Message-ID: <20118075.1075860768356.JavaMail.evans@thyme> Date: Thu, 21 Feb 2002 07:19:57 -0800 (PST) From: bruno@eyeforenergy.com To: energynews@fc.ease.lsoft.com Subject: h: Eyeforenergy Briefing Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: quoted-printable X-From: Eyeforenergy @ENRON X-To: ENERGYNEWS@FC.EASE.LSOFT.COM X-cc: X-bcc: X-Folder: \Darrell_Schoolcraft_Mar2002\Schoolcraft, Darrell\Inbox\Junk X-Origin: Schoolcraft-D X-FileName: dschool (Non-Privileged).pst http://www.eyeforenergy.com/newsletter/newsletter_210202.html [IMAGE][IMAGE][IMAGE][IMAGE]=09 [IMAGE]HOMEEVENTSADVERTISEINDUSTRY DIRECTORY[IMAGE][IMAGE]=09 Thursday, February 21, 2002 Issue 47 EDITORIAL Protestors, Profits an= d Cows Most of the Eyeforenergy team has returned from our recent, Energ= y, Weather and Emissions Trading conferences in Amsterdam. With over 250 p= eople at the event (and that's not counting the protestors and media who sh= owed up), these events were a true success and we'd like to thank all the s= peakers, sponsors and delegates who came and made it what it was. Our new= sletter this week brings together a number of interesting issues. Al Masse= y's written an article on the new Bush plan unveiled as a Kyoto alternative= . We've also got a first day summary of some of the key issues emerging fr= om the Amsterdam conference. And we begin looking further into the world o= f energy management and what's out there for both the buyers and sellers of= energy in terms of both key issues and concerns as well as solutions. An= d finally, to end on a light note (and after a week that saw our conference= attacked by people with blue wigs and water pistols, how can you end on an= ything else?), we've got a joke that was forwarded to us about cows and Enr= on. It certainly made us chuckle... Feudalism You have two cows. Your = lord takes some of the milk.Fascism You have two cows. The government takes= both, hires you to take care of them and sells you the milk. Communism You= have two cows. You must take care of them, but the government takes all th= e milk.Capitalism You have two cows. You sell one and buy a bull. Your herd= multiplies, and the economy grows. You sell them and retire on the income.= Enron You have two cows. You borrow 80% of the forward value of the two co= ws from your bank, then buy another cow with 5% down and the rest financed = by the seller on a note callable if your market cap goes below $20B at a ra= te 2 times prime. You now sell three cows to your publicly listed company, = using letters of credit opened by your brother-in-law at a 2nd bank, then e= xecute a debt/equity swap with an associated general offer so that you get = four cows back, with a tax exemption for five cows. The milk rights of six = cows are transferred via an intermediary to a Cayman Island company secretl= y owned by the majority shareholder who sells the rights to seven cows back= to your listed company. The annual report says the company owns eight cows= , with an option on one more and this transaction process is upheld by your= independent auditor and no Balance Sheet provided with the press release t= hat announces that Enron as a major owner of cows will begin trading cows v= ia the Internet site COW (cows on web). I am sure you now fully understand = what happened. --Allison Robertshaw, Editor FOCUS Monitoring Energ= y Use in the Digital Economy As deregulation comes to an overloaded and = often antiquated power grid, companies and consumers alike struggle with ri= sing energy cost and the need for a smooth flow of electrons. For much of t= he world, deregulation offered the false promise of increased competition t= hat would result in lower rates. Energy users can only watch with growing = concern as the world's transmission buckles under the strain of keeping pac= e with global expansion at a time when demand for electricity is outpacing = supply. Today's energy market is becoming fractured with power shortages, h= igh prices and reduced... Click here for Full Story Day 1 Update from Ey= eforenergy's Energy, Emissions and Weather Trading Conference With over = 250 people in attendance at the Amsterdam shows, the three trading events k= icked off to a distinct buzz. Initial excitement was caused by a group of e= nvironmental protestors who stormed the hotel and briefly occupied the Emis= sions Trading conference, which resumed shortly afterwards. The excitement= about the emissions trading conference didn't go down a notch after the pr= otestors were removed - if anything delegates were even more determined to = get down to work. With the impending UK emissions auction, all eyes were on= Powergen's Dr William Kyte and what this... Click here for Full Story = INSIGHT Bush Unveils Kyoto Alternative "GHG, Global Warming and the Battl= e of Semantics" Since