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Sunday, July 02, 2006

Enron and PUD update

My friend Eric Christensen is in the news again. Enron, already stung by the guilty verdicts handed down to its former leadership, isn't going to be collecting more cash from the Snohomish PUD of Washington:
Snohomish County electricity users got a hard-won break Wednesday when a federal agency excused their utility from paying millions in contract penalties to bankrupt energy giant Enron Corp.

The Federal Energy Regulatory Commission determined that Snohomish County Public Utility District need not pay termination fees on a contract it broke with Enron, because Enron used financial fraud to induce the utility to enter the contract.

With interest, the penalty could have topped $120 million.
Eric is the assistant general counsel for the Seattle-area PUD and is the guy who unearthed "Grandma Millie" and other famous lines from the infamous Enron tapes.

Eric is quoted in the article and the tapes are mentioned, but one has to dig back a bit in the local news to find the extensive coverage praising Eric's hard work. I've blogged about my pal and the tapes several times -- just follow the links included in that last article.

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