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Enron Mail |
Enron CEO: Calif. Law To Delay Portland General Sale
Dow Jones News Service, 02/15/2001 Crt Postpones Hearing On CalPX Back-Billing Suppliers Dow Jones Energy Service, 02/15/2001 =20 Judge Resets Enron Hearing, Cites Expected Federal Decision Bloomberg News, 02/15/2001 Texas Pilot Project for Electricity Competition Begins Today Knight-Ridder Tribune, 02/15/2001 Oil Majors Seek Details on Saudi Gas Projects Reuters, 02/15/2001 Houston Roundup Chemical Business NewsBase, 02/15/2001 USA: INTERVIEW-NYMEX Head Says No Regrets Over Online Strategy Reuters, 02/15/2001 =20 Macerich Puts Two Shopping Centers Up For Sale Dow Jones News Service, 02/15/2001 USA: NY Gold Drops to 17-Mth Low Amid Hedging, 1999 low eyed Reuters, 02/15/2001 Enron Does Not Rule Out Combined-Cycle Power Plant (La empresa no renuncia = al=20 cicle combinado)=20 Expansion, 02/14/2001 ---------------------------------------------------------------------------= --- ----------------------------------------------------------------------- Enron CEO: Calif. Law To Delay Portland General Sale By Christina Cheddar Of DOW JONES NEWSWIRES 02/15/2001 Dow Jones News Service=20 NEW YORK -(Dow Jones)- Enron Corp. (ENE) Chief Executive Kenneth Lay said a= =20 California law has had the unintended effect of delaying Enron's sale of it= s=20 Portland General unit to Sierra Pacific Resources (SRP).=20 At the end of January, California legislators ordered the state's utilities= =20 not to sell power plants before January 2006. The new law might prevent=20 Sierra Pacific Power, a unit of Sierra Pacific Resources, from selling its= =20 power plants because it serves 40,000 customers in California's Lake Tahoe= =20 area. Sierra Pacific was trying to sell the assets to finance its acquisition of= =20 Portland General, Lay said. Sierra Pacific is attempting to get a=20 clarification of the legislation from California authorities, he said.=20 Lay's confidence level regarding the company's ability to close the Portlan= d=20 General sale remains "pretty high, but it's not 98 percent," he said.=20 Lay said the delayed sale will not hurt the company's earnings performance.= =20 In fact, Lay expects Portland General to add to its earnings.=20 Lay was speaking at the UBS Warburg Energy Conference here Thursday.=20 When asked if credit risks in California could affect Enron's earnings, Lay= =20 responded there is no scenario in the state that would make the company=20 unable to reach its $1.70 to $1.75 a share earnings estimate for 2001.=20 Lay explained that the company is taking measures to mitigate its credit=20 risk. California's two largest utilities, Southern California Edison Co. an= d=20 Pacific Gas and Electric Co., have been heading toward insolvency after=20 purchasing power in the state's deregulated markets at higher prices than t= he=20 utilities could charge their customers.=20 Most of Enron's credit risk in California comes from the selling of gas and= =20 electric power in the state through its wholesale services operation.=20 "There's quite a mess out there, and we hope that eventually, that mess wil= l=20 get worked out," Lay said.=20 During his presentation, Lay also discussed the success of EnronOnline. He= =20 said EnronOnline has reduced the average cost per trading transaction by 75= %,=20 as well as help the company increase its trading volumes. Enron, of Houston= ,=20 trades a variety of commodities, including gas, electric, pulp and paper, a= nd=20 broadband capacity through EnronOnline.=20 -By Christina Cheddar, Dow Jones Newswires; 201-938-5166;=20 christina.cheddar@dowjones.com Crt Postpones Hearing On CalPX Back-Billing Suppliers 02/15/2001 Dow Jones Energy Service=20 LOS ANGELES -(Dow Jones)- A U.S. District Court Judge has postponed until= =20 Tuesday hearing arguments in a case involving Enron Corp.'s (ENE) request= =20 that the California Power Exchange not be able to charge the company for=20 electricity bills defaulted on by the state's two largest utilities, a=20 spokesperson for the CalPX said Thursday.=20 The judge also extended until Tuesday a temporary order barring the CalPX= =20 from billing Enron for the utilities' defaults until the case is heard. Other power marketers and generators have similar lawsuits filed in federal= =20 court and with the Federal Energy Regulatory Commission.=20 At issue is a "chargeback" insurance mechanism that is meant to maintain=20 participants' confidence in the exchange. Under the mechanism, defaults by= =20 CalPX debtors are proportionally "charged back" to creditors based on their= =20 level of participation in the exchange in the three months prior to the=20 default.