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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Eric Letke X-To: Jeff Dasovich X-cc: X-bcc: X-Folder: \Jeff_Dasovich_June2001\Notes Folders\Notes inbox X-Origin: DASOVICH-J X-FileName: jdasovic.nsf I know you distribution list is long, but can you please make sure I am on it. Thanx. ---------------------- Forwarded by Eric Letke/DUB/EES on 01/04/2001 04:11 PM --------------------------- Scott Gahn 01/04/2001 03:33 PM To: Eric Letke/DUB/EES@EES cc: Subject: Brief Summary of Today's Activities in California (at Least Thus Far) ---------------------- Forwarded by Scott Gahn/HOU/EES on 01/04/2001 03:33 PM --------------------------- From: Jeff Dasovich@ENRON on 01/04/2001 02:58 PM Sent by: Jeff Dasovich@ENRON To: Jeff Dasovich/NA/Enron@Enron cc: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT, Christina Liscano/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Craig H Sutter/HOU/EES@EES, Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Donna Fulton/Corp/Enron@ENRON, Dorothy Youngblood/HOU/ECT@ECT, Douglas Huth/HOU/EES@EES, Edward Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES, Erika Dupre/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES, Frank W Vickers/HOU/ECT@ECT, Gayle W Muench/HOU/EES@EES, Ginger Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES, Harold G Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris Waser/HOU/EES@EES, James D Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES, James Wright/Western Region/The Bentley Company@Exchange, Jeff Messina/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Joe Hartsoe/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Kathy Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES, Mark S Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES, Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, Mike D Smith/HOU/EES@EES, Mike M Smith/HOU/EES@EES, mpalmer@enron.com, Neil Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Paula Warren/HOU/EES@EES, Richard L Zdunkewicz/HOU/EES@EES, Richard Leibert/HOU/EES@EES, Richard Shapiro/NA/Enron@ENRON, Rita Hennessy/NA/Enron@ENRON, Robert Badeer/HOU/ECT@ECT, Roger Yang/SFO/EES@EES, Rosalinda Tijerina/HOU/EES@EES, Sandra McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Scott Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Sharon Dick/HOU/EES@EES, skean@enron.com, Susan J Mara/NA/Enron@ENRON, Tanya Leslie/HOU/EES@EES, Tasha Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Tim Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S Bradford/HOU/ECT@ECT, Mike D Smith/HOU/EES@EES, Donna Fulton/Corp/Enron@ENRON, mjackso7@enron.com, psmith3@enron.com Subject: Brief Summary of Today's Activities in California (at Least Thus Far) The Commission voted out the order 5-0, essentially as it appeared yesterday. Three key changes: They clarified that the surcharge applies to Direct Access customers (but the entire "rate freeze" structure remains intact for now). The Commission reversed itself and chose not to adopt TURN's "netting out" of gen revenues and CTC collections, and said instead that the Commission will consider it as an option in the next phase (a move likely made in order to lower chances of a successful utility appeal). The Commission added to the decision language saying that it will study the pros/cons of securitizating the utilities' power purchase costs. They will submit a report on the issue to the Governor and Legislature. On this last point, wire reports are rampant about the possibility that legislation will be introduced as early as today proposing to securitize the utilties' power purchase costs. This action has reportedly been the result of discussions that occured through the night between the governor's office, the utilities and the ratings agencies in reponse to the fact that the decision issued by the PUC falls well short of what's needed to keep the IOUs credit worthy and solvent. As a result of those wires stories, the utilities' stock has come back (Edison was down as low as 6.25 and is currently at 10 7/8; PG&E was at 8 7/8 and is currently at 11 7/8). We're working with Sandi McCubbin, who heads-up our legislative activities in California, to get more info and will report back. The hearing was dominated by highly charged anti-generator, anti-marketer rhetoric, which is likely to play a prominent role in the press accounts. Only FERC was demonized more. Each of the Commissioners, including the most recent "interim" appointee, made strong statements regarding the undesirability of utility bankruptcy. The Commission left open the possibility of "doing more" at their next meeting (two weeks from today), which means the negotiations with the utilities and ratings agencies are likely to continue. And if an agreement is reached, it could end up on the next agenda.
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