Energy Central Professional Dispatch

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sementThe Structure Group ELECTRIC POWER NEWS - TOP STORIES [IMAGE]=
[IMAGE] [IMAGE] Energy Central's editors have selected these as the top st=
ories of the day: Andersen under heavy fire at Enron hearings WASHINGTO=
N, Jan 24 (Reuters) Calif. consumer group slams PG?restructure plan SAN FR=
ANCISCO, Jan 24 (Reuters) Chairman Quits Top Post at Enron By Laura Goldbe=
rg, Houston Chronicle, Jan. 24 PSEG to spend $300 million on clean air comp=
liance By Chris Baltimore, WASHINGTON, Jan 24 (Reuters) [IMAGE] [IMAGE=
] ELECTRIC POWER NEWS - MOST REQUESTED [IMAGE] [IMAGE] [IMAGE] These s=
tories have been most requested by Energy Central members in the last two w=
eeks. Ex-Enron Execs Launch Own Firm By BILL BERGSTROM AP Business =
Writer, PHILADELPHIA, Jan 14, 2002 (AP Online via COMTEX) -- Court overtur=
ns approval of AEP, Central SW merger By Julie Vorman, WASHINGTON, Jan =
18 (Reuters) SPECIAL REPORT: U.S. Power Production Scorecard: Who Is Build=
ing New Power Plants, And Where? What Fuel Sources Will Be Used? by Wil=
l McNamara, IssueAlert, Jan. 16 (Scientech) PJM, Midwest ISO may form vast=
US electricity market WASHINGTON, Jan 9 (Reuters) Virginia Prepares f=
or Deregulation of Electricity Market By Greg Edwards, Richmond Times-D=
ispatch, Va., Jan. 12 [IMAGE] [IMAGE] GAS INDUSTRY NEWS - TOP STORIES=
[IMAGE] [IMAGE] [IMAGE] Energy Central's editors have selected these as=
the top stories of the day: Georgia Senator's Plan Would Establish Regu=
lated Gas Supplier By Matthew C. Quinn, The Atlanta Journal-Constitution, =
Jan. 24 Reliant Energy Entex Reduces Gas Bills for Houston Customers by 22 =
Percent By David Kaplan, Houston Chronicle, Jan. 24 US gov't oil, natgas r=
oyalties at record $8.61 bln WASHINGTON, Jan 24 (Reuters) [IMAGE] [IMA=
GE] [IMAGE] OPEC Trial [IMAGE] [IMAGE] IN THIS ISSUE [IMAGE] =
[IMAGE] [IMAGE] Daily Edition for paul.d.thomas@enron.com [IMAGE] =
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Issue Utility Spotlight - Every Monday Utility Stock Price - Top Gainers =
- Each Tuesday [IMAGE] [IMAGE] [IMAGE] ELECTRIC POWER NEWS [=
IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] Selected 94 of 94 Articles Today=
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nt 2001 - Balancing Customers, Regulators and Energy Demand" by The C Three=
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00837 Top Stories Calif. consumer group slams PG?restructure pl=
an SAN FRANCISCO, Jan 24 (Reuters) Pacific Gas & Electric's plan to get o=
ut of bankruptcy would boost energy costs for the 13 million Californians i=
t serves by about $20 billion over 12 years, a San Francisco-based consumer=
group said on Thursday. [IMAGE] Andersen under heavy fire at Enron hear=
ings WASHINGTON, Jan 24 (Reuters) Auditing firm Andersen came under heavy=
fire on Thursday, as a sacked Andersen partner refused to testify in Congr=
ess on the shredding of documents related to the Enron collapse, and senior=
Andersen officials tried to lay blame on their former partner. [IMAGE] =
Chairman Quits Top Post at Enron By Laura Goldberg, Houston Chronicle, Ja=
n. 24 Ken Lay resigned Wednesday as chairman and chief executive officer of=
Enron at the request of the committee representing the company's creditors=
. [IMAGE] PSEG to spend $300 million on clean air compliance By Chris =
Baltimore, WASHINGTON, Jan 24 (Reuters) Public Service Enterprise Group Inc=
. said on Thursday it had agreed to spend $300 million over 10 years to ins=
tall equipment to limit air pollution at its New Jersey coal-fired power pl=
ants in a settlement with federal and state regulators. Press Release=
City Utilities Of Springfield, MO Enhances Customer Management Flexibi=
lity Using SPL WorldGroup Software Morristown, New Jersey - January 24th,=
2002 SPL WorldGroup B.V. (SPL), the leading provider of customer managemen=
t solutions to the global energy, water and waste management industries, ha=
