Archive for June 2008
Failures weren’t without warning
Four collapsed electric companies rang alarm bells — albeit muffled ones
June 21, 2008, 1:23AM; By TOM FOWLER; Copyright 2008 Houston Chronicle
The collapse of four Texas retail electric companies in recent weeks caught many by surprise, but there may have been early warning signs of trouble at the firms. State regulators initially rejected the retail license applications from all four for a range of reasons. Two of the companies were near the top in percentage of 2007 consumer complaints about matters that were determined to violate state laws, according to data from the Public Utility Commission….
SEC accuses three of duping investors
Some funds bought failed electricity firm, regulators allege
June 19, 2008, 10:47PM, By TOM FOWLER, Copyright 2008 Houston Chronicle
Two Spring men and one from North Texas misled elderly investors to raise money the men used to buy a Houston electric company that failed last month, federal regulators allege. The electric company, National Power, was one of four that collapsed in recent weeks as wholesale power prices spiked. The failures forced thousands of customers to find other providers.
Power regulators propose report cards, strict rules
Calls for more information come in wake of closures
The collapse of four small electric retailers in recent weeks is sparking renewed interest in providing Texans with more details about power companies seeking their business. The four fallen companies left 42,000 customers to find other providers on relatively short notice…
Power firms’ treatment angers Texans
By R.A. DYER, Fort Worth Star-Telegram, 16 June 2008
AUSTIN — Prices aren’t the only thing skyrocketing in the state’s deregulated electricity market.
This will change some of the dynamic for the session because Phil Wilson has been one of Perry’s primary advisors on the electric industry.
Fort Worth Star-Telegram, By R.A. DYER, firstname.lastname@example.org
The fourth Texas electric company in two weeks is showing signs of failing, although for the moment its customers won’t get involuntarily dumped to a high-cost default provider, officials said Thursday.
The company, Houston-based Riverway Power, has filed for bankruptcy, according to the Public Utility Commission. Operators of the Texas power grid were preparing to shift its customers to the high-cost default electric company, but then stopped that process after Riverway came under the court’s bankruptcy protection….(more)