[IMAGE] [IMAGE] [IMAGE]     Friday, January 25, 2002  Home  - Email Preferences  - Account        [IMAGE]         [IMAGE]         [IMAGE]    SITE MENU    [IMAGE] [IMAGE] News    Power News     Gas News     Prices     Stock Market    Snapshots    Industry M & A     Power Plants     Nuclear Data     Power Marketing Data    Company Profiles    Investor Owned Utilities     Cooperatives     Municipals     State / Federal     [IMAGE]   [IMAGE]   NEW CONTENT!    [IMAGE] [IMAGE]   Include the following in your Energy Central Direct:  Weekly Power Plays  Focused on market trends and future price direction.  Publishes extensive price list and market analysis.    Energy Initiatives - 30 Day Hourly ISO-NE ECP  This block charts the last 30 days hourly clearing price for ISO New England.     [IMAGE]   [IMAGE]   SPONSORS    [IMAGE] [IMAGE] [IMAGE]  [IMAGE] The Structure Group   [IMAGE] Allegro Development   [IMAGE] Itron   [IMAGE] KWI   [IMAGE] Excelergy   [IMAGE] Energy Solutions Plus, Inc.   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Call Mark Johnson at 303-782-5510     [IMAGE]   [IMAGE]  AdvertisementThe Structure Group      ELECTRIC POWER NEWS - TOP STORIES    [IMAGE] [IMAGE] [IMAGE] Energy Central's editors have selected these as the top stories of the day:    Andersen under heavy fire at Enron hearings  WASHINGTON, Jan 24 (Reuters) Calif. consumer group slams PG?restructure plan  SAN FRANCISCO, Jan 24 (Reuters) Chairman Quits Top Post at Enron  By Laura Goldberg, Houston Chronicle, Jan. 24 PSEG to spend $300 million on clean air compliance  By Chris Baltimore, WASHINGTON, Jan 24 (Reuters)   [IMAGE]   [IMAGE]   ELECTRIC POWER NEWS - MOST REQUESTED    [IMAGE] [IMAGE] [IMAGE] These stories have been most requested by Energy Central members in the last two weeks.    Ex-Enron Execs Launch Own Firm      By BILL BERGSTROM AP Business Writer, PHILADELPHIA, Jan 14, 2002 (AP Online via COMTEX) --  Court overturns approval of AEP, Central SW merger     By Julie Vorman, WASHINGTON, Jan 18 (Reuters)  SPECIAL REPORT: U.S. Power Production Scorecard: Who Is Building New Power Plants, And Where? What Fuel Sources Will Be Used?     by Will McNamara, IssueAlert, Jan. 16 (Scientech)  PJM, Midwest ISO may form vast US electricity market     WASHINGTON, Jan 9 (Reuters)  Virginia Prepares for Deregulation of Electricity Market     By Greg Edwards, Richmond Times-Dispatch, 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 Regulated 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 royalties at record $8.61 bln  WASHINGTON, Jan 24 (Reuters)   [IMAGE]   [IMAGE]      [IMAGE]   OPEC Trial [IMAGE]  [IMAGE]  IN THIS ISSUE     [IMAGE]    [IMAGE] [IMAGE]   Daily Edition for paul.d.thomas@enron.com  [IMAGE]     Electric Power News  Restructuring Today   RER's eMetrix Load Forecast: CAL ISO  Electric Power News - Top Stories  Electric Power News - Most Requested  Gas Industry News - Top Stories           Selected Content Not In This 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!      THESE ARTICLES BROUGHT TO YOU BY     Save $100 now on "Load Management 2001 - Balancing Customers, Regulators and Energy Demand" by The C Three Group. The report reveals how programs are in a state of flux with some vendors struggling as utilities face great ambiguity. It includes candid and sometimes hard-hitting commentary on the design details of 18 leading utility programs as well as 23 vendor profiles. The report analyzes major issues, trends and technology developments. Gain insights and competitive intelligence in this essential report. Complete table of contents and profile samples are available at  http://www.energycentral.com/links/show_mi.cfm?id=100837         Top Stories     Calif. consumer group slams PG?restructure plan   SAN FRANCISCO, Jan 24 (Reuters) Pacific Gas & Electric's plan to get out of bankruptcy would boost energy costs for the 13 million Californians it serves by about $20 billion over 12 years, a San Francisco-based consumer group said on Thursday.  [IMAGE]   Andersen under heavy fire at Enron hearings   WASHINGTON, Jan 24 (Reuters) Auditing firm Andersen came under heavy fire on Thursday, as a sacked Andersen partner refused to testify in Congress 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, Jan. 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 install equipment to limit air pollution at its New Jersey coal-fired power plants in a settlement with federal and state regulators.       Press Release     City Utilities Of Springfield, MO Enhances Customer Management Flexibility Using SPL WorldGroup Software   Morristown, New Jersey - January 24th, 2002 SPL WorldGroup B.V. (SPL), the leading provider of customer management solutions to the global energy, water and waste management industries, has successfully implemented SPL's customer management software product at City Utilities of Springfield, MO (www.cityutilities.net). City Utilities is a customer-owned utility that serves approximately 90,000 customers in southwest 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 fate 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 hydropower 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 secure financing needed to pay all of its creditors by the end of the current first quarter.       