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Enron Mail |
Friday, June 08, 2001, http://www.economictimes.com/today/08infr01.htm Stone & Webster to evaluate DPC suspension ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.economictimes.com/today/08infr02.htm Private firms expect early end to Enron crisis ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.business-standard.com/today/finance8.asp?= Menu=3D5 Dabhol lenders to study pullout cost , Freny Patel=20 ---------------------------------------------------------------------------= ----------------------------------------------- States cannot afford DPC power , Santosh Tiwary & P Vaidyanathan Iyer=20 ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/top3.html Dabhol lenders for 1-yr plant closure, Sanjay Jog ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/top4.html DPC willing to cut rate of return to 11 per cent, Sitanshu Swain ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/news1.htm= l Dabhol's RoE should not cross 16%: Godbole panel , Sanjay Jog ---------------------------------------------------------------------------= ----------------------------------------------- Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/news2.htm= l DPC appeals to high court to stay MERC order, Sanjay Jog ---------------------------------------------------------------------------= ----------------------------------------------- DPC appeals against Merc's order on escrow ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.timesofindia.com/today/08busi1.htm Lenders form panel to negotiate with MSEB, By Pradipta Bagchi=20 ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.timesofindia.com/today/08busi2.htm DPC against public hearings , Swati Deshpande=20 ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.indian-express.com/ie20010608/bus1.shtml DPC lenders hire advisor to evaluate suspension ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.indian-express.com/ie20010608/bus2.shtml Dabhol Power ready to scale down RoR to 11 pc, Sitanshu Swain ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.hindubusinessline.com/stories/14085602.ht= m Enron seeks promise on phase I drawal=20 ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.hindubusinessline.com/stories/040821ed.ht= m Dabhol lessons=20 ---------------------------------------------------------------------------= -----------------------------------------------=20 Godbole charges DPC with doublespeak=20 ---------------------------------------------------------------------------= -----------------------------------------------=20 Friday, June 08, 2001, http://www.the-hindu.com/stories/0208000b.htm Provision for arbitration=20 Medha for judicial inquiry=20 ---------------------------------------------------------------------------= ----------------------------------------------=20 Friday, June 08, 2001, http://www.telegraphindia.com/ LENDERS BLOW THE DABHOL II FUSE =20 ---------------------------------------------------------------------------= ----------------------------------------------=20 Friday, June 08, 2001, http://www.asianageonline.com DPC CHALLENGES MERC'S ORDER IN COURT ---------------------------------------------------------------------------= ----------------------------------------------=20 Friday, June 08, 2001, http://www.economictimes.com/today/08infr01.htm Stone & Webster to evaluate DPC suspension INDIAN and foreign lenders of us energy major Enron-promoted Dabhol Power C= ompany are to appoint global energy consultants Stone and Webster to evalua= te the cost of suspension of the multinational's 2,184-mw project. On the s= econd day (yesterday) of the lenders' Singapore meet, Enron India managing = director K Wade Cline in his presentation suggested a temporary suspension = of the $3-billion project, FI sources said.=20 Cline also provided detailed alternatives vis-a-vis a post-suspension scena= rio with reference to power blocks and almost ready liquefied natural gas t= erminal, they added.=20 Sources said Stone and Webster were zeroed upon to calculate their estimate= of revenues of the entire project, including the LNG terminal as foreign l= enders felt that a cost evaluation should be undertaken in the present circ= umstances. ``The Indian lenders failed to convince their foreign counterpar= ts who in turn were in favour of the suspension,'' they explained. ``The fa= te of DPC's 1,444-mw phase-II now hangs in balance as it has been postponed= for the time being till the matter regarding the `rescinding' of the power= purchase agreement (PPA) is settled,'' they said.=20 As per the original schedule of PPA, DPC's phase II was to have been fired = on Thursday.