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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: webmaster@cera.com@ENRON X-To: clients@cera.com X-cc: X-bcc: X-Folder: \vkamins\Deleted Items X-Origin: KAMINSKI-V X-FileName: vincent kaminski 1-30-02.pst Title: The Refining Parable: Will Power Generation Take Its Cue from Downstream Oil? URL(s): http://www.cera.com/eprofile?u=35&;m=2944; http://www.cera.com/eprofile?u=35&;m=2947; *********************************************************************** LESSONS FROM REFINING FOR THE DEREGULATING US ELECTRIC POWER BUSINESS The US oil refining and marketing industry has experienced weak returns on investment since oil price decontrol in 1981. As the electric power industry in the US deregulates, does it face a similar future? * There are important structural similarities between these two capital- intensive, energy commodity transformation industries. * There are also differences, most notably the requirement that electricity demand be met in real time, whereas inventories play an important role in the refined product value chain. * The electric power industry will follow its own unique path through the process of deregulation, but there are lessons to be learned from the experience of downstream oil. **end** Follow above URL for complete report (20 printed pages). E-mail Category: Private Report CERA Knowledge Area(s): North American Power, Global Oil ***************************************************************************************** CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek ** Two- and Four-day Passes Available ** Special Enrollment Programs ** Partnership Opportunities ** CERAWeek Online Premium Access ***************************************************************************************** To make changes to your cera.com profile go to: http://www.cera.com/client/updateaccount Forgot your username and password? Go to: http://www.cera.com/client/forgot This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos Questions/Comments: webmaster@cera.com Copyright 2001. Cambridge Energy Research Associates
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