Energy

  • March 21, 2006

    Calpine Seeks Control Over Ch. 11 Plan Through 2006

    Suggesting that its stint in bankruptcy court could stretch into 2007, power generator Calpine Corp. is looking to extend its Chapter 11 plan through 2006.

  • March 21, 2006

    Brazil Opens Cartel Probe Into European Firms

    The Brazilian government has opened two probes into European and Japanese power distribution companies, exploring whether the firms engaged in price fixing for equipment used to generate electricity in the country.

  • March 21, 2006

    Spanish Court Backs Endesa, Suspending Gas Natural Bid

    A move by Spain's largest electricity supplier to stave off a hostile takeover bid by Gas Natural SDG SA has been upheld by a Spanish commercial court, which this week temporarily suspended Gas Natural's €22.6 billion offer while it investigates Endesa's appeal against the bid.

  • March 20, 2006

    Belgian PM To Hold Talks On GDF-Suez Merger

    Belgian Prime Minister Guy Verhofstadt plans to hold discussions with the French energy utilities Gaz de France SA and Suez SA in order to obtain market concessions on their blockbuster merger deal.

  • March 17, 2006

    Belgian PM Continues Battle Against French Utilities

    Belgian Prime Minister Guy Verhofstadt, worried that the impending merger between French utilities Gaz de France SA and Suez SA would dominate his country’s energy market, has asked the European Competition Commissioner Neelie Kroes to investigate the matter.

  • March 17, 2006

    DOJ Amnesty Behind Chemical Subpoenas: Expert

    With the Department of Justice issuing more subpoenas to chemical companies this week, the latest requests suggest that the DOJ’s amnesty program has become an increasingly effective tool in antitrust investigations, one expert speculates.

  • March 16, 2006

    EC Asserts Jurisdiction In Proposed E.On Merger

    The European Commission has affirmed that merger laws give it the authority to review the proposed takeover of Spain’s Endesa SA by Germany’s E.On AG. The same laws had prevented the EC from reviewing the proposed merger of Endesa and Barcelona-based Gas Natural last year.

  • March 16, 2006

    USG Seeks To Acquire Paper Mill for $18M

    Hoping to gain a competitive edge in the construction material industry, USG Corp. has asked a bankruptcy court to allow it to fund the $18 million purchase of a Michigan paper mill through a new subsidiary.

  • March 16, 2006

    WCI Steel Claws Its Way Back From Bankruptcy

    WCI Steel Inc. said on Wednesday that the company is moving closer to fiscal solvency, saying it would give noteholders a majority stake and possibly dish out up to $25 million to safeguard a pension plan in the hopes of ending its three-year bankruptcy ordeal.

  • March 15, 2006

    E.U. Officials Divided Over Energy Regulator Proposal

    Amid a growing sensitivity to energy prices and national protectionism across the continent, the first full debate on whether the European Union should adopt a bid by the European Commission to instate a single regulator to oversee the country’s €250 billion electricity and natural-gas markets has left energy ministers divided.

  • March 13, 2006

    Oil Execs To Fuel Debate Over Antitrust Bill

    Senior oil executives are set to testify before the Senate Judiciary Committee on Tuesday about high oil and gas prices and competition in the industry, which are key parts of legislation proposed by Committee Chairman Arlen Specter, R-Pa.

  • March 13, 2006

    Enron Lawyer Grills Fastow About Validity Of Memo

    An attorney for Jeffrey Skilling, the former CEO of Enron Corp., continued his court room offensive against a key prosecution witness, questioning the legitimacy of a memo detailing improper side deals approved by Skilling designed to conceal company losses.

  • March 13, 2006

    Moscow Court To Hear Yukos Bankruptcy Case

    Despite Yukos’ attempts to wriggle out of bankruptcy, Moscow’s arbitration court has decided to open bankruptcy proceedings against the embattled oil giant in the wake of a petition filed by the company’s bank creditors.

  • March 10, 2006

    Class Action Suit Filed Against Global Construction Firm

    Chicago Bridge & Iron Co. N.V., the global engineering and construction firm, has been slammed with a class action lawsuit for accounting chicanery and misleading investors about its true financial status.

  • March 9, 2006

    Acadia Asks Court To Cut Deal With Calpine

    Tired of being dragged down by bankrupt power generator Calpine Corp., Acadia Power Partners LLC has asked a bankruptcy court to order Calpine to fork over $4.7 million or permit it to sell its power to other utilities.

  • March 8, 2006

    Monopoly Concerns Raised In French Energy Merger

    Gaz de France SA and Suez SA, the French energy companies currently involved in a blockbuster merger, will have to sell off some of their Belgian businesses to prevent monopolizing the country’s energy market, Belgium's prime minister said Wednesday.

  • March 8, 2006

    Ex-Enron CFO Sticks To Story Under Cross-Examination

    Enron Corp. chief executive Kenneth Lay lied over and over again about the company’s financial health, despite full knowledge of the energy giant’s impending doom, Enron’s former chief financial officer testified Monday.

  • March 6, 2006

    Former Enron Exec Admits He Lied To Feds

    The evidence continues to mount in the corruption trial of Enron founder Ken Lay and former chief executive Jeffery Skilling, as an ex-broadband unit executive told a jury on Monday that he lied to government regulators three years ago concerning the division’s financial outlook.

  • March 6, 2006

    Wary Of €22B Takeover Bid, Endesa Takes Aim

    In a bid to block a €22-billion takeover deal, Endesa, Spain's largest electricity supplier, has launched an attack against Gas Natural SDG SA in a U.S. federal court, alleging the company made false and misleading disclosures in its move to acquire Endesa.

  • March 3, 2006

    Calpine Rearranges Management, Naming New Chiefs

    In another step forward in its restructuring procedures, the new chief financial officer of bankrupt power producer Calpine Corp., Scott Davido, will also serve as the company’s chief restructuring officer, according to the company.