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Enron Mail |
Energy Central Job Center =09 [IMAGE]=09 [IMAGE] =09 HOME | GAS NEWS | EVENTS | JOBS | BUSINESS CENTERS | DIRECTORIES= | DATA CENTER THURSDAY, FEBRUARY 7, 2002 =09 =09 THIS ISSUE BROUGHT TO YOU BY Gain exposure to thousands of ene= rgy professionals with your company's white papers today. Energy Central, t= he industry's most comprehensive on-line information resource is gathering = white papers for inclusion the newest section of its Research Report Center= . Don't be left out - to learn how to submit your white papers, e-mail mjoh= nson@energycentral.com. http://www.energycentral.com/sections/research / = TOP STORIES Georgia Panel Favors Regulated Natural Gas Provider B= y Matthew C. Quinn, The Atlanta Journal-Constitution, Feb. 6 A return to a = regulated monopoly is not the answer to Georgia's natural gas deregulation = problems, but the state should provide for a regulated supplier as an alter= native to gas marketers, a blue-ribbon task force said Tuesday. Aspen, = Promax say they plan to merge TORONTO, Feb 6 (Reuters) Aspen Group Resourc= es said on Wednesday it signed a letter of intent to create an intermediate= oil-and-gas company by combining its operations with Promax Energy Inc. = Gas consortium says new line to Europe through Poland will go ahead Feb = 06, 2002 - Deutsche Presse-Agentur (dpa) An international consortium of gas= companies will still build a billion-dollar pipeline from Russia through P= oland to Western Europe despite confusing signals in Moscow, a German partn= er said Wednesday. Enron Debacle Testimony by Andersen Leader Tri= es to Downplay Role in Enron Collapse By David Ivanovich, Houston Chronicl= e, Feb. 6 The head of Arthur Andersen struggled Tuesday to downplay the aud= iting firm's role in Enron's collapse. Benefits Funds May Have Been Il= legally Used, Former Enron Employee Says By Bill Murphy, Houston Chronicle= , Feb. 6 A former Enron Corp. accountant on Tuesday said the company may ha= ve broken the law by taking $15 million out of employee benefits funds to u= se on unrelated expenditures. Enron Executives Explain Actions to Sena= te Panel over Retirement Plans By Patty Reinert, Houston Chronicle, Feb. 6= Two Enron executives told a Senate panel Tuesday that they scrambled to pr= otect employees' retirement savings and severance pay as soon as they reali= zed the company was collapsing last year. Lay Knew Enron Was Misleadin= g the Public, Board Member Testifies Knight Ridder Washington Bureau, Feb.= 6 Kenneth Lay, Enron Corp.'s former chief executive officer, had detailed = knowledge of deals that presented a misleading picture of the company's fin= ances to the public, the chief author of a scathing internal report told Co= ngress on Tuesday. CFO pressured Enron staff on deals, Congress told = By C. Bryson Hull, WASHINGTON, Feb 5 (Reuters) The ousted chief financial o= fficer of Enron Corp.wielded his managerial influence and control over bonu= ses to persuade underlings to cut favorable deals to partnerships he ran, t= he head of an internal inquiry into the transactions told Congress on Tuesd= ay. Former Enron Employees Cool to Idea of Immunity for Executives By= Bruce Nichols, The Dallas Morning News, Feb. 6 There's little sympathy in = Enron Corp.'s hometown for speeding investigation of the energy company's c= ollapse by granting criminal immunity to executives in exchange for their t= estimony. Congressional Lawmakers Order Former Enron CEO Lay to Appear= at Hearings The Dallas Morning News, Feb. 6 Searching for villains in the= collapse of Enron Corp., congressional investigators burrowed deeper into = bookkeeping practices and issued two subpoenas to former chairman and chief= executive Kenneth Lay. Enron's Broadband Unit Owes Back Taxes in Harr= is County, Texas By Dale Lezon, Houston Chronicle, Feb. 6 One of Enron Cor= p.'s failed business ventures owes Harris County and other entities about $= 440,000 in back taxes, said county officials. Enron Gave `Retention Bo= nuses' Yet 4,500 Workers Denied Severance By Patrice Hill, The Washington = Times, Feb. 6 Enron Corp. gave $55 million in "retention bonuses" to select= ed managers two days before filing for bankruptcy protection, but it said i= t could not provide severance pay to 4,500 laid-off employees, company offi= cials testified yesterday. Calpers defends decision to keep quiet on E= nron SAN FRANCISCO, Feb 5 (Reuters) - CalPERS, the nation's largest pensio= n fund and a leading champion of corporate transparency, defended itself on= Tuesday amid revelations that it knew early on about a problematic Enron p= artnership but did nothing to make that knowledge public. Substantial = illegal Enron activity found-Tauzin WASHINGTON, Feb 6 (Reuters) Congressio= nal investigators have uncovered "substantial evidence of illegal activity"= by the now-bankrupt Enron Corp. and its management, Rep. Billy Tauzin, cha= irman of the House Energy and Commerce Committee, said Wednesday. Cana= dian Banks Owed Millions of Dollars by Enron OTTAWA, February 6, 2002 (Xi= nhua via COMTEX) -- A Canadian connection has turned up in the notorious En= ron affair in the United States, it is reported here Wednesday. Anders= en put profits before shareholders - Washington state attorney general WA= SHINGTON, Feb 06, 2002 (AFX-Europe via COMTEX) -- Christine Gregoire, the s= tate attorney general of Washington state, said it appears that Enron Corp'= s accountants, Arthur Andersen LLP, "have put their allegiance to money ove= r their ultimate allegiance owed to creditors, stockholders and the investi= ng public." Enron Europe's debts 'total billions of dollars' Feb 05 -= Evening Standard - London AROUND 1000 power and gas trading companies and = financial institutions across Europe are owed "billions of dollars" by Enro= n according to administrators of the London-based end of the failed US ener= gy firm. California Gov. Gray Davis Refuses to Return Enron Contributi= on By Sandy Kleffman, Contra Costa Times, Walnut Creek, Calif., Feb. 5 Rep= ublican gubernatorial candidate Richard Riordan called on Gov. Gray Davis M= onday to return $119,500 in campaign contributions from energy giant Enron = Corp. Some Victims of Enron Are Seniors Who Became Shareholders Inadve= rtently By James B. Kelleher, The Orange County Register, Calif., Feb. 3 T= hey grew up during the Depression. Former Enron Chief Is `Devastated,'= Friend Says By James Rosen, The Sacramento Bee, Calif., Feb. 5 Kenneth La= y, a president's pal who built a company that soared and crashed on the tor= n wings of high-risk energy trading, wanted to go to Washington in the wors= t way and try to clear his name. Enron letter questions Harvard board = member's role By Joseph P. Flood, CAMBRIDGE, Mass., Feb 05, 2002 (Harvard= Crimson, U-WIRE via COMTEX) -- Two members of the U.S. House of Representa= tives raised concerns Friday over the dual role of Harvard Corporation memb= er Herbert S. "Pug" Winokur Jr., who is both an Enron investigator and Enro= n board member. Congress Debates Enron Legislation By LAURIE KELLMAN= Associated Press Writer, WASHINGTON, Feb 06, 2002 (AP Online via COMTEX) -= - In the shadow of election-year politics, Republican and Democratic member= s of Congress are squabbling over what changes should be made to bankruptcy= and other laws to prevent new Enron-style corporate collapses. US exe= cutives should disclose inside share trading more fully - stock analyst W= ASHINGTON, Feb 06, 2002 (AFX-Asia via COMTEX) -- Corporate executives shoul= d be obliged to disclose their internal stock transactions immediately inst= ead of on a delayed basis, the president of a New York investment managemen= t firm told lawmakers investigating the collapse of Enron Corp. Labor = Secy. Testifies in Enron Case By MARCY GORDON AP Business Writer, WASHING= TON, Feb 06, 2002 (AP Online via COMTEX) -- After Enron's collapse, America= n workers need assurance their retirement savings are secure, Labor Secreta= ry Elaine Chao said Wednesday in a pitch for the president's plan to change= retirement account rules. Houston Astros Team Seeks to End Naming-Rig= hts Agreement with Enron By Sean Wood, Fort Worth Star-Telegram, Texas, Fe= b. 6 The Houston Astros Baseball Club is ready to take Enron's name off the= team's