=20 Both Indian and foreign lenders were of the view that the legal wrangles be= tween DPC and Maharashtra State Electricity Board should be kept in abeyanc= e and a solution reached for offtake of phase-I power, they said. (PTI)=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.economictimes.com/today/08infr02.htm Private firms expect early end to Enron crisis PRIVATE power producers expect an early end to the dispute between Enron Co= rp and a local utility after Prime Minister Atal Bihari Vajpayee said he wa= s optimistic about the US firm's $2.9-billion project. "Now the Central gov= ernment is taking interest. That too at the highest level. That is very nic= e," Harry Dhaul, director-general of the Independent Power Producers' Assoc= iation of India, said.=20 On Wednesday, Vajpayee said he was confident that Dabhol Power Co, 65 per c= ent owned by Enron, and the Maharashtra State Electricity Board, the plant'= s only buyer, would sort out their problems. MSEB, which complains that Dab= hol produces costly power, defaulted on payments of $48 million to DPC last= year. The squabble provoked Enron to serve a preliminary termination notic= e to MSEB and the utility declared late in May that it had stopped buying p= ower from the controversial plant.=20 Dabhol's first phase of 740 mw is already operational and the next phase wa= s scheduled to add 1,444 mw later this year. MSEB has already said it would= not buy power from the project's next phase. Private power producers, who = have been demanding central government intervention in the dispute said Vaj= payee's comments augured well for the plant and will help refurbish India's= image that took a beating after the dispute involving its largest direct f= oreign investor. "I think the prime minister has done absolutely the right = thing. It is going to send the right signal that we are back on track and t= he international investors concern will be duly met." (Reuters) =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D http://www.business-standard.com/today/finance8.asp?Menu=3D5 Dabhol lenders to study pullout cost , Freny Patel=20 Lenders to the Dabhol Power project have mandated their engineer, Stone and= Webster, to do a costing study on the implications of mothballing the seco= nd phase of the project. The issue is whether to close it now or wait till = the civil work on the project is over. Enron has made it clear that it want= s to pull out of the second phase unless issues relating to the power purch= ase agreement are resolved and the government of India makes a firm commitm= ent on the offtake of power. IDBI executive director RS Agarwal, who was present at the two-day lenders'= meeting in Singapore, told Business Standard that the institutional lender= s will discuss the report of the engineers before deciding on a further cou= rse of action. The second phase is 92 per cent complete. Total completion w= ould entail the finalisation of the power blocks and the LNG facility. Incidentally, the trial run of the first block of the second phase-740 mw -= was to have taken place today, but failed to happen on account of the legal= battle between DPC and MSEB.To date, more than $1,570 million has been inv= ested in the second phase. Stone & Webster's report will identify how much = additional funds the lenders would have to plough in depending upon whether= the project is shelved immediately or after completion of construction act= ivity. It will also figure out the funds required to restart the project. "The legal position of the two parties -- DPC and MSEB -- has complicated t= he issue," said Agarwal. Foreign lenders are reportedly unconvinced about t= he Indian government's seriousness in resolving the issue. Lenders have exp= ressed anxiety over the suspension of power offtake by the MSEB, as this ha= s affected the $50 million cash flow. The priority is for the two sides to = resolve the issue through negotiations at the earliest. DPC ought to take t= he initiative as it is at the receiving end, said industry sources.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.business-standard.com/today/economy1.asp?= Menu=3D3 States cannot afford DPC power , Santosh Tiwary & P Vaidyanathan Iyer=20 The Centre's initiative towards facilitating sale of power from the Enron-p= romoted Dabhol project in Maharashtra to other states is likely to come a c= ropper. Sources told Business Standard that the states would in no way be a= ble to purchase power from Dabhol Power Company (DPC) as it would be diffic= ult to lower the tariff to Rs 3 per unit. "No state will be able to buy pow= er from DPC at a rate above Rs 3 per unit considering the rate at which the= y are supplying power to the consumers at present," said a source in the Ce= ntral Electricity Authority (CEA).=20 Power minister Suresh Prabhu had only last week asked CEA to consult the po= wer-deficient neighbouring states of Maharashtra seeking their views on the= requirement and tariff at which they would be able to buy electricity from= DPC. Sources said that states such as Gujarat, Madhya Pradesh and Goa, to = which DPC could supply power, were not in a position to buy it at a cost wh= ich was more than what they spend at present.