |
Joseph: Please contact these folks and remind them that 1) i'm not a lobbyist, 2) i'm not registered as a lobbyist, and 3) i don't qualify as a lobbyist.
thanks a million.
Jeff
| Reminder letter for California filing deadline |
One of the things that came out of the meeting I was at on Saturday with the UC economists (including Tyson and Yellen) was a "manifesto" that they published today (I'll have the final to distribute soon).
They're having a press conference in about 10 minutes at Berkeley.
In anticipation, they're quoted in a story in today's LA Times (that features Greenspan's comments) and they focus their quotes on the need to raise rates.
Most of these folks in the group, lamentably, earn their living by consulting for incumbents, but there message here should be helpful, and there are a few "right-minded" economists in the bunch.
(I managed to get Dr. Michaels in the group, who was a great voice of reason in the debate over what to say in the manifesto.)
It wasn't appropriate for me to play a visible role in the design of the manifesto, though I attempted to offer some behind the scenes suggestions.
Jeff
| UC Economists (and others) Step Out a Bit in California |
Apologies.
I can't keep track of all the distribution lists.
Please let me know if you think that this will be helpful in your neck of the woods.
Rick relayed Summers comments re: Tyson.
Best,
| UC Economists (and others) Step Out a Bit in California |
Greetings Professor.
Regrettably, I'm on travel in New York City today and can't make it to class this evening.
I don't anticipate having to miss any other classes this semester.
Regards,
| E234 |
I've left messages describing our idea with TURN and the large cogenerators/marketers/producers, and I've spoken with the Farm Bureau and the California Manufacturers Association.
The Bureau and CMA agree with our idea and I've asked them to "pass the word along" to other customer groups and to try to ensure that its an integral part of the negotiations.
I'll be calling other customer groups and will report back on those conversations.
Best,
| Conversations with Customers on Date Certain for End of Rate Freeze in Legislation |
PLEASE DO NOT DISTRIBUTE.
I haven't read this yet, so I don't know if it's good bad or indifferent.
McFadden is one of the Manifesto signers and a Nobel Laureate.
If folks have comments, please forward them along and I will get them into the mix.
Thanks a bunch.
Best,
| Statement on Energy Crisis |
Hi: Hope you had a nice weekend.
Sorry I missed you all in Washington.
Rick's asked me to attend the meeting at the Woodlands tomorrow.
Do we have a list of attendants/agenda?
No big deal, but would help me in preparing for the meeting.
I'm assuming that the meeting takes place tomorrow only?
I'm staying through Wednesday, nonetheless, and have booked a room at the Lancaster.
But if the meeting's going to continue through Wed, I was wondering if I should be staying at the Woodlands.
Thanks (as always) for you help.
Signed, Clueless
| Tomorrow's Meeting at the Woodlands |
Mike, Jeanne: Have you heard anything about any relief on penalties that the PUC might have recently granted interruptible customers?
(Recall that Loretta has refused to allow folks on interruptible to get off those contracts.)
Could you let me know as soon as you find something out?
Thanks.
Best,
| URGENT!!! I-6 penalty charges |
Karen Denne has asked me to go along to the meetings tomorrow, which I've agreed to do, but wanted to run it by you two first.
Thoughts?
Best,
| Skilling's meeting with Silicon Valley |
Rick called and asked me to sit in on a meeting on enegy issues that he's having tomorrow in Houston.
Wants me to bring to the table information on gas issues, particularly in light of the SoCalGas settlement here in California.
I'll be leaving at the crack of dawn tomorrow monring and will be in Houston on Tuesday/Wednesday and back in the office on Thursday.
| Schedule Change for the Week |
Hi Rosalee: Attached is a summary of the proposal that ENA filed today in response to the RFP for power and gas issued by California's DWR.
Also attached is a copy of the complete proposal.
Steve Kean asked that I forward it along to you.
Could you please print out a copy and forward it along to Ken Lay prior to his departure for Washington D.C.?
Thanks very much.
All the best,
| CDWR Summary for Ken Lay |
Told him the proposal is on his fax machine.
He thanked me and said he'd get back to us.
He was in a meeting.
That was the sum total of the call.
Thanks
| Got a Hold of Freeman |
I am SO excited about going up and about seeing you guys.
We're going to try (fingers crossed) to leave tomorrow afternoon.
Can you guys bring Annie?
(please?
).
| Dome! |
FYI.
Calger is in active talks with Freeman and DWR lawyers about the offer letter we submitted on Tuesday.
Freeman's very anxious to do a deal for 200 MWs from the West Desk and then start talking about a deal for power from Parquet's Pastoria plant.
Credit is of course the issue and Calger's told them that unless the credit issue is bulletproof it's not going to work.
See Chris' comments below.
It looks like progress is being made, but the details will make it or break it.
Any thoughts?
Might make sense to discuss on the call.
Please forward along to others.
Thanks.
Best,
| CDWR Credit Proposal |
Karen: Harry's done some more recent work on the numbers we need to fill in, so he'll fill them in.
Harry: the numbers we've thrown around over the last couple of months are: From 1996 to 1999, peak demand increased by 5,522 megawatts, but only 672 megawatts of new capacity was added.
Meanwhile, electricity is growing over 5% per year.
| SF Op-Ed |
Hey gang: I think that we should do the case.
I'm willing to help draft, and willing to take a first crack at putting some bullets together about the direction I think the memo ought to take and distribute that by about 5 PM tomorrow.
Though it would be good for other folks to do same and then we could compare notes.
Makes sense?
Thoughts?
Suggestions?
