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arnold-j/all_documents/539.
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,
To "Outstanding" Analysts and Associates:
I am writing to inform of a possible opening on the natural gas derivatives
trading desk. It is an opportunity to work on one of the most profitable and
demanding groups within Enron, as well as one of the largest financial
commodity trading desks worldwide. I envision the role as performing
analysis initially, to grasp an understanding of gas fundamentals and become
more familiar with the trading environment, and leading to a junior trading
role. Upside potential is limitless for the right person.
Candidates for the role need to possess the following qualities:
1. Have been ranked as outstanding on previous yearend reviews.
2. Excellent math and quantitative skills. Candidates should have 700+ math
SAT and/or 700+ GMAT
3. Basic understanding of economics including pricing differences under
monopolistic and competitive market scenarios.
4. Ability to work under intense pressure.
If you are interested please email with interest and attach a resume. Do not
call.
John Arnold
Vice President of Gas Derivatives Trading
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arnold-j/all_documents/54.
|
Enron oganization and product/service charts ,
George,
Per Jennifer Medcalf's request, I am forwarding you the Enron organization
and product/service charts.
Colleen Koenig
Analyst
Global Strategic Sourcing
713.345.5326
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arnold-j/all_documents/547.
|
Re: dude ,
What's up dude...
Sorry I've been so delinquent in returning email.
Good gas companies...Devon, Newfield,
| 4,404 |
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arnold-j/all_documents/57.
|
Hewlett Packard/Enron Conference call regarding STORAGE SERVICES ,
Conference Call Participants:
A conference call regarding STORAGE SERVICES originally scheduled for
Thursday, December 7th from 10-11AM CST has been rescheduled to Friday, 12/8
from 11AM-12 noon, CST. Please note the conference call in and passcode
numbers below.
Ravi Thuraisingham, Director, Enron Broadband Services (EBS) will lead
discussions regarding EBS' storage initiatives and Chris Roberson, Hewlett
Packard Storage Solutions Architect, will lead HP storage solutions
discussions. Matt Harris, Vice President, EBS and Patrick Tucker, Manager,
EBS are leading the origination efforts between HP and Enron.
Conference Call Dial Up Number: 1-800-991-9019
Passcode #: 6835918 # (Note: the # sign must be input after the passcode)
Subsequent to the conference call, future meetings and strategy on Enron/HP
storage initiatives will be decided.
Please call if any questions or agenda changes
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing, Business Development
#(713)-345-6541.
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arnold-j/all_documents/58.
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Re: Continental/Enron meeting, ,
Mr. Nowlan:
When we spoke several days ago, I had mentioned the meeting between Jeff
Shankman and Larry Kellner, CFO, at Continental Airlines. The meeting had
been scheduled for December 11th, 2-3 PM in EB 3321. I will know tomorrow if
this date is confirmed. Following our phone conversation, I did follow up
with the persons you suggested -- Larry Gagliardi, Douglas Friedman and Mark
Tawney -- as I completed an overview of our initiatives with Continental.
The meeting on December 11th will enable Enron and Continental to continue
discussions on three initiatives listed in order of economic value: (1) fuel
management, (2) weather derivatives, and (3) plastics hedging -- VaR
analysis.
In order to verify attendees at this meeting, Jennifer Burns suggested that I
follow up with you. Please note the Continental attendees listed below. Did
you want to have the same origination team at the meeting or others? I look
forward to your response so I can coordinate with them and confirm their
attendance. Continental had requested that we keep the Enron attendance to 3
or 4 persons; they will do the same.
Meeting Attendees from Continental Airlines:
Ron Howard, Vice President, Food Services
Larry Kellner, Chief Financial Officer
Greg Hartford, Vice President, Fuel Management Company
Jeff Misner, Vice President and Treasurer (tentative)
We appreciate your suggestions.
Thank-you.
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
Business Development
#(713)-345-6541
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arnold-j/all_documents/580.
|
BNP PARIBAS Commodity Futures NG MarketWatch For 5/15/01 ,
(See attached file: g051501.pdf)
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arnold-j/all_documents/581.
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Enron Mentions ,
Dabhol lenders to vote today on PPA PPPPA termination
Business Standard, 05/16/01
Enron to suspend investments of 600 mln usd in Brazil energy sector
AFX News, 05/15/01
USA: Sempra unit to boost natgas delivery to California.
Reuters English News Service, 05/15/01
Enron Urges Reforms In Japan Electricity Market-Nikkei
Dow Jones International News, 05/15/01
Enron Agrees to Provide Market Data to NGX
PR Newswire, 05/15/01
UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
Dow Jones International News, 05/15/01
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
Bloomberg, 05/15/01
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
Bloomberg, 05/15/01
Dabhol lenders to vote today on PPA PPPPA termination
Our Banking Bureau Mumbai
05/16/2001
Business Standard
1
Copyright (c) Business Standard
The 25-odd lenders to the Dabhol power project will vote today on whether the
Enron-promoted Dabhol Power Company (DPC) should be allowed to to serve a
preliminary PPA termination notice to the Maharashtra State Electricity Board
(MSEB). The voting will take place through conference calls criss-crossing
the globe at 6.30 pm, Indian Standard Time. Even though the three Indian
lenders_ the Industrial Development Bank of India (IDBI), the State Bank of
India (SBI) and ICICI_ have decided to vote against the proposition, they
will not be able to block the move.
Technically, the proposal can be passed if four per cent of lenders are in
favour of the termination notice. In effect, it will be passed if one of the
25 lenders casts its vote in favour of it. So, it's almost a foregone
conclusion that DPC will be asked to issue its termination notice.
Multilateral agency J-Exim, which has provided guarantees, will not
participate in the exercise. Barring J-Exim, other financial intermediaries
including global arrangers ABN Amro, Citi, ANZIB, CSFB and other banks and
OPIC will cast their votes tomorrow. "In the first round, Indian lenders put
their foot down and refused to give clearance to the termination notice.
Thistime around they will not be able to block the move any more. The Indian
lenders alone cannot save the controversial $3 billion as some of the foreign
lenders are in favour of issuing the termination notice," said a source. The
Indian lenders are in favour of completing the project without any time and
cost over-run. They have disbursed about 80 per cent of their Rs 1,500 crore
worth of loan commitments to phase II of the project, 93 per cent of which is
complete. The trial run is expected to commence in June. The board of the
Dabhol Power Company has already authorised Enron India managing director, K
Wade Cline, to serve a termination notice as and when he deems fit. At a
meeting of the lenders last month in London, the foreign lenders were keen
that the termination notice be served in the face of defaults by the
Maharashtra State Electricity Board (MSEB) and the Union government's refusal
to honour the counter-guarantee of Rs 102 crore for the December bill. The
domestic lenders are not covered by the counter-guarantee if the contract is
terminated. The foreign lenders are covered by the counter-guarantee.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron to suspend investments of 600 mln usd in Brazil energy sector
05/15/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Enron Corp will suspend investments of 600 mln usd in the
Brazilian energy sector, news agency JB Online quoted Enron vice-president
and Eletricidade e Servicos SA Elektro chairman Orlando Gonzales as saying.
Of the total investment, 500 mln usd was to be assigned to the expansion of
the thermoelectric plant Cuiaba II in the state of Mato Grosso, and in the
construction of Rogen in the state of Rio de Janeiro, with the remainder to
be invested in unit Elektro, it said.
"There are no clear regulations for the sector. Regulatory issues are holding
back investments," JB Online quoted Gonzales as saying.
Gonzales said the decision to suspend the investments may be reconsidered if
the energy sector regulator Aneel establishes clearer regulations.
mg/as
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Sempra unit to boost natgas delivery to California.
05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.
SAN FRANCISCO, May 15 (Reuters) - Southern California Gas Co. (SCG) said in a
statement on Tuesday it will add around 200 million cubic feet a day, or
about six percent, to its pipeline system by the end of the year in order to
meet the surge in demand for gas-fired power generation.
Today's announcement comes two months after SCG, a unit of Sempra Energy ,
proposed to increase capacity on its system by 175 mmcfd, or five percent.
Both projects will add around 11 percent of new gas capacity to its
transmission system this year, the company said in a statement.
In its latest proposal, called the Kramer Junction Interconnect, SCG said it
would build a 32-mile pipeline link to the Kern-Mojave pipeline system that
will allow it to deliver around 200 mmcfd into its system.
The new capacity would be enough to drive three 500-megawatt power plants or
enough gas to serve 1.4 million residential customers a day, the statement
said.
SCG, the nation's largest gas utility with more 18 million consumers in
central and Southern California, said utilization of its intrastate
transmission system in the past nine months had jumped from 75 percent to
over 95 percent, due largely to the rise in gas-fired power generation.
The company's announcement is the latest in several proposals to expand gas
pipeline capacity to California, where demand for gas is expected to jump
because of the number of gas-fired power plants being built or scheduled for
construction.
Gas is already used to generate about a third of California's electricity.
And since April 1999, the state has approved 13 major gas-fired power plant
projects with a combined generation capacity of more than 8,900 megawatts.
Nine gas-fired power plants, with a total generation capacity of more than
6,000 megawatts, are under construction.
Over the past two months plans to build or expand gas lines serving
California have been announced by Enron unit Transwestern, Williams Cos' Kern
River Transmission, El Paso Corp. units El Paso Natural Gas Co. and Mohave
Pipeline Co., Pacific Gas & Electric Corp. unit National Energy Group,
Questar Corp. , Calpine Corp. , and Kinder Morgan .
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Urges Reforms In Japan Electricity Market-Nikkei
05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
TOKYO (Nikkei)--Asserting that cuts in electricity prices will help Japanese
companies save as much as Y4 trillion, major U.S. energy firm Enron Corp.
(ENE) on Tuesday urged Japanese power firms to revamp the electricity market
by separating operations such as power generation, transmission and
distribution, The Nihon Keizai Shimbun reported.
Enron's 10-point proposal also calls for the construction of more power
plants and full-scale deregulation of retail electricity, including sales to
households. If such measures are carried out and electricity prices fall to
match the levels of other industrialized nations, Japan's industrial sector
could trim its costs by Y4 trillion, Enron said.
At a seminar on power industry deregulation hosted by Enron, the company
asserted that Japan's deregulation in such areas as wholesale electricity
auctions in 1996 and bulk retail sales last year has not brought significant
benefits to end-users.
New suppliers entering the market only account for a combined 0.4% of the
entire electricity sector, Enron said, criticizing the fact that power plant
facilities are mainly concentrated among electric power companies.
Regarding prices, an official representing operators of power generation
facilities asserted that "industrial-use electricity prices in Japan are
stuck at a high level at around Y13 per kilowatt, compared with Y5 in the
U.S., Y3 in Canada, Y9 in Germany and Y4-Y8 in Southeast Asia."
In fact, department store operator Takashimaya Co. (8233 or J.TKA), which
last November switched to new market entrants for part of its electricity
supply, was able to cut costs by Y450 million in the first year, said a
company official.
Enron hopes to generate competition by urging Japanese electric utilities to
spin off different operations, analysts say. If the number of power
generation facility operators increases, this will help bolster Japan's
electricity trading market, an area in which Enron has a strong business
interest.
Splitting electricity operations into generation, transmission and
distribution is expected to open the electric utility network to new
entrants. This will boost transparency in the fees that electric power
companies charge for transmitting power on behalf of the operators of power
generation facilities, Enron says.
Citing the power shortage in California, however, Japan's electricity sector
has strongly opposed such spin-offs, stating that generation and distribution
must be part of a single continuum to ensure a stable supply.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Agrees to Provide Market Data to NGX
05/15/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
CALGARY, May 15 /PRNewswire/ - NGX Canada Inc. (NGX), a wholly owned
subsidiary of OM AB (OM), today announced that an arrangement has been made
with Enron Canada Corp., a wholly owned subsidiary of Enron Corp. (Enron),
whereby trading data from certain contracts listed on Enron's online trading
system, EnronOnline will be included in the computation of three Alberta Gas
Price Indices.
NGX acquired the AECO "C" & NIT Daily Spot, One-Month Spot, and Bid-Week Spot
gas price indices (Alberta Gas Price Indices) from Canadian Enerdata Ltd.
last September. Subsequent to the acquisition of the Alberta Gas Price
Indices, NGX has provided real-time information to its customers on the
establishment of the weighted average price indices based on transactions
conducted through NGX's trading system. Canadian Enerdata Limited continues
to publish the Alberta Gas Price Indices in the Canadian Gas Price Reporter.
Peter Krenkel, President of NGX, stated, "We believe that inclusion of data
from EnronOnline will serve to make our price indices among the best in North
America. The industry has been very supportive of the visibility and
integrity we are able to bring to the Alberta Gas Price Indices, which
removes the guesswork around gas price index methodology. However, after
reviewing the matter with Enron and other industry participants, we
recognized that Enron had legitimate concerns and the industry felt that
"more is better". The inclusion of data from the highly liquid EnronOnline
system should improve the quality of our price indices even further."
Rob Milnthorp, President and CEO of Enron Canada commented, "We are very
pleased to have EnronOnline transactions included in the Alberta Gas Price
Indices. This will provide industry participants with a more comprehensive
source of data and a better opportunity to manage risk around these price
indices as they are now assured that all their transactions on EnronOnline
will be included in the computation of the Alberta Price Indices."
The inclusion of EnronOnline data satisfies the principal claims made by
Enron in their legal action against NGX, Canadian Enerdata Ltd., OM and
Richard Zarzeczny and Enron has agreed to discontinue the legal action
against those parties with the conclusion of this arrangement.
NGX and Enron are planning to implement the necessary system changes by
August 1, 2001 but in any event will provide at least thirty days notice to
the industry. Once in operation, data from transactions in the relevant
contracts listed on EnronOnline will be fed to NGX in real-time. The
methodology for computing the Alberta Gas Price Indices will continue to be
on a weighted-average basis.
NGX will engage independent auditors to insure full compliance with the Index
Methodology Guide. This guide is available on NGX's website at www.ngx.com.
NGX located in Calgary, Canada provides electronic trading and clearing
services to natural gas buyers and sellers at seven markets in Canada. Over
the past six years, NGX has grown to serve over 120 customers with trading
activity averaging 225,000 TJ's per month. NGX is owned 100% by OM
(www.om.com).
OM is a leader in providing products and services in the field of transaction
technology. The company, with assets exceeding CDN $700 million, operates
exchanges in Calgary, London and Stockholm and develops technology that
increases the efficiency of financial and energy markets throughout the
world. OM is listed on Stockholmsborsen (ticker symbol "OM").
Enron Corp. is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of U.S. $101 billion in
2000, markets electricity and natural gas, delivers physical commodities and
financial risk management services to customers around the world, and has
developed an intelligent network platform to facilitate online business.
Fortune magazine has named Enron "America's Most Innovative Company" for six
consecutive years. Enron's Internet address is www.enron.com. The stock is
traded under the ticker symbol "ENE".
Canadian Enerdata Ltd. (www.enerdata.com) located in Markham Ontario has been
providing information services to the North American energy industry for over
17 years. Enerdata publishes the Canadian Gas Price Reporter, PriceLine
Daily, Natural Gas Market Report and Canadian Energy Trends. Enerdata also
sponsors GasFair & Power, Canada's largest natural gas and electricity market
conference and trade show, now in its 11th year. SOURCE NGX Canada Inc.
/CONTACT: Enron Corp. - Mr. Eric Thode, Director of Public Relations,
713-853-9053; NGX Canada Inc.- Mr. Peter Krenkel, President, 403-974-1705; OM
- Ms. Anna Eriksson - Vice President Corporate Communications, +46 (8) 405 66
12; Canadian Enerdata Ltd. - Mr. Richard Zarzeczny, President, 905-479-9697/
11:17 EDT
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
DUBAI -(Dow Jones)- If U.S.-based Enron Corp. (ENE) pulls out of the $3.5
billion Dolphin gas project, in which the company holds a 24.5% stake, the
U.A.E. Offsets Group, or UOG, will consider other companies to replace it, a
United Arab Emirates industry source close to the project said Tuesday.
Industry sources Monday said Enron is considering withdrawing from the
project because it doesn't believe it will be profitable.
Dolphin, an agreement signed two years ago by UOG and Qatar Petroleum, plans
to bring 2 billion cubic feet a day of natural gas from Qatar's offshore
North Field to Abu Dhabi and onward to Dubai.
Enron and TotalFinaElf (TOT) each hold a 24.5% stake in the project, while
UOG owns the remaining 51%.
Enron is set to focus on the midstream part of the project - gas
transportation - which requires building a 350-kilometer pipeline from a
processing plant in Ras Laffan, Qatar, to the Taweelah terminal in Abu Dhabi
and the Jebel Ali terminal in Dubai.
The U.A.E. source said originally, it was thought that the U.A.E. government
would fund the pipeline, which is estimated to cost around $1 billion.
However, more recently, the source said the U.A.E. suggested that Enron put
up the money itself.
Other industry sources said Enron and TotalFinaElf also had to pay
significant fees to join the project. TotalFinaElf will
operate the upstream part of the project, which includes developing
natural gas reserves in two blocks of the North Field. First wells are
scheduled to be drilled in the second half of 2001 and come onstream in
2005.
Last week, the Middle East Economic Survey reported that the foreign partners
haven't yet agreed on the precise details of their working relationship or on
the price of the pipeline.
Qatar Petroleum and Dolphin Energy Ltd., a subsidiary of UOG, signed an
initial agreement in March for the upstream section of the project. A full
agreement is expected to be concluded in September, the source said.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 331 4260;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
2001-05-15 16:35 (New York)
Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
(Updates with closing share prices.)
Washington, May 15 (Bloomberg) -- Enron Corp. should sell
Portland General Electric Co. to Oregon so state consumers can be
insulated from soaring electricity prices, a congressman said.
``Purchasing PGE would give Oregon ratepayers more control by
keeping its assets in Oregon, accountable solely to Oregonians,''
U.S. Representative Peter DeFazio, a Democrat from Springfield,
Oregon, said in a letter to Governor John Kitzhaber.
The governor is considering DeFazio's proposal, said
Kitzhaber spokesman Kevin Smith.
Last month, Houston-based Enron, the biggest energy trader,
agreed to cancel the $3.1 billion sale of Portland General, a
utility with more than 700,000 Oregon customers, to Sierra Pacific
Resources of Reno, Nevada.
Enron and Sierra Pacific blamed laws spawned by high power
prices and electricity shortages in the West for the sale's
collapse.
``We are pleased to keep Portland General in our asset
portfolio because it's a solid earnings performer,'' Enron
spokeswoman Karen Denne said. ``If approached by a buyer who
recognizes its value, we'd consider selling it.'' She declined to
comment on a potential bid by Oregon.
The state should act swiftly, DeFazio said, citing press
reports that the U.K.'s Scottish Power Plc, owner of PacifiCorp,
the largest utility in the U.S Northwest, may bid for Portland
General.
Scottish Power, based in Glasgow, Scotland, would have more
than 70 percent of Oregon electricity customers if it added
Portland General, raising ``serious regulatory concerns about
market power,'' he said.
Bond Issue
Oregon could issue bonds to purchase Portland General, using
the utility's profits to pay the debt, DeFazio said. The state
might run it as a public utility or a cooperative, he said.
Enron and Sierra Pacific called off the Portland General sale
because of laws passed by Nevada and California legislators that
slow the deregulation of their wholesale power markets.
California and Nevada have blocked sales of power plants by
utilities. Sierra Pacific had to sell a stake in a Nevada power
plant that sells power to California to win regulatory approval of
the Portland General purchase.
Average power prices on the California-Oregon border this
year have soared ninefold to $296.34 a megawatt hour over the year-
earlier period. A megawatt hour can light 750 average California
homes for an hour.
Shares of Enron fell $1.76 to $$56.99. They've fallen 31
percent this year.
Sierra Pacific rose 9 cents to $16.09. Scottish Power rose 9
pence to 492 ($7) in London.
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
2001-05-15 16:26 (New York)
Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
(Adds closing share price.)
Houston, May 15 (Bloomberg) -- Enron Corp., the world's
biggest energy trader, agreed to provide natural-gas pricing
information to NGX Canada Inc. and drop a C$100 million
($64.7 million) suit against the Canadian gas exchange.
Enron sued NGX in November after the Internet exchange, a
unit of the company that owns the Stockholm Stock Exchange,
changed providers of its gas-pricing data and didn't include
trades on EnronOnline, Enron's Internet exchange, when calculating
gas-price indexes.
Calgary-based NGX agreed to include EnronOnline trades in
calculating its Alberta Gas Price Indices by August, Enron
spokesman Eric Thode said.
NGX, owned by Stockholm's OM Gruppen AB, is used by about 90
percent of Canadian gas traders, and many traders use EnronOnline
to sell gas from western Canada, the biggest supplier of the
cleaner-burning fuel to the U.S.
Houston-based Enron fell $1.76 to $56.99.
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arnold-j/all_documents/582.
|
FW: COB 05.15.01 PNL Estimate ,
-----Original Message-----
From: Hayden, Frank
Sent: Tuesday, May 15, 2001 4:35 PM
To: Lavorato, John; Kitchen, Louise
Cc: Port, David; Gorny, Vladimir
Subject: COB 05.15.01 PNL Estimate
The gas desk lost $13MM. West desk made $56MM, financial desk lost $45MM.
East Power lost 10MM
West power lost approx 5MM
Frank
| 4,443 |
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arnold-j/all_documents/583.
|
RE: Meeting - UPDATE ,
Tomorrow's meeting will be held in EB2711 (Andy's office).
Lydia Cannon
Assistant to Andy Zipper
713-853-9975
713-408-6267 cell
[email protected]
-----Original Message-----
From: Cannon, Lydia
Sent: Friday, May 11, 2001 1:20 PM
To: Arnold, John; Webb, Jay; Puthigai, Savita
Cc: Zipper, Andy; Weatherstone, Mary; Rangel, Ina
Subject: Meeting
Andy Zipper would like for you to attend a meeting regarding: " Linking
Auto-Hedge" on Wednesday, May 16, 2001 at 4:00 pm., location to be
determine. Contact me if you are unable to attend or have any questions.
Thanks
Lydia Cannon
Assistant to Andy Zipper
713-853-9975
713-408-6267 cell
[email protected]
| 4,444 |
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arnold-j/all_documents/584.
|
Re: Guggenheim/Enron Attendee list for May 17 ,
Margy...I'm also planning to attend, along with 6 people from NYU Stern
School of business, 4 people from Columbia, and I may bring a guest.
Thanks!
--Christie.
| 4,445 |
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arnold-j/all_documents/585.
|
St. Croix refinery ,
Jennifer asked me to explain about the effect of the refinery fire.
The St. Croix refinery has their reformer offline. The reformer is used to
convert straight-run naphtha into a high octane blending component called
reformate as well as some butane and lighter gases. The effect would not
really be a reduction in gasoline, but a reduction in a high quality blending
component which would make it harder to make RFG.
As of this writing, the fire is out. If you have any further questions, feel
free to contact me.
Jim
36970
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arnold-j/all_documents/586.
|
The WTI Bullet swap contracts ,
Hi,
Following the e-mail you have received yesterday concerning
the new WTI bullet swap contracts, we would like to summarize what we have
done on the ICE system yesterday evening:
-Deleted WTI monthly time spreads
-Deleted WTI/Brent monthly diff spreads (spread with
legging)
-Deleted 1% NYH Harbor Fuel Oil Crack monthly (spread with
legging)
-Added WTI/Brent monthly diff spreads (spread with NO
legging)
-Added 1% NYH Harbor Fuel Oil Crack monthly (spread with NO
legging)
Unfortunately the WTI/Brent and the 1% NYH Fuel Oil Crack contracts
(with the legging functionality) have been removed from your portfolios. You
will need to add the first four nearby months' contracts to your
portfolios by going to Admin / Manage Portfolios / Edit your portfolio....
Please do not hesitate to contact us is you have any question:
Helpdesk on +1 770 738 2101 (US)
Stephanie Trabia: +44 207 484 5546 (UK)
Regards,
Stephanie Trabia
Marketing Manager
IntercontinentalExchange
Tel +44 207 484 5546
Fax +44 207 484 5100
Mob +44 77 33 261 268
[email protected]
| 4,447 |
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arnold-j/all_documents/587.
|
,
Thanks for making me work out yesterday AND making me do sit ups! And for
helping me clean up the other day - very nice!! Anyway, I was going to go
tonight to prepare for my trip to Mexico BUT, when I called, they said I
should wait until I get back. So, I am thinking that Tuesday, may 29th is
the day!
| 4,448 |
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arnold-j/all_documents/588.
|
Guggenheim/Enron Attendee list for May 17 ,
Hello all,
Several of you have inquired who would be attending the May 17 Guggenheim
event on our behalf, whether Enron employees or guests. While this list is
always in motion, this should give you a good idea.
I'm glad that each of you will be attending and hope that both you and your
guests enjoy. Please call me on my cell phone at 713-515-9208 if you need
anything. Otherwise, I will see you on the 17th at the Guggenheim.
Take care, Margaret Allen
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Guggenheim Event ,
John/Mike- Hi.. this is the list of people attending on thursday night.. the
event starts at 9 pm so we are likely to take our guests to dinner before
(around 6:30-7)- will send details today.
Friday- so far, we have you seeing:
SAC Cap- coming to office after close Friday
Catequil- we will pop over Friday
Global Advisors- Danny Masters stopping by
1) Per and Jean Sekse (Enron)
2) Russ Dyk and Caroline Abramo (Enron)
3) Jason Mraz and guest (Tudor Investments)
4) Andrew Suckling and guest (Tudor Investments)
5) Danny Masters and guest (Global Advisors UK)
6) Steve Schmitz and guest (SAC Capital)
7) Brian Copp and guest (SAC Capital)
8) Andreas Hommert and guest (Catequil Asset Management)
9) Rob Ellis and guest (Catequil Asset Management)
10) Jason Hotra and guest (Harvard Management Company, Inc.)
In addition, I'd like to get tickets for the additional parties below:
1) Jennifer Fraser and guest (Enron)
2) Robyn and George Zivic (Enron)
3) Paul Touradji and guest (Catequil Asset Management)
4) William Callanan and guest (Duquesne Capital Management) - please advise
on whether I can have this many tickets
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Re: Confidentiality Agreement ,
Ken -
If we can change the term of confidentiality to 3 years (we proposed 1, you
proposed 5) then we are ready to accept all the changes, execute and move on
to the next steps.
Trey
"Cooper, Kenneth" <[email protected]> on 12/06/2000 03:37:42 PM
To: "'Trey Comiskey'" <[email protected]>
cc: "O'Brien, Sean" <Sean.O'[email protected]>
Subject: Confidentiality Agreement
Attached please find two files: one a redlined copy of the agreement and
the other a clean copy. Please let me know your comments. MaryAlice
Budakian, Esq. handled this for me. Her telephone number is (201)930-7520.
<<Enron Confidentiality (redline).doc>> <<Enron Confidentiality (clean
copy).doc>>
- Enron Confidentiality (redline).doc
- Enron Confidentiality (clean copy).doc
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Vandy Team - Get Together ,
Reminder - Reminder - Reminder
Remember that the Vanderbilt team get together is taking place this Thursday
from 5:30pm to 7:00pm at the Front Porch Pub on Gray.
I hope to see you there.
-----------------------------------------------
For reference, your link to this Invite is:
http://evite.citysearch.com/r?iid=EWFPZQLYXVCWYUZGPPNX
To see this invite -- and all of your invites -- click to your personal 'My
Evite' page.
http://evite.citysearch.com/tour?file=homepage/startPage/unreg.html&li=egi5
48484848
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option candlesticks 5/15 ,
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 available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks42.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| 4,453 |
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Enron Mentions ,
Hawk vote for California firm unanimous
Houston Chronicle, 05/15/01
INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001
JAPAN: Enron says high power rates costing Japan.
Reuters English News Service, 05/15/01
Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus
Dow Jones Energy Service, 05/15/01
SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
Reuters English News Service, 05/15/01
Saudi Won't Announce Winners Of Gas Projs Tue - Report
Dow Jones Energy Service, 05/15/01
MSEB refutes allegations by Enron, DPC
The Economic Times, 05/15/01
Saudi Supreme Petrol Council meeting to decide on huge gas project bids
Business Recorder, 05/15/01
May 15, 2001
Houston Chronicle
Hawk vote for California firm unanimous
Montgomery Watson pegged for water plant
By MARY FLOOD
Copyright 2001 Houston Chronicle
The Houston Area Water Corp. voted unanimously Monday to grant a $92 million
contract to a California-based firm to design, build and operate a Lake
Houston water plant.
City Council soon will receive the contract for its approval. The
administration of Mayor Lee Brown was believed to have favored Montgomery
Watson's chief competitor, Azurix Corp., an arm of local energy giant Enron
Corp.
The water corporation, known as "the Hawk," voted 5-0 to grant the contract.
If approved by City Council, the contract would give the company 2 1/2 years
to get the plant up and treating raw lake water.
It was initially expected that the plant, which will be designed to handle 40
million gallons of water daily, could cost as much as $150 million to build.
The Hawk board asked the vying companies to modify their bids several times,
and that caused the competitors to lower their prices.
The contract calls for the Hawk to pay a monthly operating fee of $157,000
when the plant is working. And Montgomery Watson could be required to
construct, at the Hawk's option, an additional 40 million-gallon-a-day plant
expansion for $32 million.
But the details of how the plant will be financed have not been determined.
The Hawk board discussed borrowing money using the city's credit rating on a
short-term basis until it could develop long-term financing by selling bonds
itself.
The initial customer for the water is the city of Houston, which would repay
the Hawk the cost of producing the treated water. The hope is that the plant
eventually will provide water to other entities in the area as well. This
plant is part of an area plan for the treatment of surface water that could
cost about $2 billion to implement.
City Councilman Carroll Robinson, who heads the council infrastructure
committee, said he expects to hold two hearings about the contract. One would
focus on how the Hawk board picked Montgomery Watson. A series of three
recommendations from City Hall staff recommended Azurix.