s successfully implemented SPL's customer management software product at Ci=
ty Utilities of Springfield, MO (www.cityutilities.net). City Utilities is =
a customer-owned utility that serves approximately 90,000 customers in sout=
hwest Missouri with electric power, natural gas and water. California=
Crisis Judge Considers Pacific Gas & Electric's Asset Spin-Off Scheme =
By Mike Taugher, Contra Costa Times, Walnut Creek, Calif., Jan. 24 The fa=
te of Pacific Gas & Electric Company's vast Sierra land holdings is on the =
table as a judge considers the bankrupt utility's request to spin its hydro=
power assets to deregulated subsidiaries of its parent company. Calif=
. regulators clear SCE debt payment plan SAN FRANCISCO, Jan 23 (Reuters) =
Southern California Edison (SCE) said measures approved on Wednesday by the=
California Public Utilities Commission (CPUC) will permit the utility to s=
ecure financing needed to pay all of its creditors by the end of the curren=
t first quarter. Calif. court orders Enron to save documents SAN FR=
ANCISCO, Jan 23 (Reuters) A San Francisco judge on Wednesday ordered bankru=
pt Enron Corp. to preserve all paper and electronic documents California of=
ficials have subpoenaed in an investigation of possible price gouging durin=
g last year's power crisis. Enron delinquent in paying Calif. tax bil=
l SACRAMENTO, Calif., Jan 24 (Reuters) Bankrupt energy giant Enron Corp.,=
under intense fire from federal regulators and a host of congressional com=
mittees looking into the firm's demise, may soon also have the California t=
axman hot on its trail. [IMAGE] ADVERTISEMENT ENERGIZE YOUR CAREER - =
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ers and is updated daily! Visit the energy industry's largest on-line job =
center today: http://www.energycentral.com/sections/jobs National=
Energy Policy Cheney again refuses to give energy policy details By =
Randall Mikkelsen, WASHINGTON, Jan 23 (Reuters) Vice President Dick Cheney'=
s office again refused on Wednesday to turn over details of how the White H=
ouse formulated its energy policy -- including bankrupt Enron Corp.'s invol=
vement -- despite increased pressure from Congress. Mergers, Acquisiti=
ons & Divestitures Securities and Exchange Commission Told to Review Po=
wer-Company Merger By Rick Robinson, The Daily Oklahoman, Jan. 22 In a de=
cision trumpeted by small electric companies as a victory for consumers, a =
federal appeals court Friday sent the merger of two large power companies b=
ack to the Securities and Exchange Commission for further consideration. =
Legislation/Regulation Fired Andersen partner refuses to testify on =
Enron WASHINGTON, Jan 24 (Reuters) - A fired partner of auditor Andersen =
on Thursday refused to testify to Congress on the destruction of evidence i=
n the collapse of energy giant Enron, prompting lawmakers to say he was fru=
strating their probe. Text of Enron Auditor's Testimony By The Asso=
ciated Press, Jan 24, 2002 (AP Online via COMTEX) -- The discussion Thursd=
ay between fired Enron auditor David Duncan and Rep. Jim Greenwood, R-Pa., =
chairman of a House Energy and Commerce subcommittee investigating the Enro=
n collapse: Flurry of Enron Hearings to Begin; Scrutiny May Lead to C=
hanges in Laws By Christopher Lee, The Dallas Morning News, Jan. 24 When =
Enron went down, a great many public policy issues came up. Democrats=
May Also Feel Sting from Enron's Lobbying, Campaign Contributions By Rob=
ert Schlesinger, The Boston Globe, Jan. 24 With congressional hearings on t=
he Enron Corporation's collapse scheduled to resume today, Democrats face a=
touchy political question of how much -- if at all -- they can profit from=
the scandal politically. Former SEC Chairman Tried to Change Auditin=
g Rules By Patty Reinert, Houston Chronicle, Jan. 24 Long before the Enro=
n implosion made clear what happens when giant corporations get too cozy wi=
th the accountants policing their books, former Securities and Exchange Com=
