Probes

Labor Secretary Elaine Chao said late Wednesday that the department has opened an investigation into Enron Corp. for potential mismanagement and abuse of the pension fund plans of existing and former company employees in the wake of the Houston-based energy trader’s financial meltdown.

Capitol Hill last week wasted little time in calling for hearings and investigations into the events that led up to and caused the financial collapse of energy giant Enron Corp.

Capitol Hill has wasted little time in calling for hearings and investigations into the events that led up to and caused the financial collapse of energy giant Enron Corp.

FERC last Wednesday issued an order directing Exelon Corp. and affiliates PECO Energy Co., Exelon Generation Co. LLC and Power Team to show cause whether they violated a key section of the Federal Power Act (FPA) and standards of conduct in FERC regulations by operating PECO’s transmission system in an unduly preferential manner or sharing non-public information related to the timing and location of maintenance outages.

At the request of Reps. W.J. “Billy” Tauzin (R-LA) and JoeBarton (R-TX), the Federal Trade Commission (FTC) last week said itwould look into “possible jurisdictional limitations” on states’authority to design successful retail competition plans, andwhether additional federal legislative or regulatory action isrequired.

At the request of Reps. W.J. “Billy” Tauzin (R-LA) and JoeBarton (R-TX), the Federal Trade Commission (FTC) said it will lookinto “possible jurisdictional limitations” on states’ authority todesign successful retail completion plans, and whether additionalfederal legislative or regulatory action is required.

FERC Chairman James J. Hoecker has signaled that the Commissionis investigating the causes for the rapid escalation in natural gasprices in California and elsewhere in the nation.

The U.S. Attorney’s office in Washington D.C. has begun toexplore the possibility of criminal action in the case involvingNicholas J. Bush, former president of the Natural Gas SupplyAssociation (NGSA), who was relieved of his duties two weeks ago inthe wake of allegations that he defrauded the trade group of morethan $2.4 million over a 12-year period. NGSA made the allegationsin a lawsuit it filed two weeks ago.

The futures market continued lower on Friday capping off anextremely bearish week, which saw selling from all segments of themarket-trade, funds and locals. However, beleaguered bulls tooksome solace in a minor victory Friday afternoon when scaled downtrade buying lifted the December contract off its $2.125 low. Asmall but encouraging bounce ensued to recoup a portion of theweek’s losses. The December contract settled at $2.163 Friday, down5 cents for the day and 29.6 cents for the week.