input stringlengths 93 39k | output stringlengths 1 117 |
|---|---|
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?
| Energy Issues |
Carolyn Green, Vice President - Government Affairs, has advised us of her= =20 resignation from Enron Corp. effective Friday =01) August 4, 2000.
Carolyn= is=20 pursuing an opportunity with Sunoco, Inc. as their Vice President for Healt= h,=20 Environment and Safety and will be making Philadelphia her new home base.
We want to thank Carolyn for her hard work and many contributions to Azurix= =20 and Enron.
Please join me in wishing Carolyn the very best in her new=20 venture.
For those of you in Houston - there will be a going away party/happy hour = on=20 Friday, August 4th at the Midtown Station - starting at=20 5:30 p.m.
The Midtown Station 2306 Brazos.
=20 Easy to get to: Take Smith south to Hadley and turn right.
Then turn rig= ht=20 on Brazos and you're there.
Pizzas will be ordered from a place across the= =20 street that makes them in a woodburning oven.
Everyone is welcome!
| CAROLYN GREEN |
Per our discussion this morning, below is a summary of items to discuss with Glynn: Adding Enron's "negative CTC claim" to the list of claims: PGE's filing included a list of top twenty creditors.
Our negative CTC claim was apparently not taken into account in compiling that list.
The list is nonbinding, however.
PG&E will be required to file schedules of creditors on April 20.
Our negative CTC claim should be on Schedule F (for unsecured claims).
You may want to remind Glynn of your previous conversations and state our expectation that the negative CTC claim will appear (preferably as uncontested) in the April 20 filing.
(Note: if PG&E does not include the claim we have an opportunity to file a proof of claim and ultimately the court determines the validity of the claim).
Including Enron on the Creditors' Committee: PG&E may have the opportunity to influence representation on the creditors' committees.
There are several reasons to suggest to Glynn that we be included: 1) we are a big creditor, 2) we could be helpful in crafting a broader solution, and 3) we are one of the real parties in interest behind the PX and ISO (who were listed as significant creditors but are really just "passthroughs" for the suppliers ... and PG&E likely would not want to have those political bodies serving on the creditors committee anyway).
| Call to Bob Glynn |
Ken & Jeff, We would like to extend an invitation to you for an event at the Guggenheim Museum in New York, honoring the Frank Gehry Exhibit which Enron is sponsoring.
Frank Gehry, a celebrated architect whose building appears at the end of our Ode to Why commercial, personifies innovation in the way he has "asked why," challenging nearly every convention in his field.
Enron will have a table of 10 at the Trustee Opening Gala Dinner on May 16th, with cocktails at 7pm and a seated dinner at 8:30pm.
The Gala starts with a private viewing of the exhibition, followed by a seated dinner for 280 people in the Rotunda of the museum.
Attendees are comprised of Trustees, government dignitaries, artists, curators and celebrities.
Several business unit executives are using this forum to take potential customers and we would like to know if you are interested in attending.
Please advise.
Thanks, Steve
| INVITATION |
26th - I'm not sure Steve will be back from an offsite.
Steve is open March 27th and 28th.
He will probably be out of town on the 29th and 30th.
Maureen Lexi Elliott 03/05/2001 03:07 PM To: Steven J Kean/NA/Enron@Enron, Mark Courtney/HOU/EES@EES, Brad Alford/NA/Enron@Enron cc: Maureen McVicker/NA/Enron@Enron, Lisa Zarsky/HOU/ECT@ECT, Jacqueline Coleman/NA/Enron@ENRON Subject: I need to schedule a cultivation dinner for our 3 Rice summer intern candidates and would like for Steve, Mark, or Brad to attend, if at all possible.
Please let me know if and when you would be available March 26-30 for dinner .
The candidates' accept deadline is April 4.
Thank you!
| Dinner |
The United Way kickoff is here!
The "Millionaire Game for Millions" will be played after the Employee Meeting this Wed. at the Hyatt.
A FREE lunch will be provided in the park after the game.
It will be a casual day and wear green to support the CORP. game show participants.
I encourage you to click on the United Way web site to make a contribution.
Everyone that makes a contribution by COB Friday will be eligible for the Governmental Affairs raffle for BIG PRIZES!!
While I encourage you to give generously, any amount is certainly helpful.
A weekly contribution of: $1 provides 8 families with a week's work of food $2 helps teach 5 adults to read, breaking the cycle of illiteracy $5 provides 60 seniors with a nutritious meal and social interaction at a senior center For example, last year UW in the Houston Gulf Coast area fed more than 1,000,000 seniors; helped 42,000 children attend quality childcare; and provided job training to 45,000 people.
Through United Way's volunteer allocation committees, projects are funded and reviewed to ensure accountability.
It is an effective way to give back to our community.
Thanks for your support.
| UNITED WAY |
As you have probably observed, power markets have been severely tested this summer.
There are many underlying causes (demand growth driven by a strong economy, failure of regulators to quickly grant applications for new generation, inadequate access to the grid, rate regulation which continues to insulate end users from real time price signals, etc.).
But, the soundbite on these troubles has been that deregulation has led to problems on the grid.
The knee jerk policy response has been price caps and other threats of re-regulation.
At the upcoming advisory council meeting, Ken and I were hoping that the two of you could discuss the issue and help put it in perspective: How great of a threat is re-regulation.
How might we respond.
How likely is this issue to play a significant role in election politics?
| Upcoming Advisory Council Meeting |
I would like to exchange ideas on topics for the upcoming Enron Advisory Council meeting.
The discussion you led last time was particularly thought provoking and I'd like to extend an open-ended invitation for you to take the floor again on a topic of your choice.
We will have presentations from Gavyn Davies and Larry Lindsay on macroeconomic trends as well as the customary domestic political update from Bill Kristol.
The balance of the meeting will focus on markets which are, or could be, commoditized.
We will update the Council on new markets we've added to the Enron portfolio through Enron Networks, (most recently metals and paper).
A presentation by you on this, or another trend, would be most welcome.
Let me know what you think.
| Upcoming Advisory Council Meeting |
Nick: It looks like Skilling will be able to attend the conference on May 15th.
However, he will need to speak in the morning, because his flight leaves on the 15th at 3:50 p.m. Let us know if that will work.
Thanks.
| Skilling |
Bill: I am hoping we can count on you for the domestic political update.
We should have a lot to talk about this time.
Please let me know.
| Enron Advisory Council Meeting |
Sen Wyden called Jeff Skilling and I subsequently spoke to his staffer, Joshua Sheinkman.
As you know, Wyden wants to introduce legislation to facilitate disclosure of operating information about the electric grid and is now looking for more details.
Wyden is not interested in pressing for additional disclosure of financial information.
The additional details they are looking for include: what information should be made available; when should it be made available, how should it be made available and who should make it available.
On this last point, I suggested that the legislation should apply to the transmission system operator, whoever that is (i.e.
it could be an investor owned utility, a publicly-owned utility, an ISO or an RTO).
I also pointed out that FERC could make this happen by itself, except in the case of public utilities like BPA.
Extending FERC jurisdiction to these entities could be among the main benefits of the legislation.
Alan, please pull together the recommendations on each of these issues and forward to Linda.
Linda, after we have the information (and perhaps some legislative language to go with it) please forward to Joshua at joshua_sheinkman@wyden.senate.gov.
