Leader

Energy trading leader Mirant Corp.’s stock was pelted on Wall Street Monday after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company fell 56 cents, or 16%, to close at $2.93 a share.

Citing “bad market psychology” and a restructuring charge as the chief culprits, energy trading leader Mirant reported last week a net loss of $151 million, or minus 38 cents per diluted share, for the second quarter against a profit of $145 million, or 36 cents a share, for the comparable period a year ago.

Senate Majority Leader Tom Daschle (D-SD) has indicated that he will allow a vote on oil and natural gas drilling in the Arctic National Wildlife Refuge (ANWR) if the pro-ANWR forces in the Senate can pick up 60 votes to bring the proposal to the floor.

Senate Majority Leader Tom Daschle (D-SD) indicated Friday that he will allow a vote on oil and natural gas drilling in the Arctic National Wildlife Refuge (ANWR) if the Senate gets behind a measure to build a long-line gas pipeline from Alaska to the Lower 48 states.

Price caps are “much like steroids — they make you look good in the short term, but they kill you in the long run,” warned Rep. J.C. Watts of Oklahoma and chairman of the House Republican Conference during the Natural Gas Roundtable last week.

Price caps are “much like steroids — they make you look good in the short term, but they kill you in the long run,” warned Rep. J.C. Watts of Oklahoma and chairman of the House Republican Conference during the Natural Gas Roundtable yesterday.

A number of top House Democrats, including Minority Leader Richard Gephardt (D-MO), recently urged Secretary of Energy Spencer Abraham to initiate a rulemaking at the Federal Energy Regulatory Commission to re-impose cost of service prices for all wholesale power sales in California and the other 12 states in the Western Systems Coordinating Council, including full refunds back to October of last year.

A number of top House Democrats, including Minority Leader Richard Gephardt (D-MO), last week urged Secretary of Energy Spencer Abraham to initiate a rulemaking at the Federal Energy Regulatory Commission to re-impose cost of service prices for all wholesale power sales in California and the other 12 states in the Western Systems Coordinating Council, including full refunds back to October of last year.

The board of directors of Southern Company elected President and CEO Allen Franklin as its chairman. Franklin replaces retiring Chairman A.W. “Bill” Dahlberg as the board’s new leader. Prior to the board electing him to the CEO position last month, Franklin had served as president and COO of Southern since 1999. From 1994 to 1999, he was president and CEO of Georgia Power, Southern’s largest subsidiary.