Best,
| DuPont |
Hi: Hope you're well.
Based on your note, I faxed my Direct Deposit change to Renee Kelso a week or so ago and wanted to check with her to see that she'd received it and that it was in process, but I can't find her name in email.
Any suggestions on how I can check in and see how progress is going?
As always, thanks a bunch.
Best,
| Direct Deposit Change |
Hi Justin: As we discussed, this is the most recent version of the proposed "fix" to the Direct Access prohibition included in AB1X that the coalition of customer groups have been working on.
They intend to give it to Debra Bowen first thing next week.
Take a look at it and if you have any questions, please let me know and I can explain the concept and how it is intended to work.
I have notified the coalition that it would be a good thing to include you on their distribution list, but I didn't want to do that until I checked with you.
Let me know if that's something that you would like to do.
Best,
| Proposed Fix for Direct Access Prohibition in AB1X |
Thanks again for your help, advice and Cristina's phone #.
We'll see where it goes from here.
But I'm shocked.
I called Cristina, and NO answering machine.
I didn't think that happened anymore.
Any way of leaving her a message?
Thanks again.
| Cristina |
On the 21st, Tauzin and Barton are holding separate meetings with executives from the respective stakeholder groups in Southern California to have "frank" discussions about California.
Steve Kean will attend for Enron.
At Steve's meetings will be other gas and electric marketers, and generators.
Linda Robertson would like to talk with us tomorrow about getting Steve prep-ed for the meeting.
She'd like to have the call at 3 PM California time.
Her assistant will be sending details very soon.
Best,
| Call to Discuss Steve Kean's Meeting with Congressmen in California |
Some EES folks just popped into my office and asked me to pop into their meeting, which starts at noon.
I'm not sure precisely what the meeting's about, but Mona I noticed you've got it on your weekly schedule.
How do you want to handle?
I'd be happy to pop in at noon for the meet and greet part, but likely need to leave in order to work on the draft strategy---Paul wants
| Today's EES Meeting |
Sorry, but could you please print these out for me?
If the "eei.doc" is too long, please just print out the other two.
Thanks a million.
Best,
| contractual language |
OK, the powers that be have phoned.
I am to be there tomorrow and Wed.
Tomorrow I'm huddle at the Woodlands all day.
But Wednesday I'll be in the office.
Perhaps coffee or lunch?
Could you forward to the lovely Ms Scott, since every time I type her name in, I get someone from ECT.
Can't wait to hear more about Herr Cherr-y.
Best,
| I'm Back! |
It's rough, but Paul and I concluded that, since I'll be in Houston, best that I send out whatever I have by COB today.
I will be working on this more on the plane on my way to Houston.
Now we have Sandi's, Paul's and this, all of which I think are headed in the same direction and complement one another.
We'll need to meld them.
Please look at all 3 at the same time.
Might be useful to begin an email conversation now with folks comments.
I'm reachable and will be back in the office on Thursday.
Best,
| DRAFTStrategy |
Got your message.
Just as soon as we get out from under the deliverables Lay needs for Brulte, I'll turn to figuring how to get Delaney hooked up with decision makers that can make a difference in California.
Is next week too late for meetings?
Best,
| Delaney's Demand Plan |
Greetings All: First, I am apologizing in advance for any typos in this email.
Schedule i= s=20 very tight, but I wanted to make sure that everyone had it first thing this= =20 morning, with some back-up info that I've included below.
Attached is the email that was sent to Ken Lay's office yesterday evening f= or=20 delivery to Sen. Brulte.
It's of course confidential.
Few points: I don't have Bev's email, so if you could please forward to her, that would= =20 be appreciated.
As we discussed (Jim, Mike, Bev, Scott, Hedy) on our lengthy call on=20 Wednesday, I'm assuming that the plan is still to "wallpaper" Sacramento wi= th=20 our proposed legislation.
This email does not contain the legislation.
Mike sent the "final" version= s=20 of our legislation out yesterday, except for the siting piece, which I=20 believe Brian Cragg of Mike's office is finalizing today.
You'll note that we promise Senator Brulte in the email that we'll deliver = to=20 his office today the proposed legislation.
Again, based on our call on=20 Wednesday, I'm assuming that we would simultaneously release the proposed= =20 legislation to the rest of the world at the same time.
When we spoke on Wednesday, we decided that the Sacramento team would=20 determine to whom we would circulate the proposed legislation at the same= =20 time that we deliver the Senator Brulte.
I'm assuming that you folks will= =20 handle that end of things.
Please let us know at your convenience to whom= =20 you've decided to circulate.
This email does, however, include a "summary" of our proposed legislation.
= =20 But I'm not certain that the summary included in this email is the=20 appropriate language to distribute "to the world," or if we'll need instead= =20 to tailor some new language.
I think we all agreed that we need a "one=20 pager" to accompany the legislative package so that we can communicate the= =20 package effectively.
We also discussed the need to quickly develop a coalition to support our=20 proposals.
We didn't finalize that plan.
Perhaps the Sacramento team coul= d=20 propose a plan to do that.
Perhaps we could start with our friends in the= =20 Direct Access coalition?
We also talked about the need at this point to engage in PR and to get the = PR=20 machinery activated, also with the goal of effectively communicating our=20 legislative package/message.
We're in a meeting with folks today where we= =20 can discuss getting that side of things going and Karen Denne has contacted= =20 Marathon and they're pondering some things that we can do in the near term.
You'll note that there's a considerable amount of information about the DWR= =20 credit issue.
