Founded

The gas industry is about to get another Henry Hub futures contract. The Chicago-based Merchants’ Exchange, the nation’s oldest exchange founded in 1836, announced that it will list cash-settled futures contracts in Henry Hub natural gas, light sweet crude, Brent crude, European gas oil, New York Harbor unleaded gasoline and New York Harbor No.2 heating oil. All of the contracts were approved by the Commodity Futures Trading Commission on Jan. 25. Electronic futures trading is expected to commence during the first quarter.

A report by Public Citizen, the consumer advocacy group founded by Ralph Nader, has charged that Enron Corp. used its political connections to its advantage in the electric deregulation battle and was “completely dependent on the removal of government oversight.”

A report by Public Citizen, the consumer advocacy group founded by Ralph Nader, charges that Enron Corp. used its political connections to its advantage in the electric deregulation battle and was “completely dependent on the removal of government oversight.” Meanwhile, in an interview with the news media, former CEO Jeffrey Skilling said that his resignation last August had nothing to do with a belief that the company was failing. He also said the past few months have been the worst of his life.

The NewPower Co., the national retail energy provider founded by Enron, IBM and America Online in May of last year, said Enron’s bankruptcy has forced it to terminate its supply contracts with the company and take an expected fourth quarter charge of about $110 million. The company, however, said its previous fourth quarter estimate of a loss of 65 cents to 73 cents per share remains on target.

Greg Noval, who founded and ran Canadian 88 Energy Corp. for 14 years only to be ousted last year when Duke Energy Corp. bought a 20% stake in the company, now faces not only being kicked off the board of directors but also a C$150 million lawsuit filed against him by Canadian 88, which alleges Noval breached his fiduciary duties as a director for attempting a hostile takeover. The lawsuit seeks C$140 million in damages for Noval’s breach of fiduciary duty and C$10 million in general damages.

Greg Noval, who founded and ran Canadian 88 Energy Corp. for 14 years only to be ousted last year when Duke Energy Corp. bought a 20% stake in the company, now faces not only being kicked off the board of directors but also a C$150 million lawsuit filed against him last week by Canadian 88, which alleges Noval breached his fiduciary duties as a director for attempting a hostile takeover. The lawsuit seeks C$140 million in damages for Noval’s breach of fiduciary duty and C$10 million in general damages.

IntercontinentalExchange, founded earlier this year by leadingU.S. and European financial institutions and energy and naturalresource firms, has chosen IXnet, a Global Crossing, Ltd. company,to fully manage its global transaction network. IXnet is thedeveloper of an intelligent, high-performance global Extranetdesigned principally for the financial services community.IntercontinentalExchange is scheduled to begin trading preciousmetals in August, with OTC energy products, including natural gas,slated for Q4. The exchange’s partners include American ElectricPower, Aquila Energy, BP Amoco, Deutsche Bank AG, Duke Energy, ElPaso Energy, Goldman Sachs, Morgan Stanley Dean Witter, ReliantEnergy, Royal Dutch/Shell Group, SG Investment Banking, SouthernCompany Energy Marketing, Totalfina Elf, and Continental PowerExchange

Avista Corp. is counting on technology businesses for growth andsees its Internet-based bill consolidation business as the frontdoor to a nationwide marketing presence. During press briefingslast week in Houston and Washington, DC, executives outlinedAvista’s continuing evolution.