FERC accepts Enron settlement valued at 1.5 billion
HOUSTON, TEXAS - The Federal Energy Regulatory Commission has accepted a settlement of $1.5 billion with Enron Corp. for market manipulation and overcharging during the western United States energy crisis of 2000-2001, when energy prices there skyrocketed.
The settlement allows unsecured claims of $875 million and imposes a $600 million civil penalty in favor of California, Oregon and Washington, and provides cash or cash equivalents of about $47.4 million.
FERC added that negotiations with other parties are continuing in an attempt to reach agreements with Houston-based Enron and the agency's staff involving market manipulation and overcharges during the 2000-2001 energy crisis.
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SEATTLE - A powerful "bomb cyclone" recently hit Western Washington, causing widespread destruction across the region. The intense storm left more than half a million residents without power, with outages affecting communities from Seattle to Olympia. This weather phenomenon, marked by a rapid drop in atmospheric pressure, unleashed severe wind gusts, heavy rain, and flooding, causing significant disruption to daily life.
The bomb cyclone, which is a rapidly intensifying storm, typically features a sharp drop in barometric pressure over a short period of time. This creates extreme weather conditions, including gale-force winds, torrential rain, and coastal flooding. In Western Washington,…