Wyden would like our help in getting Sen Nickles to cosponsor the legislation.
(Linda) It may also be useful to suggest a letter from wyden to FERC asking them to use their existing authority to start these disclosures as soon as possible for those entities wver which they have jurisdiction.
(Linda and Joe)
| sen wyden |
The agenda I'm trying to put together for the next meeting will include the customary presentations from Davies/Lindsay and Kristol as well as the energy policy discussion we are looking for from you and Bob.
We will also be updating the council on Enron Networks - - a business unit formed to extend Enron's business model to other industries (especially commodities or "commoditzable" goods).
Most recently we have extended into metals, expanded our presence in paper, and begun an examination of agricultural commodities.
I'd like your help in identifying a guest participant who may help us think through some of the issues from either (or both) of two perspectives: business strategy: what markets are candidates for commoditization.
(I have asked Gary Hamel to consider this topic as well).
public policy: as more businesses adopt online business models (like exchanges), as more goods are bought and sold like commodities, and as more transactions move off the traditional regulated exchanges, how are policy makers (SEC, FTC, CFTC and their overseas counterparts) likely to react?
| Enron Advisory Council |
I am attaching several items that I hope you will find useful when you brief Chambers: A background document (which is a bit dated, but still useful).
This is an internal document, so I would appreciate it if you would keep it confidential (though you are free to use the content in your own messages or documents).
A basic outline of solutions.
A summary of the Governor's recent executive orders.
(It's another internal analysis.)
I think these orders show a better understanding of the problems and solutions than we have seen before.
As we discussed on the phone, our biggest problem is inertia ... we don't have much time, many solutions have long lead times, and the political wheels grind slowly.
Jeff Dasovich: please forward any specifics on the demand buy down proposal and anything else that you think might be helpful background for Laura.
| California Power Crisis |
Just a reminder: As we discussed at the policy committee offsite, I am assembling the goals and objectives for the Board.
Please send yours to me by close of business, Tuesday, Feb. 6.
Thanks.
| Goals and Objectives |
I know you guys have been working around the clock.
I just wanted to make sure you hadn't forgotten about Mike Dahlke (whose resume I sent on to you Dan).
When you catch a breath please take some time to consider Mike for EES.
| Mike Dahlke |
There may be some press today about Enron's involvement in the Nepal hydro project.
The government of Nepal is hopeful that we will pursue it, but we are not going to.
Kelly's response on press inquiries will be that we are not pursuing the project.
Kelly will also be getting in touch with David Howe.
I just wanted to keep you guys posted in case you are getting questions.
| Nepal |
I know Chip personally, as, of course, does Leslie.
Leslie may be better able to speak to Chip's judicial background.
Chip is a fine man and deeply involved in his community.
Any chance we could pass word on to Sen.
Dom.
's office?
| federal judgeship |
I am contacting you on the recommendation of Pug Winokur, who is on our Board of Directors.
Enron has formed an Advisory Council which consists of academicians, public policy thinkers and media, together with Enron executives.
I would like to invite you to address the group on E-Commerce issues at our next meeting (Friday, September 8th in Houston).
Attached is a list of our Advisory Council members.
| Enron Advisory Council |
Joe: Thanks again for coming to Houston this week.
CNN has a compelling brand and we believe that a number of the components of your proposal are worth exploring further.
However, we are not interested in pursuing discussions of the exclusive sponsorship.
I want to stress, though, that many of the elements of the package you and David presented are of interest and we would like to continue discussions with you.
Please get in touch with us to discuss how we proceed from here.
Thanks again.
| CNN 2001 |
Notes from Bryson conversation with Ken Lay: Urged us to "stay at the table".
Says teams in Washington have all the demand curves from the utilities (from which to calculate offering prices).
QF meeting starts at 7:00 pm tonight.
says average cost of QFs today is 15?/kwh (amounts to 30% of supply).
believes that cost can be brought down significantly if gas is purchased forward (perhaps by state entity).
Says all utility generation (another 30%), mostly hydro and nuclear is cost based at 4?/kwh.
If suppliers come in at 5.5?
(or even 6?
), there is room under the 7?
new commodity rate component to recover securitized costs (amounts to about 40% of SCE supply).
Says good progress was made today.
Believes they may have a framework this evening.
Believes 5.5?
is causing problem; maybe room to squeeze it up (perhaps as high as 6.0?).
Thinks governor will slightly increase rates (or pay more at government facilities) if the parties can get 97% of the way to a solution.
Thinks it's nearly a "done deal" that DWR (state entity) will buy power.
Says securitization may be harder to get.
Bryson's questions to Ken (and Ken's to us): Are we willing to forbear payment of amounts owed to us and continue to sell power to the utilities over the next several weeks.
Ken realizes that Bryson may be overstating the progress made, and made no commitments to Bryson.
Let's discuss at 10:30 call tomorrow.
| Bryson Conversation |
See attached WSJ article, particularly the last paragraph.
The message is: there has not been enough deregulation; the government is still very much in the way.
California is a perfect example: the market has responded to demand increases with thousands of megawatts of new generation, but state and local officials have not sited them, and companies like Enron are offering price protection, but utilities are not allowed to take advantage.
| California Power Issue |
We have our first round United Way BIG WINNERS (of the valuable $25 gift certificates to the Enron Signature Shop)!!
Margaret Carson Karen Denne Pat Keene Lisa Feener We will have another drawing early next week, so please logon now to UnitedWay.enron.com.
This act of giving makes us all winners!
Thanks!
| WINNERS - UNITED WAY |
Thanks for the note and congratulations.
Sorry we didn't get a chance to talk before you left.
But, I'm still here; give me a call when you get a chance - 1586.
| Gooooooooooood Bye! |
Thanks for taking the time to discuss the Enron Advisory Council today.
I think the second topic you mentioned "Escaping the Inherent Limits of Success" would be a great discussion starter.
I'll add it to the agenda and look forward to seeing you there.
| Enron Advisory Council |
Have we suggested to FERC staff that they force the ISO and PX to open the "blackbox" to show how they determine dispatch?
In addtion, if you are not on the distribution list for Belden's memo on utility behavior in California this summer, I will forward it to you.
It suggests some other areas FERC ought to be looking into.
| FERC investigation |
Attached are some late night thoughts on the portal.
Most of this is focussed on the portal for opinion leaders, but some of it could be applicable to the comemrcial portal as well.
Could you forward this to Palmer ... for some reason my address book doesn't pull him up when I'm off the system.
| Portal |
Enron also announced today a restructuring of its broadband business.
Conditions in the broadband industry have reduced revenue opportunities in the sector.
"The strategy we pursued in the broadband business will allow us to quickly restructure this business without affecting our strong earnings outlook," said Skilling.
| PARAGRAPH |
The letter looks good.
A couple of comments for your consideration: On page three we describe the change to the definition of Public Utility and then argue that we don't fit into it.
Would it be worth explaining why that makes sense?
Specifically, the New Jersey restructuring law, like most efforts of its kind in other markets, is designed to separate the competitive from monopoly elements of the power (and gas) businesses.
Economic regulation would then be restricted to the remaining monopoly elements of the business (eg distribution).
The competitive market can not be solely relied upon to "regulate" the behavior of monopoly asset owners, such as distribution utilities.
Therefore, regulators continue to be called upon to set pricing and other terms of service.
