News // Crime
Verdict Of Guilty
27 March 2003 , 09:131811
It took FERC two years to confirm Enron and 37 energy companies, including Morgan Stanley, Sempra, Dynegy, Reliant and Royal Dutch/Shell's Coral Power, to be guilty of manipulating markets during the energy crisis that crippled California during 2000 and 2001.
FERC also launched proceedings to revoke the trading licences of Enron, Reliant Energy Services and BP Energy because of their roles in manipulating markets. The companies have three weeks to prove that their traders did not violate trading rules.
Also FERC recommended that energy companies return profits made from questionable trades and for Enron this figure is more than $500m.
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