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arnold-j/notes_inbox/48.
|
subject: Re: Guggenheim/Enron Attendee list for May 17
content: 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.
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arnold-j/notes_inbox/49.
|
subject: St. Croix refinery
content: 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/notes_inbox/5.
|
subject: AGA for 12/8/2000 is -158
content: AGA for 12/8/2000 is (158)
Website information:
http://gasfundy.corp.enron.com/gas/framework/default.asp
Drop down Box to "Storage"
In-house Analysis
My files are the last three files.
When the dialog box asks to upadate links click "NO".
| ||
arnold-j/notes_inbox/50.
|
subject: The WTI Bullet swap contracts
content: 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]
| ||
arnold-j/notes_inbox/51.
|
subject:
content: 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!
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arnold-j/notes_inbox/52.
|
subject: Guggenheim/Enron Attendee list for May 17
content: 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
| ||
arnold-j/notes_inbox/53.
|
subject: Guggenheim Event
content: 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
| ||
arnold-j/notes_inbox/54.
|
subject: Vandy Team - Get Together
content: 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
| ||
arnold-j/notes_inbox/55.
|
subject: option candlesticks 5/15
content: 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
| ||
arnold-j/notes_inbox/56.
|
subject: Enron Mentions
content: 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.
| ||
arnold-j/notes_inbox/57.
|
subject: ALL daily charts and matrices as hot links 5/15
content: 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
| ||
arnold-j/notes_inbox/58.
|
subject: Nat Gas market analysis for 5-15-01
content: Attached please find the Natural Gas market analysis for today.
?
Thanks,
?
Bob McKinney
- 5-15-01 Nat Gas.doc
| ||
arnold-j/notes_inbox/59.
|
subject: daily charts and matrices as hot links 5/15
content: 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
| ||
arnold-j/notes_inbox/6.
|
subject:
content: remember i bought rams at 3.50
100 perkins, 100 tony
do you know where anything is trading (mids)?
let's go check out that new wine storage place this weekend.
| ||
arnold-j/notes_inbox/60.
|
subject: Long term Gas Curve
content: 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
| ||
arnold-j/notes_inbox/61.
|
subject: RE: Defense
content: 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?
| ||
arnold-j/notes_inbox/62.
|
subject: Mothers Day
content: 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
| ||
arnold-j/notes_inbox/63.
|
subject: BNP PARIBAS Commodity Futures NG MarketWatch For 5/14/01
content: (See attached file: g051401.pdf)
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diffusion ou toute publication, totale ou partielle, est interdite, sauf
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
if modified.
______________________________________________________________________________
_______________________________________________________
- g051401.pdf
| ||
arnold-j/notes_inbox/64.
|
subject: Additional offerings to round out your portfolio
content: 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.
| ||
arnold-j/notes_inbox/65.
|
subject: Guggenheim Survey
content: 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.
| ||
arnold-j/notes_inbox/66.
|
subject: Friday Staff Meeting - Conference Bridge Number
content: 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
| ||
arnold-j/notes_inbox/67.
|
subject: Enron Mentions - 05/12/01 - 05/13/01
content: 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.
| ||
arnold-j/notes_inbox/68.
|
subject: Enron Mentions - 05/14/01
content: 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.
| ||
arnold-j/notes_inbox/69.
|
subject: RE:
content: 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.
| ||
arnold-j/notes_inbox/7.
|
subject: re:f/g again-
content: weather moderating, enuf switching to offset hdds, cash showing same, i wudnt
touch it ...yet
| ||
arnold-j/notes_inbox/70.
|
subject: NYTimes.com Article: Energy Industry Raises Production at a Record
content: 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
/-----------------------------------------------------------------\
Visit NYTimes.com for complete access to the
most authoritative news coverage on the Web,
updated throughout the day.
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Racer at [email protected] or visit our online media
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For general information about NYTimes.com, write to
[email protected].
Copyright 2001 The New York Times Company
| ||
arnold-j/notes_inbox/71.
|
subject: Nat Gas market analysis for 5-14-01
content: Attached please find the Natural Gas market analysis for today.
?
Thanks,
?
Bob McKinney
- 5-14-01 Nat Gas.doc
| ||
arnold-j/notes_inbox/72.
|
subject: daily charts and matrices as hot links 5/14
content: 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
| ||
arnold-j/notes_inbox/73.
|
subject: Natural gas update
content: Latest natural report
- ng051301.doc
| ||
arnold-j/notes_inbox/74.
|
subject: Free Shipping for Your Amazoniversary
content: [IMAGE]
[IMAGE]
?
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arnold-j/notes_inbox/75.
|
subject: 4-URGENT - OWA Please print this now.
content: 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
| ||
arnold-j/notes_inbox/76.
|
subject: 3 - URGENT - TO PREVENT LOSS OF INFORMATION
content: 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
| ||
arnold-j/notes_inbox/77.
|
subject: 2- SURVEY/INFORMATION EMAIL 5-15-01
content: 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):
| ||
arnold-j/notes_inbox/78.
|
subject:
content: 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
| ||
arnold-j/notes_inbox/79.
|
subject: Request For Additional Information
content: 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
| ||
arnold-j/notes_inbox/8.
|
subject: Fwd: christmas list-I'm getting the cheap stuff
content: >From: [email protected]
>Subject: christmas list
>To: [email protected]
>Date: Tue, 12 Dec 2000 15:10:39 -0600
>X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.3 (Intl)|21
>March 2000) at
> 12/12/2000 03:05:36 PM
>
>
>aren't i easy???
>
>
> wooden suit hangers
>
> mini-cuisinart
>
>http://www.chefscatalog.com/product.jhtml?sku_id=1494&top_cat_id=2000&cat_id
>=2040
>
> really heavy le creuset french oven green/blue
>
>http://www.chefscatalog.com/product.jhtml?sku_id=504&top_cat_id=2000&cat_id=
>2074
>
> wooden shoe tree from Nordstrom
>
> leather treatment for my black leather coat (great stocking stuffer)
>
> knife sharpener
>
>http://www.chefscatalog.com/product.jhtml?sku_id=1243&cat_id=2060&top_cat_id
>=2000
>
>
> mp3 digital music player
>
>http://athome.compaq.com/store/default.asp?page=config&ProductLineId=443&Fam
>ilyID=692&BaseID=2360
>
>
>
>
>
>
>
>
| ||
arnold-j/notes_inbox/80.
|
subject: Suite at Enron Field
content: 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
| ||
arnold-j/notes_inbox/81.
|
subject:
content: 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
| ||
arnold-j/notes_inbox/82.
|
subject: Vandy Team - Get Together
content: 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.
| ||
arnold-j/notes_inbox/83.
|
subject: Re:
content: 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
| ||
arnold-j/notes_inbox/84.
|
subject: Outsourcing Deals
content: 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
| ||
arnold-j/notes_inbox/9.
|
subject: Harvard Mgmt
content: Mike- I have their trader coming into the office tomorrow- they are a macro
fund (they manage Harvard's endowment fund) that trades commodities- mostly
crude and metals. I want to get them into some gas and power trades.
Specifically, I want to get them into the short Rockies trade for the summer
that we have Tudor in.
Johnny recommended I have you speak to them- can you give me a few minutes
during the day to talk to them about the west in general.
I have him in all day- we are sitting with Mike Roberts to do the weather
update from 6 am-7:30 - would be great if we could get you between 7:30 and
8:30 am. If not, let me know when is good- Ina will know where I am
Rgds,
Caroline
cell 917-324 1999
| ||
arnold-j/oec/1.
|
subject: Spending Reports 99/00 OEC Central Purchasing
content: 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.
| ||
arnold-j/pcc_values/1.
|
subject: RE: EES contact on the PCC Ball Valves deal
content: ---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/13/2000=
=20
12:27 PM ---------------------------
"Peter Eichler" <[email protected]> on 12/13/2000 12:15:35 PM
Please respond to <[email protected]>
To: <[email protected]>
cc: "ENRON John Will" <[email protected]>, "PCC Ball Valves Aldo Bargeri=20
\(SMgr\)" <[email protected]>, "PCC Ball Valves Roberto Bartolena"=20
<[email protected]>=20
Subject: RE: EES contact on the PCC Ball Valves deal
Sarah-Joy....
The only person I have been working on in Enron about Ball Valves is John
Will.
For Enron to come to PCC Ball Valves outside Milan Italy for a quality audi=
t
(as proposed by John), the correct people to contact are:
Roberto Bartolena - Managing Director Phone number 39-02-9379-9127 e-mail
[email protected]
Aldo Bargeri - Sales Mgr Phone number same as above... e-mail
[email protected]
I look forward to PCC BV becoming an approved supplier for your
international work....
Pete
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, December 13, 2000 7:53 AM
To: [email protected]
Subject: Re: EES contact on the PCC Ball Valves deal
Pete:
I work with John Will in Enron Corporation, Global Strategic Sourcing. He
asked me to follow up with you regarding WHO you have been working with in
EES on the PCC Ball Valves deal. Thanks for letting me know!
Sarah-Joy
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/13/2000
07:49 AM ---------------------------
From: John Will on 12/12/2000 08:29 PM
To: Sarah-Joy Hunter/NA/Enron@Enron
cc:
Subject: Re: Update (Document link: Sarah-Joy Hunter)
Pete's number is: 281 775 1694
Thanks!
jw
Sarah-Joy
Hunter To: John Will/NA/Enron@ENRON
cc:
12/12/2000 Subject: Update
06:58 AM
J
"Peter
Eichler" To: "ENRON John Will"
<[email protected]>
<peichler@pcc cc:
flow.com> Subject: Update
12/11/00
01:23 PM
Please
respond to
peichler
John....
Since we last met, a letter of Intent has been signed by PCC with EES
(Enron Energy Services)....
I have heard that our=01;Byron Gaddis was trying to reach you=01; about an=
y
ideas you might have for large structural parts (remember out titanium
casting capability for jet engine turbine blades as well as generator
turbine blades)....
In any case... we definitely want to make sure PCC Ball Valves is your
INTERNATIONAL (non-USA) Project ball valve supplier for gas pipelines...
How are we doing to get that distinction?
Pete
| ||
arnold-j/pcc_values/2.
|
subject: RE: EES contact on the PCC Ball Valves deal
content: Jennifer:
I talked with John will and he doesn't know what PCC has done with EES. So=
,=20
I'll wait to hear back from Peter Eichler once he does some investigations=
=20
into his own company and gets the answer back to us.