What those regulators decide matters a great deal to those monopoly utilities and it consequently makes sense for lawmakers to be concerned about attempts by such entities to use campaign contributions to tacitly influence decision makers.
The same public policies simply do not apply to that portion of the market which is competitive.
The generation and sales business has a competitive structure (i.e.
relatively low barriers to entry, multiple competitors etc.).
These components of the power and gas business can be "regulated" by the market with respect to rates and terms of service.
They do not require economic regulation any more than grocery stores, department stores, appliance sellers or other "retailers" (who presumably are not prohibited from making contributions.
Competition and markets discipline behavior and establish competitive prices and terms of service.
Because regulators don't set the prices and terms of service for such sellers, there is no reason to be concerned about campaign contribuitions from such organizations.
Indeed, the legislation, and the legislative history, clearly conform to this underlying policy rationale.
As a former practicing lawyer, I certainly understand the value of pleading in the alternative.
But, I question how certain of our arguments woud be perceived by the public if they ever came to light (which these documents have a habit of doing).. .
I can just see the press seizing on Enron's claim of "ignorance or mistake" or the fact that we pled for the favorable exercise of "prosecutorial discretion".
I suggest that we add whatever we feel is necessary to the very solid looking intent argument, not make specific reference to "ignorance or mistake", and not plead for the favorable esxercise of PD.
If we feel we need to write about this last item, perhaps we could suggest that it would be a waste of the public's resources to pursue a claim under such circumstances.
| AG letter - privileged and confidential: request for legal advice. |
A "dedicated room" isn't as bad as it sounds.
It would not be in use full time and the only equipment requirements are 4 screens (which one of the team rooms can accomodate) and a network connection (which the team rooms already have).
Let me know what you think.
Also: I talked to Salisha about Lara's move and it's ok with me (I think we were originally concerned that she wanted space we were setting aside for graphics, but she is actually moving deeper into her group (and next to her files)).
| Dedicated eSpeak Room |
Ken left a msg for me on Sunday.
He was able to return Bryson's call.
Not much new: Ken got Jeff's paper will try to reach Hertzberg on Monday.
Bryson gave an update (very consistent with yours on Fri) Wants us to think creatively about "how to keep DWR contracts from preventing the comprehensive solution" and how to address the concerns of the state treasurer.
Ken tried to reach Pete Peterson (Blackstone) but did not make contact.
| Ken Lay update |
Attached is the draft.
It combines all three announcements into one, with a common format.
It reflects a "just the facts" approach.
Let me know if you have changes (or answers to the questions in the text).
| draft organization announcement. |
How are we handling these now?
Last time I talked to Jeff, we weren't going to lift the restrictions until next week (assuming we do lift the restrictions).
Any word?
| Stella Chan /Project Summer transfers |
From November 14-17, Houston will host Gastech 2000, one of the worlds largest international natural gas, LNG, and LPG conferences.
The conference will take place at the George R. Brown Convention Center and is expected to attract 3,000 delegates from around the world.
Enron has played a leading role in this conference for many years and this year we will participate as a sponsor and prominent exhibitor.
Exhibit space and several speaking opportunities have been secured.
Ken Lay will serve as a keynote speaker at the event.
We particularly need your participation for the Enron exhibit booth.
Please identify someone from your team to work with Dennis Vegas (713-345-6442) and Hal Means (713-345-5384), who will serve as the overall coordinators for Enron's participation.
Please keep in mind, this year's Management Conference, for VPs and above, is scheduled for November 15 - 17.
Thanks for your help.
| Gastech 2000 |
Jeff Skilling proposed a solution to Gov Davis to solve the supply and pricing problems in the California market.
In summary, the proposal would have a neutral party conduct an auction wherein the utilities would seek bids for 5-10 year packages of power from suppliers.
The gov asked if anyone had successfully conducted such an auction in the industry already.
I need your help to identify and describe any such examples (European or North American) by mid day Monday.
Jeff and I will have a follow up call with the governor on Monday.
Thanks
| examples of auction processes that worked |
Nick, Sorry for the delay.
I have made a few notes for you to consider and a couple of editorial changes.
I think the information is useful and well presented.
(Note from Maureen: I renamed the docs as version B.)
I've only attached the changed documents.
| Japan Website |
I assume we avoid Libya completely.
The question, though, may be how we proceed if we are doing business with someone who has activities in Libya.
Your views please.
| Enron's policy on Libya |
Nick: I was wondering if it would be a big problem if I end up not being able to attend the grand opening.
I really want to attend, but I am having some scheduling problems.
Please let me know if my missing the event would create any problems.
(I know I'm important, but I'm sure it would be ok for me to miss.)
Steve
| GRAND OPENING |
The attached letter is being delivered this morning to the FERC commissioners.
Since the letter concerns a matter currently pending before the commission it will also be served on the parties.
We plan to talk to the press about it as well.
A number of other companies and organizations are also submitting letters and we have helped prepare an EPSA filing which focusses specifically on California.
Our best information at this point is that the FERC staff report regarding California is generally accurate, and therefore, favorable.
While it will mention periodic exercises of market power, it is expected to lay blame for California's woes at the feet of California's own decisions about market structure.
It is further expected that the report will not provide a basis for ordering refunds.
On the other hand, the Commission's order (to be considered tomorrow along with the staff's report) is expected to at least put refunds on the table for comment and to discuss, and perhaps implement, further price caps.
This is just our best guess at this point.
the Commission has put special emphasis on putting the report and order under wraps until wednesday.
| Hoecker letter |
What are our chances of final approval at FERC at the JUly meeting.
Jeff still thinks this is a third quarter close.
Do we have any chance of making that happen?
| Granite Update |
John Sherriff and I are recommending Carol Hensley (VP Marketing and=20 Communications at Azurix) for a VP position in John=01,s organization.
Car= ol=20 was a director in the Enron PR group before moving to Azurix.
Her new role= =20 would be to support EnronCredit.com.
A critical success factor for=20 EnronCredit.com will be to establish a strong brand in the coming months.
In her time at Azurix, Carol has added significantly to her skills and=20 experience.
I spoke with John Garrison at length about Carol=01,s performa= nce=20 at Azurix.
She has expanded her marketing services skills and provided=20 significant support in the investor relations arena.
Garrison relates that= =20 the Azurix commercial leaders view Carol as a partner, informed about the= =20 business and instrumental in handling crises and pursuing business=20 opportunities.
John Sherriff and Ken Lay join me in recommending that Carol keep her VP= =20 title as she returns to Enron.
=20 A copy of Carol's resume is attached.
| Recommendation of Carol Hensley |
If you have not logged onto the PEP system to designate reviewers, or approve reviewers for those in your organization, please do so today.
The deadline for completing performance evaluation information is November 17.
The performance review process is critical to year-end evaluations and bonus, promotion and compensation decisions.
This year, as in previous review periods, the system enables "360 degree" feedback throughout the organization.
Please take some time today to get the process started.
| PEP Reminder |
thanks for your help in preparing for the Texas hearing.
I think Texas legislators are viewing the California experience in the proper context and I think I was at least marginally articulate on the emissions issues as well.
thanks again.
| Thank you |
Please see attached.
After you put Ken's signature on this, please email it to Joe Hartsoe.
Also send it via email to Dan Watkiss - his email address is dwatkiss@bracepatt.com Thanks.
| FROM STEVE KEAN |
Sandi deserves time off and she shouldn't have an obligation to do e-mail while she is out.
