Fiasco

Dynegy Inc. Chairman Chuck Watson, who may know as much as anyone about the Enron Corp. fiasco, told a Houston group Thursday that his former rival’s downfall should not become an “indictment” of energy trading. In a speech to the Houston Forum, Watson laid the blame for Enron’s troubles on the company’s dubious accounting practices and nothing else.

Dynegy Inc. Chairman Chuck Watson, who may know as much as anyone about the Enron Corp. fiasco, told a Houston group Thursday that his former rival’s downfall should not become an “indictment” of energy trading. In a speech to the Houston Forum, Watson laid the blame for Enron’s troubles on the company’s dubious accounting practices and nothing else.

Walter Higgins, CEO of AGL Resources Inc., stood and faced themusic recently at the annual shareholders meeting in Atlanta asstock owners voiced their opinions concerning AGL Resources’subsidiary Atlanta Gas Light’s (AGL) over-billing controversy. Thecompany’s earnings did nothing to ease shareholders’ pain. AGLResources’ revenues for this quarter were down $75.2 million from1997 to $323.9 million. Operating margins fell from $145.1 millionin the year-ago quarter to $136.9 million for the quarter endedDec. 31. Weather and poor results stemming from the company’spartnership with Sonat caused the poor performance.

Walter Higgins, CEO of AGL Resources Inc., stood and faced themusic recently at the annual shareholders meeting in Atlanta asstock owners voiced their opinions concerning AGL Resources’subsidiary Atlanta Gas Light’s (AGL) over-billing controversy. TheGeorgia Public Service Commission and AGL settled the issue earlierthis month, with AGL agreeing to alter its billing methods andrefund $14.5 million to customers. The incident enraged manypeople, including one shareholder who demanded Higgins’resignation.