Stung by reduced demand, natural gas distributor Nicor Inc. reported an 18% decline in second quarter profit on Monday. The company also revealed that it has terminated four employees in connection with their involvement in “potentially fraudulent” conduct in its performance-based rate (PBR) gas supply program that may have violated Securities and Exchange Commission (SEC) rules.
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New Power Terminates Enron Contracts
The NewPower Co., the national retail energy provider founded by Enron, IBM and America Online in May of last year, said Enron’s bankruptcy has forced it to terminate its supply contracts with the company and take an expected fourth quarter charge of about $110 million. The company, however, said its previous fourth quarter estimate of a loss of 65 cents to 73 cents per share remains on target.
December 6, 2001
AGL Subsidiary Terminates Enron Asset Management Deal
Following word of the failed Enron Corp./Dynegy merger, fallout continues to rock the nation in more ways than one might expect. AGL Resources Inc. reported that Sequent Energy Management, its asset optimization subsidiary with a large portfolio of assets under management in the Southeast, has reached an agreement with Enron for early termination of an asset management contract related to Virginia Natural Gas (VNG), also a wholly owned subsidiary of AGL Resources.
December 3, 2001
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