mission Chairman Arthur Levitt tried to change the rules to make auditors m=
ore independent. White House: Lay resignation will not deter probe =
WASHINGTON, Jan 24 (Reuters) The resignation of Enron Corp chairman Kenneth=
Lay will not deter the administration from seeking answers to the energy t=
rading firm's spectacular collapse, a White House spokesman said on Thursda=
y. Committees investigating Enron By United Press International, Ja=
n 24, 2002 (United Press International via COMTEX) -- Here is a list of Con=
gressional committees investigating Enron: Congress should study deri=
vatives trading regulation after Enron - Lieberman WASHINGTON, Jan 24, 20=
02 (AFX-Asia via COMTEX) -- Senator Joe Lieberman said that Congress needs=
to restore investor confidence and protect retirement security, in the wak=
e of Enron Corp's collapse, and should also assess whether to regulate ener=
gy derivatives trading and deregulate energy markets. Auditor Decides=
Not to Testify in Enron Hearing Knight Ridder Washington Bureau, Jan. 24=
The auditor fired for shredding Enron documents in the midst of a governme=
nt investigation has declined to testify before lawmakers when a series of =
hearings opens Thursday on Capitol Hill. Congress begins marathon ser=
ies of Enron hearings WASHINGTON, Jan 24 (Reuters) A pair of congressiona=
l hearings into the failure of Enron Corp. will focus on Thursday on the ro=
le of the collapsed energy giant's auditor, Andersen, and whether regulator=
s could have prevented the crisis. General Facing Suit, Georgia Po=
wer Finds More Hangman's Nooses at Plant By Matthew C. Quinn, The Atlanta=
Journal-Constitution, Jan. 24 Eighteen months after facing accusations tha=
t it failed to correct racially hostile workplace conditions, Georgia Power=
Co. said Wednesday that seven more hangman's nooses have been discovered a=
t one of its power plants. Al Sharpton Comes to Houston, Urges Aid fo=
r Enron Investors By S.K. Bardwell, Houston Chronicle, Jan. 24 The govern=
ment failed to protect investors from the downfall of Enron and therefore s=
hould find money to help those who lost their savings in the corporation's =
collapse, the Rev. Al Sharpton said Wednesday. Wisconsin Agency Says =
Top Regulator Won't Visit German Power Plants By Lee Hawkins Jr., Milwauk=
ee Journal Sentinel, Jan. 24 The state Public Service Commission said Wedne=
sday that its top regulator has decided not to travel to Germany with a del=
egation of utility executives to visit power plants there. Nader: Enr=
on Collapse Could Cause Sell-Off of Portland, Ore., Utility By Gail Kinse=
y Hill, The Oregonian, Portland, Ore., Jan. 23 Consumer advocate Ralph Nade=
r on Tuesday warned Oregonians that the Enron bankruptcy could force the pi=
ece-by-piece sell-off of Portland General Electric hydropower plants and tr=
ansmission lines, with dire consequences for the utility's 730,000 ratepaye=
rs. Pinellas County, Fla., Residents Rip Florida Power at Meeting T=
ampa Tribune, Fla., Jan. 24 Dennis Buthmann is tired of blackouts. En=
ron scandal gives rise to new verb WASHINGTON, Jan 23 (Reuters) First Enr=
on was a company. Then it was a scandal. Now it is a transitive verb. =
CHRONOLOGY - Rise and fall of energy giant Enron NEW YORK, Jan 24 (Reute=
rs) Following are key dates in the history of energy trading giant Enron Co=
rp.: Developments Related to Enron Case By The Associated Press, Ja=
n 24, 2002 (AP Online via COMTEX) -- David Duncan, a fired Arthur Andersen=
LLP auditor, cited his Fifth Amendment rights, declining to testify to Con=
gress about anything he knows or anything he did in the destruction of docu=
ments relevant to the collapse of Enron.(p) Denver Charter School Gi=
ves $4,500 Donation to Enron Pension Fund By Trent Seibert, The Denver Po=
st, Jan. 23 It's a $4,500 donation nobody wants. Sacramento, Calif., =
Plans to Build on Riverfront's Past By Tony Bizjak, The Sacramento Bee, C=
alif., Jan. 23 For a half-century, the imposing PG?power plant overlooking =