Sarah-Joy
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/13/2000=
=20
07:45 PM ---------------------------
"Peter Eichler" <[email protected]> on 12/13/2000 06:00:29 PM
Please respond to <[email protected]>
To: <[email protected]>, <[email protected]>
cc: "ENRON John Will" <[email protected]>, <[email protected]>=20
Subject: RE: EES contact on the PCC Ball Valves deal
Sarah-Joy...
I just picked up your voice mail...
I am forwarding Byron Gaddis's e-mail in response to your question of who
PCC is working with at EES.
Let me stress that I am not working with anyone other than John (and now
hopefully you) at Enron to get PCC Ball Valves approved for international
use at Enron.
I am providing Byron Gaddis' e-mail address as he is in Portland at Corp HQ=
,
and is familiar with the issue. He may be able to provide a name for you at
EES that PCC is working to conclude an agreement on energy....note that the
activity is covered under a Conf Agreement to protect PCC and its data. In
addition, Byron was curious about your possible need for blades and the
mechanism you go through to acquire them.
As for me... we would like you to fall in love with our world class ball
valves from PCC Ball Valves (hence putting them on the approved supplier
list) AND also love our Emergency Shutdown Systems for pipelines by our
Barber Industries (again, feeling so smitten that they find their way onto
your approved list)... John has the information packages on both companies
and product lines...
For me... signing off from Milan Italy...where I have been living and
breathing these ball valves this week. Shipments of 40" and 48" units going
to Transgaz on a Romanian/ Russian pipeline as well as 36" units for a
Turkish pipeline are going out....
Pete
-----Original Message-----
From: Peter Eichler [mailto:[email protected]]
Sent: Wednesday, December 13, 2000 12:16 PM
To: [email protected]
Cc: ENRON John Will; PCC Ball Valves Aldo Bargeri (SMgr); PCC Ball
Valves Roberto Bartolena
Subject: RE: EES contact on the PCC Ball Valves deal
Sarah-Joy....
The only person I have been working on in Enron about Ball Valves is John
Will.
For Enron to come to PCC Ball Valves outside Milan Italy for a quality audi=
t
(as proposed by John), the correct people to contact are:
Roberto Bartolena - Managing Director Phone number 39-02-9379-9127 e-mail
[email protected]
Aldo Bargeri - Sales Mgr Phone number same as above... e-mail
[email protected]
I look forward to PCC BV becoming an approved supplier for your
international work....
Pete
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, December 13, 2000 7:53 AM
To: [email protected]
Subject: Re: EES contact on the PCC Ball Valves deal
Pete:
I work with John Will in Enron Corporation, Global Strategic Sourcing. He
asked me to follow up with you regarding WHO you have been working with in
EES on the PCC Ball Valves deal. Thanks for letting me know!
Sarah-Joy
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/13/2000
07:49 AM ---------------------------
From: John Will on 12/12/2000 08:29 PM
To: Sarah-Joy Hunter/NA/Enron@Enron
cc:
Subject: Re: Update (Document link: Sarah-Joy Hunter)
Pete's number is: 281 775 1694
Thanks!
jw
Sarah-Joy
Hunter To: John Will/NA/Enron@ENRON
cc:
12/12/2000 Subject: Update
06:58 AM
J
"Peter
Eichler" To: "ENRON John Will"
<[email protected]>
<peichler@pcc cc:
flow.com> Subject: Update
12/11/00
01:23 PM
Please
respond to
peichler
John....
Since we last met, a letter of Intent has been signed by PCC with EES
(Enron Energy Services)....
I have heard that our=01;Byron Gaddis was trying to reach you=01; about an=
y
ideas you might have for large structural parts (remember out titanium
casting capability for jet engine turbine blades as well as generator
turbine blades)....
In any case... we definitely want to make sure PCC Ball Valves is your
INTERNATIONAL (non-USA) Project ball valve supplier for gas pipelines...
How are we doing to get that distinction?
Pete
| ||
arnold-j/personal/1.
|
subject: Dell Order Confirmation
content: 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 **
| ||
arnold-j/personal/2.
|
subject: Brown bag thank you
content: Dear Jennifer,
Thank you for hosting a brown bag lunch session yesterday; your presentation
was very informative and I believe it led to greater understanding of
Business Development within GSS. On a personal level, I was very interested
in your Continental deal and would like to read a white paper or postmortems
analysis of the deal after it closes.
I also thank you for taking an active role in this mornings' brown bag, I
felt like it lent additional credibility to Experience Enron and answered the
inevitable "what's in it for me" questions.
Sincerely,
Jim Wininger
| ||
arnold-j/personal/3.
|
subject: Dell online order
content: >
>
> DELL & ENRON ClickAtHome ORDER CONFIRMATION
>
> Thank you for your Enron ClickAtHome order! Please read and retain this
> e-mail for your records. It contains important information relating to
> your order that should be used in any future communications with Dell.
>
> Your Dell customer number is: 12213206
>
> Your order number is: 483017901
>
> Your total "Out of Pocket" amount: $565.96
> The total "Out of Pocket" amount includes upgrade costs, shipping and
> taxes.
>
>
> Your Online Sales Point of Contact:
> We are here to assist you with your order if needed. Our office hours are
> Monday- Friday, 8am-7pm Central Standard Time. You can reach our office
> by calling 1-866-220-3355 or through e-mail at:
> [email protected] <mailto:[email protected]> .
>
> Estimated Ship Date:
> We estimate that your order should be shipped on or before 12/29/00.
> Although we do not anticipate a delay in your order, we cannot guarantee
> the shipping date as we occasionally run into unexpected delays in
> manufacturing. Your order is being shipped to you under Dell's terms and
> conditions of sale found at: www.dell.com <http://www.dell.com>.
>
> Total Satisfaction Policy:
> If you wish to cancel your order for any reason within 30 days, we'll
> refund amounts paid by you, minus shipping costs, no questions asked. You
> are responsible for the cost of shipping your system back to us.
>
> How to Check Order Status:
> If you would like to check the status of your order, please call Dell's
> automated order status inquiry system at: 1-800-433-9014, or visit Dell's
> Order Status Page at: <http://wwwapp.us.dell.com/us/en/ordstat/index.asp>.
>
>
> You can also register to have Dell e-mail you when your order is shipped,
> by going to:
> <http://wwwapp.us.dell.com/us/en/ordstat/watchreg.asp?ordnum>.
>
> How to reach a Technical Support Representative:
> Once you have received your equipment, if you need to contact a Dell
> technical support representative, please call 1-866-220-3355, option 3.
> You will be asked to give your "Service Tag Number". The "Service Tag
> Number" is a five digit alphanumeric number written on the white bar code
> label on the back of the system. Please have this number ready before you
> contact the technical support representative.
>
>
> Thank you for participating in the Dell/ Enron ClickAtHome program. It is
> my pleasure to work with you.
>
> Sincerely,
>
>
>
> Jerome Alder
> Dell Sales Rep.
> EPP
> 1-800-695-8133
> Ext. 49761
> Email:[email protected]
>
>
| ||
arnold-j/personal/4.
|
subject: UPDATE - Attendees for brown bags (12/13-12/14)
content: I just noticed I missed Jim, who was, of course, in attendance.
----- Forwarded by Colleen Koenig/NA/Enron on 12/14/2000 01:20 PM -----
Colleen Koenig
12/14/2000 01:19 PM
To: Jennifer Medcalf/NA/Enron@Enron
cc: James Wininger/NA/Enron@Enron
Subject: Attendees for brown bags (12/13-12/14)
12/13 - GSS BD Brown Bag
(Jennifer Medcalf)
Jim Wininger
Diane Eckels
Dan Coleman
Bob Johansen
Jim Durbin (EES Capital Corp)
Mark Hudgens
John Gillespie
Norm Stevens
Jim Ischy
Jerry Thomas
Colleen Koenig
Calvin Eakins
Cathy Riley
Karina Prizont
Tom Moore
Sarah-Joy Hunter
Raul Davila
Lisa Honey
Jody Clement
Jeff Yougflesh
12-14 - Experience Enron
(Carrie Robert)
Jeff Youngflesh
Cathy Riley
Lisa Honey
Jim Wininger
Colleen Koenig
Karina Prizont
Mike Frost
Jody Clement
Ron Smith
David Rinehardt
Jennifer Medcalf
Cheri Sublet
Rick Perkins
Randy Lagrimmi
Norm Stevens
| ||
arnold-j/personal/5.
|
subject: Confirmation for Order #3253472
content: Hope you are doing well!
---------------------- Forwarded by Jennifer N Stewart/NA/Enron on 12/15/2000
08:33 AM ---------------------------
12/13/2000 01:03 PM
Janet Warri
Janet Warri
Janet Warri
12/13/2000 01:03 PM
12/13/2000 01:03 PM
To: Jennifer N Stewart/NA/Enron@Enron
cc:
Subject: Confirmation for Order #3253472
Hi there,
Here are your anytime conf. call set-up numbers.
Remember, you as the Host /Moderator should retain the Moderator's Code which
is 1998190.
Janet Warri
Global Strategic Sourcing - Enron Corp.
Ph. (713) 345-6531
E-mail [email protected]
----- Forwarded by Janet Warri/NA/Enron on 12/13/2000 12:49 PM -----
Reservations Department <[email protected]>
12/07/2000 09:52 AM
To: [email protected]
cc:
Subject: Confirmation for Order #3253472
*** ENRON Corporation Confirmation for Order #3253472 ***
(This call is available 24 hours a day, 7 days a week)
Customer: Enron Global Strategic Sourcing
Host: Jennifer Medcalf
The Host (or Moderator) will dial in on 1 (888) 689-5736, enter the
Passcode 6945190, and then enter the Moderator Code 1998190.
Important: The call will not start until the Host joins the conference with
the Moderator Code.
20 Participants will be dialing in on 1 (888) 689-5736 and using
Passcode 6945190.
NOTE: Participants will be given 3 attempts to enter the correct Passcode.
In the event of 3 unsuccessful attempts, the Participant will be prompted to
contact the Host for correct dialing instructions.
