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Enron Mail |
Dow Jones European Power, Gas Highlights
12/13/2000 Dow Jones Energy Service (Copyright © 2000, Dow Jones & Company, Inc.) Hot Stock To Watch: ONNN CIN ENE WHR FLE Hot Stocks to Watch: ONNN CIN ENE WHR FLE 12/13/2000 Dow Jones Energy Service (Copyright © 2000, Dow Jones & Company, Inc.) News highlights: Whirlpool Sees 4Q, 1Q Net at 98c/Shr 12/13/2000 Dow Jones International News (Copyright © 2000, Dow Jones & Company, Inc.) News highlights: Whirlpool Sees 4Q, 1Q Net at 98c/Shr 12/13/2000 Dow Jones Dow Jones Energy Service (Copyright © 2000, Dow Jones & Company, Inc.) Enron's Skilling to Succeed Lay as Chief Executive Early Next Year 12/13/2000 Dow Jones Business News (Copyright © 2000, Dow Jones & Company, Inc.) Enron announces Promotion of Jeff Skilling to CEO,, Ken Lay Remains as Chairman of the Board 12/13/2000 PR Newswire (Copyright © 2000, PR Newswire) Electric Gold Rush is Zapping California KRTBN Knight-Ridder Tribune Business News: Houston Chronicle - Texas Copyright (C) 2000 KRTBN Knight-Ridder Tribune Business News; Source: World Reporter (TM) Dow Jones European Power, Gas Highlights 12/13/2000 Dow Jones Energy Service (Copyright © 2000, Dow Jones & Company, Inc.) Top News Headlines Enron's Skilling To Be CEO Effective Feb. 12, 2001<ENE Swiss Hydroelectric Plant Causes Mudslide; Three Missing Swiss Cleuson-Dixence Hydro Plant May Stay Shut To Spring German Govt:HEW, Vattenfall To Buy Veag;Cos Don't Confirm RWE To Keep Envia Despite Antitrust Demands - Newspaper Sydkraft's Oskarshamn-3 Reactor To Reduce Output Thursday Vattenfall's Ringhals-1 Reactor Restart Delayed To Wk 52 Austria,Czech Republic Agree To EU Probe Of Nuclear Plant Norway Reservoir Levels Wk 50 Dn 0.6 Pts At 86.1% EU To Loan Ukraine $585 Mln For 2 Nuclear Reactors Spain's Union Fenosa 2000 Elec Production Surpasses 1999 Norsk Hydro: Eivind Reiten To Succeed Myklebust As CEO Germany's Ruhrgas Buys 10% Stake In Czech Gas Distributor Ruhrgas Takes 20% Stake In Stadtwerke Remscheid Azerbaijan, Turkey Unlikely To Agree Gas Deal Soon -SOCAR Markets & Prices Swiss Power Market: Prices Up Amid Cleuson-Dixence Outage APX: Prices Rise; Peak Hour 8 Jumps On Low Capacity APX Dutch Hub, Second Session Prices For Dec 14 German Power Market: Weather Change Drives Up Prices LPX MCP 23.43 EUR/MWh, Volume 18695 MWh for Dec 14 Nord Pool Average System Price For Dec 14 NOK126.43/MWh Spanish Electricity Pool Data Summary For Dec. 14 Polish Power Exchange, Day Ahead Prices For Dec 14 -0- Hot Stocks To Watch: ONNN CIN ENE WHR FLE 12/13/2000 Dow Jones News Service (Copyright © 2000, Dow Jones & Company, Inc.) On Semiconductor Expects to report 4Q earnings Tue close $8.75 of 10 cents to 12 cents a share, Dn 22 cents, 2.4% excluding noncash charges, 189,500 Shares below analysts estimates of (ONNN) 18 cents a share, due to weak demand. (Full story under ONNN). - - Cinergy Corp. Co.s' Capital & Trading Inc. Tue close $32.44 affiliate signed a definitive Up 25 cents, 0.8% agreement to purchase two 422,100 Shares natural gas-fired merchant (CIN) electric generating facilities from Enron North America, a unit of Enron Corp. (ENE). (Full story under CIN) - - Enron Corp. Tue close $77.19 Up 69 cents, 0.9% 1.9M Shares (ENE) - - Whirlpool Corp. Said appliance industry shipment Tue close $44.19 declines in North America and a No Change "broad industry slowdown" in 486,300 Shares Europe means 4Q earnings will be (WHR) level with the 3Q, when the company earned 98 cents a share. (Full story under WHR). - - Fleetwood Enterprises Cut its quarterly dividend Tue Close $12.25 to 4 cents from 19 cents No Change and said it expects to post 140,600 Shares a greater loss in the third (FLE) quarter than in the second quarter. (Full story under FLE). 