the Sacramento River downtown has stood empty -- while scheme after grandio=
se scheme for its reuse came and went. Trading/Marketing Two Congr=
essional Panels Extend Enron Scrutiny to Energy-Trading Allegations By Ji=
m Landers, The Dallas Morning News, Jan. 24 Two congressional committees ar=
e investigating allegations that Enron Corp. manipulated energy trading mar=
kets to profit from insider information. APX Exceeds 500 Million Mega=
watt Hours in 2001 Power Transaction Processing SANTA CLARA, Calif. (Jan.=
24, 2002) (News Release) APX, a provider of transaction processing service=
s for the electric power industry, today announced that it processed a tota=
l of more than 500 million megawatt hours in wholesale electric power trans=
actions in 2001. Power Pricing/Supply West Power Expecting Modest =
Boost from Cooler Weather Jan. 24 (Btu's Daily Power Report) Power prices=
in the Western U.S. moved slightly higher today on the heels of weather fo=
recasts indicating that a cold front should settle into the region by next =
week. Special Offer from this Publisher! Steady as She Goes in Power=
Markets Jan. 23 (Special to Western Price Survey Contacts) There was lit=
tle movement in power prices this week and little to report that differed f=
rom last week. Special Offer from this Publisher! Duncan Demands Imm=
unity Jan. 23 (Energy Market Report) Day-ahead peak power prices in the W=
estern U.S. were mostly steady for Thursday delivery amid weather forecasts=
calling for a slight increase in temperatures and an abundance of Northwes=
t hydropower. Special Offer from this Publisher! Power Projects P=
roposed Buttonwillow, Calif.-Area Power Plant Raises Environmental Concerns=
By Erin Waldner, The Bakersfield Californian, Jan. 22 A proposal to buil=
d a 49.5-megawatt electrical power plant near Buttonwillow has raised some =
concerns about possible environmental impacts. Calpine Puts Two Walnu=
t Creek, Calif.-Area Power-Plant Projects on Hold By Melissa Moy, Contra =
Costa Times, Walnut Creek, Calif., Jan. 24 Construction of two proposed Eas=
t Bay power plants might be delayed as their builder grapples with a depres=
sed energy market. Evansville, Ky., Public Health Advocate Opposes Pe=
rmit for Coal Power Plant By David Blackburn, Messenger-Inquirer, Owensbo=
ro, Ky., Jan. 23 An Evansville public health advocate said Tuesday he oppos=
es a coal-fired power plant in Central City because politics instead of sci=
entific studies led Kentucky officials to tentatively approve the project's=
air permit. Lawmaker Opposed to Fort Mill, S.C., Power Plant May Mak=
e Compromise By Gene Crider, The Herald, Rock Hill, S.C., Jan. 23 The spo=
nsor of a resolution that would halt the construction of new merchant power=
plants in South Carolina says he's willing to consider a compromise to all=
ow a $400 million plant in Fort Mill to be built. Legal PG?bankrup=
tcy case gets critical hearing Friday By Leonard Anderson, SAN FRANCISCO,=
Jan 24 (Reuters) Pacific Gas & Electric Co.'s restructuring plan, at the h=
eart of the biggest U.S. utility bankruptcy ever, will be weighed at a cour=
t hearing Friday to determine whether the energy giant can split itself int=
o four companies. Texas Justice's Enron Money Draws Criticism By Mi=
chelle Mittelstadt, The Dallas Morning News, Jan. 23 An Enron scandal that =
has proved nettlesome to the executive and legislative branches now is spil=
ling over to the judiciary, with word that a prospect for a prestigious fed=
eral appellate court seat received Enron campaign contributions and later a=
uthored a Texas Supreme Court opinion favorable to the bankrupt energy trad=
er. Texas Attorney General's Opinion in Utility Disclosure Case Favor=
ed Enron By Wayne Slater, The Dallas Morning News, Jan. 24 Attorney Gener=
al John Cornyn sided with Enron in September in a utility case in which the=
company sought to keep financial information secret as it competed for bus=
iness in the deregulated utility market. Enron Documents Cause Attorn=
