Congressional investigators have discovered “substantial evidence of illegal activity” by the once-powerful Enron Corp. and its top-level executives to “deceive the public” about its financial condition, House Energy and Commerce Committee Chairman W.J. “Billy” Tauzin (R-LA) said in an opening hearing statement Wednesday.
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House Committee to Call on Enron Auditor, Skilling
As part of a stepped-up Capitol Hill investigation into the financial breakdown of the once-powerful Enron Corp., the chairmen of two House panels have called on the energy trader’s outside auditor, Arthur Andersen LLP, to turn over audit records and to make certain employees available to committee staff for interviews. They also have asked former Enron CEO Jeffrey Skilling to be on hand for a visit.
ANWR, CA Refunds Top Energy Bill Amendments
At press time yesterday, the powerful House Rules Committee had not given its go-ahead to allow the full House to vote on an amendment that would derail the prospects for drilling in the Arctic National Wildlife Refuge (ANWR), and to limit the number of amendments that could be offered during debate of the omnibus energy bill that is expected to begin this week.
Futures See-Saw in Typical Pre-Expiration Volatility
After gapping higher on the open and racing to new highs,natural gas futures were hit with a powerful wave of selling latein the session that trimmed most of yesterday’s gains and lefttraders wondering if more selling is in store for the market on itsexpiration day today.
Agricultural Interests Urge Cal-PX Changes
California’s rural counties representing powerful water andagricultural interests that have always carried a lot of clout instate political arenas have stepped into the ongoing electricitypublic debate advocating changes in the auction process in thestate-run wholesale spot power market.
Compromise is Key for PA Deregulation Bill
Despite severe reservations from powerful marketers, such asEnron and Shell Energy Services, SB 601 was introduced to thePennsylvania legislature last week, moving residential and smallcommercial gas customers one step closer to gas supply choice. Thenext step for the bill, which supporters said was the result of aworking collaborative of marketers, LDCs, and the PennsylvaniaPublic Utilities Commission (PUC), will come March 23, when theSenate Consumer Protection committee will hold a hearing on thebill.