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I'm giving a talk at Exnet on Monday about California.
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Attached is a draft of the slides.
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All comments welcome and appreciated.
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I'm continuing to work on it.
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Thanks very much.
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Best, Jeff
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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).
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They're having a press conference in about 10 minutes at Berkeley.
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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.
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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.
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(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.
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Jeff
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Apologies.
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I can't keep track of all the distribution lists.
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Please let me know if you think that this will be helpful in your neck of the woods.
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Rick relayed Summers comments re: Tyson.
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Best, Jeff P.S.
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I'm forwarding to David Lugar
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FYI.
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Please let me know if you receive.
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Dan: How's things?
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Happy New Year.
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Hope all's well with you and yours.
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Could you please copy us on the UI details?
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They will be very useful in what we're up to out here in electricity Disneyland.
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Thanks a bunch.
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Best, Jeff
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Oh, please do fax.
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415.782.7854.
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And we need some more details (in addition to what Jim did) if possible.
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thanks.
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i'll be there.
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Thank you SO much.
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Have a great weekend.
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FYI.
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One note: recall that with respect to market manipulation, one of the most common accusations focused on the problems caused by the PX manipulation the utilities engaged in thanks to their monopsony (demand-side bidding) market power.
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Jeff
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please send me my login and password so that i can get into the system.
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also, please be sure that my account includes E234 and E222.
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Thank you.
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I'm taking Dylan's and Mark's stuff, adding a bit, and putting it into memo format.
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As I recall in class, he doesn't expect or want us to turn in answers to questions, per se, just a 4-page (or so) memo.
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I have that right?
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I'll circulate the memo later today, or first thing tomorrow in the AM.
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Best, Jeff
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Thanks, Sandi.
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This tracks very well with my chat with Barbara.
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Barbara's charcterization of "irrelevant" arguably makes sense from a customer's perspective, but it's very relevant to us, though I didn't give Barbara the details of why it's so important for us---just explained that some of our customers, given their contracts with us, would get hurt.
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Seems that the important take away is that 1) they are actively negotiating the "end" of the rate freeze, 2) customers get hurt from a retroactive "end" and 3) one "freeze" will the replaced with another, that is, prices will continue to be capped going forward (despite the "end" of the rate freeze).
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Seems that the critical issue is whether the rate freeze "ends" next month, or next year, which is something that we're going to want to follow very closely.
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Do we have any information on where the negotiations between customers and the utilities ended up this weekend?
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Best, Jeff
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OK.
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Jimmie and I duplicated effort just a bit.
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Attached is the memo and the spreadsheet.
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Note that in the memo, we have a dispute about whether $750k is adequate.
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Therefore, I've left questions 4 and 5 attached to the memo for you folks to reconcile (if they take advantage of discounts and get A/R and inventory rates back in line with '93 rates, is $750 enough?).
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Also, I've included a common-size income statement in exhibit 1, a cash flow statement in exhibit 2, and I, too, completed exhibit 3.
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We may want to clean up some of the calculations in the spreadsheet, given that we'll likely need to turn them in as attachments.
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Hope this helps.
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I'd do more, but I'm off for the airport and New York--won't be in class tomorrow.
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Best, Jeff
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Thanks.
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Talk to you on the 8:30 call tomorrow.
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Best, Jeff
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i'll give you a call.
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i'm in new york today.
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best, To: Jeff Dasovich/NA/Enron@Enron cc: Subject: Re: Rate Surcharge Proceedings Move Forward Jeff - we'll have to make it a priority today to come to a conclusion on thscope of our testimony.
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Let me know your schedule.
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thanks.
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Sent by: Jeff Dasovich on Sandra McCubbin/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Susan J cc: Subject: Rate Surcharge Proceedings Move Forward
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Sorry.
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I figured Sandi would have included it.
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Why would I have figured that?
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Greetings Professor.
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Regrettably, I'm on travel in New York City today and can't make it to class this evening.
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I don't anticipate having to miss any other classes this semester.
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Regards, Jeff
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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.
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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.
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I'll be calling other customer groups and will report back on those conversations.
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Best, Jeff
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Thanks.
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No apologies necessary.
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I'm in NYC, but will try to call you tocatch up.
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When does the Dean get back from Davos?
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Have you heard any fallout from the "manifesto?"
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I'm conerned that Davis & Co. will be agitatby it.
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Thanks a million for all your efforts.
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Best, Jeff cc: Subject: Re: Final Version-Manifesto Dear Jeff: Sorry I didn't get back to you last week.
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I was sick on Thursday and Friday and only dealt with a couple of things.
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Unfortunately, not much to report.
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Letter sent to Governor's office.
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Not even a courtesy call in return.
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I spoke with Lynn Schenk on Thursday.
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She told me point blank that the Governor and his staff had already solved the energy crisis and that it was too late to convene a meeting such as LDT was suggesting.
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Please DO NOT pass on this informationto anyone else in the "Berkeley group."
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We'll probably try to reach Schenk again today.
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Marybeth On Wed, 24 Jan 2001 Jeff.Dasovich@enron.com wrote:
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Those arrangements have been made.
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