=20 Sources close to the case said they believed the court was waiting for acti= on=20 from the FERC before continuing with the case. However, this couldn't be=20 immediately confirmed.=20 FERC has received a complaint about chargebacks from nine power suppliers. Judge Resets Enron Hearing, Cites Expected Federal Decision Bloomberg News, 02/15/2001 Judge Resets Enron Hearing, Cites Expected Federal Decision Los Angeles, Feb. 15 (Bloomberg) -- A federal judge rescheduled a hearing o= n=20 whether California's power market should be kept from billing its members,= =20 mostly energy suppliers, because utilities owned by PG&E Corp. and Edison= =20 International have defaulted on payments. U.S. District Judge Carlos Moreno continued the hearing to Feb. 20 at 4 p.m= .=20 A temporary order issued last week to prevent the California Power Exchange= =20 electricity market from billing members such as Enron Corp. will be extende= d=20 until the hearing. PG&E and Edison International have defaulted on at least $789 million in=20 debts; under exchange rules, all members can be charged when one defaults. Enron sued in Los Angeles federal court Jan. 31. Other generators -- Avista= =20 Corp., Enova Corp.'s San Diego Gas & Electric, Sempra Energy, British=20 Columbia Hydro & Power Authority's Powerex Corp. and ScottishPower Plc=20 PacifiCorp =01) also went to court. Moreno indicated last week he will=20 consolidate all of the claims into Enron's complaint. Moreno extended his order to give the Federal Energy Regulatory Commission= =20 more time to issue its own ruling on whether the Power Exchange can charge= =20 all its members when one defaults. Nine generators filed their complaint wi= th=20 the agency Feb. 8. --Joyzelle Davis in Los Angeles (213) 617-3855, or joydavis@bloomberg.net, through the San Francisco newsroom/gcb Texas Pilot Project for Electricity Competition Begins Today Terry Maxon 02/15/2001 KRTBN Knight-Ridder Tribune Business News: The Dallas Morning News - Texas= =20 Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World= =20 Reporter (TM)=20 So, you're mad about your electricity bill and wish you could change to=20 another electricity company? Starting Thursday, a lot of Texans can tell=20 their current electric company to get lost, and the customers probably will= =20 lower their electric rates as well. The state is kicking off a pilot program to see how competition in its=20 electricity markets will work. Thursday is the first day that 19 companies= =20 will be allowed to begin signing up customers.=20 June 1 is the first day that these power companies can begin providing=20 electricity to customers who decide to switch. The three and a half months= =20 until then will be used to market their services and sign up customers.=20 The limited test will allow 5 percent of all utility customers to pick thei= r=20 electricity company -- either their current company or one of many others= =20 that have signed up to sell electricity in Texas.=20 The test is a dress rehearsal for Jan. 1, when all customers of Texas=20 "investor-owned utilities" -- companies such as TXU Electric, Reliant Energ= y=20 Inc. and Texas-New Mexico Power Co. -- will have a chance to take their=20 business elsewhere.=20 "In essence, it's to see that all the rules and ramifications of=20 restructuring are working properly," said Terry Hadley, spokesman for the= =20 Public Utility Commission of Texas. "If there are any bugs, we want to find= =20 out before the full launch Jan. 1."=20 State officials were already nervous about their grand experiment in free= =20 markets, but the current debacle in California has them even more on edge.= =20 California, which partially deregulated its electricity markets several yea= rs=20 ago, now has two public utilities teetering on the edge of bankruptcy and= =20 unable to pay for electricity they bought. Homes and businesses have faced= =20 rolling blackouts as the state at times hasn't been able to scrape up enoug= h=20 electricity to meet demand.=20 While the Public Utility Commission and others have repeatedly said that=20 Texas won't repeat the California experience, they're looking to the pilot= =20 program to expose any flaws.=20 For the first month, the state and electric providers will concentrate on= =20 commercial customers. In mid-March, they'll turn their attention to home=20 customers.=20 However, Public Utility Commission chairman Pat Wood III said both=20 residential and commercial customers may sign up beginning Thursday.=20 Commercial users must go through a lottery to be chosen, and the 5 percent= =20 will be based on total commercial electricity used.=20 Residential customers will be added on a first-come, first-picked basis, wi= th=20 the cutoff after 5 percent of all residential customers have volunteered fo= r=20 the program.