09:20 AM News Highlights: Whirlpool Sees 4Q, 1Q Net At 98c/Shr 12/13/2000 Dow Jones International News (Copyright © 2000, Dow Jones & Company, Inc.) Top Of The Hour Whirlpool Sees 4Q, 1Q Net At 98c A Share; First Call 4Q View $1.42<WHR Oracle, Covisint In Tech, Licensing Pact; Oracle Gets Equity Stake In Co<ORCL Enron Names Pres, Oper Chief Skilling As CEO; Lay Remains Chairman<ENE EU Lawmakers OK Tougher Tobacco Sales, Marketing Package <I/TOB US MBA Market Index Rises 5.9% To 404.8 From 382.3 <N/CMR Top Of The Day US Supreme Court Reverses Florida Supreme Court Ruling <N/ELX British Airways, Thomas Cook To Form JV Tour Operating Co <BAB Vivendi May Decide On Seagram Spirits Sale Next Week -CNBC <VO Alcatel Denies Market Rumors Of Lucent Tech Bid Plan <ALA Nikkei Closes Up 0.4%; Hang Seng Closes Up 1.9% <N/WSR FTSE 100 Dn 0.1%; CAC-40 Dn 0.7%; Xetra DAX Dn 0.9% Special Reports =MARK TO MARKET: Gore Won't Say Good Night This Morning <G/EXE =Charting Markets:Leading JGB Contract Due For A Sell-Off <DJDAY =S&P's News Corp Report Spooks Market; Stock Near Year Low <NWS =General Motors Commits To Australian Engine Plant <GM In Other Business... EarthLink Names Seagraves Chief Privacy Officer <ELNK Fleetwood Enterp Sees 3Q Loss Greater Than 2Q <FLE Headlines From Tuesday's Wire 5 p.m. to 7 p.m. Compaq Sees 4Q Revenue, Net Below Market Expectations <CPQ Florida Supreme Court Won't Take Seminole, Martin Cases On Appeal<G/EXE Claire's Stores Sees 4Q Net Below $1.12 A Share Views <CLE Medtronic Exec Backs FY3Q Net Views Of 26c/Share <MDT Radisys Corp. Lowers 4Q, 1Q Guidance <RSYS Net2Phone 1Q Operating Loss 25c A Share <NTOP Korea's H&CB: Pushes For Merger With Kookmin Bank<Q.KOO Singapore's SembCorp Log To Issue 24.3M Shrs<P.SMR Australia Decision Disappoints Speedrail Group<A.LEI Korea KorAm Bk Seeks Hldrs' OK To Merge With Hana Bk<Q.KBK Headlines From Tuesday's Wire 7 p.m. to Midnight US High Crt Reverses Florida Supreme Crt<N/ELX S Korea H&CB Union: To Decide Wed Whether Strike Needed<HCB NEC Mulling Plan To Sell Some Overseas Mobile Phone Ops<NIPNY HK New World Infrastructure Share Sale Agreement Scrapped<H.NWI Samsung Electro-Mechanics Seeks Portugal Debt Waiver - FT<Q.SEM News Highlights: Whirlpool Sees 4Q, 1Q Net At 98c/Shr 12/13/2000 Dow Jones News Service (Copyright © 2000, Dow Jones & Company, Inc.) Top Of The Hour Whirlpool Sees 4Q, 1Q Net At 98c A Share; First Call 4Q View $1.42<WHR Oracle, Covisint In Tech, Licensing Pact; Oracle Gets Equity Stake In Co<ORCL Enron Names Pres, Oper Chief Skilling As CEO; Lay Remains Chairman<ENE EU Lawmakers OK Tougher Tobacco Sales, Marketing Package <I/TOB US MBA Market Index Rises 5.9% To 404.8 From 382.3 <N/CMR Top Of The Day US Supreme Court Reverses Florida Supreme Court Ruling <N/ELX British Airways, Thomas Cook To Form JV Tour Operating Co <BAB Vivendi May Decide On Seagram Spirits Sale Next Week -CNBC <VO Alcatel Denies Market Rumors Of Lucent Tech Bid Plan <ALA Nikkei Closes Up 0.4%; Hang Seng Closes Up 1.9% <N/WSR FTSE 100 Dn 0.1%; CAC-40 Dn 0.7%; Xetra DAX Dn 0.9% Special Reports =MARK TO MARKET: Gore Won't Say Good Night This Morning <G/EXE =Charting Markets:Leading JGB Contract Due For A Sell-Off <DJDAY =S&P's News Corp Report Spooks Market; Stock Near Year Low <NWS =General Motors Commits To Australian Engine Plant <GM In Other Business... EarthLink Names Seagraves Chief Privacy Officer <ELNK Fleetwood Enterp Sees 3Q Loss Greater Than 2Q <FLE Headlines From Tuesday's Wire 5 p.m. to 7 p.m. Compaq Sees 4Q Revenue, Net Below Market Expectations <CPQ Florida Supreme Court Won't Take Seminole, Martin Cases On Appeal<G/EXE Claire's Stores Sees 4Q Net Below $1.12 A Share Views <CLE Medtronic Exec Backs FY3Q Net Views Of 26c/Share <MDT Radisys Corp. Lowers 4Q, 1Q Guidance <RSYS Net2Phone 1Q Operating Loss 25c A Share <NTOP Korea's H&CB: Pushes For Merger With Kookmin Bank<Q.KOO Singapore's SembCorp Log To Issue 24.3M Shrs<P.SMR Australia Decision Disappoints Speedrail Group<A.LEI Korea KorAm Bk Seeks Hldrs' OK To Merge With Hana Bk<Q.KBK Headlines From Tuesday's Wire 7 p.m. to Midnight US High Crt Reverses Florida Supreme Crt<N/ELX S Korea H&CB Union: To Decide Wed Whether Strike Needed<HCB NEC Mulling Plan To Sell Some Overseas Mobile Phone Ops<NIPNY HK New World Infrastructure Share Sale Agreement Scrapped<H.NWI Samsung Electro-Mechanics Seeks Portugal Debt Waiver - FT<Q.SEM 08:00 AM Enron's Skilling to Succeed Lay as Chief Executive Early Next Year 12/13/2000 Dow Jones Business News (Copyright © 2000, Dow Jones & Company, Inc.) HOUSTON -- Enron Corp. named Jeffrey K. Skilling, its current president and chief operating officer, to succeed Kenneth L. Lay as chief executive officer of the energy giant. Mr. Skilling will retain his current posts as president and COO, while Mr. Lay will stay on chairman. The change will become effective Feb. 12. Mr. Skilling, 47 years old, joined Enron (ENE) in 1990 after leading McKinsey & Co.'s energy and chemical consulting practices. He became president and COO in 1996 and has served on the company's board