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Message-ID: <13800488.1075860864995.JavaMail.evans@thyme> Date: Wed, 13 Feb 2002 21:18:18 -0800 (PST) From: ecdirect-daily@mail.energycentral.com To: khyatt@enron.com Subject: Energy Central Direct - 2/14/02 Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Energy Central X-To: khyatt@enron.com X-cc: X-bcc: X-Folder: \Kevin_Hyatt_Mar2002\Hyatt, Kevin\Deleted Items X-Origin: Hyatt-K X-FileName: khyatt (Non-Privileged).pst Energy Central Direct


Thursday, February 14, 2002

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Top Stories

Six Directors to Leave Enron; Stockholders Can't Move Shares to New Company
By Tom Fowler, Houston Chronicle, Feb. 13 - Six Enron board members will resign within 30 days and four more are expected to leave in coming months.

FERC says Enron shouldn't slow deregulation
WASHINGTON, Feb 13 (Reuters) - Enron Corp's plunge into bankruptcy is no reason for Congress to kill legislation that would deregulate the nation's $220 billion electricity market, a U.S. energy regulator and Republicans said on Wednesday

Nevada Utility Executive Lashes Out, Accuses Critics of Lies
By John G. Edwards, Las Vegas Review-Journal, Feb. 13 - Nevada's top utility executive on Tuesday accused state Consumer Advocate Tim Hay and others of telling half-truths and "out-and-out lies" about the company's power purchases.

UK to accelerate pace for renewable energy target
By Matthew Jones, LONDON, Feb 13 (Reuters) - Britain on Thursday will widen the gap versus the United States in the fight to prevent global warming by setting tough new goals for the share of renewables in the UK energy market.

Press Release

Excelergy and Algorithmics Combine to Deliver Advanced Trading and Risk Management System to Energy Industry
TORONTO, Ontario and LEXINGTON, Massachusetts (February 13, 2002) - Excelergy Corporation, the world's leading provider of high performance software products in the global energy and utility industry, and Algorithmics Incorporated, a leader in enterprise risk management with more than 120 global clients in 26 countries, today announced a strategic alliance that will deliver the industry's most advanced energy trading and risk management system to energy traders and generators.

SOLARC NAMES DALE ST. DENIS AS VICE PRESIDENT OF PRODUCT MARKETING
TULSA, Okla. (February 11, 2002) - SolArc, Inc., a leading provider of enterprise trade management solutions for global commodity businesses, announced today that Dale St. Denis joined the company as vice president of product marketing.

Enron Debacle

Enron Executives Will No Longer Handle Company's Retirement Plans
By Dale Lezon, Houston Chronicle, Feb. 13 - Control of Enron's retirement plans will be taken from company executives and given to an independent fiduciary appointed by the Labor Department under an agreement reached Tuesday.

Enron Executives Profited by Unloading Stocks as Units Failed
By Gregg Fields, The Miami Herald, Feb. 12 - Some of Enron's top executives made millions of dollars selling the company's stock, even as the company divisions they headed posted massive losses.

Documents Show Enron Executives Repeatedly Briefed Board on Activities
Chicago Tribune, Feb. 13 - Enron Corp. executives repeatedly briefed the company's board of directors about the suspect partnerships and murky accounting that later brought down the energy giant, internal Enron documents show.

Former Enron Chairman Takes Beating from Senators but Pleads Fifth at Hearing
By Patrice Hill, The Washington Times, Feb. 13 - Former Enron Corp. Chairman and CEO Kenneth L. Lay, one of Congress' most generous benefactors over the years, looked like a wayward child being forced to endure the scolding of a dozen schoolteachers.

Calif senate panel seeks contempt citation vs. Enron
SACRAMENTO, Calif., Feb 12 (Reuters) - A California Senate panel probing Enron Corp's actions during the state's energy crisis asked Tuesday for an official contempt charge against the beleaguered energy giant for failing to cooperate with the investigation.

Creditors of Enron Subsidiary Want Changes in Cash-Management System
By Eric Berger, Houston Chronicle, Feb. 13 - A U.S. bankruptcy judge is expected to rule today on whether Enron can continue its practice of collecting money from its subsidiaries and distributing it as needed.

