Enron Seeks Millions for Power Never Delivered to Sierra Pacific

[UpInArms]

http://www.nytimes.com/2003/10/06/business/06PLAC.html

The Enron Corporation collapsed into bankruptcy proceedings after revealing that it had reported earnings that never really existed. Now, a major Nevada utility stands on the brink of a bankruptcy filing because Enron is demanding hundreds of millions of dollars of payments for electricity that it never really delivered.

And so far, the courts say Enron is right.

The dispute between two electric utility units of Sierra Pacific Resources has been bubbling along for several months, as Sierra and Enron battled in bankruptcy court about whether the amount of money owed by Sierra was nothing — or what is now more than $330 million. After having lost there, Sierra is expected today to file an emergency request with the Federal Energy Regulatory Commission, asking it to take charge of the controversy and invalidate the payment requirement.

...more...

a dead corporation still devouring the labors of others while it has given no real tangible product - a parasite upon this country :mad:

[RC]

1. Hey, all those houses Ken Lay owns

are expensive to keep up. To say nothing of his house keepers, gardeners, etc.

[TankLV]

2. Maybe it would be a short term negative for a long term postive -

Force Nevada Power to go bankrupt - and have the Board of Water Supply take it over for FREE! Get the best of both worlds - competant management and lower rates! Didn't we all support that by an overwhelming majority - even when NP spent MILLIONS of OUR money on advertising against it and the BOWS was forbidden by law from spending a single penny defending the merits of their takeover?