eys to Pull Out of Agreement By Rosanna Ruiz, Houston Chronicle, Jan. 24 =
An agreement fell apart Wednesday between attorneys representing Enron shar=
eholders on how to protect financial documents held by the company's former=
auditor, Arthur Andersen. Suit Seeks to Apply Federal Racketeering L=
aws to Enron By Elizabeth Allen, San Antonio Express-News, Jan. 24 Former=
Enron employees hope to use federal racketeering laws to recoup some of th=
e $1.3 billion they lost in retirement money when the Houston-based energy =
trading company collapsed. Lawyers see settlement of massive Andersen=
suits NEW YORK, Jan 24 (Reuters) - Andersen, which handled Enron Corp.'s=
audits, will have to pay what could be hundreds of millions of dollars to =
settle massive civil litigation if it hopes to survive the scandal over the=
energy trader's collapse, legal experts say. FEATURE-Pension funds s=
eek key role in Enron actions By Martha Slud, NEW YORK, Jan 24 (Reuters) =
Public retirement funds, burned by huge losses on Enron Corp., are pressing=
to play a lead role in the shareholder lawsuits against the company -- and=
are hoping the fallout over Enron's downfall will help spur corporate gove=
rnance reforms at other U.S. companies. Judge grants early Andersen d=
epositions in Enron suit By C. Bryson Hull, HOUSTON, Jan 24 (Reuters) A f=
ederal judge on Thursday ordered six key Andersen employees to give early d=
epositions about the shredding of Enron-related documents, handing an initi=
al victory to shareholders suing the auditor and the failed energy giant's =
top insiders. Renewables Shell adds Texas wind farm to U.S. power =
portfolio HOUSTON, Jan 24 (Reuters) Shell WindEnergy Inc., seeking to boo=
st its wind power portfolio, said Thursday it acquired an 80 megawatt wind =
power facility on the north Texas plains from Cielo Wind Power LLC. C=
onstruction begins on controversial Ugandan dam By HENRY WASSWA Associate=
d Press Writer, KIKUBAMUTWE, Uganda, Jan 24, 2002 (AP WorldStream via COMTE=
X) -- After eight years of opposition, construction began Thursday on a dam=
project that will be the largest single investment by an American company =
in sub-Saharan Africa. China to Build 8 Power Stations on Lancang Riv=
er CHINA, Jan 24, 2002 (AsiaPort via COMTEX) -- China will build eight h=
ydroelectric power stations at the middle and lower reaches of the Lancang =
River in southwest China, the fifth longest in the country. Plants =
Surry, Va.-Area Officials to Go to Florida to Tour Power Plant By Jessie=
Halladay, Daily Press, Newport News, Va., Jan. 23 Eight county officials w=
ill travel to Florida on Thursday to visit a natural-gas-fired power plant =
similar to one that Calpine Corp. wants to build on Hog Island. People=
Energy Secretary Names Bonneville Head WASHINGTON, Jan. 24 /PRNewswi=
re/ Department of Energy Secretary Spencer Abraham announced today the appo=
intment of Steve Wright as administrator of the Bonneville Power Administra=
tion (BPA). Texas Senator Defends Wife's Actions on Enron By Jim La=
nders, The Dallas Morning News, Jan. 23 Texas Sen. Phil Gramm on Tuesday de=
fended his wife's actions on Enron Corp.'s board of directors and said the =
couple lost more than $600,000 in the energy company's bankruptcy. Co=
lorado Senators to Give Up Campaign Money from Enron, Andersen By Mike So=
raghan, The Denver Post, Jan. 23 U.S. Sen. Wayne Allard reversed himself Tu=
esday and decided to give up thousands of dollars in political contribution=
s from Enron and Andersen LLP. Pennsylvania Senate Panel Supports Pub=
lic Utility Commission Nominee By David DeKok, The Patriot-News, Harrisbu=
rg, Pa., Jan. 24 A state Senate committee Wednesday unanimously recommended=
Kim Pizzingrilli for a seat on the state Public Utility Commission. =
Newsmaker-Enron's Lay scorned, lauded for vision By Andrew Kelly, HOUSTON=
, Jan 23 (Reuters) Ken Lay, who resigned as chairman and chief executive of=
