U.S. Department of Energy Announces First Awards under Advanced Reactor Demonstration Program

LCG, October 16, 2020--The U.S. Department of Energy (DOE) this week announced it has selected two U.S.-based teams to receive $160 million in initial funding under the new Advanced Reactor Demonstration Program (ARDP).

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PSEG Files Application to Extend Zero Emission Certificates (ZECs) for New Jersey's Carbon-Free Nuclear Power Facilities

LCG, October 2, 2020--PSEG yesterday filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear power plants in Salem County in order to preserve New Jersey's largest carbon-free source of electricity and to help New Jersey achieve its clean energy goal of 100 percent carbon-free energy supply by 2050.

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Industry News

J.P. Morgan Acknowledges Round-Trip Trading with Enron

LCG, December 4, 2002-A lawyer for J.P. Morgan Chase has disclosed the company's involvement in circular trades with Enron Corp.

J.P. Morgan Chase is currently in court, attempting to recover $1 billion in surety bond coverage from 11 insurance companies who guaranteed contracts between Enron and J.P. Morgan.

The insurance firms assert that they were not aware of the type of deals at the time and now say the trading added up to loans to Enron, not the sale of gas or oil.

J.P. Morgan had, via another unit named Mahonia, bought oil and gas for $1.9 billion from Enron. Mahonia could then sell the oil and gas back to any company, including Enron.

The insurance firms' lead attorney showed deals yesterday involving Mahonia buying and Chase selling the same oil from and to Enron on the same day in the same transaction. These deals would result in only money changing hands, but not any commodities whatsoever.

J.P. Morgan Chase's attorney said at the questioning of Judge Jed Rakoff, that the trades were circular. While J.P. Morgan Chase admits knowing the nature of the trades, the company still contends that the deals were not loans.

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