Impacts of COVID-19 Virus on Electricity Demand

LCG, March 27, 2020 -- Jeremy Platt, an energy scientist, Palo Alto has made some early analysis of impact of COVID -19 on electricity demand using the grid operators data published by LCG. Data from several areas of the country offer early and near real-time views of impacts of the economic slowdown due to evolving regional and statewide coronavirus mitigation strategies.

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California PUC Targets Doubling Renewable Energy by 2030

LCG, March 27, 2020--The California Public Utilities Commission (CPUC) yesterday unanimously approved a new emissions target for its electric sector that would double California's clean energy capacity through 2030 and effectively block new natural gas-fired electric generating facilities.

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Industry News

Enron Sacks Chief Financial Officer

LCG, Oct. 25, 2001--Enron Corp. yesterday placed its chief financial officer, Andrew Fastow, on leave of absence in a move aimed at quieting heavy criticism from the investment community. A day earlier, chief executive Kenneth Lay had expressed confidence in Fastow.

Fastow, who will be replaced by Jeff McMahon, had come under attack by Wall Street for his dual roles as Enron's chief financial officer while managing partnerships with which Enron did business.

"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO," Lay said yesterday in an Enron release.

Since the Wall Street Journal reported last week on the partnerships, Enron has lost more than half its market capitalization, with its stock down about 52 percent. Yesterday, following announcement of an inquiry into the partnerships, heavy selling pushed Enron stock down almost 18 percent, to $16.30 per share, the lowest price in six years.

Enron's shares traded in the low $80 range earlier this year.

Trial lawyers Milberg, Weiss and Bernstein, Liebhard & Lifshitz have both brought class action lawsuits against Enron on behalf of shareholders.

McMahon, who from 1998 to 2000 was treasurer of Enron, had complained about Fastow's possible conflict of interest in a big hedging deal called LJM2, according to Tuesday's Wall Street Journal. He was concerned that Fastow couldn't serve Enron and LJM2 equally, especially as he was allegedly making a lot of money from LJM2, the paper said.

Early this morning it appeared that the market had not responded positively to the change in chief financial officers. On the Instinet electronic broker system, Enron's shares continued their downward movement in trading before the opening of the New York Stock Exchange, but moved up to $17.65 after the bell.

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