Scrutiny

UBS Warburg, which took over Enron Corp.’s energy trading arm in February for no cash down, made a deal to protect itself from liability associated with the bankrupt company’s questionable trading practices. However, the UBS AG subsidiary hired several of the upper echelon in Enron’s trading team, including former COO Greg Whalley, who is now the managing director of the UBS energy trading unit. Now under the microscope of FERC in its investigation of California trading practices, some want to know if the “new” UBS energy traders are using the same old tactics of their former employer.

Outside factors, led by the scrutiny of the credit ratings agencies, could become the biggest deterrent to building new infrastructure, according to energy executives speaking at the GasMart/Power 2002 conference in Reno last Wednesday. Bill Hobbs, CEO of Williams Energy Marketing & Trading, said that while the “Enron hype is gone,” the $15 billion worth of capital cuts made by companies in the past few months “will have a significant impact” in the next five years.

The Securities and Exchange Commission’s (SEC) ability to closely regulate the securities and financial markets has become “increasingly strained” due to its restricted funding, limited staff and high turnover of senior staff, according to a report released by General Accounting Office (GAO) last week.

The Securities and Exchange Commission’s (SEC) ability to closely regulate the securities and financial markets has become “increasingly strained” due to its restricted funding, limited staff and high turnover of senior staff, according to a just-released report of the General Accounting Office (GAO).

Ohio retail gas marketers will have to undergo new regulatory scrutiny, according to rules adopted by the Public Utilities Commission of Ohio last week. Under the rules all retail marketers will have to file balance sheets, credit ratings and other relevant financial information among other requirements in order to obtain certification by the PUCO. Up to this point, retail marketers have been allowed to operate without certification.

Ohio retail gas marketers will have to undergo new regulatory scrutiny, according to rules adopted by the Public Utilities Commission of Ohio on Tuesday. Under the new rules all retail marketers will have to file balance sheets, credit ratings and other relevant financial information among other requirements in order to obtain certification by the PUCO. Up to this point, retail marketers have been allowed to operate without certification.

Both private and public sector energy titans were singled out for criticism and scrutiny by California state officials Tuesday, adding to the legal and political moves that have become increasing intertwined as summer approaches, patience wears thin and easy solutions seem more distant.

FERC’s decision to mitigate prices only during Stage I, II and III emergencies will provide effective relief in the months ahead, said Commissioner Linda Breathitt yesterday, given that it’s very likely that California “may be in the stages for a lot of the summer.”

With the pressure of an exhaustive state regulatory review andscrutiny of its neighbors, San Jose, CA-based Calpine Corp. says itis prepared to spend whatever it takes to make a 600 MW naturalgas-fired merchant power plant in its headquarters city a “model”for efficiency and environmental cleanliness among its growingfleet of gas-fired power plants nationally.