Calif. court orders Enron to save documents   SAN FRANCISCO, Jan 23 (Reuters) A San Francisco judge on Wednesday ordered bankrupt Enron Corp. to preserve all paper and electronic documents California officials have subpoenaed in an investigation of possible price gouging during last year's power crisis.       Enron delinquent in paying Calif. tax bill   SACRAMENTO, Calif., Jan 24 (Reuters) Bankrupt energy giant Enron Corp., under intense fire from federal regulators and a host of congressional committees looking into the firm's demise, may soon also have the California taxman hot on its trail.    [IMAGE] ADVERTISEMENT    ENERGIZE YOUR CAREER - The Energy Central Job Center has a new look,  new features, premier employers 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 House formulated its energy policy -- including bankrupt Enron Corp.'s involvement -- despite increased pressure from Congress.      Mergers, Acquisitions & Divestitures     Securities and Exchange Commission Told to Review Power-Company Merger   By Rick Robinson, The Daily Oklahoman, Jan. 22 In a decision trumpeted by small electric companies as a victory for consumers, a federal appeals court Friday sent the merger of two large power companies back 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 in the collapse of energy giant Enron, prompting lawmakers to say he was frustrating their probe.       Text of Enron Auditor's Testimony   By The Associated Press, Jan 24, 2002 (AP Online via COMTEX) --  The discussion Thursday between fired Enron auditor David Duncan and Rep. Jim Greenwood, R-Pa., chairman of a House Energy and Commerce subcommittee investigating the Enron collapse:       Flurry of Enron Hearings to Begin; Scrutiny May Lead to Changes 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 Robert Schlesinger, The Boston Globe, Jan. 24 With congressional hearings on the 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 Auditing Rules   By Patty Reinert, Houston Chronicle, Jan. 24 Long before the Enron implosion made clear what happens when giant corporations get too cozy with the accountants policing their books, former Securities and Exchange Commission Chairman Arthur Levitt tried to change the rules to make auditors more 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 trading firm's spectacular collapse, a White House spokesman said on Thursday.       Committees investigating Enron   By United Press International, Jan 24, 2002 (United Press International via COMTEX) -- Here is a list of Congressional committees investigating Enron:       Congress should study derivatives trading regulation after Enron - Lieberman   WASHINGTON, Jan 24, 2002 (AFX-Asia via COMTEX) --  Senator Joe Lieberman said that Congress needs to restore investor confidence and protect retirement security, in the wake of Enron Corp's collapse, and should also assess whether to regulate energy 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 government investigation has declined to testify before lawmakers when a series of hearings opens Thursday on Capitol Hill.       Congress begins marathon series of Enron hearings   WASHINGTON, Jan 24 (Reuters) A pair of congressional hearings into the failure of Enron Corp. will focus on Thursday on the role of the collapsed energy giant's auditor, Andersen, and whether regulators could have prevented the crisis.      General     Facing Suit, Georgia Power Finds More Hangman's Nooses at Plant   By Matthew C. Quinn, The Atlanta Journal-Constitution, Jan. 24 Eighteen months after facing accusations that it failed to correct racially hostile workplace conditions, Georgia Power Co. said Wednesday that seven more hangman's nooses have been discovered at one of its power plants.       Al Sharpton Comes to Houston, Urges Aid for Enron Investors   By S.K. Bardwell, Houston Chronicle, Jan. 24 The government failed to protect investors from the downfall of Enron and therefore should 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., Milwaukee Journal Sentinel, Jan. 24 The state Public Service Commission said Wednesday that its top regulator has decided not to travel to Germany with a delegation of utility executives to visit power plants there.       Nader: Enron Collapse Could Cause Sell-Off of Portland, Ore., Utility   By Gail Kinsey Hill, The Oregonian, Portland, Ore., Jan. 23 Consumer advocate Ralph Nader on Tuesday warned Oregonians that the Enron bankruptcy could force the piece-by-piece sell-off of Portland General Electric hydropower plants and transmission lines, with dire consequences for the utility's 730,000 ratepayers.       Pinellas County, Fla., Residents Rip Florida Power at Meeting   Tampa Tribune, Fla., Jan. 24 Dennis Buthmann is tired of blackouts.       