Alternate Dial-In:
International participants should dial: 1 (847) 944-7277
Moderator Conference Touch-Tone Commands:
1. Press *0 to speak privately with an operator. (Host and Participants)
2. Press 00 to request an operator to join the conference. (Host and
Participants)
3. Press *5 to mute all lines except the Moderator. (Host only)
4. Press #5 to unmute all lines. (Host only)
5. Press *6 to mute your line. (Host and Participants)
6. Press #6 to unmute your line. (Host and Participants)
7. Press *7 to lock the conference. (Host only)
8. Press #7 to unlock the conference. (Host only)
9. Press *8 to hear the number of participants in the conference. (Host
and Participants)
10.Press ** to play a list of available commands. (Host and Participants)
------------------------------------------------------------------------------
Jennifer Medcalf
1 (713) 345-6531
------------------------------------------------------------------------------
--
Please note that for security reasons, your passcode number is now
different than your confirmation number.
If there are any questions, comments, or changes regarding this or any other
conference call please call us at 1 (800) 766-1863 or FAX at 1 (847) 619-6111.
Please refer to confirmation #3253472. Thank You!
This Email Confirmation was sent at 12/07/00 09:51
| ||
arnold-j/purchasing/1.
|
subject: Confirmation of your order
content: This is an automatic confirmation of the order you have placed using IT
Central.
Request Number: ECTH-4S5TZN
Order For: Jeff Youngflesh
Compaq iPAQ handheld PC, H3650 Pocket PC. CPQ Item number: 170294-001.
Compaq iPAQ PKT PC Expansion Jacket for H3650. CPQ Item number: 170338-B21.
Compaq iPAQ USB CRADLE. CPQ Item number: 176481-B21.
Sierra wireless modem: "Aircard 300". Item # unknown. Enron IT Purchasing
| ||
arnold-j/requisite/1.
|
subject: Cross-sell opportunity
content: 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]
| ||
arnold-j/requisite/2.
|
subject: Re: Cross-sell opportunity
content: Great.
Thank you for the heads up.
DW - can you please take a look at these guys and find some background info.
MH
Jennifer Medcalf@ENRON
12/13/00 02:37 PM
To: Matt Harris/Enron Communications@Enron Communications
cc:
Subject: Cross-sell opportunity
Matt,
I have spoken with Mark who is part of the GSS organization and we are going
to pursue this after the first of the year. Mark has a relationship with the
President of Requisite and we will be having a meeting with him to discuss
opportunity.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
----- Forwarded by Jennifer Medcalf/NA/Enron on 12/13/2000 04:36 PM -----
Mark Hudgens
12/13/2000 12:36 PM
To: Jennifer Medcalf/NA/Enron@Enron
cc: John Gillespie/Corp/Enron@ENRON
Subject: 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]
| ||
arnold-j/requisite/3.
|
subject: Re: Cross-sell opportunity
content: See attached. In September 2000, Requisite filed for a $92 M IPO.
Requisite hosts content for some customers in Denver, but the majority of its
revenues are from licenses and contracts with SAP. Based on negative net
income for the past few years, I am sure that credit would take a big margin
for these guys. I was not able to find anything that mentioned who
Requisite's network provider is.
Please let me know if you would like more info.
Dorothy Woster
Enron Broadband Services
tel: (503) 886-0364
cell: (503) 780-9904
Matt Harris
12/14/00 07:15 AM
To: Jennifer Medcalf/NA/Enron@ENRON
cc: Dorothy Woster/Enron Communications@Enron Communications
Subject: Re: Cross-sell opportunity
Great.
Thank you for the heads up.
DW - can you please take a look at these guys and find some background info.
MH
Jennifer Medcalf@ENRON
12/13/00 02:37 PM
To: Matt Harris/Enron Communications@Enron Communications
cc:
Subject: Cross-sell opportunity
Matt,
I have spoken with Mark who is part of the GSS organization and we are going
to pursue this after the first of the year. Mark has a relationship with the
President of Requisite and we will be having a meeting with him to discuss
opportunity.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
----- Forwarded by Jennifer Medcalf/NA/Enron on 12/13/2000 04:36 PM -----
Mark Hudgens
12/13/2000 12:36 PM
To: Jennifer Medcalf/NA/Enron@Enron
cc: John Gillespie/Corp/Enron@ENRON
Subject: 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]
| ||
arnold-j/requisite/4.
|
subject: Re: Cross-sell opportunity
content: Thanks,
They look like a startup S/W vendor so I'm not sure how big the opportunity
will be.
Jennifer, can you please keep us in the loop as this progresses.
Thanks
MH
Dorothy Woster
12/14/00 03:34 PM
To: Matt Harris/Enron Communications@Enron Communications
cc: Jennifer Medcalf/NA/Enron@ENRON
Subject: Re: Cross-sell opportunity
See attached. In September 2000, Requisite filed for a $92 M IPO.
Requisite hosts content for some customers in Denver, but the majority of its
revenues are from licenses and contracts with SAP. Based on negative net
income for the past few years, I am sure that credit would take a big margin
for these guys. I was not able to find anything that mentioned who
Requisite's network provider is.
Please let me know if you would like more info.
Dorothy Woster
Enron Broadband Services
tel: (503) 886-0364
cell: (503) 780-9904
Matt Harris
12/14/00 07:15 AM
To: Jennifer Medcalf/NA/Enron@ENRON
cc: Dorothy Woster/Enron Communications@Enron Communications
Subject: Re: Cross-sell opportunity
Great.
Thank you for the heads up.
DW - can you please take a look at these guys and find some background info.
MH
Jennifer Medcalf@ENRON
12/13/00 02:37 PM
To: Matt Harris/Enron Communications@Enron Communications
cc:
Subject: Cross-sell opportunity
Matt,
I have spoken with Mark who is part of the GSS organization and we are going
to pursue this after the first of the year. Mark has a relationship with the
President of Requisite and we will be having a meeting with him to discuss
opportunity.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
----- Forwarded by Jennifer Medcalf/NA/Enron on 12/13/2000 04:36 PM -----
Mark Hudgens
12/13/2000 12:36 PM
To: Jennifer Medcalf/NA/Enron@Enron
cc: John Gillespie/Corp/Enron@ENRON
Subject: 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]
| ||
arnold-j/sap/1.
|
subject: FW: SAP information for your proposal
content: Looks like we are dead in the water based on this message and the one Glenn
got. Let's meet to review this morning.
-------------------------------------------------------------
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
-------------------------------------------------------------
----- Forwarded by Gary Waxman/Enron Communications on 12/15/00 08:32 AM -----
[email protected]
12/15/00 05:54 AM
To: Gary Waxman/Enron Communications@Enron Communications
cc:
Subject: FW: SAP information for your proposal
Gary,
FYI....
-----Original Message-----
From: Bruder, Dietmar
Sent: Friday, December 15, 2000 6:44 AM
To: Meyer, Curtis
Cc: Lingner, Annett
Subject: RE: SAP information for your proposal
Hello Curtis,
sorry for the late response.
An upgrade from E1 to E3 is not an option for the mentioned locations, for
the foreseeable future.
The 2. proposal is also not an option for us, because we buy bandwidth on
demand and the demands change very dynamically, therefore such a plan would
not fit our requirements.
best regards Dietmar
-----------------------
-----Original Message-----
From: Meyer, Curtis
Sent: Montag, 11. Dezember 2000 17:22
To: Bruder, Dietmar
Cc: Gooden, Dennis; Bannon, Michael
Subject: FW: SAP information for your proposal
Importance: High
Dietmar,
Attached is a message from Enron Broadband Services on sizing the
proposal back to SAP.
Hopefully his attached message is clear in terms of finding a way to
structure it
for growth based on your needs. This would increase the size of our
arrangement if it
makes good sense for you. Please get back to me with your thoughts.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, December 08, 2000 2:19 PM
To: Meyer, Curtis
Cc: [email protected]; [email protected]
Subject: Re: SAP information for your proposal
Curtis - following our phone call this morning I met with Matt Harris and
our
structuring person (Glenn Surowiec) to review the deal. After some quick
analysis it looks like we overestimated the opportunity.
The circuits Dietmar is requesting is a european E1 which equates to a US
T1.
The hub (Wallfdorf) -and-spoke (Hungary, Netherlands, UK) model SAP requires
works out to roughly a $2.09M deal.
Clearly this is smaller than both parties would prefer.Thus we would like to
know if there are growth plans for one or more of these connections so that
we
can we propose a larger pipe (i.e. European E3/US DS3).
For example if just one of the connections can be an E3 for the entire
contract
(ten years) it would bump the value up to $8.5M. Please review this and
let's
plan on talking later today. Another model to consider would be to
progressively
bump up the pipe size across all the connections at set intervals (i.e.
years
1-3 = E1, years 4-6 = E2, years 7-10 = E3).
Please let me know what your thoughts are and let's talk ASAP.
-------------------------------------------------------------
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
-------------------------------------------------------------
|--------+----------------------->
| | curtis.meyer@|
| | sap.com |
| | |
| | 12/08/00 |
| | 09:54 AM |
| | |
|--------+----------------------->
>---------------------------------------------------------------------------
-|
|
|
| To: Gary Waxman/Enron Communications@Enron Communications
|
| cc: [email protected], [email protected]
|
| Subject: SAP information for your proposal
|
>---------------------------------------------------------------------------
-|
| ||
arnold-j/sap/2.
|
subject: Re: Enron SAP Meeting
content: 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
-------------------------------------------------------------
| ||
arnold-j/sap/3.
|
subject: Re: SAP Update
content: 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
-------------------------------------------------------------
| ||
arnold-j/sarah_joy_hunter/1.
|
subject: Re: HP -- confidential internal document
content: Jennifer,
Thank-you for stepping in on this and guiding the process!
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
05:03 PM ---------------------------
From: Patrick Tucker@ENRON COMMUNICATIONS on 12/12/2000 02:52 PM PST
To: Sarah-Joy Hunter/NA/Enron@ENRON
cc:
Subject: Re: HP -- confidential internal document
Sarah-Joy, thanks for your excellent recap of progress to date. I really
appreciate the organization and order you have brought to this process. It's
great to work with you again after all of this time!
Patrick
| ||
arnold-j/sent_items/1.
|
subject: Re: Defense
content: maine impossible to get to .. next idea?
| ||
arnold-j/sent_items/10.
|
subject: Re: Defense
content: don't make me type the math on the computer pooks
"Eva Pao" <[email protected]> on 05/13/2001 03:05:12 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Defense
What's your defense for you bid 0 for the company? Why was the info
assymetry at 100%???