=20 They pointed out that even after a considerable reduction in tariff, it was= highly unlikely that DPC would sell power to these states at the rates aff= ordable by them. And for the other states, transmission cost would only add= up to the already high cost of Dabhol power. Hence, the proposition is alm= ost ruled out, said sources. They said that the unit cost of power for all = SEBs was around Rs 3 at present. Interestingly, the average tariff of all t= he SEBs was estimated to be 208 paise per unit in 1999-2000, with a ratio o= f tariff to cost at 74 per cent. In 1999-2000, the unit cost of power suppl= y in Gujarat was 287.30 paise, and in Madhya Pradesh, it was 252.72 paise.= =20 Maharashtra had 254.36 paise per unit cost of power supply in 1999-2000. So= urces said that the the existing tariff structure and supply cost is a clea= r indication why third party sale had not been allowed by the states even t= hough Section 43 of the Indian Electricity (Supply) Act, 1948 allowed such = sale. They added that the chances of states allowing third-party sale by th= e independent power producers in the light of the DPC-MSEB controversy was = remote. The Centre has asked the states to allow third-party sale from the = IPPs. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/top3.html Dabhol lenders for 1-yr plant closure, Sanjay Jog THE lenders to the Dabhol power project, who concluded a three-day meeting= in Singapore on Thursday, have unanimously suggested that the Dabhol proje= ct be closed down for a year in a bid to "resolve various issues pertaining= to tariff reduction". These lenders, comprising the offshore lenders and t= he Indian financial institutions (IFI) and banks, have asked Enron's consul= tants based in Houston, Stone and Webster, to prepare a feasibility report = for closure of Dabhol plant for a year. IFI sources told The Financial Express that the offshore lenders have agree= d not to take any stern step at this point of time but explore various oppo= rtunities for a long-term solution. "However, all the lenders were also una= nimous that the government of India should make various commitments especia= lly to see that the project gets going in future," the sources added. Sources said Enron's consultants will find out the possible gains and losse= s for the lenders as well as for the Dabhol Power Company and MSEB if the D= abhol plant was closed down for a year. The consultants will also look into= the viability of the closure formula especially when over $2 billion loans= have been blocked in the project. Moreover, the lenders and DPC are believed to have expressed disappointment= over the Prime Minister AB Vajpayee's statement that the Maharashtra gover= nment and Enron will find a solution to Dabhol imbroglio. In fact, the lend= ers and the DPC were expecting the Centre would play a proactive role for t= he early resolution of issue. These lenders were disappointed over the timi= ng of the prime minister's statement. "The prime minister's statement is ob= viously not a good sign," remarked the lenders. According to sources, the p= rime minister's statement has been seen as a major setback for the ongoing = efforts to resolve the Dabhol crisis.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/top4.html DPC willing to cut rate of return to 11 per cent, Sitanshu Swain EVEN as the foreign lenders secured more time to take a final view of thei= r investment in Dabhol power project, hopes of reviving the high-cost proje= ct has gained momentum as the US energy major has shown willingness to scal= e down the rate of return (RoR) from 16 per cent to 11 per cent from the Da= bhol project. Such a move on the part of Enron Corporation will facilitate a similar down= ward revision in the per unit of power cost from its present range of Rs 3.= 01 to Rs 4.70, depending upon the PLF and foreign exchange variation. The power cost in India remains cheaper as the return is calculated in rupe= e terms whereas in Enron's case, it is high since it is linked to the excha= nge rate. According to a top official of Industrial Developmment Bank of In= dia (IDBI), Enron has informed the financial institution that it is keen to= cut down the projected return from 16 per cent to 11 per cent. ''It is mat= ter of time that Enron will decide about the revision of the projected retu= rn,'' said the official, adding that IDBI is insisting on the immediate imp= lementation of the revised return instead of waiting for the second phase. Enron's initiative to cut down the projected return is possible as the assu= red return of 16 per cent, which is linked to the exchange rate is making t= he per unit cost expensive. Further, the IDBI official point out that Enron= 's maximum rate of return in the US is between six per cent to eight per ce= nt. The rupee has almost depreciated by 35 per cent to 40 per cent since th= e 16 per cent return was agreed upon by the MSEB and the Maharastra governm= ent. The rupee's slide effectively pushes up the per unit power cost. Also = IDBI has already brought down the interest rate on loans lent to DPC from 2= 1 per cent to 16 per cent, which will automatically cut down the capital ex= penses for the project.