With Enron’s Bahamas LNG project on the rocks because of the bankruptcy and no sign yet of El Paso’s LNG plans for the island, AES took the lead spot last month in the race to build a liquefied natural gas import terminal in the Bahamas with a pipeline to Florida. The company filed an application with the Federal Energy Regulatory Commission for the $440 million Ocean Express pipeline.
Articles from Bankruptcy
With Enron’s Bahamas LNG project on the rocks because of the bankruptcy and no sign yet of El Paso’s LNG plans, AES took the lead spot last month in the race to build a liquefied natural gas import terminal in the Bahamas with a pipeline to Florida. The company filed an application with the Federal Energy Regulatory Commission for the $440 million Ocean Express pipeline.
Swiss-based investment banker UBS, which was recently given the green light by the U.S. Bankruptcy Court in New York to acquire Enron Corp.’s wholesale energy and marketing unit, apparently will trim 300 of its 800 jobs in the unit once the transaction is completed, according to UBS CEO Peter Wuffli.
Several former Enron Corp. executives, who left the company last July and long before it spiraled into bankruptcy, have launched Celeren Corp., which will provide risk management energy services through the sale of energy outsource products for small- to mid-sized businesses and institutions. The Philadelphia-based company also will offer independent power generation services. Celeren, which will serve customers nationwide, will offer commodity procurement and management; capital improvements; financing; and operation and maintenance. Thomas A. Brigger, former Mid-Atlantic regional manager for Enron Energy Services (EES) is CEO and Donald S. Parker, a former regional director for EES, is COO.
As Enron Corp.’s bankruptcy continues to take its toll, two subcommittees of the House Financial Services panel have scheduled a joint hearing for next Wednesday to assess the effects of the company’s financial breakdown on commodity markets, as well as the reasons behind Enron’s overstated earnings, its potential mishandling of employee 401(k) pension plans, possible securities fraud and accounting irregularities.
In the wake of the financial meltdown and bankruptcy of energy giant Enron Corp., Rep. Henry Waxman (D-CA) has stepped up his call for Vice President Dick Cheney to disclose “secret contacts” that a White House task force had with Enron, a “major Republican contributor,” while drafting the national energy policy. He further says Enron’s failure is taking its toll on top Bush administration officials, several of whom have large holdings of the company’s stock.
Following Enron Corp.’s inevitable Chapter 11 bankruptcy filing on Sunday, reports of exposure to possible losses due to the energy giant’s failure continue to come in from companies and financial institutions around the world, reflecting the broad reach both of the company’s business and its stock.
Pacific Gas and Electric Co. on Thursday obtained the federal bankruptcy court’s approval to spend $39.5 million to upgrade a 425-mile portion of its California natural gas transmission pipeline known as the “Redwood Path,” running from Malin, OR, at the California border to a point in San Benito County south of San Jose, CA. The proposed expansion will add about 200 MMcf/d capacity that the utility said has been operating at about 95% capacity since 1998.
Hoping to reverse the momentum of adverse court and regulatoryactions that have pushed it to the brink of bankruptcy, SouthernCalifornia Edison Monday won a U.S. District Court lawsuit againststate regulators, upholding the utility’s right to recoverreasonable costs for purchasing power.
Reluctantly and in the face of extraordinary pressure fromfinancial, utility and public officials, California regulatorsThursday took initial steps to unfreeze retail electricity ratesfor the state’s two largest investor owned utilities (IOUs) tobegin to cut into the $8 billion of debt dragging down the IOUssince mid-year. An unprecedented lobbying and public communicationseffort by the utilities preceded the action.