Further, I was only copying her on messages that many others received (so I don't need to hear back from her).
But, if this is a standard message going out to everyone while the fires continue to rage in California, I think it leaves a bad impression.
Can we find a way to direct urgent requests to someone else in the office or to someone on our external lobby team?
| Sandra McCubbin/SFO/EES is out of the office. |
You had asked for my input on a response to a letter you received from Tom Donahue regarding increasing Enron's contribution to the US Chamber to $100,000.
I have been giving the Chamber a bit of a hard time lately and wanted you to know why.
I have been in touch with both Tom and his staff over the last year.
Donahue has done a very good job raising money and getting his membership rolls up, both in terms of membership and dollar contribution per member.
My reservation about the Chamber is that they won't take a stand on something which is in the best interests of the vast majority of their membership if it will alienate a vocal few.
Electric restructuring was a key example of this.
There was no doubt where they should have been on the issue, but instead of embracing retail open access legislation at the federal level they decided to have a "process".
Naturally, all the utilities volunteered to participate in the process and outnumbered the nonutility members when it came time to vote.
The vote supported wholesale, but not retail, reform (with heavy emphasis on ensuring stranded cost recovery).
Afterwards, the federal debate shifted solely to wholesale legislation (though this is not exclusively the Chamber's fault).
Unfortunately, Tom's forceful and competitive approach when it comes to raising his membership rolls leaves him unwilling to do the right thing if a few members will be upset.
For Enron it's a bit like paying $100,000 for a veto right.
The only things the organization pushes for are the things everyone agrees on in the business community -- eg China PNTR and lower
| US Chamber |
Please provide me an update on the progress of the working group you have led this year.
There are several things I would like you to cover in this regard.
Did the working group function through the year or was it terminated (I recognize there may be good reasons for the latter, but would like to understand those reasons).
What did the group accomplish?
Would you recommend continuing it?
Any changes?
Are there other topics we should consider for working groups in the future?
Any changes to the working group process itself?
Please provide input on the individuals you worked with.
You should be able to do this through the PEP system.
If you cannot, please provide the feedback by confidential e-mail to me.
Because the PRC is coming up soon, please provide the feedback by December 1.
| WORKING GROUP PROGRESS |
Attached is Steve Kean's presentation.
Are you available for lunch with Steve on Monday, January 8th?
Please give me a call at 3-1808 and we can get you on Steve's calendar.
Maureen McVicker Steve's Assistant
| Presentation |
I had a hard time logging on remotely, so I just got this now.
As you can see, it's a relatively brief "overview" presentation for Jeff, not going into much of the detail surrounding, for example, performance criteria and evaluation or job classification (where much of the real work remains).
The main purpose of this presentation is to give Jeff something for the December Board meeting.
I need your thoughts on something: one of the rationales I had discussed with McKinsey for this new organizational approach was the need to win the war for talent.
A partnership at least theoretically creates unlimited opportunity and reduced hierarchy in an organization.
It also creates substantial upside opportunity and continued motivation for the business leadership.
My question for you and your team is where are we at risk in fact when it comes to attracting and retaining talent.
My suspicion is that our turnover is farily low, and that it is especially low in the top tiers of the organization.
Where we run into problems, my gut tells me, is that we have some difficulty getting the very best from the very best schools (ie we often lose out to the I-Banks and, perhaps McKinsey-level consulting firms) and that we have a tough time holding the most talented managers and directors (ie we're OK at the top livels already).
Could you have someone do an analysis of the turnover rates at different levels?
We may need to weed out the performance related departures (including those who left after getting a low performance ranking even if they were not officially terminated for performance reasons) if possible.
| DRAFT - Document for next week |
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.
| Project California |
do I need to do anything?
I believe the only transaction I had was related to a set of shares which were released to me earlier in the year.
Some of the shares were sold at that time to pay the income tax on the distribution.
We discussed this before and my recollection is I did not have to make a filing.
Could you confirm by e-mail?
| Form 4 Reminder for April |
Please plan to attend a meeting at 5:00 p.m. TODAY, regarding the gas and power price situation in California.
We will be discussing political, legal and PR implications and actions.
TIME: 5:00 p.m.
| IMPORTANT- PLEASE READ - California Energy Prices - Legal Issues |
Attached is a brief overview of the EGM business (I realize you probably already have this, Lisa).
This organization represents perhaps the biggest near term earnings growth opportunity we have as a company and one that will require our organization to develop expertise in new markets, new regualtory fora, and perhaps new countries.
From time to time, I'm sure we will all be called on to help out, so I'll endeavor to pass on any info I receive.
| EGM business presentation |
Ken Lay will be hosting a reception for Houston City Council Members and=20 other city officials on Monday, July 31st from 6-7 pm in the 50th floor lob= by=20 area.
This reception is an opportunity for us to update city officials abo= ut=20 Enron=01,s businesses, and an opportunity for you to meet your local=20 representatives.
=20 With the hard copy of this memo, I have attached bios and detailed=20 information on Houston City Council Members, Houston Port Commissioners, th= e=20 Metro Board, and the Sports Authority board.=20 If you are unable to attend, please designate someone on your management te= am=20 to represent you.
Please RSVP to Maureen McVicker at x31808.
| Houston City Officials Reception - July 31st |
Richard: Please do not forward the Project Stanley email that we sent to you earlier today.
I am making some revisions and will forward the revised document out to you and the others.
Thanks.
| PLEASE WAIT TO FORWARD EMAIL |
To all: Kathy and I would like to extend our warmest thanks for the stroller/carseat (infant SUV) everyone gave us on Tuesday.
Kathy was dissapointed she could not be here, as she has been ordered bedrest by the OBGyn nazi.
She looks forward to meeting all of you soon.
Again, we really appreciate the gift and will use it everyday.
Thank you,
| baby gift |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: CrudeOptionsOpenInterest.pdf)
| crude options open interest 5/17 |
Adventures at Florida Gas, Training Ken Lay (twice), and Other Short Stories The Enron Oral History Project continues with another lunch break.
Speaker: W.J.
"Jack" Bowen Retired CEO of Florida Gas and Transco Energy Company Friday, May 4 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1.
Please inform us ahead of time if you need special accommodations to participate in this meeting.
Call 3-9390.
Lunch will not be provided, but you are welcome to bring your own.
| The Enron Oral History Project Continues |
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Please respond to feedbackDear Peter, Alaska cruises for $549.
Free nights in Mexico.
All the golf you can stand in Miami for $175.
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Save Big on Travel to Canada!
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Hot Fares to Central and South America!
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Qantas announces great fares to Australia!
Vacations ?
$100 Disney Dollars at Walt Disney Orlando!
?
Kids Under 12 Stay FREE at All-Inclusive Resort in Cancun!
?
Visit Maui and Receive 20,000 Bonus Miles!
Cruises ?
May Sailings from Seattle on Sale from $249!
?
Depart from New York on a 7-Night Canada and New England Cruise for $479!
?
7-Night Alaska Cruises this Spring and Summer from Only $549!
?
Save 50% on a Luxurious Windstar Mediterranean Cruise!
Hotels ?
Luxor Las Vegas Resort and Casino ?
Great Weekend Vacation Values ?
