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The Doomsday Scenario

Debt + secret triggers = another Enron.

Fortnightly Magazine - April 1 2002

financial and accounting practices. The question is will they do it quickly enough to avoid another catastrophe.

Moreover, the result of the current credit crunch on power plant development and the resulting higher cost of capital have caused many merchant power companies to retreat on many previously planned merchant plant developments. As EEI's Executive Vice-President David Owens reminded me when he spoke at the conference about cancellation of plants, power demand tracks GDP, and that the economy is poised for a comeback. Will there be energy shortages in the next few years because of an over-correction? Time will tell. But first, the industry must restore investor confidence.

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