Word: enronize
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Jeff Skilling, CEO of Houston energy giant Enron, admits he's not in a great mood. He's just come out of a spinning class, part of his training for the MS150 Houston-to-Austin bike ride in April to benefit multiple sclerosis. Boy, is he hurting. But the real pain was the mid-morning peek at the markets Tuesday. Ouch. Enron (ENE) is trading around $60 a share - less than half what the company thinks it's worth. "Between the equity markets and the spinning class, I'm not in a great mood," says Skilling...
...Bush-Cheney crowd, weaned on Big Oil and elected with Enron dollars, the worst "adverse consequences" are the economic kind, in which Big Business suffers at the hands of tree-huggers. For Republicans, the energy crisis - a term that Democrats have given up objecting to - demands more supply, more fuel for the U.S. economic engine. More drilling, more production, more oil, more coal. The only thing it demands less of is "onerous regulation" and environmental extremism...
...next round of talks, to be held in Bonn in mid-July. Bush the First helped pioneer credit trading in 1990, when he signed legislation that capped power plants' sulfur dioxide emissions--the main ingredient in acid rain--but allowed the plants to swap credits. And Houston-based Enron, an energy trader whose chairman, Ken Lay, was a prominent W. campaign adviser, stands to be a huge player in any such market. So if it's good for business, Bush the ex-businessman won't need that big a push...
...Enron deal was meant to be the solution?at $2.83 billion it was the largest single foreign investment in India ever?and an important litmus test for the country. Did the backward giant want to plug its gaping infrastructure gaps? The Maharashtra State Electricity Board agreed to buy all the power produced by Dabhol, and the pricing formula was shrewd: in the event of oil price increases or devaluation of the Indian rupee, the Electricity Board pays more. Well, oil has gone up and the rupee has gone down since Dabhol's 740 megawatt plant went operational two years...
India can't afford to renege on its largest and highest profile foreign investment?and the Enron deal isn't even completed yet. The second phase of the project, with three times the capacity of the first, will be in operation later this year. Last week, Maharashtra set up a review committee to find a way to rework the deal but under the terms of the current agreement, India has to continue buying the electricity for the next 20 years?or pay $35 billion to get Enron out of the country. That is, if Enron doesn't already...