ficer of bankrupt Enron Corp. on Wednesday, was once lauded as a visionary =
of the energy business but more recently vilified as a callous profiteer. =
A look at the life of former Enron Chairman Kenneth L. Lay By PAM EA=
STON Associated Press Writer, HOUSTON, Jan 24, 2002 (AP WorldStream via COM=
TEX) -- A pillow former Enron chief executive Kenneth L. Lay once had in hi=
s upscale Houston home read: "Happiness is a positive cash flow." Sha=
rpton offers Bush mother-in-law help on Enron HOUSTON, Jan 23 (Reuters) C=
ivil rights activist Al Sharpton offered on Wednesday to help President Geo=
rge W. Bush's mother-in-law recoup her lost Enron Corp. stock investment as=
part of his campaign to get government help for victims of the company's f=
inancial collapse. Jesse Jackson to meet, pray with Enron's Lay HOU=
STON, Jan 24 (Reuters) Civil rights activist Rev. Jesse Jackson and former =
Enron Corp. chief executive Ken Lay were set to talk on Thursday night in a=
meeting at Enron headquarters that was likely to include a prayer session,=
a Jackson spokesman said. Labor/Human Resources Enron's Once-Prou=
d Workers Left Feeling Betrayed By Bob Dart, The Atlanta Journal-Constitu=
tion, Jan. 24 Enron left a voice mail message for Mark Lindquist to let him=
know that he had been laid off. Officials Look Into Time When Enron =
Blocked Stock Sales By David Ivanovich, Houston Chronicle, Jan. 24 The La=
bor Department's probe into the Enron debacle has focused on a period when =
participants in the company's 401(k) retirement plan were barred from selli=
ng their Enron stock, Labor Secretary Elaine Chao said Wednesday. Fuel=
South Carolina Governor Takes Wait-and-See Stance on Plutonium Plant P=
lan The State, Columbia, S.C., Jan. 24 U.S. Department of Energy official=
s will meet with Gov. Jim Hodges today to discuss shipping 34 metric tons o=
f plutonium to South Carolina for processing a proposal that has yet to rec=
eive the governor's blessing. Foes Speak Out against Tax Exemption fo=
r Kentucky Uranium Plant By Bill Bartleman, The Paducah Sun, Ky., Jan. 24=
A bill to exempt enriched uranium produced at the Paducah Gaseous Diffusio=
n Plant from the state sales tax met with opposition Tuesday, but supporter=
s don't think the measure is dead. Environmental Overseas, U.S. Fi=
rms Warm Up to Emissions Protocol By Carter Dougherty, The Washington Tim=
es, Jan. 24 Major U.S. companies see potential opportunities and pitfalls i=
n the Kyoto Protocol even though the Bush administration vowed not to follo=
w the global-warming agreement last year. Whitman Meets With Attorney=
s General By JOHN HEILPRIN Associated Press Writer, WASHINGTON, Jan 23, 2=
002 (AP Online via COMTEX) -- Attorneys general from seven East Coast state=
s met Wednesday with Environmental Protection Agency chief Christie Whitman=
to argue against easing cleaner air rules adopted by President Clinton. =
Nuclear Regulators Ponder Penalty for Improper Waste Handling at Tex=
as Nuclear Plant By Neil Strassman, Fort Worth Star-Telegram, Texas, Jan.=
24 TXU Energy should not be penalized for the improper handling of low-lev=
el radioactive waste at its Comanche Peak nuclear power plant, company offi=
cials told the Nuclear Regulatory Commission on Wednesday. Barney Rub=
blized: GAO Questions New Nuke Owners' Long-Term Viability Jan. 24 (Calif=
ornia Energy Markets) The time span between the late Stone Age and 2002 is =
just about the same as that between now and when high-level radioactive was=
te should dissipate thoroughly. Special Offer from this Publisher! =
Austria Holds Off on Early Elections By WILLIAM J. KOLE Associated Press =
Writer, VIENNA, Austria, Jan 24, 2002 (AP Online via COMTEX) -- Austria's f=
ar-right Freedom Party withdrew its call for early elections Thursday, easi=
ng a government crisis triggered by a dispute over the party's threat to bl=
ock EU membership for the Czech Republic. Financial Ex-Enron emplo=
yee says unit hid losses of $500 mln By Andrew Kelly, HOUSTON, Jan 24 (Re=