he came out in opposition to the Kyoto Protocol la= st March, President George Bush has drifted from most of the world communit= y over the issue of global warming. The latest shot fired across the bow of= Kyoto supporters came last week when the President unveiled his alternativ= e to the treaty. Peppered with phrases such as "greenhouse gas intensity,"= and "stabilizing GHG concentration" while proposing a "new environmental p= ath" that will "benefit the entire world," Bush's speech appeared to be mor= e a battle of semantics, rather than a declaration of war on global warming= ...Click here for Full Story ADVERTISEMENT [IMAGE] TIP Days TAF ICT S= olutions, the Amsterdam based total solution provider in speech- and dataso= lutions, has received an enormous amount of attention during this week's Ey= eforenergy events in Amsterdam. Following this, TAF ICT Solutions have orga= nised their annual TAF ICT Solutions Product days (TIP Days) from March 11-= 15 2002. This is designed to combine business with pleasure and gives you = the opportunity to see the whole range of ICT products. The main motto 'Inv= estigate before you invest' leads you to Voice Recording, Voice over IP (Vo= IP), Restart Service and Outplacement. Our entertainment programme consists= of a unique wine-tasting experience in conjunction with Wijn Verlinden. Ev= ery night from 17.00 to 22.00 you can enjoy the surprising wines of our wor= ld. Don't hesitate to bring your colleagues to experience this wonderful ev= ent. Reply now and reserver your seat on the TIP Days. TAF ICT Solutions:= tipdays@taf.nlor +31 20 448 880 [IMAGE] Strategic Energy Management USA = 2002 Park Hyatt Hotel, Philadelphia 24-25 June 2002 Energy Management has = never been more important than today. As the energy sector continues to der= egulate, energy managers are finding themselves increasingly faced with new= players, new tools and new choices. A solid strategy which can navigate th= e challenges of intense competition, online developments and a volatile mar= ket supply, is crucial to your business. Where can you go to network with= the important players in the field? Where can you get expert appraisal of = your energy strategy? Where can you find out about the latest tools that ca= n make your operations more efficient and more secure? The answer is Philad= elphia this June at the Strategic Energy Management USA conference and exhi= bition. To find out more or get involved, simply register your interest a= t http://www.eyeforenergy.com/sem, email Meabh Quoirin at mquoirin@eyeforen= ergy.comor call +44 20 7375 7158. [IMAGE] NEWS ROUND UP - WEEK IN REVIEW = Japan's METI Embraces Renewable Energy February 20, 2002---Japan's Min= istry of Economy, Trade and Industry (METI), said this week that it plans t= o oblige power retailers from fiscal 2003 and sell certain amounts of energ= y generated by solar, wind and other types of renewable sources. According= to a draft bill made available Monday, METI aims to obtain cabinet approva= l on March 1 to submit to the ongoing Diet session a bill on special measur= es for the use of new energy by power utilities, ministry officials said. = The planned legislation is aimed at tripling the fiscal 1999... Click here= for Full Story Reliance Invites BG to Join in Enron India Bid Februa= ry 20, 2002---The bidding wars over Enron Corp's giant Indian power project= are heating up as Reliance Industries Ltd., invites BG Group Plc. The Brit= ish oil and gas major, to join them in a bid for the $2.9 billion project. = However, observers say the fiercely independent BGis expected to give the = overture a cold shoulder and enter its own bid for the project, which inclu= des a gas-fired 2,184 MW power plant and adjoining liquefied natural gas (L= NG) jetty and storage... Click here for Full Story In the eye of the Sto= rm TXU Stock Holds Steady February 19, 2002---With the state in the thro= es of electricity deregulation, falling natural gas prices and the Enron br= eakdown Dallas based utility TXU appears to be the clam at the eye of the s= torm. As utilities stocks, long considered the investment of choice for wid= ows and orphans, continue to fall TXU trades at near its 52 week high of $5= 1.50 per share. In contrast Reliant Resources of Houston, formerly known a= s Houston Lighting & Power Co., has seen its stock fall to about $11 a shar= e from $20 per share as recently as mid-November and from a 52-week high of= $37.50. Shares of Houston energy trader Dynegy have fallen from $59 a shar= e about a year... Click here for Full Story Energy Traders Move to Shore= up Stockholder Confidence February 19, 2002---Energy traders are workin= g hard to shore up investor confidence in the wake of Enron. Suffering from= what is rapidly becoming known as the "Enron effect" Mirant