February 15, 2007 |
Two former Enron Corp. traders accused of driving up energy prices during California's power crisis were each sentenced Wednesday to two years of court-supervised release. Timothy Belden, the former head of trading in Enron's Portland, Ore., office, was sentenced in federal court after pleading guilty in October 2002 to one count of conspiracy to commit wire fraud. His plea was the first prosecution of anyone related to the West's energy crisis in 2000 and 2001.
August 9, 2006 |
Sempra Energy and more than a dozen other energy companies must provide hundreds of hours of recorded conversations with their natural gas traders to attorneys who are hoping to prove that they illegally inflated prices for California gas customers, a judge ruled Tuesday. The ruling, which came after a daylong hearing, resolves one of many disputes that have emerged over the traders' tapes in the case.
August 5, 2006 |
A federal jury in Houston found two former energy traders guilty of wire fraud in connection with the transmission of natural gas prices to industry newsletters but did not convict the pair on conspiracy and other false-reporting charges, the Justice Department said. Former Dynegy Inc. gas trader Michelle Valencia was convicted of seven counts of wire fraud. Former El Paso Corp. trader Greg Singelton was convicted of one count of wire fraud.
July 28, 2006 |
As the Israeli military blockade of Lebanese ports enters its third week, officials here say they are running critically short of fuel for power plants. "All our power generation depends on fuel oil," Public Works and Transportation Minister Mohammed Safadi said Thursday. "We are five days away from running out."
June 9, 2006 |
Lawyers for the California attorney general's office and others mounted a last-ditch effort Thursday to alter a nearly $1.8-billion settlement with Sempra Energy over allegations that it conspired to restrict natural gassupplies and raise prices during the state's energy crisis. San Diego Superior Court Judge Ronald Prager had given the pact his blessing in a tentative ruling issued late Wednesday.
May 26, 2006 |
The electricity crisis left a trail of casualties across California. Gov. Gray Davis lost his job. Pacific Gas & Electric Co., the state's largest electricity utility, filed for bankruptcy protection. Millions of residents and businesses wound up paying billions more for electricity, and many blamed Enron Corp. From San Diego to Sacramento, Californians exulted Thursday over the convictions of Enron chieftains Kenneth L. Lay and Jeffrey K. Skilling.
May 16, 2006 |
U.S. electricity supplies this summer will be tighter than last summer as demand for power has grown more quickly than new generation, and parts of California and Connecticut will be at risk of blackouts under extreme conditions, an industry group said Monday. Generating capacity in the U.S. and Canada will be 17% higher than overall peak demand, down from 17.5% during last year's peak, according to the North American Electric Reliability Council. Power supplies will have increased by 1.
January 28, 2006 |
Suffering through its worst energy crisis in years, Georgia struck a deal with Iran for emergency natural gas supplies Friday. Dawn-to-dusk lines for kerosene and firewood persisted here in the capital for a second day, as desperate Georgians lined up for fuel to heat their homes amid the former Soviet republic's heaviest snowfall in years. "It's an energy blockade.
January 20, 2006 |
The Federal Energy Regulatory Commission on Thursday issued rules to prevent a repeat of the kind of massive market manipulation by Enron Corp. and others during the 2000-01 energy crisis that ravaged California and other Western states. The rules, which Congress authorized FERC to issue as part of a $14.5-billion energy bill passed last year, ban "any manipulative or deceptive device or contrivance" in the U.S. wholesale natural gas and electricity markets.
January 5, 2006 |
Sempra Energy agreed Wednesday to a settlement worth as much as $1.9 billion to resolve lawsuits claiming that the company limited natural gas supplies and overcharged customers during California's 2000-01 energy crisis. San Diego-based Sempra, which owns San Diego Gas & Electric and Southern California Gas Co., said it "vigorously" denied wrongdoing. Sempra Chairman Stephen L. Baum said the company settled to end uncertainty about the ultimate outcomes and costs.