The round-trip energy marketing scandal claimed another victim Friday, after CMS Energy Corp. announced the resignation of William T. McCormick as chairman and CEO. The Dearborn, MI-based company’s board of directors will establish a special committee of independent directors in the next week to investigate “matters surrounding round-trip trades” conducted by the CMS Marketing, Services and Trading (CMS-MST) unit, and in turn, the company plans to amend “as soon as practical” its 2001 10-K to restate its financial statements for 2000 and 2001 to eliminate all revenue and expense related to the wash trades.
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Enron Controversy Grows Personal; Venue Change Reviewed
Former Enron Corp. CEO Jeffrey Skilling has claimed in recent interviews that he was unaware of the details of off-balance sheet transactions that pushed the company toward bankruptcy in December, but The Wall Street Journal reported Wednesday that internal company documents indicate management and the board of directors considered the dubious deals “integral” to Enron’s growth. In recent days, Skilling has denied intimate knowledge of the transactions, while former CFO Andrew Fastow, who set them up, has indicated through attorneys that he did so with Enron management’s full knowledge.
Producers Band to Explore Northern Project
While the Yukon and Alaska claimed the lead, Canada’s NorthwestTerritories remained far from forfeiting as action heated up onboth sides of the international rivalry to be first to takeadvantage of surging natural gas markets with Arctic supplies.
PJM Seeks RTO Status, Owners Pledge Upgrade
In seeking FERC certification as a regional transmissionorganization (RTO) yesterday, PJM Interconnection LLC and its ninetransmission owners claimed the regional independent systemoperator (ISO) already possesses the characteristics and functionsrequired by the Commission’s Order 2000 to qualify as an RTO.
AZ Regulator Accused of Tampering with SW Gas Merger
The bloody battle over the right to merge with Southwest GasCorp. has recently claimed another victim: Arizona CorporationCommissioner (ACC) Jim Irvin. Federal and state authorities areinvestigating allegations that the state regulator illegallyinfluenced Southwest Gas to go with Oneok Inc. as a merger partnerinstead of rival suitor Southern Union Co.
AZ Regulator Accused of Tampering with Southwest Merger
The bloody battle over the right to merge with Southwest GasCorp. has recently claimed another victim: Arizona CorporationCommissioner (ACC) Jim Irvin. Federal and state authorities areinvestigating allegations that the state regulator illegallyinfluenced Southwest Gas to go with Oneok Inc. as a merger partnerinstead of rival suitor Southern Union Co.