Enron scandal gives rise to new verb   WASHINGTON, Jan 23 (Reuters) First Enron 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 (Reuters) Following are key dates in the history of energy trading giant Enron Corp.:       Developments Related to Enron Case   By The Associated Press, Jan 24, 2002 (AP Online via COMTEX) --  David Duncan, a fired Arthur Andersen LLP auditor, cited his Fifth Amendment rights, declining to testify to Congress about anything he knows or anything he did in the destruction of documents relevant to the collapse of Enron.(p)        Denver Charter School Gives $4,500 Donation to Enron Pension Fund   By Trent Seibert, The Denver Post, 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, Calif., Jan. 23 For a half-century, the imposing PG?power plant overlooking the Sacramento River downtown has stood empty -- while scheme after grandiose scheme for its reuse came and went.      Trading/Marketing     Two Congressional Panels Extend Enron Scrutiny to Energy-Trading Allegations   By Jim Landers, The Dallas Morning News, Jan. 24 Two congressional committees are investigating allegations that Enron Corp. manipulated energy trading markets to profit from insider information.       APX Exceeds 500 Million Megawatt Hours in 2001 Power Transaction Processing   SANTA CLARA, Calif. (Jan. 24, 2002) (News Release) APX, a provider of transaction processing services for the electric power industry, today announced that it processed a total of more than 500 million megawatt hours in wholesale electric power transactions 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 forecasts 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 little movement in power prices this week and little to report that differed from last week. Special Offer from this Publisher!        Duncan Demands Immunity   Jan. 23 (Energy Market Report) Day-ahead peak power prices in the Western U.S. were mostly steady for Thursday delivery amid weather forecasts calling for a slight increase in temperatures and an abundance of Northwest hydropower. Special Offer from this Publisher!       Power Projects     Proposed Buttonwillow, Calif.-Area Power Plant Raises Environmental Concerns   By Erin Waldner, The Bakersfield Californian, Jan. 22 A proposal to build a 49.5-megawatt electrical power plant near Buttonwillow has raised some concerns about possible environmental impacts.       Calpine Puts Two Walnut Creek, Calif.-Area Power-Plant Projects on Hold   By Melissa Moy, Contra Costa Times, Walnut Creek, Calif., Jan. 24 Construction of two proposed East Bay power plants might be delayed as their builder grapples with a depressed energy market.       Evansville, Ky., Public Health Advocate Opposes Permit for Coal Power Plant   By David Blackburn, Messenger-Inquirer, Owensboro, Ky., Jan. 23 An Evansville public health advocate said Tuesday he opposes a coal-fired power plant in Central City because politics instead of scientific studies led Kentucky officials to tentatively approve the project's air permit.       Lawmaker Opposed to Fort Mill, S.C., Power Plant May Make Compromise   By Gene Crider, The Herald, Rock Hill, S.C., Jan. 23 The sponsor 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 allow a $400 million plant in Fort Mill to be built.      Legal     PG?bankruptcy case gets critical hearing Friday   By Leonard Anderson, SAN FRANCISCO, Jan 24 (Reuters) Pacific Gas & Electric Co.'s restructuring plan, at the heart of the biggest U.S. utility bankruptcy ever, will be weighed at a court hearing Friday to determine whether the energy giant can split itself into four companies.       Texas Justice's Enron Money Draws Criticism   By Michelle Mittelstadt, The Dallas Morning News, Jan. 23 An Enron scandal that has proved nettlesome to the executive and legislative branches now is spilling over to the judiciary, with word that a prospect for a prestigious federal appellate court seat received Enron campaign contributions and later authored a Texas Supreme Court opinion favorable to the bankrupt energy trader.       Texas Attorney General's Opinion in Utility Disclosure Case Favored Enron   By Wayne Slater, The Dallas Morning News, Jan. 24 Attorney General 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 business in the deregulated utility market.       Enron Documents Cause Attorneys to Pull Out of Agreement   By Rosanna Ruiz, Houston Chronicle, Jan. 24 An agreement fell apart Wednesday between attorneys representing Enron shareholders on how to protect financial documents held by the company's former auditor, Arthur Andersen.       Suit Seeks to Apply Federal Racketeering Laws to Enron   By Elizabeth Allen, San Antonio Express-News, Jan. 24 Former Enron employees hope to use federal racketeering laws to recoup some of the $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 seek 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 governance reforms at other U.S. companies.       