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Allegations of Electricity-Price Scheme Trouble Reliant Resources' Investors.
Knight Ridder/Tribune Business News, March, 2003
By Laura Goldberg, Houston Chronicle Knight Ridder/Tribune Business News
Mar. 27--The scrutiny Reliant Resources drew from federal regulators Wednesday comes at a sensitive time for Houston's main power provider, which is facing a Friday deadline to persuade banks to provide it billions in critical financing.
Reliant's shareholders reacted with alarm after the staff of the Federal Energy Regulatory Commission said it found apparent evidence the company was involved in electricity price manipulation. The FERC released a lengthy report detailing manipulative behavior by a variety of companies during the Western region's 2000-01 energy crisis.
Shares in the Houston-based company fell 24 percent, closing Wednesday at $3.05, down 95...
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