Enron Corp’s top two in its ailing broadband division have left the company to pursue other opportunities — Ken Rice, 43, the Broadband Services chairman, and Kevin Hannon, 41, the president and COO. They both had been rumored to be leaving since the unit has lost money since its inception. In April, Enron eliminated 250 employees in the broadband division, and earlier this year, a major deal with Blockbuster Inc. fell through. The broadband unit is now moving into the wholesale services division. The broadband executive team loss follows the departure last month Enron CEO Jeffrey Skilling (see Daily GPI, Aug. 15). Chairman Kenneth Lay resumed the CEO post following Skilling’s resignation, and announced the promotions of Greg Whalley, 39, to president and COO and Mark Frevert, 46, to vice chairman (see Daily GPI, Aug. 29). Whalley and Frevert will serve with Lay in the Office of the Chairman at Enron, which is responsible for strategic planning at the Houston-based company.
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Northern Alabama Gets New Gas Storage Facility
The Northwest Alabama Gas District is opening a new gas storage facility in the state to provide the municipal gas company and other third-party providers with flexibility to meet peak-day requirements while lowering their average cost of gas. The facility, which was funded by $20.3 million in revenue bonds issued by the District in 2000, is located in Lamar County and is expected to give northwestern Alabama an additional asset for attracting new business and industry.
Northern Alabama Gets New Gas Storage Facility
The Northwest Alabama Gas District is opening a new gas storage facility in the state to provide the municipal gas company and other third-party providers with flexibility to meet peak-day requirements while lowering their average cost of gas. The facility, which was funded by $20.3 million in revenue bonds issued by the District in 2000, is located in Lamar County and is expected to give northwestern Alabama an additional asset for attracting new business and industry.
LA Development and SoCalGas Storage Pitted Against Each Other
In yet another irony to the California energy foibles, while state officials are scrambling to expand natural gas transmission and storage capabilities in the state, one of Southern California Gas Co.’s most urban-based underground storage facilities is under siege from opponents of a massive coastal mixed-use residential/commercial development between Marina del Rey, CA, and a 50-year-old gas storage operation.
BP, Shell to Build Ultra-Deepwater Line
BP and Shell, owners of Destin Pipeline and other large deepwater Gulf of Mexico pipes, announced plans to build a $150-million ultra-deepwater line to gather gas from fields that are 150 miles offshore in the Gulf. The 100-mile Okeanos gas pipeline will have a capacity of at least 1 Bcf/d and will be the first Gulf of Mexico gas pipeline built to operate in water depths exceeding 6,000 feet, making it the deepest gas gathering system in the Gulf.
BP, Shell to Build Ultra-Deepwater Line
BP and Shell, owners of Destin Pipeline and other large deepwater Gulf of Mexico pipes, announced plans to build a $150-million ultra-deepwater line to gather gas from fields that are 150 miles offshore in the Gulf. The 100-mile Okeanos gas pipeline will have a capacity of at least 1 Bcf/d and will be the first Gulf of Mexico gas pipeline built to operate in water depths exceeding 6,000 feet, making it the deepest gas gathering system in the Gulf.
People
Houston-based Nuevo Energy Co. has accepted the resignation of Doug Foshee as chairman, president and CEO. Foshee intends to pursue other interests. With Foshee’s resignation, the board of directors appointed Isaac Arnold, an outside Nuevo director since 1990, as chairman. The board also announced that Phillip Gobe, currently Nuevo’s COO, has been appointed interim president and CEO. Nuevo has initiated a search for a new president and CEO, and Gobe will be considered as part of the search. “Phillip Gobe and the rest of Nuevo’s senior management team have the full support of our board of directors,” said Arnold.
MT Power Authority Measure Clears State Legislature
Legislation to create a Montana power authority that would be allowed to, among other things, acquire electrical generation facilities, recently cleared the Montana legislature. A state lawmaker who sponsored the measure expressed confidence the bill (HB 474) would be signed into law by the governor no later than May 10.
MT Power Authority Measure Clears State Legislature
Legislation to create a Montana power authority that would be allowed to, among other things, acquire electrical generation facilities, recently cleared the Montana legislature. A state lawmaker who sponsored the measure expressed confidence the HB 474 would be signed into law by the governor no later than May 10.
Two CA Utilities Take Multi-Billion Dollar Write-Offs
The holding companies for California’s two major utilities — one in bankruptcy and the other on the brink — belatedly last Tuesday reported multi-billion-dollar losses for 2000 after taking substantial after-tax charges in the fourth quarter because of uncollected wholesale power costs. Both indicated that California’s continuing energy crisis will impact overall financial results this year, and first-quarter earnings will need to be reported by May 15 under Securities and Exchange Commission requirements.