Hawk board members said Montgomery Watson's prices were lower by millions and
that Azurix plans to sell Azurix North America, the body that would oversee
this contract.
The second City Council hearing will focus on financing, Robinson said. "In
my mind, how the city will pay for this construction is as important as who
will do it," Robinson said.
The Hawk board, appointed by Brown and approved by City Council, has been
heavily lobbied by the contenders for the job.
Because City Council does not have to follow the Hawk recommendation, new
pressure has begun at City Hall. The third bidder, U.S. Filter Operating
Services, part of a French company, has been heavily lobbying some council
members to switch the contract to it.
Some members of the Azurix team -- people at companies that would have gotten
work had Azurix gotten the job -- have written letters complaining about the
Hawk procedures as well.
John M. Stokes, president and chief executive officer of Azurix, penned the
first such distressed missive. In April, he wrote to Hawk board Chairman
David Berg complaining of the "deleterious economic effect" on Azurix of the
board's decision to negotiate with Montgomery Watson. He requested that Berg
answer a series of questions in writing explaining why Azurix didn't get the
job. Berg didn't do so.
Although that letter had a threatening tone, Amanda Martin, president of
Azurix North America, said no threat was intended and the letter simply
indicated how upset the team was when it first learned Azurix wasn't chosen.
Azurix was the rumored front-runner for months.
INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001
By ROBIN ALLEN
There are growing fears that Enron, the US power company, may withdraw or
sharply reduce its stake in the Gulf's Dollars 10bn Dolphin gas export
scheme, one of the most ambitious of its kind in the region.
Enron officials have refused to comment on reports that the company is
reconsidering its position as a minority shareholder in Dolphin Energy, in
which France's TotalFinaElf (TFE) also has 24.5 per cent.
However, one industry specialist said yesterday Enron was talking of
"selling" at least part of its shareholding.
The threat raises critical issues for western companies seeking to profit
from accessing state-owned oil and gas in the Gulf.
The project was launched two years ago by Abu Dhabi, the wealthiest of the
United Arab Emirates, to promote energy security for the Gulf. But Abu
Dhabiis seen as a prime example of a state where prestige and opaque domestic
political considerations can be as important as profitability in such a
large-scale project, especially in the early stages.
Dolphin's majority owner is UAE's Offsets Group (UOG), an offshoot of Abu
Dhabi's defence procurement industry. In March, Dolphin, a relative newcomer
on Abu Dhabi's energy scene, signed a Dollars 3.5bn agreement with Qatar to
exploit and pipe up to 2bn cubic feet a day of gas from Qatar's prolific
North Field to Abu Dhabi.
Qatari gas is the source of Abu Dhabi's long-term energy strategy, and Enron
's role was to develop, at a profit, the downstream section, primarily to
construct and lay the 350km pipeline from Qatar to Abu Dhabi.
Enron is not a specialist in energy production or pipeline fabrication, but
one of its main aims, according to one analyst, was to gain access to the gas
accruing to it from the Qatar deal and then trade it on. Sheikh Zayed Bin
Sultan al-Nahyan, Abu Dhabi's ruler, disapproves of commodity trading.
"If the Qatar-UAE gas deal was going to be profitable" for western energy
majors, asked one senior western diplomat, "then why are the serious US
energy majors not involved?" For more reports see www.ft.com/globaleconomy
Copyright: The Financial Times Limited
JAPAN: Enron says high power rates costing Japan.
05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.
TOKYO, May 15 (Reuters) - A senior executive of U.S. energy giant Enron Corp
said on Tuesday that Japan could save an estimated four trillion yen ($32.45
billion) in annual costs if electricity rates were cut to the average of
members of the Organisation for Economic Cooperation and Development (OECD).
"If you were to pare Japanese industrial electric rates to the OECD
average...savings to all...customers would be about four trillion yen per
year," Enron Corp Vice President Steven Kean told a seminar in Tokyo.
Speaking at a seminar on electric power deregulation, Kean said that
indigenous factors such as steep land prices and a lack of natural energy
resources were often blamed for Japan's high electricity rates.
But he said these factors were not sufficient to explain Japan's high
electricity rates.
A report commissioned by Enron Japan Corp showed that in 1998 Japan's
electricity rates for industrial users were 16.81 yen per kilowatt hour (kWh)
compared to a second highest rate of 12.44 yen in Italy.
Japan's business sector has expressed concern at the nation's high
electricity rates, saying that it blunts their competitive edge on the
international market.
Kean also drew parallels between Japan, in the midst of deregulation, and
California which has been suffering from a power shortage since deregulating
its market in 1998.
These included the length of time that authorities in Japan took to issue
permits to allow the construction of new power plants, he said.
"The regulatory structure in Japan is very strict...just like in California,"
Kean said.
North America's biggest buyer and seller of electricity, Enron gained its
first foothold in Japan in 1999 when it established affiliate E Power Corp.
In April of last year, it set up subsidiary Enron Japan Corp.
Kean urged Japan to step up measures to open up its power market, a process
he said held many benefits.
Japan is in the process of deregulating its power market. Since March last
year, large-lot consumers have been free to chose their suppliers. The
measure liberalised an estimated 30 percent of the power market and ended
Japan's 10 power utilities regional monopoly.
However, industry watchers note that there have been very few new entrants
and that further deregulation measures must be taken for rates to fall. The
Japanese government is due to review the process in 2003.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus
05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
TOKYO -(Dow Jones)- Japan should accelerate the ongoing electric power sector
deregulation to fully liberalize the retail market, in order to bring down
the country's high power rates while ensuring stable power supply, experts
said at an industry seminar Tuesday.
The pressure is mounting for Japan's 10 power utilities, which have long
enjoyed regional monopolies until a year ago, to become cost- effective and
performance-conscious after the government partially liberalized the retail
power market in March 2000.
However, the current scheme has so far failed to lure a large number of
potential entrants because of the high transmission fees they must pay to
conventional power companies.
"What happened in overseas (power industries) suggest that the liberalization
in Japan wouldn't only lower power rates but would also contribute to stable
power supply significantly," said Tatsuo Hatta, professor of economics at the
University of Tokyo.
Compared with the U.S., Japanese electricity charges are typically twice as
much for households and three times higher for industrial users.
"There is a large discrepancy (in rates), and that is why we should hurriedly
implement the liberalization," Hatta said.
He said Japan's steep seasonal peak-load curve - one of the reasons the power
companies cite as the cause of high power rates in Japan - can be altered
once the prices are liberalized. "If power rates are set higher during those
peak hours following the liberalization, users would refrain from using
electricity."
Steven Kean, executive vice president of the U.S. energy major, Enron Corp.
(ENE), told the same seminar that Japan's power costs remain on the upward
trend despite cost reductions in Europe and the U.S.
He said Japan could achieve a cost-saving of Y4 trillion a year if its power
prices fall to levels in Organization for Economic Cooperation and
Development countries following the liberalization.
Hatta and Kean were speaking at the seminar called "Reassessing Power
Deregulation," which was co-sponsored by the Houston-based Enron.
Hatta of the University of Tokyo said "it's very wise" that Japan has begun
the deregulation with the "bilateral supply, or trade" system under which
suppliers and users clinch deals directly.
Under the current reforms, the sector for high-volume, large-lot industrial
and commercial users - which represents only 30% of the Y15 trillion market -
is opened to free competition. The government is to review the partial
deregulation by 2003 for further deregulation.
Japan should then introduce spot electricity trading such as futures and
derivatives to alleviate risks of complicated price volatility for power
providers, Hatta said.
Hatta and other experts attending the seminar said further deregulation
should destroy the systems that have supported the country's high power rates
- regional monopolies and the fair rate return method, under which all costs
are levied on prices.
"There is absolutely no need to set the same (power) prices" nationwide,
Hatta said. Power companies should make the opaque transmission fees
transparent and set them accordingly with regional demand, he said.
Yoshinori Omuro, vice president of Takashimaya Co.'s (J.TKA or 8233)
management department, acknowledged the slow progress of the deregulation.
Takashimaya, a major department store operator, has shifted to Diamond Power
Corp., a wholly-owned subsidiary of Mitsubishi Corp. (J.MIB or 8058) as its
power supplier at two of its 18 stores, with "strong back-up" from the
Ministry of Economy, Trade and Industry.
"Despite the deregulation, the situation isn't where we can negotiate with
power utilities to reduce (electricity costs). We have no choice but select
independent power providers," Omuro said.
-By Maki Aoto, Dow Jones Newswires; 813-5255-2929; [email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
By Cameron Dueck
05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.
SINGAPORE, May 15 (Reuters) - A bitter payment battle between U.S. energy
giant Enron Corp and authorities in India will serve as a reminder to foreign
investors of the risks of putting money into emerging markets, analysts and
bankers say.
But it is unlikely to deter the flow of money into Asian electricity projects.
The pace of power privatisation and deregulation varies too greatly from
country to country for the controversy in India to chill investment activity
across Asia, they say.
It does, however, underline the risks companies take despite some security
offered by government payment guarantees.
"Independant power producers (IPPs) will see Enron and Dabhol as an
illustration of the dangers and possible risks of investing in an emerging
market, but it would be going too far to say that other markets will be
adversely affected because of it," said Philip Jackson, a banker with JP
Morgan Chase in Hong Kong.
Enron is on the verge of bailing out of an almost completed $2.9 billion
power project because of a decade-long dispute with the troubled Maharashtra
State Electricity Board (MSEB) over pricing and unpaid bills.
MSEB has fallen about six months behind in paying for electricity supplied by
Dabhol Power Co, the Indian unit of Houston-based Enron.
The utility said last month that it had repaid about $28.6 million of the
$48.2 million outstanding.
The board of Dabhol has authorised the management to stop selling power to
MSEB if the dispute is not resolved. Local media reports earlier in May said
Enron was pulling executives out of India and relocating them elsewhere.
Dabhol has invoked payment guarantees issued by the state and federal
governments, but neither has stepped forward to foot the bill.
GOVERNMENT GUARANTEES
Banks often demand sponsor or host government guarantees to lessen risk
before financing energy projects, which have long lead times and high capital
expenditure.
Governments are keen to provide guarantees to attract foreign investment.
Guarantees may cover shortfalls in production, default of customer payment or
even changes in market conditions.
But such guarantees do not always provide the desired safety net and analysts
said the legal systems in many emerging nations are simply not efficient
enough to back these agreements.
Enron's experience in India highlighted the risks of power investment in
emerging countries and the unpredictability of government guarantees, they
said.
"Guarantees like that are painful for companies and for polititicians they're
even more so," said John Vautrain, vice president at Purvin & Gertz in
Singapore.
"If the call is substantial, it's going to be bad."
Robert Booth, director of the Bardak Group in West Perth, Australia, was more
pessimistic and reckoned some companies might take a lead from Enron and shy
away from emerging Asian nations.
"Investors will pull back from these countries until they see that there is a
properly functioning legal system that gives them assurance if they have to
call in a government guarantee," Booth said.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Saudi Won't Announce Winners Of Gas Projs Tue - Report
05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
MANAMA, Bahrain -(Dow Jones)- Saudi Arabia's supreme petroleum council is
expected to hold a meeting Tuesday evening, but it's unlikely to declare its
choice of international oil companies to participate in downstream gas
projects, Arabic al-Hayat newspaper reported.
The newspaper quoted sources at the government's technical committee
overseeing the proposed projects as saying that the committee hasn't
completed its final report concerning the oil companies' offers.
"Studies and recommendations haven't been completed yet and they need some
time in order to present the project at its final structure, attached with
recommendations from the technical committee," the sources said, according to
the newspaper.
However, the oil council "might endorse some balances concerning the offers,"
the newspaper said but didn't elaborate further.
Sources in Saudi Arabia have said the oil companies were expected to be
notified soon on whether they have been selected to participate in the gas
projects.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and the oil
companies in the past year, several companies were shortlisted for each
project.
The companies shortlisted for Core Venture 1, the $15 billion South Ghawar
Area Development were Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil
Corp. (XOM), Chevron Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E).
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were
shortlisted.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
shortlisted.
-By Abdulla Fardan, Dow Jones Newswires; 973-530758;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
MSEB refutes allegations by Enron, DPC
Girish Kuber
05/15/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)
MUMBAI
THE MAHARASHTRA State Electricity Board on Monday in a letter to Enron
refuted all allegations made against it by the company while invoking the
political force majeure.
Enron-promoted Dabhol Power Company on April 9 had invoked the political
force majeure clause. DPC had indicated it was not in a position to fulfil
its contractual obligations to MSEB because of political circumstances beyond
its control.
MSEB in a reply on Monday denied Enron's allegation of 'political
circumstances' and said there was no reason why it should have felt insecure.
"Such a step was necessary under the Power Purchase Agreement and related
security documents to notify the board of 'certain events and to enforce our
rights'," DPC had said. However, according to MSEB, such a step by DPC was
uncalled for.
For DPC, invoking the force majeure clause was necessary as 'certain events
occurred that are beyond the reasonable control of the affected party (DPC)'.
MSEB has expressed surprise in a letter on Monday.
The energy major had dispatched the notice to MSEB, as an affected party,
which had been subjected to "concerted, deliberate and politically motivated
actions of state government, the Government of India and the Board, which
will have a material and adverse effect on DPC's ability to perform
obligations under PPA".
"Given the cumulative effect of these political actions, DPC determined that
the political force majeure declaration is an appropriate mechanism for
providing that notice, and that is an appropriate and necessary step in
protecting DPC and its stakeholders' rights," the statement added.
However, for MSEB this was 'yet another move' from Enron to avoid paying Rs
402 crore penalty the MSEB has slapped on it for failing to supply
electricity as per the agreement.
MSEB, in today's letter, reiterated its suggestion to adjust December 2000
and Januray 2001 bills, against the Rs 800 crore penalty it has slapped on
Enron for not supplying electricity as per demand.
MSEB has refused to pay DPC's December 2000 and January 2001 bills worth Rs
213 crore.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Saudi Supreme Petrol Council meeting to decide on huge gas project bids
05/15/2001
Business Recorder
Copyright (C) 2001 Business Recorder; Source: World Reporter (TM)
RIYADH : Saudi Arabia's Supreme Petroleum Council (SPC) is holding meetings
on bids by 12 foreign oil majors for three giant gas projects and should take
a decision shortly, a top oil official said on Monday. "The SPC has been
discussing recommendations by the negotiating committee about the bids, and
the meetings will continues executive president of the committee Abdulrahman
al-Suhaibani told AFP.
"It is not clear yet when the discussions will be completed and wham a final
decision will be issued," added Suhaibani, who expected it to be soon. The
meetings began two weeks ago.
A senior foreign oil executive in the kingdom expected an answer to his
firm's bid by the end of this week or the start of next week.
"The SPC is holding a crucial meeting today (Monday) and tomorrow. bin were
told we would get an answer to our proposals either this weekend or early
next week," the executive told AFP.
The negotiating committee made detailed recommendations after meeting with
the representative of 12 international oil companies (IOCs) which are bidding
for the three multi-billion projects, the executive said.
The committee, comprising ministers who are also SPC members, is headed by
Foreign Minister Prince Saud al-Faisal.
The gas projects, which would be the first foreign investment
in the kingdom's energy sector since nationalisation in 1961, are located in
the South Ghawar field near Al-Hufuf in the Eastern Province, Shaybah in the
Empty Quarter desert, and the northern Red Sea area.
They cover 440,000 square kilometres (176,000 square miles), making it the
world's largest area for hydrocarbon investment.
US majors Enron and Occidental in a joint bid, as well as Chevron,
Conocokilometres, ExxonMobil, Marathon, Phillips and Texaco have been
shortlisted for the Saudi projects. Rounding out the list are European firms
BP Amoco, Eni, Royal Dutch Shell and TotalFinaElf.
ExxonMobil, Shell and TotalFinaElf are in the bidding for all three ventures.
The investment involves gas exploration and production, setting up
petrochemical industries and power and water desalination plants.
The projects, called the natural gas initiative, are to be carried out
simultaneously by consortia of two to three firms in cooperation with Aramco,
the national oil company, on long-term basis for up to 30 years, the
executive said.
Aramco has been working to double the Saudi gas network's capacity from the
current 3.5 billion cubic feet (105 million cubic metres) per day to seven
billion cubic feet (210 million metres) daily in 2004.
Saudi Arabia, which sits on top of the world's biggest oil reserves, has
proven natural gas reserves of 220 trillion cubic feet (6.6 trillion cubic
metres).-AFP
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
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ALL daily charts and matrices as hot links 5/15 ,
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 available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude42.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas42.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil42.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded42.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG42.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG42.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL42.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| 4,455 |
||
arnold-j/all_documents/594.
|
Nat Gas market analysis for 5-15-01 ,
Attached please find the Natural Gas market analysis for today.
?
Thanks,
?
Bob McKinney
- 5-15-01 Nat Gas.doc
| 4,456 |
||
arnold-j/all_documents/595.
|
daily charts and matrices as hot links 5/15 ,
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 available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Distillate and unleaded charts to follow.
Crude http://www.carrfut.com/research/Energy1/crude42.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas42.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG42.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG42.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL42.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| 4,457 |
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|
Long term Gas Curve ,
John
Hope you're well.
We are doing some work here on the long term curve for UK natural gas and
would value your views on the long term NYMEX Nat gas curve.
By long term I am talking 7-20 years.
Our thinking is that beyond the traded period of 5-10 years forward, UK
prices would at least partially reflect the long run marginal cost of LNG in
a "globalised" market provided US prices were not significantly above.
As we are currently working on some long term structured deals it would be
great to get your input on this.
Many thanks
Andy
| 4,458 |
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|
RE: Defense ,
i am open to any of your wonderful ideas. new orleans..1..2...out
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, May 14, 2001 10:01 PM
To: [email protected]
Subject: Re: Defense
maine impossible to get to .. next idea?
| 4,459 |
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|
Mothers Day ,
thank you for the beautiful flowers!? They arrived late Friday and Vic
emptied the refrigerator and stored them in there.? There were very fresh
this morning.? The aroma is so strong that you smell them upon just entering
my office.? It's those lilies that they used.? It really is a very pretty
arrangement.? Thank you so much.
Uncle Elmer & Rosa are not coming this week as they have an illness in the
family.?
I am busy emptying the kitchen...they start Wed. morning.
See you Saturday!? Love, Your Mom
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BNP PARIBAS Commodity Futures NG MarketWatch For 5/14/01 ,
(See attached file: g051401.pdf)
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autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.
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addressees and are confidential. If you receive this message in error, please
delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure,
either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
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- g051401.pdf
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|
Additional offerings to round out your portfolio ,
John -
I left a message about this last week, but wanted to follow-up with
additional information for your review. We have three offerings currently
available (or coming soon) that I feel would compliment the small/mid cap
and fixed income exposure you already have through Redwood, Sequoia, and
Willow.
Quantitative Allocation, LLC: Integrates four quantitative investment models
to drive aggressive (and potentially leveraged) asset allocation decisions.
Generates exposure to stock and bond markets through indexing techniques and
futures transactions. Portfolio market exposures can range from +325% to
-175% of net assets. This is clearly different from the largely
non-leveraged stock-picker funds you already own. I would consider this to
be a predominately large-cap investment (I think of it as an index fund with
a brain and on steroids - call me and I'll explain that comment in more
detail).
Juniper Crossover Fund, LLC: Managed by OrbiMed Advisors, and focused on
global biotech and pharma. Up to 30% participation in private equity. This
could be a way to get you some private equity exposure with a world-class
manager.
Tamarack International Fund, LLC: Long/short stock-picker fund focused on
the international mid-cap market. I feel this fund is very similar in style
to the managers you already own, but would give you exposure to the
international markets that you currently lack. This is a new fund and the
first closing will probably be in June.
Of course, the summaries above are for information purposes only and do not
constitute an offer to sell or solicitation of an offer to buy interests in
these funds. Please call me if you're interested in any of the strategies
outlined above, and I'll have the appropriate offering memorandum sent to
you.
Thanks,
> Michael Gapinski
> Account Vice President
> Emery Financial Group
> PaineWebber, Inc.
> 713-654-0365
> 800-553-3119 x365
> Fax: 713-654-1281
> Cell: 281-435-0295
>
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
| 4,466 |
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|
Guggenheim Survey ,
Hello all,
Please complete our preliminary feedback form so that we can track the value
of our investment in the Enron/Guggenheim event(s). We will use your input to
shape our future business development opportunities.
Thank you in advance for providing this valuable information. Please fax
your response to me at 713-853-6790.
| 4,467 |
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|
Friday Staff Meeting - Conference Bridge Number ,
John,
You can call in for the staff meeting on Friday, 5/18. Here is the
information on it.
-Ina
I have arranged a conference bridge number for the Friday staff meeting for
the individuals that might have difficulty with video conference equipment or
will be on travel status and not available at the office.
As a reminder the staff meeting is scheduled at 2:30 pm Central time.
The conference bridge number is:
Domestic 1-800-713-8600
International 1-801-983-4017
Pass Number 03151
If you have any questions, please let me know!
k
| 4,468 |
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Enron Mentions - 05/12/01 - 05/13/01 ,
As Final Exams Begin, Power Is a Big Question
The New York Times, 05/13/01
British Telecom
The Times of London, 05/12/01
Houston needs to think small about future technology
Houston Chronicle, 05/13/01
Panel plots new course for area's future / Education, economics, quality of
life top group's list of needed improvements
Houston Chronicle, 05/13/01
MSEB not to pick up 15 pc in DPC after phase II completion
Press Trust of India Limited, 05/13/01
Enron plans to pull out of Gulf gas project: MEED
Agence France-Presse, 05/13/01
SMALL BUSINESS / Pleasure cruisin' / Yacht fleet owner offers customers what
amounts to limo service on the lake
Houston Chronicle, 05/13/01
More power to reform agenda
The Economic Times, 05/13/01
India Power Min: New Power Deal With Enron Unit Possible
Dow Jones International News, 05/12/01
India: Talks begin on Dabhol issue
Business Line (The Hindu), 05/12/01
India to allow 3rd party sale if DPC, MSEB jointly approach
Press Trust of India Limited, 05/12/01
DEFAZIO CALLS FOR STATE TO BUY PGE TO PROTECT RATES
Portland Oregonian, 05/12/01
Congressman suggests state buy PGE
Associated Press Newswires, 05/11/01
National Desk; Section 1
As Final Exams Begin, Power Is a Big Question
By JODI WILGOREN
05/13/2001
The New York Times
Page 16, Column 4
c. 2001 New York Times Company
For final exams, prepared students pack extra pens, calculators, bottled
water, granola bars. And, at the University of California's Berkeley campus
this year, a flashlight.
As state officials and utilities struggle to maintain the power supply during
California's continuing energy shortage, administrators and professors at the
31,000-student campus are planning for the possibility that rolling blackouts
may disrupt exams, which began on Friday and run through next Saturday.
''People here are used to interruptions,'' Sara Abbas, 21, a senior
communications major, said with a shrug as she studied in a cafe near campus.
''People walking in, people running around buck naked and whatnot. People
have cut the power lines. They just reschedule.''
In an e-mail message sent Wednesday, the executive vice chancellor, Paul R.
Gray, advised instructors to use ''individual discretion to decide the
disposition of their examinations once the exam has started.'' Among the
options: delay the test until the lights return; postpone it until a
Saturday; grade the incomplete test; or cancel the exam altogether.
Professors are also encouraged to check a Web site to see if their exam rooms
have windows. ''In some classrooms,'' Mr. Gray noted, ''students may have
sufficient natural light.''
The rolling blackouts could hit most of the campuses of the University of
California and California State University. The two systems are embroiled in
a legal dispute with Enron Energy Services, a Houston-based company that, in
February, cut short a four-year contract to provide electricity directly to
the universities. For now, the two systems -- among the largest energy
consumers in the state -- are being supplied by Pacific Gas and Electric and
Southern California Edison.
Though several medical centers and the Davis, Los Angeles and Riverside
campuses of the University of California system are exempt from the
blackouts, the rest of the campuses have been put on alert.
At Berkeley, the warning from Mr. Gray only heightened pre-exam stress
levels.
''Stopping in the middle of a final would be detrimental to my grade because
I save the hardest questions until the end,'' said Heidi West, 20, a
sophomore majoring in political science.
Aaron Chung, a senior studying cognitive science, said it would be unfair to
grade half-finished exams because he often circled answers instinctively,
planning to return later with more care. ''The only thing I don't have a
problem with is if the professors give everyone A's,'' Mr. Chung, 23, said.
''You have to be under a lot of duress for that to happen.''
Gary L. Firestone, a biology professor, said he would move his 500-member
class out into the sunshine and tell students to spread their blue books on
the grass. But Jeff Good, a graduate student who teaches Introduction to
Syntax and Semantics, said he would probably cancel the exam because the
final counts for only 20 percent of the grade.
That is what Michelle Chen, a junior linguistics major in Mr. Good's class,
is hoping for.
''I would love a blackout,'' Ms. Chen said. ''I'm going to turn on my
air-conditioner. My toaster, too.''
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
British Telecom
Patience Wheatcroft
05/12/2001
The Times of London
News International
Final 4
55
(Copyright Times Newspapers Ltd, 2001)
BRITISH TELECOM has inflicted enough damage on itself in the past year. But
others are still lining up to put the boot in. Hours after the company
announced a Pounds 5.9 billion rights issue and the separation of cash-hungry
BT Wireless, Moody's Investors Service lowered BT's credit rating. This
thumbs-down will cost BT an extra Pounds 35 million a year on existing loans
as well as making future working capital more expensive.
The timing is odd. One of the two other main agencies presented with the same
BT proposals maintained its rating and the other edged it down so little that
change-of-rating clauses were not triggered. In the meantime, the market
prices of BT debt have been rising. The Enron Cost of Credit, which measures
the overall risk premium on BT borrowing, has halved since mid February. Such
costly inconsistencies must focus more critical attention on the agencies,
whose power has grown out of proportion to their accountability.
Moody's verdict is, however, peanuts compared with the cost to BT of the
whims of Stephen Byers and the UK competition authorities. Moody's will no
doubt be aghast to learn that Yell could be worth Pounds 1 billion less as a
result.
In 1996 the Monopolies and Mergers Commission found that BT's Yellow Pages
had an 85 per cent monopoly of its market and made it sign undertakings to
cut prices by 2 per cent a year in real terms. The Office of Fair Trading has
reviewed this report; predictably, it has found that the enforced price cuts
have kept competition down and kept Yell's market share up.
The reasoning behind OFT advice that annual real price cuts should be doubled
is closed to scrutiny until Mr Byers has a new BT undertaking. But it appears
to argue that the market is still a monopoly, so Yell must be charging too
much, so prices should fall further.
The result, according to those formerly eager to buy Yell, is that a growth
business has been turned into a stagnant one, losing all momentum. This
sounds typical of the dead hand of UK regulation. It must strengthen the
resolve of BT's new leaders to remodel what the authorities so hate to the
greater advantage of shareholders.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
OUTLOOK
Outlook
Houston needs to think small about future technology
WILLIAM DYLAN POWELL
05/13/2001
Houston Chronicle
2 STAR
4
(Copyright 2001)
OK, it's test time - sort of like a breakfast-time Rorschach test for Outlook
readers. Here we go: What's the first thing that comes to mind when someone
mentions Houston?
Time's up. Your answers may have been energy, medicine or seemingly random
acts of highway closure. But how about something very, very small? While
Houston may not exactly be synonymous with all things tiny, we may want to
start giving more mind share to the world of the miniature. As technology
advances, Houston may owe a great deal to the study of small substances.
Nanotechnology is the study of creating functional structures on a molecular
scale (the prefix "nano" means one billionth, or 10 to the ninth power
numerically). Its theories and practices give scientists the means to
construct useful entities using the smallest known particle of unaltered
matter.
Before your eyes glaze over in a terminology-induced science class flashback,
you should hear some of the possibilities that this technology could afford
residents of the Bayou City and their respective commercial enterprises. The
possibilities give the works of science fiction author Ray Bradbury a run for
their money, and include producing computers the size of viruses or factories
that could fit neatly on your desk. Cancer-destroying robots could roam a
patient's innards like mounted police at a spring break celebration.
Eventually, all diseases and mutations could be eliminated. And all
manufacturing processes would become waste-free, both in terms of the
environment and from a business process standpoint.
Sound like science fiction? Maybe, but truth is rapidly catching up with
fiction. A team of university researchers recently figured out how to make a
functional switch out of a single organic molecule. Discoveries such as these
have spawned several branch fields of study including nanobiotics, NEMS
(nanoelectromechanical systems) and nanomedicine.
This technology would surely change the world. But it would especially affect
Houston. Applications for nanotechnology are a great fit for Houston's
economic landscape. The chemical industry already has begun conducting
research in small-sizing certain chemical compounds. And the energy industry,
still our darling, has great interest in the power management possibilities
of nanotech. This could be Houston's next great vehicle for economic
development.
Nay-sayers have expressed caution regarding progress in this field on two
separate fronts. First on how distant potential commercial offerings remain;
and secondly on the potential dangers of combining genetic engineering,
nanotechnology and robotics (for fear of creating self-assembling intelligent
machines as often portrayed in science-fiction movies). But too much
technological progress is happening at once for the possibilities not to whet
the appetites of the entire scientific and business communities.
Already, developmental overtures have been heard from Houston's little sister
to the north. The Dallas-Fort Worth region and its growing base of
semiconductor, light assembly and defense industries are keeping a close eye
on developments in small science. In March, a private-sector company donated
$2.5 million to the University of Texas at Dallas for nanotech research. And
a handful of Dallas-area groups have been quietly conducting research of
their own. This money augments the federal government's nearly half-billion
dollar allotment of 2001 research funding for nanotechnology. Houston has its
own projects, but they receive far less publicity.
Houston's public nanoscience efforts have been centered mostly on Rice
University's grand Turks of academia. Pushing the envelope of academic
excellence as usual, Rice's heavyweight research barons continue to generate
and distribute knowledge on the many potential applications of this exciting
technology. But as successful as they are, they receive far less publicity
and support than other less commercially significant disciplines.
