Several electricity providers that participated in the Texas pilot deregulation program last summer admitted Wednesday to the Texas Public Utility Commission (PUC) that they had overscheduled power in the first few weeks of the pilot, costing the state $29 million. Reliant Energy Services, TXU Electric, American Electric Power Service, Mirant Americas Energy Marketing, Constellation Power Source and another unnamed company are being investigated by PUC to see whether they should be fined for hedging — even though it apparently was allowed at the time.
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Vinson & Elkins Attorneys Defend Enron Investigation
The Vinson & Elkins investigation of Enron employee Sherron Watkins’ allegations of accounting improprieties was conducted by two of the law firm’s partners who had minimal accounting background and no help from associates or consulting accountants, testimony revealed last Thursday at a House Energy and Commerce subcommittee hearing.
Vinson & Elkins Attorneys Defend Enron Investigation
The Vinson & Elkins investigation of Enron employee Sharon Watkins’ allegations of accounting improprieties was conducted by two of the law firm’s partners who had minimal accounting background and no help from associates or consulting accountants, testimony revealed Thursday at a House Energy and Commerce subcommittee hearing.
Analysts Defend ‘Buy’ Enron Advice to Investors
Wall Street analysts told a Senate panel Wednesday that the judgments made by a majority of those covering Enron Corp. to continue recommending the stock as a “buy” through mid-November 2001 were based on publicly available information that ultimately proved to be wrong. And despite supposed conflicts of interests within the analysts’ companies — many of which were lending money to Enron at the same time their analysts were recommending buys — the analysts testified that the “Chinese Wall” maintained by research and investment units prevented their judgment from being swayed.
Analysts Defend ‘Buy’ Enron Advice to Investors
Wall Street analysts told a Senate panel Wednesday that the judgments made by a majority of those covering Enron Corp. to continue recommending the stock as a “buy” through mid-November 2001 were based on publicly available information that ultimately proved to be wrong. And despite supposed conflicts of interests within the analysts’ companies — many of which were lending money to Enron at the same time their analysts were recommending buys — the analysts testified that the “Chinese Wall” maintained by research and investment units prevented their judgment from being swayed.
Wood, Brownell Defend Against Enron Taint
As the tentacles of the Enron Corp. financial calamity spread into all corners of the federal government last week, FERC Chairman Pat Wood and Commission Nora M. Brownell disputed reports that Enron Chairman Kenneth Lay played a major role in getting them appointed to the Commission last year.
Wood, Brownell Defend Against Enron Taint
As the tentacles of the Enron Corp. financial calamity spread into all corners of the federal government last week, FERC Chairman Pat Wood and Commission Nora M. Brownell disputed reports that Enron Chairman Kenneth Lay played a major role in getting them appointed to the Commission last year.
Natural Gas Lobbyists Defend Against Coal Backers
Countering comments from labor unions supporting the coal industry, the heads of three natural gas associations in Washington Thursday advised Sen. James M. Jeffords, chairman of the Senate Environment and Public Works Committee, that natural gas is not claiming an undue share of the power generation market. Further, natural gas reserves are plentiful and the delivery system is adequate.
Boundary Battle: Newfoundland 1, Nova Scotia 0
Calling the decision “profoundly disappointing,” Nova Scotia Premier John Hamm promised to defend his province’s position that it owns most of the Laurentian sub-basin, an undersea area south of the Grand Banks that may hold huge reserves of oil and natural gas. An arbitration panel rejected Nova Scotia’s contention that its marine boundary with Newfoundland was established 37 years ago.
Boundary Battle: Newfoundland 1, Nova Scotia 0
Calling the decision “profoundly disappointing,” Nova Scotia Premier John Hamm promised to defend his province’s position that it owns most of the Laurentian sub-basin, an undersea area south of the Grand Banks that may hold huge reserves of oil and natural gas. An arbitration panel rejected Nova Scotia’s contention that its marine boundary with Newfoundland was established 37 years ago.