=20 A key to the Texas program is the "price to beat," the basic rate that the= =20 utilities can charge. That price will be a 6 percent reduction from the=20 electric rates charged by the utilities before the pilot program begins.=20 The investor-owned utilities also include Central Power & Light, Southweste= rn=20 Electric Power Co., Entergy, SESCO and Southwestern Public Service Co.=20 Other companies can charge whatever they please, but as Mr. Hadley noted,= =20 they probably won't get too far charging more than the "price-to-beat" rate= s=20 of the utilities.=20 When the Texas Legislature passed Senate Bill 7 in 1999 to start retail=20 competition in electricity, the price-to-beat rate was set up to give=20 competitors a chance to compete against the entrenched utilities.=20 Mr. Hadley said the price to beat provides other electric retailers=20 "something to work against." In addition, the 6 percent reduction from the= =20 utilities' current rates would be "enough of a cut to provide a customer a= =20 benefit, but not so low as to prevent competition," he said.=20 Of course, the utilities don't have their hands tied in areas outside their= =20 current monopoly territory, and most plan to compete aggressively for=20 customers.=20 For example, TNP Enterprises Inc., parent of Texas-New Mexico Power, has=20 created a subsidiary, First Choice Power Inc., to lead its fight in the=20 electric wars.=20 Jim Niewald, First Choice director of marketing, said the company will use= =20 the pilot period as a learning time, to test ways to compete and to market= =20 its products.=20 "We're going to take a sort of moderate approach. We're not going to be rea= l=20 aggressive. On the other hand, we're not going to be sitting back totally,"= =20 Mr. Niewald said.=20 TXU spokesman Chris Schein said the Dallas-based company sees the pilot=20 period as a time to work out kinks and discover if there are any inherent= =20 problems in the way that electricity competition in Texas works.=20 "It's important to remember that the pilot program is less of a marketing= =20 event than it is an opportunity for TXU and the rest of the state to test= =20 systems. The real marketing opportunity begins Jan. 1, 2002," Mr. Schein=20 said.=20 "We are treating this as an opportunity to make sure our systems are=20 communicating with all the state's systems to make the customers' choosing= =20 process as seamless as possible," he said.=20 While TXU will be trying to sign up customers in the parts of Texas that it= =20 doesn't now serve, it also has to deal with the price-to-beat rate freeze= =20 that will keep it from offering discounts in its current service area,=20 including Dallas-Fort Worth, Central Texas and other spots.=20 TXU is hoping that its existing customers want more than the lowest price,= =20 Mr. Schein said, "in the same way that not every customer chooses a car bas= ed=20 on price. If that were true, Kia would be the best-selling car in the U.S."= =20 TXU will be promoting its quality of service and a package of bundled=20 services that it hopes will be attractive. For those who care about the=20 environment, TXU will offer "green power," or electricity generated by wind= =20 or other nonfossil sources.=20 Also entering the fray will be Green Mountain Energy Co., which sells nothi= ng=20 but green power.=20 "We are looking forward to bringing Texans the opportunity to support clean= er=20 air by purchasing power made from cleaner and renewable sources," Green=20 Mountain chief executive officer Dennis Kelly said in a prepared statement.= =20 "One of the most powerful benefits of electric choice is the ability for=20 people to choose how their power is made," he said.=20 "As more people understand that making electricity causes more air pollutio= n=20 than any other industry," he continued, "they will look for a simple way to= =20 purchase electricity that includes clean renewable sources like wind, sun a= nd=20 hydropower."=20 Enron Corp., the Houston energy giant, has three companies that will compet= e=20 for customers in the deregulated world.=20 Two of its subsidiaries will target large customers: Enron Power Marketing= =20 Inc. will sell to wholesale customers such as utilities and other electric= =20 retailers, and Enron Energy Services Inc. will go after large commercial an= d=20 industrial customers.=20 For residential customers and small businesses, Enron has teamed up with IB= M=20 Corp. and America Online to sell electricity through the New Power Company.= =20 New Power is part of New Power Holdings Inc., a public company.=20 "Different customers need different products, so we've created specialized= =20 businesses for what the market needs," Enron spokesman Mark Palmer said.