What a difference a year makes for Pacific Gas and Electric Co., still working its way through Chapter 11 bankruptcy proceedings, but facing kinder, gentler wholesale gas and electricity prices. As a result, the San Francisco-based utility begins the New Year with a retail natural gas price of 39 cents/therm, a 72% drop in commodity costs, noting that for the first time in many months, “prices are beginning to stabilize and are more reflective of natural gas costs during the past five years.”
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Enron Affiliate Bankruptcies Continue; Dems to Return Contributions
Enron Corp. affiliates have continued to file for Chapter 11 bankruptcy protection in recent days, making the total 28 so far. On Monday, telecommunications products trader Enron Broadband Services LP filed for bankruptcy protection in U.S. Bankruptcy Court in Manhattan listing assets of $64.5 million and debt of $63.7 million, not including off-balance sheet and contingent obligations. Affiliate Enron Freight Markets Corp. filed last Friday, listing $6.3 million in assets and $4.7 million in debts.
December 28, 2001
Enron Obtains Credit Line to Continue Operations, Offer Severance Packages
Enron Corp. has obtained $1.5 billion in Chapter 11 financing to keep its energy trading unit and other operations running as it begins to reorganize, the company said late Monday. A bank consortium, led by J.P. Morgan Chase & Co. and Citibank, loaned the bankrupt Houston trader the funds, which will give Enron some capital as it attempts to repay some debts. Enron also got the go-ahead from Bankruptcy Court Monday night that will allow it to continue operations and offer severance packages to the thousands of employees who are losing their jobs.
December 5, 2001
PG&E: CA DWR Miscalculates by $3.1 Billion
Chapter 11-mired Pacific Gas and Electric Co. last week accused the California Department of Water Resources (DWR), the state’s wholesale bulk electricity buyer, of overestimating its forecast of spot power purchase costs through next year by $3.1 billion, including overestimating the price of natural gas used to generate the power supplies.
August 20, 2001
Industry Briefs
Coho Energy is exiting bankruptcy protection with new seniormanagement and a new bank facility. Coho and five of its affiliatesfiled for Chapter 11 Aug. 23. At the time, Coho listed totalliabilities of $425 million. Under the reorganization plan, Coho’sthree largest institutional bondholders converted their debt into90% of the equity of the reorganized company. These bondholdersalso provided the majority of the $72 million of subordinatednotes, as provided under the reorganization plan. The bondholdersare Appaloosa Management, Oaktree Capital Management and PPMAmerica.
April 11, 2000
Granite State Settles Dispute Over Aborted Wells LNG Project
The last chapter in the saga of the aborted 2 Bcf Wells, ME, LNGproject has been filed at FERC. A settlement agreement submittedrecently allows LNG project developer Granite State GasTransmission to recover $8.3 million in predevelopment coststhrough Northern Utilities’ ratepayers over a seven-year period.
January 10, 2000
Granite State Settles Aborted Wells LNG Project
The last chapter in the saga of the aborted 2 Bcf Wells, ME, LNGproject has been filed at FERC. A settlement agreement submittedlast week allows LNG project developer Granite State GasTransmission to recover $8.3 million in predevelopment coststhrough Northern Utilities’ ratepayers over a seven-year period.
December 29, 1999
Kimball Trading Files for Bankruptcy
Houston-based Kimball Trading and Kimball Trading Canada ofCalgary, two of the Kimball Companies, last week filed for Chapter11 bankruptcy protection in Houston. The move caused marketrepercussions last Thursday, the day after the filing, as Kimballhalted gas flows to customers. The bankruptcy filings do notinvolve the related Kimball Resources or the other KimballCompanies.
March 15, 1999
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