Energy Industry
Industry: Email Alert RSS FeedSnohomish gets positive FERC ruling on Enron's $122 million claim.(Member News)
Bulletin (Northwest Public Power Association), April, 2005
Snohomish County PUD has received one of its most favorable rulings so far in its effort to void a $122 million claim from Enron. The Federal Energy Regulatory Commission (FERC) has issued an interim order that it will review termination payments as unjust profits--including the termination payment in the PUD/Enron energy contract--as part of the ongoing FERC proceeding examining Enron's market manipulation in the Western U.S.
"We are extremely encouraged by this latest FERC ruling in that it allows the PUD to bring evidence forward that proves Enron was engaged in widespread fraud at the time we entered into our energy contract," said PUD General Counsel Michael Gianunzio. "Earlier this winter, the PUD uncovered new evidence showing that Enron's illegal...
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