This April, $175 Buys You Unlimited Golf at the Doral Golf Resort & Spa Rent-A-Car ?
Save 15% off weekly and weekend rates with Budget.
Exclusive Offers ?
Win a Dream Texas Vacation!
Exclusive Member Benefits ?
Introducing the Travelocity World MasterCard!
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| Real Deals from Travelocity.com |
Carr is hosting an enymex presentation at our office in New York this Monday, May 7th from 2-4 PM.
We are double checking our head count to make sure that we will be ready for the people attending the presentation.
If you would, please reply to this email with a yes or a no to indicate your intentions of attending this enymex presentation.
Thank you.
| Please respond |
Critical Migration Information: 1.
Your scheduled Outlook Migration Date is THE EVENING OF : May 3rd 2.
You need to press the "Save My Data" button (only once) to send us your pre-migration information.
3.
You must be connected to the network before you press the button.
4.
If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER" please select TRUST SIGNER.
5.
Any information you Add to your Personal Address Book, Journal or calendar after you click on the button will need to be manually re-added into Outlook after you have been migrated.
6.
Clicking this button does not complete your migration to Outlook.
Your migration will be completed the evening of your migration date.
Failure to click on the button means you WILL NOT get your Calendar, Contacts, Journal and ToDo information imported into Outlook the day of your migration and could result in up to a 2 week delay to restore this information.
If you encounter any errors please contact the resolution center @ 713-853-1411
| 3 - URGENT - TO PREVENT LOSS OF INFORMATION |
Current Notes User: To ensure that you experience a successful migration from Notes to Outlook, it is necessary to gather individual user information prior to your date of migration.
Please take a few minutes to completely fill out the following survey.
When you finish, simply click on the 'Reply' button then hit 'Send' Your survey will automatically be sent to the Outlook 2000 Migration Mailbox.
Thank you.
| 2- SURVEY/INFORMATION EMAIL 5-03-01 |
Read about how PGE is making methane out of manure in this issue of eBiz.
Also in this issue: Enron's first quarter earnings overview Online energy trading will reach $3.6 trillion by 2005 Tom White becomes U.S. Secretary of the Army A U.K. offshore wind farm The PGE sale terminates How a fuel cell works A little bit of poetry It's all in the latest eBiz.
Go to home.enron.com, click Publications, then click eBiz, and "eBiz April 27, 2001."
| "Take This Job and Shovel It" |
Adventures at Florida Gas, Training Ken Lay (twice), and Other Short Stories The Enron Oral History Project continues with another lunch break.
Speaker: W.J.
"Jack" Bowen Retired CEO of Florida Gas and Transco Energy Company Friday, May 4 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1.
Please inform us ahead of time if you need special accommodations to participate in this meeting.
Call 3-9390.
Lunch will not be provided, but you are welcome to bring your own.
| The Enron Oral History Project Continues |
Please respond to Sivy on Stocks SIVY ON STOCKS from money.com April 25, 2001 Construction project The need for aggressive oil exploration and new electrical power plants should be a bonanza for firms like Fluor that can manage such projects on a global basis.
By Michael Sivy It may seem hard to believe today, but back in the 1970s, one of the hottest stock groups was Construction and Engineering.
These C&E firms managed mega-projects, including oil refineries and pipelines in the Middle East, and were minting money because of the oil shortage.
But during the past decade, the energy crisis seemed like only a distant memory.
And even the best C&E firms, such as Fluor [FLR], ran into trouble.
For most of the late 1990s, Fluor's earnings were stagnant.
The company over-expanded in 1994 and subsequently began missing its growth targets.
As the problems got worse, the stock fell from a high of $75 a share in 1997 to less than $23 early last year.
To fix these problems, Fluor decided it would be smart to split the company in half, separating its C&E businesses from its coal-mining operations, which now trade as Massey Energy [MEE].
Since the split late last year, Flour has been doing well and appears poised for even better times to come.
But this improved performance has gone unnoticed by many investors because the division of the company and the shift of its reporting schedule from a fiscal to a calendar year have made earnings comparisons difficult.
In fact, some research sources have stopped following the stock altogether.
That's a pity because the outlook for energy is better than it's been in a decade.
The scare of higher crude prices should greatly improve prospects for oil projects, while electricity shortages in California -- and possibly
| Sivy on Stocks: Construction project |
I wanted to take a minute to thank all of you for your encouragement and donations for my MS150 bike tour this last weekend.
It was so much fun!
There is no doubt that you're money will be of great help as I stock up with pain killers...just kidding.
I will be coming around this week to collect the money so that I can send it as soon as possible to those people diagnosed with MS.
If you're writing a check please make it payable to "National Multicple Sclerosis Society."
Once again, thanks for all of your support!
| MS150 Donations |
Please respond to feedbackDear Peter, At Travelocity, we love to travel.
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Please respond to Sivy on Stocks SIVY ON STOCKS from money.com April 23, 2001 Winning a loser's game Companies that make the fewest mistakes will fare best in the current market.
And 3M is trying to not miss a trick.
By Michael Sivy Some sports, such as football, are winner's games.
The team with the most successful offense wins.
Others, such as golf, are loser's games.
Players don't defeat their opponents -- victory goes to the person who makes the
| Sivy on Stocks: Winning a loser's game |
I will be passing an envelop to collect a small monetary token of appreciation for Kimberly and Alex for Administrative Assistants' week.
Please give if you are able and in an amount that you feel is appropriate.
thanks,
| Administrative Assistants' Week |
You have signed the last beam.... Now watch it rise.
Enron employees are invited to celebrate the Topping-Out of Enron Center South this afternoon at Antioch Park 3:45 pm - 4:30 pm.
In celebration of Arbor Day, tree saplings will be handed out to all participants.
In the event of rain, the Topping-Out Celebration will air on IPTV Wednesday and the tree saplings will be distributed in the plaza today at 4:00 pm
| Topping-Out Ceremony Today |
Please respond to Sivy on Stocks SIVY ON STOCKS from money.com April 20, 2001 Bigger is better Tech stocks are coming back, and giants that dominate important markets are likely to lead the advance.
At the forefront of that group is Microsoft, as the company's latest earnings report shows.
By Michael Sivy "It may be that the race is not always to the swift, nor the battle to the strong -- but that is the way to bet," said Damon Runyon, whose short
| Sivy on Stocks: Bigger is better |
Please respond to As a valued visitor to TheStreet.com, you qualify for FREE admission to one of the premier investment conferences in the country, hosted by InterShow: The Las Vegas Money Show, happening May 14-17, 2001, at the Bally's and Paris Resorts in Las Vegas, Nevada.
Take advantage of over 200 free workshops and 5 panel discussions to hone your investing skills.
You'll hear from first-class industry speakers including: Joseph Battipaglia, Michael Murphy, John Dessauer, and a Keynote address from Jim Cramer.
Many more will be on-hand to provide you with valuable investment advice that will allow you to make the right decisions in today's volatile markets.
There will also be a special pre-show conference event featuring the Co-Founder of TheStreet.com, our own Jim Cramer, Market's Commentator for CNBC & TheStreet.com.
Come join Cramer as he shows you how to: Invest in the Great CEOs from 1:00 pm to 3:00 pm, May 14.
Specifically, you'll learn how to: ?
Pick stocks that will result in growth by identifying companies with top corporate leadership practices ?