downtown baseball stadium and distance itself from the scandal surr= ounding the biggest corporate bankruptcy in American history. FACTBOX-= Congress hearings schedule on Enron/Andersen WASHINGTON, Feb 6 (Reuters) T= he following are the hearings that the U.S. Congress has firmly scheduled o= n the collapse of Enron Corp., the role of its auditor Andersen, and relate= d regulatory issues over the coming weeks. National Energy Policy = Memo: Cheney Energy Draft Inaccurate By PETE YOST Associated Press Write= r, WASHINGTON, Feb 05, 2002 (AP Online via COMTEX) -- An Environmental Prot= ection Agency official argued last spring that a draft of Vice President Di= ck Cheney's energy plan was inaccurate because it blamed environmental regu= lations for energy shortages. ADVERTISEMENT Energy Customer Man= agement magazine is providing advertising opportunities in its annual "Exec= utive Guide to Providers of Customer Management Services" issue. In additio= n to reaching ECM's 17,000 readers, this issue will receive bonus distribut= ion at numerous industry events. Contact Joe Paparello for details at papar= ello@pur.com or 703-847-7759. Competition & Deregulation For rep= orts and related information on this topic visit our Data Center [IMAGE] = ENI's Mincato sees risk of gas shortage in 2005-2006 MILAN, Feb 06, 20= 02 (AFX-Europe via COMTEX) -- ENI SpA chief executive Vittorio Mincato said= there could be a shortage of gas supplies in Italy in 2005-2006 because of= the way liberalisation is being introduced in energy sectors. Mergers= , Acquisitions & Divestitures Oklahoma City-Based Oil Producer Aspen G= roup Resources Ready to Complete Deal By Rick Robinson, The Daily Oklahoma= n, Feb. 5 Aspen Group Resources Corp. announced Monday that it will soon co= mplete its acquisition of Calgary, Alberta-based Endeavour Resources Inc. = Legislation/Regulation MPSC Begins Investigation into Detroit Edis= on's and Michigan Consolidated Gas' Quality of Service LANSING, February 6= (News Release) Due to a significant increase in the number of formal and i= nformal consumer complaints, billing errors, and customer confusion on bill= ing, the Michigan Public Service Commission today initiated an investigatio= n into the quality of service provided by The Detroit Edison Company and Mi= chigan Consolidated Gas Company. Gas Pricing/Hubs Canadian natgas= steady to lower in warmer weather NEW YORK, Feb 6 (Reuters) Canadian spot= natural gas prices were steady to lower Wednesday with export values in th= e east falling on forecasts of warmer weather in the U.S. Midwest and North= east into next week, industry sources said. NYMEX Hub gas ends mixed d= espite bearish AGA data NEW YORK, Feb 6 (Reuters) NYMEX Hub gas, pressured= early by forecasts for milder Midwest and Northeast weather later this wee= k and next, ended mixed Wednesday, with front months lifted by short coveri= ng despite a bearish weekly stock report, sources said. U.S. spot natg= as prices dip on rising temperatures SAN FRANCISCO, Feb 6 (Reuters) U.S. s= pot natgas, buoyed in recent days by cold weather, turned lower Wednesday a= s milder weather forecast late-week cut into prices. Gas Supply/Demand= US consumer winter heat bills less than expected-EIA WASHINGTON, Feb= 6 (Reuters) Warmer-than-normal temperatures and plentiful energy supplies = mean U.S. consumers will pay 36 to 42 percent less to heat their homes duri= ng the current winter season, the U.S. government said on Wednesday. U= S oil, gas demand to grow as economy recovers in 2002 Feb 06 - Oil & Gas J= ournal US demand for oil and gas will increase this year, but the extent to= which it does so will depend upon when and to what extent the US economy r= ecovers. Drilling/Exploration Oil Companies Sue Government for Dr= illing Delays Off Santa Barbara, Calif. By Mark Van De Kamp, Santa Barbara= News-Press, Calif., Feb. 5 Nine energy companies with interests off the Sa= nta Barbara County coast are suing the U.S. government for $1.2 billion in = reimbursement damages for stalling their plans to develop offshore oil and = natural gas fields. Oil Exploration Will Begin Near Arches National Pa= rk in Utah By