FERC's Stern Words Pummel Avista, El Paso Electric
Avista Corp. (AVA Quote) and El Paso Electric Company (EE Quote) sold off Wednesday as the industry's legal woes took a step closer to home.
Six energy companies -- half of them affiliates of fallen industry giant Enron -- face potential prosecution for alleged manipulation of energy markets in the western United States, the Federal Energy Regulatory Commission said.
The FERC said it may take formal enforcement action against Avista, Avista Energy, El Paso Electric and three affiliates of bankrupt energy trader Enron for actions that apparently helped fuel the California energy crisis of 2000-2001. FERC's announcement came six months after the agency began a sweeping investigation of companies throughout the energy trading sector, which has weathered an unprecedented meltdown, due to the questionable business practice of some of its most prominent players.
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,471.50 | 1,106.41 | 2,190.31 | 35.40 |
Oil *
71.66
|
|
UP
65.67
|
UP
4.06
|
DOWN
0.55
|
UP
0.58
|
10 Yr
3.54%
SPDR Gold
109.32
|
|
+0.63%
|
+0.37%
|
-0.03%
|
+1.67%
|
Data delayed 20 minutes |
Connect with TheStreet