On May 29, leaders from the energy, medical and technology sectors will
converge at the Houston Technology Forum to discuss various technology trends
that will affect Houston's future. Will the keynote speakers (chief
executives from Compaq, the Texas Medical Center and Enron) address the issue
of what Houston is doing to prepare for advances in nanotechnology and its
potential economic impact on the region?
I certainly hope so. Energy, medicine and technology are the terra firma of
Houston's economy. Each of these industry sectors could reap profound
benefits by bringing nanotechnology's concepts to light.
Sure, the fruits of this nascent science are still a long way off. But it's
going to become remarkably important sooner than we think. So while
Houstonians are well known for our love of largeness, it's time to think
small. Let's take a careful evaluation of what this technology could mean to
our city and its economic development.
Drawing
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A
Panel plots new course for area's future / Education, economics, quality of
life top group's list of needed improvements
MIKE SNYDER
Staff
05/13/2001
Houston Chronicle
4 STAR
33
(Copyright 2001)
A group of prominent business executives, worried that Houston's reputation
as an unpleasant place to live imperils its future, is developing a plan to
transform the city's educational system, urban design and economic base.
The work of the Center for Houston's Future, a nonprofit group affiliated
with the Greater Houston Partnership, reflects growing concern that Houston
must reposition itself as a vibrant, desirable destination if it is to
compete in an economic climate that empowers skilled workers to live wherever
they choose.
Creating such a "livable city," leaders of the effort say, would in turn
enrich the lives of every Houstonian.
"The interests of the business community are fully aligned with the interests
of the community at large," said Eugene H. Vaughan, a money management
executive and board chairman of the Center for Houston's Future.
A report prepared for the organization by a business-based task force
recommends that local leaders challenge long-held assumptions that have
discouraged meaningful land-use planning. It sketches a vision of Houston 20
years from now in which technology and other tools have revolutionized public
education, "livable city centers" have changed the physical landscape and
current civic leaders have groomed a new, more diverse generation of
successors.
The report argues that the business community's traditional leadership role
in Houston's civic affairs should continue. But it suggests the models of
business influence that prevailed in "the old days" should be re-examined.
"Those were the days when oil was king, and Houston was the energy capital of
the world - the days when a handful of `big' leaders, including CEOs of major
corporations, could meet in a room together and decide on the future of
Houston," the report states.
"But times have changed, and there is far less tolerance in Houston's highly
diverse, egalitarian society for a hidden oligarchy to run things, no matter
how benevolent those leaders might be."
The center's board includes top executives of some of Houston's most
successful and influential companies, including Enron Chairman Ken Lay; Ned
Holmes, chairman and CEO of Parkway Investments/Texas Inc.; James Royer,
president and CEO of Turner, Collie & Braden Inc.; William White, president
and CEO of WEDGE Group Inc.; and Jim Kollaer, president and CEO of the
Greater Houston Partnership.
Vaughan said the stature of the board members is an indication that the group
is not likely to generate plans that will simply sit on a shelf.
"They've got so many demands on their time that they're not going to fool
around with something that is ill-conceived," he said.
Rice University sociology professor Stephen Klineberg, one of the experts who
advised the task force that generated the report, agreed that the center's
work could be very influential.
"This is the first time there's been a systematic, coordinated effort on the
part of the business community" to improve Houston's quality of life,
Klineberg said.
The Center for Houston's Future was created in the early 1990s primarily as a
source of research information for the partnership, Houston's premier
business organization. But its role changed about two years ago, Vaughan
said, when Holmes became chairman of the partnership and encouraged the
center to take an aggressive approach to planning for the region's future.
Last summer, the center organized three workshops attended by 36 people
representing a cross section of the business community. These 10-day,
seven-night events, led by professional facilitators and featuring various
guest speakers, produced a report outlining four possible future Houston
scenarios.
James D. Calaway, a member of the center's board, said the details outlined
in the four scenarios are intended to be "illustrative" and are not
necessarily the actions the organization ultimately will recommend. However,
they provide insight into the direction of the group's thinking, he said.
In the first scenario, based on the assumption that local planning and
decision-making proceed much as they have in the past, the workshop
participants speculate that tension between the city and suburbs increases to
the point that the Legislature strips Houston of its annexation power.
Development is greatly restricted because of failure to meet clean-air
standards, property values plummet and the City Council must pass a large tax
rate increase.
Houston becomes a stronghold of low-wage, service-sector employment, and the
gap between rich and poor widens: "For many who live there, it's simply a
large urban sprawl, adrift in the global economy, or it's a three-year
hardship post on the way to something more desirable."
Scenario two suggests that Houston's leaders transform the educational system
by developing a "Teacher Network" that delivers Internet-based educational
resources into every classroom and teacher's home in the region. This in turn
leads to a communitywide electronic educational network, with every home in
the Houston area connected to the Internet by 2007.
These efforts, combined with universal, full-day preschool care, lead to
state-of-the-art local schools by 2010, with almost universal high school
graduation rates and 75 percent of these graduates going on to college or
technical training programs.
The report does not estimate the cost of these measures or identify how they
would be funded. Potential sources, Calaway said, include local, state and
federal tax money, private grants and reallocation of funds now being spent
on more traditional educational programs.
In scenario three, local leaders take bold steps to overcome Houston's
reputation for sprawl, dirty air and lack of green space - perceptions that
hamper efforts to attract the talent needed to keep the region economically
competitive.
These leaders develop a vision of Houston based on the creation of "livable
city centers" - major activity centers targeted for redesign and
redevelopment - and the connection of these centers through "personal and
public transport in corridors that delight the eye."
Within the centers, streets are reconstructed to better accommodate
pedestrians. Financial incentives prompt developers to provide a wide range
of housing styles, including substantial affordable housing. The Main Street
light rail line is built, succeeds spectacularly and is followed by more rail
lines extending in various directions.
To accomplish these goals, the report states, local leaders must overcome
their "ingrained suspicion of planning," and the City Council must adopt
"new, more prescriptive development standards" within the livable city
centers. Early successes lead to a public referendum authorizing the
expenditure of $8 billion over 20 years to create the "livable city."
Scenario four focuses on making Houston a "crossroads of the world economy."
The city's business leadership becomes broader and more diverse, and it turns
its energy toward diversifying the economy.
The energy industry, adapting to the new economic climate, transforms its
business model and creates new, high-tech enterprises. Space, nanotechnology
and biotechnology research help launch hundreds of companies that quickly
become significant global players.
The workshop participants concluded that Houston must accomplish key elements
of scenarios two, three and four if it is to become a "true world-class city
in which to live and conduct business."
Calaway and Vaughan said the next steps will include designating committees
to develop specific recommendations in each of the broad areas studied, such
as education and quality of life. Working groups then will be established to
begin translating these ideas into policy, they said.
Although the center is focused on the long term, they said, it must produce
results as soon as possible.
"If we do not get serious about this, 20 years from now we're going to be a
low-wage environment, putting people in very, very dead- end jobs," Calaway
said during a recent presentation on the group's work to members of the
nonprofit Gulf Coast Institute.
"We've got to get the quality of life right, but we've also got to make sure
that we educate these kids for our future."
Mugs: 1. Ken Lay (p. 45); 2. Ned Holmes (p. 45); 3. James Royer (p. 45); 4.
Jim Kollaer (p. 45)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
MSEB not to pick up 15 pc in DPC after phase II completion
05/13/2001
Press Trust of India Limited
(c) 2001 PTI Ltd.
Mumbai, May 13 (PTI) Maharashtra State Electricity Board (MSEB) has decided
not to pick up the remaining 15 per cent equity in Enron-promoted Dabhol
Power Company (DPC), which it was earlier supposed to, after the complete
construction of the entire USD three billion power project in Dabhol.
"It is true that we had promised to take the 15 per cent, translating into
infusion of around USD 65 million and given the serious financial stress the
board is facing, it is not going to be possible for us to participate in the
phase II of the project", a senior MSEB official told PTI here Sunday.
Currently, Enron International owns 65 per cent, MSEB -15 per cent, General
Electric and Bechtel 10 per cent each.
However, MSEB is yet to send an official intimation to DPC in this regard,
the official said adding the board would inform the company soon after the
completion of the project.
DPC's USD 1.87 billion phase II would be fired on June seven, 2001, thus
marking completion of the 2,184 MW project.
DPC, which received a Foreign Investment and Promotion Board clearance in
last December for its 10.83 billion foreign Direct Investment, has not been
able to scout an alternative fifth partner for MSEB's equity.
The company had decided to off load the 15 per cent of its current holding of
65 per cent to a new entity, as according to the company's global
debt-consolidation it needed to maintain its stake at 50 per cent in DPC
after its completion.
In order to avoid any delay, Enron had agreed to meet up with the equity
shortfall as per the former's agreement with its lenders.
(THROUGH ASIA PULSE) 13-05 2001
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron plans to pull out of Gulf gas project: MEED
05/13/2001
Agence France-Presse
(Copyright 2001)
DUBAI, May 13 (AFP) - Enron Corp. of the United States plans to pull out of a
project to deliver Qatari gas to the United Arab Emirates (UAE), Middle East
Economic Digest (MEED) reported on Sunday.
Enron is a partner in the Dolphin Energy project along with the
Franco-Belgian company TotalFinaElf and the Abu Dhabi government- owned UAE
Offsets Group (UOG). Its role is to build a pipeline under the Gulf between
Qatar and Abu Dhabi.
"The profit margin for Enron would be low. At present, the Dolphin project is
being developed primarily as an upstream venture," an industry source told
MEED.
Another industry publication, Middle East Economic Survey (MEES), reported
last week that the two other partners regarded Enron's estimated cost for
constructing and laying the 350-kilometre (220- mile) undersea pipeline as
too high.
"There is talk of new partners," a source with TotalFinaElf, whose role is to
develop a block in Qatar's giant North Field, told MEED. "But whatever
happens, we are staying."
On March 14, Qatar and the UAE inked a 25-year term sheet agreement on the
project, setting the volume at two billion cubic feet (20 million cubic
metres) of natural gas per day.
Differences over pricing and volumes had put back the signing of the
agreement for two years after a first statement of principle for Dolphin was
inked by Qatar and UOG in March 1999.
According to MEES, Qatar Petroleum and UOG have finally agreed on a gas price
formula of 1.3 dollars per million BTU (British thermal units) following
"high-level political intervention from Qatar and Abu Dhabi".
TotalFinaElf and Enron are strategic partners in the multi- billion-dollar
project, each holding a 24.5 percent share in Dolphin Energy Limited (DEL),
with UOG retaining a controlling 51 percent stake.
From Abu Dhabi, the gas is to be distributed inside the emirate and on to
Dubai and Oman. An extension to Pakistan through an undersea pipeline is also
planned, as part of a regional gas network.
hc/rp
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
BUSINESS
SMALL BUSINESS / Pleasure cruisin' / Yacht fleet owner offers customers what
amounts to limo service on the lake
CAROL RUST
Special to the Chronicle
05/13/2001
Houston Chronicle
2 STAR
1
(Copyright 2001)
KEMAH - Tom Lober trundled home from second grade with a three- tiered wooden
box he'd made at school.
"This is my houseboat," he told his mother 35 years ago. "When I grow up, I'm
going to live on a boat."
His practical-minded mother put the "boat" to work as a patio plant stand
until it finally rotted from a decade of exposure.
On a recent evening, Lober stood on the bow of one of his four charter
yachts, enjoying the sunset-tinted water and a mild breeze as the 100-foot
luxury boat moved quietly from Clear Lake into Galveston Bay.
"This is what I love," Lober said, scanning a horizon dotted with distant
boats. "The others are here to party, but this is it for me."
The founder and owner of Star Fleet Entertainment Yachts spoke calmly against
the din of a mini-Mardi Gras heating up on middeck, where bead-clad
executives were letting their hair down at their annual appreciation party
for a major customer. A Mae West look- alike hired for the event meandered
among them, handing out cigars and sultry comments in her mermaid-cut white
dress studded with faux pearls and a white feather boa twirled about her
neck.
In the eight and one-half years since the 42-year-old Lober started Star
Fleet, he's seen everything from fire-eaters to hula dancers as entertainment
on the hundreds of custom cruises his staff of 70 puts together each year.
Last year, the company booked 400 cruises, which translated into $2.3 million
in gross sales, in events ranging from Gulf Coast versions of company picnics
to a bat mitzvah with a Gilligan's Island theme. One guy recently plunked
down $2,000 to charter an entire boat for a date.
One of Lober's seven captains is, handily, a licensed minister for weddings.
Star Fleet staff recently added squirt guns, Hula Hoops and limbo sticks as
regular on-board equipment.
"It's a bizarre business," Lober said. "Nothing seems unusual anymore."
Nearly all Star Fleet's cruises include dinner. His kitchen staff does the
prep work for hors d'oeuvres and main courses on land near the marina,
transferring them to a generous galley on board before customers arrive. The
galley crew does the final cooking.
Star Fleet Entertainment Yachts is one of about a dozen businesses of its
size in the country that provides strictly private charter yacht cruises, but
Lober has hundreds of competitors locally.
"I'm competing with caterers, hotels, restaurants - anyone in the eating,
drinking and party business," he said. "People say there are two things
you're never supposed to own: a boat and a restaurant. I put a restaurant on
a boat."
Last month, he launched what he believes is the first-ever water limousine, a
30-foot yacht complete with wet bar, sound system, leather couches, TV and
VCR that takes small groups to waterfront restaurants and bars, just like a
limo does on land.
Sometimes, his clients hop off and dine at one of the restaurants on the
Kemah Boardwalk while the limo is anchored beside it. In other cases, waiters
deliver the food to the boat, equipped with removable dining tables that can
seat 14, and the customers dine while cruising Clear Lake.
Lober was a natural shoo-in for a career on the water. His father owned a
supply boat business in Houston and a fleet of shrimp boats based in
Trinidad. He eventually became president of his dad's supply boat business
after getting a master's degree in maritime management from Texas A&M
Maritime Academy in Galveston in 1981.
But he still had that idea from second grade that grew from living on a boat
to providing exclusive entertainment on the water.
In 1986, he joined the Passenger Vessel Association, a national group of
vessel owners that provides public or private cruises for gaming, ecotourism
or other entertainment. He attended seminars, talked to boat owners,
researched trends in the industry and tried to figure out what it would take
to float his idea.
Lober drew up plans for a boat big enough to accommodate up to 150
passengers, but with a three-foot draft to keep from running aground in the
notoriously shallow Clear Lake and Galveston Bay.
"I wanted to be able to take that boat anywhere on the lake," which is five
feet deep in places, he said.
Bankers were skeptical when he approached them for a loan.
"This was a new business in Houston that had never been done before," Lober
said. "They had no confidence.
"I finally got to the point where I'd just take my business plan into a bank
and say, `I know I'm not going to get a loan - just look at what I've got and
tell me what it needs,' " he said.
Even without a loan in place, Lober began hands-on research. During the week,
he still worked at his father's supply boat business, but flew to Fort
Lauderdale, Fla., on weekends to work as a deck hand and food server for a
charter yacht company to learn the business from the bottom up.
After a year of loan seeking, he found a lender at the Passenger Vessel
Association's annual meeting. Caterpillar Finance agreed to lend him 60
percent of the $950,000 in construction costs if he installed Caterpillar
engines on the boat.
Construction took a year, during which Lober continued his research, serving
drinks on weekends aboard a charter boat on the Detroit River and Lake St.
Clair.
Finally, Lober launched Star Gazer in October 1993.
The maritime academy might have taught him how to navigate by the stars, but
it didn't prepare him for marketing.
"I didn't know what I was doing," Lober said. "The first year, I spent
$125,000 in marketing blunders," including a $50,000 mass mail campaign that
he called "a total flop."
Marketing was twice as expensive as he thought it would be and took twice as
long for potential customers to understand the concept he was trying to sell,
he said. Meanwhile, his boat sat in the stall for up to three weeks at a
time.
Lober had a $30,000 monthly overhead in debt service, office rental,
insurance and slip fees, and "I still had to pay it if the boat didn't leave
once," he said.
Panicked, he joined the Greater Houston Partnership to seek out ideas, and he
got one: target marketing.
He and his small staff scrutinized every detail about the people who used the
boat and set out to find more like them. He set his sights on the corporate
client, which makes up about 70 percent of his business today. Corporate
customers include Enron, Exxon Mobil, Shell, Continental Airlines and Katy
Mills mall.
"We have had our party with Star Fleet every year for five years," said Ravi
Lal, director of ethylene division of Technip, based in San Dimas, Calif.
"The first year, I wanted to do something special that I hadn't seen before.
Everybody likes it, and everybody wants to come back."
Business slowly began to build, and word spread. Lober added the 90-foot Star
Cruiser in 1997, the 74-foot Star Spirit in 1999, and brought in a fourth,
the Lake Limo, last month. Also in 1999, he bought 6 acres with 600 feet of
waterfront and built Star Fleet Marina. While part of that land is still
undeveloped, it eventually will become a parking lot for 500 cars when Lober
adds a fifth large yacht, Star Ship, sometime in the future.
"We plan to add Star Ship when we're turning down enough business from the
other boats," he said.
After more than eight years, Lober has yet to take home a salary, putting
everything back into the business.
The more he puts back, the more business he can accommodate.
But Lober and his staff still keep close tabs on their customers.
"We track everything - which individuals, what type of event, whether they
prefer sit-down dinners, how they heard about us - you name it," he said.
It's a lot of details. He knows that blackout shades, pull-down projector
screens and multiple microphone jacks are needed for presentations, and that
some clients like to be picked up at one of the Galveston hotels or other
locations on the Houston Ship Channel.
If a customer hires a deejay, a crewmember provides padding to put underneath
the CD player on the bandstand because dancing on the steel dance floor
causes the player to bounce.
Lober's three full-time cruise consultants handle charter buses to and from
the marina, limos, menus, photographers and decorations. They work with Star
Fleet's in-house florist and theme designer to provide floral arrangements
for sit-down dinners and Hawaiian leis of fresh orchids and hibiscus for a
major retailer's party, for which the florist helped transform the boat's
stanchions into palm trees.
And consultants have their own suggestions, such as bestowing captains' hats
instead of the usual corsages to employees with top sales who were being
honored at a recent floating awards banquet.
Lober believes his company's custom service brings customers back.
"They handle all the details once, and after customers go on that first
cruise, they're sold on the concept," he said. "People love something
different. We provide a different kind of party. If they do it once, they
usually want to do it again."
But cruises aren't limited to parties, Lober said. Customers have chartered
boats for banquets, retreats, new product introductions, incentive awards
dinners and for scattering loved ones' ashes.
About 60 percent of Star Fleet's business is repeat and referral. The recent
corporate party featuring the Mae West look-alike was the fifth the company
has chosen to have with Star Fleet.
Part of Lober's initial marketing problem - which continues today - is that
Houstonians just don't realize how close to the water they are.
"It's not like Fort Lauderdale, where water is part of the landscape," he
said. "In Houston, there's no high-visibility location to see the water, just
one spot on Loop 610 that overlooks the Port of Houston. Even in Clear Lake,
there are only one or two places when you drive around the lake that you can
actually see the water. We don't have a San Francisco Bay or New York Harbor.
So people have to be reminded."
He also has to deal with the misconception that only the very rich can afford
cruises, Lober said.
"Some people think they can't afford a luxury yacht, but when they compare
our complete package with upscale restaurants, hotel banquet facilities,
country clubs and wedding manors, we are quite competitive," he said. "And
our food is gourmet quality. Just like a five-star hotel, we never cut
corners."
Event cruises start at $40 per guest including food, bar, entertainment, tax
and gratuities.
Lober depends heavily on customer surveys to develop the service he and his
crew provide. And customers informally give Star Fleet staff new ideas with
some of the extras they bring aboard, such as the squirt guns, Mardi Gras
beads, Hula Hoops and limbo sticks.
"We learn a lot from our customers," he said. "We see what they do, take the
best and give it back to them."
Because customer surveys indicate that about 20 percent of Star Fleet's
business comes from being seen on the water, Lober and his captains make
their crafts as visible as possible whenever they take them out. The real
opportunity for hot-dogging comes when a customer charters two or three
boats, and they raft up to become the Star Fleet flotilla, with customers
moving from one boat to another. A three-boat charter can handle up to 375
guests.
But one boat can still do a lot of advertising.
At the recent corporate party, Mae West joined the other revelers who were
slinging Mardi Gras beads at al fresco diners as Capt. Tony DeFore edged Star
Gazer close to the Kemah waterfront. They may not have known it, but they
were doing a little of Lober's public relations work for him.
As the boat pulled back into the Star Fleet Marina, Lober pointed out a barge
under construction. When it is finished - by the end of the year, he hopes -
the bottom floor will be a galley for food preparation, the second the Star
Fleet office and the third floor an 1,800-square-foot apartment.
It will kind of resemble that three-tiered wooden box he brought home from
school years ago, Lober says.
And he's going to live at the top.
Photos: 1-2. Left: Star Gazer, first of the Star Fleet Entertainment Yachts,
launched in 1993, sets sail for Southshore Harbor earlier this month. From
left to right are bartender Bridget Byous, server Leona Clark, Cruise
Director Edith Mitchell and President Tom Lober. Below: Cruise Director Edith
Mitchell unties the Star Gazer's bow line (color); 3. Star Fleet
Entertainment yachts President Tom Lober watches server Leona Clark polish
silverware for a buffet dinner aboard the Star Gazer. Last year, the company
booked more than 400 cruises, generating $2.3 million (color, p. 4)
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
More power to reform agenda
Soma Banerjee
05/13/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)
THE electricity industry is often identified as the black sheep in the
infrastructure sector which has continued to lag behind despite an overdose
of government support.
Despite being one of the earlier industries to be opened up, private
investments in this sector have failed to take off.
Worse, the only sizeable project which was something to write home about
Enrons Dabhol Power plant in Maharashtra is currently a under cloud with its
promoters involved in a legal battle with the state entity and its sole
consumer for non-payment of bills. Policy makers and investors in the energy
sector are still groping to find ways and means to improve the performance of
this key industry.
Although private investments were expected to come in a big way in creating
new capacities, policy uncertainties and above all the poor financial health
of the consumer, in most cases the SEBs, have posed major problems for power
plant developers.
After about ten years of liberalisation, the private sector has to its credit
only about 5000 MW and according to projections by experts investments in
greenfield projects are unlikely before four to five years.
The factors that have been taken into consideration in the current projection
are almost inbuilt into the system. For one, there is a general agreement
that stressing on generation alone without doing much on the distribution
front has eroded the financial health of most SEBs.
``Private power developers cannot be expected to invest in projects till they
are assured that they will be paid for the energy produced, experts say.
But like the recent Montek Singh Ahluwalia report maintains, such reforms
cannot be done overnight and will require minimum five to seven years before
they break even.
The sector has already seen major exits like Cogentrix and Powergen and if
the current trends are anything to go by it would not be long before Enron
too says Sayonara India, claim sources in the power industry.
IPPAI, an association for private power investments, feels that the flip-flop
by the government as far as power policies are concerned have made it
difficult for investors to take decisions.
``Take this as an example at one time there were more than 200 MoUs signed up
for private power projects, the government provided counter guarantees for
eight projects, of which only three have taken off. Of this the Enron project
is already facing problems of nonpayment, says a senior source.
According to estimates drawn up by financial institutions like Power Finance
Corporation an organisation responsible for monitoring the financial health
of the SEBs and helping them with their reform programmes almost all the SEBs
have registered a negative turnover. Which is why the financing or
escrowability of SEBs across the country has been reduced to zero.
According to Union power minister Suresh Prabhu, the states are now
responsive to changes and reforms and the recent drive initiated by the
Centre to work with the state governments was expected to yield results.
But this sector has seen far too many committees which have failed to yield
much hope and it is only sheer determination of SEBs and political will that
can help this backbencher.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India Power Min: New Power Deal With Enron Unit Possible
By Himendra Kumar
Of DOW JONES NEWSWIRES
05/12/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- India is hopeful the Maharashtra State Electricity
Board's power purchase agreement with the U.S. energy company Enron Corp.'s
(ENE) Indian unit Dabhol Power Co. can be renegotiated and the DPC's dispute
over payments be settled, the country's federal Power Minister Suresh Prabhu
said.
In a weekend interview with Dow Jones Newswires, Prabhu said the very fact
that the DPC had come to the negotiating table for discussions on its power
price was an indication that Enron was keen to save its India project.
A special panel, set up by the Maharashtra state government, met with
representatives of the DPC, for the first time Friday and agreed to another
meeting May 23.
Friday's meeting lasted for more than two hours.
"I am of the view that a negotiated settlement is possible since the first
meeting of DPC with the Maharahtra state expert panel went off well. There
has been a positive response both from the DPC and the MSEB after the
meeting. The central government will also reciprocate by participating in a
meaningful dialogue. The next meeting will really decide on how it all goes,"
Prabhu said.
Earlier this week, in an e-mail to Dow Jones Newswires from Houston, Enron
Vice President John Ambler however, said, "While we have constantly
maintained that we are open to continuing a dialogue towards resolving
issues, this (Friday) meeting should in no manner be construed as an open
offer from DPC to renegotiate the terms of the contract."
The Maharashtra state government contends that the price paid for electricity
from the Dabhol power plant, India's biggest-ever foreign investment at $2.9
billion, is "unaffordable" and seeks to renegotiate tariffs.
A recent committee appointed by the government, the Godbole panel,
recommended that the power purchase agreement be renegotiated.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to Dabhol charging 7.1 rupees ($1=INR46.8825) a kilowatt-hour
for its power, compared with INR1.5/kwh charged by other suppliers.
The 2,184-megawatt DPC project in Maharashtra has been mired in financial
disputes after the Maharashtra State Electricity Board, its main customer,
failed to pay the December 2000 and January bills. The Godbole panel is
working toward lowering the DPC's power tariff and allowing the sale of
excess power to the federal government or its utilities. A restructuring of
the DPC's stakeholding may also be on the agenda.
The Maharashtra government has asked the committee to try to negotiate a
revised agreement within a month. The DPC currently operates a 740-megawatt
naphtha plant contributing about 0.7% to India's installed capacity. Enron
has maintained that work will be completed by the year-end in the second
phase of the Dabhol project that will add 1,444 MW to its capacity. The plant
will switch from naphtha to liquefied natural gas as a fuel source in 2002.
Texas-based Enron has a 65% stake in the DPC and is the project's largest
shareholder. Other shareholders include the MSEB with 15%, and General
Electric Co. (GE) and Bechtel Enterprises (X.BTL) with 10% each.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Talks begin on Dabhol issue
05/12/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
MUMBAI, May 11. OFFICIALS of Enron India today met the expert committee
headed by Dr Madhav Godbole to discuss the fate of Enron's Dabhol Power
Company.
Mr A.V. Gokak, Union Government representative, who was appointed only last
night, could not attend the meeting due to the short notice.
Lenders to the project who were to attend the meeting stayed away.
Instead, Mr A.G. Karkhanis, former Executive Director, Industrial Development
Bank of India, attended as observer on behalf of foreign and Indian lenders,
Mr Vinay Mohan Lal, Energy Secretary, told reporters here after the meeting.
When asked about Enron's reluctance to renegotiate, Mr Lal said: "They are
coming again on May 23. What does that mean?"
Though none of those present at the meeting was willing to give more details,
senior State Government officials had earlier told Business Line that the
State would be willing to discuss phase II only after a decision on the
rebate slapped on DPC.
"Basically our strategy will be to bring the Rs 401- crore rebate payable by
DPC to the centre-stage," the official said. "The company has not mentioned a
single word about the rebate in any of their letters to either the MSEB or
the State. And we, on the other hand, have discussed anything but the rebate
in our letters to DPC," he said.
Mr Wade Cline, Managing Director, Enron India, did not comment on whether the
company would issue the preliminary termination notice.
The Maharashtra State Electricity Board (MSEB) Chairman, Mr Vinay Bansal, and
Mr Lal had last evening briefed the Democratic Front constituents about their
stand vis-a-vis Enron.
They are understood to have told the political brass of the State that MSEB
does not need the second phase of the Dabhol power project.
They categorically said MSEB would not buy power from DPC-phase II, it is
learnt.
MSEB also reiterated its stand that DPC should adjust the dues owed by it
against the non-performance penalty.
Senior MSEB officials said the board had replied to the arbitration notice
issued by DPC and made its position clear. The board is of the opinion that
DPC should adjust Rs 213 crore - the December and January bills - against the
Rs 401 crore penalty for performance default.
The State Government also has backed the MSEB in its replies to the three
arbitration notices served on it. It has said that since MSEB does not accept
the charges - non-compliance with the power purchase agreement (PPA) -
leveled against it, the State is not bound to pay.
The Centre too is understood to have backed MSEB in its preliminary reply to
the conciliation notice from DPC.
Today's meeting was attended by Mr Cline, Mr Neil McGregor, President, DPC,
Mr Mukesh Tyagi, Vice-President, DPC, and Mr Sanjeev Khandekar, VP, DPC, and
Mr Mohan Gurunath, Chief Financial Officer, DPC.
Among the renegotiation panel members, Mr Deepak Parekh, Mr E A S Sarma and
Mr Kirit Parikh were also unable to attend. The next meeting is scheduled on
May 23, Mr Lal said.
Gokak nominated to panel: The Government has nominated former fertiliser and
telecom secretary, Mr A.V. Gokak, to the arbitration committee involving
Dabhol Power Company (DPC).
The Power Ministry had earlier mooted the additional solicitor general, Mr
Harish Salve's candidature for the job.
The conciliation process, however, has been hanging fire as the third
conciliator is yet to be appointed. Dabhol Power Company had written to the
Centre last month seeking six names for selection of a mutually acceptable
conciliator to kick- start the conciliation process.