=20 For big customers, Enron can afford real-time pricing that charges less for= =20 off-peak periods, more for peak periods.=20 It can offer discounts for customers who agree to have their electricity=20 interrupted when needed.=20 However, residential customers mainly want to see a fixed, cheap rate, Mr.= =20 Palmer said.=20 "Homeowners aren't interested in real-time prices, interruptible service or= =20 incentives to shut down," he said.=20 Others who have received state certification or are awaiting approval are= =20 Reliant Energy Retail Services LLC and Reliant Energy Solutions, associated= =20 with Houston-based utility Reliant; Shell Energy; AES NewEnergy Inc.; Enter= gy=20 Solutions Ltd.; Sempra Energy Solutions; and Xcel Energy. Oil Majors Seek Details on Saudi Gas Projects 02/15/2001 LONDON, Feb 15 (Reuters) - Western oil companies head to Saudi Arabia this= =20 weekend to meet Saudi leaders in a bid to seek reassurances about Riyadh's= =20 plans for foreign investment in the kingdom's multi-billion dollar gas sect= or. Influential foreign minister Prince Saud al-Faisal has issued an invitation= =20 to chief executives from ExxonMobil (XOM.N), BP (BP.L), Royal Dutch/Shell= =20 (RD.AS)(SHEL.L), and TotalFinaElf (TOTF.PA), industry sources said. The companies are keen to get more details about three huge gas projects th= at=20 could provide a foothold in the Saudi upstream sector for the first time=20 since nationalisation in the 1970s. Some of the oil majors are worried about the scope of the projects and abou= t=20 some apparent resistance from state firm Saudi Aramco to their involvement = in=20 areas which the national company feels remains its territory.=20 "There's a feeling that Aramco and the oil ministry may be putting up some= =20 resistance to the scope of the projects," said an industry insider.=20 "The companies want more financial and logistical details," he said. "There= 's=20 a worry that the extent of the upside for the companies is getting very=20 limited." Others remain more sanguine, saying negotiations remain at an early stage.= =20 "It's still at an early stage and all these companies are still keen to for= ge=20 ahead," said one company official. Foreign minister Prince Saud is in charge of the negotiations and is the=20 driving force behind the move to get the companies back into Saudi Arabia.= =20 The firms are being asked to help develop known gas reserves and also inves= t=20 in downstream projects fed by gas supplies, such as power and desalination. The more valuable oil sector, where Aramco holds large volumes of mothballe= d=20 capacity, remains strictly off limits to the foreign companies. Industry insiders said Riyadh is looking for detailed plans on how to go=20 forward with the three gas projects for which three consortiums have alread= y=20 been sketched out. But the companies ideally would like to see more information before making= =20 detailed proposals.=20 "The data available so far has been sketchy and the projects are not well= =20 defined," said an industry source.=20 Saudi hopes to sign memorandums of understanding with the investors by Apri= l=20 1. Ten shortlisted firms have been given access to Saudi Aramco's data room= =20 in Dhahran.=20 The other companies are Phillips (P.N), Chevron (CHV.N) Texaco (TX.N), Cono= co=20 (COCa.N) Enron/Oxy (ENE.N), ENI (ENI.MI) and Marathon (MRO.N). =20 Houston Roundup 02/15/2001 Chemical Business NewsBase: Chemical Market Reporter=20 Copyright (C) 2001; Source: World Reporter (TM)=20 El Paso Energy Corp and Coastal Corp have finalised a $24 bn merger, creati= ng=20 the fourth-largest energy company in the US.=20 Approval required El Paso Energy to sell assets in offshore pipelines value= d=20 at $112 M. Both companies involved in the merger reported record year-end earnings.=20 Only ExxonMobil, the pending Chevron-Texaco combination, and Houston-based= =20 Enron Corp are larger than the new El Paso Energy Corp.=20 USA: INTERVIEW-NYMEX Head Says No Regrets Over Online Strategy. By Gelu Sulugiuc 02/15/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Feb 15 (Reuters) - Departing New York Mercantile Exchange (NYMEX)= =20 Chairman Daniel Rappaport is confident that enymex - NYMEX's online venture= -=20 will soon become the premier online energy trading platform, he said Thursd= ay=20 in an interview.=20 While the new venture, now slated to launch in May, has suffered several=20 delays, Rappaport says he has no regrets about rebuffing an approach last= =20 year from rival platformIntercontinentalExchange (ICE), which is now up and= =20 running. Rappaport, who will turn 47 in a few weeks, will have to watch from afar to= =20 see if his strategy succeeds. He steps down from the helm of the world's=20 biggest physical commodity exchange next month.