Steve

Several frustrated Reliant Energy Inc. shareholders on Wednesday urged R. Steve Letbetter, chairman and CEO, to resign, insinuating during an annual meeting in Houston that the utility giant has deteriorated since Letbetter took over as CEO in 1999. Calls for his resignation, as well as others from Reliant’s executive team, were not submitted to a formal vote, and Letbetter did not answer questions about whether the company would be in better shape without him at the helm.

With an informal inquiry under way by the Securities and Exchange Commission (SEC), Reliant Resources Inc. CEO Steve Letbetter revealed last week that the company suspended an employee in its accounting department and another employee in the risk management division who apparently were involved in the company’s earnings restatement, first announced in February. Reliant Resources said earlier this month that the SEC had launched in informal inquiry, but the CEO said he was unaware of any outstanding issues.

Williams Cos. CEO Steve Malcolm said Friday the company is “prepared to do whatever it takes” to improve the company’s balance sheet, including selling more assets if the opportunity arises. However, he said the sale of the Kern River Gas Transmission system (see Daily GPI, March 8) now will put the company in a cash neutral position, affording it the opportunity to grow the business in the way it needs to grow.

Williams CEO Steve Malcolm said last week during a UBS Warburg energy conference in New York that his company plans to cut $50 million in annual expenses in an effort to strengthen its balance sheet and prepare for the possibility that it will have to assume all or a portion of the $2.2 billion in debt of its former communications subsidiary.

Dynegy’s President Steve Bergstrom told analysts in New York last week that there’s a higher likelihood for an energy market expansion rather than a consolidation following Enron’s collapse. Speaking at UBS Warburg’s Global Energy and Utilities Conference on Thursday, Bergstrom said the massive 25% market share of Enron currently is being dispersed among other existing energy players, but there’s room for more big players in this growing market.

Dynegy’s President Steve Bergstrom told analysts in New York Thursday that there’s a higher likelihood now for an energy market expansion rather than a consolidation. Speaking at UBS Warburg’s Global Energy and Utilities Conference, Bergstrom said the massive 25% market share of Enron currently is being dispersed among other existing energy players, but there’s room for more big players in this growing market.

Williams CEO Steve Malcolm said his company is cutting $50 million in annual expenses in an effort to strengthen its balance sheet and prepare for the possibility that it will have to assume $2.2 billion in debt from its former communications subsidiary.

Shell Oil Co. said Wednesday that it has appointed Steve Murray, currently president of Shell Trading United States, to succeed Alan Raymond as CEO of Shell Energy Services Co. LLC. The company said the switch will take effect on Dec. 1. Shell said that Raymond has been instrumental in the operation of Shell Energy Services since its inception. He is retiring after 34 years of service.

California state Sen. Steve Peace last week asked state energyregulators to reject utility attempts to recover through retailrates the under-collections from the continuing wholesale powerprice spikes and instead get the funds from generators andmarketers who are charging the market-based prices.