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:54 PM
To: [email protected]
Subject: RE: Extra credit
have you taken any finance courses yet? what's good?
| ||
arnold-j/sent_items/100.
|
subject: 2- SURVEY/INFORMATION EMAIL
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 04/18/2001 09:03=
PM ---------------------------
Outlook Migration Team@ENRON
04/17/2001 12:52 PM
To:=09Brandi Morris/HOU/ECT@ECT, Brian Vass/HOU/ECT@ECT, Carlos Gorricho/En=
ron@EnronXGate, Christine Drummond/HOU/ECT@ECT, John Enerson/HOU/ECT@ECT, L=
esley Ayers/Corp/Enron@ENRON, L'Sheryl Hudson/HOU/ECT@ECT, Maria LeBeau/HOU=
/ECT@ECT, Mark Meier/Corp/Enron@Enron, Mo Bawa/NA/Enron@ENRON, Patrick John=
son/HOU/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Stacie Mouton/NA/Enron@=
Enron, Akasha R Bibb/Corp/Enron@Enron, Bethanne Slaughter/NA/Enron@Enron, B=
ruce Harris/NA/Enron@Enron, Cecilia Rodriguez/Enron@EnronXGate, Chetan Paip=
anandiker/HOU/ECT@ECT, Craig Chaney/HOU/ECT@ECT, George Zivic/HOU/ECT@ECT, =
Gillian Johnson/HOU/EES@EES, Jacquelyn Jackson/ENRON@enronXgate, Kim Detive=
aux/ENRON@enronXgate, Kimberly Friddle/NA/Enron@ENRON, Lynn Tippery/Enron@E=
nronXGate, Seung-Taek Oh/NA/Enron@ENRON, Tom Doukas/NA/Enron@ENRON, Vincent=
Wagner/NA/Enron@Enron, Daniel Quezada/Corp/Enron@Enron, Dutch Quigley/HOU/=
ECT@ECT, Ina Rangel/HOU/ECT@ECT, Jason Panos/ENRON_DEVELOPMENT@ENRON_DEVELO=
PMENT, John Arnold/HOU/ECT@ECT, John Griffith/Corp/Enron@Enron, Kimberly Ha=
rdy/Corp/Enron@ENRON, Larry May/Corp/Enron@Enron, Mike Maggi/Corp/Enron@Enr=
on, Andrea Crump/NA/Enron@Enron, Ashu Tewari/NA/Enron@Enron, Bryan Deluca/N=
A/Enron@Enron, Cecil John/Corp/Enron@ENRON, Clinton Anderson/HOU/ECT@ECT, D=
ale Neuner/HOU/ECT@ECT, Danny Lee/Corp/Enron@Enron, Fraisy George/NA/Enron@=
Enron, Frank L Davis/HOU/ECT@ECT, Gary Nelson/HOU/ECT@ECT, James Wylie/NA/E=
nron@Enron, Joshua Meachum/NA/Enron@ENRON, Kathy M Moore/HOU/ECT@ECT, Keith=
Clark/Corp/Enron@Enron, Mary Griff Gray/HOU/ECT@ECT, Michael Guillory/NA/E=
nron@ENRON, Nicole Hunter/NA/Enron@Enron, Sunil Abraham/NA/Enron@Enron, Loh=
it Datta-Barua/OTS/Enron@Enron, Michael Woodson/GCO/Enron@ENRON, Paul Powel=
l/GCO/Enron@ENRON, Randy Belyeu/OTS/Enron@ENRON, Richard D Lee/OTS/Enron@EN=
RON, Susan Brower/ET&S/Enron@ENRON, Alex Wong/Corp/Enron@Enron, James Skell=
y/Corp/Enron@ENRON
cc:=09=20
Subject:=092- SURVEY/INFORMATION EMAIL
Current Notes User:=20
To ensure that you experience a successful migration from Notes to Outlook,=
it is necessary to gather individual user information prior to your date o=
f migration. Please take a few minutes to completely fill out the followin=
g survey. When you finish, simply click on the 'Reply' button then hit 'Se=
nd' Your survey will automatically be sent to the Outlook 2000 Migration M=
ailbox.
Thank you.
Outlook 2000 Migration Team
---------------------------------------------------------------------------=
-----------------------------------------------------------------
Full Name: =20
Login ID: =20
Extension: =20
Office Location: =20
What type of computer do you have? (Desktop, Laptop, Both) =20
Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilo=
t, Jornada) =20
Do you have permission to access anyone's Email/Calendar? =20
If yes, who? =20
Does anyone have permission to access your Email/Calendar? =20
If yes, who? =20
Are you responsible for updating anyone else's address book? =20
If yes, who? =20
Is anyone else responsible for updating your address book? =20
If yes, who? =20
Do you have access to a shared calendar? =20
If yes, which shared calendar? =20
Do you have any Distribution Groups that Messaging maintains for you (for m=
ass mailings)? =20
If yes, please list here: =20
Please list all Notes databases applications that you currently use: =20
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: =20
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): =20
| ||
arnold-j/sent_items/101.
|
subject:
content: jeanie:
i really need the docs on both phantom stock and options.
please
please
please
john
| ||
arnold-j/sent_items/102.
|
subject:
content: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7081781&tid=ene&sid=7081781&mid=11711
| ||
arnold-j/sent_items/103.
|
subject: RE: ng views + wager
content: 7:2 at 2:1
From: Jennifer Fraser/ENRON@enronXgate on 04/17/2001 05:42 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
new odds
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Monday, April 16, 2001 7:44 AM
To: Fraser, Jennifer
Subject: RE: ng views + wager
i'll take 10:1 this morning
From: Jennifer Fraser/ENRON@enronXgate on 04/16/2001 07:40 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
thats pleasant
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Sunday, April 15, 2001 3:29 PM
To: Fraser, Jennifer
Subject: RE: ng views + wager
eat my shorts
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 05:01 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
3:1 and your on
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Thursday, April 12, 2001 11:04 AM
To: Fraser, Jennifer
Subject: RE: ng views + wager
the implied market on that from put spreads is 5.3:1. I'll take 4:1. that's all the juice i'll pay.
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 07:59 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
Most import - the wager - I will take the over on May NG (4.95). 2:1 is okay--- $5 per penny okay?
Agree - Products
Rally is not different for products. 92% of heating oil is made ondemand (storage is not as important as in nat gas) Heat will get ugly this October and then give it up (unless we have 7 blizzzards in the Northeast very early).
SOme things to consider :
1- in the next 3-4 weeks we will finish the very heavy maintenance season and be in full blown gasoline season.
- yields will be preferentially shifted for HU
3- nobody will pay any attention to HO
2-HO will have incremental demand due to utlity switching and will quietly build slower than last year
4- therefore by September everyone will freak out
5- After the OCtober contract expires (HO) , everyone will realize (similar to NG) that the world will not end.
Where does this get us:
1- Sell q3 HU crack and by Q4HO crack (By the time q3 prices out--the wind will have been taken out of HU sails - plus you can do it month avg--therefore less noise)
2-Benefit from heat's recent excitement -- sell HO calls (June -Aug), buy ng puts nov-jan
Ng-Disagree:
I think prices stay high through June. The big drop off come some where in July 15 to Aug 15 and downhill from there. (Looks like 1998)
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Wednesday, April 11, 2001 10:41 PM
To: Fraser, Jennifer
Subject: Re: ng views
the only change that's happened to my long term outlook has been that the weather in the short term has been more bullish and we'll have 30 or so bcf less storage than i was anticpating in two weeks. so yea, my curve is a touch higher, but it doesnt change my longer term view. most of the move this week was a short sqeeze of spec shorts combined with a strong heat market. a little concerned about heat, but also saw products very strong going into the season this past winter only to stage a huge failure. not convinced this rally in products is different.
From: Jennifer Fraser/ENRON@enronXgate on 04/11/2001 09:04 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: ng views
where's your curve now?
MAy
June
Jul
Aug
Sep
Oct
Nov
Dec Jan 02
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/104.
|
subject: Re: FW: Clay Christensen Speaks: Wednesday, 3:30, Spangler
content: That's what I'm talking ABOUT !!!!
"Eva Pao" <[email protected]> on 04/16/2001 09:35:14 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: FW: Clay Christensen Speaks: Wednesday, 3:30, Spangler Auditorium!
-----Original Message-----
From: [email protected] [mailto:[email protected]]On Behalf Of David Margalit
Sent: Monday, April 16, 2001 10:38 PM
To: [email protected]
Subject: Clay Christensen Speaks: Wednesday, 3:30, Spangler Auditorium!
You've read the Innovator's Dilemma. Now learn the latest.
Clay Christensen
How can I know in advance if something is a high-potential disruptive market opportunity?
3:30pm, Wednesday, April 18th
Spangler Auditorium
Come watch Clay Christensenshare his most recent thoughts on disruption, innovation and business.
Part of the HBS Student Association's Thought Leadership Speaker Series
Be sure not to miss:
Michael Porter: Strategy: New Learnings: 3:30pm, Tuesday, April 17th Spangler Auditorium
Tom Eisenmann: Get Big Fast? Promise and Peril on the Path to the Evernet
3:00pm, Thursday, April 19th Aldrich 110
Rosabeth Moss Kanter: Evolve!: Succeeding in the Digital Culture of Tomorrow
4:30pm, Thursday, April 19th Aldrich 109
| ||
arnold-j/sent_items/105.
|
subject: RE: Receipt of Hedge Fund Information
content: mike:
just want to confirm you received my money and forms.
also, checking to see if i am set up to sell naked calls on ENE. may be looking to do something this week. probably 100-200 contracts.
john
| ||
arnold-j/sent_items/106.
|
subject: Re: Loss Limit Notification for April 11th and 12th
content: the 14 mm loss was due to a booking mistake that could not be corrected before the books were posted and is being corrected tonight
Chris Abel
04/16/2001 01:08 PM
To: Mike Grigsby/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT
cc: Frank Hayden/Enron@EnronXGate, Kenneth Thibodeaux/Enron@EnronXGate, Shona Wilson/NA/Enron@Enron
Subject: Loss Limit Notification for April 11th and 12th
Mike, can you please provide an explanation for the $71mm loss on the 11th and the $31mm loss on the 12th, for reporting purposes?
John, can you please provide an explanation for the $14mm loss on the 12th, for reporting purposes?
Thanks,
Chris Abel
Manager, Risk Controls and Consolidated Risk Reporting
| ||
arnold-j/sent_items/107.
|
subject: Re: Pay all bills with just 1 monthly payment! [y5i64]
content: fuck you
<[email protected]> on 04/16/2001 11:09:55 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Pay all bills with just 1 monthly payment! [y5i64]
Got debt? We can help using Debt Consolidation!