=20 "I agonized over (the decision to step down) for a long time," he said. "Bu= t=20 I just wasn't prepared to sign on and commit for another three years."=20 NYMEX, along with its COMEX subsidiary, trades futures and options contract= s=20 on crude oil, heating oil, unleaded gasoline, gold, silver, natural gas,=20 electricity, copper and aluminum.=20 enymex will first offer trading in crude oil, petroleum products and natura= l=20 gas. Later it will expand to electricity, coal, metals and other products.= =20 enymex is well positioned to succeed, Rappaport said. Among its advantages= =20 are the NYMEX brand, liquidity from NYMEX traders and clearing services.=20 "Not a single exchange from those now operating online offers real clearing= ,"=20 he said.=20 In a field of more than 30 Internet energy exchanges, observers usually poi= nt=20 to Enron Corp.'s EnronOnline (www.enrononline.com) and ICE (www.intcx.com) = as=20 success stories so far. But Rappaport counts neither as competitors enymex= =20 has to worry about.=20 EnronOnline trades an average of $3.5 billion a day, but does not accept=20 third party trades, so Rappaport doesn't put it in the same category as=20 enymex.=20 ICE has enough liquidity to be a leader among fledgling independent online= =20 exchange, but its numbers are far from those of an established exchange lik= e=20 NYMEX.=20 In its first week trading crude options this year, ICE traded 3 million=20 barrels. NYMEX routinely trades more than 400 million barrels of crude in a= =20 single day.=20 That's exactly the kind of competition the partners in ICE hoped to elimina= te=20 when they invited NYMEX to join the venture early last year, Rappaport said= .=20 "Legally, we wouldn't have been able to launch enymex if we were part of=20 ICE," he explained.=20 With backing from some of the world's leading energy firms, ICE is in talks= =20 with London's International Petroleum Exchange (IPE) for a possible merger,= =20 in a move designed to attract more liquidity to the fledgling online=20 exchange.=20 After a failed hostile takeover a few years ago, NYMEX has itself reiterate= d=20 its interest in buying a controlling stake in the IPE this year, but only i= f=20 the London exchange welcomes such a move. So far, the IPE has not signaled= =20 that it would accept NYMEX's overtures, Rappaport said.=20 NEW CHAIRMAN TO TAKE NYMEX TO IPO=20 Under Rappaport, NYMEX demutualized and became a for-profit organization la= st=20 year.=20 The new chairman, to be elected March 20, will have to lead the exchange=20 through a private placement and on to an IPO.=20 "The new chairman has to go on a road show to sell the exchange," Rappaport= =20 said.=20 NYMEX will offer a 10 percent stake in itself in the private placement, in = a=20 move to gauge the value of the exchange, Rappaport said.=20 Long-time NYMEX insiders Vincent Viola and Gerald Rafferty are running for= =20 the chairman position.=20 Viola is a former floor trader and vice-chairman of NYMEX who owns the New= =20 York brokerage firm Pioneer Futures.=20 Rafferty has been a member of NYMEX for 30 years. He owns the Rafferty Ener= gy=20 Group, which in turn owns two brokerage companies.=20 As for Mr Rappaport, he said he'll spend more time with his family, as well= =20 as take on other unspecified projects. Macerich Puts Two Shopping Centers Up For Sale By Pat Maio Of DOW JONES NEWSWIRES 02/15/2001 Dow Jones News Service (Copyright © 2001, Dow Jones & Company, Inc.) LOS ANGELES -(Dow Jones)- Macerich Co. (MAC) is selling two shopping center= s=20 in California, according to a shopping center trade report Thursday.=20 The real estate investment trust plans to sell Villa Marina Marketplace in= =20 Marina del Rey and the Carmel Plaza in Carmel, according to a newswire repo= rt=20 by the New York-based International Council of Shopping Centers. Macerich, Santa Monica, Calif., which owns interests in 46 malls totaling= =20 more than 41.5 million square feet, plans to use proceeds from the sale to= =20 repurchase shares.=20 Macerich executives were not immediately available for comment.=20 Macerich is also trimming energy costs. On Wednesday, the company signed a= =20 10-year energy management contract with Enron Corp.'s (ENE) energy services= =20 business. Enron will manage the supply of electricity and natural gas and= =20 provide energy management services to the majority of the company's malls.= =20 Separately, Stichting Pensioenfonds ABP, a Netherlands investment firm,=20 raised its stake in Macerich to 8.18% from 5%, according to a Securities an= d=20 Exchange Commission filing on Thursday.=20 Shares of Macerich recently traded Thursday at $20.99, up 25 cents, on volu= me=20 of 52,600 shares, compared with daily average volume of 191,000 shares.