DPC's letter to the Finance Ministry was seen in the context of the
substantial delay between the initiation of the conciliation process three
weeks ago and the finalisation of the conciliators. Soon after the
conciliation process was initiated, DPC decided to invoke political force
majeure and moved in for arbitration - a prelude to termination of the
project.
Our Bureau
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India to allow 3rd party sale if DPC, MSEB jointly approach
05/12/2001
Press Trust of India Limited
(c) 2001 PTI Ltd.
Mumbai, May 12 (PTI) The Federal Government will allow sale of power to a
"willing buyer" if the Enron-promoted Dabhol Power Company (DPC) and
Maharashtra State Electricity Board (MSEB) will together approach the power
ministry with a concrete proposal for their 2,184 mw project in Dabhol.
"I will give whatever status they want, including a mega project one, if DPC
and MSEB jointly approach the Centre (Federal Government) for the same",
Indian Power Minister Suresh Prabhu told reporters here Saturday.
He said the Indian Government would extend its cooperation to the Maharashtra
government (western state) "in every way" to resolve the imbroglio between
MSEB and DPC.
When pointed out that both the state government and DPC were of the opinion
that federal power utility National Thermal Power Corporation (NTPC) should
buy the power, Prabhu said NTPC cannot do so as it was power selling entity
and not buying one.
"There is no question of NTPC buying power from the project since long term
power purchase agreements (PPAs) have been signed by NTPC with the buying
states", he reiterated.
Prabhu said the Indian Government would also try and find out potential
buyers of DPC power "if other states were willing to buy the same".
Earlier in his meeting with state chief minister Vilasrao Deshmukh, the
latter had suggested that NTPC sell the excess power over and above the
300-400 MW needed for the state from the 740 MW phase-I and soon to be
commissioned phase-II of 1,444 MW, to other needy states.
(THROUGH ASIA PULSE) 12-05 2001
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
LOCAL STORIES
DEFAZIO CALLS FOR STATE TO BUY PGE TO PROTECT RATES
DAVE HOGAN AND JEFF MAPES of the Oregonian Staff
05/12/2001
Portland Oregonian
SUNRISE
C01
(Copyright (c) The Oregonian 2001)
Summary: The suggestion generates little enthusiasm and critics suspect it's
motivated by the lawmaker's possible race for governor
"I believe this is an extraordinary opportunity and a way that we can
insulate almost a quarter of our population and a core of Oregon's business
community from the craziness that is going on in the energy wholesale
markets." -- U.S. REP. PETER DeFAZIO D-ORE.
The state of Oregon should consider buying investor-owned Portland General
Electric to help protect Oregonians from gyrations in the electricity market,
U.S. Rep. Peter DeFazio declared Friday.
Gov. John Kitzhaber reacted politely and said he'll explore the idea, but
others said it's a long shot because of political, financial and timing
factors.
Critics said the proposal appeared aimed more at attracting attention to
DeFazio's potential candidacy for governor than anything else.
Several companies already are considering buying the utility, but DeFazio
said state ownership could help keep PGE customers' electricity rates low and
generate profits that could help the rest of Oregon.
"I believe this is an extraordinary opportunity and a way that we can
insulate almost a quarter of our population and a core of Oregon's business
community from the craziness that is going on in the energy wholesale
markets," said DeFazio, D-Ore.
PGE serves about 725,000 retail customers, mostly in the Portland area, and
is owned by Houston-based Enron Corp. PGE's sale to Nevada's Sierra Pacific
Resources for $3.1 billion officially fell apart last month. Other possible
buyers include Northwest Natural and ScottishPower, which owns PacifiCorp.
While Enron and PGE officials declined to comment Friday, legislative leaders
showed no particular enthusiasm for DeFazio's idea.
"I appreciate his efforts, but I don't think it's the right idea at this
time," said House Speaker Mark Simmons, R-Elgin. He said the state already
has a package of bills aimed at spurring more energy production and
conservation.
Senate President Gene Derfler, R-Salem, said he'd be willing to sit down and
talk with DeFazio. "I would not just shut the door," he said, but he doesn't
plan to devote much work to the proposal. Derfler questioned whether state
government could run a utility as efficiently as a business.
DeFazio said a PGE purchase would offer several benefits. State ownership
would put control of PGE in local hands instead of those of a faraway
corporation such as ScottishPower. For PGE customers, state ownership would
provide some protection and stability in electricity rates. It also would be
a good investment that would pay for itself and perhaps pump revenue back
into the state's coffers.
The purchase could be financed with tax-exempt bonds sold by the state.
DeFazio said state Treasurer Randall Edwards had told him the idea was "in
the realm of possibility."
DeFazio's idea is an intriguing one and could provide some benefits, said Bob
Jenks, executive director of the Citizens' Utility Board, which represents
customers of investor-owned utilities such as PGE.
Jenks said the primary benefit would be that, if the state bought PGE, the
utility would be able to buy lower-priced electricity from the Bonneville
Power Administration, which is required to sell power at lower rates to
publicly owned utilities. However, a publicly owned PGE wouldn't be able to
buy the lower-priced BPA power for about five years because of electricity
sales contracts that already are in place.
And even if PGE were able to buy lower-priced BPA power, that wouldn't
necessarily translate to lower electricity bills for PGE customers, Jenks
said. In addition, he said it could increase rates for other publicly owned
utilities because the BPA has a shortage of cheap hydropower.
The state Public Utility Commission would have to approve any sale of PGE,
but outgoing PUC Chairman Ron Eachus criticized DeFazio's proposal, saying it
had the potential to increase rates both for PGE customers and for publicly
owned utilities. He also said it seemed designed to get political attention
for DeFazio's potential candidacy.
"I think we're in the political season where people are proposing grandiose
schemes that aren't very well thought out, and this seems to be one of
those," Eachus said.
DeFazio conceded that a high-profile proposal focused on a Portland-area
issue such as the ownership of PGE would be a good way for a candidate to
build support for a run for governor, but he said that had nothing to do with
his plan.
You can reach Dave Hogan at 503-221-8531 or by e-mail at
[email protected].
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Congressman suggests state buy PGE
By CHARLES E. BEGGS
Associated Press Writer
05/11/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
SALEM, Ore. (AP) - Congressman Peter DeFazio on Friday proposed that the
state buy Portland General Electric as a way to hold down power costs.
The Democrat outlined his plan after presenting it to Gov. John Kitzhaber,
who said he would ask his energy advisers to analyze it.
PGE is Oregon's biggest electric utility, serving more than 700,000
customers. DeFazio said a state purchase of the company could insulate many
Oregonians from "the craziness in power markets."
DeFazio said the state could buy the company by issuing revenue bonds and
have the utility operate as a public power entity.
He said the purchase would give the state a diverse mix of transmission
rights along with hydropower, gas, coal and renewable energy sources.
"While I have not exhaustively researched the proposal, it does appear to be
feasible," said DeFazio, an opponent of electric deregulation.
Enron Corp., the Texas-based owner of PGE, is trying to sell the utility.
Sierra Pacific last month abandoned its plan to buy PGE for $3.1 billion,
citing increasing difficulties in the current market and the political
environment in the West.
Kitzhaber said he's not opposed to the idea of the state buying a private
utility, as long as it would benefit consumers.
DeFazio said PGE has been a profitable company, and putting it in public
ownership could give it preference over private utilities for the Bonneville
Power Administration's hydropower.
The congressman's suggestion wasn't welcomed by the Legislature.
"Thanks, but no thanks," said House Speaker Mark Simmons.
"Philosophically, I think it's the wrong approach," he said. "We have a
bipartisan package of bills dealing with the issue."
Among those are his measure to delay partial electric deregulation for large
businesses and a bill to speed up the process for siting temporary generating
plants.
Senate President Gene Derfler didn't reject the idea, but said the
Legislature doesn't have enough time in the current session to take on a job
like a utility purchase.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
| 4,469 |
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arnold-j/all_documents/606.
|
Enron Mentions - 05/14/01 ,
Saudis Set to Select Firms for Gas Projects
The Wall Street Journal, 05/14/01
Cheney task force seeks input from interest groups
Associated Press Newswires, 05/14/01
COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001
Bush energy team covers all the bases
Chicago Tribune, 05/14/01
QATAR: UAE's Dolphin may seek new partners if Enron exits.
Reuters English News Service, 05/14/01
UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
Reuters English News Service, 05/14/01
Saudi Oil Council To Meet Tue On Gas Projects -Sources
Dow Jones Energy Service, 05/14/01
RFID chip will help speed up business
The New Straits Times, 05/14/01
India: Godbole panel report may suggest MSEB bifurcation
Business Line, 05/14/01
Tertiary will be primary
Business Standard, 05/14/01
Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)
La Repubblica, 05/14/01
Roundabout to the Oval Office
The Washington Post, 05/14/01
Largest LNG 13 Conference Opens Today
Korea Times, 05/14/01
International
Saudis Set to Select Firms for Gas Projects
By Bhushan Bahree
Staff Reporter of The Wall Street Journal
05/14/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -- After more than two years of talks, Saudi Arabia is about to
announce its choice of international oil companies for three huge natural-gas
projects that will mark a reopening of the kingdom's energy sector to Western
investment, a quarter century after it was nationalized.
But the announcement, and the signing of memorandums of understanding early
next month, will mark only the beginning of serious negotiations on terms for
the three ventures, which together will need investment of some $25 billion.
It will be months before final agreements are signed.
"We expect to have an agreement -- a final agreement -- signed somewhere at
the end of the year, or, hopefully, the first quarter of next year," said
Saudi Oil Minister Ali Naimi in an interview last week.
Saudi Arabia's 11-member Supreme Petroleum Council is expected to meet today
to endorse the companies recommended by a ministerial committee led by
Foreign Minister Prince Saud al-Faisal. In the following week, Saudi Arabia
is expected to communicate its decision to the oil companies from both sides
of the Atlantic that have been vying for a role in the three projects. By the
end of the month, the chosen consortium members and Saudi officials are
expected to agree on which three companies will lead the projects. This will
be a prestigious role in a country that is the world's largest oil exporter,
has more than a quarter of the world's oil reserves and has the fifth-largest
reserves of natural gas.
As with any negotiations for such huge projects, industry rumors abound. All
three so-called oil supermajors -- Exxon Mobil Corp., Royal Dutch/Shell Group
and BP PLC -- have been mentioned as project leaders, particularly for the
plum Ghawar project, named after the world's largest onshore oil field, whose
environs are expected to yield large volumes of gas. The Ghawar project,
known as Core Venture 1, is projected to require about $15 billion in
investment. Core Venture 2 is on the Red Sea coast. The third project is in
Shaybah, a recently developed oil field in the kingdom's Empty Quarter, a
southeastern region bordering the United Arab Emirates.
The companies say they have no idea who will be named to the consortia, or
who the Saudis will choose from a short list of 11 companies -- Exxon Mobil,
Shell, BP, Chevron Corp., TotalFinaElf SA, ENI SpA, Enron Corp., Occidental
Petroleum Corp., Marathon Oil Canada Inc., Conoco Inc. and Phillips Petroleum
Corp. -- to lead each project. But they all have their hopes.
"We would be very disappointed if we are not the lead operator" for the
Shaybah project, said Archie Dunham, Conoco's chairman and chief executive.
Since Saudi Crown Prince Abdullah invited major oil companies to return to
the kingdom in October 1998, negotiations have focused on such broad issues
as the scope of the projects and their integrated nature -- from exploration
and production of gas to the making of petrochemicals and electricity -- as
well as the notion that the companies will need adequate returns on their
investment.
Soon, the project leaders will have to start the bargaining on such issues as
the roles to be played by national champions Aramco and petrochemicals
company Saudi Basic Industries Corp.
---
Alexei Barrionuevo in Houston contributed to this article.
--- Population Pressure
Saudi Arabia is opening up its energy sector, in a bid to bolster the
economy as population grows
-- Population
21.3 million (growing over 3.5% per year)
-- Unemployment rate*
27%-35% of males
-- Real GDP Growth Rate
7.6%
-- Oil Production
9.3 million barrels per day
-- Natural-Gas Reserves
204.5 trillion cubic feet
-- Natural-Gas Production/Consumption
1.68 trillion cubic feet
*Unofficial estimate for 1999
Note: Figures are estimates for 2000 except natural-gas production,
which is for 1999
Source: U.S. Energy Information Administration
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Cheney task force seeks input from interest groups
By SHARON THEIMER
Associated Press Writer
05/14/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
WASHINGTON (AP) - The White House team developing a national energy plan has
met with more than 130 interest groups, from environmentalists and unions
often at odds with Republicans to major Bush supporters given private
sessions with Vice President Dick Cheney.
The vice president, Cabinet secretaries and others on a special task force
have solicited ideas behind closed doors, hoping the privacy would encourage
a free exchange of ideas.
The White House has declined to provide names of participants - even to
Congress.
But interviews with participants detail a massive outreach where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
Houston-based Enron is the world's top buyer and seller of natural gas and
electricity.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
about a dozen to 100 interest group members and a few task force members and
staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining their
priorities.
At a half-hour meeting in late March with White House strategist Karl Rove
and Bush economic adviser Larry Lindsey, nuclear energy executives tried to
make sure the two knew about the production records the industry has set over
the past few years. At one point, Rove asked if anyone was looking to build a
nuclear power plant. An executive with Exelon replied that his company was
thinking about it, meeting participants said.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and about 100 coal industry representatives in
late April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
martial this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying and that task force members were carefully instructed on what was
permissible under federal law.
Cheney's meetings included Enron, Edison Electric Institute, California
Republicans, and the senators from Nevada, home to the proposed Yucca
Mountain federal nuclear waste site. The vice president plans to meet with
the renewable-energy industry this week.
Enron ranked among Bush's top 10 presidential campaign contributors, giving
more than $110,000, and helped sponsor a $7 million party fund-raiser last
month.
The Edison Electric Institute gave Republican candidates more than two-thirds
of its $193,000 in contributions last year. Edison International, whose
holdings include the Southern California Edison electric utility, is also a
major donor, giving $535,000 to Republicans last year and $330,000 to
Democrats.
Enron spokesman Mark Palmer said Cheney met with Enron executives because the
power wholesaler is a respected member of the industry, not because it was a
contributor. Enron wants the administration's energy plan to ease electricity
transmission bottlenecks, give companies incentives to invest in new
transmission and make the wholesale power market as open as possible, he
said.
Tom Kuhn, the institute's president, said it is "totally ludicrous" to think
political donations played a role.
Cheney's meeting with Edison board members, held at the institute's
invitation, lasted 15 minutes to 20 minutes. Cheney spoke about the task
force process, Kuhn said. He said Cheney's remarks were consistent with the
vice president's public statements.
Edison wants to see new generation and transmission systems built, including
coal, natural gas and nuclear and hydroelectric power, Kuhn said.
Democrats in Congress sought a list of participants in the meetings, but
Cheney's office responded by only listing broad categories and no names. That
has left fodder for political attack.
"You can't just take advice from one interest group or set of interest groups
when you do these things," said Dave Albersworth of the Wilderness Society,
whose group has met with Lundquist but was denied its request to talk with
Cheney.
Weiss countered that the energy task force has collected information from
more than 130 groups since January in an "almost Herculean effort" to draw
input from all sides.
"People deserve the right to petition their government and not expect a full
laundry list of who's called to be announced," she said.
Enron spokesman Palmer said he is not seeking such privacy. "I'm happy to
tell people what we're advocating for. I'd rather be talking about policy
than about politics," he said.
---
On the Net:
White House Energy Task Force:
http://www.whitehouse.gov/news/usbudget/blueprint/bud10.html
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001
By DAVID BUCHAN
The UK's listed small oil companies may have dwindled in number. But they can
rightly say, echoing Mark Twain's words, that reports of their collective
demise are exaggerated.
Indeed, many in the UK-based exploration and production companies, dubbed
"independents" in the sense of being untied to any refining and marketing,
believe they have more of a role than when their kind first started operating
in the North Sea 30 years ago.
After the takeovers in recent years of Lasmo, Monument and British Borneo,
there may only be about a dozen significant UK-based "independents" left. Yet
they amount to virtually the entire European E&P sector: the only significant
exception being Lundin Oil of Sweden.
Many of the UK independents began life as local partners of US companies in
the 1970s when the Labour government of the period gave preference to
consortia with a local flavour.
But this rationale disappeared when the Thatcher government took a more
free-for-all approach to letting anyone develop the North Sea - though at the
same time it did create the biggest UK independent by floating off British
Gas' oil interests as Enterprise Oil. Enterprise is the only UK independent
that is more than a niche or regional player. As such its E&P assets would be
a significant addition to an oil major, hence the persistently rumoured
interest in taking it over.
As the North Sea became more competitive and difficult, some of the UK-based
independents began to look elsewhere. "Unlike US independents which have
always tended to be less interested in drilling outside North America, those
in the UK have always tended to be more sympathetic to exotic parts of the
world", says Mark Redway of Teather and Greenwood.
Unfortunately, the obvious exotic new province that happened to open up in
the early 1990s was the former Soviet Union. One company, Ramco Energy,
dipped in and out very successfully, recently selling its 2 per cent stake in
the Azerbaijan International Oil Consortium for Dollars 150m (Pounds 104.8m).
Other UK independents - Aminex, Soco and Dana Petroleum - ventured into
Russia and got stuck. While Aminex finds it hard to downplay Russia (because
it has little elsewhere), Soco these days stresses its Mongolia and Vietnam
operations. Another UK independent, JKX Oil & Gas, went into Ukraine, a
country notorious for non-payment of energy bills. With diplomatic help from
Tony Blair, the prime minister, JKX has just survived a legal attempt to rob
it of its Ukraine assets.
Two other independents have sunk more fruitful roots in Asia. "Cairn Energy
now has as big a stake in Bangladesh's gas production as Shell, and it would
be left, if Enron (the US energy company) were to quit India, as the biggest
foreign player in India," says Iain Reid of UBS Warburg. Premier Oil is now a
substantial Asian gas company, with production in Burma, Indonesia and
Pakistan and long term contracts in Thailand and Singapore.
But there are risks in these Asian ties. The obvious political one concerns
Burma. Last year the UK government asked Premier to quit Burma because its
presence was helping the military regime. Premier refused, and said it would
carry on.
The other risk, according to Mr Redway, is economic and it applies also to
Cairn. Because there is no real world market for gas, Cairn and Premier are
"very dependent on the strength of the local economies". But then, Mr Redway
is an analyst who believes that independents' competitive edge lies in
exploration rather than production. He therefore rates Fusion Oil & Gas
highly as "the purest exploration investment opportunity in the E&P sector".
Dana similarly vaunts its exploration expertise, but to a different end. Its
goal, according to Tom Cross, chief executive, is to find oil and then swap
exploration for production assets. "This avoids the expensive development
stage of building platforms and pipelines and so on". Then at the other end
of the spectrum are production-focused companies, such as Paladin, Tullow Oil
or Venture Production. Roy Franklin, Paladin's chief executive, makes no
bones about his company's scavenger strategy, spotting rich pickings
overlooked by the majors.
The majors are not always ready to sell, particularly recently when the oil
price rise has widened the gap in price expectations between buyers and
sellers.
But Paladin was last year able to buy PetroCanada's assets in Norway, and is
this year interested in bidding for some of what the Norwegian state is
selling off.
As its name suggests, Venture Production, a private Aberdeen-based company
with North Sea and Trinidad operations, is focused on extraction, not
exploration. And so are other private companies such as Intrepid, Consort
Energy and Highland Energy, formed in the past three or four years. This new
generation of company tends to be more cautious than the older one.
"Exploration has probably been the best way to destroy shareholder value,"
says one executive.
The other risk the new oilmen want to avoid is the vagaries of the stock
market. "By focusing on production, the new companies are more predictable in
terms of cash flow and earnings," says Mike Wagstaff, Venture's finance
director.
Copyright: The Financial Times Limited
News
Bush energy team covers all the bases
Sharon Theimer, Associated Press
05/14/2001
Chicago Tribune
North Sports Final ; N
13
(Copyright 2001 by the Chicago Tribune)
The White House team developing a national energy plan has met with more than
130 interest groups, from environmentalists and unions often at odds with
Republicans to major Bush supporters.
Vice President Dick Cheney, Cabinet secretaries and others have solicited
ideas behind closed doors, hoping the privacy would encourage a free exchange
of ideas.
The White House has declined to provide names of participants even to
Congress.
But interviews with participants detail an outreach program where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
a dozen to 100 interest group members and a few task force members and staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining
priorities.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and 100 coal industry representatives in late
April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
marshal this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
QATAR: UAE's Dolphin may seek new partners if Enron exits.
By Kedar Sharma
05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
DOHA, May 14 (Reuters) - Dolphin Energy Ltd (DEL) may invite new foreign
investors to join its project to route Qatari gas to the United Arab Emirates
as U.S. Enron Corp looks set to bow out, industry sources said on Monday.
"New partners are a possibility," Khaldoun al-Mubarak, project manager for
DEL, majority owned by the UAE's Offsets Group (UOG), told Reuters.
"But at the moment we are in the midst of finalising the formal (development
and production sharing) agreement with Qatar which should be done by
September at the latest."
Qatar and DEL in March signed a "commercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited $3.5
billion project.
UOG currently owns 51 percent of DEL, with the remainder held equally by
France's TotalFinaElf and Enron.
"Enron is going through major global restructuring," Mubarak said. "(But)
they haven't officially notified us about their intention to pull out."
Enron officials declined comment.
Mubarak said interest in DEL was running high.
"Everyone is asking for a stake," he said.
The gas deal would entitle DEL to develop a tract of Qatar's giant North
Field and produce up to two billion cubic feet per day (cfd) of gas.
UOG is to invest $2 billion in developing the North Field tract, drilling and
setting up production facilities.
The remaining $1.5 billion would be invested to lay a pipeline and set up
receiving terminals at Dubai's Jebel Ali and Taweelah in Abu Dhabi.
First gas is targeted to reach the UAE capital Abu Dhabi by late 2004 or
early 2005. About one billion to 1.5 billion cfd of Qatari gas would be
consumed by utilities in Abu Dhabi with the remainder supplied to Dubai.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
By Peg Mackey
05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
DUBAI, May 14 (Reuters) - Saudi Arabia's Supreme Petroleum Council (SPC) is
expected to meet on Tuesday and announce the oil majors chosen for its
multi-billion dollar gas investment opening, industry sources familiar with
the negotiations said on Monday.
The sources said the SPC is expected to name ExxonMobil and Royal Dutch/Shell
as lead players in three so-called core projects involving the kingdom's
upstream gas sector - off-limits to foreign oil firms since nationalisation
in 1975.
Signing of memoranda of understanding (MOUs) would most probably take place
in early June, the sources said.
The anticipated announcement would mark the biggest advance in the kingdom's
gas initiative, valued at an initial $25 billion, since Riyadh unveiled its
energy investment opening over two years ago.
But the hard work has yet to start on the opening of Saudi Arabia's gas
sector, the world's fourth biggest. "The fiscal regime and regulatory details
have not been developed," said one source.
FINAL CUT
Riyadh is expected to trim back its original shortlist of 11 potential
foreign investors revealed last summer. Those companies had been grouped
under three core venture consortia - South Ghawar, Red Sea and Shaybah.
For ExxonMobil and Royal Dutch/Shell, securing the lead role in Saudi
Arabia's core ventures would entitle them to operate the package and get the
biggest slice of the projects, analysts said.
Other industry sources said ExxonMobil, the world's biggest energy company,
was tipped for the top slot in core venture 1 (South Ghawar) as well as in
core venture 2 (Red Sea).
Royal Dutch/Shell was in pole position for core venture 3 (Shaybah), the
sources added.
Both oil supermajors already have significant foreign investment in the
kingdom and feature as top customers of Saudi oil, the analysts said.
ENERGY DRIVERS
An urgent need to create jobs and grow the economy are driving Saudi Arabia's
landmark energy opening.
And analysts said big oil companies were prepared to help the kingdom achieve
those aims even if the return on their investment was relatively low.
"Major oil companies just cannot miss this opportunity," a source said. "The
gas projects will show profits."
But just how much revenue oil companies will generate by selling water and
electricity in the Saudi domestic market remains to be seen.
On paper, at least, the kingdom's domestic gas sector looks set for
impressive growth.
Domestic gas demand, now running at about 3.4 billion cubic feet per day, is
forecast to grow at more than seven percent a year over the coming decade.
Saudi Arabia has meanwhile made clear that its prized oil sector, the world's
biggest, remains off limits.
Even so, oil companies still hold out hope for eventual involvement in oil,
the kingdom's lifeblood.
"The companies are just as happy with gas, but oil remains the ultimate
objective," a regional analyst said.
"Saudi Aramco is still putting up strong defence barriers, but eventually
they could open up the oil sector once they feel comfortable working with the
majors."
The Saudi gas initiative seeks foreign oil companies' help in developing the
kingdom's known gas reserves as well as investment in downstream projects fed
by gas supplies, such as power and desalination.
The following companies have been shortlisted for the gas projects:
Core venture 1 (South Ghawar Area) - ExxonMobil, Royal Dutch/Shell, BP ,
TotalFinaElf , Chevron and ENI .
Core venture 2 (Red Sea Area) - TotalFinaElf, ExxonMobil, Marathon , Enron
/Oxy , Conoco , Royal Dutch/Shell.
Core venture 3 (Shaybah Area) - Royal Dutch/Shell, ExxonMobil, Marathon,
Conoco, TotalFinaElf, Phillips and Enron/Oxy.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Saudi Oil Council To Meet Tue On Gas Projects -Sources
05/14/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
DUBAI -(Dow Jones)- International oil companies vying for a stake in Saudi
Arabia's downstream gas projects, expect to be notified soon on whether they
have been selected to participate, industry sources in the kingdom said
Monday.
Saudi Arabia's Supreme Petroleum Council is set to meet Tuesday and shortly
after, announce its final selection for each of the three core ventures on
offer, the sources said.
The Saudi Arabian committee negotiating with international oil companies on
the Gas Initiative, submitted its proposals for consortium members and
leaders to the country's Ministerial Council in April. These were then passed
on to the SPC for final approval.
Saudi Arabia's Crown Prince Abdullah, who heads the SPC, is in Bahrain Monday
attending a Gulf Cooperation Council leaders' summit along with Saudi
Arabia's foreign minister, Saud Al Faisal, who heads the gas negotiating
committee.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and IOC's in the
past year, the following companies were shortlisted for each project.
Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil Corp. (XOM), Chevron
Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E) for Core Venture 1,
the $15 billion South Ghawar Area Development.
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were listed.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
listed.
With all those shortlisted expected to play some role, the immediate and
essential question for each of the IOC's is whether they will be selected to
lead and operate a project, with Core Venture 1 the most sought after,
industry sources said.
Exxon Mobil and Shell have been tipped as frontrunners for this venture.
The operator's role will be more crucial than ever here as it will be
responsible for directing further negotiations on the projects at hand which
will lead to final deals probably by year end.
Also, operators are expected to decide and direct how the project's
individual and large components will be developed, details the Saudis haven't
finalized, sources said.
The three ventures have been estimated at a combined value of about $25
billion.
-By Dyala Sabbagh, Dow Jones Newswires; 9714-331-4260;
[email protected]
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
RFID chip will help speed up business
05/14/2001
The New Straits Times
Main/Lifestyle; 2*
26
(Copyright 2001)
THE combination of recently developed "stick-on" Radio Frequency
Identification (RFID) chip technology with a global positioning system (GSP)
will transform and quicken the pace of doing business in the oil and gas
industry.
And Malaysia must adapt to this shift to maintain her global positioning.
Global management and technology consultant Global Energy Strategy Practice
which is working in partnership with Accenture Sdn Bhd wants to promote this
idea locally.
Global Energy Strategy Practice partner Paul Spence said that applying this
latest combined technology, car owners can fill up a petrol tank without
resorting to human contact or to the use of a credit card.
Relevant personal data embedded in the RFID chip would be machine read and
the required quantity of petrol delivered, as if right out of a science
fiction movie.
This surreal development is made possible through the application of
ubiquitous-commerce (u-commerce) whereby computers and machines communicate
with each other to affect an impression of an omnipresent intelligence.
Such technology is economically available today. "There are technology
suppliers who are offering these capabilities."
The technology also has applications outside the oil and gas industry.
Communications between machines can now allow or deny access of individuals
to restricted zones.
In an interview in Petaling Jaya recently, Spence said: "A lot of my clients
now are asking, whether that same technology can be used to restrict access
into hazardous areas, plants or production sites.
"Can a warning alarm be fitted to the individual or to an assistant? There
are lots of safety, health and environment applications around that."
"Guru in the field" is another potential application where a combination of
RFID chips, video cameras, personal digital assistants (PDA) and personal
computers can deliver distant technical advice on- site.
"An industry client operating in the North Sea oil fields has a prototype
mounted on a workman's helmet which sends snap-shots to experts on the other
side of the world.
"The effect of this new combined technology on global financial and commodity
markets is to lock them in tighter correlation.
"The days of being able to arbitrage for profits between geographical markets
are shortening within the energy industry. Enron which is the biggest oil
trader in the US is now hedging on weather derivatives."
Accenture partner Lim Beng Choon said that to compete globally, the oil and
gas industry in Malaysia would have to implement this new technology to
remain connected to global markets.
Caption: Lim ... connected.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
India: Godbole panel report may suggest MSEB bifurcation
05/14/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire
MUMBAI, May 13. THE second part of the Dr Madhav Godbole committee report is
expected to be submitted to the State Government on May 15.
While the first part of the report recommended renegotiation of the power
purchase agreement with Enron's Dabhol Power Company, the second part is
expected to suggest bifurcation of the Maharashtra State Electricity Board,
sources said. The committee, which has been given the mandate to negotiate
with Enron officials to make DPC power more acceptable, had a marathon
meeting on May 11 to finalise the second half of the report.
"The committee has been considering the bifurcation of MSEB," a source said.