Devise a clear-cut investment strategy that shows you how to invest for the reality of wealth --
| TheStreet.com wants you to come to Vegas with us... |
BUSINESS HIGHLIGHTS Enron Industrial Markets Enron Industrial Markets announced the signing of definitive agreements with Huntco, Inc. under which over a 15-year period Enron will provide inventory price risk management services and will eventually provide more than 600,000 tons per year of hot-rolled, cold-rolled and galvanized steel products to Huntco Steel.
The agreements provide Enron access to Huntco's network of steel distribution centers nationwide.
The agreements also provide for Enron's acquisition of Huntco's cold rolling and certain coil pickling operations in Blytheville, Arkansas.
These transactions with Huntco have the potential to fundamentally change the way steel is bought and sold in the United States.
It gives Enron immediate access to physical steel and positions Enron geographically to serve the steel industry in a variety of ways.
In addition to providing physical products on both a spot and term basis, EIM's goals for the steel industry include developing commodity risk management products, providing structured finance products and establishing the market-making capabilities that Enron has brought to the natural gas, power and other commodity markets.
Enron North America-Upstream Products Upstream Products has partnered with Duke Energy Field Services (DEFS) to close a 20-year NGL exchange and transportation deal with Formosa Hydrocarbons and Williams Energy Field Services to handle raw make product from the Williams Markham plant.
Formosa Hydrocarbons is building a 40,000 BPD fractionator to handle this and other Gulf Coast NGL production.
The accompanying pipeline will be known as the Seabreeze pipeline system and will be constructed by DEFS.
Texas Brine LLC will provide NGL storage services for Formosa Hydrocarbons on this system.
Primary production for this system is coming from the Boomvang Nansen field in the deepwater GOM and will be the first deepwater GOM production to come onshore in Texas.
Upstream Products has also worked to arrange a 20-year transportation lease agreement on the Dean Pipeline (owned by TEPPCO) for refinery grade propylene service to be utilized by Formosa Plastics.
Coupled with this transaction, Enron Clean Fuels has entered into a propylene storage agreement with Formosa Plastics to utilize ECF's Mt.
Belvieu storage facilities.
In addition, Enron Global Markets has been able to amend its current transportation agreement with TEPPCO to prematurely terminate a take-or-pay obligation and realize additional transportation revenues from interim NGL production coming from the Williams Markham to be delivered to Mt.
Belvieu.
Upon close, Upstream Products was monetized out of its initial position by DEFS and retained a risk-free net profits position on the Seabreeze Pipeline going forward for an additional 20,000-40,000 BPD of excess capacity on the system.
ENA West Power Southwest Power, an ENA affiliate, signed a 222MW 15-year tolling agreement with Allegheny Energy Supply for all of the output of Southwest's Las Vegas expansion project, scheduled for completion in September, 2002.
With the tolling agreement done and construction underway, the project will now be marketed to qualified generators.
IN THE NEWS "To truly understand Enron's Jeffrey Skilling - the hypersmart, hyperconfident chief executive of what may now be the largest energy trading company on the planet - head to your local video store and check out that classic American cinema, Wayne's World.
At 15, Skilling helped launch a no-budget television station in Aurora, Illinois - the very thing that Mike Myers and Dana Carvey so famously spoofed on Saturday Night Live and in two movies.
The TV skit even begins with a sketch of a teenage cameraman, the role of the real-life Skilling."
--- Randall Lane, Worth Magazine.
May 2001.
| EnTouch Newsletter |
Dear Amazon Customer, As someone who has purchased business and inve= sting books in the past, you might like to know about the upcoming release = of Microsoft Office XP.
To celebrate, for a limited time we're offering f= ree shipping on your order of any Office XP suite or upgrade.
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Attached is a revised Credit Watch listing for the week of 5/21/01.
Please note that The Paralan Company and SGL Carbon, LLC were added to the Credit Watch List.
Also, Southstar Energy Services, LLC had been moved to "NO TRADES".
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.
For other questions, please contact Jason R. Williams at x5-3923, Russell Diamond at x5-7095, or Veronica Espinoza at x6-6002.
| Credit Watch List--Week of 5/21/01 |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: options2.pdf)(See attached file: options.pdf) - options2.pdf - options.pdf
| nat gas options 5/22 |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: API.pdf) - API.pdf
| API |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: doeapi.pdf) - doeapi.pdf
| doe-api comparison |
I wanted to let everyone know that we changed the wedding date from September 8, 2001 to September 22, 2001.
Please also send me your current addresses.
I hope all is well and see you soon.
Thanks and regards to all.
Al
| Wedding Plans |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: AGA.pdf)(See attached file: aga story.pdf) - AGA.pdf - aga story.pdf
| aga |
Today's Hottest Travel Deals from Bestfares.com!
=20 There are just hours left to take advantage of some of the best fares for s= ummer 2001 travel.
This could be your last chance to take advantage of free= stopovers in London, three free hotel nights in London and discounts up to= $700 off for travel to Dublin, Shannon, Amsterdam, Brussels, Paris, Madrid= , Rome, Milan, Frankfurt, D?sseldorf and several other European cities.
For= travel across the U.S., you just can't beat our $174-178 roundtrip or less= airfares through October 26, 2001.
From the East Coast to the West Coast, = pick the right cities and we've got you covered.
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| Final 2 days; usa, europe summer super sale |
eSource presents SDC Platinum training SDC Platinum offers detailed transactional information on New Issues, Mergers & Acquisitions, Syndicated Loans, Private Equity, Strategic Alliances, Project Finance and others.
The product is designed to allow users to compare transactions, evaluate advisors, and analyze market and industry trends.
Training Agenda Includes: ?
General Introduction.
?
Basic query techniques for new issues and M&A databases.
?
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Attend our SDC Platinum Clinic: May 30 9:00 -11:30 AM EB552
| eSource Presents Free SDC Platinum Training |
Dear Peter, Alaska Cruises at rock-bottom prices.
Free nights in Europe.
Even free gasoline.
Hard to believe?
Maybe, but Travelocity's Real Deals make it all possible.
We know you want to get the most out of your vacation dollar, and we can help.
Whether you're going to Mexico, Canada, Italy, or Hawaii--or even if you're staying close to
| Real Deals from Travelocity.com |
BUSINESS HIGHLIGHTS Enron Industrial Markets EIM has recently formed a Forest Products Origination team led by Rob Saltiel to pursue structured transactions.
Typically, these deals employ a combination of physical supply/offtake, price risk management and/or finance to bring value to Enron and our customers.
Priority commodities include pulp, newsprint, recycled papers, linerboard, and lumber.
Response to the new team's efforts has been positive, as many of the Forest Products companies have needs for commodity and capital solutions that are currently unavailable.
Enron Freight Markets During its first month in the over-the-road (OTR) trucking business, Enron Freight Markets has completed over 120 spot OTR trades.
On Friday, March 18, there was a shortage in the Houston outbound market and capacity was selling for $1.65 per mile.
By comparison, average market price has stayed in the $1.05-$1.10 per mile range in recent weeks.
EnronOnline On May 23, Enron Corp. announced that it completed its one-millionth transaction on EnronOnline, the world's largest web-based e-commerce platform for commodities.
As an online extension of its successful wholesale energy business, EnronOnline began transacting natural gas and electricity on November 29, 1999.