As I recollect, we discussed the issue in depth on the call.= =20 You note that attached to the email is a "legislative fix" to AB1X that cou= ld=20 solve the credit issue and an attached set of "taking points" related to a= =20 second alternative to solving the credit issue: a PUC order clarifying tha= t=20 DWR will get its money for power purchase costs.
Note also that Steve Kean reminded me that we've got to continue to push to= =20 get the utilities out of the merchant function.
Accordingly, I've put a=20 brief paragraph on that issue in the note to Brulte in the last section=20 (legislative solution) under the topic "create a real competitive retail=20 market in California."
To the best of my knowledge, we don't have=20 legislative language on that piece yet, and it seems that we'll need to=20 discuss it in considerably more depth before doing so.
| Ken Lay's email to Sen. Brulte |
FYI.
I told Chris that it looks fine with me.
Seems like a useful tactic, i.e., maybe if you pay me what you owe for power already delivered, I might consider doing a deal for power going forward.... Best,
| CDWR Short-Term Firm Energy Proposal |
Chris/Christian: FYI.
Here's the version that Kean and I sent to Ken Lay's office for=20 transmittal to Brulte.
Ken Lay may have chaged it a bit.
I'll find out an= d=20 let you know, but wanted you to have what we forwarded to him.
Thanks agai= n=20 for all the help.
Best,
| Email for Transmittal from Ken Lay to Senator Brulte |
Linda: I will have the California update done for Steve today.
Maureen, could I possibly get the fax # where Steve will be staying this evening in the event that I need to fax it to him directly?
What time will he be leaving for LA?
Thanks.
Best,
| CA Update for Steve for Tomorrow's Meeting in Pasadena |
Joe/Sue: We'll need to brief Steve on the fed/state issues tied to the state buying the TX systems of PG&E and Edison prior to his meeting with the Congressional Republicans tomorrow.
I'll be driving with Steve from LA to Pasadena (where the meeting is) tomorrow beginning at about 9:30 AM PST (the meeting's at 10:30 AM PST).
Could we put together a call-in number at 9:45 or 10 AM PST so you could quickly/briefly brief Steve on the issues prior to the 10:30 AM meeting?
Let me know if this works, or if there's a better way to get him up to speed on the issues before the meeting.
Thanks very much for helping to pull this together on such short notice.
Best,
| What It Takes to State-ize a TX System |
Sue: The way that I understood what Loretta said, the utilities will not be forced to absorb the shortfall between the price cap and DWR's cost of power.
Instead, she said that DWR will be responsible for those costs.
(That ought to make DWR an even less creditworthy entity.)
I'll check in with Mike Day's folks to make sure that I heard correctly and get more details.
Will report back just as soon as we get more information.
Best,
| PUC votes on costs tied to DWR purchases |
Davis Signals Utility's Grid Could Be Seized Power: Governor says eminent domain is a possible last resort against PG&E, which is balking in state sales negotiations.
By DAN MORAIN and NANCY RIVERA BROOKS, Times Staff Writers On the eve of a new round of rescue negotiations with a reluctant Pacific Gas & Electric Co., Gov.
Gray Davis suggested Wednesday that as a last resort the state could seize the utility's prized electrical transmission system through eminent domain.
That saber-rattling cut against the grain of some rare good news in the state's continuing electricity crisis.
The energy supply crunch eased slightly as grid operators pumped up the cushion between supply and demand, and for the first time in more than five weeks the statewide power grid was operating under a relatively mild Stage 1 emergency.
Negotiations with the state's two other big utilities--Southern California
| Davis Signals Utility's Grid Could Be Seized |
Davis' deadlines on energy much easier set than met By Emily Bazar Bee Staff Writer (Published Feb. 23, 2001) Exactly one week ago, Gov.
Gray Davis sounded hopeful, optimistic even, when he predicted that the state and its debt-ridden utilities would forge an agreement by today on a plan to save the companies from financial doom.
Problem is, it won't work out that way.
Negotiations between state officials and the investor-owned utilities have produced no comprehensive agreement to announce today.
Davis' predictions during the energy crisis have been wrong before.
For weeks, he has set deadlines for agreements and legislative action that haven't been met.
On deadline days, even when there's little substantive progress to report, Davis often holds news conferences anyway -- many of them
| Davis' deadlines on energy much easier set than met |
Greetings.
If you have a minute, can you give me a call?
I'd like to get you up-to-date on what's going on in this crazy electricity industry.
Best,
| Checking In |
Hey, how's things?
Long time not chat.
What's up?
Anywho, you seem like the right person to respond to this email.
(And I have no idea.)
Best,
| question for you |
Greetings Sally: My name is Jeff Dasovich.
The Greens have been helping me develop 40 acres of land that I bought just north of Anchor Bay (a couple of miles up the hill from Highway One, about 1200 ft or so up) and they suggested that I contact you.
The property is right in the heart of the Banana Belt and my property faces south, is protected, and a such is very hot and sunny from late spring through later summer/early fall.
The property has an abundance of water on it.
Of course, the possibility of evening fog raises some tricky issues, and I haven't done soil tests.
In short, while I think there are some challenges, I'm convinced that there is at least the strong possibility that I could grow grapes--around 10 acres or so.
| Referred to You By the Greens about Possibly Growing Grapes on My Property |
FYI.
Not sure 1) who the right person is to forward this along to, or 2) if it's something that folks want to follow up on.
Anyway, here's the dope---Scott is an Enron outside lobbyist located in Sacramento.
| Sales |
Well, looks like it's that time again.
There only 2 questions.
Howzabout if the S.F.
contingent takes #1 and the East Bay Gang takes #2 and we distribute around over the weekend?
