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Thanks again. | dev33 |
Apologies for bothering you over the weekend. | dev33 |
Best, Jeff Please respond to stevebowen cc: Subject: CPUC affiliate entity jurisdiction PRIVILEGED AND CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION Jeff, Per your request, I am writing a brief note to follow up on our telephone conversation today. | dev33 |
As we discussed, Enron plans to change the structure of Enron Telecommunications, Inc. from a regular C corporation to an LLC. | dev33 |
As we discussed previously, this change in structure will require the approval of the California Public Utilities Commission, because it is a change of control under the definitions of the Public Utilities Code. | dev33 |
You indicated that someone inside Enron was concerned that, during the course of the CPUC,s review of the request for transfer of control, the CPUC could get access to the books and tax returns of ETI,s parent EBS or other Enron entities, which Enron would find unattractive. | dev33 |
You asked me to discuss whether this was possible. | dev33 |
At a general level, the CPUC in the past has asserted jurisdiction over entities affiliated with entities regulated by the CPUC. | dev33 |
Depending on the facts at hand, a variety of provisions in the PU Code grant this jurisdiction. | dev33 |
However, the CPUC rarely uses its jurisdiction to look into the books and tax returns of an affiliate of a nondominant telecommunications carrier, unless the affiliate is the entity seeking to acquire control of the carrier. | dev33 |
For nondominant telecommunications carriers, the Commission applies a fairly light regulatory touch, because such carriers have no market power. | dev33 |
You should also be aware that there are other provisions in the PU Code that protect carrier's financial information from public disclosure. | dev33 |
Thus, although it is possible that the Commission would seek to review the books and/or tax returns of EBS or another Enron entity in connection with the change to an LLC, it is unlikely. | dev33 |
ETI is a nondominant carrier, and there is no real change in the ownership of ETI, because EBS will still be ETI,s owner (i.e., EBS will own an LLC, rather than a C corporation), nor is there any change in the management personnel of ETI. | dev33 |
The one wild card is that Enron's name is quite well known to the Commission because of Enron's presence in the energy market. | dev33 |
While this logically and legally should make no difference, it could conceivably trigger increased Commission scrutiny of the transfer of control. | dev33 |
Please let me know if you need more information or want to discuss further. | dev33 |
FYI. | dev33 |
It's been reported that the legislative committee intends to subpoena generators and marketers to testify before the committe, though nothing in this press release mentions any subpoenas. | dev33 |
Jeff | dev33 |
Attached are my updates to Steve's backgrounder and solutions documents. | dev33 |
I've also attached (for Rick) the summary of the CA State Treasurer's proposal. | dev33 |
Best, Jeff | dev33 |
FYI. | dev33 |
See comments on keeping the utilities out of bankruptcy and timing. | dev33 |
Jeff | dev33 |
You've got my vote. | dev33 |
FYI. | dev33 |
Today Craig Barrett, CEO of Intel, publicly opposed the "state takeover" plan released by California's Treasurer last Friday, saying, "I'm not a great fan of government getting involved in the private sector, especially delivering a key commodity to the private sector." | dev33 |
(SF Chronicle, 01.09.01) Might be a good opportunity to try in earnest to enlist Silicon Valley in our efforts to get California moving in the right direction, despite itself. | dev33 |
Barrett said the answer is easing siting rules in order to get more power on line sooner and blamed officials who've opposed power plants for seriously exacerbating the problems in California. | dev33 |
Because of CA' power woes, Barrett said that he'd build new facilities anywhere but in California. | dev33 |
Jeff | dev33 |
Thanks, Ginger. | dev33 |
I'll be on the call. | dev33 |
Rick, if your schedule permits, could you participate in the first five-ten minutes of the daily EES call (10 AM CST) to give those folks a brief snapshot of what happened? | dev33 |
If so the call-in number is 800.713.8600, code Alternatively, since I'll be on the call anyway, you can leave me a voicemail, or call me at 707.884.4608, and I can relay those points that you feel are most important to communicate. | dev33 |
Best, Jeff | dev33 |
Thanks, Sandi. | dev33 |