Enron Executive to Discuss Now-Famous Warning Memo before Congress
By Patty Reinert, Houston Chronicle, Feb. 13 - Sherron Watkins, the Enron vice president who in August told Chairman Ken Lay she feared their company might "implode in a wave of accounting scandals," will testify on Capitol Hill Thursday, her lawyer said.

Former SEC Chairmen Warn Congress about Depth of Enron-Type Problems
By Frank James, Chicago Tribune, Feb. 13 - Five former chairmen of the Securities and Exchange Commission warned Congress Tuesday that some of the problems revealed by Enron Corp.'s collapse are pervasive in corporate America, requiring new legislation, tougher government and private-sector oversight, and greater integrity in the accounting profession.

Enron Put Markets At Risk, American Stock Exchange Chief Says
By Patrice Hill, The Washington Times, Feb. 13 - The chairman of the American Stock Exchange said yesterday the Enron scandal was undermining confidence on Wall Street and called for swift action to punish wrongdoers and adopt legislation and regulations to prevent future abuses.

Volcker sought Enron funds for accounting board-memo
By Susan Cornwell, WASHINGTON, Feb 13 (Reuters) - Former Fed Chairman Paul Volcker called the chairman of Enron Corp. last year to solicit a $500,000 contribution for the foundation of the International Accounting Standards Board, according to a memo released by a senior Democratic senator on Wednesday.

Enron Formed Network of 16 Companies in Spain
Feb 13, 2002 - FT World Media Abstracts via Comtex - The administrators of US energy group Enron in Spain and the Spanish energy commission (CNE) are tracing operations involving its network of 16 companies in Spain.

FACTBOX-Congress hearings schedule on Enron/Andersen
WASHINGTON, Feb 12 (Reuters) - The following are the hearings that the U.S. Congress has scheduled on the collapse of Enron Corp., the role of its auditor Andersen and related regulatory issues over the coming weeks.

Even the baker gets burnt by Enron's demise
By Matthew Jones, LONDON, Feb 13 (Reuters) - Even the local English baker is counting the cost of dealing with the failed U.S. energy giant Enron.

Stricter rules for Enron-type deals proposed
NEW YORK, Feb 13 (Reuters) - U.S. accounting rulemakers on Wednesday proposed stricter rules on how companies can keep complex financing arrangements off their books as the accounting industry seeks to prevent future Enron-like debacles.

NYSE forms committee to evaluate listing standards
NEW YORK, Feb 13 (Reuters) - The New York Stock Exchange on Wednesday said it set up a committee to review its listing requirements and corporate governance issues for Big Board companies.

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National Energy Policy

US judge orders White House to keep energy records
By Peter Kaplan, WASHINGTON, Feb 12 (Reuters) - A U.S. federal judge on Tuesday directed the White House to preserve records from meetings of its energy task force, which critics suspect was heavily influenced by Enron Corp. and other major energy companies.

Competition & Deregulation

Enron's Market Impact Assessed
By Brett Lieberman, The Patriot-News, Harrisburg, Pa., Feb. 13 - Less than 500 yards from the hearing room where former Enron Corp. Chairman Kenneth Lay refused to testify before Congress, Pennsylvania's top utility regulator Tuesday urged state and federal regulators not to let the Enron bankruptcy scandal stop electric deregulation efforts.

Electric Suppliers Yet To Make Much Of Spark
Feb 13 - Richmond Times - Dispatch - Electricity deregulation is off to a whimpering start in Virginia.

Mergers, Acquisitions & Divestitures

FERC OKs $2.9 bln Reliant purchase of Orion Power
WASHINGTON, Feb 13 (Reuters) - The Federal Energy Regulatory Commission (FERC) on Wednesday approved Reliant Resources Inc.'s $2.9 billion acquisition of Orion Power Holdings Inc.

FERC Approves Enron Subsidiary Sale
Feb 13, 2002 - Associated Press - The Federal Energy Regulatory Commission on Wednesday approved the sale of an Enron subsidiary to Northwest Natural Gas Co. in a $1.8 billion deal reached just weeks before the Enron collapse.

