Standard & Poor’s said Monday that 2001 set a record for corporate defaults, with 211 companies worldwide — 162 in the United States — defaulting on $115.4 billion worth of debt. The old record was set a year earlier, when 132 companies defaulted on $42.3 billion of debt, said the credit ratings agency. S&P expects the U.S. economy to bottom out in the first quarter, with the default rate peaking near 11% by this summer and then “trailing off” by the end of 2002.
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OCC Cites Two More Defaulting Gas Marketers
In the fourth time in as many months, the Ohio Consumers’ Counsel (OCC) filed two similar complaints with the Public Utilities Commission of Ohio (PUCO) against Summit Natural Gas and The Energy Cooperative — which includes Cinergy Resources and Licking Rural Electrification — alleging violations of Ohio’s much maligned natural gas choice program, as well as Ohio law.
OCC Cites Two More Defaulting Gas Marketers
In the fourth time in as many months, the Ohio Consumers’Counsel (OCC) filed two similar complaints with the PublicUtilities Commission of Ohio (PUCO) against Summit Natural Gas andThe Energy Cooperative — which includes Cinergy Resources andLicking Rural Electrification — alleging violations of Ohio’smuch maligned choice program, as well as Ohio law.
PG&E Defaults; State Steps In
As Pacific Gas & Electric Co. announced Friday it wasdefaulting on payments to power generators, the state of Californiawas issuing an RFP to bankers for a plan to issue bonds to raise upto $10 billion to finance power purchases for the PG&E utilityand SoCal Edison. The banks have until Wednesday to respond.
OCC Goes After Defaulting Energy Max
Almost a month and a half after being excommunicated fromColumbia Gas of Ohio’s Customer Choice program for failure todeliver gas to its customers in August, Ohio marketer Energy Maxhas found itself at the epicenter of a complaint lodged by the OhioConsumers Council (OCC) in the interests of the marketer’scustomers.
Cinergy Fields a New Team of Trading Players
After defaulting on multiple contracts last July during a periodof extreme power prices and taking huge losses to make up for theproblem, Cinergy considered getting out of trading entirely.However, it ended up scaling back its national operations to aregional focus and it brought in a large new team of moreexperienced players.
Cinergy Fields a New Team of Trading Players
After defaulting on multiple contracts last July during a periodof extreme power prices and taking huge losses to make up for theproblem, Cinergy considered getting out of trading entirely.However, it ended up scaling back its national operations to aregional focus and it brought in a large new team of moreexperienced players.