Since that time, the company has extended the platform to approximately 1500 wholesale commodity products ranging from energy-related commodities to bandwidth, metals, forest products, plastics, petrochemicals, and weather and credit derivatives.
Approximately 60 percent of all Enron transactions are now conducted online, and the cost of processing the transactions has been reduced by 75 percent.
EnronOnline Statistics Below are the latest figures for EnronOnline as of May 23, 2001 ?
Total Life to Date Transactions > 1 million ?
Life to Date Notional Value of Transactions > $600 billion IN THE NEWS Enron Corp. Chief Executive Officer Jeff Skilling likes to say that the nation's leading energy merchant was ready for the Internet long before there was anything.com.
Enron's business of buying and selling commodities - by phone or fax - was a natural fit for the Web.
The challenge now is to get the new broadband Internet trading unit on solid footing by proving that bandwidth can be traded like a commodity.
BusinessWeek e.biz/May 14,2001.
WELCOME New Hires EGM - Gregory Sharp, David Cho EIM - Rosie Carrizal-Moulinet, Thomas Mathieu ENA - John Poppa, Brandy Powell Transfers (to or within) EGM - Rhonna Palmer NUGGETS & NOTES Travel tips of the week: 1) Fly Coach.
Elite members of frequent flyer programs are often upgraded to first class at no additional charge.
2) Consider Alternate Airports.
If you live within driving distance of two or more airports, examine fares for each airport carefully.
Sometimes special fares are offered for flights into specific airports.
LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.
It is intended for internal use only and should not be disclosed.
| EnTouch Newsletter |
Dear Peter, Alaska Cruises at rock-bottom prices.
Free nights in Europe.
Even free gasoline.
Hard to believe?
Maybe, but Travelocity's Real Deals make it all possible.
We know you want to get the most out of your vacation dollar, and we can help.
Whether you're going to Mexico, Canada, Italy, or Hawaii--or even if you're staying close to
| Real Deals from Travelocity.com |
Critical Migration Information: 1.
Your scheduled Outlook Migration Date is THE EVENING OF : May 17th 2.
You need to press the "Save My Data" button (only once) to send us your pre-migration information.
3.
You must be connected to the network before you press the button.
4.
If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER" please select TRUST SIGNER.
5.
Any information you Add to your Personal Address Book, Journal or calendar after you click on the button will need to be manually re-added into Outlook after you have been migrated.
6.
Clicking this button does not complete your migration to Outlook.
Your migration will be completed the evening of your migration date.
Failure to click on the button means you WILL NOT get your Calendar, Contacts, Journal and ToDo information imported into Outlook the day of your migration and could result in up to a 2 week delay to restore this information.
If you encounter any errors please contact the resolution center @ 713-853-1411
| 3 - URGENT - TO PREVENT LOSS OF INFORMATION |
The Enron Oral History Project Continues... "Using History to Help Enron Become the World's Leading Company" How can an understanding of strategic choices, regulatory change and corporate culture help Enron achieve its vision?
Speaker: Joseph Pratt, Cullen Professor of History and Business, University of Houston and Co-Director, Enron Oral History Project Thursday, June 7 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1 Lunch will not be provided, but you are welcome to bring your own.
Please inform us ahead of time if you need special accommodations to participate in this meeting.
Call 3-9390.
| The Enron Oral History Project Continues |
Current Notes User: To ensure that you experience a successful migration from Notes to Outlook, it is necessary to gather individual user information prior to your date of migration.
Please take a few minutes to completely fill out the following survey.
Double Click on document to put it in "Edit" mode.
When you finish, simply click on the 'Reply With History' button then hit 'Send' Your survey will automatically be sent to the Outlook 2000 Migration Mailbox.
Thank you.
| 2- SURVEY/INFORMATION EMAIL 5-17-01 |
Begining 6/4/01 most North American Gas and Power quotes will be displayed on and transactable from the TRUEQUOTE trading platform.
Please call me if you have any questions or need more information.
Thanks.
Savita X31787
| EnronOnline Quotes on TRUEQUOTE |
OUTLOOK EMAIL NOTIFICATION Your Date of Migration is: May 17th YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action: Please go through your Notes email and clean out as many old/un-needed email items as possible BEFORE your date of migration.
After you are migrated to Outlook you will only be allocated 100MB of total Mailbox space.
If more than this amount of data is migrated to Outlook YOU WILL NOT BE ABLE TO SEND E-MAIL until it is below the 100MB limit.
Cleaning up your Notes email now will prevent this from happening to YOU.
Enron's messaging platform is migrating from Lotus Notes to Microsoft Outlook 2000 worldwide.
You will be accessing Outlook for all of your email functions.
WHY IS ENRON MIGRATING TO OUTLOOK 2000?
Many factors contributed to the decision to migrate from Lotus Notes to Microsoft Exchange/Outlook.
The most prominent factors were: ?
Significant advantages to moving to a product that is more integrated with current Enron apps (Windows 2000, Office and Internet Explorer) ?
More efficient Shared PC and Roaming User features ?
Improved support and integration for Palm/CE devices ?
Instant Messaging capabilities WHAT IS BEING MIGRATED TO OUTLOOK 2000?
?
Email Messages.
From the date of your scheduled migration, the last (30) thirty days of your Email will be converted for use in Outlook.
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All your folders in Notes you use to store email messages in.
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To Do Items ?
Journal Items ?
Calendar Entries dating from (1) one year in the past to (10) ten years in the future will be converted.
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Address Books, but NOT your Distribution Lists that you created.
You will need to re-create these in Outlook.
Thank you,
| 1-URGENT - Outlook Email Notification (new) |
Attached is a revised Credit Watch listing for the week of 6/4/01.
Please note that Continental Gas, Inc., Continental Resources Inc., Hiland Partners, LLC, North Texas Gas Partners and Florida Gas Utility were added to the Credit Watch List.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.
For other questions, please contact Jason R. Williams at x5-3923, Russell Diamond at x5-7095, or Veronica Espinoza at x6-6002.
| Credit Watch List--Week of 6/4/01 |
Today's Hottest Travel Deals from Bestfares.com!
=20 This week, we find summer travel to Europe a little soft, but we do expect = many new deals in the very near future.
On the international front, Canada = looks awfully good--especially for travel to Toronto, Montreal and Ottawa t=
| $218 rt or less usa/canada/coast-to-coast |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
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2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
Due to technical difficulties, this week's Commitment of Traders is abbreviated.
(See attached file: Commitment of Traders.pdf) - Commitment of Traders.pdf
| Commitment of Traders |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
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2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: opec.pdf) - opec.pdf
| opec basket of crude |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: UnleadedStocks.pdf)(See attached file: CrudeStocks.pdf) (See attached file: HeatingOilStocks.pdf)(See attached file: PADDIIstocksCL.pdf)(See attached file: PADDIstocksHO.pdf)(See attached file: PADDIstocksHU.pdf)(See attached file: API.pdf) - UnleadedStocks.pdf - CrudeStocks.pdf - HeatingOilStocks.pdf - PADDIIstocksCL.pdf - PADDIstocksHO.pdf - PADDIstocksHU.pdf - API.pdf
| API and API Crude, Distillate & Unleaded Stocks Graphs |
Reminder The Enron Oral History Project Continues... "Using History to Help Enron Become the World's Leading Company" How can an understanding of strategic choices, regulatory change and corporate culture help Enron achieve its vision?