Thoughts?
| Next Financial Reporting Case |
Pact With PG&E Eluding Governor Power: Davis says obstacles include a debt that is double Edison's.
Others cite an aggressive corporate culture as an impediment to state purchase of grid.
By DAN MORAIN, NANCY RIVERA BROOKS, Times Staff Writers ????
?WASHINGTON--As he attempts to finalize a settlement with Southern
| Pact With PG&E Eluding Governor |
Too hot a market: How energy producers manipulate California (Published Sept. 22, 2000) The priciest place to shop this August in California was in Pasadena.
There at the California Power Exchange, where much of the state's electricity is bought and sold, prices that utilities paid for power (an average $166 per megawatt) were up fivefold from the previous August ($32).
What is happening?
Among other things, too much power on hot days is being purchased in the near-panic environment that develops in the hours before a possible crisis.
Too little is being purchased as it should be -- days, or even months, in
| Editorial from Today's Sac Bee |
Sandi: Apologies.
I meant and forgot to mention on the 11:30 call that the pipeline group is having their annual customer meeting (VPs of large energy companies throughout the West and Midwest) at the Santa Barbara Biltmore on April 12th and 13th.
They would very much like to get Bill Keese to speak (preferably on the morning of the 13th, but the morning of the 12th would work as well).
They'd like Bill to discuss the energy situation in California.
They can cover however much of Bill's costs--if any--that the State of California allows to
| Pipeline Group Trying to Get Bill Keese to Speak at Conference |
Funny thing.
Right after we'd discussed my company's mark to market accounting in class on Monday, this article showed up on Wednesday.
Thought you might be interested.
TEXAS JOURNAL --- Energy Traders Cite Gains, But Some Math Is Missing ---- By
| WSJ Article on Enron's Mark to Market Accounting |
Here is the final version.
I'll bring copies with me tomorrow to Sacramento and can drop them off at Hedy's office.
I meet with Kari Dohn at 10 AM and will be attending the AB 1890 Implementation Group meeting at 1:30.
I can drop off copies before I head out for the Dohn meeting.
If there's anything else, just let me know.
Thanks.
Best,
| Final Hertzberg Piece |
Greetings Justin and Laura: As we discussed there is a significant coalition of folks working at the Legislature to try to remove the prohibition on Direct Access included in Hertzberg's AB1X and recently signed by the Governor.
Simply put, it is clear that the prohibition will only be removed if the business community communicates clearly and unequivocally and vociferously to the Legislature that Direct Access is a priority for business, and that the Legislature must amend AB1X to permit Direct Access.
I've attached the media plan developed by the PR firm that's working with ARM (Alliance for Retail Markets) to increase the focus on the need to re-instate Direct Access.
The ARM coalition of energy service providers has been the focal point of the ever-growing coalition that has developed (and continues to develop) around the Direct Access issue.
In order to succeed, it is critical to get as many members of the Silicon Valley Manufactures' Group to join in the effort and participate actively, particularly in the media effort.
My colleague Sue Mara has been a key player in the ARM coalition and in the development of the medial effort.
She can provide you with any information and/or assistance that you need and can also get you in contact with Edelman, the PR firm directing the media effort.
Sue's number is 415.782.7802.
Her email is smara@enron.com.
And, as always, you can contact me at any time (415.782.7822).
Looking forward to any participation that you folks can offer.
All the best,
| [Fwd: Direct Access Coalition Media Plan] |
Folks: Here's a catalogue of issues that Sue, Mona and I put together using Paul's outline as a guide.
Just a start (but a pretty good one), with lots more to do, but it should provide a solid platform to get the strategy completed in short order.
Best,
| Strategy |
Mike (Day): As you know from the work with the DA coalition, UC/CSU is extremely interested in ensuring that the prohibition on DA included in AB1X gets "fixed" in SB27X.
Of couse we'd ideally like to make sure that the language providing the "fix" makes it crystal clear that customers retain the right going forward.
There's some concern that the "fix" language that's been floating around thus far needs some tightening to wring out the ambiguities.
In that regard, Mike Smith is going to try to craft some language and forward it to you.
We'll need to try to get Mike (Smith's) language into the draft that you're putting together based on last Friday's meeting, preferably before you circulate the next draft to the DA coalition.
Mike Smith, I'll assume that you'll contact Mike Day directly, but Mike (Day), if there's any questions, don't hesitate to contact me.
Thanks very much.
Best,
| Fixing the Direct Access Prohibition |
FYI.
*********************************************************************** UC Pioneers Conservation Two decades of innovations prepared campuses for energy price crunch When the state's energy crisis hit, the University of California was not caught with its fans running full blast.
Across the nine-campus UC system, $65 million has been spent over two decades on energy-saving devices, including new lighting, variable speed fans, even a system to harness waste gas from landfills to run boilers.
So, with Gov.
Gray Davis calling for every California household and business to cut electricity use by 10 percent, UC offers a good model of conservation.
Despite rapid growth in the 178,000-student system in recent years, most campuses have held electricity consumption steady, and the university will net about $75 million in savings from the projects.
"We are fortunate to have on the campuses people with the religion.
They have been working on this agenda since the oil embargo," said Gary Matteson, UC director of energy and utilities planning.
But UC will need to do more.
Facing a 146 percent increase in the cost of natural gas -- which powers the co-generators that produce electricity -- the
| UC Pioneers Conservation |
No rush, but thought I'd throw this out there just ot get the ball rolling: Looks at this point like any of the presentation dates work for me, so I don't necessarily have a preference.
