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Enron Mail |
FYI.
Especially the last paragraph. Thanks Gary -----Original Message----- From: Richard Josephson [mailto:rcjosephson@stoel.com] Sent: Monday, February 05, 2001 10:36 AM To: Andrew.Haller@Pacificorp.com; john.fryer@Pacificorp.com; Karen.Clark@Pacificorp.com; JEHORAN@stoel.com; MWOOD@stoel.com; PARAMFJORD@stoel.com; SCHALL@stoel.com; SJKAPLAN@stoel.com Subject: PX - SCE Contracts - PX Press Release Governor Davis Blocks Liquidation of Edison Contracts FOR IMMEDIATE RELEASE CONTACT: E. Jesus Arredondo Friday, February 02, 2001 626.537.3155 Beth Pendexter 626.537.3154 Pasadena, CA- California Governor Gray Davis issued a last minute Executive Order prohibiting the California Power Exchange from liquidating Southern California Edison's forward positions. The liquidation proceeding is an attempt to recover approximately $250 million Edison is in default on to CalPX market participants. Davis' Executive Order nullifies a Los Angeles County Superior Court decision that earlier today authorized CalPX to liquidate Edison's forward market positions. The following is excerpt from Governor Davis' Executive Order: It is ordered that the contracts and trades in the market for the sales and purchases of forward contracts and trades for electricity (known as the "Block Forward" market) for the delivery of electricity possessed by Southern California Edison Company*is hereby commandeered by the State of California to be held subject to the control and coordination of the State of California. CalPX will transfer the Edison contracts to the State of California. State law requires that the state shall pay "the reasonable value thereof," and based on competitive market conditions today, CalPX determined the value of these contracts, for 2,846,000 megawatt hours, at over $651 million. - 30 - CalPX is a non-profit public benefit corporation established in 1998 with the passage of AB1890, which restructured the electric utility industry within the state of California. Richard C. Josephson Stoel Rives LLP 900 SW Fifth Avenue, Suite 2600 Portland, OR 97204-1268 DD: 503-294-9537 Fax: 503-220-2480 email: rcjosephson@stoel.com ======================================================= This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. To reply to our email administrator directly, send an email to postmaster@brobeck.com BROBECK PHLEGER & HARRISON LLP http://www.brobeck.com
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