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/news1.htm= l Dabhol's RoE should not cross 16%: Godbole panel , Sanjay Jog Mumbai, June 7: THE Madhav Godbole renegotiation committee on Thursday unan= imously took the view that the Dabhol Power Company's (DPC) return on equit= y (RoE) should not exceed 16 per cent, even if the drawal of power is at 90= per cent plant load factor (PLF). The committee comprising Dr Godbole, Vin= ay Bansal, VM Lal and SK Shrivastava, which met along with officials of the= Maharashtra State Electricity Board (MSEB), has asked the Infrastructure D= evelopment Finance Corporation (IDFC) and Crisil to jointly prepare a detai= led presentation in this regard within eight days. The committee has asked IDFC and Crisil to fix certain parameters so that t= he return on equity will be maintained at 16 per cent, despite cut in the t= ariff. MSEB sources told The Financial Express that according to the presen= t government norms, the return on equity has been fixed at 16.5 per cent at= 68 per cent PLF. As the PLF increases by 1 per cent, the return on equity = will hike by 0.7 per cent. "According to these existing norms, the DPC's re= turn on equity will go up to 31 per cent at 90 per cent PLF. However, the c= ommittee is of the view that DPC's return on equity should not exceed 16 pe= r cent, despite low PLF and drawal," sources said. These sources added that= the IDFC and Crisil has been asked to explore various possibilities to mak= e this happen.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.financialexpress.com/fe20010608/news2.htm= l DPC appeals to high court to stay MERC order, Sanjay Jog THE Dabhol Power Company (DPC), which has challenged the jurisdiction of t= he Maharashtra Electricity Regulatory Commission (MERC), has appealed to th= e Bombay High Court to stay the MERC order restraining it from reactivating= the escrow account and carrying out arbitration proceedings.=20 The DPC, in a 245-page writ petition which will come up for hearing before = the high court bench comprising AP Shah and SA Bobde on June 11, has also r= equested that the MERC be restrained from the June 14 and future proceeding= s on petitions filed by the MSEB. The DPC has argued that the MERC has no jurisdiction to act, entertain, or = adjudicate upon any of the disputes and differences which have arisen betwe= en the DPC and MSEB under the provisions of the power purchase agreement. T= hus, for a writ of prohibition or a writ in the nature of prohibition, or a= ny other writ, direction or order provided for under article 226 of the Con= stitution of India, MERC be prohibited from entertaining, or, from adjudica= ting upon any matter raised in the petition filed by MSEB. The DPC said for a writ of certiorari or a writ in the nature of certiorari= , directions or orders provided for under article 226 of the Constitution o= f India, MERC be prohibited from calling for the records of the case and af= ter pursuing the same, quash and set aside the order granted by MERC on May= 29. The DPC said that for a writ of mandamus, or writ in the nature of mandamus= , or any other writ direction or order provided for under article 226 of th= e Constitution of India, MSEB should be directed forthwith to withdraw its = writ petition filed before MERC.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D DPC appeals against Merc's order on escrow THE Dabhol Power Company (DPC), which has challenged the jurisdiction of M= aharashtra Electricity Regulatory Commission (Merc), has appealed to the Bo= mbay high court to stay Merc's order restraining it from reactivating the e= scrow account and carrying out arbitration proceedings.=20 The DPC in a 245-page writ petition which will come up for hearing before t= he high court bench comprising AP Shah and SA Bobde on June 11 has also req= uested that the Merc be restrained from the June 14 and future proceedings = on petition filed by MSEB. The DPC has argued that the Merc has no jurisdic= tion to act, entertain or adjudicate upon any of the disputes and differenc= es which have arisen between the DPC and MSEB under the provisions of power= purchase agreement. Thus, for a writ of prohibition or a writ in the natur= e of prohibition or any other writ, direction or order provided for under a= rticle 226 of Constitution of India, Merc be prohibited from entertaining o= r from adjudicating upon any matter raised in the petition filed by MSEB. The DPC said for a writ of certiorari or a writ in the nature of certiorari= , directions or orders provided for under article 226 of Constitution of In= dia, Merc be prohibited from calling for the records of the case and after = pursuing the same, quash and set aside the order granted by Merc on May 29. