Justice Dept. Allows BPA to Terminate Enron Dealsby Staff
Portland Business Journal, April 28, 2003
The U.S. Justice Department will allow the Bonneville Power Administration to buy its way out of long-term electricity deals with bankrupt Enron Corp., Oregon Sen. Ron Wyden said Tuesday.
The Portland-based BPA will pay about $99 million to terminate contracts that were originally worth about $700 million, according to a Reuters report.
Wyden's office said the deal will save the BPA about $200 million in long-term power costs.
A March report by the Federal Energy Regulatory Commission said Enron and other companies manipulated California's energy market, gaining millions of dollars in excess profits.
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