If you owe $10,000 USD or more, consolidate your debt
into just 1 payment and let us handle the rest!
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Thank You
To receive no further offers from our company regarding
this matter or any other matter, please reply to this
e-mail with the word 'Remove' in the subject line.
| ||
arnold-j/sent_items/108.
|
subject: RE: ng views + wager
content: i'll take 10:1 this morning
From: Jennifer Fraser/ENRON@enronXgate on 04/16/2001 07:40 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
thats pleasant
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Sunday, April 15, 2001 3:29 PM
To: Fraser, Jennifer
Subject: RE: ng views + wager
eat my shorts
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 05:01 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
3:1 and your on
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Thursday, April 12, 2001 11:04 AM
To: Fraser, Jennifer
Subject: RE: ng views + wager
the implied market on that from put spreads is 5.3:1. I'll take 4:1. that's all the juice i'll pay.
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 07:59 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
Most import - the wager - I will take the over on May NG (4.95). 2:1 is okay--- $5 per penny okay?
Agree - Products
Rally is not different for products. 92% of heating oil is made ondemand (storage is not as important as in nat gas) Heat will get ugly this October and then give it up (unless we have 7 blizzzards in the Northeast very early).
SOme things to consider :
1- in the next 3-4 weeks we will finish the very heavy maintenance season and be in full blown gasoline season.
- yields will be preferentially shifted for HU
3- nobody will pay any attention to HO
2-HO will have incremental demand due to utlity switching and will quietly build slower than last year
4- therefore by September everyone will freak out
5- After the OCtober contract expires (HO) , everyone will realize (similar to NG) that the world will not end.
Where does this get us:
1- Sell q3 HU crack and by Q4HO crack (By the time q3 prices out--the wind will have been taken out of HU sails - plus you can do it month avg--therefore less noise)
2-Benefit from heat's recent excitement -- sell HO calls (June -Aug), buy ng puts nov-jan
Ng-Disagree:
I think prices stay high through June. The big drop off come some where in July 15 to Aug 15 and downhill from there. (Looks like 1998)
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Wednesday, April 11, 2001 10:41 PM
To: Fraser, Jennifer
Subject: Re: ng views
the only change that's happened to my long term outlook has been that the weather in the short term has been more bullish and we'll have 30 or so bcf less storage than i was anticpating in two weeks. so yea, my curve is a touch higher, but it doesnt change my longer term view. most of the move this week was a short sqeeze of spec shorts combined with a strong heat market. a little concerned about heat, but also saw products very strong going into the season this past winter only to stage a huge failure. not convinced this rally in products is different.
From: Jennifer Fraser/ENRON@enronXgate on 04/11/2001 09:04 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: ng views
where's your curve now?
MAy
June
Jul
Aug
Sep
Oct
Nov
Dec Jan 02
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/109.
|
subject: Re: EnronOnline competitor questionnaire
content: schedule 30 min to sit down with me either mon or tues after 430. if you want to get info, sending out an email survey is not the right way. much easier to respond to a question in voice rather than typing it out.
<[email protected]> on 04/09/2001 04:17:59 PM
To: [email protected]
cc: [email protected]
Subject: EnronOnline competitor questionnaire
Hello Mr. Arnold,
Thank you for speaking with me today with Kenneth Parkhill. Unfortunately,
none of my teammates are available to meet with you today. Would you please
review our questionnaire and reply back to me with your comments about the
questionnaire and answers to any questions that apply to your work.
We will follow up with you later this week if we have questions. Thank you
for your help.
Charles Womack
2002 Rice MBA Candidate
281-413-8147
[email protected]
- Questionnaire.doc
| ||
arnold-j/sent_items/11.
|
subject: RE: waiting
content: probability * payout =
1 heads .5 0 = 0
tails 2 heads .25 1 = .25
tails 3 heads .125 2 = .25
tails 4 heads .0625 4 = .25
tails 5 heads .03125 8 = .25
"Eva Pao" <[email protected]> on 05/13/2001 03:23:47 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: waiting
which game is that?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 5:16 PM
To: [email protected]
Subject: Re: waiting
Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/sent_items/110.
|
subject: RE: ng views + wager
content: eat my shorts
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 05:01 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
3:1 and your on
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Thursday, April 12, 2001 11:04 AM
To: Fraser, Jennifer
Subject: RE: ng views + wager
the implied market on that from put spreads is 5.3:1. I'll take 4:1. that's all the juice i'll pay.
From: Jennifer Fraser/ENRON@enronXgate on 04/12/2001 07:59 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: ng views + wager
Most import - the wager - I will take the over on May NG (4.95). 2:1 is okay--- $5 per penny okay?
Agree - Products
Rally is not different for products. 92% of heating oil is made ondemand (storage is not as important as in nat gas) Heat will get ugly this October and then give it up (unless we have 7 blizzzards in the Northeast very early).
SOme things to consider :
1- in the next 3-4 weeks we will finish the very heavy maintenance season and be in full blown gasoline season.
- yields will be preferentially shifted for HU
3- nobody will pay any attention to HO
2-HO will have incremental demand due to utlity switching and will quietly build slower than last year
4- therefore by September everyone will freak out
5- After the OCtober contract expires (HO) , everyone will realize (similar to NG) that the world will not end.
Where does this get us:
1- Sell q3 HU crack and by Q4HO crack (By the time q3 prices out--the wind will have been taken out of HU sails - plus you can do it month avg--therefore less noise)
2-Benefit from heat's recent excitement -- sell HO calls (June -Aug), buy ng puts nov-jan
Ng-Disagree:
I think prices stay high through June. The big drop off come some where in July 15 to Aug 15 and downhill from there. (Looks like 1998)
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Wednesday, April 11, 2001 10:41 PM
To: Fraser, Jennifer
Subject: Re: ng views
the only change that's happened to my long term outlook has been that the weather in the short term has been more bullish and we'll have 30 or so bcf less storage than i was anticpating in two weeks. so yea, my curve is a touch higher, but it doesnt change my longer term view. most of the move this week was a short sqeeze of spec shorts combined with a strong heat market. a little concerned about heat, but also saw products very strong going into the season this past winter only to stage a huge failure. not convinced this rally in products is different.
From: Jennifer Fraser/ENRON@enronXgate on 04/11/2001 09:04 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: ng views
where's your curve now?
MAy
June
Jul
Aug
Sep
Oct
Nov
Dec Jan 02
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
| ||
arnold-j/sent_items/111.
|
subject: Re: I need your phone # to help your debt problem. [h7gmu]
content: fuck you
[email protected] on 04/14/2001 05:42:02 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: I need your phone # to help your debt problem. [h7gmu]
How would you like to take all of your debt, reduce
or eliminate the interest, pay less per month,and
pay them off sooner?
We have helped over 20,000 people do just that.
If you are interested, we invite you request our free
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This request is totally risk free.
No obligation or costs are incurred.
To unsubscribe please hit reply and send a message with
remove in the subject.
| ||
arnold-j/sent_items/112.
|
subject: Re: Need help with your bills this month? [swbij]
content: fuck you
[email protected] on 04/15/2001 07:41:06 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Need help with your bills this month? [swbij]
Are you behind in bills?
Late on a payment?
Let us help you get out of debt NOW!
If you are interested, we invite you to request free
information at the end of this form.
What we can do to help YOU!
* Stop harrassment by creditors.
* Reduce your principal balance up to 50%
* Consolidate your debts into one low monthly payment
* Improve your credit rating
* Lower your monthly payments by 40% - 60%
Things to keep in mind:
* There is no need to own property
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* This is not a loan
This is a program that has helped thousands just like YOU!
If you are interested, we invite you to read our free
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To unsubscribe please hit reply and send a message with
remove in the subject.
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No obligation or costs are incurred.
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arnold-j/sent_items/113.
|
subject: Re: Stop harrassment by creditors, today! [amfos]
content: fuck you
[email protected] on 04/15/2001 07:41:11 AM
Please respond to [email protected]
To: [email protected]
cc:
Subject: Stop harrassment by creditors, today! [amfos]
Are you behind in bills?
Late on a payment?
Let us help you get out of debt NOW!
If you are interested, we invite you to request free
information at the end of this form.
What we can do to help YOU!
* Stop harrassment by creditors.
* Reduce your principal balance up to 50%
* Consolidate your debts into one low monthly payment
* Improve your credit rating
* Lower your monthly payments by 40% - 60%
Things to keep in mind:
* There is no need to own property
* There is no need to own any equity
* This is not a loan
This is a program that has helped thousands just like YOU!
If you are interested, we invite you to read our free
information please provide the following information:
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
Full Name:
Address:
City:
State:
Zip Code:
Home Phone:
Work Phone:
Best Time to Call:
E-Mail Address:
Estimated Debt Size:
-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
(All information is kept securely and never
provided to any third party sources)
To unsubscribe please hit reply and send a message with
remove in the subject.
This request is totally risk free.
No obligation or costs are incurred.
| ||
arnold-j/sent_items/114.
|
subject: RE: action
content: puh lease
-----Original Message-----
From: "Eva Pao" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Eva+20Pao+22+20+3Cepao+40mba2002+2Ehbs+2Eedu+3E+40ENRON@ENRON.com]
Sent: Wednesday, May 16, 2001 10:28 PM
To: [email protected]
Subject: action
subject of the email is going to be the only piece that you're going to get
from me.
| ||
arnold-j/sent_items/115.
|
subject: FW: Natural Update
content: -----Original Message-----
From: "Mark Sagel" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Mark+20Sagel+22+20+3Cmsagel+40home+2Ecom+3E+40ENRON@ENRON.com]
Sent: Sunday, May 20, 2001 6:04 PM
To: John Arnold
Subject: Natural Update
FYI
- ng052001.doc
| ||
arnold-j/sent_items/116.
|
subject: RE: Interview with Economist
content: I am available tomorrow after 3, preferably between 3-4.
-----Original Message-----
From: Meyer, Vance
Sent: Monday, May 21, 2001 10:45 AM
To: Arnold, John
Subject: Interview with Economist
John --
I don't think we've met, but I'm Vance Meyer, a media relations director for Enron. Tomorrow, Jeff Skilling and some other key players are interviewing for a story on eCommerce with Vijay Vaitheeswaran, a reporter with the Economist. Vijay this morning asked if you would be available as well. I can send you more detail once I have your availability. Understanding your limited time during trading hours, do you have a late afternoon availability? If not, would you rather do it in the late morning?
