Cooked

With the extreme heat that has cooked much of North America over the past three weeks now in the market’s rear-view mirror and Tropical Depression Chris having faded into oblivion over Cuba during the weekend, most of the cash market continued to drop Monday. But several Rockies/Pacific Northwest/San Juan-Permian ranged from flat to about 60 cents in response to a total shutdown of the Opal (WY) Plant for Tuesday’s gas day (see Daily GPI, July 17).

Many may want Enron to go down in history as a company that cooked its books with financial witchcraft practiced only by a select few evil doers. But accounting “subterfuge” — often using derivatives in the $95 trillion unregulated over the counter market — is prevalent throughout not only the energy industry but all of corporate America. It is common practice to try and create the perception of financial health rather than report economic reality, law professor Frank Partnoy said recently in shocking testimony before the Senate Committee on Government Affairs.

Many may want Enron to go down in history as a company that cooked its books with financial witchcraft practiced only by a select few evil doers. But accounting “subterfuge” — often using derivatives in the $95 trillion unregulated over the counter market — is prevalent throughout not only the energy industry but all of corporate America. It is common practice to try and create the perception of financial health rather than report economic reality, law professor Frank Partnoy said last week in shocking testimony before the Senate Committee on Government Affairs.

Two Louisiana companies announced Friday they’ve cooked up apowerhouse gumbo, a stew that is expected to heat up the wholesalepower market in regional hubs around the country. New Orleans-basedutility giant Entergy and the Baton Rouge-based construction firm,The Shaw Group, are blending their talents to form Entergy-Shaw, astrategic joint venture that is expected to accelerate Entergy’sgoal of becoming a dominant low-cost wholesale power provider inkey regional energy hubs.

Two Louisiana companies announced Friday they’ve cooked up apowerhouse gumbo, a stew that is expected to heat up the wholesalepower market in regional hubs around the country. New Orleans-basedutility giant Entergy and the Baton Rouge-based construction firm,The Shaw Group, are blending their talents to form Entergy-Shaw, astrategic joint venture that is expected to accelerate Entergy’sgoal of becoming a dominant low-cost wholesale power provider inkey regional energy hubs.