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.timesofindia.com/today/08busi1.htm Lenders form panel to negotiate with MSEB, By Pradipta Bagchi=20 Domestic and international lenders to the $ 2.9 billion Dabhol Power projec= t have put aside their differences and adopted a united front to try and re= solve the crisis. The lenders under the leadership of the IDBI have set up = a committee comprising of the major Indian lenders--IDBI, ICICI and SBI--an= d the foreign lead arrangers--ANZ Grindlays, ABN Amro, Citibank and Credit = Suisse First Boston. This committee of lenders will meet with the Maharasht= ra State Electricity Board next week to try and seek a resolution to the cu= rrent crisis.=20 Institutional sources said that the lenders have not given consent for DPC = to issue a transfer notice to MSEB yet. Permission for such a notice was so= ught by DPC officials after their presentation to the lenders on Wednesday.= However, both domestic and foreign lenders have decided to take an active = role to try and arrive at a concrete solution to the crisis by negotiating = with MSEB.=20 Depending on how negotiations with MSEB progress, the lenders will take a v= iew on the payments to be made to Bechtel, the EPC contractor for phase II = of the project. According to the current schedule, a payment of $ 25 millio= n has to be made by June 18 to Bechtel. Institutional sources indicated tha= t the lenders have come to the conclusion that a concrete plan is needed wi= thin a specified time-frame to have any hope of salvaging the project. Howe= ver, institutions remain confident that a solution will emerge, especially = as PM Vajpayee has promised to intervene to find a solution.=20 Foreign lenders have also explained their position to their Indian counterp= arts in terms of further disbursal of loan funds. This is because in the ab= sence of a plan, it is difficult for foreign lenders to seek more disbursal= s on the project from their respective credit committees. The total project= cost of the DPC project is slated to be $ 3 billion, of which $ 2.1 billio= n has been financed through debt while the rest has come from equity contri= butions from Enron Corp, MSEB, GE and Bechtel. Indian institutions have a R= s 5,000 crore exposure to the project. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.timesofindia.com/today/08busi2.htm DPC against public hearings , Swati Deshpande=20 The Dhabol Power Company does not like public hearings. In a petition filed= by the company before the Mumbai High Court to challenge the proceedings b= efore the Maharashtra Electricity Regulatory Commission (MERC), DPC submits= it ``cannot get a proper or fair hearing'' if the proceedings are open to = public and involve hearing strangers to the contract.=20 While contending that MERC has no jurisdiction to debar the company from pr= oceeding with international arbitration, DPC at the same time, protests the= presence of the press and filming of the MERC proceedings by TV channels. = DPC's petition will be heard on June 11 by a division bench headed by Justi= ce Ajit Shah. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.indian-express.com/ie20010608/bus1.shtml DPC lenders hire advisor to evaluate suspension ENRON Corp and Maharashtra State Electricity Board (MSEB) will get some mor= e time to solve their problems during which the Dabhol Power Company will s= top production of power, lenders to the project said after three-day delibe= rations in Singapore.The lenders have also decided to hire US-based energy = consultants, Stone and Webster to prepare a report on the cost of suspensio= n of the plant for a year. The consultants will study the possible losses f= or the lenders as well as for the DPC and MSEB - if the project is closed d= own for a year.=20 The consultants will also look into the viability of the closure formula es= pecially when over $3 billion loan has been already blocked in the project.= On the second day (Wednesday), Enron India managing director K Wade Cline = suggested a 'temporary suspension' of the project. Cline also provided deta= iled alternatives vis-a-vis a post-suspension scenario with reference to po= wer blocks and almost ready Liquified Natural Gas (LNG) terminal, they adde= d. Stone and Webster were zeroed upon to calculate their estimate of revenues = of the entire project, including the LNG terminal as foreign lenders felt t= hat a cost evaluation should be undertaken in the present circumstances. Th= e fate of the DPC's 1,444 mw phase-II, which was to be fired today, now han= gs in balance as it has been postponed for the time being till the matter r= egarding the rescinding of the Power Purchase Agreement (PPA) is settled. