The revelations last week that Aquila Inc. will soon shutter its merchant services unit and that Dynegy Inc. stopped its online trading business were not nearly as surprising as one industry veteran had expected. Referring to this time as “the Great Shakeout,” energy consultant Ben Schlesinger said a year from now, “those who don’t want to be in this business won’t be in it, and those who are good and really want to be in this business, will be.”
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PGE-Northwest Natural Deal Hangs in Limbo
Enron’s bankruptcy reorganization plan and the continuing revelations about its trading manipulations in the California market, left the proposed sale of its Portland General Electric utility to neighboring Portland-based Northwest Natural Gas Corp. hanging on an increasingly thin thread of hope last week. Portland General landed on Standard & Poor’s “CreditWatch Negative” listing, with a notation that if the sale unravels the electric utility’s ratings could fall to the “speculative” level.
May 13, 2002
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