has lost 60 pe= r cent of its shareholder value. "We were suddenly and unexpectedly downgra= ded from a BBB flat credit rating to a BB+ by Moody's," said Marce Fuller, = Mirant president and chief executive. "Today we're facing capital markets = that are effectively closed to our company." Ms Fuller used her company as = a proxy last week to explain to the annual Cambridge Energy Research Associ= ates conference how Enron's rapid demise had undermined the confidence of t= he public, investors and politicians... Click here for Full Story Shareh= olders Sue J.P. Morgan Over Enron Exposure February 18, 2002---The lates= t in the long stream of lawsuits surrounding the Enron mess comes from the = law firm Glancy & Binkow LLP. The firm announced last Friday a shareholder = class action lawsuit against J.P. Morgan Chase & Co, alleging that the No. = 2 U.S. bank holding company did not initially divulge the full extent of it= s exposure to failed energy trader Enron Corp. The law firm in its complai= nt charged that ``material omissions and the dissemination of materially fa= lse and misleading statements'' related to Enron artificially inflated the = bank's stock price. Troubled energy trader Enron's collapse left J.P. Mo= rgan, one of its top lenders... Click here for Full Story Bush Plan Spel= ls Relief for Colorado Power Plants February 18, 2002--- Doug Benevento,= director of environmental programs for the Colorado Department of Health a= nd Environment said last week that the State will benefit from President Bu= sh's decision not to crack down on carbon dioxide emissions from coal-fired= power plants. Benevento said the only way to reduce carbon dioxide, the m= ost prevalent of the greenhouse gases Bush hopes to reduce at coal-fired pl= ants, is to switch from coal to natural gas. That "would have tremendous = economic impact on Colorado," Benevento said, because it is a major coal-pr= oducing... Click here for Full Story Mirant Set to Sell Off $1.6 Billion= in Assets, Strengthen Balance Sheet February 15, 2002---Ray Hill, CFO o= f Mirant Corp., told an audience of investors attending a conference in New= York yesterday, that the company's plan to strengthen its balance sheet wi= th $1.6 billion in asset sales is on track. Hill reported that $300 million= worth of asset sales is "very well advanced" and will be completed in the = next couple of months as the company moves to restore investor confidence i= n the wake of Enron's collapse. February 15, 2002---Ray Hill, CFO of Miran= t Corp., told an audience of investors attending a conference in New York y= esterday, that the company's plan to strengthen its balance sheet with $1.6= billion in asset sales is on track. Hill reported that $300 million worth = of asset sales is... Click here for Full Story Energy Traders Coming to = Grips With Risk, Seek Deep Pocket Partners February 15, 2002---Like nucl= ear waste after an atomic blast, the fallout from Enron is spreading throug= hout the energy sector. In the wake of the Houston trader's collapse energy= traders are seeking out well-heeled financial partners in an effort to sho= re up their financial statements. February 15, 2002---Like nuclear waste a= fter an atomic blast, the fallout from Enron is spreading throughout the en= ergy sector. In the wake of the Houston trader's collapse energy traders ar= e seeking out well-heeled financial partners in an effort to shore up their= financial statements...Click here for Full Story Latest News Now! [= IMAGE] EDITORIAL [IMAGE]Protestors, Profits and Cows ARTICLES [IMAGE]Mo= nitoring Energy Use in the Digital Economy [IMAGE]Day 1 Update from Eyefore= nergy's Energy, Emissions and Weather Trading Conference [IMAGE]Bush Unveil= s Kyoto Alternative "GHG, Global Warming and the Battle of Semantics" NEW= S ROUND UP [IMAGE]Japan's METI Embraces Renewable Energy [IMAGE]Reliance = Invites BG to Join in Enron India Bid [IMAGE]In the eye of the Storm TXU = Stock Holds Steady [IMAGE]Energy Traders Move to Shore up Stockholder Con= fidence [IMAGE]Shareholders Sue J.P. Morgan Over Enron Exposure [IMAGE]= Bush Plan Spells Relief for Colorado Power Plants [IMAGE]Mirant Set to Se= ll Off $1.6 Billion in Assets, Strengthen Balance Sheet [IMAGE]Energy Tra= ders Coming to Grips With Risk, Seek Deep Pocket Partners EVENTS [IMAGE= ]CO2 Trading 2002: The North American Market [IMAGE] Strategic Energy Manag= ement USA [IMAGE] Energy Exchanges Online III SUBSCRIBE Please enter yo= ur email address below to subscribe to the EyeForEnergy newsletter. Thank = you UNSUBSCRIBE To unsubscribe from the EyeForEnergy newsletter = please enter your email below. Thank you If you have any comments abo= ut this newsletter or you would like to suggest future topics or industry= related news, please email bruno@eyeforenergy.com [IMAGE] =09