Government To Pay Enron Corp. To Settle Lawsuit
Enron Corp. is to be paid over $36 million by the Santa Clara government as a settlement for the termination of electricity contracts according to city officials. According to reports, Enron had been seeking nearly $150 million from the city originally.The legal battle between the city and Enron has been ongoing for around four years, and only recently did the two sides agree to opt for mediation from the Federal Energy Regulatory Commission.
A city attorney stated: "It was going to take a massive commitment of time and effort. We held out for as long as we could." The city’s electricity utility stated that rates will not go up as a result of the settlement and it will be paid from reserves. A spokesperson for the utility company said: "You don't fiddle with your rates for one-time issues."
After entering into contracts several years ago, city officials claim that Enron stopped delivering electricity and that’s why the contract was terminated. However, Enron denies these claims.
Topic Added April 3rd, 2006
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