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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: Bryan Steffen who started this subject12/15/2001 9:26:45 PM
From: d:oug   of 1433
 
"We suspect that Enron's involvement with other..."

Subj: Bob Chapman -
THE INTERNATIONAL FORECASTER 15, DECEMBER, 2001 (#3)
Date: 12/15/01
From: LePatron@LeMetropoleCafe.com
To: sidougak@aol.com

Le Metropole Members,

Bob Chapman has served excerpts
at The Toulouse-Lautrec Table

"We suspect that Enron's involvement with other companies
in the derivative business will lead to some startling surprises.

Calpine is the first candidate.

It seems the power they sold to Enron in the third quarter
of 2001 for $119.13 was averaging $84.00 across the sale spectrum.

Calpine's sale of power to other customers averaged $75.48
per megawatt hour. Management has no answer for the discrepancy,
which cost Enron 58% more than Calpine's other customers
and caused a windfall increase to Calpine's profits of 56%
in the third quarter of 2001.

It could be this was a sweetheart deal for something that is
not yet apparent. We certainly wouldn't buy Calpine's stock.

It is currently $21.37 per share.

The question is, is there a scandal here and will the stock trade lower?

We think so.

Parallel information has APS, Arizona Public Service,
parent of Pinnacle West Capital, declaring it could lose
up to $15 million as a result of the bankruptcy of Enron."

All kinds of goodies in this one!

Kudos to Bob for his long-standing call on the South African rand.

All the best,

Bill Murphy
Le Patron, lemetropolecafe.com
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