Enron Settles With California Over Energy Crisis
Almost five years after the state energy crisis began, Enron has agreed to a settlement with the state of California.
Friday, July 15, 2005
California Attorney General Bill Lockyer says the agreement could total one and a half billion dollars. Lockyer says Enron’s market manipulation was a major cause of the energy crisis. "There’s some justice for Grandma Millie that they boasted about ripping off and everyone else. At least we’ll know we’re not gonna give up. We’re gonna keep fightin’ and whatever we can squeeze out of this corporate turnip, we will."
Lockyer says the state still has at least a hundred active lawsuits related to the energy crisis. He says California has now won approximately five billion of the nine billion dollars it’s owed from energy companies.
California and the states of Washington and Oregon will share a 600 million dollar penalty, although Enron’s ability to make payment after bankruptcy is questionable. The legal settlement with Enron still must be approved by the Federal Energy Regulatory Commission.