Options for project (and I'm really just throwing stuff out there to stimulate thought): Analyze AOL/Time Warner merger My company, Enron, is accused by some analysts of being nothing more than a Merrill-Lynch, or a Morgan-Stanley, or a Goldman-Sachs, etc.
These analysts claim that we should therefore trade at multiples that are in line with the investment houses.
We differ in that view (for a lot of reasons that I won't go into here).
Might be interesting to analyze strategies, differences, etc.
Anyway, just some thoughts to get the ball rolling.
I'm open to just about anything.
Best,
| Group Project |
Note size of folks participanting as reflected in email distribution list.
See attachment, which shows "official" list of coalition members and bullet points they're passing along to legislators.
Note UC is on the list.
Mike: UC's participation in this coalition can be fairly characterized as "very active."
Best,
| [Fwd: Direct Access Coalition fact sheet on SB 27x] |
Sue Mara was correct on the call yesterday.
While the PUC meets regularly on Thursdays, it appears they are having a meeting today at which the "Bilas Alternative" is up for a vote.
Our information is that there is some likelihood that the decision will be approved----but please don't hold your
| CPUC Decision to Make DWR Creditworthy and Hold Off on Implementing DA Prohibition |
The Commission just voted out one half of the "Bilas Alternate."
The decision that got voted out included Bilas' DWR-based language stating that the PUC 1) would not second-guess DWR purchases and 2) would pass through DWR costs to customers.
However, in a move led by Commissioner Carl Wood, the decision removed the Bilas language on Direct Access.
The decision therefore did NOT include the Bilas language staying any Commission action on implementing the Direct Access prohibition.
Carl Wood called including Direct Access "the height of arrogance."
The decision was voted out 3-2, with the 2 remaining Republicans dissenting.
That said, the Commission has no proposal before it implementing the prohibition, and there was no talk at the meeting of implementing the prohibition any time soon.
Best,
| PUC Approves DWR Language in Decision; Removes Language Staying Commission Action on Direct Access |
Greetings (or Hola!
): Talked to Jeff Green.
He said he'd do the road, but can't do it with the wood that's in the driveway.
Eldon, are you and Bob planning to go up this week?
If so, any chance of getting the wood moved?
Otherwise, going to be tough to do the road.
Jeff starts on my road on Wednesday and I'll be going up this weekend to monitor (and start organizing some of the chopped up wood that's lying around the yard at the dome.
Welcome back.
Hope you had a good time in Mexico.
Best,
| Dome Driveway |
Quick question to Joe and/or Christian, John and Mary: I'm assuming that any deal we sign with DWR that falls below the $150/MWH soft cap is free and clear of the order FERC issued on Friday as well as any other refund risk associated with FERC's December order.
Is that correct?
Thanks.
Best,
| FERC Order and DWR |
Hi Jeannie: My apologies.
I've been switched over to Windows 2000 and, well, things have been somewhat bumpy.
I have a few comments on the Frevert piece but can't find the document you sent.
Could you resend it?
Best,
| Frevert Piece |
Greetings: This was reported on the news this morning.
I'll see if I can retrieve anything off of our illustrious Governorn's web site.
Any reports of it in Washington D.C.
Thanks.
Best,
| Davis Asks FERC for Price Caps (Again)---Govs from Oregon and Washington Sign On |
Given everything that we've got on our plate, and the relative priority of the affiliate issue, and the fact that ARM and Wild Goose are involved, I would propose that we take a pass on this one.
Thoughts?
Best,
| Affiliate Relook case [PLEASE RESPOND TODAY] |
Greetings folks: Great to see you (missed you, Donald) in Houston.
Please= =20 see attached.
This guy's been after me for some time.
I finally spoke wit= h=20 him and told him that I'd pass it along.
I don't know who (if anyone) in E= BS=20 is interested in OSS---I can't recall if it's a component of our=20
| >>> VISIONAEL for OSS <<< |
Hi TJ.
I forgot to request that last week's class be video-ed and I was wondering if someone else requested a video-taping.
It was for Tasker's (E221?)
class that meets on Thursdays.
Thanks very much.
Best,
| Class Video |
Greetings: Sounds like I'm glad that I missed the quiz last week.
Hate to be a nag, but we've got to turn in what we're doing for our project on Thursday.
I propose doing a nice, clean merger, which would allow us to do both comparative analysis (who are these companies?)
and merger/valuation analysis.
Mark and I talked last night and I pleaded again not to do strict accounting stuff, but if that's what folks would like to do, I can certainly suck it up.
Any thoughts?
Best,
| More Nagging About the Project |
FYI.
As part of our defense against the UC/CSU suit, I've been asked to provide a declaration.
The gist of the declaration is that the future of Direct Access in California is very uncertain.
Best,
| Declaration for UC/CSU Suit |
Greetings Professor: Our group consists of Jeff Dasovich, Mark Guinney, Anil Sama and Carolyn Vavrek.
We propose to examine the recently failed acquisition by Coke of Quaker Oats: Why merge?
What was the value?
Upside?
Downside?
Why did it go bust?
Should it have gone through?
What's up with this Buffet guy, anyway?
If you have any concerns with this proposal, please let us know.
Finally, if possible, we'd like to present on Thursday, April 26th.
Best,
| Group Project--E221 |
Thanks, Scott.
Scott/Hedy/Sandi/Bev: Erik Letke heads up the retail marketing effort underway in San Diego.
Marty Sunde wants Alpert to have an EES commercial contact that she can talk to in the event she has further questions, etc., He'd like Erki to be the contact person.