uters) Bankrupt Enron Corp. hid losses of $500 million at its energy manage=
ment unit, Enron Energy Services (EES), creating an illusion of profitabili=
ty by transferring the losses to other parts of the company, according to a=
llegations by a former employee. Derivatives at root of Enron collaps=
e, expert says By Andrew Clark, WASHINGTON, Jan 24 (Reuters) Enron Corp.'=
s extensive use of derivatives, not just its accounting practices, lie at t=
he root of the fallen energy giant's slide into the largest bankruptcy in U=
.S. history, an expert in the complex financial instruments told Congress o=
n Thursday. California Employees' Retirement System Played Unwitting =
Role in Enron Debacle By Dale Kasler, The Sacramento Bee, Calif., Jan. 24=
It was a simple and straightforward arrangement for CalPERS, and a profita=
ble one, too. EnBW declines comment on report chairman to make propos=
al to postpone IPO KARLSRUHE, Germany, Jan 24, 2002 (AFX-Europe via COMTE=
X) -- Energie Baden-Wuerttemberg AG declined to comment on a report that c=
hairman Gerhard Goll will today propose to the supervisory board a postpone=
ment of the utility's listing on the stock market, originally planned for M=
ay this year. What Accounting Changes Should the Energy Industry Expe=
ct from the SEC? By Will McNamara, IssueAlert, Jan. 24 (Scientech) Respon=
ding to growing pressure over Enron's collapse, the head of the Securities =
and Exchange Commission (SEC) has proposed to have a group of outside exper=
ts discipline accountants rather than relying on the industry to police its=
elf. Special Offer from this Publisher! Enron's Collapse Has Tiny Ef=
fect on South Carolina Pension Fund By R. Kevin Dietrich, The State, Colu=
mbia, S.C., Jan. 23 The S.C. Retirement Systems lost millions of dollars la=
te last year because of an investment in troubled Enron Corp. Enron D=
ebacle Is a Wake-Up Call to 401(k) Investors By Kelby Hartson Carr, The F=
ree Lance-Star, Fredericksburg, Va., Jan. 24 The highly-publicized Enron fi=
asco is a wake-up call for people who invest in employer retirement plans. =
Progress Energy files $2 bln shelf of debt, equity WASHINGTON, Jan =
23 (Reuters) Progress Energy Inc. on Wednesday filed with U.S. regulators t=
o sell over time up to $2 billion worth of senior debt securities, common a=
nd preferred stock and stock purchase contracts and units. Pitt oppos=
es new body under accounting industry By John Poirier, WASHINGTON, Jan 23=
(Reuters) U.S. Securities and Exchange Commission Chairman Harvey Pitt con=
tinued on Wednesday to promote revamping oversight of the accounting profes=
sion, saying he opposes a structure placing a new oversight body under the =
control of the industry. FEATURE-Under the gun, earnings reports come=
clean By Deepa Babington, NEW YORK, Jan 24 (Reuters) Now here's somethin=
g investors will be pleasantly surprised to see popping up in corporate ear=
nings press releases: Easier-to-understand financial reports. Financia=
l - Ratings Power company dealmakers face changes after Enron By Arin=
dam Nag, NEW YORK, Jan 23 (Reuters) The demise of Enron Corp. is forcing ac=
quisitive U.S. power companies to adopt new tactics including appeasing cre=
dit rating agencies in order to retain investor interest. Financial - =
Results Dynegy Reports Net Income of $77 Million for Fourth Quarter B=
y Nelson Antosh, Houston Chronicle, Jan. 24 Dynegy said Wednesday its fourt=
h-quarter earnings were whittled down by special charges mostly related to =
its exposure to Enron and an aborted merger with it, but the full year was =
a record-breaker. Florida Power's Parent Ends Year with Loss By Ste=
ve Huettel, St. Petersburg Times, Fla., Jan. 24 The parent of Florida Power=
Corp. on Wednesday reported a $90.5-million loss for the final quarter of =
last year after it discounted the value of two technology investments. =
Southern Co. fourth-quarter earnings rise ATLANTA, Jan 24 (Reuters) Pow=
er producer and distributor Southern Co. said Thursday its fourth-quarter p=
