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Best, Jeff | dev33 |
you better be at home and not in the office. | dev33 |
you are very smooth. | dev33 |
to wit, "tim you could get some pointed questions....." | dev33 |
god bless you. | dev33 |
Best, Jeff | dev33 |
FYI. | dev33 |
Hi Katie: Thought IEP folks might be interested. | dev33 |
Best, Jeff Wednesday March 14, 12:22 pm Eastern Time US Senate rejects California utility bankruptcy measure By Patrick Connole WASHINGTON, March 14 (Reuters) - The U.S. Senate on Wednesday rejected a bid to force California utility companies to repay power generators for electricity they bought under a federal government sales order, even if utilities go bankrupt. | dev33 |
In a motion on the Senate floor, lawmakers killed an amendment to a broader bankruptcy reform bill that opponents said was a dangerous proposal that would have opened the door to involuntary bankruptcy filings by troubled California utilities. | dev33 |
The utilities in question are PG&E Corp.'s (NYSE:PCG - news) Pacific Gas & Electric and Edison International's (NYSE:EIX - news) Southern California Edison. | dev33 |
The amendment was sponsored by Oregon Democrat Sen. Ron Wyden, Montana Democrat Sen. Max Baucus and Oregon Republican Sen. Gordon Smith. | dev33 |
Proponents said the measure would have protected the customers of the federally-owned Bonneville Power Administration and other Northwest utilities from unfair rate increases due to the California energy crisis. | dev33 |
``I don't think it's fair for consumers in other Western states to get caught holding the bag if California utilities take our power and then run into bankruptcy court to avoid their debts,'' Wyden said. | dev33 |
``The Northwest has been more than a good neighbor to California during this crisis,'' he said. | dev33 |
Interestingly, the California Senate delegation was split on the matter. | dev33 |
Democrat Dianne Feinstein opposed the amendment, while fellow Democrat Barbara Boxer supported it. | dev33 |
Feinstein called the proposal a ``dangerous amendment'' that would create two classes of creditors and ``probably force an involuntary bankruptcy.'' The broader bankruptcy reform bill is expected to be approved by the Senate by the end of the week. | dev33 |
Separately, talks between California and its three investor owned utilities on a deal under which the state might buy their transmission assets continued this week with no deal in sight. | dev33 |
The state is negotiating with PG&E and Edison, along with Sempra Energy (NYSE:SRE - news) unit San Diego Gas and Electric. | dev33 |
The deals are aimed mainly at pumping money into PG&E and SoCal Edison to keep them out of bankruptcy after they recorded about $13 billion in red ink since last spring, paying sky-high prices for power in the wholesale market. | dev33 |
PG&E and SoCal Edison, under the terms of the state's disastrous experiment with market deregulation, have been able to pass on to their retail customers only a fraction of their power purchase costs. | dev33 |
thanks. | dev33 |
it's too complicated for such a simple mind. | dev33 |
i'm gonna take a pass. | dev33 |
how's things? | dev33 |
Jennifer: I'm on a call with Delainey that just got convened, which means that I might be delayed till 11:45. | dev33 |
Unfortunately, Harry's on vacation. | dev33 |
I'll call in just as soon as I get done with Delainey. | dev33 |
Also, I was on a call with Eric yesterday, during which I went over the S.D. | dev33 |
legislation, so he should be fairly up to speed. | dev33 |
I'll get on just as soon as I can. | dev33 |
Best, Jeff | dev33 |
if i try to think about one more thing, my head will explode. | dev33 |
cute. | dev33 |
FYI. | dev33 |
There is a great catalogue of the legislation currently pending attached as an appendix to the leg analyst report that I distributed yesterday. | dev33 |
Best, Jeff | dev33 |
Well done. | dev33 |
One other point: If the PUC rules on the 27th that the rate freeze is not going to end retroactively, that should put Ken Lay in a much stronger position to negotiate with Glynn on reaching a deal on payment. | dev33 |
Best, Jeff | dev33 |
Nokia Expects to Meet Earnings Forecast Despite Lowered Sales, Industry Outlook Dow Jones Newswires HELSINKI, Finland -- Despite market conditions that have cut into its sales growth, Nokia Corp. said Thursday that it expects to meet its earnings target for the first quarter of 2001, thanks to better-than-anticipated profit margins. | dev33 |
Nokia estimates it is likely to earn 19 European cents a share in the first quarter, in line with estimates it provided in January. | dev33 |
Nokia's shares received a boost from the statement, rising 2.60 euros, or 11%, to 27.15 euros in early-afternoon trading in Helsinki. | dev33 |
In midday trading in the U.S., shares of Nokia were up $3.20, or 15%, to $25 on the New York Stock Exchange. | dev33 |
The company said it expects year-on-year sales growth in its networks division during the first quarter to be 30% to 35%, and 15% to 20% in the mobile-handsets division. | dev33 |
Total sales growth is expected to be around 20%, the company said. | dev33 |
That is lower than the 25% to 30% sales growth the company forecast in January, when it released full-year results for 2000. | dev33 |
The company said it has had to confront "difficult market conditions," particularly in the U.S. "We feel confident about our strengths and our performance during the early months of the year," Nokia Chairman and Chief Executive Jorma Ollila said. | dev33 |
"Despite the more difficult market conditions, we have been able to show good progress. We expect to see solid growth for the first quarter as a whole, with better-than-anticipated margins." | dev33 |
As a result of the tougher conditions, Nokia said it now expects global handset sales for 2001 to be between 450 million and 500 million units. | dev33 |
It had previously forecast a range of 500 million to 550 million units, saying sales near the bottom end were more likely. | dev33 |