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.indian-express.com/ie20010608/bus2.shtml Dabhol Power ready to scale down RoR to 11 pc, Sitanshu Swain EVEN as the foreign lenders secured more time to take a final view of their= investment in Dabhol power project, hopes of reviving the high-cost projec= t has gained momentum as the US energy major has shown willingness to scale= down the rate of return from 16 per cent to 11 per cent from the Dabhol pr= oject. Such a move on the part of Enron Corporation will facilitate a simil= ar downward revision in the per unit of power cost from its present range o= f Rs 3.01 to Rs 4.70, depending upon the PLF and foreign exchange variation= . The power cost in India remains cheaper as the return is calculated in rupe= e terms whereas in Enron's case, it is high since it is linked to the excha= nge rate. According to a top official of Industrial Development Bank of Ind= ia (IDBI), Enron has informed the financial institution that it is keen to = cut down the projected return from 16 per cent to 11 per cent. ''It is matt= er of time that Enron will decide about the revision of the projected retur= n,'' said the official, adding that IDBI is insisting on the immediate impl= ementation of the revised return instead of waiting for the second phase. Enron's initiative to cut down the projected return is possible as the assu= red return of 16 per cent, which is linked to the exchange rate is making t= he per unit cost expensive. Further, the IDBI official point out that Enron= 's maximum rate of return in the US is between six per cent to eight per ce= nt. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.hindubusinessline.com/stories/14085602.ht= m Enron seeks promise on phase I drawal=20 ENRON has suggested that it could suspend construction of phase II of the D= abhol power project for about a year or so if it proves difficult to find b= uyers for electricity from its plant. That would, however, be possible only= on an assurance that the entire phase I power would be lifted. Mr Wade Cli= ne, Enron India Managing Director, told financiers at a meeting in Singapor= e that Dabhol Power Company (DPC) was also willing to pare its returns by 1= 0 per cent if MSEB assures power purchase and reinstates the contract.=20 Another suggestion that came up at the meeting was that ``mechanical'' cons= truction such as the power blocks and LNG facilities could be completed and= the rest left for a later date. The lenders have mandated engineering firm= , Stone and Webster, to make an ``assessment'' of the project and submit a = status report within a week. The mandate includes ascertaining the current = requirement of funds and the cost implications of suspending the second pha= se.=20 According to sources, foreign lenders have mellowed their stand but are not= willing to back down too far. They have not yet made any commitments becau= se of legal issues involved. The issue of reduction of tariffs could be dis= cussed only after finding a buyer for the power, the meeting was reportedly= told. The sources also said offshore lenders were unhappy about MSEB resci= nding the PPA, which they want to be reinstated. They feel that a confronta= tionist stand would not be good for any one. Sources said the meeting had s= pilled over to one more day on Thursday but some representatives of Indian = lenders had returned yesterday. However, a couple of others stayed back for= the final round of talks, the sources added.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.hindubusinessline.com/stories/040821ed.ht= m Dabhol lessons=20 DABHOL POWER COMPANY'S reported willingness to extend the period for concil= iation must be welcomed as it gives rise to some hope for a negotiated sett= lement. At the same time, it must not be perceived by the anti-Dabhol lobby= as a climbdown by the company. Even if an amicable settlement comes throug= h, the chances for which appear extremely dim now given the extreme posture= s adopted by all concerned, there are not going to be any winners or losers= .=20 The politicians need to realise that they cannot mess around as they like w= ith such projects, especially one that has an apparently water-tight contra= ct. More important, they need to realise that the decision-making process i= n the country is still woefully inadequate to deal with multinationals whic= h have wide experience in dealing with varied markets. There seems little p= oint in the Prime Minister, Mr Atal Bihari Vajpayee, now saying that Dabhol= power is ``too expensive'' for anyone. For companies like Enron, the princ= ipal promoter of Dabhol Power Company, the crisis is a lesson in that they = cannot hope to get away with unreasonable profits and blatantly one-sided c= ontracts. Ultimately, wisdom must dawn that a negotiated settlement will be= far more beneficial and far less messy than the one that goes through a lo= ng-drawn legal process. It is still not too late for the Maharashtra State = Electricity Board, the Maharashtra Government, DPC and the Centre to sit ar= ound the table and arrive at a settlement.