FERC accepts Enron settlement valued at 1.5 billion


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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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