Chris! I told you not to do that. That is going to complicate everything." The company said it has no other choice but to issue debt and was facing the prospect of a cash shortfall in the fourth quarter, the quarter ending Aug. 31, even if it gets a lift from the U.S. Treasury. J.P. Morgan, which has been advising Enron on the debt front, last week began talks with the banks. ``The issue is not whether we would issue debt. The issue is when we issue debt,'' Enron Treasurer Ben Gilsan said. Enron shares rose $1.07 to $13.50 and the company's 7.4 percent notes maturing in 2006 were bid at 77 cents on the dollar, up from the par value of 65 cents, according to Trace, the bond-price reporting system of the Financial Industry Bond Analysis Group. Govt Woes Fall on Enron Enron's struggles help illustrate the fallout of the U.S. economic slowdown on different companies. The Houston company, a trader of natural gas, electricity and other commodities, has been a star performer this year, up almost 200 percent since the start of the year. The stock has been driven higher as investors piled into energy shares and bid up shares of other natural gas and power producers. The stock has fallen underperforming the overall Dow Jones industrial average by about 25 percent this year. Govt Troubles Hit Energy Stocks, Hurt Financials The stock price decline comes as investors continue to shun banks and financial shares, moving assets into more secure sectors such as energy. The shares of J.P. Morgan Chase slipped 0.7 percent and earnings fell short of Wall Street's expectations, the fourth consecutive quarter of declines. The other big banks, Citigroup and Bank of America, have reported losses from soured investments. Enron has tumbled on concerns that in addition to its own trouble, its deals with partners such as the New Power Co. could face increased scrutiny from regulators. Meanwhile, Enron's woes also hurt shares of other natural gas and power producers. Enron is the biggest energy trader in North America, operating a fleet of power plants and trading space on the nation's largest power and natural gas markets, the New York Mercantile Exchange and Intercontinental Exchange, respectively. Sempra Energy, the parent company of San Diego Gas & Electric, dropped 36 cents to $11.30. Southern California Edison lost 25 cents to $12.50. Some metals and mining shares were also down. Gold Resource Corp., which mines in Indonesia, fell 28 cents to $1.70. Asarco, the leading U.S. zinc and copper producer, gave up 27 cents to $4.45. Viacom Inc. shares fell 3.3 percent to $39.54 after the studios for MTV, Nickelodeon and VH-1 said they would eliminate 162 jobs to cut costs. Last week, MTV said it would eliminate 78 jobs and cut 15 hours of programming a week. Viacom has taken a hit as investors pared back on expensive growth stocks. Shares of SanDisk, the largest maker of flash-memory computer-disk cards used in digital cameras, digital music players, and data, dropped $4.02, or 21 percent, to $15.64. So far this year, 2,000 technology stocks have come down 50 percent or more. (BEGIN TEXT OF INFOBOX / INFOGRAPHIC) Power Surge Daily changes in Bloomberg rankings of analysts' estimates of companies' 1) power generation earnings, 2) power sales, and 3) power stock performance over the past four quarters. Source: Bloomberg News Enron Says Indian Court Allows Pwr Proj Enabling Stake Sale 11/01/2001 Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.) NEW DELHI -(Dow Jones)- Enron Corp.'s (ENE) Indian unit Dabhol Power Company (DPC) said Tuesday the Bombay High Court rejected a petition by the Maharashtra State Electricity Board to suspend the National Thermal Power Corp. (Pursuant To The Foreign Investment Promotion Policy, 1992) Ltd.'s (MNPT) stake sale in DPC. Enron holds a controlling 65% stake in DPC. Its domestic business unit, Enron India, holds a 32% stake in DPC and is the maximum gainer on the stake sale, MSEB said. Enron holds a controlling 65% stake in DPC. DPC has come under fire because of the Maharashtra Electricity Regulatory Commission's November 2000 decision to set electricity tariffs for domestic consumers that are significantly higher than tariffs set for industrial and commercial consumers. The commission, which sets tariffs for Maharashtra State Electricity Board, has capped electricity tariffs for domestic consumers at 6.51 rupees per unit while for industrial consumers the rate is just 2.44 rupees per unit. Dabhol's power project is the single largest foreign investment in India. The 740-megawatt plant sits in a special economic zone in the western Indian state of Maharashtra. -By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427; himendra.kumar@dowjones.com -0- 11/01/01 01-48G Enron's Indian Lender To Meet With Indian Govt Tue - Source 11/01/2001 Dow Jones International News (Copyright (c) 2001, Dow Jones & Company, Inc.) NEW DELHI -(Dow Jones)- Enron Corp. (ENE) will Tuesday meet with a representative of the country's federal finance ministry to discuss its ongoing Dabhol power project in India, a source close to the project told Dow Jones Newswires. The meeting follows last Friday's meeting of lenders to DPC, of which Morgan Stanley Dean Witter (DEW), Citibank NA (C), ABN Amro Rothschild (ABN) and the State Bank of India (P.BSB.P) participated. A spokesperson for Enron declined to confirm the meeting, and referred all calls to Enron India, the country's largest foreign investor in the project. Indian government sources told Dow Jones Newswires that the company's participation in the meeting, would serve as a sign that foreign investors' confidence in the government's ability to clear pending rhetoric on a range of issues including the Enron project, has been restored. The meeting follows Friday's meeting of DPC lenders in London, which was criticized by a Indian official as too little too late, since the conference was held hours after an Indian newspaper reported a government plan to renegotiate the terms of the power purchase agreement between DPC and the MSEB. The MSEB is the Indian utility that agreed to take 60% of DPC's power. Enron was forced to sell its stake in DPC after its huge international debt and the cost of building the plant proved too much to bear. -By Himendra Kumar, Dow Jones Newswires; 91-11-461-9427; himendra.kumar@dowjones.com -0- 11/01/01 01-49G USA: UPDATE 1-Calif. regulators order refund on past sales. By Nigel Hunt 11/01/2001 Reuters English News Service (C) Reuters Limited 2001. LOS ANGELES, Nov 1 (Reuters) - California's power grid operator said on Monday it had found no reason to resist the Federal Energy Regulatory Commission's order to refund $102 million to overcharged power users in February. But a consumer advocate who filed a complaint against the California Independent System Operator (ISO) said FERC may not have all of the figures. "The money they wanted back from us didn't come from them. It came from other people, at least we think so. So we are