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Sierra Pacific Enron Settlement Cleared

Ends longstanding dispute


Sierra Pacific Resources


received approval from the Federal Energy Regulatory Commission for its previously announced settlement agreement with Enron Power Marketing.

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The FERC decision is the final step in the approval process and officially ends the long-standing dispute and litigation in which Enron claimed that it was owed more than $300 million for terminated contracts. The contracts related to Sierra Pacific's utility subsidiaries, Nevada Power and Sierra Pacific Power.

As previously announced by the company, Sierra had agreed to pay $129 million to settle Enron's claim of more than $300 million for payment on contracts that Enron terminated in 2002.

In turn, Enron agreed to provide and pay an unsecured claim of $126.5 million against its bankruptcy estate in settlement of the Nevada utilities' claims.

This story was created through a joint venture between and IRIS.