of directors since then. Mr. Skilling has been a major force behind Enron's move into the burgeoning commodities-trading business. Started as a traditional gas-pipeline company 15 years ago, Enron has morphed into the largest trader of natural gas and electricity in North America, and a formidable manager of risk in markets for an array of products. It has in essence invented markets for trading for such nontraditional commodities as unused capacity in fiber-optic telecommunications lines and weather derivatives. Mr. Lay, 58, became Enron's chairman and CEO in 1986, following the creation of the company through the merger of Houston Natural Gas and InterNorth. The change comes after Enron Vice Chairman Joseph W. Sutton announced his retirement in October to pursue other opportunities. Enron said at the time it had no plans to replace him. 12/13/2000 Dow Jones Business News (Copyright © 2000, Dow Jones & Company, Inc.) HOUSTON -- Enron Corp. named Jeffrey K. Skilling, its current president and chief operating officer, to succeed Kenneth L. Lay as chief executive officer of the energy giant. Mr. Skilling will retain his current posts as president and COO, while Mr. Lay will stay on chairman. The change will become effective Feb. 12. Mr. Skilling, 47 years old, joined Enron (ENE) in 1990 after leading McKinsey & Co.'s energy and chemical consulting practices. He became president and COO in 1996 and has served on the company's board of directors since then. Mr. Skilling has been a major force behind Enron's move into the burgeoning commodities-trading business. Started as a traditional gas-pipeline company 15 years ago, Enron has morphed into the largest trader of natural gas and electricity in North America, and a formidable manager of risk in markets for an array of products. It has in essence invented markets for trading for such nontraditional commodities as unused capacity in fiber-optic telecommunications lines and weather derivatives. Mr. Lay, 58, became Enron's chairman and CEO in 1986, following the creation of the company through the merger of Houston Natural Gas and InterNorth. The change comes after Enron Vice Chairman Joseph W. Sutton announced his retirement in October to pursue other opportunities. Enron said at the time it had no plans to replace him. Enron Announces Promotion of Jeff Skilling to CEO, Ken Lay Remains as Chairman Of the Board 12/13/2000 PR Newswire (Copyright © 2000, PR Newswire) HOUSTON, Dec. 13 /PRNewswire/ -- Enron Corp. (NYSE: ENE) announced today that Jeffrey K. Skilling has been elected chief executive officer, effective as of Feb. 12, 2001, the company's next regularly scheduled board meeting. He will assume this role in addition to his current responsibilities as president and chief operating officer. Kenneth L. Lay will continue to serve as chairman of the board. "The best time for succession is when the successor is ready and when the company is well positioned for the future," said Lay, currently Enron's chairman and CEO. "Jeff is a big part of Enron's success and is clearly ready to lead the company. With Jeff's promotion, succession is clear, our deep pool of management talent remains intact, and no other organizational changes need to be made to take the company to new levels of growth." "I am particularly happy that Ken and I will continue running the company together and that he has put the rumors of his possible departure to Washington, D.C., to rest," said Skilling. "Ken and I have worked together since 1990, and we don't want to break up a team that has delivered superior returns to Enron's shareholders." Skilling, 47, joined Enron in 1990 after leading McKinsey & Company's energy and chemical consulting practices. Under Skilling's leadership, Enron pioneered the use of risk management products and forward contracting structures in the natural gas industry and has since applied similar concepts in electricity, bandwidth, metals, and a range of other commodity products. He became president and COO in December 1996 and has served on the company's board of directors since that time. Skilling received an MBA from Harvard Business School and a bachelor's degree from Southern Methodist University. Lay, 58, became Enron's chairman and CEO in February 1986, following the creation of the company through the merger of Houston Natural Gas and InterNorth. Prior to his tenure at Enron, Lay had served as chairman and CEO of Houston