If you can and will do the interview, please let me know.
Thanks
Vance Meyer
54459
| ||
arnold-j/sent_items/117.
|
subject: RE: Interview with Economist
content: that's fine
-----Original Message-----
From: Meyer, Vance
Sent: Monday, May 21, 2001 11:37 AM
To: Arnold, John
Subject: RE: Interview with Economist
John -- could we do 4 p.m. even? He'll be talking to Piper at 3-4, and that interview will probably end with a trading floor tour and we could pass the baton at that point.
Vance
| ||
arnold-j/sent_items/118.
|
subject:
content: felt much better after i puked 4 times this morning.
you doing anything tonight?
| ||
arnold-j/sent_items/119.
|
subject:
content: too bad about pavel. everybody liked him.. .who's next in line?
| ||
arnold-j/sent_items/12.
|
subject: RE: Extra credit
content: i think it's 100
"Eva Pao" <[email protected]> on 05/13/2001 03:01:23 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
fill in
$ ____2_ per/share
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:54 PM
To: [email protected]
Subject: RE: Extra credit
fill in
$ _____ per/share
"Eva Pao" <[email protected]> on 05/13/2001 02:39:23 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: Extra credit
what's my bid for what??
ps
don't no crap me.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:30 PM
To: [email protected]
Subject: Re: Extra credit
no crap, what's your bid?
"Eva Pao" <[email protected]> on 05/13/2001 12:48:23 AM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: Extra credit
break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 1:04 AM
To: [email protected]
Subject: RE: try this one...
For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?
"Eva Pao" <[email protected]> on 05/11/2001 05:13:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: RE: try this one...
will you do all of my homework?
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, May 11, 2001 8:41 AM
To: [email protected]
Subject: Re: try this one...
i'll pay a grand total of 0
"Eva Pao" <[email protected]> on 05/10/2001 05:15:59 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: try this one...
Please read the following problem very carefully, and write in a number at
the end. You should be ready to defend your answer. Only a number is
allowed, not an algebraic equation.
Acquiring a Company
In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer. You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer. The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking. Indeed, the very
viability
of Company T depends on the exploration outcome. If the project fails, the
company under current management will be worth nothing--$0/share. But if
the project succeeds, the value of the company under current management
could be as high as $100/share. All share values between $0 and $100 are
considered equally likely. By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T. If the project fails, the company is worth $0/share under
either
management. If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share. Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.
The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares. This offer must be made now,
before the outcome of the drilling project is known. From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price. Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm. You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.
Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer. In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management. Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.
As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share. What price offer per share would you tender for Company T's
stock?
$______ per/share
| ||
arnold-j/sent_items/120.
|
subject: RE:
content: i felt fine. i ate a breakfast bar before i went. normally dont do that. wont be doing that again.
wanna do something tonight? what time do you get out of here?
-----Original Message-----
From: Ward, Kim S.
Sent: Monday, May 21, 2001 11:41 AM
To: Arnold, John
Subject: RE:
really? did you feel bad last night? are you better now? no plans - may need to run a couple of errands - nothing big.
-----Original Message-----
From: Arnold, John
Sent: Monday, May 21, 2001 11:38 AM
To: Ward, Kim S.
Subject:
felt much better after i puked 4 times this morning.
you doing anything tonight?
| ||
arnold-j/sent_items/121.
|
subject: RE: Astro Tickets
content: yea, we'll get them for you
-----Original Message-----
From: Dawson, Sherry
Sent: Monday, May 21, 2001 5:22 PM
To: Quigley, Dutch; Arnold, John
Subject: Astro Tickets
John or Dutch do you happen to have four extra tickets for the June 1-3 and or June 15-17 baseball game. I am having family in town and I would love to take them to the new diamond. I appreciate all your assistance.
Thank You,
Sherry
| ||
arnold-j/sent_items/122.
|
subject:
content: when are you getting out?
| ||
arnold-j/sent_items/123.
|
subject: RE: idea
content: we've got reservations in the chathambarsinn.com
-----Original Message-----
From: "Eva Pao" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Eva+20Pao+22+20+3Cepao+40mba2002+2Ehbs+2Eedu+3E+40ENRON@ENRON.com]
Sent: Sunday, May 20, 2001 8:36 PM
To: Arnold, John
Subject: idea
http://www.chathambarsinn.com/aboutframe.asp
-----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?
| ||
arnold-j/sent_items/124.
|
subject: RE: Please Respond to cancel Trade ID 152172202 with legs:
content: cancel
-----Original Message-----
From: Chris Lowe <[email protected]>@ENRON [mailto:IMCEANOTES-Chris+20Lowe+20+3Cclowe+40intcx+2Ecom+3E+40ENRON@ENRON.com] On Behalf Of ice helpdesk <[email protected]>
Sent: Tuesday, May 22, 2001 9:43 AM
To: '[email protected]'; Arnold, John
Cc: ice helpdesk
Subject: Please Respond to cancel Trade ID 152172202 with legs: 1584959372 3 and 15849593423
Gentlemen:
Please respond to this email to cancel Trade ID: 152172202 with leg deals:
15849593423 and 15849593723 between Lewis Williams of AEP Energy Services,
Inc. and John Arnold of Enron North America Corp.
Trade ID: 152172202
Product: NG Fin, FP for LD1 Spr Henry Hub tailgate-Louisiana
Strip: Apr02-Oct02/Nov02-Mar03
Quantity: 5,000 MMbtus daily
Price: (-).4300 USD/MMbtu
Effective Date: Apr 1, 2002
Termination Date: Mar 21, 2003
Total Quantity: 1,070,000 MMbtus
Deal: 15849593423
Product: NG Fin FP for LD1 Spr Henry Hub tailgate-Louisiana
Strip: Apr02-Oct02
Quantity: 5,000 MMbtus daily
Price: 4.1800 USD/MMBtu
Effective Date: Apr 1, 2002
Termination Date: Oct 31, 2002
Total Quantity: 1,070,000 MMbtus
Deal: 15849593723
Procduct: Ng Fin, FP for LD1 Spr Henry Hub tailgate-Louisiana
Strip: Nov02-Mar03
Quantity: 5,000 MMbtus Daily
Price: 4.6100 USD/ MMbtus
Effective Date: Nov 1, 2002
Termination Date: Mar 31, 2003
Total Quantity: 755,000 MMbtus
Chris Lowe
IntercontinentalExchange, LLC
2100 RiverEdge Pkwy, Fourth Floor
Atlanta, GA 30328
+1 770-738-2101 (Office)
+1 770-951-5481 (Fax)
[email protected]
www.intercontinentalexchange.com
| ||
arnold-j/sent_items/125.
|
subject: RE: more homework
content: poolie: what's the value of the company to you????
-----Original Message-----
From: "Eva Pao" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Eva+20Pao+22+20+3Cepao+40mba2002+2Ehbs+2Eedu+3E+40ENRON@ENRON.com]
Sent: Tuesday, May 22, 2001 7:59 AM
To: [email protected]
Subject: more homework
if you are buying a company for $6.6 MM with only a 25% probability of the
target accepting your offer. what is the expected value?
| ||
arnold-j/sent_items/126.
|
subject: RE:
content: that's what it gets for being a cat
-----Original Message-----
From: Ward, Kim S.
Sent: Tuesday, May 22, 2001 7:59 AM
To: Arnold, John
Subject:
When I got home, my cat had been stuck in one of the bedrooms with no food or water, etc. since yesterday morning when the housekeepers shut the door with her inside.
| ||
arnold-j/sent_items/127.
|
subject: FW: nat gas options 5/22
content: -----Original Message-----
From: [email protected]@ENRON [mailto:[email protected]]
Sent: Tuesday, May 22, 2001 12:17 PM
To: [email protected]
Subject: nat gas options 5/22
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 in the most recent version of Adobe Acrobat 4.0 and they
should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat
Reader 4.0 may be downloaded for FREE from www.adobe.com.
(See attached file: options2.pdf)(See attached file: options.pdf)
- options2.pdf
- options.pdf
| ||
arnold-j/sent_items/128.
|
subject:
content: For what it's worth, I liked your answer to the California attorney general comment in the journal. what a freak that guy is.
| ||
arnold-j/sent_items/129.
|
subject:
content: i snoozed from 5:00 to 6:20....it was great
| ||
arnold-j/sent_items/13.
|
subject: Re: waiting
content: Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 * 8+....
= 0 +.25 +.25 +.25 +.25 +...
= infinity
"Eva Pao" <[email protected]> on 05/13/2001 03:11:46 PM
Please respond to <[email protected]>
To: <[email protected]>
cc:
Subject: waiting
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Sunday, May 13, 2001 4:37 PM
To: [email protected]
Subject: Re: Extra credit
rules to a game:
You flip a coin. If you get tails you win 0. if you get heads, i give you
$1. Keep flipping until you get a tails, at which point you walk away with
the money. however, each heads you get after the first you double your
money. So if you flip heads 3 times and then tails, you get $4. What's
you bid/offer on playing this game? (would you pay $.5 to play? $1? $2?
what you charge me play against you?)
| ||
arnold-j/sent_items/130.
|
subject: RE: Margin Lines
content: how about 5:00?
-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Tuesday, May 22, 2001 2:04 PM
To: Arnold, John
Subject: Margin Lines
Do you have time to discuss today?
| ||
arnold-j/sent_items/131.
|
subject: RE: aga forecast
content: are you on msn messenger. i think i'm set up with it.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40bankofamerica+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, May 23, 2001 8:45 AM
To: [email protected]
Subject: FW: aga forecast
hey johnny-my numbers. i think next week more like 105 ish but we'll see.
any thots on flat px here? i still say med term lower to the low 3.00
area/maybe lower.
wud you please get on bloomberg or yahho inst messanger we can mkt chat
w/out a 3 day lag????? fyi-our end user buying has stepped outta the way now
on this lower px level. so less support from them.
good seeing you the other nite-wud have liked to have gone out w/you guys
but early meeting sat
regards
> -----Original Message-----
> From: LaFontaine, Steve
> Sent: Tuesday, May 22, 2001 12:09 PM
> To: '[email protected]'
> Subject: FW: aga forecast
>
> forecast
>
> aga forecast
>
> this week next week same week last year y on y
> deficit
> boa 118 115 55
> -23
> pira 110 ? 56
> +36
>
> we should be going from deficit to year on year surplus by this time next
> week. the 7 year average for inventory this week is 1155 vs our projection
> of 1195. this will continue to be taken as very bearish given current
> prices are still well above the historical average price implied by that
> inventory level.
| ||
arnold-j/sent_items/132.
|
subject: RE: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: 105
-----Original Message-----
From: [email protected]@ENRON [mailto:IMCEANOTES-george+2Eellis+40americas+2Ebnpparibas+2Ecom+40ENRON@ENRON.com]
Sent: Wednesday, May 23, 2001 7:47 AM
To: [email protected]
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year +55
Last Week +119
Thank You,
George Ellis
BNP PARIBAS Commodity Futures, Inc.
