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Off Peak

Fortnightly Magazine - June 1 2002

45 percent in 10 years.

2. Calpine signs California peace plan
Facing a credit crunch and a pushy state attorney general, Calpine agrees with California to shorten the length of power supply contracts and pay the state several million dollars. The renegotiated deals plus Calpine's decision to issue new stock and gather new credit lines should help the battered independent power producer build a cash cushion for the future. and ...

1. Dynegy leaves Enron at the altar, clings to so-called cash cow pipe
Dynegy grabs rights to sure-thing Northern Natural Gas pipeline from Enron in January as collateral for a $1.5 billion cash infusion it made during its aborted takeover of Enron last fall. But wait. The traditionally financially strong Northern Natural reports first-quarter 2002 loss. Perhaps Enron is less keen now to buy back the pipeline, which it has rights to if it can raise the money by June 30.

PS: Do you have your own top 10 list of the most intriguing business decisions? E-mail senior editor Mark Hand at mhand@pur.com, and we'll publish the best ones.

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