=20 -By Pat Maio, Dow Jones Newswires; 323-658-3776; patrick.maio@dowjones.com USA: NY Gold Drops to 17-Mth Low Amid Hedging, 1999 low eyed 02/15/2001 Reuters English News Service (C) Reuters Limited 2001. NEW YORK, Feb 15 (Reuters) - Gold futures slid below $260 an ounce in New= =20 York Thursday, hitting contract and 17-month spot basis lows as producer an= d=20 fund selling sent small speculators who had bought earlier rushing for the= =20 exits.=20 "It seems to be spread around," said bullion dealer Bernard Penner at Enron= =20 Metals. "Some of the U.S. banks as well as the larger U.S. merchants have= =20 certainly put their imprimatur on this." Dealers said a strengthening dollar got the ball rolling in the morning,=20 adding to pessimism in the gold market. The current mood has been likened t= o=20 that of 1999, when bullion hit a 20-year low just $4 below Thursday's late= =20 spot price.=20 April gold fell $4.30, settling at $256.90 an ounce, up a bit from a contra= ct=20 low at $256.30.=20 The move accelerated after midday, when stop-loss orders were triggered on= =20 breaking the morning low around $259. Estimated volume was a heavy 40,000= =20 contracts.=20 "When it broke the lows, the locals got out of their longs," said Donald=20 Tierney of Pell Brothers Trading.=20 "We had some stops and a vacuum. That's why you had the new lows."=20 On the spot continuation charts, gold futures bottomed at $255.60, the lowe= st=20 since Sept 20, 1999, following bullion's fall to a 16-month low fix at=20 $258.55 in late London trade. Spot bullion closed at $255.75/6.25, down fro= m=20 Wednesday's close at $259.75/0.25.=20 Dealers said gold companies had been selling forward and using options=20 strategies to protect the price of their unmined gold reserves, which=20 consequently burrowed spot prices deeper into troublesome territory for the= =20 struggling industry.=20 The price of gold is already below the cost of production for less efficien= t=20 producers and at $250 an ounce would be near the average break-even for eve= n=20 some low-cost mining companies.=20 "They continue to keep it under pressure. It looks like some producer hedgi= ng=20 much earlier in the day that came to be hedged or sold out during the balan= ce=20 of in day," said Penner, meaning dealers were still going to the market to= =20 cover hedges done by their customers.=20 Also like late 1999, overselling this year means there are few bears left t= o=20 keep up the attacks on gold.=20 On the COMEX, the last time gold was near this oversold was September 1999,= =20 when bullion was around that August's 20-year low at $251.70 an ounce. It= =20 then skyrocketed $80 to $338 on short covering by overhedged mining compani= es=20 and speculators.=20 Traders await the weekly Commitments of Traders report from the Commodity= =20 Futures Trading Commission Friday afternoon to see if funds have added to= =20 last Tuesday's hefty 52,706-contract (164 tonne) net short position.=20 Meanwhile, price sensitive consumers have also sought bargains below $260 a= n=20 ounce. Fears about Indian demand falling sharply have abated a bit, as the= =20 top-consuming nation starts the long process of recovery from last month's= =20 earthquake.=20 March silver briefly caught gold's downdraft, then steadied above a slight= =20 new contract and 3-1/2-year continuation low at $4.49. It ended up 0.3 cent= =20 at $4.518.=20 Spot silver fixed at a 6-week low at $4.515 an ounce and was last at=20 $4.51/53, unchanged from Wednesday's close.=20 Dealers said the jittery silver market seemed content to range trade in the= =20 short-term within reach of the early January bottom at $4.48, bullion's=20 cheapest price since August 1997.=20 NYMEX March palladium rose $9.85 to $985 an ounce. Spot palladium was last= =20 shown at $975/$995. April platinum rose $2.70 to $595.10 an ounce. Spot=20 platinum last fetched $595.10/601.10. Enron Does Not Rule Out Combined-Cycle Power Plant (La empresa no renuncia = al=20 cicle combinado)=20 Expansion, Feb 14, 2001 Enron, the US energy group, has not ruled out plans to build a combined-cyc= le=20 power plant in Mora la Nova, in Tarragona in Spain. The company announced i= ts=20 decision yesterday after local authorities imposed a three-month moratorium= =20 on the project for the completion of environmental impact studies. =20 The company said that it will take advantage of the three-month moratorium = to=20 listen to local communities and explain details of the project to local=20 residents and interested parties. The moratorium was imposed at the request= =20 of villages close to the planned site of the plant, ecologists and=20 vine-growers.
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