Retain

Although thousands of Enron Corp. customers are expected to retain energy-services contracts set up by the company — at least for the short term — the New York City bankruptcy judge overseeing Enron’s Chapter 11 reorganization granted the company permission to terminate several hundred contracts. Enron Energy Services (EES) had been one of Enron’s fastest growing divisions, and before it declared bankruptcy, had secured contracts at more than 31,000 sites in all 50 states and in five countries. The contracts were estimated to be worth more than $16 billion in 2000 alone and last year, Enron scored several other billion dollar deals.

Although thousands of Enron Corp. customers are expected to retain energy-services contracts set up by the company — at least for the short term — the New York City bankruptcy judge overseeing Enron’s Chapter 11 reorganization granted the company permission Thursday to terminate several hundred contracts. Enron Energy Services (EES) had been one of Enron’s fastest growing divisions, and before it declared bankruptcy, had secured contracts at more than 31,000 sites in all 50 states and in five countries. The contracts were estimated to be worth more than $16 billion in 2000 alone and last year, Enron scored several other billion dollar deals.

The Senate last week overwhelmingly voted to retain a controversial oil and natural gas lease sale in the eastern Gulf of Mexico scheduled for December, pushing back attempts by the Florida delegation to delay it until next year, as part of a major energy spending bill. Interior Department’s Minerals Management Service (MMS) last week tentatively scheduled the lease sale for Dec. 5 in New Orleans.

The House voted by a narrow margin yesterday to retain a controversial measure that attempts to block construction of the 744-mile Gulfstream pipeline project that would transport gas from Mobile Bay, AL, across the Gulf of Mexico to Florida.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

El Paso Energy and Coastal Corp. announced plans last week torelocate more than 1,200 employees and retain only satelliteoffices at the El Paso Natural Gas headquarters in El Paso, TX, andthe ANR Pipeline headquarters in Detroit, MI, once their merger isapproved by the FTC, which is expected sometime in the fourthquarter. No final decision on staff reductions has been made, an ElPaso spokeswoman said.

El Paso Energy and Coastal Corp. announced plans yesterday torelocate more than 1,200 employees and retain only satelliteoffices at the El Paso Natural Gas headquarters in El Paso, TX, andthe ANR Pipeline headquarters in Detroit, MI, once their merger isapproved by the FTC, which is expected sometime in the fourthquarter. No final decision on staff reductions has been made, an ElPaso spokeswoman said.

Suncor Energy Inc. of Calgary said it will reposition its gasbusiness to achieve at least a 10% return on capital within fiveyears. Suncor intends to build competitive operating areas, improvebase business efficiency and create new, low-capital businesses.