Word: enronize
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...exception should be the Indian state of Maharashtra, which has electricity galore, thanks to a major power complex set up by Dabhol Power Co., a consortium of foreign companies led by Enron Corp. of Houston, Texas. But before Maharashtrans fire up their irrigation pumps or coiled-wire tea kettles, there's one small snag: the electricity is so expensive no one can afford it. "More than 600 small manufacturers have already closed down because of high electricity bills," says Ashwin Treasurer, owner of an electronic component factory. "What sort of development is this...
...phrase: totally insane. To bring steady electricity to one of its most industrialized states, India twice negotiated and signed a deal in the 1990s with Enron to build a major power plant. It's now obvious the deal was far too sweet for the Americans, and India wasn't ready to distribute the juice rationally anyway. The result: consumers in Maharashtra like Treasurer can't afford the electricity bills anymore. (He's considering closing his 36-year-old business.) And since consumers aren't paying up, the state-owned electricity company has also been stiffing Enron since November. Last month...
None of these arguments carry much weight among the oilmen. Phillips Petroleum, BP Amoco and ExxonMobil all hope to profit from ANWR leases. So do Halliburton--the oil-field services giant headed until recently by Vice President Dick Cheney--and Enron, a large energy marketer run by Bush buddy Kenneth Lay. For them, it seems, the only good oil field is a tapped oil field...
Irwin Jacobs, whose '80s buyout/bust-up raids on AMF, Kaiser Steel and Enron, among others, helped win him the nickname "Irv the Liquidator," has changed his style and gone back to work in this new climate. Last year he bought nearly 5% of the all-but-dead insurer Conseco--some 16 million shares, at about $7 each. Jacobs helped install former GE star Gary Wendt as CEO, and with Conseco now trading at $16, he has a paper profit of $144 million...
...painful. The new President backs hundreds of millions of dollars in extra funding for an energy-assistance program to ease the burden on the poorest Americans. For everyone else, high prices could be around for a while. The clearest indication of that came from Kenneth Lay, the chairman of Enron, the Houston-based energy giant that is the nation's largest power marketer, with a major stake in California. Last week Lay warned that California would have to resolve a "pretty much self-inflicted problem"--even if that means price increases for consumers...