Speaker: Joseph Pratt, Cullen Professor of History and Business, University of Houston and Co-Director, Enron Oral History Project Thursday, June 7 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1 Lunch will not be provided, but you are welcome to bring your own.
Please inform us ahead of time if you need special accommodations to participate in this meeting.
Call 3-9390.
| Reminder |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: doeunlea.pdf)(See attached file: doecrude.pdf)(See attached file: doeheat.pdf)(See attached file: doeapi.pdf) - doeunlea.pdf - doecrude.pdf - doeheat.pdf - doeapi.pdf
| DOE/API Comparison and DOE Crude, Distillate & Unleaded Stocks Graphs |
Neither EWS/RAC/EGF employees nor family members or others living in their household or financially dependent on the EWS/RAC/EGF employee may purchase or sell securities of any entity (or derivatives thereof) listed on the Restricted List for your or their personal or related accounts or recommend the purchase or sale of such securities to any person, except with the prior approval of the Compliance Department in consultation with the ENA Legal Department.
In addition to the trading restrictions above, should you at any time possess non-public material information about any public company, you, your family members and anybody that is financially dependent on you, are restricted from trading in that issue, and you may not disclose the non-public material information to anyone that does not have a business need to know.
With respect to investments in privately held companies, you are responsible for complying in all respects with the policy entitled "Conflicts of Interest, Investments, and Outside Business Interests of Officers and Employees" in the July, 2000 Enron Corp. Code of Ethics.
Please consult the Compliance Department with any questions you may have regarding a potential investment in a privately-held company.
Company Name Stock Symbol 3 TEC Energy Corp. TTEN Active Power ACPW Adrian Resources ADRRF Applied Terravision Systems, Inc. TER CanFibre Group Ltd. CFGL Carrizo Oil & Gas Inc. CRZO Catalytica Energy Systems, Inc. CESI Crown Energy CROE CyNet, Inc. CYNE Enserco Energy Service Company, Inc. ERC eSpeed, Inc. ESPD FuelCell Energy, Inc. FCEL Hanover Compressor Co. HC ICE Drilling Enterprises Inc. IDF Impact Energy IEY Industrial Holdings, Inc. IHII Kafus Environmental Industries, Inc. KS KCS Energy KCS Nakornthai Strip Mill Public Co Ltd NSM SET Paladin Resources PLC PLR LD Southwest Royalties SWROY Syntroleum Corp. SYNM Tejon Ranch Corp. TRC TransCoastal Marine Services, Inc. TCMS Verado VRDO The Restricted List is solely for the internal use of EWS/RAC/EGF.
No one may engage in discussions regarding whether a security is or is not on the Restricted List with persons outside EWS/RAC/EGF without specific clearance from the Compliance Department in consultation with the ENA Legal Department.
No employee of any Enron Business Unit may engage in the trading of any Position for the benefit of any party other than an Enron Business Unit (whether for their own account or for the account of any third party) where such Position relates to (i) any financial instrument, security, financial asset or liability which falls within such employee's responsibility at an Enron Business Unit, or (ii) any other commodity not covered by (i) included in any Commodity Group.
Position shall mean, collectively, the risk components (including, but not limited to, price risk, basis risk, index risk, credit risk and liquidity risk) of all products (commodities, financial instruments, securities, equities, financial assets or liabilities) which have been authorized for trading in the Enron Corp. Risk Management Policy, any of the Enron Corp. Policies or approved for trading through any amendments to this Policy.
The prohibitions listed above do not replace or modify the policies set forth in EWS's Policies and Procedures Regarding Confidential Information and Securities Trading, Enron Corp.'s Risk Management Policy, or Enron Corp.'s Code of Ethics .
Should you have any questions regarding the above, please contact me at ext.
31939
| Restricted List |
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete.
Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein.
Any opinions expressed herein are solely those of the author.
As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates.
?
2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher.
Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: NGstocksweeklychange.pdf)(See attached file: NGstocks.pdf)(See attached file: AGA.pdf) - NGstocksweeklychange.pdf - NGstocks.pdf - AGA.pdf
| AGA and Nat Gas Stocks & Weekly Change Graphs |
SIVY ON STOCKS from money.com June 6, 2001 Why aren't banks doing better?
Interest rate trends couldn't be more favorable, but leading banks such as J.P. Morgan and Bank One can't get any traction.
By Michael Sivy If I were asked to name the single most important stock market indicator, I'd say the tilt of the yield curve.
When long-term interest rates are at least half a percentage point higher than short-term rates, the economy typically grows at a healthy rate.
But when short-term rates are even with or higher than long-term rates, the economy almost always stagnates or starts contracting.
The yield curve is especially important for banks, since they have to borrow short-term money that they lend to long-term borrowers.
The difference between short- and long-term rates, therefore, is a rough gauge of banks' profit margins.
After five cuts in short-term interest rates this year by the Federal Reserve, the difference between short and long rates is two full percentage points.
With loan margins that fat, you'd think that the top U.S. bank stocks would be in great shape.
But they aren't.
Shares of leading banks such as J.P. Morgan Chase [JPM] and Bank One [ONE] are flat to down so far this year.
And both stocks have announced that their earnings for the current quarter will be below what analysts were expecting.
What's the explanation for the lousy results?
Essentially, there are two problems.
Many of the big banks lent aggressively during the boom of the past five years and now find themselves saddled with lots of problem loans.
In the case of J.P. Morgan Chase, those loans are to tech firms, such as telecoms.
Bank One's problem loans, by contrast, represent credit-card debt.
But in both cases, the banks will have to clean up their portfolios before they can truly profit from the improved interest-rate environment.
Global giants, such as J.P. Morgan Chase, have a second set of problems.
Over the past five years, their earnings became increasingly dependent on investment banking activity, such as IPO underwriting, private equity investments and proprietary trading.
All of those businesses are depressed and will likely remain so until the tenor of the market improves substantially.
And even though the Nasdaq is up 35 percent from the April lows, J.P. Morgan's losses on past investments are still outpacing its gains on those that are recovering.
Where does that leave the stocks?
Basically, they have a lot of sewage to wade through for the rest of this year.
But they should be coming back strongly by the start of 2002.
And, of course, share prices normally anticipate such improvements by at least a few months.
I recommended J.P. Morgan Chase in January at $53 a share, saying the bank faced a rough six months, followed by accelerating growth over the coming three years.
That scenario is unfolding more slowly than I expected, and the share price has declined by six bucks.
But for long-term investors, I continue to believe that this is the must-own bank stock.
However long it takes to clean everything up, the bank will be a powerhouse a couple of years from now.
And after slipping back since January, the share price seems absurdly cheap.
The bank's earnings power is well over $4 a share, a rate it should reach sometime next year.
At the current $47 share price, that's a price/earnings multiple of less than 12 for a stock with a 12 percent compound growth rate and a 2.8 percent dividend yield.
I'm less enthusiastic about Bank One.
Consumer indebtedness has doubled since 1992.
So I can't help but wonder how quickly the bank's problem loans will be taken care of.
It's true that consumers will be getting some tax relief and that recent mortgage refinancings have boosted disposable income.
But we all know that most of that money is going to be spent instead of going to reduce household debt.
As a result, I think Bank One will be working through problem loans for a while -- and it's a more
| Sivy on Stocks: Why aren't banks doing better? |
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