"The idea is to try and separate the distribution from generation and
transmission." While generation and transmission can be controlled by the
State, there may be a suggestion to privatise the distribution arm. Over 1.5
lakh MSEB employees had gone on a strike to oppose a Bill to unbundle the
board into three divisions - generation, transmission and distribution - due
to fear of privatisation.
MSEB, the State's leading power company, has been facing huge losses due to
delay in payments and theft of power. The second part of the report is
expected to address the problem in detail.
Part one of the report submitted on April 10 had said: "...none of the
solutions espoused for independent power producers, in general, and DPC, in
particular, is tenable without the reforms of MSEB, especially its
distribution business, which it shall address in part II of the report."
The report is expected to "suggest appropriate measures to ensure that the
interests of the State, MSEB and electricity consumers of the State of
Maharashtra are properly and adequately considered, evaluated and
safeguarded," according to the terms of reference laid down when forming the
committee.
The committee originally consisted of Dr Madhav Godbole, Mr Deepak Parekh, Dr
E.A.S. Sarma, Dr Rajendra Pachauri and the State Energy Secretary, Mr Vinay
Mohan Lal. The MSEB Chairman, Mr Vinay Bansal, has been inducted as part of
the panel after the submission of the first part and before the beginning of
negotiations with Enron.
Archana Chaudhary
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
The Smart Investor
Tertiary will be primary
Indira Vergis
05/14/2001
Business Standard
2
Copyright (c) Business Standard
These are volatile times for world business. There are increasing jitters
that a slowing US economy could dampen prospects for the global economies.
Many developing regions, especially in Asia, are bracing themselves for a
bout of slightly lower growth.
But two countries, India and China which together account for about half the
region's gross domestic product (GDP_ will still continue to see their GDP
grow at six per cent, forecasts the Asian Development Bank.
Many Indian economists agree with ADB's projections. In fact, they view the
prediction of a six per cent growth in India's GDP as benign. Nearly 54 per
cent of India's GDP is delivered by its services sector and a modest
performance by this sector, some economists say, will be enough to hold up
the GDP at six per cent. There are others who hope that better agricultural
performance could prompt the economy to hand in a better scorecard.
However, the Indian industry remains trapped in the doldrums, suffering from
a lack of consumer confidence and investments. Very few economists expect to
see signs of recovery sprouting any time soon.
An interest rate cut is considered vital by many to energise the sector. And,
they argue, there are certain economic indicators that encourage such a move.
Inflation is running at very low levels and the nation's foreign exchange
reserves are currently high enough to provide a strong defence to the Indian
currency. Surprisingly, our trade balance, which threatened to spiral out of
control by surging oil prices last year, has been contained. Since then, oil
prices have retreated and are expected to remain subdued. While a rate cut
may go some way in reviving sentiment and activity in the industrial sector,
stirring up consumer demand will still hinge on a normal monsoon.
Rain, rain, come again
For many economists, the prediction of India clinging to its current GDP
level is heavily contingent on a normal spell of monsoon this year.
"According to our assessment, we believe the Indian economy will grow by
around 6.5 per cent this fiscal year," says Chetan Ahya, vice president at J
M Morgan Stanley Securities.
In 2000-01, agricultural growth withered under a poor monsoon and a
subsequent drought in many parts of the country. For the second year in a
row, growth in the sector sank below one per cent. It stood at 0.9 per cent
compared with 0.7 per cent the previous year. While agriculture accounts for
only 24 per cent of GDP, it remains the most keenly-watched sector by
economists. "The performance of the agricultural sector is important because
of its linkages to the economy both on the supply side and on the consumption
side," says Mohan Nagarajan, chief economist at Credit Analysis and Research
Ltd (CARE). "It would lead to a better performance of agro-based industries,"
he adds.
More significantly, roughly 60 per cent of Indians still depend on
agriculture for their livelihood. "A good crop means that demand for
everything, from everyday use goods like toothpaste to larger items like
tractors will pick up," says Nagarajan. Economists are hoping that a good
monsoon will budge growth in the sector to around 1.5 to 2.5 per cent.
In service of the economy
Another key sector economists will be watching out for will be services.
India's services sector ranging from finance, insurance, hospitality to
transportation and communication slowed its pace in 2000-01. With growth
weakening by a whole per cent to 8.4 in 2000-01, sluggishness in this
important sector has been blamed for dragging down the overall GDP. Most
economists expect the sector to post either relatively flat growth or edge
slightly higher this year. But, it's performance will be vital to ensure that
overall GDP holds at six per cent. "Even if the agriculture and industry
numbers fall again but services sees even seven to eight per cent growth, it
will be enough to keep the GDP around six per cent," says Nagarajan.
Construction activity a services component that includes housing, roads and
other infrastructure projects demonstrated surprisingly good growth of 8.7
per cent and is expected to maintain the pace. Road construction is tipped to
show increasing levels of activity as work on the ambitious highway linking
Mumbai, Delhi, Chennai and Calcutta intensifies.
Chiming in will be the housing industry, benefiting in recent years from tax
reliefs and attractive financing schemes, and which have encouraged more
people to buy houses.
Another segment slated to witness good growth will be IT-enabled services,
says Morgan Stanley's Ahya. "We are emerging as the services workshop of the
world," he says. IT-enabled services like call centres and data processing,
though currently generating tiny revenues, are slated to turn into big money
spinners in the years ahead.
The telecommunications industry will also see improving levels of investment.
"The penetration of services is so low, that it has an intrinsic high growth
rate," says Ahya. For a taste of the market, consider this: out of the 100
Indians, only one uses the Internet and less than three own a telephone.
A good home show
And there could be a pleasant surprise in store for industry amid all the
gloom over its performance.
Adequate liquidity conditions are spurring expectations of a cut in interest
rates. Broad money(M3) a gauge of total money available in the economy
increased 16.2 per cent in 2000-01 against 14.6 per cent last year.
While the Reserve Bank of India had cut the bank rate in March, the belief is
that a further cut of 50 basis points is imminent. The bank rate the rate at
which the central bank lends to commercial banks currently stands at seven
per cent. Aiding the cause is the inflation data which shows the wholesale
price index at a tame 5.84 per cent. With economists betting that oil prices
will remain in the $24-28 a barrel range, inflation is not expected to
exhibit the oil price-inspired gyrations of last year. A cut could coax the
industry to step up activity, though admittedly, much would still depend on
rural demand.
Neighbours' envy
And while many Asian countries watch with increasing nervousness the impact
of an American downturn on their economies, India and China can afford to
remain relatively placid about global developments. That's because they are
less dependent on the US for their own economic health. That is expected to
shield them somewhat from being blown off-course like some other Asian
nations by the ill-wind of an American slump in demand.
With exports making up less than 10 per cent of India's GDP, its economy is
clearly not export-driven. In contrast, nearly 35 per cent of Indonesia's GDP
comes from exports, 57 per cent for Thailand, and 50 per cent for the
Philippines.
Yet, despite claiming only a small percentage of GDP, India's exports
remained a bright spot amid some gloomy economic data. Exports raced ahead 20
per cent to $44.1 billion in 2000-01. It was the second consecutive year of
good exports growth. On the flip side, imports rose, too, during the same
period to Rs $49.1 billion. But non-oil imports, however, declined 15 per
cent to $34.2 billion. That helped narrow the trade gap to $5.74 billion from
$12.79 billion the previous year.
Still, India can ill-afford to ignore completely the risks of an American
slump in demand. The US is India's largest trading partner and, in 2000-01, a
quarter of its exports headed to that nation. Besides, by taking in nearly 70
per cent of India's software exports, it is also India's most important
software exports destination.
Booming software exports accompanied by remittances by Indians living
overseas have been the primary factors exerting a calming influence on
India's balance of payments of position, especially in times of economic
turbulence. For example, last year, while a surging oil import bill
threatened to rattle the nation's trade gap, inflows from
invisibles(including income from software and Indians living abroad) came to
the rescue helping India limit its overall current account deficit.
It's a sobering realisation that has compelled the National Association of
Software and Service Companies(NASSCOM) to lower its exports forecast to
between $8.5 billion to $9 billion from its previous figure of $9.5 billion.
Earlier, it had also revised estimates for 2000-01 lower to $6.2 billion from
$6.3 billion. Still, observers say it isn't a cause for depression.
"They are still talking about growth. It is a decline in the growth rate and
not an actual downturn itself," points out John Band, chief executive
officer, ASK-Raymond James and Associates. And remittances look set to
maintain their pace as well. "Most remittances are still from Indians who
live in the Middle East, and I don't see any slowdown from this segment,"
says CARE's Nagarajan. Remittances totalled $9.8 billion in the nine months
to December 2000. Software exports brought in $4.6 billion during the same
period.
Foreign institutions support
Another recent 'feel-good' sign has been evident in the stock markets too.
Between January and April 2001, eigners poured in Rs 7,368 crore into India's
equity markets - a phenomenal 15 per cent more than what they invested in the
whole of calendar 2000.
Yet, experts aren't reading too much into it. In the past few months,
investors have been fleeing from a shower of profit warnings in the US and
seeking cover in alternative investments. As they rejuggle their portfolios,
some money will inevitably flow into India and other countries, experts say.
Because it isn't affected so much by what's happening externally, they see
India as some kind of a safe haven," says ASK's Band.
Yet some hesitation
Recently, gunning for more foreign direct investments (FDI), the government
opened more sectors for foreign and private participation, including
pharmaceuticals, hotels, banking and astonishingly, even defence. However,
tempting FDI has always been a vexing issue for India.
In 2000-01, FDI did improve slightly, moving 26 per cent higher than the
previous year to $2.4 billion. Yet, China a market India is frequently
compared with in terms of size and potential attracted 20 times more FDI in
the same period. Economists now shrug off FDI as a tool to kick-start
investment in the country. "It's a pittance and it probably will remain
stagnant," says an economist at a foreign research house.
The reasons are not hard to find. Foreigners seeking to invest in India have
many fences to cross. Frequent changes in sector policies, chaotic
infrastructure facilities and nightmarish bureaucratic redtape have often
left foreigners tired and wary of doing business in India.
The stress of investing in India is most clearly visible in the recurring
concerns that have stubbornly dogged US energy giant Enron's 2,148 MW power
project in Dabhol in Maharashtra. After being forced to renegotiate a power
supply deal in 1995 after concluding it in 1992, Enron has hit the headlines
once again.
This time, an almost bankrupt state electricity board (SEB) refuses to pay
its dues for power received and the state government refuses to honour its
commitment to pay in case the SEB defaults.It's led to intense speculation
that, after suffering repeated snags for nearly a decade, Enron might simply
pull out of the project altogether. A disturbing turn of events, since, till
recently, Enron Corp was the biggest foreign investor in India.
It will not be the first time that exasperation will have egged on a foreign
investor to pull out of a project. Earlier, US-based Cogentrix Energy had
also walked out of its $1.5 billion 1,000 MW Mangalore power project citing
endless bureaucratic hurdles.
And there has also been some disappointment over India's much-hyped 300
million middle class which was supposed to be growing rapidly. Many
international firms, inspired by this figure, had scrambled to set up
operations to conquer a huge chunk of this market. Now many are struggling to
break even and still learning to adapt to local tastes a key ingredient for
success. That's why despite all its attempts to open up various sectors,
India still remains a tough sell.
Outlook
With a little help from the rains, India could notch up a growth rate of six
per cent. Many economists have also pointed out that a reforms-studded budget
could also inject some enthusiasm in the patient that is the economy. Strong
measures include plans to reform labour laws and government employment. These
are expected to boost the economy's development, though in the long run.
The recent opening up of various sectors could also revive sentiment,
although whether this will translate into FDI flows is arguable. Still, every
bit helps. The fact remains that it will have to persist in trying to
accelerate the pace of growth if its ambitions of turning into an economic
powerhouse are to be realised. After all, for the second most populous nation
in the world with one of the biggest markets, its economic power is still
nowhere near the figure its size suggests.
Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)
05/14/2001
La Repubblica
41
Copyright (C) 2001 Abstracted from La Repubblica in Italian; Source: World
Reporter (TM)
Italian brokers Rasfin SIM have indicated the potential for growth in the
shares of Acegas, the former municipal utility of the Italian city of
Trieste. Acegas closed the first quarter of this year with turnover of L137bn
(+45 per cent). Results attributed in part to the start of production of
Estenergy, a consortium of the utilities of Udine, Trieste, Gorizia and Enron
of the US, which supplies energy and services to parts of Friuli.
Also significant, according to Rasfin, were investments over the period,
which totalled L43bn.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
A Section
IN THE LOOP Al Kamen
Roundabout to the Oval Office
Al Kamen
05/14/2001
The Washington Post
FINAL
A19
Copyright 2001, The Washington Post Co. All Rights Reserved
Sometimes even Cabinet officers can lose their way in the White House. So
there was Health and Human Services Secretary Tommy G. Thompson, clearly lost
Friday at a fork in a corridor near White House spokesman Ari Fleischer's
office.
"How do you get to the Oval Office?" he asked a group of reporters and was
directed to the right door, according to a wire report.
Fleischer, though, told reporters that was the wrong answer.
"How do you get to the Oval Office? First you win the Iowa caucus, then you
lose the New Hampshire primary, then you make a comeback in South Carolina,"
he quipped as he recalled President Bush's early primary campaign last year.
Passport, Please
Meanwhile, folks at Thompson's HHS may be taking to calling him "Tightwad
Tommy." Seems a memo went out March 15 undermining Alaska and Hawaii's claims
to be part of the United States.
Employees "must clear . . . international travel" with the office of the
deputy chief of staff for operations, said the memo from the deputy chief, Ed
Sontag. To clarify, "HHS employees seeking to travel outside the continental
U.S." for meetings and conferences, must get permission and then file trip
reports within two weeks.
This sent officials calling around, asking whether trips to those states were
to go through the international travel approval system just as if they were
going to Russia or the Congo.
Apparently so. The edict would appear to include even the nearby Virgin
Islands and practically next-door Puerto Rico as well. Loop Fans can only
hope this outrage doesn't spread to other agencies. It would make for some
cold winters.
Chewing Out on the Bush Beat
Speaking of Fleischer, the usually affable spokesman is not reluctant to get
tough with reporters when he believes they've stepped out of line.
Sheriff Fleischer was on duty Thursday and upset with Houston Chronicle
reporter Bennett Roth. Bush that morning urged parents to talk more to their
kids about the dangers of drugs.
Roth, at Fleischer's daily briefing, asked: "Ari, the president talked about
parental involvement today. How much has he talked to his own daughters about
both drugs and drinking? And given the fact that his own daughter was cited
for underage drinking, isn't that a sign that there's only so much effect
that a parent can have on their children's behavior?"
Fleischer responded brusquely: "No, I think, frankly, there are some issues
where I think it's very important for you all in the press corps to recognize
that he is the president of the United States; he's also a father. And the
press corps has been very respectful in the past of treating family matters
with privacy, and I'm certain that you're going to do so again. I hope so."
Fleischer later called Roth to chastise him, telling him his question had
been "noted in the building."
Competing to Oversee the Corps
Former Mississippi representative Mike Parker, a Democrat-turned-Republican
who lost a gubernatorial bid a couple of years back, had been seen as the
pick to be assistant secretary of the Army for civil works, overseeing the
Army Corps of Engineers.
Parker, a former undertaker, had support from the barge industry, the various
corps constituencies and fellow Mississippian Trent Lott, the majority leader
of the Senate.
But the Pentagon's choice was Lawrence Izzo, recently retired president of
Enron Engineering and Construction Co. who has been in the mix for several
jobs. Izzo, a West Point grad, had 23 years at the Corps before going to
Enron, former home of Army secretary-designate Thomas White.
The majority leader was said to be most unhappy. The latest word is Parker's
getting the job.
Ex-Reporters Move On
Kenneth J. Klein, a former reporter who has worked for 17 years for Florida
Sen. Bob Graham (D), most recently as chief of staff, is joining the Outdoor
Advertising Association of America as executive vice president for government
relations.
Former Washington Post colleague Thomas W. Lippman, a 33-year national,
foreign and financial reporter and author who became vice president of
communications at the World Wildlife Fund in 1999, is moving next month to be
managing director at communications consulting firm Chlopak, Leonard,
Schechter & Associates.
Confirmation Countdown
Staff writer Michael Grunwald contributed to this report.
http://www.washingtonpost.com
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Largest LNG 13 Conference Opens Today
05/14/2001
Korea Times
Copyright (C) 2001 Korea Times; Source: World Reporter (TM)
The largest-ever International Conference and Exhibition on liquefied natural
gas (LNG 13) opens today for a four-day run at the Convention and Exhibition
Center (COEX) in southern Seoul.
A total of 125 companies and organizations represented by 2,500 delegates and
exhibitors from 50-odd countries, including Japan, the United States, Britain
and Australia, are participating in the international event, co- organized by
the Korea Gas Union and the Korea Gas Corp. (KOGAS).
Commerce, Industry and Energy Minister Chang Che-shik will be delivering
congratulatory remarks on behalf of Prime Minister Lee Han-dong who is
currently on an official trip to the Middle East. There will be a visual
presentation from Lee during the opening ceremony.
``We have spent more than a year preparing for this international event which
is the largest in terms of the number of participants and exhibitors,'' said
Lee Seung-hwan, chairman of the Korean National Organizing Committee.
LNG 13 is 15 percent larger than the conference and exhibition held in
Australia back in 1998 which reflects the growth of the industry, Lee
explained, adding that the demand for LNG has been increasing rapidly here in
Korea.
A wide range of topics will be presented during the four days of conferences
and exhibitions, helping to showcase the importance of the LNG industry.
Among the numerous papers to be presented at the triennial event are ``Old
World, New World, Tomorrow's World: How LNG Has Changed Since LNG 12'' and
``The Next Generation of LNG Plants.''
``Hosting this meaningful event in Korea will help elevate Korea's image in
the international market, particularly with the sheer scale and size of LNG
13,'' said Kim Myung-kyu, president and CEO of KOGAS and chairman of the
Korea gas Union.
The conference will include paper sessions, workshops, poster sessions and
film presentations while exhibitors will demonstrate their exclusive
technologies for the exploration and production of LNG as well as plant
construction.
The official sponsors of LNG 13 are the International Gas Union, the Gas
Technology Institute and the International institute of Refrigeration while
the major sponsors are Shell Gas and Power, KOGAS, LG-Caltex, SK-Enron, the
Qatari Group, TotalFinaElf, British Petroleum and Exxon Mobile.
In addition to the conference and exhibition, there will be a technical visit
to the Inchon LNG Receiving Terminal in Inchon, about 50 kilometers west of
Seoul, on Friday.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
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RE: ,
i think thats rite -think curve flattens somewhat.back end the overvalued
part for now. i think we more consolidate sideways choppy for a few sessions
but if the present rate of injections continue the end users/utilties will
have to stop buying cuz of real phys limitations to take the gas into
storage. funds short but only 6% of open int and have covered later part of
last week.
think vol comes in again too.i think it sale 4.50 scale up-talked to some
others to o thinking it cant go below 4.00 so i actually think more the
suprise in the short term for a break of 4.00!! so who knows/cud work the
other way.
agree-disappointed at lack of producer selling-we had one deal come thur
but its been worked for months so not price relevant.
when are you in town next?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 6:34 PM
To: LaFontaine, Steve
Subject: Re:
most bullish thing at this point is moving closer to everyone's
psychological $4 price target and that everybody and their dog is still
short. next sellers need to be from producer community. saw a little this
week with williams hedging the barrett transaction but wouldnt say thats
indicative of the rest of the e&p community. short covering rallies will
get more common here. velocity of move down has slowed significantly for
good (except maybe in bid week). my concern is if we go to $4 and people
want to cover some shorts, who's selling it to them? might feel a lot like
it did when we were trying to break $5.
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NYTimes.com Article: Energy Industry Raises Production at a Record ,
This article from NYTimes.com
has been sent to you by [email protected].
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Energy Industry Raises Production at a Record Pace
By JOSEPH KAHN and JEFF GERTH
The energy industry is drilling for natural gas, building gas
pipelines and constructing power plants at an unprecedented pace as
companies respond to high energy prices by significantly boosting
investment.
http://www.nytimes.com/2001/05/13/politics/13ENER.html?ex=990843468&ei=1&en=ea
3f7def0d7bb148
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[email protected].
Copyright 2001 The New York Times Company
| 4,473 |
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|
Re: Enron SAP Meeting ,
Jennifer - just wanted to give you a quick SAP update - we have some traction
still with them. We are going to provide them with a proposal for the
4-eurpoean cities mentioned during the last conference call. On the low-end
it is a $2.09M deal with the high-end (lower probability) could be $8M-plus.
We hope to have firms numbers to them late next week. We also had a conf-call
with Commerce One that did not go well with respect to bandwidth, however we
are still going to pursue the reseller potential with them for next quarter.
-------------------------------------------------------------
Gary Waxman
Director, Enterprise Group
Enron Broadband Services
2100 SW River Parkway
Portland, OR 97201
Mobile: 503-807-8923
Desk: 503-886-0196
Fax: 503-886-0441
-------------------------------------------------------------
| 4,474 |
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|
Nat Gas market analysis for 5-14-01 ,
Attached please find the Natural Gas market analysis for today.
?
Thanks,
?
Bob McKinney
- 5-14-01 Nat Gas.doc
| 4,475 |
||
arnold-j/all_documents/611.
|
daily charts and matrices as hot links 5/14 ,
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 available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude41.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas41.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil41.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded41.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG41.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG41.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL41.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| 4,476 |
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|
Natural gas update ,
Latest natural report
- ng051301.doc
| 4,477 |
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arnold-j/all_documents/62.
|
Continental/Enron meeting rescheduled from December 11th to ,
Ron Howard:
I just confirmed back with Shirley Vauter that 1:30 PM -3:00 PM on Tuesday,
December 12th is fine for the meeting between Larry Kellner, Jeff Shankman,
and their teams. Thank-you for your flexibility in rescheduling this meeting
from December 11th to December 12th per Jeff Shankman's request.
I will follow up shortly with logistical details.
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
(713)-345-6541
| 4,485 |
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arnold-j/all_documents/63.
|
Experience Enron -- brief tour 2:30-3:00 PM December 12th following ,
Carrie:
Thanks for facilitating a brief Experience Enron tour for 15 minutes each in
two areas (30 minutes total):
a) the gas trading floor on EB 32 with Craig Taylor
b) Enron Online tour on EB 27
If it becomes necessary to replace b) with a tour of the gas control room,
we'll follow up with you.
Additionally, thanks for getting us the 4 Enron overview marketing brochures
for the Continental attendees.
Meeting Attendees from Continental Airlines:
Ron Howard, Vice President, Food Services
Larry Kellner, Chief Financial Officer
Greg Hartford, Vice President, Fuel Management Company
Jeff Misner, Vice President and Treasurer (tentative)
Carrie, we appreciate your working with us on such short notice!
Sarah-Joy
ext. 5-6541
| 4,496 |
||
arnold-j/all_documents/638.
|
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Senior VP and Amazon Customer of Five Years (and Counting)
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| 4,504 |
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arnold-j/all_documents/639.
|
4-URGENT - OWA Please print this now. ,
Current Notes User:
REASONS FOR USING OUTLOOK WEB ACCESS (OWA)
1. Once your mailbox has been migrated from Notes to Outlook, the Outlook
client will be configured on your computer.
After migration of your mailbox, you will not be able to send or recieve mail
via Notes, and you will not be able to start using Outlook until it is
configured by the Outlook Migration team the morning after your mailbox is
migrated. During this period, you can use Outlook Web Access (OWA) via your
web browser (Internet Explorer 5.0) to read and send mail.
PLEASE NOTE: Your calendar entries, personal address book, journals, and
To-Do entries imported from Notes will not be available until the Outlook
client is configured on your desktop.
2. Remote access to your mailbox.
After your Outlook client is configured, you can use Outlook Web Access (OWA)
for remote access to your mailbox.
PLEASE NOTE: At this time, the OWA client is only accessible while
connecting to the Enron network (LAN). There are future plans to make OWA
available from your home or when traveling abroad.
HOW TO ACCESS OUTLOOK WEB ACCESS (OWA)
Launch Internet Explorer 5.0, and in the address window type:
http://nahou-msowa01p/exchange/john.doe
Substitute "john.doe" with your first and last name, then click ENTER. You
will be prompted with a sign in box as shown below. Type in "corp/your user
id" for the user name and your NT password to logon to OWA and click OK. You
will now be able to view your mailbox.
PLEASE NOTE: There are some subtle differences in the functionality between
the Outlook and OWA clients. You will not be able to do many of the things
in OWA that you can do in Outlook. Below is a brief list of *some* of the
functions NOT available via OWA:
Features NOT available using OWA:
- Tasks
- Journal
- Spell Checker
- Offline Use
- Printing Templates
- Reminders
- Timed Delivery
- Expiration
- Outlook Rules
- Voting, Message Flags and Message Recall
- Sharing Contacts with others
- Task Delegation
- Direct Resource Booking
- Personal Distribution Lists
QUESTIONS OR CONCERNS?
If you have questions or concerns using the OWA client, please contact the
Outlook 2000 question and answer Mailbox at:
[email protected]
Otherwise, you may contact the Resolution Center at:
713-853-1411
Thank you,
Outlook 2000 Migration Team
| 4,505 |
||
arnold-j/all_documents/64.
|
GE persons visiting Friday, the 8th ,
Derryl:
Thanks for pulling me in to meet John Schroeder, Account Manager (whom I had
met earlier with Graham Gebbie) and Marco Arcelli, Sales Manager, Pipelines.
Look forward to keeping in touch on this if any buy side opportunities are
evenutally pursued.
Thanks again.
Sarah-Joy
| 4,506 |
||
arnold-j/all_documents/640.
|
3 - URGENT - TO PREVENT LOSS OF INFORMATION ,
Critical Migration Information:
1. Your scheduled Outlook Migration Date is THE EVENING OF : May 15th
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
| 4,507 |
||
arnold-j/all_documents/641.
|
2- SURVEY/INFORMATION EMAIL 5-15-01 ,
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.
Outlook 2000 Migration Team
------------------------------------------------------------------------------
--------------------------------------------------------------
Full Name:
Login ID:
Extension:
Office Location:
What type of computer do you have? (Desktop, Laptop, Both)
Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilot,
Jornada)
Do you have permission to access anyone's Email/Calendar?
If yes, who?
Does anyone have permission to access your Email/Calendar?
If yes, who?
Are you responsible for updating anyone else's address book?
If yes, who?
Is anyone else responsible for updating your address book?
If yes, who?
Do you have access to a shared calendar?
If yes, which shared calendar?
Do you have any Distribution Groups that Messaging maintains for you (for
mass mailings)?
If yes, please list here:
Please list all Notes databases applications that you currently use:
In our efforts to plan the exact date/time of your migration, we also will
need to know:
What are your normal work hours? From: To:
Will you be out of the office in the near future for vacation, leave, etc?
If so, when? From (MM/DD/YY): To (MM/DD/YY):
| 4,508 |
||
arnold-j/all_documents/65.
|
Continental Briefing for Enron/Continental meeting December 12th ,
Mr. Shankman:
In preparation for the meeting on December 12th with Larry Kellner, CFO,
Continental Airlines, I have noted below some background on the
Enron/Continental relationship and the purpose for the meeting. Mr.
Shankman, please advise if you would like me to distribute this to the
attendees.
EXECUTIVE SUMMARY:
Over the past several years Enron has been hedging Continental's crude oil.
The relationship has been beneficial to both sides. As a result, since 1999
Enron has made over $9 million and Continental has saved over $45 million.
The purpose for the December 12th meeting is to address three initiatives in
order of economic value: (1) fuel management, (2) weather derivatives, and
(3) plastics hedging -- VaR analysis. Several new initiatives being
proposed to Continental include the following:
exchanging call options on crude oil for airline tickets (Craig Breslau,
Originator)
transacting financial swaps on line (Larry Gagliardi, Originator)
creating a weather derivative product for the airline industry (Mark Tawney
and Gary Taylor, Originators)
outsourcing Continental's antifreeze and plastics risks by hedging these
products with Enron (Alan Engberg, Originator)
Meeting Attendees from Continental Airlines:
Ron Howard, Vice President, Food Services
Larry Kellner, Chief Financial Officer
Greg Hartford, Vice President, Fuel Management Company
Jeff Misner, Vice President and Treasurer (tentative)
Meeting Attendees from Enron:
Jeff Shankman, President and COO, Enron Global Markets
John Nowlan, Vice President, Enron Global Markets
Craig Breslau, Vice President, Enron North America
Mark Tawney, Director, Enron Global Markets (tentative)
DISCUSSION:
(Developed through conversations with Alan Engberg, Larry Gagliardi, Gary
Taylor, Craig Breslau, Tracy Ramsey and Lucy Ortiz.)
Enron Buy Side with Continental:
Current Enron verifiable spend on Continental airline tickets was
approximately $40 million in FY 1999 and $17.5 million for the first six
months of 2000.
Enron Sell Side with Continental:
(1) FUEL MANAGEMENT:
Current Business: Over the past 2 years, Craig Breslau and others have been
managing a strong relationship with Greg Hartford, VP, Continental Fuel
Management, hedging Continental's crude oil. The first transaction was on
January 14, 1998 -- a one month Forward on Kero. Since then, Enron has
completed 29 transactions with two commodities: KERO and Crude. Current
business consists of three crude call options, settling in December 2000
($31.00) and January, 2001 ($34.00 and $35.00)
Value to Enron: Enron has earned $9,682,084 (1999-October 6, 2000)
Value to Continental: Continental has saved $45,001,744 (1999-October 6,
2000)
Possible next steps: (a) A transaction where Enron exchanges call options
on crude oil for airline tickets.
(b) Financial jet swaps on line: Larry Gagliardi has already spoken with
Rick Pressly, Director, Continental Fuel Management, regarding financial jet
swaps on line. At the time, Pressly was not interested in pursuing this
product offering.
Value to Continental for (b): a more perfect hedge as opposed to hedging
with crude oil since hedging jet fuel with jet is a more perfect hedge.
