-----Original Message-----
From: 	webmaster@cera.com@ENRON  
Sent:	Tuesday, January 22, 2002 8:00 PM
To:	clients@cera.com
Subject:	Lessons from Refining for the Deregulating US Electric Power Business - CERA Private Report


Title: The Refining Parable: Will Power Generation Take Its Cue from Downstream Oil?
URL(s):

http://www.cera.com/eprofile?u=35&m=2944;

http://www.cera.com/eprofile?u=35&m=2947;


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LESSONS FROM REFINING FOR THE DEREGULATING US ELECTRIC POWER BUSINESS

The US oil refining and marketing industry has experienced weak returns on
investment since oil price decontrol in 1981. As the electric power industry in
the US deregulates, does it face a similar future?

*  There are important structural similarities between these two capital-
intensive, energy commodity transformation industries.

*  There are also differences, most notably the requirement that electricity
demand be met in real time, whereas inventories play an important role in the
refined product value chain.

*  The electric power industry will follow its own unique path through the
process of deregulation, but there are lessons to be learned from the
experience of downstream oil.

**end**

Follow above URL for complete report (20 printed pages).


E-mail Category: Private Report
CERA Knowledge Area(s): North American Power, Global Oil



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