Community

Kenneth Lay, once an icon of the energy industry and toast of Houston’s social community, on Thursday pleaded innocent to 11 criminal charges in connection with his actions at the failed company that he founded, Enron Corp. Lay, who, if convicted, faces charges that in total carry 175 years in prison and a fine of $5.75 million, also was charged by the Securities and Exchange Commission (SEC).

Kenneth Lay, once the toast of Houston’s social community and referred to by President Bush as “Kenny Boy,” on Thursday pleaded innocent to 11 criminal charges in connection with his actions at the failed company that he founded, Enron Corp. Lay, 62, who faces charges that in total carry 175 years in prison if he is convicted, also was charged by the Securities and Exchange Commission (SEC).

BC Hydro CEO Bob Elton told the business community in the city of Nanaimo on Vancouver Island last Thursday that the utility company plans to take a C$120 million (US$89 million) charge against earnings this year for the stalled Georgia Strait Crossing (GSX) gas pipeline project and the gas-fired 265 MW Vancouver Island Generation Project (VIGP). The power project was rejected by British Columbia regulators last fall as being too costly (see NGI, Sept. 15, 2003).

BC Hydro CEO Bob Elton told the business community in the city of Nanaimo on Vancouver Island Thursday that the utility company plans to take a C$120 million (US$89 million) charge against earnings this year for the stalled Georgia Strait Crossing (GSX) gas pipeline project and the gas-fired 265 MW Vancouver Island Generation Project (VIGP), which was rejected by British Columbia regulators last fall as being too costly (see Daily GPI, Sept. 15, 2003).

Bedminster, NJ-based NUI Corp., which stunned the financial community in September by announcing that it would sell its entire business, said last Wednesday that it received document subpoenas from the New Jersey Attorney General’s office regarding “certain questionable transactions” at its wholesale energy trading operation.

Bedminster, NJ-based NUI Corp., which stunned the financial community in September by announcing that it would sell its entire business, said Wednesday that it received document subpoenas from the New Jersey Attorney General’s office regarding “certain questionable transactions” at its wholesale energy trading operation.

Florida Gas Transmission (FGT) and Texas Eastern Transmission (Tetco) both reported natural gas pipeline damage on Tuesday. In both cases, there were no injuries and no fires, but gas flows were impacted.

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors of the New Jersey-based firm considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”