Natural Gas, president and COO of Transco Energy Company, and president of Continental Resources Company. Lay also served as an officer in the United States Navy, and as Deputy Under Secretary for Energy in the U.S. Department of the Interior. He received a Ph.D. in economics from the University of Houston, and master's and bachelor's degrees in economics from the University of Missouri. Enron is one of the world's leading electricity, natural gas and communications companies. The company, with revenues of $40 billion in 1999 and $60 billion for the first nine months of 2000, markets electricity and natural gas, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Fortune magazine has named Enron "America's Most Innovative Company" for five consecutive years, the top company for "Quality of Management" and the second best company for "Employee Talent." Enron's Internet address is www.enron.com. The stock is traded under the ticker symbol "ENE". Contact: Mark Palmer of Enron Corp., 713-853-4738. Enron Names Pres, Oper Chief Skilling As CEO 12/13/2000 Dow Jones News Service (Copyright © 2000, Dow Jones & Company, Inc.) HOUSTON -(Dow Jones)- Enron Corp. (ENE) named Jeffrey K. Skilling chief executive, effective Feb. 12. Skilling will remain president and chief operating officer. In a press release Wednesday, the company said Kenneth L. Lay will remain chairman. Lay became Enron's chairman and chief executive in 1986. As reported Oct. 24, Enron vice-chairman Joseph W. Sutton retired to pursue other opportunities. The company said at the time it had no plans to replace him. Enron is a utilities and communications company. -Sam Favate; Dow Jones Newswires; 201-938-5400 Electric Gold Rush Is Zapping California Michael Davis 12/13/2000 KRTBN Knight-Ridder Tribune Business News: Houston Chronicle - Texas Copyright (C) 2000 KRTBN Knight Ridder Tribune Business News; Source: World Reporter (TM) The crisis in California's power markets could mean a Christmas bonus for Houston energy companies selling power in the state. The cold weather that has hit Houston and the rest of the nation has put a serious strain on electricity supplies throughout the West Coast. California electricity prices have soared this week after the state removed price caps on wholesale energy transactions to attract power into the market. Shares of companies with power plants that sell to the California wholesale market have risen in response. The lifting of the price caps means more power sales for four Houston companies that own about 25 percent of the unregulated power generated in California. These include Reliant Energy, Dynegy, El Paso Energy Corp. and Enron Corp. Reliant also owns power plants in Nevada that can sell power into the California market to capitalize on the higher prices now that the price cap has been lifted. Companies such as Reliant and Dynegy got into California buying plants that the state's large investor-owned utilities sold to comply with the law to deregulate the state's $23 billion electricity market. There have not been any power plants built in California in 10 years. The lack of additional generating capacity combined with growing demand is the most often cited culprit for California's power woes. Add to that are poorly written laws that opened the state to competition. The current cold snap has made a bad situation worse. A key source of backup power, water-generated hydropower from the Northwest, is not being sold in California because it is needed at home because of the cold weather. "We have been saying for months that new generation is needed in California," said Richard Wheatley, a spokesman for Reliant Energy, parent of HL&P. Reliant, through its unregulated operations, is the third-largest nonutility power generator in California. Making the situation even worse is a tightening supply of natural gas needed to burn in power plants and to heat homes. One of the biggest suppliers of natural gas to California is El Paso Energy Corp. Its pipeline to California is still operating at less than full capacity. The pipeline now moves about 920 million cubic feet of gas per day; its capacity is 1.1 billion cubic feet of gas per day. The company is still repairing its pipeline that ruptured in a fatal August explosion in New Mexico. The El Paso system was named before a Senate committee Tuesday as one of the main constraints on California's gas market by John Mazur, the acting