Accusations

Enron Corp. is in shreds, literally and figuratively, with a week marked by dramatic accusations, the founder quietly resigning, and a former vice chairman tragically dying from an apparent self-inflicted gunshot wound. As Congress began its intense investigations of the company and its auditor, Arthur Andersen, there only was one tiny bit of good news for the company and its supporters. The U.S. Bankruptcy Court in New York approved a deal for UBS Warburg to pick up its quickly fading wholesale energy trading unit.

Houston-based Enron Corp., hit in the past few months with accusations of overcharging in California and sagging stock performance, wiped the slate clean Thursday with its second quarter earnings release, announcing profit was up 40% over a year ago, boosted by surging electricity and gas sales in North America and Europe. The company said it sold almost twice as much power in North America and five times as much in Europe in the quarter.

Houston-based Enron Corp., hit in the past few months with accusations of overcharging in California and sagging stock performance, wiped the slate clean Thursday with its second quarter earnings release, announcing profit was up 40% over a year ago, boosted by surging electricity and gas sales in North America and Europe. The company said it sold almost twice as much power in North America and five times as much in Europe in the quarter.

Following weeks of nasty accusations by both sides in a high profile hostile takeover attempt, Canadian Superior Energy Inc. has quietly withdrawn its bid for Calgary crosstown rival Canadian 88 Energy Corp., citing Canadian 88’s “erosion” of shareholder value relative to its own. Canadian Superior also cited Canadian 88’s refusal to provide requested information in its takeover attempt.

Fending off accusations that it intentionally withheld power from the California market in March and April of this year, Mirant Corp. is challenging the California Public Utilities Commission (CPUC) and the California Independent System Operator (Cal-ISO) to cough up evidence that would substantiate these charges.

Fending off accusations that it intentionally withheld power from the California market in March and April of this year, Mirant Corp. is challenging the California Public Utilities Commission (CPUC) and the California Independent System Operator (Cal-ISO) to cough up evidence that would substantiate these charges.

The main targets of California’s legal and political ire —Texas-based energy giants — are denying any wrongdoing in theface of lawsuits and a state legal probe launched last week in themidst of continuing price spirals and tight supplies for naturalgas and electricity throughout the greater western region.

El Paso Natural Gas last week denied accusations of NorthwestPipeline that it has routinely violated the confirmation andscheduling deadlines established by the Gas Industry StandardsBoard (GISB).

El Paso Natural Gas last week denied accusations of NorthwestPipeline that it has routinely violated the confirmation andscheduling deadlines established by the Gas Industry StandardsBoard (GISB).