Judge grants early Andersen depositions in Enron suit   By C. Bryson Hull, HOUSTON, Jan 24 (Reuters) A federal judge on Thursday ordered six key Andersen employees to give early depositions about the shredding of Enron-related documents, handing an initial 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 boost its wind power portfolio, said Thursday it acquired an 80 megawatt wind power facility on the north Texas plains from Cielo Wind Power LLC.       Construction begins on controversial Ugandan dam   By HENRY WASSWA Associated Press Writer, KIKUBAMUTWE, Uganda, Jan 24, 2002 (AP WorldStream via COMTEX) -- 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 River   CHINA, Jan 24, 2002 (AsiaPort via COMTEX) --  China will build eight hydroelectric 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 will 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 /PRNewswire/ Department of Energy Secretary Spencer Abraham announced today the appointment of Steve Wright as administrator of the Bonneville Power Administration (BPA).       Texas Senator Defends Wife's Actions on Enron   By Jim Landers, The Dallas Morning News, Jan. 23 Texas Sen. Phil Gramm on Tuesday defended 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.       Colorado Senators to Give Up Campaign Money from Enron, Andersen   By Mike Soraghan, The Denver Post, Jan. 23 U.S. Sen. Wayne Allard reversed himself Tuesday and decided to give up thousands of dollars in political contributions from Enron and Andersen LLP.       Pennsylvania Senate Panel Supports Public Utility Commission Nominee   By David DeKok, The Patriot-News, Harrisburg, 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 officer 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 EASTON Associated Press Writer, HOUSTON, Jan 24, 2002 (AP WorldStream via COMTEX) -- A pillow former Enron chief executive Kenneth L. Lay once had in his upscale Houston home read: "Happiness is a positive cash flow."       Sharpton offers Bush mother-in-law help on Enron   HOUSTON, Jan 23 (Reuters) Civil rights activist Al Sharpton offered on Wednesday to help President George 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 financial collapse.       Jesse Jackson to meet, pray with Enron's Lay   HOUSTON, 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-Proud Workers Left Feeling Betrayed   By Bob Dart, The Atlanta Journal-Constitution, 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 Labor 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 selling their Enron stock, Labor Secretary Elaine Chao said Wednesday.      Fuel     South Carolina Governor Takes Wait-and-See Stance on Plutonium Plant Plan   The State, Columbia, S.C., Jan. 24 U.S. Department of Energy officials will meet with Gov. Jim Hodges today to discuss shipping 34 metric tons of plutonium to South Carolina for processing a proposal that has yet to receive the governor's blessing.       Foes Speak Out against Tax Exemption for Kentucky Uranium Plant   By Bill Bartleman, The Paducah Sun, Ky., Jan. 24 A bill to exempt enriched uranium produced at the Paducah Gaseous Diffusion Plant from the state sales tax met with opposition Tuesday, but supporters don't think the measure is dead.      Environmental     Overseas, U.S. Firms Warm Up to Emissions Protocol   By Carter Dougherty, The Washington Times, Jan. 24 Major U.S. companies see potential opportunities and pitfalls in the Kyoto Protocol even though the Bush administration vowed not to follow the global-warming agreement last year.       Whitman Meets With Attorneys General   By JOHN HEILPRIN Associated Press Writer, WASHINGTON, Jan 23, 2002 (AP Online via COMTEX) -- Attorneys general from seven East Coast states 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 Texas Nuclear Plant   By Neil Strassman, Fort Worth Star-Telegram, Texas, Jan. 24 TXU Energy should not be penalized for the improper handling of low-level radioactive waste at its Comanche Peak nuclear power plant, company officials told the Nuclear Regulatory Commission on Wednesday.       Barney Rubblized: GAO Questions New Nuke Owners' Long-Term Viability   Jan. 24 (California 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 waste 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 far-right Freedom Party withdrew its call for early elections Thursday, easing a government crisis triggered by a dispute over the party's threat to block EU membership for the Czech Republic.      Financial     Ex-Enron employee says unit hid losses of $500 mln   By Andrew Kelly, HOUSTON, Jan 24 (Reuters) Bankrupt Enron Corp. hid losses of $500 million at its energy management unit, Enron Energy Services (EES), creating an illusion of profitability by transferring the losses to other parts of the company, according to allegations by a former employee.       Derivatives at root of Enron collapse, expert says   By Andrew Clark, WASHINGTON, Jan 24 (Reuters) Enron Corp.'s extensive use of derivatives, not just its accounting practices, lie at the 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 on 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 profitable one, too.       