Erik could you copy your vitals (title, contact info) to Scott and Hedy Govenar and Sandi McCubbin so they can forward along to Alpert?
Erik, seems that it would be useful if the customer letters to Alpert could make the following points (folks please weigh in and add/subtract/modify if needed): The customer's glad to have had the option to take Direct Access service from Enron because having the opportunity to take advantage of the offer has made the customer better off.
Direct Access is an extremely important option that customers need, want and should have going forward.
Any "solution" that the Legislature comes up with must therefore include the continuation of Direct Access for all customers.
As such, the Legislature should immediately fix AB 1X to make sure that Direct Access remains a permanent fixture of California's energy strategy.
Direct Access customers should not be forced to pay for DWR's power purchase costs, since Direct Access customers aren't benefitting from those purchases.
Best,
| Follow up with Alpert's Office |
Margaret: Bev Hansen will be giving the gas report to California State Assemblymembers Keith Richman and John Campbell.
If there's a desire to distribute to anyone else, we'll check in first.
Thanks very much for your help and thanks for
| CERA Gas Report |
FYI.
Any thoughts Joe & Co.?
Is release from contracts an "increase supply" option?
My fear is that QFs get released and then California's "police state" mentality kicks in, enacting Exec Orders, legislation, etc.
to ensure that the power from the QF facilities stays in California.
Best,
| Ridgewood's Petition To Be Released From QF Contracts |
FYI.
In case folks hadn't heard.
"Likewise, the state is paying $25,000 through June to a Washington, D.C., firm headed by former Sen. J. Bennett Johnston.
He served as chairman of the Senate's energy committee and will advise California on dealing with federal energy regulators. "
Best,
| B. Johnston Lobbies for Davis in D.C. |
Greetings Mr. Newlywed and Ms Bride-to-be!
(Shewt, I'm gettin' all choked up.)
I think I'll need to protest TURN's proposal.
You folks aware of this?
Care?
Best,
| FYI |
- Hertzberg final.doc Here it is darlin'.
It's an attachment to the main text of the document.
If you have any questions, or need anything else.
Don't hesitate.
Best,
| can you send info |
FYI.
As part of the computer deal Enron bought me for home, I get these=20 ads.
If there's anything you want (I think the prices are supposed to be= =20 good) let me know.
If it looks like complete crap, please let me know that= ,=20 too.
| PROVANTAGE - The Original Advantage #e11603 |
We're getting a lot of inquiries about Enron's role in California's de-reg history, with a lot of misinformation arising out of Peace's handywork.
I spent about 3 hours on Friday with a Sac Bee reporter (Dale Kasler).
He'll be interviewing Skilling on the same topic in a week or so, and he'd like to talk to Steve, too.
Sue spent time with a NYT reporter discussing the same.
Some common themes are arising in the questions.
Thought it would be a good idea to spend 30 minutes discussing those themes and developing our messages to ensure consistency.
If folks think it would be useful, is there a time this week that we could squeeze in 30 minutes?
Thanks.
Best,
| Messages Regarding Recent Interest in the History of De-regulation In California |
Greetings: Saw your QF story.
You were right.
One never know what the "story du jour" will be.
You still interested in talking to Steve Kean?
If you are, when do you talk to Skilling, and would you want to schedule something around that, or sooner?
Best,
| Steve Kean |
Mike: Here are my comments.
Apologies for the fact that they are quick and dirty.
All Enron's public statements that I have read, including, I think, statements made to financial analysts, state that our exposure in California is not "material."
Dennis' declaration says that the situation in California has been a "financial disaster," that "Enron has lost over $300 million," and that "Enron stands to lose millions more."
The losses are described as "huge."
Perhaps this is information that has since been communicated to the market, but I'm not aware of it.
And if it hasn't, it could represent a significant conflict with previous statements.
Seems prudent to run this by IR and perhaps others before releasing.
Regarding the statements about our hedging strategy.
It would seem prudent to run this through the organization for comment and discussion prior to making public.
Very minor technical point--I don't think that AB 1890 was passed
| Comments on Dennis' Declaration in UC/CSU Lawsuit |
FYI.
Just got a call from someone inside McKenzie & Co..
Seems the good Governor has figured out that the gas industry is a problem and want to talk to me about it.
I'm scheduled to talk to them by phone Friday at 1:30.
I called Kari Dohn to try to find out more.
She told me that they've figured out that the gas industry is a mess, that "McKenzie gets it," and she asked to tell it like it is.
Seems useful to get our view across to them.
The name of the person from McKenzie that will be on the call with the Davis folks on Friday is Daniel Poller.
Thoughts?
Best,
| Administration Wants to Talk to Me About CA's Gas Problems |
See highlighted portion.
We should throw this back at Davis next time he points the finger.
***************************************************************** The controller's criticism of fellow Democrat Davis won support from
| Davis' Spokesperson Learns from Palmer---check out the quote |
I spoke yesterday with President Lynch's gas advisor and the PUC staffer who first got in touch with us regarding inquiries from our customer regarding whether we were returning customers to the LDCs.
I described our activities generally, and explained that the originial inquiry from our customer stemmed from a mix-up (on our part) that has since been cleared up.
Both seemed satisfied, appreciated the call and the information and will get back to me regarding whether we'll need to submit a formal response to President Lynch's letter.
(I said that our preference was not to respond formally, but would be happy to do so.)
I asked them to contact me directly should they receive any other inquiries from our customers.
Thanks to all for the help in responding.
Please keep me in the loop on our marketing activities, etc.