=20 At the same time, it must be mentioned that wisdom has belatedly dawned on = the Power Minister, Mr Suresh Prabhu, that contracts have to be honoured. F= or, it was the party he belongs to -- the Shiv Sena -- that re-opened the o= riginal agreement inked by its predecessor Sharad Pawar Government, thus in= creasing the burden on the MSEB many times over. Mr Prabhu's admission may = also be because of the unenviable position he might find himself in should = the burden of the project shift to his lap. As it is, his Ministry is burde= ned with the problem of getting the power sector back on the rails, with re= calcitrant State governments unwilling to go ahead with even minimum reform= s. Mr Prabhu has to deal with a situation of investors -- forget internatio= nal agencies, even the domestic institutions -- having absolutely no faith = in the repaying capacity of the State electricity boards and where Central = power sector utilities are making no headway in collecting their bills even= as they continue to bail out the States.=20 It is probably because of this that Mr Prabhu feels that independent power = producers should be allowed to sell power directly to third party consumers= , bypassing the moribund SEBs. By doing so, the argument goes, there will n= ot be any need for the elaborate payment security mechanisms that the IPPs = insist on when selling to the SEBs. Such a proposal had even been mooted in= the draft Electricity Bill. However, it is unlikely that States will accep= t this proposal as it will mean that industrial consumers, which contribute= to the bulk of the SEBs' revenues, switching to direct purchases from the = IPPs. Private investment has also been permitted in transmission and distri= bution and by allowing third party sale, the country is expected to move to= wards a more competitive power market. But the question remains whether Ind= ia is as yet ready for such a switch.=20 The poor financial position of the SEBs cannot be just wished away, so also= the fact that subsidies to certain consumers are going to continue for som= e time to come in one form or the other. Dabhol exposed the myth that Mahar= ashtra was a financially well-administered State. That itself should serve = as a lesson to other States to not play around with the power sector and in= stead run it on purely commercial lines. Dabhol is also a lesson for the do= mestic financial institutions that they need to be more transparent and pro= fessional in the way they assess projects.=20 Godbole charges DPC with doublespeak=20 MUMBAI, JUNE 7. The ongoing efforts to renegotiate the Power Purchase Agree= ment (PPA) with the Enron-promoted Dabhol Power Company (DPC) suffered a se= tback today with the State Government- appointed renegotiation panel chief,= Dr. Madhav Godbole, charging the company with adopting a dual stand on the= issue.=20 ``They have a different stand on the negotiating table before the committee= and a different stand elsewhere'', Dr. Godbole said after the panel held a= n internal meeting at the Maharashtra State Electricity Board (MSEB) premis= es in south Mumbai to discuss PPA- related issues.=20 The meeting also discussed at length the availability of power in the State= , Dr. Godbole said adding that the next meeting with DPC officials would be= held after the Maharashtra Electricity Regulatory Commission ( MERC) heari= ng scheduled for June 14. However, no date has been fixed.=20 The meeting chaired by Dr. Madhav Godbole, was attended among others by the= State energy secretary, Mr. V.M. Lal, the MSEB chairman, Mr. Vinay Bansal = and the Central nominee, Mr. A.V. Gokak.=20 Meanwhile, the Bombay High Court today fixed the hearing on the suit filed = by the DPC challenging the MERC ad- interim order for June 11.=20 The MSEB had filed a suit before the MERC alleging that the DPC had default= ed by not supplying power on demand on January 28, February 13 and March 29= this year as per the PPA and slapped a penalty of Rs. 401.24 crores on it.= After hearing both the parties on May 29, the MERC had posted the next hea= ring to June 14 to give time to the DPC to submit its reply. It had also pa= ssed an ad-interim order restraining the company from taking the matter to = the International Court of Arbitration in London and also from activating t= he escrow account till its next hearing on June 14.=20 In a petition filed on Wednesday, the DPC sought a direction from the High = court to call for records from MERC and after perusing it, quash the impugn= ed May 29 order in favour of the MSEB.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.the-hindu.com/stories/0208000b.htm Provision for arbitration=20 The company also sought a direction to MSEB to withdraw the proceedings pen= ding before the Regulator. It said the Electricity Regulatory Commission Ac= t 1998, came into affect much after it had signed the PPA with the MSEB on = December 8, 1993. The PPA clearly provided for international arbitration in= case of any dispute between the parties. Therefore, the MERC had no jurisd= iction to act, entertain or adjudicate upon any disputes and differences wh= ich had arisen between it and the MSEB in connection with the PPA.