Embattled Dallas-Area Electric Co-Op to Sell Gas Subsidiary
By Dan Piller, Fort Worth Star-Telegram, Texas, Feb. 12 - CoServ, the bankrupt electric cooperative that serves Denton County, put its gas subsidiary on the market Monday on what it said would be an "expedited basis."

California Crisis

FERC to probe Enron role in Calif. power market
WASHINGTON, Feb 13 (Reuters) - Bowing to pressure from Democrats, the Federal Energy Regulatory Commission on Wednesday launched a probe into whether bankrupt energy trader Enron Corp. and others inflated California electricity prices last year and triggered state blackouts

Legislation/Regulation

Records Show Warning of Complaint Backlog for Texas Utilities Watchdog Agency
By R.A. Dyer, Fort Worth Star-Telegram, Texas, Feb. 13 - A warning that a backlog of complaints had begun undermining its customer protection division reached the Texas Public Utility Commission more than two years ago, according to documents obtained by the "Star-Telegram".

Trading/Marketing

Enron's demise halts growth of German power trade
By Vera Eckert, ESSEN, Germany, Feb 13 (Reuters) - Enron's collapse has halted the growth of power trading in Germany as caution reigns in the wake of the U.S. giant's demise late last year, a leading trader said on Wednesday.

New post-Enron trading regulations not needed-CFTC
WASHINGTON, Feb 13 (Reuters) - Enron Corp.'s swift collapse into bankruptcy had little impact on U.S. energy futures markets and Congress should not rush to impose new trading regulations, the head of the Commodity Futures Trading Commission said on Wednesday.

ADVISORY-NY commodities and energy holiday hours
NEW YORK, Feb 13 (Reuters) - In observance of the U.S. Presidents Day holiday, New York commodities and energy markets will be closed on Monday, Feb 18.

Power Projects

Fort Mill, S.C., Residents Turn Out for Information Session on Power Plant
By Sula Pettibon, The Herald, Rock Hill, S.C., Feb. 13 - Officials with Calpine Corp. faced somewhat hostile questions at the beginning of their information session for the $400 million electric generator they want to build in Bradley Industrial Park.

Renewables

Northern Quebec Tribe Votes Yes on Hydroelectric Development Deal
By Robert Taylor, Indian Country Today, Oneida, N.Y., Feb. 12 - The James Bay Cree have approved an historic $3.8 billion landmark hydroelectric development agreement with the provincial government, apparently ending a generation of rancorous opposition.

Utility Worries Stop Oklahoma Wind-Energy Bill
Feb 13, 2002 - www.newsok.com - A bill in the Oklahoma Legislature that would have required utilities to buy electricity from renewable generation sources like wind power was killed in committee Tuesday.

Colorado Entrepreneur Makes Portable Solar Generators Suitable for Camping
By Steve Raabe, The Denver Post, Feb. 11 - Imagine your next backcountry camping trip with margaritas fresh from the blender, tunes on the stereo and the tent suffused with electric lighting.

Plants

Alberta regulator okays TransAlta plant expansion
CALGARY, Alberta, Feb 12 (Reuters) - Alberta regulators on Tuesday approved TransAlta Corp.'s application for the C$1.8 billion ($1.1 billion) expansion of a coal-fired power plant in the central part of the western Canadian province.

Announcements

ALABAMA MUNICIPAL ELECTRIC AUTHORITY BECOMES PART OWNER OF APPA?S HOMETOWN CONNECTIONS SUBSIDIARY
WASHINGTON, D.C., Feb. 13, 2002 (News Release) - Alabama Municipal Electric Authority (AMEA) has purchased a 35% interest in Hometown Connections, the American Public Power Association?s four-year-old subsidiary that provides competitive advantage to public power systems by delivering lower-priced, value-added products and services to APPA members.

Labor/Human Resources

Uranium Fuel Maker USEC to Cut Jobs
Feb 13, 2002 - Associated Press - USEC Inc. will cut 440 jobs at an Ohio plant as it consolidates shipping operations at a Kentucky plant this summer as part of a plan to cut costs by $40 million a year, the company said Wednesday.