If I hear anything about customers calling the PUC, I'll let you know, and I'll let you know what I hear back from Lynch's office regarding whether we need to respond formally.
Best,
| Update on Inquiry by CA PUC President of Enron's Gas Activities in CA |
HEADLINE: Davis faces dire political consequences if power woes linger BYLINE: By Daniel Borenstein BODY: ?
?WALNUT CREEK, Calif. _ As Democrats prepare for their first statewide convention since the electricity crisis erupted, some elected officials and strategists are warning of dire political consequences if Gov.
Gray Davis fails to clean up the power mess.
??
"All of us should be thinking about the effect the energy crisis is going to have on our chances of maintaining control of both houses, and the effect the governor will have on the ticket up and down," said state Sen. Don Perata, D-Alameda.
"If he has not performed well and he has a D after his name, that could be problematic."
?
?Garry South, the governor's top political strategist, said Thursday that the state's electricity woes probably won't be over soon, but the voters understand Davis didn't create the problem.
??
"It won't be solved in six months," South said.
"This is an immediate problem that is not susceptible to an immediate solution.
This is a several-year process to get this situation back under control."
?
?As for the governor's critics, "I think they should be asked to produce their own plan.
It's awful easy to take pot shots, but most of those who I read about in the newspapers have no plan."
?
?The intraparty sniping on the eve of the party convention highlights the frustration Democrats are feeling about the crisis_and its potential political damage.
?
?Four months ago, this weekend's convention in Anaheim seemed certain to be a Davis fete.
Although Democrats had lost the presidency, Al Gore easily carried California and the party was in firm control of the Legislature and the state's congressional delegation.
?
?Davis had led the Gore effort in California and the governor was personally and politically popular across the state.
This would have been the convention for him to showcase his achievements for education, the issue he had promised to make the hallmark of his first term.
?
?But electricity now overshadows everything else.
To be sure, the governor will tout his policy achievements during a Saturday morning speech to the convention delegates.
And he is not shying away from the spotlight.
?
?Tonight, he will host a party for the delegates at Disney's California Adventure Theme Park.
That prompted one Democratic consultant from Sacramento who won't be attending to quip, "We're in fantasy land here, thank you.
We don't need to go to Disneyland for that."
?
?Some are shaking their heads in disbelief at how the governor has handled the events of the past week.
"In many ways, he appears to have gone politically tone deaf," said Sherry Bebitch Jeffe, political analyst at Claremont Graduate University.
"His instincts are not serving him well."
?
?While his top aides were meeting with legislators last week to warn them that a $10 billion bond package won't be enough to get the state out of the crisis, Davis was at a $10,000-per-person Palm Springs golf tournament to raise money for his re-election campaign.
?
?When his hand-picked members of the Public Utilities Commission this week approved an electricity rate hike that experts have been predicting for months, Davis claimed that he didn't know about the plan before it was announced and that he thought it was premature.
?
?Other Democrats, however, thought the commission action was overdue.
"I'm glad to see the PUC stepping out and doing something along the lines that some of us have been talking about needing to be done for the last six or eight weeks," said state Sen. Tom Torlakson, D-Antioch.
"There's a high level of frustration.
There haven't been clear answers to what the solution is."
?
?South, the Davis political strategist, said a lot of factors are outside the governor's control.
"No one can predict with any certainty where this is going to go, and no one can predict when this situation is going to be brought under control.
We don't control the generators, we don't control the FERC (Federal Energy Regulatory Commission), we don't control what Wall Street is going to do."
?
?As for the potential political fallout, South said the governor and Democrats remain in a strong position.
After all, he said, the deregulation plan was pushed through by a Republican governor and Republicans in Washington are blocking efforts to cap prices.
?
?Jack Pitney, government professor at Claremont McKenna College, predicted Davis could weather the electricity crisis.
"People who are following it know it's roots run deeper than the Davis administration and the Republicans don't have any plausible alternatives," he said.
??
"My read of public opinion is people don't think there's a simple and easy solution and they're not expecting one.
They may be impatient but they won't necessarily take it out on (Davis)."
?
?It's too early to predict the political outcome, said Mark Baldassare, pollster at the Public Policy Institute of California.
??
"The impacts won't be clear until people have gone through a few billing cycles and we've gone through the summer blackouts, until we see what the personal impacts are so we know what the political impacts are," he said.
"That's the really crucial period for Gray Davis' political future, after this summer."
| Davis faces dire political consequences if power woes linger |
Avram: Ignore the babble about the "Plan du Paris," since you already have it.
Have a fantastic and safe time.
See you in a couple of weeks.
Best to you both in your travels.
Jeff
| Paris |
Hi Joseph: Could you please look in that little "legislator info" booklet and email to Janel address, phone #, fax and email (or fax) info for: Robert Hertzberg John Burton Debra Bowen Fred Keeley Janel: let us know if there are others for whom you need the info.
As always, thanks a bunch Joseph.
Best,
| Contact Infoq |
This should help Prentice's chances for employment come the Fall.
You guys should have a HUGE phone bill on your room charges.
Please fax me a copy of the bill.
I will cover all phone charges.
Also, please forward to me what I owe you for the plane flight and golf and our share of dinners, drinks, guacamole, etc.
We played spades at the airport.
My team lost..........again.
My losing streak now ties DiMaggio's hitting streak.
Best,
| #7 Ranking for Haas School is Best Ever in Latest US News Business School Survey |
Dan Walters: Politicians seek shelter as energy Armageddon looms (Published April 4, 2001) There's been a subtle but unmistakable shift in the political atmosphere that envelops California's energy crisis.
