|
|
Enron Mail |
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Gualy, Jaime </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JGUALY< X-To: Rogers, Benjamin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Brogers< X-cc: X-bcc: X-Folder: \BROGERS (Non-Privileged)\Rogers, Benjamin\Inbox X-Origin: ROGERS-B X-FileName: BROGERS (Non-Privileged).pst -----Original Message----- From: Courtney Cleman <Courtney.Cleman@morganstanley.com<@ENRON Sent: Thursday, October 25, 2001 6:44 AM To: kkonolig@ms.com Subject: Enron & FERC-Market Impact Overdone/Kit Konolige/MS Electric Utilities Research Morgan Stanley Electric Power Research Kit Konolige (212) 761-6237 David Reynolds (212) 761-6078 Carrie Stevens (212) 761-6183 Chris Bezler (212) 761-4487 Enron & FERC - Market Impact Overdone * Enron credit position not a concern, in our view Other energy merchants have credit mitigation & master netting agreements. In any event, there is no evidence that ENE's credit position is in serious jeopardy. * Is Enron the market proxy? We don't think so. ENE uses exotic off-balance sheet financial engineering that we do not believe is prevalent in the group. * FERC kicks out Pacificorp contract - denying CPUC complaint for now We don't think this should have been at FERC to begin with. Any further review would come under CA refund proceedings. * Implicit conclusion is that FERC does not want to review bilateral deals FERC's long-running stance is that bilateral contracts are not up for review or refunds. Recent Pacific Northwest ALJ ruling supports view that bilateral deals are off-limits. - 115885.pdf - Courtney.Cleman.vcf
|