Fuel

Tribe Opposes Lease Extension for Peabody Energy at Arizona Mine
By Tom Wanamaker, Indian Country Today, Oneida, N.Y., Feb. 12 - An ongoing dispute between the Hopi Tribe and St. Louis-based Peabody Energy Corp. threatens that company's plans to expand its mining operations on the Hopi Reservation in Arizona.

Environmental

Xcel Energy taking pollution control steps, but not fast enough for environmental groups
Feb 13 - La Crosse Tribune - After months of negotiations and planning, Xcel Energy has started site work to install new pollution control equipment at its French Island waste-to-energy plant.

Nuclear

Bethesda, Md.-Based Nuclear-Fuel Firm Faces Fiscal Meltdown
By Carter Dougherty, The Washington Times, Feb. 13 - The only U.S. company that produces fuel for nuclear-power plants faces a bleak financial future and could go bankrupt within six years, according to a confidential report prepared for the Nuclear Regulatory Commission.

North, South Carolina Have Alternate Plans in Case of Nuclear Disaster
By Peter Smolowitz, The Charlotte Observer, N.C., Feb. 13 - The federal government is buying millions of potassium iodide pills to give to states to protect people from radiation poisoning in the unlikely event of a nuclear disaster.

NASA Plans to Revive Nuclear Power, Propulsion Programs
By Mark Carreau, Houston Chronicle, Feb. 13 - NASA plans to spend nearly $1 billion on a controversial effort to rejuvenate its nuclear power and propulsion programs, capabilities it believes are crucial to the exploration of the outer solar system and rooting out evidence of life on Mars.

Connecticut Takes Step against Possible Nuclear Mishap at Waterford Facility
By Paul Choiniere, The Day, New London, Conn., Feb. 12 - Connecticut is asking the federal government to provide 450,000 doses of potassium iodide for use in warding off the damaging effects of radiation poisoning in the event of a nuclear accident at Millstone Power Station in Waterford.

Duke Energy, NRC Appeal Hearing on Using Mox Fuel
Feb 13, 2002 - The Herald Rock Hill, SC - Duke Energy and the U.S. Nuclear Regulatory Commission have appealed the Atomic Safety and Licensing Board's decision to hear testimony on the use of surplus bomb material to fuel the Catawba and McGuire nuclear plants.

Lawmakers call on Bush to cancel transfer to NKorea of light water reactors
Feb 13, 2002 - Agence France-Presse - A small group of US lawmakers on Wednesday called on President George W. Bush to cancel plans to transfer two light water reactors to North Korea, charging that Pyongyang was developing nuclear weapons.

Financial

Tucson, Ariz.-Based UniSource Energy to Increase Quarterly Dividend
By Alan D. Fischer, The Arizona Daily Star, Tucson, Feb. 12 - UniSource Energy Corp. is well positioned for continued profitability despite declining revenues from the wholesale power market, the firm's chief financial officer said Monday.

Intl Power near 2-year low on U.S. jitters
LONDON, Feb 13 (Reuters) - Shares in British independent power producer International Power Plc fell almost four percent on Wednesday, under pressure after talk of bearish comments emanating from a UBS Warburg energy conference in New York.

Xcel To Pump $760 Million Into Hard-Hit Affiliate Nrg
Feb 13 - Denver Rocky Mountain News - Xcel Energy is poised to invest an estimated $760 million to shore up its affiliate, NRG Energy Inc., whose shares have fallen 47 percent in the wake of the Enron scandal.

FEATURE-Accounting Sherlocks bask as scandals rocket
By Deepa Babington, NEW YORK, Feb 13 (Reuters) - An audit gone awry? Hidden debt lurking in your company's books? Time to call your friendly accounting version of Sherlock Holmes.

International

LG Group considers taking over Powercomm - report
Feb 13, 2002 - AFX News Limited - LG Group is considering taking over Powercomm, a power cable unit of Korea Electric Power Corp, Yonhap news agency said, citing industry sources.

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RESTRUCTURING TODAY

February 14, 2002

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