As a further fallout from Enron Corp.’s financial collapse, three Democratic senators from the West Coast plan to introduce legislation in Congress today to step up the regulatory oversight of the energy markets to ensure full disclosure of all energy transactions.
Collapse
Articles from Collapse
Competitive Market Advocacy Continues Without Enron
While some are concerned that the collapse of Enron and the loss of its marathon lobbying efforts for competitive markets at a critical time, particularly for electric restructuring, may have left those markets vulnerable, retail marketer The New Power Co.(NPC), doesn’t believe the open market campaign has been damaged.
Congressmen Ask Lay For Details on Personal Loans from Enron
As part of its ongoing investigation into the collapse of Enron, House Energy and Commerce Committee Chairman Billy Tauzin (R-LA), along with Ranking Member John Dingell (D-MI), Oversight and Investigations Subcommittee Chairman James Greenwood (R-PA) and Subcommittee Ranking Member Peter Deutsch (D-FL), called on former Enron CEO Kenneth Lay to explain in detail the personal loans he obtained from the company. The Congressmen told Lay they want to determine what impact his unreported financial activity may have had on company shareholders and employees.
Competitive Market Advocacy Continues Without Enron
While some are concerned that the collapse of Enron and the loss of its marathon lobbying efforts for competitive markets at a critical time, particularly for electric restructuring, may have left those markets vulnerable, retail marketer The New Power Co.(NPC), doesn’t believe the open market campaign has been damaged.
Enron’s Wake: Treasury Reviewing Regs, Accountants Want Disclosure
Add the U.S. Treasury to the long list of institutions launching investigations in the wake of Enron Corp.’s collapse. U.S. regulations that protect investors are being reviewed by the department, Treasury Secretary Paul O’Neill said Sunday. O’Neill, speaking on NBC’s “Meet the Press,” said “it is not clear whether the company fulfilled all of its obligations under the existing rules,” regarding rules that allowed Enron’s management to sell stock while its employees were barred from doing the same thing.
Demand Void Causes Prices to Collapse to Lowest Levels in 2 Years
Pipelines across the nation were packed with gas last week, storage rose 7 Bcf to 3,107 Bcf, or 94% full, and mild temperatures cut demand virtually to zero. Gas prices Friday for weekend flows plummeted as much as 50 cents at some western locations to the lowest marks seen since 1996. Many locations averaged 30-40 cent declines on top of 40 cent drops the day prior, and with a long holiday weekend coming up and only slightly cooler weather expected in most markets, many traders and marketers feared the spot market still could lose significant ground in the days ahead.
TradeSpark to Resume Trading Monday
TradeSpark, one of the Cantor Fitzgerald family of companies which suffered devastating losses in the collapse of the World Trade Center, expects to be open for business “when financial and commodity markets re-open on Monday,” the company said in an announcement Friday.
TradeSpark to Resume Trading Monday
TradeSpark, one of the Cantor Fitzgerald family of companies which suffered devastating losses in the collapse of the World Trade Center, expects to be open for business “when financial and commodity markets re-open on Monday,” the company said in an announcement Friday.
March Shakes Off Weakness, Holds in Low $2.50s
Despite Tuesday’s large opening gap and 11.8-cent collapse, theMarch contract found support in the high $2.40s yesterday andmanaged a small 1.5-cent gain to end the regular trading day at$2.530. It hit bottom at $2.465 and reached a high for the day of$2.545. April was down 0.3 cents to $2.541, and nearly all of theremaining months were unchanged from the day prior.
Gas Price Collapse Leading to ‘Armageddon Quarter’ for Producers
The gas market showed last week it was fed up with low crude oilprices getting all the attention. In a market swing that wasnothing short of unbelievable, gas prices collapsed to nearhistoric lows for a week in December. Spot prices at the Henry Hubplummeted to $1.01/MMBtu on Friday and averaged $1.32 for the week,down 64 cents from the week prior. Spot prices at a number of otherlocations in Louisiana and Texas fell below $1 on Friday.