It’s not as if Westar Energy hasn’t seen enough trouble, but it’s now reported that top executives of the Kansas-based energy company believed $56,500 in contributions to political groups associated with four leading Republican lawmakers last year would buy them exemption from a controversial federal utility law, The Washington Post reported Friday.
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CMS Energy Corp.’s immediate financial future was resting on the decisions of six banks late Friday as the Dearborn, MI-based company negotiated to have its $450 million credit line approved. Without approval by midnight Friday, CMS could be forced to default on a previous loan agreement and have to immediately repay a $300 million loan from the revolver. CMS also uses the credit line to operate and pay day-to-day expenses.
An assertion by a former UBS PaineWebber broker that he had been fired for advising clients to sell their Enron Corp. shares in August 2001 was verified Wednesday by Congressional investigators, who released a series of e-mail messages between the brokerage and the company. Broker Chung Wu, formerly in PaineWebber’s Houston office, said he suspected his dismissal followed pressure from Enron after he sent a message to clients early on Aug. 21 warning that Enron’s “financial situation is deteriorating” and that they should “take some money off the table.”
Rep. Henry Waxman of California, ranking Democrat on the House Government Reform Committee, has obtained internal Enron Corp. e-mails that he says suggest that Chairman Kenneth Lay “misled” company employees about the prospects for Enron and its stock, just weeks before the energy trader collapsed and began its headlong plunge toward bankruptcy.
Two dueling pipeline projects from New England to Long Island,NY, unveiled open seasons last week. Tennessee Gas Pipeline Co., anEl Paso unit, is planning one line, the Connecticut-Long IslandPipeline, while Duke Energy Gas Transmission (DEGT) and KeySpanEnergy Delivery Long Island (KEDLI) are partnering on the competingproject, called Islander East. Open seasons on both will concludeFeb. 28.
All of a sudden proposed pipeline laterals from New England toLong Island, NY, have become all the craze, as the second pipelineproject in a week was announced yesterday, this time by TennesseeGas Pipeline Co. to serve roughly the same area. The El Pasobusiness unit announced the commencement of an open season for itsConnecticut-Long Island project, which is open for non-bindingnominations until Feb. 28.
As natural gas shortages become almost commonplace, and pricescontinued to stay perched at the higher end, it comes as nosurprise that producers such as Chevron, Texaco and Burlington haveincreased their capital and exploratory spending programs in 2001.
The coming decade promises to reveal a different utilityindustry than the one today, which already is bursting around theedges from the speed-of-light changes, according to Victor A. Burk,a managing partner in Arthur Andersen’s energy and utilitiesindustry sector. Burk offered what he termed his “megatrends” athis company’s energy symposium last week in Houston.
The coming decade promises to reveal a different utilityindustry than the one today, which already is bursting around theedges from the speed-of-light changes, according to Victor A. Burk,a managing partner in Arthur Andersen’s energy and utilitiesindustry sector. Burk offered what he termed his “megatrends” athis company’s energy symposium this week in Houston.