Brent Israelsen, The Salt Lake Tribune, Feb. 5 Huge "thumper= trucks" soon will be pounding the ground northeast of Arches National Park= in a seismic search for petroleum deposits the Bush administration hopes c= an help reduce America's dependence on foreign oil. Futures March= Futures Shrugs Off AGA Data; Settles Higher as Shorts Cover Feb. 6 (Btu's= Daily Gas Wire) After trading in a very tight 2-cents spread for the major= ity of the day, March natural gas futures shrugged off a respectively low s= torage withdrawal reported by the American Gas Association and settled 2.7 = cents higher at $2.101. Special Offer from this Publisher! Natural ga= s rangebound ahead of AGA February 6, 2002 (TradeSignals via COMTEX) -- N= atural gas futures drifted in rangebound territory in Tuesday's session as = market participants await the release of the latest storage report from the= AGA before taking up fresh market positions. Pipelines Exxon Rol= e Still in the Pipeline BEIJING, February 6, 2002 (Xinhua via COMTEX) -- = ExxonMobil could still take a share in China's west-east gas pipeline proje= ct, PetroChina told China Daily Tuesday. New gas pipeline starts const= ruction works Bolivia, Feb 6, 2002 (La Razon/SABI via COMTEX) -- Jorge Qu= iroga, President Bolivia, has kicked off the works to build up a gas pipeli= ne connecting Yacuiba - Rio Grande, that will allow to triple the natural g= as exports to Brazil. Williams Starts Up New Deepwater Pipelines in Gu= lf of Mexico TULSA, Okla., Feb 6, 2002 /PRNewswire-FirstCall via COMTEX/ = -- A unit of Williams has begun receiving oil and natural gas into new deep= water pipelines that were recently completed in the western Gulf of Mexico.= Beijing gives pipeline green light Feb 06 - South China Morning Post= PetroChina has announced the official start of work on a 4,000km pipeline = to bring gas from the far west region of Xinjiang to Shanghai, after signin= g an agreement with a consortium led by Royal Dutch/Shell. Rigs U= .S. Oil Rigs Decreased by Six Feb 05 - Albuquerque Journal The number of r= igs actively exploring for oil and natural gas in the United States last we= ek decreased by six to 853. Storage AGA says U.S. weekly natgas s= tocks fell 82 bcf WASHINGTON, Feb 6 (Reuters) The American Gas Association= issued the following weekly estimates of U.S. working gas in storage (in b= cf): General Mild winter slashes demand for US natgas, electricit= y WASHINGTON, Feb 6 (Reuters) Mild winter temperatures and a weak economy = will reduce U.S. demand for natural gas and electricity by as much as 8.4 p= ercent during the current winter heating season, the U.S. government said o= n Wednesday. Joint Ventures & Alliances Leading Competitive Energ= y Retailers Form The Alliance for Retail Choice Feb. 6, Washington, D.C. (= News Release) The nation's leading companies offering customers retail ener= gy choice announced today the formation of the Alliance for Retail Choice. = Trading/Marketing Deal to revive energy marketer's trading operat= ion to close this week By ALAN CLENDENNING AP Business Writer, NEW YORK, = Feb 06, 2002 (AP WorldStream via COMTEX) -- The deal to revive Enron Corp.'= s flagship energy trading operation under the control of a Swiss bank is ex= pected to close this week, and former Enron traders will start trading agai= n soon after the deal is completed. UK GAS SPOT MARKET DEVELOPS Feb = 06, 2002 (HART'S EUROPEAN OFFSHORE PETROLEUM NEWSL/PBI Media via COMTEX) --= The British natural gas market is gradually opening up for spot trading, w= ith the recently opened Vesterled gas line - linking the UK with gas fields= in Norway - strengthening its credibility. Legal Mueller to be s= ued by energy broker if E.ON/Ruhrgas ruling overturned FRANKFURT, Feb 06,= 2002 (AFX-Europe via COMTEX) -- Economy Minister Werner Mueller will be su= ed by Berlin energy broker Energie-Brokerhaus Ampere AG if he overrules the= German cartel office's disapproval of E.ON AG's takeover of a majority sta= ke in Ruhrgas AG, the weekly newspaper Die Zeit said. People Son = of former Gazprom head replaced as chief of export arm MOSCOW, Feb 06, 20= 02 (AP WorldStream via COMTEX) -- The