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BUSINESS
January 9, 1992 | From Times Staff and Wire Reports
Texas Utility Seeks Bankruptcy Protection: El Paso Electric Co. sought Chapter 11 protection from creditors after efforts to raise rates to pay for its investment in an Arizona nuclear plant failed. The utility said the action will not affect service to its 248,000 customers. El Paso Electric has been hurt by investments in the Palo Verde nuclear plant near Phoenix and commercial real estate and thrifts. It owes creditors about $500 million.
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BUSINESS
July 16, 2003 | From Reuters
Enron Corp. should repay $32.5 million for violating electricity trading rules during the California energy crisis of 2000-01, a Federal Energy Regulatory Commission judge ruled Tuesday. FERC Judge Carmen Cintron said in an initial decision that Enron violated the Federal Power Act, and the firm should repay $32.5 million "for this violation." Cintron also reiterated FERC's finding in June that Enron's wholesale electricity trading license should be revoked.
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BUSINESS
February 14, 2003 | From Bloomberg News
El Paso Electric Co. agreed to pay an additional $1.5 million to resolve allegations that it conspired with Enron Corp. to manipulate power prices during California's energy crisis. The company, which announced in December that it would pay $14 million to the state, said it increased the settlement to $15.5 million to avoid litigation. The money would go to the state's electric power fund, which is used to pay off bonds sold by California to finance wholesale energy purchases.
BUSINESS
February 14, 2003 | From Bloomberg News
El Paso Electric Co. agreed to pay an additional $1.5 million to resolve allegations that it conspired with Enron Corp. to manipulate power prices during California's energy crisis. The company, which announced in December that it would pay $14 million to the state, said it increased the settlement to $15.5 million to avoid litigation. The money would go to the state's electric power fund, which is used to pay off bonds sold by California to finance wholesale energy purchases.
BUSINESS
July 16, 2003 | From Reuters
Enron Corp. should repay $32.5 million for violating electricity trading rules during the California energy crisis of 2000-01, a Federal Energy Regulatory Commission judge ruled Tuesday. FERC Judge Carmen Cintron said in an initial decision that Enron violated the Federal Power Act, and the firm should repay $32.5 million "for this violation." Cintron also reiterated FERC's finding in June that Enron's wholesale electricity trading license should be revoked.
BUSINESS
December 9, 2002 | Nancy Rivera Brooks, Times Staff Writer
Remember "Fat Boy" of Enron Corp. fame? Now, meet "Thin Man." Fat Boy was one of the many trading schemes that Enron used in California to increase profits and perhaps illegally manipulate the state's electricity market. To this drama, add a new character with an equally colorful name: Thin Man, apparently borrowed from the stylish mystery-comedies of the 1930s and '40s starring William Powell and Myrna Loy.
BUSINESS
September 5, 2003 | From Reuters
Enron Corp. challenged an order to refund $32.5 million for violating electricity trading rules during the California energy crisis of 2000-01. An administrative law judge with the Federal Energy Regulatory Commission ordered the refunds in July after finding that Enron set up an arrangement to staff El Paso Electric Co.'s trading desk as a way to increase Enron's market share and give it access to sensitive market information.
BUSINESS
July 16, 2002 | Reuters
Utility El Paso Electric Co. said federal regulators have asked the company for documents related to "round-trip" trades conducted during 2000 and 2001 in Western U.S. power markets. The Securities and Exchange Commission put in an informal request to the El Paso-based company. The request follows a July 11 subpoena from the U.S. Commodity Futures Trading Commission for similar documents. El Paso Electric shares closed at $12.85, down 5 cents on the American Stock Exchange.
CALIFORNIA | LOCAL
December 19, 2001
The City Council on Tuesday agreed to appoint David Wiggs to head the city's Department of Water and Power, a position he has held on an interim basis since S. David Freeman left in May. Wiggs, a former utility company executive, took over the DWP after Freeman left to work as an energy advisor to Gov. Gray Davis. In the early 1990s, he served as president of El Paso Electric Co. He worked as the chief energy advisor to Assembly Speaker Bob Hertzberg (D-Sherman Oaks) before going to the DWP.
BUSINESS
July 30, 2002
* Humana Inc. said second-quarter profit rose to $45.4 million, or 27 cents a share, from $25.1 million, or 15 cents, a year earlier. Revenue advanced 13% to $2.8 billion from $2.5 billion. * El Paso Electric Co. will be allowed to continue selling electricity and natural gas at market prices, U.S. regulators said. * Rayovac Corp. agreed to buy the consumer-battery business of German rival Varta for $262 million in cash as the third-largest U.S battery maker tries to boost sales overseas.
BUSINESS
December 9, 2002 | Nancy Rivera Brooks, Times Staff Writer
Remember "Fat Boy" of Enron Corp. fame? Now, meet "Thin Man." Fat Boy was one of the many trading schemes that Enron used in California to increase profits and perhaps illegally manipulate the state's electricity market. To this drama, add a new character with an equally colorful name: Thin Man, apparently borrowed from the stylish mystery-comedies of the 1930s and '40s starring William Powell and Myrna Loy.
BUSINESS
January 9, 1992 | From Times Staff and Wire Reports
Texas Utility Seeks Bankruptcy Protection: El Paso Electric Co. sought Chapter 11 protection from creditors after efforts to raise rates to pay for its investment in an Arizona nuclear plant failed. The utility said the action will not affect service to its 248,000 customers. El Paso Electric has been hurt by investments in the Palo Verde nuclear plant near Phoenix and commercial real estate and thrifts. It owes creditors about $500 million.
BUSINESS
September 14, 1994 | From Times Staff and Wire Reports
The California Public Employees Retirement System said it will announce the name of its new chief executive by the end of the week. . . . Responding to tourist concerns about crime and safety, Avis said it will equip its rental cars in the Miami area with high-tech guidance and security systems. . . .
BUSINESS
December 29, 1992 | From Bloomberg Business News
Corporate bond defaults declined 65% in 1992 as the economy improved and lower-rated companies took advantage of declining interest rates to refinance higher interest-rate debt, according to Moody's Investors Service. "The recession (in 1990 and 1991) really weeded out some of the weaker firms," said Lea Carty, a Moody's research associate. Of companies with ratings below investment grade, 41 companies defaulted on $7.08 billion of public debt this year, Carty said.
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