1Motorola Announces More Job Cuts In Wireless-Phone Handset Business (March 2Ericsson Issues Profit Warning Amid Sagging Economy, Sales (March 13) 3Ericsson to Outsource Handset Sector to Stem Losses in Consumer Goods (Jan. Just last year, manufacturers were expected to sell about 650 million cellphones world-wide in 2001, but the industry is slumping as many consumers delay buying or upgrading their phones. Nokia's statement comes three days after Swedish rival Telefon AB L.M. Ericsson warned that it expected a substantial loss in the first quarter because of slowdowns in both its handset and networks businesses. And Motorola Inc. of the U.S. said Tuesday that it will slash 7,000 jobs in its cellphone- and pager-manufacturing business, and will take a still-unspecified charge against first- and second-quarter earnings. Including the latest cuts, Motorola has set plans to eliminate 18,000 jobs since December, or 12% of its 147,000-member work force. Ericsson, meanwhile, has taken the unusual step of deciding to outsource its entire phone production to a third party -- a major retreat by a company once famous for manufacturing the most-sophisticated cellular phones in the world. Nokia said it has reacted to the changing market conditions by accelerating programs to improve efficiency and cut costs, but it didn't provide details. The company also said it has widened its market share in the handset market above the 32% it achieved in 2000. And it said its own stock levels, as well as the stock levels of Nokia phones already shipped to stores, are lower than at the end of 2000. "More challenging times like these test your mettle as a company," Mr. Ollila said. "We believe that truly great companies emerge from challenging times much stronger." The company said it would comment further on its performance on April 20, when it releases first-quarter results. URL for this Article: Hyperlinks in this Article: | dev33 |
you need to have a chat with ken. | dev33 |
David: Thanks so much. | dev33 |
I'd almost given up hope. | dev33 |
I will be distributing the proposal immediately and attempting to garner support industry-wide, across the nation. | dev33 |
Can't make any promises of support, but will be working hard to try to bring people together. | dev33 |
I'll be in touch soon. | dev33 |
Don't hesitate to contact me to discuss it further. | dev33 |
415.782.7822. | dev33 |
Best, Jeff | dev33 |
Thanks. | dev33 |
Lamentably, they don't have a plan. | dev33 |
In fact SoCalGas is saying, "No problems." | dev33 |
The only place wackier than CA is OR. | dev33 |
Janel Guerrero To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Paul cc: Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in Response to the Western Energy Crisis | dev33 |
Hey, Calger told me that Skilling said that the PGE/Sierra deals pretty much kapoot. | dev33 |
Does that mean that you're finally freed from that hairball? | dev33 |
FYI. | dev33 |
Also see proposals regarding gas. | dev33 |
Best, Jeff | dev33 |
do we really not know who is speaking on our behalf at the event in LA? | dev33 |
probably Dave Parquet........................(kidding! if we can't laugh, what do we have left, by god.) | dev33 |
Greetings: Recall that about 3 weeks we got a call from a CA PUC staffer asking whether we'd switched a particular gas customer (or two) back to the LDC. | dev33 |
We looked into it and discovered that we'd mistakenly switched the customer back due to a mix up about the fact that the customer had two active meters behind two different utilities. | dev33 |
We informed the PUC staffer of the mix-up and explained that the situation would be resolved. | dev33 |
The questions from the staffer arose because the CA PUC made a bad decision a couple of months ago. | dev33 |
When gas prices ran up at the California border a lot of large ("noncore") customers attempted to switch back to the utility tariff in the hope of lowering gas costs. | dev33 |
In response, SoCalGas filed with the Commission asking the PUC to prohibit customers from switching back. | dev33 |
The Commission agreed and put the prohibition in place. | dev33 |
The Commission is now concerned that if suppliers terminate their contracts with customers (for whatever reason), or choose not to renew the contracts when they expire, customers won't have the option of returning to LDC service. | dev33 |
Today, I received a letter from the President of the Commission asking me to respond to the following: Have you "stopped selling and delivering natural gas to any non-core customers with whom you have an existing procurement contract, or...notified any of your non-core customers that you do not intend to renew an existing natural gas commodity procurement contract. If your company has stopped or intends to stop serving non-core customers, the CPUC also needs to know how many contracts you have terminated or expect to terminate the natural gas volumes involved the location of the non-core customer(s) the reason(s) your company intends or has already acted to terminate those contracts." | dev33 |
There's a good chance that the letter from the President of the Commission is linked to the fact that we've recently switched our electricity customers back to utility service in California. | dev33 |
Prior to deciding whether and how to respond to the Commissioner, I'm trying to get handle on whether we're re-sourcing any gas retail customers to the utility prior to expiration, choosing not to renew contracts once they've expired, etc. Catherine, or Jim Foster, can you help out? | dev33 |
Thanks. | dev33 |
Best, Jeff | dev33 |
don't sell just yet. | dev33 |
FYI. | dev33 |
Bill Gang of EES Federal Solutions has been working actively with the Air Force in California. | dev33 |
I've participated in weekly calls with them in the effort to get them energized about DA. | dev33 |
Turns out they're precluded by law from lobbying. | dev33 |
But they seem to have other ways of being influential. | dev33 |
I've put Scott Govenar in contact with them and he's keeping them in the DA Coalition loop. | dev33 |
Bill/Scott is this guy familiar to you? | dev33 |
Bill any suggestions on how we might best target them in our efforts to get groups energized? | dev33 |
Bill: Perhaps you could phone Janel Guerrero directly to discuss? | dev33 |
Her number is: 713.853.9104 (is that right Janel)? | dev33 |
Best, Jeff | dev33 |
This is great info and very helpful. | dev33 |
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