Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : IPPs and Merchant Energy Co.s -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (1675)	3/26/2003 9:44:03 PM
From: Mark Johnson	Read Replies (2) \| Respond to of 3358

Mirant Comments on FERC Report Wednesday March 26, 7:37 pm ET ATLANTA, March 26 /PRNewswire-FirstCall/ -- Mirant (NYSE: MIR - News) issued the following statement from Doug Miller, the company's senior vice president and general counsel, in response to the recommendations issued today by the Federal Energy Regulatory Commission (FERC) and its staff: * "While FERC has left some important work undone, it has made progress toward resolving important issues for our industry. * "FERC has asked Mirant to further explain a few of its specific actions in the western power market. FERC made similar requests of a large number of other companies, including investor owned and municipally owned utilities. We welcome this opportunity to speak directly to FERC about the extensive, Mirant-specific information we provided to the Commission in our March 20th filing. We're confident in our ability to demonstrate that we operated with integrity. * "We're encouraged to note that FERC made specific reference to Mirant's formal process for reporting information on natural gas transactions to the trade press. Our reporting process complies substantially with FERC's recommendations. * "Regarding the California refund proceeding, Mirant is disappointed that FERC altered the gas price methodology to arrive at revised gas prices for use in the refund methodology. However, even under the new gas calculations, we believe that the net effect is that Mirant will still be owed a substantial amount of money by the California Power Exchange and the California Independent System Operator. * "Considering the issue of long-term contracts, Mirant is very encouraged by the recommendations of the Commission's legal staff to uphold the Mobile Sierra doctrine and strongly affirm the sanctity of these contracts. Mirant encourages FERC to bring this fundamental issue to a quick resolution. * "All along Mirant said it operated with integrity and within the rules of the California marketplace. There have been no findings to prove otherwise. From the start of the Commission's inquiry, Mirant has cooperated with every request made by FERC staff, and we will continue to do so. * "FERC's actions in no way repudiate the value delivered to Americans by the competitive energy sector." Visit us at www.mirant.com.

To: Larry S. who wrote (1675)	3/27/2003 9:09:52 AM
From: jim_p	Read Replies (2) \| Respond to of 3358

We all know that FERC reports to Congress and politics played a heavy roll yesterday. Someone had to be the scapegoat to try to smooth some feathers with CA, and it looks like the most damaging thing they could find with enough data to fill several million floppy disks with over a trillion bits of data were three trades where RRI was on the other side of a trade that they derived no benefit from with BP. If you add up yesterdays 3.3B, plus .5B, plus EP's 1.7B, plus the other settlements already agreed to and a few disgorged profits to follow, you're pretty damn close to CA demand for 9B. Hummmmm!!! I don't believe laws were broken, and most rational people know that traders make most of their money by commissions. Many of them made more money they the CEO's of the fortune 500 companies they worked for that year. Set up the rules and let a good trader go and he/she will find a way to make a profit. That's what their paid to do!! I'll have to admit I'd do the same thing. CA set the rules and needs to share in the blame. I suspect this will provide one last buying opportunity before the refi gets done. I suspect the refi will be delayed for the outcome of the hearing on the trading license. The odds of them losing their license for any extended period of time are very slim. Looks like the roller coaster ride continues for another 21 days. Who will puke first??? Strap yourself in tight. If making money was easy everyone would be rich!!