_____________________________________________________________________________________________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf 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.
----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the 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 if modified.
_____________________________________________________________________________________________________________________________________
| ||
arnold-j/sent_items/133.
|
subject: RE: aga forecast
content: i think i've got yahoo somewhere on my computer. i'll try to find it. expecting 110 today. still think we're not at fundamental equilibrium but scared that, as much as i hate technicals, the wave 3 is over and we can do some serious chop here. if we didnt have expiry in 4 days i'd be worried about a short covering rally. however, i think the market is going to have a hard time placing the baseload gas this month. the storage guys are all above their targets right now and expect them to back off relative to last month.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40bankofamerica+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, May 23, 2001 10:30 AM
To: Arnold, John
Subject: RE: aga forecast
no yahoo and bloomberg professional. the entire oil industry on yahoo. ill
have a hell of a time getting on another syetm due firewall issues etc.you
know coprorate america as you pted out. im getting a few natgas guys and
brokers on yahoo as well. steve_lafontaine if you can get it loaded. get a
bloomberg terminal-can share news stories etc-excellant fundamental dat base
as well. worth the price and alot of managed money uses as well.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, May 23, 2001 11:26 AM
To: LaFontaine, Steve
Subject: RE: aga forecast
are you on msn messenger. i think i'm set up with it.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40ban
[email protected]]
Sent: Wednesday, May 23, 2001 8:45 AM
To: [email protected]
Subject: FW: aga forecast
hey johnny-my numbers. i think next week more like 105 ish but we'll
see.
any thots on flat px here? i still say med term lower to the low 3.00
area/maybe lower.
wud you please get on bloomberg or yahho inst messanger we can mkt
chat
w/out a 3 day lag????? fyi-our end user buying has stepped outta the way
now
on this lower px level. so less support from them.
good seeing you the other nite-wud have liked to have gone out w/you
guys
but early meeting sat
regards
> -----Original Message-----
> From: LaFontaine, Steve
> Sent: Tuesday, May 22, 2001 12:09 PM
> To: '[email protected]'
> Subject: FW: aga forecast
>
> forecast
>
> aga forecast
>
> this week next week same week last year y on
y
> deficit
> boa 118 115 55
> -23
> pira 110 ? 56
> +36
>
> we should be going from deficit to year on year surplus by this time
next
> week. the 7 year average for inventory this week is 1155 vs our
projection
> of 1195. this will continue to be taken as very bearish given current
> prices are still well above the historical average price implied by
that
> inventory level.
| ||
arnold-j/sent_items/134.
|
subject: FW: Enron Mentions
content: -----Original Message-----
From: =09Schmidt, Ann =20
Sent:=09Tuesday, May 22, 2001 5:19 PM
Subject:=09Enron Mentions
=09
Topping Out In Houston Again
Time Magazine, 05/28/01
Enron to meet government for talks on power dispute
Associated Press Newswires, 05/22/01
Enron to meet government for talks on power dispute
Associated Press Newswires, 05/22/01
INDIA: WRAPUP 1-Indian state questions power deals, cites Enron.
Reuters English News Service, 05/22/01
Enron pulls out of venture drilling in Qatar's waters
Associated Press Newswires, 05/22/01
GERMANY: Enron says Lampertheim hub attracting interest.
Reuters English News Service, 05/22/01
May 28, 2001 TIME Magazine Topping Out In Houston Again BY CATHY =
BOOTH THOMAS/DALLAS Send the architects south. Silicon Valley may be power=
less and profitless, but Houston, the nation's energy capital and home to t=
he oil-baron excesses of the 1980s, is back in "bidness." The energy giants=
in Texas have big fat wallets these days--and even bigger construction pla=
ns. Not since the boom days of 1982, when trophy architects like Philip Joh=
nson and I.M. Pei reconfigured the skyline, has Houston seen so much constr=
uction activity by the energy sector. Leading the parade, ironically, is E=
nron, an old energy behemoth that has reinvented itself as a high-tech trad=
ing firm dealing in everything from natural gas to Internet bandwidth. In f=
act, its new 40-story headquarters, designed by Cesar Pelli, will be fronte=
d by a seven-story "podium"--or shorter building--to house what Enron is ca=
lling the largest commodities-trading environment in the world. This envir=
onment, spread over four floors, each the size of a city block, will become=
home this August to 2,000 employees trading commodities that range from Ol=
d World (crude oil, petrochemicals, steel and lumber) to New World (emissio=
n credits and derivatives). Chairman Kenneth Lay and CEO Jeff Skilling are =
even moving from their skyboxes to work in seventh-floor offices so they ca=
n peer down into the pit. When the bigger 40-story structure is finished i=
n December, Enron's will be the first new skyscraper in downtown Houston si=
nce 1987--to be followed by three more by 2003. Besides Enron, Calpine Corp=
., the nation's leading independent-power company, based in California, wil=
l move into a new 32-story high-rise. And Reliant Resources, the IPO spun o=
ff this month from its Houston parent to deal with Texas' new deregulated e=
lectricity market, has signed on for offices in a 36-story skyscraper. Wha=
t's fueling the high-rise fever is simple: excess cash. Enron's first-quart=
er revenues were up 281%, while Calpine's revenues and net income were each=
up more than 400%--even with California's deadbeat utility PG&E owing the =
company more than $300 million. After a decade of contraction in the busin=
ess, with companies having shut offices from New Orleans to Oklahoma, dereg=
ulation and new marketing strategies are sparking Houston's renaissance. "E=
nron is a leading example of the new energy industry. Ten years ago, there =
were no trading floors," points out Stephen Brown, senior economist with th=
e Federal Reserve Bank in Dallas. Both Calpine and Reliant will also have t=
rading operations in their new offices. Though Houston no longer relies so=
heavily on the energy business (down to 48% of the local economy from 82% =
in 1982) the turnaround sure feels good after the city lost more than 15,00=
0 energy-sector jobs two years ago, says Barton Smith, director of the Inst=
itute for Regional Forecasting at the University of Houston. It has gained =
those jobs back, plus some. Says Smith: "The current boom is what's keeping=
Houston afloat while the rest of the country is suffering." None of this =
matters to real Houston lovers, of course. They're just interested in bragg=
ing rights. After a bad decade, they're beginning to sound like the biggest=
and the best in Texas again. "Boomlet?" says Laura Schwartz, spokeswoman a=
t Enron. "It's more than a mini-boom. It's a boom." =09
Enron to meet government for talks on power dispute
By RAMOLA TALWAR BADAM
Associated Press Writer
05/22/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
BOMBAY, India (AP) - The Indian subsidiary of American power concern Enron =
Corp. said Tuesday it would meet government officials for talks on a power =
supply dispute.=20
"We look forward to hearing the proposed solutions ... particularly relatin=
g to creditworthy purchases for the power," said a statement from Dabhol Po=
wer Co., Enron's Indian unit.
The statement comes two days after the company issued a preliminary notice =
to the Maharashtra State Electricity Board, a state-run utility, that it wo=
uld stop supplying electricity if the government company continued to defau=
lt on payments.=20
Representatives from Houston-based Enron will meet Wednesday with officials=
from the utility, the federal government and Maharashtra, the western Indi=
an state where the project is located.=20
The MSEB has denied it defaulted on paying electricity bills to the power c=
ompany that is setting up a $3 billion project in Maharashtra state. MSEB o=
fficials said overdue December and January bills of $48 million should be o=
ffset against a fine of $85.31 million it imposed on Enron for not supplyin=
g power during the period. Enron disputes the fine.=20
Politicians in Maharashtra say the cost of Dabhol power is too high and hav=
e called for renegotiating the tariff. Others have suggested selling power =
to nearby power-hungry states.=20
Politicians complain Dabhol's costs have averaged more than 4 rupees (11 ce=
nts) as against 1.8 rupees (four cents) per unit agreed in 1995 for the nap=
htha-generated electricity from the 740-megawatt plant.=20
The controversy erupted last year when prices shot up to 7 rupees (15 cents=
) per unit because of worldwide fluctuations of oil prices and depreciation=
of the Indian rupee.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron to meet government for talks on power dispute
By RAMOLA TALWAR BADAM
Associated Press Writer
05/22/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
BOMBAY, India (AP) - The Indian subsidiary of American power giant Enron sa=
id Tuesday it would meet government officials for talks on a power supply d=
ispute.=20
"We look forward to hearing the proposed solutions ... particularly relatin=
g to creditworthy purchases for the power," said a statement from Dabhol Po=
wer Company, Enron's Indian unit.
The statement comes two days after the company issued a preliminary notice =
to the Maharashtra State Electricity Board, a state-run utility, that it wo=
uld stop supplying electricity if the government company continued to defau=
lt on payments.=20
Enron representatives will meet officials from the western Indian state of =
Maharashtra, where the project is located, and federal government and MSEB =
officials Wednesday.=20
The MSEB has denied it defaulted on paying electricity bills to the power c=
ompany that is setting up a dlrs 3 billion project in Maharashtra state. MS=
EB officials said overdue December and January bills of dlrs 48 million sho=
uld be offset against a fine of 4 billion rupees (dlrs 85.31 million) it im=
posed on Enron for not supplying power during the period. Enron disputes th=
e fine.=20
Politicians in Maharashtra say the cost of Dabhol power is too high and hav=
e called for renegotiating the tariff. Others have suggested selling power =
to nearby power-hungry states.=20
Politicians complain Dabhol's costs have averaged more than 4 rupees (11 ce=
nts) as against 1.8 rupees (four cents) per unit agreed in 1995 for the nap=
htha-generated electricity from the 740-megawatt plant.=20
The controversy erupted last year when prices shot up to 7 rupees (15 cents=
) per unit because of worldwide fluctuations of oil prices and depreciation=
of the Indian rupee.=20
(rtb, nnm-js)
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
INDIA: WRAPUP 1-Indian state questions power deals, cites Enron.
