Revenue

The “new” Enron Corp. will be a smaller company, based on hard assets with predictable revenue and cash flow, its new interim CEO said in his first press conference Wednesday night in Houston. He also was emphatic in talking about what caused the Fortune 100 company to go under so quickly. “I frankly don’t care,” said Stephen Cooper.

The California Public Utilities Commission (CPUC) Wednesdayokayed a process for utility revenues from retail rates to befunneled to the state water resources department (DWR) to cover itsongoing multi-million-dollar purchases of short-term electricitysupplies.

The continued successful implementation of its aggressive growthstrategy was reflected in the annual and quarterly financialresults of San Jose, CA-based Calpine Corp., which Tuesdayannounced triple-digit percentage increases in revenues, net incomeand earnings-per-share. Net income, before an extraordinary charge,was $324.7 million in 2000, compared to $96.2 million in 1999, a238% increase; revenues were $2.3 billion, compared to $847.7million in 1999, a 171% increase; and earnings-per-share were$1.11, compared to 43 cents/share in 1999, a 158% increase.

Nymex got final approval last week for its demutualization plan from the Internal Revenue Service, which said there would be no tax consequences for the organization or its members. The plan, which calls for the equity in the exchange to remain with the seat-owners of its Nymex Division, will make the exchange the first in New York to convert from a not-for-profit membership structure to a for-profit organization.

Nymex got final approval for its demutualization plan from theInternal Revenue Service, which said there would be no taxconsequences for the organization or its members. The plan, whichcalls for the equity in the exchange to remain with the seat-ownersof its Nymex Division, will make the exchange the first in New Yorkto convert from a not-for-profit membership structure to afor-profit organization.

Williams announced that the Internal Revenue Service has issueda favorable ruling on the company’s proposed tax free spin-off ofits communications business to Williams’ shareholders. The rulingwould permit a tax-free distribution of Williams Communications’stock to shareholders in what is commonly known as a spin-offtransaction. Under this form of transaction, each Williamsshareholder would get a proportionate number of WCG shares.Williams currently owns 85% of Williams Communications. It soldabout 15% of Williams Communications last October in public andprivate equity offerings. Last month the company’s board voted tobegin the separation process, which is expected to take about 18months. In a statement, CEO Keith Bailey said the company thoughtthe steps were “the best way to ensure that both our energy andcommunications businesses have the efficient and effective accessto the capital necessary to pursue the substantial growthopportunities that each enjoys.”

Price spikes, volatility, tight margins and stiff competitionhave prompted many energy marketers to reconsider their positionsand strategy, and this is causing changes in the energy marketingarena as a whole, according to a new report by Frost &Sullivan.

Price spikes, volatility, tight margins and stiff competitionhave prompted many energy marketers to reconsider their positionsand strategy, and this is causing changes in the energy marketingarena as a whole, according to a new report by Frost &Sullivan.

TransCanada PipeLines Ltd. has opened a second front in itsfight to stop, before it starts, a revenue hemorrhage seen on thehorizon as a result of new competition in natural gastransportation.