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General Interest 2001 P20

  • 12/03/2001 -- Enron burned '$1.5 billion in 3 weeks,' Dynegy chief says
    Dynegy Inc. Chairman Chuck Watson Monday said the proposed merger with Enron Corp. was terminated after Dynegy determined the standard clause concerning adverse material conditions had been violated. He said there was rapid deterioration of Enron's cash position. 'We expected cash balances to be $3 billion on Nov. 16,' he said. 'On Nov. 16 it was $1.2 billion. They burned through $1.5 billion in 3 weeks.'
  • 12/03/2001 -- UtiliCorp unsure of Enron effect on UK Midlands purchase
    UtiliCorp United Inc. Monday warned it is unsure if Enron Corp.'s Chapter 11 bankruptcy protection filing will have a 'materially adverse' effect on its proposed acquisition of the UK's Midlands Electricity PLC. UtiliCorp and a partner made a $2.1 billion deal in October to buy Midlands, including an investment in the 1,875 Mw Teesside power generating plant, which is majority owned by Enron.
  • 12/03/2001 -- Market watch: Markets rise on Russia's signals about output cuts
    Energy futures prices soared in trading Friday on the New York Mercantile Exchange. Analysts attributed the market's rise to indications about developments over the production cut issue between the Organization of Petroleum Exporting Countries and non-OPEC countries.
  • 12/03/2001 -- Brownell says FERC's 'bottom line' is to keep rules market-based
    Nora Brownell, a Federal Energy Regulatory Commission member, says the wholesale electricity market is going through an "ugly adolescence."
  • 11/30/2001 -- Looking ahead
    US natural gas utilities want to keep research money flowing after the government phases out a pipeline surcharge program that expires in 2005.
  • 11/30/2001 -- Oil-for-aid rollover just delaying inevitable over Iraqi oil supply disruption
    The latest rollover of the Iraqi oil-for-aid sales program just delays the inevitable: an Iraqi oil supply disruption.
  • 11/30/2001 -- Sticks or carrots?
    The European Union is the world's largest energy importer and the world's second largest energy consumer. It is importing more and more energy from beyond its borders.
  • 11/29/2001 -- PriceWaterhouseCoopers appointed administrator of Enron Europe assets
    Accountant PriceWaterhouseCoopers Thursday said it has been appointed administrator of Enron Corp.'s London-based European operation, after it sought protection from creditors under UK laws. The appointment follows the credit-downgrading of Enron Wednesday and the impact that has had on its ability to continue to trade, PWC said in a statement.
  • 11/28/2001 -- Enron warns creditors after Dynegy deal collapses
    A $9 billion merger between cross-town rivals Dynegy Inc. and Enron Corp. unraveled Wednesday in a stunning series of events. Enron said it was suspending all payments except those 'necessary to maintain core operations' and reviewing Dynegy's assertion that it is entitled to exercise an option to purchase Enron's interest in the Northern Natural Gas Co.
  • 11/28/2001 -- US Republicans oppose energy bill delay, could attach to other legislation
    US Congressional Republican leaders Wednesday criticized Senate Democrats for delaying floor debate energy reform legislation until next month. They vowed not to give up efforts to attach their bill to other pending legislation this month. A key stumbling block is whether a portion of the Arctic National Wildlife Refuge should be leased to oil companies.
  • 11/28/2001 -- Enron halting payments except to maintain 'core' operations
    Enron Corp. Wednesday said it was suspending all payments except those 'necessary to maintain core operations' in the wake of Dynegy Inc.'s termination of their merger agreement and the downgrading of Enron's credit rating to junk bond status. The company also said it is exploring 'other' unnamed options.
  • 11/28/2001 -- Dynegy walks away from Enron deal
    Dynegy Inc. Wednesday terminated the merger agreement with Enron Corp. citing alleged breaches of representations, warranties, covenants, and other agreements in the merger agreement. Under the Nov. 9 deal terms, Dynegy could walk away with Enron's Northern Natural Gas pipeline.
  • 11/28/2001 -- Enron downgraded to junk bond status; bankruptcy a risk
    Enron Corp. lost its investment grade credit rating Wednesday, which analysts said could force the big energy trader into bankruptcy. The downgrade triggers the payment of $3.3 billion in liabilities and negatively impacts the trading and marketing organization. 'I expect they will have to file bankruptcy,' said Andre Meade, analyst with Commerzbank Securities in New York.
  • 11/28/2001 -- Market watch: Iraq concerns buoy petroleum prices
    Energy futures prices improved in trading on the New York Mercantile Exchange Tuesday. Brokers said the market was nervous about the renewal of Iraq's United Nations-administered oil-for-aid program, the latest phase of which expires at the end of this week. In more long-term concerns, excess production could force oil prices down to $10/bbl, said OPEC.
  • 11/28/2001 -- Aker Maritime thwarts Yukos' attempt to take over Kværner
    Aker Maritime AS has thwarted Yukos Oil Co.'s attempt to take over the ailing Anglo-Norwegian shipbuilding and oil services company Kværner AS. Kværner will issue more stock and Aker Maritime will merge its core businesses with Kværner Oil & Gas.
  • 11/27/2001 -- Electric Power news briefs, Nov. 27
    Mirant Corp. ... Hawaii Electric Industries ... Hydro One Inc. ... TransEnergie U.S. ... Alstom Esca Corp. ... Michigan Consolidated Gas Co. ... Idaho Power Co. ... Green Power EMC ... Public Service Co. ... Commonwealth Energy Corp. ... Virginia Power ... Consolidated Edison Inc. ... Checkfree Corp.
  • 11/27/2001 -- US Senate postpones energy reform legislation until next year
    Energy reform legislation will not be on the US Senate's legislative agenda until early next year, US Senate Majority Leader Tom Daschle (D-SD) said Tuesday. Daschle said there was not enough time to debate a bill, since lawmakers must finish the annual federal budget and are still considering an economic stimulus package.
  • 11/27/2001 -- Puget Sound files for $228 million electricity rate increase
    Puget Sound Energy, claiming to be squeezed between high wholesale electricity and gas costs and fixed retail rates, asked Washington state regulators to approve a $228 million/year electricity rate increase and an $85.9 million/year natural gas rate increase Tuesday. The utility unit of Puget Energy Inc., Bellevue, Wash., claimed it is not recovering $625,000/day from electricity rates.
  • 11/27/2001 -- Market watch: Oil prices fall in New York, London
    Energy futures prices weakened in trading on the New York Mercantile Exchange and the International Petroleum Exchange Monday. Traders said that there was still confusion in the market regarding the outcome of the Organization of Petroleum Exporting Countries' discussions with non-OPEC producers regarding proposed production cuts.
  • 11/26/2001 -- Enron shares continues slide in heavy trading
    Enron Corp. share slipped another 15% Monday, closing at $4.01 in another day of heavy trading. The closing price is about 60% below the value of Dynegy Corp.'s offer of the equivalent of $10.54/share based on Dynegy's Monday close of $39.25, down $1.15 for the day.
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