EnBW declines comment on report chairman to make proposal to postpone IPO   KARLSRUHE, Germany, Jan 24, 2002 (AFX-Europe via COMTEX) --  Energie Baden-Wuerttemberg AG declined to comment on a report that chairman Gerhard Goll will today propose to the supervisory board a postponement of the utility's listing on the stock market, originally planned for May this year.       What Accounting Changes Should the Energy Industry Expect from the SEC?   By Will McNamara, IssueAlert, Jan. 24 (Scientech) Responding to growing pressure over Enron's collapse, the head of the Securities and Exchange Commission (SEC) has proposed to have a group of outside experts discipline accountants rather than relying on the industry to police itself. Special Offer from this Publisher!        Enron's Collapse Has Tiny Effect on South Carolina Pension Fund   By R. Kevin Dietrich, The State, Columbia, S.C., Jan. 23 The S.C. Retirement Systems lost millions of dollars late last year because of an investment in troubled Enron Corp.       Enron Debacle Is a Wake-Up Call to 401(k) Investors   By Kelby Hartson Carr, The Free Lance-Star, Fredericksburg, Va., Jan. 24 The highly-publicized Enron fiasco 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 to sell over time up to $2 billion worth of senior debt securities, common and preferred stock and stock purchase contracts and units.       Pitt opposes new body under accounting industry   By John Poirier, WASHINGTON, Jan 23 (Reuters) U.S. Securities and Exchange Commission Chairman Harvey Pitt continued on Wednesday to promote revamping oversight of the accounting profession, 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 something investors will be pleasantly surprised to see popping up in corporate earnings press releases: Easier-to-understand financial reports.      Financial - Ratings     Power company dealmakers face changes after Enron   By Arindam Nag, NEW YORK, Jan 23 (Reuters) The demise of Enron Corp. is forcing acquisitive U.S. power companies to adopt new tactics including appeasing credit rating agencies in order to retain investor interest.      Financial - Results     Dynegy Reports Net Income of $77 Million for Fourth Quarter   By Nelson Antosh, Houston Chronicle, Jan. 24 Dynegy said Wednesday its fourth-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 Steve 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) Power producer and distributor Southern Co. said Thursday its fourth-quarter profits rose as customer growth and cost controls offset the effects of unseasonably mild weather and a weak economy.       Dominion earnings rise, excluding unusual items   RICHMOND, Va., Jan 24 (Reuters) Utility holding company Dominion Resources Inc. said Thursday fourth-quarter profits rose due to strength in its power generation and gas pipeline business.       MDU Resources earnings fall as revenue drops   BISMARCK, N.D., Jan 24 (Reuters) MDU 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 despite flat earnings from its Californian utilities and a sharp drop in reported 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 industrial 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 expertise in hydro power for the energy-short country, Prime Minister Kjell Magne Bondevik said on Thursday.       Enron business model in Europe still valid-analysts   LONDON, Jan 24 (Reuters) The collapse of U.S. energy group Enron is unlikely to stop other utilities in Europe adopting a similar business model to that of the Houston-based giant, an analyst's report said on Thursday.       Enron collapse casts doubt on American model for deregulating energy in Asia   By REGAN MORRIS Associated Press Writer, SINGAPORE, Jan 23, 2002 (AP WorldStream via COMTEX) -- Cronyism, cooking the books, nepotism - when it comes to corrupt business practices, Asia is infamous.       Chechnya got 900 million kilowatts gratis in 2001   By Vadim Manenkov, GROZNY, 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 roubles worth in the year 2001 free of charge, according to Nurdin Usamov, deputy head of a RAO UES department.       Enel, gencos to be sold off by the end of 2002   Jan 24, 2002, (La Stampa /FT Information via COMTEX) --  Franco Tato, managing director of Italian electricity group Enel, has said that 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 /FT Information via COMTEX) --  The proposed privatisation - either partial or total - of five of France's public-service providers presents five different challenges, say observers.       Brazil govt to ease energy rationing further in Feb   BRASILIA, Jan 24, 2002 (AFX-Asia via COMTEX) --  The government will further ease energy rationing at the beginning of February, with all classes of consumers being allowed to increase usage by 7.5 pct, official news agency Agencia Brasil reported.   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