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Thank you and see you next week.
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Best, Jeff
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FYI.
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Teece is the economist at Berkeley who acted as the ringleader for the "manifesto."
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I'm fine and agree that it's more about the reasoning than the right answer.
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I don't feel strongly about the recommendation, just wanted to throw out something for folks to shoot at and to highlight that A/R and inventory turnover is big problem.
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(Though without A/R and inventory turnover convenants, I don't know if I'd do the deal.) Thanks for doing the finishing touches.
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Best, Jeff
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Greetings: I'm in the group (and traveling on the East Coast, returning late tonite).
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I can do a conference all today if folks would like.
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Otherwise, I'll be working on it on the plane back tonite and will distribute when I get home or first thing in the AM.
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Best, Jeff
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Congratulations.
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Glad to hear all went well (save the emergency C-section).
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See you soon.
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Best, Jeff
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will do.
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YES!
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My proposed edits to Harry's excellent first cut.
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They're quick and dirty.
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My apologies.
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Best, Jeff
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looks like email address for you was wrong.
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got returned.
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PLEASE DO NOT DISTRIBUTE.
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I haven't read this yet, so I don't know if it's good bad or indifferent.
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McFadden is one of the Manifesto signers and a Nobel Laureate.
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If folks have comments, please forward them along and I will get them into the mix.
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Thanks a bunch.
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Best, Jeff
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Thanks very much, Jeanne.
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Yes, but there's a commitment to reverse it in another bill (AB 27X) thatDebra Bowen is carrying.
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There is a helluvalot of uproar about that languain the bill and just about everyone is united to fix it.
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Keep your fingerscrossed, and we'll keep you posted.
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Best, Jeff To: Jeff Dasovich/NA/Enron@Enron, Eric Letke/DUB/EES@EES, George cc: Subject: DA in PG&E and SCE?
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Is this statement correct?
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Another flea on this legislation is the suspension of new direct access customers during the time that DWR is procuring energy.?
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The bill states, "the right of retail end use customers ( to acquire service from other providers shall be suspended until the department no longer supplies powerhereunder."? Voila.? Not only do we get a rate increase, but our ability tochoose an alternative energy supplier is hereby waived.? I would think theaverage Californian would be outraged by that dictate.? Of course, most Californians didn't know that they had a choice.? Therefore, the legislatiomade a grand leap forward by lowering our opportunity set to be in line witexpectations. I wonder what the Legislature will do next week?
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On Friday, I attended a meeting with Ken Lay and Karen Denne that Mike Peevand David Freeman requested.
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Mike Peevey was President of Southern California Edison before founding NEV (which he eventually sold to AES).
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Freeman is General Manager of LADWP.
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The Governor hired Peevey to be his chief energy advisor.
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Freeman is theGovernor,s chief negotiator responsible for signing power contracts on bof DWR now that the Legislature has passed AB1X and the Governor has signedit.
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John Burton, the leader of the State Senate, is responsible for gettinthe Freeman the job of chief negotiator, but Peevey was clearly in charge.
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Also at the meeting was Vikram Budraja, former SVP of power systems and planning for Edison.
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He,s now a private consultant that Freeman hired thelp him with the contract negotiations.
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Peevey asked for the meeting to urge Enron to respond to DWR,s RFP issued on Friday.
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Peevey/Freeman want to announce a package of deals on Tuesday.
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Thimplied that they,ve already got some deals done and expect to have 8+ dto announce on Tuesday, though they gave no details other than to say thatthey,ve got a deal with Calpine (as reported in the press).
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Their plan is to announce on Tuesday the names of the suppliers they,ve signed with, the total number of megawatts signed, and the average price per MW.
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They are concernthat the media will want them to make public the details of each individualdeal, which for obvious reasons they don,t want to do.
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Peevey and Freeman also said that they don,t want to sign too many long-term contracts though they recognize that there,s a trade-off between term anprice.
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Ken Lay told them that Enron would respond.
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ENA is preparing a response.
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He also told them that EES was working on a plan to reduce demand at our customers, facilities and that the plan would be completed and ready forimplementation very soon.
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I,ve summarized the points that Ken Lay made and the responses from Peevand Freeman: It would be difficult to enter into contracts without some assurance that Dis creditworthy.
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Response from Peevey/Freeman: AB1X provides DWR the funds necessary*beginning on Friday, Feb 1st*topurchase the power necessary to fill the utilities, short position.
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Ken Lay pressed them on this point and Peevey insisted that AB1X provides the fundsneeded to pay suppliers.
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The RFP should give suppliers maximum flexibility in coming up with proposals.
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Response from Peevey/Freeman: Be as creative as possible.
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All offers will be considered (despite the language contained in the RFP).
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The only customers who have been protected from California,s failed restructuring law are customers who chose another provider under Direct Access.
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In addition, one of the quickest ways to help solve California,shortage is to work with customers to reduce demand and develop on-site generation.
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Taking away Direct Access and access to customers generally*as AB1X does*is therefore a dumb idea and must be reversed.
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Response from Peevey: He agreed but said that it was impossible to remove it from the bill.
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Heaffirmed what we already know*that the head of the Senate oversight commDebra Bowen*is working on a &clean-up8 bill to remove the prohibition.
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In response to Ken Lay,s points that California needed to make sure that utinterconnection and stand-by rates didn,t continue to impede on-site generation, Peevey and Freeman said that the Governor understood the probleand was prepared to fix it.
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Siting laws have got to be streamlined and California (i.e., the Governor)has got to credibly commit to the swift development of new power plants inorder to push the forward curve down.
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Response from Peevey/Freeman: The Governor is scheduled to offer a plan this week that is targeted at expediting siting and development.
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DWR should accept demand reduction bids at the same time that it accepts supply-side bids.
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Response from Peevey/Freeman: They agreed but said that there is extreme political pressure to announce the signing of some supply deals on Tuesday in order to prove to legislators that DWR will be able to keep the lights on, and at a &reasonable8 price.
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They also need to sign some deals in light of the fact that the feds are very unlikely to extend the DOE order forcing suppliers to sell to the IOUs.
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Onthey,ve shown that they can manage the supply side, Peevey and Freeman said they want to quickly turn their attention to demand-side bidding.
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These are the highlights.
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I,d be happy to give more details on the Mondmorning \call.
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Best, Jeff
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Jim: Got your message.
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Be happy to be on a call today to discuss California's gas structure.
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Just let me know when.
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Best to all, Jeff
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will do.
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sorry for the mix-up.
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Thursday, usual time?
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We haven't been to the PUC about re-sourcing our customers.
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Sue mentioned that this morning.
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Good idea to get over there.
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Mike's going to the PUC tomorrow to make the rounds.
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Is there legislation on DSM and expedited siting?
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I haven't seen anything we've provided on DSM or expedited siting-related legislation.
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Found 'em.
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Hi.
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Apologies.
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Things have just been nuts.
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I will get you that access code to EnronOnline just as soon as I can.
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Hopefully today.
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Hope all is well.
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Best, Jeff
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Best, Jeff
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Hey darlin'.
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Long time, no see.
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