According to foreign media reports, the United States federal energy regulators recently said, the investigation found, lasted for 18 months in the energy crisis in California, the State took part companies manipulating the market prices of electricity and natural gas practice. Federal regulators said the company is determined to punish breaches, and may take measures for the first time, right to deprive the company of open market electricity sales.
include Government of Los Angeles in connection with public utilities companies such as MEW, and Reliant Resources Inc., large energy trading company. These companies charged with illegal trading strategies, convergence of poly ill-gotten wealth. If these companies cannot prove its innocence within in 3 weeks, could be forced to surrender the profits, and paid a fine.
Reliant, Enron Corporation and BP Energy Co. price manipulation has been charged with implementing, FERC plans to abolish the privileges they sell energy on the open market. Enron was charged with manipulating Louisiana Henry Hub price, the market price is the benchmark of natural gas market throughout the United States. BP and Reliant Energy are charged with complicity in manipulating the price of Palo Verde, Arizona Business Center, to illegally enhance the value of its assets.
speculation that United States Securities and Exchange Commission or Department of Justice then could take further punitive measures.
Enron spokesman said, the company is discussing the findings and will then respond. Reliant spokesman said, the company has to FERC stated the facts, said traders had violated the trading rules and procedures within the company and represents the employees . in accordance with corporate punishment, and would continue to cooperate with FERC, to work out the right solution. BP Energy spokesman said the company denies this allegation, and will make a strong response in due course. BP Energy is the United Kingdom subsidiaries of the oil companies.
shares involved in the case suffered setback, Reliant shares declined the most, fell 95 cents to $ 3.05,-at 24%. The company’s current financial crisis. Bankruptcy filing in December 2001 has been the New York Stock Exchange delisted Enron stock. BP Energy is not a separate listed company. (Linda flower compilation)