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Enron Mail |
EOTT Energy Registers 2M Sub Units For Hldr Koch Pete
Dow Jones Corporate Filings Alert=20 USA: The Reuters Diary of the Supreme Court. Reuters Washington Daybook Report=20 UK: INTERVIEW-Italian power market long way from taking-off. Reuters English News Service=20 EOTT Energy Registers 2M Sub Units For Hldr Koch Pete 09/28/2001 Dow Jones Corporate Filings Alert=20 (Copyright © 2001, Dow Jones & Company, Inc.)=20 WASHINGTON -(Dow Jones)- EOTT Energy Partners L.P. (EOT) registered 2=20 million of its subordinated units for its holder Koch Petroleum Group L.P.= =20 for conversion into 900,000 common units in the company and an option to bu= y=20 another 1.1 million common units.=20 According to a filing Friday with the Securities and Exchange=20 Commission, the registration is part of a recapitalization agreement that t= he=20 company, Koch and Enron Corp. (ENE) signed Sept. 6, which still must be=20 approved by the company's unitholders.=20 Under the registration, Koch may sell all 2 million subordinated=20 units prior to approval of the proposed amendment to the company's=20 partnership agreement or if the amendment isn't approved.=20 As reported, Enron and Koch Petroleum have agreed to convert all 9=20 million of their outstanding EOTT Energy subordinated units and $9.2 millio= n=20 of additional partnership interests into about 4.3 million common units.=20 The company said the shift in capital structure will allow the=20 company to increase cash distributions to $1.95 a unit from $1.90.=20 Houston-based EOTT Energy is an energy company that gathers and=20 markets crude oil and refined products in North America.=20 -Joanne McPike, Dow Jones Corporate Filings Alert; 202-628-7669;=20 joanne.mcpike@dowjones.com=20 USA: The Reuters Diary of the Supreme Court. 09/28/2001 Reuters Washington Daybook Report=20 (C) Reuters Limited 2001.=20 THE REUTERS DIARY OF THE SUPREME COURT=20 The Week of October 1, 2001 Below are cases scheduled for argument before the=20 Supreme Court during the current session. Times are approximate. If you hav= e information for the daybook or any questions, please call 202-898-8345 or= fax 202-898-8401. For service problems, call 1-800-435-0101. The contact n= umber for the Supreme Court recording is 202-479-3211. The Supreme Court's = web site is http://www.supremecourtus.gov. The court is expected to post op= inions at noon on the day they are released.=20 Wednesday, October 3=20 SUPREME COURT=20 Beginning at 10 a.m. the Supreme Court hears oral arguments in the followin= g cases:=20 New York, et al. versus FERC, et al.; and Enron Power Marketing, Inc. versu= s FERC.=20 Given that Congress in 1935 stated that federal regulation extends "only to= those matters which are not subject to regulation by the states" (Section = 201(a) of Federal Power Act), and transmission of energy from generators to= retail customers in the same state was then "subject to regulation by stat= es" (as it has been since 1935), may FERC preempt state jurisdiction over s= uch intrastate retail transmissions of electric energy? Does FERC have juri= sdiction under the Federal Power Act to regulate all transmission of electr= ic energy in interstate commerce, including the interstate transmission of = electric energy that is sold to retail customers at "bundled" prices? Did F= ERC have jurisdiction under the Act to eliminate pervasive "undue discrimin= ation" in the provision of interstate electric energy transmission services= by requiring transmission-owning utilities to provide interstate transmiss= ion services on the same terms to all users, for all interstate transmissio= ns, including transmissions bundled with retail sales? Did the appeals cour= t err in ruling that FERC had discretion to interpret the Act as denying FE= RC the necessary jurisdiction to remedy undue discrimination it had found i= n the provision of interstate transmission?=20 UK: INTERVIEW-Italian power market long way from taking-off. By Dominique Magada 09/28/2001 Reuters English News Service=20 (C) Reuters Limited 2001.=20 LONDON, Sept 28 (Reuters) - Electricity trading in Italy is still facing to= o many difficulties for a liquid market to take off, said Fabio Leoncini, P= resident of the Italian Energy Traders Association, AIGET.=20 "There are a few bilateral contracts traded occasionally, but the market is= still in a very premature phase," he told Reuters in an interview on Frida= y. One of the main problems, he said, was that demand for electricity in Italy= was far higher than supply, and production from independent generators ver= y limited.=20 "Because of that, it is very hard to guarantee supplies and develop a liqui= d market," said Leoncini.=20 Demand from consumers free to choose their supplier is estimated at 100 ter= awatt hours (TWh) per year, but only a quarter of that comes from independe= nt sources, most of the remainder being supplied by former monopoly ENEL.= =20 "Out of these 25 TWh, 20 TWh are covered by electricity imports and the res= t is generated by independent producers. So the proportion of power availab= le is very small," he said.=20 In addition, construction of new generation capacity was being held up by l= engthy administrative authorisation process.=20 New entrants currently present in the Italian market included U.S. trading = firm Enron Corp, German utility E.ON, Spanish Endesa, U.S. utility TXU as w= ell as newly formed Italian trading companies.=20 "Some of the well-known traders are doing about five transactions a month a= nd the volume varies a lot, so it's difficult to get a clear idea of volume= traded," said Leoncini.=20 He added that all transactions were over-the-counter bilateral contracts fo= r the supply of physical electricity.=20 LACK OF IMPORT CAPACITY LEADING TO HIGHER PRICES=20 Electricity imports themselves were difficult to secure because of restrict= ed interconnection capacity at the northern border, the main import point i= nto Italy.=20 "The only way to get electricity into Italy is to secure cross-border capac= ity, so competition is intense leading to high prices," said Leoncini.=20 He added that high capacity prices added to already high baseload electrici= ty prices in Italy.=20 "Last year, we've seen capacity prices as high as 15 euros per megawatt hou= rs (MWh). As a result, Italian wholesale prices remain very high compared t= o the rest of Europe," he said.=20 Italian baseload electricity prices themselves averaged 30 to 35 euros per = megawatt hour (MWh), compared to prices between 20 and 25 euros/MWh in the = German wholesale market.=20 CAPACITY SALE STILL AN ISSUE=20 The system to sell cross-border capacity has been a bone of contention in I= taly, with the regulator opting last year for an auction system that was th= en annulled by the Milan administrative court in favour of a pro-rata syste= m.=20 More recently, both Italian and French grid operators who manage the interc= onnections have agreed on a new auction system.=20 "As AIGET we prefer by far an auction system, which is more transparent, bu= t such a system could still be contested in court," said Leoncini.=20 He added that it was equally important to gain access to other countries' g= rid once cross-border capacity was secured.=20 "It's no longer an issue in France because the management of the grid is se= parate from the ownership. But that's not the case in Switzerland and Slove= nia where access can sometimes be a problem," he said.=20 Switzerland and Slovenia, which are outside the EU, are not subject to the = electricity liberalisation directive requiring unbundling of transport and = supply activities.=20 Cross-border capacity in northern Italy amounts to about 6,000 megawatts (M= W), but grid operator GRTN recently said it had plans to increase it to 10,= 000 MW in the next few years.=20 POWER BOURSE TO BOOST MARKET LIQUIDITY=20 Leoncini also said that traders were hoping that the new Italian power bour= se to be launched early next year, a year behind schedule, would boost liqu= idity in the market.=20 "We would have preferred a compulsory pool system, but that won't be the ca= se," he said, adding that the bourse would still bring transparency to the = market.=20 The exchange will initially launch a physical day ahead contract as well as= a balancing and adjustment markets. 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