rofits rose as customer growth and cost controls offset the effects of unse=
asonably mild weather and a weak economy. Dominion earnings rise, exc=
luding unusual items RICHMOND, Va., Jan 24 (Reuters) Utility holding comp=
any Dominion Resources Inc. said Thursday fourth-quarter profits rose due t=
o strength in its power generation and gas pipeline business. MDU Res=
ources earnings fall as revenue drops BISMARCK, N.D., Jan 24 (Reuters) MD=
U Resources Group Inc., a power and gas utility with oil and gas production=
, on Thursday said earnings fell in the fourth quarter as revenues declined=
. Sempra fourth quarter profits rise LOS ANGELES, Jan 24 (Reuters) =
- Sempra Energy said on Thursday fourth-quarter profits rose 11 percent des=
pite flat earnings from its Californian utilities and a sharp drop in repor=
ted results from its key energy trading business. Raleigh, N.C.-Based=
Utility Reports Strong Fourth-Quarter Earnings By Dudley Price, The News=
& Observer, Raleigh, N.C., Jan. 24 Progress Energy, the parent corporation=
of CP&L, overcame mild weather and a slowing economy that reduced industri=
al demand for gas and electricity to report strong fourth-quarter earnings.=
International Norway to offer help to N.Korea on power shortage =
SEOUL, Jan 24 (Reuters) Norway will offer support to North Korea with expe=
rtise in hydro power for the energy-short country, Prime Minister Kjell Mag=
ne Bondevik said on Thursday. Enron business model in Europe still va=
lid-analysts LONDON, Jan 24 (Reuters) The collapse of U.S. energy group E=
nron is unlikely to stop other utilities in Europe adopting a similar busin=
ess model to that of the Houston-based giant, an analyst's report said on T=
hursday. Enron collapse casts doubt on American model for deregulatin=
g energy in Asia By REGAN MORRIS Associated Press Writer, SINGAPORE, Jan =
23, 2002 (AP WorldStream via COMTEX) -- Cronyism, cooking the books, nepoti=
sm - when it comes to corrupt business practices, Asia is infamous. C=
hechnya got 900 million kilowatts gratis in 2001 By Vadim Manenkov, GROZN=
Y, Jan 24, 2002 (Itar-Tass via COMTEX) -- Chechnya's enterprises and homes=
got 198 million roubles worth of electric power in 2000, and 270 million r=
oubles worth in the year 2001 free of charge, according to Nurdin Usamov, d=
eputy head of a RAO UES department. Enel, gencos to be sold off by th=
e end of 2002 Jan 24, 2002, (La Stampa /FT Information via COMTEX) -- Fr=
anco Tato, managing director of Italian electricity group Enel, has said th=
at Enel's market share dropped below 50 per cent in 2001 and will drop even=
further following the disposal of its power generation companies (gencos),=
the sale of which will be completed by the end of 2002. Five French =
companies face peculiar privatisation problems Jan 24, 2002, (Le Monde /F=
T Information via COMTEX) -- The proposed privatisation - either partial o=
r total - of five of France's public-service providers presents five differ=
ent challenges, say observers. Brazil govt to ease energy rationing f=
urther in Feb BRASILIA, Jan 24, 2002 (AFX-Asia via COMTEX) -- The govern=
ment will further ease energy rationing at the beginning of February, with =
all classes of consumers being allowed to increase usage by 7.5 pct, offici=
al news agency Agencia Brasil reported. [IMAGE] Powered by Energy Cen=
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MAGE] [IMAGE] [IMAGE] January 25, 2002 DOE wisely picked Steve Wright C=
EO . . . looking at Enron John Rowe: We should have looked harder at =
public numbers Durbin checks out Enron carrion Maryland regulator=
defends competition Tauzin probes Enron minus key documents Nati=
onal do-not-call plan weighed at FTC Wood sees rising agreement on LMP=
More hearings set on grandfathering, market monitoring Restructuring =
Digest Lay quits as Enron CEO 4 stories in 1 minute: Power=
ed By US Publishing ? 2002 US Publishing. All Rights Reserved. More Info=
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