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ENRON'S BROWNOUTEnron shares have been losing gas. On Jan. 21, the Houston energy company disappointed Wall Street by reporting fourth-quarter earnings of $113 million, down 6% from a year earlier, on revenues up 59%, to $4 billion. The tumble accelerated after it hit a snag in its proposed acquisition of utility Portland General. Oregon regulators, who must approve the sale, want an annual electrical rate cut over 15 times larger than the $3 million a year Enron proposed. Enron shares were off 4 1/2, to 40 1/4, by Jan. 28.
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Updated June 15, 1997 by bwwebmaster
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