National Action Plan Aims to Boost Energy Efficiency in U.S.

More than 80 energy, environmental and other organizations on Monday announced commitments and public statements in support of a national action plan for energy efficiency that includes several recommendations for helping states and utilities overcome policy, regulatory and other barriers that limit investment in energy efficiency.

August 1, 2006

SoCal Edison Says Sempra Deal Means Big Gas System Changes

As a major power generator/buyer sensitive to wholesale natural gas prices, Southern California Edison Co. said in prepared statements earlier in month that its recent settlement with Sempra Energy’s two California utilities will mean substantial changes in the way Sempra’s utility natural gas transmission and storage system operates for large customers such as the Edison International electric utility. The changes are still contingent upon the California Public Utilities Commission approving the settlement (see Daily GPI, June 15).

June 29, 2006

Favorable Draft Environmental Reviews Issued for 2 Pascagoula, MS, LNG Projects

FERC staff released favorable draft environmental impact statements (DEIS) Friday on two liquefied natural gas (LNG) import terminal projects proposed in Pascagoula, MS. Commission staff concluded that both projects, including one proposed on a 33-acre site in the Port of Pascagoula by Gulf LNG Energy and another proposed by Chevron Corp. subsidiary Bayou Casotte Energy LLC on a 264-acre site located adjacent to Chevron’s Pascagoula refinery, would have limited adverse environmental impact given the use of proposed mitigation measures.

May 22, 2006

Lay Calls Criminal Charges ‘Absolutely Ludicrous’

After years of living the American dream, the past six years have been an “American nightmare,” Enron Corp. founder Kenneth L. Lay said Monday in his fraud and conspiracy trial. Lay, 64, who faces several years in prison if he is convicted on a half dozen criminal counts, took the stand in his defense for the first time, attempting to convince jurors in Houston he had done no wrong in the months before Enron collapsed.

April 25, 2006

EIA Finds E&P 3Q Profits Rose 69%

Using third quarter income statements from 21 of the largest U.S.-based exploration and production (E&P) companies — both majors and large independents — the Energy Information Administration (EIA) estimates overall profit rose 69% from the same period a year ago. The EIA report, issued Thursday, comes just one day after Congress questioned top E&P officials about record high profits (see Daily GPI, Nov. 10).

November 11, 2005

Shareholder Group Charges Mirant with Excessive Executive Compensation

A group calling itself the Mirant Shareholder Rights Group released several statements last week, blasting bankrupt Mirant’s board and management team for deliberately undervaluing the company’s assets and paying excessive executive compensation despite a “track record of failures.”

April 18, 2005

Enron Criminal Case Against Six Begins in Houston

The first criminal trial in the Enron Corp. case got underway Tuesday in Houston, and prosecutors said in opening statements that emails and other evidence will prove two former Enron executives conspired with four Merrill Lynch bankers to illegally increase the profits so that the company could meet Wall Street expectations.

September 22, 2004

BP Leads 1Q Gas Sales, But Parity Shows Signs of Returning

BP plc remained atop the leader board for physical natural gas sales in North America in the first quarter, with 24.5 Bcf/d in gas sales, a 22% hike year-over-year. Sempra Energy retained second place, gaining 1% in gas sales over 1Q2003.

June 3, 2004

UBS Warburg Energy May Cut up to Half of Houston Workforce

UBS Warburg Energy, which took over the EnronOnline market earlier this year, has issued no public statements since February, when it completed a deal to obtain Enron Corp.’s exclusive license to the technology to operate the North American natural gas and power trading operations, but sources report that between a one-quarter to one-half — 120 to 250 — of its Houston staff are expected to be laid off.

August 12, 2002

With Andersen Guilty, Investigation Refocuses on Enron

In 16,000 pages of financial statements released last week to the bankruptcy court overseeing its case, Enron Corp. reported it now has $9 billion in the black ink column. However, of Enron’s $51.8 billion in listed assets, $35 billion is based on the “book” values dated before Enron filed for bankruptcy Dec. 2, 2001. The numbers used to establish the assets’ current values, including payments due from affiliates that now may be bankrupt, are not “wholly reliable,” Enron said, but to update all of them now would be “unduly burdensome and time consuming.” Nearly 50 Enron subsidiaries, many of them bankrupt, are expected to detail their financials in the next few days.

June 24, 2002