Energy

  • April 11, 2006

    Skilling Not The Smartest Guy In The Room

    A day after protesting his “absolute innocence,” former Enron chief executive officer Jeffrey Skilling returned to the stand, telling the jury that he was smart but not smart enough to engineer the massive accounting fraud scandal, as prosecutors allege.

  • April 10, 2006

    On The Stand, Skilling Maintains “Absolute Innocence”

    When former Enron Corp. president Jeffrey Skilling learned that news of the failing company’s impending doom had broken, he “went to pieces,” according to testimony he gave today in his much-anticipated first appearance on the stand.

  • April 10, 2006

    U.K. Strikes At Heart Of E.C. Competition Office

    The European Commission has reacted with indignation after a British official lambasted the E.C.’s efforts at tackling alleged anti-competitive behavior among many of the European body’s member states.

  • April 10, 2006

    Oil Industry Rails Against Draft Antitrust Bill

    The oil industry is firing back at a proposed bill introduced to Congress last week that aims to lower energy prices for consumers by increasing competition in oil and gas markets, saying the legislation would have a negative impact on refining industry operations and could potentially impact export markets.

  • April 10, 2006

    E.U. Evaluates Mittal Steel’s Takeover Bid

    European Union regulators today announced they would consider Mittal Steel Co. NV’s hostile takeover bid for competitor Arcelor SA, and approve, reject or designate the deal for further review by May 19.

  • April 10, 2006

    Arcelor’s Poison Pill Angers Shareholders

    Angered by steel maker Arcelor SA’s approach to deflecting a possible hostile takeover, shareholders have demanded an emergency meeting to reverse a poison pill strategy adopted by the company last week.

  • April 10, 2006

    Rogue Copper Trading Leads To $85M Settlement

    The unauthorized actions of a rogue trader may finally stop haunting Swiss investment bank UBS AG, which agreed Friday to pay a Japanese trading company $85 million to end a contentious lawsuit.

  • April 7, 2006

    Galvex Hammers Out Court Approval To Auction Assets

    Embattled Estonian steel maker Galvex Holdings Ltd. has won judicial approval to auction off all its assets to its lender Silver Point Capital, or a higher bidder, on May 2.

  • April 7, 2006

    Kroes Authorized To Stop Spain From Blocking E.On Bid

    The European Commission this week gave its top antitrust regulator, Competition Commissioner Neelie Kroes, the authority to intervene if Spain tries to thwart German energy giant E.On AG's €29.1 billion bid to acquire Spanish rival Endesa SA.

  • April 6, 2006

    Skilling Testimony Pushed To Next Week

    When attorney Daniel Petrocelli spontaneously broke into The Mamas and the Papas' song “Monday, Monday” in the halls of Houston’s district court, onlookers took it as a sign that the highly anticipated testimony of former Enron executive Jeff Skilling would not begin until next week.

  • April 6, 2006

    Court Endorses Congoleum Insurance Settlement

    In a much-needed boost to Congoleum Corp., a federal bankruptcy judge has approved the company’s $1.4-million settlement with Harper Insurance Ltd., aiding the floor manufacturer’s efforts to pay off thousands of claims over cancer-causing asbestos.

  • April 6, 2006

    Proposed Bill Would Open OPEC To Civil Suits

    Legislation has been proposed on Capitol Hill that would dramatically change U.S. antitrust laws by giving the government greater power to sue foreign oil producers and prevent mergers and acquisitions between domestic oil and gas companies.

  • April 5, 2006

    E.C. Eyes Italy Over State Aid To Utility

    The European Commission has launched an investigation into €16 million in state aid granted to Italian utility AEM Torino SpA as part of an effort to help the company withstand the liberalization of the Italian energy sector.

  • April 4, 2006

    17 E.U. States Charged With Energy Noncompliance

    The European Commission has taken formal disciplinary action against seventeen European Union member states after an investigation revealed the states were not in compliance with the country’s energy laws.

  • April 4, 2006

    E.U. Goes After France For Takeover Decree

    In a move that reflects a growing concern over alleged Paris-backed protectionism, the European Commission has taken formal action against France for its national decree designed to impede foreign investment in strategic areas of industry.

  • April 4, 2006

    Calpine To Shed Some Power Plants, Offices

    Looking to slim down before it emerges from bankruptcy protection, power producer Calpine Corp. announced Tuesday that it plans to sell 20 power plants and close three of its offices as part of its restructuring objective to trim its annual costs by $150 million.

  • April 3, 2006

    Enron Defense Kicks Off, Calling First Four Witnesses

    In a spectacular kickoff, the Enron defense launched its counterattack on federal prosecutors this week by calling its first four witnesses—all former Enron employees—as the trial continues to approach its boiling point, with former Enron executives Jeff Skilling and Ken Lay expected to take the stand within the next few weeks.

  • April 3, 2006

    E.U. States Charged For Noncompliance With Energy Laws

    An investigation into whether European Union member states are in compliance with the country’s energy laws has prompted regulators to charge several states for failing to follow the rules, marking the European Commission’s latest move in its shake-up of the gas and electricity markets.

  • April 3, 2006

    ABB Unit Finalizes Plan For Asbestos Claims

    A reorganization plan has been finalized for the Swiss/Swedish technology group ABB Ltd. and its U.S. unit Combustion Engineering, Inc., concluding years of legal wrangling involving asbestos-related charges.

  • April 3, 2006

    Calpine Seeks To Inject $35M Into Insurance Unit

    Beleaguered power producer Calpine Corp. has asked the bankruptcy court to authorize a $35-million payment to CPN Insurance Corp., fearing that its internal insurance company will slip into insolvency without the financial boost.