Enron could offer services for the whole year and explore multi-year options
as well both with financial and physical jet fuel.
Possible next steps: Would Larry Kellner be interested in (a) or (b)? Enron
could also supply Continental with jet fuel physical in the following
locations such as the US Gulf Coast, New York harbor, the US West Coast, and
Europe. (Enron is doing this now with Delta airlines in New York harbor).
If so, Gagliardi could provide a guest password and Enron Online
identification number if Kellner's office wanted to review the product.
(2) WEATHER DERIVATIVE PRODUCT:
Business proposition: Create a basket of weather related risks - such that
aggregate bad weather above a tolerable level would result in payment from
Enron to Continental.
Continental Airlines clearly has exposure to weather as indicated in their
annual reports and periodic press releases - particularly those discussing
earnings. It is extremely difficult to envision the perfect weather hedge
for all of Continental's weather related exposure. However, it is not
difficult to envision simple ways to reduce a large portion of it.
Continental has hubs in Houston, Newark, and Cleveland. The weather
conditions that create delays and increased costs in these areas include -
rainfall above certain amounts, snowfall above certain amounts, temperatures
below freezing (de-icing costs), winds above a certain speed, etc.
Value to us: Create value by designing a basket of these risks.
Value to them: Creation of a weather hedge to protect Continental's exposure.
Possible next steps: Upper management would need to issue a directive to
various groups within Continental to describe what weather conditions affect
the bottom line, how much they affect the bottom line, and then ask each
group to attach a "confidence level" to each of their estimates - Continental
could start a weather risk management program by only hedging a weighted
average of their exposure x their confidence level - or some portion thereof.
Exposure areas would be categorized according to the following:
Clear exposure. Quantifiable.
Clear exposure. Difficult to quantify
Potential exposure. Quantifiable
Potential exposure. Difficult to quantify
For each of the above categories, Enron would also need an indication of
whether Continental has historical cost data against which we can regress
historical weather data.
Enron's weather derivatives team could then sit down with Kirk Rummel,
Director and Airport Services Division Controller, and some of his team (or
others designated by Kellner) and brainstorm about different types of weather
that cause increased cost to Continental. (Gary Taylor made a brief
presentation to Rummel on November 6th; no follow up action with Enron has
taken place to date)
(3) PLASTICS:
Business proposition: Alan Engberg proposed that Continental outsource
their antifreeze risk (ethylene glycol / propylene glycol) and plastics (high
impact polystyrene, polyethylene) by hedging those products with Enron.
Value to Continental: Cost/Budget certainty (assuming a perfect hedge whereby
their purchase contracts are linked to the index used for hedging) and
associated reduction in volatility of cash flows
Value to Enron: The value is approximately $2 million notional value if they
hedged 100% of their 4 million pound polystyrene exposure. Since Continental
has not yet shared the size of their antifreeze buy, Engberg cannot comment
on the potential value to Enron though he is fairly certain it would be much
larger than $2 million.
Possible next steps
This proposition is being considered by Ron Howard's team at Continental.
Continental needs to share their antifreeze spend with Enron. Enron could
then develop a proposal to Continental that includes perceived benefits of
outsourcing their commodity risk to Enron. Could a follow-up meeting with
Ron Howard's team and Larry Kellner's designated contact be arranged to
facilitate this process?
Alan Engberg also recommends working with Continental on a strategic approach
to modelling their overall exposures using VaR may prove extremely powerful
and rewarding to both companies. David Port is already (x-39823) looking at
ways to outsource Enron's expertise in this area. Continental could be a
pioneer in the effort. Factors to model would
include jet fuel, natural gas, electricity, currency, interest rates,
plastics, antifreeze, paper, and, metal.
| 4,517 |
||
arnold-j/all_documents/651.
|
,
Did you ever get the check I sent?
And where is the article you owe me?
Click the link!!!
Jeff Pesot
GA Options,LLC
212 947 3337
212 947 3339 fax
646 522 2528 cell
[email protected]
www.gaoptions.com
| 4,518 |
||
arnold-j/all_documents/654.
|
Request For Additional Information ,
Thank you for requesting additional information on Creating Value Through
Financial Management.
You can download this information by going to the following link.
**If the link spans more than one line, please paste the entire link into
your browser window.**
http://wh-execed.wharton.upenn.edu/cfmtesting/prog_info.cfm?program=OE%20%20%2
DFM&pcode=51
| 4,521 |
||
arnold-j/all_documents/659.
|
Suite at Enron Field ,
John:
Enron has a couple of suites reserved strictly for Enron use. Each one holds
21 people and the cost would be $2550 without food. If we needed another
suite then, Enron Field would charge us $100 per person as long as one of
their suites is available.
-Ina
| 4,526 |
||
arnold-j/all_documents/669.
|
,
John,
You might recall we spoke a few weeks ago about a system with more
intelligence for out-of-hours trading than just leaving the products on Last
Trade is Mid.
Attached is a suggestion for how such a system might work. It builds on
Offset to Last Trade functionality.
The simplified description is: It tracks two variables: Intensity(Speed) and
Bias (Buy or Sell emphasis). As Intensity increases, the Spread increases.
As Bias increases, the Offset increases.
I'll call later to see what you think of the idea.
Dave
Program Criteria
The formula which defines the trading decision-making program will need to
work with several criteria/inputs/definitions. These might be:
Intensity (Speed) - The average time between transaction attempts, regardless
of whether they are buys or sells. Measured as a moving average over the last
[Intensity Factor] transactions by comparing the timestamp of the transaction
Tibco messages for the Product.
Obviously, the lower the Intensity calculation, the higher the transaction
flow. Therefore a high Intensity number indicates low transaction flow.
Intensity Factor - The number of transactions to be included in the moving
average Intensity calculation. A possible value for this might be [4].
#Buys - The number of Buys which have occurred.
#Sells - The number of Sells which have occured.
Transaction Count - Could be either #Buys or #Sells (whichever last occured).}
Buy Offset - The Offset value which will be applied if a Buy occurs.
Sell Offset - The Offset value which will be applied if a Sell occurs.
Offset Reversion Ratio (ORR)- The amount by which the Buy Offset should be
reduced if a Sell occurs (or amount Sell Offset should be reduced if a Buy
occurs). A possible value for this might be [0.3]. If the application of the
ORR results in a reduction of less than 1, then the reduction shall be 1.
Transaction Reversion Ratio (TRR)- The amount by which #Buys should be
reduced if a Sell occurs (or amount #Sells should be reduced if a Buy
occurs). A possible value for this might be [0.3]. If the application of the
TRR results in a reduction of less than 1, then the reduction shall be equal
to 1.
Spread Minimum - The minimum Spread value allowed. A possible value for this
might be [0.04]
Spread Maximum - The maximum Spread value allowed. A possible value for this
might be [0.50]
Offset Minimum - The minimum Offset allowed for both Buys and Sells. A
possible value for this might be [0].
Offset Maximum -The maximum offset allowed for both Buys and Sells. A
possible value for this might be [0.50]
Initial Offset - The Buy and Sell Offset used when the program is started
Initial Spread - The Spread used when the program is started
Spread-Offset Minimum - The minimum amount by which Spread must exceed
Offset. Prevents a possible arbitrage opportunity for the customer. A
possible value for this might be [0.01]
Dead Interval - The period of time which must pass before the program will
recalculate the above Criteria, if no transactions have taken place during
the Dead Interval. A possible value for this might be [240] seconds.
Program Outputs
The program should output the following variables as a result of combining
the above Criteria in a user-defined Formula:
Spread (integer) - as per current Stack Manager
Offset (integer) - as per current Stack Manager
Suspension (boolean) - Whether or not the Product should be suspended.
Normally "False"
Program Interface and Operation Principles
The user should be provided with a GUI which will allow them to define a
relationship among the above Criteria, which will produce and apply the
Outputs to a particular Product. This relationship would be defined with
Intensity Formulas and Transaction Formulas.
Every time a Transaction occurs, or a Dead Interval passes, the Criteria will
be recalculated and the user-defined formulas will be reviewed by the
program. If a Dead Interval passes without any transactions taking place,
then Intensity = Intensity +240 and #Buys=#Buys-TRR and #Sells=#Sells-TRR and
Buy Offset = Buy Offset- ORR and Sell Offset = Sell Offset - ORR.
If the user-defined Formulas (see following) indicate that a change in spread
should occur, then if the Offset is zero (in the case of a trade occurring)
or if no trade has occured (during the passing of a Dead Interval), the
system shall perform a Last Trade is Mid calculation around the last
transaction, adjusting the buy and sell prices according to the new Spread
value.
Any adjustment to the Spread shall respect the Spread-Offset Minimum. If a
reduction in the Spread should violate the Spread-Offset Minimum, then the
Buy Offset (or Sell Offset, or both as appropriate) shall be reduced
accordingly. Similarly, if the Offset is increased by a Transaction Formula
to a level greater than the Spread, the Spread shall be increased to maintain
the Spread-Offset Minimum.
GUI/Formulas Example:
Constants
Intensity Factor: [4]
Dead Interval: [240]
Offset Reversion Ratio (ORR): [0.3]
Transaction Reversion Ratio (TRR): [0.3]
Spread Minimum [0.04]
Spread Maximum [0.50]
Offset Minimum [0]
Offset Maximum [0.49]
Spread-Offset Minimum [0.01]
INPUTS OUTPUTS
Intensity Formula
Formula # Intensity Spread Offset Suspension
S1 >220 -0.01 n/a F
S2 <30 +0.01 n/a F
S3 <10 +0.02 n/a F
Transaction Formula
Formula # # Transactions Spread Offset Suspension
V1 <4 n/a -0.01 F
V2 >3 n/a +0.01 F
V3 >5 +0.01 +0.02 F
V4 >10 +0.02 +0.04 F
V5 >15 +0.04 +0.15 F
V6 >20 n/a n/a T
Note that #Transactions would be #Buys or #Sells, as appropriate. Note also
that #Buys and #Sells are not intended to be an absolute count, but rather
are a moving measure of the number of buys or sells which have recently
occured.
In this example, all Constants and Formulae are editable by the user through
the GUI.
Simulation
Obviously, if we want to proceed, we will want to conduct several simulations
to prove concepts and evaluate responsiveness. However, to give some idea of
how the above might work when a market starts to run in a particular
direction, please see the attached:
Additional Features
System Notifications
There should be two kinds of notifications for the Robotrader, which will be
similar to Stack Manager Garbage Checks: Warning and Failure levels for both
Offset and Price. The warning levels will trigger a pager message. The
Failure levels will trigger a pager message and the product will be
automatically suspended. The Price checks will be against prices input by the
trader (not relative price movements, but actual price). There should be both
maximum and minimum price checks (e.g. gas is trading at $5.50. The
notification levels could be $8 at the top end and $2 at the bottom end).
Offset checks will only be against a maximum value.
Dave
| 4,537 |
||
arnold-j/all_documents/67.
|
Continental/Enron meeting, December 12th, 1:30 - 2:30 PM. ,
This e-mail confirms the date, time, and location for the meeting between
Enron and Continental.
DATE: Tuesday, December 12th
TIME: 1:30-2:30 PM
LOCATION: Enron Building 50 M03
TOUR (gas trading floor EB 32 and Enron Online EB 27): 2:30-3:00 PM
The purpose for the December 12th meeting is to address three initiatives in
order of economic value: (1) fuel management, (2) weather derivatives, and
(3) plastics hedging -- VaR analysis.
| 4,538 |
||
arnold-j/all_documents/684.
|
Vandy Team - Get Together ,
Kristin Gandy has sent you an Evite Invite!
To view your Invite, simply click the following Web address:
http://evite.citysearch.com/r?iid=EWFPZQLYXVCWYUZGPPNX
This Evite Invite is covered by Evite's privacy policy*.
To view this privacy policy, click here:
http://evite.citysearch.com/privacy
********************************
Workin' for the weekend? - With only two days to call your
own, you've got to make them count. The Citysearch Weekend Guide makes
workin' for the weekend worth it.
http://weekend.citysearch.com?cslink=nsltr-evite-invite
Need some help? See below!
*********************************
Perhaps your E-mail program doesn't recognize the Web address as an active
link. No problem! You can copy and paste the Web address into your Web
browser.
Here are instructions on how to copy and paste:
a. With your mouse, highlight the *entire* Web address above
b. Select the EDIT menu and choose COPY
c. Go to your Web browser and *click inside* the window where
you normally type a Web address to visit
d. Select the EDIT menu and choose PASTE
e. Now hit ENTER on your keyboard to take you to the Web address
It's that easy! :-)
If you would like further assistance, we're happy to help - please send
E-mail to [email protected]
* Updated 01/09/01.
| 4,554 |
||
arnold-j/all_documents/685.
|
,
Hello everyone.
In December we decided to kill our planned offsite due to market volatility.
Louise and I would like to get everyone together offsite, probably in late
June (once Louise is back from holiday (just kidding)). I think it's time to
go have a little fun with the group driving Enron's success.
I would like suggestions as to:
1) Where to go.
2) What should be the focus of the business meetings.
3) Should we have business meetings or should we do something else (ie.
climb a mountain)? I'm not a strong bid on climbing a mountain.
4) And any other ideas you have.
In addition I would like to start having staff meetings about once a month.
The first one will be Friday May 11th at 2:30 p.m. Please add this to your
schedule. I have invited everyone who has P/L responsibility. Portland,
Calgary and Toronto will have to be on Video or Phone conference.
Regards
John
| 4,555 |
||
arnold-j/all_documents/687.
|
Vol Skew No-Arbitrage Constraints ,
The attached note lists conditions that can be used to verify that a given
vol skew curve does not generate arbitrage opportunities in a strip of option
prices.
If you have questions or want to discuss implementation, please give me a
call.
Bob Lee
x35163
| 4,557 |
||
arnold-j/all_documents/688.
|
Re: ,
Following are the working transactions in the Central Region/Gas that include
utility/producer outsourcing:
3rd Quarter
Peoples Energy Production Company
PEPC is a wholly owned subsidiary of Peoples Energy/Chicago. Transaction
consists of back-office, risk management and production management for their
Production company. Currently performing due diligence and will be making
proposal (in conjunction with Jean Mrha's group). Total volume of 30,000
MMbtu/d oil/gas equivalent for 3 years. 50% probability for closure.
4th Quarter
MGU-Michigan Gas Utilities
MGU is wholly owned subsidiary of Utilicorp. Transaction is a complete
outsourcing for the utility (28 BCF/year) for a term of 3 years beginning
October 2001. MGU will choose a singular counter-party to proceed to
structure/negotiations in the next few weeks. We have received very positive
feedback from MGU and place our success rate at > 50%. Original transaction
priced as Michigan Index trade, but effort was to determine their choice
counterparty. Initial indications are that the final structure will consist
of a basket of index Daily/FOM and fixed price. Russell Murrell and I have
been working closely with the decision makers at MGU to ensure success.
SEMCO (Project Pluto)
Utility based in Port Huron, Michigan with sales load of approximately 37
BCF/year. Portfolio currently outsourced to TransCanada (4/1/1999-3/31/2002)
and has been extremely beneficial to SEMCO. TransCanada (See Gas Daily
4/30/01) currently holds all fixed priced risk for load following and
management at around $3.60 and SEMCO was the only Michigan utility who
effectively managed the arrangements the Michigan utilities negotiated with
their commission. Bids are due in August and a counterparty will be chosen
3rd/4th quarter 2001 for a 3 year transaction commencing 4/1/2002. Visited
their office with Sylvia Pollan on 4/11 and our risk is removing the
incumbent, TransCanada. SEMCO will be proposing a fixed price structure to
Michigan commission.
On MGU and SEMCO, the Michigan commission will play a significant role in
dictating final structures. If Enron is not successful, these utilities will
be managed by other 3rd parties and we will keep you abreast of structure
outcomes.
Thanx,
Laura
John J Lavorato/ENRON@enronXgate
04/25/2001 05:48 PM
To: Jean Mrha/ENRON@enronXgate, Barry Tycholiz/NA/Enron@ENRON, Frank W
Vickers/NA/Enron@Enron, Laura Luce/Corp/Enron@Enron
cc: John Arnold/HOU/ECT@ECT
Subject:
John Aronld was curious about the outsourcing deals we were pursuing. Could
you please update him on the deals we are getting close on.
John
| 4,558 |
||
arnold-j/all_documents/69.
|
Invitation: Doug Bloss- Armstrong 3AC 18C1 (Dec 13 01:00 PM CST) ,
Meeting w/Armstrong Services to see what opportunities are available to enter
into a joint capital venture percentage for mutually beneficial partnership.
| 4,560 |
||
arnold-j/all_documents/699.
|
Re: ,
John,
Her name is Erin E. McGarry. Her number is 305-674-5774. She is the direct
contact that Becky has been using.
-Ina
John Arnold
04/29/2001 07:45 PM
To: Ina Rangel/HOU/ECT@ECT
cc:
Subject:
can you get me the number of our contact at the Delano. I have a personal
favor to ask them.
john
| 4,570 |
||
arnold-j/all_documents/7.
|
Re: SAP Update ,
Hi All,
I think we should play hard ball with these guys. They want a great deal
more business, and we are going to have to see something in return for us to
pull this trigger this year or early next year. Lets have them help us find
opportunity. Also - Gary's idea of longer term is a good one. Especially
for a company of this size.
Re Rex, all BW deals go through EBS so we are accountable for the BW
opportunity.
Couple things
1. Dale/Patrick - can you guys please get involved here. Gary has done a
good job bringing in a live deal. We need some focus to make it happen.
2. Paula - can you please setup a conf call for Thurs, 11/30, morn. Gary,
Jennifer S, Dale, Tucker, and myself should be on the call.
Thanks!
MH
Jennifer Stewart@ENRON
11/29/00 05:11 AM
To: Gary Waxman/Enron Communications@ENRON COMMUNICATIONS
cc: Matt Harris/Enron Communications@Enron Communications
Subject: Re: SAP Update
Gary,
On the Rex issue, I think that we need to talk to him. I am under the
impression that he does not get compensated for broadband but I might be
wrong.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
Gary Waxman@ENRON COMMUNICATIONS
11/28/2000 07:05 PM
To: Matt Harris/Enron Communications@Enron Communications, Jennifer
Stewart/NA/Enron@ENRON
cc:
Subject: SAP Update
Spoke with Curtis today:
- he is still waiting for Dietmar to provide us the international cities etc
so that we can size the opportunity
- reiterated what we learned on the call -- their is no storage opporunity
since they self-serve
- told him we doubted that their network is at 60-70% utilization and there
may be some intermediation opp yet to be discovered
- we talked extensively about EBS' concern that the size of this deal appears
small, my comment was that we can create a larger deal by extending the terms
to 10-years (or something greater than 2 years) with bi-annual renewals, this
also ensures the two companies pro-actively work with each other
- Curits keeps asking me about deal size and I stated that if we don't get
specific requirements from SAP we can not place a value on the deal so there
is no use trying to pull a number out of thin air.
- Curtis asked about Rex and whether he gets comped for broadband - he is
concerned about cutting Rex out since they were his first contact, I need
help on this -- Anyone?
Bottom Line - ball is in their court to provide us details so we can take
something to structuring and size the opportunity.
-------------------------------------------------------------
Gary Waxman
Director, Enterprise Group
Enron Broadband Services
2100 SW River Parkway
Portland, OR 97201
Mobile: 503-807-8923
Desk: 503-886-0196
Fax: 503-886-0441
-------------------------------------------------------------
| 4,571 |
||
arnold-j/all_documents/70.
|
Dell and Continental Status ,
After our meeting with Dell on 10/27, I sent a request to Charlie Ball (works
for Kip) for detailed power data from TXU. Charlie delegated the task of
getting this data to Randy Don Carlos, who has yet to return any of my calls
to update the status of the request.
Charlie Ball left me a message this morning indicating that Randy Don Carlos
was leaving Dell at the end of the month. He indicated that he will get the
information to me as soon as he can. I'm not sure, but it seems that no one
has sent the request to TXU yet. TXU generally will send out data within 1-2
weeks of a request. It has now been 6 weeks since we asked Dell for the data.
Assuming Charlie actually gets someone to send the data request to TXU, we
should get something by the end of the year.
Similarly, Continental has not yet sent over data that they were to request
from HL&P. I talked with someone in Mark's group on 12/4, and she indicated
that they had the data, but their real estate group wanted to review it
before they sent it to us. On this one also, it is unlikely that any
transaction will get done in this calendar year.
Please call if you have any questions.
| 4,572 |
||
arnold-j/all_documents/704.
|
Outsourcing Deals ,
Arnold,
John Grass and myself would be happy to update you on the status of Enron's
Producer One deals. In addition to the three deals listed below, we have a
substantial "pipeline" of transactions that are being evaluated and are in
different stages. Besides John Grass, our distribution channels for producer
ecommerce deals are driven by Producer Services (Gary Bryan, Jill Zivley,
Linda Roberts and Jennifer Martinez), Nelson Ferries, Production Offshore as
well as ECR. Enron has just recently completed a nine city road show
targeting the producer community.
John Grass is also managing the Wellhead desk.
Regards, Mrha
-----Original Message-----
From: Grass, John
Sent: Thursday, April 26, 2001 12:58 PM
To: Mrha, Jean
Subject: RE:
We are close to closing the following deals.
Ocean Energy - 400,000 MMBtu/d, Duke has the supply until October 2001
Peoples Energy Production - 30,000 MMBtu/d, Highland has the supply for 60 to
90 days after close.
Andex - 30,000 MMBtu/d, ENA upstream will get the supply 60 to 90 days after
close.
-----Original Message-----
From: Mrha, Jean
Sent: Thursday, April 26, 2001 9:38 AM
To: Grass, John
Subject: FW:
We should talk about this.
-----Original Message-----
From: Lavorato, John
Sent: Wednesday, April 25, 2001 5:49 PM
To: Mrha, Jean; Tycholiz, Barry; Vickers, Frank; Luce, Laura
Cc: Arnold, John
Subject:
John Aronld was curious about the outsourcing deals we were pursuing. Could
you please update him on the deals we are getting close on.
John
| 4,577 |
||
arnold-j/all_documents/71.
|
Spending Reports 99/00 OEC Central Purchasing ,
Jennifer & Shirley Jo
As per our earlier conversations, Jim Kirkpatrick (buyer) and I formulated
the attached two (2) spreadsheets regarding OEC Central Purchasing's spending
habits over the past two (2) years.
I have only listed vendors/contractors where we have received in access of
$5k per month and who I feel should be approached about a purchasing
agreement that would benefit all Enron Divisions.
If you have any questions feel free to call.
Sincerely,
Jim Meyer
ps I know Roy Hartstein and Michael Frost in your group are interest in this
also.
| 4,583 |
||
arnold-j/all_documents/73.
|
Universal-EMS Conference Call 12/13 ,
Jennifer,
Please let me know if you want/are able to attend.
Universal-EMS Conference Call
Date/Time: Wednesday, December 13 9:30 AM CST, Call-in number to be forwarded
Purpose: Introduce EMS and Universal
Attendees
Enron:
Mike Horning, Director, Origination, EMS
Colleen Koenig, Analyst, Global Strategic Sourcing
Universal:
Daphne Harvey, Sr. Director, Strategic Sourcing (Media and Post Production)
| 4,603 |
||
arnold-j/all_documents/74.
|
RE: FW: December 14th meeting ,
Jennifer,
ESM - Enterprise Sales Manager
PS- Dave Bennett Area Professional Services Manager
Bob Jordan
Rio Grande Area Director
Compaq Computer Corporation
Tele #281-927-6350
Fax #281-514-7220
[email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, December 11, 2000 3:08 PM
To: Jordan, Bob
Subject: Re: FW: December 14th meeting
Bob,
I am not sure what PS, ESM are and I need titles for the name badges.
Could you please forward these to me.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
"Jordan, Bob"
<Bob.Jordan@C To:
"'[email protected]'"
OMPAQ.com> <[email protected]>
cc:
12/11/2000 Subject: FW: December 14th
meeting
12:59 PM
> Jennifer,
>
> Per our conversation this past week, here is a list of folks from Compaq
> that will be attending our meeting:
>
> Jerry Earle, RVP
> Keith McAuliffe, VP
> Bob Jordan, Director
> Rob Sender, tentative
> Derrick Deakins, NA Finance
> Barry Medlock, Compaq Capital
> Jeff Gooden. ESM
> Dave Bennett, PS
> Dave Spurlin, Acct Manager
>
>
> I am planning on doing a Corp Org Chart Overview plus a level set on
> Compaq business with Enron. Should take at most 15 minutes.
>
> I would really like to see if you can get Jenny Rub and Beth Pearlman to
> this meeting. They need to understand what Compaq has to offer.
>
> I will call you early in the week.
>
> I hope your husband is doing better.
>
> Regards,
>
> Bob Jordan
> Rio Grande Area Director
> Compaq Computer Corporation
>
> Tele #281-927-6350
> Fax #281-514-7220
> [email protected]
>
| 4,614 |
||
arnold-j/all_documents/76.
|
RE: FW: December 14th meeting ,
Great!!
Bob Jordan
Rio Grande Area Director
Compaq Computer Corporation
Tele #281-927-6350
Fax #281-514-7220
[email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, December 11, 2000 5:10 PM
To: Jordan, Bob
Subject: RE: FW: December 14th meeting
Bob,
I will be sending you an email with the agenda tomorrow. We will meet in
the Enron Building at 1:00PM at the Security Desk because the tour will
start there.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
"Jordan, Bob"
<Bob.Jordan@C To:
"'[email protected]'"
OMPAQ.com> <[email protected]>
cc:
12/11/2000 Subject: RE: FW: December 14th
meeting
03:25 PM
Jennifer,
ESM - Enterprise Sales Manager
PS- Dave Bennett Area Professional Services Manager
Bob Jordan
Rio Grande Area Director
Compaq Computer Corporation
Tele #281-927-6350
Fax #281-514-7220
[email protected]
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Monday, December 11, 2000 3:08 PM
To: Jordan, Bob
Subject: Re: FW: December 14th meeting
Bob,
I am not sure what PS, ESM are and I need titles for the name badges.
Could you please forward these to me.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
"Jordan, Bob"
<Bob.Jordan@C To:
"'[email protected]'"
OMPAQ.com> <[email protected]>
cc:
12/11/2000 Subject: FW: December 14th
meeting
12:59 PM
> Jennifer,
>
> Per our conversation this past week, here is a list of folks from Compaq
> that will be attending our meeting:
>
> Jerry Earle, RVP
> Keith McAuliffe, VP
> Bob Jordan, Director
> Rob Sender, tentative
> Derrick Deakins, NA Finance
> Barry Medlock, Compaq Capital
> Jeff Gooden. ESM
> Dave Bennett, PS
> Dave Spurlin, Acct Manager
>
>
> I am planning on doing a Corp Org Chart Overview plus a level set on
> Compaq business with Enron. Should take at most 15 minutes.
>
> I would really like to see if you can get Jenny Rub and Beth Pearlman to
> this meeting. They need to understand what Compaq has to offer.
>
> I will call you early in the week.
>
> I hope your husband is doing better.
>
> Regards,
>
> Bob Jordan
> Rio Grande Area Director
> Compaq Computer Corporation
>
> Tele #281-927-6350
> Fax #281-514-7220
> [email protected]
>
| 4,635 |
||
arnold-j/all_documents/79.
|
,
Gerry:
Per your voicemail, your suggestion to kick off the conference call at 1PM
with Peter and have Mike Hegeman join the call at 1:30 PM is fine.
Sarah-Joy
| 4,667 |
||
arnold-j/all_documents/8.
|
Calendar Availability for 11/30, 12/1? (BMC/EBS update) ,
All,
In our meeting on the 17th of November, the NetWorks team explained their
position(s) relative to possible upcoming purchases of software, in which BMC
might be selected as the vendor. There were several issues and concerns
which were voiced, mostly related to BMC's lack of support and suboptimal
application capability (that is the "net", understated version).
Bob, you and I spoke briefly after the meeting regarding what, if anything,
BMC could do to "fix their problem". I relayed the gist of our brief
conversation to EBS.
As discussed in the meeting, EBS has a near-term opportunity to get a deal
done with BMC, and it would be of optimum benefit to execute this year. One
of the outcomes of our November 17 meeting is that EBS has been pressing BMC
for a BMC commitment to Enron's overall customer satisfaction. Per a
voicemail to me from EBS, it appears that BMC have provided a response to EBS.
I would like to schedule a meeting for the addressees of this note for either
November 30th, or December 1st. The purpose is to get an update from the
NetWorks team on the BMC application testing that was underway, and for EBS
to explain what BMC has proposed. This meeting should take an hour.
Please let me know if you can meet tomorrow or Friday. I'll book a room and
time that works for the majority, and confirm with a Notes "Meeting
Invitation".
Thank you,
Jeff
Jeff Youngflesh
Director, Business Development
Global Strategic Sourcing
Enron Corp.
333 Clay Street, 11th Floor
Houston, TX 77002
t: 713-345-5968
f: 713-646-2450
c: 713-410-6716
| 4,678 |
||
arnold-j/all_documents/81.
|
Re: Benefits ,
Done.
JENNIFER MEDCALF@ENRON
12/11/2000 05:30 PM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
I am sending the documents now.
Jennifer
Trang Dinh@ECT
12/11/2000 03:43 PM
To: Jennifer Medcalf/NA/Enron@ENRON
cc:
Subject: Re: Benefits
Fax: (713) 646-2113
JENNIFER MEDCALF@ENRON
12/11/2000 03:08 PM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
Trang,
What is your fax number?
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
Trang Dinh@ECT
12/11/2000 02:10 PM
To: Jennifer Medcalf/NA/Enron@ENRON
cc:
Subject: Re: Benefits
If you have the copies of the paperwork, please forward it to me. I will go
to benefits w/ it to see why the changes have not been made. Thanks!