By Sriram Ramakrishnan
05/22/2001
Reuters English News Service
(C) Reuters Limited 2001.
BOMBAY, May 22 (Reuters) - India's ambitious plans to throw open its cash-s=
trapped power sector to the private sector, already wracked by controversy =
involving Enron , received a further setback after Karnataka state said it =
would reopen sealed deals with 11 power firms.=20
The technology-friendly southern state of Karnataka said late on Monday tha=
t it was re-opening power deals with 11 private sector firms which together=
were due to meet half the state's demand over the next 10 years.
"Enron is a lesson for all of us. Now, it (electricity) cannot be at any co=
st," V.P. Baligar, chairman and managing director, Karnataka State Power Tr=
ansmission Corp (KPTCL), the state's monopoly power distributor, told Reute=
rs in an interview late on Monday.=20
The 11 power projects are based on the Enron model and involve a total of 2=
,000 megawatts (MW). None of the 11 projects have started generation.=20
Analysts fear that Karnataka's move, coming amidst the raging controversy o=
ver Enron's giant power project, will scare away badly needed private inves=
tment from the country's inefficient power sector.=20
India needs to add 100,000 MW of power over the next 10-15 years to meet gr=
owing demand and is hoping to get this through investment from private and =
foreign companies.=20
But investment has been hampered by a slow-moving bureaucracy, legal hassle=
s and loss-making utilities who are frequently unable to pay for the power =
purchased.=20
ENRON IMBROGLIO=20
Last week, Enron's Dabhol Power Company moved to break a contract to sell p=
ower to Maharashtra state, peeved over payment defaults by the state utilit=
y Maharashtra State Electricity Board (MSEB). This is widely seen as leadin=
g to a pull out.=20
MSEB and Dabhol have been at loggerheads for over six months over payments =
due to DPC by the state utility. The project has been marred by controversy=
since its inception in 1991, with critics charging that it was charging to=
o much for the power it produced.=20
MSEB, which DPC says owes it $48 million, is planning to retaliate by slapp=
ing a penalty of 4.0 billion rupees ($85.2 million) on DPC for failing to r=
amp up capacity.=20
"We will issue the penalty as soon as the bill for May is received," the of=
ficial, who did not want to be quoted, told Reuters on Tuesday.=20
MSEB had imposed a similar penalty on DPC - which DPC has not paid - saying=
its plant could not be ramped upto full capacity within three hours from a=
cold start. DPC officials refused to comment on the issue.=20
The Enron project was first billed as a showcase of India's decade-old refo=
rm programme but now is regarded by critics as a symbol of policy bungling.=
=20
The project involves the setting up of a 2,184 MW power project costing $2.=
9 billion in two phases. The first, of 740 MW, is up and running while the =
second, of 1,444 MW, is due to be commissioned next month.=20
( $1 =3D 46.9 rupees).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron pulls out of venture drilling in Qatar's waters
05/22/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Executives of Enron Corp. say they are withdrawing from a la=
rge natural gas project off Qatar, partly because the venture doesn't fit w=
ith the energy company's focus.=20
Plans for the Dolphin project called for Houston-based Enron to work with E=
lf, a subsidiary of France's Total Fina, and the United Arab Emirates Offse=
ts Group to develop and pipe natural gas from a block of the Qatar North Fi=
eld.
But the company pulled out, believing there are better places to invest its=
money, said Alex Parsons, a company spokesman in London.=20
He said the project doesn't fit with Enron's current focus of emphasizing b=
usinesses such as marketing and trading in wholesale markets such as those =
for natural gas and electricity and broadband.=20
Those involved with the project said last year it could end up requiring in=
vestments of up to dlrs 10 billion over six or seven years.=20
Enron said Monday it was transferring its 24.5 percent stake in the project=
to the United Arab Emirates Offsets Group, which said in a news release it=
had started negotiating with other international players to become stakeho=
lders.=20
With the transfer, United Arab Emirates Offsets Group will own 75.5 percent=
of Dolphin. Terms of the deal weren't released.=20
Enron said it would consider future ventures with the United Arab Emirates =
Offsets Group that were "in line with our core business activities."=20
M. Carol Coale, an energy analyst with Prudential Securities in Houston, sa=
id Enron's move is consistent with its exit strategy from international ass=
ets that generate low returns.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
GERMANY: Enron says Lampertheim hub attracting interest.
05/22/2001
Reuters English News Service
(C) Reuters Limited 2001.
DUESSELDORF, May 22 (Reuters) - U.S. trader Enron said on tuesday there was=
growing support for the south west German Lampterheim gas hub it had been =
actively promoting since early April.=20
"Liquidity is growing slowly, it is not (Belgian hub) Zeebrugge, but custom=
ers are posting orders and are coming forward with surplus amounts," sales =
chief Helge-Juergen Beil of the company's German division in Frankfurt told=
Reuters during a Euroforum industry conference.
"Our main strength is that we both sell and buy for various periods."=20
Beil said a number of deals had been done, but would not quantify them.=20
Enron on its trading platform enrononline.com currently quotes Lampertheim =
gas sales and purchases in parcels of 20 megawatt hours in euros for the sp=
ot market and the year ahead.=20
The town, near Heidelberg on the border of the Hesse and Baden-Wuerttemberg=
states, complements border hubs such as Bunde-Oude, Aachen, Baumgarten, Wa=
idhaus and Oberkappel.=20
Beil also said Enron was supplying eight local and regional utilities and i=
ndustrial gas customers in central and southern Germany with a total four t=
erawatt hours of annual demand.=20
Enron's share of total requirements in each case varied between 20 and 94 p=
ercent of their annual purchases.=20
He said non-discriminatory access to the German pipeline grid had not been =
achieved by newcomers to the market.=20
In order to help create fair rules for access and their montoring, Enron, l=
ike other newcomers, was demanding a state-installed arbiter to supervise t=
he liberalisation process.=20
Other speakers at the conference said the success of newcomers was still ha=
mpered by the long distribution chain and an enforced need for hourly, rath=
er than longer term, balancing, which could cause exorbitant penalties paya=
ble to incumbents.=20
But some gas grid owners had turned out to be co-operative, customers were =
queueing up, and there were prospects that existing surplus gas volumes fro=
m international take-or-pay contracts could be freed up and eventually trad=
ed.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
| ||
arnold-j/sent_items/135.
|
subject: RE: aga forecast
content: seeing very little buying from end users. some longer term selling from producers. have had one guy who sold about 300 month cal 2,3,4. just gets soaked up in the market though. some buying is from more generation guys. duke bot 10,000+ lots of cal 7-13 last week. also think some guys buying cal 3 so they can sell more in the front. el paso sold delta equivalent of probably 12-15 a day yesterday. got soaked right up. mar/apr way overvalued but so hard to bring in. just a function of cal 2. cal 2 been weak as seen a lot of m/m q/q v/v spreads recently, guys trying to buy the front. hard to believe m/m is flat. just goes to show how overpriced cal 2 is in my mind...
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON [mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40bankofamerica+2Ecom+3E+40ENRON@ENRON.com]
Sent: Wednesday, May 23, 2001 11:37 AM
To: Arnold, John
Subject: RE: aga forecast
totlly agree on expiration-reason why im not bullsprd the june july . i
covered a little flat px on june est erday but satying short oct delta. sold
some mar/apr as well thinking the curve rolls down. this distillate mkt
getting way too hyped i think as well. ive been long but going a little
short now shudnt be relevant to the natgas fundamentals until 1st q(bullish
then natgas but too late think we'll be full) .
we not seeing much on the customer side. you? end users getting scared
and longer than normal/stoped buying.hearing all the pipelines still
packed.just wondering if/when the winter strip gets hit-will make mar/apr
come into line.also buying jan/feb vs mar/apr decent condor i think
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, May 23, 2001 11:40 AM
To: LaFontaine, Steve
Subject: RE: aga forecast
i think i've got yahoo somewhere on my computer. i'll try to find it.
expecting 110 today. still think we're not at fundamental equilibrium but
scared that, as much as i hate technicals, the wave 3 is over and we can do
some serious chop here. if we didnt have expiry in 4 days i'd be worried
about a short covering rally. however, i think the market is going to have
a hard time placing the baseload gas this month. the storage guys are all
above their targets right now and expect them to back off relative to last
month.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>@ENRON
[mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40ban
[email protected]]
Sent: Wednesday, May 23, 2001 10:30 AM
To: Arnold, John
Subject: RE: aga forecast
no yahoo and bloomberg professional. the entire oil industry on yahoo.
ill
have a hell of a time getting on another syetm due firewall issues
etc.you
know coprorate america as you pted out. im getting a few natgas guys and
brokers on yahoo as well. steve_lafontaine if you can get it loaded. get
a
bloomberg terminal-can share news stories etc-excellant fundamental dat
base
as well. worth the price and alot of managed money uses as well.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, May 23, 2001 11:26 AM
To: LaFontaine, Steve
Subject: RE: aga forecast
are you on msn messenger. i think i'm set up with it.
-----Original Message-----
From: "Lafontaine, Steve" <[email protected]>
@ENRON
[mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40ban
[email protected]]
Sent: Wednesday, May 23, 2001 8:45 AM
To: [email protected]
Subject: FW: aga forecast
hey johnny-my numbers. i think next week more like 105 ish but we'll
see.
any thots on flat px here? i still say med term lower to the low 3.00
area/maybe lower.
wud you please get on bloomberg or yahho inst messanger we can mkt
chat
w/out a 3 day lag????? fyi-our end user buying has stepped outta the
way
now
on this lower px level. so less support from them.
good seeing you the other nite-wud have liked to have gone out w/you
guys
but early meeting sat
regards
> -----Original Message-----
> From: LaFontaine, Steve
> Sent: Tuesday, May 22, 2001 12:09 PM
> To: '[email protected]'
> Subject: FW: aga forecast
>
> forecast
>
> aga forecast
>
> this week next week same week last year y
on
y
> deficit
> boa 118 115 55
> -23
> pira 110 ? 56
> +36
>
> we should be going from deficit to year on year surplus by this
time
next
> week. the 7 year average for inventory this week is 1155 vs our
projection
> of 1195. this will continue to be taken as very bearish given
current
> prices are still well above the historical average price implied by
that
> inventory level.
|
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