H. Ross Perot, the founder of Plano, TX-based Perot System Corp., will testify July 11 before the California state senate’s investigative committee looking at alleged energy market manipulation in the state’s 2000-2001 electricity crisis. Perot’s appearance is voluntary, but a state legislative committee staff member said there still may be subpoenas eventually directed at Perot and his firm. The center of the controversy is a PowerPoint presentation on “holes” in the state’s newly restructured electricity market that Perot Systems help set up in 1997-98 from an information systems perspective under contract to two state entities — the transmission grid operator, Cal-ISO, and the now bankrupt California Power Exchange (Cal-PX). As part of subpoenaed information from Houston-based Reliant Energy, a copy of the Perot Systems’ presentation came into the hands of investigators with the state senate Select Committee to Investigate Price Manipulation of the Wholesale Energy Market.
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Mitchell Says Buyers Interested
The Woodlands, TX-based Mitchell Energy & Development Corp. is attracting interest from potential buyers, according to founder and CEO George Mitchell, 81. Mitchell, speaking to reporters following the company’s annual meeting Wednesday, would not confirm nor deny that the company is considering offers. “We’ll see what happens,” he said.
Mitchell Says Buyers Interested
The Woodlands, TX-based Mitchell Energy & Development Corp. is attracting interest from potential buyers, according to founder and CEO George Mitchell, 81. Mitchell, speaking to reporters following the company’s annual meeting Wednesday, would not confirm nor deny that the company is considering offers. “We’ll see what happens,” he said.
Futures Founder on Storage and Weak Physical Prices
Amid a devastating combination of weak cash prices andpost-storage-release selling, natural gas futures tunneled lowerWednesday afternoon in a long liquidation frenzy that caught morethan a few traders off guard. After checking to its highest levelin more than a month early in the trading session, the Aprilcontract picked up downward momentum throughout the afternoon tofinish the day at $5.384, or 23.7 cents lower, but 28.7 cents morethan where it was when it began its tenure as prompt month atNymex.
Braziel Steps Down as Altra Chair
Rusty Braziel, the founder of electronic trader Altra EnergyTechnologies Inc. based in Houston, stepped down as chairmanyesterday to oversee the launch of his new e-markets consulting andsoftware company, Netrana. Although Braziel will remain on Altra’sboard of directors, CEO Paul Bourke assumes the chairman’s role andwill now set growth and operating strategies.
People
Barrett Resources Corp.’s board of directors elected Peter A.Dea, 46, vice chairman of the board and CEO last week. Dea replacedWilliam J. Barrett, 70, the founder of the company, and former CEO.The promotion became effective immediately. The board also said ithas increased its membership from nine to 10 people and that Mr.Dea has been elected to fill the new board position. Mr. Barrettwill be retiring as chairman of the board on March 31. Mr. Deajoined Barrett Resources in 1993 and has held various explorationgeologist positions prior to being promoted to senior vicepresident-exploration in 1996. In 1998, he was elected executivevice president-exploration. Barrett Resources is a Denver-basedindependent natural gas and oil exploration and production co. withproperties primarily in the Rocky Mountains, Midcontinent and GulfCoast.
Softness Prevails as Futures Founder into the Weekend
For ninth time in the last 10 trading sessions, natural gasfutures were lower last Friday as sellers pressured theprompt-April contract to its life-of-contract low. No freshfundamental news was seen to lift the market, and as a result itfollowed the long-standing trend 3.1 cents lower to $1.628.
