Federal Panel Accepts Enron Settlement
From Reuters
The Federal Energy Regulatory Commission accepted a $1.5-billion settlement with Enron Corp. over allegations that the fallen energy giant manipulated electricity supplies during the 2000-01 energy crisis that swept California and other Western states.
The settlement, reached in July, allows unsecured claims of $875 million, imposes a $600-million civil penalty favoring California, Oregon and Washington, and provides cash or cash equivalents of $47.4 million to California parties, including Southern California Edison Co., Pacific Gas & Electric Co. and San Diego Gas & Electric Co., the agency said.
