In what could turn into another problem for bankrupt Enron Corp., a group representing 32 Pacific Northwest industrial customers has asked FERC to conduct a more thorough analysis of Northwest Natural Gas Co.’s planned acquisition of Enron affiliate Portland General Electric (PGE).
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SEC Vows to Deal ‘Swiftly’ with Enron ‘Wrongdoers’
If the ongoing investigation by the Securities and Exchange Commission (SEC) uncovers irregularities by the once-mighty and now-bankrupt Enron Corp., the lead accountant for the agency assured House lawmakers Wednesday that it will deal “swiftly and completely with any wrongdoers.”
Industry’s Exposure to Enron Estimated at $983M
Claims against the bankrupt Enron Corp. from its trading partners continued to mount last week, as new companies went public with their estimated exposure levels. So far energy companies have admitted to net exposure of up to $983 million.
Edison CEO Worried About Utility’s Fate
Displaying an unusual amount of public candor last week, the parent company CEO of near-bankrupt Southern California Edison Co., Rosemead, CA, bared his corporate soul to a Los Angeles business leaders’ forum, admitting bankruptcy for the utility is a very real possibility unless there is an eleventh-hour reprieve granted by the state legislature.
Future of CA & Edison Bond Issues Uncertain
In separate financial moves this week, Edison International, the parent of near-bankrupt Southern California Edison, and the State of California will be looking at separate bond issues for which the financial markets have little appetite. They could be harbingers of Wall Street’s ultimate level of acceptance of the state’s planned largest public bond sale ever in late August or early September.
Edison Favors Monitoring Agencies for Power, Gas in CA
The near-bankrupt Southern California Edison last week calledfor the formation of an independent agency or agencies that wouldmonitor and punish market-power abusers in the state’s bulk powerand natural markets.
Edison Favors Monitoring for Power, Gas in CA
The near-bankrupt Southern California Edison yesterday calledfor the formation of an independent agency or agencies that wouldmonitor and punish market-power abusers in the state’s bulk powerand natural gas markets.
Reliant Files Emergency Stay of Cal-ISO Request
Reliant Energy urged FERC on Friday not to force the financialuncertainty of the near-bankrupt California electric utilities onsuppliers across the entire western region by relaxing the creditprovisions of the Cal-ISO tariff. Reliant made an emergency filingwith the FERC, seeking a stay of such efforts.
Anadarko: Bankrupt Marketer Gambled with Customers’ Money
As Kansas City, MO-based Mountain Energy Corp. was forced intobankruptcy and its assets seized last week, more allegations wereemerging that the gas marketer spent millions of dollars of companyfunds on stock in a five-year-old e-business company whose valuehas nose-dived over the past year.
Court Okays Sale of Titan Energy to AES Power
A Georgia bankruptcy judge yesterday issued an order authorizingthe sale of the stock of bankrupt marketer Titan Energy Inc. to AESPower Direct, a retail power provider. Terms of the transactionwere not immediately available.