JENNIFER MEDCALF@ENRON
12/11/2000 10:06 AM
To: Trang Dinh/HOU/ECT@ECT
cc:
Subject: Re: Benefits
Trang,
I am having a very difficult time getting the right Employee Term Life and
Accidental Death and Dismemberment in my 2001 Confirmation Statement. I have
sent the appropriate paperwork to Johnny but nothing changes. What can we do
to make the changes happen?
Jennifer
| 4,690 |
||
arnold-j/all_documents/82.
|
Update on BMC/EBS situation ,
Bob,
I want to make sure I keep you in the loop on the EBS/BMC/NetWorks/Global
Strategic Sourcing interactions.
EBS has worked out an additional 25% discount, which brings the total
discount structure to Enron to a 45%-off pricing level, if EBS and Enron
aggregate their spend opportunity. This should come as good news to anyone
at Net Works who might be about to implement a BMC solution.
Also, there is additional flexibility in the situation, in that BMC will be
willing to work with Enron business units with regard to the timing of their
software purchases as it relates to applicability in EBS' deal. For example,
if Randy Matson's team chose the BMC solution at the conclusion of their
current testing, they could lock in the discount at 45% by sending an e-mail
(or other form of written communication) committing to the purchase in 2001
(the preference would be to get the "buy" done by end of 1st Qtr, if
possible). This would be sufficient commitment for BMC to go forward with
their purchases of EBS' solutions currently proposed to BMC.
I'm going to contact your leads (Randy, Bruce, et. al.) to let them know of
the additional possible discount and the relative ease of securing it...and
to also help make sure that what BMC is pricing out to all is the correct
application solution in each instance.
Thank you for your help and cooperation,
Jeff Youngflesh
| 4,701 |
||
arnold-j/all_documents/84.
|
HP -- confidential internal document ,
Matt:
As GSS Business Development transitions the HP relationship for broadband to
your team, there are several issues I wanted to clarify in terms of how the
relationship has been developed and who the contacts have been to date.
Additionally, I outlined the discussion points/action items from this
morning's meeting you held with Jennifer Medcalf and myself. Per your
request, the HP presentation complete with a listing of HP's business
partners was e-mailed to you this morning.
HP contacts to date:
Bill Lovejoy, Western Gulf Area Sales Manager
Houston, TX
#(713)-439-5587
(Gerry Cashiola's boss)
Gerry Cashiola, sales representative
Houston, TX
#(713)-439-5555
(To date, HP person coordinating the relationship--seeking a short term play)
Greg Pyle, Solution Control Manager
Southeast Region
Austin, TX
(#(512)-257-5735
(Pyle has been playing the business developer role but continues to defer
leadership of the process to Gerry Cashiola)
Daniel Morgridge, Manager of Internet - E-Services long term alliances
Austin, TX
#(512)-257-5736
(Interested in E-services/wireless longer term alliances)
Bill Dwyer, Chief Architect, e-Services Solutions
Cupertino, CA
#(408)-447-5240
(To date, clearly the most knowledgeable person on HP's business
propositions; strong technical, financial background to craft value
propositions. Gerry Cashiola and Greg Pyle deferred to his judgement in the
11/16th meeting)
Matt,
On November 10th, GSS Business Development took HP through a tour of Enron's
trading floor, the gas control center, and the peaking power plant unit
center on the trading floor. This tour was one meeting, amongst several,
held in October and November to provide HP a full overview of Enron's
products and services and introduce them to appropriate contacts at Enron
(EBS, GSS buy side -- Peter Goebel).
On November 16th GSS Business Development, Patrick Tucker, and Dale Clark
outlined 3 possible EBS/HP focus areas -- connectivity, storage, and
wireless. Three EBS action items were defined in that meeting:
1) HP was to provide an HP contact on connectivity (to date, Gerry Cashiola
has stalled on providing this). Sarah-Joy will continue to pursue this
information and get a sense from Gerry Cashiola of what he means by short
term opportunity. What is HP's time horizon for short term?
2) EBS and GSS/BD was to facilitate a conference call on Storage with Ravi to
explore size and potential scope of opportunity (completed 12/8)
3) GSS/BD was to facilitate a conference call with Peter Goebel, GSS IT
Sourcing Portfolio Leader (set for 12/14)
In conversations with you, Jennifer Medcalf and myself this morning, several
decisions on forward-looking strategy with HP/EBS were confirmed:
Gerry Cashiola has been unable to take control of the process. More
importantly, despite numerous visits to Enron in which he has had overviews
of Enron's products and services; met with Peter Goebel and his team on the
GSS buy side, and participated in an Experience Enron tour, Gerry has been
unable to define an HP business proposition. The coordination between
Cashiola (short term initiative) Morgridge (long term, 12-24 months) has
remained unorganized. These initiatives need to be developed separately.
Clearly, the conversations with HP need to be elevated to a more senior
level so EBS can work with HP decision makers who can move the relationship
forward at a strategic level. As the relationship is developed at this
strategic level, shorter term opportunities will crop up along the way. But
Gerry's short term plans will not be the focus of the EBS/HP relationship,
rather a by-product. To facilitate this process of elevating the
relationship, Jennifer Medcalf and I are following up with Bill Lovejoy and
Greg Pyle. Lovejoy's boss is Dan Sytsma, VP of HP's America's Central
Region.
In the conference call Thursday, 12/14 with Peter Goebel and HP regarding
wireless initiatives, Peter will support the GSS/BD push for the HP/EBS
initiative by reiterating the following two points:
a) Enron is already an HP customer; the onus is on HP to move forward on
the process of building a strategic relationship (IBM and Lexmark are only
some of the HP competitors who could push them out of the running)
b) HP's ability to bring the right people to the table will influence HP's
business relationship process with Enron
Patrick Tucker and Dale Clark could build their relationship with Bill
Dwyer, Chief Architect e-Services Solutions, (met at the meeting 11/16) in
the near term. Perhaps, plan a visit to Cupertino, California to see Dwyer
in person.
We look forward to continuing close collaboration with your team on this and
other opportunities.
Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing - Business Development
#(713)-345-6541
| 4,723 |
||
arnold-j/all_documents/85.
|
BMC Update ,
Steve/Chaz -
I have taken your EBS Professional Services contract through our contracts
folks, and we have ended up with it now being in EBS' contracts dept w/one of
your attorneys. Our contracts Director, Tom Moore, and I spoke w/Eric Merten
(PDX) early this afternoon, and he now has the contract. EBS may have some
Intellectual Property issues related to ownership of BMC Consultant-developed
materials (while being paid by Enron). Eric is in the driver's seat with the
contract at this point.
I have sent notes to all of the Net Works directors currently engaged in one
form or another with BMC product and/or personnel. In it, they have been
requested to help us understand our opportunity from a number of angles:
Application(s) considered, attractiveness of the new pricing, attractiveness
of the BMC flexibility w/regard to "purchase commitment", etc. In addition,
I have re-iterated the time urgency.
I have followed up the note w/telephone calls & messages to all of them:
Doug Cummins, Randy Matson, Bob Martinez, Jim Ogg, and Bruce Smith. I am
meeting with Bob Martinez on Wednesday at 3pm. Matson, Ogg, and Smith have
me in their voicemailbox, Cummins was in a meeting and he said he would call
me back.
Would either one of you please let me know what BMC wants EBS to do for
them: how much do they want you to guarantee them in BMC revenue? Are you
still looking at a $13MM TCV over 5 years? Have I properly conveyed the
"accepable-to-BMC method" of proving purchase commitment from Enron? Your
note re: getting the Prof'nl Svcs contract signed says it has to be done by
6pm the 14th...what if you don't get it until the morning of the 15th?
I will call you to follow up on this note.
Thank you,
Jeff Youngflesh
| 4,734 |
||
arnold-j/all_documents/86.
|
Re: Nepco Europe contact ,
Thanks for the assistance.
Don
JENNIFER MEDCALF
12/12/2000 11:32 AM
To: Don Hawkins/OTS/Enron@Enron
cc: Phil Lowry/OTS/Enron@ENRON, Derryl Cleaveland/NA/Enron@ENRON
Subject: Nepco Europe contact
Don,
The person that you need to contact is George Sayers at 011-44-1642-718309
and just let him know that you have spoken with me.
Good Luck!
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
| 4,745 |
||
arnold-j/all_documents/89.
|
Universal (JPI) sponsorship ,
Mike,
In reference to our conversation today, attached is further information on
the Universal sponsorship and Enron-Universal business opportunities.
Jurassic Park Institute- A dinosaur-based educational/entertainment resource
targeting children/families.
Sponsorship's Four Components:
JPI Virtual Institute - Global online program (March, 2001)
JPI In-school Program - Grade-specific curriculum (August, 2002)
JPI Museum Tour - Cross-country tour (TBD)
JPI Headquarters - To be located in Universal Hollywood and Japan (2002)
Sponsorship donations begin at $250K and this could be divided among multiple
business units.
Enron Opportunities with Universal:
EBS - Content for Blockbuster
EMS
Enron Weather
Enron Credit
Enron Plastics & Petrochemicals
Colleen Koenig
Analyst, Enron Corp
Global Strategic Sourcing, Business Development
713.345.5326
| 4,778 |
||
arnold-j/all_documents/9.
|
Update of EES List ,
FYI:
| 4,789 |
||
arnold-j/all_documents/90.
|
Urgent - Sony ,
Bill, were you able to talk with Sony's Treasurer today? As you know, we
have a Friday deadline that is fast approaching. We have a call with the San
Diego team tomorrow and I would like to have an update ready for them.
Please page me at 888-766-4103 to give me an update.
Not sure if you were aware of 2 items that Jennifer passed on to me: 1.) We
as EES have recently signed a confidentiality agreement with Sony. 2.)
Sony's web site has alot of financial numbers (I don't know if they are
broken-out).
Also, we are preparing for alternative S-T solutions. How many months are
you willing to allow at this point (we are coming off a 4 month deal) and if
we do a PX plus basis deal (reduced market exposure) does that change our
position at all?
| 4,790 |
||
arnold-j/all_documents/91.
|
Improved Process for Engaging Temporary Workers ,
As you are aware, Enron utilizes temporary staffing services to satisfy=20
staffing requirements throughout the company. For the past several months,=
a=20
project team, representing Enron=01,s temporary staffing users, have resear=
ched=20
and evaluated alternative Managed Services programs to determine which sour=
ce=20
would best meet our current and future needs in terms of quality, performan=
ce=20
and cost containment objectives. The Business Unit Implementation Project=
=20
Team members are:=20
Laurie Koenig, Operations Management, EES
Carolyn Vigne, Administration, EE&CC
Linda Martin, Accounting & Accounts Payable, Corporate
Beverly Stephens, Administration, ENA
Norma Hasenjager, Human Resources, ET&S
Peggy McCurley, Administration, Networks
Jane Ellen Weaver, Enron Broadband Services
Paulette Obrecht, Legal, Corporate
George Weber, GSS
In addition, Eric Merten (EBS), Kathy Cook (EE&CC), Carolyn Gilley (ENA),=
=20
Larry Dallman (Corp/AP), and Diane Eckels (GSS) were active members of the=
=20
Selection Project Team.
As a result of the team=01,s efforts, we are pleased to announce the beginn=
ing=20
of a strategic alliance with CORESTAFF=01,s Managed Services Group. This g=
roup=20
will function as a vendor-neutral management entity overseeing all staffing=
=20
vendors in the program scope. They will also provide a web based online=20
technology tool that will enhance the ordering and reporting capabilities. =
=20
The goal of our alliance with CORESTAFF is to make obtaining a temporary=20
worker with the right skills and experience easier while protecting the bes=
t=20
interests of the organization.=20
We plan to implement Phase I of this improvement effective January 2, 2001.=
=20
This Phase I of the implementation will encompass administrative/clerical=
=20
temporary workers at the Houston locations only. If you currently have=20
administrative/clerical temporary workers in your department, the enhanceme=
nt=20
will not affect their position. In an effort to preserve relationships, all=
=20
current staffing vendors will be invited to participate in this enhanced=20
program. CORESTAFF shares our commitment to minimize any disruptions in=20
service during this transition.=20
=20
We expect to incorporate the administrative/clerical workers in Omaha,=20
Seattle and Portland in Phase II, which is scheduled for February, 2001. T=
he=20
scope and timing of any additional phases will be determined after these tw=
o=20
phases have been completed.
Realizing the impact that the temporary workforce has in business today, we=
=20
selected CORESTAFF=01,s Managed Services Group based on their exceptional=
=20
management team, commitment to quality service, and creative solutions to o=
ur=20
staffing needs. The relationship promises to offer Enron a cost effective=
=20
and simple means for obtaining temporary employees.
In the coming weeks, Enron and CORESTAFF=01,s Managed Services Group will b=
e=20
communicating to Enron=01,s administrative/clerical temporary staffing vend=
ors=20
about the new process. =20
There are many benefits to this new Managed Services program, which are=20
outlined on the attached page. More details on how to utilize CORESTAFF=01=
,s=20
Managed Services program will be announced soon and meetings will be=20
scheduled to demonstrate the reporting system and to meet the Managed=20
Services team.
What is Managed Services?
CORESTAFF=01,s Managed Services program includes:
? Vendor-neutral management model
? Equal distribution of staffing orders to all staffing partners
? Web-based application with online ordering, data capture and customized=
=20
reporting
? Benchmarking and performance measurement for continuous improvement
? Methodologies for accurate skill-matching and fulfillment efficiencies=20
Key Benefits
? More vendors working on each order from the outset =01) faster access to=
=20
available talent pools
? Standardized mark-ups and fees to manage costs more effectively
? Online access to requisition status for users=20
? Robust databases offering managers enhanced tracking and reporting of=20
temporary usage and expenditures
? Standard and customized reporting capabilities -- online
? Tenured, experienced Managed Services team on-site to assist users in=20
accessing web site, identifying usage trends, preparing specialized reports=
,=20
etc. =20
Corestaff/Managed Services/Staffing
Joseph Marsh =01) Lead / Operations ([email protected]; 713-438-1400)
Amy Binney, Sharon B. Sellers =01) Operations
Cherri Carbonara =01) Marketing / Communications
Cynthia Duhon =01)Staffing Partner management
| 4,800 |
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arnold-j/all_documents/93.
|
Re: BMC Update, clarification ,
Thanks, Chaz, for the response. What I am looking for in question #3
(purchase commitment) is did I convey the info correctly re: what BMC will
accept from Enron to allow the EBS deal to close? From notes to the Net
Works directors and Bob McAuliffe, I have copied the following statements
into the space below:
"1) The pricing is applicable if EBS gets their deal done, and you are
willing to provide some form of commitment (at least in writing, either
e-mail or letterhead) to purchasing a BMC product in 2001... For example, if
Randy Matson's team chose the BMC solution at the conclusion of their current
testing, they could lock in the discount at 45% by sending an e-mail (or
other form of written communication) committing to the purchase in 2001 (the
preference would be to get the "buy" done by end of 1st Qtr, if possible).
This would be sufficient commitment for BMC to go forward with their
purchases of EBS' solutions currently proposed to BMC." Is this correct the
way I have presented it to NetWorks? Will their replies work for you if
completed as requested above?
I didn't want to put you in a bind when I told the NetWorks teams what BMC
would feel is acceptable proof-of-commitment, nor did I want to have to go
back to the Net Works group and change the requirements.
I've got another note to send you in a minute or so, from Doug Cummins.
Thank you,
Jeff
Chaz Vaughan@ENRON COMMUNICATIONS
12/12/2000 07:29 PM
To: Jeff Youngflesh/NA/Enron@ENRON
cc: Stephen Morse/Enron Communications@Enron Communications
Subject: Re: BMC Update
Jeff,
Thank you for your efforts on the BMC deal. We are making real progress.
Here are the answers to your questions:
1. How much do they want you to guarantee them in BMC revenue?
$4 MM in software and $2.4 MM in maintenance and professional services
2. Are you still looking at a $13MM TCV over 5 years?
No, our current TCV over 5 years is $10 MM
3. Have I properly conveyed the "accepable-to-BMC method" of proving
purchase commitment from Enron?
Not sure what you mean here
4. Your note re: getting the Prof'nl Svcs contract signed says it has to be
done by 6pm the 14th...what if you don't get it until the morning of the 15th?
We prefer the 14th, but if we can't get it until the 15th, that will work
Please let me know if you have any other questions. I will call you tomorrow
to touch base.
Thanks,
Chaz Vaughan
Enron Broadband Services
1400 Smith Street
Houston, TX 77002
Ph: 713-345-8815
Cell: 713-444-3074
Fax: 713-853-7354
[email protected]
Jeff Youngflesh@ENRON
12/12/00 04:43 PM
To: Stephen Morse/Enron Communications@Enron Communications, Chaz
Vaughan/Enron Communications@Enron Communications
cc: Jennifer Medcalf/NA/Enron@Enron, Brad Nebergall/Enron
Communications@Enron Communications, Eric Merten/Enron Communications@Enron
Communications
Subject: BMC Update
Steve/Chaz -
I have taken your EBS Professional Services contract through our contracts
folks, and we have ended up with it now being in EBS' contracts dept w/one of
your attorneys. Our contracts Director, Tom Moore, and I spoke w/Eric Merten
(PDX) early this afternoon, and he now has the contract. EBS may have some
Intellectual Property issues related to ownership of BMC Consultant-developed
materials (while being paid by Enron). Eric is in the driver's seat with the
contract at this point.
I have sent notes to all of the Net Works directors currently engaged in one
form or another with BMC product and/or personnel. In it, they have been
requested to help us understand our opportunity from a number of angles:
Application(s) considered, attractiveness of the new pricing, attractiveness
of the BMC flexibility w/regard to "purchase commitment", etc. In addition,
I have re-iterated the time urgency.
I have followed up the note w/telephone calls & messages to all of them:
Doug Cummins, Randy Matson, Bob Martinez, Jim Ogg, and Bruce Smith. I am
meeting with Bob Martinez on Wednesday at 3pm. Matson, Ogg, and Smith have
me in their voicemailbox, Cummins was in a meeting and he said he would call
me back.
Would either one of you please let me know what BMC wants EBS to do for
them: how much do they want you to guarantee them in BMC revenue? Are you
still looking at a $13MM TCV over 5 years? Have I properly conveyed the
"accepable-to-BMC method" of proving purchase commitment from Enron? Your
note re: getting the Prof'nl Svcs contract signed says it has to be done by
6pm the 14th...what if you don't get it until the morning of the 15th?
I will call you to follow up on this note.
Thank you,
Jeff Youngflesh
| 4,822 |
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arnold-j/all_documents/95.
|
Dell Order Confirmation ,
Dear JENNIFER S MEDCALF,
Thank you for your order. We are currently reviewing for completeness and
accuracy.
A separate email with your Dell Order number(s) will be sent to you after the
order is processed.
A recap of your order is provided at the end of this message for your
reference.
We encourage you to verify, print, and retain the information on this page
for your records.
Date Submitted: 12/13/00 10:51:00 AM
If at any time you have questions regarding your order please contact your
Dell Sales Representative:
Name: EPP Sales
Email: [email protected]
Phone: 866-220-3355
Again, thank you for your order. We appreciate you buying from Dell and using
your Dell Premier Pages Service.
Sincerely,
Dell Premier Pages Service
Shopping cart includes 1 unique item(s)
Total Price: $547.00
Item Detail#:1
Dell Inspiron 3800 Notebook--Intel® Celeron™ processor, 600 MHz,
12.1" SVGA Display
Memory: 64MB, SDRAM, 1 DIMM
Color Choice/Pointing Option: Tahoe Blue, 12.1" Dual Pointing
Keyboard
Primary Hard Drive: 10GB Ultra ATA Hard Drive
Floppy Drive: Removable modular floppy drive
Operating System Software: Microsoft® Windows® 2000
Network Adapter: Xircom® CardBus Ethernet II
10/100 PC Card
Analog Modem: Internal Modem V.90 56K Modem
Optical Device: Modular 24X Max CD-ROM
Bundled Software: Microsoftc Office 2000 Small
Business Edition w/Bookshelf
Norton Antivirus: Norton Antivirus® 2000
Primary Battery: Intelligent Lithium-Ion Battery with
ExpressCharge™
Carrying Cases: Nylon Carrying Case,Dual Compartment
Hardware Support Services: 3Yrs Parts & Labor (Next Business
Day, International) + CompleteCare
Software and Peripherals: Program Management Services
Single Item Cost: $547.00
Quantity: 1
Sub-Total for Item: $547.00
___________________
** END OF ORDER **
| 4,844 |
||
arnold-j/all_documents/97.
|
Thank you, Doug! ,
Douglas,
A HUGE THANK YOU from me to you! This is exactly what I was hoping for (even
if the amount of purchase is not what some folks might have been wishing for,
the reply is critically important)! I really appreciate your having taken
the time to help out by providing this information.
I will check back with you on Thursday, if I haven't heard from you by then,
to see about the "commitment letter"!
Thank you again,
Jeff
p.s. I will be forwarding your note to Randy Matson and Bob Martinez, to see
if it would help them in their efforts. I'll also copy you on that one.
Douglas Cummins@ECT
12/12/2000 06:37 PM
To: Jeff Youngflesh/NA/Enron@ENRON
cc: Chaz Vaughan/Enron Communications@Enron Communications, Stephen
Morse/Enron Communications@Enron Communications
Subject: Re: Urgent - Please Read - BMC question
Jeff,
Honestly and for your (Enron) eyes only - attached is the modified
spreadsheet of what my group is seriously looking at purchasing. Basically,
we like their Change Management tools but not really interested in Patrol
(monitoring).
We will have a more definitive answer by Thursday. We DBA's (eCommerce,
Corp, and London) are trying to make a joint decision, but the other two
groups are dragging out their evaluations...
Regards,
Douglas
| 4,866 |
||
arnold-j/all_documents/99.
|
Cross-sell opportunity ,
We signed a contract with Requisite Technology (http://www.requisite.com)
Monday night to provide electronic cataloging tools for our SAP system
(they're replacing the i2Technologies products currently in place.
Requisite hosts catalogs for many major companies and digital marketplaces.
They have offices in Westminster, CO and Toronto. John and I discussed the
opportunities Tuesday, and there may be one with EBS. EES is probably less
likely, but it may be worth the investigation.
I know the VP of Sales, North America, so let me know if you're interested in
pursuing, and when.
Thanks.
Mark Hudgens
Enron Global Strategic Sourcing
Director, eCommerce Content Development
713-345-6544
713-569-7401 (cellular)
[email protected]
| 4,888 |
||
arnold-j/deleted_items/1.
|
RE: ,
Sounds like tomm.
Let me know time you'll be heading over
-----Original Message-----
From: Arnold, John
Sent: Thursday, October 04, 2001 3:12 PM
To: Hayden, Frank
Subject: RE:
going to the game. I'll be at the front porch tomorrow...
-----Original Message-----
From: Hayden, Frank
Sent: Thursday, October 04, 2001 3:09 PM
To: Arnold, John
Subject:
Beers tonight?
| 4,955 |
||
arnold-j/deleted_items/10.
|
Natural ,
FYI
- energy092301.doc
| 4,956 |
||
arnold-j/deleted_items/100.
|
The Exchange anticipates resuming regular trading hours beginning ,
cant u do something about this
-----Original Message-----
From: Arnold, John
Sent: Monday, October 08, 2001 11:53 AM
To: Fraser, Jennifer
Subject: RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT
they're giving away a porsche boxster or a cardboard boxcutter?
-----Original Message-----
From: Fraser, Jennifer
Sent: Monday, October 08, 2001 10:50 AM
To: Arnold, John
Subject: RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT
that means nothing..uk is giving away boxter for new employees ans slicing 10% at same time
-----Original Message-----
From: Arnold, John
Sent: Monday, October 08, 2001 11:48 AM
To: Fraser, Jennifer
Subject: RE: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT
no way. we're still paying $5000 for new employee referrals
-----Original Message-----
From: Fraser, Jennifer
Sent: Monday, October 08, 2001 10:18 AM
To: Arnold, John
Subject: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT
YA HEARING ANYTHING ON THIS
GEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK
| 4,957 |
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arnold-j/deleted_items/101.
|
The Source ,
THE SOURCE
The eSource Bulletin October 2001
COMPANY INFORMATION
? Looking for a company's?.?
Business Description Executives/Bios Financials
Facilities Competitors Subsidiaries
SIC Codes Government/SEC Filings Lawsuits
Global Securities Public Records Commodity Pricing
Technical Publications Intellectual Property News
Credit Reports Economic Analysis Global Industries
Market Research Reports Analyst Reports Strategic Alliances/JVs
Global Credit Ratings Mergers & Acquisitions Syndicated Loans
Restructures Corporate Governance Venture Capital
Information is available for public, foreign and private companies on a real-time, historical and forecast basis.
? Where do I look for general information on a company? Company website, Hoovers, Dow Jones Interactive, Nexis-Company Dossier, Yahoo market guide
? Where are corporate financials or equity information? SEC filings (10-K, 10-Q), Analyst reports, Global Disclosure, Dunn & Bradstreet*, Million Dollar Database*, Bloomberg*, Firstcall*, investex*, Multex*
? Where can I find a company's credit rating? Standard & Poors' , Moody's and Fitch
? I cannot find any information on a company, why not?
1. Check the spelling of the company name
2. The company is a subsidiary and/or its parent is a foreign entity (non US)
3. It may be a Private Company (information is not readily available)
4. Contact eSource (http://esource.enron.com/RequestSearch.asp) with your detailed request.
Web Sources Proprietary Databases
General: Bloomberg
www.yahoo.com Dialog
www.fool.com Dun & Bradstreet
www.redherring.com FactSet
www.corporateinformation.com FirstCall
www.allbusiness.com FIS Online
www.moneycentral.msn.com Global Access
General (need password): Hoover's
www.hoovers.com Investex
www.djinteractive.com MillionDollarDatabase
www.nexis.com Moody's
Financial: Multex
www.areport.com SDC
www.sec.gov Standard & Poors
www.financials.com Skyminder
www.tenkwizzard.com LiveEdgar
www.usatoday.com
*Fee-based, available through eSource: 713-853-7877
Check out these and other great web sources at http://esource.enron.com
|
All Enron Worldwide@ENRON <??SAll Enron Worldwide@ENRON>
| 4,958 |
|
arnold-j/deleted_items/102.
|
It's a fake! ,
Hey Guys, that picture is a fake! How did the camera survive? If you saw
a plane coming straight at you, would you take a picture or run for your
life? Ha Ha.
| 4,959 |
||
arnold-j/deleted_items/103.
|
OnePass Member continental.com Specials for john arnold ,
continental.com Specials for john arnold
Tuesday, October 9, 2001
****************************************
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TABLE OF CONTENTS
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2. Westin Hotels & Resorts, Sheraton Hotels & Resorts, Four Points by Sheraton, St. Regis, The Luxury Collection and W Hotels
3. Hilton Hotel Offers
4. Alamo Rent A Car Offers
5. National Car Rental Offers
****************************************
1. THIS WEEK'S DESTINATIONS
Depart Saturday, October 13 and return on either Monday, October 15 or Tuesday, October 16, 2001. Please see the Terms and Conditions listed at the end of this e-mail.
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$29 + 12,500 Miles or $129 - Milwaukee, WI
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****Roundtrip BETWEEN HOUSTON, TX and:
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$29 + 10,000 Miles or $109 - Brownsville/South Padre Island, TX
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$29 + 12,500 Miles or $119 - West Palm Beach, FL
****************************************
2. CONTINENTAL.COM SPECIALS LAST-MINUTE WEEKEND RATES FROM WESTIN HOTELS & RESORTS, SHERATON HOTELS & RESORTS, FOUR POINTS BY SHERATON, ST. REGIS, THE LUXURY COLLECTION, AND W HOTELS
Visit our site for booking these and other Last-Minute Weekend Rates for this weekend October 12 - October 16, 2001.
http://continentalairlines.rsc01.net/servlet/cc?JHDUTWEqHkghsKFLJmDLgkhgDJhtE0EX
--------------------------------------
Florida - Pompano Beach - Four Points by Sheraton Pompano Beach - $75.00
Illinois - Arlington Heights - Sheraton Chicago Northwest - $65.00
Illinois - Chicago - Sheraton Chicago Hotel and Towers - $130.00
Illinois - Chicago - The Westin Michigan Avenue Chicago - $136.00
Illinois - Chicago - The Westin Chicago River North - $119.00
Illinois - Elk Grove Village - Sheraton Suites Elk Grove Village - $71.00
Illinois - Oakbrook Terrace - Four Points by Sheraton Oakbrook - $64.00
Maine - South Portland - Sheraton South Portland Hotel - $116.00
New Jersey - East Rutherford - Sheraton Meadowlands Hotel and Conference Center - $99.00
New Jersey - Elizabeth - Four Points by Sheraton Newark Airport - $71.00
New Jersey - Iselin - Sheraton at Woodbridge Place Hotel - $71.00
New Jersey - Parsippany - Sheraton Parsippany Hotel - $70.00
New Jersey - Piscataway - Four Points by Sheraton Somerset/Piscataway - $65.00
New Jersey - Weehawken - Sheraton Suites on the Hudson - $109.00
New York - New York - Sheraton Russell Hotel - $179.00
New York - New York - Sheraton New York Hotel and Towers - $169.00
New York - New York - Essex House - A Westin Hotel - $185.00
Ohio - Cuyahoga Falls - Sheraton Suites Akron/Cuyahoga Falls - $99.00
Ohio - Independence - Four Points by Sheraton Cleveland South - $65.00
Texas - Houston - Sheraton Houston Brookhollow Hotel - $45.00
Texas - Houston - The Westin Galleria Houston - $64.00
Texas - Houston - The Westin Oaks - $70.00
Wisconsin - Brookfield - Sheraton Milwaukee Brookfield Hotel - $49.00
For complete details on these offers, please refer to the terms and conditions below.
****************************************
3. CONTINENTAL.COM SPECIALS FROM HILTON HOTELS AND RESORTS
The following rates are available October 13 - October 15, 2001 and are priced per night.