Politicians have concluded that the crisis is largely beyond their control and the die is more or less cast.
Whatever fate decrees - massive summer blackouts, soaring utility bills or even the bankruptcy of the state's utilities - will happen, and politicians from Gov.
Gray Davis downward are scrambling to insulate themselves from voters' anger and single out rivals for blame.
No one is saying that publicly, of course, but the fatalistic mood is very apparent in the Capitol, whose denizens have dropped their preoccupation with energy and moved to other matters.
Legislative committees are working on the hundreds of bills that had been stalled for three months while the special committees that had been holding almost daily sessions on the energy crisis have gone into semihibernation.
Last weekend's Democratic state convention in Anaheim was dominated by fears that when the crisis hits home, the party's dominance of the Capitol will backfire.
"Just remember Jimmy Carter," state Controller Kathleen Connell warned fellow Democrats, adding that they will have "no excuses" for perceived failure to deal with the crisis forthrightly.
"We will be accountable on Election Day 2002," she said.
Next year's elections are very much on Davis' mind, since he'll be seeking a second term and polls indicate that his approval ratings have declined sharply in recent weeks.
He devoted much of the weekend to defending his actions, saying, "I believe we've moved at warp speed to address this problem," and trying to pin blame on Republicans.
Republicans, meanwhile, sense that the crisis gives them an avenue of escape from the dungeon of irrelevancy to which they had been exiled by heavy losses in the last three elections.
The only remaining statewide GOP officeholder, Secretary of State Bill Jones, is running for governor by accusing Davis of mismanagement, and Republican Assembly members dumped their leader, Bill Campbell, on grounds that he had been insufficiently aggressive vis-a-vis Davis.
The political positioning reflects the reality that the crisis shows every sign of worsening.
Although Davis' office is distributing a brochure entitled "Meeting the Energy Challenge" to defend the governor's actions, it's apparent that none of the steps the governor has taken is bearing much fruit.
The state is spending at least $50 million a day on emergency power purchases, but what was supposed to be a short-term program has evolved into a monthslong drain on the state's rapidly shrinking budget reserves.
The long-term supply contracts that were supposed to replace daily spot purchases have bogged down, and without firm contracts and a revenue stream to pay for them, Wall Street is reluctant to market the bonds the state wants to float.
Many authorities now believe Davis' decision to step into the power purchase market in January was a strategic error because it gave power suppliers a deep new pocket to tap just as the utilities themselves ran out of credit.
Davis, meanwhile, is refusing to embrace a rate increase approved by the state Public Utilities Commission, which sends a mixed message to Wall Street, and efforts to resolve problems with unpaid bills from power generators and have the state acquire the utilities' intercity transmission grid have stalled, perhaps permanently.
The crisis may careen totally out of control as summer arrives, raising the specter of elderly and/or ill Californians dying from having their air conditioners or medical equipment shut down.
And the utilities are closer to bankruptcy now than at any other point in the nearly yearlong crisis.
Plan A isn't working, and there is no Plan B - except for bankruptcy.
With Armageddon looming, politicians have retreated into the bunker, hoping to protect themselves from what could be a firestorm of anger.
The Bee's Dan Walters can be reached at (916) 321-1195 or dwalters@sacbee.com .
| Politicians seek shelter as energy Armageddon looms |
Greetings: Are we supposed to do the reading and the Oracle and Legal Services cases for Thursday?
Syllabus says yes, but I gather from Tasker's Izio not that we'll be in the computer center all class doing modeling.
(I'd email her, but she doesn't get my emails apparently.)
Anyone have a clue?
Best,
| Assignment for Thursday |
Energy Firms' Mixed Message Is Focus of Inquiry Deregulation: Senate panel will investigate whether suppliers were being misleading when they promised lower rates for consumers while they were also predicting bigger profits for investors.
By ROBERT J. LOPEZ and RICH CONNELL, Times Staff Writers In the summer of 1999, a top official with a major player in California's power market testified during a congressional committee hearing in support of speeding up deregulation.
Unleashing market forces, said the Dynegy Inc. executive, would ensure "maximum customer savings" and "low-cost power."
That same month, the Houston-based firm made a far different pitch to Wall Street: Deregulation and major swings in electricity prices would boost revenue and stock value.
"We know how to take advantage of volatility spikes across the gas and power market," Chief Executive Officer Charles Watson declared in a publication targeting large investors.
"The energy marketplace," he predicted, "will simply get more volatile."
Dynegy was not alone, a review of federal filings, company documents and public records shows.
In the years since California's pioneering deregulation plan was approved, other major out-of-state energy suppliers were sending similar, seemingly contradictory signals to the public and stock buyers.
Now, those divergent messages--electricity prices will fall but corporate
| More on CA Legislature Inquiry into Wholesale Prices |
Based on latest info hear's latest assessment of Gov's talk: I'm in charge.
Here's all the wonderful things I've done thus far to address the crisis (likely to include Edison TX talks, since it seems he has no choice but to continue that charade).
It's bad and getting worse and we've got to pull together as a state to get through it.
Rate increases are a necessary evil that---painful as they are, and they will
| Davis Address |
April 4 , 2001 Interested in subscribing to the Forecast?
?
UCLA FORECASTERS SEE NATIONAL RECESSION AS INEVITABLE IN 2001; CALIFORNIA WILL NOT BE IMMUNE, WITH BAY AREA VERY SUSCEPTIBLE ?
LOS ANGELES --Economists with the UCLA Anderson Business Forecast see even
| UCLA Press Release on Economic Forecast of California Economy |
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