administrator for the Energy Information Administration. Mel Scott, a spokesman for El Paso Energy, said the company has been unfairly singled out for criticism. He said the lines' customers have found other sources to make up for reduced flow of gas from the El Paso line. "We have been getting hammered over this, and we are just one of four major pipelines that serve California," Scott said. "Our customers are taking everything we can deliver; they physically are taking all of the natural gas they can." Other large pipelines into California are owned by Williams Cos., PG&E Corp. and Trans-Western. Whoever is to blame, the reality is that spot natural gas prices in California have in recent days risen to the unheard-of price of $40 per thousand cubic feet. While El Paso cannot take advantage of such prices on its pipeline gas -- which is sold under long-term contract -- its wholesale trading arm can profit from these prices, as can wholesale trading operations at other companies. Natural gas prices on the futures market, which have been hitting new records daily, dropped sharply on Tuesday on forecasts of milder weather next week. Natural gas for delivery in January to the Henry Hub closed at $8.14, down $1.26 per thousand cubic feet. The relatively small decline in futures prices will not spell any relief for California, which is using all of the natural gas it can get its hands on. California has been struggling to keep up with growing demand for power all year. In response to soaring prices when the weather was hot, the California Independent System Operator, which oversees operation of the state's power grid, began capping prices, first at around $750 per megawatt-hour, which was later decreased to $250. The cap was lifted earlier this week to try to lure power supplies from other states where generators can get a better price for their power. The result has been wholesale electricity prices setting daily records on the California Power Exchange, the state's main electricity market. The average price paid for electricity to be delivered Tuesday was $904 per megawatt-hour, up from $612 on Monday. Shares of all of the companies that have merchant power plants in California rose this week when the price caps were limited. The impact of the changing power market in California is much broader than just a quarterly increase or share price bump-up, said Bill Hyler, energy analyst with CIBC World Markets in New York. With the price caps lifted, and plans to shelve an even stricter $150 per megawatt-hour cap that was to be implemented in January, companies will have more incentive to get into the California market, Hyler said. "The ramifications of this go out for years," Hyler said. "The consumer groups were looking for $100 price caps, and you can't make money with $8 to $10 gas with $100 price caps." The Federal Energy Regulatory Commission is expected to weigh in this week on the decision to lift the price caps. Hyler said he expects they will support the move. Removing the price caps will give companies more incentive to consider building new California power plants, Hyler said. But it's not a quick fix. It takes about two or three years to get a new power plant sited, permitted, built and running. The long lead time for constructing new plants also means that the tight power supply situation in California cannot and will not be solved overnight, even when the weather moderates in the spring. This is the second time this year that the California markets have gone into a tailspin. In May, an unusual heat wave pushed temperatures in the San Francisco Bay area into triple digits, causing rolling blackouts. That helped power and natural gas companies post much improved second-quarter results. During the May heat wave, Dynegy's four California plants ran more than they did in all of May and June 1999. Such results from unregulated power sales continued into the third quarter. Reliant's wholesale energy business had third-quarter operating income of $319 million, up from $43 million in the same period last year. About $100 million of that profit came from the California market, Wheatley said. Reliant and other power suppliers were able to provide enough power to get California through the hottest months of the year. So far, it has only taken about four days of severe winter weather to cause the crisis in California.
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