FERC: Enron Should Refund $32.5M

WASHINGTON -- A judge at the Federal Energy Regulatory Commission (FERC) said Tuesday that bankrupt energy trader Enron Corp. should refund $32.5 million for violating agency rules during the California energy crisis, Reuters reported.

FERC Judge Carmen Cintron in an initial decision found that Enron violated the Federal Power Act, and that the firm should refund $32.5 million "for this violation."

Cintron also reiterated FERC's earlier finding that Enron's wholesale electricity trading license should be revoked.

Cintron's decision now goes to the three-member commission, which can reject, accept or modify her decision.

-- NYSSCPA.org News Staff

Posted on 7/16/03