Bringing to a close charges against the utilities of Peoples Energy for its dealings with Enron that resulted in significant customer overcharges, the Illinois Commerce Commission (ICC) on Monday approved an amended settlement agreement valued at $200+ million by a vote of 3-1. Among other things, Peoples Energy will refund $100 million to customers.
Dealings
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Koenig Testifies Lay, Skilling Actively Involved in Enron Finances
Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling were actively involved in the day-to-day financial dealings at their company and either knew about or took part in some of the alleged wrongdoing, the former chief of investor relations testified Monday.
Enron Examiner Finds SPEs Accounted for 96% of 2000 Income
In a second report on the complex financial dealings at Enron Corp., the court-appointed examiner has concluded that the former trading firm used six accounting techniques within its special purpose entities (SPE) to “engineer its financial statements so that they diverged materially from Enron’s actual economic condition and performance.” The SPEs apparently accounted for 96% of Enron’s $979 million in net income for 2000, and allowed it to report debt of only $10.2 billion instead of $22.1 billion.
Revelations about Enron’s Dealings with Bush Administration Grow
It’s been a week of wild revelations for Enron Corp. watchers — the Department of Justice on Wednesday launched a nationwide criminal task force into management practices, and President Bush announced on Thursday another task force to reform the pension fund system. Meanwhile, the Bush administration admitted for the first time that CEO Kenneth Lay, one of Bush’s leading fundraisers, called at least two Cabinet members as the company fell apart last year. And at midday Thursday, Andersen, Enron’s auditor and subject to several investigations and lawsuits, admitted destroying an “undetermined” number of documents that may have been pertinent to the impending investigations.
Mid-Morning Selling Falls Short; Bulls Eye $4.60
Spurred by constructive over-the-counter dealings, along with alittle apprehension ahead of today’s release of fresh storage data,the July contract gapped higher at the open yesterday en route toan unprecedented 15th advance in 16 trading sessions. After makinga “head fake” lower about mid-morning Tuesday, the July contractrumbled 8.6 cents higher to finish at $4.354.
Bulls Unfazed as Futures Pull Back
Despite bullish over the counter dealings and a constructiveopening, the natural gas futures market shuffled lower Monday asshort-term traders sold off newly acquired long positions. TheNovember contract notched a $3.02 high shortly after the open thenproceeded lower to its $2.86 low for the session. A late rallybolstered prices near the closing bell to $2.92, a 5.5-cent loss onthe day.