--------------------------------------
Austin, TX - Doubletree Hotel Austin - $99
Austin, TX - Hilton Austin North - $99
Chicago, IL - Doubletree Guest Suites Downers Grove, Downers Grove, IL - $129
Chicago, IL - Embassy Suites Hotel Chicago-Downtown/Lakefront - $179
Chicago, IL - Hilton Garden Inn Chicago Downtown North - $159
Chicago, IL - Hilton Oak Lawn, Oak Lawn, IL - $109
Cleveland, OH - Hilton Cleveland East/Beachwood, Beachwood, OH - $109
Houston, TX - Hilton Houston Hobby Airport - $109
Houston, TX - Hilton Houston Southwest - $109
Houston, TX - Hilton Houston Westchase and Towers - $149
New York, NY - Hilton Times Square, New York, NY - $189
New York, NY/Newark, NJ - Hilton Hasbrouck Heights, Hasbrouck Heights, NJ - $149
New York, NY/Newark, NJ - Hilton Parsippany, Parsippany, NJ - $89
Palm Beach, FL - Doubletree Hotel Palm Beach Gardens - $79
Palm Beach, FL - Hilton Palm Beach Airport - $86
Portland, ME - Doubletree Hotel Portland - $89
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********************************
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Rates listed below are valid on compact class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, October 13 with returns Monday, October 15 or Tuesday, October 16, 2001.
-------------------------------
$20 a day in: Austin, TX (AUS)
$23 a day in: Cleveland, OH (CLE)
$26 a day in: Newark, NJ (EWR)
$18 a day in: Houston, TX (IAH)
$26 a day in: Chicago, IL (MDW)
$18 a day in: Milwaukee, WI (MKE)
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5. CONTINENTAL.COM SPECIALS FROM NATIONAL CAR RENTAL
Rates listed below are valid on intermediate class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, October 13 with returns Monday, October 15 or Tuesday, October 16, 2001.
------------------------------------------
$23 a day in: Austin, TX (AUS)
$26 a day in: Cleveland, OH (CLE)
$29 a day in: Newark, NJ (EWR)
$21 a day in: Gulfport/Biloxi, MS (GPT)
$21 a day in: Houston, TX (IAH)
$47 a day in: New York, NY (LGA)
$29 a day in: Chicago, IL (MDW)
$24 a day in: Milwaukee, WI (MKE)
$29 a day in: West Palm Beach, FL (PBI)
$23 a day in: Portland, ME (PWM)
$47 a day in: Louisville, KY (SDF)
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CONTINENTAL.COM SPECIALS RULES:
Fares include a $37.20 fuel surcharge. Passenger Facility Charges, up to $18 depending on routing, are not included. Up to $2.75 per segment federal excise tax, as applicable, is not included. Applicable International and or Canadian taxes and fees up to $108, varying by destination, are not included and may vary slightly depending on currency exchange rate at the time of purchase. For a complete listing of rules please visit:
http://continentalairlines.rsc01.net/servlet/cc?JHDUTWEqHkghsKFLJmDLgkhgDJhtE0EUT
ALAMO RENT A CAR'S TERMS AND CONDITIONS:
Taxes (including VLF taxes up to US$1.89 per day in California and GST), other governmentally-authorized or imposed surcharges, license recoupment fees, fuel, additional driver fee, drop charges and optional items (such as CDW Waiver Savers(R) up to US$18.99 a day,) are extra. Renter must meet standard age, driver and credit requirements. Rates higher for drivers under age 25. Concession recoupment fees may add up to 14% to the rental rate at some on-airport locations. Up to 10.75% may be added to the rental rate if you rent at an off-airport location and exit on our shuttle bus. Weekly rates require a 5-day minimum rental or daily rates apply. For weekend rates, the vehicle must be picked up after 9 a.m. on Thursday and returned before midnight on Monday or higher daily rates apply. 24-hour advance reservation required. May not be combined with other discounts. Availability is limited. All vehicles must be returned to the country of origin. Offer not valid in San Jose, CA.
NATIONAL CAR RENTAL TERMS AND CONDITIONS:
Customer must provide Contract ID# at the time of reservation to be eligible for discounts. Offer valid at participating National locations in the US and Canada. Minimum rental age is 25. This offer is not valid with any other special discount or promotion. Standard rental qualifications apply. Subject to availability and blackout dates. Advance reservations required. Geographic driving restrictions may apply.
TERMS AND CONDITIONS FOR WESTIN, SHERATON, FOUR POINTS,
ST. REGIS, THE LUXURY COLLECTION, AND W HOTELS:
Offer is subject to availability. Advance Reservations required and is based on single/double occupancy. Offer not applicable to group travel. Additional Service charge and tax may apply. The discount is reflected in the rate quoted. Offer valid at participating hotel only. Offer valid for stays on Fri - Mon with a Friday or Saturday night arrival required. Rate available for this coming weekend only. Offer available only by making reservations via the internet. A limited number of rooms may be available at these rates.
---------------------------------------
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| 4,960 |
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arnold-j/deleted_items/104.
|
ALL daily charts and matrices as hot links 10/9 ,
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 available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude32.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas32.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil32.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded32.pdf
Nov WTI/Brent Spread http://www.carrfut.com/research/Energy1/clxqox.pdf
Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Jan/Feb Heat http://www.carrfut.com/research/Energy1/hofhog.pdf
Gas/Heat Spread http://www.carrfut.com/research/Energy1/huxhox.pdf
Nov/Mar Unlead http://www.carrfut.com/research/Energy1/huxhuh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG32.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG32.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL32.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| 4,961 |
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arnold-j/deleted_items/105.
|
Nat Gas market analysis for 10-9-01 ,
Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 10-9-01 Nat Gas.doc
| 4,962 |
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arnold-j/deleted_items/106.
|
FW: Gas Options Trader ,
I know a set up when I see one
-----Original Message-----
From: "Adrian Clark" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Adrian+20Clark+22+20+3CAClark+40firstcallassociates+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, October 03, 2001 4:29 PM
To: Maggi, Mike
Subject: Gas Options Trader
Mike,
Hello. My name is Adrian Clark and I am an executive recruiter in the
energy industry. One of my industry sources told me you are a successful
Gas Options Trader. My firm, First Call Associates, is currently doing a
search for some clients of ours, one of which is retained, which are looking
to hire high-quality Gas Options Traders. If you, or someone you know, has
an interest in learning more about these opportunities, please contact me.
If the timing is not right for you at this time, I've included my contact
information for future reference.
You can find more information about us at www.firstcallassociates.com. The
founders of our firm came from the energy business themselves, having spent
more than 10 years trading energy (both gas and power). Because of their
experience, we have been able to form relationships with some of the leading
energy companies in the country enabling us to present qualified employees
for their consideration.
Be assured that any information we discuss will be completely confidential.
My apologies for sending this to your email at work but I have not been able
to get you by telephone during business hours.
Adrian Clark
Director
First Call Associates, Inc.
8 Andrew Dr.
Canton, CT 06019
860-693-4122
860-693-4118 (fax)
[email protected]
- winmail.dat
| 4,963 |
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arnold-j/deleted_items/107.
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Enron Mentions ,
Northwest Natural Buys Enron Unit For $1.9 Billion in Cash and Stock
The Wall Street Journal, 10/09/01
NORTHWEST NATURAL GAS ANNOUNCES DEAL WITH ENRON
The New York Times, 10/09/01
COMPANIES & FINANCE THE AMERICAS - Enron to sell utility - NEWS DIGEST.
Financial Times (U.K. edition), 10/09/01
COMPANIES & FINANCE UK: Budge digs deep and saves Hatfield Colliery
Financial Times; Oct 9, 2001
Enron Sells Oregon Utility
The Washington Post, 10/09/01
Enron Seals deal to sell Portland General utility
Houston Chronicle, 10/09/01
United States
The Globe and Mail, 10/09/01
CoalPower buy
The Independent - London, 10/09/01
NW Natural Gas Chmn & CEO
CNNfn: Street Sweep, 10/08/01
CHINA: PetroChina to boost gas output in southwest.
Reuters English News Service, 10/09/01
Northwest Natural Buys Enron Unit For $1.9 Billion in Cash and Stock
By Robin Sidel
Staff Reporter of The Wall Street Journal
10/09/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp., as expected, agreed to sell its Portland General Electric utility to Northwest Natural Gas Co. for nearly $1.9 billion in cash and stock in a transaction that will unite the largest gas and electric utilities in Oregon.
Northwest Natural also is expected to assume $1.1 billion in debt. For Enron, the move comes about five years after it bought Portland General as part of a plan to break into the nation's deregulating power markets. Since then, Enron has backed away from that strategy, in part because of the California energy crisis. Enron agreed to sell the utility to Sierra Pacific Resources, of Reno, Nev., for about $2 billion in 1999, but that transaction fell apart this year.
Meanwhile, little-known Northwest Natural, of Portland, Ore., is betting that buying Portland General's operations will give it more muscle on its home turf. The combined company, with $5 billion in assets, will have more than 1.25 million electric and gas customers and will own more than 2,000 megawatts of generation, 26,000 miles of electric transmission and distribution lines, as well as 12,000 miles of gas lines. Northwest Natural supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
Terms of the transaction call for Enron to receive $1.55 billion in cash, $200 million in Northwest Natural preferred stock, and $50 million in Northwest Natural common stock. Enron has agreed to hold the securities for at least 2 1/2 years. The common equity stake will give Enron voting rights amounting to 4.9% of the total number of Northwest Natural shares outstanding. Enron, a Houston energy-trading concern, also will receive as many as two seats on Northwest Natural's board, which has 12 members and the authority to boost that number to 13. It isn't clear if Enron would seek two seats.
"This sale is consistent with our overall objective of selling assets that are not strategic to our wholesale and retail energy business," said Kenneth L. Lay, Enron's chairman and chief executive.
The cash portion of the transaction will be raised through loans arranged by Merrill Lynch & Co. , of New York, and Credit Suisse First Boston, a unit of Switzerland's Credit Suisse Group. Enron was advised by Credit Suisse First Boston, and Northwest Natural's financial adviser was Merrill Lynch.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
COMPANY NEWS
NORTHWEST NATURAL GAS ANNOUNCES DEAL WITH ENRON
AP
10/09/2001
The New York Times
Page 4, Column 1
c. 2001 New York Times Company
As expected, Northwest Natural Gas said yesterday that it would buy Portland General Electric from the Enron Corporation for $1.55 billion in cash and $350 million in securities in a deal to combine the largest natural gas and electric utilities in Oregon. Northwest Natural said it expected to close the purchase late next year, pending approval by regulators and its shareholders. An undetermined number of jobs will be cut.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE THE AMERICAS - Enron to sell utility - NEWS DIGEST.
By SHEILA MCNULTY.
10/09/2001
Financial Times (U.K. edition)
(c) 2001 Financial Times Limited . All Rights Reserved
Enron, the US energy giant, has agreed to sell electricity utility Portland General Electric to Northwest Natural Gas for $1.88bn. NW Natural, a regional utility, will also assume about $1.1bn in PG debt and preferred stock. Enron had been seeking to dispose of the utility for some time because it is no longer core. It is also attempting to dispose of up to $5bn in other assets - primarily international infrastructure projects in developing countries where Enron believes there is little chance of building its wholesale and retail business around them. Sheila McNulty, Houston.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE UK: Budge digs deep and saves Hatfield Colliery
Financial Times; Oct 9, 2001
By ANDREW TAYLOR
Brian Wilson, energy minister, yesterday welcomed the decision to restart coal production at Hatfield Colliery following the mine's rescue by Richard Budge, former chief executive of UK Coal. The Coal Authority, responsible for licensing mining, formally approved the takeover of Hatfield by Mr Budge's new company, Coal Power, paving the way for production to restart next month. Mr Budge, who earlier this year was ousted as UK Coal's chief executive, beat his former company and Enron, the US energy group, to buy Hatfield for about Pounds 5m. He was last month named preferred bidder for the colliery which went into liquidation in August. The government, in a bid to keep the pit alive, provided Pounds 6.69m of aid.
Hatfield is estimated to have coal reserves of 15m-23m tonnes. Recent rises in gas prices with more competitive electricity trading have encouraged generators to switch to more flexible coal-fired plant. Sales of domestically produced coal had risen by 20 per cent in each of the past three years, while prices paid by power stations had risen from Pounds 22.50 a tonne 18 months ago to about Pounds 35, said Mr Budge.
Financial
Lehman Buys N.Y. Building
10/09/2001
The Washington Post
FINAL
E02
Copyright 2001, The Washington Post Co. All Rights Reserved
Enron Sells Oregon Utility
Enron agreed to sell Portland General Electric to Northwest Natural Gas for $2.9 billion in cash, stock and assumed debt, ending a more than two-year effort to shed its Oregon utility. Enron no longer needs Portland General to sell electricity in the West and wants to spend its money on more promising businesses, chief executive Ken Lay said.
http://www.washingtonpost.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Oct. 9, 2001
Houston Chronicle
Enron seals deal to sell Portland General utility
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Investors reacted positively to Enron Corp.'s announcement Monday that it sealed a deal to sell utility Portland General Electric for almost $1.9 billion.
Shares in the Houston-based energy traded finished the day up $1.72 at $33.45.
"It's definitely an important catalyst for the stock," said Raymond Niles, an analyst who follows Enron for Salomon Smith Barney.
Northwest Natural Gas Co. agreed to buy Portland General from the Houston-based energy trader, which has been trying to sell the utility for months.
Under the deal, Enron is to receive $1.55 billion in cash, $200 million in NW Natural preferred stock and $50 million in NW Natural common stock.
NW Natural will take over Enron's $75 million balance toward consumer rate cuts Enron agreed to when it bought Portland General in 1997.
In addition, NW Natural, based in Portland, Ore., will assume about $1.1 billion in Portland General debt and preferred stock.
The common equity stake in NW Natural will give Enron voting rights limited to 4.9 percent. Enron, which has agreed to hold its securities in NW Natural for at least 2 1/2 years, also will receive up to two board seats.
The deal, subject to regulatory approvals, is expected to close by the fourth quarter of 2002.
It's the second time Enron reached a deal to sell Portland General. Nevada-based Sierra Pacific Resources agreed to buy the utility in November 1999.
The deal, valued at about $2 billion plus assumption of $1.1 billion debt and preferred stock, was officially called off in April, although it had been considered dead months before.
Sierra Pacific planned to sell some of its Nevada assets to raise cash for the deal, but Nevada's move to electricity deregulation was delayed and Sierra couldn't carry out the sales.
NW Natural is Oregon's largest natural gas utility, with more than 525,000 customers in northwest Oregon and southwest Washington.
Portland General serves more than 730,000 customers and owns 2,015 megawatts of electricity generation.
Enron is moving away from owning large physical assets so it can focus on trading and making markets in a variety of commodities.
"This sale is consistent with our overall objective of selling assets that are not strategic to our wholesale and retail energy business," Ken Lay, Enron's chairman and chief executive, said in a statement.
Enron bought the utility in 1997 in a deal worth $2 billion, plus it assumed $1.1 billion in debt and preferred stock.
The NW Natural deal represents "a break-even transaction from a gain-loss standpoint," Enron spokeswoman Karen Denne said.
Enron could use the proceeds to pay down debt, repurchase stock or invest in the company's high-growth businesses, she said.
Enron, when the deal gets closer to completion, must assure investors that the money will be invested in a higher-return opportunity to avoid earnings dilution, said Carol Coale, an analyst with Prudential Securities in Houston.
Investor confidence in Enron suffered after CEO Jeff Skilling, citing personal reasons, unexpectedly resigned in August. Even before then, Enron's stock had come under pressure for a variety of reasons.
The Portland General deal "should add one notch in management's credibility belt," Coale said, adding: "They have several notches to go."
Report on Business: The Wall Street Journal
WHAT'S NEWS
United States
Wall Street Journal
10/09/2001
The Globe and Mail
Metro
B15
"All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors. All rights reserved."
Enron Corp. agreed to sell its Portland General Electric utility to Northwest Natural Gas Co. for nearly $1.9-billion (U.S.) in cash and stock in a transaction that will unite the largest gas and electric utilities in Oregon. Northwest Natural is also expected to assume $1.1-billion in debt. For Enron, the move comes about five years after it bought Portland General as part of a plan to break into deregulating U.S. power markets. Since then, Enron has backed away from that strategy, in part due to the California energy crisis.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
CoalPower buy
10/09/2001
The Independent - London
FOREIGN
21
(Copyright 2001 Independent Newspapers (UK) Limited)
COALPOWER, THE company set up by the former chief executive of RJB Mining, Richard Budge, has bought and reopened the Hatfield coal mine in South Yorkshire, four weeks after it was mothballed. "The mine has re-opened and we have got men underground now," said CoalPower. CoalPower, which was named the preferred bidder by the Government a month ago, beat Enron and UK Coal to buy Hatfield.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
NW Natural Gas Chmn & CEO
Susan Lisovicz
10/08/2001
CNNfn: Street Sweep
(c) Copyright Federal Document Clearing House. All Rights Reserved.
SUSAN LISOVICZ, CNNfn ANCHOR, STREET SWEEP: As we told you earlier Enron (URL: http://.www.enron.com/) has agreed to sell its Portland General Electric unit to Northwest Natural Gas (URL: http://www.gasco.com/) for $1.9 billion. Richard Reiten is chairman and CEO of Northwest Natural Gas. He joins us from Portland, Oregon to discuss the deal. Welcome and congratulations.
RICHARD REITEN, CHMN & CEO, NORTHWEST NAT. GAS: Thank you.
LISOVICZ: Well the investors have spoken and so far it`s negative. Your stock is down about 40 cents. Why do you think the market`s not thrilled about what they`ve heard so far?
REITEN: Well I don`t think being down 40 cents is really any indication in a market like today. In fact we`ve got a great transaction. Good for us, Northwest Natural Gas and certainly good for Enron. We`re able to create a five billion asset company headquartered here in Oregon. It`s going to have great growth as well as great shareholder value for Northwest National shareholders. So it`s a combination gas and electric company being created. Really we`re very excited about it.
LISOVICZ: $1.9 billion in cash and stock. Fair price?
REITEN: Yes. Fair for us and fair for Enron. It gives us great cash flow, great accretion to our earnings in the first year, a transaction that I think really benefits both parties.
LISOVICZ: Will it be accretive to the bottom line in the first year?
REITEN: Yes it will.
LISOVICZ: OK. Tell me what shareholders can expect immediately if anything.
REITEN: Well it`ll take a year for regulatory approval, nine to 12 months anyway. And then our first year as a combined company will most likely be 2003. We made it clear to our investors and shareholders that the transaction will be accretive in the first year even applying the old accounting rules amortizing good will. Without the good will amortization it`s double digit accretive. So it`s a very good transaction for us and our shareholders.
LISOVICZ: How did gas prices play into this? Did they speed up or did -did they influence at all how these talks proceeded?
REITEN: No they did not. You know gas prices have been declining rather dramatically over the last three months from highs over the previous year. But they`re coming down now and will be more moderate we think out over the next year but didn`t play any role in this. We passed through the gas cost without margin to our customers as most local gas distribution utilities do. They will play a real role because we could bring the gas supply asset storage and so on of our company to Portland General Electric`s gas-fired generation. So the combination of those assets are really a powerful set.
LISOVICZ: What was most attractive about this property?
REITEN: Well I think you have a almost total overlap of geography. Eighty percent of Portland General Electric`s customers are located inside Northwest Natural Gas service territory. Ninety five percent of the assets are all in Oregon. We have a small gas distribution property in southwest Washington. But there`s terrific overlap, a lot of savings for customers as we move forward to bring the companies together and certainly the accretion for our shareholders as well.
LISOVICZ: OK. Richard Reiten, the chairman and CEO of Northwest Natural Gas. Congratulations. Thanks for joining us.
REITEN: Thank you very much.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
CHINA: PetroChina to boost gas output in southwest.
10/09/2001
Reuters English News Service
(C) Reuters Limited 2001.
BEIJING, Oct 9 (Reuters) - China's oil major PetroChina has made three natural gas discoveries this year in the southwest Sichuan Basin and aims to boost output in the area by 50 percent, company officials said on Tuesday.
Natural gas output in the Sichuan Basin was expected to rise to 12 billion cubic metres (bcm) in 2005 from 8.0 bcm in 2000, an official of PetroChina's subsidiary, Southwest Oil and Gas Co, said from the Sichuan capital of Chengdu.
To fulfil this target, the southwest company would add an annual gas production capacity of 4.2 bcm over the next four years, which would be focus on the Datianchi and Baimamiao gas fields, the official told Reuters.
"The gas recovery rate in Sichuan basin was not very high. We will try hard to incease our production capacity in the coming years," he said.
The Sichuan Basin is PetroChina's biggest gas producing area.
The three discoveries PetroChina made so far this year in Sichuan had a combined possible gas reserves of 25.2 bcm, another official said.
The Nanchong structure in central Sichuan had a gas reserve of 17.8 bcm, the Jinzhuping structure in the east contained 2.88 bcm of reserves and the Longquan structure in the west had 5.5 bcm, the official said.
The three structures cover a total area of 447 square km (172.6 sq miles), he said.
Experts have predicted gas reserves in the Sichuan Basin were likely to be one trillion cubic metres by 2005.
PetroChina has also speeded up construction of several natural gas purification plants in Sichuan, including one in the Zhongxian county of Chongqing, where a planned gas pipeline to the neighbouring province of Hubei starts, he said.
Gas purification capacity in the basin would rise to 9.0 bcm in 2004 from 5.5 bcm in 2000.
GAS PIPELINES
PetroChina is at the preparation stage of the Zhongxian-Hubei pipeline, China's first joint venture gas pipeline.
The Chinese company holds a 55 percent stake in $400 million project and U.S. energy firm Enron the remainder.
The two companies, which finished a feasibility study and got state approval for building the pipeline last year, were busy doing a market survey, the official said.
The 680 km (420 mile) pipeline, designed to transfer 3.0 bcm of natural gas a year, may be extended to the province of Hunan later, he said.
The Southwest Oil and Gas Co is cooperating with French firm Sofregas to upgrade more than 1,000 km of gas pipelines in Sichuan.
The $230 million upgrade, including repairs, cleaning and extending pipelines, would enable the trunk lines to transfer 8.0 million cubic metres per day upon completion in mid-2003, the official said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
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arnold-j/deleted_items/108.
|
RE: ,
which brian?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 9, 2001 7:38 AM
To: Arnold, Matthew
Subject:
what's brian's last name?
| 4,965 |
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arnold-j/deleted_items/109.
|
RE: ,
he's not coming.
-----Original Message-----
From: Arnold, John
Sent: Monday, October 08, 2001 6:37 PM
To: Shankman, Jeffrey A.; Nowlan Jr., John L.
Subject:
Not so impressed with David goldman. For a guy who has worked in derivatives for 10 years, couldnt answer some simple questions. Very poor financial derivatives knowledge even though he worked at CRT for a long time and a Lyonnais for a while. The only value I see in him is that he worked at BP for a while and might have some knowledge as to how they work.
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arnold-j/deleted_items/11.
|
RE: ICE ,
hi..
Noted that ICE is competition.. I am not interested in us supporting that product at all.. I am still pushing Campbell and others to use an alternate solution that gives us the advantage of seeing flow first hand in a discrete way.
An ICE solution more foils my attempts to build liquidity for the crude desk than gas. Currently ICE has a much better market share on crude and the addition of program funds would further frustrate our efforts to ever build a flow business.
On the flip side, ICE will not solve Campbell's problems on gas (prob not on crude either) because there is no certainty they will get a tight market.. the very reason they are still talking to us.. so I guess I am not worried.
I am just pissed that these "solutions" keep popping up that keep Campbell and others from making decisions NOW. I still like the Deutsche solution and am talking to them again next week.. should have some comment from Campbell by then too..
I am still looking for a system that can also accommodate credit constraints as well.. you know.. our lines are pretty full with all the banks who would be able to give us more flow..Deutsche system could help this too.
will keep you informed..
c
on a side note.. have been trying still to educate EOL (Bob Shultz) on these considerations.. they are still debating whether we should have a clearing arrangement with someone.. that won't get around the CFTC issue..
-----Original Message-----
From: Arnold, John
Sent: Wednesday, September 19, 2001 7:24 PM
To: Abramo, Caroline
Subject: RE: ICE
Hey:
1. Theoretically we could agree upon a trade and cross it on ICE after hours when the risk that someone else gets inside is remote. This is a prearranged trade and is illegal on Nymex, but it is my understanding it will be legal on ICE assuming ICE uses the IPE clearing platform, where prearranged trading is legal. Agree about liquidity. I dont think this really helps ICE's volumes, nor liquidity. Funds want liquidity so they will not flock to ICE in the current state.
2. My guess is not intercommodity, but maybe intracommodity. For instance, a gas daily swap against front month futures may have lower margin than the 2 trades additive.
Important Note: ICE is our competition and I am very,very wary to support their system, unless absolutely necessary.
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, September 18, 2001 2:00 PM
To: '[email protected]'
Cc: Zivic, Robyn
Subject: ICE
Hi..
I hope you are all ok.. I am sorry for any losses that may have touched your friends and family..
I looked at the ICE/LCH announcements.
I have a few questions:
1. Will ICE be able to work as a deal entry system as well as mechanism to post markets?
My concern here is that under the Deutsche proposal we would be able to do a deal with you over the phone and then post it to their system.. and no other market participant would be able to see that transaction.. it would then go straight to the clearing.
Currently, I'd say that only 2% of the time ICE has a tighter market than EOL.. this because they do not have the liquidity (and likely will not).
There is not a high probability we would ever contribute to this liquidity over our own system (Enron online) so the ability to deal directly with you in still imperative.
2. Can margin at LCH be netted across products?
Looking forward to speaking.
Thanks and Regards,
Caroline
| 4,967 |
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arnold-j/deleted_items/110.
|
RE: ,
I'll set it up as orig.
Johnny, can you set this up?
-----Original Message-----
From: Arnold, John
Sent: Monday, October 08, 2001 6:37 PM
To: Shankman, Jeffrey A.; Nowlan Jr., John L.
Subject:
Not so impressed with David goldman. For a guy who has worked in derivatives for 10 years, couldnt answer some simple questions. Very poor financial derivatives knowledge even though he worked at CRT for a long time and a Lyonnais for a while. The only value I see in him is that he worked at BP for a while and might have some knowledge as to how they work.
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arnold-j/deleted_items/111.
|
RE: ,
Hi John,
We are taking a look at that as well as orders for options. Will let you know when that can be available.
Savita
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 8:24 AM
To: Puthigai, Savita
Subject:
Savita:
Any chance we can introduce limit orders to spreads?
| 4,969 |
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arnold-j/deleted_items/112.
|
Increase Sales, Accept Credit Cards! ,
We provide businesses of ALL types an opportunity to have their
own no hassle Credit Card Merchant Account with NO setup fees.
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additional information or to speak with one of our reps, reply to
this email and include the following contact information: Your
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If you wish to be removed from our mailing list, please reply to
this email with the subject "Remove" and you will not receive
future emails from our company.
c10mkf
| 4,970 |
||
arnold-j/deleted_items/113.
|
RE: ,
I got the negative today, but if you're in tomorrow I could probably work it.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 9:53 AM
To: Robins, Bryan
Subject:
going to the game?
| 4,971 |
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arnold-j/deleted_items/114.
|
RE: ,
I don't think Brian can go - but can I extend the offer to him?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:37 AM
To: Allen, Margaret
Subject: RE:
I've 2 extra tix if you anybody we like.
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:36 AM
To: Arnold, John
Subject: RE:
I'm here - my 11 got cancelled.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:34 AM
To: Allen, Margaret
Subject:
are you there?
| 4,972 |
||
arnold-j/deleted_items/115.
|
RE: ,
I'm here - my 11 got cancelled.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:34 AM
To: Allen, Margaret
Subject:
are you there?
| 4,973 |
||
arnold-j/deleted_items/116.
|
RE: ,
Oh know- my sister is canceling her plans now...do we have one left?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:54 AM
To: Allen, Margaret
Subject: RE:
I just found a taker. Sorry.
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:50 AM
To: Arnold, John
Subject: RE:
He can't go - I didn't think he could. I'm trying to find my sister (she just moved to town), but I can't find her anywhere. Any other suggestions?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:45 AM
To: Allen, Margaret
Subject: RE:
yea
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:39 AM
To: Arnold, John
Subject: RE:
I don't think Brian can go - but can I extend the offer to him?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:37 AM
To: Allen, Margaret
Subject: RE:
I've 2 extra tix if you anybody we like.
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:36 AM
To: Arnold, John
Subject: RE:
I'm here - my 11 got cancelled.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:34 AM
To: Allen, Margaret
Subject:
are you there?
| 4,974 |
||
arnold-j/deleted_items/117.
|
RE: ,
He can't go - I didn't think he could. I'm trying to find my sister (she just moved to town), but I can't find her anywhere. Any other suggestions?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:45 AM
To: Allen, Margaret
Subject: RE:
yea
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:39 AM
To: Arnold, John
Subject: RE:
I don't think Brian can go - but can I extend the offer to him?
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:37 AM
To: Allen, Margaret
Subject: RE:
I've 2 extra tix if you anybody we like.
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:36 AM
To: Arnold, John
Subject: RE:
I'm here - my 11 got cancelled.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:34 AM
To: Allen, Margaret
Subject:
are you there?
| 4,975 |
||
arnold-j/deleted_items/118.
|
RE: ,
Really? I can ask a girlfriend of mine - and/or my sister.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:37 AM
To: Allen, Margaret
Subject: RE:
I've 2 extra tix if you anybody we like.
-----Original Message-----
From: Allen, Margaret
Sent: Tuesday, October 09, 2001 10:36 AM
To: Arnold, John
Subject: RE:
I'm here - my 11 got cancelled.
-----Original Message-----
From: Arnold, John
Sent: Tuesday, October 09, 2001 10:34 AM
To: Allen, Margaret
Subject:
are you there?
| 4,976 |
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