=20 Seeking to nullify MSEB's argument that the Indian Contract Act, 1872, woul= d prevail over any other law, it said the MSEB had entered into the PPA aft= er seeking the State Government's approval. Both parties were fully aware t= hat the PPA contained a dispute resolution mechanism, which provided for an= arbitration of disputes and differences, in accordance with arbitration ag= reement set out in Clause 20.3. Therefore, the DPC said, it possessed a con= tractual right under PPA to refer any dispute or difference which may arise= to arbitrators. The MSEB had a similar right to invoke the arbitration cla= use, it added. - PTI=20 Medha for judicial inquiry=20 KOLHAPUR, JUNE 7. The Narmada Bachao Andolan leader, Ms. Medha Patkar, has = called Enron supporters ``anti-nationals'' and demanded a judicial inquiry = into the deal as recommended by the Godbole Committee. Speaking to reporter= s here on Wednesday, Ms. Patkar, said, ``The time has come to oust Enron fr= om India'' and appealed to the people to maintain pressure on the decision-= makers in the interest of the nation.=20 An indefinite agitation would also be launched against the globalisation pr= ocess from October-November this year under the banner of the National Alli= ance for People's Movement, she said. Criticising the Maharashtra Governmen= t's apathy towards the project-affected people, she said a report of the Ju= stice Dawood Committee on their rehabilitation was expected this month addi= ng that the people were all set to go on a satyagraha in Madhya Pradesh fro= m July 5.=20 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.telegraphindia.com/ LENDERS BLOW THE DABHOL II FUSE =20 The controversial second phase of Dabhol Power Company (DPC) plunged into a= nother round of uncertainty today, with the foreign lenders weighing a move= to suspend construction of the project. The latter appointed global energy= consultants Stone & Webster to evaluate "the cost of suspension" of the se= cond phase of the 2,184 MW project promoted by US energy major Enron Corp. = While the Indian institutions had, on Wednesday, assured their foreign coun= terparts that the Centre was likely to step in and a solution to the Enron = mess was in sight, the overseas lenders apparently did not buy this argumen= t. "This (the central government's intervention) has been repeated often," = the foreign lenders are believed to have said. "The Indian lenders failed t= o convince their foreign counterparts, who, in turn, were in favour of the = suspension," sources said."The fate of DPC's 1,444 MW Phase-II now hangs in= the balance, as the project has been postponed till the issue of the resci= nding of the power purchase agreement (PPA) is settled," they said. As per = the original schedule of the PPA, DPC's Phase-II was to have been fired tod= ay.=20 Sources said Stone and Webster will review the second phase of the project.= One of their aims will be to ascertain whether it is worthwhile to complet= e the mechanical part of the second phase. According to a section of the pa= rticipants at the meeting, the rationale behind completing the mechanics of= the project was that in case Enron wanted to exit, the project will get a = better valuation. Already, 92 cent of the project has been completed, with = $ 1500 million committed to it.=20 On Wednesday, the Enron India managing director K. Wade Cline in his presen= tation before the lenders in Singapore, suggested a "temporary suspension" = of the $ 2.9 billion project, R S Agarwal, executive director of IDBI, told= The Telegraph here today.Cline also provided detailed alternatives vis-a-v= is a post-suspension scenario, with reference to power blocks and almost re= ady liquefied natural gas (LNG) terminal, sources said. However, Agarwal, w= ho headed the delegation representing the Indian financial institutions, sa= id all the lenders unanimously agreed that Phase-I should restart immediate= ly. They were of the view that the legal wrangles between DPC and the Mahar= ashtra State Electricity Board (MSEB) should be kept in abeyance and a solu= tion reached for offtake of Phase-I power. The local lenders said the legal wrangling had complicated matters further,= with no end in sight to the eight-month old imbroglio.The foreign lenders = felt the Centre should play a greater role in resolving the payments tangle= , the sources said. They also felt the MSEB move, rescinding the PPA, had h= armed their interests in the project. When asked whether the foreign banks = had given any indications of invoking the guarantees of the Indian institut= ions, sources replied in the negative. Meanwhile, both the lenders continued to meet with representatives of indiv= idual foreign banks today. In a related development, the state government h= as decided to call the third round of the Godbole renegotiations committee = on June 30. The Godbole committee, which met today, also discussed the stat= e energy review report. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Friday, June 08, 2001, http://www.asianageonline.com DPC CHALLENGES MERC'S ORDER IN COURT =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
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