son of the former head of natural gas= giant Gazprom has been replaced as chief of the company's export arm, Gazp= rom said Wednesday, the latest purge of leadership as part of government-pu= shed drive for the company to reign in its finances. Skaggs returns to= lead Va. unit of gas supplier Feb 05 - Richmond Times-Dispatch Columbia G= as of Virginia has a new president and chief executive officer. Financ= ial KeySpan files $1.2 bln debt, stock shelf offering WASHINGTON, Feb= 6 (Reuters) Natural gas distributor KeySpan Corp. filed on Wednesday with = the Securities and Exchange Commission to periodically sell up to $1.2 bill= ion in debt securities, common and preferred stock and other securities. = Financial - Results Devon posts fourth-quarter loss after big charg= e OKLAHOMA CITY, Feb 6 (Reuters) Devon Energy Corp. Wednesday reported a f= ourth-quarter loss after taking a big one-time write-down to reflect the ef= fect of sharply lower oil and natural gas prices on the value of its reserv= es. Husky Energy profit down 79 pct on energy prices CALGARY, Alberta= , Feb 6 (Reuters) - Husky Energy Inc., Canada's fifth-largest integrated oi= l company, said on Wednesday its fourth-quarter profit fell 79 percent beca= use of lower energy prices and higher operating costs. International = Bidders calm amid tensions over Slovak SPP-adviser BRATISLAVA, Feb 6 (= Reuters) Bidders vying for control of Slovak gas monopoly SPP are pressing = ahead, despite the threat that a member of the country's ruling coalition c= ould halt the sale, the bank advising the state on the deal said on Wednesd= ay. Tractebel responds to accusations of fraud Feb 6, 2002, (Le Figar= o /FT Information via COMTEX) -- Tractebel, the Belgian energy subsidiary o= f Suez, the French utilities group, has responded to reports in the press o= f suspected malpractice. EU Commission in talks to modify Gazprom, Son= atrach contracts banning resupply BRUSSELS, Feb 06, 2002 (AFX-Europe via = COMTEX) -- The European Commission is in talks with OAO Gazprom and Algeria= 's Sonatrach to modify clauses in long-term gas supply contracts with membe= r states which contravene EU energy sector liberalisation plans, said Ameli= a Torres, spokeswoman for competition commissioner Mario Monti. Mexica= n Authorities Complete Gas Regulations MEXICO CITY, Feb 6, 2002 (Reforma/= Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Mexico's Energ= y Regulatory Commission, headed by Dionisio Perez Jacome, has completed its= regulations for the import of natural gas in liquid form for re-conversion= to gaseous form, reported Mexico City daily Reforma business columnist Dar= io Celis Estrada. Petrobras to invest dlrs 1.7 billion in Bolivian nat= ural gas SANTA CRUZ, Bolivia, Feb 06, 2002 (AP WorldStream via COMTEX) --= Brazil's government-run oil company Petrobras said Wednesday it will inves= t dlrs 1.7 billion over the next four years to develop natural gas in Boliv= ia. Iberdrola Attracts 49 Customers in the Gas Market Feb 06, 2002 - = FT World Media Abstracts via Comtex Spanish utility Iberdrola has made use = of its award of part of the gas contract with Algeria to attract its first = customers. Petrobras Looks at Legal Action to Buy Enron Assets Feb 06= , 2002 - South American Business Information Petrobras is interested in buy= ing the two main assets of Enron in Brazil, the Rio de Janeiro gas companie= s, CEG and CEG Rio, and is looking for legal means of achieving this. = If you are an Energy Central News Subscriber and you have checked any new= s articles above, selecting the 'Get Articles' button below will deliver al= l of the checked articles in one page. This is a convenient way to get exac= tly the news you need - quickly! NEED INFORMATION ON THE POWER IN= DUSTRY? ENERGY CENTRAL'S GOT IT! JOB CENTER The Job Center provides ins= tant access to the best employment opportunities and prospective employees = in the energy industry through comprehensive job listings and active resume= database. JOB WATCH A free weekly e-mail service that broadcasts new job= listings in the Job Center directly to your inbox! 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