Are the R's generally on-board with Davis' approach, or do they intend to offer their own proposals (understanding that they are greatly outnumbered in both houses). | dev33 |
I'm hearing that it's a mixed bag. | dev33 |
Best, Jeff | dev33 |
I'll do my darnedest. | dev33 |
Is Jan handling this poorly or well? | dev33 |
Thanks, Mike. | dev33 |
About the best we can hope for at this point and consistent with our approach. | dev33 |
Would be very beneficial if we could ride as much as possible in TURN's public wake, and continue to "advise" them and work with others behind the scenes. | dev33 |
Hey buddy. | dev33 |
I know that you're up in Sacramento and have a much better lay of the land than I, but this looks a like a sure fire set up for "the man for all seasons" to make an appearance before the legislature. | dev33 |
I have deep concerns about us sticking our necks out at these hearings. | dev33 |
Again, have much better info, but by all accounts, "witch hunt" seems to be the operative term for the hearings. | dev33 |
We are doing very well for ourselves working behind the scenes and the risks to us of having someone at a public leg hearing, with all the cameras, and all the politicians feeling the primordial urge to grandstand are very high. | dev33 |
Let's please discuss this one long and hard before making an decision. | dev33 |
I'll be in Sac on the 16th for an AB 1890 Group meeting and plan to attend the hearing. | dev33 |
Your pal, Jeff | dev33 |
Thanks, Julee. | dev33 |
Sounds like a good idea. | dev33 |
Could you please forward me the call-in for the call? | dev33 |
Thanks. | dev33 |
Best, Jeff | dev33 |
Thanks. | dev33 |
Any way to observe remotely? | dev33 |
CSPAN? | dev33 |
Telephone? | dev33 |
Internet? | dev33 |
From a cafe in Paris? | dev33 |
Thanks. | dev33 |
Best, Jeff | dev33 |
Harry, I'll be on the call and I'll call you beforehand. | dev33 |
Mike Day has every financial incentive for us to have a witness, and I'm still struggling to find the value. | dev33 |
As for the "save the planet" crew....I'm as concerned as you are. | dev33 |
I'll try to make sure that Kaufman's on (who's a lawyer and is considerably more to our thinking than to Mike's, Roger's or Stoness'. Best, Jeff | dev33 |
Sorry to hear that it was cancelled. | dev33 |
Thank you for keeping me in the loop. | dev33 |
Quite a way to start the new year.... | dev33 |
Best, Jeff | dev33 |
PG&E is saying publicly (and the news is reporting) that PG&E has $500 million in cash, and it's payables are $583 M. | dev33 |
Don't mean to keep the chain of emails going, but given the cameras and the grand-standing politicians (who seem to have an abundance of rhetoric and capacity for scape-goating, and a paucity of constructive solutions or the will necessary to do what needs to be done), seems worth considering the pros and cons of throwing anyone in front of any legislative committees. | dev33 |
We may decide that the pros outweigh the cons and that there's discernable value having our outside counsel speak to the issues of supply and demand in California and the West, but seems worth spending 5 or 10 minutes on. | dev33 |
Best, Jeff | dev33 |
Scott: Could you please see that Sandi gets this? | dev33 |
Thanks. | dev33 |
If folks would like to get Sandi information (e.g., the load curtailment proposal discussed by Gary yesterday), please send to Scott, who's with our lobbying firm in Sacramento. | dev33 |
Sandi, Scott (Stoness) would like to discuss this proposal on tomorrow's (Friday's) 8:00 AM conference call. | dev33 |
Thank you. | dev33 |
Best, Jeff | dev33 |
Thanks, Karen. | dev33 |
And please thank Marathon for the info. | dev33 |
If this holds true, sounds like Burton plans to make things pretty messy. | dev33 |
also, diablo is also running (reportedly) at about 10% of capacity due to rough seas and difficulties that causes for cooling. | dev33 |
Not the retained assets case---Wood wants to cap prices to QFs. | dev33 |
Jeanne, could you try to get any information you can from PUC staff on how they intend to handle PG&E's advice letter re: "we've stopped selling power from out retained assets into the PX?" | dev33 |
(I'm assuming that the PUC would be sympathetic, since it should immediately lower the utility's bill for power?) Thanks very much, Jeff | dev33 |
The playboy mansion? | dev33 |
Greetings Mark: Any interest? | dev33 |
Best, Jeff | dev33 |
Yes, the utilities can pass through the gas costs. | dev33 |
They face an "incentive ratemaking mechanism" that includes a "market benchmarket" that they must meet or beat. | dev33 |
The benchmark's a composite of spot indeces. | dev33 |
So as long as they buy spot, they can meet the benchmark and pass everything through. | dev33 |
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